Full text of Commercial and Financial Chronicle : May 13, 1911, Vol. 92, No. 2394

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fitta n r ia !

Th e
o m ttie tr ia
IN C L U D IN G

R a ilw a y & I n d u s tria l S e c tio n
B a n k e r s ’ C o n v e n tio n S e c tio n

B a n k & Q u o ta tio n S e c tio n
R a ilw a y E a r n in g s S e c tio n

SATURDAY, MAY 13 1911.

VOL. 92.

g lu e C h r o n ic le .
PUBLISHED WEEKLY.

T e r m s o f S u b s c r ip tio n — P a y a b le in A d v a n c e
1 0 00
00
For One Y ear ....................................................................................................... .$.$10
00
For Six M onths....................................................................................................... 130 92
European Subscription (including postage)....................................... , 7 00 00
European Subscription six m onths (including postage)................
.V 2 1 4 a.
Annual Subscription in London (including postage)......................
& 1 11 8.
Six M onths Subscription in London (including postage)...............
$ U 60
Canadian Subscription (including postage) .......................................
Subscription includes fo llo w in g S up p lem ents—

i S tate and city (sem i-annually)
B mck ANT) Q uotation (monthly)
R ailway a m i I ndustrial (quarterly) I e l e c t r i c R a i l w a y (3 ti m e s y e a r ly )
| B a n k e r s ’ C o n v e n t i o n ( y e a r ly )
R ailway E a u m .nos (monthly)
T e rm s o f A d v e rtis in g — P e r In c h S p a c e
t'ran sien t m atter per inch space (14 agate lines)......................................... $4 20
( Two M onths
(*<tim es)................................ 22 00
_ .
P ,pila ) Three M onths (13 tim es)................................ 20 00
Standing B usiness Cards <six M onths
(26 tim es)................................ r>0 00
( Twelve M onths (02 tim es)................................ S7 00
GHTOAGO O F F IC E —Pliny B artlett,513 Monadnook Block: Tel. H arriso n 4012
LONDON O FF IC E —Edw ards & Sm ith, 1 D rapers’ G ardens, E. C.
\ V I I j L IA IT I as. D A N A C O M P A N Y * P u b l i s h e r s ,
P.

O . Box 958* F ro n t. P in e nm l D opeyster Ste».*

New Y o r k .

Chicago!...............
Cincinnati_____
Cleveland_____
Detroit.................
Milwaukee_____
Indianapolis......
Columbus...........
Toledo . - .............
P eoria..................
Grand R apids...
D ay ton ----------E vansville.........
Kalamazoo.........
Fort W ayne___
Springfield, III
Youngstown___
Lexington-------Rockford ...........
Quincy.................
A kron________
South Bend.........
Canton.................
Bloomington----Danville.........—
Jackson ----------Jacksonville, 111.
Springfield, O__

Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.: Oeorgo rt. Dana and Arnold O. Dan:*,
vioe-Pro-sidftnfs: Arnold G. Dana, Sec Addresses of all. Office of the Company. L im a...................
Ann Arbor...........
Adrian ...............
CLEARING-HOUSE RETURNS.
Saginaw...............
The following tabic, m ade up by telegraph, &o.. Indicates th a t th e to ta l
Mid.West.
bank clearings of all clearing houses of the U nited S tates for week ending SanTot.
Francisco...
May 13 have been $2,974,386,630, against $3,443,410,001 last week and Los Angeles.........
$3,136,072,794 the corresponding week last year.
Seattle ...............
Portland.............
Per Salt Lake C ity...
Clearings— Returns by Telegraph.
Cent. Spokane...............
1911.
1910.
Week ending May 13.
Tacoma...............
$1,561,026,953 —11.2 Oakland...............
New Y ork ........... ....................................... $1,386,964,275
122,906,859 4-0.7 Sacramento.........
1.23,867,534
121,176,266
132,840,817 —8.8 San Diego...........
24,250,537 4-12.2 Fresno .............-.
27,200,897
236,099,844
233.308.000 4-1.2 San Jose...............
60,521,643 —8.2 North Yakima..
01,045.091
15,045,570
13,911,532 +8.1
Stockton.............
$1,971,405,477 $2,154,838,941 —8.5 R en o .................
500,211,306
480,408,719 + 4.1
Total Pacific..
C ity ----—6.2 Kansas
Total all cities, 5 days................... — $2,471,616,783 $2,635,307,660
Minneapolis.........
500,785,134
4-0.4
502,769,847
Omaha.................
Paul...............
Total ail cities for week........................ $2,974,386,630 S3,136,072,794 —5.2 St.
Denver...............
T he full details for the week covered by the above will be given n e x t S at­ St. Joseph...........
urday. We cannot furnish them to-day, clearings being m ade up by the Des Moines____
clearing houses a t noon on S aturday, and hence in the above the last d ay of
th e week has to be in all cases estim ated, as wc go to press F riday night.
Sioux City...........
VVc present below detailed figures for th e week ending w ith S atu rd ay , W ichita...............
Lincoln ...............
noon, May 6, for four years.
Davenport...........
Topeka ...............
Week ending Mag 6.
Colorado Springs
Cedar R apids...
Inc. or
Pueblo ----------Dec.
1909.
1908.
1911.
1910.
S
S
5
S
%
2,084,833.751 2,332,081.616 —10.0 2,154,630,620 1,531,496,598
117,037,019
Philadelphia----- 173,281,097 173,703.303 —0.3 141,201,562
53,815,117 55.131,144 —2.4 41,132.964 36,072,448
B altim ore........... 36,832,442 31,223,787 + 18.0 32,893,081 23,604,243
8,048,032
9,7 1
9,781,987 + 5.9
Buffalo.. - ......... 10,362,457
6,983.357
6.182,643
8,190,426 8,134,056 +0.7
W ashington----4,905,800
5.640.306
6,597,302 —14.5 5,624,731
4,388,988
3,318,999
5.261,919
5,103,782 +3.1
2,200,104
3.020.348 2,981.885 + 1.0 2.507,449
Scranton.............
2,433,375
1,854,887
2,797,259
3,010,377 —7.1
1,159,404
1,320,509
1,059,713
1,057,010 +0.2
1,490,924
1.130.507
1,508,539
—8.4
1,617.310
1,249,188
1.205,726
1,106.177
—11.8
1.595,015
1,877.296
1,793,310
1,497.981
2,088.430 —10.1
1,030.876
1,385,517
1,957,898
1,548,500 +26.4
1.500,000
1,692,182 —11.4
1,180,453
957,049
1.112,992
889.029
799,871
1,043.855 +6.6
Y o rk ...................
930,931 —0.7
753,361
054,583
924,453
E rie .....................
616,352
007,901
624,318
673,422 —8.5
Orccnsburg.........
408,000
563.700
530,900
457,100 + 23.3
lUng ham ton - .. 589,808 +7.6
577,917
512,909
634,847
C hester...............
430,878
360,321
340.005
458.356 —0.0
Altoona...............
250,000
291,605 —14.3
272,869
277.240
F ran k lin .............
1,030,274 + 1.4
1,050.516
Total Middle.. 2,399.531,543 2,644.119,103 —9.2 2,417.259,788 1,747,337,954
—12.6 176,796,626 137,300,636
Boston .........— 153,830,862 176,041.128
8.427,200 +3.2
5,196,500
Providence.........
7,789,300
8,099,000
3.412,780
H artford.............
4,482,245 + 15.7 4,224,263
5.184.00(1
2,230,459
New Haven------2,743.075 + 14.S 3.029,583
3.151.590
2,153,910
3,059,672 —22.1
Springfield...........
2.368.672
2,340.830
1,841.226
2.279,944 —6.4
1,788.087
Portland .............
2,133,180
1.386,873
W orcester-------1,740,20-1
2,333,587 —6.2
2,187,492
755,934
1.075,311 +8.7
1,203,49(3
Fall River...........
1.109.021
017,210
1,085,281 —9.5
831,037
New lieiltorrt . . .
982,54?
508,122
520,68(1 + 17.!
498,45 f
013.760
453,385
530.534
619,848 + 10.2
Holyoke...............
682,635
Total New Eng 181.003.378 202,668,580 1 — 10.71 190,779.028 155,887,041
Note.—For Canadian clearlogs ace ''Commercial and Miscellaneous News.”




F rem ont.............
Helena ...............
B illings.............
H astings.............
Tot. oth.W est.
St. Louis.............
New Orleans----Louisville...........
H ouston.............
Richmond .........
Galveston...........
Fort Worth.........
A tlan ta...............
Memphis.............
Nashville ...........
Savannah -------N orfolk...............
Birmingham----Chattanooga . . .
Little Rock.........
Augusta— .........
Mobile...............
Vicksburg...........
Wilmington, N.C
M eridian.............
T ulsa...................
M uskogee...........
Total Southern
Total all...........
Outside N. Y.

E le c tric R a ilw a y S e c tio n
S ta te a n d C ity S e c tio n

NO. 2394

Week ending May 6.
Inc. or
Dec.
1909.
1910.
1911.
1908.
S
$
S
%
S
299.906.183 300,012,054 —6.03 296.198.351 238,044.003
23,987,950 28.107.300 —14.7 25.989.700 21.534.300
20,122,947 19,984,147 +0.7 17,820,194 13.430,285
19,048,518 18,433,156 +3.3 15,444,176 14,080.725
13,609,759 12,677,110 + 7 + 11,176,257
9.946.298
8,926,091
9,701,608 — 13.8
8,300,710
0,794,308
5,574,500
5,590.800
0,878,200 —18.7
4,656,700
3.709.542
4.665,252
4.577.575 + 1.9 3.885.147
2,807.427
2.347,772
3.467,678 3,039,519 + 14.1
3,057,394 —8.0
2,426,634
2,033,229
2.813,153
2,211,241
1,992,289
2,181,999 + 1.4
2,026.493
2,780,700
2,758,736 +0.8
2,148,553
1,632.594
701,557
545,438
699,193 + 9.3
673.435
1.115.502
1,242,539 —10.2
1,231,102
1,174,510
1,044,129
1,072,621 —2.6
1,093.802
838,753
1,074.659
1.225,806 —12.3
809,233
635,840
82S.916
795,792 + 4.1
723,200
595,708
606,800
773,341 —10.0
550,994
55S.887
688,053
708,266 —1.8
779,516
503,869
782,300
830,000 —5.7
700,000
475,000
603,139
598.196 + 0.8
546,964
409.857
1,111,004
1,104.749 + 0.0
734.384
433.441
652,438
509,502 + 14.0
492,530
432.306
523,461
424,002 + 23.4
414,638
408.348
400.562 + 1.1
405,000
400,000
387,834
465.256
618,671 —24.7
629,083
283,797
—
13.9
532,365
018,505
524.295
379.002
375,518 —1.1
327,977
371.447
370,410
390,026
493,851 —19.G
449,857
349,165
335.674 + 18.3
324,634
235.000
397.219
284.524
214,464 —6.1
169.154
214,263
19,985
46,215 —7.7
15.384
42,650
587,088
605,399 —3.0
419.861,763 425,179,664 —1.2 406,167,425 330.151.259
51,403,089 45,561,032 + 12.8 37,957,823 27,538.633
20.829,587 16,422,605 +26.9 13,390,772 10,993,447
7,735.666
10,265,107 11,419,551 —10.1 10.469,744
6,1GO,000
10,097,120 10,247,983 —1.4 8.595.757
0,492,872
4.002.735
5,985,067 8,047,135 —25.6
3,614,427
3,313.492
4,340,502
5,430,633 —20.1
4,186,944
4,547,154
4,314,999
6,240,340 —30.9
3,579,774
3,429,614 + 4.4
1,931,144
1,620,348
1,592,749
1,273,754 + 25.0
1,020,104
818,821
1,000,000
1,550,000 + 5.1
1,520.000
700,000
650,000
018.324 + 5.0
449.541
550,334
555,926
529,306 + 5.0
444,909
344,309
524.875
475.000 + 10.5
282,023
414.851
857,890 + 14.7
981,737
699,929
681,770 + 2.7
409.178
380,702
275,000
300.000 —8.3
117,695,581 113,089,943 +4.1 91,295,129 68,587,661
48,114.730 47,677,075 +0.9 45.441,466 37,545,487
19,772,518 20.409,221 —3.4 18,571,571 18.306.754
16.063.233 16.776.270 —10.2 15,639.525 11.664.789
8,407,902
10,810.941 12,789,442 —15.4 8,727,855
7.193.224
8,863,867
8,503.568
9,564,475 —10.5
4,894.503
6.421,802
6,034,499
6,469,938 —6.8
2,994.527
4.285.594
5,462,881
4,517,800 +26.9
2.635.07G 4,345,633 —39.4
3,784,000
2,254.540
3,060,265
2.055,855
3,090,631 —14.1
2,025,224
1.236,828
3,235,493
2.819.523 ++ 14.8
1,217,176
1,705.290
1,506.049 17.2
1,036,917
1,045,992
1,782.150
1,445,022
1.995.827 —10.7
1,100,833
+25.3
1,734.009
1.419,287
1,384,487 —20.4
1.003.711
054.079
700,743
822,019
1,129.732
998,777
1,698,350
1.372,804 + 23.7
483,563
518.340
592,481 +9.6
0-19,970
491.206
623.794
744,344 —10.3
790,359
090.000
650,000
1,136.278
900,000 +20.2
319.182
311,762
362,094
379,700 —6.4
1,363,323
1,206,821 + 13.0
507,938
—20.7
641.458
850.940
1,07
464,003
565,353 —17.9
200,108
135,040
226,917 —40.5
172,955
208.781
180.000 + 16.0
136.170.870 141.379,436 —3.7 126,396,461 102,577,040
71,003,983 79,443,755 —10.5 63,899,203 54,387.377
10,849,963 10,126,770 + 4.5 15.321,623 12,773,306
11,169,937 12,502,805 — 10.7 10,981,803 11,075,409
7.417.785
10.644,852 14,479,170 —26.5 14,217,931
5,865,890
8,442,947
8,293,430 + 1.8 7.104.051
4,880,000
7.111.000 —1.8 5.726,500
0,985,000
4,101.020
5.5.50,300 7,114,378 —22.0
6,924,177
4,177,039
12.288.547 10,408,570 + 17.1
0,261,203
4,223,591
5,282,734
6,684,036 5.432.028 +23.0
3,114,659
5,189,058 3,654,177 +42.0
3.543.610
2,883,820
3,176,854
5,332,925
3.972.579 +34.2
2,051.626
3.694,804 3,003,181 + 23.0
2,771,434
1,720,730
2,065.642
2,831,086 2,685,567 + 5.4
1,558,688
3.024.590 2,634.035 + 14.S
1,823.939
1,519.845
1.719,768
1,210,378 + 25.5
1.526,870
1.077.402
1,341.015
2.125.240
1,788,452 + 18.8
1,323,087
1.585.509
1,838.232
1,834,370 +0.2
1,270,802
1,513,187
1,803.189 +28.7
2,321,173
1.320,574
1,262,702
1,549,467 +3.9
1.609,055
1,167,213
1.619,553
1.691.164
1,624,728 + 4.1
1,111,188
1,090,034
2,536,00(1 —152
2,150.00C
641,302
750,298
3,099,00(
1.015.00(1 + 205.3
663,268
1.173.78?
698,001
1.774.13(1 —33.8
305,635
302,84?
290,97.1
289,090 +4.S
300,000
716,797
530.787 +33.6
3OO.OOC
254,000
485,107
490,000 —l.C
355,474
255,127
345.793 +2.8
918,137 •Not Included In total
705,109 Not Included In total
189,146.866 193,664,895 —2.3 162,775,190 131.141.997
3.443.410,00i 3.720,101.62l —7.4 3.403,873.571 2.53+031.952
1.358.576.250 1.387.420.005 —27T 1.240.242.081 1,004.185.3(3

1276

THE CHRONICLE

THE FINANCIAL SITUATION.
The urgency for the repeal of the Inheritance Tax
Law of this State enacted last year is well shown by
the action of other States in seeking to obtain for them­
selves some of the capital which is being expelled from
New York by reason of the law referred to. Alert to
the opportunities thus created, some Alabama institu­
tions, for instance, are directing attention in large ad­
vertisements to their favorable situation in that re­
gard. One especially conspicuous announcement of
this type which has come to our notice the present
week bears the following catch lines: “No Inheritance
Taxes in Alabama. Forbidden by constitution of
the State.” Such appeals reflect the energetic, enter­
prising spirit that is dominating affairs in many of
the Southern States, and as the South is blessed with
wonderful resources, and therefore presents unusual
opportunities for the employment of capital, these
appeals will no doubt prove in considerable measure
effective. But what shall we say of the action of the
Empire State in deliberately driving capital away
for the benefit of other States.
If it be granted that the 1910 Inheritance statute
was passed under a misapprehension, is it not the duty
of our legislators at Albany to provide for the imme­
diate repeal of that statute, now that its mischievous
character is so clearly demonstrated? Governor Dix
in his special message to the Legislature on March 23
gave figures to show that $100,000,000 of investment
funds and securities had been withdrawn from trust
and safe-deposit companies and taken to other States
in the short time the law has been in force. Yet no
disposition is apparent on the part of our legislators
to get a “move on” and wipe this injurious law off the
statute books. Nor do the few legislators who have
actually taken the matter in hand show a true appre­
ciation of what is actually wanted. As the law is
particularly harsh in its operation against non-resi­
dents, an impression seems to prevail that little is
needed except a modification of the provisions in that
respect. A moment’s consideration should convince
any one that the resident also needs protection against
onerous and excessive death duties; otherwise he
will soon become a non-resident, taking his wealth
and his belongings with him.
Another erroneous notion is that it will be sufficient
to scale down a little the rates of taxation imposed
under the 1910 law. Senator Harte on April 17 intro­
duced a bill which was referred to the Committee on
Taxation and Retrenchment and which has been
hailed as furnishing a solution of the question. Ap­
parently, however, those holding this view are with­
out knowledge as to the provisions of the measure.
The Harte bill is as far from the proper corrective as
it well could be. Under the law of last year the State
in certain cases takes 25% of the bequest on sums
in excess of $1,000,000. Mr. Harte would make the
tax in such cases 10% on amounts in excess of $1,000,­
000, 12% on amounts in excess of $12,000,000 and
the maximum 15% on amounts in excess of $20,000,­
000. These are the rates to collateral heirs, and the
rates in such cases are left relatively high, too, on small
sums, being 6% on amounts in excess of $50,000, 7%
on amounts in excess of $250,000 and 8% on amounts
in excess of $500,000.
Obviously this is merely paltering with the matter.
A 10% or a 15% rate would be only a little less harmful



[VOL. LXXXXII.

and a little less effective in leading to the transfer of the
possessions of wealthy citizens to other States than a
25% rate. This is not the time for temporizing.
The situation is too serious and too urgent for that.
What is wanted is an unconditional repeal of the 1910
law and a return to the law as it existed previous to
that time, when the rate was 1% to direct heirs and 5%
toothers. Nothing less than this will answer. Unless
we would give other States a perpetual advantage as
fields for investment and as domiciles for accumulated
wealth, New York cannot demand a greater toll or
tribute than is exacted elsewhere. Besides, high and
excessive rates are unwise from a revenue standpoint.
The State Comptroller in his last report showed very
clearly that the annual yield to the State under the
1910 law is likely to prove smaller than was the yield
under the previous law with its much more moderate
rates. By all means, therefore, let last year’s statute
be repealed, and let the work be done quickly.
Senator Aldrich has again shown his ready adapta­
bility to public sentiment and to the requirements of
the situation. In the outline submitted by him last
January of a plan for banking and currency reform
he excluded State banks and trust companies from the
operation of the plan, confining it entirely to national
banks, though there are only about 7,200 of these latter
as against 16,000 State banks and trust companies.
Not only that, but he sought to supplant State insti­
tutions altogether by arranging for the establishment
of two new classes of national banks, one to be en­
dowed with savings bank functions and the other to
be “in effect national trust companies.” Criticism
and reflection have now induced Mr. Aldrich to change
his opinion as to the feasibility of either proposition.
In his speech at the banquet in this city given last
Friday night under the auspices of the Trust Company
Section of the American Bankers’ Association he re­
ceded from his position in these respects in a creditably
frank manner. He declared that he was “satisfied
that it is wholly impracticable to attempt any radical
modification of the functions of national banks or the
creation of any new classes of national banks for the
purpose of supplanting or taking the place of institu­
tions now operating under State charters.” He also
said that he was “convinced that the interests of the
public and of the existing State institutions alike re­
quire that some means should be devised by which all
classes should be permitted to participate upon some
reasonable terms in the advantages and to share in
the responsibility of ownership and management of the
Association.” The method by which participation was
to be provided he is not yet prepared to say.
By this modification of his plan Mr. Aldrich has dem­
onstrated that he is sincerely desirous of promoting the
cause of banking and currency reform. Moreover, by
the change he has measurably advanced the pros­
pects of reform. He should go a step further now
and define his position on the question of the cash re­
serves of the banks joining the Reserve Association.
His plan is singularly vague on this point. Is it the
intention that national banks and other institutions
taking membership in the Reserve Association shall
keep all of their cash (excepting of course enough to
provide for current payments) with the central organi­
zation, thus providing that concentration of money
holdings so imperative in times of disturbance and so

May 13 1911.1

THE CHRONICLE

essential to the best results at other times, or are the
banks to be left free to hold the cash either in their
own vaults or to transfer it to the care of the central
body? Mr. Paul Warburg, many of whose ideas Mr.
Aldrich has embodied in his scheme, argues that the
central organization should keep the whole of the cash
reserves for the entire country. It does not seem to
us, however, that this would be altogether wise.
According to our way of thinking, in a country of the
magnitude of the United States, and particularly with
such a vast expanse of territory, the banking situ­
ation cannot be’ deemed altogether secure unless
there shall be supplementary reservoirs of money
holdings to reinforce the hoards of the central insti­
tution.
On the other hand, can the banks be left entirely
free to exercise their own volition in the matter, as
is apparently contemplated by Mr. Aldrich? If it
were obligatory to transfer the whole of their cash to
the central organization, we may be sure that some
of the largest institutions in New York, Chicago and
St. Louis would not join. Many of these have high
aspirations and are anxious to maintain a position of
independence. Their managers would not care to
appear to be leaning upon the central association.
But what would follow if they were left at liberty to
hold all their cash in their own vaults, even though
members of the Reserve Association? Would there
not be the possibility of inviting announcements read­
ing somewhat like this: “This bank holds the whole
of its reserve in the shape of cash in its own vaults,”
with perhaps the further addition (after the Reserve
Association had been in existence for a year or two)
“and has never called upon the Reserve Association
for assistance of any kind, though a subscriber to its
capital stock.”
The country banks would not, of course, deposit
with the Reserve Association unless compelled to do
so. They would deposit with the banks in the reserve
cities, since in that way they would get interest on the
same. The Reserve Association, very rightly, is not
to pay interest of any kind on its deposits. With the
banks in the reserve cities also withholding their
cash from the central body, would not the latter be
placed in a most curious position? Is it not, therefore,
absolutely necessary that it shall be made obligatory
upon all members of the association to deposit a cer­
tain definite portion of their reserve with the Reserve
Association—say one-half ?
In the local banking situation a decided step forward
has been taken the present week towards permanent
safety and security. The Clearing House has decided
to admit the trust companies to membership on the
terms outlined last week, namely that they shall keep
a reserve of 15% represented by cash in their own
vaults, as required by law, and 10% in addition in
the shape of a deposit with a Clearing-House bank
keeping 25% of cash of its own. Twelve trust com­
panies have already availed of the offer, including
some of the largest institutions. The names are
given in our column devoted to banking intelligence
on subsequent pages.
According to present indications, one or two ultra­
conservative companies, of which the New York Life
Insurance & Trust Co. is the most conspicuous type,
are not likely to apply for admission. But these



1277

belong in a class by themselves and-the banking situa­
tion will never be imperiled by their staying out.
Their methods arc so thoroughly sound and the
character of their business so stable that no jeopardy
can result from their action or position.
The other trust companies, standing apart from
these, which have not yet applied for membership,
will probably be ultimately forced to join, since they
would otherwise incur the criticism (with a resulting
loss of business) that they are afraid of the rigid investi­
gation and examination that would follow entrance
into the Clearing House. Altogether, this week’s
action marks an important event in local banking
history.
It deserves to be noted that one trust company in
the city (and only one) has been enjoying the privilege
of the Clearing House right along, with benefit both
to itself and to its patrons. We refer, of course, to
the Manhattan Trust Co. This company has been
holding large reserves against its deposits, and yet
has been able to pay very considerable sums in divi­
dends, besides accumulating a very extensive surplus.
The Manhattan Trust has cleared through the Clear­
ing House ever since 1888, the Chase National Bank
having been its clearing agent. In the whole of the
18 years from 1893 to 1910 it has held an average re­
serve of 31.8%, represented by cash in vault or on de­
posit. The company is not one of the very large in­
stitutions, but the average of its deposits the last six
years has been $15,385,000, against $3,786,000 in
1893. In face of the reserve it has maintained, its
surplus Feb. 28 1911 (the date of the last statement)
was $2,197,000, against only $225,395 in 1893. In
the interval, too, the company has paid out $1,490,000
in dividends. Obviously, therefore, in its case the
maintenance of liberal reserves has not militated
against satisfactory profits.
Mr. Ernest Flagg, an architect who has made several
quite rational suggestions of late concerning dwellings
of large housing capacity which shall not sacrifice
safety, now makes one concerning the still unsettled
problem of the new Court-house and the movement
to place that structure in City Hall Park. He pro­
poses, instead, to go southward to the old district
east of Broadway, bounded on the west by State
Street, on the north by Beaver Street, and on the
south and west by the river and lower Wall Street.
In this oldest and most picturesque section, he says,
values are abnormally low, although it adjoins the
financial district, where values are probably the
highest to be found anywhere. Here also is the most
accessible and most central part of the whole
metropolis, speaking with respect to its relation^to
travel lines; for here are termini of the subway, the
elevated, and the principal surface lines, besides the
principal ferries and the tube to Brooklyn. The
specific site he proposes would have an area nearly
double that of the blocks directly north of Chambers
Street; it would have Battery Park near one side, and
Jeannette Park near the other, with abundantjlight
assured.
Nobody advocates a Court-house within City Hall
Park except on the argument that the city already
owns the land. But, argues Mr. Flagg, the assessed
valuation of the particular plot he suggests was,
last year, less than 1%-millions for the land and less

1278

THE CHRONICLE

[VOL. LXXXXII.

than a half million for the buildings on it; at 50 per the events justify such adjectives as “epoch-making’'
cent more than this, he figures that it would hardly remains to be demonstrated. The Chinese reforms
equal one-fifth of the cost of the site adjoining Cham­ just announced are these: First, the abolition of the
bers Street, which is proposed as one means of sparing ancient Grand Council and Grand Secretariat and the
the Park. As for the other land in the old southerly substitution of a Constitutional Cabinet; second, the
district named, Mr. Flagg says it was assessed in issuance of an Imperial edict authorizing the conclu­
1909 at less than 23% millions, that much of it is sion of the $30,000,000 Hukwang loan for the con­
put at only §8 to 810 a square foot “and the least struction of railroads in Central China under Imperial
valuable part of it would be nearest the proposed instead of Provincial supervision; and, third, the
building.” Upon the effect on this other land of signing of an agreement with Great Britain for the
placing the Court-house there he speaks with confidence, immediate reduction and gradual extinction of the
believing that it would appreciate from twenty to a exportation of Indian opium to China and the sup­
hundredfold. If it doubled, the city’s income at the pression of the opium industry throughout the Chinese
present tax rate would be $400,000 from it more than Empire. The first measure has evoked world-wide
now, and this increase would surely offset the interest comment upon the progress of China towards repre­
on the cost of both site and building.
sentative government, but for our part we prefer to
The only objections mentioned are the possiblity restrain enthusiasm until something more tangible has
of noise from the elevated roads and the distance from been accomplished. The determination to develop
the present Hall of Records. To the first, it is railroad facilities through the centre of the Empire and
suggested that the roads might be diverted somewhat the compact to abolish the deadly national drug are
from their present line, and for the general convenience; worthy of fully as much notice.
to the second, that the new building could be made The creation of a “Constitutional Cabinet” in place
large enough to house all the records, leaving the of the anachronistic Grand Council sounds inspiring,
present building for other uses.
and it is to be hoped that the innovation will achieve
The exact site suggested may not be the best, but all that is contemplated. But the reform carries with
there certainly seems force in Mr. Flagg’s contention it certain peculiarly Oriental precautions. The new
that instead of placing public buildings where the Cabinet is de facto the old Grand Council, the personnel
cost will be greatest, we should follow the line of least having been left unchanged, with only the addition of
resistance, as is done in Europe. New streets in Liang Tun-Yen, ex-President of the Foreign Board,
Paris, he says, are cut through poor parts of the city, who is now visiting the United States. Prince Ching
thus making them valuable; similarly, we might place takes the dual office of Premier and Minister of Foreign
the new building where it will so raise the value of Affairs; Na-Tung and Hsu Shih-Chang become Vice­
neighboring property that the increased tax yield Prime Ministers, Liang Tun-Yen is named as Second
therefrom will more than bear the interest on both Foreign Minister (who will be the active executive) and
site and building. Values near such a public building the Presidents of the various boards become the
as a court-house are always high, and there is certainly Ministers of their own departments. “The change,”
substance in the idea that the needed building might say Pekin dispatches, “is in line with the demands
be made to indirectly pay for itself by its effects.
of the National Assembly for a Constitutional Cabinet
to that body instead of to the Throne,
The Transvaal has again increased its daily output responsible
but,”
it
is
added
significantly, “in what respect the
®f gold from the mines, the average for April having new Ministry is made
responsible to the Assembly has
been 22,257 fine ounces, overtopping that of March not been promulgated.”
thirteen members,
by 449 fine ounces and exceeding the per diem pro­ nine are Manchus and the Ofverytheradical
are
duction of April 1910 by 1,622 fine ounces. But, not represented. The whole incident, it elements
will
thus
be
while this new record of daily product has been set, gathered, may mean less than the bald announcement
the aggregate yield for the month, as cabled this week, would suggest, though further developments, particu­
is a little less than that for March, owing to one less
the outlining of the Cabinet’s relations to the
day covered, the comparison being between 667,714 larly
Assembly,
be awaited before passing dogmatic
fine ounces for the thirty days of April, against 676,065 judgment. must
Six
prominent
have been ap­
fine ounces for the thirty-one days of March. In pointed a Consulting Board Viceroys
to
advise
Cabinet in
April 1910 the output was only 619,045 fine ounces. reorganizing the official system of the the
provinces.
This increasing production is indicative of the greater Privy Council, modeled on the Japanese body, hasA
efficiency of the labor employed and augurs well for been created, with La Jun-Hsiang as President; but
the future of gold mining in the world’s premier field. here
also the duties have been left undefined.
For the four months of the current year the mines of
the Transvaal have added 2,605,634 fine ounces to The $30,000,000 Chinese loan will be floated jointly
the world’s new supply, this total contrasting with by bankers representing the United States, Great
2,400,154 fine ounces in the like period of 1910, and Britain, France and Germany. The Imperial Govern­
consequently shows a gain of 205,480 fine ounces. If ment
is manifesting unprecedented determination in
this augmentation continues proportionately during overruling
the objections of the Provinces to the ad­
the remainder of the year, the aggregate product of mission of foreign
capital for the development of the
Africa for 1911, without any increase in other fields, country. The Government
announced that it
would be in excess of 9,000,000 fine ounces, or greater will relieve the Provinces of has
control
of all trunk-line
than was secured from the mines of the whole world
projects,
the
Provinces
having
demonstrated
their ina­
only 17 years ago—in 1894.
bility to construct necessary roads.. The Government
Progressive developments in China have figured has further declared that it will immediately begin
prominently in the week's foreign news, but whether I the construction of trunk lines throughout the Empire



T H E C H R O N IC L E
1*279
and that it will employ not only foreign capital but electoral college composed of members of the Lower
House, representing constituencies comprised in the
foreign engineers. The long-contemplated opening up electoral
into which the country would be
of the Chinese Empire is thus in a fair way of being divided bydistricts
specially
commissioners.
undertaken in earnest. It is possible, however, that “The third section appointed
of the House, numbering 100,
the opposition of the Provinces will be expressed in would be appointed by the Crown on the recommenda­
tion of the Cabinet. Princes of the royal blood would
some violent and perhaps rebellious form.
their seats, as also would two archbishops, while
The British-Chinese opium agreement provides that retain
five
bishops
would be elected. Including the ex-Lord
China shall diminish its production of the drug pro­ Chancellor, there
would be 16 law Lords. Peers who
portionately with the Indian exportations until the are not Lords of Parliament
should be elected by the
extinction of the whole business shall have been House of Commons.”
brought about in 1917. If the Chinese Government Lord Lansdowne expressed the belief that there
can reduce the domestic production at a faster rate could be no permanent majority in a House thus re­
than stipulated, Britain guarantees that the shipments constructed. The measure limited to five per annum
from India will be correspondingly cut down. The the
appointments of hereditary Peers by the Crown.
Indian exports to China are not to exceed 30,600 Viscount
Morley, while admitting that Lord Lans­
chests this year and they will be reduced by 5,100 downe had taken
a bold and frank course, and possibly
chests annually. The fight against the destructive a helpful one, declared
the government could not
traffic in opium has been protracted, and at times accept the proposals as athat
solution
of the problem which
discouraging, but the advance of civilization through­ confronted the country. The bill
passed its first
out the Chinese Empire and the quickened moral sense reading without lengthy debate.
of Europe have at last apparently triumphed. Certain
financial questions remain to be adjusted, particularly
with reference to the private and national losses sus­ European bourses are apprehensive lest international
tained in India; but the British Government is dis­ complications again arise from the advance of a large
playing a praiseworthy readiness to act magnani­ body of French troops towards Fez. The German
mously. The extermination of the opium trade is a Government has warned France of the dangerous
fitting preliminary to the granting of a new measure of consequences which would be likely to follow the occu­
pation of Fez by the French soldiers, so that a very
Constitutional government in China.
delicate situation now exists. The advices from the
The reform of the British House of Lords continues French column, which numbers about 3,000 men and
to share with the proposed Anglo-American arbitration is under the command of Colonel Brulard, are very
treaty the attention of the British public, who also belated. The expectation is that this force will not
have been provided with fresh material for serious actually enter Fez, but will pitch tents outside the city.
thought in the comprehensive Insurance Bill intro­ Spain, which through the treaty of Algeciras shares
duced last week by Chancellor of the Exchequer Lloyd- with France the policing of Morocco, has contrived to
George, the scope of which measure is discussed in a remain in the background at this juncture. The
special article on another page of this issue. The action of Germany reveals that the old spirit of jealousy
Liberals have forced through their Veto Bill quite has not passed. The re-entry of M. Delcasse into the
rapidly in the House of Commons, and it is expected French Cabinet has not conduced to the propagation
that the third reading will be passed on Monday next, of Anglo-German friendliness over Morocco, for Ger­
immediately after which the Budget will be brought many has not forgotten that it was the ambitious policy
forward. Chief interest this week has centred in the of that statesman which brought the two Powers into
Lords’ own plan for reorganizing the composition of the conflict over the same territory prior to the Algeciras
Upper Chamber. Lord Lansdowne, leader of the Con­ Convention. On this occasion, however, the course
servatives, introduced his bill on Monday before a large followed by France has been quite open and above
gathering of Peers and diplomatic representatives. He board; due notification was sent to the signatory
said that the Unionists were convinced that an amend­ Powers in advance, the support of Great Britain was
ment to the Constitution of the House of Lords should obtained, and the conditions in Morocco were, so far
proceed simultaneously with a readjustment of the as known here, such as to justify aggressive action.
relations between the two Houses. They desired to At the same time it was alleged by opponents of
demonstrate that they could provide an efficient Second France that the uprisings in Morocco have been en­
Chamber which could be trusted to use its powers fairly couraged and aggravated purposely by the French
as between the great political parties and faithfully so as to provide an excuse for military invasion.
serve the democracy without yielding to the gusts of
passion and prejudice with which all democracies were The Mexican rebels have achieved notable military
familiar. The plan outlined has been summarized in successes since the termination of the truce on the
cable dispatches as follows:
refusal of President Diaz to give satisfactory guaran­
“The House should consist of 350 Lords of Parlia­ ties that he would resign. The capture by Madero
ment. No Peer should hold his seat for more than Juarez, the important city just across the border
twelve years, but members would be eligible for re­ of
near El Paso, has been followed by unmistakable
election. The Peers themselves would elect 100 mem­ demonstrations
in Mexico City and elsewhere that the
bers of the Peerage possessing the statutory qualifica­
tions, such as being present or former Viceroys, Gov­ present Administration no longer enjoys the unabated
ernors, Privy Councillors, members of the House of confidence and loyalty of a considerable body of
Commons, diplomats, naval and military officials, people, and the Mexican Cabinet has, according to
heads of civil service departments, Lord Mayors, reports, urged President Diaz to withdraw. He,
provosts, &c.
“A second contingent would consist of 120 members, however, argues that it would be treachery to desert
to be elected from outside the House of Lords by an his loyal followers. The situation is apparently
M A Y 13 1 9 1 1 .1




[V o L . LXXXXI1.
T H E C H R O N IC L E
1280
nearing a crisis. General Francisco I. Madero was of the yield per acre of winter wheat, basing it upon
received in Juarez with marked cordiality, and through the average condition May 1 for the past five years and
serious damage had been done during the fighting with the average final yield of the same years. Upon that
the Federal troops under the command of General basis the condition of 86.1 on May 1 this year, the
Navarro (now a prisoner) there was no looting by the Department of Agriculture concludes, would indicate
rebel soldiers. One of the first acts of General Madero a product of 15.6 bushels per acre, or a crop of about
after putting the battered city into order was to form 489,325,200 bushels, a total in excess of either of the
a Provisional Cabinet, with Juarez as its capital. four previous years, but less than in 1906, when the
The members of the Cabinet, in addition to Provisional record of 492,888,000 bushels was made. We are in­
President Madero, are:
• clined to believe that the Government’s estimate of
15.6 bushels per acre is too low, as based upon the
D r . V asq u ez G o m ez, M in ister o f F o r eig n A ffa irs.
G u sta v o A . M adero, M in ister o f F in a n c e .
current condition of the crop, and that the final yield,
V c n u ista n o C arran za, M in ister o f W a r.
with normal conditions hereafter, instead of falling
F . G o n zales G a rza, M in ister o f th e In te r io r .
below that of 1906 will be in excess of 500,000,000
J o se M . P in o S u a r ez , M in ister o f J u s tic e .
J u a n S a n c h e z A z c o n a , P r iv a te S e c r e ta r y to th e P r e sid e n t. bushels. The estimate the Department makes (15.6
The standing and influence of the insurrectos has, bushels per acre) is less than the final for 1909 (15.8
of course, been enhanced by the capture of Juarez bushels), notwithstanding the fact that condition this
and all the Government troops and munitions there, year is 2.6 points higher. Furthermore, we find that,
while the prestige of Diaz has been weakened. The comparing with 1906, the harvested acreage then was
foreign residents at the capital held a conference at 6% less than that now under cultivation; and, although
the request of United States Ambassador Wilson, and condition on May 1 of that year was 4.8 points better
they have been granted permission to arm themselves than now, there was more than the average deteriora­
for self-defence and the defence of their property should tion during May, whereas in the month this year to
date the crop seems to have at least held its own. Is
necessity arise.
it not safe to conclude, therefore, that the present
The crop situation in the United States at this time, outlook is for a new record winter-wheat yield?
as indicated by official and private reports, is of a Across the border in Canada the crop promise is con­
quite satisfactory character. Winter wheat, having sidered to be good. Reports indicate that the weather
further improved during April, is now in better than has been favorable to seeding, and a large increase in
average condition. The planting of spring grain area is expected in Western districts. It is stated,
(wheat and oats) is well on toward completion; corn furthermore, that the recent cold snap did a lot of good
planting is under way in earlier sections, and in the to spring wheat by checking too rapid growth and did
country as a whole an increase in acreage is expected, not damage the winter grain.
and an important addition to area of cotton has been
arranged for. None of the crops here enumerated has The movement of aliens, immigrant and non-immi­
been reported upon officially as yet, except winter grant combined, into the United States continues at a
wheat, but the Department of Agriculture shows the decreasing rate as compared with either 1910 or 1909.
status of that cereal to be very encouraging for a large This was true of March, the latest month for which
yield. Its report on that crop for May 1 indicates official figures have been issued, and is equally a fact
an improvement in condition during April of 2.3 as regards April and the elapsed portion of May, as
points, bringing the average up to 86.1 at the opening judged by the results for the port of New York, the
of the current month, against 82.1 on May 1 last year, main gateway through which aliens reach this country.
83.5 in 1909, 89 in 1908 and a 10-year average for According to the official statement now at hand, the
arrivals of aliens in March 1911 were only 96,917
May 1 of 86.
It appears, moreover, that there has been a much (made up of 81,687 immigrants and 15,230 non-immi­
smaller abandonment of area as a result of winter grants), this contrasting with 152,020 in the month
killing than in the previous year. In fact, out of an of 1910 and 135,010 in 1909. The most notable falling
aggregate of 34,485,000 acres planted last fall, 31,367,­ off, as compared with 1910, was in the inflow of Poles,
000 acres are reported as remaining under winter wheat which was in the ratio of about 1 to 5. On the other
on May 1. This is a loss of 3,118,000 acres, or 9%, hand, the movement from the British Isles was larger
than a year ago. For the three months of the calendar
and compares with an abandonment of 4,439,000 year
1911 the influx of all classes of aliens was 192,017,
acres, or nearly 13.3%, in 1910, leaving the area in against
275,564 for the period in 1910 and 272,007 in
cultivation May 1 that year 29,427,000 acres. Conse­ 1909; and
for the nine months ended March 31 the
quently the present area is 6.6% greater than that results for the
three years were, respectively, 721,396
from which the crop was harvested last year. The and 779,507 and
percentage of abandoned area is noticeably heavy in At the same time578,132.
outward movement of aliens
Kansas, the most important wheat-growing State, has been on a largerthe
scale this fiscal year, the depar­
where it reached 23%, and in Oklahoma, where it was ture of steerage passengers for the nine months of
nearly one-third. In other leading States, such as 1910-11 (July 1 to March 31, inclusive) having been
Nebraska, Illinois, Texas, Indiana, Missouri, Ohio and about 370,000, against only 264,673 in the same period
Pennsylvania, however, the percentages are small, of 1909-10 and 312,613 in 1908-09. Thus the net gain
ranging from 2J4 to 7%. As regards condition May 1, in the foreign-born population of the United States
the most conspicuous improvement over 1910 is in during the latest nine months was only 351,396, as
Nebraska, where the contrast is between 88 and 67, against 514,834 in the corresponding interval of
1909-10. In 1908-09, however, the effect of the panic
Missouri 92 and 73 and Kansas 76 and 65.
The Government this May, for the first time thus having not yet been fully dispelled, the net increase
early in the season, works out a quantitative estimate was but 265,559.




1281
T H E C H R O N IC L E
With the advance of spring, the movement of and to send £328,000 to the interior of Great Britain.
aliens in this direction would ordinarily increase. But The total increase in reserve reached £378,070. The
we find from our compilation of the figures for the most notable change was a decrease of £2,713,040 in
port of New York that while the arrivals in April were loans, though the falling off in ordinary deposits was
greater than in March, they were appreciably less also quite large—£2,263,035. The decrease in Gov­
than in April of either 1910 or 1909. Moreover, with ernment deposits was only nominal (£78,060). The
the outflow larger this year, a much smaller net gain is ratio of reserve to liabilities advanced from 47.85%
indicated for the month this year than the 113,029 last week to 50.64% this week, which is more than
of April 1910 or the 114,067 of 1909. The May 2% above the average for this time of the year. The
movement also keeps comparatively small, arrivals at Bank’s bullion holdings stand at £37,000,627. The
New York to the 11th, inclusive, having been only indications at this stage are that the London institu­
25,458, against 39,838 for the same period of last year tion will again receive part of the next shipment of
new gold from South Africa. Our correspondent also
and 34,647 in 1909.
Within recent weeks there has been much discussion furnishes the following details of the gold movement
of the immigration question, more particularly in this in and out of the Bank for the Bank week: Imports,
city, and many of those best versed on the subject £744,000, wholly bought in the open market); exports,
hold to the view that there should be some measure £220,000 (of which £30,000 to South Africa, £175,000
of restriction. That is the position taken by Prof. to South America and £15,000 to Batavia), and ship­
J. W. Jenks, of Cornell, who was a member of the late ments of £328,000 net to the interior of Great Britain.
United States Immigration Commission. Remarking
that this country ought to remain the land of promise, Money rates in New York have not changed since
he questions whether the present class of immigration is last week, but the dearth of borrowing by Stock Ex­
not tending to make it less so. Comparing the situa­ change firms has tended to intensify the competition
tion as it is now with what it was some years ago, he for commercial paper, with the result that transactions
finds that there are too many unskilled workers coming. have been put through below the previous minimum
In his opinion, therefore, which is in agreement with of 3j/2%. The paper which commands the lowest
the views of the other eight members of the Commis­ rate in this country is that issued by the strongest
sion, further restriction for the time being, at least, concerns in New England, especially the cotton mills
enjoying a high reputation. This paper, backed by
would be desirable.
the concern itself, by its Treasurer as an individual,
The downward course of discount and money rates and endorsed by an influential dry goods commission
abroad has continued this week, and quotations arc house, as well as by the banking house handling it, is
now, speaking generally, about the lowest level of the available for New England savings banks. Under
year, just as in New York the value of money is to-day existing monetary conditions, these institutions find
lower than it has been in any previous week since such paper very desirable, and as the output is inade­
Jan. 1. One European bank rate, that of the National quate to meet all demands, low rates are obtained by
Bank of Belgium, was lowered from 4% to 3'A% drawers. It is understood that as low as 3% has been
and the private rate in Brussels has fallen to 214%. accepted by Massachusetts and Rhode Island savings
The relaxing tendency has embraced India, for the banks. A few other endorsed bills receivable have
Bank of Bengal on Thursday reduced its discount been placed in New York at 3)4%- The bulk of the
charge from 7% to 6%. The banking position in business in high-grade names, however, is done at
London was strengthened to a moderate extent during 3 'A % the week, and there was a keen demand for bills, both Some business has been put through in collateral
spot and to arrive, at 2%% until yesterday, when loans extending from six months to February of next
there was a slight advance. The Bank of France year. The borrowers have been willing to pay 3%
was able to issue a very much better return this week. for six months, 3]4% for facilities maturing in the
It added $2,500,000 to its stock of specie, reduced its closing weeks of the year and 3)4% for over-the-year
note circulation by $39,000,000 and lightened its accommodation. Yesterday there was not a normal
discount portfolio by fully $62,000,000. The private supply of money on offer at these figures. The con­
discount rate remained nominally at 2*^%, but bank­ sistently low quotations for call loans have acted as a
ers here were inclined to hold out for a 2% charge, restraint upon borrowing for short periods; renewals
as the undertone in Paris was very weak. Money in of day-to-day obligations having been made regularly
Berlin has fallen 1)4%, compared with a week ago, at 2)4%, brokers have not felt disposed to pay 2)4%
and discounts are now available at 2)4%, or 114% for sixty days or 2% for ninety days. Last Satur­
below the Rcichsbank’s minimum. That institution day’s weekly statement showed marked contraction in
reported an increase in gold and silver of $4,070,000 bank loans, but the trust companies disclosed a large
and decreases of just over $11,000,000 each in note increase, this shifting of accounts having been caused
circulation, loans and deposits, while discounts were by the lowering of the interest allowed by banks on
curtailed almost $13,000,000. A change in the Ger­ trust company deposits. Since then progress has been
man Bank rate would appear feasible in the near made in the movement for bringing trust companies
into the Clearing House. That body having formally
future. At Amsterdam bills are still quoted at 3%.
The Bank of England again met with no competi­ decided to accept trust companies on the basis of 15%
tion in the open market for gold on Monday, India cash reserve and 10% additional deposited in national
alone taking a small part of the consignment. Yet banks, a large number have applied for admission and
the increase in bullion recorded on Thursday was only the indications are that nearly all the principal com­
£195,572. Our special correspondent advises us by panies except some ultra-conservative concerns will
cable that the Bank was called upon to export £220,000 join. This development has, of course, no influence
May 13 1911.]




upon the money market at a time like the present,
but the desirability of having one representative bank­
ing organization when monetary troubles break out
is too obvious to warrant lengthy comment. The new
arrangement carries with it a provision that all mem­
bers of the Clearing House shall subject themselves to
periodic examination of a thorough character by a
special examiner shortly to be appointed, along with
the necessary assistants.
Call money did not go above 2%% on Monday, but
on the following three days transactions were made at
a maximum of 2)^%. The minimum during the same
period was 2%, while the ruling rate each day
was 2)4%. Yesterday the range was 2% to 2)4%,
with the final loan made at 2)4%. The detailed range
for time money at the close of the week is as follows:
2H % for 60 days, 2)£@2%% for 90 days, 2)4@3%
for four to five months, 3@3)4%for six months, 3)4%
for December and 3)4@3)4% for over-thc-year. Com­
mercial paper quotations are 3)4 @3)4% for prime
four to six months’ single-name bills and 60 to 90 days’
endorsed bills receivable, with 4@4)4% for less wellknown names. During the week there have been
moderate transfers of cash to San Francisco
and yesterday $100,000 gold coin was shipped to
Hayti.

comparison, as the shipments of such staples as copper
and iron were heavy. Moreover, imports are likely
to show modification. There was no wide fluctuation
in sterling from beginning to end of the week. Certain
habitual speculators tried to precipitate a break on
Monday; they succeeded in forcing demand down to
4 8635 and cable transfers to about 4 86)4, but the
weakness did not last long. Since then dealings have
been on a very small scale and at steady rates, although
the close yesterday was weaker. The requirements of
tourists continue an important influence. Should
money become easier in London, it is understood that
certain international bankers here will issue a rather
large amount of exchange.
Compared with Friday of last week, sterling ex­
change on Saturday was weaker, with demand quoted
at 4 8640 @4 8645, cable transfers at 4 8665 @4 8670
and sixty days at 4 8435 @4 8445. On Monday
demand declined, on manipulation here, facilitated by
lower discounts in London, to 4 8635@4 8640, cable
transfers to 4 8650@.4 8660 and sixty days to 4 8430@
4 8440. On Tuesday rates opened unchanged,
advanced about ten points during the day, and then
eased off, demand closing at 4 8635@4 8640, while
cable transfers and sixty days’ finished slightly above
the previous day’s level, at 4 S660@4 8665 and 4 8440
@ 4 8450 respectively. Demand advanced on Wed­
nesday to 4 8645@4S650 and cable transfers to
4 8670@4 8675. On Thursday sterling was weaker
on dull trading, demand declining to 4 8640@4 8645
and cable transfers to 4 8665 @4 8675; sixty days was
still quoted at 4 8440@4 8450. On Friday the market
was quiet and unchanged until the afternoon, when
weakness developed. The close was at 4 8430 @4 8440
for 60 days, 4 8635@4 8645 for demand and 4 8660@
4 8670 for cables. Commercial on banks was quoted
at 4 83)<£@4 84 and documents for payment 4 84 @
4 84)4. Cotton for payment ranged from 4 83)4 @
4 83)4; grain for payment from 4 84@4 84)4.

Only a light account in American securities had to
be carried over at the London Stock Exchange settle­
ment this week, and as the charge for facilities was
only 3 to 3)4%, there was no unusual demand for the
remittance by cable of funds from New York. At no
time during the current week have cable transfers sold
above 4 86)4, while demand sterling has ruled slightly
below 4 86)4- New York bankers are inclined to
think that the rates for money in London have about
touched bottom—bills have been accepted at 2)4%,
while money has been quoted at as low as 1)4%. It
is true that the proportion of reserve to liabilities held
by the Bank of England rose 2)4% this week and that
it now stands at 50)4%, which is 2)4% above the The following gives the week’s movement of money
average for the second week of May during the last
decade. Yet the total amount of bullion in the to and from the interior by the New York banks.
by Shipped by Net Interior
Bank’s vaults (£37,000,000) is the lowest for the cor­ 'Week ending May 12 1911. NReceived
Y. Ranks. N. Y. Hanks. Movement.
responding week since 1907, while the total reserve Currency................................................ . S9.769,000
$5,980,000 Gain $3,789,000
1,340,000
1,104,000 Gain 236,000
is also below the aggregate reported one year ago Gold .......................
Total
gold
and
legal
tenders...........
$11,109,000
$7,084,000
and two years ago, though loans are very much larger
. 1Gain $4,025,000
than last year and heavier than in 1908. The Bank, With the Sub-Treasury operations the result is as
however, is deriving substantial help, week by week, follows.
in the form of new gold bars from South Africa. The
Out of
Net Change In
Into
April output there reached 667,714 ounces, which,
Banks.
'Week ending May 12 1911.
Bank Holdings.
Banks.
though 8,351 ounces below the high point attained in Hanks’ Interior movement, as above. $11,109,000 $7,084,000 Gain $4,025,000
operations..................... 33,100,000 33,200,000 Loss
100.000
March, nevertheless constituted a new maximum daily Sub-Treasury
Total gold and legal tenders........... $44,209,000 $40,284,000 Gain S3.925,000
yield. No extraordinary demands upon London’s
gold are known to be imminent. New York is most The following table indicates the amount of bullion
unlikely to import any of the metal, even though her in the principal European banks.
credits abroad are still pretty large. The hurried
May 11 1911.
May 12 1910.
shipment of cotton to Europe early in the season has Banks of
Silver.
Bold.
Silver.
|
Total.
|
Gold.
Total.
led to a subsequent shrinkage in exports of that com­
£
£
£
£
£
England.. 37,000.627, ............... 37,000,627 38.317,325
modity. Whereas there has been an increase for the France.
38,317,325
. . 120.451,720 34,026,520 163,481,240 136.336,840 34*.985*880 171.322,720­
. 41.330.000 10,211,450 57,547,450 40,154.150 14,194,700 54,348.850
ten months of the current fiscal year of $143,245,284, Germany
Russia__ 143,573,000
7.110,000 150,683,000 140.597,000 8,402,000 148,999,000
12,960,000 68.446.000 55.532.000 13.374.000 68.006,000
there was a decrease last month of $6,420,886. Agri­ SAua-Hun.
pain----- 85.488.000
10.522.000
30,061,000
16.212.000 31.163.000 47.375.000
47.483.000 38,884,000
Italy ___ 39,756.000; 3,475,000 43.231.000
3,988,000 42.872.000
cultural exports as a whole were $2,232,778 ahead of Neth’lands
11.310.000
2,141,700
13,451,700
2,621,500 11,227.600
Nat.Bclg . 6,878,667, 3,439,333 10.318.000 8,606,000
4,309,333 2.154,667 6.464.000
last year, but the figure then was the poorest since Sweden
.. 4.617.000 _______ 4.617.000 4.457.000
4.457.000
5.342.000
.
............... .
5.342.000
1899, so that last month’s returns are relatively low. Swltz'land
Norway . . 2.072,000
............... 2.072,000 1.818.000
1.818.000
week 494.126.014|ll0,325,0031604,851,017l490.565.648 110.883,747 601.449.395
The complete Government report on the April foreign Total
Pro v. week 496,894,762| 110,159.053j607.053.815:490,670.481 111.295,333
601,965.814
trade is expected, however, to make a more favorable



e

6 120.000

1

6 120.000

1283
T H E C H R O N IC L E
week’s proposals are admittedly only tentative, so
that an indefinite possibility of the more extensive
THE BRITISH GOVERNMENT’S LABORapplication in English labor circles still remains ahead;
INSURANCE PROJECT.
but,
second, because other governments than Great
The plan for government insurance of British labor­
Britain
are certain to be confronted with a demand for
ers against sickness and unemployment, introduced
similar
legislation
in response to the example set in
by the Chancellor of the Exchequer last week,was not
unexpected. A scheme of far-reaching scope in this so conspicuous a quarter.
direction had been foreshadowed by all the announce­ The first question which arises in the matter is a
ments and preliminary financiering of the present question of general principle. Whatever may be said
Liberal Ministry, and by the personal declarations regarding the purposes of this measure, or indeed
of Mr. Lloyd-George. Having been thus long fore­ regarding its probable results, the fundamental fact
be clearly recognized that the State is called
shadowed, the proposals do not come with the shock must
upon,
as a State, to support its people under conditions
to old-fashioned conservative ideas which they might constantly
recurrent in all walks of life. It is called
otherwise have occasioned. Nevertheless, the mere upon to relieve,
through use of taxation, situations
fact of the introduction of such a plan by a responsible created by a thousand
causes, the correct and just
ministry must be ranked as a landmark in legislation. analysis of which is frequently
Such a
Mr. Lloyd-Gcorge’s plan for insurance against sick­ plan cannot, therefore, be judgedimpossible.
alone
by
a
ness of earners follows, apparently, the plan adopted limited application such as the British Ministrysingle
pro­
some time since by Germany. Whether it is sur­ poses. We must ask what are its eventual possibili­
rounded by the qualifications and safeguards which
the scientific German mind has applied to the project in ties, and when this consideration is taken up, it at
becomes apparent to the student of public affairs
that country, cannot be wholly determined until the once
that
in
the labor-insurance matter, as in the previous
full details of the English measure are at hand. In legislation
old-age pensions, the question
the plan for insurance of wage-earners against unem­ will soon beregarding
asked
by
of the electorate, Why
ployment, the Liberal Ministry strikes out on hitherto should not we, who payparts
the
and who are just
untrodden paths. Briefly summed up, the plan for in­ outside the limits of the existing tax
plan,
be included in its
surance against sickness, which will go into force in benefits? In the old-age pension matter,
these demands
May of next year, involves an estimated annual con­
will
naturally
affect
the
age
at
which
the benefits
tribution by the State of £2,500,000 for the first year,
go
into
operation;
in
the
sickness
and
unemployment
with the subsequent maximum yearly outlay of
£5,300,000. Under its terms the wage-earner with less insurance plan there is sure to be wide contention that
than £160 salary is to pay 4 pence per week in regular the money allowance is too small. That this would
the sequel in our own country, nobody cognizant
assessments in the case of men and 3 pence in the be
with
of the past half-century can doubt.
case of women. The employer is to contribute 3 pence It wastheso history
sound
a
statesman and so warm a friend of
per week for each of such employees, the State 2 pence. the veteran as General
who declared in 1872,
By the estimate, this will provide 10 shillings per week when $28,000,000 was Garfield
appropriated
that year’s
for three months of sickness and a life pension of 5 pensions, that “we may reasonablyfor expect
shillings per week for permanent invalidism. All expenditures for pensions will hereafter steadily that
de­
people under sixty-five years of age may join in the crease, unless our Legislature should be unwarrantedly
contributory scheme, which will affect, according to extravagant.” But by 1909 the annual outlay for
the estimate, 14,700,000 persons.
The more venturesome project of insurance against this purpose had expanded to $161,000,000.
unemployment is at present to be applied, more or less The mistake which General Garfield, in common
experimentally, only to the engineering and building with other honest friends of the pension system, made
his calculations was that, consciously or uncon­
trades. It will there affect 2,400,000 workers and, in
sciously,
he placed the beneficiaries in a separate
with the same basis of joint weekly contributions by class for whom
he assumed the country’s voters were
wage-earner, employer and State, will provide for impartially to provide.
He forgot, apparently, that
a weekly allowance of 7 shillings to an insured work­ these beneficiaries were themselves
voters. The re­
man who loses his job without fault of his own. The sult, so far as concerned political pressure
for an in­
scope of this experiment is, therefore, considerably creased largess on the scale which Mr. Garfield
limited as compared with the sickness insurance— pronounced inconceivable, is part of the history of had
the
which, indeed, as the somewhat meagre dispatches period. Now it may be impossible to say whether
show, is so far-reaching as to apply to household
will develop in exactly the same way in Eng­
servants, in the case of whom an equal contiibution is matters
land.
Neither
temperament nor in scope
to be exacted from the servant and the employer, in of the suffrage inis popular
the
English
constituency on pre­
the event of participation in the guaranty.
cisely
the
footing
of
our
own.
Nevertheless,
are
What, then, is to be said of this striking proposal by certain elements in human nature which do notthere
change
the British Ministry considered as a measure of legisla­
in passing the borders of a State, and it is pretty safe
tion? In the first place, it must be frankly granted to
for granted that precisely as survivors of the
that the purpose is humane and beneficent,and that its wartake
who
not injured, and widows of veterans who
practical operation will undoubtedly serve in many were not were
left
insisted on pensions
directions to alleviate suffering. It deals with a merely becauseinofembarrassment,
their
connection
with the Civil War,
recognized social problem. To people in this countiy,
so
we
shall
find
the
unincluded
British
pres­
indeed, the allowance prescribed for sickness would ently clamoring for larger Ministerial planslaborers
for
relief.
probably seem small. Nevertheless, it is necessary to
dissect and analyze with the greatest care the larger There also appears, in connection with Lloydaspects of the project. This is so, first, because last George’s plans, that very mischievous idea which
M ay

13 19H.|




1284
T H E C H R O N IC L E
[VOL. LXXXXIX.
made such havoc with our own public financing during present more or less prevalent unsettlement of ideas
the pension episode of the later eighties—namely that on established institutions, one hears a good deal nowa­
an unlimited fund to draw upon at will could be found days of the need for abolishing the restraints of our
in the public purse. In our own case, one or two not written Constitution and starting out afresh. But to
entirely unfortunate illustrations of the limits of the the thoughtful mind nothing is more clear, in these
Government’s resources impressed a useful lesson on days of governmental experiment in every direction,
the people. In the case of England, while no doubt than the fact that the founders of our Constitution
a similar lesson will at some time be administered, it were as wise as they were far-seeing, and that instead
is to be observed that, step by step with these huge of contriving, as the Socialists contend, an instrument
requisitions on the public treasury, the present British suited only to the sparse agricultural community of
Ministry has been opening up, at a quite unexampled 1789, they drew up a system of governmental checks
rate, sources of new taxation which are popular with and limits which serves to-day, as it could have served
the masses even while oppressive on the classes who at no previous epoch of our history, as an anchor for
are taxed.
the Ship of State.
The second consideration in the matter is the new
form of taxation which is involved by the Ministry’s
LIM ITATIONS UPON EFFICIENCY IN
proposals in the case of business men. Whether it is
MANAGEMENT.
just or not on general principles to force employers to Recent events have served to give great prominence
contribute for the sickness or unemployment of their to the subject of efficiency in management. Advances
wage-earners, is perhaps an open question. Some­ in wages, and the rise in operating cost generally, have
thing depends on the character, record and conduct of forced upon every manager the necessity of considering
the laborer. What the result of the new plan will be, the question whether some compensation cannot be
as regards the present not unusual keeping open, found through the application of new methods or the
through pure philanthropy, places for useless or super­ more economical use of those already employed.
annuated employees, is something to be considered. Trade reaction, which is now widely in evidence, is
This would hardly continue. There is also the very making the problem still more acute, and increasing
pertinent question as to present forms of voluntary the necessity for reducing the cost of operations. On
contributive insurance. In this country and in Eng­ the other hand, a sort of propaganda is being carried
land there are systems of this sort already in voluntary on, in newspapers and magazines, in which the virtues
operation at many large establishments whereby of “scientific efficiency” are being extolled, and most
employers and employees co-operate on a basis ar­ extravagant claims made as to the savings to be
ranged with each other for relief in cases both of sick­ effected through the application of the principles in­
ness and of disability. It is hardly conceivable that volved in the same.
these plans would remain in operation after the State It is obvious that for some time to come, owing to
had taken matters into its own hands; to suppose this these various circumstances, the matter is not likely
would be to concede that employers of the sort would to drop out of sight or lose interest. Indeed, the danger
invoke on their own account double taxation.
s that expectations of what can be accomplished in
It is chiefly for these reasons that we deem the that way may be keyed too high. Much glib talk is
British Ministry’s experiment to be full of peril. What­ indulged in about the subject by certain advocates of
ever may be its immediate or ulterior result, it sug­ the system whose knowledge is theoretical rather than
gests two interesting considerations in regard to the practical. Labor is hostile. There is nothing new in
English people and ourselves. Not very long ago it that, though it must be reckoned with. The fact of
was the favorite comment of hostile foreign critics most importance, however, to bear in mind is that
on America that our people were resolved to experi­ labor does not invariably consist of mere mechanical
ment in the wildest governmental projects, and to movements, and that hence rules for cutting down the
upset the equilibrium of the State while doing so. Yet number of such movements are not always available.
a pretty long experience in the matter has now taught It is possible to teach the bricklayer how to diminish
the world that the people of the United States, though the number of motions to go through in laying a brick,
much inclined by their adventurous disposition to but the locomotive engineer evidently belongs in a
indulge in discussion of such projects, have as a rule different category. He has got to stay at his post
the habit of stopping short on the safe side of the Rubi­ the allotted number of hours, and he can never run
con. What is even more striking is the growing impres­ more than one train at a time and his services can
sion of the day that the English people, whose never be dispensed with while the train is in motion.
instinctive and fundamental conservatism had long been We are glad to see that this phase of the matter is
preached to us as a contrast to our own experimental receiving greater attention. Obviously no illusions
habits, are to-day the field in which the rashest of should be entertained either by the public or the
such plans are apparently adopted with a minimum business man as to how far the principles of scientific
of effective popular opposition.
efficiency can be applied. At the Congress of Tech­
This singular social fact adds considerable interest nology last month, held on the occasion of the fiftieth
to another contrast, much more frequently heard of anniversary of the granting of the charter of the
late, regarding the absence of a written Constitution in Massachusetts Institute of Technology, Henry G.
Great Britain and its presence in this country. It is Bradlee, a member of the firm of Stone & Webster,
perfectly true that our own Constitution might not Boston, whose record in the promotion and manage­
stop a plan of social largess even more venturesome ment of public utility properties is well known, read
than the proposals of Mr. Lloyd-George. But it would a paper entitled “Certain Limitations on Scientific
certainly place some limit to the extension and appli­ Efficiency,” in which a word of caution is uttered
cation of the machinery for such plans. In the against too sanguine expectations and against ignoring



M a y 1 3 1911.]

THE CHRONICLE

1285

the fact that limits do exist upon the applicability of Mr. Bradlee urges that the efficiency engineer may
easily prejudice his own cause by making exaggerated
efficiency methods.
Mr. Bradlee argues with much force that it would claims and statements of what he can accomplish.
be presumptuous at this time to place a limit on what He may discredit his own profession by criticizing
may be accomplished in the future through efficiency too freely the work and methods of others or by rashly
methods, and there would be no disposition to criticize condemning the efficiency of our present industrial
or suggest weak points in those methods were it not organization.
for the fact that the public may be misled by exagger­ Mr. Bradlee has rendered a service in emphasizing
ated statements and may unreasonably condemn those the limitations that exist. Obviously, however, the
who are doing most to develop and direct our industries. subject of efficiency in management will always be
Stripped of technicalities, the method of the modern an important one, and to the full extent that econom­
efficiency engineer is simply this: First, to analyze ical methods can actually be employed it will be the
and study each piece of work before it is performed; desire of every business man to see them adopted.
second, to decide how it can be done with a minimum Discussion of the matter will tend to clarify the situa­
of wasted motion and energy; third, to instruct the tion. This gives interest to the fact that Dartmouth
workman so that he may do the work in the manner College, through its school of business administra­
tion— the Amos Tuck School of Administration
selected as most efficient.
Mr. Bradlee well says there is nothing fundamentally and Finance—announces a conference on scientific
new in this method. The underlying principle is being management for the benefit of the manufacturers and
used to-day to a greater or less extent in all industries, business men of New Hampshire and of neighboring
and has no doubt been used at all times in the past. states, to be held at Hanover, N. H. on October 12, 13
It is important to bear this fact in mind. The method and 14 1911. In the announcement concerning the
as employed by the modern efficiency engineer is dis­ proposed movement, it is stated that notwithstanding
tinctive, not because it is new, but because it is carried the fact that much has been written concerning “scien­
to much greater detail. Every one is familiar with tific management,” there is no definite conception in
the general principles underlying the methods of the the minds of manufacturers and business men of its
efficiency engineer; most men make frequent use of exact nature, what has been accomplished by it and
these principles in the conduct of their business. The what it is hoped may be accomplished.
problem presented is not the adoption of something The purpose of the conference is to offer an oppor­
entirely new but rather the extension to every detail tunity to hear a full and logical explanation of the
of the work of something which has long been tried. system by those who have developed it. The confer­
But, asks Mr. Bradlee, is it in all cases practical and ence, it is stated, is intended to be a serious inquiry,
desirable to extend these methods to all parts of the and there is no presumption either in favor of or against
work; if not, under what circumstances may it be done “scientific management.” The program has been
to best advantage? In answering the query, he sug­ arranged so as to secure a complete and logical presen­
gests a few factors which seem likely to limit the prac­ tation of the system, and to permit the discussion of its
tical working field of the efficiency engineer. Scientific applicability to the various classes of business in which
management will clearly yield its best results when those who attend the conference may be interested.
the labor performed consists of a continuous repetition It is also arranged to give opportunity for discussion
of some definite set or series of sets, and when the of the application of the principles of scientific manage­
work is carried on under conditions which remain ment to the affairs of Statesjand municipalities. Freder­
practically uniform. The second important factor is ick W. Taylor, who originated the "Taylor System”
that the work of the different employees must be rea­ will present the opening address—“The Principles of
sonably uniform in character and not extremely Scientific Management.” The program includes like­
diversified. Then there is a third limitation. The wise addresses, among others, by]Henry L. Gantt, Har­
extent of territory which a business covers may make rington Emerson and Dr. Frederick A. Cleveland.
it difficult or entirely impracticable to use the methods
which give greatest success when applied to a group RAILROAD GROSS EARNINGS FOR APRIL.
We have reached a period where diminishing gross
of men working in a single building.
Where, then, shall we look for work to which effi­ earnings have become a regular feature in railway
ciency methods may be successfully applied? Where returns. As far as net earnings are concerned, losses
can we find a considerable number of men, located have been the rule for quite a while. In the gross,
near together, preferably in a single building, all doing however, general contraction is a recent development.
the same kind of work under conditions which remain Indeed,it has become an established fact only during
practically uniform, and the work itself consisting of the last three months, the downward movement having
a continued repetition of some definite act or series come into evidence for the first time in February
of acts? Work of this character will presumably be (speaking of the roads collectively) and having grown in
found in certain mills, factories and shops and in some significance and in proportions with each succeeding
month since then.
special departments of other industries.
These are the places where the efficiency engineer Our tabulations to-day cover the month of April and
may be expected to meet with the greatest success, comprise merely the roads which make it a practice
and if we may judge from the examples quoted by to furnish early preliminary estimates of their gross
those engineers, it is in just such places and undersuch revenues. On an aggregate of 88,142 miles of line
conditions that the best results have so far been se­ these show a falling off, as compared with the cosrescured. The conclusion accordingly is that we are not ponding month last year, of §1,238,713, or 1.99%.
likely to see any sudden and remarkable increase in The mileage is about 2% larger than in 1910. More­
over, our statement includes three Canadian systems,
industrial efficiency.



1286
T H E C H R O N IC L E
[VOL. LX XX X II*
namely the Canadian Pacific, the Canadian Northern the grain movement in the West, as compared with the
and the Grand Trunk Ry. of Canada, all of which exceptionally large figures for 1910. Furthermore,
report substantial increases, the aggregate gain for the earnings last year, except in a few special instances,
whole three being $1,000,184. With these three recorded unusual amounts of gain, so that the com­
eliminated, the loss on the remaining roads, those in parison now is with totals of exceptional magnitude.
the United States, would be raised to $2 238 897 or Our eaily statement last year, covering substantially
4.51%.
the same roads as are now represented, showed an in­
Excepting the Canadian roads, there are few lines crease of no less than $8,323,925, or 15.87%. After
or systems which are able to record better totals than such a consideiable improvement the previous year,
a year ago, and where there actually is improvement this year’s loss is obviously relatively small. In 1909
of substantial proportions, it has followed because also there was a considerable gain, that is $5,648,072,
of some special circumstances which had served to or 13.10%, though this latter, of course, came after a
keep down the revenues in 1910. For instance, the striking loss in 1908, namely $11,486,050,or 19.85%.
Buffalo Rochester & Pittsburgh, which now has an in­ But as against the heavy loss in 1908, there had
crease of $192,300, last year had very small earnings been in April 1907 a gain almost equally large, at least
by reason of the suspension of mining in the bituminous as far as the amount is concerned, it aggregating (for
regions last year and had to contend with trouble at the roads making early returns) $11,044,527, or
the mines, too, in April of 1909 and 1908. Notwith­ 16.12%. Prior to 1907 the record was one of almost
standing this year’s large gain, the 1911 total for this continuous improvement, as will be seen from the
road at $739,801 compares with $742,470 for April as following summary of our preliminary April totals for
far back as the year 1907. Likewise the Chicago & the last fourteen years:
Alton, which this year has $88,658 increase, last year
Mileage.
Gross Earnings.
sustained some decrease at a time when most railroads
Year Yr.pre­ InYear
Year
Increase (+ )
Given.
ceding.
cr’se
Given. Preceding.
of the United States were showing large and general
or Decrease (—).
April.
Roads
Miles.
Miles.
%
increases.
$
S
1897 . . . . 127 94.489 93.813 0.72 35.879.305 35.887,851
—8,546
1898 . . . . 125 96.616 95.472 1.19 42,467.647 30.670,132 +5.897,515
All this directs attention to the fact that last year in 1900
1899 . . . . 119 93.643 92.452 1.28 42.464.311 40,802.578 + 1,661,733 16.13
4.07
....
97,191 95,189
44,562,898 +5,522,229 12.39
1901 . . . . 97 96.874 93.923 3.14 60.086,127
April there was a contraction in the coal shipments in 1902
50.046,333 45.643.860 +4,402.473
9.65
___
95.147 93,696 1.55 57.842.565
+ 5,749,505 11.03
. . . . 80 101.421 99.450 1.98 69,812,310 52,093.060
the case of many roads in the Middle and Middle 1903
61,413,330 +8,398,980 13.67
1904 ___
85.599 83.301 2.76 51.399,901 53,825,303
4.51
----- 58
79.469 1.60 51.243,441 47.140,179 —2,425.402
Western States, because miners in the bituminous 1905
+4,103,262 8.70
1906 ___ 56 80.740
77,543 75.829 2.26
62,409,705
10.946,012
+5.463,693
1.64
1907
___
65
93.472
91.929 1.69 79.566.158 68.521,631 + 11,044,527 16.12
coal regions in the territory referred to suspended work 1908
----- 53 79.203 78.027
1.51 46,398,330 57,884.380 —11,486,050 19.85
1909
___________
50
77,484
75.931
48.753.048
43,104,976 +5,648.072 13.10
at the beginning of April, compelling the stoppage of 1910
___________
50
86,023 83.660 2.82 60,761,753 52.437.828
15.87
1911
___________
50
88.142 86.488 1.91 60.981,607 62,220,320 —+ 8,323.925
1,238,713 1.99
mining. But though the suspension of mining con Jan.
1 to April 30—
1897 ----- 127 94.489 93.813 0.72 143.231,183 146.410,077 —3,178,894 2.17
1898 ----- 125 96.616 95.472 1.19 169,183.383 115.709.416 + 23.473,967
tinued throughout the whole month, except that there 1899
___ 119 93.643 92.452 1.28 168,596,9S8 161.727.613 + 6,869,375 4.24
----------------96,918 94,916
was a resumption of work in some instances towards 1900
204.218.414 176,355.301 +27,863,113 15.79
1901
----------------97
96.874 93.923 3.14 205.862,063
188.890.916 + 16,971,147 8.98
1902
___
95.147
' 1.55 225,617.790 209.367.916
the close of April, more particularly in Central and 1903 ----- 80 101.421 93.
+ 16,249,874 7.76
99.450
1.98
269,474.440
237.871.314
13.28
1904 ----85.599 83.301
203,888.689 207.669,892 +31,603,126
—3,781,203 1.82
Western Pennsylvania, the influence of general business 1905
----- 58 80.740 79.469 2.76
1.60
199,516.795
187,699,261
+
11,817,534
6.30
1906
----------------56 77.483 75.829 2.26 213.037,494 183,266.795 +29,770,699 16.24
prosperity was so much superior to the loss in this 1907
----- 65 93.472 91.929
1.69
274,505,101 +21.564,825 7.89
1908
----------------53
79.203 78.027 1.51 296,069.926
184.447.156 212,117,121
13.04
----------------50
77.484 75.931
one item of traffic that the effect on railroad 1909
191,806,638 173,891,825 —27,669.965
+ 17,914.813 10.30
1910
----------------50
86,023
83.660
2.82
238,997,469
205,078,312
+33,319.157
16.20
1911
----------------50 88.142 86.488 1.91 242,986.508 242.708,018 +278,490
revenues was not very marked except in the case of a
few special roads like the Buffalo Rochester & Pitts­ Note- We do not Include the Mexican roads In any of the years.
burgh, the Chicago & Alton, &c. On the other hand
With reference to the loss in the cotton traffic the
the absence of any such disturbing cause the present shrinkage was of extreme dimensions and was the
year was not very potential in affecting the compart more noticeable, inasmuch as there had already been
sons favorably, inasmuch as, owing to general trade a large contraction in the previous year. At the
reaction, the demand for coal in 1911 has been on Southern outports the receipts in April 1911 were only
greatly reduced scale, diminishing the amount of coal 178,159 bales, against 320,222 bales in April 1910 and
mined and thereby the coal traffic over the roads.
499,377 bales in April 1909. The gross shipments
The large and general losses in earnings now disclosed overland showed much smaller variations, being 72,637
will very naturally be ascribed to the dulness and bales for this year, against 77,717 bales and 73,809
general stagnation in trade. That circumstance, no bales, respectively, in the two previous years.
doubt, played its part in decreasing railroad traffic and RECEIPTS OF COTTON AT SOUTHERN PORTS IN APRII. AND FROM
railroad revenues, albeit the systems that would be ____ JANUARY I TO APRIL 30 IN 1011. 1910 AND 1909.
most seriously affected by business depression, like the
Pennsylvania, the Baltimore & Ohio, &c., are not Galveston................... bales. 1911. 1910. 1909. 1911. | 1910. 1909.
161,218 603,468 614,313
represented in the present compilation, since they do Port
Arthur, Ac................... 64,219 101,655
20.819 37.334 250,975 102,485 1.015.317
206.189
New Orleans...................
55*589
92,823
118,249
474,349
695,399
Mobile....................................
not make it a practice to furnish early estimates of their Pensacola, Ac____________ 3,769
8,635 20.504 45,867 437,548
64,118
105,233
2,922
10.8
17
1,873
72,906
65,542 58.638
.............................. 29,538 35.895 71,905 252,039 167,977
earnings. But it is possible to lay too much stress Savannah
B runsw ick--------------------- 1,774 9,802 2,430 51,734 31,198 317,897
— .....................
on the influence of trade retrogression in accounting Charleston
10.732 28,449 16,932 96,727
62,941
Georgetown............................ 2,680 3,383
75
102
726
592
1,076
W ilm ington............... .......... 5,430 7.678 35.18
for the present losses in revenues.
1 64,530 31,031 100,952
N orfolk_________________ 12,036
33.935 36.019 108.471 92,981 119,204
Newport
News,
Ac----------675 3,830
1,140 5,343 12,660
there have been many other contributing causes, the
presence of which should not be ignored. One of these T o ta l.................................. U8.159 326.222 499,377 1,954,654 1,620,060 2.812,233
has reference to the calendar. The month of April this In the Western grain movement there was a gain in
year had five Sundays, whereas April last year had tho deliveries of corn, but this did not extend to
only four Sundays. This means that there were but all points and was not sufficient to compensate for
twenty-five working days in April 1911, as against the falling off in the receipts of wheat, oats, barley and
twenty-six in April 1910. Then there was a shrinkage rye. Altogether, the receipts of the five cereals for
in the cotton traffic in the South and some falling off in the four weeks ending April 30 reached only 31,440,360



0 .02

111

2 .10

88

68

2.0 2

1 0 .1 1

110

2 .1 1

88
68

2.0 2

0 .1 2

202

1

T H E C H R O N IC L E
1287
EARNINGS OF SOUTHERN GROUP.
bushels in 1911, against 32,583,905 bushels in the
corresponding five weeks of 1910, but comparing with April. ■ 1911. 1910. 1909. 1908. 1907. 1906.
S
$
$
S
S
$
27,709,089 bushels in 1909. The details of the West­ Ala Great Sou. 347.258
375,590 283.740 250.941 332.552
305.223
ern grain movement, in our usual form, are set out in AlaN NO OAANTEP. 278,560 308,998 248,080 208,301 263,141 277,816
Ala A Vicks. 124,316 133,775 128.827 112,954 137,548 124.058
the following:
99,043 136,834 121,387
Vicks Sh A P 100,272 106,215 107,851
Atl Blrm A Atl 198,542 203,869 186,026 104,015 148,758 101,934
May 13 1911. |

WESTERN GRAIN RECEIPTS.
W heat.
Corn.
Four weeks end- Flour.
Oats.
(bush.)
(bush.)
(bush.)
ing April 30. ([bbls.)
Chicago—
1911................ 414,573 605,500 4.554,250 5.367.900
1910 ............ 455.724 506,900 3,652.850 5.439.900
Milwaukee—
1911 ............ 255,000 451,980 257,640 768,600
1910 ............ 181,970 526,400 290,280 761,400
St. Louis —
1911 ............ 168,215 697,541 1,368,755 1,432,950
1910 ......... - 155.650 497.784 1,597,545 1,139,200
Toledo—
1911 ............................. 117,000 349,100 171,000
1910 ............................. 104,500 360,500 191,750
Detroit—
1911 ............ 19,111
78,933 338,163 169,861
1910 ............ 17,869
27.540 124.870 158.182
Cleveland—
1911 ............ 2,475
38.804 531.429 305,867
1910 ............ 3,322
8,008 304.309 461,918
Peoria—
432,275
1911 ........... 166,209
45,855 930.754 827.100
1910 ............ 218,300
47,000 909,768
Duluth—
75,391
10,224
1911 ............ 49,150 742,962
1910 ............ 44,330 2.138,942 178.505 506.821
Minneapolis—
1911 ............................. 4,382,230 329.330 706,900
1910 ............................. 4,068,140 288,510 693,350
Kansas City—
1911 ............................. 66-4,800 1,457,500 346.100
1910................................. 899,800 986.700 260,200
Total of all—
9,776,814
1911.
.1,074,733 7.825,605 10.127.145
8,825.014 8.693.837 10,439,821

Bye.
Barley.
(bush.) (bush.)
1,219,300 64,500
1,977,764 76,000
767,900 63,180
829,400 62,220
9,007
44,154
57,200 24,000

Cent of Georgia 882.500
dies A O hio.. 2,463,915
Cin N O A T P 723,410
Lou A Nashv.fr 4,097,300
Mobile A Ohio 937,559
Scab’d Air Line 1,901,643
Southern Ity._ 4,721,374
Yazoo A M Val 768,293
T o ta l........... 17,544,942

736.527
1,718.853
613,381
3.271.226
694,410
1,306,775
3,787,681
a750,077
13,654,184

924.299
2,209,621
706,772
3,998,602
977,754
1,422,346
4,768,457
768,386
16,795,070

861,120
2.005.871
707,458
3,542,044
797,951
1.278.268
4,356,062
751.054
15,230.846

1,000
a Includes, beginning with this year, some large Items of Income not previously
8,650 Included
In monthly returns.
b Includes Louisv. A Atlantic and the Frankfort A Cincinnati in 1911, 1910 A ’09.
EARNINGS OF SOUTHWESTERN GROUP.
516
250
1,114
3,139
1907.
1909.
1908.
1910.
1911.
April.
1906.V1
174,800 24,400
S
$
3
$
3
S
186,000 12,800
1,074,998 1,291,770 1,096,856 989,142 1,034,666 898,577
1,764,500 1.850.100 1,723,952 1,432,772 1,696.069 1.556,181
480
280,725
677.000 653.000 653,759 496,062 078,890 496,824
416,536 36.030 Int A Gt N or.. 2,109,022
2,233,637 2,001,752 1.520.746 2.026,892 1,540,636
3,541,241
4,181,000 4,282,000 3,688.076 3,079,976 4,166,445
1,000,830 65,730
715,693
819,570 746.207 657,660 812,891 1,038,152
827,740 106,700 St Louis S W_. 785,199 1,221,513
1,073,908 894,262 1.324,953
Texas A Pac . 1,077,911
T o ta l........... 11,669,630 12,351,590 10,984,510 9,070,620 11,740.806 9.787,304
............ ...........

3,487,959 228,813
4,297,779 327,514

With reference to the separate roads, the losses
are large, and they come from all parts of the country.
Even the Southern roads are represented now in
the list of decreases, though there are some exceptions
to the rule, among which must be mentioned par­
ticularly the Seaboard Air Line, which appears to be
steadily developing its business. The Great Northern
heads the list for amount of loss, it having fallen
behind $803,096. But it must be remembered, with
reference to this system, and most others distinguished
in the same way, that this year’s loss follows an
even larger gain the previous year. In brief, the
gain for the Great Northern last year was no less than
81,309,730. Still this latter was itself in large part a
recovery of what had been lost previously, and, taking
a longer view, we find that this company’s gross for
April 1911, a t84,394,012,compares with $4,923,598 in
April as far back as 1907. In the table we present we
have brought together all the changes for the separate
roads for amounts in excess of $30,000, whether in­
creases or decreases.

* Includes all affiliated lines except Trinity A Brazos Valley Rlt.
a Includes the Texas Central In 1911.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
1911.
1910.
1909.
1908.
S
$
$
S
739.801 586,609 554,241 432,259
Chic Ind A Lou 515,204 504,241 464,423 404,780
Gr Tr of Can.)
Gr Tr West} 3,747,251 3,567,367 3,142,748 2,934,991
1) Gr H A M|
Canada AtlJ
54,033,279 64,685,230 o4,391,602 03.995,718
79,705
75,441
82,010
97,309
275,041 244,293
Tol St I> A W. 296.678 291,950 2,103,422
1,814,718
Wabash ------- 2,289,706 2,224,979
T o ta l__ . . . 12.319,228 11.940.081 11,006,918 9,908,769
April.

To complete our analysis we give the following
six-year comparison of the earnings of leading roads
arranged in groups. It will be observed that in not
a few cases the 1911 totals are not equal to those
even of 1907, or else run but slightly above the same.
This applies to the case of such roads as the Southern
lty., the Louisville & Nashville, the Illinois Central,
the Wabash, &c.

EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
1907.
1910.
1909.
1906.
1908.
April.
1911.
$
$
8
$
*
$
5.497.736 6,391,561 5,491,000
Canadian P ac. 8,458,000 7,830.000 6.384,038
687,689
Chic Gt West*. 954,183 1,095,331 797,145 623.779 719.567
209,123 197.930 267,843 237,551
Dili So Sh A At 231,261 270,763 63,887,372
4,172.957
Great Northern 4,394,012 65,197,108 245.694 63.483.481 4.923.598
247,300 229,786
Iowa C entral.- 285.211 264,897 302,348 226,105
317.538 281,447
Minn A St L .. 355,004 402,418 1,521,237 270,063 1,903,045
1,544,339
1,361,566
M StP A SSM a 1,645,372 1,827,948
T o ta l........... 16,323,043 16,894,465 13.347,257 11,659,960 14.770.458 12,644.769
* IncIudC8 Mason City A Fort Dodge and the Wisconsin Minnesota A Pacific In
1911. 1910. 1909 and 1908.
a Includes Chicago Division In 1911, 1910, 1909 and 1908; for previous years we
have combined Minn. St. P. A 8 . S. M. and Wisconsin Central.
6 Actual figures of earnings are now used for comparison.

1906.
1907.
s >*«
S
742,476 296,486
512.698 492.054
3,747,960 3, ISO,305
4,741,286 4,233.912
96.445
90,183
335,390 335,773
2,216,289 1,899,408
12.392,544 10,528,121

a Embraces some large Items of Income not previously Included In monthly returatfv
b No longer Includes receipts for hire of equipment, rentals and other Items.
GROSS E A R N IN G S AND M ILEA G E IN A P R IL .
N am e of Road.

A labam a G reat South
Ala N O & Tex Pao—
New Orl & Nor E ast
A labam a & V loksb.
Vicks Shrcv A P ac.
A tlan ta Blrm A A tlan
Bcllefonte C entral . . .
Hull Roch & P ltts b -PR IN C IP A L CHA NG ES IN QROSS EA R N IN G S IN A P R IL .
Canadian N o rth e rn ...
Increases.
Decreases. C entral of G eo rg ia ...
Canadian Pacific------------- $628,000 Minn S t P & SS M............... $182,576
A P acillc...........—
143,602
Canadian N orthern............. 192,300 Texas
G reat W e stern .. 141,148
G rand T ru n k ____________ 170,884 Chicago
Buffalo Roch & P itts ____ 153,192 Missouri K ansas A T exas. 124,615 Chic Ihdlanap A Louis
Pacillc.................... 101,000 Cln N O & Texas P ao.
Chicago A A lton.................
88,658 Missouri
A Rio G rande-----85,600 Colorado A S outhern.
.Seaboard A ir L ine_______
86,162 SDoenver
52,062
W abash....................................
64,727 u th e rn ...............................A Rio G rande
51,951 D enver
Illinois C entral---------------enver N W A Pacific
M Inneap A S t Louis..........
47,414 DD etroit
R epresenting 7 r o a d s
A M ackinac..
45,840 D etroit Tol
in our com pilation_____ $1,392,923 Ala New Orl A Texas P a c .
& Ironton
D uluth So Sh A A tl--------45,502
Decreases. Clue New Orl A Tex P a c . 41,186 Georgia South A F la.
S t Louis S outhw estern___ 34,371 G rand T rk of C anadaGreat
Northern...............
$803,090
Louisville & N ashville_____________ 206,963
G rand T runk W est
17 roads
Chesapeake A O hio______ 237,038 R epresenting
D ct Gr Jlav A Mil.
In our com pilation____$2,650,736
Colorado A S ou th ern _______________216,772
C anada A tla n tic ..




897,800 791,265
2,700,953 2.183,233
764,596 682,238
4,394.263 3,619,651
927,437 821,065
1,815,481 1.529,493
4,773,436 4,229,607
774.433 749.904
18,176,846 15,560,980

Macon & Birm ingham
Mobile A O hio_______
Ncvada-Cal-Oregon . .
S t Louis .Southwestern
Southern R ailw ay-----

Gross Earnings.
Inc. ( + ) or
1910.
Dec. (—).
1911.
S
$
—528,332
347,258
375,590
—
30,438
278.560
308.998
124,316
— 9,459
133,775
100,272
— 5,943
106,215
+ 7,581
174,345
166,764
198,542
— 5,327
203,869
— 686
7,530
6,844
739.801
586.609 + 153,192
1,345,400 1,153,100 + 192,300
8,458,000 7,830,000 + 628,000
— 15,300
897,800
882.500
2,463,915 2,700,953 — 237,038
+ 88,658
1,034,428
045,770
054,183 1,095.331 — 141,148
+ 10,963
504,241
515,204
— 41,186
764,596
723,410
1,074,908 1,291,770 — 216,772
— 85,600
1,764,500 1,850,100
— 7,172
72,202
65,030
— 9,733
107,289
97,556
+ 4,526
125,648
130,174
— 45.502
231,261
276,763
+ 3,675
1/128,748 1/125,073
3,747,251 3,567,367 + 179,884

309
196
143
171
300
661
27
568
3.38C
10,276
1,915
2,232
1,025
1,495
616
336
1,957
2,541
214
369
441
610
395
4,528

309
196
143
171
300
670
27
568
3,224
9,916
1,915
1,939
998
1,487
615
336
2,032
2,505
214
360
441
613
395
4,528

5,107,108 — 803,096
— 51,951
4.685,230
+ 24,000
653,000
+ 20,314
264.897
4,304,263 — 296.963
+ 773
9,605
— 3,347
60,816
— 47,414
402.418
1,827,948 — 182,576
2.233,637 — 121,615
4,282,000 — 1 0 1 ,0 0 0
+ 1 0 ,1 2 2
927,437
— 4,775
31,144
— 5,243
46,131
— 34,371
819,570
+ 80,162
1,815,481
— 52,062
4.773,436
+ 869
f/6,266
1,221,513 — 143,602
+ 17,604
79,705
+ 4,728
291,95<]
+ 64,727
2,224,979
— 6,140
774,433
62,220,320 — 1,238,713

7,274
4,574
1,160
558
4,591
105
127
1,027
3,763
3,393
7,236
1,114
184
180
1,490
3,046
7,039
92
1,885
247
451
2,514
1,372
88,142

7,129
4,551
1,160
558
4,595
105
127
1,027
3,532
3,072
7,170
1,114
184
180
1,476
2,995
7,050
92
1,885
247
451
2,514
1,372
86,488

4,394,012
4,633,279
677,000
285,211
4,097,300
10,378
57,469
355,004
1,645,372
2 . 1 0 0 .0 2 2
4,181,000
937.559
26,369
40,888
785.199
1,901,643
4.721.374
1/7.135
1,077,911
97,309
290,678
2.289.70C
768,293
60,981,007

M ileage.
1911. 1910.

Yazoo A Miss V alley.
T otal (50 ro ad s). .
N et decrease (1.99% )
M exican R oads (not ii eluded In to tal) —794,306
— 14,873 1.035 1,018
779,433
— 48,700 375 361
M exican R ailw ay ----- 1/504,50( 1/553.200
N ational Hys of M ex.z 4.755,466 5.780,269 — 1,024.803 6,147 6,160
a Includes th e Texas C entral in 1911 only.
x Now Includes Mexican International In both years.
1/ These figures arc for three weeks only In both years.

1288

T H E C H R O N IC L E

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— T h e p u b lic sa le s o f b a n k s to c k s th is w eek a g g r e g a te 573
sh a r e s, a n d w ere all m a d e a t th e S to c k E x c h a n g e . O n e lo t
o f tr u st c o m p a n y s to c k , a m o u n tin g to 92 sh a re s, w ere sold
a t a u c tio n .

Shares. BAN KS— New York. Low. High .
30 C ity B ank, N ational_______ 3 9 7
397
358 Commerce, N at Bank of____2 1 5 ^ 2 1 7
10 H anover N at B ank............... 635 6 3 5
175 M ech. A Metals N at. B a n k .. 269 H 270
TRU ST COMPANY— New York.
•92 M utual T r C oot W estell. Co. 1 3 5 1 3 5
• Sold a t auction.

Close.
397
215 ^
635
269 H
135

L ast previous sale.
M ay 1911— 397
M ay 1911— 2 1 7 ^
Mch 1911— 650
May 1911— 268
Dec 1909— 138X

A N ow Y ork S to c k E x c h a n g e m em b e rsh ip w a s p o ste d for
tr a n sfer th is w ee k , th e co n sid e ra tio n b ein g $ 7 0 ,0 0 0 , co m ­
p a r in g w ith $ 6 8 ,0 0 0 th e la s t p r e v io u s sa le .
A d v ices from P e k in to th e d a ily p a p e rs, u n d er d a te
o f th e 9 th in s t., rep o rt th e issu a n c e o f a n Im p e ria l e d ic t
a u th o r izin g th e c o n clu sio n o f th e $ 3 0 ,0 0 0 ,0 0 0 railroad lo a n .
A y e a r a g o it w a s a n n o u n c e d th a t w h ile th e a g r e e m e n t u n d er
w h ich th e c a p ita l fo r fin a n cin g th e road w a s to b e fu rn ish ed
h a d b een sig n e d b y r e p r e se n ta tiv e s o f th e p a r ticip a tin g
b a n k ers o f th e U n ite d S ta te s , F ra n ce, G reat B rita in and
G er m a n y , th e c o n se n t o f C h in a w a s still n ec essa ry b efore th e
a g r e e m e n t co u ld b ec o m e o p e r a tiv e .
— T h e so -c a lle d F a r m er s’ F r e e -L ist B ill w a s p a sse d b y th e
H o u se o f R e p r e se n ta tiv e s on th e 8 th in s t. b y a v o te o f 236
to 1 0 9 . T h e b ill p la ce s o n th e free lis t a g ricu ltu ra l im p le­
m e n ts, c o tto n b a g g in g , c o tto n tie s , le a th e r , b o o ts a n d sh o es,
fe n c e w ir e, m e a ts, ce re a ls, flou r, b re a d , tim b e r, lu m b er,
se w in g m a c h in e s, s a lt a n d o th er a r tic le s. T h e re v e n u e d e ­
rived from th e ite m s n ow p la ced o n th e free lis t w a s g iv e n as
a p p r o x im a te ly $ 1 0 ,0 5 2 ,9 4 2 in th e fiscal y e a r en d in g J u n e 30
1 9 1 0 , in a s ta te m e n t p rep ared b y th e T re a su ry D e p a r tm e n t.
— A re so lu tio n a greed to b y th e H o u se o n th e 8 th in s t.
d ir ects th e S ec re ta ry o f th e T rea su ry to tr a n sm it to th e
H o u se o f R e p r e se n ta tiv e s “ a d e ta ile d s ta te m e n t sh o w in g
th e m o n e y s p aid o u t o n a c c o u n t o f th e M o n eta ry C om m is­
s io n , a n d th e d a te s a n d p u rp o ses o f th e sev era l p a y m e n ts .”
— T h e re so lu tio n p ro v id in g for an in q u ir y in to th e su gar
In d u stry to d eterm in e w h eth e r th e re h a v e b een v io la ­
tio n s o f th e A n ti-tr u st A c t w a s a d o p te d b y th e H o u se of
R e p r e se n ta tiv e s on T u e s d a y . O rigin a lly d ir ectin g th a t
a n in v e stig a tio n b e m a d e in to th e A m erica n S u g a r R efin in g
C o., th e r e so lu tio n w a s s u b se q u e n tly b ro a d e n e d , a n d as
p a sse d b y th e H o u se it ca lls fo r a n in v e s tig a tio n n o t o n ly in to
th e A m erica n S u g a r R efin in g C o. a n d th e co rp o ra tion s
co n tr o lled b y it, b u t a lso “ all o th e r p erso n s a n d co rp o ra tion s
en g a g e d in m a n u fa c tu rin g or refin in g su g a r a n d th e ir rela tion s
w ith ea ch o th e r .”
— A b ill in tr o d u c ed in th e H o u se on th e 5 th in s t. b y
R e p r e se n ta tiv e P e te r s, b eliev ed to b e d ir ected a g a in st th e
U n ite d S h o e M ach in ery C o ., p r o v id es th a t no o w n e r, p ro­
p rieto r or b en eficia ry o f a n y le tte r s p a te n t o f th e U n ited
S ta te s , co v er in g a n y to o l, im p le m e n t, a p p lia n c e or m a ­
c h in e r y , sh a ll, d ir e c tly o r in d ir e c tly , m a k e it a c o n d itio n or
p r o v isio n , e x p re ssed or im p lied , th a t th e p u rch a ser, lessee
or lic e n se e o f its m a c h in e r y , im p le m en ts, e t c ., sh a ll n o t b u y ,
le a se or u se m a ch in er y , to o ls, & c., o f a n y p e r so n ,-fir m ,
co r p o ra tio n or a sso c ia tio n o th e r th a n su ch v en d o r , lessor
o r lice n so r .
— T h ir ty -six a d d itio n a l p o st-o ffic e s h a v e b een d esig n a te d
a s p o sta l sa v in g s d e p o sito r ie s, a n d are e x p e c te d to b e in
o p e ra tio n b y J u n e 1. T h e y w ill in crea se th e n u m b er to
129, 93 h a v in g a lr e a d y b ee n e sta b lish e d . T h e n ew ly
d e sig n a te d o ffice s are a s fo llow s:

• Enslcy. A la.: Douglas. Arlz: E ureka, Cal.: T rinidad, Col.: M iami, Fla.:
Twin Falls, Idaho; Belleville, 111.: Indiana H arbor, Ind.; A lbla, Iow a: In ­
dependence. K an.; H opkinsville, K y.; G ardner, Mass.; ow osso, M ich.;
H lbblng, M inn.: N atchez. Miss.; S t. Charles, Mo.; Miles City. M ont.; N orth
P latte, N eb.; Goldfield, N ev.; T ucum carl. N . M.; W atcrvllet, N. Y.; W at­
kins, N. Y.; Concord. N. C.; Dickinson. N. D.: B arberton. O.; Bartlesville,
O kla.; La G rande. O re.; Steelton, P a.: S um ter, S . C.: Brookings, S. D.;’
Jelllco, T cnn.; Logan. U tah: S taunton, V a.; V ancouver, W ash.; Beaver
D am , W Is., and Sheridan, W yo.
•

L ists o f th e d e p o sito r ie s h er eto fo r e n am ed w ere p u b lish ed in
o u r issu es o f O ct. 29 a n d A pril 1.
A t th e first a n n u a l b a n q u e t g iv e n in th is c ity on th e
5 th in s t. b y th e tr u st c o m p a n ies o f th e U n ite d S ta te s, a tte n ­
tio n cen tred in th e d iscu ssio n b y e x -S e n a to r A ld rich o f h is
p la n fo r re v isin g th e c o u n tr y 's b a n k in g a n d cu rren cy la w s.
T h e a ffa ir, h eld a t th e W a ld o rf-A sto ria u n d er th e a u sp ices
o f th e T r u st C om p an y S ec tio n o f th e A m erica n Bankers'
A sso c ia tio n , b ro u gh t to g e th e r a n o ta b le g a th e r in g o f b an k ers
a n d o th e r s p ro m in en t in * th e in d u stria l w orld — rep resen tin g
v a r io u s p a r ts o f th e c o u n tr y , so m e 6 00 all to ld b ein g in




[Voi-i.

LXXXXII.

a tte n d a n c e . In p re se n tin g an a n a ly sis o f h is p la n , M r.
A ld rich led u p to th e q u e stio n w h ich h a s e v o k e d p erh a p s th e
m o st cr iticism its fa ilu re to p ro v id e for th e a d m issio n to th e
R e se r v e A sso c ia tio n o f S ta te in s titu tio n s . In h is rem ark s
M r. A ld rich in d ic a te s en tire w illin g n e ss to a m en d th e p la n
so as to p ro v id e fo r S ta te b a n k s a n d tr u st c o m p a n ie s. W h a t
is still m o re im p o r ta n t, h e d ecla res h im self sa tisfied th a t it is
im p r a c tic a b le to a tte m p t to cr ea te n ew cla sse s o f n atio n a l
b a n k s in te n d e d to d isp la c e th e se S ta te in s titu tio n s . H ere
are h is rem ark s on th e se p o in ts:

In discussing th e relations which tru st com panies should have to the
plan for m onetary reform which I have suggested, I will say th a t while the
Inclusion of S tate banks and tru st com panies in the m em bership of the
Reserve A ssociation m ay n o t be absolutely necessary for the substantial
success of th e plan, it Is, how ever, of th e u tm ost Im portance, from a broad
public stan d p o in t, as well as for th e safety and welfare of the banks them ­
selves, th a t there should be a com plete unification In one com prehensive
system of all our banking in stitu tio n s. If co-operation Is desirable w ithin
the lim ited sphere of 7,000 national banks, It Is much more desirable th a t
the 18,000 S tate banks and tru st com panies should be Included In any plan
for concerted action or Joint responsibility.
...................
The general public Is equally interested In an’ a tte m p t to secure the
solvency and efficiency of all financial corporations, w hether created by
national or S tate a u th o rity .
To find a m ethod by which co-operation and unification of all the banking
Institutions of the country can be secured Is to me a problem of greater
perplexity th an an y other Involved In the construction of a practical scheme
for m onetary reform . We assum e th a t the participation of a bank In any
scheme— and I use the wTord "b a n k ” In Its generic sense to Include national
and S tate banks and tru st com panies—m ust be th e result of purely volun­
ta ry action on its p a rt. E ach Individual bank or all classes m ust be satisfied
th a t the interests of Its stockholders and custom ers, as well as considerations
of public policy, lead it to become a m em ber of the general co-operative
association proposed. T here m ust be no th reats or anything which looks
like duress upon non-assenting banks of any class.
r am satisfied th a t It Is wholly im practicable to a tte m p t any radical
m odification of the functions of national banks or tho creation of any new
classes of national banks for the purpose of supplanting or taking th e place
of Institutions now operating under S tate charters. H owever desirable It
m ight be from a theoretical stan d po in t to have all financial Institutions
acting under a national charter, subject only to national regulation or con­
trol, we are bound. In considering practical plans for legislation to recognize
conditions as they exist. T here Is no disposition on the p art of the M onetary
Commission to overlook or underrate th e im portance to the public of 18,000
banking institutions which have grown up under th e laws of th e various
S tates, and which arc satisfactorily serving com m unities in every section
of the country. I am convinced th a t th e interests of the public and of the
existing S tate Institutions alike require th a t some m eans should be devised
by which all classes should be perm itted to p articip ate upon some reasonable
term s In the advantages and to share In the responsibilities of ownership
and m anagem ent of the A ssociation. How this can be accom plished in a
m anner which shall be fair to and answ er th e reasonable dem ands of all
participating banks, w ithout trespassing upon th e rights and privileges
of any, Is the serious question th a t confronts us. If we concede th a t these
S tate Institutions arc to be adm itted to m em bership In th e R eserve Asso­
ciation, to take p art In its organization, and to share in Its advantages and
privileges w ith national banks, their adm ission m ust be, of course, upon the
term s and conditions and under lim itations to be fixed by national legisla­
tion. I am not prepared to say a t this m om ent w hat those term s and con­
ditions should be. It seems to m e, however, th a t there are certain con­
ditions precedent to adm ission to and retention of rights of m em bership
which arc Indispensable. Among these arc:
F irst T hat any participating tru st com pany or other S tate Institution
m ust assent to the sam e exam ination and investigation of Its condition by
exam iners appointed under national auth o rity th a t Is required of a na­
tional bank.
Second—T h at It should assent to the sam e term s w ith reference to the
character and frequency of Its statem ents of condition th a t are required
of a national bank.
T hlrd—T h at It m ust conform to reasonable requirem ents to be fixed by
national law as to character and extent of reserves to be held as against Its
dem and or other liabilities.
It Is of the u tm ost Im portance In this connection th a t Its deposit In the
Reserve A ssociation should be considered a p art of Its legal reserve. This
latter provision, of course, would require co-operative legislation on the
p art of S tate legislatures before It could become operative. I can see no
reason, however, w hy S tates should not be willing to perm it these Insti­
tutions to hold a portion of their legal cash reserves In the N ational Reserve
Association.
It Is Im portant from m y standpoint, for reasons I have stated , and to secure
th e greatest m easure of the success of the plan which I have subm itted,
th a t wo should have the sym pathy and participation of the tru st com panies
of the U nited S tates, w ith their $800,000,000 of capital and surplus and
their vast and rapidly Increasing resources. I tru st, however, th a t you
will pardon me If I suggest In this connection th a t every financial Institution
which appeals to the com m unity for confidence will be likely to seek mem­
bership in the R eserve Association because of the character and stren gth
of tho resources of the organization. Its guaranties of safety, Its advantages
of support and assistance in tim e of need, and the prestige which m ust fol­
low Its successful operation.
[ am anxious th a t the S tate banks and the tru st com panies of the country
should appoint representative com m ittees to confer w ith th e N ational
M onetary Commission in order th a t tho recom m endations of the Commission
to Congress on this subject should be reasonable, and. If possible, satisfac­
to ry to all parties. The Currency Commission of the A m erican B ankers’
Association has already appointed a sub-com m ittco to consider this sub­
ject, and I believe their report will soon be m ade public.

R efer en ce w as also m a d e to th e p ro p osed cu rren cy sch em e
b y F . O . W a tts, P re sid e n t o f th e A m erica n B an k ers' A sso ­
c ia tio n a n d P re sid e n t o f th e F ir st N a tio n a l B a n k o f N a sh ­
v ille . In to u ch in g u p on M r. A ld rich 's a llu sio n to th e g re a t
o b sta c le — th a t o f m a k in g h is sch em e co v er a n d b la n k e t
th e en tire b a n k in g s y s te m o f th e c o u n tr y — M r. W a tts e x ­
p ressed th e b elief th a t it w ill fin a lly co m e to b e u n d ersto od
th a t th e m em b ersh ip o f th e R eser v e A sso c ia tio n w ill b e b ased
u p on sta n d a rd s a n d n o t u p on a ch arter; th a t th o sta n d a rd o f

May 13 1911.|

T H E C H R O N IC L E

1289

p o s t, a n d h a s b ee n re -e le c te d ea c h y e a r sin ce th e n . T h e
fo llo w in g h a v e b ee n e le c te d m em b ers o f th e G o v ern in g
C o m m itte e to serv e fo u r y ea rs: B ern ard M . B a r u ch , E r n e st
H . D e C op p ct, B a y a rd D o m in ic k J r ., E r n e st G ro esb eck ,
I have th e pleasure to report upon th a t point th a t th e T ru st Com pany W . S tr o th e r J o n e s, R u d o lp h K e p p le r , Ira A . K ip J r .,
Section ot th e A m erican C ankers' A ssociation have appointed a com m ittee C h arles M . N e w c o m b e , A le x a n d e r M . W h ite a n d W illis D .
ot live and th e A m erican B ankers’ A ssociation, already having a com m ittee W o o d . A rth u r W . B u tle r w a s ch o se n to su c ce ed W a lte r
ol live, a sub-com m ittee; th a t a practical agreem ent has been arrived a t by
which a unanim ous recom m endation will bo presented to the Currency Com­ B o w n e a s a m em b e r o f th e G o v e rn in g C o m m itte e to serv e
m ission, and I have no doubt b u t th a t w hat seem unsurm ountable obstacles tw o y e a r s.
will, when m en arc draw n together for a com m on purpose, be readily and
__ T h e N ew J er sey B a n k er s’ A sso c ia tio n o p e n e d its a n n u a l
satisfactorily solved. W ith these solutions, w ith theso m atters of adm inis­
tratio n and detail satisfactorily solved, I bcllevo th e plan will bo a satis­ c o n v e n tio n a t A tla n tic C ity y e s te r d a y a n d w ill c o n tin u e in
faction and a boon to th e country.
sessio n to -d a y . E d w a rd T . P er in e, fo rm erly D e p u ty C om p ­
A . B a r to n H ep b u rn , C h airm an o f th e B oa rd o f th e C hase troller o f th e S ta te o f N ew Y ork a n d n ow V ic e -P r e sid e n t o f
N a tio n a l B a n k a n d P r e sid e n t o f th e C learin g-H ou se A sso c ia ­ th e W in d sor T ru st C o. o f N ew Y o r k , a d d ressed th e b a n k er s
tio n , a n o th e r sp e a k e r o f th e e v e n in g , g a v e co n sid e ra b le a t­ y e s te r d a y , ta k in g a s th e su b je c t o f h is d isco u rse S o m e
te n tio n to th e co -o p er a tio n w h ich sh o u ld b e h ad b e tw e e n th e S ta n d a rd s for E x a m in a tio n s b y D ir e c to r s.” M r. P er in e
v a r io u s cla sse s o f in s titu tio n s in th e c ity , a n d d w e lt u p o n th e d esig n a te d th e sta n d a rd s o f to -d a y fo r sa fe g u a rd in g th e a f­
im p o r ta n c e , a s a m ea n s to w ard b rin g in g th is a b o u t, o f th e fa irs o f fin an cial in s titu tio n s a s h ig h sta n d a r d s— m a d e so
tr u st c o m p a n ies co m in g in to th e C learin g-H ou se A ssocia ­ b ec a u se o f a n in crea sed d em a n d fo r th o ro u g h m ea n s o f in ­
tio n . In a rg u in g in fa v o r o f th e m o v e m e n t, M r. H ep b u rn tern al con trol a n d o f o u tsid e su p e r v isio n . In r e co u n tin g
p o in te d o u t th a t in E u r o p e , d u rin g a re c e n t jo u r n e y th ere, th e m eth o d s em p lo y e d to th is en d — th e p erio d ica l e x a m in a ­
h e h ad o c c a sio n to n o te th a t th e a v e ra g e c o n d itio n o f th e tio n s b y a c c o u n ta n ts a n d th e in v e s tig a tio n s req u ired u n d er
N ew Y ork b a n k s is u n iv ersa lly p u b lish e d a n d co m m en ted g o v er n m e n ta l a u th o r ity — M r. P erin e s u g g e ste d th e in tr o ­
u p o n a s re p re se n tin g c o n d itio n s h er e. If th e larger tru st d u c tio n o f o n e or tw o o th er p rin cip les w h ich h e s ta te d h a d ,
c o m p a n ies w ere in c lu d e d in th e s ta te m e n t, it w o u ld , he so fa r a s h e k n e w , n ev er b efore b e e n a d v a n c e d . H e re co m ­
a sse r te d , bo m ore n ea rly co rrect, a n d w o u ld v e r y m a ter ila ly m en d ed th a t u n til su ch tim e a s n a tio n a l a n d S ta te Ia.ws re­
in c rea se o u r b a n k in g p ow er a s seen b y p eo p le a b r o a d .
q u ire th a t rep orts o f d irectors' e x a m in a tio n s b e filed w ith th e
__ T h e a m e n d m e n ts to th e c o n stitu tio n o f th e N ew Y ork n a tio n a l or S ta te a u th o r itie s, th e p ra ctice b e a d o p te d b y th e
C learin g H o u se A sso c ia tio n w h ich a re in te n d e d to p ro v id e b o a rd , a fte r a rep ort h a s b ee n la id b efore it, o f v o lu n ta r ily
fo r th e a d m issio n o f tr u st co m p a n ies to fu ll m em b ersh ip tr a n sm ittin g to th e a u th o r itie s ch a rg ed w ith th e su p e rv isio n
w ore a d o p te d o n T u e sd a y b y a n a lm o st u n a n im o u s v o te . o f th e in s titu tio n th e s a lie n t fe a tu r e s o f th e re p o r t, in c lu d in g
O n ly th ree or fo u r o f th e fo r ty -n in e m em b ers o f th e A sso ­ e sp e c ia lly its c o m m e n ts u p o n v a lu e s a n d c r e d its. M r.
c ia tio n , it is u n d e r sto o d , o p p o se d th e m o v e m e n t. T h e P er in e v en tu re d th e o p in io n th a t th e q u a lity o f e x a m in a tio n s
A sso c ia tio n lik e w ise a d o p te d a t T u e s d a y ’s m e e tin g th e a n d rep orts w ou ld su rely b e im p r o v ed w ere c o m m itte e s to
r e so lu tio n a p p r o v in g th e rep ort o f th e S p ecia l C o m m itte e, k n o w th a t th e re su lts o f th e ir w ork w ere n o t to b e m erely
w h ich reco m m en d ed th e e s ta b lish m e n t o f a s y s te m fo r th e read to th e ir fe llo w d irecto rs a n d ord ered filed w ith th e
e x a m in a tio n o f m em b e rs. T h e p ro p o sa ls w ith regard to a rc h iv e s o f th e b a n k , b u t ra th er th a t th e ir fin d in g s w ere to
th e se sev era l m a tte r s w ere referred to a t le n g th in th is co m e u n d er th e e y e o f th o se ch a rg ed w ith le g a l su p e r v isio n .
d e p a r tm e n t a w eek a g o , th e ra tified a m e n d m e n ts b ein g H e reco m m en d ed a lso th a t in a sim ila r m a n n er th e im ­
rep orted th e re in fu ll. A s in d ic a te d , th e A sso c ia tio n p o r ta n t fa c ts a n d cr iticism s s e t fo rth in th e c o m m itte e re­
a m e n d s its c o n stitu tio n so a s to p ro v id e th a t tr u st co m p a n ies p o r ts b e co n fid e n tia lly c o m m u n ica te d in w ritin g to e v e r y
b e c o m in g m em b ers sh all m a in ta in a ca sh reserv e o f 15% d ir ecto r o f th e in s titu tio n e x a m in e d . H e g a v e it a s h is
in th e ir o w n v a u lts a n d sh a ll k eep an a d d itio n a l reserv e of firm b elief th a t th e re w ou ld b e “ few er d o u b tfu l in v e s tm e n ts,
10% w ith m em b ers o f th e A sso c ia tio n ca rry in g a 2 5 % cash fe w er b ad lo a n s , le ss o p p o r tu n ity fo r m a n ip u la tio n o f cash
re se rv e. T h ere is a lso a c h a n g e w h ich p ro h ib its th e a d ­ a c c o u n ts a n d g en er a lly a n e lim in a tio n o f q u e stio n a b le a ss e ts ,
m issio n o f n ew m em b ers h a v in g a c a p ita l o f le ss th a n S 1 ,— c o n d itio n s a n d m e th o d s w h ere th e y e x is t, if tw ice a y e a r or
0 0 0 ,0 0 0 , th is b e in g in co n fo r m ity w ith th e a c tu a l p ra ctice in o fte n e r e v e r y b a n k d irecto r h a d serv ed u p o n h im th e fu lle st
th a t r e sp e c t w h ich h a s e x is te d fo r so m e tim e p a s t in th e p o ssib le in fo r m a tio n reg ard in g th e affa irs o f th e b a n k , as
a d m issio n o f n ew m em b ers. T r u st co m p a n ie s e n te r in g th e d isclo sed b y carefu l in v e s tig a tio n s o n th e p a rt o f h is fello w
A sso c ia tio n w ill h a v e to fu rn ish w e e k ly rep orts o f th eir d ir e c to r s.”
a v e ra g e co n d itio n for th e w eek a n d o f th e ir a c tu a l co n d itio n
__ A ctio n o n th e p ro p o sitio n to in crea se th e c a p ita l o f th e
a t th e clo se o f b u sin e ss ea ch F r id a y . A lr ea d y tw e lv e o f th e F id e lity T ru st C o. o f th is c ity from $ 7 5 0 ,0 0 0 to $ 1 ,0 0 0 ,0 0 0
c ity ’s tr u st c o m p a n ies h a v e m a d e a p p lic a tio n for a d m issio n w ill b e ta k en b y th e sto c k h o ld e rs on M ay 2 4 . T h e co m p a n y
to th e A sso c ia tio n . T h o se p re se n tin g a p p lic a tio n s are th e
f th o se w h ich h a s s o u g h t a d m issio n to th e C learin g
M a n h a tta n T r u st C o ., th e B ro o k ly n T r u st C o., th e B an k ers isH oounsee oand
th e n ew c a p ita l is to b e issu ed in co m p lia n ce
T r u st C o ., th e U n ite d S ta te s M ortgage & T r u st C o ., th e w ith th e r e q u ire m en t th a t n ew m em b ers sh a ll h a v e a c a p ita l
A sto r T r u st C o ., th e T itle G u aran tee & T r u st C o ., th e o f a t le a st $ 1 ,0 0 0 ,0 0 0 , a s w ell a s to p ro v id e fo r th e e x p a n ­
G u a r a n ty T ru st C o., th e F id e lity T ru st C o ., th e S ta n d a rd sio n o f b u sin e ss. I t is p ro p osed to offer th e fo rth co m in g
T r u st C o ., th e C olu m b ia T r u st C o ., th e M ercan tile T ru st issu e to th e p re se n t sh a re h o ld e rs a t $ 2 0 0 p er sh a re, th e su r­
C o. a n d th e L a w y er s’ T itle In su r a n c e & T ru st C o m p a n y . p lu s b ein g th e r e b y sim ila r ly ra ised from $ 7 5 0 ,0 0 0 to $ 1 ,0 0 0 ,­
A ll o f th e se m e e t th e re q u ire m en ts a s to c a p ita l, e x c e p t 0 0 0 . T h e in s titu tio n b eg a n b u sin e ss in M ay 1907 a n d its
th e F id e lity T ru st C o ., w h ich h a s a lre a d y arran ged to in crease
its c a p ita l from $ 7 5 0 ,0 0 0 to $ 1 ,0 0 0 ,0 0 0 . T h e a p p lica tio n d e p o sits th is w eek sto o d a t o v e r $ 8 ,0 0 0 ,0 0 0 .
— T h e a p p lic a tio n m a d e b y th e C h ath a m & P h e n ix
o f th e M a n h a tta n T r u st C o ., it is u n d e rsto o d , w ill b e g iv e n
prior co n sid e r a tio n , in a sm u ch a s th a t h a s b een th e o n ly tr u st N a tio n a l B an k o f th is c ity , fo rm erly th e C h ath a m N a tio n a l
co m p a n y in M a n h a tta n to a v a il o f C learin g H o u se p riv ileg es fo r th e listin g o f its a d d itio n a l ca p ita l o f $ 1 ,8 0 0 ,0 0 0 o n th e
a s a n o n -m em b er in s titu tio n . T h e M a n h a tta n T ru st C o. N e w Y ork S to c k E x c h a n g e , h a s b ee n a p p r o v e d , a n d th e
h a s, in fa c t, cleared c o n tin u o u sly th rou g h th e A sso c ia tio n a d m issio n o f th e sto c k to th e lis t occu rred o n th e 1 0th in s t.
sin ce 1 8 9 3 . W illiam A . N a s h , C h airm a n , o f th e C learing T h e b a n k ’s c a p ita l, w h ich w a s in crea sed from $ 4 5 0 ,0 0 0 to
H o u se C o m m itte e w h o se effo rts m ore th a n th o se o f a n y o n e $ 2 ,2 5 0 ,0 0 0 , is in sh a re s o f $ 2 5 . In th e S to c k E x c h a n g e
e lse , p er h a p s, h a v e b r o u g h t a b o u t th e ch a n g e s effe c te d , in circu lar w ith regard to th e a p p lic a tio n o f th e in s titu tio n , it is
c o m m e n tin g on th e a d o p tio n o f th e a m e n d m e n ts th is w eek , s ta te d th a t [th e p ro ce ed s o f th e n ew s to c k , n a m e ly $ 2 ,­
3 4 0 ,0 0 0 , w ere d isp o sed o f a s fo llow s: in a cq u irin g th e a ss e ts
said :
"W c arc (loins m ore than a d m lttln s tru st com panies to our clcarlnss. a n d 'g o o d -w ill o f th e P h e n ix N a tio n a l $ 1 ,8 8 0 ,0 0 0 a n d carried
W e arc consolidating and controlling tile banking powers of New York. to c a p ita l a n d su r p lu s $ 4 6 0 ,0 0 0 . T h e co n so lid a te d in s ti­
W c are perform ing a national scrvlco and d u ty . We are assisting the
reform of our national finances by organizing tile llrst national Reserve tu tio n b eg a n b u sin e ss in F eb ru a ry . O n M arch 30 its su rp lu s
Association under a yct-unborn law , b u t which I believe is speedily to have a n d p ro fits w ere $ 1 ,0 8 8 ,5 3 9 , its d e p o sits $ 1 8 ,4 4 6 ,3 5 3 a n d its
life and vigor."
to ta l reso u rces $ 2 2 ,5 7 9 ,3 8 7 .
— R a n so m I I . T h o m a s w a s re -e lec te d P re sid e n t o f th e
__J a m e s W . L a n e , o f J . I I . L an e & C o ., h a s b ee n e lec ted
N ew Y ork S to c k E x c h a n g e a t th e a n n u a l ele c tio n o f o fficers a d irecto r o f th e Im p o rter s’ & T ra d ers’ N a tio n a l B a n k o f th is
on M on d ay a n d H en r y C. S w ord s w a s re -e lec te d T reasu rer.
T h ere w a s n o o p p o sitio n tic k e t in th e field . T h is is Mr. c ity .
— F ra n cis L . H in c , P r e sid e n t o f th e F ir st N a tio n a l B a n k ,
T h o m a s’s-sixth term a s P r e sid e n t o f th e E x c h a n g e . H e w as
e le c te d to th e o ffice in 1903 b u t [d eclin ed th e n o m in a tio n h a s b een e le c te d a d irecto r a n d a m em b er o f th e E x e c u tiv e
th e fo llo w in g y e a r . In 1907 h e w as a g a in ch o se n to th e C o m m itte e o f T h e A u d it C om p a n y o f N ew Y o r k .

b a n k in g w ill b e fix e d , a n d u n d er th a t sta n d a rd it m a tte r s n o t
w h eth e r a ch a rter is h e ld sig n e d b y th e C om p troller o f th e
C u rren cy or th e S ta te B a n k in g D e p a r tm e n t. M r. W a tts
sa id fu rth er:




1290

T H E C H R O N IC L E

[VOL.

LX XX XII.

— T h e d e a th a b roa d o f J . H . M c E ld o w n ey , a V ic e -P r e sid e n t w h ere it h a s co m m o d io u s a n d h a n d so m e ly a p p o in te d b a n k ­
o f th e N a tio n a l C ity B a n k o f th is c ity , is a n n o u n c e d . M r. in g ro o m s.
M c E ld o w n e y , fo rm e rly o f C h ica g o, h ad b een w ith th e
— T h e m a n a g e m e n t o f th e F ir st N a tio n a l B a n k o f M on t­
N a tio n a l C ity B a n k sin ce 1904; h e w as o rig in a lly a n A ss is ta n t g o m e r y , A la ., ce le b r a ted th e fo r tie th a n n iv e r sa r y o f th o
C ash ier, a n d w a s a d v a n c e d to a v ice -p r e sid e n c y in J a n u a r y fo u n d in g o f th e in s titu tio n on A p ril 18.
1 9 1 0 . H e w a s a son o f W . J . M c E ld o w n ey , o n e o f th e
, V ic e -P r e sid e n t o f th o S o u th T e x a s
o rg a n iz er s o f th e B a n k o f C hicago H e ig h ts , o f w h ich th e N a—tioJn. a lE .B aMn kcAoshf an
u sto n , h a s b ee n e le c te d P r e sid e n t o f
y o u n g e r M r. M c E ld o w n ey w as [p r ev io u sly a n o ffice r. H o th e H o u sto n C lo arinH go-H
o u se A ss o c ia tio n .
w a s fo r ty -th r e e y e a r s o f a g e.
A t th e b a n q u e t h eld b y th e L o u isia n a B a n k e r s’ A sso c ia ­
C . D . M a ck in to sh , w ill retire a s o n e o f th e N e w Y ork tio n d u rin g th e ir a n n u a l se ssio n a t B a to n R o u g e o n th e 2d
a g e n ts o f th e C an ad ian B a n k o f C om m erce (h e a d o ffice a n d 3d in s t., d isc u ssio n r e la tiv e to th e $ 1 4 ,0 0 0 ,0 0 0 b o n d s
T o r o n to ) to b ecom e a p a r tn er in th e c o tto n firm o f A le x a n d e r o f th e S ta te , d u e in th e n e x t a d m in istr a tio n , w a s h a d .
S p r u n t & S o n o f L iv e r p o o l. H e w ill b e su c c e e d e d in th e T h e b an k ers w ere str o n g ly in fa v o r o f th e r e fu n d in g o f
b a n k b y H . P . S c h e ll, w h o w as a t o n e tim e a c c o u n ta n t a t th o S ta te d e b t, b u t a lso a rg u ed fo r th o r e d em p tio n o f th e
th e local b ra n ch , b u t w h o h a s la te ly b ee n A ss is ta n t M anager “ B a b y ” b o n d s, w h ich th e S ta te h a s fa iled to ta k e care
a t T o r o n to .
o f. I t w a s u rged b y S o l. W ex ler, V ic e -P r e sid e n t o f th o
T h e G u a ra n ty T r u st C o. o f N e w Y o rk h a s ju s t p u rch a se d W h itn e y -C en tr a l N a tio n a l B a n k o f N e w O rlean s, a n d
th e M u tu al L ife In su ra n c e p ro p er ty a t th e s o u th e a s t co rn er th e b a n k er s g en er a lly co n cu r in h is s u g g e stio n , th a t
o f B ro a d w a y a n d L ib e r ty S tr e e t, a n d a s so o n a s th e p r e se n t n o th in g b e d on e to w ard th e re fu n d in g o f th e S ta te d e b t
le a se s ex p ir e e x p e c ts to b eg in th e er e c tio n th e reo n o f a u n til a rran g em en ts first b e p er fec te d fo r c a r in g fo r th e
m od ern b a n k b u ild in g d e v o te d e x c lu siv e ly to its o w n b u si­ B a b y b o n d s. A re so lu tio n w a s a d o p te d in d o rsin g th o
n ess. T h e s ite m ea su r es 78 fe e t o n B ro a d w a y a n d 135 foot p la n p ro p osed b y S en a to r A ld rich for e ffe c tin g reform s in tho
on L ib e r ty S tr e e t, a n d en tr a n c e to th e n ew b u ild in g w ill b e cu rren cy s y s te m , b u t a d v o c a tin g an a m e n d m e n t th e r e to so
h ad from th ree s tr e e ts, B r o a d w a y , L ib e r ty a n d C ed ar. T h e th a t S ta te b a n k s a n d tr u st co m p a n ies m a y bo in clu d ed w ith in
e x c e p tio n a l g ro w th o f th e G u a r a n ty T ru st C o. d u rin g th e th o sco p e o f th e reserv e a sso c ia tio n p ro p o sed . In a n o th e r
p a s t fe w y e a r s, a n d its m o re r e c e n t c o n so lid a tio n w ith th e re so lu tio n p a sse d , th e A sso c ia tio n p r o te sts a g a in stth c a c tio n
M orton T ru st C o. a n d th e F ifth A v e n u e T ru st C o. h a v e o f th e su b -c o m m itte e o f th e B ill o f L a d in g C o m m itte e o f th e
m a d e n ec essa ry m u ch larger o ffice s th a n a re a v a ila b le a t its A m erica n B a n k er s’ A sso c ia tio n in a p p r o v in g th o fo rm a tio n
p r e se n t lo c a tio n o n N a ssa u S tr e e t. T h e c o m p a n y ’s to ta l o f a cen tra l o ffice in N ew Y o rk to w h ich all a d v ic e s o f b ills
d e p o sits on th e o cc a sio n o f its la te s t p u b lish e d s ta te m e n t, o f la d in g b e s e n t, a n d it is u rg ed th a t a c o m m itte e from
F eb r u a r y 2 8 th , e x c e e d e d $ 1 3 3 ,0 0 0 ,0 0 0 a n d its to ta l re­ b an k ers in th e larger c o tto n c itie s o f th o S o u th b e h eard b efore
so u rc es a re o v e r $ 1 7 0 ,0 0 0 ,0 0 0 . A le x a n d e r J . H e m p h ill, a c tio n to w ard ca rry in g th e p ro p osal in to effe ct is ta k e n .
P r e sid e n t, a n d C h arles H . S a b in , V ic e -P r e sid e n t, are th e
— G eorge M . R e y n o ld s , P r e sid e n t o f th o C o n tin en ta l &
e x e c u tiv e o ffice rs, a n d th e b oa rd o f d ir e c to r s, o f w h ich C om
N a tio n a l B a n k o f C h ica g o, w ill ad d ress th e
L e v i P . M orton is C h airm an , in c lu d e s so m e o f th e fo r e m o st T e x ams ercial
B
a
n
k
e
r
s’ A sso c ia tio n a t its a n n u a l c o n v e n tio n , w h ich
m en in A m erica n fin a n cial a n d b u sin e ss circ les.
is to b e h e ld a t D alla s on M ay 1 0 ,1 7 a n d 1 8. T h e s u b jc c to f M r.
— H a rry M ortim er F ra n cis, a V ic e -P r e sid e n t o f th e G u ar­ R e y n o ld s ’s rem ark s w ill b e “ S a feg u a r d s A g a in st R ecu rrin g
a n ty T r u st C o. o f th is c ity , d ied o n M o n d a y . H e h a d b een P a n ic s .” J . T . S c o tt, V ic e -P r e sid e n t o f th e F ir st N a tio n a l
ill fo r so m e tim e , b u t w ith h is retu rn to b u sin e ss a t th e first B a n k o f H o u sto n , a n o th e r sp e a k e r o f th e o c c a sio n , w ill ta lk
o f th e y e a r , a fte r a lo n g a b se n c e , seem e d to h a v e b en efited on “ T h e A ld rich -V r ee la n d B ill,” a n d G eorge B . H a rriso n ,
th ro u g h h is r e sp ite . H e w a s fo r ty -six y e a r s o f a g e a n d h ad V ic e-P r esid en t o f th o N e w E n g la n d N a tio n a l B a n k o f K a n sa s
b ee n id e n tified w ith lo ca l tr u st c o m p a n y in te r e sts fo r o v e r C ity , w ill te ll o f “ B a n k in g C o n d itio n s in th e S o u th w e st.”
tw e n ty y ea rs; h e w a s S e c re ta ry o f th e S ta te T r u st C o. a t th e N a th a n A d a m s, C ashier o f th o A m er ica n E x c h a n g e N a tio n a l
tim e o f its co n so lid a tio n in 1900 w ith th e M orton T r u st C o., B a n k o f D a lla s, w ill d iscu ss “ C o tto n A c c o u n ts .”
a n d w a s c h o se n to a sim ila r o ffice in th e la tte r in s titu tio n
T h e first a n n u a l m e e tin g o f th e A n glo-C a lifo rn ia T ru st
w h en th e m erger w a s carried th r o u g h . W h en th e M orton
T r u st c o n so lid a te d la s t y ea r w ith th e G u a r a n ty T ru st C o ., h e C o. o f C aliforn ia sin ce th e m erger w ith it o f th e C en tral T ru st
C o ., w as h eld la s t m o n th , w h en th e fo llo w in g o fficers w ere
b ec a m e a V ic e -P r e sid e n t o f th e la tte r .
elec ted : P r e sid e n t, M o rtim er F lcish h ack cr; V ic e-P r esid en ts,
— L o u is L . S ta n to n , S ec o n d V ic e -P r e sid e n t o f th e S ta n d a rd H er b er t F le ish h a c k e r , J e sse W . L ilie n th a l, T . C. T o g n a z zin i,
T r u st C o. o f th is c ity sin c e its o r g a n iz a tio n , d ied o n th e C harles F . L eg ee a n d W . K . C ole; S ec r e ta r y , M . P . L ilion 11 th in s t. H e w a s fifty -tw o y e a r s o f a g o .
th al; C ashier, B . G . T o g n a zzi; A ss is ta n t C ashier and
— A n im p o r ta n t tr a n sa c tio n w h er eb y th e M arine N a tio n a l A ss is ta n t S ec re ta ry , F red F . O uer; A ss is ta n t C ash ier, F r e d .
B a n k o f B u ffa lo , N . Y ., b eco m es th e o w n er o f a v a lu a b le p lo t V . V ollm er. T h e c o n so lid a tio n w a s ra tified in F eb ru a ry .
w h ich w ill b e a v a ile d o f a s a s ite fo r its fu tu r e h o m e w as
A first d iv id e n d o f 1 0 % , p a y a b le M ay 1, h a s b een
co n clu d e d la s t w e e k . T h e p ro p er ty secu red is w h a t is d ecla red to th o d ep o sito r s o f th e C om m ercial B a n k o f V a n ­
k n ow n a s th e B ro w n p r o p e r ty , on S en ec a S t., a n d e x te n d in g c o u v e r, a t V a n c o u v er , W a sh ., w h ich clo sed its d oo rs on
from M ain to W a sh in g to n s tr e e ts. I t h a s a fr o n ta g e o f 80 fe e t D e c . 19 1 9 1 0 . I t is s ta te d th a t th e b a n k o w es a p p r o x im a te ly
o n ea ch o f th e se la s t tw o n am ed str e e ts a n d 2 0 0 fe e t on S en eca $ 3 8 0 ,0 0 0 a n d th a t a b o u t $ 2 9 0 ,0 0 0 o f th e c la im s liav o b een
S t. T h e le a se s on th e b u ild in g s still h a v e a y e a r to ru n , b u t a p p r o v e d .
in th e in te rv a l th e b a n k w ill c o m p le te its a rr a n g em en ts for
— T h o C an ad ian B a n k o f C om m erco (h ea d o ffico , T o r o n to )
th e c o n str u c tio n o f th e b u ild in g w h ich it p la n s, so th a t th e
w ork m a y b eg in w ith o u t d e la y b y M ay o f n e x t y e a r . I t h as h a s d ec id ed to in crea se its p a id -in c a p ita l from $ 1 0 ,0 0 0 ,0 0 0
$ 1 2 ,0 0 0 ,0 0 0 . T h e in s titu tio n h as a n a u th o r ize d ca p ita l o f
a lre a d y b een d ec id ed to er ec t a ta ll str u c tu r e , p ro b a b ly to
,0 0 0 ,0 0 0 , in $50 sh a re s. P re lim in a ry to en la rg in g its
tw e lv e or fo u r te e n sto r ie s h ig h . T h e e n tir e first floor o f th e $c a1 p5 ita
e d irecto rs o n th e 5 th in s t. in crea sed th e R e s t or
b u ild in g w ill b e u sed b y th e b an k fo r its g en eral o ffic e s, and R e se r vl,e th
F
u
n d b y ca rry in g to it from p ro fits $ 1 ,0 0 0 ,0 0 0 ; an d
th e b a se m e n t w ill b e g iv e n o v e r to its v a u lt req u irem en ts. th is fu n d n ow
a t $ 8 ,0 0 0 ,0 0 0 . T h e p ro p osed $ 2 ,0 0 0 ,­
F or th e p a st te n y e a r s th e in s titu tio n h a s b ee n lo c a te d a t 000 issu e o f c a sptaitanld ws ill
bo a llo tte d to sh a reh old ers o f record
th e s o u th w e st corn er o f M ain a n d S en ec a stre ets; sin ce it b e­
M
ay
17,
in
th
o
p
ro
p
o
rtio
n o f o n e sh a re o f n ow sto c k for five
g a n b u sin e ss, s ix ty -o n e y e a r s a g o .it h a s ch a n g ed its lo ca tio n sh a res o f old s to c k , th e issu
rice b e in g fixed a t 180, or $90
fo u r tim es in ord er to m e e t th e d e m a n d s o f its d e v e lo p m e n t, p er sh are— th e p rem iu m eq eu aplin
g th e p er ce n ta g e w h ich tho
a n d w ith th e fo rth co m in g m o v e it w ill a g a in b e lo ca te d on
th e sa m e sid e o f M ain S t. o n w h ich it s ta r te d . A s in d ic a tin g reserv e fu n d b ea rs to th e p a id -u p a n d issu ed c a p ita l.
— T h e C row n T ru st C o. o f M ontreal h as d eclared its first
th e g ro w th o f th e in s titu tio n , it m a y b e n o te d th a t its re­
so u rc es h a v e in crea sed in th e p a st d e c a d e from $ 1 1 ,7 0 0 ,0 0 0 d iv id e n d . I t is fo r th o s ix m o n th s e n d in g A pril 3 0 , is
to o v e r $ 3 0 ,0 0 0 ,0 0 0 . T h e M arine N a tio n a l is u n d er th e p a y a b le M ay 15, a n d is a t th o ra te o f 0% p er a n n u m . T ho
m a n a g e m e n t o f S te p h e n M . C le m en t, P re sid e n t; J o h n II. p a id -in c a p ita l is $ 1 0 0 ,0 0 0 . S . I I. E w in g , V ic e-P r esid en t
L a se e lle s a n d J oh n J . A lb rig h t, V ice-P r esid en ts; C lifford o f th e M olson s B a n k , h a s b e e n e le c te d a d irector o f th e
H u b b e ll, C ashier; H en r y J , A u er a n d N o r m a n P . C lem en t tr u st c o m p a n y .
A ss is ta n t C ash iers.
— T h e B a n k o f T o r o n to (h ea d o ffic e , T o r o n to ) h a s d eclared
— J o h n K . S h a w , h ea d o f th e c o a l-m in in g firm o f S h aw a q u a r ter ly d iv id en d o f 2 % % , p a y a b le Ju n o 1, th e reb y
B r o s., h a s b een e le c te d a d irecto r o f th e M e rch a n ts’ N a tio n a l ra isin g its ra te from 10% to 11% p er y e a r .
B a n k o f B a ltim o r e , su c ce ed in g Carl R u h s tr a t, resig n e d .
T h e B a n k o f H o ch ela g a (h ea d offico M on treal) h a s
— T h e N e w F a r le y N a tio n a l B a n k o f M o n tg o m er y , A la ., ra ised its d iv id en d ra te from 8 to 9% in th e d ec la ra tio n o f a
h a s re m o v e d to th e V a n d iv er B u ild in g , a t 14 C om m erce S t., q u a r ter ly p a y m e n t o f 2 ^ % , a g a in st 2% h ereto fo re.




May

13 1911.]

1391

T H E C H R O N IC L E

— A n a n n o u n c e m e n t from th o Y o k o h a m a S p ecie B a n k ,
L td . (h ea d o ffic e , Y o k o h a m a ), w ith r e sp e c t to th e n ow issu e
o f s to c k , w h e r e b y th e ca p ita l is to bo in crea sed from 2 4 ,0 0 0 ,­
000 y e n to 4 8 ,0 0 0 ,0 0 0 y e n , s ta te s th a t th e p ro p osed sto c k
w ill b o a llo tte d p ro r a ta to th e sh a reh o ld ers on th e register
o n J u n e 5 , a t th e faco v a lu e o f 100 y e n . I t is p ro v id ed th a t
25 y e n p er sh a re b e p aid o n th e n ew sto c k in J u ly 191 1, th e
b a la n c e to b e ca lled w h en th e B oa rd o f D irectors d ee m s it
n ec essa ry .

B y M essrs. A d ria n H . M uller & S o n s, N ew Y ork :

Shares.
Per cent.
685 Patchoque Mfg. Co...................... 100
25 Plymouth Mills, N. Y _______ 75
40 Ccn. Pk. N. & E. R. RR. C o ... 15!$
1 Morris County Golf Club............$30
56 Warren 11R. Co................ ..........170!$
45 Derby Bldg. & Lumber Co.,
§25 each.................................... $37 lot
37 Lack. I. & Coal Co.. In liqui­
dation, $99 per share paid...
400 Tramp Consol. Mg. Co., $1 ea. .$ 8 lot
92 Mutual Trust Co. of West­
chester County........................ 135

Shares.
Percent.
12 Westchester Fire Ins. Co............512
100 Bklyn. City RR. Co................166!$
200 Rosanz Gas Mfg .Co., $10 each$25 lot
Bonds.
$21,0 00 Council Bluffs City Water
Wks. Cons. 5s. 1943. Oct. 1903
coupons attached........................$31 lot
$2,000 Comm’l Min ng & Mlllg. Co.
6s. 1931. M .& S ............................ 87
$1,000 City of Montgomery, Ala.. 6s.
1924. J. & J __________ 110!$ & Int;
$2,000 Suffolk Syndicate 5s................60

B y M essrs. R . L . D a y & C o ., B o sto n :

S per sh.
%per sh. Shares.
5 Beverly (Mass.) Nat. Bank-------151!$
1 Mass. Cotton Mills....................... 125
OState St. Exchange.............80 & Int. 6 Salem Nat. Bk., $130 per share
5 Webster & Atlas Nat. Bank-----173!$
paid In liquidation........................ 75$
3 N at. Exch. Bank, Salem, $65
16 Nat. Sliawmut Bank-----100!$-401
6 Aetna Fire Ins. Co., H artford..307
• per share paid In liquidation----- 2
E n g lish F in a n c ia l M a rk ets— P er C ab le.
25 Amoskeag Mfg. Co--------3205$-321!$
Bonds.
Per cent.
I Icy wood Bros. & Wakefield GsV,
T h e d a ily clo sin g q u o ta tio n s for secu r ities, & c., a t L o n d o n , 2 common..................................-....106
SI.000 New Bedford, Mass., 3Ms,
a s rep orted b y ca b le , h a v e b een as fo llo w s th e p a st w eek :
1913.................................... 99 & int.
6 Hey wood Bros. & Wakefield Co.,
Narragansctt Pier Elec.
preferred........................- ..............104!$ $5,000 The
London.
Lt. & Pow. Co. 1st 5s, 1939.74 fiat
Tues. Wed. Thurs. 2 1Frt.
9 Tremont Bldg. Trust........... 102 & Int. $3,000 Elizabethtown
Sat. 24Mon.
Week ending May 12.
11-16
24!$
24!$
Term. Rlt.
24
9-16
9-16
2
Naumkeag
Nat.
Bk„
Salem,
$196
24
9-16
Silver, peroz___________ <1- 24 9-16 80 15-16 81 1-16 81 3-16 815$ 81 11-16
Co. 1st 6s. 1940-------- 100 & int.
per share paid In liquidation----- 2 !$
81!$ 81 1-16 81 3-16 81 5-16 81 11-16 81?$
Consols, new, 2!$ per cents. - 81J$
81!$ 95.72!$ 95.72!$ 95.77!$ 95.85 95.85
For account..........................81/4,
B y M essrs. F ra n cis H cn sh a w & C o ., B o sto n :
French Rentes (In Paris)-fr. 65!$
~95.90 65!$ 04!$ 04!$
64!$ 65n h/
Per Cent.
Shares.
%ver sh. Bonds. Commonwealth Mass. 3!$s,
Amalgamated Copper Co----- ..
75$
7 !$
75$
7H
11
Hotel
Trust.....................................115 $2,0001924,
bAnaconda Mining Co.............. 7A 1 1 27%
?$ 1135$ 113!$ 113?$ 1135$
tax-exempt------------- 100 H
50
Hurley
A
Stevens,
Inc.,
pref-------50
Atchison Topeka & Santa !• e. 112 J$ 106!$
106>$ 106!$ 106!$ 106!$
54.000 Commonwealth Mass. 3 Ms,
8 Tremont A Suffolk Mills..............115
Preferred..............................JJJ'
tax-exempt--------------100M
107?-$ 107 !$ 107!$ 107!$ 107!$
Baltimore «fc Ohio....................*98
0 Boston Bolting (Jo........................ 185 51.0001935,
Bos. A Me. n il. 4s. 1926.. 97 H
91!$ 9l!$ 91!$ 91 H 91!$
Preferred.............................
:i
p.
o
.
SoBldg.
Trust---------------00
?$ 240!$ 240!$ 239 H 239!$
$10,000 Del.&Hud.mt. 4 Ms. 1022 101 M
Canadian Pacific......................240m 239
2
Imp.
A
Traders’
Nat.
Bk.,
82
S. & M. S. UK. 4s. 1031 93 Ji
81!$ 82!$ 815$ 825 $
Chesapeake Sc Ohio................. 88
N. Y .--..........................................575K 53.000 1,.
21
22
22
2 1 !$
22
N. Y. N. II. A H. RR. 4s,
Chicago Great W estern...........22
10 Hereford lilt....................................08 5 1.0 0 0 1914________
123!$ 123!$ 124
99H
Chicago Mllw. «fc St. Paul — 123 ?$ 123!$ 123
2
State
Nat.
Bank.............................175
29
29!$ 29!$ 29!$ 29!$
Denver & ltlo Grande............. 29
86 Boston Wharf Co..............
100 52.000 N. Y. City 4 Ms, 1060..........102M
60!$ 66!$ 66 !$
6 6 !$
6 6 !$
Preferred.......... - ................07
14
Commercial
Wharf
Co------------225
33
32!$ 32!$ 32?$ 33
E rie .............................................32
5 Cent. Aguirre Sugar Co., p ro f... 110
49!$ 49!$ 50!$ 51!$ 515$
First Preferred......................50
15 Gt. Foils Mfg. Co..........................190
39!$ 39!$ 40!$
38!$ 39
Second Preferred.............- 39
141
B y M essrs. S am u el T . F reem a n & Co., P h ila d elp h ia :
141
141
Illinois Central-------------- -M 1 H 141!$ 141!$ 150!$
149!$ 150
150
150
Louisville Sc Nashville............150
Shares.
S per sh. IBonds.
Per rent.
335$ 335$
Missouri Kansas & T ex as... 33?$ 33!$ 33!$ 33!$
19
Delaware
n n ................................ 47 H S 1.000 No.Sp’gfl'ld W at.Ist5s. '28.100
69
6 8 !$
69
69
Preferred................................68 !$ 6 8 !$ 70
1
John
U.
Stetson,
common...........465
|
SI,000
Hp'gf'd
Wat.Cons.5s,
1026..
100
70
70
70
70
Nat. RR. of Mex., 1st P rcf.. 70
31!$ 33!$ 1 133!$
B y M essrs. B arn es & L ofla n d , P h ila d elp h ia :
33!$ 34
Second Preferred.........33!$
0
109?$
109?$
109?$
N. Y. Central Sc Hudson Rlv.l095$ 109!$
$ per sh.
S per sh. Shares.
Shares.
14
43!$ 43?$
43?$ 43!$ 109!$
N. Y. Ontario Sc W estern... 44
55,500 Western Alining Dev. Co.,
1,600 Band. Monrocv. Belle. &
!$ 1 1 0
J$ 109!$ 91!$ 109
Norfolk Sc Western..................109!$ 109
$1
each.........................................$30
lot
Norwalk
Traction
Co—
0
l!$
91!$
91!$ 0 1 !$ 128!$ 128!$ 1285$
Preferred................................9l!$ 128!$
200 Alaska-Snettlsham Gold
$4,000 Band. Mon. II. & N. Tr.
128?$
Northern Pacific...................... 128
Mg.
Co.,
pref.,
$ 1 0 each.. .S10 lot
Co.
bonds.........................y$2G0
lot
63
V$
62J$
63!$
63
!$
63!$
aPcnnsylvanla..............................03M 79?$ 79!$ 79 5$ 79!$ 80
17,780 Clear Creek Gold Mg. Sc Wat.
$961.77 note of U. B. Sug. Co
(/Reading Company..................... 79 H 46!$ 46!$ 40!$ 46!$ 40!$
Pow. Co., $1 each---------------- SCOlot
46 Union Trust Co., $50 each. - 35!$ 2,500 Gouldsboro
(/First Preferred................... 46!$ 50
Land Imp. Co.,
2
Phlla.
Roll
at
Machine
C
o..
.104
50
50
50
50
//Second Preferred................50
$5
each....................................$9 lot
9
Nat.
State
Bank
of
Camden,
30!$
30 !$ 30 J$ 305$ 117!$ H7!$
Rock Island..............................31
300 Valenclana Min. Co.,$l0 ca.$5 lot
S50 each................................. 99!$ 1,088
117?$ 1175$
Southern Pacific...................... ‘I 8 ' 4 117!$
Land <fc River Imp. Co., $50
50 Far. & Mech. Nat. B an k ... 144
28!$ 28!$
27?$ 27!$ 28
Southern Railway....................28
e a c h ............................. ........$261ot
20 Fourth St. Nat. Bank 300!$-300 5$
6 6 !$
67 H 67!$
6 6 !$
6 6 !$
Preferred................................06!$ 182!$
20 Miss 'Wright’s School.........554 lot
...952
14
Fidelity
Trust
Co.........r
182!$
181?$
182!$
1825$
Union Pacific.......................... 182!$ 97!$ 97!$ 97!$ 97!$ 98!$
10 Laguna Madre Vineyard
20
Franklin
Nat.
B
ank..
.421-422
Preferred............................... 07>$ 76!$ 76!$ 76?$ 76!$ 77 H
Co.. $25 each..........................$2 lot
32 Real Est. Trust Co., com. 65
U. S. Steel Corporation........... 77
Chas. Howard Wood
125 New Eng. Ln. & Tr. C o..$150 lot 150 The
1 2 2 !$
12 2
1 2 2 !$
1 2 2 !$
2 !$
Preferred....................
122!$ 1 216!$
Vul. Sc Dry. Co......................$100lot
10
Media,
Pa..
Title
&
Tr.
Co.,
165$
16!$ 16!$ 16!$ 37
W abash................................... 10!$ 37!$ 37!$
2 Bank of Nor. Amer................316!$
($25 paid In)................
46
!$
37!$ 37
Preferred................................... 375$ 71
25 Central Nat. Bank................435
7-10 De Long Hook Sc Eye C o.-.100!$
71
71
71
71
Extended 4s..........................71
10 First Nat. Bank, Phlla......... 230!$
1 The Athenacnum of Phlla.. 12!$
5 Northwestern Nat. B an k ...353
34
Wllkcs-B.
&
Haz.
RR.
Co..
o Price per share, b £ sterling.
3 Trust Co. of Nor. Am........ I ll
common — ......................... $55 lot
13 Pa. Co. for Ins. on Lives,Sec.570
30 Securities Co. of Nor. Am.
30 Equitable Trust C o ............ 101!$
($50 paid In)..............................15
10 Central Trust Sc Savings Co.,
30 Caldwell Land & Imp. Co. $11 lot
© o m m c v c ia l a n d
c e l l a n c o n s | X c m jb
$50 each.................- ..............78!$
60 Kaatersklll Pav. Brk. C o...$5 lot
4 Real Estate Tr. Co., p re f...100
20 Comm’l Alfg. Co., pref., $50
5 Mutual Trust Co., $50 each. 45
e a c h .........................-............ 87 lot
National Banks.— T h o fo llo w in g in fo r m a tio n regard in g
10 Lumbermen’s Ins. Co., S25
10 Comm’l Mfg. Co., com., $50
n a tio n a l b a n k s is from th e o ffice o f th e C om p tro ller o f th e
e ac h ....................
105!$
e a c h ........................................81 jot
15
Phlla. Life Ins. Co.. $10 each 10!$
40
Mt.
Vernon
Constr.
Co-----$2
lot
C u rren cy , T rea su ry D ep a rtm e n t:
1 John B. Stetson Co., com ..475
5 Pocono Pines A. Sc S. School.
A PPLIC A TIO N S TO CONVERT A PPR O V ED .
20 Bergner Sc Engel Brew. C o.. 45
$20 each................................S26 lot
1 Penn. Acad, of Fine A rts... 14!$
10 Imperial Leather Preserver
The Commercial llanlr of W ausa, N eb.. Into "T he Commercial N ational
5 People’s Trust Co.................50!$
Mfg. Co.. $10 each............... $11 lot
Rank nf W ausa ” Capital, $50,000.
5 Girard Trust Co.....................925
“ m m erclal S tate Bank of S eattle, W ash.. Into "T ho N ational City Rank
28 Avon more Land Sc Imp. Co.,
Nat. Bank................ 345
$50 each...........- ....................S6 lot 5505 Girard
of Seattle” . C apital $ 2 0 0 ,0 0 0 .
Colo. Gold Mg. Sc Smelt. 1
200 Amcr. Pneumatic Tool Co..
C H A RTERS ISSU ED TO NATIONAL HANKS A PR IL 20 TO A P R IL 25
C o................................. .. [$365 lot
Sio
each................................
-S9
lot
9 9 0 5 —T he F irst N atlona Hank of Sentinel, O kla. C apital, $25,000.
20 Carpenters’ Steel Co...........$14 lot $100 Colo. G. AI. Sc S. Co. Cs.J
•
Alva J . Niles. President; J . W . McNcal and E . D. l ostcr. Vice­
10 Broad Water L. & Imp. Co.$21 lot Bonds.
Centt
Presidents;
J
.
W
.
L
am
hrlght,
Cashier.
_
10 Bryn Mawr, Pa., Hotel Co.. $1 lot S500 N. Sp’gfteld Wat. Co. 5s, Per
n nna
i’(•()nl(“ s N ational Hank of D elm ont, P a. C apital, $25,000.
’28 100
1 Metropolitan St. Ry. C o...$11 lot
9,996 T hc^*
te r, President; H ugh Dunning, V ice-President; H . Z.
Sp’glleld Wat.Co.5s, 1926.. 100
100 Arllng-Brooke R. E. Co.. .817 lot 1.000
Ry.,G.&Kl.Co.5s, 1939 93
12 Truss Rail-Joint Co.. $10 oa. $1 lot $500 Un.
0 9 9 7 __The F irst N ational Hank of Saguache, Colo. C apital, $60,000.
N.Y.«ScErIeRR.Co.4s, 1947.101!$
25 Century Chemical Co., pref.$7 lot $9,000
’
Horace H. Means, President; A dam Shellabargcr, Vice-President,
Elmira Wat.,L.&RR.5s,’56 92H
25 Century Chcm. Co., com— $2 lot $5,000
Crucible Flake Graphite
5 Seawrlght Mag.LlthlaSp.Co.Sl lot $900 Co.
9.998— The ^N ational’ Hank of Commerce of Shawnee, O kla. ^
bonds................................$6 lot
20 Colgate Co., pref............. S426 lot $1,000 The
$ 1 0 0 ,0 0 0 . W allace hstlll J r., President, A. J .
Vlce-I resi­
Duncannon Iron Co. 5s,
20
Colgate
Co.,
com.................
$61
lot
dent: L. C. W ebster. Cashier W . G. Reynolds. A ssistant C orner
1937
...................................... 68
200
Maries
Carved
Mould.
Co..
9.999— Carolina National Hank of D arlington. S. C. C apital, 5 ^ 0 , 0 0 0 .
$500
Laguna
Aladre Vineyard Co.
pref.,
$5
each---------------$9
lot
O. H. Edw ards, President; T . P. Rhodes, Vlcc-I resident; I. V. W il­
1
st
6
s.......................
- ............S16 lot
800 Maries Carved Mould. Co.,
ling, Cashier. Conversion of the County Savings Hank of Darling'
$3,000 Now Alexandria Imp. Co.6s$80 lot
coin., $5 each..........................$ 1 lot The
Los Tajos group of mining prop­
25
Cuba
Fruit
Co......................$55
lot
10,000 The F irst N ational Bank of W hite Salm on. W ash. Capital, $50,000
erties ....................................$2,000
16 Goshen Car & lty. Eq. C0 ..S 8 lot
Chas. R . Spencer, President; E . W . Spencer. V ice-President; A. C.
K ccfhaver, Cashier.
_ ,.
n ...
Canadian Bank Clearings.—T h e clea rin g s for th e w ee k e n d ­
10,001—The F irst N ational Hank of A ddington, O kla. C apital, $25,000
LE .vans.
A. WCashier;
ilson, President;
M. AW.ssistant
Dlm cry,
Vice-President; Jennie b in g M ay 6 a t C an ad ian c itie s, in co m p a riso n w ith th e sa m e
J . L. Evans,
Cashier.
10 002—The N ational Hank of Commerce of H om iny, O kla. Capital, w eek o f 1910, sh o w a n in crea se in th e a g g re g a te o f 2 0 .7 % .
’ $25,000. L. D. Edglngton, President: E. C. M ullendorc, V lecPorsldont; C. M ullendorc, Cashier. Conversion of the Bank of
I We* ending May 6 .
Commerce.
Clearings at—
1 0 0 0 3 —The F irst N ational Hank of B ra------Inc. or
.
r,
T_
.
ru.uuo
Dowls, President; W . II. F ranks, Vice-President; L . G. Lcnkcr,
Dec.
1908.
1911.
Cashier.
10 004__N ational B ank of Com m erce of P arag on Id. A rk.
%
Canada—
35.937.444 30,534,696
’
i.’ii Molscr President: R ichard Jackson, V ice-President: If. W .
51,990,700 40,618,221 +28.0
ontreal...........
W ooslcy, Cashier: W . P. sted m an . A ssistant Cashier. Conversion M
40.937.862 33,129.699 + 23.6 30.100,113 22.214,171
Toronto ...........
+37.2 17,782.526 12,130.563
18,006.965
24.707.240
of th e flank of Commerce.
Winnipeg...........
4,940,954
3.617.892
9,428, &36 + 12.4
10.601,111
10.005— T he farm ers' N ational
Hankof Pond Creek, O kla. Capital Vancouver.........
3.672,991
3,562.533
4.242,722 —6.7
3,956,958
S25.000. O. S. Kelly President; M. L. Thom as, V ice-President O tta w a .............
2.460.521
2.468.981
1,499,512
+
64.4
2.464,961
E
.
Grimes,
Cashier.
Quebec...............
1,797.827
1,872.305
1.631.606 2,274.881 —28.3
10.006— The F irst N ational Hank of G rand field, O kla. C apital,
. . $25,000
,- .
H
alifax.............
1.784,6-16
F M English President; O. E . Mapel, V ice-President; R oy. C Hamilton...........
1,363,715
2,078.379 + 34.8
2,901,193
1,500,13S
1,288.897
+
18.8
1.752,469
1,475.199
Sm ith, Cashier: E . I I . Ktmmcl. A ssistant Cashier.
St. John.............
1,346.062
1.413,605
1.469,286 —5.9
1,382,538
London .............
CHANGE OF LOCATION AND T IT L E .
1,517,496
1,216,036
+
3
9
2
3,849,770
2,765,129
C
algary...........8 5 1 5 __Thn F irst National Hank of Em m a, T exas, has been moved to
1,109.092
1,132,659
+53.8
1,818,821
2,796,531
ic to ria ..............
'
Crosbyton, Tex , and Its title changed to ••Citizens* N ational Bank VEdmonton.........
788.0)7
951,945
2,231,693
1,381,539 + 61.5
of C rosbyton.”
+75.7
1,429.919
813,872
Regina
.............
CHANGE OF T IT L E .
+9.6
554,574
506.046
randon...........
3,052—The T hird N ational H ank of Lexington, K y., to “ The Phoenix BLcthhrldgo----957.992 Not Included In total
total
and Third N ational Hank of Lexington.
1,123,500 Not Included In
Saskatoon.........
537,73S Not Included In total
B rantford........
In
total
Not
Included
812,401
Moose
Jaw.........
fr Auction Sales.— A m on g o th er se c u r itie s, th e fo llo w in g , n o t
Total Canada. 153,180,128 120.908.907 +28.7 105.061.325 83,510.500
reg u larly d e a lt in a t tho B o a rd , w ore re c e n tly sold a t a u c tio n

JlXmictinujl ©om m eve ia l %:tigH sftllm vs

in N ew Y o r k , B o sto n a n d P h ila d elp h ia .




Shares.

1393

T H E C H R O N IC L E

[VOL. LXXXXI1.

DIVIDENDS.
Statement of New York City Clearing-House Banks.— T h e
ta ile d s ta te m e n t b elo w sh o w s th e c o n d itio n o f th e N ew
T h e fo llo w in g sh o w s a ll th e d iv id e n d s a n n o u n c ed fo r th e dYeork
C ity C learin g-H ou se b an k s fo r th e w eek en d in g
fu tu r e b y la rg e o r im p o r ta n t corp oration s:
M ay 6 . T h e figu res for th e sep a r a te b an k s are th e a v era g es
Dividends announced this week are printed in italics.
o f th e d a ily re su lts. In th e ca se o f th e to ta ls , th e a ctu a l
figu res a t th e en d o f th e w eek are a lso g iv e n .
Per
When
Books
Closed.
Name of Company.
F or d e fin itio n s a n d ru les u n d er w h ich th e v a r io u s item s
Cent. Payable.
Days Inclusive.
are m a d e u p , see “ C h ro n icle," V . 8 5 , p . 8 3 6 .
Railroads (Steam)

Albany A Susquehanna........... ...........
1 June 16 to June30 ____________________We omit two cipher1 (00 ) In all caea.
Atch. Top. A S. Fe, com. (qu.) (No. 24). m July
June 1 Holders of rec. Apr.28a
Boston A Maine, common (guar.).............I IK
1
July
of rec. June la
Banks.
Loans. Specie. Legals, Deposits. ReCanadian Pacific, com. (guar.) (No. 60) " 2K June 301 Holders
Holders of rec. June 1 00 j omitted. Capital. Surplus. Average,
Catawissa, preferred
Average. Average, Average. s’ve.
May
19
2K
Holders
of
rec.
May
11
Chestnut Hill (quar.).
_____________ IK June b May 21 to June 4
$
$
Cleveland A Pittsburgh, reg. guar (quar.) 1K June 1 Holders of rec. May 10a Bank of N. Y._ 2.000,0
S
$
$
21.386.0 4.379.0
Special, guar, (quar.).............
’
918.0 19.671.0 26.4
1 Holders of rec. May 10a Manhattan Co 2.050.0 3.638.6
4,402,1
35.250.0
8.508.0
Cripple Creek Cent., pref.(qu.)(No. 22)’ 11 June
1.613.0
25.2
June
J
Holders
of
rec.
May
17a
...
1.900.5 21.283.0 4.277.0 1.413.0 40.150.0
Delaware A Bound Brook, guar. (miar )
22.075.0 25.7
2 May 20 Holders of rec. May 12 Merchants'
Mech. A Metals 2,000,0
6,000,0 8.146.71 51.883.7 13,809,4
N . Y . Phila. A Norfolk.......................
1.688,6
52,249,6
29.6
6
June
1
Holders
of
rec.
May
15a
America
.
.
.
1.500.0 6.012.4 26.979,3 4,976.4 2.064.9 27.541.2 25.5
Norfolk A Western, common (quar.) ’ IK June 19 Holders of rcc. May 3 la City ...........
25.000. 34.131.8
0
174.779.3 70.993.0 6.613.0 195.698.7 39.7
Preferred (quar.)________ _
1
May
18
Holders
of
rec.
Apr.29a
Chemical.
3.000.
0
6.586.7 31.171.0 6.021.0 1.623.1 29.780.0 25.7
North Pennsylvania (guar.) ..................
May 25 May 11 to May 17 Merchants’ E x.
600.0
567,2 7.434.2 1.619.9 186,4 7,601,1 23.7
Pennsylvania (quar.).........................." I l l 2IK May
of rec. May 5a G allatin............ 1.000.
0 2.534.0 9,138
1.586.9 461.8 7,652,9 26.7
PMio. Germantoion A Norristown (guar.). 3 June 315 Holders
May
21
to
June
4
Butch.
A
Drov
300.0
158.0 2.452.4
487,3
68,5 2.394.3 23.2
Plltso. Bessemer A Lake Erie, p r tf_____
3
1
June
Holders
of
rec.
May
15
Greenwich__
500.0
8.214,
856.9
2.155.7
Rensselaer & Saratoga.............................I 4 July 1 June 16 to June 30 American
190.0 9.352.8 25.0
Exch. 5.000. 4.496.6
0
41.933.7
6.940.7
3.671.0
42.371.7 25.1
Rome Watertown A Ogdensb., guar.(qu.) IK May 15 Holders of rec. Apr.29a Commerce.........
0
17.005.8
153.260.3 28,233.8 9.740.6 137,566,1
27.6
Southern Pacific Co. (guar.) (No. 19)___ IK July 1 Holders of war’t No. 19 M ercantile___ 25.000.
3.000. 2.713.1
0
14.448.8 1.916.9 1.010.7 11.338.2 25.8
Union Pacific, common (guar.)................. 2K July 1 Holders of rec. June 3a P acific----932.1
600.0
3.934.3
504,9 423.6 3.474.5 26.6
Vandalla (quar.).......................................... 1 May 25 Holders of rec. May 15a Chath.A Phoen. 2.250.0 1.074.1 15.225.6 2.667.8
15.472.2 24.9
People’s ----200.0
467.5 1,924. ‘ 416.0 1.255.2
150,3 2.349.9 24.0
Street and Electric Railways.
H anover----3.000. 12.360.3
0
75.068.2
16.950.1
6.281.8
85.047.4
25.0
American Railways (guar.).......................... IK June 15
June
1
Citizens’
Cent
2.550.0 1.803.5 21.818.9 6.302.3 325.9 21,273.9 20.5
Chippewa Valley Ry., L. A P., pref. (qu.). IK June 1 Holders of rcc. May31a N assau.........
532.6 9,08 i,r 1.055.0 1.613.9 10.614.8 25.1
500.0
Citizen’s Traction, IHttsburgh...................... $1.50
16
Market
A
Fulton
1.000.
0
1.775.0
8.876.7 1.279.6 905.2 8.680.4 25.1
Columbus(0.)Ry., com. (guar.) (No. 32) __ IK June 1 Holders of rcc. May 15 Metropolitan .. 2.000.0 1.544.6 10.350.1
2,6-18,5 236.2 10.559.8 27.3
Connecticut Ry. A Ltg., com. & pf. (qu.) 1 May 15 Apr. 30 to May 15 Corn Exchange- 3.000. 5.438.7
0
46.266.0 8.720.0 5.046.0
Detroit United Ry. (quar.)........................ IK June 1 Holders of rec. Mayl6a Imp. A Traders’ 1.500.0 7.624.6
54.770.0 25.1
25.892.0
3.891.0
Federal Light A Traet., pref. (quar.)__ IK June 1 May 16 to June l P a r k .............
23.115.0 24.9
5.000. 12.728.2
0
86.042.0 21.400.0 1.867.0
1 .5 0 8 .0
Georgia Ry. A Elec., com. (guar.)............... 2 May 20 May 11 to May 20 East River. .
90.437.0 25.3
250.0
9S.8
1,400,9
387.1
102.6
Havana Electric Ry., common (quar.)__ IK May 13 Apr. 23 to May 31 P o u rth _____
1.673.9 29.2
5.000.
0
5.683.3 83.690.0 6.876.0 8.110.0 36.826.0
Preferred (quar.)......................................
27.1
May 13 Apr. 23 to May 31 Second .........
1.000. 0 2.196.9 13.852.0 3.402.0
166.0 13.952.0 25.5
Metrop. West Side El. Ry.,Chlc.,pf.(qu.)_ IKH June
1
Holders
of
rec.
May
17a
First
.............
10.000.
0
20.738.3
118,787,6
27.334.2
1,758,6
Pacific Gas A El. Co., pref.(qu.) (No. 21) IK May 15 Holders of rcc. Apr.30a Irving Exch.
113,763,3
25.5
2.000,0 1.850.9 25.114.3 6.710.0 1.574.0 27.651.5 26.3
Portland (Ore.) Ry., Lt. A P.(qu.)(No.2)
1 Holders of rec. May 12a
___
250.0 800.5 3.467.0
841.0
65.0 3.641.0 24.8
St. Joseph(Mo.)Ry., L.H.AP.,com.(qu.) SIK June
June 1 Holders of rec. May 15a Bowery
N. Y. County
500.0 1.666.5 7.556.6 1.362.0 681.2
7.616.6 27.2
Tampa Elec. Co. (quar.) (No. 2 4 )...
$2
May
15
Holders
of
rec.
May
5
Gcrman-Amer
.
750.0
689.0
904.1
4.272.0
189.2
4.188.8 26.0
Washington (D. C.) Ry. A Elec., com.
1
1
June
May 16 to June l Chase............... 6,000,0 8.382.9 82.075.0 16.194.0 5.077.0 88.807.0
Preferred..............................................
24.0
June
1
May
16
to
June
1
2K
Fifth
Avenue..
100.0
2.183.1 13.017.1 2.838.6 919.3 14.580.9 20.1
West Penn Traction, com. (q u ar.)...
1 June 15 June 8 to June 15 German Exch..
200,0
883.4
3.540.0
320.0
560.0
3.475.0
25.3
Germania____
200,0 1.034.7 6.480.2 1.151.7 506.1 6.444.7 25.7
Miscellaneous.
Lincoln ............. 1.000,0
1.598.5 15.446.0 3.111.7 1.082,5
Adams Express (guar.)...........................
25.3
*3 June 1 May 16 to May 31 Garfield.............
1,000,0
1.238.8 8.632.5 1.852.3 451.4 16.520.8
8,808,6 26.1
Amalgamated Copper (quar.)...............
May 20 Holders of rcc. Apr.29a F ifth .................
,K
250.0
523.4
3.386.3
507,
357.9
3.466.2
25.0
American Caramel, common (quar.)___
1
June
1
May
11
to
May
31
etropolis___ 1,000,0 2.124.4 13.287.0 1.582.8 1.797.2 13,662,4 24.7
American Cotton Oil, common.........
1 May 17 to June 1 M
2K June
West Side.........
200.0 1.027.8 , 4,106,0 1.030.0 239.0 4.943.0 25.6
Preferred........ ................................. ‘
3
June
1
May
17
to
June
1
Seaboard...........
2.025.1 23.279.0 4.951.0 2.082.0 27.380.0 25.6
American Dlst. Teleg. of N. Y ..I I I I I I ..
May
Holders of rcc. May la Liberty ............. 1,000,0
2.744.3 21.986.4 5.025.9 1.149.3 23.917.0 25.8
Am. Iron A Steel Mfg., com. A pref.(spec.) 21 June
Holders of rec. May20a N. Y. Prod. Ex. 1,000,0
1,000,0
783.9 8.521.8 2,278.' 280.9 10.117.9 28.2
Amer. Lt. A Tract. Co. (pay. In com. stk.) 2K May
April
16
to
April
30
------------State
1,000,0
850,7 15.549.0 4.728.0 338.0
American Radiator, common (quar.)__ 2 June
25.0
June
22
to
June
30
14th
Street___
1 .000 .
0
310.6
5.757.0 1,158,2 649.9 20.193.0
Preferred (quar.).................................... IK May
6.866.4 26.2
May 7 to May 15 Coal A Iron__ 1 .000 .
421.1
0
6.346.0
881.0
Amer. Shipbuilding, com. (quar.) _I __I 1 June
825.0
6.690.0
25.5
May
17
to
June
Union
Exch__
1.000.
0
945.9
9.307.3 1,386,7 1,026,1 9,412,6 25.6
Common (extra)........................................
May 17 to June
Am. Smelt. Sec., pref. A (qu.) (No. 25)_I IK June
May 20 to May 28 Totals, Average 134.150.0 200,234,4 1361,953,5 315.363.2 74,913,9 1405.872,1 27.7
Preferred B (quar.) (No. 24)............... .. IK June
June
May
20
to
May
28
American 8 tcel Foundries (quar.)___ I ..
May
Apr. 30 to May 15 Actual figures May 6.
1340.994.0 315,035,7 75,311.9 1394,831,1 28.0
Amer. Sugar Refg., com. A pref. (guar.) IK
Holders of rec. June la
IK July
Amer. Tobacco, common (quar.)
June
Holders of rec. May 13a
2K
Common (extra)........................................ 7 K June
Holders of rec. May 13a
On the basis o( averages, circulation amounted to *45.927.200 and United States
Barney A Smith Car, pref. (guar.)............. 2 June
May 16 to June 6 «IS0aSiiS
7 nS!: UT.c<. f 'JP.osl,si *° si.525.100: actual figures May 6, circulation,
Bond A Mortgage Guarantee (quar.)__ 3 May
Holders of rec. May 8 845,841,700,
United States deposits, $1,531,800.
June
June 6 to June 15
*Tef Co.,
‘ <?“ •>Ltd.
(No.(qu.)
38). I K Juno
British ColumbiaMilk<
Copper
T h e S ta te B a n k in g D ep a r tm e n t a lso n ow fu rn ish es w eek ly
Holders of rec. May 15
2K
British Columbia Pack. Assn., com.(No. 1 ) 2 May
May 10 to May 20
Preferred_________ ________________ 3K May
May 10 to May 20 retu rn s o f th e S ta te b a n k s a n d tr u st co m p a n ies u n d er its
Butte Coalition Mining (quar.)................. 25c.
ch a rg e. T h ese retu rn s c o v er all th e in s titu tio n s o f th is class
June
May
17 to June
Butterlck Company (quar.)........................ K June
Holders of rec. May 15a in th e w h o le S ta te , b u t th e figu res are co m p iled so a s to
Cambria Steel (quar.)________ ________ IK May
Holders
of
rec.
Apr.29a
Canada Cement, pref. (quar.) (No. 6 )__ IK May
May 1 to May 10 d istin g u ish b etw e en th e re su lts fo r N ew Y ork C ity (G reater
Cities Service Co., common (monthly)......... M June
Holders of rec. May 20 N ew Y ork ) a n d th o se for th e rest o f th e S ta te , a s p er th e
Preferred (monthly).................................. K June 1 Holders
of rcc. May 20
r
Consolidated Gas of N. Y. (quar.)...........
15 Holders of rec. Mayl7a fo llow in g :
Crex Carpet............. .................. ..................... 3IK June
June
15
Holders
of
rcc.
May
31a
I'or
d
efin
itio
n
s
a
n
d
ru
les
u
n
d
er
w
h
ich
th
e
v
ario
u
s
ite
m s are
Diamond Match (quar.)___ *__________
June 15 Holders of rec. May31a
Pay (J. A.) A Egan, pref. (guar.)........... IK
IK May 20 May 11 to May 20 m a d e u p , see “ C h ro n icle,” V . 8 6 , p . 3 1 6 .
General Asphalt, pref. (quar.) (No. 16).. IK
June 1 Holders of rec. May 15a
8TATE BANKS AND TRUST COMPANIES.
General Chemical, common (quar.)__
IK June
Holders of rcc. May20a
General Electric (quar.)..........................
2 July 151 Holders
May31a
Homestake Mining (monthly) (No. 438).. 50c. May 25 May 21 of torec. .............
Stale Banks Trust Cos. State Banks Trust Cos.
Internat. Harvester, pref. (quar.)(No. 17) IK June 1 Holders of rcc. MaylOa
Weet ended May 6.
in
in
outside of
outside of
International Nickel, common (quar.)__ 2K
June 1 May 13 to June 1
Greater
N . Y. Greater N . Y. Greater N . Y. Greater
N . Y.
International Smelting A Refining (quar.) 2 June
17 to June 0
Internat. Smokeless Powd. A Chem., pref 4 May 151 May
of rec. May 5a
$
$
%
$
Kansas City Breweries, pref. (quar.)___ IK May 15 Holders
May
1
to
May
15
Capital
as
of
Feb.
28___
23.975.000
63,206,000
9.528,000
9,525,000
Kings Co. El. Lt. A Pow. (qu.) (No. 45). 2 June 1 Holders of rcc. May 19a
Laclede Gas Light, common (guar.)
June 15 Holders of rcc. June 1 Surplus as of Feb. 28___ 38.886.100 175.811.500 11.274,643 11,328,903
Preferred.................................................. IK June
15 Holders of rec. June t
Lehigh Coal A Nav. (quar.) (N o.130)" 2K
May 31 Holders of rcc. Apr.29a Loans and Investments.. 289,153.200 1,083,771,800 95.273.300 147.102,200
Massachusetts Gas Co., pref........................ 22 June
16 to May 31
Change from last week. —268,100 4-8,917,300 —389,700 4-601.900
Michigan
Telephone, com. (quar.) ' IK June 11 May
May 18 to June 1
Preferredstate
(quar.)....................................
1 July 16 to Aug. 1 Specie ............................
50,391.800 112,702,700
Milwaukee A Chicago Breweries, L t d " " b2IK Aug.
May 16 Apr. 26 to May 15
Change from last week
—755,800 4-1.315.600
Mobile Electric, pref. (quar.)......................
May 15 Holders of rec. Apr. 29
Montreal Lt., H. A P. (quar.) (No. 40)11 2IK May 15
Holders of rec. Apr. 30 Legal-tenders A bk. notes 22.762,200 11,375,100 .................... - ...............
National Biscuit, com. (qu.) (No. 5 1 )
Change from last week. —596,000
IK July 15 Holders of rec. June28a
—25,500
Preferred (guar.) (No. 5 3 )... . ’
IK May 31 Holders of rec. Mayl7a
National Carbon, preferred (quar.)___
May
16
May
6
to
May
15
IK
339.921,900
National Lead, preferred (quar.)...........
Change Irom last week.
IK June 15 May 20 to May 23
4-4.700 4-22.795.800 —122,200 4-1.664,400
NUes-Bcment-Pond, com. (quar )
IK ILlune 20 June 10 to June 20
Preferred (quar.)........................" " '
16
May
6
to
May
15
Reserve
on
deposits.........
May
IK
101,064,300
22,605,200 26,097,800
North American Co. (q u ar.)...
Change from last week. —1,137.200 130.462,100
IK JJuly 1 Holders of rcc. JunelSa
4-441.100 4-1.217.709
4-1.797,700
People's Gas Light A Coke (q u a r.)"”
IK May 25 Holders of rec. May 3a
Pittsburg Brewing, com. (guar.)..
lie
May 20 May 12 to May 21 P. C. reserve to deposits. 30.4%
23.2%
15.9%
17.2%
Preferred (guar.)........................... / " \y . May
May
12
to
May
21
20
Percentage
last
w
eek..
30.7%
22.7%
16.8%
16.6%
P ratt A Whitney, pref. (quar.).........." " i u May 15 May 6 to May 15
S JS S ? I 1®*' Car- pref- (quar.) (No. 49). IK May
May 4 to May 23
Procter
&
Gamble,
common
(quar.)..
.
.
3
May
Holders
of
rec.
Apr.29a
over Jast week. — Decrease from last week.
Pullman Company (quar.) (No. 177)___ 2 May
Holders of rcc. Apr.29a . t Jncr^f,®
. . us ,nct,udpa all undivided profits. ’’Reserve on deposits” Includes;
Pure Oil, common (guar )
?
Holders of rec. May 15 for both trust
companies and State banks, not only easb Items but amounts due
Quaker Oats, preferred '( q u a r . ) " " " " " 1 u June
May
Holders
of
rec.
May
16
from reserve agents. Trust companies In New York State are required by law to
Republic Iron A Steel, pref. (qu.) (No 38) 1K July
__
fieep
ph
f ^?rah'e
the,r deP0slls.
the ratio
varyingIs according
Sears, Roebuck A Co., common (quar.). ’ 1 k May 15 Holders of rec. Apr.29a tlon ^ fho*“ rfJolow.
The topercentage
of reserve
required
computed toonlocathe
Silversmiths Co. (quar.)...........
iS
15 Holders of rec. May lo aggregate of deposits, exclusive
of moneys held In trust and not payable within
Southern California Edison, com. (guar ) ’ itf May
May
15
May
1
to
May
15
°if
t,mo
dePoslt8
not
Payable
within
thirty
days.
Stern Brothers, pref. (quar.) (No. 2)
lS
1 May 20 to June 1
r k 1 c x c , u a , v e of deposits secured by bonds of the
8 tudebaker Corp., pref. (qu.) (No 1)
\\< Juno
June 1 Holders of rec. May 15 H t o t S f ^ ViSn fttnn
^ te ba?being
ks arecomputed
likewise required
to keepamount
a reserve
varying
Underwood
Typewriter,
com.
(qu.)A(No~
D
l
July
1
Holders of rcc. June 20 according to J o ^ 'o n .T»thoh «reserve
on the wholo
of deposits
Pref erred (quar.)...............................*
i *✓ July 1 Holders
of
rec.
June
20
thirty days, represented by certificates
Union Stock Yards, Omaha (guar.)" " ' ' \ y Juno 1 May 22 to May 31 /XC
United Bank Note Corp., common (quar.) 1 May 15 May 2 to May 15 o M h o ^ at^ o ^ N e w Yorkent °* l010) and exclusive of deposits secured by bonds
United Cigar Mfrs., pref. (quar.)............... \ y
1 Holders of rcc. May 25a
— Trust Cos.— —State Banks—
United States Express (No. 155)............. $3 June
May 15 Apr.30 to May 15 Reserve Required for Trust Companies
Total
Of Total
o
U. S. Steel Corp., com.(quar.)(No. 3 0).. i u June
and Stale Banks.
29 June 2 to June 12
Reserve which Reserve which
Location—
29
May
2
to
May
14
.T
pare,^
e<l
(('
uar
)
(No.
40)......................
1 >( May
Required
in
Cash.Required,
in
Cash.
v Vi re*ephone, preferred (quar.)........... l ^ May 15 Holders of rec. Apr. 29 Manhattan Borough---------------------- 15%
15% 25%
15%
va.-Carolina Chemical, common (quar.). IK May151May
May 15 Brooklyn Borough (without branches inM anhatVl5%
10% 20%
10%
Warwick Iron ft steel................... .............. 4 May 15 Apr. 306 to
to May 15 Other Boroughs (without branches In Manhattan) 1S%
10 %
15%
7K ‘
Brooklyn Borough, with branches In Manhattan 15%
15% 20%
20%
Other Boroughs with branches In Manhattan ” l5%
15%
15%
15%
l a Transfer books not closed, b Less Income tax. d Correction.
Elsewhere In S ta ts ..______ ________
"” 1 0 %
6%
15%
B%




1293

T H E C H R O N IC L E

May 13 1911.]

T h e B a n k in g D e p a r tm e n t a lso u n d e rta k es to p resen t
sep a r a te figu res in d ic a tin g th e to ta ls for th e S ta te b a n k s and
tr u st co m p a n ies in th e G reater N ew Y o r k , not in the Clearing
House. T h ese figu res are sh o w n in th e ta b le b elo w , a s are
also th e re su lts (b o th a c tu a l a n d a v e ra g e ) for th e C learing­
H o u se b a n k s. In a d d itio n , w e h a v e co m b in ed ea ch cor­
resp o n d in g ito m in th e tw o s ta te m e n ts, th u s a ffo rd in g an
a g g reg a te for th e w h o le o f th e b a n k s and tr u st c o m p a n ies in
th e G reator N e w Y o r k .

NEW YORK CITY BANKS AND TRUST COMPANIES.
Banks A Total of all
Clear .-House Clear .-House State
Trust Cos. not Banksdt Trust
Banks.
Week ended May 0.
Banks.
Actual Figures Average. In C.-H. Aver. Cos. Average.

Boston and Philadelphia Banks.— B elo w is a B um m ary of
th e w ee k ly to ta ls o f th e C le a r in g -H o u se b a n k s o f B o sto n
an d P h ila d e lp h ia .
We omit two ciphers (00) In all these figures.
Capital
Circu­ c.Clearings.
and
Loans. Specie. Legals. Deposits. • lation.
Surplus.
8
$
S
$
$
Boston.
S
$
24.412.0 3.223.0 267.716.0 7.580.0 148.874.7
Apr. 15. _ 41.350.0 213.934.0
24.906.0 3.604.0 270.036.0 7.095.0 146.154.8
Apr. 22 — 41.350.0 213.517.0
3.597.0 267.804.0 7.100.0 149.321.7
Apr. 29.. 41.350.0 212.487.0 25.638.0
May 6— 41.350.0 216.303.0 25.967.0 3.265.0 269.G04.0 7.104.0 153.830.9
Ptiila
76.5C 2,0
324.734.0 15.371.0 128.918.1
Apr. 15.. 60.105.0 266.055.0
324.978.0 15.372.0 160.638.2
79. r 0,0
Apr. 2 2.. 60.105.0 263.987.0
326.013.0 15.370.0 141.605.2
82,0 8.0
Apr. 29.. 60.105.0 264.760.0
329.602.0 15.340.0 172,281.1
55,51>6,0
May 6 .. 60.105.0 265.643.0
a Includes Government deposits and the Item “due to other banks.” At Boston
Government deposits amounted to $3,056,000 on May 6, against $3,048,000 on
April 29.
Banks.

$
$
(Nat. banks
$ '
71,731,000 205,881.000
Capital \ March 7 ... 134,150,000 134,150.000
JState banks
Surplus ( Feb. 2 8 ... 200,234,400 200,234,400 184.355,200 384,589,600
Imports and Exports for the Week.— T h e fo llo w in g are
1,163,007,800 2,514,961,300
Loans and Investments 1,340,994,000 1,351,953,500
Change from last week —15,257,300 —7.399.100 +8,937,500 + 1.538,400 th e im p o rts a t N ew Y ork for th e w eek e n d in g M ay 6; also
1,405,872,100 o l,120,491,000 2,526,363,100 to ta ls sin ce th e b eg in n in g o f th e first w ee k in J a n u a r y .
Deposits — ...........
—10.672.000 +9,070,600 —1,601,400
Change from last week
FOREIGN IMPORTS AT NEW YORK.
315,363,200 118,332,600 433,695,800
Specie.....................
—3,670,300 + 1,239,400 —2,430,900
Change from last week
1908.
1910. ! 1909.
1911.
For Week.
74.913,900 618.798,700 93,712.600
Legal-tenders.........
$1,164,627
$2,721,386'
$2,768,049
$1,875,022
—
1,101,700
—229,900
—871,800
Dry Goods................................
Change from last week
General Merchandise............. 14.506,871 13.450.859, 14,127,289 8,857,772
390.277,100 cl37.131.300 527,408,400
Aggr’tc moaey holdings
—4,542.100 + 1.009.500 —3.532,600 ; T o ta l.................................... $16,381,893 $16,172,244 $16,805,338 $10,022,399
Change from last week
Since January 1.
$60,978,182' $62,655,052 $45,423,779
Dry Goods................................ $53,462,139
Money on deposit with
25,883,000 25,883.000 General
Merchandise............. 256.508,101 288,421,518! 244.760.483 169.707,600
other bks. Ac trust cos.
+
1,706,700
+
1,706,700
Change from last week
Total 18 weeks................... $309,970,240 $349,399,700j$307.415,535 $215,131,379
390,277,100 163,014,300 553,291,400
Total reserve...............
+2,716.200
—1,825,900
—4.542,100
Change from last week
T h e fo llo w in g is a sta te m e n t o f th e e x p o r ts (e x c lu siv e of
Percentage to deposits 28.01%
27.78%
17.7%
requiring reserve----sp ecie) from th e p o r t o f N ew Y ork to fo reig n p orts for th e
17.6%
27.89%
Percentage last week . - 27.89%
w eek e n d in g M ay 0 an d from J a n . 1 to d ate:
Surplus reserve..------ 41,639.825 40,683,175 .................... ....................
EXPORTS PROM NEW YORK.
- .
OVIT tout WITU Of orinsf from lust week
7 t i .su !ir0 till- deposits after eliminating the Item "Due from reserre depositories
1908.
1909.
1910.
1911.
ami other tanks .* ! trust companies In New York C ity': with this Item Included,
denoelts amounted to $1,303,481,300, an Increase of $2-1,040,400 over last week
$10,330,209 $12,338,660
In the ease of the Clearing-House banks, the deposits arc "net" both for the average For the week..........................- $14,623,684 $13,131,909
and the netttat lleures. ft Includes bank notes, c OI this amount State banks held Pr cv 1oU8lylr eported----------- 260,040,606 213.197,838 210.018,916 236,302,597
$13,033,600 and trust companies 3124,077,800
Total lSJweeks................... $274,664,290 $226,329,807 $220,349,125 $248,641,263
T h e a v e ra g e s o f th e N ew Y ork C ity C learin g-H ou se b a n k s

w ith th o se for th e S ta te b a n k s a n d tr u st c o m p a n ie s
T h e fo llo w in g ta b le sh o w s th e ex p o r ts anil im p o rts of
In G reater N ew Y ork o u tsid e of th e C learin g-H ou se co m p are
sp
e
c ie a t th e p o r t o f N ew Y ork for th e w eek e n d in g M ay 6
as fo llo w s for a series o f w ee k s past:
a n d sin ce J a n . 1 1 9 1 1 . and for th e co rresp on d in g p eriod s in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1910 an d 1909:
GREATER NEW YORK.

c o m b in e d

We omit two ciphers In all these figures.
Tot. Money Entire Res.
Week Loans and Deposits. Specie.
Legals. Holdings. on Deposit.
Ended. Investments.
$
S
%
$
8
5
423.823.2 94.347.3 518.170.5 539.423.4
Mch. 4— 2.441,291.1 2.440.032.2
538.678.2
421.605.6 92.672.5 514.278.1
Mob. 11— 2.442.555.5 2.436.678.6
636.800.6
2.454.039.2 418.825.6 93.920.0 512.745.5
Mcb. 18— 2.459.710.7
2.454.614.4 417.454.7 95.035.9 512.490.6 535.638.5
Mch. 25— 2.462.701.5
2.467.388.7 415.377.3 95.157.5 510.634,8 533.670.3
April 1— 2.475.663.0
2.478.291.3 415.915.7 93.014.0 508.929.7 533.409.7
April 8— 2.486.883.8
2.495.710.0 419,947,1 94.075.5 514.022.0 538.093.6
April 15— 2.496.582.8
2.514.816.5 429,951.0 93.354.9 523.305.0 547.242.3
April 22- - 2.507.088.1
436.126.7 94.814.3 530.941.0 555.117.3
2.513.422.9
April 2 9.. 2,514.961,3 2.527.901.5
553.291.4
527.408.4
2.526.363.1 433.095.8 93.712.6 •—
May o-■—
6 --

Reports of Clearing Non-Momber Banks.— T h e fo llo w in g is
th e sta te m e n t o f co n d itio n o f th e clea rin g n o n -m e m b er b a n k s
for th e w eek e n d in g M ay (i, b ased on a v e ra g e d a ily resu lts:
Banks.

We omit two ciphers (00) In all these figures.
Legal Deposit with
Loans.
Dlsc'ts Specie. Tender
and Clear­ Other Net
and
Capi­ Sur­ Invest­
Bank ing Banks, Deposits.
tal. plus. ments.
Notes. Agent. <fcc.

N. Y. City
Boroughs oj
Man.A Brx. $
Wash. Hgta 100.0
Century . . . 260,0
Colonial . . . 400.0
Columbia . - 300.0
Fidelity . . . 200.0
Jefferson.. - 500.0
Mt. Morris. 260.0
M utual----- 200,0
P la z a ......... 100,0
23rd Ward. 200,0
Yorkvllle .. 100,0
New Ncth’d 200,0
Batt.Pk.Nat 200,0
Aetna N at. 300.0
Borough of
Brooklyn.
Broadway . 200,0
252.0
Mfrs. Nat — 1,000.0
Mechanics’ 750.0
Nassau Nat.
Nat. C ity - 300.0
North Side. 200.0
First N at— 300.0
Jersey City.
First N at— 400.0
Hud.Co.Nat 260.0
Third N at— 200,0
Hoboken.
First N at— 220,(
Second Nat 125,
Tot. May ( 7.497,
Tot. Apr. 21 7,497,1
Tot. Apr. 22 7.497.

S
1.322.0
1.493.0
6.267.2
6.576.0
1.067.2
3.842.6
2.579.2
3.671.7
4.228.0
1.939.3
4.207.9
2.228.0
1.465.3
2.075.3

s
143.0
27.7
817,9
681.0
55.6
351.2
475.4
18,2
328.0
163.2
44.0
256.0
161.0
455.5

538.0 3,311,1
5,420,5
843.9 11,971,4
853.1
1,043,5 8.148.0
588.1 3.876.0
150.8 2.128.4
638.7 3.557.0
1,269,8 4.890.5
763.5 2.839.6
406,0 2.210.9
630,a 3.589.8
255.3 2,832,(3
12.799,
'
f 97,787,5
97.398,
12.799, | 97,502,
'
12.799,
'
C

36.8
591.0
218.4
693.0
76.0
134.1
349.0
297.8
115.4
37.7
159.8
175.0
6,861,7
6,963,i
6,838,

S
282,0
148,9
402.8
702.4
183.2
521.5
334.4
387.2
460.9
107.4
492.8
271.8
153.2
309.6




EXPORTS AND IMPORTS OF SPECIE AT NEW YORK
Imports.
Exports.
Oo1d.
Week. Since Jan. 1 Week. Since Jan. 1
$45,930
3reat B ritain........................- ............
........... ............... $17,920
447,587
$3,500
Germany ........................................- - $10,200 1,029,730
25,174 *9*56*249
West Indies..........................................
172,155
48,900
562,926 119.932 1.026.006
South America...............- ..................
832.190
14,797
128,375
*24*375
All other countries..............................
$3,480,117
$34,575 $2,224,531 $226,780
Total 1911........................................ 1,094,000
138,691 5.122,904
Total 1910........................................ 1,177,393 43,790,494
32.226 4,645,412
45,291,573
Total 1909................. - ....................
Silver.
$22,011 $149,319
$845,209 $15,685,819
5,480
54,000 1.098,200
7,673
16,493
19,222
546
48,390
3,131
230.157 1,132,577
671.080
46.645
18,703
699,842
13,852
3,600
All other countries------ - .................
$2,685,193
$902,340 $16,871,265 $313,211
30,172 1,347,616
614,243 14,779.941
Total 1909.................................... - 1.065,326 10,778,623 39,647 1,697,088

Of th e a b o v e im p o r ts for th e w eek in 1 9 1 1 , $ 3 0 ,0 4 4 w ere
S
$
$
$53.0 148.0
17.0 1.300.0
()7.1 187,4 1.710.0 A m erica n g old c o in a n d $254 A m erican S ilv e r c o in .
221.1 703.0
424.5 768.0 284.0 7.792,7
643.0 273,2 57.0 7.584.0
1,117*3
114.1
315.5 264.0 70 L 3 5.147.6
78.1 3.455.0
55.0 492.1
4.649.0
fa u ltin g a n d f in a n c ia l
655.0 680,0
5.676.0
398.0 1.291.0
2.250.7
59.4 287.9
434.8 5.575.7
773.0 213.9
35.0 2.755.0
80.0 474.0
1,320.9
82.3
44,6
R a ilro a d a n d In d u s tria l S to c k s
94,8 43*. i 2,020.6
51.5
Let us send you our circular describing 110 ISSU BS of listed B II
289.2 318.8 3.835.1 road and Industrial Stocks.
453.5 1.346.2
197,2 6.642.0
227.1
209.0 15,596.8
S p e n c e r T ra sk & C o.
1,417,1 1.827.2
8.794.0
346.0 1.410.0
43 EX C H A N O E P L A C E .------N EW Y O RK .
174.6 5.166.0
543.0 841.0
2.463.0
C hicago. III.
B oston. M ass.,
A lbany. N. Y.
122,8 210.2 110.1
82,0 455.0 39.0 3.312.0
Members New York Stock Exchange.
305.6 2,282.8 1.101,0 7.134.7
58.4 382,6 350.0 2.774.5
130.2 717.0 54,2 2.779.5
27.5 161,2 255.7 3.481.8
W H I T E ,
W E L D
&
C O .
82.4 300.1 3,355,3
32,0
M
embers
New
York
Sloe!
E
icbange
7,639,fr 15,844,1 4,945.3 117696,4
110873,0
7,829,1 14,433,£ 4.815.­
8 NASSAU ST R E E T .
T H E R O O K ER Y )
8,101, 15,889, 4,644,5 117152,9
N EW Y ORK
CHICAGO

1294

T H E C H R O N IC L E
M % r ik z v $ f

% < x z z \\z .

__
„ w, al[ Street, Friday Night, May 12 1 91 1.
T h e M o n ey M a rk et a n d F in a n c ia l S itu a tio n .— T h e in
cr ea se d a c tiv ity w h ich w as an im p o r ta n t fe a tu r e o f la st
w ee k s s e c u r ity m a rk ets w as n o t co n tin u e d o v e r in to th is
w e e k . O n th e co n tr a r y th ere h a s b een a retu rn to th e co n ­
d itio n s w h ich h a v e e x iste d m uch o f th e tim e d u rin g th e p a s t
tw o or th ree m o n th s— c o n d itio n s w h ich reflect a p ro fe ssio n a l
trad ers m a rk et w ith n o p er ce p tib le in te r e st sh o w n b y th e
o u tsid e p u b lic. T h ese c o n d itio n s are e sp e c ia lly n o tic e a b le
in th e sto c k m a rk et, b u t e x is t to a g re a te r or le ss d eg ree in all
d e p a r tm e n ts.
1 h e d em a n d for in v e stm e n t b o n d s, w h ich , q u ite in con
tr a st w ith la st w e e k ’s record , w a s v e r y lim ite d d u rin g th e
Pa rt ° f th is w ee k , h a s, h o w e v e r , s te a d ily in crea sed ,
n o ta b ly th a t fo r N ew Y ork C ity issu e s, w h ich h a v e b een th e
stro n g featu re o f th e b on d lis t. In te r e st in th e fo rth co m in g
G o v e rn m en t issu e o f 8 5 0 ,0 0 0 ,0 0 0 P a n a m a C anal b on d s
a lth o u g h slo w ly a w a k e n in g , is still m u ch le ss in e v id e n c e tha
u su al w h en su ch a m a tte r is im p e n d in g .
A ffairs in M exico seem to b e d ra w in g to a crisis, b u t th is
m a tte r , im p o r ta n t a s it is, h a s h ad little if a n y effe ct in th e
local m a rk ets. M o n ey m a rk et c o n d itio n s a t h om o an d
a b roa d a rc sh o w n b y a su r p lu s reserve o f 8 4 1 ,6 3 9 ,0 0 0 h eld
b y th e C lea rin g -H o u se b a n k s la st S a tu r d a y , b y a n in crea se
in th e p e r ce n ta g e o f reserv e h eld b y th e B a n k o f E n g la n d
to a p o in t w ell a b o v e th e a v e ra g e in recen t y e a r s a n d Dy a
n o ta b le a d v a n c e in B ritish co n so ls.
T h e o p e n m a rk et ra te for call lo a n s a t th e S to c k E x c h a n g e
d u r in g th e w eek o n sto c k a n d b on d co lla ter a ls h a s ran ged
fro m 2 to 2 % % . T o -d a y ’s ra tes o n call w ere 2(512% % .
C om m ercia l p ap er q u o ted a t 3 % @ 3 % % for 60 to 90-clay
e n d o r se m e n ts, 3 % @ 4 % for p rim e 4 to 6 m o n th s’ sin g le
n a m e s a n d 4 @ 4 % % for g o o d sin g le n a m e s.
T h e B an k o f E n g la n d w ee k ly s ta te m e n t o n T h u r sd a y
sh o w ed a n in crea se in b u llion o f £ 1 9 5 ,5 7 2 a n d th e p er ce n ta g e
o f reserve to lia b ilitie s w as 5 0 .6 4 , a g a in st 4 7 .8 6 la st w ee k .
* n e ra te o f d isc o u n t rem ain s u n ch a n g ed a t 3 % , a s fixed
M arch 9 . T h e B an k o f F ra n ce sh o w s a n in crea se o f 6 ,3 0 0 ,0 0 0
fr a n c s g o ld a n d 6 ,8 2 5 ,0 0 0 fran cs silv e r .

[VOL.

LX X X X II.

par; se llin g , l- 1 0 c . p er $ 1 ,0 0 0 p re m iu m . S a v a n n a h , b u y in g ,
d isco u n t; se llin g , p a r . B o sto n , 1 0c. p er
5 1 ’ ■ > ch sco u n t. S t. L o u is, 1 5c. p er $ 1 ,0 0 0 p re m iu m .
’ ^o ucn' t.P cr ® b 0 0 0 p re m iu m . M o n treal, 6 2 % c . p er
$eJ'n
1 ,0 n0 A0 Uid isc
S ta te a n d R ailroa d B o n d s .— S a les o f S ta te b o n d s a t th e
B o a r d m c lu d e $ 3 4 ,0 0 0 V irginia 6s d eferred tr u st re ce ip ts a t
to 5 9% a n d $ 2 ,0 0 0 L ou isia n a c o n . 4 s a t 9 9 .
The m a rk et for r a ilw a y a n d in d u stria l b o n d s h a s b een
m u ch le ss a c tiv e th a n la st w ee k , b u t o n o n e or tw o d a y s
th e sa le s w ere r e la tiv e ly largo. In th is d e p a r tm e n t N ew
Y ork C ity issu es c o n tin u e th e fa v o r ite s, th e “ te m p o r a r y re­
c e ip ts sellin g a t th e b e st p rices record ed for th a t issu e .
E rie c o n v . series A a n d B h a v e b een m ore a c tiv e th a n
u su al a n d co n sp ic u o u s for a n a d v a n c e o f 1% p o in ts. A tc h i­
son c o n v . 4 s, S t. L o u is S o u th w e ste r n co n . 4 s a n d W estern
M aryland 4 s h a v e a lso b een stro n g fe a tu res.
U n ite d S ta te s B o n d s .— S a le s o f G o v e rn m en t b o n d s a t th e
B oard a ie lim ite d to $ 2 ,5 0 0 2 s, c o u p ., a t 101. T h e fo llo w in g
arc th e d a ily clo sin g q u o ta tio n s; for yearly range see third
page following.

Interest May May May May
Periods 6
8
9
10
2s. 1930 .........
Q—Jan *101 *101 *101 *101
2s, 1930...........
Q—Jan
*101 *101 101
3s, 1908-18... — registered Q—Feb *101% *101% *101% *101%
3s. 1908-18__
*101%
4s, 1925 ................. registered Q—Feb *114% *101%
*114% *114% *114%
4s, 1925.......................coupon Q—Feb ♦ 115 *115 *115
2s, 1936.Panama Canal regls Q—Feb *100% *100% *100% *115
*100%
* This IS the price bid at the morning board; no sale was mode!

May May
11
12
101 100%
101 100%
♦ 101 ^ 101%
*101 % 101%
*114** *114%
115 115
100% 100%

R ailroa d a n d M isc e lla n e o u s S to c k s .— T h e sto c k m a rk et
h a s a g a in b een d u ll, narrow a n d g en er a lly fe a tu reless. A s
w as th e ca se la st w e e k , a sp u r t o f a c tiv ity fo llow ed th e a n ­
n o u n c e m e n t th a t n o d ec isio n s a ffe ctin g se c u r ity v a lu e s w ou ld
b e h a n d ed d o w n b y th e S u p rem e C ou rt, b u t th e fo rce of th is
w as soo n sp e n t a n d th e m a rk et la p sed a g a in in to th e m orb id
s ta te w h ich h as ch a ra cterized it so m u ch o f th e tim e d u rin g
re ce n t m o n th s. T o -d a y ’s m a rk et h a s b een o n e o f th e few
m o st in a c tiv e o f a v er y dul 1 sea so n a n d p rices g en er a lly
se ttle d to a fr a c tio n a lly lo w er le v e l.
A s a lr e a d y n o te d , flu c tu a tio n s th r o u g h o u t th e w eek h a v e
co v ered a n arrow ra n ge. U n io n P a c ific. R ea d in g a n d U . S .
b tcel h a v e b een th e a c tiv e fe a tu r e s, b u t th e re h a s b een
1910.
1909.
Differences
Averages for Averages for n o th in g u n u su al in th eir m o v e m e n t.
from
week ending week ending
For daily volume of business see page 1 3 0 4 .
previous week.
May 7.
May 8.
T h e fo llo w in g sa le s h a v e occu rred th is w ee k o f sh a res n o t
8
6
S
130,350,000 126.350.000 rep resen ted in ou r d e ta ile d list o n th e p a g es w h ich follow :
185,325,600 172.318.900

1911.
Averages for
week ending
May 6.
$
C apital............................ 134.150,000
200,234,400
Loans and discounts__ 1,351,953.500 Dec. 7,399,100 1.194,199.300 1.346,484,000
45.927,200 Dec. 197,400 47.955.000 49.179.000
Net deposits................... 1,405.872,100 Dec. 10,672,000 1,173,278,700 1.396,185,800
U. 8. dep. (Incl. above)
1,525,100 Inc.
33,500
1,600,100
2,403,600
315,363,200 Dec. 3,670,300 237.651.200 280,001.300
74.913,900 Dec. 871.800 66.441.000 76.672,600
390,277,100 Dec. 4.542,100 304.092.200 356.673.900
351.468,025 Dec. 2,668.000 293.319.675 349.046,450
Surplus reserve......... 38.809.075 Dec. 1,874,100 10,772,525
7,627.450
Surplus, cxcl. U. 8. dep 39,190,350 Dec. 1.865.725 11,172,550
8,228,350
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 separate banks, also the summary Issued by
the State Banking Department, giving the condition of State banks and trust com­
panies not reporting to the Clearing House, appear on the second page preceding.

F o r e ig n E x c h a n g e .— Q u iet tr a d in g w ith in a n arrow range
h a s b een w itn e sse d th r o u g h o u t th e w e e k . T h e clo se w as
u n ste a d y .
T o -d a y ’s (F r id a y ’s) n om in a l r a te s for ste r lin g e x c h a n g e
w ere 4 85 for s ix ty d a y a n d 4 8 7 % for s ig h t. T o -d a y ’s
a c tu a l ra te s for ster lin g ex c h a n g e w ere 4 8 4 3 0 @ 4 8 4 4 0 for
s ix t y d a y s , 4 8 6 3 5 @ 4 8 6 4 5 for ch e ck s a n d 4 8 6 6 0 @ 4 8670
fo r c a b le s. C om m ercial on b a n k s 4 8 3 % @ 4 84 a n d d o c u ­
m e n ts fo r p a y m e n t 4 S 4 @ 4 8 4 % . C o tto n for p a y m e n t
4 8 3 % @ 4 83% a n d g ra in for p a y m e n t 4 8 4 % @ 4 84%
T o -d a y ’s (F r id a y ’s) a ctu a l ra tes for P aris b a n k ers’ fran cs
w ere 5 2 1 % less 1 -1 6 @ 5 2 1 % for lo n g a n d 5 20 le ss l-6 4 @
5 2 0 for sh o r t. G erm an y b a n k er s’ m ark s w ere 9 1 % Cm
9 4 13-16 for lo n g a n d 9 5 % le ss t-6 4 @ 9 5 % p lu s 1-61 for
sh o r t. A m sterd a m b a n k er s’ g u ild er s w ere 40 3 0 @ 4 0 31
fo r sh o r t.
jit* ■ m
T h e p o ste d ra te s fo r ster lin g , a s q u o ted b y a re p re se n ta tiv e
h o u se , h a v e rem ain ed d a ily a t 4 85 fo r s ix t y d a y s a n d 4 8 7%
fo r s ig h t. :' :
E x c h a n g e a t P aris o n L o n d o n , 2 5 f. 3 0 % c.; w e e k ’s ran ge
2 5 f. 3 0 % c. h ig h a n d 2 5 f. 28 % c. lo w .
E x c h a n g e a t B erlin on L o n d o n , 2 0 m . 4 5 % p f.; w e e k ’s
ra n ge, 2 0 m . 4 5 % p f. h ig h a n d 2C m . 4 4 % p f. lo w .
T h e ran ge o f fo reig n e x c h a n g e fo r th e w eek fo llow s:

SterUno Actual—
Sixty Days.
High for the w eek_________ 4 84 %
Low for the week_______ 4 84 %
Parts Bankers' Francs—
High for the w eek_________ 5 2 1 %
Low for the week...........
'5 2 1 %;
Germany Bankers' Murks—
High for the w eek................... 94 1 3 .1 0
Low for the week..................... 94% less 1-32
Amsterdam Bankers’ Guilders—
High for tho w eek................... 10 18
Low for the week................... .. 40 15

T h e fo llo w in g
u n d e rm e n tio n ed
1 0c. p er $ 1 ,0 0 0
p re m iu m . N o w
co u n t; b a n k , SI

Cheques.
Cables.
4 8680
4 8655
4 8635
4 8660
5 19% less 3-32 5 19% less 1-16
5 20 less 1-32 5 20
95 3-16 less 1-32 95 % less 1-32
95 % less 1-64 95 3-16 less 1-04
40 36
40 32
40 33
40 29

are th e ra tes for d o m e stic e x c h a n g e a t th e
c itie s a t th e close o f th e w eek : C h icago,
p re m iu m . S an F r a n c isc o , 1 0c. p er $ 1 ,0 0 0
O rlean s, co m m er cia l, 2 5 c . p er $ 1 ,0 0 0 d is­
p er $ 1 ,0 0 0 p re m iu m . C h a rlesto n , b u y in g ,




STOCKS.
Sales
Range for Week.
Range since Jan. 1.
Week ending May 12. for
Week. LOWt St
Highest.
Loivest. j Highest.
Am Telegraph & Cable.. 100 82% May 6 82% May 6 81 Mch 85% Jan
Associated Oil............... 500 54 May 10 54 May 10 48 Mch 55% Apr
Batopllas Mining_____
L’,-. Sl% May 8 $1% May 8 81% May 82% Jan
Cent & So Am Tclcg___ 100 118%
May 8 118% May 81116 Jan 122 Mch
Comstock T unnel_____ 11.900
26c. May 29c. May
12 20c. Feb 29c. Apr
Cuban-Amerlcan Sugar. 100 37%
May 12 37% May 12 35
Feb 37% May
Detroit & Mack, pref__
10
100
May
9
100
May
9
May 100 May
Detroit United............... soo
May 11 71% May 1 100
67% Jan 74 Feb
K I du Pont Powd, pref 100 940% May
10
May 10 82 Jan 94
Evansville Sc Terre H’te 600 75 May 11 94
80 May 12 60 Feb 80 May
Homcstakc Mining _.
20 84 May 10 86
May 9 84 May 86 May
Apr
May Department Stores 700
70%
May
8
72
May
72 May
M St P & S S M rights.: 1.202 7% May - , 7% May 88 706% Apr
Apr 8% Apr
.
Subscrip rets 1st paid.
48
135%
May
9
May
9
135%
135% May 135% May
Pref sub rets 1st paid
34
145%
May
!)
145%
May
9
145%
May
115%
May
Quicksilver Mining.........
2 May 8
May 8 2
2% Jan
Sears, Roebuck & Co, pf 100
100 121
9 121 May 9 119% Apr
Jan xl22 Mch
Underwood Typewriter. 1,170 68% May
May
70%
May
11
63
Mch
70%
May
Preferred.............
150 106 May 106% May 8 102% Mch 100% May
United Cigar Mfrs.. pref
l., 102% May 12 104% May 12 101% Mch 104% May
U S Industrial Alcohol.. 100 25 May 8 25 May 8 25 \1:i\ 26% Apr
Preferred .....................
50
May 12
May 12 91% May 94 April
Virginia Iron. Coal Sc C 200 91%
60 May 11 91%
60% May 11 52
Jan 60 Feb
Vulcan Dctlnnlng, pref. 100 51 May 12 51
May 12 50 Jan> 51
May

O u tsid e M a rk et.— T h ere w a s no im p r o v e m e n t in th e
m a rk et for o u tsid e se c u r itie s th is w e e k , tr a d in g b e in g a lm o st
a t a s ta n d s till. P r a c tic a lly th e o n ly p rice ch a n g e s o f a n y
im p o rta n ce w ere in A m erica n T o b a cc o a n d S ta n d a rd O il.
T h e form er o p en ed th e w ee k a t 451 a n d , a fte r w ea k en in g to
4 5 0 % , m o v e d up s te a d ily to 4 6 4 . T o -d a y ’s b u sin e ss w as a t
4 5 4 , e x -d iv id e n d . S ta n d a rd Oil from 672 fell to 671 % and
a d v a n c ed to 6 7 9 % , th e clo se to -d a y b e in g a t 6 7 8 . C on soli­
d a ted R u b b er T ire co m m o n w ea k en ed from 4 % to 4 % , th e
p referred a d v a n c in g from 2 8 % to 2 9 . In ter co n tin en ta l
R u b b er co m m o n im p r o v ed from 29 to 2 9 % , rea cted to 29%
a n d sold to -d a y a t 2 9 % . S tu d o b a k e r C orp oration co m m o n
g a in e d 6 p o in ts to 55 a n d clo sed to -d a y a t 5 4 % . T h e p re­
ferred a d v a n c ed from 102% to 105. B u sin e ss in th o b on d
d ep a rtm e n t h as b een m a te r ia lly re d u c ed . M o. K a n . &
T e x a s 5% n o tes sold up from 99% to 9 9 % . N a tio n a l R y s .
o f M exico 4% % n o tes w ere trad ed in a t 9 9 % and 99%
S o u th ern B ell T e le p . 5s a d v a n c e d from 9 9 % to 9 9% , rea cted
to 99% and fin ish ed to -d a y a t 9 9 % . T ex a s C o. 6s eased off
from 102 to 101% , b u t su b s e q u e n tly reco v ered tho lo ss.
W estern P acific 5s w ere w e a k , d ro p p in g from 9 2% to 9 1% ,
w ith a final re co v ery to 9 2 % . B u sin e ss in m in in g issu es w as
sm a ll. B rad en C opper sold b e tw e e n 3 % and 4 % , w ith th e
close to -d a y a t th o h ig h figu re. B ritish C olu m b ia a d v a n c ed
from 5 % to 5 % . G irou x d ec lin e d from 6 % to 5% a n d en d s
th e w eek a t 5 % . In sp ira tio n m o v e d up from 7% to 7 % and
d ow n to 7 % , ju m p in g up to -d a y to 8 % . T h e close w as a t
8 % . K err L ake a d v a n c e d from 6% to 6 % . L a R o se C on­
so lid a ted sold u p from 4 % to 4 % a n d d ow n to 4 9-1 6 w ith
th o final figure a t 4 % .
O u tsid e q u o ta tio n s w ill b fo u n d on p age 1 3 0 4 .

New York Stock E xchange—Stock Record, D aily, W eekly and Yearly
O CC U PY IN G T W O PA G ES

_

Range J ot Previous
Range since January 1.
STO CK S
Sales of N EW YORK
STOCKS—‘HIGHEST AND LOWEST SALE PRICES.
Year 1910.
STOCK On basis of 100-share lots.
the
EXCHANGE
Week
Tuesday Wednesday Thursday Friday Stores
Saturday Monday
Highest.
Highest.
May 12
May 9
May 8
May 10
May 11
May 0
Railroads
„ 100*s Jan 3 110 % May 3 9034 J ’iy 124% Jan
& S anta Fc
A tchDoTopeka
10878 10914 109 110% 1 1 0 110*8 110 110*2 1097s 110*2 1 1 0 1 1 0 % 53,900
Jan
p r e f _________ 10034 Jan 3 10334 May 5 x97 J ’ly 104*4
10312 103*2 10312 103*2 103*2 103*2 103*2 103% 103*2 103*2 1,520
*10312 103% *123
137*2 Jan
100 A tlantic Coast Line R R — 117 Jan 3 125 Jan 1 102*2 J ’ly
12*1*2 ♦ 123 12412 *122*2 124% 122 12412 124*2 124*2 905
♦ 123 12-H2 1045s 104%
102
Feb
24
100*4 Sen 119% Jan
109*2
Jan
31
I
Baltimore
&
Ohio______
♦ 10412 105 104*2 104*; 10412 104%
1013.1 1013.1
Mch21 91 Jan 4 87*4 Sep 94 Jan
Do p r e f _________ 87*':
89 ' *88*2 89 ♦ 88*2 89 *88*2 89 11,700 Brooklyn
*8812 89 *88*2 89 *88*2
747s Jan 3 79*2 Feb 6 68*2 Feb 82% May
R apid T ran sit. 195%
78% 7878 78*4 79 7S34 7878 78*4 783., 78% 79% 79 79*2 24.075
May 1 17034 Feb 202 % N or
Jan
a
n
a
d
ia
n
Pacific______
C
233*8 2333S 2341s 233 23312 23278 233*2 232*2 2333s 100 -anada S ou th ern --------- 02 Mch 33 237*8
232*4 23418 232
68 May 12 G0% J ’ly 70 Jan
08 08
*6212 721.1 *6212 72*4 *65*4 72*4 *65*4 72*4 *G5*4 72*4 ♦ 270
Meh 10 285 Feb 21 248 J'ly 312 Jan
C entral of New Jersey___ 270
278
278
*270 278 *270 278 *270 278 *270 278 ♦ 270
24 8G34 Feb 8 65 Aug 92 Jan
& Ohio------- 77 Apr
801s 1.300 Chesapeake
80*4 79*2 707s 79*2 7934 793.1 81 79% 30
7912 80 79*4 ~~
Apr 7 30 Jan 9 23% J'ly 6G34 Jan
Chicago & A lton R R ____ 25
30 *25 30 *25 30
♦ 25 ~~
"" *25 30 *___
*25 30 *25 64
Jan 19 04% J ’nc 69 A pr
62 Mch 17 53
Do pref______________ 20*s
54
*
64 ___________ ;----- 54 *___ 6 1 ♦ ___ 54
19 J'lV 36% Jan
19 24% Feb
490 Clilc Gt W est tru st c tfs .. 42 Apr
% 1,305
*21 2U2 * 2 1 2 2 * 2 1 21*2 20*2 207s 20% 20
40 J ’ly G4% Jau
*21U 21%
49*4 Feb
Apr
25
Do
pref
tru
st
ctfs-------42 42*2 42 42 7,500 Chicago Mllvv & S t P a u l.. 117 Apr 18 133*'» Feb
*43 44 *421*> 44 *42*2 44 §42 42 11978
113%
’ne 15S% Jan
120*2
1207s
1207
8
1193.1
120*8
11934
120
143 JSep
llOlo 12014
119% 1203s
172% Jan
Jan 3 155% Feb
250 Do pref______________ 147
154 150*4 150*4 2.485
156 1493,1 149-% *146
18 2 % Jan .
137*4
J
’ly
1149*4 149*4 *149*4 166 *149*4
150
Feb
142*2
Jan
10
& N orth W estern §200 Jan 4 §209 Jan
145 145 14534 200 Chicago
145 145 145*2 14512 *144 146 144*2 145 144 201
203 J 'ne 225 Jan
Do
pref______________
2
10
*
20
1
201
201
201
205
*201
210
210
*201
140
Apr
*201
162% Feb
140
Mch
8
130*8
Apr
20
Chic
S
t
P
M
inn
&
Omaha
*135 145 *135 145 *135 145 *135 145 ♦ 135 145 *135 140
27 §160 Apr § 170*4 Feb
152 Feb 18 §16033s Mch
Do pref
105
♦ 153 105 *154 105 *154 105 *154 165 *1542 1052 *154
Feb 4 2% Dec 5% Jan
2 A pr 7
Chic
U
n
T
rac
ctfs
stinpd
*2
2
%
*2 2*2 *2 234 *2
1% Sep 12% Jan
2*4 *2 2*2
Feb
Apr 11 007% Jan
Do pref ctfs stm p d __ 6*4 Apr
8
*5 8
*5 7 *5 7 *5 7 *5 7 ♦ *5
Nov 92*4 MqN
25 98 Feb IS1 61
Clevc Cln Chic & S t L __ 60*2
GO 62*2 60 60
Jan
*60 G3 *60 G4 *60 64 ♦ 60 64 *9212
99
Sep 104
2 Mch 18
Do pref______________ 16
*92*2 100
100 *9212 100 *92*- 100 *52*2 100
*92*2 100 *92*2
40
J'ly 6534 F eb
00
Jan
18
61
Apr
18
Colorado
&
S
outhern____
117
54 *52*2 54
83
Mcb
*5212 54 53 53 553 63 *5212 54 70 76
70
J
’ly
77
Jan
24
74*4
Mch
27
425 Do 1st preferred
78
70 Aug 81 Jan
*75 78 *75 78 *76 78 70 70*2 *72 7*1*2 *70
75*2 Mch
73*2 Jan H
2d preferred
*72 7412 948 D Do
Jan
185
*72 74*2 *72 7412 *72 74*2 *72 74*2 10934 170 *109
172%
May
2
14914 J ’iy
164%
Jan
3
elaware
&
H
u
d
so
n
._.
172
M cb
♦ 169*4 171 *169 172 *169 172 1697g 16978 *505 550 *505 650
Apr 6 490 J ’ly 620 Jan
claw are Lack & VVest. 510 Feb 9 545
*505 550 *505 550 *505 550 *505 550
Feb 16 23*4 J ’ y 62
27*2 May 2 35
600 D envcr & Rio G rande.
28*4 28*4 28 28% 1.254
Jan
84
*28 29 28*4 28*4 *28*4 28*4 *28*4 30
62 % J y
74
Feb
21
63*2
May
2
Do
pref_____________
6434 64% 200 D uluth So Shore & A tlan 11 Jan 0 15% Mch 30 10 J ’ly 1834 Jan |
04*2
6434 65*8 ♦ 64*4 65*8 64*2 6458 *04 65 6334
14-% *14% 15
34%
16*4 ♦ 1438
*1412 15*2 *14*2 15*2 *14 15*4 *14*4
17
J
ly
22 Jan 6 30% M ch30 19 % J ’ly 34% Janr
pref
25 28
"" *25 28 40.450 l ^ Do
*25 28 *25 28 *25 28 *25 28
27% Jan 11 32% Feb 20 3 5 J ’ly 5234 Jan
r l c -----3 I 84 32%
8 32%
32 317
Mcb
31% 3078 31*8 31*s 315S 31*2
30*4
Feo 20
O Do 1 st preferred__ 45% Jan 12 61%
50*4 50 5038 9.400
48*4 4834 48*2 4834 48% 49*8 49 50 4934
42 Mfh
9 40*2 Feb 20 26*4 J ’ly 143%
2d preferred___ 1 2352 Jan
1.600 G reatDo
3934 40 6.405
38*2 38*2 39*s 39*2 1203
Jan ;
37% 375s *37 38*2 38*4 38*4 120*2
l
i
s
J
ly
131*2
Feb
1
Feb
24
N
orthern
pref____
4 127
1 2634 126*2 127
126*4 127 12034 127*4 12034 127%
50 Jan 5 63*4 Feb 2 45 J iy 80*2 Jan
Iron Ore properties
69% 69% *00 61% 500 Green
*60 61 60 00*4 *59*2 60*2 *59*2 60*2
18%
Mch
1 1 Aug
16*4 Jan 17
13%
Mch
2
Bay
&
W
.deb
ctf
B
15
*13*2
1478
*13*2
15
Jan 97*2 Apr
♦ 13*2 97*2
14 *13*2 97*2 * ___ 97*2 * ___ 97*2
*13*2 14 *13*2 15 «___
95% Feb 11 96 Feb 17 88%
E lectric.
H avana
99
Jan
;
92
May
93«4
Jan
12
95%
M
ch28
Do preferred
97*2 * ----- 97*2 * ___ 97*2
■___
♦ ___ 97*2 *
97*214097*2
Mch 24 134 Apr 29 112 J'ne 140 O ct :
V alley________ 128
140 *
___________
*123 140 140 940 Hocking
«___
*
___________
140
147
Jan
124
J'ly
132
Jan
3
138*2
M
ch30
1
lllnols
C
entral------------138 §137% 13778 136 136% 7.800 1 nterboro-M etropolltan . 17*4 Apr 22 20% Feb 10 14% J ’ly 25*2 Jan
130*2 *136
137**2 137*2 137 137*4 136*2
18*2 18% *18% 19 0,000
19 19*4
19*8 54*4
1934 63
1878 19 19 1938 63*2
4734 Apr 22
653a J an 4 41% J ’ly 62% Jan i
Do p re f...
54 51*4 52*4
— 62% 52%
53*2
30 Jan
6212 6278 53
15 May 12 19% Feb 3 15 J'no
Iow a C en tral...
16% 1034 1678 16 10 15 10*4 1,700
1634 1678 1634 30
J ’ly 54*4 Ja n !
33%
Jan 17
28
A
pr
24
16*2 16*2
30 29*2 29% 29*2 29% 700 DoC Fpreferred
*29 70 *29
76 May 4 25
08 Aug 80 Feb
2934 2975
74
Apr
8
29*1 2934 *76
t
S
&
Mjtr
ctfs,pref
530
78
78
♦
76
♦
76
78
*76
576 33-%
44*4 Jatt \
May 3 35% Feb 21 23 J'ly
76 76 *3334 78
City S o u th ern .. 32 Jan
3378 34% 34% 34% 800 ansas
*33*2 34
33%
71 Ja n 3 68 Mch 17 68 Aug
34 34 6778 34*4
Do preferred--------- 64*2
200
♦ 00*2 08 *60*2 08 ♦ 67 08
**14
00*2 08
15 J'n e 25*4 Jan ;
16*4 Feb 1
15
Apr
21
6734 6734 *14 C778
ake
Erie
&
W
estern.
_
L
*14
15
*14
15
*14
15
15
15
62*4 Jan
*14 15*4 *30 37
35 May 2 40 Jan 13 37*4 Dec 180
preferred
37 *30 37 *30 37 *30 37 22,100 LehighDoValley____
N or
16884 Apr 24 18 l*s Feb 3 173*4 Dec
*30 37 174l8 1743.J *30
17434 175 17334 1747g 173*2 17478 174 174%
70*., Apr :
60
J
’ly
63
Jan
16
1735s 174% *57 62 *57
68 Apr 13
Long
Island________
03
*57
*57
63
*57
62
62
159*4
Jan
1483
4
Jan
IS
*57 02 *145*4 14G34 *14534 146%
J
’ly
142*2
Jan
25
800 Louisville & N ashville. . 134 Mch 28 141 Jan 0 123 J ’ne 146 O ct
145% 145*2 146 140
145*8 146*2 *135
*145 146 *135 138 136*2 136*2 *135
100 ll/I an h attan E levated. _
139 *135 138 1.475
139
Jan
*135 137
J’ly 53*4
21% Apr 26 31 Feb 15 23
ITAlnneapoIls A S t Louis 35
25
23*2 25 38*2
22*4 22% 22*2 22% 22*4
80 F eb ]
22 22 2234 2234 *35
Mch 13 § 59 Feb 14 1 1404 JSep
550 Do preferred________ 132*8
3812
37 *35 37 30 30 136
36 36
145
Mch
’ly
30*4 36*4 137*8
152%
Mch
30
Jan 4
S t P fc S S M arie__
136*4 2.150 M inn
135*2 130
137*8 130*2 137 135*2 135*2 *147
*138 139
144 J'ne 155*2 Mch
Jan 0 160 Mch 30 xS0*4
Do preferred________ 14734
153 *147 153
151
153 *149 153 *147
92*4
J
an ,
*150 153 ♦ ♦ 150
Sep
90*2
Mch
15
88
%
Mch
24
Do leased line ctfs__ 31 Feb 24 36% Feb 8
100
90
*8834 90 *89 8934 *89
89*4 89*4 88*4 S934 *88% 89*4
J ’ly
61*8 Jan
3278 33 1,200 Mo K ansas & Texas
3234 *32*4 3234 3234 3278 *66
*32*4 33 32*4 3278 *32*4
745s
Jan
!
67
J
’ly
68 I4 Mch 29
63*2
J
an
16
Do
preferred—
100
67
67 *66 67 ♦ 66 67 4834 49% 4,500 Missouri Pacific
73% May i
*66
67 67 67 *66
63 Feb 15 41 J ’ly 140
45% Apr 19 150
48*2 153
49 150 150
49*4 48% 4878 *148
N or i
49*8 49% 49 155
12 5 J ’ly
Apr
20
49 49*4 *146
140%
Jan
19
ash
C
hatt
&
S
t
Louis,
200
N
*148
155
155 *148
*146 155
72% Jan 26 60 Feb 72% N or !
Mch 8 38%
a t R ys of Mcx 1st pref 69%
60 72 T.600
*00 72 *60 72 ♦ 32%
Feb 15 23*2 J ’ly 37% N o r i
♦ 66
70 *455 72 *65 72
32 May 0 115%
2d p referred.. 104%
32% 3,120 N Y CDo
32*2 32% 3212 32% 107 107*4
33*2 34 106*2
Feb 3 105*8 J ’ly 128 Mch
Apr
la
entral
A
H
udson.
1007# 100 % 107*8 *68 59*2 300 N Y Cldc & St L o u is ... 57*2 Apr 17 65 Jan
107 100*4 107*8
19 5 5 % May 68% N o r ;
1007. 1067. *106%
69 59 *58 00 *58 60 *102 107
59 69 *101
101%
Mch
20 § 1 0 1 J ’ly 109*4 Jan :
68*2
101*2
Feb
21
Do
1st
preferred____
58*2 107
*101 107 *101 107 ♦ 82 85
♦ 10 1 107 *82 107
90
Jan
27 82*4 Apr 98 Jan 1
♦ 10 1
83
Apr
7
Do
2d
preferred_____
♦
82
85
85 *82 85
*82 85
149 Apr 162 Mch ‘
*82 85 *141
142
Apr
25
151*8
Feb
23
N
Y
N
H
&
H
artford
____
600
14*7
14212 14434 * 143*4 140 *143*4
145*4
145*4
149%
Feb
27 7*143 J'n e A151 Mch .
141
May
10
♦ 141 146 *140 147
Subscription
receipts
y
100
*142 148 141 141 *141 148 *141% 140
*140 148 *42 140
38*2 Aug 50 J&n 1
44%
Feb
‘
40*8
Apr
22
N
Y
O
ntario
&
W
estern.
520
42%
42»4
42%
42%
♦
42
42%
42% 42%
42*4
42% 42%
Jan 3 109*4 Mch 28 88% J ’ly 108% Mch .
<fc W estern_____ lOO*.,
100*2 106*2 10034 10634 ♦ 106% 107*2 1.500 Norfolk
91*4 Mch
106*2 100*2 106*4 106*4 *106*2 107 *88
863.,
Apr
IS
90*2 Jan IS. -88 Feb
Do
adjustm
ent
p
re
f..
89 *88 89
90
40*8 Do© ,
*88
39% Jan 3 43% Mch 6 35 Feb 145*8
Ohio Trac & L t 110
45 *43 45 18.576 NN orthern
43*2 *43 43*2 *-13
Jan .
111*2
Aug
128%
Feb
1
*42*4 45 *4212 45 *43
Jan
3
orthern
Pacific---------12478 12534 12478 125%
124% 125-% *94
125 1257S
125 125% *94
124*2 125*8 *94
100 Jan 11 102 Jan 101 100 Oct 118*4 J an :
"Pacific
Coast
Co---------*94
105
105
*94
104
105
104
*94 104
A
Do
1st
p
referred
..
♦
85
110
*85
110
*85 110
110 ♦ 85 105
*85 110 *85
11 105 Feb 118 Jan ;
Do 2d p referred.. 101 Jan 11 102 Jan
105 *94 106
105 *94 104 *94
*94 104 ♦ 94 104 *94
Feb 2 122%J'ly 138*2 Mch j
sy lv an ia__________ 121% May 12 130%
1217* 23,026 P enR nights
1223s 121% 122*8 121*2 1217, 121%
122*4 12 2 12 122*4 122*2 12 2
2 % May 8
2
Apr
18
............................
67.987
2%
2
5-32
2%
2
5-31
2
5-32
2
3-10
2»3m *94 96 *92 90 93% 94
2 3-16 2 3-16 2 3-16 2*2 2**04
Mch
93% May 12 100 Jan 17 89 J ’ly 104%
300 P Ittsb Cln Chic & S t L — 112
95
*94 95 94 94 *94
Feb 17 112 Feb 17 110 Oct 11 6 Mch
116 ♦ 108 113 104.600 T )eDon d inpreferred------------105 113 ♦ 105 113 *105
*105 113 *105 113 ► 15434
172%
Feb
101*4 Feb 7 130% J'ly
149*4
Apr
24
g
.............
155*4
156*8
155»g 1543S 155*8 154% 15578 ♦ 80% 92
154*4 165% 154% 165*2
xS5 Aug llU*aJan
93*2 Feb jj
Mch 1 91 Feb
ia t preferred______ 88
*891-2 92
92 *89*2 92
: *89 92 ♦ 89*2 92 *89*2
87 J ’ly
101 May
94
Jan
5
2 d preferred_______
99
*90
99*2
*95
98*2
*95
*96
99*2
67% Jan 1
22 % J'ly
*96 99*2 *97 99*4
Apr 21 33% Feb
Rock Island Com pany__ 2734
30 30 6,200
29*4 2934
29% 29% 29% 29%
54 J ’ly
29% 2978 *60
92% A pr .
Feb
29% 2978
Do preferred________ 6734 Apr 24 65%
62*2 100
61 61 *01
03 ♦ 60*2 62*2 *62
58
Aug
73 Jan
02
*01*2 63
63
Feb
♦ 00
01
Apr
24
t
L
&
San
F
r,
1st
pref.
140
S
04
*62
63*2
63%
84
63%
03 64 *62
00 Jan •
34%
Aug
44
Feb
*63 64 ♦ 40%
38
Apr
22
Do
2d
preferred____
000
40%
40
40*4 40*4 *30 31%
403s *40 40% *40 41 *30
34*2 Jan
34
Feb
*40 41
18
%
J
’ly
24
Jan
13
S t Louis S ou th w estern ..
31% *06 68
*30 31*2
♦ 30 31*2 *30 31*2
77*2 Jan \
69
Feb
21
5 112 J ’ly
5934 Jan 3
*30*2 31*2
Do
preferred___
*60
68
*60 68 ♦ 00
68
11338
Apr
18
1 2 V*4 Feb 2 103*4 J ’ly xl38% Jan ’
* 66*2 68 *06
Southern
Pacific
Co_____
13,370
11434
114%
114% 114% 11478 — 27% 12,800 S outhern v tr ctfs stm p d . 25*2 Mch 4 29 Feb
115*4 114% 11434 114%
3334 Jan j
18
J
’ly
114% 114% 11478
27*4 27*4 27*2 27% 27*2 6534 5.200 Do pref
75 Jan •
43 J ’ly
27 27*8 27% 27*2 27*8 27%
01*4 Jan 11 0634 Feb
do
65% 65*2 27 1.200 rP exas & Pacific---------6678 65% “““
65*2 65
3684 Jan
*64 05 65 65 6412
30%
Feb
21
22*2
J
’ly
25*2
Jan
3
27 *26*2
20 % *26
27% 27*4 27*4 ♦ 26%
5
**
J
’nc
12
Jan
6
19*2 Jan
*26*4 27 27
8%
Mch
2
0 A hlrd A venue (N Y)__
1134 * 1 1 !lf4 * 1 1 1 1 % 1.20
11
1 1 % 1178
1 1 % 12
1534 Jan |
11*2 m
8*2 J an 17
6%
Mch
27
5%
j'ly
800
Toledo
Railw
ays
<&
L
t
.
.
7*4
7*4
7*8
7
7*4
7*8
7*8
7*s 1978
19
J
’ly
54% Jan
0*2
7*2
2434
Feb
~
*6*2 197*
7*2 *1934
19
Apr
24
Toledo
St
L
&
W
estern.
1,500
1934 1934 193., 1934 19% 1,314 Do preferred----------- 45 A p r il 63% Jan
19*2 49
19% 19
1978
42*4 J ’ly 72*4 Jan
483
4 49*8 *48*4 49
*48*4
♦
48
49*4
49%
117*2 Jan
49*8 49*8 49% - 108*2 108*2 108*2 108*2 *108 108% ♦ 108*., 109
103 J ’ly
200 Twin City R apid T ran sit. 108 Jan 11 111 Feb
*108 109
*108*4 109*2 177 1777s 170% 177% 176&S 178 177*2 178*4 100.250
20134 Jan
1C9*., Jan 3 181% Feb
152*4 J'ly
I Tnlon Pacific.
177*8
103*4 Jan
88*4 J'ly
90% Mch 0 95*4 Apr
Do preferred.
94*4 9534 05*2 9534 0,600
943* 17778
04-% 1773a
94% 178*4
043., 94% 04% 93% 94*2 *40
49 Feb 20 23*4 J'ne 42% Jan
Jan 3 76*4
650 U nit R ys Iu v ’t of San Fr 31%
*40 42
42 42 41% 41*2 *70 43
*42
*40
42*2
72% Jan
47
J'n
e
Mch
22
60*4
Jan
3
Do
preferred----------100
*09 72
*70 —
72 71% 71% *70 72 43 72
*70 72 *___
Apr 24
41% Apr 13 45
100 Virginia Ry & Pow er___
43
40
27*4 Jan
183*
Feb
23
1 2 % J ’ly
15*2
Jan
0
a
b
a
s
h
-------------------100
W
*15%
16*2
15*2
16*2
*15*2
16*2
16*2 *15*2 10
' *I<T ”l"o*2 ♦ 3016*2 30
40% Feb 23 28% J ’ly Cl Jan
Do preferred------ 32% Jan 11 60
600
30% 86% 17,300
36 30*4 *35% 30*4 *3534 30*4
*30 37
M ayl2 40 J'ly 54% Mch
48%
Apt'
18
W
estern
M
aryland
R
y
._
5S7
8
69*s
00
68
%
687
8
6778
68
58-%
67*2
Dec
75 Jan 14 80*2 May 12 67 AUg 77
65*8 67*2
Do preferred_______
80*2 935
79*8 *78 79% 79 794% 7934
78*2 79
10 Jan
*75 79% 78*2
4 Apr 25 6*4 Feb 3 38 JApr
300 W heeling & Lake E rie— 12%
4*8
*4 5 *4 6
4*8 14 ♦ 1 24*8
Jan
’ne
23
5 *4 145 *13
17%
Feb
3
*
Apr 20
Do 1st preferred-----% 14
14 • 12 % 13*2 * 12*2
14 * 12 12
13* Jan
* 12
Jan 5 8 Feb 7 4 J ’ne 64
100 Do 2d preferred_____ 575 Jan
*6*4 7% 900
6*4 *68
N or
7% *696*4 707*2 *6*4 7*2 *686*4 70*2
44
J'ly
7 ♦ 0*4 68*4
3
72*8
May
*0
W
isconsin
C
entral------7012
70*4 70*4
*68*2 70*2 68*4
13 1 * 2

2 7

68*4

4*4

BANKS AND TRUST COMPANIES—BROKERS’ QUOTATIONS.

Rid
Banks
Nets York
Aetna _____ 175
America I I..1 000
Amer E xch. 240
Audubon — 105
B attery P k . 136
B ow ery?__ 400
BronxBoro? 300
Bronx N at. 190
B ryant Pk ? 155
B utch & Dr 133
century §|. 150
p hase
500

A 11
180
020
245
115
4lV
200
160
146




Rut
ChatJtPhenU 172
Chelsea Ex? 200
Chemical _. 425
Citizens' Ctl 167
City............... 1397
Coal & Iron 150
400
Colonial
Colombia ?- 376
Oommerce
Corn Ex ?_. 323
East lllver. 115
Fidelity ? .. 165
Ftfth A veil. 4000
B anks

Ask
178
436
162__
160
4U0
r 2 17
355
125
176
4250

Rid
Banks
300
Fifth . . .
920
First . . . .
14th S t?— 140
F o u rth ------ 205
Gallatin . . . 340
Garfield . . . 295
Germ-Am 1 140
Ucrm’n Ex? 485
Germania ?- 550
G otham . . . 150
Greenwich 1] 240
H anover— t635
285

Ask
350
150
210
350
305
150
___
675
155
250
___
—

Rid A s k
B anks
Im p <5: Trad 680 585
Irving N Ex 210 216
JelTerson?.. 140 160
L iberty____ 600 625
Lincoln____ 400 425
M anhattan? 325
M a rk ’t& F u l 248 254"
Mech&Met’s t269% 1270
Mercantile . 157*2
Merck Exch 165 170
M erchants'. 179 185%
Metropolis j] 395 415
Metropol 'nil 200 205

Banks
Mt M orris?.
Mutual ? __
N assau ___
New N eth’d
New YorkCo
New Y ork.
19th W ard.
PadflcH-----P a r k ............
People’s ? . .
P laza?..........

RUt
250
285
300
210
305
170
230
372*.
245
625

Ask
260
295
220
975
315__
240
377%
....
——

Banks
Prod Exch ?
R eserv e___
Seaboard . .
S econd-----Sherm an___
State ? -----12th VVard.
23d W a rd ..
Union E xc.
Wash H 'ts ?
West Side f
York vide ? .

Rtd
167
90
415
385
135
250
100
175
170
250
660
600

A lt
172%
100
400*
275*
177
276

1296

N ew York Stock Record— Concluded— Page 2

[Voii. LXXXXII.

STOCKS—HIGHEST AND LOWEST SALE PRICES.
Sates 0/
STOCKS
since January 1.
for Previous
tiis N EW YORK
STOCK OnRange
Saturday Monday
Tuesday Wednesday Thursday JpTidau Week
basts of IQOshare lots. Range
Year (1910).
EXCHANGE
M ay 6.
May 8.
May 9.
May 10.
May 11 May 12 Shares.
UHOttt.
Highest.
Higiiest.
*249 2H<i ♦ 240 245 ♦ 211 243 *y& 2 « *241 248 *241 248
Industrial ^M iscellaneous 235 Jan 20
*7 7»aj ♦ 7 7% 7*8 7% ♦ 7 778 *7 7% *7 ?a*
§245 Apr §235 Dec §270 Jan
J 00
*2fiV 2H* §27 27 ♦ 27 28 28 28 ♦ 26% 20*4 ♦ 26% 30
7-%-A pr IS 8% J*« 30
’lF 15 Jan 1
_Do_ ____
pref
6278 63 62V 624, 62% 63% 6234 6.71.1 210
f&S 6*%
25
Apr
Si
34 FoU 3 277% JAug
54% Jan
14,225
A
m
algam
ated
C
apper”
50*2 5 8 ^ 56% 55% 6614 561* 67 57 57 57
*&$>&
66%
59%
Apr
18
67%
Feb
6
55%
J"ly
Jan
A gricultural Chcjn 46 Jati 3 59 % Feb 18 36 J ’ly 90%
*100. 103 «1<)0 MJ) ♦ 100 106 *101 103 *100 105 *100 Ip5 2 ,200] Anw;r
40% Oct
47% 47% 46*4 48 47 47% 4612 47V 46% 48 4734 48% 10,600 Do pref_________
1 0 1 % Jan 27 .103 Feb 7
99%
Apr
193
Jan
♦ 95 IJ7* 96
Amorlcan
Beat
Sugar
97**) *95 98 96V 97 ♦ 95 97% 400 Dp p ref______
3934 Jan 12 48% Ma v 12 24 J ’ly 47% Jan
*04-1!
34*4 94*4 ♦♦ 95
92% Jan
93*2 95% *931*
98 Mch 18 89 J ’ly 95% J ’no
0512 *93% 95% *93% 95% 190 Amcr B rake Shoe «£ Frly 90
♦ Am i ^ i a
Jaa
97 Pen 27 88% Oct 9 1 % Nov
134*2 *131 134%
S0% l(t* 10*4 t 2 lT U% 1 2 1 ? 11% 12% ♦ 131
Do
pref___
128%
Jan
138
Feb 23 1 1 0 J ’ly 131% N ov
11%
12
117*
12
American Can
85%. Hu-4
871A 86*4 871 80*2 87 86% 86% 86% 87 48,650
S‘8 Jan
1C% May 9 0% \ nc I3?a Jan
*52 5* ♦ 851*
Do
pref_______
11,175
52 53 *62
77
Jan
5
53
87
May 9 62 J ’ly 82% Nov
62 52 53 53 ^ *53 53% 400 American Car & Foundry 50% A pr 24 67%% Feb
*114% tl7% ♦ ill 118 115V 1*5% H6V
8 39% J ’ly 7278 ja n
117
117% 600 Do p re f...........
»r 57 * 55% 67 55% 56 55% 115V
Mcb 13
Feb 14 109 JU 3
5o3t 117
Mch
55% 56 117%
65% 66% 7,930 American Cotton OU^”"" 114%
ior ♦ 1 0 1 105 ♦ 103 IOS
50% Apr 21 118%
62% Feb 28 63% J ’ly 120
^
60% Mch
*104
105
*104
105
♦ 2^7 240 ♦♦ 102350 210
Do
p
ref_______
104%
Meh
2
*235
240
105%
Feb
16
§240
240
100
Dec
107
Oct
*235
240
§235
235%
+3% 41.
American Express
Jan 11 §265 Jan 27 §230 Dec *32(1 Jan
.3% *31, 4 *3% 4 *3% 4 *3% 4 “ "120
*£? 241 22334 22
100 American H ide & Leather §2243% Jan
25 4% Jan 31
*21
*21
Sep
21 23% *21 24% *21 23
8% Jau
M%
100 Do p ref_______
20
Jan
10 25% Feb 8 193% Sep
ZV<t 22% 22 2J
22%
21%
22
4778 Jim
*21%
*
2
1
V
23
23
1,300
American
Ice
Securities’
17%
Jan
17 25h
♦
10
v
101
*10%
Mch 14 1«% Dec 29%
I
1
11
11%
*10%
11%
*
10 % 11%
♦ 30
100
American
U
aseod
_
~
*30
L0i8
Apr
21
*«9
12% Feb 14 1 1: J Iy 17% jaAl'ch
32 *30 32 *30 32 ^ *30 32 _____ Do pref_____
♦ 3f _
30 Apr 21 34
37 37 *36%
Feb 14 25%, J ’nc 46% ja ilil
371* 37®g 37%„ *37 38%_ 2,00 American Loooraotive”
*104% iOCl ♦ *3f
3534
Apr
21
104*4
1061U
42%
Feb 1 30
*104%
106%
*104%
.
.
.
.
’ly 62% Jail
M6V *104% 106% 100 Do pref........................' 104 Apr 18 110% Jan
, *3% 4* *3% 41. *3*4 4lJ. *3% 4% 103%
13 102% JAug
115 J.an
*3% 4% *4 4% ____ American M alt Corn
i S3?. 34 *33 35 33% 33% *33 35 *32
3%
Fob
17
4%
Jan
is
31.1
Dec
35
*32
34
100 Do p ref_______
31%AlcU 8 36% Jan 25 28% J"ne 488 Feb
*87% 8tf* 87% 87%
881.t 87% 87% *87% «8 *87% 88I4 200
Mtfh
Amear
Sm
elters
Sec
pr’
e
jf’B
86
Mch
3
^•,7$% 743,1 74^' 74% *67%
80
Fob
2
74V 74%
74% 74% 75% 751.! 73% 3,750 Amer SmeiUngd* Defining 70% Apr 18 81% Feb 2 82 J ’ly 00% Jaii
*101% 10S% ♦ 4041* lOTji-; §103% 105% /74 105V
61% J ’ly 104 Jhu
*101% 105V 106% 105% 150 Do pnof.................
103i8/Jan
3
♦ 269 . . . ♦ 209 . . . . *239 . . . *104%
103
Feb
1
98%
J
’ly
----300
300
112% Jan
369
...
100 Ametloan vSouir
280 Feb 27 300 May lo 243 Nov 285
**00 . , . W t 10J *103 . . . §104 1Q4 ♦♦ 100
Apr
104 *260
*100 104
150j Do prof............
99 A pr 6 104 May 8 95% Jan 102 Deo
♦ 40 44 ♦ 40 4’4 *41 43 *41
41 41 *40__ 41
100
Amor
Steel
Found
(new)
39%
Apr
7
62%
Feb
9
liH
J
’ly
IIT*^ UR *117*8 120 ♦ nr l'fo l H 4M *2 i S v- *117%
66
.ian
118%
*118
11:
225
American
Sugar
Defining
113
Jan
l^Jic
Feb
27
U8% U8% *U7% 118*4’ *417% 118% *117 118% *117% 118% 118% 118i<
Oct
Peb
200 Do pre/_...................
111 Jan
119% Feb 14 111%
111V Deo t27%.
1
149 ^ 14tP« li»% 1-19 149
148% 148%
124 Feb
148% 148% 14813 6.200
American Teleph «i Teleg 140%. Jan
149% May 4 120% J ’ly 1433^
*971® M* ♦ 93 ‘93% *07% 08% 08% 98% 148
Feb
08%
93%
93%
U.3%
560
A
m
ericanTob*o
(now),
pf
93%
Jan
100%
Mch
14
00
%.
J
Ip
“
33% 33% *82 33%
* lffi *23| 33 331;
Mch
34
3434% 1,000 American W oolen.
30% Jan _ 36% Mch21 25% J ’ly 99%
90 ^
94 01 *01 941; ♦ 91 91% ♦ 33%
39% Mch
91 30
91% 91%.
91% 450 Do o r e ! .._______
86% Mch 29 9*0 Feb 8 90% Dec 104
*JH JO ♦ 23 n *23 30 ♦ C8 30
*28
r,rt
Mch
*'2H
30
Amor
W
riting
Paper.
pr£.
27%
Mch
17
34%
Feb
15
♦ 37*i 38 *371.3
♦ 37%
*37% 37% 3734 37% 300 aAnttcondaOopper ParS&o 510% Apr 1$ $41 Feb
$33% J ’ly $54 .inn
**t%
A _ 32% *31% 38 31% I I *31%
32 32
rxeCilehem Steel_______ 26% Mch 14 34% Apr
21 J n e 3478 Oct
! * tU%
Ot? 3 60% 60% 00 61% 61% 33
01% 01% 61% 400
700
Do pref____________ 59 Jan 3 64% Apr
♦ aIVJ* IM
49 Aug 05 Jan
*141%
148
^
*C42 M«
♦ 141% 143 *141 144
♦
141
143
Brooklyn
Union
G
as.
135
Jan
3
143
Apr
29
■ fc 1 a *3% 10 *0. 10 *9 10 *9 10 *9 9%
125
’ly 164% Jan
Brunswick T erm * Ky Sec 9 Jan G roll Feb 1..­ 8 JJ ’llO
♦ 29 J **9 31 *20% 31 *23% 01 *30 31 *29 30%
18% .Ian
Co____
2« Feb V0 31 Moil 30 28 J ’llO 33
♦ 2/ £7% 2 ^ 4 28 27% 27% *27 27% *27 23 27% 27% 1.800 {Dutterlcic
Jan
central
I.oathor.
26
Apr
24
*90 9{f* ♦ 93 10 0 % *98 1Q0 *93 100 *98 100 99.% 99% 100
33%
Feb
2
25%
J
‘ly
4834
pcef.
98% Apr 22 105 Feb 10 99% J ’ly 109% Jan
£4fe 245, 21% 21% 24% 24% 33% 21% 23% 24% 24 24% 4.610 tfditaoDoCopper__
Aich
Par
$
5
S21%Apr
7
525
May
5
30*.
~ *29 30% +28% 30% *29 80%'
30%
30V *44 ♦ 30 31 *30 141%
100 Colorado Fuel & ir o n __ 28% Apr 22 36% Feb 6 22% JTy 50 Jan
143*4
*443%. 14IV 144
*143%
145
144% 144% 14834 143% 3,400 Consolidated Gas- (N Y ) . 135% Jan k. 146% Mch 22 122% J ’ly 1 6 0 % j a a
141.. U 15 14% 14%
14% 147? 14% 16
.000 ■ Com Products Refining
13% Jan 10 15% May 10 11% J ’ilO 23% Jan
*70 8 OI1 79% 80% 80% 81
20%
g i H 80%
81% 81% 81% 2,600 Do pref_____ _
74% Jan 10 81%
34% 345,
May 1 2 70% S ’ly 86-% Jan ,
34% *5% 34*2
35%
35%
35 §34 34 1,150 Distillers’ Securities Corn 32%
Jan 1 1 38% Moh
♦ 25 2flt} 4 ? * 29*2 *25 29% 27 27 *34
l 25% J ’ly
Jau
29 27% 27% 150 Federal Mining & Sm elt's 17% Jan
2«
♦ 80 (it *t.U% 65 61% 01 v *61 01 *23
30
Feb
10 12 Oct 36%
Mbh
*61
65
*61%
65
Do
p
ref__________
100
48%
Jan
11
66%
Feb
10
156% 146% 156 156V 166% 166 155% 156% 1551.1 150 157% 157% 2,000
37 O ct 60
88 Jan
General
fldeotrlc____
d\
zl45%
Mch
3
15s)
May
1
6
134
J
’ly
6
6%
Gl,
1007
8 Jail
!J
5%
(J%
6%
5%
6
673
6
11,935
GoJxIlicid
Con
M_
P
a
r
s
io
5%
Jan
14"
7% Ja n 3 $7% O ct $9% Sep
128 12*fl 128 120 120% 128 125% 127% 126 127% 126-% 127% 5,566 I n t H arvester stk tr ofts
109 Jan 3 129% Slav
$83%Feb 125 Jail
*1^1% 127*j ♦ 124% U79j *125 127%k1*1231
*123%
12734' §127 127
170
Do pref stk tr <;t£s__ 122+4
Jan 3 128% Mav r ll7
#4V 1284% 127%
*4V
*4%
Aug
*J%
43.|
4%
*484
100
Inlr
Jdor
M
arian
stk
tr
ctfs
4%
A
pr
20
16% is% 16 10% 10% 17 17
OTg
Jan
30
J ’l / 1297 % Jan
*I'G% . f * §16%
j an
Do
juref_______
2.010
15% Jan 17 18 Jan 24 1 24%
*to
9% B N *9V 10
9% 9% 9% 10
%
J
’ly 24% Ja n
0%
TOO
International
P
a
p
e
r
..!
’
9%
Apr
27
*46
“
*M
13%
J
an
31
47
47%
9 J ’Jy
*40
47
16
Jan
46
+46
47
Do
p
ref_________
__
400
45
Apr
28
J an 17 41% J ’ly 61% Ja>n
49 4i *40 S ig *40 404 40 40 38% 39 39
1,180 Iataru at vStcam P unvp.. 38% Apr 18 56%
bi Feb
*84
*«S 88% 686% 88% 88 88 *87% 88% 88
% J'ly
.Jan
250 Do pruf_______ __
84% Jan 26 89%
Met* 20 30
195 10511, 106 1051.
78V J l y 54%
105%
105%
90% Jan
104%
105%
10478
1031.1
105%
105%
3.060
l^iolecle
Gas
(.St
L)
com
.
103
Apr
18
*69 ‘.Ml3 92% 92% *89 93% *89 93 *89 03 *89 93% 100 M aekay Cooipanies____ 90% A pr 25* 114% Jan 20 03%
J ’ly 110%
Jan
95 Feb
*75 7T *75% 77 *75% 77 ♦ 75 76% 76% 76% *76% 767s
J ’ly 98 Oot
Do prof______________ 74% Jan 18 77
100 dMiami
Mch 7 79
71
J
’ly
24 20 20 20% 20% 20% 20% 20% 20% 20% 197s 20 2.350
7S3
4 Oct
Copper___
5
S1S%
Apr
18
A pr 20
i;Jo tlW 136 136 Wl% 135 *134% 130 ► 134 136 *133% 136% 400 \faW onal B lseult.
117% Jan 16 $20%
141 Apr • i6a” Aug nyfo'bocf
138% 123% 129 129 12S78 129-%; *129 12978 880 4-3 Do pref.
124 J a a 20 130
Feb
118% J'ly
. FT *40 17 8 *10 17 *16 17 *18
Jan
17
*16
17
Nak
Bhiamcl’g
&
Stanup’g
16%
May
3
18% Mch 27 14 Sep 125
*$tf 92 *84 02 *84 92 §36 86 *84 92 ♦ 84 92
28% ja u
Do p r e f .............
5 N ational
85
Jan
6
9i>
Feb
18
8.4 Oct 96V Ja u
62% 521 52% 52-Id 59% 52% *54% 52% *51% 52% §52 52
Lcaxi_____
710
50%
Apr
25
46V
J
’ly
59
Feb
2
*106 I0 tf *106 10fi-V*106% 103% *107 1083p 108% 1083? *107% 109
89% Jan
200* Do pref______________ 105% Mch 24 108% May 11 101% J'ly 110%
♦ MV IS?, 18% i8«ri 18% 18% 18% 1634| 1S% 18% 18% 18% 1,350
j^ n
dN er Cons Copper _I*ar 35 317% A pr 19. $20 Fob 0 S17% J'ly S22% Oot
♦ ----- 70 *67 70 *67 70 *08
70
*G
8
70
70
*___
___Now
York
A
ir
Brake
08
Aor
27
72%
Jan
27
*73 74 73% 73% *73 74 73 73 *72 73 *72% 731
59
J
'ne
95%
j
ail
2001
Nor
Hi
American
Co
(n*>wj
64
Jah
10
74 May 3 00% Nov 84 Jan
♦ 24 20% *24 25 *24 25 *23 25 *23% 25 *24 25
M all___
23% Apr 2 1 29%
Jan 4 22% J ’ly 43i.i Jan
*5Q 51% 50V 30%„ 49 50 *49 50 49% 40% *43 49% 1,400 P acific
ac4flc
Tolep
4
TcLeg!
44
’
Ja'n
5-*
b
Jan
31
♦ 103% 104 U 104% 104% +101% 105 104% 104% 105 105 ,105 105% 800 People's
’ly 46% Jan
G ___
I. 4 _ c_ _____
(Chic)_
,
Apr
109 Jan 19­ 30 JJ ’ly
♦ 106 107 *105 103 105 105% *105% 106 105% 105% 106 107 1,5 0 0 PWUdoIphJLa
116% J a n
C o(Plttsb’h) 103
100% Jan
*19% 21% *19% 21V 19% 10% 19% 19 % 20 20% *19% 20-% 1^200 Plttehurgh Coal
109 Mch 18 103
84 J ’ly 100%
j iiu
Co.
17%
Jan
22 % Mch 23
*77 8(4 ^ 79
*77
79
13
J
’ly
*77
717
2734 Jan
*78%
79%
250
Do
pref..........
..........
7878
78%
67% Jan
*32 33 *32
82% Apr 7 60% J'ly 85
*32% 33% 32% 32V §33 33 ♦ 32 33 ^ 150 Pressed Steal Gar
Jan
30% Jan
*99 101
36% Feb 0 25 J ’ly 6178 ja n
*09 101
100% *99 101 +99 nu
1*0 iftci__
92% Jan
*110 1L0% *99
*119 120 *100
101 A pr 28 90 J ’ly 107%
119
119% *119
Jau
120 *119 1 2 b
200 I>ulj Service Corp-of’N 'j ’ 116%
Jan
31
*160% 161% §101
§161% 101% *119
120
Feb 7
160
160%
161%
■
160
161%
010 Pullm an Company
169 Jail 3 1*8 Jail
*32*4 34 *32%
30 l55’ "j"uo 206 "“Jan"
*31 33% 32% 32V *31 31% *160
31%
*31
100
31
Jan
11
♦ 99% 100 *99
*9934 100V *100 100V
38 Feb 3 28 J'ly 51% Jan
*.100 100%
92 Jan 3 100%
*17% 18 17%
May 4 £90% Sep 107 Jan
*17% 18 17 17 *100
1634 1001;
17 16% 16% 2,513 dR *y ConsCoppoc Par sI6 815%
Apr 19 $18 May
2
301a 30% ♦ 30%
30% 30% 29% 30% 30
30%
2978
30
6,
too
R
eo
tN
lo
Iron
4
Steel
29%
Mav
10
35%
Feb
0
93% 941^ 93 93% 94 94 94% 91% 1,325 Do pref
27 J ’ne 45% Jail
♦ 93V 95 *94%
9£%
Apr
26
90%
Feb
82% J ’ly 10 *11.1 Jan
•___ 143 *___ 1421
*140% 144
R oebuck‘&*CoI!! 142 Apr 19 192 Feb 01 150
S cars,
*49% 50% 50% 50% 50 50% *49* 51 + 1034 144
J ’ne
Nov
51
4934
4934
050
loas-Shefflcid
stool
&
Ir
49
A
pr
22
50%
Fob
0
48% Dec 190
86% Jan
§112 112
10
112
Fbb
14
112
Feb
15
114
J
’ly
118%
Feb
37% 37% 37% 37% 36% 37% *36% 37% *3612 37% *66% 37% 4001
dTormefisoo Conn’ p £ f 325 $32 Jan 11 $39% Feb 14 $19% J ’ly $40% Jau
♦ 127 . . . 123 128 123 128 127% 128
127 127
900 T exas On- (The).
125
Kl(l%
Fob
1
A
pr
25
134
Oet
111
O
ct
*87 95 *85 95 *87 05 ♦ 87 95 ♦ 87
*87
95
Texas Papilla L and T rust 87 Mch
92 Jan 24 83 Feb 95 May
*6% 8 *0% 8 *7 8
7 7 *7
7% 8
600 I Futon Bag & P a p e r._
7 May 10 9 Fob 9
0 J ’ly 13% Jan
*57 59 +50 59 *50 59 *55%
59%
*55%
__
+56%
69%
+
'
Do
pref__
Apr 29
59% Jau 30 62% Dec 73 Jan
104 104 105 105
103% *101% 103V * 1 0 1 % 10 3 % ♦ 102 104
D ry Goods Cos! 5(J% Jan
27 106% Feb 20
90 Aug 132 Jan
♦ 105 105% *104% 104 *101%
*■ 104 105%
10534 *104 105% *104% 1053.1 200 U nited
Do pref______________ 100%
102% Jan 5 107 Feb 18 991.1 Aug 113%
*15% 171* *15% 17% *15% 17% *104
Jan
*■
16
17
*15%
17
16%
16%
10O
U
S
Cast
1
Pipe
&
Foundr
15
Jan
10
19
Feb
23
*54% 561 *54% 66%
14% J'ly 32 Jan
— *54% 56% *54% 561; 65 55 65 55
Do
pref.....
....................
210
50
Jan
16
49
J
’no
»6l
Feb
23
♦ 95 93 *95 99 *95 98 *95 99 +95 99 ♦ 95 99
84
Jan
S tates E xpress__ 05 Jan 7 §105 Jau 27 §93% Dee 145 Jan
75% 76% 75% 76% *75 76
75 75% 75% 70% 76% 70% 1.300 UU nited
$■ R ealty & Iroproveni’t 65%
Jan 25 70% May 8 64% J'ly
Jan
33 39% 39% 40 39% 39% ♦ 3«78
39% 39% 39% 39% 39% 3.950 U nited
R ubber
38 Jm i 6 47»s Moll 1 27 J ’ly 84%
62% j a n
113 113 112% 112% *112% 113 112% 112% 112
112%
112% 605 Do 1stS tates
pref________ ” 109%
.Jan 18 1147* Apr 10 99 J ’ly 116% Jan
*70 77 76% 76% *72% 77% *75% 77% 75% 76% *110%
74%
74%
Do
2d
pref_____
600
72% Jan 31 79 Mch 1 59% J ’ly 84 Jan
74% 75 74% 74% 74% 75% 743S 7478 74% 76% 75% 70% 227.725 U nited S tates Steel
71% Jan 3 82% Feb 0
119 119 119 119% 118% 118% 118%
J ’iy 91 Jan
1187* 119% 119% 119+2 3,784 Do pref............ ...........
10% J ’ ly
110% Jan 3 1207s Feb 4 101%
44% 45% 44% 44% 44% 447g 44% 119
Jati
44%
44%
44%
44%
44%
2,200
dU
tah
Copper__
Par
$10
Apr 19 $47% J au 9 {$39% J ’ne $125-%
01 01% 59% 61% 59% 60% 59% 60% 59% G078 60 61 31.250 Vhglnla-Carolbia Chem . 342%
Jan
57% Apr 24 70% Feb 38 47 Feb 601.1
♦ 123 126 +123 120 *126 126 *128 120 *123 128 *124 128
60% Oct
Do
pref____________
122%
Apr
22
128%
Moll
15
*162 164V *162 164 *102
117
J
’ly
Jan
164
§165 ♦ 164 165 105 167
685 A lTelV Fargo & Co____ 5150 Jan 18 167 May 12 144% Dee 129%
74% 75% 74% 74% 7478 75 164%
741; 7478
74 74% 74% 74% 3,400
t T astern Union T ele g .. 71% Apr 18 76% J an 19 66 J ’ly 105 Jan
68 68 *66 69%t 68 68% *68
78%
Mch
69
68
68 % G834 68%,
W
cstlngh’seiil&AIfg
assen
900
fi4%
Apr
19
49%
J
’ly
♦ 110 117V *110
71
Feb
15
117 *110 117 *110 117 *110 117 *110 117
82% Jan
Do 1st pref________
116 Jan 14 123 Jan 5 110 Mav 130__Feb
B A N K S A N D T R U S T C O M P A N IE S — H A N K E R S * Q U O T A T IO N S .
Banks
BUt Ask
Bid Ask I ru st Co's Bid Aj* I r u s t Co's Bid AS* I r u s t C o ' s But Ask I ru st C o's
B anks
Rrooklyn
N Y City
G uar'ty T r.
826
LHeATr
Broadway \ ;;hj 400 N Rrooklyn
ti/ookiyn
at
C
ity
..
285 300 B'way Tr._ 142% 118 Guardian Tr 815
1.15 __ NY
N V T ru st. 1100 1120
r o o k ly n T r
Coney IsPdi)
630 CB itizens’
153
N
orth
Side
435 4-50
Central
T
r.
150
170
1000
H u d so n __ 140 150 Savoy___
I960
F i r s t _________
95
2 ■ ')
310
i'cople’s
___
Columbia
.
.
120 130
153
165
305
Knlckerh'kr.
290 294 S tand ard Tr 400 410 Flatbush ___
U t lls lc le T u - . . 200
125 P rosp’ctPk^] 150 160 Ccmnnccclal 105 310
215
Law
T
I
AT
115
215
250
TttleG
u
A
Tr
llo m c s t e a d li
Franklin__
488
495
116
U
m
p
ire
__
300
310
Lincoln
'
1
r
130
140
T
r
Co
of
Am
M a n u f a c 'r s *
410 425 Trust Co’s
317 345 H a m ilto n _ . 27o" 200
F qult’ble 'Tr 510
285
M
anhattan
390
Union
T
r
225 240
H o m e ______ !
M e c h a n i c s 'I f
1230
1250
100 110
Farm Lo&T
1340 Mercantile . 725 735 US M tgA 1Y 405 475 K i n g s C o . ! 505
M o n ta u k _ .
150
N
Y
City
Fidelity
.
.
.
215
Metropol’t'n
455
225
U nit S ta te s. 1150 1175 L I s l L A I V 295 soo*
260 270 As t o r _____ 347*2
N a s s a u ______
M utu al____ fl35
W ashington 360 375 N a s s a u . . . . 155 105
Bankers* Tr 050 GS0 F u lto n ____ 290 310 Mut
Al»nce 125 130 W
estchester 150 100 P c o p l o ' s ___
310
W indsor __ 90 100 y u e o n s C o . 300
100 120




dollar, ucr

New York Stock Exchange—Bond Record, Friday, W eekly and Yearly

a nd interest” —ezsspi for income and defaulted bonds.
Jfin. I 1909. the Nzohange m ethod of quoting bon.ds was changed, and prioes^are now a,^
Range
BONDS
Weekfs
Price
Range
Range or ^3-g 1January
Week's a
BONOS
, Wrtor 1
brtdav
N . Y. STOCK E X C H A N G E
Price
Since
Range or [r^
Last
Sale
May
13
frxaav
W
eek
E
nding
M
ay
12
N . Y. STOCK EX CH A N G E!
Mai/ 13 Last Serte iQ: January J
W rick E ndino M a y 12
As/c Low Jtiyh Jfo Low J/igh
R id
C e n t of G a B B —<Xon>
No Low
A sk Lota
3 d p re t in c o m e g 6 s s ta m p e d .
97 100 85 V Oct ’10 ___li.
ti. Si. G overnm ent
10 1*8 1 0 1 *all C h a tt IUV p u r m o n g 4 s . l » o l j . u
87V Feb’l l ... 873a 87»s
.........
8
8
V
U 8 2h consol registered.d.l930'(i
10l*>. II
35j N o r JUfv l a t g 6 8 .1 9 4 0 j . j 106 V ......... LOU4 Mac’l l ... 105*a lUBia
U 8 2s consol coupon....<11920 Q 101*4 1024 102 Apr "...Ji 101
107 1031.1! MM ao
id
G
a
da
A
U
D
iv
6
S
....1
0
4
7
j . j 105*8......... ] 1» Nov’05
U 8 3s reg istered ............. frlOlSiQ
iU9»i
101*4 .. ... |102fl8 Apr 11 . 102*. 102s. I M o b ile B lv 1 s t g 6 s . . ...1 0 4 0 J - J 109 V ......... lOflV 199V "...'i ii)8’i
IJ 8 3 s c o u p o n ..................v .fc l» lo 'C
101*0 103
A pr’l 1
. . . . , ............>10lV J ’ly 10 .---- iV s" iVa“ C en itU 3b B o t G a c o l g 6 a 1037 m -N 1014 107 1014
U 8 3s oou small bonds.. fcl918 (,
May’ll . .. IJ-Jt. 123*4
114s* 116 4 11* A pr’ll!. 115T, 110-, C e n t of N J g e n ’l g o ld 6 8 .1 9 8 7 j . j 122V 123 p*2V
U 8 4s registered.............1 9 2 # (j
B e g ie te r e d ......................A l'987 q . j 122 4 122 V 122V May’l l ... l ‘J'2 123*4
11 Mi n o A pr 1 1 .• —
U S 4s coniMin............. *....1026 (, 115
A m B o c k tSe im p g a 6 a ..1-021 / . j 107 108 107 4 Mac’11 . .. 107*4 108*4
US P an Can 10-30 yr 2«./al036 Q 100% 101V 100*8 Aug 10,.
B e d» H u d B g e n g u g o a 192W j . j 103V ....
10U*ol«0>4
0 4 A p r’l 1
F oreign (ioveriiHTeirt
B e h & W ilk s B C o al 6 a ..l9 1 f M - N 1 0 0 4 ___ I 090*8
Bee* 10
B o n g B r g e n g 4 s 1 9 4 1 ,m -S loo ....
A rgentine—Internal 5a or 1009 M -S 1 9T9* 9 8% 98% 98V 12 97*. 99 C eNn tYP &a o ilio
S
te
S
o
P
a
c
ilic
Co
im perial Japaneso Governin'®
96 93”, 95”. | C o n t V e r m o n t l s t g u g 4 s .e l 9 2 0 q . jt 00V 91 0 1 4 A p r’l l
87*4 83*4
04*8 Sale 93% 94*8.
sterling loan 4 4 s ............1029
94 4 7* 93**8 95'*| C h a s & b a v See A tl C o e st B in e
i»4 4 3016 934 89
2 d s e n e s 4 V s.....................1026
100
N
oy
’10
li
87’8
DU
884
8b
s
a
le
d
ie
s
»&
Ohio
gold
0a..........a
l
b
l
l
a
o
Sterling loan 4a . . ..........1031
104 |
io a U i(Ai'*4
1034 27 102*8
103 V Sal* 103*8
& im pt 6 8 .1 0 2 0 j . j 104V 105 V 1051, a iu y ii 15 111»«
Rem ibof Cuba 5s exten debt..
113*4
II73. 100 ! G1ste nc ofunnsod lingg 6fl......................1939
l< i i i -* 2 .... U P , 1U?«
08*8 ttriVMay’l 1 ..._ 97
M-N 112 Sale U
E xternal loan 4 4 s .........1049 F-Aj 98
97*.
1
1
1
M
a
y
’l
l
07
4
May’l
l
074
.........
.......................1039
m
-N
lte
g
iste
red
Sail-Paulo (Brazil) trust5A 19191 J-J 9 6 4 9 0 34 9 «4 90** 7 00 98
5
L
100*^
101*4
1
U
1
m
l
-*
io
l
Sale
gold 4 4 a ............1992 m - 8
U 8 o t M e x ic o a t g 6 a of 16$^ _ : 02 4 Sale 92 4 02 u 01 94V G eneral
100
100 M a y 'll .„ .1 0 0
lte g iste red ....................... 1992 j^.g
G o ld 4 s o f 1 9 0 4 ....................1934 J -0\ These
1,
I 84 «?*4
Utl
IKI K
V sale 87
are pr toes o * the a m of $5 to JJ.| C onvertible 4 4» .............1930 p .x 90
M ay’l l J 87
80 87 V
B ig s a n d y 1 s t 4 a ............... 1041 j . d
S t a t e a n d C ity S e c u r i t i e s I
Nov’UJ
V4 4400
200 J 0 0 \ 102 V
Sale 1Q2V 102
C'oal lti v B y 1 s t g u 4 s ..1 9 4 5 j . p 85 87 W853,
N Y C ity —4 4 s ......................I 9 6 0 M -S 102%
102’, 103
1.04
100%
104
V
JJ,
Ai>r’l l
lb4*i»
Sals
104
C
ra
ig
V
a
lle
y
l
a
t
g
6
s
....1
0
4
0
j
.
j
102V
.
—
4 4 s reefce i n t fro J a n 24 1 00b M -S 100 pule 99 T« 1094 284 08 V 1004 P o tto C re e k B r l a t 4 s ..lU 4 0 j . j
9U
J u u ’08
4% C o rp o ra te S to c k ........1^69
84*t 80
984100 4 li & A l) iv 1 s t c o n g 4s..l> 98 9; j . j 95V 00 U5 ■ <M»y' 11
4I
23
90% lo o 1* 100 1U0
0 1 4 J a u 'l l
81*o 81*4
109
109 "sale 1084 . 100 •** 1004
2 d c o n so l g ^ s ....................108 9 j . j 00 9 2 4 113U
1014103
4
i-eo’OS
....
0
2
^
A
pr
H
10 1V
102 V ......... 08*4 loi>4
S p r ViU 1 s t g 5 e ..lU 4 1
1,5 Oct -10
106 4100 4 GWrea rm
V Sole
86
e
n
b
r
ie
r
B
y
l
s
t
g
u
g
4
s
’4
0
m
-N
44% Corporate Stock ...lj 9 ' M-xj 1100
102 103 C in e <fa A lt B B r e f g 3 a ... 1049 a -O
72t, 73*4
4 M ay 'll
0 2 v ......... 103 4 102 V
73V 73
4 4 % u s so ss m t b o m ts-----1917 M-N 100
98V 1 0 W4
V Sale *0 7, H»0 4
lie u 3 4 s . . . I9 6 0 j . j
70 8758 4 o a t ’tvy 10 68*4 71*4
Corpora
stock....1J*>7
1044106V , R alteilwg isa yte 1r es dt ..........................
A pr’l 1
NaoY.a8tatel
^ C antoalliu
pt4 s.l0 dO M-N
J - J ..........105 \ 106-4
i9 6 0 j . j
" a V "a a ’I
l03 4 J ’fy'iO
io Buri«& Q —DfaUV D 4tt 1022 F-A 09 V 100 1181, U Jtl
do Carolina 4 4s 2.O-40.....1003
07 , O hIllin
87*4 88*4
96°4....... 07 Jluy’l l
o is B lv 3 4 a ..................1949 J - J 88 V 8 alb 888^-a Sop»«-1’euu new settlem ent Ja.. 1-913
804
'10 ...
*-8 « ....... 80 A pr’l 1
B
e
g
w
t
e
r
e
d
.
.
.
.
.................1949
J
J
Virginia fond deut 2 -3A. . - 1 0 0 1
26
|
00V
100 V
07
4
‘
68
694
6
7
4
69
8 8 % 3ole
Ilia B iv 4 a ..............................1040 J . J
uuv Deo’lo
‘Jy7*
1$b deferred Brown Jhws oWa.
low u B iv sin k fund 6 a ..1019 A-O 104*0....... 104V
V A pr’11 ... 99 V 09%
Ruifcraad
S in king fund 4 s..............1919 A-O 8U*o 100*o 99
99 V
N e b r a s k a E x te n s io n 4 8 .1 9 2 / M-N 8 8 *o 10 0 9 9 4 09 -j 4 96V
* minima Cent See So By
98 V
98
V FMar’
l ll .... 9HS,
lte g iste red ........................19*27 M-N
A..Laba Midi See A t Coast Bins
09
99
99
e
b
’l
88
.
.
.
j
S
o
u
th
w
e
s
te
r
n
B
iv
4s
.
.
.
.
1021
M-S
Albany (fa Susa See Bel * Hud
J o i n t b o n d s See G re a t N o rth
Alloglumy Valley see l oan il
B e b e u tu r e 6 a ........................ 1943 M-N 1 0 1 *. I 0 1 *o 1 0 1 V May’l l 126 101 101%
AU«g Si Weal see B au U A V Q-J 81 814 82 May’l l
9? V
06 V OH
ra l ..................................
4 a . . . ........................ 1068 M S 87 *0 bait* 97
uGoeunue tm
Aria A rbor lo t g f a ... .VA}Hua A -0 0 9 4 S ale 99
83
1 81
09 4 85 J§7#
81 38 127
81V n81V
J - J Vi5>4
MOU I A » l e —Oou S l9 -luua A O
’ll
12T 127
07 V ”5*11
98V F 1110*
^
lUlpfi 48
98V May’l l
120 110 V J aiiw
"l-**
lBtCOUSOlgOa..................193;
ite«iatorea......................
1
109V
111.
v
90V
08
4
M
0
1
4i
014
110S
111*4
0 1V
General
consol lat 5e....1987
193 fl'-N
ailluscwuml n 4 b...........lilM o N ov
1 0 BV M ar'll . . . J I 0 8 V J0884
9-j J a u ’io
N ov
ltegistered...................
M-N
1097, May’l l ....H lW V 110V
M-N 01V Sal* 91V 01V
in
s
1 0 8 ,?
Ohio
A
lull
C
ity
lo
t
Oa.IOJo
J - J 109V .
109V
M
ay’l
l
c S i v ^ S u e o I 1W 9...19M J g .........IIOV
Ss tr ie See lino
2 0 I 84V s a v
LLUV ..■ a 102*! 104 4 IIouicukoc
UOVSai* -1110 104
86 V
85V
Sal«
. v if .......................... J-D
510™ ro,
l6t 08...
*4--}W
8 _j . 128 V
10 127 128V
138*4
IUJ j - - 4 - c k ,° u111t AW*-'iiOOUbV
184C
Couv 4s (lssrtoof 1910)ij'D 1044 9ala 104 4 112 4:238!
111 A 1p**,
r'll ...1111 111
20
108
V
111
HoIUnUlu*
8nl,16»...........1847!
lO-yoitr couy g 6a . . . . . . I0l7 | J-D 1 1 1 4 1 la 119 IV
J
._
851, AW 11 ... I 95 95V
8 V J a n ’lo ....
95
........
D ebentures 4s Socles J .1912 F-A
B
etuailinn
48
Sanes
C
..19i7
j
.
j
*83 4 0 1 0 0 V 1 0 0 V
9 0 \ M ay’l l ---Series K ..........................1013 F-A
1 ,01 , 18 V 13 A A CU 1st 84.1811 F A 1004 ...... imi*4
0 7 4 A pe’l l . ..J
a i^ M iu - n ....I 92 V 93V
E ast OkhkBlv 1st g 4fa..1028 M-S
01V 93 182**,
.Ohio 1 ml A Sou 50-yr 4a..1858 j . j 104
V
»4 4 0 4 4 0
A
p r'll ... 102VV 102
.......
Short Bine 1st 4s g ..v -I9 b 8 . J*J
C
U
loA
l,l*St
l*
term
is
os
1814
j
.
j
99V
10 94 l>oe’ l0 ....■
d i \ , M , t4 i 98
o,cm,nil g 4u Honoa A ..41088 j . j _09 Sale
d Fe T ies Jb i'll 1st g 6s.l942 M-S
99 V 99V
____ 88S.JUU }J ....'I
ltegistered...................<iUb'J
Atl Kuox «S» N See D cfa N
|
80V 8 8 V
87*o 88 87a,M “>^ 11 ...J
Atlantic Coast 1st p 4s./tl952 M-S
G eneral g 3 Vs senes B.«lu6'J
92 93 V
8'27, 83 S0 | 100
Ala Mid 1st gu gold 6s ..XtMB M-N25-yr doben 4s ...........— , ,, .. - 83o'i ialu
V 107
107", lUli'b mji**, ...i1 108V
Bruns «& W 1st gu g 4s .. L93«| J - J ,
Clno «fa B Su Biv g 6 s....1921 j . j lU
109
109
108-4
A
pe’l
l
ChieJb
M
eltiV
Biv
6
s...1920
j
.
j
Charles (fa Sav la tg 7 s ..1930 J - l
04V
1
9
2
V
00
V
0
10OV1O7V
1064
107
',.1UU’4
*«0*4
tfa P W 1 s tg 5s....... 1021 j . j 10a*«lMV10A*4 API 1} ..I 103 V 103 V
b & .N coll a 4 8 ........-0 1 9 6 3 M-N
2 124 V 126 V ChlO
B
ak
(fa
G
t
So
g
6s.............191
o
J-J
dav JiA W 1st geld b e..1934 A-0
111
l l l V F a r (fa S o u a s s u g Oa.........1 9 2 4 J-J ll« s< .........1117*4 J a a l i ... ,117V 117V
1st gold 6 s ^ .........
lieo’ IO
B a C ro s s o (fa B 1 s t 6 n . . . . l 9 1 9 J -J 103»,.........105*t Apy
SUSp O ca& G g u g ia ..ltfle
11
io o v i*07^
W iscfa M L u n B i Y g 6 a . . i . l 9 2 l J -J 1 0 6 % .........loS%
Atlantio 3b DaaV See SouUi Ity
103V
Fell’l l
103V 103V
103
V
M
il
<fa
N
o
1
s
t
c
o
n
i
O
s
....1
9
1
3
J-B
Austin (to N W Sec Sou Bacille
V »
i n t e n d e d 4 V s.................1 0 1 3 J-D 100 *b ....... 110*4 11U'4| 4 io o v iY i“
92-V 92V 92
l j alt «to Oldo prior 1« 3 4 a. 1926
91V g
O h io ds N o r t h w c o u s 7 s
1916
110V UOV 88% A p r 'll ....; 08 99V
itegisbored.................A1926 „ .
97 V 99*<
E x t e n s i o n *la............ 1 8 8 0 -1 9 2 0 _* 5
. Ufii
Bold 4s ................ .......A 1 9 4 8 A-0 08 V 8al« 98V
08 V
8 7 Ayr 11 .
l t e g i s t e r e d ...............1 8 S 0 -1 9 2 0 F -A ♦ 97 V 99 99 M a y 'll'....' 97
Itogtatered...................A1948, Q-J
» 3*8__
( '’ ! 801 37
- 88V
i o D e o 't o ,
G e n e r a l g o ld 3 V s ................. I 9 h ? M-N 80V 87 V 87
PltUi J uno 1st gold 0 s... 1922-| J . J 112V
«3‘,
Apt
85“,
b
a
y
'll
.
l t e g i s t e r e d ......................p l 9 S 7 |g . F * 3 0 V
39 V
t>Jun& M inv I s tg 3 4sl926 m -N 88V
09 V
98% T 86*. im i 98% 112
G e n e ta l 4 s ..............................1 9 3 / m -N
J fJ
p BE«fo W V aS ysref ‘1S1941M-N 9 IV Sale 01VV J31V
a m k i n g lu u d O s ...1 8 7 0 -1 0 2 0 a -O 111V ......... iIS {“ l U
Southw Lnv la t g 3 4 a ...l9 2 o (j - j 91V 0 1V 91
!
U
O
V
.........
n
iv
N
o
v
o
a
80
V
A
pt
10
.
U o g istO ro iV ............1 8 7 9 -1 0 2 0 a -O
U egiatored............*.«A1925| Q-J 88 V
loa M ar’10 .
S in k in g tu iK l 6 s . . . 1 8 7 0 -1 9 2 9 A -O 107 V ......... IGOVk MVl*r ,l l *...*v108 108V
Oou Ohio It 1st og44a..l03b,M -S 08
l io Beo’lG .
I t e g i s to r e d ................1 8 7 9 -1 0 2 0 A -O 107 .........100 M arlO
01 Bor 9J W con 1st g 6s 1933, A-O
106 106
1
0
2
V
1
0
2
V
V .......* 109 4 A pr’l l .- 109 V 100 V D e b e n tu r e 6 s ..........................1 0 2 1 | a -O 105 BW V 100
»lmKm U*y 1st * Stt..W lW F-A 102
1015V fc'eb’10
109*8 112 too
li o g i s t o r e d ............................10211 A -0
Ohio
KlTOr
K
ll
la
l
K
108V 109
109
A
pr’ll
100
v
107
109
V
loo
.
109
V
sah>
..........1
0
3
3
m
-N
S
l
a
k
i
n
g
lu
n
d
d
e
b
6
s
General gbld 6 H ........1 9 3 1 A-0
107V a08V
V 113V
107V
V ....... 118
' n l .- 113
1 9 3 3 M-N 108 V .
P ttts (;jor A T»l l Si k os l A-o 113
116 V AMpr’l
ar’l ll
115 115V
9 7 V? ^Fol>’l
07V 9 7 ^ M Ul t eBg iSs t(fae r eWd e............................
m
v
s
t
1
s
t
g
Os
1
0
2
1
Nl-S
ll t ts A W est 1st g 4S...1U1T JJ-l)
- J 97*8.......
111
Buy’l
l
109 V 111
100
N
ot
’04
.
1
1
1
.
80
........
E x t (fa I m p a f u n d g 6 » 1 9 2 9 ( F -A
a tut Isl tty 1st (fU84*»s
l42V Feb 02
A s h la n d B i v 1 s t g O « ..1 0 2 o M -b 117V .
Beoolt Crook See N i t & it
118 118
L13 J a u ’l l
M iC h D lv I S t g O s ............1 9 2 4 J - J U 7 V .
Bolloy * Cur See Illinois Oout
10UV Deo’10
.
i n c o m e s ................................ 1 9 11 M-N
B ruusA W est See AW Const li
1 in
110
5 ,100V HO
110
Side
O
h
io
B
o
ck
.
ls
i(fa
P
a
c
O
s
...1
9
1
7
J
J
BuilalolS V & teno see utto
112V H 3
Aug’10
B e g is te r o d .............................1 9 1 7 J - J 100 V ......... 100
Bullttlo it A P non g OS...1BJ1 M-g U 4 4 .........112V May’1,1
»?% 1 0 1 98** *93*'
97 V Sale 07*8
*i s ......................1 9 b 8 J - J
CouuoL
I t s s .......................
I f f ' ’97“ ' G el tneegr iaslt eg roeldd .............................1
06V Yeb ’ 10
.........
97
V
0
8
S
J
J
A ll* Wosl
lstK 4»K U ..ly«3 A-O
153 98 V 90
103
i
’ly'oaj
89
V
99
V
Sale
I to f u n d lu g g 4 s ................... 1 9 3 4 A -0
C l* Mult 1st ku Kos---- l'J4J J-J
' '
U7>,J’ly'10
H 5 j ’ao’IO:___
F-A
C o ll t r u s t S e n e s J 4 s . . . k1 9 1 2 M-N
Hoolt * f lits 1st g lis„.lU ‘J i J-D
1107,
M
ar’l
l
;
...
.
U
0V
110V
07V 97V
07*4
Ape’l
l
90
V
.........
.................
1
9
1
6
M
-N
M
‘i
s
Oouaol 1st K Os...........
DUO 09
72 Mor’lO ...
N 4 s ........................................................1 9 1 0 M -N98V UOV 04
Bull & auwi 1st rot k 4».<UU01 J - J
04V 5i»y’l0
9
5V
.......
O
4
s
........................................................
1
9
1
7
M-N
Bur C 11*11 SssO it 1 * | J-J 102V 102V 102V
91V 94V
1 0 102 V103 V
May’l l
.......................................................1 6 1 8 M -N 9 4 V ....... 94V
I lau ao 1 st ©it o s .............1010 M-S 1 0 1 V ......... 1 0 1 v
10 0 V 1 0 1 V
72V 77
70V
o l t l t 4 s . .2 0 0 2 M-N 70 Sale 70
74V 74V
lo u v j a u ’i i . . . . 1io o v ioov O hBioo gI tis1t o(far e Pd a...........................
74V F eb’l l
2002 U N
Kegtsiored...................... 10*3 M-S
,
93V 04
03
V
M
ar’ll
04
I
t
!
A
rk
Jfc
L
o
u
is
l
s
t
4
V
s
l
U
3
4
M
-S
Oarb 3b Shawn See 111 Cent
U
1V 112V
111
VM
**'11
B u r C B (fa N — 1 s t g 6 s . 1 9 3 4 A -0 111V Carolina C ent A'atfSeabAir B
120 V M.ar'oa
ltegistered..................1934 A-0 105
C arth ag e* A d See N Y C <&U
io
o v io a v
100
V
F
eb
’11
C
ltlF(toN
W
1st
gu
os.1921
A-0
Cod K la b' * N See B C U * N
M <fa S t B 1st gu g 7 s..1927 J-D
Con Jiriuion By See Mo Pao
102
V 102 V
\JA*.
\
114V
A
pr’l
l
112V
114V
102
V
M
ar
11
102V
103
Cent of Ga B B 1st g 6s..j>l945 F-A \108V
107V109
J -J
hI l m , . ' l -i.. io
7»a 10 0 II ClmoOk<fa G gen g 5s .01019 M-N
109 V 109 V
100 TloSVM'ay’i
108V 109 V F e b ’l l
Consol gold 5 a..................1945 M-N .........108
i t AiJ-'Od
.................
Consol gold os...............19o- A-O 108
10 0 io o v
io o v io o v
10 0 ...
Begletered......................1945 M-fl 100 V sole lnut
MmC
*V'i
100
108
II
Kook
db
lies
51
1
s
t5s....19«o
1st prof nrcomo g 6s....|)1945 Oct
Miii‘j
a r'llL *Va i100*4
Ohio b t 1 ,.* J8 o see m e a n t
Stauipod.................................. I .... 100 108 luS**
1 Ho ^
os 1U0>4
1 ()«C Ohio S t B (to P itts See LJenn Co
124 125 V
126 124V 124V
, 2 u p re i lncomo g 6 s ....^1945 Oct 101 104
0 0 Mlu r'H J.! m « l § r
OulS
* reduced
M A O C«a
. . 1103O
W J-B
6*g 124V
8 5 V ......... 93 XJec’OS
101
104
2d pief iucomo g 6s sUimncd1.... 07 100 *08
98V 4i 3®
Cons« Os
to 36 Vs.
3a prei lxiOQme g 6 s ...^>1915 oct
Jl lM O E h U N E O U 8 BON IBS—C ontinued o n N ext P age.
S tre e t R ailw ay
73V 78V
V A pr’l l
75 73
H treo t B a ll w a y
F-A
S t By gen col tr g 6s. 1997 A-0
45V 46V
103 104 Met
46V Mar’l l
44 46 V 102
Brooklyn B a p T r g 6 s ........1046 A.-O 104 Salo 8 *V 104
lief
g
4 s.............-..........-—2002 J-D .........102
102 102V
May’l l
82 V 86 V Bwaydfa
85V
1st rerund o e n v g 4S --..2002 J -J 85 *8 s **lb
7th
Av
la
to
g
6
a
1943
100
101
102 103
100
Jan
’l
l
.........101
U-S
B kC tty 1s t oou 59.1910.1941 J -J .........102 H 98 Deo *10
Col Jb 9th AY 1st gu g 68.1903 u-s
99 V 100
10 6 A pr’ll
......
99V 101
Bk Q Co & S con gu g 68.1941 M-N
Bex A v «&P F 1st gu g 6s 1993
60 61
IOOV 102 V Third
61 M ar’ll
102
.........
99
F-A 100 V 102 *4 101V
J-J
Avo
BB
con
gu
4s
2000
58V 04V
IOOV 102
102
03V 04V
F-A 102 102 V 102
63V
C eu tT r Co cortfs stm pd. _
100 i n
109
L«'-A 82 84 HiV D co 'IG
V 109 V 109
hird Avo By 1st g 5 s.. 1937 J -J 109
84 86 V
82 V 84 V NTOrl
84
fc5
V
*
88V «4
85
V
Sals
F-A 83 V
J
.J
«& Bt gen 4 Vs --1936 K-r* 98 V ....... 98 Nov'Oh
78 81 S t Jos By
90
80
J-J ao »o*. 10IV
N assan Eleo g u g 4 s .
By
Bt
II
«&
P
1st
g
5
s
’37
106
106V
101V
10IV
106V
A
p
r’l
l
A
pr’l
l
J-J 10 i v 102 V 101 V A p r’l l
j - j 106V .......
P aul City Cab oou g e s .l J o « A-0
Jonn By A L lst& re fg *
97V 99
102 St
J-J 1 0 i v ........ b l V 82 1 0 10l
9SV 93V 08V
Tri-City
By
(fa
Bt
l
s
ts
f
6s.1923
Stampeil guar 4 Vs ...
80
V
82V
08
A
pr'09
82
Sale
J-J
of Bon 5 a..„ 192b M-N
*90*V *95**
04V 97 V Underground
07 M ar’ll
FA
04 V 96
4 Vs..................................... 193.< J-J
38V 60
79 V 80 5au 78V 80
56
V Get09’08
A-0 79 *'. Sale 100
Income
6
s
.......................
1948
100
100V
84
A
pr’l
l
M-N
El (Chic) la t g 6 s.. 1946 AO
103 V 103 V Union
80 Ang’l ll4 6P*. 7 a^
103V
M-N 103V 101 103V
J-J
United
Bys
S
t
L
le
t
g
4®-1^34
g7 V M ar’IO
69 V
J -J
United B its San F rs f4 s.l0 2 7 A-0
Internu t Trao coll tr 4a..
M-8 .................... 28 May’08
ManUa Elec 1st (to coll os.
V Du. J 'lr KDue A ac o D a. Out p B us N or .OpUOB «»!•
^ o ptlac irrlday,"latast t l i , vreak. VFlaU «Buo Jon 6. Duo A pr .D u . May p D a .J ’u .




...J

1298

N ew York Bond Record— Continued— Page 2

[VOL. LXXXXII.

BONDS
Price
Week's
BONDS
tt. T . STOCK KXOHA N OE
Price
Week's
FrLUiv
Range
Range or = 3 , Range
Situ* 2 N. Y. STOCK EXCHANGE
Friday
W KBK E nding M ay 12
M ay 12 Last
Range or
.Sale
«> l
nJanuary
Si. Mat,
W kkk E nding M ay 12
12 Last
bale
^
-o
January
line S t 1‘ M & 0 -(C o n )
A sk Low High 2fo Low Utah E rie A P itts bee Penn Co
Cll S t R * Mtun lst« U s 1918 M-N toy1
R
id
A
sk
Low
Hiab A’o Low Htafi
.........!124aa May’l l ....
<fc T H 1st cons Ga.1921 J . j 1 2 %
N or Wisconsin lo t Bo...1930 J .J 123%
2 112% 113
123% 126 120% May’09 .... 124 125%, E vans
112 % 112 %
1st general gold 5s......... 1942 A-O 1........
S t 1* * S City 1st a B3...1919 A-O 112%
102 ld
l May’ll .... 101 102
112% 112 % A pr’t 1
111%
112%
M
t
V
ernon
1st
gold
0«..
1928
A-O
Ih lc * W eot Ind jecu e Oh y 19.33 O-M io
107%110
114
A
pr
’05
o
m
o
o
^
io
u
m
S
v
’
i
i
.:::
10!)
109%
Sail
Co
Branch
la
t
g
5s.
1930
A-O
Consol 50-year 4s.............1952 J . J 01% 93% 92% 93 %| 12 92% 9 3 ’ L'argo A So bee Ch M A St P
95 J ’ne’03
line * W Mich sea Pure Marn
*- lin t* PoreM bee Pere Miir
JhoCO.tsOulI Sea O 11 I <6 P I
Fla
C
*
P
enln
See
Sea
Air
Line
B u l l * U ’J dgold 4 ‘-,a...l8S 7!J .J 101 102 1 0 1 A pr’tl
101 101 Florida E Coast le t 4% s..l039 j.-n 98% Sale 97% 08% 176 95 98%
Cln 1* A 1 1st gu K 5 s...1941 M-N 103% 105 103 Mar* 1 1
102% 104: Fort S t U D Co le t g 4%e. 1941 j . i 90 95 02 Atig’l 0
C Find * I t \v 1st gu 4e K.’23 M-N *7 ....... 88 M ar’l l
88 88 J ^ W A R lo G r la t g 4 e ... 1928 j - j 83 84% 82% A pr’l l
Cln 1 * VV 1st KU y 43.1953 J .J 88
89 88
82% 84%
88
88 88 / la l H ar * S A bee So Fac Co
Inti D e c * VY 1st R 59...1935 J .J 105 4 .......
105
M
ay
'll
103
105 y a lH A H of 1882 la t 5 s.1913 a .O 90% ...
1st guar gold 5s........... 1 9 3 5 j . j
07% A pr’l l
97% 98%
107 % Deo’02
Georgia * Ala bee Sea A Line
3 1 a t I, * U Asa U O O A S tl
Ga Car * N or bee bea A Line
31n S * U Acs C C C S t 1,
G eorgia Pacitlo bee bo By
Jlearllelit <S> Mali Acs li r A p
g u * \ G A N or bee bo Pao Co
3 le v C m c * s tE < ;e n e '4 sl6 9 3 j.r> 04*9 95 94% 9434 10 93%
Gouv * Osnregat bee N Y Cent
SCln
f ^ SW^ AiT M.i8,1
92%
92
F
e
b
'11
92
G rand R a p * in d bee Penn HR
l)ivKola
1st4gs....1989
48.1991 1Jj .. j1 91
92- 93% Dec *10
G ray’s P t T enn bee S t L S W
8 t 1. Dlv 1st col tr g 4 8 .. 1990 M-n
94%! 92% A pr’l l
92%
94
Rem alored.................... 1990 V-N 93%
Gt
or—C B *AQ....................1921
coll t r 4 a 1921 0t 7 i 97 Sale 96% 07
90 .
95% 07
91 Oct ’07
RNegistered.
97 90% May’l l
90% .
05% 06%
90 Doc’09
,lMtg *4 »4S..1940
M-9
S t P aul M * Man 4s___1983 t j .........
08%
99%
98%
08%
nu i ibw' lsLVa°l‘
uAWC£ ? *consol
l»
...19
4
ll
J
.J
91%
.
91%
D
ec’10
98%
99
1 st cousol gold 6 s......... 1 9 3 3 j *,
Ge..l02O M.v io e % .
120% .........(126% A pr’l l
105% F eb ’10
120 127%
R egistered...................1 9 3 3 j . j ....................
[132 A pr’00
%.
97 M arT lI-—. 90 97
1<R?Sf‘Vl8....................*1936 ‘ 9954 %.
Reduced
to
gold
4%s
1933
105%
90 Aujf'10
r,,„ d £ 9*
?.!oreU...............*1936
•V 107 .
. , R egistered............... 1 0 3 3 JJ -- JJ 103% lG6%r1057e
2*5
con lo7s.......
t g 6 s.. 11928
J ’no’09 ' * 2 1*05 ' ib e ”
10«% Jan ’l l
•J
10(5*’ ib’0»4
Mont oxt 1st gold 4 s.. 1937 J-D 97% ... 108%
L C ?,•»
C * 1 oonsol
9 1 4 J-D 1 0 7 3 4 .
95%
Moy’l
i
107%
F
eb
'l*
95% 98%
107%
107%
R
egistered...................
1
9
3
7
Consol sink fund 7a___ 1 9 1 4
J-D 95 .. . . . . 1 0 0 % u ct ’00
General consol ^ol<t Gs. 19114 JJ-D
A-0 96% ......... 90% Jan . „
£ ,„inn
!.nSUnion
N40 rD Is
lVlBt
£s ..l9
431048
122“ I
126% F eb ’l 1
125%
12*5
M
tg
0
2
2
Registered...................1934 J -J
J - J 115% ......... 116% A p r’ll ... 115% 1 1 0 %
.J
ln ,rt Rl W 1st pro! 48.1940 A-0
la t ? u « »«___1937
J - J 128% ......... 120 A pr’tl — : 127 128
I" j ‘iy*’08
19 3 7 J - J
R egistered..................
O in d A W 1st pi 5a...,11638 q ! j
125% ....
May*<)0
1
8
&
guar
gold
5s........1937
Peo * E ast la t cou 4 s ...1940 A-0
- - 91% 92%
J
.J 112% 114 130%
May’l
112 % Apr ’1 1 . . . . 1 1 2 % 1 1 2 %
93
W
ill*
b
if
1st
gold
5s
1938
Incom e 4a........................ 19 9 0 Apr 50 bale
J-D
113%
....
18
51
1 1 2 % Fob’l l - ...’ 1 1 2 % 1 1 2 %
01%
G reenbrier Ry bee Chos * O
□ lev * M arietta bee Penn lilt
G u ll* b l i s t r e f * tg os 6 1 9 5 2 j . j 87% 90% 88% 88%
Olov 3b P itts iSee Penn Co
88% 0 1%
. 1 ousatonlo beeH Y U H A H *
Col M idland le t g 4 s......... 1 9 4 7 j . j 02 05 62% 62%
02%
69
Val 1st cons g 4 %a. i<jyy J - J 103 ... 103 103%
Doioriuljdb Bou 1st g 4 8 ... 1929 F-A 95 34 90% 95% 90
101%
103%
94% 97 . s-J.ock
R
egistered..................
X999
j
.
j
Return! & ext 4 % s......... 1936 m -N 98% 08% 98% 9834
Sep ’08
97% 9834 S °l 2 V -1 st oxt, K ia"iU 4 a A-O 04% 05 100%
F t W 3b Dun O 1st k Go.. 1921
05
05
112% 114 112% 112%
94 95
112% 113
Cot * Tol la l ox 4 o ........1665 F-A 00
uolam 3b G reeuv bee bo Ry
90
F
eb
’l
l
90
90
Ilouat E * W Tex 6'ea 8 0 l'ac
Col 3b iiocx Val bee Hook Val
H onst * Tex Cen He. So Pao Co
Col 3b Tol bee Hook Val
Houa B e lt* Term U t5 a .l6 3 7 J .J 1 0 0 1 0 1 % 101% Fob’l l
Col Conn & Term bee N * W
1
0
l%
1
0
l%
Utnota cou tral 1st # 4a . . 1 6 5 1 j j ....... 102% 102 A p r’l l
Conn A Pas Rivs 1st g 4a. 1943
101 % 103
Rogisterod...................... 1 0 6 X j'.i 100
Cuba H it 1st 60-yr 6 g ..,.1 0 52 JA-0
107%
Ai>r’07
.
J
,...1
0
0
May’10
lstg o ld 3 ^ 8 ..................... ..
j._}
A G t bo bM C Al * b t P
D ak
89% M ar’l l
80% 00%
Rogistored................ iy 5 x , J 80
alias A Waco See M K A T
89 A p r’l l
89 80
Extended l a tg a i js ........1664 a ’ q 88
Del Lack A W estern—
03%
May’09
M orris A Essex la t 7 a...191 4 M-N 107% ........108
«,*0W “i* aterltng......... 1661 M-S
80 J ’ly ’09
108
Coll Irn a t gold 4s......... .1668 A-O 98 ......... 08%
1 st conaol guar 7a........ 1 9 1 5 J.D 1 1 0 34 111% 110% A pr’l l ... 103 108%
A pr *11
98 93%
Registered................... a .O
R egistered...................1 9 1 5 J-D .................. 1 1 1 % Deo’1 0 ,... 110%111%
06
97
»<
90
'00
1st rot 4 8 _______ ... 1666 V N 97% Salt 97% J ’no07%
la tr e t g a g 3 4 s ............20 0 0 j . d 90 ......... 91 J a n 'l l ... 91*' *91
90%
98
Purchased
liues
3
j
N Y L a o k * W 1st O s... 1921 j . j 116%
85%
87 F e b ’l l
120% 115% May’l l i ... 115% 110%
80 87
C oustracuon 6«............1023 f . a
H'V iu x KoW 40 — 116M
M-N 98 98% 97% A p r’ll
May’l l! ... 107% 107%
97%
08%
Itegtstered................
6 6 3 m. n
Term A Improve 4s___ 1923 A0-N 98% 100% |107%
06%
.
94% Jan ’l l
09 M ar’l l
04% 94%
99 99% f'alri‘
K'hd 4S....1660; J-D 96% 07% 97%
87 ...., 102%
F ob’l l
'03
00 97%
Del & H ud 1stre{gx\*
Pa Dlv3 *38.2000
7s. 1917 F-A 116%
m'!'rDATerra
*a**lB63
J .J
110 115% F eb
8 6 % May’l l
11U
86%
80%
i
l
6
?
1*10
Middle
L
)ivreg
6
s..........
1U2CF-A
R egistered................ * 19 1 7 M-3
102*“
*
Jl-S
123
May’99
149
Ang’01
1651
F-A
Omaha
D
y
l9
t
g
a
s.......
io
10-yrconv deb 4a...........ly
76% .
99 % Sale 99% 100
76 %May’l 1
75% 76%
98% ibo
at,B
outs
l)ty
*
term
g3s.l»61
J
.J
le t Ueu equip g 4 hie ...,1 3 2 a JJ.D
76%
101%
101%
.J
101%
M
ay
11
75%
Jan
’l
l
75% 76%
101 102
la t * ro f 4.3 ................. 1 3 1 3
......................1661 J .J
98% 90 99 09
98% 100%
All* A Sue oonv 3*aa........1216 M-N
A-O 93% 04% 93%
86%
80%
93%
86 86%
93% 94%
R
egistered..................
lu
s
t
j . j 80% 89 101%
R
em
s*
Saratoga
18178.1621
M-N
124
Sale
Oct
1)0
124
124%
123% 124% Hpnilg DtT l s t g 3*13...1861 J .J 87 .. 100 Nov’OO
Del Ulv ItR Rrlitge A«a Pa h r
Deny * It Hr la t oon g 18.1636 J . j 92% 93% 92% 92%
l8 ttis........10J3
K * « -l» » l|F1 J-D
-A 96%
96% A p r’l l
95% 06%
92 94
Belloy * Oar 1st
Consol gold l^ is...............1636 J .J 99%
.........118
117% Itlay’io
101
%
D
ec’lo
Im prorem ent gold 5 s ...1826 j . n 100 100% 101 M a t'll
........
04
06%
Oct
’10
erne
?
hl
V
,8
,1 gB 6
i
*e...l9
— 1 06312 M
-8
i
’
o
T*
i
o
i
Glue
b
t
L
&
N
G
J-D
1st A refunding 6a.........1666 p.A 91 92 91 91%
-.......117 110 F ob’l l
115% 110%
93%
H lo Gr
O rJn
o lstg
u g is
ae.lW
S B JJ-D
4 % M ar’l l
i t F eb ’l
113 116
104% 104%
Gold 3 %s.. .........................
......
1961 JJ-DD 114%........
, Bio
Son1st
gold
. ..1640
.J ......... 76 1001%
81% ....... l 90
A
D
r'll
Oct
’09
01%
61%
Alemph
Div
le
t
g*4*s.*.*.*1951
j
’
d
G uaranteed.........
lo in i i ......... 85 85 Mar*08
03 ........ 97% M ar ’ 10
r n ift1*
f m W 8 8bee
^ £0 4Usc....1931
B1» Ur W est 1 st g i i ” " i6 3 6 j . j 91% Sale 01% 92
04% ....... . 98 J ’ly ’08
00% 92% {?'‘i
* i960
b t L JM-S
M go anil col tru st 4aA .l»46 A.O 83% 84 85 M ar’l l
83% 85% Ind
111 * Wlaest
1st g 4s.........
.J 95 90i 96% A pr’l l
U
ta
liC
e
n
tla
tg
u
g
ia
*1617
A
-0
97
Jan
'0*2
05 90%
lu t * G reat N or l s tg Gs..1919 M-N 108% 109 109 May’l l
Dea Mol A F t D Ai» M A S t i.
107% 109
2dTgold
oa...........................
1909 nM-S* 121 % bale 121% 121%
D esM ol Un Hy 1st * 68 .. 1617 M-N
Sep
'04
110
112
121%
ru
st
Co
certfs.......
Get A M ack 1st lion g la .1666 J .n
Sale
94 Sep '10
105% 1 2 2 %
3d gold 4s......................’..*192*11M*fi 122%
Gold I s .......................................................
J .,j
-....... 20 136
90% 92 90 A p r’l l
IS 122V505
61’s
83%
90
J5
24
J-,f
u
tral
1®^
gold
5*8*^1938
J-D
102 101 May’l l
OH.,U
......... 75 74 Oct '10
101 103
Gold 4s.......................... 195 1 M- < 100%
DR85
a l*! 0rIron
itaulrg olsll8 t6* 48.1641
a..l6 3 7 AM-8
-0
07% 08 07% 08
May’l l
108%
109
63
69
Jam
es
F
*
Clear
1st
4
sJ"l8
5
8
J-D
B 8*J»tered........................1637 A-O 108 % 109 1105%
05
.........
0 0 % M ar’ue
95% 95%
04% 95%
0 U SuhU AM a
104 F eb ’l l
104 104 *4v .a'd nA* *J llc
h 6 e « T o l* o o
D al Short L ine &*» N or Pao
K
O
F
t
S
&
51
tiee
Rt
C
*
y
f
D al bo bhore A A tl g 6 a..1937
100%109 108 J a n ’l l
108 108 K C * 51 It * 11 h’se i j t c * y f
L'afit ol Allan ties b t P M «fc M
Ivan C * Paclllo 6 « 5 1 K * T
X^ast Ten Va 3b Ga ties So lty
Kau City Sou la t gold 3 s ..1660 A O 73% 73% 73% 73%
Elgin Jol A E ast la t g 6a. 1941 M-N 111% .
108% N o r'10
73% 74%
R egioteral.................. ih Sii: ? ! ,
Elm Cort 3b N o bee LeU A N Y
03 Oct '00
R e f* im pt 6 a ... A nr"l 6 5 o a 1 0 0 % 1 0 1 100%
E rie lat consol gold 7 a ....1920 M-S
100%
A
pr’l
l
118%
120%
10 0 % 10 2
K
ansas
City
Torm
l
l'.t
4a
1860
j
!
j
N Y & E rie le t ext g 4a 1947 M-N 101% .........118%
08% ....... 08 A pr’l l
ioi% 101% 101%
100%101%
96% 98
c eu t * '« « i,* v
. 2(1 ftxt gold 6 a.................1919 M-S }JJ0%...........105%
l
104% 108 KKontuoky
o o k * Dos51o fy < « c itIA P
3d ext gold 4 %a.............1923 -8 103% bale 103% May’l
103%
101%
103%
Kuoxvlllo
*
Ohio
Set
so
lty
4th ext gold 5s............... 1920 M
108% 106% Mar’l l
105 105%
5th ex t gold 4a............... 1928 A-0
E rio68* .............
VVU tg 6 s ..l81 03, 71 J .J 109% 110 109% 109% 11 108% 1 1 1 %
J-D 100
99 ......... 99% F ob ’ 10
J ake
3d gold
N Y L E & W I s tg fd 7a. 1920 M-S ..................
J - J 104 105% 104 % Mey’l 1
’10
104% 104%
E rie la t con g 4s prior..199G J-J 87 Sale 11886%Oct 87
A-O 109% ... 1 1 0 % Mwy’l l
74
84%
108% 1 1 0 %
87
R egistered...................1990 J .J 83% 85% S3«* 83% 2' 82% 83% c.KhS ^ K 8
N
ir'cent
la
t
gu
K
4
ij.,1
0
10
j
.
J
leRegia
t oonaol
gen
lieu
g4alU96
105%
106%
J
-J
100
A
p
r’l
l
75% 70%i 1011 73% 70% R egistered.................. 19 4 0 i i
105% 106%
tered...................i 9 ue J-J 70% Sale 85%
104%........ 104% Jau '11
Fob’07. ...
104% 104%
Penn coll tr g 4s.........1951 F-A
00 d» g4S.6063 M-N
0 0 % bale
90% 90%
87% 88 58% 8 8 % 2 , 80 8 8 %
9«% 97%
60-year couv 4* A ....1 9 5 3 A-0
114
M»
7
’l
l
113%
l8
t
(fd
K
54.1641:
A-O
.......
80 % bale
7J
g
^
iS
S
i
73
80%
113
114%
' n d °„ . ^ S enes B.1953 A-0 73% Salo 72% 74% 1 0 1 09 7 4 %
113
M
a
r'll
111%
.......
113
113*
1st 7a..l91G
J-D 111 ____ 110% J a n ’l l .. .J lio% 110% c S h t. v ’ v f 8L1“ 5 fa * 6 » Il6 S 3 J .J 107% ....... 108 Nov’uy
. £}}***
Ohio A E rie ^rl©
1st aohl
6a . . 19 8 2 M-N
1st En“r B48..1645
M.:
93%
M
ar’10
111% 112 111% 111% * 111% 118
C ler A Malion Val g 6a. 1938 J-J 110%
03% .......
......... 111. A pr’l l .... i l l m %
S & i i 1................
s t pt 6 s -, 1645 Jl-s
Dock conaol g Oa.,1936 A-O 124% 125
A-0 102 ........ ib i% F ab ’1*6
124% May’,11 .... J24%
1 " ............
125 , • aGold
guar 5 s:....... 1614 1614 A-0
CoaI A KJ1 la t our g a 08.1922 M-N
100%.......
101% bop ’09
114
A
p
r’i
o
':
.
.
.....................
105%
107
1*U
*
Hud
R
See
Cent
of
N
J
D ec k * Im p la t our Ga..1913 J .J 101%......... 1 0 0 % J a n ’l l .... 1 0 0 % 1 0 0 % D«U* WUkeeb Acs c e n t of N J
100 ......... 0 0 % Nov ’ 1 0 . . . J ____; ........ Boroy * Ctuioy Val See 51o P
? A W V1st roi* 08-10^0
N>} Yv Bua
6a. 1937 M-N
-J 104% Sale 104 104% 6! 101% 104% cong Dock See Erie
MX gold 4%a....................1037 JF-A
8 0 ......... 100% D eo’Od
1
la l’d—1st con g 5S.A1631
General gold 6 a.............1940 F-A
112% 110% F eb ’l l
«0 87% 87% F eb ’l J
110% 112%
85% 87% Cong
1st oonsol gold 4 a* A1631 (J.J 110%
T erm in al!at gold 6a . . .1 9 4 3 M-N
96
109%
110%
110%
N
or’10
G eneral gofd 4a......V .'..1635 h
^
J
ls
t
cxfc
6
s*:.*1940 A-O 110% ......... 110% Deo’10
02
90 F o b 'll
90 0 0 %
m ik d b Ett la i gu g 6 a ...19422 J -D 99% 101% ©9% May’l l
Ferry
p
^
d
4
^
"
"
"
"
I
f
i
a
a
l
M
l
s
95
100
08% A p r'll
09% 101
08% 0 S%
Gold 4 s ... ... ... ..
| ia 02 05 99%
JET* la d la t cou g u g G s.. 19 200l1 J - J 1 110% 112% 114 Got ’09.
Oct
'00
U nlilsd gold 4 s ---- IZZIlIlUAU
03 Sale 03
03
93 06%
M ISC EL LA N EO U S P O a P S -C o n tla u e d on N ext P ag o .
« a s nnd E lectric L ight
C na nnd K loctric L ight
A tlanta G L Oo 1 st g 5 s 1947 r n 1 0 2 % .........
Y G E L H * P g 6a ...1948 J-D 104% Sale 104 104% 18 103 101G
Gas1st1stg con
M-N 107%
. i ’0 7 % io7% 6 105% 1 0 7 % N I’urohase
money g 4s . . .1 0 4 9
Bniralo GGas
5s g 6sll045
19 4 7 a n
88% 89 25 S7 8 »X
0 1 % 18 69% 01%
Ed El 111 1st cons g 5«..1095 F-A t ? ? i 89' 111%
Columbus Gas 1st g 6 s’** 1932 j ' j B IS .----- 0 1
A p r’l l . . . . U 1 H IV
D etroit City Gas g 6 s
laux , 7 1 CK)%......... 160’, M ey'll .... ibo io i N Y *Q B 1L *P Isto o n g5 sl93 0 Jf --aJ 1011»
” ‘” ! 101% MAr’ll
iOt) 101V
N Y * Rich Gas 1st g 6 s.1921 M-N
D
etG
aaC
ocon
1 st g 6s*’*19i8 c ’{ 190%.........
07 % J ’ly ’09
Sep ’6 S
Pacific
O
*
Elec
Co
Cal
G
*
e
Eq G L N Y lstcon^
L 'i 106% 107% 1 0DBS
160’, 6 l o s s i a o s Cerp unifying * ref 6 s 1V37 M-N 96 Sale 94% 95
G a s* Elec Berg Cue g 6 s. 1049 j . n 1 0 1 ......... 61BS Ooc
28
'01
61»< »(»<
Peo Gas * C 1st con g 0 8 .19 4 3 A-0 l l t 's U S l 119% May’l 1
Ur Rap G L Co l s t g 6 s ...1015 f -a 09% 1 0 1 100 Oot ’09
Refunding gold 5s........ 19 4 7
U9V
H udson Co Gas 1st g 5 s..1940 m N 103% ......... 108% A p r’ll
t o y S a l e 102 102% *’ 6 118V
ioa‘ io4% C liG -L *C ko le tg u g 5 s 1937 M-S
G il’s iOSV
Kan City (Mo) Gas ls tg 6 s 1922 * .n 98 OP% 90% M ar’l l
J
-J
160
lo
s
t
103%
103%
99%
99%
2
lu-js,
loss,
Cou
O
Co
of
Oh
1st
g
u
g
6 s ’3 « J-D
K ings Co El L a F g 5 s ... 1037 a -O 106 1 0 0 105 May’ll
101% A pr’ll
1 0 1 % 106
101 101<
F aroliasom oney6a......A 097 a. q 115%......... 116% Mav’l i
In d N a tG a s * O d & £ 68*’3 « M-N
90 M ar’l 1
118% 115% Mu
00
81»,
Fuel Gas 1st gu g 6 3 .10 4 7 M-N I06*e 161 100%
Ed E U lB ku le tc o n g 4 s 1039 j . j 8 8 % 89 88
A pr’l l
00
87%
00
”
*4
lOUVlOO*,
Philadelphia
Oo
con
r
os
. . 1 0 1 9 F-A
La c G a s L o lS tL ls tg 5 s . 0l 0 l 0 q . f 103
108% 103 108
107 10 0 Tog 10 164 108«,
102 103 SHrracuse Lighting 1 st g 6 t .*5 l J-D 16(J
3
Ref and ext 1st g 6 a........1934 A-0 1 0 1 % bale
10 1% 10 1%
10 0 1 0 1 %
98 Aug’ln
M ilwaukee Gas L 1st 4 s..1927 M-N
P l8 t« 08-1932
M-S 08 ........
90% 90% 4 90 91 U * ext .6 sA................
90 J a n ’08
........
.1 9 3 3
N ew ark Com Gas g 6 s........1948 J-D
*.N
98
........
100% Jan ’l l 5 1 0 0 % 1 0 0 % Witer
93 A p r’l l
9«V
estcheste r L lght'g g'BsIlOSo J-D 106
A pr’ll llll
* N o price Friday; latest bid and asked
w eek
108
Dao Jan 6 D ae FOB d D n o A p r <,Due
, d166
m




D m /O p tio n B ate,

M ay

13 1911.1

N ew York Bond Record— Continued— Page 3

1299

ISON US
BO ft US
Price
Wcekfs
Hangs
Price
Weefds
Range
f N. T . STOCK EXCH A N G E
Friday
Range or
Since
N. Y. STOCK EX C H A N G E t.S-2K Friday
or
M ay t ‘2
WKKK ENDING MAY 12
Last Hale
January
W kkk kndlvg m a y 12
M ay 12 LRange
ast Sale
iHa
Long Island—(Con)
Ask Lou High Ao Loin H igh N Y Cent A H R—{Con)
B id
Low Hiah S’o'Low H igh
D ebenture gold 5s...........1034 J «D 104
4 Deo *08
Beech Creek 1st g u g 4 s. 1930 j . j 99
9 8* Deo’lO
' G uar ref gold 4s............... 1049 M-8 95* 60* 104
96
4
96
4
16j
9
6*
97
j
.
j
R
egistered.....................1936
99 M ay'll
99 99
j N i B A M B 1st con g 6s 1935 A-O 1030*........ H O * K ot’06
2d gu gold 5s................1930 j . j ir»7 .
1 N Y*A It B 1st g 5s....... 1027 M-a 1018a......... 105 Apr *07
BoeohCr
E
x
t
1st
e
3
4
s
61961
a
-O
84
4
.
106 ......... 106 106
N orS hB 1st con g gu5«ol932
Cart A Ad 1st gu g 4 s ...1981 j . o
97 97 4 A pr'09
Louisiana A A rk 1st g 68.1927
96 4 Sale 96
96* l! 103 4 106
964 G ou v A O sw o lstg aer5 s 1942 j.j)
Louisv A N ashv gen g 68.1930 J-D 113* 116 115 115 144 ,1 U94 44 1164
Moll A Mai 1st gn g 4a..1991 jj . s 9 8 * ......... 90 4 M ar’l
09 9 9 *
Gold 6s................ „ ...........1937 M-N 1 1 1 * ......... 112 4 A pr ’l l
4 U 2 4 N J Ju n e R gu 1st 4 s ...1986 F-A 95* 100 105 Oct ’02
Unified gold 4s.................1940 J - J 98* Sale 9 8* 99 34, 112
N Y A H arlem g 3 4 s ...2000 m . n 90 ......... 9 0 * F eb ’l l
0 8 4 99
90* *904
R egistered...................... 1940 J - J
97*
Nov'10
N
Y
A
N
orth
1st
g
5
s
...
1927
A
O
1
0
6
*
.........
Oct ’09
Coll tru st gold 5s..............1931 M-N 109 .... 1094 F e b 'll
109 109* N Y A Pu ls tc o n g n g 4 s 1993 A-O 954 97 108
9 74 F o b 'll
If? 4 *974
E H A N ash 1st g Os___1919 J-D 1114 113 1114M ar, l l
111
112
N
or
A
M
ont
le
t
gu
g
58.1916
A
-0
i L Cln & Lex gold 4 ‘a s ... 1931 M-N 206 4 1 06 * 105* 105*
104* 105 4 Pino Creek reg guar 6s.iy32 j . q
Ian ’09
N O A M 1st gold 6 s ....1930
ilia * M ay 'll
1224
118* 118* R W & O con lste x t5 s.A l9 2 2 a . o 108 4 1 1 0 1314
108 May’l l
1074 1 0 S
N O A M 2d gold Os........19HO J-J
J .J 1 1 3 4 ........ 118*8 Feb ' 1 1
1 18*118* Oswo A R 2d gu g 5 s ...«1915:F. a 100 105 105
Jan ’09
i Paducah A Mom div 4s.. 1946 F-A 954 97* 96 4 A pr’l l
R
W
A
O
T
R
1st
gn
g
5
s.1918
m
-N
1
0
3
4
.........
964
964
UU
J
’ne’lO
109 105* M ar’l l
!' PeusacolaD lv gold 6 s...1920 M-K 106
105* 1051 Rutland 1st con g 4 4 s .. 1941 j . j 9 6 * ......... 102 * F eb 'lo
8 t D Div 1st gold 6s........1921 wi-s 114 ....... 113 Sep ’lo
OgADCham
le tg
90
90 4
Pnf
11st
.I.
....ug.4 45.19UI
4s . gl94S
1Ai il jj . jj 8 9 * ......... 92
2d gold 3s........................1980 8 7 J 4 72 71 4 F e L 'il
Kut-Canad
ga
714 714
J ’ne’09 30.j 85 4 0*04
93 4 Sule 934 93*
A tl Knox A Gin div 4 s.. 1966 M-N 112
8 t Jjaw
a
dir
1
st*
Ss.
ltl'Jfl
92
03*
110
103
115
J
’ne’09
J
J
........ 1 1 2 D ec'io
A tl Knox A N or 1st g 6sl946 J-D
2 d gold ds........................1096
119
125 F eb ’08
M ender B d g e lsts f g6s.l9 3 1 M-6 106* 96 106 A pr’l l
100 106
U tica & BIk H trg u g 4 s.l9 2 2 JA-O
101 100
A pr’l l ___ 100 100
- J 100
964 May’l l
K entucky Cent gold 4 s ..1987 J - J 1 944
91
96
Bake
a&ore
gold
3
“aa___1907
SO
90
894 A pr’l
59 4 17 8S4 90
J-D
103 Deo’io
BAN A M A M 1st g 4 4 s 1946 M-S 03 * .
R egistered...................1997 „J-D„ 8 7 4 89 8S
88 8 84
; Life N-South M joint 48.1962 J - J 108* 834 18 Mav’l l
88
91
D ebenture g 4s.............192 8 ,u .s 94 4 Hale 9 4 * 9 1 4 l4 ___
65 93
944
1084 May 11
N Fla A 8 1st gu g 5 a... 1937 F-A
29-yoar g 4 s ...................1921 m _n 94 4 Sale 94
1084 112*
944 438, 9 2 4 9 44
.......
N A C B dgegon gu g 4 4 s 1946 J - J 11 11 00 44 .......
K
aA
djG
K
le
t
g
uo
58.1939
j
i
1
1
0
4
........
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n
o
n
o
MaUou C l R R 1st 5 s ..1934 j . j 1 1 1 4 ....... 1 1 1 4 M ar’l l
l i b * i *1*1*4
1124 112‘L
8 & N A la con gu g 6 s ..1936 F-A
1114 1124 Pi t t s * lj E rie 2<1 g fls.olUJB A-O 107 4 ........ 100 D00’U9
L & Jeff B dg eO o g ug 4 s..l9 4 5 M-S 92* 94 9 2* 92*
92 04
P itta M c K * if ls tg u 6 s .1932 j . j 122 * ........ 1304 J a n '09
L N A A Ch See O l & L
2 d g uar 6 a........................ 1 9 3 4 j . j 120 ........
|V,1 ahon Coal See L B & M 8
K cK eea* B V 1st g 6 s 1918 j . j 107 ........
97 1.1 98 9 8* Micii
ltA anliattan Ry oonsol4s.l990 A-0 96* 974 97
uent& s...................... 1 9 3 1 m 8 110 115 111 A p r’l l
111 111
R egistered...................1990 A-0 97 4 97 4 104 Apr *05
R egistered...................1931 q .m 109*
119 Ju e'0 6
Strand tax oxernpt..l990 A-0 88 ......... 97 V 97 4
9
6
4
984
*“-■
....................................1949, J . j 98 100 99 Jan ’l l
99 09
M anila R u —Sou lines 4s. 1936 M-N
19 4 9 ' j . j
R
egistered..................
96
....
D
eo’09
93
MoK’p t A B V See N Y Cent
J
L
<6 8 la t g 3t>a........1951 M S
J
’na
'08
90
8
6
*
884
1
0
0
1
0
0
4
-J
100 100
61ex C ent cons g 4a...........1911 JJ ’ly
9 9* ICO
1st K d ^ s ........................1952 M-N 87 884 88 M ay'll
87
3 1* May’10
1st cons ino g 3s.........<*1939
JO -jeardeb 4a...............1929 a . o 9 2 4 9 2* 91* 92*
914
2d cons Ino g 3s tru s t reote..
26
4
A
pr’09
S
^
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V
.*
S
ta
r
ll,t*fu
K
3a.l989
J
.
D
Mex In te rn a l 1 st oon g 4s.l«77 M
Mur’10
!M )fC IU C * 3 tL lstg 4 8 lU 3 7 A-O 0 9 * 100 99 4 99 4
99*1004
Stam ped guaranteed ....1977 M-S
Nov’10
R egistered......................1937 a .o ......... 99* 100 D ec’09
M idi Cent See H Y Cent
Dobeuturoa
4 a...............1 9 3 1 M v
9
2*
Sal©
9
1*
9
2*
9
0 * 9 2*
Mid of N J Sea Krlo
W est Shore la t 4s gu...23W l j . j 1014 Sale 101 1014
1 0 0 * 1014
Mil D S A W Soc Ohio A N W
90
.rN Y»*“*lat®ted......................2391
98*
99
4
J
.J
99
9
84
1004
Mil A N orth See Ch M A S tP
Oreon w Rake See E n a
Minn A St L 1st gold 7 s.. 1927 J-D
ISO J a n ’l i
130 130 S J * R a r See N If 0 * Hud
Paciilo JtCx 1st gold 6 s...1921 A-0 no ..... 118
J
a
n
’07
J f V U a c lt* W See D L * W
1st consol gold 6s.............1934 M-N
107 J0 6 4 A pr’l l
io a * io T N Y U K * w See Erie
Is la n d refund gold 4 s ..1949 M-8 1014
67 4 70 67 May’l l
65 74 N Y * Long B r S e e C eu io lN ]
Des M A F t D 1st gu 4a... ’35 J -J ......... 92 80
Apr
’
11
80 814 N Y N H * H —Non oon 4a . '6 6 (yuv 93* 91 934 May’l l
9 3* 9 4 4
M inn & St L gu tie* B C R A N
Conv deben 8*38............. 1 9 5 9 , , 05 06 95
95
,9 5 1004
M S tP A 8S M con g4 ln tg u ’38 J -J 07 98 08 A p r’l l
96* 98
Conv dabeu lia................ 19 4 8 j ‘ j 133 4 Sal© 133
133
4
132*
134*
M B 3 M A A 1st g 4 in t gu 1926 J -J
0 8 4 J u n ’io
K ousatonro R oon g 5s..l9S 7 M-N 1 1 2 * ....... I 1 2 4 0 ct ’10
M inn Un See St PM AM
N H * Derby oon cy 5a-1918 m _n 1 0 1 * ........ 107 Aug’00
M ississippi Cent 1st 6 s ... 1919 J - J 9 5 4 _____ 93 4 M ar’l l
93
4
93
4
^
P
revideuee
Soo
dob
4S..1U67
M-N
66 4 87 4 87
§7
8 4 4 87
Mo Kan & Tex 1st g 4 s ...1990 J-D 97 97 4 07
97 4
9 6 4 98
N Y0 * 11
2d gold 4s.........................pl00O F-A 8 4 * S a ls 844 «4*
834 86 5 i- ^o *•N owr '-11ret See
l a tg 48 ..S119 9 2 M-S 0 6 4 97 9 64 904
95 90*
1st bxt gold 6s...................1944 M-N 1 0 3 4 1 0 3 4 1034 May’l l
1014
1034
9
1
4
F
eb
’l
l
0 44 0 44
1st A refund 4s.................2004 M 3 8 0 8 0 4 80
80 4
78* 81
u
-s
Gen s f 4 4 s.................... 1936 J - J 8 3 S a lt 87* 88
86* 88
S t JLi Div 1st ref g 4s___2001 A-0 7 0 4 7 9 4 7 a M ar 11
78
78
Dal A W a 1st gu g 6 s...1940 M-N 105 4
105 J ’ne’lO
W Y T ex * 11 See 80 Pao Co
Kan C A Pao 1st g 4a. ..1990 F-A 89 9 0 * 90 M a r'll
0 0 * be 4 N or * South la t g 5 a.........19411m n
103 1034 J a n ’l i
1 03 4 1 03 4
Mo K & K^ 1st _gu vg 6 _______
s ...1942 A-Ol 1 0 9 * 1 1 0 4 0 A pr’l l
109 1104 N o n * w e st goobg 9 a :::::i9 3 iM :s 102
1244125 124* A pr’l l
1 24*124*
May’l l
M K & Ok 1st gu 5s....... 1942 M-IT ......... 110 __
107
.1 0 8 4 1 0 8
im
provem
’t
*
ext
g
9a..
1934
F-A
126
A
p
r’l
l
1
2
5
4
.........
126 126
1044
A
p
r’ll
M K A T o tT 1 stgugO s. 1942 Al-S 104 1064
102* 1044
125
J
a
n
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i
1234
125
1*25
125
B
68
........1S3a
A
0
A pr’l l
S lierB hA bo 1 s tg u g 6 s .1943 J-D 1024 104* 1064
N
*
W
Ry
la
t
con
g
4a.
1996
a
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1054 1054
08 sole 9 84 03*
9 94
T exA Okla 1 stg a g o s ...1943 M-S 103 loti I t ^ M u y ’U
103 105 4
R eglstereu......................1996 a -O
98 J a n ’l l ™ I 98
93 98
Mo Paciilo Istc o u g 6 s ...1920 M-N 100 4 Sale 109 4 100* L3 109
111
P,;T’1
.
l
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s
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4
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...l9
4
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j
9
3*
94
92*
93*
92
10
94
T ru st gold 5s stam ped.«1917 M-S 100* 1014 101 May’l l
10-2o year conv 4s___1932 j d 106 106* 1064 197 4 103 100 4109 4
1004102 4
89 M ar’ 1 o
R eg istered ................... a l9 l7 M S
* c Joint 4 s.. 1941 j I d 90 4 sale 904 yu - 2' 8 8 * 9 04
. le t ooll gold68................... 1920 F-A i o i ” SaTJ 1 0 0 4 101
1004 1 0 2
1 0 5 * ........ 105 Nov’lU
£
V
^n E 1 st8 5s.........
40-year gold loan 4a.........1945 M-8 7 7 4 79 77 4 784
7
64
82
Solo
v
a
gu g 4 s 1922
lyay Jm.-Jn 96* 074 07
97
9 64 9 74
3d 7 h extd a t 4%................1938 M-N ........... 95 05* Nov’09
E
ortli
llim
oia
See
Chi
A
N
Wi
1st A ref conv 6 s..............l»6y M 8 93 *4 Sale 93 4 98* 76 914 06* N orth Ohio See D E rie A W
Cent B r Ry 1st gu g 48.1919 F-A 02 94 4 93*
F eb’l l
92 93* N or Pac—P rior Den g 4 s .. 1907‘q j 1004 Sale iOO 1004 171 99 4 1 0 0 *
Cen Brauoh U P le t g 4e. 1048 J-D 8 3 4 86 87 4 May’lo
R egistered......................1907 g .j
4 99 4 994 A p r 'l l
984 9i>4
Beroy & C V A L ls tg 6 s 1926 J - J ......... 102 1 1 0 Mar’05
General lieu gold 3 s___a2047 u-F 08
7 i 714 71
7L4
704 714
Pao 14 of Mo le t ex g 4a. 1938 F-A 90 97 0 0* A pr’l l
97*
08*
..................
a2047
o
f
R
eg
istered
6 94 M an'll
69 4 694
1084
1094
2d extended gold 6s. ..1938 J - J
108
4
11
S
t
Paul-Dui
Div
g
4s___1996
J
d
1084
108
4
97
98
96* 96*
96 9 6*
81 B IrM A S g en con #681031 A-O 108 4 Sale 108 1004
LOO 4 108 4 D ui Bhort D 1st gu 6 s ..1916 a*.s
99
F
eb
’10
111 Sop ’OB
Gen con stump g tdg 6s 1931 A-O 85*
C B A ti coD tr 4s See Gt N or
86 86
Unified A ref gold 4 s.. 1929 J - J
86 4
834 87* B tP A N P gen g 6 s ....1923 F-A 1 1 6 4 .
1 1 6 4 M a y 11
1164 116*
8 6*4 J a n80'lo4
Riv A G Div le t g 4 s.. 1933 M-N 86 8 6 4 102
84 4 8 8 *
Registered certific's..l923 q . f
117 F eb '10
V erdi V I A W 1st g 6s. 1926 M-S 120* 121 120*
Bt
Paul
A
D
al
1st
6 s___1931 F-A 107* - X10
J ’ne’lO
May’l
l
Mob A Ohio new gold 6a..1927 J -D
i
‘
2 <T 1 2 2
2 d 6 8 .................................i y i 7 A.0 1 0 2 4 ......... 102* F e b 'll ... 102* 1U2*
116 116* F ob’l l
1st extension gold 6s../il927 o-J 1144
115 4 1 1 6 *
1st oonselgold4s......... 1908 J-D
9 64 A p r’io
80 * 87* 86* A pr T 1
G enonu gold 4a................ 1938 M-S 103
86 4 8 6 *
91 !2 01 * A pr’l l . I 9 1 4 9 1 4
1 W 8 0 -M
4 H O * 110 A p r’ll
Moutgom Div le t g 68..1947 F-A
n
o 1 1 0 4 N or P»o Tor Oo 1st g.........
9 a..1933
J - J 1 11 4 I l l * J a n ’l l . 111 * 1 11 *
M a r'll
S t B A Cairo coll g 4s..«1930 Q-F ......... 83 81
81
81
Nor
Rv
Cai
tiee
Bo
Pao
93 4 Alar’i i
G uaranteed g 4s...........1931 J -J
934 9 44 N or w ia See C Bt P M A O
M A O coll 4 h See Southern
N or A M ont See N Y Cent
Moliawk A Mai SeeN Y C A il
In d A \V See C C C A S t L
Monougahela Riv see B A G
hio R iv B R See Balt A O
M ont C ent See S t P M A M
Ore A Cal See Bo Pao Co
M organ* Da A T See B P Co
Ore Bhort Dine See Un Pao
Morris A Essex See Del DAW
ewogo A Rome See N Y 0
I ash Chat A S t D 1st 7s.l913 J - J 106* 100 106 A p r’l l
10 0 1064
Jao Coast Co 1st g 6 s ....1046 J-D 105*103 107* 108
1654 108
1st consol gold 5s.........1928 A-U 1 1 0 4 1 1 1 * 1104 1104
A
ao of M issouri See Mo Pao
109*110
4
1
1
6
*
116* Nov’io
Jasp er Branch 1st g 6 s..1923 J-J
Penn HR 1st real eat g 4 s. 1923 M-N 101 ......... 101 4 M a r'll
1014102
! M om M W A Ai le t 6 s.. 1917 J-J 1U6*
1084
Deo’lO
Consol
gold
6 s...................1919 M-S ......... 110
1094 Jan ’0 9 ___l......................
T A P Branch 1st 6s. ...1917 J -J 1 0 6 4 ......... 113 J 'ly ’Ol
4 sale
103 4 *'*fiiu34 1034
N ash Flor A Slief See D A N
C onvertible 4g h3..................W-N
4 a...........1912 M-N 103
99 4 «ale 103*
9 9 * 99 4 ' 81 93* 99 4
93
N atR y s of M expr 1448 1967 J - J 9 2 4 93 03
02*
9
5
*
C
onrortible
g
3
4
s
...........1916
j
-D
97
Sale
9
6
*
0? 4 147 96 4 07*
Guar gen 4 s ...,................1<J77 A-O 85 4 874 864
4
86
893* Consol gold 4 s ................ 1948 M-N 104 4 8aie 10 3* 104
4 20 103 1044
N at of Mox prior lion 4 4a. 19 2 6 J -J .........100 loo*TPeb’u
U»0* 100*
9
9*
1004
9
9
*
A
p
r’l l :
1st consol 4s......................iy s i A-O 7 0 * 8 1 4 8 0 4 *9 4
0 9* 1004
8 0* 8 34 D R R R A B g e lst gu 4 s c .’U6 F-A 100 .......1
New 11 A D See N Y N U A H
P hila Bal A W U t g 4 s..l9 4 3 £ . n 102 .........
. . . . . . 102
iu4-a4 1024
103
1024
N J J uno B R See N Y Cent
8
od
Bay
A
So
1st
g
5
s
...1924
j
.
j
1024 102 Jan ’0 3 .
•N Y B kln A Man Bch See D 1
U NCo—G
J RR uar
A Clangeu
48.1944 M
- 8 1 0 0 4 ...........103 4 May’10,. .
N Y Cent A 11 Riv g 3 4 s. 1997 J - J 884 S94 88* 8D __
10
87*
Penn
e
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g
4*8.1921
j
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90
1
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5
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1
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4
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103
V
9
R egistered..................... 1997 J .J 874 88 87 A p r’l l .... 8 6 * 8 94
R egistered......................1021 J - J
M ar'll I.... 103
102*4 1044
102*
[■'< Debeii g 4s........................1934 M-N 03
044 93* 94 4 12jl 9 2* 944 Guai 348 0011 tru st reg. 1937 M-S .....................,102*
8 7 4 .......... : 90 A ug’lO !....
Lake Shore coll g 3 4 a ... 1998 F-A 7 u 4* Sale
70
4
<9*
62'
79
8
0*
G
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3
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s
cell
tr
ser
B...1U41
F-A
88
..........
8
8
4
M
a
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'll
R egistered......................1998 F-A ......... 7 94 7 8 4 A pr 1 1 ... J 784 70* T r Co oertfi’s gu g 3*8.1910 M-N 9 7 4 9 7 * 9 7 4 A p r’l l " ‘j 28 4 8 84
M idi O u t cell g 3 4 s....1 9 9 u F-A 78 ____ 78 M ar’l l . . . . 78 7 9 * Gu 3 4 s tr obfs C....... ...... VM2 j -D 87 4 90 | 87 A ug’xo ! 07 974
R egistered......................1998 F-A' ......... 7 94 7* A p r’i i 1....)! 7 0 7 3
Gu 3 * s tr ctls D .............1944* J-D 88 80 I 91 D eo’09 ' ’ 1
__ flllfiO E L L IW iiOUS BONUS—C outinuod on N ext l*Lgo
C oal and Iro n
Buff A Susq Iro n s 15s___1932 J.D 9 7 4 .... 07 I
96* 97 iUanufncCuring <fc In d u strial
D ebenture 6s............... a 1026 M-S 88 90 90 1
90
. . . . 90
J - J 76* fialo 7 64 764 11 76 7 8*
Col F A X Co gen a 1 g 6s.. 1042 f -a 90 4 99 4 99*
97 4 99* Am A g Chern 1st c 5s..
A-O 101* Sale 101* 101* 2 b 101* 102*
Convertible deb g 5s___1911 F-A 100 100\ 100 l
9»*
100
984 Balt 084 98 4 12 97* 0 8*
Ool In d u le tA coll os g u..l0 34 F-A 74* Sait 74*
s - jr 98*
**•'
?
7
4*
794
W-8
99 984 98* 21 9 6* 100
Contln’toiC 1st s i g u5 s g.1053 F-A 9 0 4 ____
Amer
Ice
Secnr
deb
g
6s..1925
A-O
75
77 4 76
78 13 66 78
G r R iv Coal A O 1st g 6 s..1919 A-O 90 ........
Am Bmelt Securities s f 6s. 1926 F-A 10iH Sale
L024 102* 102 100* 102*
JeffA Q U arO A 1 le tg 6 s . 1926 J-D
107
Spirits Mfg 1st g 6 s.. 1916 ii-3 100 100* 1004
100*
.................... Ain
1 100 101
K un A U O A C 1st s f g 5H.10O1 J -J *984 ibo* 105t
Am Thread 1st col tr 4 s..1919 J-J 934
93* »3* 10 92 4 9 3*
Pooah Con Collier ls ta 1 6s.’57 J - j 83 85 35 A pr’ll . . . . 84 85 Am
Tobacco 40-yr g 6s 1944 A-O 107 4 iSaie 107
IU
1074
104* 108
Sunday Crook Co g 5 s___1944 J j
73
Feb
’07
3ait> 85
854 149 7 0* 80
T enn Coal gen Aa^,...........1061 J -J 103* 104* 10-1 104* 12 ifle"! 10 4 Hi Am4aW........................................1961
ritg P aper l s ts f 5s. 1919 JF-JA S54
90 00* 0 0 4 904
1
Teun D ir 1st g 6s____al917 A-0 105 106* 106 May’l l
4 904
105
105
>,
Both
Steel
1
si
ext
s
i
5
s..
1926
03* 93* 93* 93* 80 80
Blriu D ir letaonsol Gu.. 1917 J-J 105 1064
64 9 44
A pr’ll
104 >a 100 Jeut Deather 20-year g 6a.l025 a -a 30
5ala 09
99* 66 898*
100
I Oah O M Co le t gu g Os. 11T22 J -O 107 ... LOG
110
Jax
’09
Consol
Tobacco
g
4s...........195
2
F-A
854
8
5*
85 4
2 8 1 4 8 54
Do Bar C A 1 Co gu g 6 s.l9 l0 F -A
100
10
Cora
Prod
Ref
B
ig
5s__
193
]
W-N
97
9
04
6
00
87
V ictor F uel 1st s f 6s.........1953 J - J
964
88 88 Jan
M
ar’l
1
" S i" ‘X Pi 1st 25-year s f 6s............1934 M-N 96 07 06
96
8 9 64 97 j
iV alronC oalA C olst g 6s.lH49 M-S
94 93
934 12 01 *4 86’-, Cuban-Amer
Sugar o#Utr 6a ’18 A-O 95 984 96 May’l
l
9
5
4
07
*No price Frldayi latest bid and .asked. aDuo J an &Dne Feb e D ^oldsy~pD us j'n e h Duo J'ly fcDae An* • D ae Oct v D ae Nov q D ae Deo f Flat,




*4«55E *

si

1300

N ew York Bond Record— Concluded— Page 4

[V O L. LXXXXII.

BONDS
Range
Week’s
BON US
Price
Price
Week's *52 Range
Since
Range or I s January
Friday
N. Y. STOCK EX C H A N G E
Range or OS} Since
N. Y. STOCK EX C H A N G E
Friday
1
Last Sale
M ay 12
W bks ending M ay 12
M ay r i
Last Sale * January 1
WKttK EtfMNG MAY 12
No
L
010
Jiiati
Siti
A8H
L
‘
ow
tii
a
ASA Low Htuti Wo Low H igh
Pennsylvania Co—(Con)
90 229 94% 96
95% Bale
Sale 95*4 109
J-J lus%
& uar 15-20 y e a r g 4 s — 1931 A O 98 93% 98 M ar’l l ....
97 ®4 9S®. J
219 lOti3, 10!)
103%
J - J 106
! CA & M ar 1st gu g 4 %a. .1935 M-N 102 ..
110 Jan ’05
.........
Begw
tered......................1994
110
Aiayo
J
J
' Cl A P g e n gug4% aaer A .’42 j . j 108 •«......... 110% Jan *09
.................... Develop & gen 4s S er A . I960 A-0 80 Hale 79 % 80 7*33 V b" “S o"
i Series B............................ 1942 A O 108 % .......... 1093* J ’ly ’09
85 80*% 86s4 8 i»34 1 Si!) 88
Mob A Ohio coll tr g 4 s..1938 M-S 109%
: Series C 3%s....................1948 M-N 90
90 Aug’09
108’j 108’i
......... 1(>B34 A pr i l
Div 1st g 4% -6s... 1990
Secies D3% s...................I960 F-A 90 95 90 May’08 . . . . .................... Mem
87% 89 87 % 87 % 10 86% 88
S t Louis div 1st g 4s___1951 JJ-J
-J 107%
Bf.ie * P itts gug3% s y , 10 4 ® j j 90 93 9 04 A p r’l 1
'tlU
^
U
l'
10884 107% Nov* 1.0
A la Con B 1st g Os.........1918 J - J
S en ee O .........................1940 J .J 90 93 93% Apr ’04
tl do Danv 1st g 4s....... 1948 J - J 89% 90% 93 Nov’10
Or lt& le x Is tg u g 4 4s 19411J . J U>4 ......... 104 4 M ar’ 11
iv i io (4 A 2d
4 s ................................ 1948 J - J 82% 8234
: P itta F t W A C 1 s t7 a...1912 .T-J 103*8......... 103 4 Mai-* 11 ___ iol »;)>..
104
::::
8 0% ........
A
tl
Yad 1 st g guar 4s. 1949
!• 2d7e....................................1912 J .J 103 ......... 1034 Fob’l l
103 h 1037e Col do
to o ’1-! i'0 7 "
lo o 3* ....... 107
do G reenv 1st Os....... 1910 A-0
3d 7s...............................A1012 A-0 10234 ......... 107 Oct ’08
- -T- lO T ^lO ?3!,
E T Va do Ga Div g 5a.. 1930 JJ --JJ 107% .........
......... 109 A .
P itta YA Ash 1st con 5s.1927iM-N 107
100*. 111*8
I
l
l
.........
Con
1st
gold
5s.............
1950
M-N
.........107
...
: P-CG A St LgU4%s A ...1040 A -0 100% Sait 1074 U rn’l l
iii7*IioT»i K T en reor lien g 5s....... 1938 M-S 10534 .
105% 105% 2 105 105®.
S enes B g uar.................1942 a -0
3 100's 107»4 Ga
1 0 0 %, ........
07 *36 N ot’09
M idland 1st 3s...........1940 A-O
Secies O g aa r.................1942 M-N
Ga Pao By 1st g Os.........1922 J -J 113% ....... 113% May’l l . 1 1 3 *. i l i
Series D 4 sg u ar............1945 M-N 08% .........
n o 1 1 0 % •no *............
do Ohio 1st g Os... 1925
Series IS 3% guar g ..„. 1049 F-A 02% 94
'91% *93 * Knox
::::
Mob <to Bur prior non g 5s 1945 JJ --JJ 105% .. 105 % £
98 *«........
Sories O i s g u a r..........1957 M-N 112%
9 9 ®, 9 9 ^
M
ortgage
gold
4a.........1945
82 1
J
-J
113
113 113
O S t L| (to P 1st con g 68.1932-A O
.... i'liS®. iiiri®.
Rich do Dan con g Oe___1915 J-J 105 % 108 105% S
Pensacola <to A ti toes L A Naan
104%105
105% 105 2
Deb 5s stam ped............. 1927 A-O 104%
Peo A >;ast tie* 0 O O A S t L
70
___
71 71
Rich
do
Meek
1st
g
4
s...
1948
71
#
M-N
109
....
P eo A F ek Uu l s t g 0a___1921] Q-F 91 99
106
103®. 10-1
Car do Ga 1st g 5a___1919 M-N 104
,
.... 93% 98% fie
2u gbtd 4%a.....................619211 M-N 74 75%
.........
V irginia Mid sor C Os...1910 M-S 100%
. . _ 75%
GO
73%
Pere M arquette—Ref 4 s ..1955 j - j 74 75
.........
fieries D 4-5s............. .*1921 M-S 103%
___ 63% 76%
Rol hading g uar 4 s......i955 J .J
io*]” )O0**
aeries E 5 s ......................1920 M-S 100% .......
10019 1 0 0 ’,
Ch Jo W Ai o s ................... 1921 J -0 100*4..........
10-7 107%
G eneral 5s......................1930 :M-N 107% .......
....
110
110%
F lin t A P M g Os...............1920 A-O 110H».........
Guar
stam
ped...........1930
M-N
100
E
103%
103
too 10 2
4.81 coHHOl golH5s..........1939 M-N 102 fiam 102
.......
1 0 8 lio
V aA fio’w’t 1st gu 5 s.2003 J .J 108%
20 101% 103%
F t H uron Div 1st g 6 s. 1929; A-0 ......... 90
90
97%
90
| i 94% 97%
1st cons 50-year 5*.. 1958 A-0 91 93. | 91
Sag-TnaA H ls tg u g 4s. 1931
W
O
A
W
1st
cy
gu
4
a..
1924
F-A
Phil b * W See Penn R R
104% 105
est N C 1st cen g Os..1914 J - J
Philippine By 1st 30-yrel4a’37 J - J 80 87 86% A pr’l l .... 86% 88 s\ W
do N Ala See L A N
P itts c m A S t L See Peon Co
1
102
105
102%
A
pr’:
102 102%
Jpokaue
In
te
rn
a
l
1st
g
Cl
J
J
fc
P itts Clove A Tol See B A G
105% 105%
A ot fit L 1st g 4% s..l939 A-O 105% 100% 105% A pr’
L’or
P itts Ft VV (to Oh See Penn Co
1st con gold 6 3 ....1894-194.4 F-A 112%.........112% Mac’
112% 112%
P itts M cKees A ¥ See N V Con
.........
97%
97%
A
pr’.
.
.
Gen
refund
s
£
g
a
s.......
.1933
97 08
J
-J
112
%
.
....
P itts S h * LIS 1st g 5 s ...1940 A-O
fit L M Bgo T er gu g 5 s.1930 A-O 107% ........'108% bob’l l . 108% 108%
.... iw * i 113*5 C%x
Lat oenaol gold 5 s ........1 9 4 3 J -J
do H O See So P>w Ce
PJtts A W est See B & O
ill %
110 111%
98 -70 90*. 98 •< 2d gold iuo os...................7 2 0 0 0 Mar 119%
n eadttig Co gen g 4s........1997 J-J 97% Sale 97%,
45 65 110*4
....c
70
% Apr ’ 1 .... 07%
07%
R egistered...............,...1997 J-J 97% .. ... . 97
.... 99% 99%
Div B L 1st a 6s.......1931 J . J 100 _____
90 Mar* Jr .... 96 97% La
Jersey Cent coll g 4 a ... 1051 A O .........
W Min. W A JN W 1st gu 5s ’JO F-A
Kensspiaer A Sac See D A D
— Kio»% 1 1 0 %
'Ji?ol do O C l s t g 5s...............1935 J - J 1093i 110 109 Rich (to Ban See South By
112 i .
W estern Div 1 st g 6 s ...1935 A O
Rich <to Mock See Southern
101%
M
ar’ll..
HU % 103%
103
G
eneral
geld
6s.................1935
J-D
......
Bio Or W est 6eeD onA BioGr
91
90 91%
Kara do M 1st gu g 4 s ....1390 A-0 91 91% 91
Book <to P itts See B B A 1*
9H
93
2d 20-year 5s .................1987 J - J £>7% 98% 98
* 96%
Rhine W at As Og See N Y Cent
90 90%
90
%........
99%
*
'
J
J
Rutland See N Y Cent
89 89 %
s a u 89%
'J
J - J 89%
A»ug Tue & H See P ere M arq
99 Sale 69
68 74%
60-year gold 4s..............I960 A-0
O t Jo A O r lsl l s tg 4 s...1947 J .J 87 88% 88% A p r'11 .... 80% 8S34 Coll
81%
78
tr 4s g Sor A ...........1917 F-A 78 bide 78
7 78
S t JL (to Cairo see Mob (to Oluo
87 00
80% ....... 87 I
'J2os Ham do Bud 1st g 4s. A194*»;
8t* L (to iron M ount See M P
106
.......
....
106%
106
105
%
J
lster
A
Del
1st
cou
g
6s
1928
J-D
U
8 t iv ii Be See T BB A ol S t L
b7% 8.6 C
....
1st rotund g 4 a ..........1952 A-O 1084%
1 1 8 May’l l .... 11H 119
St.Louis & S F—-Gong Os.1931 J . j 118 119% 107%
«4 100 102%
L*!, Sale 101%
U B A l gs g 4s ...19471J - J
May’11 .... 107 108 Ju RPac
frenoral gold 5s.............. .1 9 3 1 ,J .J. 107% 108%
Lh
99% 1U0%
egistered......................
1947
J
J
90 9 0 M.ar'1 * .... 90 90% 20-yr couv 4 s.................... 1927 1 J-J 105% Bole 105 I 06 .1 ...U f1103%
.S t b (to S F BB cons g 48..'90 J . J .........
106%
90 162 | 36% 90
Gen 15-20 yr 5s ......... 192*7 M-N' 90 Sale 89%
6 ML 96% 9b %
1st A ret 4s.....................p2008 M-» 07% 98% 07%
SeuttiW Div 1st g 5 e ..1947,A-O ____ 191 00% M ar’1 ..... 100%101% Ore
1
>7b
97
Hale
!
96
97 %
97
By
A
N
av
cou
g
4s.
1940
J-D
_
82%
S2 : au 80®, 83
R efunding g 4s............ 1951 j - j 82% dale
Line 1st g Oa.. 1922 F-A 114% 114% 114% 114' 12- 114% 115%
110% 110
... ,110 * 110 V Ore1stShort
K C P t S (to M coil g O s..1924 M-N 115*4
111% l i l t %
consol g 5s...............1940, J • J 112% 112% 113% 113'
80% iai« .80
~“ K
4t ....
26 77% 80%
*K C F t.*4A 31 By rol g 4s 1930- A-O loo
40 92% 96
G uar rtoluild 4s.............1929 J-D- 94% Sale 94% 96 ) f....
K C (to A1 B So 14 1st gu 5s. 1929 A-O 99% .......
94 J
R egistered..................1929 J - D
99%
1 .... 97% 99% 1 Utah
Oz’-rk ACU c la tg u 5s g .lo ii a -o
A Nor gold 5 s.. 1920 J - J UMi 108 107 % D ec'09) .....
dtTJUoiasSo See Illinois Cent |
N J B B A C Co See Pa B B
91% Sale 9134
100 89% 9Q UJr.i
8t;JL,a W 1st g 4s bd owa.1989 M-N
tah C entral See Bio Gr W *s
83 82 4
78 82 Utah
2d g 4s im« bond o tfs.—plOSU J -J 8 L 8aie
A N orth See Un Paciilc
295 78-s 81*5 Uthru
79
. Consul gold 4 s ....,..-...-19 3 2 J-D 81%
A Blaok B See N Y C«ut
1 ....
G ray's P t T er 1 st g ag 6s 1947 J-D 97 % .......
98 Nov’0 3 .....
eousol x 4 s ___19*5 F A
V amlalitt
St P aul (to Dui See N or Pacilio
90%
Consol 4s Series B ...1957 M-N 96%
.... UU3< 37
S t P M inn Jo M an See C t Nor
•J0%
.
V
eraC
raz
A
P
la
tg
u
i
%s_1934
96 A pr’ll).) ....
J
d t P (to Nor Pao See N or Pao
Vrer Val lud A W See ALo f
a t P A- ti’x City SeeC S t PM ttoO.
■4 39 86®» 83 >. V irginia Mul See Booth By
87 34 Sale 8734
a A (to A Papa1st gu g 4s... 1043
1st gold 6s........1929 M-N 108% Salt 108% 108% 23 108 n o
W abash
J ___
100 ........ 104
<
SJET (to N P 1st sink £ g 6s. 1919
2d gold 6s...................1939 F-A loo 101 100 100 %l 2 | 98%i(»l
Sav V (to W est are A ll Coast L
D
ebenture
scries B ........1-938 J - J ......... 98 . 93
__ A pr’l l 1. . . . 1 98 98
Scioto Val (to X E See N ar A W
1st lion equip s I’d g 5 s..1921 ■ M-S 103%.........1L04 A p r’l l ---- 109 104
67 84% 83
Seaboard A L g 4s stam ped *50 AO 88 Sale 87% B8 132
Lot lien 50 yr g town 4s. 19*54 J-J ......... 85 83 D ec’10 .... .....................
Adjustment; 5 e .............. ol949‘F-A 79% Sale 79%
75
hO
1st ret and ext g 4s ....I9 6 0 J - J 08% Buie 6a % 68% 243 63% 71%
4, 5 85% 86% Dot
Ati-Birm 30-yrlst g 4s.ei.933 N-S SC% ..... 80%
Ch E xt ls l g 6 s..1941 J - J 107%....... lu7<% May’l l ....'107% 108%
91% 93
C — 91% 91% Des AMom
Oar Cout 1st cou g 40...1949 J - J 103
Div l s t g 4 s.. 1909 J-J 81% ....... 81 M ar'll
81 81
2 102 103
Fla Ceu <to Pen 1st g 58.1918 J - J 103 Hale
Cm
Div
1st g 3%e............1941 £ -9 70 7-5 76% Fob’l l .... 74 7534
........
1st land gr ext g 5 s ...1939 J-J
83 85 85
A Ch Div 1st g 4 s ... 19.41 M-b
85 I 1 85 85
1 .... 105% 100% WTol
Consol gold 5s...............1943 J-J
ab P itts Term 1st g 4a.l9fr4 J-D
41% A p r’l l .... 41% 48
104% 104% Cent
Ga (to Ala By 1st cou 5sol945 J - J
A Old Col T r Co set-tts.
41 % dUJto 41% 42% 29 3u% 43%
1 .... 104
104% 2d gold
Ga Car do No ls tg u g o s 1929 J • J
4s........................... 1954
6
6 12
6% 7%
......... 6
1 .... 109 109
Scab (to Boa 1st 5s...........1920 J - J 105 % .
6 May’l l 1.... 6 8
6% 6
T ru st Co certls.......................
fiber SUr do So See M K (to T
W arren See Del Luc A West
till Sp Ooa do G see A tl Coast L
W ash Cent A ceNocPae
Southern Pncitlo Co—
Wash O A W See Southern
Gold 4a (Ceut Pao coll)./cl040 J-D 03% Sale 92% 037,'0 9 1 01% 93% W
ashTerm l I s tg u 3% s..l945 F A 88% 89 83% M ar’l l . . .., 88% 90
20-year conv 4 s.............j/1920 M-B 97% sale 97% 97%•« ‘MU 96% 90% W est
aryland l s tg 4 s ...19*2’ A-O 87% Sale 8 7 87% 5901 86 »7%
Cent Pa® 1st rtft gu g 4» 1949 F-A 07% Hale 97% 97%a 23 90 97% W VaMCent
A P 1st g Os 1911 J -J 160%........ 160% May’l l 1.... 100% 100%
R egistered......................1949* P- A ........ 07 97 B W K j
11U I1 U0 % A p r’l l ...J 109% iro%
W
est
N
YA P a l s t g 5 s.. 1837 J-J 109%
M olt guar gOid-9%s../cl929 J -D 91% 93% 91% 91%■*;
91% 92
88 ....... 1 88% M ar'll .... 88% 88%
Gen gold 4s........................1943 A-O
T hrough fit L 1st gu 4s '54 A-0 9i*% 92% 93%
92
93%
1
...
Nov
34 Feb*W7'.---'1
incom
e
5s.........
..............<<1943
107 108% 107 . 1 .... 106% 108% W est No Car see South By
G H A S A 51 A P 1 st5 s.. 1931 M-N ....................
sop ’0!
Gila V G A N Is tg u g 5 s . 1924 M-N 105% 1Uo34104a4
101% 104% May’l l ,.,.1 0 3 % 105
heel’g A L E 1st g 5 s ...1928 A-O 104%
106% r “ 9 ............................. W Wheel
H ous E *to W T 1st g 5s. 1933 M-N
pr’ll
Div 1st gold 6 s ..1928 J - J .........104% lO102l3* AJ'ne’lO
1st guar 5s red ...........1933 M-N 1U5J< ......... 105 1
l ... 105 105
Ex ten A Im p gold 6s. ..1990 F-A 83 104%
111 109*4 I
H (to T C l s t g os in tg u ..l9 3 7 J-J! 109%
1 .... 109% 110
83 10 83 80
82
%
Hals
M-S
BB
1st
consol
4s.‘
.
............1949
110% 109% 1
Consol g fis in t g u a r...1912 A-O 108%
109%
109%
1 ....
98% Fob’14 . . . . 98% 99%
20-year equip s t 5s ...1922 J-J 99
% 36 | 9334 95% W ilkes
Geu gold 4s in t guac.,1921 A-0 94% Hals | 94 %
A E ast See E rie
U ....
Waco do N W d ir l s tg Os ’30 M-N
WU A Sioux F See fit P M A M
•0 ...
A A N W 1st g u g 5 s ....1941 J-J
93% 32 92% 93%
Cent 59-yr 1st geu is 1949 J - J 93% Sale 03%
11634 116%
1 ... 115% 115% \Vis
M organ’s La A T 1st 7s. 1918 A O 114
SupA D uldivA term l s t i s ’30 M-N 92% 93 92% May’l l . . . . 02 93
110*4.........I l l
1 ...
111 111
1st gold Os......................1920 J -J ....................
7
...
112
JNo ot Cal guar g 5s.........1936 A -o 101 .........100
T ele g ra p h an d T elepbeno
0 .........
■
Ore do Cal 1st guar g 5s. 1927 J - J 101% ...........10*2
90% 91% 564 89% 91%
T d ep A Tel call tr 4« 1929 J - J 01% Sale 110%
1 ... 102 102% AmC on
So PaooJO al—OsE......... 1912 A-O 101%...........114%
106 105
v ertib le4 s.. ............1936 M-S 110% Sale 99% 110%
4
...
1st gold «s F .................1912 A-0 108% .........110
99% 0 1*8 HO3*
99
%
M
ich
State
Telep
1st
5s
..1924!
p
a
99%
7 ... , .................... Y Telep 1st A g en s f 4% s.’39 M-N 100 Sale 90 % 100%
1st cou guar g 5s.........1£37 M-N
61
9 ...
93 I 90
So Pad Coast Is tg u 4s g. 1937 J - J 88%
99% 8'J 98%
37 100%
9-8% 101
99%
Tel A Tel 1st O s.........1997 J - J 93% Sale
92% 92%' 93%
1 ... :| 92% 93% Pac
Sau Prftu Term l 1st 4 s ..I960* A-0 101%
u
101
Bale
09%
101
est Union col tr cur 5s. 1938' J -J
1*03 1017(
1 ... 1 0 1 % 1 0 1 % W Fd
TexitoNOSabDivlst gOs.1912 M-S 101 103
90% 08 95 101
90
and real eat g 4% s...ltf5U M-N 96% Sate 104
90%
103
1 ... 103 103
Cou gold 5s.................... 1943 J -J
May* 11
1U3 104
Cenv 4s, S enes A ..........1936*X N 103% 104%
'
.U1SCK LEANED US BONUS*—C oncluded.
ftlam itaoturiug oc in d u s tria l
Burnt tact uriug (V; lu d u stria i
w o >, 310 10334 100%
S Steel Corp—J oeup .<<1963 M-N 106 Sale 100
78 111 70% 79*. U St
Dlatll Sec Cor conv 1st g 5 s.’27 A-O 77 % Sole 7 7 3 . 81%
10-60 y r os. ( reg ..<<1963 M-N 106 Hale LU5%
0 103% 100%
E I d u P o n t Pow der 4 % s..l936 J-D 84% 84% 81% May’l l 3 82% 82
8 (4 Va-Cor
1 0 1 % 37 100% 102
Chom 1st 15-yr 6s 1923 J-D ll>l % 3iri« 101
81
Hen alectric tieo g 3% a..l942 b’-A 82 ......... 82
102
102
sale
102',
W
est
Electric
1
st
5a
Deo
1922
J -J
15 100% 102%
167
10-yrg d eb 5 s...................1917 J-D
Sale 15 4% 156% 2*22 145
101 104% Westing ho use E A Ms t 5s ’31 J .J 9 2 *.Balo 02% 03 30 01% 93%
[n t P aper Co 1st cou g 68.1918 F-A 155%
104 % 103 103
85
.ttiaccihuioeu*
3 83% 87
Consol conv s £ g 6s.......1935 J-J 103
83% 85 85
87
87
Brtlb
87 >2
94% 36 91% 04% Adams E xcel tr g 4 s..........1943 M-S
80% 91
In t S t Pum p I s t s f 5s___1929 ll-S 04% 91% 94
Hale 93
93% 3 92% 03%
98% 3 96% 00% iLnuour ACo 1st real eat 4 %s’30 J-D 03
Lackaw Steel 1st tr 6 s ....1023 A-0
Salt 98%
ya !):)'. 03
03 103
90 03
11
Nat Enam A Stpg lsl 5 s.. 1929 J-D 98%
94% M ar’l l __ 04% 05% Bush Term inal 1st 4a........ 1952 A-0
95
96
.........
07%
100%
97*. 077,
102 105
May’ll
Consol 5a............................. 1955 J .J
N Y A ir Brake 1 st couv Us ’28 *VI-N
103 103
40 35 Al.r’l 1 l 97
35 35
By Steel Spgs 1st s t o s...1 9 2 1 J - J 102%
08% 08% 2 07% 03% Dot M A M Ulgr incom es.. 1911 A-O 03 .. ........
06%
103% In atitto r Irrlg Wka l%a 1943 M-N
R epub IA S 1st A coltr 58.1934 A-O 93% 98% 103% b’eb ’ll __ lt*3%
90% 05% In t M oreau M arine 4% a..l922 Az-O titi'i (iti*, «u*. 00% 37 04 08
%
pr’l 1
Union Bag A P 1st si 6 s..1930 J-J 95 95% 05 AMac’ll
KiUe 82% 82% 28 78 82%
02 06 (n t N avigation 1st s f 5 s.1929 F-A 801%2 Sule
S tam ped......................................
96% 97 96
01% 01% 15 01 02
103% 105 Morris A Co 1st a t 4% a..l939 J -J .........
U s Death Co s ideb g6a..l913i Vl-N 102% 104 104 May’ll
89 OO
80 01 N Y Dock 50-yr 1st g 4 s..1951 F-A
90 00
U S R ealty A I con v deb g 6s ’24 j . j 90% Sale mi*. •JL 18 75%
93% 00%
83 L’ub Serv Corn N J goa 5a. 1959 A-O 04% Wnlo 037.
04 102%
p r'll
U S Red A ltef 1st s f g 6a. 19*31 J .J ......... 70 70 A 104%
102%
30 103 105 Wash W ater Pow 1st os.. 1939 J - J 102% ......... 102% M ar’ll
u a R ubber 10-yrooll tr 6s.*18 J-D 104% Sale io(®s
♦ No price Friday; latest bid and asked th is week. b D u eifeb <7 Duo A pr « Due May p Due J ’ne A D uoJT y PDuo Aug oD ueO ct p D a e Nov sO ption 8ald




in

CHICAGO STOCK E X C H A N G E—Stock R ecord—D aily, W eekly and Yearly
Saturday
May 6.

STOCKS— HIGHEST AND LOWEST SALE PRICES
Sales
of the
Monday Tuesday Wednesday
Week
Friday
May 8.
May 0.
May 12. Shares
May 10. May 11.

♦ 186 190 *183 190 *186
3 ____ ____ +2
*5 7 ___ ___ *5
♦ 80 83 ♦ so 83 ♦ SO
21?4 213.1 21*8
8*3 8I2 *8
47«
47a 47S *4*9
47g 6 *47,
i>4
20 20 *20 215 *19*2
r.7'i *06
Ip
♦ 2l(jj 24 *22 67
2Uo *05
♦ 67 08 07U 67*4
21 *1038 21*2 *105s
♦ 62 64 *60
63 63
♦ 701,
71 71 *70
10$ m
10-ia 103a 10*8
♦ 45 60
*45 50 *d5

190 ♦ 188 100
3 ♦ 1*8 2
7 ♦4 6
85 *80 82
21^ *215g 22
9 *8 9
5 ♦ 47« 47S
5
•U.
21 *19*2 21
67
07*4 *65
*22 24
♦ 67 68
21*2 *195s 21*2
63 ♦ 62 64
72 70*8 70*3
10*8 *10 10*2
50 *45 50

Last Sals 190 Apr’l l
1*2 July’lC
Last Sals 6
Mck’ll
Last Sals 80 M ay'll
2H2 21*2 21 21
*8*g 9 *8*2 9
*4 5
6
5
434 4*1
*18 20 *18 20
Last Sale 67*4 M ay'll
Last Sale 227s Mch'll
67 67 *67 68
Last Sale 21*4 M ay'll
♦ 63 65 *63 '68
7034 7Olj 71 71
*10Last Sale
10*2 *10 10*2
47 May’ll

STOCKS
CHICAGO STOCK
EXCH A N G E

. . . . Chicago Railroads
City R y _____ 1 0 c
& Oak Park.10C
__ Chicago
Do
pref___________
____ Chic Rys part ctf ''l'*10__0
214 Chic Rys part ctf **2**_
100 Chic Rys part ctf "3**___
50 Chic Rys p art ctf " 4 " .
385 Chicago Subw ay_____ 16 0
120 Kans City R y & Lt-.lO O
____ Do pref__________ 100
____ Metropol VV S Elev___100
150 Do pref___________100
____ N orthw estern E lev___100
20 Do pref________ .1 0 0
150 Soufek Side E levated. 100
85 Streets W Stable C L_100

Range for Year 19-11
Lowest

Highest

Range for Previous Year
(1H0)
Lowest
Highest

185 Jan 11
4 Fob I
80 Apr 29
3iu> May 11
8*4 Apr 26
3~8 Feb 2
18*j Mav 5
67*4 May 4
19*2 Fob 1
65 Feb 1
20*2 Apr 27
60 Jan 11
68 J an 9
9 Jan 10
45 Apr 6

19.0 Apr 2S 160 Oo.t 185 Mch
1*2 J ’ly
4 J ‘ly
6 Mch 23
7*2 Jan
CD-Is Sep 100 Jan
Sep 36 Jan
25*4 Feb 3 11*4
8 .Ylav 16 Jan
1-0 Jan 28
3 Niav 9*8 Jan
5 Feb 27
2% J ’nc OJ4 Aug
6 Moh 1
25 Feb 23 20 Aug 39 Jan
T2't Feb 25 69 Fet> 7734 Mch
24*2 Mch 29 16 Jan 25 J n e
693| M ch29 51 Feb 72 J ’ne
23 J no
67 Mch 30 S3 May1 60 J ne
72*2 J*ne
13*4 Feb 23
7 J'ly
50 Jan 9 40 J ’ly 104 Jan

$o4 Jan 3
767* Jan 7
265 Jan 9
126*2 Mch 9
70 Apr 28
110*4 Jan G
141*| Jan 7
35 Apr 28
39*2 3an 19
GS Jan 14
49*: Apt> 24
1*1 Mch 29
3*2 Mvh27
41 Jan 3
115 Jn a 26
161*3 Jan 6
113 Jan 19
11*4 J a n 11
92i2 Feb 10
00 May 1
45 Mch 3
92 Mtfh 3

1212 May 9
87*2 May 9
265 Jan 9
130 Jan 14
79 Feb 6
112«4 Mch 18
140*8 May 8
69*4 Mch 8
67At Moh 9
82 Moh21
63 Feb 2
1% Mch 29
5% May 1
55% Feb 23
124 Moh 27
157 May 9
150*4 M chl5
U7S Feb 11
10-1 M ay 2
70 Jan 20
67 Jon 3
9* Feb 2

G% J'p e 13% Jan
6212 J ’ly
f2 Jhn
240 Apr 201
Den
120 J'ly
72 Feb 84*8 May
107 Aug 112 Jan
142*3 Mch
1 8 D4 J'ly
31 J ’ne 43 Dc«
41 Den
66 J'o e 74 Jan
46 Doc £5 Feb
1 Feb
1 Feb
3 Sep
3 Sep
47 Den
25*2
M
y
n o Mav 137 Jan
142 Aug 163 Mch
108% J ’ly 191*2 Jan
13% JTj7 2204 Jan
82*2 Sep 127 Jan
S3 J ‘ly 91 Mch
40 Mch 67**> Den
93 J ’ne 10234 Apr

*136 138 *135 137 *136 133 *134*2 136
Last Sale 138 May’ll
N ational Biscuit_____100 117*4 Jan 17
*127 12.81* *127 129 *127'g 130 *127 129 130 K30
76 Do pref__________ 100 1*3 Jan 3
*114 116 I14?t 115 115 115 11434 116 110*4 117 14.7*2 117*2 174 N ational C arbon_____100 114 Apr 27
120 *117*4 120
Last Sale 120 Apr’U
*in-li 120 ♦ 117*4 120 *117l.i
Do pref___________100 1-1* Jan 18
105*4 105*4 517 People’s Gas E&Coke_100 108% Apr 8
lOi-V 104«« 104*a 1041*8 1(113.1 10434 104*4 10*34 105Last 105
Sale 11-16 Mch'09
142*4 142 142 140*4 141*2 14034 141 1,278 Sears-Roebuck com . .100 c l40*4 Ma> il
142U 1423a 142 14212 112 121
*120 1207s 120*2 12()VS 126*2 120*2 270 Do pref__________ 100 119 Ja-n 11
*121 1211.1 121 121 121
102 103 102 102 102 102 10178 102 10134 10178 10178 1017* 611 Sw ift & Co__________ 100 109% Meh-13
1
Fob'll
1 Feb 3
__
*175 177 175 175 175 175
63 The Q uaker O ats Co__100 163 ^ c h 7
*175
07 Do pref___________100 101*2 Feb 1
*lt)l 106 1047* 1017« *101*2 105 *104*2 105 10444 lO+Ti *164*2 105
4l* •**« 442 4*s 4«s 412 3 4% # 4 3*2 3*2 33.1 1.681 Unit Box Bd A P Co. 10.0 3 May 10
7iH 71*2 74l2 74«4 7412 75 745g 7434 74*2 75*2 767j 76*8 1,100 United States Steel com . M l. Jan *
21 21
115 W estern Stone______ 100 WU2 Apr 12
a n . *20 22 *eo 22 *19 22 *19 22
Note.-^Of Mcial sheet no longer rep orts tranaac tlons of less than 10 shar es.

140 Apr 7
130 Mch 31
120 Mch 14
120 Mch 23
108% Jan 19
19204 Jan 31
122 Moh 11
h)2*s Mch 7
176*2 Ma7 2
105*8 Apr 26
7 J-an 3
84 Feb 6
25 Jan 27

101 Aug
118 J s’ly
104 Feb
112 Feb
103 J'ly
148 Feb
116*2 Aug
100 Doe
155 J ’ly
101 J ’ly
5Q Apr
15 J ’ne

12l*> Il7g 12*s IJ». 13 1134 12
10*8 10*9 10*1 12*8 8678
11*4 87l3
85$
86*2 87
88-3 aj!2
87
661a 87
*275 85-^ *275
*275 ___ Last Sale 2658034 FcbTl
*275
129 Apr’ll
♦ 127U
*1871.1 130 *127li
*127*4___ *70Last Sale
72 70 70
72 73 *70 72 *70 72 *70 71*2
112 112 *113 113 *112 113 *112 114 *111 114 *111 114
140 *148 149 *148 149
14JP* 1487* 149 1491s *1481* 149 *14814
43
♦ 43>4 4-1 •41 44 *43 44 *43 44 »10 45 51 43 A pr'11
*72 74*2 Ixist Sale 74 M ay'll
*721e 74*2 *72 7413 *___
*72 74*? *----51
Last Sale 51 May’ll
6*
*50 61
51
1*4 ♦ 1
1>S *41?
1*8
l'« 5n* *61'8 5*2
*1 61,
1>8 *1
1*8 47,
*4*2 5 *496 60*2
4*2 5
*49 50*g *4912 61 ♦49*2
50*f ♦ 49 50*2 *122 124 *122
49*2
♦ 4012 124
124
12378
124
*123
124
*123
12.3*2 123*2
*154 156 *151 157 157 157 157 157 *155 157 157
157
*124 1241* *124 125 124*8 1247s 12434 12434 12-17j 120 126*4 127*2
138
Fob'll)
___ 141* 147^ 14*s 14»S ___ ___ *14 15 *14 15
08 98 04 99*2 98*g 99 983* 99 98*4 96*« 983.1 98-3.1
63 62r,a *03 63 *6-2 62 *63 G4 63*3 63*2 63 63
♦ 45 47 45 45 *45 47 *----- 45 *44 45 *44 45
93 03 92 93 03 93*2 93 93*4 *93 95 *93 95

Chicago Bond Record

M iscellaneous
6.853 American Can_______ 100
1,235 Do pref___________100
American R ad iato r. .100
Do pref__________ 100
75 Amcr Shipbuilding___100
10 Do pref___________100
156 Amer Telep & Teleg_____
100 Booth Fisheries com ____
____ Do pref______________
____ Cal 6c Chic Canal & D.100
.270 Chic Brow'g & M alt'g____
64 Do pref______________
35 Chic Pneum atic Tool. 100
93 Chicago Telephone___100
145 Ohio T itle <5c T ru st__ 100
1.339 Com monw'th-Edlson.lOO
200 Corn Prod Ref Co com ___
845 Diamond M atch_____ 10 6
125 Illinois B rick________ 100
25 McCrum-Ilowed Oo..lOO<
3 CO Do pref______________

il9 Dec
145 Oct
11534 Jan
18634 N ov
122 Mch
186 Feb
106 Jan
15*8 Jan
2638De«

Chicago Banks and Trust Companies

OulxtanA- Surpljis
Dividend Record
ing
Price
Week’s
D‘ds Range
NAME
Stock
Friday
Range or Sold
Profits
for
In
in Per­ Last Paid
May 12 Last Sale
T
Year 1911
t
1909 1910 iod.
%
DU Ask Low
High No. Low II igh Calumet N ational_____ 8100.000 $45,838 0
6
Jan
?I1.
6
Jan’ll
A m erStraw b’d 1st Os. 1911 1- - A
aou.otw 243.513 10
10 J-J
10 0 U 100*2 Chicago C ity--------- ------Armcfur & Co * m s__ 1939 J - D l 93 Side 100*2
93
Q3's 7 923), 0933 Conti’tal A Conim Nat 20.000.000 l0v25J.T13
Q-J Apr *M. 2**
100
Mch’ll ___ 90*i 100 Corn ICxchango Natloaai i.uuu.woa 5.666.407 12
Booth Fish Co DobG 5s’17 J - J
16
Q-J Apr '11. 4
Mch’ll
100
35,938
9
Deb g 5s_.................1924 J - J
90
100
Drexol
S
tate___________
8
Q-J Apr T l. li 2
98*2 Apr’1-1 ___
’S ink Fd D eb 6 s tr rec -- A - O ; ___ 93*2 L02
10 Q-J •Vr»r T 1 .3 1 3
98*8 99 Drovers’ Dep N’atto.-wd. wxj.oun 435.906 10
J ’no'OO __
700. S&) U.2G3>W
CjU A So Ch lty 1st 5s_’27 l* . a __
.Englewood
S
tate............
43.496 0
6
Q-J
Apr ’ll. ir2
121 12- Q-.M McJi31’Il,3a
101*4 Oct’09 . . . .
F irst N ational________ ■ k),000,000
Cass Av A F G (St U 5S T 2 J - J
100
May'07 . . . .
Ohio.Beard of Trade 4a 1927 J - D
First N at Englewood__ lio.yoo 187.550 10
Q-M Mcb31’l 1,2*2
10
102*2
10234 6 10 2 1» 10378 Foreman Bros B 'k’g Co. 1.000,000 543,440 Priv ate Ba nk
Chicago City lty 5s___19C7 F - A J 10 2 I2 Sale 103
Apr’04
Fort Dearborn NaUavoi ci.ixi.odo 479.604 8
8
Ohio Gonsol Br A Mlt 6 s — J - .!
Apr *11,2
__
50 Apr’09
Hibernian li’k’g Ass’a .. 1,600.000 1,030,239 8 8 + 2 Q-J
Chic Consol Trn-c 4 ^4s 1*930 J - b ___
Apr '11,2
___ 9:;«t Jan’06 ___
Kaspar S tate Bank____ 2014.000 180.830 10 10 + 15 Q-J
Ghlc Auditorium Iat5sl929 FU -- Atj ___
J-J
Jan
'1 1 ,5
___ ___ 91*2 Dcc’09 ___
La Salle S t N ational _. 1 .0 0 0 .0 0 0 262,715 Beg. b ua. M-a 7 TO V.90. p.1277
Ohio Jo HU 1st M g 6 s . 1945
Live Stock E xcli’gc
1 , 2 iO.U>t
Ohio No Shore K leo'O s.m ? A - t / ___ ___ 87 Feii’O*.
537.0.52 10
10
Mch31’l 1 , 2*2
Ohio Pnc-Toot 1st 5s.nl921 J - J f 90*2 Salo 90*2 90*2 1 873a 91 Mon coo N atio n al______ 2 *0.000
05.980 4
4 %1
9934 Salo
9U\s 99it 38 9733 100 N at B ank of R e p u b h e.. 2JIO<J.<JOO 1.328,008 8
Chic Ry 5s..................... 1-927 AI* -- (!A 93
8
Q-J Mch 31/11,2
___ 93*2 'Apr’ll
US's 0.45.1 N ational C ity__________ r l,500.000 .8S.S51 6
Chic Uys 4-5s scries " A”
6
Men T l. 1*2
t
8734
Sale
N
ational
Produce______
J
D
8734
250.000
87j4
25 82*8 »«5S
87.02C 3
Ohio Rys 4‘5s series “fl"
4 Q-J
Q-J Apr T l. 112
N orth A venue S ta te ___ 300,000
Chic ltya 4-5s scries **C" 1* - A -. . . . . 90*3 Mch’lO
69,432 6-H 6K Q-J
Apr
'11. 134
Chla iiyti coll 6s___1913 F - A t ___ 100
5O4V00
7s 10038 10034 17 Ull-ls 1003.1 N orth SUlo S tate Siw ’s?
32.0 JO 0
6
(i-J Meh31T 1 . 1*2
___ 100 JauTl
N orth W est S ta le _____ 200,009
Ohio tty s Fund 6 s ..1913 I* - A
100 100
4 Q-J Apr 'L l. 1*4
25.197
t 9934 Sale 993,| 993.| 1 •IV, l»3s People's S tk Yds S ta te . 300.000 110.632
Chic Uys Tern Ctfs 1st 5s
7 Q-i
66*2 Aug’Ofe
Prairie S ta te ....................... tov.two
Chic « l & F UK 4S.-£002 M - N
74.571 6
0
Q-M Apr T l. Hf
.. - 60*2 Julv’t)/>
S e c u rity .............................. 300,000 207.494 i'w
Collftt trust g 6s__ 1013 VI - <
4H Q-J Apr ’l l . H i
Chic '1 elephoHofis____1923 1 - D tlOJ 103'2 103*2 103*2 1 102 ioJi2 South Chicago S avlags. 2 0 0 rl» :
94,000 0
Q-J Apr 'l l , 2
US
Commaavv-Edlwn o».li)43 >1 - S 110188 'Bale 101*2 10134 24 100*2 10134 South Shle S ta te ______ •.•eo.uow
11,566 US 6 Q-J
Apr T l, 1*2
Chic Edison deb 63 .1913 1 - J
10078 Nov’10
S ta te B ank of C h icag o.. 1 >30.00'» 1.022.279 li>
12
Q-J Apr 'l l . 3
100 Feb’ll
1st K 5s____July 1020 A - O
160 100
Stock Y ards Saving*___
8
103.197
8
Q-11
Mch 31'11. 2
1003s Aug’Ol)
D ebenture 5s____1020 il - S
Union Bank of Chicago- I’OU.WW 43.113 0
6 M-N May T l, 3
C om m ons icicct r*sbl943 n - s t 101*2 ___ 101*4 Apr’ll
W ashington P ark N atT UK5.U0J
8.494 Sec V. 90, p. 159
10034
101*2
Dla M atch Con db 6s. _ 1920
10534 106 20 103*4 100 W endell S ta te .. _______
11.015 None None Q-M Dce31’08,l*2
Ulluols Tuim'el 0s ____luas J - u X1057g Sale 80 Deo’08
C eutral T ru st Co of Cll.. 2 .00 O.0OC 945.7>1 7
Q-J Apr 'l l . 2
7>*
Kan City lty A-Light
Chicago Sav Bk A T r__ erAOCLOOO wl 12,237 0
6 QQ Apr T I.H 3
Co 5 s .......................... 1013 ■ l - N
Jan* 11
963s
Chicago T itle A T ru s t.. ii.OtKl.VOfe 1 1.627.998 6
903j
S83S
Apr *11,2
Q-J
7H
Kolck’b'ker Ice 1st 5s.1023 A - O
C0.9OJ
10 973, 100 Citizen* Trust A Savings
Sale 100 M 100
10.053 4
6 Q-J Apr ‘1 1 , 2*3
Lake Bt El— 1st 5S...1028 J - J U00
ay'll __ 77 82 Colonial T ru at A Savings 6'JtSjOGu 473,133
81
8+2
8+2
I
S
)
81
Q-J
Apr T l. 2*i
Feb
Income 5 s ._____1025
16 May’05.
Cont A Com m T r A Sav. 3,000,006 400,951
D rovcra’T ru st ASavlngs
2O6.606 134.902 8
Metr VV Bide El­
8
Q-J
Apr
ls t 4s..........................1938 F - A t 84lt 85 8412 May’ll
T ru st Co ______ l,500.4K.d' 223.720 3
0 Q-J Apr *11,2
85 Farvvell
*11. 1*2
Extension g 4s----.1938 J - J t Hits 8 U2 81*2 Apr’ll ___ 82*8
First T ru st A S avlirg^.. 2 , 600 . 60 * 3,420.105 IS
12
Q-M Moh 31 '11.4
82
1 7S'S
Morris A Co. 4 H ___.1939 J - J t 91*2 Sale 91*2 91*2
SO3,
!U3,
F t.D ea b o rn T rA S a v Bk 250,000
Beg. n us.Apr 3’11 V.9& p. 929
290.000
20.611 lacarp orated
N orth West El 1st 4s_ 1011 QM -- Mh t 085. Dtfs 9834 9834 2 Sfilj 09’s G uarantee T ru st A Sav. 1.250>»,
V.87. p.1138
H arris T ru st A Savings.
1,636.301 # x 11 + 5 1908
100 May’ll
No W 0-1- & Coke Co 5s'2S
99*2 100 Illinois
Q-J
Ogden Gas 5s_____._H)4 5 W - Ai 9t'< Hklo 94*4 94*4 1 9212
T ru st A Savlags bA*O.6O0 8.076.802 16-M
1)41,
16+4
Apr T l. 4
i 2 ___ 1003s Mch’09 ___
Kenwood i rust A Savgs 200 ,0 00
65.395
Pearsons-Taft 5s------- 1-016 JVi -- Ds 98
Q-J Apr* 11. IJ4
95 ___ 96*2 McUTO . . . .
4.40 s ...................................
Lake View T ru st JtSavet 200.000
40.348 5 7+15* Q-J Apr *11. 11*
M
N
Feb'10
___
C.606.(A>O
96
___
M
erchants'
LoanATrOo
4.60s .Scries K________
97
6,110.397 1 2
12
Apr T l. 4
Me tropoll ta nTrua t ASa v 750,000 229.808 6
4.80s Berios F ________ \1 - N 97*2 ___ 98*2 Mch’10
6
Q-J Mch 'l l , 1*2
1213* May’09
M ichigan Avo T." C a___ 206.000
P«o O .i L & O 1st O s.lil.a A - O . . . .
60.426 Beg. b ua. Oct 29 T OV01 .p.1221
102
4
M
S
102
8a
0
10134
10134
102
•l.f^t.cc^
Tt(rfund!ng g 6i ___ 1947
T ru at Ce_____
8 Q-J M cb3lT l, 2
8
103
6 103 103*5 Northexn
200.00V 2.525.359
N orth-W estern TYASav
Cblc Gas LAC 1st 5sl937 J - J X103 Sale 103
0
73.760 0
J-J Jan ’l l , 4
Consum Gas 1st 5s. 1936 J - I) t ------ 102 101*2 MehTl ___ 101*2 101*3 People’s T r A S’a v B k .. 500.000 149.75S Beg. b ue . Dec 1 ' 1 « V. 02. p. 96
M
N
llu t’l Fuel Gas IstSslU i? J - J t ................ 101*2 M ay'll 2 101*2 10 U2 Pullm an T ru st A Savus. 300.000
8
8
X227.9S1
Q-J
MclLJl'l 1,2
X 95 95*8 95
95
South Side Kiev 4HS-1924'
93 95*4 SUerldau T r A Sav Bank 300.000
20.973
us. J'ly 12 * 0 9 V.80.p. 141
!*ll. 100*2 100’2 1 100 1017s Standard Tr A Sav........... 1.060,000 268,531
Swift A Co 1st g 5 s ...1914 1 - J 1001Comm enced bus. Sept 6 1010
___
.
.
.
.
Apr’10
___
___
Unlou El (Loopl 5S-.1945 A - U . . . . ___ H8
S tockm en’s lru a t A Sav 30g.*>9
36.V84 6
fit* J-J Jnly TO. 3
70 Apr’10 ___ ___
United Box Board col 6? 26
Union T ru st Co.............. 1,906.000 1.225.974
8+2 Q-M Mch3l'H,2
(-iener.nl mtgo 6 s ___ _ J - .1 . . . . . . . . 00 Mch’ll . . . . 50 60 WesC*n T ru st A Saving* 12150.000 187,837 48 +62
0
Q-* Apr - 1 1 . ll,
10034
l()il4
W astern Elec Co 5 s . . . 1922 J - J {101*4 10134 101*4 Apr’ll
W est Side IrA S avB au k -oy.twu 129,932
6
Q-M Mch 31 *11; 2
Soto.— Accrued interest rnuii be added to all On Icago b and prlcen.
W ooJlnwn 'lVao^avnanii 90t.00>)
64,745 6
H i Q-J Apr al l , 2
•Bid and naked prices no sales were made on this day. f March 7 (close of business) for national banks and Maroh 8 (opening of business) for State Institutions. {No
price Friday; latest price this week, a Duo Deo. 31. b Due June, c Ex-stock dividend of 33*3%. k, Alao 20% In stock. « Dividends are paM Q-J, with extra pay­
ments Q-F. r Proposition to Increase capital to $2,000,000 ratified Jan. 10. Sec V. 02. p. 06. s In addition the ceniivalent of 4% more came from First Trust & Savings
Dank, t Dec. 311910. u In addition the equivalent of 1% camo from First Trust ic Savings Dank, v Proposal to Increase capital to $2,000,000 ratified; V. 02. p. 1004.
.« Capital Increased to $1,000,000 and surplus to $200,000; V. 02. p. 1004. x March 31 1011.
BONDS
CHICAGO STOCK
EXCHANGE
Wedk Sliding M a y 12




InterJSt
Period

BOSTON STOCK EX C H A N G E—Stock Record, D aily, W eekly and Yearly
SHARE PRICES—NOT PER CENTUM PRICES
Saturday
May 6 .

Monday
May 8 .

2’uesday
May 9.

Wednesday
May 10.

Thursday
May 11

Friday
May 12

Sales
o f the
Week

Range since January 1.
On basis of 100-s/mrt; lots.

Railroads
Jan 5
Top & S anta Fc_100 102%
815 Atch
101 Is Jan 3
Do pref__________ 100 219
13
21
164 Boston & A lbany____100 127 AApr
pr 26
E levated------- 100 207 Feb
G9 Boston
& Lowell------- 100 101 MaylO1
79 Boston
2,291 Boston & M aine------- 100 292 Mch 2 1
4 Boston & Providence. 100 1312 May 3
Boston Suburban El Cos 72 Jan 6
Do pref_______ . ___
Boston & W ore Elec Ces. 0 Feb 15
38% Jan 3
Do pref-----110 Chic
June R y & USY.100 156 Apr 29
11
107 Mch 17
20 Do pref____
Connecticut R iver— 100 265 Jan 31
125 Apr 10
”l33 P’ltchburg, pref--------- 100 1171c
23
50 Ga Ry & E lectric____100 86 Jan
Feb 20
Do pref__________100 200 M
*r 1!
Maine C entral----------- 100
Eleotrio Coo____100 16 Apr 20
5,770 Mass
83*4 Jan 9
2,154 Do pref__________100 141*2
A pr 24
906 N Y N II & H artford . 100 1.39 Jan
13
2 N orthern N H ------------100 210 Jan 26
Norwich & W or p re f.100
Mch 15
"*32 Old Colony....................100 183
10 R utland pref_________100 32 Jan 26
100 105'2 Apr 18
94 Seattle Elelectric.
100 x97% Mch 13
26 Do p re f..
100 171 Jan 3
280 Union Paclflc
___ 100 90 Mch 9
40 Do _pref
4 V erm ont & Mass____100 156 Mch 21
89 Apr 26
609 W est End S t....................50 102
Feb 27
2 Do pref......................50
Miscellaneous
46*2 Jan
630 Amer Agricul Cheui__100 99
Jan
276 Do pref....................100
27 Amer Pneu S ervice.. 50 144*2 Jan
Jan
220 Do pref....................... 50 113*4
314 Amer Sugar Reflu__ 100 11134 Jan
Jan
435 Do pref.....................100 140 Jan
2,940 Amer Telcp A Tcleg.100
110 American W oolen____100 31 Jan
Mch 29
416 Do p r e f ..................100 zS68*4 Jan
17
491 Atl Gulf & W I SS L.100
195 Do pref__________ 100 21 Mch 11
Boston L and__________ 10 512 Jan 13
"l20 Cumb Telep & Te4©g_100 145*4 Jan 10
1,674 E ast Boston L and______ 7*4 Jan 18
112 Edison Elec Ilium __ 100 282 A pr 3
290 General Electric_____100 xl45% Mch
631 M assachusetts Gas Cos 100 87*4 Jan
471 Do pref__________ 100 95 Jan
M ergentnaler L ino__ 100 211 Jan
Mch20
Mexican Telephone. _ 10 1103*2 Jan
3
N E Cotton Y arn____ 100
51 Do pref__________100 106 Jan 3
356 N E Telephone______ 100 137 Jan 14
Pacific Coast Pow er. .100 96 Jan 9
"l64 Pullm an Oo__________100 158 Mch 0
47 Reece B utton-H ole._ 10 xl2 Jan 5
302 .Swift & Co___________100 100 Jan 26
191 Torrington___________25 30 Feb 1
25 Do pref----------------- 25 27 Mob 23
244 United F ru it_________ 100 180 Mch 13
812 Un Shoe Mach C a rp .. 25 51*. Apr 25
130 Do prof___________ 25 281* Mch 30
5.644 U S Steel C arp............. 100 71% Jan 3
106 Do pref.....................100 116*4 Jan 3
119 West Teiep Sc Tcle*r__100 1*2 Jan 17
67 Do p r e f ...................100 89 Jan 23
Mining
115 A dventure Con_______ 25 4*2 Apr 24
930 Algo in ah M ining_____25
6 Jan 24
'AJlouea_________ ______ 25 30 Apr 25
3,159 A m algam ated Copper 100 6934 Apr 18
160 Am Zlno Lead & S m . 25 23 Jan 27
6,191 Arizona Com mercial. 26 11*4 Apr 24
1.5 0 8 A tlantic ..........................25
3 Apr 12
Bonanza Dev Co____10 .50 Jan 6
60 Bos&CorbCop&SllMg
5 11*2 J an 13
1,035 B utte-B alaklava C op. 10 4*2 Jan 30
110 B utte Coalition............ 15 16*8 Apr 24
1,248 Calumet & A rizo na.. 10 46 Jan 19
83 Calumet & H ecla____25 455 M ayll
Centennial..... .............. 25 11*2 J an 30
Cons Mercur Gold____ 1 .05 Jan 0
453 Copper Range Con Co 100 58*4 Apr 22
815 Daly-W est____________ 20 3 Feb 8
020 East B utte Cop Mln__ 10 10*2 Apr 22
200 Elm R iver____________ 13 .10 May 6
275 Franklin ................... 25 7 Jan 21
625 Giroux C onsolidated. 5 5*4 Mch 10
277 G ranby C onsolidated.100 30 Jan 26
1,480 Greene C ananca.......... 20
5*8 Mch 10
420 Hancock Consolidated 25 18 Jan 24
535 H elvetia Copper_____25 .99 Apr 22
76 Indiana Mining______ 25 10*4 Apr 24
102 Island Creek Coal____ 1 29*4 May 9
374 Do pref.................... 1 87 Feb 3
320 Isle Royale C op p er.. 25 12*8 Apr 8
462 K err L ake___________ 5 6 Apr 17
1% M aylo
205 Keweenaw Copper___25
70S Lake Copper Co_____25 26*2 Apr i t
6 La Salle Copper_____25
3!2 May 5
21 Mass Consol---------------- 25 6 MaylO
4,320 M ayflower........................25 .20 Feb 18
Mexico Cons M & S _. 10 .01 Mch 27
347 Miami Copper_______ 5 18*4 A pr 6
650 M ichigan.......................... 25 1*4 Apr 7
24 M o h a w k .........................25 3rt Apr IS
648 N evada Consolidated- 5 173* Apr 21
2*4 Apr 24
185 New A rcadlau Copper 25 103*
Apr 25
460 Nlplsslng M ines______ 5
1,061 North B utte................... 15 26*2 Apr 24
35 N orth L ake___________25 4% Apr 22
5 Jan 17
70 Ollbway Mining..........25
60 Old Colony_______ 25 .50 Jan 5
653 Old Dominion Co____25 35 Apr 22
6 O soeola______________ 25 05 Apr 24
P arrot Silver & O op. 10 11 Jan 26
23 Q uincy_______________ 25 65 Jan 25
1,116 R ay Consol C op p er.. 10 16% Apr 21
Santa Pc Gold Cc. C op. 10
*4 Apr 26
326 S h a n n o n ___________. 10 9*4 Apr 11
50 South U tah M (c S ---- 5 .75 Apr 18
265 Superior______________ 25 30 Apr 24
2,413 .Superior & Boston Min 10 21&,« Apr 7
047 Superior JcPltts O opp. 10 13*2 Jan 3
80 T am arack ____________ 26 34 A pr 24
160 T rinity...............................25 3*t A pr 22
176 U S Smelt Ref & M in. 50 33*4 A pr “
554 Do pref____________60 45*2 Apr
576 Utah-Apex Mining___ 5 2 Mch 10
476 U tah C on so lid ated ... 5 9*4 Jan 20
75 U tah Copper Co_____10 42*8 Apr 18
200 V ictoria______________ 25 1*2 M ch23
941 W in o na_______
25 6 Apr 18
27 W olverine____. . . . . . 25 107 Apr 26
3701 Wy an dot t ____________ 25 1*4 Jan 25

♦ 108*4 109*4 110*8 110*2 11033 110*2 110*4 110*4 1 1 0 110*4 *1093., 1101 01 *.|
*103*4 1041.1 *103*4 1033. *103 10 1 1033., 1033,t 103*4 1033s *103
220
220
* 2 10 219*2 219*4 21912 *219*2 ___ 219*2 219*2 219*2 220
127*4 1271? *127*2 1273s 12738 127*2
127*8 127% 215
*127 127*2 1273s 1275s *215
__
215 *215
*215
*215
*215
10 1
105 102 103*2 10*23., 104*2
110*2 113
*113 114 113 113 *295
*295
295*2 295*2
*295
*295
295*2 295*2
Last Sale 13*2 May’ll
*13 14 *13 15 *13 14 *13 14
Apr’11
*72 75 *72 75 *72 75 *72 75
Last Sale 74
*8
*8
10
10
*8
10
*8
10
Last Sale 812
Apr’11
48
*47 4734 *47 48 *47 48 *47 48 4S 49 48 158
158 158 *157 158 157 157
*157 158 *157
110
n o 110
1 1 0 *108 110 *10812 L10 *108*2 1 1 1 )
110
*108*2
*270
Last Sale 270 May’l l
*270
*270
*270
127 128 127 127 128 128 127 12734 *127 128 127 127
*134
*134 135 X132 132 133 133 *13412 137
*133*4
92 92 *92 ___
♦ 91
*91*2 93 *91 93 *92
200 May’ll
18l2 18*2
18 18*4 18*2 1834 1S33 191? 18*9 19*8 18»., 193s 88
88*2
87% 873a 88 88 88*2 88 88*4 88 SS*2 144% 144
*87*2
146 140 1453a 1457a 145*4 146 142*4 145 143 143*2 *141 ___
14U4 141*4
*140
*140
*140
*140
Last Sale 212 Apr 11
* 2 10
* 210
* 2 10
* 2 10
185 185*2 185 185
*185
*185
185 ;85 *185
*39 40 40 40
*37 40 *107*2
♦ 37 40 *37 40 *108
109 *103 109
109
.08
*107*2 109 108 09 *107
___ *100 ___ 100 100
*99
1001.1 100 *: 100*4 100*4 *100
177*s 1765s 177% 177% 178*4
1775s 1773.i *176%
17712 177*2 177*2 .775s *9414
*94 95 95 95 95*8 95*8
94*2 9412 *94*4 95*4 *100 95*4 *100
____ *160 ___ *160
*160
100*2 1601*
S9*4 89*4 90 90 90
89 89*4 103*2
*89*4 90 so 89*4 89 103*2
103
*103 103*2 *103 103*2
*103 103*2 *103 1031" *103
*56*4 57*4 *56 37*4
56 56*2 1015s
56*4 1015
56*2
575* 575a *57
8 *10153
1 0 17S
Us4 10 2 10 25
101*4 1013.1 1015# 101». 10134
♦ 5 5*2 *5 5*2 434 10 43
5*2 *17
5*? *5 17*2
*5 1734
18 17 17 *16*2 17*2 175 17
*17
*17
11734 118 118 118*4 118*2
118 118 118 1183s 118 118
1183* 118*4 118*4 118 118*2 11819 118*2
118%
♦ 1171? 11S«2 118 1183ft 118*4
14S 148*2 148*4 14819
148*2 149*8 I 19 % 13419 148 149 *33*2
148*2 149
34
33 33
*33 34 33 33 *33
903
4
90S,
913,
91*4
90%
90%
91% 91%
90*4 90*2 91 91
1 0 *s
10
10*8 * 10*8 ___ * 10*8 10 %
10
10
10*4 10 *.,
10
22
22
22*8 22*8 22
22*8
2 2 % 22*2
* 22
22*8 2 2 *s
22*2
*8
Last
Sale
*8
81.
8*4
Apr’11
*8
*8
8*2
8*2
«'?
152 *150 152 160 150
150 150 *150 152 *150 152 *150
10*4
10 %
10 %
10
1038 10*8 10*8 10*4 10*4 10 287
' 10*8 10*8 2S7U
2S7
*286
280
287
285
287*a *285
*235
156*.] 155 155*4 156*2 15*%
157 157 157 157 15512 156 155*2
91*4 91*2 91%
9U 4 91*2 91*2 91*2 91*2 91*2 91*4
01*2 91*2
96 90 90 96
90 96 9o34 96 96*2 2 96*2
*95*2
225
2 1 *___ 225 *__
♦ 2203a 223 * 2 2 1 2 2 2 12 223 2234*9 *223
*4
Last Sale 4 May’ll
41 .
*4 412 *4 412 *4
Last Sale 111 May’ll
* 111
116
* 110
115 ♦ 1 1 1 115 ♦ 1 1 1 115 *109
111
1 1 1 ♦ 1Q9 1 1 1 ♦ 109
110*2 110*2 *___ 1 1 1
110*2 110*2
143*2 143% 144
142 142 142 L43 143 143 143*2 143*2 143*2
Last Sale 103 A p ril
* 102*2
*■ 1603,1
102*2
* 10 2 12
* 10 2 12
161 100 % 161*2 *160 161*2 *161 161*2
160*2 161 100*2 10147,
1
14U 145a ♦ ___ 14*9 *14 15 15 10152
147a 147S 14%
8 10 2
1017a 102 1013a 1013., 10134 102 10134 102 101% 1017
31 31 *301* 31%
31 31 *30 31*2 *30 31*2 31 31
29
29 29 29 *28 29 *28 185%
♦ 28 29 *28 29 *28
18G34 1863., 186 186 185*2 186 180
185*2 18634 185*2 180
63*2
53 5319 28%
53*2 53 53*? 28t2
53*2 r,:n2 *53 63*2 63*4 ___
53*8 28*4
28*2
28*2 *28*8 28-%
2S*s
2 S*s 28*4
76
75 743s 75 7«0» 76 75% 1195,
74*2 74', 74*2 7 Hi 74% 119
118*2 119 119 119 119
♦ 119 119*4 1187s 119 118*2
20
20
*19*2 20*2 *19 20 *19 20 19*8 19*s 19 19
♦ 94 06 ♦ 92 96 94 94 04 94*8 94 96 *94 90
6
#?. *65, 7%
5*2 5*9 si, »? M, 73S
*5*2 6 *519 6
7
75, 734 71,
7t2 73.,
73.1
31 7*4M ay n
*31 32*2 ♦ 307*2 33 *31 33 ♦ 31 337*4 Last Sale
63«8
6334 631.8 6334 63 63*8 62*2 63 62*2 63*4 63 25*4
*215,
♦ 63*4
243.J 25 *243,1
25 *2434 25 243, 2434 25 25
10 %
16
163.,
16*4
15*4
15*8
15%
15*4
15*4 15*2 15*2
15*2
5*2 6*9 6*9 5*2 5*2 5*2 6*9 5*2 6*2 .55 5*2M ay'll
*.50 ,C0 *.50 .60 *.50 .60 *.50 .60 Last Sale
*12*4 13 * 12 123,i *12*4 123, 12*4 12*4 *12*4 13 * 12*2 A35
538 5*8 5*2 57s 534 678 6*2 6 % SI, 5*4 175
17*2
17*4 17*4 17*4 17*4 *17 17*2 17 17 *17 60*2
43*2 50
5078 51*4 51 51 50 51 4934 50 49*2 465
458
480 480 474 471 405 471 465 467 465Last Sale 12*4
May’ll
* 12
13 ♦ 12 13 * 12 13 * 12 13
.09 *.05 .09 Last Sale .08 A p60ril
*.05 .09 *.05 .09 ♦ .05 61*2
00
61 62 61 61*4 60*2 434 00*4 60*4 60*4 60*4
434
47, 47, 4% 4% 478
6
5 *434 5
113* 1158 i n . 115, 11*2 1 1 % 11*8 11*2 1 1 1 1 % i n . 11*4
*9*8 93., 9*8 03ft 9*2 9%
9*? Sl2 69*2 6 1-16
*9*2 10
9*2 0*8
61-16 W, 5% *5% 0
6
6 1-16 6 *a
6*3
33*2 3312 33*2 33*2
33*4
33*2 33 l 3-16
33 33 33 331? 33*2
0 1-16 61a 6 1-16 6 1-16 61-1661-16
0*8
6*s
0*1
6*8
6*8
4 ♦ 22*4 22*2
2212 23
*22*2 23*2
233.1 2334 2334 22*2 223
23*2
1*4
1*8
1%
1*8
*1
1 % *1
n . *1 21 1 2
1*4 1 21 12u , **11*2
12
12
12*2
*11*4 ___
* 12
12*2 * 12
2934 2934 *30 30*4 29*4 29*4 ♦ 30 30*4 *29*2 30*4
% 88*4 88*4 88*4 88*2 88*4 88*4
* 88% 88*2 *88*4 8834 88 88
334 *13*4 14
13 13*4 13 13 13*4 13*.,
*13*2 14 1334 I 612
633 ci. 6*2 6 9-16 *03s $ !2 6*2 6' s
6*2
6*2
0*4
*2
134 1 15-16 *2
2 ',
*2
2
2
2*4
*2
21,1
21 .
32 32*.,
33 33 32% 33 32*9 32*9 31 32 3212 321.
4 ♦ 3*2 35,
*3*2 4 *3*2 4
*3*2 4 *3*2
37,
3',
6
6
*534 6*4 *53.! 6*4 *534 6 ', 5 5
*5*2 6
1%
1%
1*2 1 0-16
134 138 1>2 1 0-16 158 Last
1*5 Sale
1*2
.01 1*2 Mch’11
20
*1934 20 *1978 20*4 20 20 20*4 20*4 19% 20 % 20
2 % *2
2%
23S *2*8 23, *2*8 2*2 ♦ 2*8 7'? *2 ____
*38
38 38 38 38 38 38 37
*38 40
183., 37
18*2
187,
*18*2 183, 1834 18% 18% 18%
1 W? 18*2
18*2
4
3%4 3*2
4*8 4*a *3*2 4 *3*2 103.,
3'J 319 *3
*103.,
1034 103'?% 103
10 %
10-34
10 7s
10 % 10 % 1034 107,
28
28 28 27*2 27%
28*2 2812 28*4 28% 28 28 275s
6*4
65,
7 *G 7 ♦ 6 7
O'l
*
6*8
61,
*
6*4
01,
01 .
638 6 *? o's fl'r ♦ 6 O', ♦ 0
1 *6
♦6
7
6 ',
*__
*__
*1
*1
*1
1*8
11.1
1*4
I'l
11 ,
m
1*8
♦ 39*2 40*4 *39*2 40*., 40 40 39 40 40 41%
*39*2 40*4 *___
*___
10 2
10 2
♦ 95 100 *96 100 *96 100 90 90
11*2 May’ll
* 11*2 12 * 1 1 12 * 1 1 1 2 ♦ 11*2 12 68Last Sale
*68
70 70 70 70 70 ♦ 68 68*2 1634 63 ♦ 68 70
17 l«5, 17
18 18*fi 18 18 17*2 18 17 17*8
.75 A p ril
*.85 1 *.85 1 % *5, 1
M, 101 10Last Sale
10
10
10
♦ 10 1 0 *? * 10 10*9 10 10
10
.80 ♦ .82 .90 *.85 .95
♦ .80 .90 *.80 .90 *.80 .90 .80 32*2
32 3212 3234 327g
*32 33 *32 33 32334 32 ♦ 31*2
4 4
4 4
4*2 5ifi 6% 5%
3/8 334 4
141, 14*2 1412 14*2 14*8 1419 14 14*8 14 14 ♦ 1436 14
37
85 35 35 35 35 35 *34 36 ♦ 31 31*,
*334
334 35, *334 4
334 3,4 3*4 35, 3*, 34%
a».
34 34 *84
34 34<*. 33*2 33*2 34*4 34*4 34 34*?
47 46 40 46 48J, 4634 453.1 46 462*9 *46 40*4
4634
.
.
.
.
.
.
*2*4 21* *2*4 21 , 2U 2^8 21? 2*? *2*4 14 14 14. .
16 15 14*9 1412 14 14 14 14*9 13*2 t,7 ,
*44% 45
„ 5 , 445,
*44*2 45 *44*2 46 4,1?
*1J4 2
13.1 15, 15, *1*2 2
1% 1*4 ♦ 1*2 is. *1*2
\ 6 0
6*« 7
61. 65,
6*a
*6
7
6*2
6*2
#
1.
108 103 *1081* 110 108 103 *10812 110 IO8I 2 10S12 108*2
10S1.
*1
*1*4 Hi 1»S 1 % • n . l ’s 1'4 n.i n ,
IV
* Bid n a d n ak ed prloa. d N ow sto c k , a Aaa’t paid, b Ex-stock dir, A Ex-rlghta




STOCKS
BOSTON STOCK
EXCHA NG E

a

Ex-dir. and righto..."

Range for Previous
Year (1910).

Highest.

110% May 4 91*2 J ’ly
103*4 MaylO 97*2 Aug
226 Feb 15 218 J ’no
12978 Feb 1 xl*22 Aug
21018 May 2 200 J'ly
1223s Feb 15 A118 Dec
300 Mch 6 285 Oct
16 Mch 15 14 J ’ne
75 Mch 9 70 J'ly
9 Feb 16 8 Mch
49 M ayll
35 Aug
161 Feb 27 139
Sop
113 Feb 20 109 Oct
270 Apr 13 200 Oct
130 Jan 4 121*4 Sep
131 Mch 15 lo t Jan
93 Mch 7 85 Apr
215 Jan 18 202 Feb
19*2 May 9 1414 J ’ly
88**4 May 4
7 5 J'ly
151*8 Feb 23 149 Apr
142 Mch 6 139 Dec
212 A pr 29 2 10 May
189 Jan 3 I 8 H4 Sep
43 Fob 21 25 May
112 Feb 27 103 Aug
9834 Auv
10234 Jan 9
1807s Feb 6 153*4 J ’1^
95*8 May 12 89*4 J ’>y
Oct
100*2 May 8 151
93 Mch 22 83 Sep
105 Jan 10 99 JTy
’ly
59*2 Feb 28 36 , JDeo
105*4 Mch 1 931
4 Dec
0*2 Jan 20
19*4 Jan 31 133^ Oeo
122 Feb 27 1 1 1 Ooj
119 Feb 2 11134 Oct
149*s Mav 4 12714 J )y
36 >4 Mch 20 28 J iy
9534 Feb 8
0012 Occ
lots J an 25 7 Mch
20 Jon 31 10 May
S*4 Apr 29 412 ^ jy
151*4 Mch 13 138U
J iy
12 May 1 71, Apr
292*2 Feb 3 A23U
159 May 1 130 J iy
94 Jan 20 701.1 fell
98 Mch 25 80 May
223 May 9 2 1 221.1
1 . Bee
Jail
478 Jan 31
119 Mch 14 107 t>ep
116*2 Mch 13 0012 4 » t
145 Feb 14 1201j Allu
103 Mch 28 031, Nov
163 Jan 30 153
Jan
15 May 1 1 1 1 , J'ne
102*4 Moh 6 100 J»«
36 Jan 3. 28 Mch
29 Jan 17 27 Jan
192*2 Jan 19 1 B,012 J“,n
5S78 Feb 18 ■ KM, J ’ly
29*4 Ja*» 31 2514 J y
82*3 Feb C
J y
120*2 Feb 2 i 81«S
n J ‘y
23% Feb 6 14 I‘Cb
97 Feb 3 81 Ault
7 Jan 5 4 J'ly
8*2 Feb 3
P.f?
39 Jan 4 3 75,
1 J y
67 Feb 0 5514
J.|y
19
1
,
J iy
2534 Jan 7
1678 May 12 1 25 i44 JM»J
no
5*2 May 5 .50 Mch
.55 Feb 16
1334 Feb 3 104i2 NJf*3’
ov
6*2 Jan 1 *
1934 Feb 0
155, J “ «
55 Feb 3 4434 J iy
545 Jan 4 500 J'jy
15*2 Jan 4 i3i 2 J, v
.08 Apr 20 .04 J, ly
ICO
0934 Feb 2 68312 $ep
6 Mch 21
iy
13*4 Feb 2 .05ou JOct
.20 Jan 0
cl0*2 Feb 20 90 Deo
J'iy
8*8 Feb 0
J'iy
40*2 Jan 4 20038 Sep
7 Jan 9
e24% Mch 1 1^4
J
'y
2 Feb 4 15, Oct
1378 Feb ^ 30%
10
?;,y
34 Jan 9 84*4 Dec
Nov
90 Jan 9
16*2 Jan 4
13*2
77a Jan 21 xO Sep
3 J ’ly
312 Jan 3
33 Fob 21 2812
J iy
0 Jan 3 Ci4 Deo
8 Jan 3 41* Mch
134 May 8 .35 “ Oct
2b Jan 10 .01 Nov
20% Feb ' 17 J ’ly
3*2 Jan 4 3*4 Dec
43 J ’ly
45*2 Jan 7
19*4 Feb 6 i75s j;jy
4*4 Aor 28
3*2 J i y
11*8 Feb 17 189*4 Jan
J'ne
30*2
Feb
9
734 Jan V 0*4 Dec
Sep
7*4 Feb 15 .255 Aug
1*4 Mch 30
42 Jan 13 29*2 J'no
’ly
124 Jan ** 1 1141 JDec
1234 Feb
66 J ’ly
7 1 Jan 3
15*4 J ’ly
18*3 Jan 4
1 % Nov
H 2 Jan
12U Feb
81 ? JDec
’iy
1 Feb
42*2 Jan
36 J ’ly
4% Dec
0 Jan
9 J ’ly
15*8 Feb
52 Jan
46*2
J ’ne
5 Jan 3
4% Dec
30 Dec
37*2 Feb
43 Moh 1 45*4 J iy
3 Jan 6 2 Doc
15*4 Mai' 1 12*2 Dec
46*8 Feb 6 A3©% J ’tto
2*2 Feb J 2 D*c
0*2 Feb 6
122 Feb 10 1026 JJ ’ly
’ly
2 Feb 6 1*4 J ’iy

Highest.

123*8 Jan
104*4 Jan
234 Jan
13634 Jan
227 Feb
152 Feb
31)0 Nov
161s Nov
76 Apr
10*2 Sep
48 Jail
160 Deo
118 Jan
270 Mch
13312 Jan
123 Oct
90 Oct
218 Dec
2113 Nov
8834 Nov
164*8 Mch
141 Deo
212 Mch
200 Jnn
44*2 Nov
116 Jan
106 Mch
204% Jan
103*8 Ian
165 Jan
95*2 Mch
109 Feb
49*2 Oct
105 Sep
S78 Feb
24 Feb
127*8 Mch
124 Mch
11378 Nov
39*2 Mch
10H4 Mch
11*2 Jan
28 Jan
8*2 Jan
152*2 Mch
11*8 Jan
2921s Nov
10§*2 Jan
91*8 Nov
97 Mch
226 N or
6*4 May
124 Jan
115 Jan
138*4 Deo
100 Jau
200 Feb
14 Oct
10934 Jan
37 Dec
31 May
200 Sep
71*4 Apr
31 Jan
903.1 Jan
125*8 Jan
19*4 Sep
94 J an
10 Feb
1434 Sep
58 Feb
90*4 Jaa
40*2 Jnn
6034 Jan
1214 Jan
.70 Mch
24i4 Jan
18*4 May
28*2 Jaa
103 Jan
685 Jan
38 Jan
.16 Jan
85 Jan
9*8 Moh
14 Nov
2*2 Feb
2212 Mch
12*2 Jan
111*4 Jan
IBs Jan
36 Jan
5% Jan
44*4 Mch
3334 Oct
90 Nov
28i2 Jaa
11 Jan
6*4 Jan
9412 Jan
19 Jan
10*8 Oct
l 7s Jan
5 Jan
29 Jan t
8*2 Jan
75 Jan
27i2 Jan
10*8 Jan
12 May
50 Jan
25% Mch
12*4 Jan
1*4 Feb
55 Jan
166 Jan
21*4 Jan
92 Mch
24*4 Mch
2*4 Jan
18 Jnn
3*4 Jnn
08*4 Jan ,
15 Jan
16*8 Jaa
78 Jan
H*a Jan ;
55 Jan
53*8 Jan
6*4 Jaa
46 Jan
60% Jan
6*4 Jan
15 Jan
150 J a a
Mi Jan

1IOKD*
BOSTON STOCK KXCH'ttK
WKICK ENDING MAT 12

■v*T3O

1303

Boston Bond Record

M a y 13 1011.

BOND*
Week?* 'S'S Range
Week’s |5 « ; Range
lYice
BOSTON STOCK EX C H ’GE
Hange or
Since
Hangs or |§© ,’ Since
Friday
W
eek
E
nding M a t 12
'January 1
Last Sale
Last sale as^; Jan u a ry l
M ay Li
Low H igh
I jO W m q h
Hia
ASK LOW H igh .Vo Low High
Am Agrlotil Chem 1st 6 s..l9 28
1 0 1 % 1 0 IV
101*4 102 4 Illinois Steel deben 5a___1913 A-O 100*4 1 0 1 100*4 100*4 1 100 102*0
Am Telep A Tel coll tr 4s. 1929
9 1 4 In Falls ASioux C l8 t7 s..l9 1 7 A-O
9
m
Sale
90%
914
89
4
117 A pr'08
K an C Clin A Spr 1st 5 s...1925 A-O
Convertible 4a..................1936
110 110% llQ 8* llo% i
9 44 Fob’ll 1 . . . 11 9 14 9 44
106% 110*4
Am W rit Paper la ta f Gsg 1919
90 K anC F t S A G alt e x t5 s ..1911 j . d
90
F
eb
’lli
90
100 4 F eb ’11
1004 1004
Am Zinc L A S deb G s.... 1915
M 2 Kan O F t Scott A M Gs__1928 M-N lif t7* Sale 115*0 1 1 6 4 ....1 11
.......
102
112
A
p
r’11
100
5 116*4
Arlz (Jom Cop 1st conv 6s 1920
89Hi Bale 89
H9 4
84 90 K an O M & B gen 4s..........1934 M-S
92 ......... 92 4 A pr ’l l
92 934,
Absented
income
5s.......1934
M-S
A tonTop <fc BFo gen g 4 s.. 19951A-O 99 99 % 99
99 4
99
98
87
00
88
A
pr’l
l
...
j
88
90 “
Kan C & M Ry A Br 1st 5sl929 A-O 102% 103 102 M ar’ll ...11102 103
A djustm ent or 4s___J ’ly 1995 Nov 9 14 t2 4 91 A p r’11
91 91% M
I
aine Cent cons 1st 7 s ...1912 A-O
S tam p ed ................J ’ly 1995 M-N
92 May’ll
HI 92
1024 Feb’ll) ,...Jj 102*4 102*4
60-yearoonv 4s.............1955 j . d 91*4 92 4 109*4
Cons
1st
4
s
......................1912
A-O
M
ar'll
109
4
1
0
9
4
1014
Sep
'051,
10-year conv 5s.............1917 J-D
Hough A Out 1st 6s. 1925 A-O
M ar’l l
1 0 8 4 H 0 4 Marg Gas
115 j ’ne’Oft.
A tlG ulf A W XSB Lines 5 s.’59 j . j 714 Sale 110*8
4 4 s ....................1929 J .J
May’ll; ::;:ir» 8 4 ioo%
7i
7 m 12 68 73 Maas
Mich T eleplst 5 s...............1917J - J 99*4 100 LUO
Bee ton E lect L consol 5a.1924 M-S
110
F
eb'04
99 4 99 41 2 9 9 4 9 9 4
M inne Geu Elec con g 5s 1929 J .J
Boston A ijowell 4s...........1910 J .J
102
4
Anti’04;
100
4
M
ar‘09
Boflion a Alamo 4 4-*..........1944 j . j
N ew E ng Cot Yarn 5 s ....1929 F-A
104 4 Oct '08
102 <4May’l l m i iTo*’ 1 0 3 ’*
N ew E ngT eleph 6s..........1915 A-O i*02 4
Boston Term inal 1st 3 48.1947 F-A
1014
M
ar’ll! .. . 1 1 0 1 * 4 1 0 2 •
112
4
Jan
,03i
B nr * Mo Rlv eons 6a ....1918 J - J
5s.........................................1910 A-O
103 1034 Now
103 J a n ’ll
100 4 »ep ’08}
E ngland cons g 5 s... 1943 J- J
B utto A Boston 1st 6s___1917 A-O
100 J ’ne'Ol
Boston Term 1st 4s.......1939 A-O
Butto Klee A Pow Istg 5 s.l9 6 1 j-I>
New R iver (Tho) conv 5s. 1934 J .J
Cedar Hup A Mo It 1st 7 s.1910 IS4-N
‘•j May ' 10 ...
7 5 Oct ’10
Y N H A H con deb 3 4 sl9 6 6 J -J
Cent Verrnt 1st g4*..M ayl920 Q-F 904 8*le 113
90*4 M ay'll
904 90 4* "ia 8 74 904. N Conv
96*4 9 3 4
deb Gs (c tfs)........ 1948 J - J
(J H & ti Iowa L)lv 1st 58.1919 A-O
133
4 May’l l
U103
Oot
'07!
132*4 1344.
Xowa Dlv 1st 4 a ............... 1919 A-O
Old Colony gold 4 s ............1924 F-A
101 A pr *09
99 F eb ’l i '
D ebenture 5s.................... 1913 M-N
Ry a N ay con g 4a..1946 J-D
1014 M ar'll
9
8
4
Sep
’09
00*4 1014 Oreg
Sh Line 1st g 6s........1922 F-A
D enver Ext-en 4s............ 1922 F-A
994M ay’ll
1144 F eb ’l i
99 4 100 Oreg
114*4 1144
N ebraska E xten 4 s ........1927 M-N
9*4 994 P ere M arquette deb g Gs.. 1912 J - J
9 84 94# 4
984 A p r’ll
90% 98*4
8 A 8 \V 8 f 48...................1921 M-S
9 04 F eb ’l i ___ 99 4 99 4 R epub Valley 1st s f 6 s...1919 J - J
103 J a n '11
103
103
Illinois I h v 3 4 s ...............1949 J -J
8 74 M a r'll
874 884 R utland 1st con gen 4 4 s . 1941 J • J
107 4 Nov'05
O hiojo Ry A Stk Yds os.1916 J-J 101 “a102 102
llutland-C anadian 1 s t4»1949 J - J
100 102
102 Mai ’02
Coll tru st refunding g 481940 A-O 89
Savannah
Elec
1
at
cons
5s.
1952
J
-J
7 04 D ec'10
89 4 904
9 04 904
Oh MU A 8 t P Dub D G a..l920 J -J
114 111 Seattle Eleo 1st g 5s...........1930 F-A 103 *a 105 104 4 M ar’ 11
114 J a n ’ll
104 105
1134 1134 Shannon-Ariz 1st g Gs____1910 M-N 91 ........ 93 A p r'll
Oh M A « t P Wlo V dlv Gsl920 J - J
111% F eb ’l i
93 93
Ohio Os No MlCIl 1st gu 53.1931 M-N 99 4 ....... 99 4 A p r’ll
98 4 101 T erre H aute Eleo g os____1929 J -J
97 A pr'07
OWoA W Mich gen o s....1921 J-D 102 103 101®* May’l l
100 1014 T orrington 1st g 6s.............1918 M-S
1 0 0 4 M ar’10 ....
U nion Pao R R A 1 g x g 4 s. 19^7 J - J
ConoordA M ont cons 4a.. 1920 J-D
91 D ec'07
1 0 0 4 A pr’l l .... 100*8 1004
20-year conv 4«..................1927 J .J
Cona A Pass R 1st g 4 8 ... 1943 A-O
1124 Jan ’03
4 4 A pr’l l .... 104=4 104*,
U nited F ru it gen s t 4 4 s .1923 J .J 96 4 Sale 19004
Cudahy P ac k (T h o )lstg 5 s1924 M N
1 0 0 4 Aug'09
964! 15 95 4 97 4
O urront River 1st Gs.........i320;A-O
97 M at’ll
97 97 U S Coal A OU 1st s f Os.. 1938 M N
105
Nov 10 .
87
U
S
S
teel
Corp
10-60yr
6s.
19G3
M-N
87
D etQ r Ran A W 1st 4«... 1940 A-O
87 F eb ’l l
105
4
10 0
iOO
Ssile
7 1044 106
Dominion Ooal 1st a f 6s.. 1940 M-N
934 M ar’l l ,.. .. 954 964 W est End S treet Ry 4s___ 1915 F-A
99 May’ll .... ! 98 4 99
Gold 4 4S.............................. 1914 M-S
Elton burg 4 s .........................1915 fA 8
1 0 J4 Api '05-...
100
4
-Mar’ll
....
1004 1004
4s ..................
....1927 M-S
Gold
depenturo4s....1916
M-N
90 A pr'08!..._
98 4 A pr'10
Prom t E lk A Mo V le t Os..1933 A-O
48..................................1917 F-A
12T4 J a n ’l l .... 127 4 1*274 WGold
98 4 Jau ’l l __ 98 4 93 4
estern Telopli A Tel 5s. 1932 J*. J 93 4 •**aie 984
Unstamped 1st Gs....1933 A-O
140 A p r’06!
99 I 25 96*4 99
Gt N orO B A (J coU tr4 a 1921 J - J 96 % sale 804 97 I 14 96 4 97 W isconsin c e n t 1st gen 4s 1949 J - J
934 J a n ’l l __ 9 34 9 34
R egistered 4s......................1921 <J-J 96 4 ....... . 9 0 4 9641 17 964 964
N ote —Buyer pays accrued interest In addition to the purchase price for aU Boston Bonds. * No price Friday; latest bid and asked. U F lat price.
Price
F'ridav
May 12

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Jiange Sines
Range tor Previous
Sales* A CTIV E S TO C K S
Year (1910)
Jan 1 1911
of the (For Jionde and Inactive
tY id a v
Week
modes see below)
M ay 12 Shares
Lowest • Highest
Lowest | H ighest
B altim o re
90 90 *
90 *......... 90
90
80 Con. Gas EL L. A Pow . 100 04 Jan 9 93 M arie
Mar 64 4 Deo
97 97
97% 97 97 \ *97 97 4 180! Do pref.....................100 89 Jan 9 100 Afar 17 40
SO Mar 90 J ’ly
120 4 126 4 974
127
4
+1264
2
N
orthern
C
en
tral..
50
121
Jan
11
128
Apr
18
115
Ja
u 132 Feb
20% 20%
*26% 20% *26 4
225 Seaboard (new )................100 21 Jan 1 27*4 May 4 1»% J ’ly 2 7 4 Jan ,
684 68% 684 68 4 *58 ’ 68% *684 68% l,u50 Do 2d pref.............. 100 43 4 Jan 4 59*-. A pr 13 40
Jan
Oct
♦ 10
184 100 United Ry ds E lectrlo.. 50 16** Jan y 184 at or 2 8 * 12*8 May 47
*17% 184 *17%
L6 4 Dee
P h ila d elp h ia
14 14 *12 14 +14 14 4 117 A m erican C em ent......... 50 13*4 Apr 6 174 Jan 4 17 Dec 28 J a n
44 44
44 44
44 44
216 American R ailw ay s.... 50 42 Jan 5 45 4 Jan 2o| 41*, J ’ly 50 Jan
44 44
45 46 4 46% 46 4 46 % 46% 46 4 16 4 1,575 Cam bria S te e l................ 50 42 4 Jau 3 43*4 Heb IS 4 04 J ’ly 53 4 Jan
12 % .........E lectric Co of A m erica 10 114 Jan 4 1 2 4 Jan 14 11 4 J ’ly 12 4 J a n
*12 I z ’h *12 la 4 +12 L*'» *12 63
52% n ; *52%
62% ft*'. 624 63
180 Elec Storage B attery.. 10 0 4 84 Jan 3 56 Feb 2
J ’ue G4 4 Mar
32% 35% *32 4 33
*33 33 4 33 33
200 Geu A sphalt tr etis ....1 0 0 3 1 4 Mar 4 3134 Jau 10 42
194 J ’ly 31*8 Deo
M
ario
73°» 73%
___100
72
405
Do
p
r
e
ttr
o
tf
s
73 4 73 4 *73 4 74 *734 74
S31,,
Jan
30
64
’ly 8 4 4 J a n
*8 9 .........K eystone T elephone... 50 8 4 ja u 12 9 4 Jan 10, 7 JJ ’ly
13 uan
28 4 *28 284 .........Luxe Superior Corp____loo 27 4 Apr 19 32 Feb 6 15 4 J ’ne 29%
♦ 28 28 4 *284 2F%
Deo
86 87
700 Lehigh c A N av tr ctfs. 60 »6 May 12 98 Jan l4 ( 86 J ’ne 123 Jan
87 07 4 86% H/% *86 4
H7S *86% 87 % *.8;% H7 *a *87 87%
63 Lehigh V alley................ 5 0 0 4 4 Apr 24 9 0 4 Feb 3 ' 6 2 4 J ’ly 1214 -Mar
*87 4 61*ia
61
60%
oO
%
111
U0»1,
3,802 Pennsylvania K R......... 60 G0%., May12 65 Feb 2 61*i10 .J’ly
0 l*l«
(il ■ »
Alar
62% 62., 62% 52% b t 'i 62% 62% 63 4 1,540 Philadelp'aC o(PittsD ). 50 z50 Jan 3 54*4 5Iarl7 42 J ’Ufe 69%e
4 Jan
4 1G4 16% 1,964 Philadelphia Ki6clnc0. 25 16 Jan 19 167e Feb 1, J1S78 Feb 53
164 Ill', 10 4 16% 164 16
I
6 4 5iar
17% l f% 17 % 18
545 Pliiia ltap T r v o ttr ctfs 50 17
17 4 17'.. 18 IS
l 8 21*4 Jan 20 15 Apr 2 a 4 Jan
77% 77% *7?516 77% 77% 7 7 ', 78 VH*, 7,324 R ead ing ........................... 5o7H%a Apr
A pr 2 4 80V Feb 10l
’ly 86 Feb
6%
2,441 Tonopah M ining ......... 1 6 .Huy 4 8% Jan 17 650 44 JJau
6%
6%
6
4
6
4
64
9*i« 5lay
46%
45% 46
46%
46
4
46
4
1,561
Union
T
ra
c
tio
n
.............
50
43
J
an
3
464
484
Jan
20;
**4 Jau
38
Oct
86% 00% 80% 80% 80% 86% 0 04 87 1,153 U nited Gas im p t........... 50 8 64 Jan 3 89*8 Jan 9 79 J ’ly 52
95 4 Jan
B id A sk
PH I I^A D E L P H I A
P H IL A D E L P H IA \ B id | A sk ;
B id A sk
liA L T U ID U E
B id A sk
Ph «& Read 2d 5s *33. A-O
B onds
Clias
Ry
G
A
El
6s
’99
51-S
Prices are a ll " and
E x Im p M 4s g ’47. A-O
% 1
Chari CA A 2d Ya'lU A-O
interest
Term inal 5s g 1941.0-F 117 1174 City A Sub 1st 5 s.. ’22 J.D i 0*6*4 iu*6*4
44 4 45
80 83 A lt & LVElec 4 4V33.F-A
P W «fe B col tr 4 s ’21.J-J U9V
City A S ub (W as)lst5s’48 102 103
79 4 82 Am Gas <fo Elec 5s'07. F-A 85 4 86 4 Portland Ry 1st 6s 1930.
Coal A I Ry ls tG s ’20F-A
A m ltysco nrh s 1911. J-D 100 1004 Read Trao j si 6s 1933 J-J
77
ColA Gruv lst0 s.l9 1 6 J-J 1014 1 0 2 4
Coll tru t Gs 1H17.A-0 94 944 Koob Kyab L con 6a ’64J -J 994 loo Consol Gas 5 s..1939 J-D 108 4 100
......... "” " 4 All C Eleo ref 5s ’28.M-B
Spanish-Am 1 r 6s '27 J-J 101% ........ Gen 4 4 s 1964.........A-O
BergAKBrw lstG e’21 J-J 1 0 0 4
Stall'd Gas & E Gs *26 M-N
Cons G E A P 4 4s ’35. J -J
4
Bethle riteel 6s 1998.u -F 118 118 4 U True ln d geu 6s’l9 .J-J 101*4 1024 FairA C iT r 1st 5s ’38. A-O 1U0 I 884
004
CUocJli Me 1st 6s 1940 J -J
Uu liys T r ells 4s’49J<feJ 77
Ga A Ala 1st con os '45J -J 105 105
4
C
hO
k
JbUt
gen
5
s
’19
J-J
108
United Kys Inv 1st coll tr
102
4
G
aC
arA
N
1st
5s
g
’29
J-J
106
4
104%
105
____
Con T racof N J 1st 5 s.’33 1044
s f Gs 1 9 2 0 ................. M -N
Georgia P 1st 08...'22 J -J
........
78 Welsbach s t Gs 193U.J-D 8818 4 84 4 (logo
Del CoRys tr ctfs 4h’4 9J-J
20% 2 1
A
JFla
1st
6s
1945J-J
100
4
Wlks-B G&E cou5s’55J-J
M* A 1st M Gs 1920 M-N
G-B-8 Brew 3-4s 1951M-S 424 4 J4
I4lec A Poo T r «tk tr otfs 87 874 York Rya Jet 6a 1937.J-D 1014
2d income 5s 1961 M-N
7
h A td i.h O U i,
Gen A spLalt SsWltf.M-S 934 94 4
33
Knoxv True 1st Gs ’28A-O 105
I.udiaHAtiollri Ry 48.1933 62 84
lu uciivu M sc k i
LakoK El 1st gu6a’42M-8 1094 109 4
terstate 4s 1943 ..F-A 66 4 564 Ala Cons Coai& iron. 100
40 Macon RyA L tlsi5 s’GSJ-J
" 8 4 ”23*8 % KIneystone
Tel 5s 1935.J-J 83 8 34 P r e l.............................100 70
22
M emphis S t 1st 5a’4G J-J 97 97 4
8up Corp Inc 5s’1 4 O 68 4
A tlanta & C harlotte.. 100
M etSt( W ash)lsl5s’25 F A
16 4 Lake
LohigU N av 4 4 s ’14.VI-J
A llan Coast L (Conn) 100 236 240 Alt Ver Cot D uck 1st Gs. 71 s
60 4
Canton Co.................... 100 116 119% N pt NAO P 1st 6s’38 M-N
Gen M 4 4s g.l924.U -F
” l4 ......... Loh VO 1st 5s k *33. .J^J 109 109 4 Cons Cot Duck C o rp ...60 3
N or A P o rT r ls t5 s ’J0J-D *9 89%
Leh V ©xt 4s 1st 1948.J-D
P refe rre d ....................50 1 7 \
N orfolk S t 1st 5 s’4 4..J-J
05
Consol 6s 1923....... J.l) 1*18* *120** Georgia ttou«fc F la ...lo o 31
40 N orth Cent 4 4s 1925 A-O 1054
Consol 4 4 s 1923...J-D
1st pref......................loo 94 96
Senes A Gs 1 92 0 ....J-J 110
A nnuity Us............... J-D
2d pref........................100
Series B 5s 1 9 2 6 ....J-J
80
G 011 oons 4s 2003.M-N 974
10 % 10 %
G-B-S B row ing...........100
P itt Un Trao 5s 1997.J J lo i 103
V Tran eon 4 s’35J-l) 86 80
110
Bonds
Polo Val 1st Gs 1941..J J 105
1L04 Lehlstserie«
B 5 s 1935. M-s
Prices are a l l " and
Sav Fia A W est 5 s'34 A-O 1 1 0 4 111
N stLlLfc P serB 5s’1 9J.j
interest
1*0*0*
Seab A Roan os 192G.J J
Anacosiiaifc P ot 5 s .... _ 1004 101 South Bouud 1st 5s..A-O 100 107
42 43 New Con Gas Gs 1948 J -D 97 4
N Y Ph Jb No le t 4s ’39 J .J *07*4
A tl Coast L(Ct)ctfa 5s J-D 105
U El LAP lftt4 4 s’29 M-N 02 4 934
Ctfs of iudebt 4 s___J^J
Income 4s 1939...M -N
Uu Ry A E l 1st 4s '49 M-S <**•>. 85
82 4 83 NoOhioTraocon58’19.J-J
6-20 yr 4s 1925.........J-J 9 J4
Income 4s 1949.......J-D
04%
B a ltC P a sslst5 « ’l l Jd-N 0 0 4
Penn A Md Htoal oon 0s. 1084
Funding os 1936...J-D 80 4 80%
0 4, 04 Pa
B alt Funilg 68.1916 M-N 1103
A NY Can 5s '89.A-O
Va Mid 2d ser 6a 'll.M -S
104
4
Exchange 3 4 s 1930 J-J 93 93 4 3d senes 6s 1916..M-S ......... ------4 24 Penn Steel le t 5«'17 M-N
1 0 4 1 0 % People’s T r tr eerts 4s '43
93 Balt A P 1st08 m l'11 A-O
4th ser 3-4-oa 1021.M-S
P Co IstJfc 00i tr 5s’49 M-S
B S P A O 1st 4 48 ’53 F-A 904 97*4 5th series 5s 1920.M-iJ 107' 1074
40
102
4
54
Va (State) 3s new '32 .J J 85 80
OouJb ooi tr Is 1961M-N 97 974 B alt Trao 1st 6 s ..'29 M-N 107 4
Phil Bloc gold tru s t ctfs. 1034 103*4 No Balt Div 6s 1942 J-D 109 110
Fund debt 2-3s 1991. J J 85% 80
T ru st certiis 4 s.............. 78®ii 79 Cont'l lty con5sl932 M-N 1074 1084 W est N C con 6s 1914 J J 104 4 105
E xt A Imp 58.1932 51 S 107*4 1084 W esVa CAP 1st 6g’l l J j 100 4 100%
P cfa E gen M 5 g '2 0 .A -0
Gen M 4s g 1920.. A<feO
Ohas City Ry 1st ds’23 J 102 4
WU A Weld 6S..1936.J J a u n a

S l i a r o P r i c e * —N o t P e r C e n tu m P r i c e s

Saturday
M ay 6

M onday
M a yS

90 90
964 97
96% 96% ♦ 120
4 128
27 27
*27 4
’*584 69 ♦ 684 59
18% 18*8
♦ 44
♦ 12
62*4
♦ 32%
73 4
•284
884
87
GL
♦ 52%
164
17%
77 4
64
45 4
87

14
444
46*4
12 4
63
33 4
731) 4
28%
H8 4
87
014
62%
16%
17%
77%
65lrt
46%
87

4 1 44
454 46%
*x2 12%
♦ 52% 63 4
♦ 33 33%
73 4 V3>4
♦ 284 29
87 87%
874% S7»„
61
614
*62% 63
164 16%
77
u \
64 6 4
45% 45%
86% 80%

P H IL A D E L P H IA

in a c tiv e S to ck s
American M illing....... 10
Cambria Iro n .........
P reierred .
LUO
F t Way no AW V..

P refe rre d ........................
K eystone WAtohCase.IOO
Lit B rothers................... 10
L ittle Schuylkill...........60
M lnehill& Hchuyl H ..50
N at Gas Eloc Lt<S> Po 100
P ro ierrcd ...................luo
N H aven Iron s te e l.5
N orthern C entral......... go
N orth Pennsylvania..GO
Pcnnsyl w arrants ..(w 1)

Railways G eneral....... 10
Tonopah Belm ont D ev.l
U nited Cos ot N J....IU 0
W elsbach Co................190
W ilkes Gas A E leo ..100
York Railway................60

Tuesday
M ay 9

Wednesday
M ay 10

Thursday
M ay 11

•Bid am i asked; n o sales o n th is day. U E x -div. A righto. y ^ lG p a ld .




12 4 paid. i ^ ! 3 4 p ; d d . 4 ^35 paid. a R o c e ip t s .

0$2b

paid, c $30 paid. d $ 4 2 4 p a l d «

THE CHRONICLE

1304

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Railroad,
Week ending
cfee..
State
U. S.
Shares. Par value.
May 12 1911.
Bonds.
Bonds. Bonds.
Saturday ----- --------97.S24 $8,460,100 $1,413,000 $439,000
M on d ay ___- —- — 255,113 23,569,600 2,301,000] 499,000
Tuesday----------------- 184,41-2 15,1113,800 2.476,000
520,000
Wednesday — ____ 168,025 14.222.150 2,525.000 990,000 $2,500
T hu rsday ...----------- 246,473 22.619,850 3,351,000 1,599,000
Friday . . . . . . . -------- 175,191 15,132.050 2,800,500 1,333,000
1,127,0381 $99,018,150l $14,872,5001 $5,380,000l $2,500
Salts at
Week ending May 12.
Jan. 1 to May 12.
New York Stock
Exchange.
1910.
1911.
1911.
1010.
76,887,082
Stocks—No. shares__ 1,127,038 3,081,103
36,144,606
Par value________ $99,918,150 $274,475,000 $3,194,323,550 $6,948,701,100
$917,1-00
Bank shares, par____
$429,400
$20,500
$57,300
Bonds.
$126,500
$186,500
$21,500
Government bonds__
$2,500
52,031,000
23,478,200
796,000
State bonds________
5,380,000
278,460,500
RR. and mlsc. bonds-. 1A,$72,500 11.529.000 278.512,500
Total bonds___ ___ $20,255,000 $12,346,500 *329.670.0001 S302,126.200
DAILY TRANSACTIONS AT THE BQ3TON AND PHILADELPHIA
EXCHANGES.
Philaddpltla.
Boston,
Week ending
Listed Unlisted Bond
Bond
Listed Unlisted sales.
May 12 lu ll.
shares. shares. sales.
shares-. shares.
4.123. $44,540
1,836 $30,000 2,137
Saturday___________ 5,467
0,580 29,446
99.500 5,471
2,269
Monday______ _____ 7,890
6,fL0O 108,800
6,560
4,095 126.100
Tuesday-----------— 9,827
18,280
3,945 168,500­ 4.142 4.904
Wednesday------------- 9,749
8.770
51,000
Thursday--------------- 11,373 5,730 39,000 5,469­
6,080 8.904 38,442
FWdajr ------------------ 11,842 12,676 95,000
Total ............. ........ 60,118 30,5711 9S5S,100! 20,8591 39,816 $350,508

Outside Securities

Bid Ask
Electric Companies
Chicago Edison Co—See Ch cago list
Gr’t West Pow 6s 1946..J-J 8R2 8512
e Kings Co El L A P Co. 100 128 130
Narragan (Prov) El Co— 50 ♦ 91*2 93*2
N Y A Q E! L A Pow Co. 100 55 65
Preferred................. ..100 75 82
United Electric of N J __100 85 90
1st g 4s 1949...............J-D 7812 79
Western Power com___ 100 30 32
Preferred.....................100 60 62
Telegraph and Telephone
e Amer Teleg A Cable__100 81 85
e Central A So Amer___ 100 118*2 120*
Comm’l Un Tel (N Y).__25 108
Empire A Bay State Tel. 100 67 75
Franklin ......................... 100 45 50
e Gold A Stock Teteg__ 100 111 118
e Northwestern Teleg___ 50 109 111
Pacific A Atlantic______ 25 65 75
e Pac Telep A Teleg pref 100 93 98
Southern A Atlantfc.........25 92 US
B A NFerry
Y 1stCompanies
6s 1911___ J-J 92 98
N Y A E R Ferry stk__100 10 20
1st 5s 1922................. M-N 50 60
N Y A Hob 5s May ’46. J-D 99 100
Hot) Fy 1st os 1946..M-N 105 1061-2
N Y A N J 53 1946..........l-J 97 99
25 35
1st mtge 5s 1919___ J-D 66 75
e Union Ferry stock-----100 24 27
e 1st 5s 1020...............M-N 97*2 99’;
Amat Cop 5a-Apr 1 1913.. 100-% 1003*
American Cigar—
Set B 4s Mch 15 '1 2 ..M-8 105 100V
100*2
Balt A Ohio 4 1 9 1 3 . J-D 100*4
101*.!
Bethlqh Steel 6s 1914..M-N lOO-Tt
*J9h 9978
Ohlc A Alton os 1913..M-S 98-V
Cln Ham A I) 4s 1913...J-J low's 99 L
101*8
Erie 6s Apr 8 1914...A-Os
Hudson Companies—
101
100*2
6s Feb 1 1913______ F-A 98 98*2
K C Ry A Lt as *12___ .M-S 100** 1004*
Minn A St L g 5s 1913--F-A 9o U.i
Mo Kan A Tex As May I’ 13 994, -100
e N Y O Llnqs Eq 5s *il-*22 b412% >'4%
4,'fs Jan 1912-1925_____ 61*2% 4l.<%
N Y Cent
1011., M-S 1(W3S m h
N Y N II A II 5s Jan 1912 100*2 10 1
roo*2-1003,
4Hs Meh 1 lyiy___ M Sr 1003,
10 1
PuDServCorpNJ 5a‘13.A-O
St L A S P 4^3 *12 op.F-A 100*4 100*8
5s Mch 1 1913.......... M-S */!% vvh
South Ry g As 1913___ F-A 100>8 un
Tidewater 6s, 1913, guar__ 102 102U
Wabash 4 Ha 1913___M-X 9CJ*i 97*2
West Telep A T As *12.F-A 100*2 1O034
Westlngh’sa El A M As 1913 10134 102
e5% notes Oct 1917.A-O 94 933g
Chic Pcor Railroad
A St L—

All bond prices are now "and interest** except where m arked "f.‘
Bid Arit
Bid Ask
Street Railways
Street Railw ays
New York City
Pub Scrr Corp N J (Con)—
NewTS I’m lly 5s '30..J-J 107®4 108*4
Bleeck »t A Ful Vy s tk .100 15 21
240
Rapid Tran St ity -----100 280
1st mtfee 4s I960..........J-J 55 65
lift 5a 19*21.............A-O 102 ___
B'y A 7th Aye stk ...........100 1.0 132
J C Hob A Paterson—
2d mtge 5s 1914..........J-J 99 101
4s g 1949..............M-N 77*4 78
Con 5s 1913—See Stock Exc list
136
B'way Surface 1st-5s gu 1921 102 10312 So J Ois El *fc Trac— 100 134
90
Oil g 5» 1053____ M-S 97*e 98*3
Cent'l Crosstown stock.. 100
No Hud Co Ry 6a 1944 J-J 104 ._ __
1st mtge to 1922___ M-N / D) 85
5a 1033.....................J-J 103*2
Con Pk N a E Ulvstoek.100 f> S153*
Con mtge g As 1930.. .J-J ! . . . . 50
Ext 5s 1924...........M-N 98 ___
Chrlstoph'l A lOtliStstk 100 100 115
Income 5s, July 1930___ I __ 104'j
Pat Ry oon 6s 1931..J-D 114
Col A 9th Ave 5s—See Stock Exc list
Chicago
Subway.............100 ■ n,
103
2d to opt 1914___ A-O icago
Dry Dock E B A B—
Northern
Stubs.. 100 106
list Pitts Bess Securities
1st gold 5s 1932...........J-D 95 100 So Side El (Chic)—See Ch
A L E ..............60 *31 35
Scrip 5s 1911...........--P-A / 30 __ . Syracuse It T 5s 1946 ..M-S 101*4 1021,
*GU .2
Preferred.......................50
10O
Eighth Avenue stock__100 289 520 Trent P A*II 5s 1943...J-D
c Railroad Securities Co—
-Scrip 6s 1 91 4 ...___ F-A / 96 100 United Rys of St L—III
C
stk
tr
ctfs
ser
A
..
.52
87*2 92110*2 Seaboard Company—
Cam vot tr ctfs..........100
42d A Gr St F’y stock.. 100 200 225
1st
preferred...............100
86
89
Gen 4s 1934—See Stock Exo list
1st nvtgo 6s 1910-----Al-S
Com A 2d pref—See Bal t Exc list
list West
60 Unit ltys San Fran—See Stk
2rl Income 0s 1915..— l-J / 40 list
92 *4
92
Pac
1st
As
1933..M-S
35
353 *
Wash Ry A El Co...........100
In ter-Met—See Stock Exoh .inge
list
Preferred..................... 100 SIPs 90
Lex Av A Pav F 6s—See Stk Exc list
Industrial
and
Aliscel
4s 1051.........................J-D 841g S«S Adams
Metropol St Uy—See Stk Exc
Exp g -is 1947..J-D f 87 88
Ninth Avenue stock-----100 150 175
Ahineek Mining.................25 *160 165
Second Avenue stock— 100 6 12
Has Securities
Alliance Realty............... 100 120 125
Consol 5s 19 IS-------- .F-A /
' 47
American Book...............lot) 160 105
e Sixth Avenue stock.. . 100 110 180
Neto York
121 127
Sou Boulev 6s 1915-----J-J 65 75 Cent Un Gas 5s 1927___J-J 10 U4 103 American Brass...............100
Chicle eom ...l00 238 245
So Per 1st 5s 1919...........A-O 80 92 Con Gas (N Y)—See Stock Exc list American
Preferred
.....................too
105
Third Avenue lilt—See Stk Exc list e Mutual Gas...................100 176 182 Am Graphophor.c com .. 100 103
___ ... ..
Tarry W P A M 5s 1928.. / <s > 80 New .Amsterdam Gas—
2>
101«.|
10234
Y’kers St RR 5s 1916 A-O 78 85
1st consol 5s 1948___J-J
Hardware.............100 130 132
23th A 29th Sts 5s *96..A-O ! 15 25 N Y A li It Gas 1st 5a ’44 J-J 101 104 Amer
Am Malting As 1914.. J-D 10) 10U2
Twenty-third St stock.. 100 190 215
Consol 5s 1915.............J-J lo50l 103 Amer
Press Assoc’n___ 100 92 98
Union Uy 1st 53 1942. ..F-A 1011$ 103 N Y A Richmond G as.. 100
60
Found new—See S tk Ex .list_ . .
westebester 1st 5s *43 J-J 65 75 Nor Un 1st 5s 1927___M-N 99't> 10U2 Am6s St1935.......................A-O
103
e Standard Gas com___ 100 70 ___
Deb
4s
1923.................F-A 69 70
Brooklyn.
e Prefo -red .................1U0 90
American
Surety...............50
280
Atlan Avenue RR—
1st 5s 1930.................M-N 103 106 American Thread pref.. .5 *4I2 2906*4
Con 5s g 1931.............A-O 102 103
Am Tobacco Co coin___ 100 x4. 3 455
B U A VV E 5s 1933___ A-O 98 102
Other Cities.
Typcf’ders com__100 51 53
Brooklyn City Stock.........10 165 S I 6OI4 Am Gas A Elec com.........60 *55 56 Amer
Preferred .....................10c 100 103
Con 5s—See Stock Exch ange list
Preferred.......................50 ♦ 43*2 45
Bklyn Hgts 1st 5s 1941 A-O 98 102 Amer Light A Tract___ 100 290 295 Amer Writing Paper___ 100 1,8*2
Preferred.....................1H0 105*2 103*2 cPreferred—See stock Ex ch’gei»2 list*14
Bklyn Queens Co A Sub—
e 1st g 5s *41 op 1916 .J-J 98 10 1 Bay State Gas...................50 **2 h elst
s f g As ’lured 105J-J 90 9J*4
e 1st con 5s *41 op ’16 M-N 97 99 Olngh’ton (N Y) Gas Wks
Gif A W I SS Lines.. 100 10 ID
Bklyn Uap Tran—See Stock Exc list
1st g 5s 1938_______ A-O 15 99 AUPreferred.....................10o
21 12*2
Coney Isl A Bklyn.........10(J 50 05 Brooklyn Un Gas—See Stk Exc list
Col tr g ,5s 19511...........J^J 71 72
1st cons g 4s 19-18___ J-J 78 S3 Buffalo City Gas stock.. 100 -*2 4 Uurnoy
A
Smith
Car___
100
n20
o0
Con g -is 1955...............J-J 75 80
1st 5s 1947—See Stock Exc
Preferred.....................100 w$5 U5
6SU list Bliss
98 101
Company
00 m___ 50
121
125
Kings Co El 4s—See Stock Exc list
Preferred.....................100 77 79
Preferred..................... 50 121 125
Nassau Elec pref.............100 ■ ___ ___ Con Gas of N J 5s 1936 .J-J 90 ____ Bond
& Mtge Guar.........100 260 255
5s 1944.......................A-O 103 105 Consumers’ L II A l’ow—■ 100
Borden’s
Cond Milk___ 100 121*2 123
1st 4s 1951—See Stock Exc list
5s 1938.......................J-D
Preferred..................... 100 U/8 11.0
N W’b’g A Flat 1st ex 4>$s 92 86 Denver Gas A Elec.........100 200
British
Col
Copper......... 5 *5*4 fil»
92
Steinway 1st 6s 1922...J-J 103 106
Gen g 5s 1949 op-----Al-N
94 Butte Coalition
Mining. 15 *16*1 1.734
Elizabeth Gas Lt Co-----100 300
Casein
Co
of
Am com__ 100 2*4 314
Other Cities
Essex A Hudson Gas— 100 140 143
100 13 60
Preferred.....................
BufTalO'Mreet Ry—
83
Gas A El Bergen Co___ 100
85
Co of Amer...100 12.5 140
1st consol 53 1931___ F-A 10412 105 e Gr Rap lst 5s*1915 — F-A 993g 101 Casualty
130 135
Celluloid
Co.....................lou
Deb 6s 1917........... A-O 104 1041? Hudson Co Gas...............100 139 141
Fireworks com___ 100 2 5
Columbus <U) St Ry___ 100 85 8534 Indiana Lighting Co-----100 34 36 Cent
Preferred.....................100
15 30
Preferred .............
100
100
•Is 195S op____ _____F-A 66*2 68*2
Colurn Ry con 5s—See Phi taa9S3,
list
Gas............... 50 14*2
Preferred.....................100
Crosst’n 1st 5s 1933..J-D 102 1021st Indianapolis
1st g os 1952_______ A-O 75 80
Deb6s’19 redat 105.M-N / 2) 34
4 Conn Ity A Ltg com. . . 100 7134 7,534 Jackson
os g 1937..A-O / 88 92*2 Chesebrough
Mfg Co-----100 700
e Preferred .................loo 79 81 e LacledeGas
Gas— See Stock F. xch 11 S‘
eClilno
Copper Co—See Stoc k Exc 800
sit
1st A ref 4 Ha —See Stock Exo list
95 98 City Investing
Co...........100 60 I02
Grand Rapids Ry prcf.,100 S2 85
103 108
Preferred.....................100 98 100
e Louisv St 5s 1930.........J-J 105
128
130
10512 Newark Consol Gas.........10C 97
Lynn A Bos 1st 5a 1924.J-D
c 1st preferred.............100 91
e NeW Orl Rys A L gt...l0 0 106*8
277„ e Con g 5s 1943_____ J-D 104 98
e 2d preferred.............100 95 95
e Preferred...................IOC 27-3,
70L 7012 No Hudson L II A Pow—
Col
A Hock Coal A I pf.100
Gen M g 4 Vis 1935—See S tk Ex list
5s 1938.......................A-O 100
1st K 5s 1017...............J-J / 45 75
4 Pub Serv Corp of N J —See Stk E XI 1st Pacific
Gas A E, coin__10C 66U 07i« Col
tr 6s Oct 1959___ J-J 45 75
Tr ctfs 2% to 6% perpet 106 . . .. Preferred.....................
87
10C
8.8 Consol Ca^ Heating-----100 / 55
53
Col tr g 6% notes *13 A-O I00*a 101 Pat A Pas Gas A Elec.-10C
92
94
Consol
Rubber 'I Ire-----lot)
North Jersey St Ry. .100 60
od g 6s 1919____ M-S 102 103
Preferred...... ............. 10C 2843S 3047s
1st Is l'JIS............M-N 77 7710 St «C
91
Joseph Gas 5s 1937.-J-J
94
Debenture 4s 1951.. A-O / 44 46*2
Cons Tract of N J -----100 75 76
1st 5s 1933............. J-D 101 105
♦ Per share, t> Basis, o Nells oh Ntoc* Exchange. o at not very active. , F iat price, n Nbunuai. 7s.iie prloe.




[V O L . LXXXXH
Industrial and Aliscel Bid Ask
Crucible Steel...............100 13*8 81
80*2
<3 Preferred_________ 100
Davls-Daly Copper Co— 10 *1U 983.4
1*2
e Diamond Match Co__ 100 08*4 162
duPont (E I) do Nem Po 100 157 __ _
e Preferred...................100 V4 843|
e Gold 4 Ha 1936___ J-D 81*4
Electric Boat...................100 10
Preferred.....................100 431j
Emplro Steel...................100 10 15
Preferred..................... 100 55 60
e General Chemical.........100 134 137*2
e Preferred...................100 107*2 108
Gold II111 C opper...............1 *710 ”is
Greene-Cnnanca...............20
8U
Guggenheim Explor’n..l0U 185 190
e Hackensack Water Co—
Ret g 43 ’52 op 1912 __J-J 85 87
Hall Signal Co com____ 1(10 ___ 25
Havana Tobacco Co___ 100 4 7
Preferred.....................100 8 15
1st g 5s June 1 1922 .J-D / 59 61
Hecker-Joncs-Jewell Milling
Lst 6s 1922................. M-s 101 104
ncrring-HnU-Mar new .. 100 20 32*2
Hoboken Land A Imp. .100
lst 5s Nov 1930_______ 103 105
Houston Oil__________ 100 »*8 838
Preferred ___________100 6534 50
e Ingcrsoll-Rarid com ... 100 90
e Preferred...................low 94
2934
Intercontinental Rubber 100
Internat’l Banking Co.. 100
95
International Nickel___ 100 190 195
Preferred____ ______ 100 9212 95
lst g As 1932...............A-O 94 U5*$
International Salt...........100 6 8
1st S 53 1951........... .A-O 7 49
International Silver___ 100 60 53
80
Preferred____ ______100 112 116
1st Cs MIS..................J-D 111)1 111*2
lntcrn.it Hraelt * ltefK.. 11)0 122 130
Interrut Time Record.. 100 . 250 JU0
115
Jones A Laughlln Steel Co
1st S t B is 10.111____ M-N 102 1021$
42 46
c Lackawanna Steel___ 100 86
c lst con 5s 1950___ /M-S87
« Deb is 1915.............M-N 913* 9434
1,6 90*8
Lawyers* Mtge Co_____ 100 255 260
Leh A Wilkes-B Coal___ 50 R25U 275
185 rso
Madison Kq Garden____ 100 65 70
1M Os 1919.................M-N 95
1
Manhattan Transit...........20
e May Dept Stores____ 100- 70U 72
e Preferred_________ 109 108*2 luuis
cMlaml Copper— Sea Stock k xch rlst
Monongahela R Coal.........50 *8*8 8%
Preferred....................... 50 *£l *4 25
Mortgage Bond Co.........100 111) lift
Nat Bank or Cuba..........100 19,8 112
e National Surety ...........100 245 260
Ncv-Utah Min A fcjm____ lu «4 Mf*
N Y Air Brake 6s—See Stock Exo
c New York Dock_____ 106 25 30
e Preferred .................100 ___ 68
N Y Mtge A Security__ 100 n s 1222
N Y Transportation____ 20 -3
Nlfes-Born-Pond com__ 100 !»o 986
Nlplsslng Mines...................6 »L0's 1()78
Ohio Copper Co________ 10 * l'\S 134
c Ontario Silver...............100
I't 2
OMs Elcvxtor com_____ 400 65 70
Preferred .....................)()t: 99 101
Plttsburgn Brewing.........50 *Z 2. *.| 20*$
Preferred................... .. .50 ■ *42 43
e Pittsburgh Steel prcf..lU 0 103
66 105
57 1
Preferred..................... 100 75 77
Pratt * Whitney prct.-lOU 102i2 105
Producers Oil...................100
L30
cltay Consol Copper—See S IK EX list
Realty Assoc (B klyn)... 100 108 112
Royal Bak Powd com__ 100 185 195
Preferred .....................100 106 107
' M illing..._____ 2$
49
Singer Mfg C o ...............100 290 .97
South Iron A S com___ 100 52 5
Preferred.....................100
10
Standard Cordage...........lot)
lst M g 5s ’31 red.. ..A -c // H2 18>4
Adjust M 5s Apr 1 1931. 3
Standard Coupler com. .100 42 45
Preferred.....................100 106
115
16 18
Standard Milling Co___ 100 48
Preferred..................... 100 S3 50
Standard Oil of N J ........ 100 075 680
Studebaker Corp com .. 100 It)6•>i*2
54*f
*>;» KM',
Preferred ___________10J
Hat
.>.vIft A Co—Si'o Boston stk EXC
1st 5s. See CI»!cn;;o Stk EXC dst
list
Texas Company—.See Stock
i: Texas a Pacific Coal.. 100 130 102
Title Ins Co of N Y— ..100
140
l’onopah Min (Nevada). .1 4 01,.
Trenton Potteries com-- 100 60 8
55
Piefefred new .............100
Trow Directory-.............100 25 35
69*2 70
c Underwood Typewriter 11)0 106
ePreforrcd................... 100 42 108
Union 'Typewriter com .. 100 110
44
1st preferred...............100 105
2d preferred.................100 *5012
United Bk Note C orp... 50 *52 51
53
Unltc.l cigar .Mtrs...........100 56 57
c Preferred-------------- 100 102 104
Preferred.........- ..........100 8
U S Casualty-------------- 100 215 12
U S Envelope coin.........100 59 62
Preferred.....................100 112
U S Finishing...................100 92 115
97
Preferred.....................100 105 110
100
Con°g 5s 1929...............J-J 95
e U S Indust Alcohol —.100 22 100
26
89 92 •
U S Steel Corporation—
Col tr s f 5s 1951 opt ’ll , 114 114*1
Col tr s f 5s ’51 not opt .
114*1
U S Tit Gu A Indem ... IOC 114
00
Westchester A Bronx Title
A Mtge Guar...............10C 160 166
Westlngh’so Air Brake.. 6C ♦ 147 149
Worthlngt'n Pump pref. 100 100 1 1 0 t New stock, z Ex-div. „ Ex-righte
0

M

ay

THE CHRONICLE

13 1911.]

\w a z s tm m t

1305

a n d R a i l r o a d I n t e llig e n c e .

RAILROAD

GROSS

EARNINGS.

The following tabic 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. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
July 1 to Latest Date.
Week or Current Previous Current P revious
M onth.
Year.
Year.
Year.
Year.
Ala N O & Tex P ac3
%
3
S
N O & Nor E ast. A p ril..........
308,906 3,040 ,435 ,930,886
Ala A V icksburg- A p ril.......... 278,500
133,775 1,517 ,590 ,428,083
124,310 100,215
Vlcks Shr A Pao. A pril_____ 100.272
,220,080
1,283 ,016
Ala Term A N orth . M arch ____ 10,205
01 ,282
02,005
7,138
Ann A rbor— .......... 1st \vk May 41,400
33,170 1.708 ,015 ,030,287
A tch Tope lea & 8 Fc M
,254.450
81,532 ,911 056.050
arch____ 0,207.520
A tlanta Ulrm A Atl
vvk Apr 55,740 01,101 2,380 ,350 181,590
A tlantic Coast Line 4th
arch____ 3,200,550 ,136,236 23,800, 570 ,380,190
g B altim ore A O hio. M
M arch____ 0,053,014 ,8-13,360 06,277, ,040 002,017
B A O Ch Tor R R
_ 02,411 107,052 990. 003 823,056
Bangor & Aroostook February
M arch____ 310,402 340,050 2,374, 723 206,027
Boston A M alue__ M arch____ 3,579,360 ,022,054 33,507, 570 542,403
4,318
Bridgeton A Saco It M arch____
38,085
4,053
-10, 035
Bull Rooh & P ittsb 1st wk May 170,827 104,768 7,801, 213 555,002
IiulTalo A ffusq____ M arch ____ 218,750 171,043 1.772, 080 715,510
Canadian N orthern. 1st wk May 373,200 295,400 12,001, 500 063,100
Canadian Pacific__ 1st wk May 1,957,000 ,855,000 87,119, 070 503,327
Central of G eorgia. _ 4til wk Apr 233.900 248,800 11,103, ,008 303,651
Central of New J c r. March ____ 2,300,912 ,163,321 21,707, 381 ,833,386
329.075 2,960 ,805 ,833,045
Central V erm ont__ M arch ____ 345.184
27,724
d ies ic Ohio L ines. 1st wk May 483,054 553.000
,725,859
241.273 197,208 12,351 ,894
Chicago A A lton__ 1st wk May 0,803.037
,443 ,517,362
Chic Burl A OuLncy M arch ____ 230,584 ,910,770 07,904 ,906 ,1-47,796
10,517 ,151
Chic G reat VVcst. 4th wk Apr 122,431 241,114
117,531 5,235 ,407 ,010,931
,077,155
Chlo Ind A Loulsv. 1st wk May 5,238,007
49,981 ,290 ,404,300
Chic MUw A S t Paul M arch__ 1,355,340 ,793,837
10,050 ,185
Ch MU A Pug S d. March — 0.884,170 ,004,595
57,013 ,005 ,734,554
Ohio A N orth W est. March — 1,250.500 ,280,000
.360.660 12,557 ,025.
Ohio S t P M & O ... March —
14*0,787 180,431 1,578 ,002 ,416,173
Chlo T H A South E M arch---- 761,794
774,433 7,172 ,895 ,400.327
,074,300
Cla Ham & D ayton March —
117,972 162,452 1,374 ,535 .017.491
Colorado M idland.. February
2D 1 . 9 l.S 13,880 ,100
1st wk May 231.344
Colorado A S o u th ._ February
40,063 400 ,076 .340,175
490,908
Copper R ange_____ M arch------. 48,770
19,101 121, ,827 153.444
C orn w all________ _ February - 12,739
18,820 20.794 228, 971 208,614
Cornwall A L cban. M arch------ 334,366
.822.143
291,486 2,228, ,006
Cuba ltal h e a d _____ M arch------ 1,812,489 ,700,232
15,629, 400 820.339
Delaware A Hudson M arch ------ 2,808,1848 ,741,984 26,008,
292 010,110
U d Ladle A W e st.. 1st wk May 400.900 419,100 19,071, 463
.000,771
Denv it Rio Grando
wk Apr 17,379 17,922 877, 205 800,548
Denver N W & P ac. 4th
1,549, 723, 325,847
D etroit Tpi A fro n t 4th wk Apr 44,773 41,375
1st wk May 21,017 23,240. 1,009, ,120 .042,040
D etroit it M ackinac M
125,602 5,530, 170 ,809,623
Dul A Iron R an e e.. arch ____ 170,371
Dul Sou Shore A Atl 4th wk Apr 70,024 *7,054 2,585, 058 008,420
El Paso A Sou W est M arch____ 599,792 600,217 5,458, 240 .397,200
E r i c ______________ M arch ____ 4,040,863 ,818,607 42,505, ,706 .408,401
1,804
17 ,873
18,752
2,518
Fairchild A N E — M arch ____
063,003
Fonda John* & Glov M arch ____ 72,840 71.006 701 ,441 ,355,508
Georgia R ailro a d .. M arch____ 301,783 275,330 2,510 ,585
38,060 401 ,000,381
Grand T runk S yst. 1st wk May 848,571 822,037
351 ,970,800
Grand Tt4k W est. 3d wk Apr 130,280 133,807 5.044
1.005,.207 .611,405
D et Gr H iw A MU 3d wk Apr 37,817 35,340
37.007 1,520 ,454 ,632,774
Canada A tlantic. 3d wk Apr 38,372 ,107,108
50,505 .383 090.418
Great N orthern Syst April . . . 4,304,012
Gulf it Ship Islan d. M arch____ 170,581 180,300 1,524 ,857 ,612,258
Hocking Valley____ M arch____ 452,752 748,310 5,541 138 ,939,017
Illinois C entral------ A p ril____ l .633,270 ,085,230 51.515 605 ,041,780
In tc m a t it G t N or. 1st wk May 139.000 140.000 7,050 ,742 ,307,250
a Interoccanlo M ex. 4th wk Apr 220,533 241,540 7,470 ,0581 .081,000
Iow a C entral. _ 1st wk May 02,283 59,006 2.044 340, ,901,490
,039! 830.730
Kanawha A Mtch_„ February _ 187,542 216,951 2,117
114,220
Kansas City S outh. M arch ____ 840,008 854,878 7.820 ,040
1,647 ,001 ,357,418
K C Mex it O rient. 2d wk Apr 34,000 33,800 27,20"
,740 428,555
Lehigh Valley_____ M arch ------ 3,045,610 .047,400
41,083 378 ,341 329,253
Lexington & E a s t. M arch ____ 48,172 123,105
932 071,983
Louisiana A A rkan. M arch ____ 132,509 124,008 1.005,
028 629 800,500
Loulsv Hend & S t L M arch ____ 98,362 ,405,073 45,577
,165 071,252
s Loulsv A N ash v-. 4 th wk Apr 1,105,075
0,605 133 "09 128,702
10.378
Macon ic BIrm’ham A p ril.......... 737,555
774,733 6.709 ,758 ,703,532
M arch-----Maine Central
35,876 320 003 302.731
arch ------ 30,815 180,900
M aryland it P cn n a. M
,600 ,492,000
wk Apr 153.800 20,704 0,900
a Mexican Railway 3d
620 ,508 700,940
10,103
Mineral R ange___ 4th Wk Ajrr 82,138
4,426
,451 .203,314
70,771
1st
wk
May
M lnneap it S t Louis
Minn St P & S S Ml 1st wk May 400,440 426,380 18,797 021 .558,125
Chicago Division]
79, 545 695 234 000,588
Mississippi C entral. M arch ------ 70,230 405,
25,277 , 4 0 0 ,094,419
u Mo Kans A Texas 1st wk May 421,771 031,,214
000 45,402, 000 .415,523
Missouri Pacific____ 1st wk May 962.000 l ,622,,503
9,287, 337 .033,822
Nashv C hatt A St L M arch ____ 1,138,732 2,030,,571 52,862,
001 .703,049
a N at Rys of M cx .f. 4tU wk Apr 1,300,348
7,,257 270, 304 382,128
7,235
Ncvada-Cal-Oregon. 4th wk Apr
03. 404
440
47,828
Nevada C entral___ M arch ____
0,361
752 022,231
N O Great N orthern February . 141.800 122, ,406 1,115,
1,523, 100 ,389,229
N O Mobile it CMc_ W k Apr 29 33.378 35,,922. 70,085,
« N Y C & Ilud R Iv. M arch ____ 8,247,122 8,073,,533 30,824, 000 ,100,010
211 ,577,430
Lake Shore A M S M arch ____ 3,085,898 4,226,,539
n Lake Eric A W . M arch ____ 452,270 479,,717 4,231, 819 ,201,310
Cldc Ind A South M arch ____ 333,605 408 ,070 2,757, 980 ,899.040
M arch____ 2,410,089 2,572,,9 10 22,607, 735 ,080,012
Michigan Central M
Clcv C C it S t L .. arch ____ 2,555,219 2,000,,818 23,374, 202 ,330.341
.471,793
Peoria A Eastern M arch ____ 207,400 277,,718 2,770, 450
88,013 119,,013 074, 328 942,368
Cincinnati North M arch___
arch ____ 1,210,052 1,524,
,740 12,017. 899 .105,040
P itts A Lake Erie M
447 ,180,132
N Y Chic A S t L . M arch ____ 933,802 1,020,,649 8.441.
351,2? 0 398,,005 3,808, 540 .370.494
Toledo it Ohio C_ M arch ------ 20842
283 21801 720 110355 019 1003 205
T ot all lines above M arch ____ 4,019,82.
,701,809
4.970,,920 40,215,
N Y N H & lla rtf M arch------

July 1 to Latest Date.
Latest Gross Earnings.
Week or Current Previous Current Previous
M onth.
Year.
Year.
Year.
Year.
$
N Y O nt it W estern M arch ____ 744,783 720,601 7,008 578 6,302,525
352.41 329.900 2,868,006 2,619.779
N Y Susq A W est. March _.
290,683 200,504 2,177,617 1,070,007
Norfolk S outhern. M arch_
Norfolk ic W estern. March __ 2,885,340 3,154,285 20.874,080 2 5,923.927
N orthern Pacific__ M arch ____ 4.959,7*3 5.719,140 49,751.768 55,005,200
Pacific Coast Co— M arch ____ 530,835 575,848 5.896,713 5.926,951
Pennsylvania R R ._ M arcJi____ 12990492 13024573 118454191 121393951
B alt d ie s 6: Atl__ M arch ____ 15,730 17,010 206,450 195,074
Cum berland V ail. M arch ____ 228,109 230,200 2,311,134
2,158,452
Long Island_____ M arch ____ 609 707 679,556 7 350,243 0,827,232
8,002
7,044 102,115
00.887
Mll Del ic V a____ M arch ____
26-1.773 2,508,751 2,390,708
N Y Plitla A Norf M a r c h ____ 265,104 1.060.193
9,657,820 0.619,430
N orthern Central M arch___ 1,081.308
14,231,885 13,261.020
Phlla B alt A W . M arch ____ 1,500,887 1,505,716
436,875 4,591,201 4,197,440
W est Jersey & S M arch____ 400,020 4,217,780
38.774.175 30,727,850
Pennsylvania C o .. M arch ____ 3,747,078
451.455 3,946,331 3,859,050
Grand R ap & Ind M arch ____ 444,030 3.540,579
29,865,057
P itts Cin C A S t L March . . 3,061,569 877 508 30.703,104
8.070.385 7,440,138
M arch ____ 817,799
V a n d a lla ___
T otal lines—
10014205
E ast P itts it E M aroli_ 18003654 9,464.3515
W est P itts A E M arc h ____
All E ast it Wes M arch __ 26544170 284786G0 12,120,300 12,020,887
Pcro M arquette
M arch ___ 1,304,041 1,446.080
Raleigh & Southport M arch ____ 20,060 17,420 120,198 120,272
Reaping Company
Phlla ic R eading. .March . . . . 3,802.180 3.663,608 33,708,636 33,328,009
Coal A Iron Co. M arch ___ 1,070.529 1,526,597 24,460,194 23,822,894
T otal both c o s.. M arch ___ 5,778,715 5,190,265 58,204,820 57,050,813
Rich Fred A Potom M arc h ___ 222,854 220.939 1,086,424 1,616,215
714,934
Rio Grande Ju n e___ February _ 00.050 71.158 670,770
Rio Grande South . _ 4th wk Apr 12,1*0 15,491 474,700 439,805
Rock Island L in es._ AltiKch____ 5,427.770 5,520,093 52,137,255 50,214,139
R u tla n d __________ M aroli___ 252.857 247,013 2,564,988 2.379,333
i a?j8C8 140.901 1,306,690 1,250,522
S t Jos A G land Isl. M arch __
S t Louts A San Fran M arch __ 3.665,561 3,601,232 33,368,098 31.060,413
Clilc A E ast III.. M arch ____ 956,927 1,223,060 9,538,722 0,292,569
217.206 228,071 2,041,288 1,883,019
J Evansv A Tor II March __
Total all lines____ M arch ____ 4,839,753 5,142,964 44.948,108 2.816.001
S t L Rocky M t A P_ M arch____ 153,732 185,488 1.010,844 1,444,340
S t Louis Southw est. 1st wk May 171,421 198,209 10,387,973 9,506,261
San Pod L A A S L . M arch ____ 595,798 289,401 5,933,624 5,004,50*
Seaboard Air Line. 4th w k Apr 447,808 475.920 18,262,072 16,7*2.080
Southern Pacific Co M arch____ 10658024 10983273 101399559 101435*65
Southern R ailw ay. _ 1st wk May 1,080,810 1,066,305 51,912,789 49,175,207
Mobile A Ohio__ 4th wk Apr 300,327 320,120 9,297,051 8.78G.379
Cln N O A Tex V . 4th wk Apr 235,230 254,079 7,651,897 7,464,557
Ala Groat S outh. 4th wk Apr 123.042 146,303 3,773,155 3,470,547
Georgia Sou & Fla 3d wk Apr •13,110 41,691 1.97G.G61 1,934,253
75,630
1,803
2.341
82,020
Tcnn Ala A Georgia 3d wk Apr
Texas A Pacific____ 1st wk May- 231,192 260,291 13.941,782 13,084.805
6,808
64,026
60,226
7,048
Tidewater A West March ____
27,171 1,083,027 986,593
Toledo Pcor A W est 4th wk Apr 34,728
3,209,270
3.213,889
Toledo S t L A W est 1st wk May- 62,209 68,592
u •>11
8,214
G6.052
03,375
Tom blgbce Valley __ March ____ 6,458,000
7,142^790 68,220,805 67,830,555
Union Pacific S y st. M arch ____
105,691 107.786 1,033.972 018,872
VLrglnla A So W est. March
1st w k May 537,364 *18,749 2 5.520.339 !4,057,506
W a b ash _____
W estern M aryland. February . 470, ISO 534.940 4,821,14 4,531,850
609.589 5.097,268 5,242,605
Wheeling A Lake E M arch ------ 501,484
55,603 710,368 352,086
W ichita Falls A NW January . . 108,977
39,715 32,042 268,899 245,757
W rightsv A Tcnn M arch____ 768,293
774,433 9,271,131 8,622,685
Yazoo A Miss Valley A p ril_____
Current Previous
Year.
Year.
Pi nod
Various Fiscal Years.
867,390 528,156
Delaware A H udson___________ Jan 1 to Mch
147,987 ,501,920
e N Y Centra! A Hudson IUvcr. Jan 1 to Mch
117,129 ,711,542
Lake Shore A Michigan South Jan 1 to Mch
289,373 ,324,661
n L ake Erie A W e ste rn ..____ Jan 1 to Melt
044,080 103,018
Chicago Indiana A S outhern. Jan 1 to Mch
060,326 860,917
to Mch
M ichigan C entral____________ Jan
Clcvc Cln Chicago A S t Louis. Jan
32.557 ,186,022
to Mch
Peoria A E astern____________ Jan
826,147 781,289
to Mch
Cincinnati N orthern________ Jan
270,017 289,309
to Mch
Pittsburgh A Lake E ric_____ Jan 1 to Mch
248,821 ,048.714
New York Chicago A St Louis Jan
052,093 ,775,307
to Mch
Toledo A Ohio C entral_____ J a n 1 to Mch
974,248 ,050.476
Total all lines______________ Jan 1 to Mch
502,778 ,042,895
Pennsylvania Railroad_______ Jan 1 to Mch
545,760 ,082,019
41,711
41,069
Baltim ore Chesapeake A Atl Jan 1 to Mch
Cum berland V alley________ Jan 1 to Mch
074,619 082.037
.740,805
Long Island.............................. Jan 1 to Mch
698,120
20,457
18,817
M aryland Delaware A Va____ Jan 1 to Mch
734,713 724,039
N Y Philadelphia A Norfolk Jan 1 to Mch
,097,409 ,025,019
N orthern C e n tr a l..._______ Jan 1 to Mch
,272,717 163,010
Philadelphia Balt A W a s h ... Tan 1 to Mch
Jan 1 to Mch
,034,081 020,146
W est Jersey A Scashoro.
,371,145 .959,514
Jan 1 to Mch
Pcnnsylvanla Company____
Jan 1 to Mch
,220,100 190,094
Grand Rapids A In d ____
,020,492 ,004,570
P itts Cincinnati Chic A St L .. Jan 1 to Mch
,423,939 ,484,587
Jan 1 to Mch
V andalla..................._ i____
,029,484 ,807,483
Total lines—E ast P itts A: E_. Jan 1 to Mch
980,084 ,018,441
W est P itts A E__ Jan 1 to Mch
615,508 515,024
All lines E A W Jan 1 to Mch
198,040 223,609
Feb
Rio Grande Ju nction __________ Dec l to
700,500 647,159
R u tla n d ......................................... Jan 1 to Mch
,096,053 342,320
Texas A Pact lie______________ Jan 1 to May

AGGREGATES OF GROSS EARNINGS—W eekly and M onthly.
Cur’nl Year Prev’s Year Inc. or Dec. %
M onthly Summaries.
Inc. or Dec. j % |
rev.Yr.
5
$
5
s
| Mileage Curr. Yr. P233,203
230,615,770 217,803,354 + 12,812,422 5.10
+ 40.849, 0.30 i J u l y .......... ..238,109
4th week Feb (43 roads)____ 13,028,803 13,203,818
235.726,000 +18,279,972 7.05
175,015' 1.32 ! August . . . .2.1:1,103 239,401 254.005.972
1st week Mch (44 roads)____ 13.363.932, 13.201,008 —+-102.234
250.047.702 210,335,580 + 10,312,110 1.40
| Septem ber ..240,678 237.809 203,404.605
2d week Mch (41 roads)____ 13,057,0901 13,927,313 —‘23J.317 0.77
260.821.540 + 2,643,059 1.01
1.22
..241.215 237.835
3d week-Mch (41 roads)____
+ 994,650 0.50
247.564,470
20,969,028 —313,590, 1.05 i November ..241,272 237,515 248,559,120
4th week Mch (48 roads)____ 20,024,020
236.835,304
220.870.151 + 15.935.153 7.23
238,081]
1.76
13,267.031
December
..241,304
13,501,355
+
231.324
1st week April (45 roads)-----238.860 215,057,017 210.808,247 + 4,248,770 2.01
1.00 January ..242,479 231.a051U7,0«9.201
2d week April (44 roads)____ 13,172,553' 13,313,735 —+141,183
200,418.308 —3,409,107 1.70
37,237 0.28 February ..233,483
3d week April (45 roads)____ 13.438.037i
h ___
86,208 G 230,119 00.292.979 — 1.053.800 1.59
— 1,525,187! 8.01 AM pa rrcil____
4th week April (42 roads)____ 10,302,363'
. . 88,142 80,488 00,981,607 62,220,320 — 1.238.713 1.99
+ 91,745 1.02
0,053,550
1st week M ay (25 roads). . .
a Mexican currency, e Includes the New York A O ttaw a, the S t. Lawrence A A dirondack and th e O ttaw a A N.
R y ., the latter of w hich,
being a Canadian road, does not m ake returns to the Inter-S tate Commerce Commission. / Includes Evansville A Indiana B R . g Includes the Cleve­
land Lorain A Wheeling Ry. In both years, n Includes the N orthern Ohio R R. P Includes earnings of Mason City A I t . Dodge and Wisconsin Minne­
sota A Pacific, s Includes Louisville A A tlantic from July 1 1009 and the Frankfort A Cincinnati from N ov. 1 1903. t Includes the Mexican in te r­
national from July 1910. u Includes the Texas Central lu 1911.
Weekly Summaries.




s
13.223,530

s
1,3,182.681

1300

THE CHRONICLE

L atest Gross E arnings by W eeks. —In the table which
follows we sum up separately the earnings for the fourth week
of^April. The table covers 42 roads and shows 8.01%
decrease in the aggregate under the same week last year.
There was, however, an extra Sunday in the week this year.

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

jross E arnings-N et E arningsCurrent Previous Current Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
S t Joseph & G rand Isl. b.M ch 137,666
21,349 dcfSO.l 18
140,994
Ju ly 1 to Mch 31______ 1,306,690 1,256,522
169,828
142,044
S t L R ocky M t & P ac.a.M ch 153,732
43,137
64,929
185,488
Ju ly 1 to Mch 31______ 1,610,844 1,444,346
490,359
557,574
Texas & P acific.b.............Mch 1,205,475 1,313,701
324,624
127,471
Jan 1 to Mch 31______. 1,687,550 3,860,516
936,985
505,359
Toledo Peoria & W est. h.A pr 97,309
16,700 def 4,221
79,704
Ju ly 1 to Apr 30______ L,083,936 986,592
225,962
217,342
Tom blgbee V alley ____Mch
3,478
8,214
3,312
8,211
Ju ly 1 to Mch 31............
23,955
66,652
63,375
25,268
W abash _ b _______
Mch 1!,372,442 2,524,441
473,680 783,701
Ju ly 1 to Mch 31. T____ 2 ; !,702,279 21,913,778 6,154,038
6,947,902
IN D U ST R IA L COM PA N IES.
221,955
Edison Elec III Co (Bost) A pr 439,330 393,600 254,549
July 1 to Apr 30______ 4,461,607 3,990,347 2,599,340 2,210,890
a N et earnings here given arc after deducting taxes,
b N et earnings here given arc before deducting taxes.

1911.
1910. Increase. Decrease.
$
8
5
$
A labam a G reat S outhern.
123,042 146,363
23,321
Ann A rb o r---------------------51,037
50,091
46
A tlan ta BIrm & A tlan tic.
55,740
61,161
5,421
214,006 175,982 38,024
C anadian N orth ern ......................
409,200
397,600
11,600
Canadian PacIlie-------------------2,265,000 207,000
C entral of G e o rg ia ..................... 2,472,000
233,900 248,800
14,900
Chesapeake & Ohio.....................
767,957
889,287
121,330
Chicago & A lton_____________
254,481
24,892
229,589
Chicago G reat W estern_______
241,114
10,530
Chicago Indlanap & Louisville. 230,584
157,568 163,336
5,768
Clnc New Orl & Texas Pacific . . 235,230 254,679
19,449
Colorado & S outhern_________
318,249 425,050
106,801
D enver & Rio G rande_________
In terest Charges and Surplus.
538,300 583,900
45,600
D enver N orthw est & P acific.. _
17,379
17,922
543
— Int., Rentals, *fcc.—■ —B at. oi N et E arn s.—
D etroit & M ackinac....... ..............
32,447
28,246
4,201
Current Previous Current Previous
D etroit Toledo & Iro n to n ______
44,773
41,375
3,398
Roads.
Year.
Year.
Year.
Year.
D uluth S outh Shore & A tl_____
87,054
70,624
16,430
3
3 250
3
3
G rand T runk of C anada______ 1
Bcllcfontc
CentralApr
236
1,373
1,839
G rand T runk W estern_____ \ 1,125,144 1,103,199 21,945
Jan
1
to
Apr
30______
1,000
1.357
944
749
D etroit G rand H aven & Mill
B
ridgeton
&
Saco
R
iver
Mch
636
694
593
347
C anada A tlan tic.................._.J
Ju ly 1 to Mch 3 1 ...........
5,627
0,324
5,426
6,193
218,000 228,000
10,000
229,533 241,546
Intcroceanlc of M exico_______
Genesee
&
Wyoming—
12,013
72,865
67,253
Iow a C entral________________
5,612
Jan t to Mch 31.............
7,420
4,507
7,859 dcf2,809
Louisville & N ashville----------- 1,165,075 1,405,673
240,598
Ju ly 1 to Mch 31______
24,554
23,498
23,072
11,411
16,163
M ineral R ange...............................
20,704
4,541
Louisiana
&
Arkansas
Mch
27,285
£30,536
23,850
£31,791
86,691 100,383
M inneapolis & S t L ouis----------13,692
ly 1 to Mch 31............. 246,387 214,743 £229,224 £204,146
Minn S t P aul & S S M ------------451,139 525,204
74,065 New JuLondon
Chicago D ivision---------------N orthern—
Jan 1 to Mch 3t Missouri K ansas & T ex as------718,494 869,324
62,988
62,988
150,830
7 4348: dcf48,790
Ju ly t to .Mch 31............ 188,964
Missouri Pacific---------------------- 1,218,000 1,308,000
188,964 d (1e noftffjfc
def89,138
90,000
M obile & O hio............................
300.327 320,120
19,793
R
io
G
rande
S
outhern.
Mch
19,085
20,442
£deffF702
£def8,029
N ational R ailw ays of M exico. 1,360,348 2,030,571
670,223
Ju
ly
t
to
Mch
31............
172,289
170.118
£def7,l05
£def51,809
N evada-C allfornla-O regon__
7,257
7,235
22
S
t
L
Rocky
Mt
*
P
ao
...M
ch
30,556
32,774
34,373
10,303
Rio G rande S outhern________
12,186
15,491
3,305
Ju ly 1 to Mch 31............ 293,579
303,826 203,995
186,533
S t Louis Southw estern_______
210,142 250,758
40,610
Seaboard A ir Line____________
447,868 475,920
Toledo
Peoria
&
W
e
s
t...A
p
r
£dcf24,122
28,052
23.703
24,570 £dcf3,002
S outhern R ailw ay____________ 1,321,257 1,377,985
July 1 to Apr 30______ 247,388
56,728
245,706
£3,813
£6,069
Texas & Pacific______________
363,141 417,451
x A fter allowing for other Ib come received.
54.310
Toledo Peoria & W estern_____
34,728
27,171
7,557
Toledo S t Louis & W estern__
76,664
67,763
8,901
Electric Railway N et E arnings. —The following table gives
W ab ash ______________________
645,047 656,127
11,080 tlio returns of ELECTRIC railway gross and net earnings
T otal (42 ro ad s).
16,302,363 17,827,550 328,975 1,854,162 reported this week. A full detailed statement, including all
N et decrease (8.61?
1,525,187 roads from which monthly returns can be obtained, is given
Fourth week oj A p ril.

once a month in these columns, and the latest statement of

L atest Gross E arnings by W eeks. —In the table which this kind will be found in the issue of May 0 1011.

follows we sup up separately the earnings for the first week
of May. The table covers 25 roads and shows 1.02% in­
crease in the aggregate over the same week last year.
F irst week of M ay.

1911.
1910. Increase. Decrease.
$
$
$
$
33,179
8,221
41,400
170,827 194,788
23,901
373,200 295,400 77,800
1,957,000 1,855,000 102,000
483,955 553,961
70,006
241,273 197,268 44,005
4,900
122,431 117,531
234,344 291,918
57,574
409,900 419,100
9,200
23,240
21,017
2,223
848,571 822,937 25,634

A nn A rbor_______ ____________
Buffalo R ochester & Pittsburgh
C anadian N orth ern ____________
C anadian Pacific______________
Chesapeake & O hio____________
Chicago & A lton______________
Chicago Ind & Louisville______
Colorado & S outhern_________
D enver & Rio G rande_________
D etroit & M ackinac__________
G rand T ru n k of C anada_____
• G rand T runk W estern_____
• D ct G rand H aven & M llw ..
• C anada A tla n tic ____________.
Internation al & G reat N orthern 139.000 146.000
7,000
62,282
59,966
2,316
Iow a C e n tra l__________ ____
82,138
76,771
5,367
M inneapolis & S t L ouis------426,386
400,440
M inneapolis S t Paul & S S M
25,937
Chicago D ivision...................
421,771 405,214 16,557
M issouri K ansas & T exas____
952.000 931.000 21,000
M issouri Pacific...................—
171,421 198,209
S t Louis Southw estern______
1,089,816 1,066,305 23,511 26,788
Southern R ailw ay___________
231,192 260,291
Texas & P acific.........................
29,099
62,209
Toledo S t Louis & W e stern ..
68,592
6,383
537,354 518.749 18,605
W abash______________________
9,053,550 8,961,805 349,916 258,171
T otal (25 roads)
N et Increase ( 1 . 0 2 ?
91,745

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

-------Gross Earnings---------------Net Earnings-----Current Previous Current Previous
Roads.
Year.
Year.
Year.
Year.
,
5
$
$
$
A labam a Tenn & North_M ch
10,265
7,438
4,356
4,083
Ju ly 1 to Mch 31..........
91,282
62,905
44,076
34,789
Bcllcfontc C en tral.b ------A pr
6,844
7,530
2,089
1,609
Jan 1 to A pr 30............
22,348
23,806
1,749
2,301
Bridgeton & Saco R iver.M ch
4,053
4,518
983
1,287
Ju ly 1 to Mch 31............
40,035
38,985
11,820
11,750
Chicago Ind & L o u lsv ...M ch 512,881
542,857 155,584 167,140
Ju ly 1 to Mch 31______ 4,597,772 4,455,383 1,414,095 1,535,961
Genesee & W yom ing.b—
Jan 1 to Mch 31.......... 15,160
22,798
4,611
12,426
July 1 to Mch 31____
71,060
77,487
35,965
46,570
G rand T runk of C anada—
Grand T runk R y ____ Mch 3,026,476 2,890.214
846,284
799,070
July 1 to Mch 31.............25,861,058 25,202,195 0,186,537 5,979,531
G rand T runk W e st...M c h 553,321
582,520 1 0 2 , 1 0 6 182,980
Ju ly 1 to Mch 31______ 4,720,008
4,609,393 075,926 1,174,725
D etroit Gr H av & MILMch 163,028
158,162
2,920 35,525
Ju ly 1 to Mch 31............ 1,538,063
1,527,488 222,545 376,238
C anada A tla n tic .........Mch 166,434
164,974 22,872
39,905
Ju ly 1 to Mch 31--------- 1,411,471
1,544,159 129,331 260,474
Lexington & E astern .b .M ch 48,172
41,983
12,830
14,432
Ju ly 1 to Mch 31............ 378,341
329,253 108,265
92,556
Louisiana <&A rkansas.a.M ch 132,509
123,165
50,877
48,871
Ju ly 1 to Mch 31............. 1,095,932
971,983 392,784 343,475
New London N orth ern .b —
Jan l to Mch 31--------- 287,710
284,041 dcfl4,400
14,198
July 1 to Mch 31............ 881,292
881,448
68,202 99,826
Rlchm Fred & Potom ac.M ch 222,854
220,939
84,871
97,948
Ju ly 1 to Mch 31............. 1,686,424
1,616,215 600,211 579,897
R»o G rande S outhern.b.M ch
37,323
46,159
6,287
12,379
Ju ly 1 to Mch 31............. 433,812
393,734 156,787 110,321




ross E arnings-N et Earnings-----Current Previous Current Previous
Roads.
Year.
Year.
Year.
Year.
$
$
8
Brooklyn R apid T ransit— _b— $
Oct 1 to Dec 31_______5,411,691 5,166,628 2,166,774 2,004,572
July 1 to Dec 31______11,428,492 10,940,167
4,920,246 4,539,091
Coney Island & B k ly n .a—
Oct 1 to Dec 31______ 322,596 318,332
73,634
72,635
Ju ly 1 to Dec 31
270,973
828,024 800.397
286,893
H onolulu R T & L C o .b .M ch
40,038
15,169
19,006
37,059
Jan 1 to Mch 3 1
116,783
49,185
54,420
109,134
H udson Valley R y .b Jan 1 to Mch 31
129,973
4,603
30,726
118,986
Ju ly 1 to Mch 31
515,877 465,991
101,588
172,518
K ingston Consolidated -b—
Jan 1 to Mch 31
_ 30,763
10,403
29,632
16,441
Ju ly 1 to Mch 31............ 120,034
49,306
67,289
114,457
M etropolitan S t R y ( R e c ) . b —
Oct 1 to Dec 31_____ 3,468,827 3,472,860 1,383,781 1,109,626
Ju ly 1 to Dec 31......... 6,913,409 6,843,815 2,805,392
2,392,223
N Y & Long Island T r Co. a—
Oct 1 to Deo 31...........
88,002
27,431
29,018
80,737
Ju ly 1 to Dec 31_____ 210,713
78,901
74,582
194.398
Jan 1 to Dec 31.......... 370,730
112,971
343,103
123,634
N Y & Queens C ou n ty.a—
232,011 def .37,617
Oct 1 to Dec 31_____ 273,408
255
26,333
522,081
Ju ly 1 to Dec 3 1 ......... 615,315
57,280
977.291
58, 191 130,880
Jan 1 to Dec 3 1 ............1,123,152
N Y City Interbo ro ug h .a—
12,805 def. 5,543
44,988
Oct 1 to Dec 31...............
65.204
25,1 K)
93,644
def.286
July 1 to Dec 31_____ 129,466
25,834
172,479
2,850
Jan 1 to Dec 31.......... 222,959
New York S tate R y s.b —
315,943
754,594
Jan 1 to Mch 31______ 815,894
250,085
Ju ly *1 to
Mch 31
‘ ..............
2,641,533 2,409,376 1,095,886 877,084
R ichm ond Light & R R .a
71,013 def. 12,328
O ct 1 to Dec 3 1 ...........
74,305
10,245
34,040
185,742
Ju ly 1 to Dec 31............. 103,802
65,708
98,914
333,080
Jan 1 to Deo 31............. 341,140
97.553
Schenectady R y .b —
101,929
251,511
Jan 1 to Mch 31............. 266,244
79.553
300,828
Ju ly 1 to Mch 31............. 861,535
764,801
297,478
S taten Island M idland.a—
1,918
50,766
O ct 1 to Dec 31 ______
52,041
def.46
48,025
140,877
Ju ly 1 to Dec 31 ______ 153,044
Jan 1 to Dec 31______ 261,391
53,050
249,892
Syracuse R ap T ran C o.b —
125,306
Jan 1 to Mch 31______ 381,972
119,780
358,854
389,298
Ju ly 1 to Mch 31________1,191,565 1,098,735
328,131
T hird Avenue (R cc).a—■
360,177 319,135
O ct 1 to Dec 31______ 866,114 794,108
779,991
Ju ly 1 to Dec 31 ............ 1,784.196 1,015.240
693,519
T roy & New E n g lan d .b —
Jan 1 to Mch 31______
4,111
4,042
1,255
827
U tica & Mohawk Vail R y .b —
Jan 1 to Mch 31............. 292,801
277,165
105,079
125,509
Ju ly 1 to Mch 31______ 962,317 „ 887,393
361,714
a N et earnings here given are after deducting taxes, 442,160
b N et earnings here given are before deducting taxes

In terest Charges and Surplus.

— Int., Rentals. A c .—
Previous
Current
Roads.
Year.
Year.
$
$
Brooklyn R apid T ran sit—
Oct 1 to Dec 31............ 1.890,858 1.857,292
Ju ly 1 to Dec 31............ 3,820.189 3,743,671
Coney Island & Brooklyn—
Oct 1 to Dec 31--------71,892
72,066
Ju ly 1 to Dec 31............. 144,625
142,490
H onolulu R T & L Co— Mch
6,358
6,612
Jan 1 to Mch 31--------19,835
10,074
H udson Valley R y—
Jan 1 to Mch 31............
67,506
61.171
Ju ly 1 to Mch 31............ 203,249
181,289

— B al. of Net E a r n s Current Previous
Year.
Year.
$
8
£378,642 £240,213
£1,315,402 £1,007,860
£2,675
£8,058
£150,488 £129,558
£9,379
£2.950
£31,709
£36,059
£df35,8 42 id f55,668
zdf28.01l £df77,904

THE CHRONICLE

M a y 13 1911.]
— In t., Rentals, & c.—
Current Previous
Year.
Roads.
Year.
$
$
K ingston C onsolidated—
Jan 1 to Mch 31______
13,374
9,172
38,781
Ju ly 1 to Mch 31______
29,127
M etropolitan S t R y (Rcc)—
O ct 1 to Deo 31--------- 990,268
Ju ly 1 to Dec 31--------- 1,067,448 951,484
N Y & Long Island T r Co—
O ct 1 to Dee 31______
16.702
15,934
Ju ly 1 to Dec 31______
34,085
32,945
• J a n 1 to Dec 31______
65,627
65,629
N Y & Queens County—
Oct 1 to Dec 31______
62,875
62,975
Ju ly 1 to Dec 31______ 125,869
124,088
Jan 1 to Dee 31______ 251,653
259,802
N Y City Interborough—
O ct 1 to Dec 31______
25.790
23,760
Ju ly 1 to Dee 31______
51,580
47,520
Jan 1 to Dee 31______
88,740
92,120
New Y ork S tate R ys—
Jan 1 to Mch 31______ 204,748
164,500
Ju ly 1 to Mch 31______ 615,631
477,341
Richm ond Light & R R —
O ct 1 to Dee 31______
24,459
31,737
Ju ly 1 to Dec 31______
94,001
63,401
Jan 1 to Deo 31______ 112,330
97,778
Schenectady R y—
36,056
Jan 1 to Mch 31______
37,506
102,607
Ju ly 1 to Mch 31______ 105,467
S taten Island M idland—
13,651
13,882
Oct 1 to Deo 31 ______
Ju ly 1 to Dee 3 1______
27,521
54,540
Jan 1 to Dee 31 ______
Syracuse R ap T ran Co—
96,025
Jan 1 to Mch 31............. 98,536
286,914
Ju ly 1 to Mch 31............ 291,601
Third A venue (Rec) —
96,045
Oct 1 to Dee 31............. 102,429
180,884
Ju ly 1 to Dec 31______ 204.178
T roy A New England—
3.022
3,220
Jan 1 to Mch 31______
U tica & Mohawk Vail R y—
73,152
73,865
Jan 1 to Mch 31______ 220,361
222,877
Ju ly 1 to Mch 31..........x A fter allowing for other Income received.

—Bal. of Net E arns.—
Current Previous
Year.
Year.
$
5
£1,251
3,067
28,508 £20,117
£441,008 £196,185
£049,454 £536,165
£12,430 £11,301
£40,748 £45,792
£47,779 £57,969
£(lf 100,803 £df62,439
X<lfl00,470 £df69,427
£df 197,734 £dfl28,543
£dfl0,595 £df31,139
£df21,637 £df51,435
Zdf62,886 £df85,162
£263,218 £125,327
£950,374 £599,011
Zdfl4,494 £dfl2,630
£45,737 £19,967
£8,200
£64,318
£67,532 £45,662
£264,132 £204,293
d e f .lt,5 | a dcf.13,697
13,419
20.019
dcf.78
5,912
Z26.782 £23,800
£98,290 £41,847
£263,807 £229,260
£582,226 £510,145
zdcf.1,001 £def.2,101
£52,746 £32,477
£223,348 £141,087

ANNUAL REPORTS.
Annual R eports. —An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “Chronicle” in which
it is published. The latest index will be found in the issue
of April 29. The next will appear in that of May 27.
U nited R ailways Investm ent Co.

{Report for Fiscal Year ending Dec. 31 1910.)
On subsequent pages will be found the remarks of Presi­
dent Ernst Thalmann, together with the income account
and balance sheet of the Philadelphia Co. and affiliated oper­
ating companies for the calendar year and the income ac­
count of the United Railroads of San Francisco. The re­
port of the Philadelphia Co. for the fiscal year ending Mch. 31
is also given in this issue. Below arc the usual comparative
tables compiled by the “Chronicle”:

S T A T E M E N T OF IN C O M E , A C ., FOR C A L E N D A R Y E A R S
1908.
1909.
1910.
1907.
$1,452,672 $1,457,772
DIvs. on stocks ow ned- $2.044.672 $1,802,672
106,118
28,013
103,092
64,889
In terest on loans, Ac—
T otal Incom e............... $2,109,561 $1,830,685 $1,558,790 $1,560,864
Deductions—
D irectors’ fees, taxes,
$50,586
$64,421
$67,639
$75,024
salaries, A c_________
907,500
907,500
876,167
950,515
126,945
195,000
171,000
Interest on 6% n o tes__
80,257
80,257
80,257
In t. on dlv. certificates80,241
112,662
126,508
56,157
In t. on loans A bills pay.
48,777
15,795
7,659
15,000
Disc, on scour, sold, Ac17,537
T o ta l............................... $1,343,094 $1,318,335 $1,293,745 $1,158,230
N et Income for y ea r____ $766,467
$512,360 $265,045 $402,634
The surplus a t the beginning of year 1911 was $1,602,311. Add net
Income as above for 1911, $766,467; profit and loss surplus, $2,368,778.
GENERAL BALANCE SHEET DECEMBER 31.
1910.
1910.
1909.
1909.
Assets—
$
Liabilities—
•$
$
S
Investm ents-----£61,295,982 61,195.982
Preferred stock-.. [6,000,000 16.000.000
C ash ...................... 122,007
51,850 Common stock-.. ->0,400,000 20.400.000
Notes receivable.. - - - - - - 312,500 Coll, trust sink. fd.
U. UHs. of San Fr.
5% gold bonds. 18,150,000 18,150.000
notesA acct&rcc. 1,321,798
6% conv. bonds of
3.906 1910................... 1,229,000
Interest accrued-- 33,725
6% notes of 190S. 2,700,000 3.100,000
Two mos.* propor.
Pf. stk.dlv.ctfs.,6% 712.500 712,500
of dlv. of 1
do do 5% 760.000 750,000
on capital stock
Loans A bills pay. 513,000 858,695
of Phi la. Co.,
U. Hits, of San Fr.
payable Feb. 1. 242,000 212,000
19,277 current account.
96.274
451
8,671
900
8,113
due____
Miscellaneous----2.383 Coupons
Int. on 8% notes.
Furn. A fixtures..
2/189
accr. on bonds
Disc, on 6% notes. 09.375 114,375 Int.notes,
281,338
A c..........
260,631
2,500
Miscellaneous___
4,010
Profit and loss___ 2,368.778 1,602,311
T o ta l................. 63,115,787 61,042,724 T o ta l................. 63,115.787 61.942.724
x The Investments In 1910 Include: United RUs. of San Francisco, 50,000 shares
of first preferred, $100 par value each; 200,000 shares preferred stock, $100 par
value each; 88,014 shares common, $100 par value each; Philadelphia Co., 484,000
shares common stock, $50 par value each; Railroads A Power Development Co.,
capital stock, 55,000 shares, $100 par value each; $60,933,072 other securities,
$.162,910.
y Due, but payment not requested.
Note.—The company has a contingent liability of $400,000 on account of Its
guaranty of United Railroads of San Francisco equipment notea.—V. 92, p. 1245,
324.




1307

Philadelphia Company of P ittsburgh.

{Report for Fiscal Year ending March 31 1911.)
The report of President Reed, the company’s income ac­
count, balance sheet and stockholdings, and the combined in­
come account of the Philadelphia Co. and the affiliated oper­
ating companies, will be found at length on subsequent pages.

IN C O M E A C C O U N T.
Receipts—
loio-ll.
1909-10,
1908-09.
1907-08.
From g as_______________ $6,215,421 $6,032,795 $4,854,052 $5,814,755
F ro m o i l ___________________
281,081
578,138
54,712
62,457
DIvs. and Int. receiv ed ._ 1,677,082 1,644,406 1,580,418 1,560,762
R ents .............................
137,767
159.603
148.596
107,787
Interest, discounts, &c._ 733,264
547,995
382,981
332,513
T otal receipts________ $9,044,615 $8,962,937 $7,020,759 $7,878,274
O perations, taxes, &o— 2,513,910 2.460,152 1,988,329 2,270,072
N et earnings_________ $6,530,705 $6,502,785 $5,032,430 $5,608,202
Deduct—
$10,180
P aid leased com panies— $10,292
$10,392
$10,517
Interest on funded d e b t-- 1,051,162 1,049,660 1,048,709 1,046,344
442,829 1,331,366
Im prov’ts, extens., A c .. 1,633,827 1,042,797
300,000
375,000
N otes retired during year --------268,805
202,850
M iscellaneous Int,, A c
204,814
84,365
T o t a l ...................................$2,900,095 $2,371,442 $2,004,780 $2,847,592
Surplus for y ea r_________ $3,630,610 $4,131,343 $3,027,650 $2,760,610
A dd previous su rp lu s____ 4,610,779 3,336,696 2,708,012 2,351,823
11,043
M iscellaneous a d d itio n s ..
403
--------T o ta l______ _____ ____ $8,241,792 $7,468,040 $5,746,705 $5,112,433
D cduot disc., com m , and
$441,467
$35,615
$16,694
taxes on securities sold $241,030
80,000
80,000
93,333
Consol. Gas Co. g uaranty
79,760
300,000
300,000
300,000
D lv. on pref. stock (5 % ). 30U.000
DIv. on com. s to c k ._(7% )2,558,399 (6)2,035.794 (6)1,994,394 (6)1,994,394
T o ta l.......... ...................... $3,179,198 $2,857,261 $2,410,009 $2,404,421
T ot. surp. a t close of ycar.$5,062,594 $4,610,779 $3,336,696 $2,708,012
— V. 02, p. 957, 726.

U nited States R ubber Co.

{Report for Fiscal Year ending March 31 1911.)
The report, including the remarks of President Samuel P.
Colt and the consolidated income account and balance sheet,
will be found at length on subsequent pages. The usual
comparative tables for several years arc given below.
Below we also give the report of the Canadian Consoli­
dated Rubber Co. (in which the company owns a large inter­
est) showing the results of operation, and balance sheets for
the last two calendar years. The report of the Rubber
Goods Manufacturing Co. (which is controlled by the United
States Rubber Co.) for the late calendar year will be found
in the “Chronicle” of April 15, page 1026.
C O N SO LID A TE D IN C O M E A C C O U N T OF T H E U N IT E D S T A T E S
RU D D ER CO. A N D IT S S U D S ID IA R Y C O M P A N IE S .
a lB lO -ll. 01909-10. O190S-09. O1907-08.
Gross soles and m lsc___ 551,751.039 550.300,017 510.403.254 502.890,106
Less discounts, allow­
ances, rebates ^ retu rn s 13,863.215 17,593,966 14,513,903 20,835,680
N ot sales and m lSO---540,888,724 538,711,051 531,889,351 541,860,426
Cost of goods sold______ 33,085,139 29,88 1,457 24,610.391 35,402,394
M anufacturing profits 57.203,585 58,826.594 57.272,960 56,398,032
F reight, taxes, Insurance,
selling A general ex p _ 2,091,742 1,831,722 1,664,609 1,913,127
O perating profits____$5,111,843 $6,994,872 $5,608,351 $4,484,904
R ubber Goods Mfg. dlvl-l
dend as adju sted _____\ 1,485,846
1.024.950 1,157,788
{890,733
O ther Income-------------- J
1178,038
N et Income....................$6,597,689 $8,019,822 $6,766,139 $5,553,675
Interest on loans______\ $1,261,381 ($394,977 $1,728,650 $1,320,587
1 988,917 ------------------------Interest on b o n d s_____/
In t. on B .R . Shoe d ebs..................................................
218,125
240,000
In t. allowed custom ers552,034
447,267
247,162
297,481
Had debts, &C_________
47,623
53,498
64,546
142,051
D eprcc’n of m erchandise 386,825 ------------------------------------Res. for doubtful accts. .................
100,000
--------- ----------- R eserve for contlng'cles- .................
500,000 ------------- ------------Dlv. on 1st pref. (8 % )._ 3,200,000 2.976,305 2,901,040 2,901,040
DIv. on 2d pref. (6% ) __
600,000
597,900
597,900
594,408
Surplus for y ea r.......... $549,826 $1,960,958 $1,008,715
$58,108
6,126,706
Previous surplus............... 7,799,597 5,838.639 6,184,815
T otal surplus.................$8,349,423 $7,799,597 C$5,838,639 $6,184,815
a Docs not Include earnings of R ubber Goods Mfg. Co. or Its subsidiaries.
c A fter deducting $ 1,354,891 for depreciation of properties, p lan t accounts
and securities owned.
CONSOLIDATED BALANCE SHEET MARCH 31 OF UNITED STA TES
RUBBER MFG. CO. A N D IT S SU B SID IAR Y COM PANIES.
1910.
1910.
1911.
1911.
Liabilities—
S
$
Assets—
$
S
Prop. & nlants.a84.622.399 a82,968,769 1st pref. stock._ 40,000,000 40,000,000
2d pref. stock.. 10,000,000 10,000,000
Inventor’s, mfd.
Common stock. 25,000,000 25.000.000
goods and matcrlals............. 17,474,148 16,016,986 6% coll. tr. sink.
Cash ________ 3,244,947 3.599.556 fd. gold bonds 19,000,000 17,000,000
BIllsAloans rec. 1,755.996 2,136,417 Advan. on bonds
unsold...........
c2,500,000
Accounts recclvable ............... 11,052,140 11,080,362 Fixed surpluses. 8,134,849 8.134.849
Securities owned 65*,031,940 4,991.473 Loans payable.. 4,917,878 4,947,078
710.257
Accounts pay’le 837,335
Miscellaneous as138,366 Accrued Interest ,
119.850
422,480
taxes, Ac----- 400,213
Due Gen. It. Co. 5.211.723 2,830,425
637,243
Various reserves 500,000
950,000
950,000
Surplus______ 8,349,423 7.799,597
T o ta l.............123,301.421 120.931,929 T o ta l............. 123,301,421 120.931.929
a Property and plants Include shares of Rubber Goods Mfg* Co., Canadian Consol.
Rubber Co., Ltd., and Revere Rubber Co. 6 Securities owned Include $2,000,000
General Rubber Co. stock and $3,031,940 securities, Including stock of U. S. Rubber
Co. held by a subsidiary company, c Advances on $2,500,000 6% collateral trust
bonds (the latter having since been Issued), being the remainder of the $20,000,000
authorized Issue, of which $1,000,000 have been retired by sinking fund.—V. 92,*
p. 1041, 123.

Canadian Consolidated R ubber Co., L td.

{Report for Fiscal Year ending Dec. 31 1910.)
This company is referred to above in report of United
States Rubber Co.

1308

THE CHRONICLE

INCOME ACCOUNT.
1910. 1909. |
1910. 1909.
Pref. dividend (7%)..$137,531 $136,733
Surp. from Felt stock.
1
Dlv. from sub. cos__ 323,401 5313,787 Com. dividend (4% ). 111,930 111,741
Other revenue.............. 351,179 193,959 General expenses......... 91,338 64,662
Total income_____S674.5S1 $507,746 Total deductions...$493,838 $464,432
Deduct—
Balance, surplus..........$180,744 $43,314
Bond interest_______ $153,039 $151,296|
BALANCE SHEET DEC. 31.
1910.
1909.
1910.
1909.
$
$
Liabilities—
%
Assets—
S
1,571
1,811 Preferred stock..........1,972,860 1,959,455
Cash ........................Accounts receivable. 245,835 71,149 Common stock......... 2,802,440 2,796,695
Furniture & fixtures. 6,596
4,240 6% bonds ..................2,579,600 2,541,300
M erchandise........... .. 4.493
Accounts payable__ 1,166
Equipment, Ac
614
Profit and loss........... 257,444 76,700
Stocks of subsid. cos.7,354,401 7,296,950
Total ......................7,613,510 7,374,150 T o ta l......................7,613,510 7,374,150
Note.—The company also has a contingent liability on the guaranty of S500.000
Canadian Consolidated Felt Co. bonds.—V. 92, p. 1245.

International Steam Pump Co.
{Preliminary Statement for1910-11
Fiscal Year
end. March 31 1911.)
1909-10 1908-09
1907-08

N et profits................................... $ 1,969,472 $2,003,153 $1,447,653 $ 1 618,506
Deduct—
$35,000 $35,000
Interest on Holly bonds____ $35,000 $35,000
120,253
210,000 210,000
" In t’l Steam Pum p dcb._
192,823
" " 1st lien 5% b o n d s .. 445,650
4,166
" Jcanesv. I. W orks bonds.
68,832
12,399
69,532
12,399
Disc, and prem ium on bonds . 681,000
681,000
681,000
681,000
D ivs.— In t. S. P ., pref. (6%)
140,000
140,000
140,000
H . R . W orth’n, pref. (7%) 140,000 (6%
) 138 (7%) 161
H . R . W orthington, com . •176,516 •176,436 •176,363
Blake Co.’s charges & dlvs_.
21,986
H arrslon m oving acco un t—
T otal
.......................... .$1,590,982 $1,418,728 $1,254,095 $1,276,748
Balance, su rp lu s__________ $378,490
$584,425 $192,658 $341,758
• Includes sinking fund for debentures.
T he to tal undivided profits on M arch 31 1911 (after adding surplus
arising from acquisition of the F . N. P rescott Steam Pum p Co., $117,014,
and deducting adju stm ents applicable to form er years, $87,900) were
$3,748,252.— V. 92, p. 1246, 1181.

American Beet Sugar Co., New York.
{Report for Fiscal Year ending March 31 1911.)
President H. Rieman Duval, New York, April 28 1911,
reports
as follows:
Gross receipts Increased $1,347,368, while operating expense increased

800,961, leaving an increased net of $546,406. A fter paying $300,000 In
vidends on the pref. stock, there rem ained a surplus from the y ear’s oprations of $1,643,659. This surplus has been applied to th e com pany’s
working capital, which Is now adequate for the requirem ents of ordinary
operations. T he com pany Is now free of all d eb t.
There was an increased production of 196,741 bags, the total exceeding
th a t of any form er year. The Increase was principally due to California,
though G rand Island Increased 31,704 bags. In Colorado the decrease was
88,654 bags; disease Incident to sugar beets caused great dam age to the
growing beets, and this was augm ented by early and severe w inter, so th at
L as A nim as and L am ar factories were not operated, and R ocky Ford had a
run of b u t 78 days, its norm al being 100 to 120 days. Renewed efforts are
being m ade by the U nited S tates agricultural experts and others especially
em ployed by the com pany to discover cause and prevention of leaf spot
and o th er diseases.
The Item betterm ents and Im provem ents to factories .and lands, Ac.,
$653,364, represents the estim ated cost of the various authorized additions,
on which In their progress during the fiscal year there were expended b ut
$276,118, leaving a balance, for com pletion, of $377,246. It Is intended
th a t all, except land im provem ents, shall be finished In readiness for the
com ing cam paign. [The item of $653,364 includes: F actory buildings
and equipm ent, $276,704; experim ental pulp dryer, Chino, Cal., $38,550;
pulp-drying p lan t, Chino. Cal., $200,000; land Im provem ents, $98,012;
canal Im provem ents, $2,262; live stock and farm equipm ent, $38,594; beet
dum ps and m iscellaneous, $10,997, less credit from sale of land. $11,755.1
D epreciation and m aintenance cost $344,842, being $13,119 less than last
year. T he m ost costly of the Im provem ents Is the pulp-drying installation
a t Chino. H eretofore a cattle com pany has taken the wet pulp; this m ethod
of disposal has failed, b u t fortunately a profitable m arket exists for the
dried pulp, and it is m ore than probable th a t In the near future all of your
factories will produce it, thus turning a by-product, which is now prac­
tically a w aste, Into a profit.
. ,
_
T he Las A nim as factory Is owned by the Las A nim as Sugar Co., whoso
entire capital stock Is owned by th e A m erican Beet Sugar Co., and your
com pany has leased th e property for 20 years from O ctober 1907 a t a rental
of $80,000 per annum , to pay Interest on and create a sinking fund for the
$1,000,000 25-year m ortgage bonds. There arc now outstanding 911 of
these bonds, 89 having been canceled by the proceeds of the sinking fund.
The m ortgage covers also th e 5,550 acres of land belonging to the Las
A nim as com pany. If this land should bo sold, Its proceeds would go Into
the sinking fund and be applied to the earlier purchase and cancellation of
the bonds. (Sec also V. 86, p. 1222; V. 88, p. 1250.)
The prospects for the com ing year indicate an increased supply of beets.
In California there Is an Increase of 1,971 acres A t G rand Island the In­
crease is 1,285 acres, and for the first tim e in m any years a full run Is ex­
pected a t th a t factory. In Colorado, w here the contracting is not yet fin­
ished, there Is an Increase to date of abo u t 50% .
A t O xnard 613 acres are planted to beets, 753 acres to barley, w heat and
oats, and 174 acres to beans. A t Chino 2,000 acres arc planted to beets,
552 acres to alfalfa and other hay crops, 800 acres to barley, w heat and oats,
and 265 acres fallowed. On the Broome R anch, which has been leased for
5 years, 3,480 acres arc rented to tenan ts, of which 1,411 acres arc planted
to beets. In Colorado there will be 9,983 acres of the com pany’s lands un­
der cultivation. A t Rocky Ford 3,075 acres arc rented to tenants, of which
1,162 acres are planted to beets; of the acreage we farm 230 acres are in
beets, 596 acres In alfalfa and other hay crops, and 463 acres in barley,
w heat and other crops. A t L am ar 3,860 acres aro rented to tenants,
1,284 acres of which arc planted to beets; the com pany will farm 1,759
acres, 305 acres In beets, 584 acres In alfalfa and other hay crops, and 870
acres In barley, w heat, oats and other crops.
C apacity of factories: O xnard, C al., 2,000 tons beets per day: Chino,
Cal., 700 tons; Rocky Ford, Colo., 1,000 tons: L am ar, Colo., 400 tons;
Las A nim as, Colo., 800 tons; G rand Island, N eb., 300 tons. T he norm al
run of a factory Is usually 100 days, from the ripening of the beets to the
end of the harvest. Lands: O xnard, 1,691 acres; Chino, 4,435 acres;
Rocky Ford, 5,841 acres; L am ar, 12,300 acres. C apacity of Irrigating
canals: Lam ar, 18,671 acres; Rocky Ford, 5,040 acres; Gatlin Canal, 810
acres. [The Las Anim as Sugar Co. (sec above) owns the factory a t Las
Anim as and 5,550 of the 12,300 acres of land a t L am ar.1
IN C O M E A C C O U N T ,
1910-11.
1909-10.
1908-09.
$
$
$
R eceipts from operations........................ 8,344,793
6,983,772 7,135,327
O ther incom e_________________
25,872
12,219
21,528
7.009,644 7,156,855
O per. exp ., including depreciation. 8,357,012
repairs, Ac....................._ ..................... 6,134,428 5,363,281 5.480,649
53,385
Taxes .............................................................
84,375
60,824
Interest on certfs. of Indebtedness__
29,970
180,000
O ther Interest_______________ ______
70,233
46,159
9,617
R ental Las A nim as--------- -------- -------80,000
80.000
80,000
Land and farm operations................... ..
15,211
7,554
6,905
Charges carried o ver________________
58,440
45,718
O ther deductions--------- -------- -----------311
2,397
Preferred dividends (6% ) — ----------300,000
300,000
245,400
T otal d e d u ctio n s.,________ - _____ 6,713,353 5,912.391 6,109,113
N et su rp lu s............................ .................... 1,643.659 1,097.253 1,047,742




[V O L. LX XXXII

BALANCE SHEET MARCH 31.
1910.
1911.
1911.
1910.
S
Assets—
S
$
Liabilities—
S
Common stock__ 15,000,000 15,000,000
Factories, lands,
equipment, &c.20,000,000 20,000,000 Preferred stock__ 5,000,000 5,000,000
218,374
Stock of other cos. 197,324 232,536 Accounts payable- 260,204 1,260,000
Cash ...................... 598,007 379,471 Bills payable------- --------Accts. and bills rec. 416,401 379,907 Unexpended pro­
Material, supplies,
ceeds L. A. bds. 114,284 122,287
Ac. (cost)......... 1.226,212 1.369,371 Reserve for betterExpenses advanced
m’ts & Improv’ts 377,246
acct. campaign. 139,427
71,527 Work’g cap. res’ve 1,825,637 832,151
T o ta l................. 22,577.371 22,432,812 T o ta l................. 22.577.371 22,432,812

United States Smelting, Refining & Mining Co., Boston.
{Report for Fiscal Year ending Dec. 31 1910.)
President William G. Sharp, April 26 1911, wrote in brief:

Production.—T he m etals produced in 1910 (Including m etals from custom
ores and th e production in Mexico) and the percentage in value of each
m etal were as follows: Copper (25.90% ), 28,430,425 lbs.: lead (16.33% ),
51,450,985 lbs.; silver (41.14% ), 10,776,465 OZS.; gold (16.63% ), 113,246
ozs. The tonnage of ore produced from C cntennial-E urcka, M am m oth
and the U nited S tates mines a t Bingham , and In Mexico, w as 777,355 tons,
of which the values of the m etal contents were in the proportion of 40%
copper, 6% lead, 36% silver and 18% gold.
Capital Expenditure.—The charges to capital account for construction
and other additions to property In 1910 have aggregated $1,062,730, as
follows: Mine properties, $295,056; additions to plant In Mexico and a t
Needles, $434,563; sm elter buildings and plant a t M idvale and M am m oth
$8,064; additions to plant a t Chrome and Grassclll, $202,643; m iscellaneous
additions. $84,870; additional investm ents in stocks of subsidiary com ­
panies (473 shares) and in bonds of allied com panies, $37,532.
T he principal expenditures were Incurred a t the properties of the Needles
Com pauy in A rizona and California; a t the Mexican properties, where the
capacity of Loreto Mill is being increased, and a tram w ay Is under construc­
tion to convey ores from the B arron Mine; a t th e Chrome Refinery, to In­
crease its capacity 25?',, and a t th e Grassclll Refinery.
Net Current Assets.—Current assets exceed curr. liabilities by $4,862,936.
Shareholders.—T he total num ber of preferred stockholders is 7,567, and
of com m on stockholders 2,282 a t this date.
Depreciation, Improvements, Ac.—The deduction in the consolidated
earnings statem ent of $1,067,069, provides o ut of earnings for deprecia­
tion, Im provem ent and betterm ent and reserves, includes an arb itrary de­
preciation and also additions o f a perm anent nature. This am ount com­
pares w ith $810,248 provided out of earnings for sim ilar purposes in the
preceding year. T he am ounts charged to im provem ents and betterm ents,
and provided for out of earnings. Includes the cost of the baghousc at
the M am m oth Copper Mining Co.’s sm elter in California: additions to the
sm elting p lan t a t M idvale, U tah; saw-mill, power plan t and pum ping and
electric-haulage plants a t th e C entennial-Eureka Mine, and perm anent Im­
provem ents In Mexico, Including Installation of pum ps and electrical equip­
m ent and haulage system s.
Abstract o f Report o f F . Lyon, Vice-President in Charge o f Operation.
Developments in the mines a t Bingham , U tah, have been progressing
w ith satisfactory results. The tonnage added Is greater than the tonnage
extracted. Tow ards the end of the year a body of high-grade copper ore
was uncovered. This Is the first Instance of such ore in these properties,
and while it is too early as yet to estim ate the exten t of the deposit, it m ay
be safely said th a t It is of im portance. The lead ore extracted from these
mines during the year am ounted to 87,168 tons. In addition th ere were
32,744 tons of low-grade and 620 tons of high-grade coppcr-sllver-gold ores
shipped. The ore shipped from the C entennial-Eureka Mine during the
year am ounted to 90,419 tons.
A t th e m ine of the M am m oth Copper Mining Co. th e extraction of the
ore am ounted to 330,633 tons. The tonnage of ore developed Is fully
equal to the tonnage extracted. An entirely new lens of ore was struck
tow ards the end of the year. As far as explored It proves to be of m uch
larger exten t than any found since the opening up of the m ain ore body,
and the grade appears to be a t least as high as the average of the m ain ore
body. 22,080 tons were extracted from the Q uartz IIIll mine, which the
M am m oth Com pany holds under a lease.
The im provem ents In the sm elter of the Needles Mining & Sm elting Co.
were com pleted and some Interm ittent runs were m ade. As y et sufficient
ore for continuous running Is not available. The supply is expected to be
m aterially increased by the operation of the concentrator and electrostatic
zinc separating plant. The concentrator was com pleted late In the year.
It Is Intended to Install the electrostatic plant w ithout delay. Exploration
work on the com pany’s various mines has gone on steadily. W ork is now
being done on three mines: (1) B anner Mine. In .Stockton Hill d istrict,
which has opened up a considerable tonnage of ore to a depth of 430 feet,
w ithout dim inution in strength of vein or quality of ore. The com pany is
now contem plating some system of transportation to connect w ith the
.Santa Fc R R ., in order to m ake this ore available for the sm elter. (2)
Cham pion Mine, in the C erbat district, which has opened up a m oderate
am ount of ore, some of It of low grade, b u t the bulk of com mercial value.
(3) Tennessee Mine, in Chloride d istrict. It was expected th a t this m ine
would be unw atered and opened up by last Ju ly , b u t the old shaft proved
to be In such bad condition th a t It was finally decided to sink a new shaft
clear of the vein in the foot w all. This shaft Is now down to the 500-foot
level. Rich ore bodies arc supposed to exist In this property. I His mine
has the record of the largest production of any mine In the district.
Early in the year the E ureka A Palisade R R . was p u t o ut of commission
by heavy w ashouts, com pletely sh utting off the R ichm ond-E ureka mines
from the sm elters. The railroad has been sold under foreclosure and It is
hoped will bc_repalred, whereupon the R ichm ond E ureka mines will re­
sum e operations. There Is a large reserve of fillings In the m ines, and much
Is expected of exploration w ork.
A t the Real del M onte y Pachuca Mines in Mexico pow er troubles con­
tinued throughout the greater p art of the year. The new power lines of the
M exican Light & Power Co., which absorbed the Irrigadora Com pany, were
n o t ready until late In the year, and In the m eantim e production had to be
curtailed, and the mills, when operating a t all, did so a t a reduced tonnage
and Increased cost. W hat little developm ent and exploration work could
be carried on yielded rem arkable results, and It becam e advisable toicnlargc the mills with a view to doubling the o u tp u t. T he year closed with
the power supply am ple, the ore reserves larger th an a t any tim e slnccjtheir
acquisition and the increase In the mill capacity well advanced.
N early every’ one of your subsidiary com panies encountered during the
year unusual and unforeseen difficulties, such as would hardly be expected
to occur sim ultaneously in so m any properties so widely scattered. How­
ever, the year closed with m ost of the obstacles overcom e.
E A R N IN G S A N D O P E R A T IO N S OF A L L C O M P A N IE S FOR Y E A R .
- P . C. in valuetlncl. custom ores.)
1910.
1909.
1908.
1910. 1909. 1908.
Copper, lb s-------------28,430,425 36,672,606 32.803,603 25.90 33.81 34.50
Lead, lb s.............--51,450,985 41,627,995 27,304,347 16.33 12.58 10.00
Silver, o z ---------------10,776,465 9.637,119 8,340,566 41.14 35.06 34.50
Gold, oz ................... 113,246
128.393
128,208
18.55 21.00
A v.Price. 1910.
1909. 1908. IA v.P rice. 1910. 16.63
_____
1909. 1908.
C opper,lb$0.12828 $0.13006 $0.1327 Silver,oz.$0.54003 $0.51969 $0.5297
Lead. lb_ 0.04478 0.04297 0.0423
1910.
1909.
1908.
1907.
N et earns, after repairs. $3,738,541 $4,155,012
$3,535,556 $2,386,541
Dcprcc. & reserve funds 1,067,069
810,247
311,631
120,009
A dm in. A legal expenses 187,154
198,404
166,318
175,978
In t. U. S. Mining d e b s ..
.
10,000
30,000
, 30,000
Profit for y e a r ..................$2,484,318 $3,136,360 $3,017,947 $2,070,214
Divs. o n m in o r it y s to c k
o f s u b s id ia r y c o s -------$852
$5,910
$8,052 • $1,948
P re f. d iv id e n d s (7 % )..
1,701.701 1,700,963 1,700,801 1,672,348
C o m m o n d iv id e n d s ----- (4)702,100
(4)701,961 (4)701,931(6 M) 1096232
B ala n ce .......................... sur.$79,665 sur.$727,526 sur.$607,163 def.$700,314

may

13 1 9 1 1 .]

THE CHRONICLE

U. S. SM ELT I NO, REFINING A M INING CO. AND SU B SID IAR Y COS.—
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1909.
1910.
1909.
1910.
S
Assets—
$
$
Liabilities—
$
Coat of propertles.41,574,804 40,512,074 Common stock__ 17,553,825 17, ,549,350
Preferred stock...24,313,700 24,,300,012
Shares held for exchance of stocks
Stock of sub. cos.
2,288
6.413 not owned (par) 1,043,549 1,055.574
of other cos----Dcf. chgs. to opcr_ 548,594 139,100 Current aco’ts and
1,160,203
Ores and m atte. -­ 728,255 781,863 accrued pay-roll 752,328 3,428,782
Supplies, fuel and
Bills payable!......... 2,149.240 600,793
tim ber...............
......... 1,382,056 981,510 I)lvs. Jan. 15----- 601,081 1,599,390
Depredation funds 2,177,949
Metals In transit
and In process.. 3,848,787 6,279,823 Miscellaneous----- a710,909 667,473
Notes receivable.. 800,642 865,361 Profit and loss,
Aco'ts receivable.. 788,166 703,419 surplus ............. 1,794,895 1.715.230
Cash ------1.417,884 1,807,238
T o ta l................. 51,097,476 52,076,807 T o ta l..................51,097,476 52,076.807
.ffafMIscellancous liabilities In 1910 Include drafts In transit, $260,158; reserve for
freight, Ac., $346,047. and undivided surplus applicable to stocks of subsidiary
cos not held by U. S. Smelt., Ref. & Mining Co., 8104,704.—V. 92, p. 1247.

GENERAL INVESTMENT NEW S
RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma C entral & H udson Bay R y.— Listed.—Application

was recently made to the London Stock Exchange to list a
further issue of £154,000 1st M. 5% 50-year gold bonds,
making the total listed £924,000.—V. 91, p. 1573.
A tlantic N orthern & Southern R y.— Sale Ordered.—Judge
W. R. Greenin the District Court atAudubon, Iowa,on May 3
ordered the sale of the road on July 24 at Atlantic, Iowa, by
a receiver to bo appointed shortly.
■ The road. know n as the "F arm ers’ R oad,” because It was prom oted by
farm ers In the territory covered, extends from A tlantic, la ., to K lm ballton,
17 miles, and from A tlantic to Vllllscala. .18 miles The road will be offered
In two separate parcels and then as a whole. I hero are a larsc am ount of
construction claim s. Stock sold stated to be about $450,000. The road
was originally projected as a short line between Sioux C ity, la ., and S t.
Joseph, Mo One of the large systems, it Is thought, m ay become the
purchaser. H . S. H attcnborg. of A tlantic, la ., Is P resident.

1309

tent of $35,000 per mile for the entire length of the proposed
road, from Port Arthur to Montreal via Sudbury and the
Ottawa Valley, a distance of about 1,000 miles. A press
dispatch says that arrangements have already been made to
finance the building of the 500 miles from Port Arthur to
Sudbury, where connection will be made with the company’s
line already in operation to Montreal and Quebec, via Torronto. See map page 21 of “Railway and Industrial” Section.
The Toronto “Globe” on May 9 said substantially:
The proposed bill provides th a t for th e purpose of affording the Govern­

m ent system of railw ays ("Inter-C olonial R y .,’’ Ac.) In Q uebec, New B runs­
wick, Nova Scotia and Prince E dw ard Island an interchange of through
traffic, the Dominion m ay aid th e construction of th e line betw een P ort
A rthur and M ontreal by guaranteeing the principal and Interest of the bonds
or other securities of the com pany to th e exten t of $35,000 per mile, on
term s to be fixed by a contract w ith th e com pany. T he g uaranteed securi­
ties will bear 3 y,% Interest, payable sem i-annually, and will m ature in 50
years. T hey will be secured by a first m ortgage or charge (a) upon the
line of railw ay extending from M ontreal to P ort A rthur, grounds, buildings,
rolling stocii, Ac., ranking after the m ortgages and charges created by two
tru st deeds m ade by the Canadian N orthern O ntario R y . to th e B ritish
Em pire T rust Co. and the N ational T rust Co., dated Ju ly 12 1906 and
Ju ne 24 1908, respectively, and after the 30-year 3 K % debenture stock
issued under such trust deeds, in so far as the sam e m ay from tim e to tim e
be uncxchanged and outstanding; (b) upon any bonds or debenture stock
deposited as collateral.
T he com pany is required to deposit w ith the trustee of sakl new m ortgage
or deed of tru st bonds or debenture stock Issued [by th e C anadian N orthern
O ntario Ry.) under the tru st deed of June 28 1009 m ade betw een th a t com ­
pany and th e British Em pire Trust Co. and the N ational T ru st Co., to an
am ount equal to $35,000 per mile of the line betw een a point opposite
H aw kcsbury and R Idcau Ju nction , and to $35,000 per m ile on th e 1 0 miles
of the H utton branch, being approxim ately $2,558,500 of such bonds and
debenture stock. A furth er security will be th a t on the line of th e com ­
p an y ’s railw ay from the town of H aw kcsbury, O nt., to a point on th e
N iagara R iver, via O ttaw a and T oronto.
.
Rails are to be n o t less th an 80 lbs. per yard, m axim um curv atu re of not
less radius th an ,7 l6 ft.. m axim um eastbound grade not to exceed .5 of 1%,'
and the m axim um w estbound grade .6 of 1% , unless specially sanctioned.
In the event of the G overnm ent paying out of th e consolidated revenue
fund any portion of the first four half-yearly paym ents of Interest on the
guaranteed securities falling due after the opening for traffic of the whole
line so aided, th e com pany shall, pending the repaym ent of this interest,
pay to the G overnm ent Int. on the m oney so advanced a t 3 X % per ann.
Before such aid Is granted, the G overnor In Council shall require the com­
pany to enter Into an agreem ent undertaking th a t all freight originating on
any of the com pany's lines, not specifically routed otherw ise by tnc shipper,
shall, when destined to points in C anada, be carried over the Canadian
N orthern Ry. or over any railw ay In Canadian territo ry .— V. 92, p . 1242.

Boston & Maine R R . —Dividend Reduced.—The directors
on May 9 declared a quarterly dividend of 1% on the $32,­
173,100 common stock, payable July I to holders of record Construction.—The company has called for tenders on
June 1. This reduces the annual rate from 6 % to 4%. May 12 for the part of the line through British Columbia
189.1 1894-98. 1899. 1900-07. 1008. 1009. 1010.
1911-------- which lies between Hope and the crossing of the North
8
8 yearly.
OK 7 yearly.
OK
0
0 l H . l H . b - Thompson
River at Kamloops, 163 miles in length.
N. Y. N. H . & II. H R . owns some $21,701.000 com .
Digest of Statem ent by President Mellon R egarding Dividend Reduction.
Boston & M aine ju st before Ju ly 1 1010 Increased tho wages of Its em­
ployees by about so ,700,000. Tills Is the equivalent of more than 0% upon
tho Increased capital stock -a b o u t 840,000.000. The reduction of m ain­
tenance expenses was Impossible because of the condition of the property.
Tile result of nine m onths' operation has shown practically no dividend
earned, and tho directors would have been Justified in discontinuing all divi­
dends for tho Im m ediate future, had they n ot been Impressed w ith the hard­
ship th a t would have resulted to m any of the sm aller stockholders, and their
firm belief th a t upon the rehabilitation of the property the earnings would
be sufficient to replace any am ounts In the m eantim e disbursed for divi­
dends. The com pany has accum ulated surplus earnings sufficient, proba­
bly, to w arrant a 4% dividend rate, until business revives and the Improved
condition of the property Is reflected in net earnings.
Allusion has been m ade to the effect of this reduction upon the New
H aven, and In th a t connection reflections have been m ade upon tnc pur­
chase of R utland R R . stock, which Involves a carrying charge to the New
H aven of about $100,000 per annum .
,
Tho half control of the R utland R R . enables 13. & M., by connecting Its
line between Sw anton, V t., and A lburgh, V t., to establish a line for through
service of freight and passengers Into N orthern V erm ont, New Ham pshire
and Maine, which It Is estim ated will m ean a m aterial Increase In gross and
net revenue to th e B. & M. system . A further connection betw een Mont­
pelier and B urlington, V t., would give another connection w ith th e R utand and m ean additional gross and net revenue to the B. & M.
P«Botii
of these connections will bo m ade, It Is believed, by am icable arrangcment i with t ho <Jentral Vermont.
. ••
The New H aven has arranged for trackage over the Boston & A lbany
betw een Pittsfield and N orth A dam s, m aking a connection w ith the R ut­
land R lt. a t W hite Creek, which enables a through service, passenger and
freight, to be established between all parts of the New H aven system and
th e R utland, which it Is believed will mean an Increase In our revenue.
These three connections w ith the R utland should give to the New Haven
and Boston & M aine a net revenue m uch In excess of the carrying charge of
th eT he
R utland
stock.
, „New „York, C_ entral, and. the .New
. _rHaven
' '
arrangem
ent betw een the
regarding the Boston A A lbany has also been greatly m isunderstood. It
has been assum ed th a t any business given to the Boston A A lbany and
New York C entral was taken from the New H aven. This Is not true.
T he New H aven’s arrangem ent w ith the N. Y. C entral system for divi­
sions upon revenue on freight business Interchanged gives the New Haven
more net revenue when It turns Its business to Its sh ort haul In connection
w ith the Boston A A lbany than when It continues th a t sam e business by
its long haul. Therefore the New Haven has been indifferent regarding the
course of Its business because Its divisions upon such business w ith its con­
nections arc arranged a t all Junction points, so th a t Its gross revenue re­
m ains su bstantially the sam e, while Its net revenue Is gauged by the work
It does, and th a t work and expenscare necessarily less the shorter its haul
to Tsuch
connections.
, . before
..
T ly
. 1 contem
. . plate
. use
he arrangem
ents which will be com pleted
Ju
of track of certain sections of the Boston A A lbany so th a t different parts
of tho New H aven system and p arts of the Boston A Maine are tied to­
gether In such a w ay th a t the more efficient handling of the traffic of the
tw o roads Is m ade possible. U ndoubtedly the trackage arrangem ents will
bo extended so th a t through service m ay be had. (See V . 92, p. 1179.)
The R utland purchase and the Boston A A lbany contract have Imposed
no burden upon the New H aven, b ut, on the con trary , arc to be regarded
as m ovem ents for an additional gross and net revenue to the New H aven
Com pany. If the stockholders will w ait, the results of a year’s develop­
m ent w ith these trackage arrangem ents effected, they will be In all proba­
bility more th an satisfied.

Inquiry.—Tho Railroad Commission of the House of Repre­
sentatives of Massachusetts on May 11, by a vote of 50 to 31,
passed a resolution requesting information about the reduc­
tion of tlie dividend rate.
H CounscI for tho com pany, subm itted some d ata , Including a statem en t
snowing: th at tho road had expended *10,000,000 In Im provem ents durlm r
the last .1 years, and th at while the operating revenue for the 9 m ouths
ending M arch 311911 was *1,025,118 In excess of the corresponding period
last year, Income
the expenses
$2,797,295
corporate
declined were
51.772,180
In th e over
sam e those
period.of 1910.
V. 9_, p.1 he11net
OH

Canadian N orthern Ontario R y.— Proposed Government
Guaranty—Sen Canadian Northern Ry.—V. 92, p. 260.
Canadian N orthern R y.— Dominion Government May Guar­
antee
Bonds at $35,000 Per Mile on Proposed Exten­
sion from Port Arthur, Ont., to Montreal.—It was announced
at Ottawa on May 8 that the Dominion Government would
ask Parliament for authority to guarantee the 3 Yf/o 50-year
bonds of the Canadian Northern Ontario Ry. Co. to tire ex­




T he work will he aw arded In four sections, w ith a requirem ent th a t all
shall he com pleted w ithin two years from the d ate of signing the contract.
Between Hope and K am loops the work will Include tunnels aggregating
2 K miles, th e longest being 2.400 feet. It Is expected th a t work along the
Frazer R iver canon will cost from 580.000 to *100,000 per m ile. The to tal
cost Is estim ated a t *15,000,000. An exchange says: "T he difficulties,
together w ith the tim e lim it set for construction, will m ake the building of
tills section one of the m ost dram atic In the history of railroad building
through the Rocky M ountains.”
T he British Columbia Steel Corporation will. It Is rep o rted , erect a
p lan t a t P ort M ann, expending *10,000,000.— V. 92. p. 1242, 1031.

Canadian Pacific R y.— New Director.—H. S. Holt, Presi­
dent of the Montreal Light, Heat & Power Co., has been
elected a director to succeed Senator L. J. Forget, deceased.
— V. 92, p. 955, 525.
Central of Georgia R y. —Offer to Income Bondholders from
Three Years’ Earnings.—President Markham, who assumed
office about March 1, on May 6 announced, after a meeting
of the board:
W e have accepted the decision of the Court In the 1907 case. The In­
come accounts for 1908, 1909 and 1910 have been carefully considered and
revised by crediting all Items which under the decision of th e Suprem e C ourt
of Georgia [rendered Deo. 14 1910, V. 91, p. 1628— Ed.J as to tnc year 1907
should be so credited.
From tills readjustm ent It appears th at the am ounts which th e com pany
should now properly' pay as Interest on the Income bonds arc as follows:
For the fiscal year 1908, $397,478, which will pay the full interest on the
first Incomes and about 2.82% on the seconds; for 1909, $92,500, which will
pay about 2.31% on the first Incomes, and for 1910 the sam e as 1909.
The board has directed the paym ent as soon as the necessary procedure
can bo taken and w ithout regard to any differences wc m ay have w ith the
Income bondholders as to the am ounts not now paid and which they claim
to be due, this being all th a t the board thinks th at they arc Justly entitled to .

Judge Walter G. Charlton, in the Superior Court on May 10
made an order directing the payment forthwith of $200,000 to
the Metropolitan Trust Co. of New York as trustee for the
bondholders of the first income bonds and of $197,478 to
the Central Trust Co., of New York, as trustee, as interest
on the second income bonds for the fiscal year 1907-08.

The order m erely ratifies the tender m ade by th e directors a t the m eeting
on May 6, and reserves to W . W . Mackall, auditor, th e rig h t to hear and
determ ine w hether additional paym ents arc to be m ade, w hether Interest
Is to be allowed on interest and the various questions of com pensation.
The trustees will accept the paym ents on account only, and waive none of
their rights, privileges or contentions.

R. Walter Levy, Chairman of the Protective Committee
for the 1st prof, income bonds and C. Altschul, Chairman of
the 2nd and 3rd income bondholders’ committee, on May 8 ,
made a statement giving their reasons for refusing the
offer of a “meagre portion of the interest due”. The state­
ment
concludes:
The com m ittees have Instructed counsel to prepare additional legal action
to enforce their claim for the full paym ent of interest on all 3 Issues of bonds.
They are advised th a t the net earnings of the railw ay for each of the last
3 years have been more than twice the am ount necessary for the paym ent
of such Interest In full, which, thus diverted from the paym ent of interest,
only enhance the value of the C entral of Georgia stock In the hands of the
Illinois
Central
. th, a t the
, accountants
^ ^ report th a t the Illinois C~ entral,
The com
m itteeR Rsays
Is practically rebuilding tho road a t a high scale of efficiency and Is pro­
viding for the paym ent of the obligations Incurred by unw arranted charges
to operating expenses; also th a t within the past m onth leading banking
Interests closely affiliated w ith the Illinois C entral have been negotiating
w ith the largest holders of Income bonds for their purchase, and th a t the
bondholders offered their bonds and certificates a t the flat prices of 112 X
for tho first Incomes, 106 X for the second incomes and 102 X for th e th ird
Incomes, which prices Included 17 X % of overdue Interest on all classes.
‘‘It was also provided th a t for a reasonable tim e all holders bf Income bonds
should have the right to tender them to the purchasers a t the sam e prices.
The proposed purchasers were asked to bear a certain p a rt of the protective
com m ittees’ expenses, as well as of other expenses, of the litigation. Tho
banking Interests expressed a willingness to purchase all th e bonds or cer­
tificates representing bonds a t the prices m entioned, b u t refused to grant
the condition looking toward any reim bursem ent of the com m ittees’ ex­
penses."—V. 92, p. 394, 185.

1310

THE CHRONICLE

[VOL. LXXXXII.

Chester & Philadelphia (Electric) Ry.—Status.—This
company, successor of the Phila. & Chester Ry., foreclosed,
its road being operated by the Phila. Rapid Transit Co., as
stated last week (p. 1243, caption P. & C. Ry.) was in
corporated in Pennsylvania June 29 1910.

IndianapolisJ & Louisville Traction Co.—Reorganization
Plan.—The bondholders have agreed to the proposed plan
of reorganization, which, however, has not been formally
announced. As reported in the daily papers, the plan pro­
vides for the organization of a new company which shall
The new 1st M. to th e R eal E state T itle Ins. & T r. Co of P hila as issue $1,500,000 5% 30-year 1st M. bonds, dated Jan. 1
trustee, secures n ot exceeding 5600,000 5% bonds dated Ju ly 1 lo io 'a n d 1911, $600,000 6 % cum. pref. and $600,000 common stock.
duo Ju ly 1 1040. b u t callable on and after July 1 1015 a t 105. P ar 5100
5500, 51.000. In t. J . & J ., a t office of trustee. A m ount o u t., S500.000 Ihe capitalization of the present company consists of $ 1 ,­
Stock 5485,000. President, Chas. O. Kruger: Secretary, R. n . Sclfridgo; 250,000 1st M. bonds, S334,500 2d M. bonds, $100,000 pref.
T reasurer, 1. II. Silverm an. Phila. office, 605 Land T itle Bldg.
k
$2,500,000 common stock.
Chicago Rock Island & Pacific Ry.—Listed—The New and
1st M. bondholders will receive 70% In new 1st nr bonds
York Stock Exchange has listed $1,494,000 additional andThe30%present
In com mon stock: the 2d M. bondholders 150% In new pref.
refunding M. 4% bonds due 1934, which were recently sold Instock
and $200,000 In new common stock and the prof, stockholders 75%
and 25% In new com mon stock.
’
to Speyer & Co. (V. 92, p. 1031) to refund the $1,494,000 new pref.. stock__ Purposes
o f Issue o f New Securities.
Series I gold bonds of 1902 maturing May 1, making the To present
m ortgage 30-year 5% bonds, authorized Issue. „ _
si 50 0 000
holders of 1st M. bonds, 70% In a m o u n t,.$875,666 ’ ’
total amount listed $91,112,000.
To be p u t In treasury for working c ap ital___________ 25,000
^Earnings.—For eight months ending Feb. 28:
To be issued for Im p'ts a t 80% of actual cost________ 600,000

stock 6 % cum ulative, total authorized Issue____ _
Etght
Operating Net Oper. Taxes
Other In i. & Balance Preferred
To present holders of 2d M. bonds. 150% In am o u nt. . 5 5 0 1 ,7 5 6
M ow ns— Revenue. Revenue. Paid. Income. Rentals, fo r Stock.
To present pref. stockholders, 75% In am o u nt______ 75,000
.RAX";!------44,242,291 12,592,179 1,774,354 351,410 7,621,748 3.547,488
To be placed In the treasury ___________________ _ _ 23,250
1909-10. 41,996,898 12,054,784 1,696,727 653,270 6,953,373 4,057,955
stock, authorized Issue_____________
_
, ,iT om tIlG surplus as above for the 8 m onths of 1910-11 were paid the Common
To present 1st M. bondholders, 30% In am o u nt_____$375,000
J >»% Q uarterly dividends on O ct. 1 1910 and 1% Ja n . 3 1911, calling for
To 2d m ortgage bondholders_______ _____ ___________ 2 0 0 ,0 0 0
51,684,692, leaving 51,862,796, and from the surplus for the corresponding
To present pref. stockholders, 25% In am o u nt............. 25,000
period In 1909-10 the 1% % quarterly dividends on O ct. 1 1909 and 1%
Ja n . 2 1910, calling for 52.058,581,.leaving §1,999,374.— V. 92, p. 1031, 593. — V. 02, p. 1108.

600 000

’

600 000

.

’

■

Southern Ry .—Foreclosure Sale.—The road
^Chicago St. Paul Minneapolis & Omaha Ry.—Listed.—The wasIndianapolis
at foreclosure sale on May 6 for $2,500,000, tho
New York Stock Exchange has listed the $1,500,000 Superior upsetsold
price, to the Illinois Central RR.—V. 92, p. 956.
Short Line Ry. 1st M. 5% guaranteed bonds due 1930 which
were recently offered by Rhoades & Co. (V. 92, p. 955.)
Interborough
Rapid Transit Co.—Amended Offer.—Tho
Earnings.—For 8 months ending Feb. 28:
company
on
May
10 submitted its amended offer for subway
Eight £ Operating Net Oper. Taxes Other
in t. &
Balance and elevated extensions. Among the important changes
M os.— Revenue.
Revenue.
Paid. Income. Rentals. for Divs. from
those in the original offer of Dec. 5 (V. 91, p. 1574) are:
1910-11.511,393,274 54,031,571 $473,611 $91,618 $1,344,841 $2,304,737
1909-10. 10,142,418 3,484,424 428,762 .............
’ '

expenditure of $67,550,000 of the com pany’s m oney In construe• ■ Dividends a t the rate of 7% yearly on the pref. and com mon stock’cafl tlon(1)ofThe
new lines anil $31,965,000 In equipm ent, raising the city’s contribu­
forv51,391,273^for
the
8
m
onths,
leaving
a
surplus
In
1910-11
of
$913,464.
tion
from
th
e $53,000,000 contem plated In the form er oiler to $67,559,000,
. 92, p. 955, 52^
26.
and th e com pany’s from $75,000,000 to §99,524,000. Thus a total pro­
posed
cost
for
new construction of §135,780,000, and for construction and
Chicago & Western Indiana RR.—Called Bonds.—One equipmth aentt, Including
of §167,745,000, Is Involved In the new ofTer. [The com pany
tho elevated Im provem ents and the Belm ont Tunnel,
hundred ($ 100 ,000 ) general mortgage bonds of 1882, drawn says
olTcr represents a construction cost to the com pany of §88,478,500 and
for redemption, are payable on June 1 at 105 and interest at the
an equipm ent cost of §45,346,000, or a total contribution by the com pany
of private capital of §133,824,500—or alm ost two dollars for each dollar
office of J. P. Morgan & Co.—V. 92, p. 460.
Invested by the city.)
C onstruction of a tw o-track subw ay from a Junction w ith the L afay­
Citizens’ Railway & Light Co., Fort Worth, T ox— Re­ ette(2)Avenue
line In Brooklyn, through the E astern D istrict of Brooklyn,
ceiver.—Judge Buck in the Forty-eighth District Court at and
under the E ast R iver to Broadw ay In M anhattan; thence under
ay to 59th S t., and under 59th S t. to the Quecnsboro Bridge.
Fort Worth, Tex., on May 1, on application of the Arlington B roadw
Construction of tw o-track elevated extensions In Queens, one running
Heights Realty Co., appointed John W. Davis as receiver.— from(3) the
Long Island City end of the Steinw ay Tunnel to the Quecnsboro
Bridge Plaza, and thence to W oodsldc; the other from the Quecnsboro
V. 85, p. 530.
Bridge Plaza north to A storia.
of the proposed Bronx elevated extensions up Jerom e
Cleveland Cincinnati Chicago & St. Louis Ry.—Payment A vc.(4) toC onstruction
W oodlawn Cem etery and o ut W hite Plains R oad, as p art of the
of Notes.—The 4-year 5% notes due June 1 will be paid subw
ay, and not extensions, of the N inth and T hird Ave. elevated Hues.
It can be legally carried o ut, provided the lien of any duly author­
on and after that date at the office of the Treasurer, Charles ized(5)m Ifortgage
be not disturbed, the com pany agrees to modify the present
F. Cox, Room No. 311, Grand Central Station, New York. leases so th a t cither
the present E ast Side subw ay from 42d S t. south to
the
B
attery,
the present W est Side subw ay from Tim es Square north,
Coupons will be paid as heretofore at J. P. Morgan & Co. shall be held byor the
lessee
under the 10-ycar re-capture clause, thus enabling
The paym ent was provided for by the sale of E uropean loan bonds last the city to possess a through
line upon either the E ast Side or the West.Side
y ear.—V . 92, p. 807, 792, 526.
In exchange for an Indeterm inate lease of 49 years from the tim e of beginning
plete operations upon, respectively, the proposed W est Side subw ay
Denver Northwestern & Pacific Ry.—Construction Co. com
from Times Square to the B attery or the proposed E ast Side
Notes.—The following letter was sent Alay 1 by a N. Y. extension
extensions from 42d S t. north, reserving to those extensions trackage rights
the elevated lines over the W hite Plains and Jerom e Ave. lines and tho
banking house to holders of the $4,000,000 Colorado-Utah for
to connect the southerly end of Lenox A ve. extension under the term s
Construction Co. 2-year 6 % notes, due May 1 1911 (secured right
of C ontract No. 1. The diirercnce In value upon the exchange Is to bo
by agreem ent betw een the com pany and the city, or, If they cannot
by pledge of $10,000,000 Denver N. W. & Pacific bonds): adjusted
to be settled by arbitration upon conditions to be agreed upon.
T he Interest due to-day on th e above notes has been paid, b u t, ow ing, agree,
1
\e
c,
o
m Pany makes further concessions In regard to the division of
to th e recent death of Mr. D avid H . Moffat, who, as you know , guaranteed profits, but
not modify Its proposal th a t the city shall guarantee It
the principal and Interest of these notes (V. 88, p. 1127), no action has been from loss In docs
the operation of the Brooklyn 4th A ve. subw ay.
taken as yet regarding the principal. H ow ever, certain tentativ e sugges­
'Ih
e
com
pany
says
th at It has m ade the necessary financial arrangem ents
tions are being considered In respect thereto, and as soon as their legality to carry out Its several
offers and to begin construction upon all lines In
and practicability have been determ ined, we will advise you of w hatever all
boroughs
and
to
com plete the sam e In five years; also th at "If the
definite conclusion has been reached.
authorities prefer an offer on the basis of the term s recently proposed by
the Brooklyn R apid T ransit Co., the com pany, upon those term s, will
Securities Co. to Protect Interest of Moffat Estate.—The undertake
to build any road in any of the five boroughs th at the public
Denver Railway Securities Co., with a capital of$10,000,000, authorities
m ay designate. Including one or more through lines to Coney
Island and S taten Island, and operate them all In connection with Its present
was incorporated at Denver on April 29 to take charge of subw
ay
system
for a single 5-cent fare.”— V. 92, p. 1178, 956.
the railroad holdings of the Moffat estate, which include a

majority of the capital stock of the Denver N. & Pacific. International & Great Northern RR.—Reorganization
Passage of Tunnel Bill.—The House of the Colorado Legis­ Plan.—The committee of 3d M. bondholders, consisting of
lature on April 29 passed, by a vote of 35 to 27, the so-called Alvin W. Krech, Edward T. Jeffery and Frank Jay Gould,
has presented a plan of reorganization, dated May 9 1911,
Moffat tunnel bill as amended by the State Senate.
The A ct provides, subject to a referendum vote to be taken a t th e n ex t under which they have agreed to purchase at par and int.
general S tate election two years hence, th at the S tate shall build a tunnel the 2d M. bonds represented by the Roosevelt committee.
through the C ontinental Divide a t an estim ated cost of about §5,000,000,
Holders of certificates of deposit for 3d M. bonds who do
th us reducing the distance betw een D enver and S alt Lake City by m ore
th an 160 miles. The D enver N orthw estern & Pacific Is given the rig h t to not dissent within 20 days will be bound by the plan, which
lease the tunnel or to buy It a t cost price, b u t In cither case all roads arc will
become effective unless owners of 50% of the deposited
to have the right to use the tunnel under traffic agreem ent.— V. 92. p. 881.
3d M. bonds so dissent. Further deposits will be received
Eagles Mere RR.—Foreclosure.—Judge Hart at Williams­ at
the Equitable Trust Co. on or before June 1 on payment
port, Pa., on April 27 ordered the sale of the road under the of $25
per $1,000 bond deposited. The plan contemplates
$100,000 mortgage to the West Philadelphia Title & Trust giving common
for the principal and overdue interest of
Co. of Philadelphia, as trustee, interest upon which has been the 3d M. bondsstock
at a rate not exceeding, $ for $, the bonds
in default since March 1 1909.—V. 92, p. 1032.
deposited to come in ahead of those hereafter de­
Erie (Pa.) Traction Co.— Acquisition.—See Meadville & already
posited in the distribution.
Cambridge Springs Street Ry. below.
Holders of certificates of deposit representing the 2d M.
Guayaquil & Quito Ry.—Payment of Interest.—The fol­ bonds are notified that they will receive $1,222 50 per $1,000
lowing from the “Manchester (Eng.) Guardian” is confirmed: bond in cash at the Farmers’ Loan & Trust Co. on surrender
The 5 and 6% bonds are guaranteed, both as to principal and Interest, by
the G overnm ent of Ecuador, while the 6% have a prior charge In fro n t of of their certificates, being the purchase price less an allowance
the 5% on the am ount which the G overnm ent of E cuador rem its annually. for compensation and expenses of the Roosevelt committee.

Interest on both has been In arrears since Jan . 1910 (the last coupons paid
being those of Ja n . 1910.— E d.), b ut If reports arc to be credited, there Is
now a prospect of a settlem ent of the Ecuador debt which will Include the
Paym ent of these arrears, and. It Is to be hoped, the future duo fulfilm ent
of the G overnm ent’s obligation. The Secretary of the Council of foreign
bondholders, who Is also a London director of the railw ay com pany, has
recently been In New York, and a few days ago cabled to this cirect. [The
arrears have not yet been paid.— E d.I— V. 90, p. 1170.

Houston Belt & Terminal Ry.—Bonds Authorized.—The
Texas Railroad Commission on May 6 authorized the regis­
tration of $2,536,000 additional bonds in accordance with
the recent valuation by Engineer Parker on betterments,
additional trackage and the new passenger depot.—V. 92,
p. 956.
Illinois Central RR.—Acquisition.—See Indianapolis South­
ern Ry. below.—V. 92, p . 527.



O utline of Plan of R eorganization.
Present Capitalization and Indebtedness. Aggregating $45,600,413.
1st M. 6s, duo Nov. 1 1910, $11,201,000: Colorado Bridge 1st 7s,
due May 1 1920, $198,000; San Antonio station loan. $42,000.$ n ,531,000
Com pany s equipm ent obligations, $302,650; receiver’s cqulp„-din^M.‘ltKn0t.
_____________________________
bondsc s’(In5276,000__
default), _____
principal,
$10,391,000; Interest to 668,650
M ay 16 1911, $2,516,044_____. . . . . ______________________ 12,007,044
J d M - bonds, principal, $2,901,000; Interest to M ay 16 1911,
$9,17,004; scrip, $5,052 ........... .......... ...................................... 3,903,056
Judgm ents and Uontlng debt, $5,513,600; unpaid vouchers
.
prior to receivership, $1,321.463............................- .................... .. 6,835,063
Capital sto ck --------- ------------------------------------ ---------------------------- 0 , 7 5 5 ,0 0 0
Securities to Be Authorized bg New Company. Following Foreclosure Sale.
1, $50,000,000 1st ref. M. 5% 30-ycar bonds, due In 1941, but
redeem able a t 110 and Int, on any Int. d ate. In t. 1*’, & A
lo ta l authorized, $50,000,000, to be used as follows:
(o) Pledged or sold to provide tow ard cash requirem ents . $13,750,000
(o) Reserved forjrefundlng of underlying bonds & obligations. 11,480,000

M a y 13 1911.1

THE CHRONICLE

(c) I Reserved under carefully guarded restrictions for addl. • tlonal equipm ent and for future additions, extensions
and Im provem ents--------------------------------------------------------- 24,761,000
In order to provide the funds necessary for betterm ents and lm•
provem ents during the next 3 years, an effective agreem ent
•
has been m ade w hereby of th e bonds reserved for b etter•
m ents. Im provem ents, extensions and equipm ent a m axim um
am ount of $1,000,000 thereof will be purchased In each year
for the 3 years following the Initial Issue of the bonds.
2. $5,000,000 5% non-cum . pref. stock; also entitled to share
•
a t the sam e rate as the com m on stock In th e paym ent of all
dividends In excess of 5% upon the com mon stock; and to be
•
as to face value and accrued dividends In case of • • • •
Sreferred
quldatlon. T otal authorized, $5,000,000, viz:
...................
• Issued and sold to provide tow ards cash requirem ents______ $3,400,000
Reserved for exchange of a like am ount of the Initial Issue of
. first refunding m ortgage bon d s................................ .................... 1 , 6 0 0 ,0 0 0
3. $6,500,000 com mon stock, to be Issued In reorganization to
. provide tow ards cash requirem ents, for exchange for 3d M.
bonds and deposited coupons, Ac___________________________ 6,500,000
The am ount of com m on stock to be authorized and Issued In reorganiza­
tion m ay be Increased or reduced by such am ount as the com m ittee m ay
determ ine, In order to com ply w ith the laws of T exas, or In view of any
valuation or order m ade by the Texas R ailroad Commission.
Estimated Cash Requirements, Aggregating $15,340,000.
2d M. bonds, principal. _$lo,301,0001A udited vouch. A claim s.$1,321,463
Do Int. to May 16 1911_ 2,516,644 R eorganization exp., rcC om
______
pany’s equip,
___ _ . certlfs.
............. 392,6501 serve & working capital 718,243
This am ount of cash ($15,340,000) Is to be raised as follows: (a) by the
sale to!bankers of $11,000,000 3-year 5% notes of the new com pany, re­
deem able a t 101% and in t. a t any tim e on 30 d ay s’ notice, secured by
deposit of $13,750,000 1st ref. M. bonds, whereof $12,150,000 will be de­
posited by the new com pany and $1,600,000 by the syndicate; and (5) bv
th e sale to a syndicate of $1,600,000 1st ref. M. bonds, $3,400,000 pref.
stock and $2,500,000 com mon stock.
In case the valuation flxed by the Texas R R . Comm, or the am ount of
new securities which m ay be Issued Is less th an the am ount called for by the
plan. It will be necessary to reduce the capitalization of the new com pany.
Such reduction shall then be m ade, Jtrst, In the am ount of com m on stock
reserved for exchange for 3d M. bonds and defaulted coupons which m ay
hereafter be deposited w ith the com m ittee and for miscellaneous require­
m ents; second, In the am ount of common stock Issuable In exchange for
3d M. bonds and defaulted coupons heretofore deposited w ith the com­
m ittee; and, third. In the am ount of com mon stock sold to the syndicate.
Distribution o f New Securities— Subject to Change, as Aforesaid,%as to Stock
1. First Refunding Mtge. Rands: Pledged as security for 3-year
5 % notes $ 1 2 , 1 5 0 , 0 0 0 ; sold for cash to syndicate and by It
deposited as further security for 3-year 5% notes, $1,600,000_$13,750,000
2. Preferred Stock: Sold for cash. --------- ----------------------- 3,400,000
3. Common Stock (subject to reduction as above stated) —
(a) Sold for cash--------- --- -------- 2,500,000
ib) In exchange, pro rata, for 3d M. bonds and defaulted cou­
pons [to and Including M arch 1 1911), heretofore deposited,
w ithout preference as between bonds and coupons, to an
•
am ount not In excess of par value of said bonds and coupons 3,421,030
(c) Reserved for exchange, pro rata, for 3d M. bonds and do- V - •
faulted coupons to and Including March 1 1911, which m ay ) ■ • •
hereafter be deposited (on or before Ju ne 1) b u t only to the \ • •
extent th at there Is common stock rem aining after provision • • •
ns aforesaid for the 3d M. bonds and coupons heretofore •
deposited..................................................................................................
578,070
Capitalization o f New Company will Aggregate $35,457,000.
F irst m tge. 6% bonds__ $11,291,0001F irst ref. m tge. bonds— $13,750,000
198.000 San A ntonio S tation loan
42,000
Colorado 1) ridge 7% bds
276.0001Stock ($3,400,000 pref.)_ 9,000,000
1 0 -year equip, tru st certs
Initial A nnual Fixed Charges of New Company will Aggregate $1,349,840.
First m tge. 6% bonds_____$677,4601Prln. A Int. on equip, t r u s t ..$58,520
Colorado
- ......................
Bridge “7s.................
_____ 13.8601
13,860 Galveston H ouston & Hen50,000
3-ycar 5% notes...................... 550,000| derson interest
A nnual fixed charges of new com pany after paym ent or redem p­ $1,407,340
tion of notes----------- -----------------------------------------------------Agreement with Bankers and Syndicate, A c.
•
An agreem ent has been m ade with R edm ond & Co. and J . A W . Scllgm an A Co., of N. Y ., and M iddendorf, Williams A Co., of Baltim ore, for
the salo of the $11,000,000 of 3-ycar 5% notes above m entioned. [It was
announced yesterday th a t the bankers had re-sold the entire $ 1 1 , 0 0 0 ,0 0 0
a t 99 lA , approxim ately a 5 %% basis.—Ed.J
An agreem ent has also been made w ith a syndicate under the m anage­
m ent of The E quitable T rust Co. of N Y. for the sale of the additional
securities Issuable as above set forth, to m ake provision tow ards the cash
requirem ents of the plan. Tills syndicate has agreed to contribute the first
ref. M. bonds purchased by It, nam ely $1,600,000 thereof, as additional
security for the 3-ycar 5% notes. Upon the liquidation of these notes from
tim e to tim e th e first ref. M. bonds so contributed by the syndicate arc to
be proportionately surrendered to the new com pany upon the Issue by it
to the syndicate of a like par am ount of Its preferred stock.
In order to expedite the execution of the plan the com m ittee has acquired
substantially all of the 2d M. bonds and has borrowed the am ount requisite
to m ake such acquisition and has pledged as security for such loan the
second m ortgage bonds so acquired by It.
•

No Forfeiture Suit.—Press dispatches state that the
Attorney-General of Texas has decided that no good grounds
exist upon which to base suits for the forfeiture of the charters
of the company and the Missouri Kansas & Texas, and the
suits which were recommended by former Gov. Campbell just
before ho retired from offico in January will therefore not be
instituted.—V. 92, p. 110S, 1032.
Kansas City Fort Scott & Memphis Ry.—Sale of Bonds—
Option of Exchange.—William Salomon & Co., of this city,
having purchased the refunding 4% gold bonds due Oct. 1
1936, reserved to retire the $2,035,300 Kansas City Ft. Scott
& Gulf 1st M. 5% bonds due Juno 1, announce, by advertise­
ment on another page, that they are prepared to receive the
last-named bonds at par and full int. to June 1 in payment for
IC. C. Ft. S. & Mem. refunding 4% bonds, at the market
price, to yield about 5.42%. The ofTor to exchange is ter­
minable without notice. Detailed description of the K. C.
Ft. S. & Mem. refunding bonds, with a study on the property
and its earning power, will be furnished on request.— v. 91,
p. 154.
Kansas City Southern Ry.—New Directors.—Arthur
Turnbull, a director of the United States Mortgage& Trust
Co., New York, Edward F. Swinncy, Prest of the First Nat.
Bank, Kansas City, Mo., and Samuel McRoberts, V.-Prest.
of the National City Bank, N. Y., have been elected directors
to succeed D. G. Boissevain, Adolphus Busch and George M.
Craig, respectively.—V. 92, p. 795, 461.
Louisville & Nashville RR.—Bond Offering.—J. P. Morgan
& Co. have formed a syndicate to market the $10,000,900
Atlanta Knoxville & Cincinnati division 4% bonds which
were recently purchased by them. A public offering will be
made within a few days at 93J4-—V. 92, p. 1178, 795.
Manila Electric Railroad & Lighting Corporation.—Listed.
—The London Stock Exchange has listed tho $5,000,000
capital stock; $4,785,000 5% Donds were already listed.—
V. 92, p. 725.



1311

Meadville (Pa.) & Cambridge Springs Street R y.— Sale of
Control.—A meeting of the 1st M. bondholders was to be held
at the Colonial Trust Co., Pittsburgh, on May 11 to consider
a proposition from the Erie Traction Co. for the control of
the property.—V. 91, p. 589.
M eridian (Miss.) L ight & R ailw ay Co .—Bonds Offered.—
Ilenry L. Doherty & Co., New York, are offering at 91H
and int., the unsold part of $150,000— 1st M. 5% 40-year
gold bonds, part of a total issue of $750,000, of which $42,500
in sinking fund. A circular shows:

D ated 1904, due March 1 1944, b u t callable a t 105 and Int. on an y Int.
date. P ar $500, $1,000 (c*). Sink. fd. 1% of outstanding bonds yearly.
Secured by a 1st M. on entire gas, electric-light and street railw ay of city
(10 miles of track , 30 cars). Steam plant; 50-year liberal franchises for
street railw ay granted O ct. 4 1895, for gas and electricity granted Dec. 1900.
Population, Including suburbs, 30,000; M eridian (1910), 35,285- increase
65% in 10 years. Company m anaged by D oherty O perating Co.’
Earnings Years ending M arch 31.
1911.
1910.
1911.
1910.
Gross earn in g s.. .$233,447 $214,6371 In t. on $750,000
1st M. 5s............. $37,500 $37,500
N et earnings, af­
ter tax es______ 76,583 57,965 Surp. for gen.
39,083 20,465
— V. 91, p . 336.

M ontreal Central Term inal Co.—Mortgage—Increase of
Stock.—The stockholders will meet at the company’s office
in the Canadian Pacific Telegraph Building, Hospital St.,
Montreal, on June 6, to vote on authorizing an issue of mort­
gage bonds and increasing the stock to $20,000,000. F. E.
Came is Secretary. An exchange paper said:

• "O n Dec. 27 C. L. Armstrong: and J . M. Shanty subm itted to the M ontreal
Board of Control a proposition for tunneling th e S t. Lawrence R iver and
erecting a large central term inus a t M ontreal for all railw ays entering the
city. The project Involves the construction of a tunnel above Isle Ronde,
so th a t tho Delaware & H udson Co. and N . Y . C entral & H . R . R R . m ay
enter from the south, the G rand T runk from the west and the Canadian
N orthern from the n orth . The Canadian Pacific has not entertained the
proposed undertaking. The board Instructed the representatives of the
com panies to lay the proposition before them In w riting, together w ith de­
tailed plans of the entire undertaking. ............................

New York New Haven & H artford R R .— Change in Other
Income.—See Boston & Maine RR. above and compare
V. 92, p. 1179.
' Oregon Electric R y. —Earnings.—Perry, Coffin & B urr,
who offer a block of the 1st 5s, report:
Gross
Year E nding—
Earnings.
M ch .3 1 19 1 1 .................$592,329
Dec. 31 1910................. 406,039
— V. 92, p. 323.

Expenses
N et
A nnual Balance;
A Taxes. Earnings. B d. In t. S u rp lu s.
$339,009 $253,320 $100,000 $153,320
236,118 169,921
..............................

Pennsylvania Com pany. —Controlled Company Dividend.—
Sec Vandalia RR. below.—V. 92, p. 1238.
R utland R R . —See Boston & Maine RR. above.—V. 92,
p. 874, 796.
S t. Louis Rocky M ountain & Pacific Co.—Listed.—The
New York Stock Exchange has listed S7,500,000 1st M. 5%
50-year bonds, due 1955.—V. 91, p. 151.3.
St. Paul & K ansas City Short Line R R . —Listed in London.
—The Jiondon Stock Exchange has listed scrip for £ 1,000,000
1st M. i}4 % gold bonds, part of the $10,000,000 taken by
Speyer & Co. See V. 92, p. 528.
Southern Electric Securities Co.—Successor.—See United
Public Utilities Co. below.—V. 91, p. 1096.
Southern New England R R . —Amendment of Charter.—
Gov. Pothier, of Rhode Island, on May 5 signed the amend­
ment to the company’s charter passed by the Legislature.
Tills had been previously agreed upon by tho attorneys (or the G rand
T runk and the N. Y. N. H . A II., and provides for the passing of the tracks
of the proposed new line under and alongside those of tnc New H aven road,
w ith the consent of the Providence City Council.
Tho am endm ent, It Is stated . Insures the construction of the new line
from Palm er, V t., to Providence, which Is expected to begin w ithin a few
m onths.— V. 91, p. 155.

Texas & Pacific R y. —New First Vice-President.-—Thomas
J. Freeman, Receiver of the International Great Northern
RR., has been elected 1st V.-Prest. in charge of operation
(virtually a new position) and also a director to succeed
John T. Terry, who resigned.—V. 92, p. 796, 727.
U nited Public U tilities Co.—Reorganized Company.—This
company was incorporated in Louisiana on or aLout May 1
with $1,257,600 of capital stock, as successor of the defunct
Southern Electric Securities Co., whose security holdings
were sold at auction last October. See V. 91, p. 590, 1096;
also p. 81 “Electric Railway Section.”
• D irectors: Lynn H . Dinkins, Silas A. H ym an. Max Schw abachcr, S. E .
Sncath, A. C. W ucrpcl, Sol W exler, I*. II. Saunders and Charles Payne
Fenner of New Orleans.

U nited Railways Investm ent Co.— Report.— Sec “ Annual
Reports;” also a subsequent page.
Listed.—The New York Stock Exchange has listed $1,­
000,000 additional common stock, making the total amount
listed $20,400,000.

This $1,000,000 com mon and also $1,000,000 pref. stock have been
Issued In connection with the purchase (by the subsidiary- R ailroads. Power
& D evelopm ent Co.) of the entire $20,000,000 stock of th e Sierra & San
Francisco Power Co., except ten directors’ shares. (V. 89, p. 529, 849.)
Said power com pany operates electric power plants as follows: H ydro­
electric plants owned, total capacity 50,100 h .p ., the principal plant on
Stanislaus R iver, 140 miles from San F r.. having a capacity of 45,500 h.p.;
steam plant owned In San F r., 26,150 h.p.; steam plant leased in San F r.,
4,250 h .p.; total capacity, 80,500 h.p.
The earnings of the power com pany heretofore “ have been largely derived
from Its 44-ycar power contract w ith the U nited R ailroads of San Francisco,
which contract, however, calls for considerably less than one-half of tho
com pany’s available power supply. While the m arketing of this surplus
power by the com pany has necessarily been deferred until the com pletion
of Its construction work, It Is now expected th a t a considerable p art of the
surplus will be disposed of throughout th e territory served, thereby Increas­
ing the com pany’s Income.”
“The protective com m ittee of the Stanislaus power developm ent, from
whom the property was purchased, and the Investm ent com pany, have each
contracted for tho purchase a t par of $500,000 bonds of the 2d M ., ser. ‘A ,’
of tho Sierra A San Francisco Power Co., $700,000 cash now being deposited
for use In tho construction of new distributing system s, and th e balance
will bo deposited in accordance with the term s of the contract.".

THE CHRONICLE

1312

• The bal.sh eet of th e Power Co. M arch 31 1911 shows In liabilities $6,500,­
January.
000 1st M. 5s; $700,000 2d M. "A " bonds outstanding and $300,000 under
contract to be purchased by the Investm ent Co.; and $6,648,250 2d M. “ B” 1911-------------21,600,000
1910...............20,158,023
bonds. The com pany Is paying Int. on Its " B ” bonds In scrip as p erm itted 1900-------------20,303.678
till Ju ly 1 1916.— V. 92, p. 1215, 324.
— V. 92, p. 727. 60.

[V

February.
20,900,000
21,061,247
25,560,904

o l

.

l x x x x ii

M arch.
A p ril.
Total.
21,900,000 22,000,000 86.400,000
22,811,745 24,892,151 88,923,166
27,028,728 26,123,585 90,106,895

U nited Railw ays of H avana & Regia W arehouses, L td .—

Am erican B ank Note Co .— N ew N a m e .— See United Bank
Note Corporation below.—V. 87, p. 1422.
Am erican Ice Co.—S ettlem en t o f L itig a tio n . —Justice Hen­
drick in the Supreme Court in this city on May 5, on applica­
(1)
To exchange the £500,000 0% notes of the H avana C entral R y. Co.tion of the company, concurred in by Attorney-General
m aturing July 1 for a sim ilar am ount of 5|% preference stock (as the notes
are a well-secured 0% Investm ent producing £30,000 per annum , the Carinody, issued an order canceling the license under which
exchange will m ean a saving In Interest of £5,000 a y ear). (2) To develop the company, as a New Jersey corporation, has been doing
th e term inal facilities a t M atanzas and prevent Increasing com petition, It Is business in New York State.
proposed to acquire for £200,000 valuable warehouses, an urban line, and

Purposes of New Capital.— Chairman C. J.

Cater Scott, at
the general meeting at London on April 25 stated the pur­
poses for the use of the £2,000,000 new pref. stock as follows:

other properties on the Bay of M atanzas now owned by a separate com pany,
and producing an annual Income of not less th an £13,500 a y ear. (8) To
expend £350,000 In purchasing new rolling stock urgently needed to m eet
traffic requirem ents. As the com pany Is already spending on th e "hlrepurchase system about £11,200 per annum , the burden upon revenue of
this capital expenditure will be sm all, especially If account Is taken of the
advantages to accrue from the new rolling stock. In all about £1,987,000
of new capital is to be spent; b u t the outlay. It was stated , will produce an
annual income of £106,165, against a yearly charge of £99,350.— V. 92,
p. 1244, 1180.

Decision.

U nited Traction of Albany, Troy, &c.—
— The
Court of Appeals at Albany on May 9, affirming the decision
of the lower courts, held that the 6-cent fare charged by the
as faro between Rensselaer and Albany is a viola­
Cohoes
tion of the Barnes Law of 1905 reducing the fare to 5 cents.

Ry.

This Is done In pursuance of resolutions of the board on M arch 7 last
because it w as deem ed desirable to avoid the expense of defending the pending
action brought against It by the S tate, then on the calendar for trial, and
also because Itw asdeem ed to be In the Interest of the business, other corpora­
tions having been organized to take over the sam e as explained last week
(page 1245).
The order discontinuing the su it by the S tate directs th a t the com pany
shall n ot bring any action upon any of the so-called 10-ycar contracts or
agreem ents m entioned In the com plaint, and th a t the parties to these con­
tracts shall be free to re-engage In the lee business.
The com pany, In a statem ent Issued, says th a t the basis of the litigation
was a num ber of bills of sale, entered Into by the form er adm inistration In
the years 1899 and 1900, containing a 10-ycar restrictive clause which tho
present adm inistration had nothing w hatever to do w ith, having voluntarily
canceled those th a t had not already expired.— V. 92, p. 1245, 190.

American Sm elters Securities Co.— L iste d . —Tho Now York

The reduction was ordered by the Public Service Commission, an appeal Stock Exchange has listed 815,000,000 6 % 15-year sinking
being taken to the courts. The com pany claim ed It charged only 5 cents fund bonds, due 1926 (V. 91, p. 1448).—V. 92, p. 325, 184.
as a fare, the other cent being for toll to be paid to the bridge com pany.
American Steel Foundries. —E a rn in g s. —For eight months
A bout 650,000 rebate checks for 1 cent each have been Issued, representing
the excess fares paid, so th a t the am ount to be returned by the com pany Is ending March 31 1911:
about $6,500.— V. 84, p. 1429.
et earnings______
,$634,780 Bond Interest______
$154,867
V andalia R R . — Dividend Reduced from 5% to 4 % Basis.— NO ther
Incom e______
. 34,676 Bond sinking fun d .
72,947
D ep reciatio n ---------183,140
The directors on May 9 declared a quarterly dividend of 1% T otal Incom e_____
.$669,456
on the 314,649,518 stock, payable May 25 to stockhold­
Deductions—
T otal deductions__
$502,602
- $91,648 N et Incom e_______
$166,854
ers of record May 15, thus reducing the rate from 5% to 4% . In t. on debentures
N ew O ffice r. —Warren J. Lynch, formerly passenger traffic
Previous Dividends—
fl905. 1906. 1907 to Feb. 1911.
P e r c e n t______ __________ _______________\ 2
4
5% yearly'
manager of the N. Y. Central lines west of Buffalo, has been
T he Pennsylvania Company on Dec. 31 1910 owned $11,633,400 of the elected
Fourth Vice-President.—V. 92, p. 727, 325.
stock .—V. 92. p. 951.

Coal Traffic.— The

Virginian R y. —
of New York May 3 said:

“ Coal Trade Journal”

W hile practically every other road has shown a decrease In th e tonnage
of bitum inous coal carried for the first q u arter of the present year, the
V irginian R y. shows an Increase of 184,399 tons, or 47.6% , In the tonnage
transported during th a t period; the total shipm ents am ounted to 572,391
tons, against 387,992 tons during the first q uarter of 1910. Considerable
developm ent Is going on along the line which results In an increased tonnage,
In m aking com parison w ith tonnages hauled a year ago It m ust be
considered th a t the road had been In operation less th an a year a t th a t tim e.
Coal and Coke Tonnage Originating on Road— M arch and 9 M os. ending
March 31.
-------- March-------- -9 M os. end. M ch.3l
N et Tons—
1911.
1910.
1910-11. 1909-10.
B itum inous ____________________ 176,267 101,188
1,539,587 660,606
Com pany coal (additional)______ 15,473 .......... 134,211 ______
Coke.........................................................................
5,185
10,538 46,979
— V . 92, p . 324, 319.

Am erican Sugar Refining Co.—In v e stig a tio n . —The House
of Representatives at Washington on May 9 passed the
Hardwick resolution providing for a committee of 9 members
to “ascertain whether there have been violations of the
Anti-Trust Law by the company and tho various corporations
controlled thereby, and all other persons or corporations
engaged in manufacturing or refining sugar, and their relations
with each other.” A statement issued by the company says:

Tho com pany Is entirely satisfied th at tho conditions ot tho sugar trad e
should be m ade tho subject of a careful and im partial Investigation. I t Is
confident th at the result of th at Investigation will be to convince Congress
and the public th a t there Is no unlawful restriction of com petition and th a t
the price of sugar since the form ation of the com pany has tended dow nward,
and this In spite of the very considerable Increase in tho cost of labor and
m aterials and In contrast with the rise In practically every other essential
food product or necessity of life.—V. 92, p. 796.

V irginia Railway & Pow er Co., Richm ond and Petersburg,
American W oolen Co .— O fferin g o f G u a ra n teed N o tes —
V a. — B o n d s O ffered . —N. W. Halsey & Co. of New York, Issu ed fo r R e fu n d in g . —See Ayer Mills below.—V. 92,

Chicago and San Francisco; Chandler Bros., of Philadelphia,
New York, Boston and Lancaster (Pa.), and Middendorf,
Williams & Co., of Baltimore, having sold for permanent
investment the larger part of $2,600,000 first and “refunding”
5% mtge. gold bonds, due July 1 1934, offer the remainder
a t 9 7 and interest, by advertisement on another page.
D ata from L ette r of P res. W m . N o rth ru p . R ichm ond. V a.. A pr. 28 1911.

The com pany owns and controls tho entire street railw ay and the comHierclal electric lighting and power business now operating in R ichm ond
and P etersburg, V a., and an Interurban electric railroad connecting the two
cities, serving a population of about 177,000.
Outstanding Capitalization (Including Present Issue).
Common stock, authorized, $7,500,000; outstanding---------------- $7,450,500
Preferred stock, authorized, $5,000,000; o utstanding..................... 4,446,500
U nderlying bonds on p art of property (closed m tge., uncallable)
68,000
F irst and refunding 5s, 1934, Incl. $270,373 In treasury ------------- 8,490,000
Do
do
to be Issued on or before A ug. 1 1911 to retire
all underlying d ebt except $68,000--------- ------------------------------- 1,783,000
F irst and refunding 5s reserved for add'ns & exten’s un­
der conservative restrictions, being the rem ainder of
the authorized Issue of $15,000,000----------------------- $4,659,000
The present Issue of $2,600,000 bonds has been sold for following pur­
poses: $1,783,000 to retire a like am ount of prior Hen bonds and $817,000
to reim burse the treasury for expenditures for additions and extensions
which should Increase the earning power of the property. On com pletion
of the refunding operations these bonds will be subject only to $68,000
Richm ond R y. <& E l. Co. bonds, due 1920, on a small part of the property.
Property.— (a) 118 miles of track, largely 60 and 80-lb. T rail on out­
lying lines and 95 to 109-lb. girder rail on city lines; 300 cars, repair shop,
4ic. (b) Com bination w ater and steam power plants for both the railw ay
and lighting system s on Jam es R iver, Richm ond, also w ater power plant
on A ppom attox R iver, near Petersburg; to tal generating capacity, 19,700
k. w ., of which 8,450 k. w. Is w ater power operated a t very low cost.
Com prehensive distributing system , which In business section of Richm ond
Is under ground.
The present value of the property Is largely In excess of the entire bonded
debt, the outstanding capital stock having a m arket value above $6,500,­
000. To preserve this equity, the com pany has obligated Itself to m aintain
a dep redation or renewal fund am ounting to n ot less than $100,000 an ­
nually until Ju ne 1916. A sinking fund begins In 1914 which will retire by
m atu rity over 25% of the bonds now outstanding.
The population served Is Increasing rapidly. In 1900 It am ounted to
135,000; In 1910 to 177,000, an Increase of over 30% . Bank clearings,
$361,000,000 annually; Increase In 10 years, 118% .
The com pany serves Its territory w ithout com petition. There Is now
under construction a 4-ralle Independent railw ay In R ichm ond; the city also
h<us decided to furnish Its own electric street lights; our revenue from the
city for street lighting Is only abo u t 3% of our to tal gross earnings.
Statement of Earnings, Cal. Year 1910 (Certified by Chartered Accountants).
Gross earnings, $2,188,303; net earnings (after ta x e s ).- - ............$1,023,903
Interest on bonded debt, incl. $817,000 new bonds issued and to
be Issued to reim burse treasury for additions and e x ten sio n s.. 503,531
D epreciation reserve, as m ade by com pany____________________
62,500
Surplus available for dividends, & c.................. .................................. $457,932
N et earnings arc double all bond Interest. The com pany Is paying divi­
dends a t the rate of 5% on its $4,446,500 pref. stock. [Sec also official
statem en t as to tho property, fracnhlses, finances, A c., In statem en t made
to N. Y . Sitock Exchange on March 1 1911, in connection w ith the listing
of the capital stock, in V. 92, p. 1118.— E d.l— V. 92. p. 1180, 1118.
•

INDU STRIAL, GAS AND MISCELLANEOUS.
A m algam ated Copper Co.— A n a c o n d a ’s S m elte r O u tp u t .—

For four months (in pounds):



p. 1180, 1034.

A ssets Realization Co., Philadelphia and Chicago.—

O p tio n to S u b sc rib e. —Tho

shareholders, having voted on
April 13 to convert the 810,000,000 old stock into $6,500,000
stock of a single class, are offered the right on or before
May 15 to subscribe for 83,500,000 additional stock at
par, making the total stock 810,000,000. “ In case of over­
subscription, a pro-rata reduction will be made.” See
plan V. 92, p. 1180.

Ayer Mills, South Lawrence, M ass .— S a le o f N o tes
G u aran teed by A m e ric a n W oolen C o. Issu e d to R e fu n d N o tes
M a tu rin g J u n e 1.— O p tio n o f E x ch a n ge. —Brown Brothers

& Co., New York, have placed, on about a 5jxj% basis,
$2 , 000,000 “construction and equipment”
coupon
notes of 81,000 each. Dated March 1 1911 and duo 81,­
000,000 due March 1 1916 and 81,000,000 duo March 1 1917;
int. M. & S. These notes are guaranteed, principal and int.,
by the American Woolen Co. and they arc issued to refund
82,000,000
notes due June 1. The bankers say:
The A yer Mills arc under the ownership and successful m anagem ent of tho

guaranteeing com pany and m anufacture worsteds and w orsted yarns—
largely for the various mills of the latter. There arc no encum brances on
any of the A m erican W oolen Co’s, plants. There are outstanding previous
Issues of $4,000,000 Ayer Mills 4J4% notes, as follows: $2,000,000 duo
Ju ne 1 1911 (to be refunded by the above Issue); $500,000 due March 1 1913;
$500,000 due March l 1914; $1,000,000 duo M arch 1 1915.
Holders of the $2,000,000 notes due Ju n e 1st next m ay exchange the sam e
a t par and accrued Interest for the above new notes m aturing March 11910
or March 1 1917, subject to prior sale, a t Issue price and Int.— V. 90, p. 701.

Calumet & Hecla Mining Co.—P ro d u c tio n . —The estimated
copper production of the company and its subsidiaries for
the first four months of the year, stated in pounds, was:

Cal.&Hec. Osceola. Ahmeek. Tamarack, other.
Jan u ary - 5,817,673 1,495,810 1,000,295 832,499 1,538,508
F ebruary 5,544,896 1.318,100 1,089,920 745,326 1,537,559
M arch
6,713,038 1,536,360 1,194,695 916.736 1,669,535
A pril . . . 0,186,988 1,424.290 1.177,210 687.910 1,256,309
T ot. 1911 24,262,595 5.774,560 4,462,120 3,182,471 6,001,911
A pr. 1910 6,104,130 1,634.225 921,459 1,092,010 1,363,669
— V. 92, p. 1245, 1180.

Total.
10,684,785
10,235,801
12,030,364
10,732.707
43,683,657
11,115,703

Canadian Cereal & Milling Co., L td ., T oronto .— M erger

P la n . —A

circular sent to the shareholders under date of
April
12
says
in substance;
Your directors have entered Into negotiations w ith tho International
Milling Co., L td ., w ith a view to a consolidation. T he International has
four mills In M innesota and Iowa, and one mill In Moose Jaw , Saskatchew an.
Canada; to tal dally capacity 6,000 bbls. of Hour and 600 bbls. of rolled
oats and oatm eal (com pare V. 92, p. 1113).
A holding com pany will be (has bccnl form ed (V. 92, p. 1113), called tho
International Milling Go. of C anada, L td ., w ith an authorized capital of
$3,500,000 7% cum . pref. stock and $2,500,000 com mon stock, of which
there will be now Issued for the acquisition of the shares of the International
and Canadian Cereal & Milling Co., L td ., $2,500,000 pref. and $1,500,060
com m on. There will also be an authorized bond Issue of $2,000,000, ol
which $1,500,000 will be outstanding: of this latter am ount $1,225,000 will
be held In escrow to retire the present outstanding bonds of the Canadian

M

ay

THE CHRONICLE

1 3 1 9 1 1 .]

Cereal A Milling Co., L td ., and the Internation al Milling Co., th e C anadaln
Cereal A Milling Co., L td ., have arranged to retire $125,000 bds. this year.
The shareholders of the C anadian Cereal A Milling Co., L td ., arc to receive
one share 7% cum . pref. stock of th e new com pany for each preference share
now held by them , and one share com m on stock of the new com pany for
every tw o shares com m on stock now held. I t was deem ed advisable to keep
the com m on stock to which th e shareholders of the Internation al Milling
Co. will be entitled down as low as possible, which Involves a corresponding
reduction of th e holdings of Cereal Co. shareholders. This will place the
new com pany In a m uch b etter position to p ay dividends on the com m on
stock. F ractional shares of com m on stock will be adjusted on the basis of
$40 per share. D epositary under plan, Investm ent T r. C o..L td..M ontreal.
The capacity of the two com panies when consolidated will be 9,000 bbls.
of Hour and 3,000 bbls. of rolled oats per day. The com bined net profits for
the year ending Aug. 31 1010 were about $430,000. M aking due allow ance
for the fact th a t the business year for 1909-10 was a very favorable year for
milling, the officials conservatively estim ate th a t the profits of the consoli­
dated com pany should In an average year be from $350,000 to $400,000,
which would leave from 0 to 9% on Its com m on shares.— V. 91, p. 1449.

Canadian N orth Pacific Fisheries, L td . —Listed.—The
London Stock Exchange has listed £400,000 5% 1st M.
debenture stock. Compare V. 91, p. 1330; V. 92, p. 1112.
Casein Co. of A m erica. —Report.—For year ending Dec. 31:

Calendar
Rcc'ts from
Year—
Sub. Cos.
1010........................................$122,685
1000............ ........................... 128,700
— V. 00, 1). 1480.

Expenses,
D eprec..Ac.
$42,005
47.680

Pref. Dies. Balance,
(8% ).
Surplus.
980,000
9680
80,000
1,020

Central Foundry, New Y ork.— Officers.— The

following

officers and directors are announced:

Directors: .1. N. W allace, C. D. Sm lthers, A ugust U cckscher, George D.
H allcck. N athan D. 11111, P . J . G oodhart, W addlll C atchlngs and G. II. Klnn lcu tt. Three other tem porary directors have been elected to com plete the
board, b u t they will retire shortly to give way to an equal num ber of perm a­
nent directors, who will be selected as practical men fam iliar w ith th e Iron
and pipe business.
W addlll Catchlngs, who acted as receiver for the com pany, has been
elected President, do Courccy Cleveland, Secretary and T reasu rer, and
W . II. F eltt, A ssistant Secretary and T reasurer.
The receivership is expected to be terminated by formal
Court order shortly.— V.92, p. 1245, 958.

C entral New York Gas & Electric Co.— Consolidation—

Bonds Offered.—-George

C. White Jr. & Co. and Ferris &
White, N. Y . City, are placing at 95 and int., yielding about
5 % % income (tax-free in N. Y. and P a.), SOSO,000 1st M.
5% gold sink, fund bonds,dated March 15 1911, and due
July 1 1941, but callable at 105 on any int. date. Int. J.& J.
at office of the trustee, Phila. Trust, Safe Deposit & Ins. Co.
Annual sinking fund 1 % , beginning 1910. Par $500 and
$1,000 (c*). The bankers say:

Capitalization, Aggregating $1,250,000.
1st M. 5% bds., present Issue.$650,00016% cum . pref. stock (nonSccurcd 0% optional notes
| voting) . . ............................$250,000
due April 1910............. . . 150,0001Common stock (In v ot. trust) 200,000
U nder the 1st M. $2,000,000 bonds arc authorized, b u t bonds In excess
of $650,000 can be Issued only when net earnings for 12 mos. are twice Int.
on the bonds outstanding, Including those It Is proposed to Issue,and then
only (1) to refund on and after O ct. 1 1915 $150,000 optional 6% five-year
notes, and (2) for additions, betterm ents or extensions for b u t 80% of the
actual cost of sam e as certified by accountants satisfactory to the trustee
of the m ortgage. [The 6% notes. It Is understood, are secured by pledge
of $150,000 2d M ., under which Columbia T r. Co. Is tru stee.— Ed.]
S u m m ary o f R e p o rt o f J . G . W h ite & C o ., I n c ., N ew Y o r k . M arch 17 1911.

A N . Y . S tate corporation;ow ns and controls (under authority granted
by the Public Service Commission in M arch 1911— Ed.) a system of electric
light, gas and steam -heating properties, all In W ayne, O ntario and Seneca
counties, New Y ork. The com panies brought under control of this cor­
poration are as follows: Geneva-Seneca Electric Co., Economic Pow er A
C onstruction Co., J . Q. Howe’s Sons Electric Co., Newark Gas, L ight A Fuel
Co., New L ight, H eat A Pow er Co., W ayne County Electric Co., Lyons Gas
L ight Co. and P alm yra Gas & Electric Co. Supplies all the electric energy
for m unicipal street lighting and dom estic and com mercial lighting and
power In tnc tow ns of Geneva, Seneca Falls, N ew ark. Lyons, Palm yra,
Clyde, W aterloo and Phelps; docs all the gas lighting business In New ark,
Lyons and P alm yra, and does a steam -heating business In Geneva and
N ew ark. T otal population of the eight towns In 1890, 31,057; In 1900,
35,181; In 1910, 40,986; prosperous centres of a good farm ing com m unity
w ith num erous m anufacturing plants.
Franchises free from burdensom e conditions and either unlim ited as to
tim e or extend 10 to 64 years beyond 1941.
Up to the first of the present year the eight towns were supplied w ith
electric energy from eight generating stations (total capacity 2,477 k.w .),
four of which w ere steam driven, three com bined steam and w ater power,
and one w ater pow er station. The w ater power station a t Lyons Is owned;
the sm aller ones a t W aterloo and Seneca ra ils arc leased. The com pletion
of the transm ission line betw een Geneva and Newark and other Im prove­
m ents will perm it a reduction In the num ber of stations to be operated and
cause a reduction In operating cost. Gas Is now being m anufactured only
a t New ark, and carried through high pressure m ains to P alm y ra and Lyons;
the works a t the two latter towns have been closed dow n. There are steam
heating properties a t Geneva and N ewark, th a t a t G eneva Is being greatly
Im proved. W e estim ate the total replacem ent value of the properties, at
$1,171,035, exclusive of franchises and good-will.
Results for 1910—Estimate following Completion o f Qeneva-Ncwark L ine.
1910. Estim ate. I
1910. Estim ate.
Gross earnings $220,826 $249,500 Taxes and rentals. $14,031 $14,950
N et earnings......... 58,203 87,325] Applicable to Int- 44,232 72,375
The earnings for 1910, as reported above by H askins A Sells, do not
reflect any economies from the considerable Im provem ents com pleted late
In the year. Jan u a ry 1911 shows: gross earnings of $24,913 (Increase over
Ja n . 1910 $1,115); net earnings, $9,228 (Inerease $1,767); taxes and rentals,
$1,110; net Income applicable to Int., $8,119, while Int. on proposed $050,000
5% bonds calls for $2,708.
We believe th a t the estim ated earnings arc conservative, and th a t the
territory possesses the essential elem ents conducive to the successful opera­
tion of public utilities.

1313

Columbus Gas & Fuel Co.—Report.

Year ending
Net
M ch. 31—
Income.
1 9 1 1 ... ........................$378,097
1010............................ .. 452,464
—V. 90. p . 1680.

P ref. D ies.
(5% ).
$275,000
275.000

Com. D ie.
(1% ).
$27,500
______

Consolidated Cotton D uck Co., B altim ore. — C ircu la rs
R ela tin g to E xch an ge o f M in o r ity S to ck a n d to S u b sc rip tio n to
S y n d ic a te O rga n izin g to P ro v id e $500,000 A d d itio n a l C ash fo r
In tern a tio n a l C olton M ills C o rp o ra tio n . —Under date of

April 15, circulars were issued to the holders of stock not
already deposited for exchange for stock of the International
Cotton Mills Corporation, saying in substance [The time for
deposit of minority shares has, we understand, been ex­
tended till May 15.—Ed.]:
C ircular from P rc s t. D. H . C arroll to A \inority P referred Shareholders.

The International C orporation owns 61,000 shares of the preferred stock
and 71,000 shares of the com mon stock of the Consolidated Co., out of an
authorized issue of 120,000 shares of pref. stock and 140,000 shares of
com mon stock (each of the par value of $50 per sh are).
The conditions under which the 61,000 shares of pref. stock were acquired
were as follows: (1) all shares of 6% pref. stock of the Consolidated Co. (par
value $50 per share) were purchased for $25 per share. All proceeds re­
ceived therefor were subscribed to th e syndicate form ed a t the tim e the
$1,500,000 was raised for working capital. Each subscriber to said syndi­
cate received a syndicate participation certificate entitling the holder to one
share of 7% preferred stock and one share of com mon stock of the In te r­
national C orporation (par value $100 each) for every $100 In face value of
such participation certificates. (2) All shares of the pref. and common
stock of the International C orporation represented by the syndicate p ar­
ticipation certificates were placed under the m anagem ent of Messrs. Lorlng
and Crocker, syndicate m anagers, B oston, for sale; but in no event to
net the subscriber less than the am ount of his subscription. The syndicate
agreem ent provided, however, th a t subscribers could w ithdraw their stocks
from sale under conditions nam ed by the syndicate m anagers. This syndi­
cate continues until Ju ly 1 1911, w ith the privilege of an extension for a
further six m onths. It is proposed to em power the m anagers, however, to
continue this syndicate until Ju ly 1 1912, If deem ed advisable, w ith a fu rth e r
6 m onths’ privilege of extension.
Each holder, therefore, of four shares of the m inority preferred stock (par
value $200) deposited on or before M ay 10 a t th e office of the International
Cotton Mills C orporation, C ontinental T ru st B ldg., Baltim ore, or a t the
New York office, 86 W orth S t., will on the aforesaid basis receive a certifi­
cate entitling him to a syndicate participation of $100 par value of
7% cum ulative preferred stock and of $100 par value of com m on stock of
th e International Cotton Mills Corporation; and is offered until May 5
participation In a syndicate now form ing which will underw rite, w ithout
commissions, an additional $500,000 In cash on exactly the sam e term s as
those accepted by th e subscribers who supplied the $1,500,000 In cash which
was raised a t the tim e of th e organization of the International C orporation.
From the earnings of the International Corporation properties exclusive
of the Consolidated Com pany and the M ount Vernon-W oodberry Co. (which
have n ot been able to contribute) the Internation al C orporation has paid
regularly since Its organization last sum m er quarterly dividends a t the rate
of 7% per annum on Its entire outstanding preferred stock. (Compare
report v . 92, p . 1241].
.....................
The directors of your com pany own, or personally represent, approxim ­
ately 15,000 shares of m inority pref. stock and this stock will be exchanged
for shares of the International C orporation on the basis offered.
Circular from Pres. D. li. Carroll to M inority Common Stockholders.
F or every four shares of the com mon stock of the Consolidated Cotton
Duck Co. (par value $200) assenting on or before May 10 there will be Issued
a certificate entitling the holder thereof to a syndicate participation repre­
senting $100 nar value of com mon stock of the International Cotton Mills
Corporation (or 50% In said stock). You arc also offered until M ay 5
a participation in a syndicate now form ing, which will underw rite, w ithout
commissions, an additional $500,000 cash on exactly th e sam e terras as those
accepted by the subscribers who supplied th e $1,500,000 In cash for working
capital a t the tim e of the organization of the International C orporation.
Y our directors own or personally represent approxim ately 16,000 shares
of m inority common stock, and this stock will be exchanged on said basis.
C i r c u l a r f r o m M y r o n C . T a y l o r , P r e s . I n t e r n a t . C o t t o n M ills C o r p . , N . Y .
The International Cotton Mills C orporation was organized to acquire
through stock control or otherwise, certain plants, together w ith selling
agencies, capable of producing and handling a larger am ount and greater
diversity of cotton fabrics than any other one concern, in order fully to
develop the possibilities of the Consolidated C otton Duck Co. and Its sub­
sidiaries, including th e M t. V ernon-W oodberry Cotton Duck Co., The
producing properties com prise those of the Consol C otton Duck Co. and
subsidiaries, [Mt. Vernon-W oodberry Co., Ac.], the Bay S tateC o tto n Cor­
poration and Cosmos and Im perial mills (known as the Canadian group), a
to tal of 24 mills. The selling agencies Include the J . Spencer Turner Co.
and the Boston Y arn Co. A t the sam e tim e the International Corporation
acquired $1,500,000 In cash for working capital. This plan was worked out
by leading E astern mill men In conjunction w ith M r. S. Davies W arfield
(Chairm an of the Consolidated Co.) on th e faith of successful results If the
properties were given adequate w orking capital and efficient operating
m anagem ent, both of which were a t th at tim e a pressing need.
There had arisen a situation in the affairs of the Consolidated Cotton Duck
Co. when it did not feel justified In longer continuing to supply adequate
working capital to the M ount V ernon-W oodberry Cotton Duck Co., then
heavily Indebted to the Consolidated Co. and others. The Consolidated Co.
was passing through a period of unprecedented conditions, notably (1) the
high price of cotton, due to m anipulation which had forced a large p art of
the w orld’s spindles to stop running; (2) defective operating m ethods.
The urgent cash requirem ents were taken care of and m uch has been
accom plished as to Im proving physical conditions; b u t there Is much^more
to be done to carry o ut fully the recom m endations of the experienced mill
men who have been in charge since th e International took control. Money
will have to be supplied the con stltu tcnt com panies for this work as also for
working capital. [Compare V. 92, p. 1241.]—V. 92, p. 661.

Deere & Oo. (Steel Plows, &c.), Moline, 111.— S a le o f N o tes.

-—White, Weld & Co., N. Y. & Chicago, have sold the entire
issue of $5,000,000 serial 5% gold notes, but their advertise­
ment is published for record purposes on another page. See
further particulars in V. 92, p. 1245.
D enver Union W ater Co.— N e w P r e s id e n t. —Thomas S.
Hayden, formerly Vice-President, has been elected President
to succeed I). H. Moffat, deceased. V. 91, p. 656.
Dominion Coal Co., L td .— R e p o rt .—

P e r io d

N et

D ep r. A

In t. on

red—
E a r n in g s . R e n e w a ls. B d s ., A c .
Columbia Gas & C15o v e m
onths ending
Electric Co. under “ Annual Reports’ '.— V. 88, p. 1375.
March 31 1911— $2,118,686 $500,000 $437,834

Cincinnati Gas T ransportation Co.— See

Cincinnati N ewport & Covington L ight & Traction Co.—
Status.—See Columbia Gas & Electric Co. under “Annual
Exports”.—V. 88 , p. 824.
Cities Service Co.—Earnings.—Henry L. Doherty & Co.,

who recommend for investment the preferred and common
stock ($8,563,380 and $4,838,090 issued, respectively), re­
port for the 6 months ending March 31:
E arns, on sub. ro ’s sto c k s..$481,080
Miscellaneous e a r n in g s ...” lo',l65
Gross earn in g s.....................$500,254
E x p en ses-----------12,406
N et e a rn in g s.........................$487,818
— V. 92, p. 1245. 797. .......................




N et earnings_______
Deduct—
Preferred dividends.
Common dividends..
T otal d iv id e n d s ...
Balance, surplus___

Balance,
Surplus.
$76,497
177,464

P r e f. D ie s . B a la n c e ,
(7% ). S u r p l u s .

$262,500 $918,352
Calendar yr. 1909.- 1,113.091 350,000
312,565 210,000 240,526
From th e balance for the 15 m onths ending Mch. 31 1911, as above,
there was deducted $150,000 for a dividend of 1% on the common stock,
paid April 1* 1910, against $600,000 (4%) for the calendar year 1909, leav­
ing a surplus of $760,352 for the 15 m onths, against a deficit of $359,474
for the calendar year 1909. Under the am algam ation plan, the Dominion
Steel C orporation paid dividends of 4% on the com mon stock In quarterly
Installm ents of 1% each, beginning Ju ly 1 1910, b u t these are n ot deducted
from the com pany’s Income.—V. 92, p. 1181.

Dominion Iron & Steel Co.— R e p o rt .—

P e r io d
C o vered —

N et

S in k . E d .,

m t. on

P r e f.D ie .

B a la n c e ,

$487,848 10 m onths endingE a r n i n g s . D e p r . , & c . B d s . , i k e . ( 7 % ) . S u r .p l .u s ..
M arch 31 1911.. .$2,201,185 $419,866 $678,503 $291,666 $811150
$242,740 Y r.end.M
ay 31 ’10. 2.735,591 498.102
629,529 350,000 1,257,960
70,349
In accordance w ith the plan of am algam ation with the Dominion Steel
Corporation,
th
a
t
com
pany
paid
a
dividend
of
on the $20,000,000 com­
$313,089 mon stock of the Dominion Iron A Steel Co. 4%
In quarterly installm entslof
$174,759 1%
each, beginning July 1 1910; b ut no deduction therefor Is m ade from
the com pany's Income account.— V. 91, p . 1632.
. . .

1314

THE CHRONICLE

[Vol .

l x x x x ix

(E. I.) du Pont de Nemours Powder Co., Wilmington,
Del.—Plan to Exchange Present 5% Pref. Stock for New 6 %
Pref.—The executive committee has recommended that the
board of directors submit to the shareholders at a meeting
to be held,probably in the course of the next two months, a
proposition to authorize the exchange of the present 5%
pref. stock (autli. issue $25,000,000; outstanding $16,068,­
801), $ for $, for new 6 % pref. stock; auth. issue $25,000,000.

Purposes fo r which the 51,500,000 Additional Bonds have been Issued
(Compare V . 92, p. 1181).
To acquire the entire 5500,000 stock (par 525) of F red. M. P rescott
Steam Pum p Co. and 5281.000 stock (being a m ajority of the
5560,000 stock, par 5100 each) of the D enver Hock Drill &
5004,800
M achinery Co...............................................................
F or additional real estate and im provem ents, m achinery and bet­
term ents, aggregating 5864.000_________
_
001,200
F or advances to H enry R . W orthington, a subsidiary, for new
m achinery and betterm ents, aggregating 5255,000, for which
the International com pany received 5% gold debentures of the
W orthington C om pany________________________________ _______ 204,000

Edison Electric Illuminating Co., Boston.—Sale of Stock.—
Francis Henshaw & Co., of Boston, on May 10 sold at public
auction the $50,000 additional stock recently authorized by
the Massachusetts Gas & Electric Light Commissioners.

M ch. 31— Earnings. Taxes). ation.
Paid.
Dlvs. Surplus.
1911----------$1,177,378 $610,013 $63,456 $250,669 $31,250 $264,638
1910 ------ 1.169,149 556,548 51,210 249,053 31,250 225,035
— V. 92, p. 666, 457.

The new stock will be. 6% cum . non-voting pref., w ith preference over
the com m on stock, both as to assets and dividends, and ranking, pari passu,
w ith the present 5% pref. stock; dlvs. Q .-J. 25. A pplication, it is state d ,
will be m ade in due course to list th e new stock on the New Y ork and
San Francisco Stock E xchanges.—V. 92, p. 1181, 728.

Preliminary Report.—See “Annual Reports.”—V. 92,
p. 1246, 1181.
Laclede Gas Light
Co.—Earnings.
3 M os. end. Gross
N et (after Deprecl- Interest
Pref. Balance,
Lanston Monotype Machine Co., Philadelphia.—Report.—

Tower & Underwood purchased $38,500 a t 282 M and the rem ainder was
Year ending Feb. 28—■
1910-11. 1909-10. 1908-09. 1907-08.
sold a t prices ranging from 283 V* to 286 >6.— V. 91, p. 1159.
N et (after depreciation).................$605,069 $505,468 $309,964 $258,473
Escanaba (la.) Water Co.—Receivership Denied.—Judge D ividends ................................. (6% )329,698(1 J4)75000 ............. (2)99,468
Dennison in the United States Circuit Court at Grand Rapids Balance, surplus_________ ..5275,371 5430,408 5309,064 5159,005
recently denied the application of the Farmers’ Loan & —-V. 90, p. 1487.

Latrobe-Connellsville Coal & Coke Co.—Called.—For
Trust Co. of New York (who alleged that the company was redemption
June 1: & Coke 5s of 1900 a t F idelity T itle & T r. C o.,
virtually insolvent), holders of the 1st M. bonds, for the $100,000 Superior
appointment of a receiver of the company. The motion P itts.; $100,000 SaxmCoal
an Coal & Coke 5s of 1901 and $200,000 L atrob
Coal & Coke 6s of 1901 a t Citizens’ N at. B ank, L atro bc.
was opposed by the company and the Scranton Title Guaran­ Connellsville
Com
pare
V.
92,
p.
729,
1113.
tee & Trust Co., as trustee for the first and ref. M. 5%bonds. Lukens Iron & Steel
Co., Ooatesvillo, Pa.—Called.—The
Stock. J100.000; bonds. 5250,000 1st 20-year gold 5s, duo Ja n . 1 1024
and $100,000 1st and ref. gold 5s, due Dec. 1 1928; total a u th . issue of latter, company has called for payment on Juno 5, at the 4th St. Nat.
$500,000. P res., F . B aker W eaver; T reas., W. D . Boyer; See., L . B. Bank, Phila., $200,000 notes due on sundry dates from July 1
C arter, Scranton, P a.
V. 91, p. 1633.
General Electric Co.—Patent Agreement Expires.—The 1911 to July 1 1914.LightCompare
& Heat Co.—Earnings.
following from the “Electrical World” of N. Y.is confirmed: Cal.Manufacturer’s
Gross
N et (after
Other Interest and
Net
The agreem ent m ade by the General Electric Co. and the W cstinghousc
Electric <& Mfg. Co. In 1890, by which there was to be an exchange of
licenses on overlapping patents, expired April 30, and will n ot be renewed,
ano th er such agreem ent being no longer considered necessary. Each
com pany, however, still retains licenses of the other, which will expire
w ith the p aten t or patents thus covered. The agreem ent was m erely
technical and related solely to the exchange of licenses. A t the tim e It
was m ade it was found th a t both companies held patents whose claims over­
lapped, and th a t each was therefore in continual danger of p aten t litigation.
To avoid this It would be necessary for the com panies’ engineers to sacrihce
m any details which approached the line of dem arcation betw een the patents
In question, so th a t neither com pany enjoyed its full p aten t rights, and the
a rt as a whole was handicapped. M any of the im p o rtan t patents covered
by the agreem ent have since expired, although m any others, such as those
covering the Incandescent lam p, are still in force. T he B oard of P aten t
Control, com prising representatives of both com panies, w ent out of exist­
ence w ith the expiration of the agreem ent; b u t cither com pany m ay license
the other If sim ilar conditions again o btain.— V. 92, p. 1112, 1115.

Year—
E arnings.
Taxes).
Income. D iscount.
Income
1910...............$1,629,972
$856,983
$17,327
$139,313 $734,997
1909_______ 1,781,732 1,123,008
162
160,486
962,684
To the net Income as above there was added $40,358 In 1910 for profit
and loss credits, against $38 in 1909: m aking th e to tal balance to profit and
loss In 1910 $775,355, against $962.722.— V. 92, p. 885, 729.

(W. H.) McElwain Co., Boston.—Extra Dividend on Second
Preferred Stock.—The first extra dividend of $3 per share has
been declared on the 2 d pref. stock, payable May 29 to stock
of record May 15. Compare V. 92, p. 1036, 729, 600.
Mutual Union Telegraph Co.—Extension of Bonds.—The
1st M. gold 6 s which matured on May 1 have ail been ex­
tended for 30 years. (Compare V. 92, p. 730.)

The to tal authorized Issue under the old m ortgage Is $5,000,000, of which
$3,123,000 arc deposited as p art collateral w ith the trustee of the W estern
Union collateral tru st 5% m ortgage. Of the $1,877,000 rem aining,
Blodgct & Co. secured the privilege after com petitive bidding of cashing a t
par such m aturing 6% bonds as were not extended by the holders, and of
exchanging these for the new 5% extended 1st M. bonds. It Is understood
th a t the bankers have secured a round am ount of $1,500,000 of the ext. 5s
January. February. M arch.
A p ril.
Total.
In the extension the m ortgage, lease, and all m atters covering the posi­
1911..........................3,501,000 3,906,000 3,542,000 3,644,000 14,596,000
3,500,000 3,580,000 3,700,000 4,262,000 15,042,000 tion of this com pany, arc left undisturbed, new coupon sheets m erely being
1910.............
to the face of the old bonds. T he property is leased to the W est­
1909_____________3,848,000 3,804,000 4,000,000 3,946,000 15,598,000 attached
ern Union Telegraph Co. for 99 years w ith privilege of renewal for 999 years
— V . 91, p. 272.
from 1883 and over 95% of the stock of the N . Y. M utual Telegraph Co.
(successor to the M utual Union Telegraph Co.) is owned by the W estern
Gulf Oil Corporation, Pittsburgh.—New Bonds and S tock- Union
Telegraph Co., which also guarantees 0% on the stock. T he bonds
Refunding.—A meeting of the shareholders will be held in arc
guaranteed by endorsem ent on each bond, both as to principal and ln t.
Jersey City June 7 “to take the necessary action to authorize by
the W estern Union Telegraph Co. The bonds are in process of being
this company to refund and retire its 6 % short-term bonds listed on the New York Stock Exchange.— V. 92, p. 730.

New Directors.—Secretary M. F. Westover has been elected
a director to succeed C. P. Hamilton.—V. 92, p. 1115, 1104.
Greene Cananea Copper Co.—Copper Production.—

New Jersey Consolidated Gas Co.—Subsidiary.—See New
for a longer term bond and also to fund its floating debt.” Jersey
Gas Co. below.
For this purpose the shareholders will vote on:
(1) T he authorization of $15,000,000 of bonds, to be secured by a m o rt­
New
Jersey Gas Co.—Bonds Offered.—Samuel It. Kirk­
gage or pledge of the property of the com pany;
(2) The Issuance of shares of stock In exchange for $2,000,000 (or such patrick & Co., Land Title Bldg., Phila., are offering at 9534
and int., yielding over 534% income, 1st M. 5% gold bonds;
other am ount as th e stockholders m ay decide) of the present 6% bonds;
(3) T he prices and term s upon which the said bonds shall be issued and
J. & J. Par, 8500 and 81,000 (c*). Mortgage trustee,
disposed of; th e term s upon which th e existing bonds of the com pany shall int.,
be redeem ed and retired; the term s and prices upon which shares of stock Trust Co. of North America, Phila. More than 90% of the
shall be Issued In exchange for the com pany’s outstanding bonds, and the company’s capital stock is owned by the N. J. Cons. Gas Co.
term s of th e new m ortgage.
Messrs. A . W . and R . B. Mellon, both of whom arc officers and directors
of this com pany, have requested th at the stockholders be advised th at they
are also Interested in this m atter as holders of the bonds, and indebtedness
to be funded or retired , and in the purchase of th e proposed new bonds
under the arrangem ent contem plated.
[Incorp. In 1907 to bring under one control the Gulf Refining Co. and the
J . M . Gulley Petroleum Co., per plan in V. 83, p. 1293 (the Guffey Interests
being elim inated), and a t a cost of about $7,000,000 laid a pipe line (Gulf
P ipe Line Co.) from Indian T er. to P ort A rthur on the Gulf of Mexico, a
distance of 415 miles. In Ju n e 1908 th e Interests of the Jennlngs-Heywood
syndicate In the Jennings, L a., field, were acquired. A uth. cap. stock Is
$15,000,000, In $100 shares; outstanding about $10,700,000; bonded debt
1st M. and collateral tru st 6s dated A pril 1 1907 and due In Installm ents
$15,000,000; outstanding, between $7,000,000 and $7,500,000; bills pay­
able (as of Dec. 31 1909), $1,235,000. T here also appear to be outstanding
some am ount of the original issue of $1,850,000 J . M. Guffey Petroleum
Co. 5% bonds, ln t. J . & D .,a t N at. Shaw m ut B ank, Boston, and possibly of
the $750,000 bonds of Gulf Refining Co.— E d.]— V. 84, p. 934, 028, 393.

Hall Signal Co.—Reorganization.—The reorganization com­
mittee consists of J. S. Bache, Chairman; Newman Erb,
W. F. Morgan and W. P. Hall.

T he com m ittee has sent copies of the agreem ent to the stockholders and
asks deposit of stock w ith the Em pire T ru st Co. W hen plan of reorganiza­
tion Is form ulated, depositors will have an opportunity to vote upon its
acceptability. A pproval of certificates of deposits representing tw o-thirds
of the am ount of stock deposited will be necessary In order to m ake the
plan effective. The finances of the com pany. It Is stated , require re-ad­
ju stm en t, having become very m uch involved, ow ing to the efforts of the
com pany to handle a business too large for its capital, resulting in a large
floating d eb t. T he present form of capitalization m akes the funding of the
debt on advantageous term s an Im possibility. The com pany has a bonded
debt and a preferred stock Issue, and has never paid dividends on Its stock.
I t Is believed th a t the com pany can profitably engage In the m anufacture
of interlocking plants. In addition to Its signal devices, the sam e as Its two
com petitors, as the railroads prefer ordering their signal and Interlocking
equipm ent from the sam e concern.— V. 91, p. 948.

International Cotton MilR Corporation, New York.—Terms
of Exchange of Stock—Sy ndicate Organized to Provide an Addi­
tional $500,000 Cash.—See Consolidated Cotton Duck Co.
above.—V. 92, p. 1241.
International Steam Pump Co.—Listed.—The New York
Stock Exchange has listed $1,500,000 additional first lien
20-year 5% sinking fund bonds, making the total amount
listed $ 10, 000 ,000 .



Condensed E xtracts from Letter Signed by President E. H. Stokes and
Chairm an John Q raham , Philadelphia, Oct. 28 1910.
A consolidation of several gas com panies operating In th e counties of
Camden, Gloucester, C um berland and Salem , N. J ., serving the towns and
com m unities from W oodbury H eights and M agnolia on the north to Vinoland on the south, Berlin on the east, to W oodstown on the w est, including
the towns nam ed. Combines the charters of the original com panies, all of
which were organized under the N . J . A ct of 1876. Owns and controls 37
franchises, all for long term s and entirely satisfactory. [Company form ed
during 1910 by merger of Pitm an Glassboro & Clayton Gas Co.; th e
W oodbury H eights Gas Co.; the Vineland Gas Co.; the W illlam stow n Gas
Co.; the Elm er Gas Co.; the Laurel Springs, M agnolia & C lem entonG asC o.,
and the E ast Greenwich Gas Co. Capital stock stated as $1,005,000.—-Ed.]
The m ains now In service (about 165 miles) supply gas to 38 towns and
com m unities (total population said to be 0,000.— Ed.]. The existing
plants located a t Glassboro and Vineland, respectively, aro entirely Inade­
quate to m eet the dem and, and a new plant Is under contract, to be com ­
pleted In Feb. l u ll , Including two sets of m odern gas-producing app aratu s,
each w ith a capacity of 1,200,000 cu. ft. per d ay. In buildings of steel, brick
and cem ent construotlon, and a new bolder of 1 , 0 0 0 ,0 0 0 cu. ft. capacity.
The concentration of production a t a central point, coupled w ith highpressure distribution, will reduce the cost of gas, perm it the full developm ent
of the present field and m ake possible the supplying of additional territory .
New Jersey Gas Co.— Capitalization—
1st M. gold bonds, a u th ., $2,500,000; Issued, $900,000; set ap art
for new plant now under construction and extensions of service
In view, $230,000; Issued and outstand in g............ - .........................$670,000
Bonds [of above am t.] to retire balance of bonds of absorbed and
controlled com panies------------------------------ ---------- ---------------------- 72,700
New Jersey Consolidated Oas Co.—
Stock: authorized, $1,000,000; Issued and o u ts ta n d in g ............... 900,000
(This com pany owns more than 90% of the stock of the N . J . Gas Co.)
E stim ated earnings, w ith the new plant In operation: Gas sales, $187,500;
net earnings (after taxes, $84,375; ln t. on bonds, $40,000; su rp ., $44,375.
[Bonds dated Ju ne 21 1910, due Ju ly 1 1940, but callable on any Int. dato
a t 105 and Interest.]

Niagara Falls Power Co.—Listed.—'The New York Stock
Exchange has listed $1,560,200 additional stock (including
the $1,511,100 recently offered to the shareholders), making
the total amount listed $5,757,700.—V. 92, p. 1181, 885.
Northern Indiana Gas & Electric Co.—Bonds—Earnings.—
Klcmm & Keen, Philadelphia, are offering at 91 and int. 1st
ref. M. 5% gold bonds dated 1909 and due April 1 1929. A
circular
issued before the recent merger (V. 92, p. 1181) says:
Bonds now Issued, $3,904,000; reserveu to retire underlying bonds,
$1,756,500; reserved for future acquisitions, extensions and botterm ents a t
85% of cost, $4,339,500; total. $10,000,000. Pref. 6% cum . stock Issued,

M a y 13 1911

THE CHRONICLE

1315

$990,000 (now paying dlvs. of 6% per ann u m ). Common stock, $4,000,000
T he com pany has also acquired th e property, good will and business and
(The United Gas Im provem ent Co. secured control by the purchase of a has assum ed the liabilities of Its subsidiaries, the W estern Bank N ote 3c
large m ajority of this sto ck ).
Engraving Co. of Chicago, 111., and the International Bank N ote Co. of this
c ity . T hese concerns arc now conducted as divisions of th e A m erican Co.
Earnings for Year ending M ag 31 1910.
The valuable good will Which has grown up around th e nam e "A m erican
G ro ss..................... - ................. $756,059 I I n te r e s t___________________ $258,305 Bank
N ote Co.” since th e present com pany’s predecessors began business
N e t_______________________ 395,5731S urplus....................... ................ 137,268 under
th a t nam e In 1705, and the honorable repu tatio n which has been built
Compare V. 92, p. 1181; V. 89, p. 924; V. 88, p. 1134.
up under It for th e highest q uality of w orkm anship and the highest degree
protection and security to custom ers, has m ade the U nited Co. desirous
Ontario Power Co.—Advance in Price of Stock.—A special­ ofof preserving
the old nam e In connection w ith the business. It has accord­
obtained an order of C ourt perm itting It to change Its legal title from
ist in the company's securities calls attention to the advance ingly
’’U
nited
Bank
ote C orporation” to “ A m erican Bank N ote Co.”
in the price of the company's stock, which he explains as due The business Nwill
continue to be conducted by the sam e s ta g of agents
employees under th e direction of the sam e executive officers and under
to improving earnings and to inquiries from London and and
the supervision of the sam e board of directors as In th e past. T he only
Canada, where large amounts of the bonds have recently change
Is one In the form of ownership of the property, which has now been
placed m ore directly In the hands of the stockholders.— V. 02. p. 723.
been taken. He says in substance:
S tarting a t 45, bids have steadily advanced to 75 w ithout causing any
United States Steel Corporation.—Subsidiaries’ Orders
selling; 130 Is asked for a block, b u t th a t Is now considered prohibitive.
The com pany Is operating 102,000 h. p ., and probably by the end April 30.—The report of orders given out on May 10 shows
of this m onth another unit will have been com pleted, m aking a total unfilled orders on the books April 30 aggregating 3,218,704
capacity of 114,000 h. p.
being ao f decrease
of 228,597 tons during April.
There aro outstanding at the present tim e: 1st M. bonds (authorized, tons, Tonnage
Unfilled Orders (00,000 omitted)—A ll on New B asis.
$12,000,000), S7,700,000; debenture bonds, $3,000,000; stock (authorized,
1910----------------------- 1909.1007. 1904.
$10,000,000), $7,053,000. In addition there are $1,804,000 bonds of the -------------1911------------------------------------p r. M en. Feb. J a n . Dec. N ov. Oct. Sept. J u ly . M ch. Dec. Dec. Sept.
O ntario Transm ission Co. which arc a second lien on p art of the O ntario A 3.2
3,4 3,4 3,1 2,7 2.7 2.8 3,1 3.9 5,4 5.9 4.6 2,4
Power Co.'s property, Including Its franchises In C anada. C urrent liabilities
Com pare fuller details and earnings, V. 92, p. 1176, 1182.
arc small and arc largely exceeded by cash and accounts receivable. U ntil
each u nit Is com pleted, Interest on bonds Issued against It Is provided by
Purchase of San Francisco Plant.—Sec Risdon Iron Works.
the com pany building It.
Dinner of Steel and Iron Men.—Chairman Gary enter­
Five directors, all successful business m en, control the com pany and have
Invested some millions In the Junior securities, nam ely: President J . J . tained the representative iron and steel men of the United
Albright; S. M. Clem ent. P res. M arine N at. Hank of Buffalo; W . H . States at dinner in this city on May 4. The New York “Sun"
Rogers, Pres. Rogers, Brown & Co.; Gen. E dm und H ayes and W . H . on May 10, in a long account of the gathering, reported:
Grat wick. Sec late earnings, V. 92, p. 467.
Judge Gary said th at, while they probably w ouldn't m eet a t dinner again
Philadelphia (Pa.) Company for Guaranteeing Mortgages. until
early autum n, he hoped th a t In the m eantim e they would keep in close
“ th at the feeling of friendly Interest, one for th co ther, will continue
—On 6 % Basis.—The directors on May 9 declared a semi­ contact,
solid, so th at no one will become dem oralized by m isrepresentation in re­
hat others arc doing.”
annual dividend (No. 6 ) of 3% on the $1/100,000 stock, pay­ gardAs toto wtrade
.Mr. Farrell sahl th a t It had been evident for a
able June 10 to holders of record May 31, comparing with long tim e th at conditions,
a great expansion was taking place in the steel industry,
2Yi% semi-annually from Dec. 1909 to Dec. 1910, both in­ and
th a t It had been said th at the productive capacity of th e country in
1911 would be fully 3,000,000 tons In excess of consum ptive requirem ents.
clusive, and 2% in Dec. 1908 and June 1909.
He said th at if this was as true as It seemed to be, everybody ought to
The com pany began business Ju ne 1 1907, the llrst dlv. (2%) being paid realize the Impossibility of forcing a 100% capacity into a 60% consum p­
Dec. 1908 on Its first 0 m onths’ business w ith full capital. N et earnings for tive dem and, and th a t if they reconciled them selves to the acceptance of
the 11 m onths ending April 30 1911, 581,035; for the 5 m onths ending on th
a t fact they ought to “lead a very com fortablo existence In the steel bus!
th at date, $38,202, and for the m onth of April 1011, $12,055. Capital, ness
In 1911.” H e added:
$1,000,000; surplus. $300,000; undivided profits, $71,538; m ortgages
“ I do not believe th a t any business can be forced by any change of prices.
owned, $1,189,700; cash, $157,002; guaranties outstanding, now over Furtherm ore, I am firmly convinced th a t this anaesthetic condition th a t
$10,300,000.— V. 91, p. 1517.
business has got Into since April 4 Is likely to continue u ntil Congress a d ­
There Is no doubt w hatever th at the business Is In the country; It
Plattsburgh (N. Y.) Gas & Electric Co.—Earnings.— journs.
simply been interrupted.— V. 92, p. 1176, 1182.
Perry, Coffin & Burr, who offer a block of the bonds, report: hasUtah
Consolidated
Mining
Co.—Report.—For
cal. years:
Gross Expenses and Net
A nnual Balance,
Total
Net Previous
Dividends
Total
Year ending— Earnings. Taxes. E arnings. Bond In t. Surplus. Calendar
Year—
P
rojits.
P
rojils.
Surplus.
P
aid.
Surplus.
Dec. 3 11 9 1 0 _____$07,439
$02,427
$35,012
$17,000
$18,012 1910 ...............$1,253,715 $65,349 $406,890 (10% )$150,000 $322,239
A ug. 31 1909.......... 82,046
56,310
25,730 17,000
8,730 1909 _______ 1,766.663 154,263 1,256.052 (40%) 600,000 *406.890
— V. 80, p. 1415.
■ A fter deducting $404,325 transferred to sm elter property and realiza­
account.
Pure Oil Co.—Dividend at Former Rate.—A quarterly divi­ tionCopper
and supplies on hand Dec. 31 1910, $695,888, against
dend of 2% has been declared on the $4,880,335 common $857,892 Inbullion
1909. There were produced 7,489,471 lbs. fine copper, 154,322
fine silver and 14.802 ozs. gold In 1910, against 10,043,900 lbs. of cop­
stock, payable June 1 to holders of record May 19, comparing ozs.
with 114% *n March last and Dec. 1910 and 2% from March per, 298,167 ozs. of silver and 21.569 ozs. of gold In 1909.— V. 92, p. 1120.

1900 to Sept. 1910, inclusive. Compare V. 91, p. 157.7, 1451.
Risdon Iron Works, San Francisco.—Sold.—A deed was
filed in San Francisco on May 4 transferring this company’s
property, including half a mile of water front and extensive
adjoining real estate, &c., to Thomas Murray, Assistant
Secretary of the U. S. Steel Corporation, and a director in
various of its sub. cos. The purchaser assumes the $000,000
5% bonds due July 2 1917 but callable at 102}^. See
V. 75, p. 80, 397.
Sierra & San Francisco Power Co.—See United Railways
Investment Co. under Railroads.—V. 91, p. 324.
Stromberg-Garlson Telephone Mfd. Co.—Dividends Re­
sumed.—The directors on April 27 declared a dividend of
3Yi% on the outstanding $1,500,000 7% cumulative pref.
stock, payable May 10, being a part of the accumulated
dividends and covering the 0 months from Oct. I 1900,
when disbursements were suspended, to March 31 1907.

President Komlotf on April 21 said: "In N ov. 100ft, a t tile tim e of the
appointm ent of an executive and advisory com m ittee, by reason of finan­
cial difficulties, the outstanding debt and contingent liabilities were $■ !,190,063. In December 1007 tills liability had been reduced to $1,888,030.
A t the d ose of the next ilscal year. In December 1008, furth er reduction
had been m ade so th a t the outstanding Indebtedness was $037,024. In
Dec. 1000 the furth er reduction had been made to $630,210. A t the cl030
of the last fiscal year the Indebtedness as set forth by the annual report was
$520,867. Through the sale of the Chicago property In M arch, collections
and the earnings of the business, the outstanding Indebtedness was recently
reduced to $108,884. F urth er paym ents leave a liability of $35,000, which
will be extinguished to-m orrow. (The H-story building anti land a t the
corner of Jackson B oulevard and Clinton S treet, Chicago, was sold, It Is
reported, for $380,000.— Kd.]—V. 87, p. 1603.

Warwick Iron & Steel Co., Pottstown, Pa.—Notes Offered,
Company’s Only Indebtedness After June 1 1911.—H. F.
Bachman & Co., Phila. and N. Y., have bought $300,000 6 %
gold notes of SI,000 each, dated Junel 1911 and due June 1
mm i , without option of earlier redemption. Int. J. & D .at
Real
Est. Title Ins. & Tr. Co., Phila. Tax-free in Pa.
D ata from Letter of President fldear S. Cook, P ottsto w n , Feb. 15 1911.

Incorp. In P a. In 1899 and owns up-to-date p lan t a t P ottstow n, P a., for
m anufacture of pig iron: capacity 300,000 tons per annum . O peration
uniform ly profitable. For cal. year 1910 net surplus after al! deductions,
except dividends, was $274,061; average last six years, $251,849.
No funded debt, the com pany having exercised Its option to call th e re­
m ainder ($180,000) of its $300,000 bond Issue and will pay the sam e June 1
1011 o ut of the proceeds of this note Issue. No m ortgage so long as any
of the notes are outstanding. Quick assets, $919,277, w ith these notes the
only Indebtedness. P lant and equipm ent have value of over 52,285,080.
Capital stock $1,500,000; current dividend rate 8 % .— V. 92, p . 530, 468.

Wenatchee Valley Gas & Electric Co., Wenatchee, Wash.
—Bonds Offered—Status.—Wcstling, Emmett & Co., Phila­
delphia and Chicago, are offering at par and int, this com­
pany’s general 1st M. 0% bonds, dated Oct. 1 1910 and due
Oct. 1 1930, but callable on any int. date at 105 on 4mos.’
notice. Interest payable at Spokane & Eastern Trust Co.,
Spokane, or at Guaranty Tr. Co., N. Y. The bankers report:
Capital stock------------------------------------------------------------------------------- $565,000

Bonds au th ., $2,000,000; bonds outstanding (Including am ount
now olfcrcd)_________ _____________________________ __________ 700,000
Reserved for extensions and betterm ents a t 80% of cost when
earnings net twice Int. charges, Incl. bonds proposed to be Issued 1,300,000
Sinking fund beginning March 1 1913, 5% per annum of gross earnings.
Earnings on Basis o f Business Acquired to March 16 1911.
Gross revenue ......................$101,104 | Interest on $700,000 6s_____ $42,000
N et (after taxes), estim ated 66,104 | Balance, surplus, estim ated . 24,104
A bstract of Letter from Pres. A rthur (iunn, W enatchee, W ash., Feb. 25 ’l l .
A contract has been signed for the purchase of the Valley Pow er Co.,
w ith which com pany wc now have a contract for their whole o u tp u t. To
com plete this purchase and to refund the present outstanding Indebtedness,
the com pany is Issuing $700,000 general 1st M. bonds, dated O ct. 1 1910.
W ith tho acquisition of the Valley Power Co.’s p lan t, wc have, as of
Dec. 31 1910, tangible property (without allowance for franchises) am ount­
ing to $838,304. This Includes three hydraulic power plants, aggregating
2,680 k. w. (3,600 h. p.) electric and 1,800 h. p. turbines Installed, w ith
w ater supply for 4,000 h. p. additional power a t present locations, and
another undeveloped w ater power with ultim ate capacity of 15,000 h. p.,
representing a total cost of $548,197; 30 miles polc-llne-dlstrlbutlon sy stem ,
w ith secondary transform ers, dec., and $39,742 in cash. Including fran­
chises, discount on bonds, prom otion expenses and Interest during construc­
tion, the property has actually cost over $ 1 , 0 0 0 ,0 0 0 , and could not be
replaced for th a t figure. The com pany’s franchises for gas and electricity
In W enatchee run until 1957 and 1951, and for electric wires, dec., In Chelan
and Douglas counties until 1954 and 1955, w ithout lim itations as to rates.
The W enatchee Valley Gas dc Electric Co. began business O ct. 1 1910
and Its gross annual revenue from business already under contract and con­
nected Is $98,954; estim ated net earnings (after taxes and Insurance),
$63,954. D educt Interest on the above-m entioned $700,000 bonds, $42.­
000; estim ated, surplus on present revenue, $21,954. Wo already
have over 800 consum ers, nearly all on m etered service, and have received
further applications for power aggregating 1,000 h . p .. which will net us
over $43,000 annually, which can be had by expending less than $75,000.
A t the rate the earnings have been, and still arc. Increasing, It Is reason­
able to believe th a t the gross earnings for this year will exceed $120,000.
For Irrigation pum ping on the score of econom y the com pany virtually has
a m onopoly of the power supply. (The bankers arc taking a p arty of Inves­
tors to Inspect the property. The W enatchee Electric Co. was the oldest of
the three companies absorbed.) J . II. S tout Is Secretary-Treasurer.

Underwood Typewriter Co.—First Dividend on Common
Stock.—An initial dividend of 1% has been declared on the
$8,500,000 common stock, along with the regular quarterly
distribution of \% % on the $5,000,000 pref. stock, both
payable July 1 to stock of record June 20.—-V. 92, p. 799.
Union Stock Yards of South Omaha.—Bonds Sold.—The
company has sold to the Continental & Commercial Trust
Co. and the First Trust & Savings Bank, both of Chicago, a
block of $700,000 1st M. 5% 20-year bonds, dated May 1
1911, of a total issue of $5,000,000. Of the present i-sue the
proceeds of $400,000 will be used to retire floating debt and
$300,000 for extensions and additions contemplated. Of the
remaining bonds $ 1,200,000 are issuable at 100 % of cost of
extensions and improvements and $3,100,000 at 75% of cost
of improvements. Equity in bonds about 10 to 1. The net
earnings are about 15 times the int. charge.—V. 92, p. 530.
United Bank Note Corporation.—Merger—Change of
Name.—The United Bank Note Corporation has taken over
by merger the property, assets, business and good will of the
American Bank Note Co., which, with its predecessors of the
same name, has been engaged in the business of engraving (John) Wyeth & Brother, Incorp., Pharmacists, Philadel­
securities since 1795.
This step has been taken In accordance w ith the policy of the com pany to phia.—Stock.—The shareholders will vote June 30 on in­
sim plify the conduct and ownership of the business and to m ake the U nited creasing the capital stock of the said company from $2,500,­
th e operating as well as the owning com pany. A t the sam e tim e th at 000 to S t,000,000, said increase to be preferred stock. Presi­
the U nited Co. takes over the assets of the A m erican, It assum es the dent. Stuart Wyeth.
la tte r’s liabilities as well.
.......................




1316

THE CHRONICLE

[V O L. LX X X X II.

% zp o x is ixud gxrxitmjettis.
T H E U N IT E D S T A T E S R U B B E R C O M P A N Y
NINETEENTH ANNUAL REPORT—FOR THE YEAR ENDING MARCH 31 1911.
P R E S ID E N T 'S R E P O R T .

New Brunswick, New Jersey, May 4th 1911.
To the Stockholders of the
United States Rubber Company.
The operations of the Company during the past year show
a net profit less than that in the preceding year. This is
due to the decline in general business during the last six
months, to the mildness of the winter, and to the erratic
fluctuations in the price of crude rubber which, since April 1
1910, has fallen almost one-half, necessitating inventory
valuation below cost, not only of crude rubber in stock but
also of manufactured goods carried over.
The report of the Treasurer appended hereto gives the
Consolidated General Balance Sheet and the Consolidated
Income Statement of the United States Rubber Company
for the fiscal year ending March 31st 1911.
The operations of the Rubber Goods Manufacturing Com­
pany, the Canadian Consolidated Rubber Company, Limited,
the General Rubber Company and a mechanical company,
are not included in the Treasurer’s Report, but only the
sums received by way of dividends declared upon the United
States Rubber Company’s stock interest therein. The
share of the undivided earnings of such companies for the
year which appertain to such stock interest is computed to
be 81,312,1G6 11.
VOLUM E O F B U SIN ESS.

The aggregate net sales of the Company for the year were
840,888,724 25, as against $38,711,051 43 in the previous
year, an increase of $2,177,072 82.
P R O F IT S .
The not profits for the year, after adjusting inventories to
correspond to the lower level of crude rubber, are $4,­
349,825 73, as compared with $5,535,163 15 the previous
year, showing a decrease of $1,185,337 42. Should wo add
to these net profits $1,312,106 11, the Company’s estimated
share in the undivided profits of the Companies in which it is
a Stockholder, which, as above mentioned, are not included
in the Consolidated Statement, the profits for the year
would be $5,661,991 84, as against $7,235,000, upon a
similar estimate for the preceding year. The Company’s
profit is reached after deducting all interest charges, including
coupons on the $19,000,000 outstanding funded debt.
E X P O R T B U SIN E SS.
The year’s experience has justified last year’s expectation
of growth in the Export Business of the Company, such sales
for the past year having been larger than in any previous
year.
R U B B E R GOODS M AN UFACTURING COM PANY.
The sales of the Rubber Goods Manufacturing Company
for its last fiscal year were $35,188,295 40, as against
$25,629,592 71 the previous year, this increase being mainly
in tires. The net profits were $2,122,247 02, as compared
with $2,369,971 61 net profits the previous year. The
profits would have increased substantially in proportion to
the sales had it not been for the reduction in inventory values
necessitated by the lower level of crude rubber.
T IR E S .
Recently the distribution of tires manufactured by our
Companies has been consolidated through the organization
of the “ United States Tiro Company”, which Company
hereafter will market the “Continental”, the “G. & .1.,” the
“Hartford” and the “Morgan & Wright” tires. This action
was taken after much consideration on the part of the
President and Directors of the Rubber Goods Company.
It is believed that it will prove highly advantageous in the
future development of this important branch of the rubber
business and that it will place the United States Rubber
Company, through the United States Tire Company, in the
front rank as the largest manufacturer and distributer of
rubber tires in the world.
The Company has recently leased for a long term of years
the premises on the southeast corner of Broadway and 58th
Street, containing 10,638 square feet of land upon which a
building is to be erected, the primary object of which is to
obtain adequate facilities for the tire business of the Com­
pany, the probability being that the principal offices of the
Company and its Subsidiary Companies will also bo trans­
ferred to the new building when completed.
CRU D E R U B B E R .

The fluctuations in crude rubber have been violentTduring
the year. At the beginning of the year (Apriljlst 1910) the
price of Fine Para was S2 73 a pound, while at the end
(March 31st 1911) it was $1 43, it having sold in the mean­
time as high as $3 and as low as $1 13.




With a view of relieving our Company from the future
necessity of purchasing crude rubber at a market price which,
though sometimes the result of supply and demand, not
infrequently is that of manipulation, your Directors have
taken further steps during the year toward ourselves produc­
ing a substantial part of our requirements of crude rubber,
and to this end have made additional investments in the
Far East.
R E V IE W O F B U SIN ESS FO R PA ST T E N Y EA RS.

As it is now ten years since your President’s first election
to that office, a brief review of what has been accomplished
during that period may be of interest to our Stockholders.
At the beginning (May 1901) the Company’s surplus was
nominal, dividends had stopped on all issues of stock, the
entire volume of business was but about one-quarter of the
entire volume at the present time, and the earnings were
small. Four-fifths of the product of the Company was
boots and shoes, the larger part being sold to jobbers. The
“Property and Plant” account of the Company was $47,­
323,355 77, and the Capital Stock was $47,191,500. For
the year ending April 1st 1901 the net sales of the Company
were $20,853,633 94; and the market price of its Preferred
Stock was 59 and of its Common Stock 21 .
The continuance of the Company only as a boot and shoe
company, with its then volume of business and then amount
of Capital Stock, would have afforded little satisfaction or
encouragement.
The consumption of rubber boots and shoes in the United
States has not increased during the past ten years in pro­
portion to the increase in population. This result has been
attributed to ( 1) the improved methods for the speedy
removal of snow from the sidewalks and streets of the large
cities and towns, (2 ) facilities afforded for travel by suburban
street railways (3) higher selling prices for goods the past
three years, necessitated by higher cost of crude rubber.
In April 1904 the volume of business and profits had
grown to a point where your Directors felt justified in
resuming the payment of dividends upon the Preferred Stock,
and, as stated in the President’s Annual Report for that
year:
“This step was not taken without the firm conviction
on the part of your Directors that the Company would be
able to continue quarterly dividends hereafter.”
In the Annual Report of 1905 under the heading of
“Dividends” your President made the following reference
to the subject:
“and your Directors felt it unwise to resume dividends
until they could feel morally certain of maintaining them.”
At about this date, it became apparent to your Directors
that in the establishment of agencies for the sale of rubber
Boots and Shoes it was manifest that other lines of rubber
goods could be distributed through such agencies with
economy to both, and also that rubber tires, which five
ears before were of comparatively little consequence, were
eeoining a most important article of rubber manufacture.
Consequently, it was deemed desirable to take steps to meet
these conditions through the acquisition of successful
concerns in these lines of business, the most important being
the purchase by the Company of the stock of the Rubber
Goods Manufacturing Company. This was accomplished
in 1905 through the purchase of the larger part of the Rubber
Goods Preferred Stock by the issue of the First Preferred
Stock of the United States Rubber Company, share for
share, and the purchase of two shares of the Rubber Goods
Common Stock for one share of 6 % Second Preferred Stock
of the United States Rubber Company. This acquisition,
in the opinion of your President, while fair at the time to the
Stockholders of both Companies, has proved of great advant­
age, and also, in his opinion, promises to prove of still
greater advantage to the Stockholders of the United States
Rubber Company.
During this past year the volume of business of the
Rubber Goods Company was greater than that of all of the
Subsidiary Companies of the United States Rubber Company
in the year 1905.
The rubber business of Canada having been in somewhat
close association with the rubber business of the United
States and the principal companies there under the guldanco
of Mr. D. Lome McGibbon having been consolidated, early
in 1907 the opportunity presented itself for the United
States Rubber Company to acquire, on what has proved to
be a most favorable basis, much more than a controlling
interest in the Canadian Consolidated Companies.
Canada, as is well known, is not only a prosperous and
growing country, but, owing to its climate, offers an excep-

M a y 13 1 911.

THE CHRONICLE

1317

had been dissipated, your President would have
tional field for the consumption of rubber boots and shoes. solidations
Practically all lines of rubber goods, including tires, are had no hesitancy now, with tlie present lower level of crude
manufactured by the Canadian Consolidated Rubber rubber, in recommending a dividend upon the Common
believes that the day cannot be far distant
Company.
. Stock, allandthehe conditions
will be such as to warrant some
In July 1908 the death of Mr. Charles II. Dale, the Presi­ when
of our Common Stockholders.
dent and the practical head of the Rubber Goods Manufactur­ material recognition
Respectfully submitted,
ing Company, imposed upon your Directors the difficult task
of seeking and finding an experienced successor competent
SAMUEL P. COLT,
President.
to develop and conduct the growing business of that Com­
pany, and especially its tire business. Upon investigation
TREASU RER’S REPORT.
it became apparent that it was most desirable to obtain the
U N ITE D STATES R U B B E R COM PANY A N D SU B SID IA R Y
services of Mr. Elisha S. Williams for this important position.
COM PANIES.
His record with the Revere Rubber Company was proof of (Not Including Assets or Liabilities
of R ubber Goods Mfg. Co. and certain
his ability and in December 1909, in the course of the
other Companies owned In p art by U . S . R . Co.)
negotiations with Mr. Williams, it developed that the only
way of obtaining his services was by acquiring the Revere C O N SO LID A TE D G E N E R A L B A L A N C E S H E E T M A R C H 31 1911.
Rubber Company itself, a successful concern manufacturing
ASSE TS.
the “Continental” tires, in addition to a general line of
and P lants (Including shares of R . G. M. Co..
rubber goods. This was accomplished, and on January 5th P roperty
Consolidated R ubber Co., L td ., and R evere
1910 Mr. Williams became President of the Rubber Goods Canadian
R ubber C o.)......................................................................................$84,822,300 07
Manufacturing Company, all to the advantage of your Inventories
Mf’d Goods and M aterials----------$17,474,148 40
a s h .. .................
3,244,947 07
Company fully to the extent anticipated in the last Annual CBills
and Loans Receivable--------------------------- 1,755,996 28
Report.
A
ccounts
Receivable________
11,052,140
18
An analysis of the business and the earnings of the year
owned In General R ubber Co...............— 2,000,000 00
just closed indicates that the volume of business of the Stock
Including stock of U . S. R . Co.,
property of the United States Rubber Company acquired Securities,
held by a Subsidiary Co----------------------------- 3,031.939 00
prior to April 1st 1905 was 831,868,839 52, and that the M iscellaneous
A ssets----------------119.850 12
---------------------- 38,679,021 95
volume of business of the properties acquired since April 1st
1905 was 852,142,958 21. Basing the calculation upon the
cost of these latter properties, the percentum of profit on T otal A ssets------------------------------------------------------------------- $123,301,421 02
this business for the year just closed was more than twice
L IA B IL IT IE S .
as large as the percentum of profit made in the same year
Stock, F irst Preferred...............................$40,000,000 00
upon the business of the properties purchased, prior to April CC apital
apital Stock, Second P referred_____________ 10,000,000 00
1st 1905, estimated upon a like basis.
25,000,000 00
It will be observed that in the acquisition of the various Capital Stock, Com m on.......................... ................ ---------------------$75,000,000 00
properties since April 1905 no Common Stock has been put T en-year 6% Collateral T rust Sinking Fund
out. The small increase in the Common Stock from $23,­ Gold Bonds*_____________________________
656,000 to $25,000,000 is represented by Common Stock Loans and N otes P ayable-----------------------------$4,917,877 55 $19,000,000 00
issued at full face value for actual property purchased from M erchandise A ccounts P ayable---------------------- 837,335 18
Interest, T axes, &c________________
400,213 34
the Meyer Rubber Company, a Subsidiary of the United Accrued
Due General R ubber C om pany..........................- 5,211,722 55
States Rubber Company.
11,307,148 62
The question of the payment of dividends upon the
500.000 00
for C on tingencies...................-Common Stock of the Company and of the making of quar­ Reserve
950.000 00
for D ividends---------------------—
terly reports of earnngs to the Stockholders are subjects Reserve
8,134,849
37
Surpluses (Subsidiary Companies)
that have received much consideration from the Directors. SFixed
8,349,423 03
u rp lu s .._______ _______________________
As to the matter of reports, I would say that it is the desire
of your Directors to give to the Stockholders information as • T otal Liabilities_________________________________________$123,301,421 02
to the business of the Company which shall be not only full, T he contingent liabilities for certain guaranties, which are olfsct by
but trustworthy. Our boot and shoe business is a season’s corresponding contingent assets, arc not included.
business which renders it difficult to make any subdivided • $1,000,000 of the original Issue of $20,000,000 bonds have been can­
estimate of the year’s profits which will not be misleading. celled under Sinking Fund provision.
From July 1906 to April 1908 at each quarterly dividend
E N T FO R Y E A R E N D IN G
period an estimate of the quarterly earnings was given, and C O N SO LID A TE D IN C O MME A RSCT HA T 31E M1911.
was discontinued only because of complaints that it was Gross Sales, Boots and Shoes and M iscellaneous------------------ $54,751,939 13
misleading. It is still the wish of the management, if
practicable, to make quarterly statements, and the same N et Sales, Boots and Shoes and M iscellaneous______________ $40,888,724 25
will be done when the method can be wisely worked out.
Cost of Goods Sold-------------------------------------------------------------- 33,685,139 55
As to the business policy pursued during the past ten years
anufacturing Profits---------------------------------------------------------$7,203,584 70
in the enlargement of the scope of our operations as above MFreight.
Taxes, Insurance. General and Selling E x p en ses.. 2,091,742 19
indicated, in the retention in the business of reasonable
surplus reserves, not only to strengthen the financial con­ O perating Profits----------------------------------------------------------------$5,111,842 51
dition, but to fortify the value of its Common Stock, rather O ther Income (net) Including dividends received on Stock of
than weaken the Company by the division of such surplus
earnings by way of dividends to the Common Stock, it would certain other Companies owned by U . S. R . Co----------------- 1,485,846 66
seem that conservative investors naturally must be of the T otal Incom e______________ . . . _____________________________$6,597,689 17
same approving mind as the great body of the Stockholders. Less—
From time to time this general policy has been set forth in In te rest on Bonds and Borrowed M oney--------$1,261,381 30
552,033 61
the Annual Reports to the Stockholders and has received Interest allowed Customers for Pre-paym ents.---------------------1,813,414 91
their approval. In the report of 1906 it was summarized
as follows:
N et Incom e_______________________________________________ $4,784,274 26
“It has been the policy of the Directors to strengthen the D eductions for Bad D ebts, A c-------------------------------------------- 47,623 67
Company by adding to its surplus and by improving its Profits . . . . . ______________________ ____________________ $4,736,650 59
efficiency in order to give assurance of the continuance of D epreciation of M erchandise_______________________________ 386,824 86
dividends upon its Preferred Stocks before the resumption
of dividends upon the Common Stock, it being believed that N et Profits.............................................................................................. $4,340,825 73
3,800,000 00
in the end this conservative policy will result to the best D iv id e n d s ......____________________________- —
interests of all the Stockholders.
Surplus
for
P
eriod_________________________________________
$549,825 73
“ It is to bo desired that in industrial properties there shall
be established stability and regularity of dividends, such as Surplus April 1 1910________________________________________ 7,799,597 30
obtain in the best railway properties. * * * Upon such Surplus M arch 31 1911---------------------------------------------------------$8,349,423 03
considerations, it has seemed conservative and just to defer
dividends upon the Common Stock, at least until such time
Respectfully submitted,
as the management shall be reasonably satisfied that, having
JAMES B. FORD,
begun their payment, the same can be maintained, although
Treasurer.
—even without present dividends in cash, the Common Stock,
by enhancement of value through accumulation of surplus,
will have shared in the prosperity of the Company.”
A U D ITO R’S C E R T IF IC A T E .
New York, May 4th 1911.
The report of 1910 contained the following:
“The earnings of the Company the past year, considered We have examined the books and accounts of the United
by themselves, would seem to warrant some division to the States Rubber Company and its Subsidiary Companies for
Common Stockholders, and, were it not for the abnormally the year ended March 31 1911, and
high price of crude rubber existing, and the consequent We hereby certify that the accompanying Consolidated
requirement of a much larger sum of money to purchase General Balance Sheet and Consolidated Statement of
and carry the same, your President would feel warranted in Income and Profit and Loss agree with the books of the
recommending a dividend upon the Common Stock at the Companies, and correctly set forth the financial condition
of the Companies on March 31 1911 and the results of their
present time.”
Had the conditions of business and profits at the close of operations for the last fiscal year.H A SK IN S & SELLS,
this last year been as flattering as at the close of the preceding ., .
C ertlftet Public Accountants.
year, and if uncertainties affecting the legal status of con


1318

THE CHRONICLE

[V O L . LXXXXII

U N IT E D R A IL W A Y S IN V E S T M E N T C O M P A N Y
NINTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1910.
To the Stockholders of the United Railways Investment Company.
On behalf of the Board of Directors, I beg to submit to you
herewith the Ninth Annual Report of your company, which
includes its General Balance Sheet and the Statement of its
Income and Profit and Loss Account for the fiscal year
ended Dec. 31 1910.
Accompanying this report is the combined Income Account
of the Philadelphia Company and affiliated companies for
the year ended Dec. 31 1910, prepared and audited by Messrs.
Haskins & Sells, Certified Public Accountants.
In the annexed Income Account of the United Railroads
of San Francisco for the year ended Dec. 31 1910, also pre­
pared and audited by Messrs. Haskins & Sells, the gross in­
come of that company for said period shows an increase of
$222,061 78 from all sources, while the not earnings show an
increase of 8131,639 94 over previous year.
Since the supply of electric power by the Sierra & San
Francisco Power Company began, June 7 1910, not only has
there been a very substantial saving to the United Railroads
of San Francisco in the cost of such power, but the supply
has been furnished so continuously as to render the operation
of its ears most effective.
The work in connection with the Sierra & San Francisco
Power Company, referred to in the last annual report, has
now been substantially completed, and the results therefrom
have fully satisfied the expectations of the directors of your
company. While the marketing of the surplus power of
the company has necessarily been deferred until completion
of its construction work, it is now expected that a consid­
erable part of this surplus will be disposed of during the
present year throughout the territory served, and its income
thereby materially increased.
The statement of the earnings of the Sierra & San Fran­
cisco Power Company furnished by its officers to the Presi­
dent of your company from Oct. 1 1910, when the permanent
E ower contract with the United Railroads of San Francisco
ecame operative, to March 31 1911, a period of six months,
is as follows:

Gross E arnings--------------------------.$390,377
O perating Expenses and T axes----------133,812
• N et E arnings------------------------------ -------- ---------------------------------..$256,565
In terest on F irst M ortgage B onds___________
157,274
N et Incom e_____________________________________________________ $99,291

It is gratifying to note the continued improvement in the
earnings of the Philadelphia Company, as shown by the
statement attached. The gross earnings for the year ended
Dec. 31 1910 show an increase of 82,005,238 18 over the
year 1909.
,
.
Dividends upon the common stock of the Philadelphia Com­
pany were paid during the year 1910 to the amount of 7%,
which-included an extra dividend of 1% declared June 7
1910, the regular dividend being 6 %.
During 1910 many permanent improvements have been
made to the physical properties of the Philadelphia Com­
pany, as well as those of its subsidiary and controlled com­
panies, and this policy is being continued, a very large por­
tion of the cost of which improvements having been paid out
of earnings.
About the 20th day of Marcli 1911, 200,000 shares of the
common stock of the Philadelphia Company wore officially
listed upon the Parquet of the Paris Bourse. Your direc­
tors believe that the result of this action, which was accom­
plished only after prolonged negotiations, will be beneficial
not only to the holders of the securities of the Philadelphia,
Company, but to the stockholders and security holders of
your company.
Comparing the Income and Profit and Loss Account of the
United Railways Investment Company for the year ended
Dec. 31 1910, attached to this report, with the similar ac­
count for the year ended Dec. 31 1909, accompanying your
Vice-President’s report of last year, it will be noted that the
increase in Income for the year ended Dec. 31 1910 amounts
to 8278,870 01, and the Profit and Loss Surplus shows an in­
crease of 8766,407 45. Compared with previous year, Cur­
rent Liabilities show a decrease of $443,110 49.
Since Dec. 31 1910 an additional installment of the Six
Per Cent Notes of 1908, amounting to $200,000, was paid
at maturity, Feb. 15 1911, thus reducing the outstanding
amount of such notes to $2,500,000.
All of which is respectfully submitted.
,
ERNST THALMANN,
President.
UNITED RAILWAYS INVESTMENT COMPANY.
G E N E R A L B A L A N C E SH E E T — D E C E M B E R
A SSETS.
Securities
U nited ROwned:
ailroads ot San Francisco Stock:
50,000 Shares F irst Preferred, 5100 par
value each;
,
,
200.000 Shares Preferred, 5100 par value
each;
88,014 Shares Com mon. $100 par value each.
Philadelphia C om pany Stock:
484.000 Shares Common, $50 par value
each. ........................................




31 1910.

The’R allroads and Pow er D evelopm ent Com• pany Stock:
• 55,000 Shares C apital Stock, $100 par
• • value each__________________________ $60,933,071 81
O ther Securities_________________________
362,910 1 1
• • T otal Securities O w ned_____________________________ $61,295,981 92
N otes and A ccount Receivable— U nited R ailroads of San
Francisco _____________________________ _____ ______ ____ 1,321,798 40
C urrent Assets:
Cash on D e p o sit_________________________ $122,006 59
Sierra & San Francisco Pow er C om pany___
300 00
T he R ailroads & Pow er D evelopm ent Co__
600 00
Accrued Interest on Bonds O w ned________
3,000 00
Accrued Interest on N otes R eceivable____
30,725 00
Two M onths’ Proportion of Dividend of
1
on Capital Stock of Philadelphia
Com pany, declared Dec. 15 1910 and
payable Feb. 1 1911............ ...........................
242,000 00
T otal Current A ssets...............................................................
398,631 59
D iscount on 6% Notes of 1908_______________________ _____
99,375 00
T otal A ssets................................................................................. $63,115,786 91
N ote.— T he Com pany has a contingent liability of $400,000 on account of
Its g uaranty of U nited R ailroads of San Francisco E quipm ent N otes.
L IA B IL IT IE S .
Capital Stock:
Preferred— 160,000 Shares, $100 par value
each *---------------------------------------------------$16,000,000 00
Com m on—204,000 Shares, $100 par value
e a c h ................................................. ..................... 20,400.000 00
T otal Capital S tock---------------------------- ---------- --------- --$36,400,000 OO
C ollateral T ru st Sinking Fund 5% Gold B onds_____________ 18,150,000 00
Six Per Cent C onvertible Gold Bonds of 1910.............................. 1,229,000 00
Six Per Cent Notes of 1908 _______________________________ 2,700,000 00
Preferred Stock Dividend Certificates:
Bearing Interest a t 6 % ...................................... $712,500 00
Bearing Interest a t 5 % .....................................
750,000 00
T otal Preferred Stock D ividend C ertificates...................... 1,462,500 00
Current Liabilities:
Loans and Notes P ay ab le________________ $513,000 00
Bond Coupons Due—Not P resented.................
8,670 56
Interest on Dividend Certificates, Payable
Ja n . 3 1911........................................................
18,752 26
Total C urrent Liabilities______________________________
540,422 82
A ccrued Accounts:
Interest on Collateral T rust 5% B onds____ $151,250 00
Interest on 6% Convertible Gold Bonds of
30,725 00
1910 ------------------------------ ---------------------Interest on 6% Notes of 1908 ..........................
60,750 00 • '
Interest on Dividend C ertific a te s.-.______
7,125 00
12,735 50
Interest on Loans and Notes P ayable_____
Salaries................. .................................................. 2.50Q 00
T otal Accrued A ccounts............................................................
265,085 50
Profit and Loss—S urplus........................- ____________________ 2,368,778 59
T otal Liabilities
$63,115,786 91
* $1,000,000 of the $16,000,000 outstanding Preferred Stock bears divi­
dends from S ept. 1 1909, and was Issued In connection w ith the acquisition
of the Sierra & San Francisco Power Co. In the form of tem porary certfs.
W e have audited the books and accounts of the U nited R ailw ays Invest­
m ent Company for the year ended Dec. 31 1910.
VVc verified the securities, cash and notes receivable accounts by exam i­
nation of securities and notes In hand and by confirm ations obtained from
depositaries covering securities and cash, and
We hereby certify th at the above General Balance Sheet as a t Dec. 31
1910, and the accom panying S tatem ent of Incom e and Profit and Loss
for the year ended on th at date, arc correct.
(Signed) H A SK IN S & SELLS,
Certified Public Accountants.
N. Y ., March 10 1911.
S T A T E M E N T O F 1NCOAIE A N D P R O F IT A N D L O SS— FO R T H E Y E A R
E N D E D D E C E M B E R 31 1910.

Income:
Dividends on Stocks O wned............................ $2,044,672 00
Interest on Bonds O w ned-----------------------3.000 00
Interest on Loans and A ccounts Receivable
60,189 08
Interest on Bank B alances...............................
1,700 12
T o tal.................................................................................................... $2,109,561 20>
Expenses and O ther Charges:
Expenses:
.......................
Salaries.................................................................. $30,556 32
17,000 00 •
L e g a l___________
C orporation T ax es.......................................5,570 00
Transfer A gents’, R egistrars’ and Trus•
•
tees’ Fees.......................................................
3,625 00 .....................
Fees of T ru st Companies for Paying Cou. .
•
pons, & c._ ............................ - ................—
1,077 00
•
T ax on Increase of Capital S to c k .............
1,200 00
T ax on Bonds held In Pennsylvania----877 03
D irectors’ Fees and E xpenses......................
2,237 25 ..........................
S tationery, Printing and Postage----------1,283 74
Traveling ---------3,053 00
G eneral............ — - — .................................. 8,544 38
Total.
$75,023 72
O ther Charges:
Interest on Collateral T rust Sinking Fund
5% Gold B onds--------------------------------- $907,500 00
Interest on 6% Convertible Gold Bonds
of 1910...........
43,015 00
Interest on 6% Notes of 1908__________
170,999 96
Interest on Loans and Notes P ayable__
48,776 65
Interest on Dividend C ertificates..
80,241 32
P roportion of Discount on 6% Notes of
1908 ................................................................
15,000 00
M iscellaneous...................................................
2,537 10
T o tal..................................................................$1,268,070 03
T otal................................................................................................ 1,343,093 75
N et Incom e for the Y ear.................................................................... $766,467 45
Profit and Loss—Surplus a t Beginning of Y e a r ...................... 1,602,311 14
Profit and Loss—Surplus. Dec. 31 1910........................................$2,368,778 59

M a y 13 1 91 1.

1319

THE CHRONICLE

1910.
1909.
D ividends D eclared-------------------------------- - 2,903,221 75 2,377,807 13
Proflt and Loss— Surplus a t end of Y e a r.. $3,108,354 38 $2,933,081 33
* T he dllTercncc betw een this am o u nt and the Surplus a t December 31
C O M B IN E D INCOM E A C C O U N T— F O R T H E Y E A R E N D E D
1909 Is caused by elim inating th e Proflt and Loss Surplus of the W ashington
D E C E M B E R 31 1910.
& Canonsburg Hallway Com pany, which ceased to be an operating com pany
O perating R ev e n u e s.-.......................................................- ................^0 ,2 44 ,4 2 7 -10 011N ote.—1T his sum m ary does n o t Include th e Incom e and Proflt and Loss
O p e r a t i n g Expenses a n d T axes........................................................... 10, 8 0 0 ,7 0 1 Jo of the Allegheny H eating Com pany.
N et O perating R evenue......................- ........................................... 59,^ ' a l n 09
UNITED RAILROADS OF SAN FRANCISCO.
O ther Incom e.........................................................................................293'820 08
S T A T E M E N T O F IN C O M E F O R T H E Y E A R E N D E D
Gross Incom e.............................- ......................................................... 59.882.496 J®
D E C E M B E R 31 1910.
D eductions from Incom e (N ot Including Fixed Charges) — -__ 1,486,961 80
^
a
s
s
e
n
g
e
r
”
^
...........................................................- ................$7,605.489
p
asse
n
g
e
r.........................
48,000 15
00
&c..........................{8,395,534 59
N et Incom e applicable to Fixed Charges, ________________
A dvertising .
3,414,081 4o
Fixed Charges.....................................................................................................
.............................................................................................................$7,653,489 15
N et Incom e.............................................................. ...........................is
O perating
Expenses—
Im provem ents, B etterm ents and E xtraordinary E x p en ses.. 1 , 0 8 6 .035
M aintenance
of W ay and S tructures.................- - - ........... — 5344.7o8 28
M aintenance of E q u ip m e n t..........................- .............................. 633,385 92
N et Incom e a lte r deducting Im provem ents, B etterm ents
T
ransportation
Expenses........................ ........................................ 4,770 , 2 1 1 sa
and E xtraord inary E xp enses................................................- 53,395,417
General E xpenses_________________________________________
Dividends on Cum ulative and G uaranteed Preferred Stock
(
........................................................................................$4,281,170
56
T o ta l.
Philadelphia C om pany________________________ °°
m ono
R atio to Gross E arnings................................... - ............. 55.94%
Consolidated Gas Com pany of the City of P ittsb u rg h -----70,760 00 Taxes and Licenses______________________ ______ _____ 448,100 00
R atio to Gross E arnings................................................... ...........................................
{379,760 00
Total
T otal O perating Expenses and T axes................... ‘
54.729.270 56
R atio to Gross E arnings...................................................a i.iV /o ______________
Surplus for th e year applicable to Dividends on Common $3,015,657 68
:
Stocks, & 0 ......... ................................ ..
N et E arnings.............................- ....................: ................- .......................$2,924,218 59
Proportion applicable to other Owners of Common Stock and
3,342 20 O ther Incom e—
N on-Cum ulatlve Preferred Stock of Affiliated Corporations
«rQ
$3,012,315 48
....................................- ............................................- .............: * 4 .9 9 7 s»
Balance
RM?a
t
s
...................................................
...........
...............................
.
.
26,127 64
iscellaneous.
Proportion applicable to U nited R ailw ays Investm ent Com­
T o tal.................- .......................................- ....................................." 590,278 64
pany, based on Its present stock holdings (67.22% )------$2,024,878 47
. - $3,014,497 23
N ole___This statem en t docs not Include the Incom e A ccount of tho Gross Incom e....................
Allegheny H eating Com pany.
DCR itercst9on 5% Prom issory Gold N otes.......................... ...........
22
Interest on Incom e Notes (D eterred O bligations)------------I ? ’? !? 22
S U M M A R Y OF C O M B IN E D INCOM E A N D P R O F IT A N D I .O S S - F O R
Interest
on
E
quipm
ent
Notes
.................................
JO-*""
T H E Y E A R S E N D E D D E C E M B E R 31 1910 A N D 190 9.
Interest on Bills and A ccounts P a y a b le ............................
56,497 “2
27
R ental and L eases.....................................................................................
73,462 50
1910.
1909.
Gneratlm r Revenues
......................- ...........$20,244,427 40 $18,230.189 22
........................................................................................_■ .................. $233,108 10
nO perating
SS
Expenses and T axes------------------- 10,655,701 30 9,541,708 25
N et Incom e before Bond Interest Charges.......................................... $2,781,389 13
Bond Interest- si o n
on
Gross Incom e ..................................... ........... $9,882,406 10 $8,978,723 22
U nderlying B o n d s ...................................................................................... 799,050 00
1.486,061 60 1.443.574 62
T o ta l.................................................................................................... - $1,812,410 00
N etln M m eap plleab le to Fixed Charges. A c. 5S.iM .Bg4 50 57,536,348 00
N
et
Incom
e before Sinking Fund Charges............ - .................... S2 2?'2 m 78
Fixed Charges.
Sinking F un d s..........................- - ................- ........................................... 367,069 78
N et Incom e.................- ...................................... $4,981,453 16 $4,117,327 67
Surplus for P eriod......................................................................- ........... 3601,908 33
Im provem ents, B etterm ents and E xtraordlnary E xpenses................................................. 1, j 86,03 o 48 1,157,773 07
PHILA, CO. AND AFFILIATED OPER. COMPANIES
N et Incom e for the year after deducting
Im provem ents, B etterm ents and E xtra­
AND UNITED RAILROADS OF SAN FRANCISCO.
ordinary Expenses------- -------- ------------- $3,390,41 r 00 $2,059,554 60
C O M B IN E D G R O S S IN C O M E A N D
N ET E A R N IN G S
Profit and Loss—Surplus a t beginning of ^ r s ) 77fl u
2,940,722 48 S UU M M A R YF ROF
OM A L L S O U R C n S -F O R TH E Y E A R E N D E D
13,749 78
K
D E C E M B E R 3 1 1 91 0.
O th er Profit’and 'L o ss C redits..........................
16,839 01
Incom e
_____________________________________ $28,282,015 28
Profit and Loss—Gross S urp lus-.................$0,207.035 83 $5,914,026 86 CJrnns
O perating Expenses and T axes.......... ............................................. - 15,385,021 86
Profit and Loss Charges O ther th an Dlvl- 285,459 70
ia s 40
003,138
40
N et E arnings_____________ ________- ............. .......................... -$12,896,993 42
(lends
B ala n ce ............................................... - ................$0,011,576 13 $ 5 , 3 1 0 ,8 8 8 46

PHILADELPHIA COMPANY AND AFFILIATED
OPERATING COMPANIES.

*"-i8l:S5£S *8« 2 S

P H IL A D E L P H IA C O M P A N Y
TWENTY-SEVENTH ANNUAL REPORT—FOR THE YEAR ENDED MARCH 31ST 1911.
Office of the Philadelphia Company,
Pittsburgh, Pa., March 31 si 1911.
Tho Board of Directors herewith submit their report for
tho fisc a l year ended March 31st 1911.
During the year 13 wells were purchased and 173 wells
were drilled, of which 144 were productive of gas, 10 of oil
and 19 unproductive; 32 wells were abandoned, having
ceased to be productive; making the total number of wells
owned or controlled through stock ownership and in use by
tho Company at this ditto 1,037.
,. , ,
During the year 38.18 miles of pipe were reclaimed and
146.99 miles wore laid and purchased. I he total amount of
pipe lines operated by this Company, either through owner­
ship or stock ownership in other corporations, is now 2,410..H
miles.
„ of. mains
. of. . the
.
This does not include tho 172.53 miles
Allegheny Heating Company nor the 370.84 miles of mains
of our several artificial gas companies.
.
There has been no reduction during the year in the number
of acres of leases of gas and oil territory held by this Com­
pany, or the Equitable Gas Company, or the Fairmont &
The Company sold during tho year 30,241,274,400 cubic
feet of natural gas, being a decrease of 1,447,023 600 cubic
feet, with increased receipts from that source of $182,976 51.
The first nine months of the fiscal year included in this
report showed a substantial increase in sales of natural gas
over the corresponding months of the previous year; but an
unusual number of unseasonably warm days during the last
three months, together with the slowing down of manu­
facturing plants using natural gas for fuel, decreased the
sales during the latter period so that the report for the fiscal
year does not show the larger increase in earnings which the
Company had reasonably expected.



There has been an increase during the year of 5,369 do­
mestic ponsuiners of the natural gas supplied by the Com­
pany and the Companies it operates, including the Alle­
gheny Heating Company and the Fairmont & Grafton Gas
Company, making the total number of domestic natural gas
consumers of these Companies 107,128.
There has beon expended out of earnings of the Company
since March 31st 1889 for gas and oil wells, transportation
pipo lines outside the city, pumping stations, telephone lines,
tools, &c., $18,683,968 71, no part of which has been
charged to capital accounts.
,
Accompanying this report arc statements showing the
financial condition of the Company.,
For the Board,
J. H. REED, President.
■

PHILADELPHIA COMPANY.

INCOM E A ND P R O F IT AND LOSS ACCOUNT— Y EA R ENDED
MARCH 31ST 1911.
a rcs, E a r n in g s $6,215,421 09
---------------------------------------------------2 s i,o s o 99
42,338 18
M iscellaneous......................- .................... ....................
T otal Gross E arnings..........................- - - ......................................... $6,538,840 26
Operating Expenses—
Prospecting am i Lease E xpenses------- -------------- $701,338 38
Gas
Purchased
. . ----------------------- ------------U M 2 ? -a
Production
E xpenses.......
..................................
......... 399,-41
T ransportation E xp en ses....................
276.497 52
D istribution E xpenses....................................................... 300,156 99
Commercial
x p e n se s--------—
.........
U S 'i? ? 78
78
General and EMiscellaneous
Expenses...................
- 472,432
T otal O perating Expenses......................................S2.3S3 r,70 48
T a x e s ......................- ...................... .............................
130.34U o i
T otal O perating Expenses and T axes......................................- 2,513,910 47
N et E arnings................................................................................................ $4,024,929 79

1320

THE CHRONICLE

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

Other Income—
D ividends and Interest on Stocks and Bonds
SC I IONS OW NED AND
T v n POSSESSED
SH A R ES
F O TH ER
O w n e d ----------------------- ------------------«i A7 7 no 9 «
AT OMARCH
31STCORPORA
1911
RInents
R eal^Estate
137,*767 3 5
BY T H E P H IL A D E L P H IA COMPANY.
terestof and
D iscount-and B uildings..
690,925 63
Shares
Total
issueowned.
T otal O ther Incom e.
.$2,505,775 42 Consolidated T raction C om pany___
..232,962 Prof. 240,000
Consolidated
T
raction
C
om
pany______
'
‘
‘
""
Com.
300,000
T otal Incom e________________________
T raction Com pany of P ittsb u rg h !’ !
$6,530,705 21
310,000
Deductions from Income—
The C hartiers Valley Gas C om pany___
“ 30,000
R entals of Leased Gas L in e s ...
sin ? q*> on
Pennsylvania N atural Gas C om pany_____]
20,000
Interest and D iscount............
*1
South Side Gas C om pany______________ _
** 20,000
E quitable Gas C om pany_______________
M iscellaneous............ ...................... Z II111II11111 12.464 99
•• 14,000
E quitable Gas C om pany________ _________
Prof. 6,000
T otal Deductions from Incom e............................................... ....... 2 1 5 , 1
The Allegheny Heating* C om pany.. ___ _
5,000
The Consolidated Gas Co. of th e City of P ittsb u rg h --- 80,000 Coni.
•• 80,000
Consolidated Gas Co. of the City of P ittsb u rg h --"
NCnB ctteim
n u S nents,
t f ' S Extensions,
v Dcductlng&c_____________________________
Fixed Charges, Im provem ents,SC 3 1 5 598 71 The
120
Prcf.
40,000
Pittsburgh Railways C om pany___________________
•• 50,000
P ittsburgh Railways C om pany________________ I I .
F ixed Charges—
* Charleroi S treet Railw ay C om p an y .. 50,000 *• 50,000
In ur nasf rcom
^ S pany
£ U“llJf?,PeS
t
of
Philadelphia
Com
pany
a
n
d
U
nion
ashington S treet Railw ay C om pany__
._ 30,000 *• 50,000
of M cK eesport_____________________________ 1,051,161 8 1 The W
Beaver Valley T raction C om pany_______
-- 21,500 ** 30,000
21,500
Canonsburg Railw ay Com pany
.. 20,000 “ 20,000
N et Income after D educting Fixed C harges________ ________$5,264,436 90 Tr.X.he Philadelphia
Com pany of W est V irginia,
20,000
20,000
Improvements, Betterments, Extensions, <fee.—
rii!c
ol? Gas County
Com panyLight
of MCcK
16,000 •• 16,000
New Producing Gas W ells________ ____________ $865,203 43
1 he Allegheny
omeesport_____
pany_______ .. .. 15,000
15,000
New Producing Oil W e lls_______________ _____
70,629 89
r£crn
Light & Power Company. . . 6,000 "
6,000
New Pipe Lines—O utside C ity_________________ 5 5 8 ,3 7 6 76
.
5,000
"
rnuS^r?^c?
P
csPor^
Street
Railw
ay
C
om
pany..
5,000
New Telephone Lines............ ............................. .........
7,330 00
I he Braddock Gas & Light C om pany________
5,000 •*
5,000
New Pum ping S ta tio n s.......... .................................... 132,286 79
Seventeenth Street Incline Plane Com pany
. .. .. 5,000
"
5,000
A legheny BeHevuc & Pcrrysvllle Railw ay Com pany
"
iy
5,000
5,000
1,633,826 87 Pittsburgh & Beaver S treet Railw ay Company . _ 4,700
4,700
Fairm ont & G rafton Gas Com pany _
. . 3,000 "
3,000
N et Income— Surplus for the Y ear..................................................$3,630,610 03 The
h9 . h .TSS.* Bn,aw°r th S treet Railway C om pany!I . 2,000 "
2,000
Surplus April 1st 1910_______________________ ______________ 4,610,779 10 §Pittsburgh
Canonsburg & W ashington Railw ay Co
1,590 *•
1,590
Miscellaneous A dditions to S urplus...................................................
402 9 2 Low Pressure
Gas Company
"
1,000
Consumers’
H
eating
C
o
m
p
a
n
y
!!!!!!!!!
••
1,000
T otal Gross Surplus_______________ j ...........................................$8,241,792 05 Manslleld & Chartiers Gas C om p an y .. _
••
500
Deductions from Surplus—
The M ornlngsldc Electric Street RaliwayCom pany.V..
"
480
480
Dividends on Preferred S tock_________________ $300,000 00
E x tra Dividend of 1% on Common Stock, dod are d and paid during the year, out of the
PHILADELPHIA COMPANY AND AFFILIATED
accum ulated Surplus of A pril 1st 1910______ 359,999 00
OPERATING COMPANIES.
D ividends on Common Stock of 4 ^ % , declared
(iVof Including Allegheny Heating C om pany.)
and paid during the year............................ ........... 1,619,995 50
D ividend on Common Stock of 1>$%, declared
COM
BINED
INCOME
ACCOUNT FOR T H E YEAR EN D ED
before close of fiscal year (March 31st 1911),
_
„E arnings.....................................
.
MARCH 31ST 1911.
payable M ay 1st l o l l . ............ ............. ........... ..
578,413 50
Gross
u
Consolidated Gas Com pany G uarantee.................
79,760 00
O perating Expenses anil Taxes_____...Z.ZZZZZZZZCZZZZIZ IO S ib S h ill)
D iscount on Convertible Gold D ebentures S old. 241,030 00
,Q ,,, ... ..
N et E a r n in g s ...______ _________
■-------------------- 3,179,108 00
o th e r in c o m e ........................................111 z I : I : z z i : : ; : : ; * ® if
II
Surplus M arch 31st 1911— P er Balance S heet_______________ $5,062,594 05
Total Incom e..... .............
$9,499,407 70
Deductions from Incom e.
G EN ER A L BALANCE S H E E T M ARCH 31ST 1911.
1,466,973 56
A SSE TS.
N et Incom e, before deducting Fixed Charges, Im prove­
Property and Plant—
m ents, B etterm ents, E xtensions, &c__________
$8 032 434 14
Fixed C h a rg e s.......................
-3,411,719
- - - - - 65
C harters, P atents and Franchises_____
$1 00
Pipe
Lines,
T
ransportation
and
D
istrib
u
tio
n
..
.6,949
550
91
Gas W ells________________
_
4 7 7 ,125 65
Net Incom e, after deducting Fixed Charges. . .
$4,620,714
51
Im provem ents, B etterm ents, Extensions and
Gas R ig h ts________________ __________ I I I I I I I I 18 3
69
Gas Leases____________________________________ 33 9 ,543
E xtraordinary M aintenance E xpense______$1,905,751 23
,288
11
Car I rust Notes Issued December 1st 1905,
R ights of W a y ._______ __________________ !_!_ 1 2 0 945 34
540 ,051 77
40,000 00
Real E sta te _________________
R etired During the Y ear__________________
B uildings__________ ____________________ ” I I I 47 ,867 87
1,945,751 23
3 5 ,804 57
Telephone L ines___________
N et Income—Surplus for the Y e a r ............
Service Connections_______________
871 ,402 85
$2,674,963
28
Dividends
on
Preferred
S
to
c
k
s........................................!
'
M eters_______________
1,092 ,980 27
382,961 00
R egulators ________________________
399 ,660 83
Balance—Surplus for the Y ear_______
_
§2 299 002 28
T ools__________________________________________ 45 ,000 00
Note.-—All
representing
Office F urniture and F ixtu res_________________ 14 .850 00
elim
inated In item
the sabove
report. transactions betw een Companies have been
5 632 05
H orses and Stable E qu ip m ent..................
M aude Mine Coal P rop erty ....................................
135 ,087 97
B runot Island Power S tatio n __________________ 2,331 ,613 53
We
fhc Hooks and Accounts of the Philadelphia Com pany
T otal P roperty and P la n t_______________________________ $13,591,306 41 and Affiliated O perating Companies for the year ended M arch 31st 1911,
tflc foregoing Balance Sheet and S tatem ent
M aterials and Supplies_______ ______________________________ 2L1,399 32
Stocks and Bonds of O ther Companies O wned_____________ 46,388,050 56
f111? t oss
Philadelphia Com pany and the ComU nexpired Insurance------------------------------------------ --------------2,987 94 Jn e'co m p aS es^ e'co rreo t* ^ 6 Phl ade phla Com pany aIld A ffiliated O poratBills Receivable Deposited w ith Trustees, Covering Ad­
vances to Affiliated Com panies________ ____________
3,260,000 00
(Sltned)H A SK IN S & SELLS.
Bills Receivable In T reasury, Covering A dvances to Affili­
New Y ork. M ay 0th 1911.
Certified Public Accountant
a ted Com panies__________________________________________ 3,072,025 15
Current Assets—
Cash a t Bank and on H an d..........................................$558,396 75
Bills Receivable_______________________________ 363,000 00
—In our advertising columns to-day White,Weld & Co.
A ccounts Receivable__________________________ 869,235 38
of 5 Nassau St., New York, and the Rookery, Chicago, are
T em porary Loans to A ffiliated Com panies..........6,013,600 00
publishing their So,000,000 Deere & Co. serial 5% gold notes
T otal C urrent A ssets............ ......................................................... .. 7,834,232 1 3 offering
as a matter of record. Deere & Co. are stated to
T otal A ssets.......................................................................... ............... $74,360,001 51 be the largest manufacturers of plows in this country and
important producers of other farm implements and vehicles.
L IA B IL IT IE S .
Full details of this exceptional offering appear in the adver­
Capital Stock—
Common, 771,220 shares of $50 00 each___ $38,561,000 00
tisement. At the price the notes were offered (100 and in­
Preferred, 120,000 shares of $50 00 each___ 6,000,000 00
terest), the yield to the investor is 5%.
T otal Capital S tock............................................................. ............. $44,561,000 00
—Tin; comparative operating statistics of 53 of the prin­
Funded Debt—
F irst M ortgage and Collateral T ru st Gold
cipal railroads in the United States for the thiee years end­
Bonds, being 5,666 Bonds of $1,000 00
ing June 30 1910 have been compiled by Price, Waterhouse &
each, 50-ycar, 5 % __________ _____ ______ $5,666,000 00
Consolidated M ortgage and Collateral T rust
Co. of New York in clear tabular form, on the several ap­
Gold Bonds, being 15,138 bonds of $1,000 00
proved liases of train-mile, road or track-mile and unit of
each, 50-year, 5 % ------------------------------------ 15,138,000 00
equipment; and are now issued in a handsome bound volume
T otal Funded D ebt............................................................................. 20,804,000 00 for easy reference or exhaustive study.
Ten-Y ear Convertible 5% Gold D ebentures, dated Aug­
ust 2d 1909----------------------------------- -------------------------------- 2,439,000 00
—Reference to the admission of George W. Kendrick 3d
Current Liabilities—■
Consolidated Gas Co. G uaranty, Accrued
to full partnership in the firm of E. W. Clark & Co. of Phila­
not d u e____________________ ______________ $13,789 33
delphia was made in these columns a week ago. Mr. Ken­
Interest on Bonds, A ccrued not d u e________
338,983 33
drick for many years represented Redmond & Co., whose
Interest Accrued on Gold D ebentures_______
20,325 00
Reserved for Dividend on Preferred S tock__
25,000 00
interests in Philadelphia will be cared for in the future by
Dividend on Common Stock of I H % . de­
E. W. Clark & Co. Otto J. Thomen, of Redmond & Co.,
clared before close of fiscal year (March 31st
1911), payable May 1st 1911..
578,413
50
sailed for Europe last week on an extended business trip.
A ccounts P ayable_________
179,977 29
T axes, Accrued not due
”
107,157 87
—The 1911 issue of the volume known as “Washington
Consum ers’ A dvances____.......................................
227,737
14
Unclaim ed W ages. ..............
Securities” has come to hand through Crane, Parris & Co
2,024 00
bankers, Washington, D. C. It is a book of 160 pages, giv­
otalit and
C urrent
Liabilities_________ ..................... ....................... *.»w«*,4U7
1 493 4 9 7 4 a
PT rof
Loss—
40 ing the facts regarding the finances of the various corpora­
B alance Credit March 31st 1911........................................................ 5,062,594 05 tions listed on the Washington Stock Exchange, together
T otal Liabilities.............................................................. .................... 5 74 .360,001 51 with a monthly record of prices since Jan. 1 1905.
N ote.— The Philadelphia Com pany has a contingent liability
E. Elder, formerly representing Messrs. Rhoades
lowing Bonds, guaranteed both as to principal and interest: for the f o 1 & —Herbert
Co. in New York State, will represent Messrs. Redmond &
M t. W ashington S treet Railway Co. First M ortgage 30-year
5% Gold Bonds, dated April 1st 1903________________
Co.
in
the
same
territory.
Seventeenth Street Incline Plane Co. F irst M ortgage 30-year ,500,000 00
5% Bonds, dated M arch 1st 1905_______________
125.000
00
— WM!Lam R. Geiston, a member of the Stock Exchange
Allegheny Bellevue & Pcrrysvllle Railw ay Co. First Mortgage
firm of Taylor, Auchincloss & Joost, died on Sunday of
30-year 5% Gold Bonds, dated April 1st 1905................
T he M ornlngsldc Electric S treet Railw ay Co. First Mortgage 500.000 00 diphtheria. He was thirty-three years of ago.
30-year 5% Gold Bonds, dated O ctober 2d 1905____
Ben Avon & Em sworth S treet Railw ay Co. First Mortgage 200.000 00
~rc - s - Burton & Co., specialists in unlisted securities at
30-year 5% Gold Bonds, dated April 1st 1906_______
P ittsburgh & Beaver S treet Railw ay Co. First Mortgage 50- 300.000 00 lo Broad St., will mail their “Quotation Record of Inactive
• year 5% Gold Bonds, dated Ju ly 1st 1 9 0 8 ... _
750.000 00 Securities” on request.



may

1321

THE CHRONICLE

13 1 9 1 1 .]

3Uhic © m m txjcrjcial J T im es.
COMMERCIAL EPITOME.

Friday Night, May 12 1911.
The crops promise well and money continues easy but
general trade is still in a more or less lethargic state, espec­
ially as regards domestic transactions, compared with
which the export business makes a more satisfactory show­
ing. The iron and steel trade is disappointing. Summer­
like weather is helping retail trade.
.
LARD has been easier at times, but latterly firmer; prime
Western here S.50c.; City 7.85c., refined for the Continent
8.70c., South America 9.60c., Brazil in kegs 10.60c. The
speculation in lard has been affected more or less at times by
lower prices for hogs, following largo arrivals at the chief cen­
tres. On the other hand, packers have latterly been buying
against a better shipping demand. The cash trade has
otherwise improved also. Within a few days a sharp rise in
May pork has had a noticeable effect, and lard has advanced.

C O T T O N .

Friday Night, May 12 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
60,325 bales, against 65,926 bales last week and 45,212
bales the previous week, making the total receipts since
Sept. 1 1910 8,154,773 bales, against 6,825,810 bales for
the same period of 1909-10, showing an increase since
Sept. 1 1910 of 1,328,963 bales.

Sat.
Receipts at—
490
G alveston_____
—
P ort A rth u r__
Texas C ity, &c. 2,966
Ncw O rleans__
G u lfp o rt______
'540
Mobile _______
P en saco la_____
Jacksonville &c.
1,763
Savannah __
B ru n sw ic k ------130
Charleston —
Georgetown . .
DAILY CLOSING PR IC ES OF LARD Tues.
FU T U R EWed.
S IN NEW
YORK.
W
ilm
ington
E
rl.
Thurs.
S at. Mon 8.10
875
N orfolk______
8.24
8.10
8.17
M ay delivery............ ......... 8 .1 0
8.20
8.27
8.15
8.15
8.28
Ju ly d e liv e r y _________ 8.20
8.25
New
Y
ork______
FUTUREwS IN CHlCAfiO.
............ ..
DAILY CLOSING PR IC ES OF L. DTues.
Wed. Thurs. F ri. Boston
Sat. M on 8.00
altim ore--------8.05
8.12 M 8.12 Vx PBhiladelphia----—
M ay delivery___________ 8.0() 8.10
8.12J4 8 .17J4 8.17M
8.15
Ju ly delivery.................— 8.07J4 8.15
PORK on the spot has been firm, with moderate sales T otals this week. 7,630

M on. Tues. Wed. Thurs. F ri.
4,327 2,672 2,339 1,389 2.545
—
l",097
654
6,470 4,665 6,098 6,119
80 ’ 64
91
‘ 120 "214
200
235
917 2,292
1,116 2,499 1,244
35
74
120
“"40 " lid
328
100
'322 "181
398
310
37
416
943
—
140
260
91
’ "50
108
126
5
•
5
1.043
______
______
—

—

—

13,393 12,054 10,025

—

9,432

—

Total.
13,762
" 1,097
26,972
1,109
200
235
9,831
509
1,611
2,979
090
281
1.043
—

7.791 60,325

only. May pork in Chicago has touched $17 45 on a “cor­ The following shows the week’s total receipts, the total
ner” of the shorts. Mess here $18@$18 50, clear $16 50@ since Sept. 1 1910 and the stocks to-night, compared with
$18 and family $19@$19 50. Cut meats have met with a last year:
____________________
light demand, with prices only about steady. Pickled
Stock.
hams 11 @12c., pickled bellies, clear, 11 13LiSc., and
1909-10.
1910-11.
to
pickled ribs ll@12Mc- Beef has continued in small de­ Receipts
This
Since
Sep
Since
Sep
This
M a y 12
mand; mess $13 50©$14, packet $14®814 50, family $14@
1910.
Week. 1 1910. Week. 1 1909. 1911.
$15, and extra India mess $22@$22 50. Tallow 5 15-16c. G alveston----------- 13,762 2.699,303 8,021 2,410,696 62,430 49,246
for City with a moderate trade. Stearines have been steady P ort A rth u r------202,277 4,052 142,281 ............. —
73,758
l’,097 360,053
at 7}k@8c. for oleo and 9kt@9J^c. for lard. Butter steady Texas
C ity, & c.. 26,972
En.« 70 1,178,319 91,468 90,244
1,485,589
O rleans— .
with a fair demand; creamery extras 21Mc., firsts 20@ GNcw
506
2,177
8,764
34,239
ulfport
............
8,769 20,556
244,807 2,285 235,851
20Me. Cheese rather weaker; State, whole milk, colored, MPensacola
o b ile ....... ........... 1,109
189
136,118
113,238
200
fancy, 13Me. Eggs continue steady; Western firsts 16%@ Jacksonville,--------49 39.565 ______ ______
235 23,725
& c.
7,842 1,284,173 38,738 34,944
@18Mc-> with a fair demand.
Savannah --------- 0.831 1,385,234
808
779
250 221,707
221,184
ru n sw ick ............
Oil"—Domestic linseed has been in rather more demand, CB harlesto
6,963
14,010
491 205,458 ______
509 278.226
__
-but prices show no improvement; City, raw, American seed, Georgetownn --------1.376
1,424
----12,588
538 302,839 14,772 17,646
400.342
ilm ington ------ 1,611 540,084
92@93c.; boiled 93@94c. Calcutta, raw, $1. Cottonseed WN orfolk_________
8,407
470,178
4,618
2,979
has been in light demand for consumption and the specula­ N evvport N c ws, Ac.
17,677
3,924
13,582 141.070 252,486
696 10,569 1,225 12,404
Y ork...........tion has also been sluggish; winter 6.15@6.30c., summer New
6,266
8,479
144
36,222
281
_________
B
o
sto
n
7,907
white 0.35@6.90c., crude 5.20@5.33c. Cocoanut has been B altim o re............. 1,043 107,968 2,598 69,868
3.9G2
1,401
3,409
1,696
365 —
dull and rather depressed; Cochin 7%@8c., Ceylon 7M@ P h ila d elp h ia -----7Me. Corn in good demand for export at 6.10@6.15c. T o ta l--------- 60.325 8,154,773 52,472 6,825,810 398,470 501,561
Olive quiet at 88@90c. Lard has been quiet but stocks are In order that comparison may be made with other years,
light and prices steady; prime 75@85c., No. 1 extra 05® we give below the totals at leading ports for six seasons:
70c. Cod in moderate demand and steady; domestic o3(©
55c., Newfoundland 57@58c.
COFFEE on the spot has continued quiet; Rio No. < Receipts at— 1911. 1910. 1909. 1908. 1907. 1906.
nominally llM e., Santos No. 4, 12M@12M<l The trading Galveston
14,034
8,021 27,180 15,403 16,872
13,762
249
349
587
4,052
1.097
in coffee futures has been quiet and prices have shown some PNew
t. A rthur.A c.
18,160
13,182
16,595
20,170
34,191
26,972
Orleans
tendency to decline, despite the fact that the statistical posi­ M ob ile..........
1,282
3,921
2,062
4,496
1,109
2,285
9.891 20,452
7,473
9,831
7,842 16.085
tion, at least on the surface, is regarded by many as strong. Savannah
..
745
1,243
1,548
250
runsw ick. .
The market needs a stimulant, falling which prices arc ex­ CB harleston,
549
356
383
1,577
491
509
&c
4,467
2,115
3,302
4,062
pected to seek a lower level. Closing prices were:
538
1,611
W ilm ington. .
8,745
5,962
3,147
4.G18
6,255
2,979
Septem ber 10.17® 10.18 IJan u ary . . 9.82® 9.85 N o rfo lk ___
O ctober__ 9.97® 10.01 February . 9.83® 9.85 N ’port N ., &
N ovem ber. 9.90® 9 .9 5 (M arch ------9.80® 9.85 All o thers. . .
December 9.82® 9.85]A p r il- - — 9.84® 9.80
has advanced, a fact which was due in a T otal this w k .

M a y ------- 10.53® -----June
-10.40® 10.43
J u ly _____10.39(0 10.40
A ugust . - .10.27® 10.30

SUGAR.—Raw
_______
_
Atlantic port
measure Uto ........
higher ______
European quotations.
stocks are 214,655~tons, against 364,741 tons a year ago and
369,219 in 1909. Centrifugal, 96-degrees test, 3.86c.; mus­
covado, 89-dcgrees test, 3.36c.; molasses, 89-dcgreos test,
3.11c. Refined still quiet. Granulated 4.90c. Teas quiet
and Formosa weak. Spices quiet and steady.
PETROLEUM.—Refined, barrels, 7.25c.; bulk 3.75c.
and cases 8.75c. Gasoline, 86 degrees, in 100-gallon drums,
ISMc.; drums 88 50 extra. Naphtha, 73@76 degrees, in
100-gallon drums, 16%c.; drums $8 50 extra. Spirits of
turpentine 68Me. Rosin $7 30@$7 35 for strained, common
to good. Hops strong.
TOBACCO.—Trade sti'l keeps within narrow bounds.
Buyers decline to go beyond the supplying of immediate
wants. In other words, conservatism is still the order of
the day. Naturally some apparent falling off in the con­
sumption of cigars docs not tend to make it less so. Manu­
facturers’ buying is certainly cautious. What is more, they
hold aloof in some cases for easier prices regardless of the
fact that the supply of binder tobacco is quite the reverse of
liberal. Sumatra tobacco docs not meet with a ready sale
hero, cither, though the quality is admittedly fine. Prices
of this sort arc firm, however, in response to the high prices
obtained at recent inscription sales in Europe.
COPPER has been quiet and depressed. The monthly
statistics were disappointing to holders; Lake 12MC- nomina1; electrolytic 12c.; standard 11.70c.; all the above
nominal, owing to dulness of trade. Tin has been easier at
times, but latterly steadier, though quiet; spot 41 Mc-'>
later 41M@42c., June 42Me. Lead 4Mc. Spelter 5.45c.
Iron rather more active. No. 1 Northern $15 25@$15 50
No. 2 Southern $15 25. Finished material has been gem
orally quiet. Meetings of manufacturers at New York have
not helped matters. Non-Bessemor ores have sold at a
disturbing “cut" in prices.




108
178
275
3,328
1,836
5,590
2,673
4,205
2,455
60,325 52.472 98.754 50.379 56,619 75.256
8.154,773 6.825.810 9,307.400 7,724,435 9,382,260 7,270.408

The exports for the week ending this evening reach a total
of 89 771 bales, of which 35,568 were to Great Britain,
. . . to France and 54,203 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1910.
1 1910 to May 12 1911.
Week ending Mag 12 1911. From Sept.Exported
to—
Exported to—
ContiGreat
ContiBritain. Ffncc. nent. Total. Britain. France. nent. Total.
300,933 1,018,930 2,259.336
18,995 18,995 939.473
44.898 54.969 102,410 202,277
Port A rthur..
33,421 303,173
1,097 212,816 56,933 .398,784
Texas City, Ac
1.355,239
16,308 40,296 827.159 129,296
New Orleans.
66,524
41,009
174,000
66,467
1,655
.
.
.
.
M obile........... li655
37,103 113,338
200 200 45,640 30,595
Pensacola . . .
.32,062
19,338
6.453
6,271
G ulfport----7,662 7,662 313,485 114,600 4.36,288 86-4.373
Savannah . . .
104.133
78,325 182,458
...
Brunswick. . .
18,832 9,900 96,551 125.283
Charleston. . .
126,171 32,015 213,226 371.412
Wilmington.. I ___
4,560 15.255
10.695
___
N orfolk.........
—
Newport News ................
85,087 245.330 610,085
10,988 17,853 279,668
New Y ork... 6.865
8.377 102,947
435 94,570 . . . .
435
Boston .........
1,428 19,048 7.C13 68.712 95,373
Baltimore . . . 1,428
100 46,646 . . . . 13,811 60,457
100 . . . . . . . .
Philadelphia . .
669
669
Portland, Me.
81,955 81,955
San Francisco
43,873 43,873
50
50
Seattle 11,84:] 11,843
Tacoma 500
500
—
—
........... —
Portland, Ore.
Pembina
...............
2,525
"
2,525,
II-:
:
:
:
:
:
:
:
___
D etroit..
...........
54.203 89.7713,159,166882.288 2.966,979 7,008,433
. 35,568
T otal..
Total 1909-10 . 17,278! 3.091 49,127 69,496 2.086,297 855,1062,478.877 5.420.280
Exports
from—

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.

1323
M a y 12 at—
New O rlean s.G alv e sto n ____
Savannah ____
C harleston . .
M o b ile..............
N o rfo lk ______
New Y o rk ----O ther p o rts__
T otal 1911..
T otal 1910..
• T otal 1909..

THE CHRONICLE
On Shipboard, Not Cleared for—
Great
Ger­ Other Coast­
Britain France many . Foreign
wise. Total.
3,709 4,557 4,772 7,517
037 21,192
6,900
17,079 3,890 1,508
29,443
800
800
300
300 4,891
5",491
2,500 ’700 l’.ioo MOO o', 666 6,000
6,200
1.000
3,000
4,000
14,409 5,557 30,842 14,113 8,205 73,126
21,270 1,224 8,480 10,259 13,827 55,060
51,120 18,214 19,037 20,296 19,810 135,083

Leaving
Stock.
70,270
32,987
37,938
14,010
3,278
2,407
134,870
29,578
325,344
446,495
439,049

[V O L . LXXXXII.

FUTURES.—The highest, lowest and closing prices at
New York the past week have been as follows:

Speculation in cotton for future delivery has been rather
more active at a sharp advance in prices. The old-crop
months have been the leaders in the rise, especially August,
the short interest in that month has plainly become nervous
under the persistent advance. In the July option, more°Yer> a
high record for this year has been established.
Street bull clique has given persistent support,
and shorts in this country and in Europe have covered not
only in the old crop but also in the now. The strength of the
statistical position is regarded by many as steadily increasing.
.New York is not getting cotton from the South. Prices
there are generally too high to admit of it. On the contrary,
the stock of certificated cotton here is steadily decreasing!
The other day it dropped 4,400 bales; on other days as much
as 3,000 bales. It is continually going out. The total is now
much smaller than that of a year ago. Spot markets
at the South are strong. White cotton there, it is declared,
is hard to buy. Meantime Liverpool prices are firm, even
if the spot sales there have latterly decreased. Lancashire is
having more prosperous times. The plague in India, it is
asserted, may yet act as a bar to the shipment of cotton to
Europe. This may prove to be a canard, but in the highly
sensitive condition of the market almost anything in the way
of bullish rumors or actual developments has an influence.
I he recent severe punishment meted out to the shorts in May
wheat has excited comment and may have had some influence
on the shorts in July and August cotton. M. C. D. Borden’s
reported purchases of about half a million pieces of narrow
. D O S'
<u£? <U
goods, thus relieving the market of something of an incubus,
tc2 tx.2 to5 tJi.2 boS bfl.S . bo.S
and an agreement on his part to curtail his production to a
_ | « o cd o cjo Sjo-c: g s IS S
I i S I a w2, . Sfl "5o5 g Sfl ow |i §e ’3o5 c <$2
similar amount are incidents which, naturally, have not
|K o §
(So g « o
jiK o jjK o | c sG rtfo
passed unnoticed. Some other signs of a rather better state
^
"n CO O
3
of things in the cotton goods market have attracted a certain
amount of attention. On the other hand, however, it is THE VISIBLE SUPPLY OF COTTON to-night, as made
generally believed that leading bulls have been quietly and up by cable and telegraph, is as follows. Foreign stocks,
persistently disposing of their holdings. Their sales during as well as the afloat, are this week’s returns, and conse­
the last two weeks are believed to have boon enormous. It quently all foreign figures arc brought down to Thursday
follows that the short interest has been materially reduced, evening.
^ But to make the total the complete figures for to­
for it is notorious that most of the buying has been to night (Friday),
the item of exports from the United
liquidate bear accounts. Thus the technical position has States, includingwein add
it the exports of Friday only.
been to all appearances weakened, at least so far as the old- M ay 12—
1011.
1910.
1909.
1908.
Stock a t Liverpool...............
crop months are concerned. Moreover, although the short Stock
5. 923,000 658,000 1,209,000 823,000
at L o n d o n ________
5,000
4.000
9,000
8,000
account in the new crop months is believed to be still large, Stock
a t M anchester............
. 90,000
57,000
79,000 71,000
a good deal of covering has also been done in these deliveries.
-1 018,000 719,000 1,297,000 002,000
And as regards the prospects for the crop, some good judges .Stock a t Hamburg:,
9,000
10.000
20,000
11,000
believe that they are excellent and, barring accidents later Stock
a t Brem en . .
. 195,000 204,000 453.000
439,000
- 257,000 261,000 300,000 209,000
on, the next yield may easily exceed anything ever Stock at M arseilles.
. 2,000
2,000
4,000
4,000
before known. Never, it is agreed, has the crop been fer­ Stock
a t Barcelona
- 22,000
11,000 40,000
40,000
at G enoa____
tilized as it has been this season, with a rich pecuniary reward Stock
28,000
25,000
38,000
42,000
. 11,000
8,000
4,000
21,000
awaiting the planter. It is safe to say that the South will Stock a t Trieste .
spare no efforts to raise a crop that will leave the largest Total Continental stocks______. 524,000 581,000 800,000 777,000
raised in the past far behind. Meantime, the market is Total European stocks_______.1,542,000 1,300,000 2,157,000 1,079,000
largely a “cliqued’ affair. Such markets have suddenly Amcr.
India cotton afloat for E urope__. 107,000 162.000 135,000 97,000
afloat for E u ro p e ... 193,471 208,473 307,714 189,852
dropped when least expected to do so. The collapse of the Egypt, cotton
Brazil, A c.,aflt.for Europe.. 38,000
20,000
40,000
32,000
Sully campaign in 1904 is not forgotten, nor the fall from Stock
In A lexandria, E gypt- . 155,000 107,000
190,000 180,000
Stock In Bom bay, In d ia____ . 635,000 742.000 437,000
594,000
about 17]^ to
cents tinder the weight of a bumper crop. Stock
S. p o r ts _______ ____ . 398,170 501,501 574,132 423,625
Cotton goods arc still quiet. Curtailment of production still Stock InIn TJ.
U. S. Interior tow ns___
317,590 374,150 347,483
7,000
11,859
11,440
2,067
goes on; in fact the Borden agreement provides that it shall U . S . exports to-day............ .. 277,410
be extended. His Iron Works mill is to run only during Total vlslblo supply.......... .3,413,351 3,370,483 4,238,442 3,550,020
alternate weeks beginning next Monday. To-day there was
an and other descriptions arc as follows:
some decline in prices, owing to the rather disappointing Liverpool
American—
stock.
. 794,000 585.000 1,101,000 090,000
Liverpool advices, the sharp falling off in the spot sales there
07,000 62,000
. 73,000 47,000
and some pressure to sell July and August, to say nothing of
. 482,000 531.000 814,000 087,000
. 193,471 208,473 307,71 1 189,852
generally favorable crop news. Spot cotton advanced to
57 i , i 32 482,025
. 398,470 501,501 374,150
15.90c. for middling ulpands, closing at that price after a
. 277,410 317,590
11,440 317,482
IT. S. exports to-day I
quiet week on this branch of the market.
11,850
. 7,000
2,007
The official quotation for middling upland cotton in the
2,202,483 3,249,442 2,413,626
2,225.351
New York market each day for the past week has been:
East Indian, B rasil, A c .—

M ay 8 to Man 1Mlcidllnz uplands.

T liu rs .

Fri.

15.90 15.90

NEW YORK QUOTATIONS FOR 32 YEARS.

1910 c ..........15.90
............ 11.30
1907. --------- 11.05
1900. --------- 11.00
190 l - - .- ..1 3 .6 5

1903.c._
1902
1901____
1900____
1899___
1898___
1897___
1896___

-.1 1 .3 0
8.12
- . 9.88
. . 0.25
. . 0.38
. . 7.75
8.31

. . . 0.75
1893____ . . . 7.81
1892____ . . 7.25
1891___ . . 8.94
1890___ - . 12 .00
1889____ . . 1 1.00
1888____ . -10.00

1887.C...........10.94
1«80..................9.25
1885................10.81
1884________11.09
1883................11.00
1882................12.31
1881............. -10.44
1880________11.69

MARKET AND SALES AT NEW YORK.

S atu rd ay __
M onday____
T u e s d a y __
W ednesday .
T hursday
F rid ay ..........
T otal __

Spot Market
Closed.
Q uiet, 5 pts. adv__
Q uiet, 15 pts. a d v ..
Q uiet, 10 pts. a d v ..
Q uiet -------------------Q uiet, 15 pts. a d v ..




Futures
SALES
M arket
Closed.
Spot. Conlr'ct Total.
S tead y ________
S tead y ............
o".66o o',666
S tead y ............
700
700
S tead y ______
:
:
:
:
S tead y _____
MOO M 0 0
200
200
____ 9,400 0,400

. 129,000
London stock............................
5,000
M anchester stock......................... -. 17,000
C ontinental stock______________ . 42,000
India afloat for E urope____ *
E gypt, Brazil, &c.. a llo at.......... . 107,000
38,000
Stock In A lexandria, E gypt
. 155,000
Stock In Bom bay, Ind ia.
. 635,000
T otal E ast India, A c.
1,188,000
T otal A m e ric a n ..........
.2,225,351
T otal visible su p p ly ..
Middling U pland, Liverpool " 3,413.351
8.42d.
M iddling U pland, New York
E gypt. Good Brown. Liverpool” 15.90c.
11
K d.
Peruvian. Rough Good. Liverpool 11.25(1.
Broach, Fine, L iverpool..
7 Hd .
Tlnnevelly, Good, Liverpool” ”
7«d .

73,000 108,000 127,000
9,000
4,000
8,000
12,000
10,000
9,000
50,000
40,000 90,000
102,000 135,000 97,000
40,000 32,000
20.000
107,000 190,000 186.000
742,000
\
504,000
1,108,000 989,000 1. MS,000
2.202,483 3,249,442 2.413,020
3,370,483 4,238,442 3,556,026
8.18(1.
5.78(1.
0.08d.
! 6.050.
1 1 .3 5 c.
0c.
15 3-16(1.
Od. 8 It.0
3-10(1.
11.00(1.
7.75(1.
9.50(1.
7 5-16d. 5 7-16d. 5 5-16(1.
• • 7d.
5H d.
5 3-1 Od.

Continental imports for the past week have been 93,000
bales.
The above figures for 1911 show a decrease from last week
of 139,584 bales, a gain of 42,8(18 bales over 1910, a
decrease of 825,091 bales from 1909, and a loss of 143,275
bales from 1908.

THE CHRONICLE

MAY 13 1911.1

A T T H E IN T E R IO R . T O W N S th e m o v e m e n t— th a t is,
th e re ce ip ts fo r th e w eek a n d sin ce S e p t. 1, th e sh ip m e n ts
for th e w eek a n d th e s to c k s to -n ig h t, a n d th e sa m e ite m s for
th e corresp on d in g p eriod fo r th e p re v io u s y ea r— is s e t o u t
in d eta il b elo w .
-w %%g

§ .§ § ! § . S

I s

£ £ £ 5 g 3 < 22« § 3

8 2 . 0 M § W f? 3 . 8 8 c 3 £ 3 3 c 2

5bnoo

* W o - * * 2 - * a * * 2 .° “ 2-*
.aH HMOyg
o o s ' q'S
•? :aw Op '. 0“ 25.
: s s ; s,

sew
s l§
,s p ?
! ! o;

g ° g?gg.
3 g .e ?

-w

o

q

a >

>

a

3

Closing Quotations for M iddling Cotton o nWeek ending Sat’dag. M onday. Tuesday. Wed’day. Thursd’y. Friday
M ay 12.
15*$
G alv esto n ------- 15 5-16 15 5-16 15 7-16 15 7-16 15*$
15*$
15H
New Orleans — 15 5-16 15 5-16 15 5-16 15*$
15*$
15
15
15
15
Mobile ................. 15
15 3-16 15*$
15*$
15*$
15*$
Savannah ------- 15 H
15*$
C harleston------15*$
W ilm ington-----15*$
15*$
15 %
15*$
15*$
N o rfo lk ----------- 15^
15*$
15*$
15*$
15*$
15
H
B altim o re ------- 1 5 «
16.15
16.15
15.00
16.00
16.00
Philadelphia . . - 15.75
15*$
15*i
|15*$
15*$
15*$
A ugusta----------- 15 H
15*$
15»$
15*$
15 Vs
15 H
M em phis--------- 15K
15*$
15*$
15
H
15
15
H
15
K
S t. Louis--------- 15 3-16 15 5-16 15 5-16 15 5-16 15 7-16 115
7-16
H o u s to n --------14 *$
14*$
14*$
14 J4
.14*$
L ittle R ock------ 14 H

N E W O R L E A N S O P T IO N M A R K E T .— T h e h ig h e st,
lo w e st a n d clo sin g q u o ta tio n s fo r le a d in g o p tio n s in th e N ew
O rlean s c o tto n m a rk et for th e p a st w eek h a v e b ee n a s fo llow s:

. . .28 .e* *•. . cra
p

S at’day, i M onday, Tuesday, Wed’day, Thursd'y, Friday,
M a y s | M a y s M a y O M a y 10 M a y 11 M a y \2
May—

,-.77
13
83
.749
123
.437

tcnNJ o
■u M Cl
Mi
lI •1 ©1
o> 1i Mi
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rj M
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£CoM
rf-*t\J w to co> WOOSOO©

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a s g g 5 5 g g g g g g g jg g 8 ^ g ^ ° s « 5 5 s s g g a s ^
M —I
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oft-u-a e.i m co >w “©00 >-»m
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" T h e a b o v e to ta ls sh ow th a t th e in terior s to c k s h a v e de­
creased d u rin g th e w eek 41 ,3 17 b a les a n d are to -n ig h t 4 0 ,ISO
b a les less th a n a t th e sa m e tim e la st y e a r . T h e receip ts
a t all th e to w n s h a v e b een 2 ,6 7 8 b a les m ore th a n th e Sam e
w eek la st y e a r.
O VERLAND M OVEM ENT FO R TH E W EEK AND
S IN C E S E P T . 1 .— W e g iv e b elo w a s ta te m e n t sh o w in g th e
o v e rla n d m o v e m e n t for th e w ee k a n d sin ce S e p t. 1, as m ad e
up from telegrap h ic rep orts F rid a y n ig h t. T h e re su lts for
th e w eek an d sin ce S e p t. I in th e la st tw o y e a r s are a s follow s:
------ 1010-11------\ fn u i ?__
Since
Shipped-—
week Sep, 1
Via S t. I.ouls....................................... 7.180 180.873
Via C airo .........................
'• B22 25,057
Via Rook Island................................. ,
123,601
Via L ouisville.....................................
75,060
Via C incinnati. . . . ---------------- .
Via Virginia p o in ts ..- -------------- ‘ 'S?;: 166,882
Via other routes, &c
745> 161.035
T otal gross overland------------- ..13,220 1,234,768
Deduct Shipm ents—
155,124
O verland to N. Y .. Boston, &c. . 2.020
508
58,430
Between interior tow ns............... . . 992
43,878
Inland, &c., from S o u th --------T otal to be deducted----------- . 3,610 257,441
Leaving total n et overland*.......... . . 9,616 977,327
• Including m ovem ent by rail to C anada.

1000-10
Since
Week. Sept. 1
7,300 377,873
2,153 165,280
20,200
2,310 103,200
1,136 43,682
5,480 124,434
1,984 141,476
20,768 976,147
3,067 07,550
45,958
4,987
418 40.646
0,372 193,154
11,396 782,093

T h e fo rego in g sh o w s th e w e e k ’s n e t o v erla n d m o v e m e n t
h a s b een 9 ,0 1 0 b a les, a g a in st 1 1 ,3 9 0 b a les for th e w eek la st
y e a r , a n d th a t for th e sea so n to d a te th e a g g re g a te n e t o v e r­
la n d e x h ib its a n in crea se o v e r a y ea r a g o o f 194 ,3 31 b a les.
Since
Sept. 1. Week.
8,154,773 52,472
977,327 11,390
1,711,000 44,000
10,843,100 107,868
226,632 *25,587
82,281
11,069,732
1,963,546 28,091

Since
.sept. 1.
6,825,810
782,993
1,812,000
9,450,803
23 1,427
9,685,230
1,943,808

M o v em en t in to s ig h t in p re v io u s y ea rs:

irceJk—
Dales. Since Sept. 1—•
Bales.
1909—May I t
121,000 1908-09—May 14..................12,874.420
1008— May 18....................... 77 500 1007-08 -M a y 10________ 10,401,319
1907—M ay 17..............
9 2 419 1906-07— M ay 17_____
12.038,185

1006—May l a : : : : : : ; : . - .. m > « » 1005-00—May i s ............... 10,003,352
Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S .—-B elo w are th e clo sin g q u o ta tio n s o f m id d lin g
c o tto n a t' S o u th ern a n d o th er p rin cip a l c o tto n m a rk ets for
ea ch d a y of th e w eek .



R a n g e --------Closing..........
R a n g e ..........
Closing------July —
R a n g e ------Closing------August—
R a n g e ------Closing------September—
R a n g e ------(hosing------October—
R a n g e ..........
C losing------November—
R ange ..........
Closing_____
December—
R a n g e ..........
Closing..........
January—
R a n g e ..........
Closing_____
Tone —
S p o t...............
O p tio n s-----Nominal.

June—

In Sight nntl Spinners'
Takings.
Week.
Receipts a t ports to M ay 12------- 60,325
9,616
N et overland to May 12.
- - - - 49,000
Southern consum ption to M ay l*..
T otal m arketed......... ..................... 118,041
Interior stocks In excess.............. - *41,347
Came Into sight during w eclc... 77,594
T otal In sight May 12...................
N orth, spinners’ takings to May 12 21,361
• Decrease during week.

i:* 2 3

15.45-.55 1 5 .4 8 -.6 0 15.54-.60
15.39-.44 15.34-.46 15.37-.48
15.42-.43 15.39 — 15.47-.48 15.44-.45 1 5 .5 9 -.6 0 15.58 —
® —
— @ —
@ — @ --------@ — — @
15.47-.40 15.45-.47 15.55* 15.52-. 54 15.77-.79 15.64-.66
15.59-.73 15.62-.81 1 5 .7 1 -.8 2
15.43-.50 15.39-.54 15.49-.63
15.49-. 50 15.47-.48 15.60-.61 15.59-.60 15.79-.80 5 .7 5 - .7 6
14.9114.56-.68 14.54-.69 14.57-.74 14.76-.91 14.76-.09
14.67-. 68,14.57-. 58 14.73-.74 14.78-.79 14.98-.99 14.9113.32-.38 13.30-.39 13.40-.50 13.45-.59 13.5113.42-.43 13.3l-.33 13.39-.40 13.39-.40 13.56-.57 13.52____
. 13.03-.14
12.91.05 12.96-.13
.93
12.91-.97 12 .82-.91 12.8413.03-.04
.93
12.95-.96 12.85-.86 12.92-.03 12.92- 13.11-.12
— ® — !— @ —
—
@
—
—
@
—
—
@
—
—
@
12.89-.0: 12.79-.81 12.86-.88 12.85-.87 13.05-.06 12.96-.98
02.95-.04
1 2 .8 4 - 12.88-.05
.07
.8 3
12.83-.90 12.75- 12.77-.85
12.06-.07
.8 5 - 13.04-.05
.86
12.89-. 90 12 .78-.79 12.85- 1 2.86
13.00-.05
12.76.87
12.81
—
—
<§>
—
—
© - 12.82-.84 12.89-.91 12.90-.92 13.08-.09; 13.04-.10
13.01-.03
12.03-.!
Firm .
. Firm .
F irm . Q uiet. F irm . SFirm
S teady. Steady. Steady. teady. St< ady. S teady.
1

O U R C O T T O N A C R E A G E R E P O R T .— O u r c o tto n a cre­
a g e rep o rt w ill p ro b a b ly b e re a d y a b o u t th e 1st o f J u n e .
P a r tie s d esirin g th e circu lar in q u a n titie s, w ith th eir b u sin e ss
ca rd s p rin ted th e r e o n , sh o u ld sen d in th e ir o rd ers a s soo n a s
p o ssib le , to en su re e a r ly d e liv e r y .
W E A T H E R R E P O R T S B Y T E L E G R A P H .— T eleg ra p h ic
a d v ic e s to u s th is e v e n in g from th e S o u th are g en er a lly o f a
v er y sa tisfa c to r y te n o r . W h ile rain h a s fa llen in a n u m b er
o f s e c tio n s d u rin g th e w e e k , th e p r e cip ita tio n h a s b een lig h t
in th e m a in , and o v e r a co n sid era b le p o r tio n o f th e B e lt dry
w arm w e a th e r h a s p re v a iled . A s a re su lt o f th e fa v o r a b le
c o n d itio n s, p la n tin g is d ra w in g to a clo se g e n e r a lly and
th e cro p , w h ere u p , is d o in g w e ll.
G alveston , T e x a s.— I t h a s rain ed o n o n e d a y o f th e w eek ,
th e ra in fall rea ch in g fo r ty -tw o h u n d r ed th s o f a n in c h . T h e
th e rm o m ete r h a s ran ged from 04 to 8 0 , a v e r a g in g 7 2.
A b ilen e, T e x a s.— W e h a v e h ad no rain th e p a s t w ee k .
B ren h a m , T e x a s.— T h ere h a s b een rain o n o n e d a y d u rin g
th e w e e k , th e rain fall b e in g o n c in ch a n d e ig h te e n h u n d r e d th s.
T h e th e rm o m ete r h a s a v e ra g e d 7 0, th e h ig h e st b e in g S4 a n d
th e lo w e st 5 0.
C u ero, T e x a s.— W e h a v e h ad n o rain th e p a s t w e e k . I h e
th e rm o m ete r h a s a v e ra g e d 7 1 , ra n gin g from 54 to 8 7.
D a lla s, T e x a s.— T h ere h a s b een a trace o f ra in on o n e d a y
d u rin g th e w e e k . T h e th e rm o m ete r h a s ran ged from 54
to 8 7 , a v e r a g in g 7 1 .
H en rietta , T e x a s .— W e h a v e had rain o n o n e d a y th e p a st
w ee k , th e rain fall rea ch in g fo u r h u n d r e d th s o f a n in c h .
A v e ra g e th e rm o m ete r 7 2 , h ig h e st 9 2 , lo w e st 5 2.
H u n tsv ille , T e x a s.— R a in h a s fa llen on o n e d a y o f th e p a st
w eek to th e e x te n t o f fifty -n in e h u n d r ed th s o f an in c h . T h e
th e rm o m ete r h a s a v e ra g e d 0 8 , th e h ig h e st b e in g S5 a n d th e
lo w e st 5 0 .
.
K e rrv ille , T e x a s.— W e h a v e h ad rain o n o n e d a y o f th e
w e e k , th e rain fall rea ch in g ele v e n h u n d r e d th s o f a n in c h .
T h e th e rm o m ete r h a s a v era g ed 0 8, ra n gin g from 50 to 8 5.
L a m p a sa s T e x a s.— I t h a s rain ed on o n e d a y o f th e w ee k ,
th e r a in fa ll rea ch in g s e v e n ty h u n d r ed th s o f an in c h . T h e
th e rm o m ete r h a s ran ged from 53 to 8 9 , a v e r a g in g 7 1 .
L u lin g , T e x a s.— W e h a v e h ad rain on o n e d a y d u rin g th e
w e e k , th e p re cip ita tio n rea ch in g o n e in ch a n d tw e n ty h u n ­
d r e d th s. T h e th e rm o m ete r h a s a v e ra g e d 7 3 , th e h ig h e st
b ein g 8 8 a n d th e lo w e st 5 7 .
N acogdoch es, T e x a s.— W e h a v e h ad ra in on o n e d a y o f th e
w ee k , th e rain fall rea ch in g fo r ty -tw o h u n d r e d th s o f an in ch .
T h e th e rm o m ete r h a s a v e ra g e d 0 8, ra n gin g from 47 to 8 8 .
P a r is , T e x a s.— R a in h a s fa llen on tw o d a y s o f th e w e e k ,
th e rain fall b ein g n in e ty -th r e e h u n d r e d th s o f a n in c h .
A v e ra g e th e rm o m ete r 7 0 , h ig h e st 87 a n d lo w e st 5 3.
S a n A n to n io , T e x a s.— R a in h a s fa llen o n o n e d a y o f th e
w ee k , th e p re cip ita tio n b ein g o n e in ch a n d tw o h u n d r e d th s.
T h e th e rm o m ete r h a s a v e r a g e d 7 0, th e h ig h e st b ein g 84 a n d
th e lo w e st 5 0.
T a y lo r, T e x a s.— W e h a v e h ad h e a v y rain o n o n e d a y o f th e
w e e k , th e rain fall rea ch in g tw o in c h e s a n d e ig h t h u n d r ed th s.
C h arlotte, N o . C a r.— I t h a s rain ed o n o n e d a y o f th e w ee k ,
th e p r e c ip ita tio n rea ch in g six h u n d r ed th s o f a n in c h . T h e
th e rm o m ete r h a s ran ged from 44 to 9 1 , a v e r a g in g 0 4 .

.00
.92
.60
.53

THE CHRONICLE

1324

Greensboro, No. Car..—-R ain h a s fa lle n on th ree clays o f th e
w e e k , to th e e x te n t o f fo r ty -o n e h u n d r ed th s o f a n in c h .
A v e ra g e th e r m o m e te r 6 6 , h ig h e st 9 4 , lo w e st 4 0 .
Ardmore, Okla.— W e h a v e h ad rain on o n e d a y th e p a s t
w ee k , th e ra in fa ll rea ch in g fo r ty -e ig h t h u n d r ed th s o f a n in c h .
A v e ra g e th e r m o m e te r 7 1 , h ig h e st 8 9 , lo w e st 5 3 .
IIoldenville, Okla.— W e h a v e h ad rain on tw o d a y s d u rin g
th e w e e k , to th e e x te n t o f th ir ty -six h u n d r ed th s o f a n in c h .
T h e th e r m o m e te r h a s a v era g ed 7 0, th e h ig h e st b ein g 89 a n d
th e lo w e s t 5 2.
Marlow, Okla.— W e h a v e h ad rain .on o n e d a y o f th e w e e k ,
th e ra in fa ll b ein g o n e in ch a n d th ir te en h u n d r e d th s. Thu
th e r m o m e te r h as a v era g ed 7 3, ra n gin g from 55 to 9 2.
Alexandria, La.— W e h a v e h ad rain o n o n e d a y th e p a st
w e e k , th e rain fall rea ch in g n in e ty -th r e e h u n d r e d th s o f a n
in c h . A v e ra g e th e rm o m ete r 6 7 , h ig h e st 8 5 , lo w e st 5 0.
Amite, La.— -W e h a v e h ad no rain d u rin g th e w ee k . T h e
th e rm o m ete r h a s a v e ra g e d 6 6 , th e h ig h e st b ein g 85 a n d th e
lo w e s t 4 8 .
Neiv Orlean, La.— D ry all th e w e e k . T h e th e rm o m ete r
h a s a v e ra g e d 7 0, ra n gin g from 60 to 8 2 .
Shreveport, La.— T h ere h a s b een ra in o n o n e d a y d u rin g
th e w eek , to th e e x te n t o f fo r ty -n in e h u n d r e d th s o f an in c h .
T h e th e rm o m ete r h a s ra n ged from 52 to 8 4 , a v r ea g in g 6 8.
Meridian, Miss.— W e h a v e h a d n o rain d u rin g th e w ee k ,
T h e th e rm o m ete r h a s a v e ra g e d 6 5 , th e h ig h e st b ein g 84 an
th e lo w e st 4 6 .
Vicksburg, Miss.— W e h a v e h a d n o rain th e p a st w ee l
T h e th e rm o m ete r h a s a v e ra g e d 6 9 , ra n gin g from 53 to 8 1 .
Eldorado, Ark.— W e h a v e h ad lig h t rain on o n e d a y durin
th e w e e k , th e p r e c ip ita tio n rea ch in g tw o h u n d r ed th s o f a
in c h . T h e th e rm o m ete r h a s ran ged from 43 to 8 4 , avoraj
in g 6 4.
Helena, Ark.— T h ere h a s b een n o rain th u s fa r in M ay.
A v e r a g e th e rm o m ete r 6 7 , h ig h e st 85 a n d lo w e st 5 0.
Fort Smith, Ark.— T h ere h as b een rain on o n e d a y d u rin g
th e w e e k , th e rain fall b ein g fo u rteen h u n d r ed th s o f a n in c h .
T h e th e rm o m ete r h a s a v e ra g e d 6 7 , th e h ig h e st b en ig 8 6 an d
th e lo w e st 4 8 .
Memphis, Tenn.— P la n tin g is p ro g r essin g w e ll. R a in
w ou ld b e d e sir a b le . W e h a v e h ad n o rain d u rin g th e w e e k .
T h e th e rm o m ete r h a s ran ged from 49 to 8 4 , a v e ra g in g 6 7.
Nashville, Tenn.— -D ry all th e w ee k . A v e ra g e th erm o
m eter 6 5 , h ig h e st 8 6 a n d lo w e st 4 4 .
Dyersburg, Tenn.— D ry a ll th e w e e k . T h e th e rm o m ete r
h a s a v e ra g e d 6 6, th e h ig h e st b ein g 87 a n d th e lo w e st 4 6 .
Mobile, Ala.— -W arm w ea th er in th e in te rio r . C rop re­
p o r ts are fa v o r a b le . W e h a v e h a d n o rain d u rin g th e w ee k .
T h e th e rm o m ete r h a s a v e ra g e d 7 0 , ra n gin g from 56 to 8 3 .
Montgomery, Ala.— C o tto n im p r o v in g . W e h a v e h a d no
rain th e p a st w ee k , A v e ra g e th e rm o m ete r 6 8, h ig h e st 8 6 ,
lo w e s t 5 0.
Selma, Ala.— W e h a v e h ad no rain d u rin g th e w ee k . T h e
th e rm o m ete r h a s a v e ra g e d 6 7 , th e h ig h e st b e in g 86 a n d th e
lo w e s t 4 9 .
Thomasville, Ala.— D ry all th e w e e k . T h e th e rm o m ete r
h a s a v e ra g e d 6 8 , ra n gin g from 47 to 8 9 .
Madison, Fla.— W e h a v e h ad no rain d u rin g th e w ee k .
T h e th e rm o m ete r h a s a v e ra g e d 7 0 , th e h ig h e st b ein g 92 an d
th e lo w e st 5 0 .
Tallahassee, Fla.— D r y all th e w e e k . T h e th e rm o m ete r
h a s a v e ra g e d 7 1, th e h ig h e st b ein g 91 a n d th e lo w e st 52.
Atlanta, Ga.— I t h a s rain ed on o n e d a y o f th e w ee k , th e
rain fall rea ch in g th ir ty -e ig h t h u n d r e d th s o f an in c h . T h e
th e rm o m ete r h a s ran ged from 47 to 8 8 , a v e ra g in g 6 7 .
Augusta, Ga.— D ry all th e w e e k . A vera g e th erm o m eter
6 9 , h ig h e st 9 3 , lo w e st 4 6 .
Savannah, Ga.— D ry all th e w ee k . T h e th e rm o m ete r h as
a v e ra g e d 6 8 , th e h ig h e st b ein g 90 a n d th e lo w e st 4 7.
Washington, Ga.— T h ere h a s b een n o rain d u rin g th e \\ c c k .
T h e th e rm o m ete r h a s a v e ra g e d 6 9 , ra n gin g from 44 to 9 5 .
Charleston, S. C.— T h ere h a s b ee n no rain d u rin g th e w e e k .
T h er m o m e ter h a s ra n ged from 50 to 8 6 , a v e ra g in g 6 8.
Greenwood, S. C.— D ry all th e w ee k . T h e th e rm o m ete r
h a s a v e ra g e d 7 0 , th e h ig h e st b ein g 96 a n d th e lo w e st 4 4.
IN D IA CO TTO N M O V E M E N T FR O M A L L P O R T S .

Man 11.
Receipt at—
Bombay.
from—
Bombay—
1 0 1 0 -1 1 —
1909-10..
1908-09-Calcutta—
1910-11..
1909-10..
1908-09. .
Madras—
1910-11..
1909-10..
1903-09..
All others—
1910-11..
1909-10..
1908-09..
Total all—
1910-11..
1909-10..
1908-09..

1 9 1 0 -1 1 .

Since

909-10
Since

1908-09.

Since
w eat. Sept. 1. Wet k Sept. 1. Week. Sept.
1.

63,000 2.03:1.001)! 56,000
For the Week.
Since September 1.
Great Conti Japan
Great Conti
nent. ACMna Total. Britain.
nent. A China. Total.
5.000 17,000 11.0 0 0 33,000
43.000 688,000
1,181,000
2,000 24,000 19,000 45,000
85,000 803,000 450,000
753,000 1,641,000
1,000 13,000
8.000 22,000
21,0 0 0 503.000 547,000 1,071,000
— 2,000
2,000
3,000 31,000 18,000
---4.666 4.000
3,000 33,000 40,000 52,000
76,000
1,666
—
— 1,000 4,000
32,000 29,000 65,000
___ ___ ___ __
8.000
IS,000
5
1,000
1,000
4,000 11,0 0 0
1,000
1.000
2,000 3.000
—
3,000 18,000 4,000
25,000
___ 3,000 28,000 196,000 5,000
3.000
15,000 22,000 227.000
2.666 13,000
— 11,0 0 0 3,666 14,000 15,000 184,000 34.000 233,000
5.000
4,000
1.000

[V O Ij. LXXXX1I.

W O R L D 'S S U P P L Y A N D T A K IN G S O F C O T T O N .
1909-10.
1910-11.
Week. Season.
Week. Season.
Visible supply M ay 5
3,483,981
3,552,935
Visible supply Sept. 1
1,931,022
1,495,514
A m erican In sight to M ay 12_._ 77.594 11,060.732 82,281 9,685,230
B om bay receipts to M ay 11
65,000 2,033,000 56.000 2,825,000
O ther In d ia sh ip 'ts to M ay il__
5.000 307,005 20.000 343.000
650.000
A lexandrla receipts to M ay 10.
2.000 998.000
O thcr supply to M ay 10*
3,000 208.000
5,000 240.000
T otal supply______
3,707,529 16,143,251 3,645,262 15,642,252
Deduct—
Visible supply M ay 1 2
3,413,351 3,370,483 3,370,483
T otal takings to May 12
294.178 12,729,900 274,779 12,271,769
Of which American - .
225.178 9,637,895 185,770 8,036,769
Of which other
69,000 3,092,005 89,000 3,335,000
Cotton Takings.
Week and Season.

A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S .
A lexandria, Egypt,
M ay 10.
Receipts (cantars)—
This w e e k _______
Since Sept. 1_____

1010-11.

1909-10

1 9 0 8 -0 9 .

14,000
7,486,021

3,500
4,876,851

20,000
0,600,349

Exports (bales)—
To Liverpool
To M anchester _
To C ontinent
To America
T otal exports. .

This Since
Week. Sept. 1.
2.750 197,874
5,500 201,518
7,750 351,627
5,000 109,645
21,000 860,654

This
Week.
2,500
1,250
7,000
500
11,250

Since
Sept. 1.
143,380
114,667
267,382
58,462
583,891

This Since
Week. Sept. 1.
1,250 171,222
6,750 178,036
0,750 302,839
3,000 73,237
20,750 725,334

M A N C H E S T E R M A R K E T .— O ur rep ort re ce iv ed b y ca b le
to -n ig h t from M an ch ester s ta te s th a t th e m a rk et is q u ie t for
y a r n s and firm for sh ir tin g s.
M a n u factu rers c o n tin u e
g en er a lly w ell u n d er c o n tr a c t. W e g iv e th e p rices for to ­
d a y b elo w an d le a v e th o se for p re v io u s w ee k s o f th is an d
la st y ea r fo r c o m p a r i s o n . . '. ■ ' '.
1911.
8% lbs. Shirting3 , common
to finest.
d.
d. s. d.
8 d.
in n « i i h 5 11 ®11 0
1 0 y, 60
5 11 fe ll 0
109-16®ll9-16 5 11 ®11 0
10 9-16 ® 11 9-16 5 11 ®11 0
10% M 11% 6 0 ®11 1%
10% @ 11% 6 1 ®11 3

1910.
Cot’n
8% lbs. ShirtMid.
trigs, common
32$ Con
Upl’S
Twist.
to finest.
d.
8. d.
d.
d.
d.
8.
Mcli
24
10%
da
7.73
6%
®
10
1%
5
11%
31
7.70 1 0 % @ 11M 5 7 ®10 1%
Apr.
7
7.83 10% ® 11% 5 7%®10 3
14
7.96 10 9-16® H % 5 7%@10 3
21
8.10 10% ® 11% 5 7% "MO 3
28
8.27 10% @ U K 5 7%®10 3
May
5 1013-16® 11% 6 1%®11 4 8.23 10 Ui6@117-10 5 8 ®10 4%
12 10 15-16® 11% 6 1%® 11 4 8.42 10J$ & 11% 5 9 @ 10 6
32$ Cop
Twist.

Cot’n
Mid.
U plj
d.
8.15
7.96
7.92
7.81
7.87
7.91
7.95
8.12

S H I P P I N G N E W S .— A s sh o w n on a p re v io u s p a g e, th e
ex p o r ts o f c o tto n from th e U n ite d S ta te s th e p a st w eek h a v e
rea ch ed 8 9,77 1 b a les. T h e sh ip m e n ts in d e ta il, a s m a d e
u p from m ail and telegrap h ic retu rn s, arc a s follow s:

Total bales.
N E W Y O R K —To Liverpool—May 5— Baltic, 2,470 upland, 304 forelgn; Caronla, 2,658___ _____ _______________________________ 5,432
To M anchester—May 5—Calderon, 1,028 upland, 255 Sea Isl — 1,283
To London—May 6—M lnncwaska, 150................................................. 150
To Bremen—May 10— Breslau. 6,227_________ ________. _______6,227
To H am burg— May 5—Cincinnati, 527________________ ______527
To R otterdam —May 10—Campancllo, 150.............................. ......... 150
To A ntw erp—May 5— Finland, 379. _ _________________________ 379
To R cval—May 10— Hellig Olav, 200__________________________ 200
To Genoa— May 5— Koenlgen Lulsc, 1,477__ May 9—Crctlc, 100 1,577
325
To Naples— May 5— Koenlgen Lulsc, 325....................................... ..
To Trieste— May 9—Laura, 1,503......................................- ..................1,503
To .Japan—May 9— Indradco, 100________ __________ ________ 10 0
GALVESTON—To Bremen— May 5—W lttcklnd. 6,954____________ 6,954
To H am burg—M ay 4—Calabria, 1,408....... ............................... ......... 1,408
To Genoa—M ay 6— Italia, 10,633__ _____ ___________ ______ **10*633
TEX A S CITY —To Liverpool—May 9—M edian, 1,097. ........ .......... 1.097
N EW O RLEA NS—To Liverpool—May 5—C raftsm an, 7,564 —
May 9—Ccstrlan, 9.924__ ____ . . ___________________ ___17,488
To M anchester—May 11— W anderer, 0,500 ____- - - - - - - .
0,500
To Brem en—May 10—Black Prince, 1,624; Borkum , 3,419 —
May 12 -C alifornian, 7,000. . _______________ _____ ________1 2 .0 4 3
To H am burg—May 10— Borkum, 150_________________________ 150
To Barcelona—May 6— Irene, 25
______ _____ ______
25
To Genoa—May 6— Liguria. 3.721____________ __________ ____3,721
To Venice— May 6— Irene, 369_.
. _____ ________ 369
M OBILE—To Liverpool—May 6— William C1I1T, 1,655_______ _____ 1,655
PENSACOLA—To A ntw erp— May 8—Cayo Domingo. 200________ 200
SAVANNAH—To Brem en—May 0— RIpon, 5,300__________ . -_ 5,300
To R otterdam — May 5—Zanndyk, 439
____________
, 439
To A ntw erp—May 6—Mars, 1.673 .
1 ,673
To S t. Petersburg—May 6— RIpon, 100
__
. 100
To Reval—May 6—Mars, 150_______
_ 150
BOSTON—To Liverpool—May 9—Cymric. 435
__ 435
B ALTIM ORE—To Liverpool—May 5—Vcdamore, 1,428 _______ 1.428
PSEA
H J TT L E —To *A“
To
Liverpool—May
5—
H
averford,
100_______
Jap an — May 9— Inaba M aru, 50______ _____ - ............. 10500
T otal .......................................................................................................................89,771

L IV E R P O O L .— B y cab le from L iv erp o o l w c h a v e th e fo l­
lo w in g s ta te m e n t o f th e w e e k ’s sa le s, s to c k s, & c., a t th a t port:

21. A pril 28.
Sales of the w eek............bales. ■ A pril
61,000
65,000
Of which speculators took.
1,000
2,000
Of which exporters took. .
3,000
1.000
52,000
56.000
A ctual ex p o rt____________
7,000
6,000
Forw arded
................
79,000
65,000
T otal stock— E stim ate d .__ 1,085,000
Of which A m erican_____ 953,000 1,034,000
004,000
T otal Imports of the week.
58,000
20,000
Of which A m erican..........
29,000
9,000
A m ount a flo a t__________ " 74.000
75,000
39,000
37.000

M ay 5.
50.000
8,000
3,000
43.000
14,000
76,000
962,000
837,000
16,000
1 1,000
86,000
42,000

M ay 12.
42,000
3,000
2,000
34,000
11,000
76.000
923.000
704,000
40,000
26,000
104,000
45,000

T h e to n e o f th e L iverp ool m a rk et for s p o ts an d fu tu r es
22,000 11.0 0 0 33,000 82,000 933.000 473,005
38,000 23,000 65.000
1.074.000
ea ch d a y o f th e p a st w eek a n d th e d a lly clo sin g p rices o f
26,000 13,000 40,000 114.000
43,000 737,000 614.000il,394,000 sp
o t c o tto n h a v e b een a s follow s:




May 13 1911.

THE CHRONICLE

1325

DAILY CLOSING P R IC E S O F W H E A T FU T U R E S IN CHICAGO.
Spot. Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Sat. M on. Tues. Wed. Thurs. F ri.
May
delivery In elevator__________ 94 X 94 % 93 X 94 96 X 96 H
Market, 1
Ju
ly
delivery
In
elevator___________88
44 88 44 86 44 87 94 89 44 90 X
Dull.
Quiet. Dull, but Moderate Quiet.
12:15 > Quiet.
Septem ber delivery In elevator_____87 44 87 94 86 44 87 44 88 44 89 44
steady. demand.
P. M. J
Indian corn has made only a small net advance, as the
8.42
8.38
8.37
S.35
8.30
8.33
Mid. upl'ds.
weather has been favorable for marketing and planting.
4,000
7,000
6.000
8,000
8,000
Then, too, Danubian offerings in Liverpool have increased.
6.000
300
500
500
600
600
600
Spcc.&exp.
The cash demand at the West has not been brisk. Foreign
Steady
at
bids have been too far out of line to admit of much export
at Firm at Steady at
Futures. Steady at Steady, 1 pt 2Steady
to Vi @3 Vi pts. 2@3Hj pts. 3@4 lA pts. 4®0Vi pts. business. The poorer grades at Chicago have declined in
Market 1 4 ® 5 pts. dec.
opened J advance. pt. adv. , advance. advance. decline. advance. price. The world’s weekly exports have increased, especially
at Steady at Quiet at 2 Ba’ly sty. from the Danube country. The American visible supply is
Market, 1 Steady at Quiet at Steady
4
) 4@0Vi pts. 2@5M pts. 1®7 pts. 4@8 pts. pts. dec. to unch.to3Hj
P. M. J advance. decline. advance. advance. 2 pts. adv.l pts. adv. decreasing rather more slowly than a year ago. July corn

The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.

The prices are given in pence and lOOf/is. Thus, 8 03 means 8 93-199J.
Fri.
T hurs.
Mon.
W ed.
May 6
Sat.
Tues.
12>i 12K 4 12 H 4 12 Vi 4 12 H 4 12 X 4
May“ l2 . p.m.
12 hi p.m.
p.m . p.m . p.m . p.m p.m. p.in p.m. p.m .
io h
05 [09 12M 08
00 Vi 00 Vi m m 07 08 11 03
M ay - - ............. 87 03
07 to
M ny-Juno ----- 98 95 Vi 95 Vi 02 02 Vi 04 08
X
June-July . . - 7 90 87 88 93 93 Vi 95 99 95 98 X 02 98
87 X 91 94 X 91
July-A ug-------- 7 82 Vi 80 80 85 85 Vi 87 91
Vi 59 02 X 00 X 64
A ug.-Sep-------- 7 54 51 Vi 50 52 52 Vi 55 60
17 Vi
19 X 97
7 1 1 U, 08 06 08 08 lo w 14 13 14 00
91 X
O c t.-N o v .------ G 92 V, 89 87 89 88 Vi 91 1)4 X 911 X 88
91
N ov.-D ec. . -. 6 86 Vi 83 81 83 82 Vi 85 86 85 86 Vi 94
02 89
83
O cc.-Jan-------- 6 84 Vi 81 79 81 80 Vi 83
86 85 86 92 89
J a n .- F e b .------ 6 84 Vi 81 79 80 Vi 80 83
92 89
6 84 U 81 79 80 M 80 83 86 85 86 92
SO Vi SO Vi 80 X Vi 80 Vi
M ch.-A pr........... 6 84 H 81 79 80 « 80

has been sold by influential interests. Yet the effect of
higher prices for wheat has been perceptible. Foreign mar­
kets, too, have risen. Cash prices in this country have ad­
vanced. There has been some business for export and it is
felt that if wheat rises corn must follow. To-day prices
were easier for a time and then rallied with wheat. The
offerings, however, were larger.

DAILY CLOSING PR IC ES OF NO. 2 M IX ED CORN IN N E W Y O RK .
Sat. M on. Tues. Wed. Thurs. F ri.
Cash corn.......................... ...................... nom . nom . nom . nora. nora. n om .
May delivery In elevator...................60 V i 50 V i 59 H 00
61 >3 61
DAILY CLOSING P R IC E S OF CORN FU T U R E S IN CHICAGO.
Sal. M on. Tues. Wed. Thurs. F ri.
May delivery In elevator________ 53?^ 52 V i 52 V i 53H 54 V i 53 V i
July delivery In elevator------------- 52 % 51 V i 51 V i *>2 k
2%ft
Septem ber dell very In elevator_____53 V i 52 V i 52 H «>2 Vi 0 0 V i 53 H

Oats have advanced, though the weather has been gener­
ally favorable and seeding at the Northwest has been practi­
cally completed. Some complaints of dry weather have
been heard from the Southwest, but take it for all in all, the
weather conditions in the United States have been good.
The cash demand has been only fair. But shorts, evidently
BREADSTUFFS.
intimidated by the recent unhappy experiences of the bears
F r id a y N i g h t, M a y 12 1911.
wheat, have at times been good buyers. In any case, the
Flour has naturally sympathized to some extent with in
market could not ignore the firmness of other grain. To-day
wheat, although the reports in regard to the conditions of prices,
though at one time lower, advanced later.
the flour trade at the West and Northwest have not been as
DAILY CLOSING PR IC ES OF OATS IN N EW Y O RK .
a rule of a very inspiriting kind. Often they have been quite
Sat. M on. Tues. Wed. Thurs. F ri.
the contrary. But of course, as in all other branches of SNo.ta n2d awrdhites _____- - - - ______
-.3 9 Vi 39 Vi 39
39
40 40
_____________________
V i 39 3-<j 39 V i SO V i 4 0 V i 40 Vi
manufacturing, the raw material cannot advance sharply DAILY CLOSING PR IC ES OF 39OATS
FU
T
U
R
E
S
IN
CHICAGO.
without the fact having some effect on the market for the
M on. Tues. Wed. Ih u rs. F ri.
manufactured product. The demand here has somewhat May delivery In elevator........................Sat.
32V i 32
31 H 3 2 V i 33 V i 34 Hh
Ju
ly
delivery
In
elevator---------------32
V
i
increased. The tone is steadier even if prices have not Septem ber delivery In elevator------- 31 V i 3132 VV ii 3131 VAi 3232 VV ii 3333k 34
33 li
markedly changed. Of late, however, Kansas City has re­ The following are closingj^uotations:
ported some increase in the demand for flour there. The
trade here during the last day or two has been quite small. W inter, low grades------32 75(5*33 25 KK ansas
ansas straights, nack-34 10® 34 40
sacks— 3 60® 4 00
aten ts________ 4 55'"' 4‘ 70 City p ateclears,
Wheat has advanced under the stimulus of heavy covering W inter ps tra
n ts___________ 6 00® 6 40
ig h ts ______ 4 00 4 25 R ye flour______________
of shorts and of new “long” buying, itself the result of bullish WW inter
65® 5 25
inter clears______ — 3 45 3 70 Graham flour__________ 34 90®
4 00
p aten ts--------------- 5 10 5 40 Corn meal, kiln d rie d -news and rumors of various kinds. Chief among these is Spring
3 00
65
g straig hts-------------4 40 44 25
news of one sort of another which has created the impression Sprl
Spring clears---------------- 3 90i
that Europe’s surplus crop of wheat this year is to bo smaller
G RA IN
Cents
Corn, per bushel—
per bushel— f.o.b
than last year’s, and that the importing countries will have W heat,.Spring,
No. 1-------------- 31 10Vi No. 2 ________elevator Nom59inal
to buy more freely from the United States than for years N.
Vi
N. Spring. No. 2 -------------- 1 08 K S tea m e r______ elevator Nom inal
No. 2 --------------- 99H No. 3 _______ elevator
past. Therefore, although the May deal has attracted less HRedardwwinter.
inter. No. 2 _______ 1 06 HI R ye, per bushel—
attention and the price of that option has actually declined, O ats,
N o. 2 W estern_______ Nom inal
bushel, new—
Cents.
S tate and Pennsylvania Nom inal
the market has, despite downward reactions, from time to SNo.tanper
d ard s________________ 40 Barley—M
alting-------------1 15® 1 17
40 Vi
time exhibited a degree of strength which has attracted much No. 23 ww hite________________
hite...........................
39Vi
attention. Dry weather at the Northwest was for a time a AGRICULTURAL
DEPARTMENT REPORT ON CE­
leading feature. The statistical news has favored the bulls. REALS, &c.—The report
of the Department of Agriculture,
The Northwestern stock has steadily decreased. The showing
the condition of the cereal crops on May 1, was
visible supply in the United States and Canada has within a
on the 8th inst., and is as follows:
week decreased not far from 4,000,000 bushels, or more than issued
The Crop R eporting Board of th e B ureau of S tatistics of th e U nited
double the decrease during the same time last year. The S tates
D
ent of A griculture estim ates, from the rep o rts of correspond­
European markets have been advancing. Argentina ship­ ents and epartm
agents of the B ureau, as follows:
A
nnn
On M ay 1 the area of w inter w heat to be harvested was ab o u t 31,367,000
ments show some decrease. The world’s stock decreased last acres,
or 1,940,000 acres (6.6% ) m ore than th e area harvested In 1910
week no less than 12,404,000 bushels, against 7,289,000 and 3,118,000
(0%) less than th e area sown last fall (34,485.000 acres).
condition of w inter w heat on M ay 1 was 86.1, com pared w ith
in the previous week and 7,278,000 last year. In Europe The averageacres
alone the decrease was 7,810,000 bushels, against 2,928,000 83.3 on April 1, 82.1 on M ay 1 1910 and 86 the average for th e past ten
bushels the previous week and 4,910,000 during the * eTrhc°condItIon
of the w heat crop on M ay 1 of th e past flve years averaged
: In the sam e live years th e Anal yield per acre averaged 15.5 bushels;
same week last year. The offerings of native wheat 85.7%
If the above
condition of
would
,uve
ratio
should pprevail
rt»«.. this
«...« year
-------the------------------ 86.1%
-. .
in Franco, Germany, Hungary and Italy have been com­ Indicate
a yield of 15.6 bushels per acre, which com pares w ith 15.8 bushels,
final estim ate of yield per acre In 1910; 15.8 In 1909 and 15.5, the average
paratively small. Harvesting in India is interfered with by the
past flve years. On the estim ated area to be harvested 15.6 bushels
the plague. Russia is said still to need rain. Some bad ofpertheacre
would produce 5.4% m ore th an the llnal estim ate of production
year, 9.0% more than the production of 1909 and 8.7% more th an the
crop reports have been received from that country. Europe last
average
annual
of the p ast flve years. The o ut-tu rn of th e crop
has been raising its bids here and at the West. Some ex­ will probably beproduction
above or below the figures given above, according as the
In conditions from May 1 to harvest Is above or below th e average
port business has been done. On the other hand, beneficial change
In the past live years.
^
„
rains have latterly fallen in the American and Canadian change
The average condition of rye on M ay 1 was 90, com pared w ith 89.3 on
t , 91.3 on M ay 1 1910 and 89.7 the averatto for the p ast ten years on
Northwest. Russia and Roumania have both had some rain. April
Cd
The last Government crop report was considered favorable M ay 1.
and for tin; moment depressed prices. Large quantities of The statements of the movement of breadstuff's to market
wheat have been forwarded to Chicago to fight the May indicated below are prepared by us from figures collected by
bull deal. The stock in Europe is still close to 98,000,000 the New York Produce Exchange. The receipts at Western
bushels, or about 10,000,000 bushels more than a year ago, lake and river ports for the week ending last Saturday and
and the size of the European crop cannot bo foretold in May.
It may turn out to be much larger than bull speculators are
Rye.
Oats. I Barley.
predicting. The consensus, however, is that a big crop will Receipts at— Flour W h ea l j Com.
be raised in this country and that the foreign supply will not
bu.OOlbs.
32 lbs. bvshASlbs.
6MS.196lbs. bush. 60 l bush. 56 lbs. bush.
6,000
1,530,400 301,500
101.856
160, 000 1.685.400
be so large as in recent years. If this idea is correct, there CMilwaukee
h ic a g o -----241,400 132,600 17,340
87,010
142, 380
may be some interesting developments later in the season. Duluth-------- 63.000
134.522
11,197
7,739
9,2601 167, 625
148,220 252.760
9,800
133.890
To-day prices declined and then advanced on strong cables, Minneapolis.
1,112, 360
10.5,000
94,700
19, 000
and a’report asserting that Kansas will not raise much more Toledo.........
_____
48,520
91,277
952
34,
6.464
Detroit.........
2,100
59,420
162,120
than 75,000,009 bushels, as against 61,000,000 in 1910, Cleveland
360
7, 910
-­
4.400
7.000
471.125
197, 609 548,750
43,170
L ouis...
85,000,000 in 1909 and 78,000,000 in 1908, and statements St.
2.200
32.400
169,643
,000 254.084
9
52,200
Peoria
-.
that in parts of the Southwest where severe drought was re­ Kansas City.
242,800
232 ,800 259,200
ported last fall and winter, the prospects are not flattering. Total wk. ’ll 276,310 , 2.083.636 3,324,170 3,151,050 739.557 39,740
Some 96,000 bushels for export have just been sold at the Same wk. *10 256,606
1,438.064 1,516.317 2,596,046 808.704 59.444
Samcwk. '09 380.359, 1.693,888 1.974.839, 2.625.117 703.272 47.444
outports.

DAII.Y CLOSING PRIC ES OF W H E A T FU T U R E S IN N E W Y O R K .
Since Aug. 1 12,553,934 184.592.415 228,649,602 152,246,938 58,443,837 4,748,571
Sat.
M on. Tues. Wed. Thurs. F ri.
1910-11.-­ 16.701,786 220.299,528 149,297,907 60.685.349 70,075,817 6,088.966
M 0 Vi
05 x 05
06 Vi
08 Vi 08
N o. 2 red w inter . ----1909-10.. 16,202,887 198.337.486 118.006.826 135,481.553 73,736,595 5.787,974
.9 5 H
05 H 05
06 M
97 V i 08 Vi
M ay delivery In elevator
1908-09..
.9 5
05 03 %
9 1%
96 X
97 Vi
Ju ly delivery In elevator.




1326

THE CHRONICLE

T o ta l re c e ip ts o f flou r a n d g ra in a t th e sea b o a rd p o rts for
th e w ee k en d ed M ay 6 1911 follow :

Wheal,
Com,
Oats, Barley,
Flour,
Rye,
bush.
bush.
bush.
bush. bush.
Receipts at—
bbls.
New Y ork............. 174,216 692,400 279.500 408,700 1,275 19,400
Boston .
33,679 100,289 270,917
88,810
100 1,000
53,330
14.000
57,279
Philadelphia ...
31,613
85,234 163,341
55.017
Baltimore.........
50,329
4,174
.........
50,400
27,895
78.000 122,000
New Orleans *.
429
Newport News.
11,000
2,000
Galveston------’ 5~050
20,000
Mobile...............
1,000
11,844 295,291
Montreal_____
1,191
4,465 9.707
11,000
St. John--------53,000
1,000
Total week 1911.. 376,409 1,287,323
750,842 839,645 11,142 24,574
SinceJan. 1 1911.-6,347,475 16,728,623 36,208,463 15,099,491 1916,382 272,435
Week 1910---------- 315,478 3,008,694
536,072 1.143.075 151,465 3,322
Since Jan. 1 1910.-6.074,908 22,306,542 17,432,074 14.225,328 1319,906 342,710
Receiptsbills
do of
notlading.
Include grain passing through New Orleans for foreign ports
on *through

T h e ex p o r ts from th e sev era l sea b o a rd p o r ts for th e w eek
e n d in g M ay 6 1911 are sh o w n in th e a n n e x e d s ta te m e n t

Wheat,
Corn, Flour,
Oats, Rye, Harley,
Exports from—
bush.
bush. bbls.
bush. bush. bush.
New Y ork........... 446,391 213.883 90,068 15,116
B oston................. 95,886 38,066 10,106
8,383
Philadelphia....... ...........
2,362
25,000
Baltimore.............................. 17,143 15,421
New Orleans........................ 49,000 15.000
3,000
Newport News......................
429
8,000
Galveston...............................
1,000
Mobile.................................... 20,000 5,050
Montreal............... 361,000 42,000 18,000 28,000
11,000
1,000
St. John, N. B -. 53,000
Total week___ 956,277 380,092 198,074 50,478 .
8.383
Week 1910........... 1,025,357 306,431 105,494 126,875 .
25.619

Peas,
bush.
1,394

1,304
2,165

T h e d e s tin a tio n o f th e se e x p o r ts for th e w eek in d sin ce
J u ly 1 191 0 is a s b elow :

-Flour-WheatSince
Since
Week July 1
Week
July 1
Exports for week and May 6. 1910. May 6.
1910.
HInee July 1 to— bbs.
bbls.
bush.
bush.
,702,951 685,249 29,771,229
,667,313 258,028 16,367,158
Sou. & Cent. Amer. 31,278 920,677 13,000 317,288
West Indies............. 38,356 ,101,477
7,549
Brit. Nor. Am. Cols. 2,000 73,547
Other Countries___ 1,054 202,609
25,000
Total.....................198.074 7.668,574 956,277 46,488,224
Total 1909-10...........105.494 8,312,894 1,025,357 73.096,827

-Com
Since
Week
July l
May 6.
1910.
bush.
bush.
131,612
161,515
1,000 2,330,066
62,667 1.366,224
14,404
52,475
23,298
3S0.092 44,127,429
306,431 26,648.504

T h e w o rld ’s sh ip m e n ts o f w h e a t a n d corn fo r th e w eek
en d in g M ay 6 1911 a n d sin ce J u ly 1 1910 a n d 1909 are
sh o w n in th e fo llow in g :
Exports.

1910-11.
1909-10.
1910-11.
1909-10.
Week | Since
Since
Week
Since
Since
May 6. | July 1.
July 1. May 6. July 1.
July 1.
Bushels. 1 Bushels. Bushels. Bushris. Bushels. Bushels.
North Ainer. 2.112.000 108.683,000 121.257.000 504.000 ['),! 81,000 26.317.000
R ussia------- 3.800.000 185,744,000 188.912.000 505.000 18.322.000 15.530.000
Danube ----- 720.000 81,154,000 17.674.000 1,836,000 63.816.000 20.167.000
Argentina .. 3,288,000, 72,554,000 50.908.000
55.499.000 60.563.000
A ustralia__ 1.592.000 50.100.000 36.212.000 ...........
r _____
344,000: 40,492,000
Oth. countr’s 320.0001 7,152.000 /39.320,000a ........... ............... ...............
Total......... 12176000 545.939,000 454,283,000 3,148,000 177,818,000 122,577,000

[V O L. LX X X X II.

T H E DRY GOODS T R A D E .

New York, Friday Night, May 12 1 91 1.
In th e p rim ary c o tto n g o o d s m a rk et th e m o st n o te w o r th y
fe a tu re o f th e w eek w a s th e h e a v y p u rch a ses o f n arrow p rin t
c lo th s b y M . C. D . B o r d en ’s b rok ers for th e A m erica n P r in t­
in g Co., th e to ta l a m o u n t th u s ta k en b ein g re lia b ly e stim a te d
a t clo se to 5 0 0 ,0 0 0 p ie ces, co m p risin g fo u r sta n d a rd s ty le s .
T h e g o o d s w ere b o u g h t o f N ew E n glan d a n d S o u th e rn m ills
a t q u o te d p rices, w ith th e e x c e p tio n o f 2 7 -in c h , 5 6 x 5 2 s
w h ich w ere secu red a t 2% c., or )^ c. b elo w th e p rice p re v io u sly
ruling; a n d it is u n d ersto o d th a t th ese p u rch a ses p r a c tic a lly
clea n ed th e m a rk et o f g o o d s o f th ese d escr ip tio n s in sto c k
or in p ro ce ss o f m a n u fa c tu re , a t th e p rices offered . D eliv eries
a re to b e m a d e th r o u g h o u t th e n e x t te n w ee k s. I t w a s a lso
a n n o u n c ed th a t th e se v e n m ills o f Mr. B o r d e n ’s F a ll R iv e r
Iro n W o rk s C o. w ill go o n h a lf-tim e b y ru n n in g a lte r n a te
w ee k s u n til th e cu r ta ilm e n t e q u a ls th e to ta l a m o u n t o f
g o o d s p u rch a se d . F or so m e tim e p a st p rin t clo th y a r n
g o o d s h a v e b een sellin g b elow p a r ity w ith raw m a teria l;
in o th er w ord s, it w as ch eap er to b u y th a n to m a k e th e m ,
a n d th is, a p p a r e n tly , w as th e m a in reason w h y th e B ord en
in te r e sts en tere d th e o p e n m a rk et on su ch a large sca le.
T h eir a c tio n , n o d o u b t, w a s a lso d u e in a m ea su re to th e
b elief th a t th eir p u rch a ses, to g eth e r w ith th e p rop osed
c u r ta ilm e n t, w ou ld servo to s te a d y a n d str e n g th e n th e gra y
g o o d s m a r k e t. T h a t, in fa c t, h a s b ee n th e r e su lt, for o th er
p rin ters a n d b lea ch ers, c o n stru in g th e A m erica n ’s p u rch a ses
a s an in d ic a tio n o f th e la tte r ’s co n fid en ce in th e fu tu re of
fin ish ed g o o d s, b o u g h t b o th narrow a n d w id e g o o d s m ore
freely th a n for so m e tim e p a s t, a n d p rices h a rd en ed g en er­
a lly , w ith m o d e ra te a d v a n c e s p aid for so m e d escr ip tio n s.
T h e a c tiv e b u y in g in th is d iv isio n also im p a rted m ore firm ­
n ess a n d co n fid en ce in v a r io u s lin e s o f finsh ed g oo d s; in
p a rticu la r, it lia s to a large e x te n t rem ov ed th e u n c e r ta in ty
h ereto fo re fe lt reg ard in g th e fu tu r e co u rse o f m a rk ets for
p rin ted g o o d s a n d o th e r fa b rics, w h ich are g o v ern ed b y
c o n d itio n s in p rin t c lo th s. In sh o rt, th e p o ssib ility o f a
re d u c tio n in p rin ts seem s to h a v e p a sse d , a d e v e lo p m e n t
h ig h ly im p o r ta n t a t th is tim e w h en p rin ters are a b o u t
rea d y to seek fall b u sin e ss, a n d th ere is n o th in g in th e
m a n u fa c tu rin g s itu a tio n a t p re se n t to w arra n t e x p e c ta tio n s
o f r e d u c tio n s in o th er lin e s o f c o tto n g o o d s. T h e a c tiv ity
in p rin t c lo th s, h o w e v e r , d id 'n o t ca u se a n y m a teria l in crea se
in trad in g in c o tto n g o o d s g en er a lly , b u y in g for th e m o st
p a r t still b ein g a lo n g c o n se r v a tiv e lin e s, a lth o u g h so m e
im p r o v e m e n t in d em a n d for w ash g o o d s a n d o th er sea so n ­
a b le fa b rics resu lted from th e w arm er w e a th e r d u rin g th e
p a st few d a y s . C otto n y a r n s c o n tin u e d q u ie t, b u t g en er a lly
firm , in sy m p a th y w ith th e s ta p le . T h e m en ’s w ea r m a rk et
ru led q u ie t o u tsid e o f fa irly sa tisfa c to r y fall ilo th in g ord ers,
a n d d ress g o o d s lin e s w ere g en er a lly in a ctiv e ; in b o th m a rk ets
offerin gs to clea n up sto c k s w ere a g a in in ev id e n c e .
D O M E S T IC C O T T O N G O O D S .— T h e ex p o r ts o f c o tto n
g o o d s from th is p ort for th e w eek e n d in g M ay 6 w ere 4 ,0 1 2
p a c k a g e s, v a lu e d a t 8 3 0 1 ,4 0 6 , th e ir d e stin a tio n b eing:

--------1911--------

Since
T h e q u a n tity o f w h e a t a n d corn a flo a t fo r E u ro p e on d a te s
New York lo M ay 6 Week. J a n .\ .
G reat B r i t a i n ................................................. 18
;h o
m e n tio n e d w a s a s fo llow s:
O ther E u ro p e -...............................
70
370
Wheat.
|
Com.
United |
United i
Kingdom. 1Continent. Total. Kingdom. | Continent.
Bushels. Bushels. Bushels. Bushels. : Bushels.
May 6 1911.. 22.152.000 31,528,000 53.680.000 2.525.000
April 29 1911.. 23.336.000 31,592,000 54.928.000 1.870.000 4,326,000
3,825,000
May 7 1910. . 34,000,000 15,200,000 49.200.000 1.870.000 2,125,000
May 8 1909. . 24.640.000 15,840,000 40.480.000 6.715.000 6,120,000
May 9 1908.. 24.320.000 16.240,000 40.560.000 3.740.000 0,205.000

Total.
Bushels.
6.851.000
5.695.000
3.995.000
12.835.000
9,945,000

C hina---------------...
India . . . ........
351
A rabia ...............
617
A frica ...........
760
W est Indies.................................................... 767
Mexico .............
55
C entral A m erica................................................ 410
090
South A m erica______________
O ther countries...........................
ooo
T otal ...........
4,012

24,890
7,048
13.158
2,384
14,527
890
0,402
22,032
1 1.132
107,101

--------1910-------Since
Week. J a n . 1.
a
855
n
505
10,200 15,018
780 5,518
50 4,768
11 1,430
570 10,304
44
573
230 2,830
507 18,438
2uo 15,040
12,783 75,975

T h e v a lu e o f th e se N ew Y ork ex p o r ts sin ce J a n . I h a s b een
T h e v isib le su p p ly o f g ra in , co m p risin g th e s to c k s in 8 7 ,9 0 5 ,4 8 8 in 1011, a g a in st $ 5 ,3 2 3 ,0 2 8 in 1910.
B lea ch ed c o tto n s d isp la y e d a firm er to n e , b u t w ere in
g ra n a ry a t p rin cip a l p o in ts o f a cc u m u la tio n a t la k e and
m o d e ra te d e m a n d , th e p rin cip a l b u sin ess d o n e b ein g w ith
sea b o a rd p o r ts M ay 6 1 91 1, w a s a s follow s:
AMEHICAN CHAIN STOCKS.
th e c u ttin g trad e a n d u n d erw ear m a k e rs. L ig h t a n d
Corn,
Wheal,
Oats,
Barley, m
ed iu m -w e ig h t b ro w n sh e e tin g s also sh o w ed in creased
bush.
bush.
bush.
bush.
New Y o rk __ .................... 5 36 ,0 00
3 3 2 ,0 0 0
2 0 3 ,0 0 0
6,000 29.000
firm n ess, w ith a m ore gen eral d em a n d rep orted b y so m e
2 6 ,0 0 0
17.000
large h a n d le rs. L ittle ch a n g e w as n o ted in colored co tto n s;
Philadelphia . .................... 67,000
1,000
3 5 ,0 0 0
Baltimore___ .................... 2 29 ,0 00
86,000
177 ,0 00
n o f th e h ea v ier lin es s b e in g cu rta iled m a te r ia lly ,
6,000 12,000 po wroind ug c tio
New Orleans . ...............
17,000
115 ,0 00
133.000
to th e lo w p rices p r e v a ilin g . C rashes for fall w ere
....................
76,000
7 .0 0 0
Buffalo...........
2 1 8 ,0 0 0
451,000 p riced d u rin g th e w e e k , a n d so m e lin es o f ch a m b ra y s w ere
2 28 ,0 00
64,00 0
offered to th e c u ttin g a n d jo b b in g trad es; p rices in b o th
D etroit........... .................... 2 08 ,0 00
14,000
5 .0 0 0
2 2 9 .0 0 0
in sta n c e s rem ain ed u n ch a n g ed , d esp ite th e h ig h er co st o f
.................... 4 ,6 3 9 ,0 0 0
8 3 ,0 0 0
Milwaukee__ .................... 96,00 0 1 ,4 3006 ,0,000 00 4 ,5146,000
5 ,0 00
65.000
c o tto n , sellers a p p a re n tly d esirin g to secu re en o u g h b u sin e ss,
D uluth.......... ...................4 ,0 1 1 ,0 0 0
2 78 ,0 00
7 75 ,0 00
1,000
Minneapolis . ................... 1 0,62 8,0 00
60,00 0
3 9 ,0 0 0
9 05 ,0 00
216,000 if p o ssib le , to k eep m ills o ccu p ied d u rin g th e su m m e r.
.................... 7 77 ,0 00
1,010 88 93 .0.0 00 00
60.000 P r in ts w ere q u ie t, b u t firm , o w in g to th e d e v e lo p m e n ts in
Kansas City.. -------------- 1 .7 00 ,00 0
604 ,0 00
3 3 ,0 0 0
" 3~66o th e p rin t c lo th m ark et; p rin ter s are e x p e c te d to otter sta p le s
1 .3 54 ,00 0
Indianapolis.. .................... 2 23 ,0 00
164.000
9 7 ,0 0 0
w ith fall d a tin g s s h o r tly . W ash fab rics h a v e b ee n h elp ed
On Lakes___
315^666 b y th e w arm er w ea th er, a n d so m e fa ir-sized c o n tr a c ts for
2 ,1 2 7 .0 0 0
4 48 ,0 00
Total Miy 6 1911 .25,667,000 6.380.000 9.508.000
01,000 1.169.000 fine c o tto n g o o d s w ere rep orted p la ce d w ith m ills. E x p o r t
Total Ap-1129 1911..27,605,000 7.180.000
60,000 1.455.000
Total May 7 1910.-24.584,000 9.300.000 10,638,000
8.118.000 585,000 2.154.000 tra d e g e n e r a lly w a s q u ie t. P r in t c lo th s, as n o te d , wero
a c tiv e , a n d sev era l d escr ip tio n s stro n g e r.
CANADIAN GRAIN STOCKS.
Montreal.......................... 393,000
17,000
375,000
75.000
W O O L E N G O O D S .— In m e n ’s w ea r m o d e ra te re-ord ers
l'ort W illiam .............- 3,264,000
........... 2,938.000
w ere re ce iv ed from clo th ier s, th e b e tte r q u a litie s o f g o o d s
Port Arthur.................... 3,322,000
........... 3,015,000
Other Canadian............. 2,100.000
_____ 1,674 000
b ein g in m o st d e m a n d , b u t o th er w ise th e m a rk et sh o w ed
Total May 6 1911. 9.079.000
75.000 little a c tiv ity so fa r as n ew b u sin ess is co n ce rn ed . D ress
17,000
7.002.000
Total April 29 1911. 11.082,000
74.000 g o o d s g en er a lly ru led d u ll a n d fe a tu reless.
4.000 3
■
Total May 7 1910. 7.143.000
73.000
138.000
368,000
F O R E I G N D R Y G O O D S .— In c o m m o n w ith d o m e stic
SUMMARY.
.25,667,000 6,380,000 9.508.000
American .........
1,169,000 fa b rics, im p o rte d w oo len s and w o r sted s m o v ed ra th e r
51.000
Canadian..................... . 9,079,000
75.000 s lo w ly . D ress lin en s w ere ta k e n m ore fr ee ly for sp o t an d
17.000 7.002.000
Total May 0 1911. .34,746,000 6,397.000 16.510.000
61.000 1.244.000 n ea r-b y d e liv e r y , b u t forw ard d em a n d sh o w ed no m a teria l
Total April 29 1911. .38,687,000 7,184,000 18.058.000
60.000 1,529,000
Total May 7 1910. .31.727,000 9,438.000 8.486.000 586.000 2,227,000 im p r o v e m e n t. B u rla p s fa irly a c tiv e a n d firm or; lig h t­
Total May 8 1909. .37.084,000 2,276,000 7.977.000 356.000 2,148,000 w eig h ts n o w q u o te d 3 .9 0 c . to 3 .9 5 c . a u d lO ^ -m in c o 5 .2 5 c .



THE CHRONICLE

M ay 13 191

1327

B o n d P ro p o s a ls a n d N e g o tia tio n s this week
have been as follows:
N ew s Ite m s.

A b in g to n , P ly m o u th C o u n ty , Mass.— Description of Bonds.
__ T h e S3 0 00 4% 3 0 -y e a r w a ter -r efu n d in g b o n d s so ld a t
p riv a te sa le a t 1 07 .3 0 o n A pril 2 5 (V . 9 2 , p . 1263) are in th e
d e n o m in a tio n of S I ,000 each a n d d a te d M ay 1 1 9 1 1 . In te r e st
s e m i-a n n u a l.
A lb a n y , N . Y .— Bond Sale.— O n M ay 10 th e 8 1 0 0 ,0 0 0 4%
1 0-19 -v ea r (seria l) reg istered so ld ie r s’ a n d sa ilo r s’ m em o rial
b o n d s d escrib ed in V . 9 2 , p . 1191, w ere a w a rd ed to F o ste r &
L o u n sb e ry o f N ew Y o rk C ity a t 1 0 0 071 a n d in te r e st. A b id
o f 1 0 0 .0 5 1 w a s su b m itte d b y A . B . L ea ch & C o. o f N ew \ o i k
C itv for th e en tire issu e .
.
_
. .
T h e A lb a n y E x c h a n g e S a v in g s B a n k , N a tio n a l C om m ercial
B a n k , U n io n T ru st C o. a n d th e M ech an ics & F arm ers B a n k ,
a ll o f A lb a n y , ea c h b id p ar for 8 5 0 ,0 0 0 b o n d s, a n d th e H o m e
S a v in g s B a n k , also o f A lb a n y , offered p ar for 8 1 0 ,0 0 0 b o n d s.
A lb a n y , A th e n s C o u n ty , O h io .— Bond.Sale.— 'T h e B a n k of
A th e n s oonn M ay 8 p u rch ased
a sed th e $ 2 ,2 5 0 6% 3 H -y e a r (a v era g e)
co u p on W ilk es S tr e e t im p r o v e m e n t a sse ssm e n t b o n d s d e ­
scrib ed in V . 9 2 , p . 1050, a t 1 0 3 .3 4 7 a n d m t c r c s t - a b a sis
of a b o u t 4 .9 4 7 % . T h e fo llo w in g b id s w ere re ce iv ed .
S S t e . ^ n “ & co-.;cie:*i:s5s
|: |S | g

C o lo ra d o .—Legislature Adjourns.— T h e L eg isla tu re of th is
S ta te ad jou rn ed on M ay 6 . A s p r e v io u sly rep o r te d , th e
F ed eral I n c o m e T a x A m e n d m e n t w a s ra tified a t th is sessio n .
G u th rie, L o g a n C o u n ty , O k la .—Commission Form of
Government Approved .— T h e n ow c ity ch a rter p ro v id in g lo r
a co m m issio n form of g o v e r n m e n t w a s a d o p te d , it is s ta te d ,
a t th e e le c tio n h eld M ay 3 . S ee V . 9 2 , p . 9 7 2 .
H e le n a , M o n t .— Water Bonds Ordinance Passed Oyer
Mayor’s Veto.— 'The o rd in a n ce p ro v id in g for th e su b m issio n
to th e v o te r s on Ju n o 26 o f a p ro p o sitio n to issu e $400>0
5% b o n d s for th e p u rch a se o f th e p la n t of th e H elen a W ater
W ork s C o. w a s retu rn ed to th e C ity C ouncil on M ay 1 vi
.the M ayor’s v e to . T h e C ouncil b y a v o te o f 10 to 4 , h o w ­
e v e r , refu sed to su sta in th e v e to . S ec V . J - , p . i - o >.
K e n t u c k y — Commission Form of Government Upheld.—
T h e C ou rt of A p p eals in a d ecision ren d ered M ay 2 su sta in s
th e co m m issio n form o f g o v e r n m e n t p ro v u ie u d. th c A
n f th e Inst T o v isla tu re. T h e ru lin g w a s m a d e in th e ca se ot
th e c ity o f N e w p o r t, w h ich a d o p te d th is form of g o v e r n m e n t. ^ rM ^ur?ty $4*50 yearly o n S ep t* \°fro m d 9 1 ? to ^ 9 1 0 Inclusive. T h e ju d g m e n t o f th e C am p b ell C ircu it C ou rt is re v ersed .
A lb er t L e a , M in n .— N o Bond S o le— W e are a d v ise d th a t
T h e fo llo w in g p a rts of th e d ec isio n arc p n n te d in th e L ou is­ th ere
is no tr u th in th e re p o r ts, w h ich a p p eared m so m e ot tn e
v ille “ C ou rier-Jou rn al” of M ay 3:
n ew sp a p er s, sta tin g th a t $ 2 2 ,0 0 0 4J4 % 1 0-ycar fu n d in g
I
„t„„o
nrc
now
governed
under
the
Act
of
M
arch
1891
Cities o f th e second clr-. r t an addition to th a t A ct. giving the cities
l he Act of M arch 1910 is a y choose betw een the two forms of govern- b o n d s h ad b een d isp o sed o f a t p r iv a te sa le .
A lcorn C o u n ty (P . O . C o r in th ), M is s .— Bond Offering.—
of
menhtU T f T e f t f do£?noPt'e je c ttoIf.bite elects
governed
th e,Abyj;ho
ct of_1910
to beunder
governed
Act ofIt P ro p o sa ls w ill b e re ce iv ed u n til J u ly 5 for $ 1 0 ,0 0 0 road b o n d s.
je determ ined Fy
by T 'h Y' tA‘ c t."' T jV oA etof
"
wvOTCnmont*w1il bo
Jo in ’rinpJ'not0 take the place of the previous Act
A ct. although m ade for the O . M . H in to n is C lerk.
nf S tie s ooif ttheo *second
class, b utln muCu
erely gives
them the power
A lle n , P o n to to c C o u n ty , O k la .— Bond Sale.— A n issu e o f
w1®12*S2S?n?
ySm. m
of
* b'vcram
T o1c,un ti0°k
n o7 S r“fo™ oFK
ent’iu Ueu of
df the
the old.
old The Act
, of
9
l o d o i n o t rcvlvo or extend the provisions of the Act of 1891. b u t leaves$ 2 5 ,0 0 0 6% w a ter -w o rk s b o n d s w as d isp o sed o f re c e n tly a t
those provisions Just ns they were before They simply cease to he pirftiu n In a cltv In which the new system of eovernm ent Is put Into client. p ar a n d in te r e st.

D enom ination $500. D ate Dec. 1 * * ° - ™ " * * sem i-annual. M a­
e o n s tltu tto do™ not require absolute uniform ity In all cities of a
tu rity Dec. 1 1935, subject to call after 10 years.
ltlVIt“lsCevW ent th a t th e General Assembly Is given the power to pass a law
A m e r ic u s, S u m ter C o u n ty , G a .-B o n r f Offering-— P ro p o s­
* ?P
0?ilAtIon bv counties, cities, towns or other m unicipalities of their
for
regulation
ty tIt t toa k 0 cirect upon Its adoption by the people of a ls w ill b e re ce iv ed u n til 7 p . m . M ay 16 b y th e M ayor and
localtheaffairs
and allow

The

v ___ ,
„
,
C ity C ou n cil for th e fo llo w in g 3 0 -y e a r b on d s:
K in g C o u n ty (P . O . S e a ttle ), W a s h .— Bonds Declared $40,000 4% street-paving bonds.
Valid.— Iti a d ec isio n ren d ered A pril 29 J u d g e K in g D y k e 40,000 4 H % sewerage bonds.
m a n of th e S u p erior C ourt u p h e ld th e le g a lity of th e $ 1 ,7 5 0 ,­
M
is required. Lee Allen Is Chairm an
finance Com m ittee.
,
„
0 0 0 h arb or b o n d s v o te d on N o v . 8 1910.
__
A r a p a h o e , F u r n a s C o u n ty , N e b .— Bonds V oted .— P a p e rs
I t was c la im e d th a t t h e b o n d s fo r t h e
W a s h i n g to n Canah t h e DuThe Court holds. s ta te th a t a n ele c tio n h eld M ay 2 re su lted in a v o te o f 1 -1
to 33 in fa v o r o f a p ro p o sitio n to issu e $ 1 4 ,0 0 0 fu n d in g b o n d s.
A sto r ia , C la tso p C o u n ty , O r e .- B o n d Offering .-P ro p o se iis
stated th a t the case will now go to the W ashington Suprem e C ourt.
L o u isia n a .— Bankers’ Association Advocates 1 ayment oj w ill b e re ce iv ed u n til 2 p . m . J u n e 5 b y O lof A n d erson , C ity
■
“ Baby Bonds.” — Sec item o n a p reced in g p a g e u n d er Ite m s A u d ito r, a n d P o lice J u d g e, for $ 5 0 ,0 0 0 re fu n d in g b o n d s.
A tla n ta , G a .— Bond Offering.— P ro p o sa ls w ill b e receiv ed
A b o u t B a n k s , B a n k ers a n d T r u st C o m p a n ies.
^
M ilw a u k e e , W is .— Annexation of Town of Lake. T h is u n til 12 m . J u n e 6 b y J o h n W . G ra n t, C h airm an F in a n c e
c ity r e c e n tly a n n e x e d th e to w n o f L a k e . I h c M ilw au k ee C o m m itte e , for th e fo llo w in g 4 FS% co u p on (w ith p riv ileg e
“ S e n tin e l” s a y s th a t th e sectio n a n n e x e d co m p rises fo rty - o f re g istr a tio n ) b o n d s a g g r e g a tin g $ 1 ,2 9 0 ,0 0 0 :
fou r b lo ck s o f te rr ito ry , w h ich w ill e x te n d th e c ity lim its on $210,000 water-works bonds, due $30,000 yearly on Ja n . 1 from 1919 to
th e so u th from C levela n d A v e n u e to O k la h o m a A v e n u e a n d
180.000 schoolnbonds?'due $20,000 yearly on Jan . 1 from 1817 to 1925
a d d s 8 ,0 0 0 p eo p le to M ilw au k ee’s p o p u la tio n .
M o b ile A la .—Election on Commission Form of Government. 4 5 0 000 scw er'bonds, due $45,000 yearly on Ja n . 1 from 1916 to 1925
— A n e le c tio n w ill b e h old J u n e 5 to v o te u p o n th e q u estio n 45o'.000 £
o f a d o p tin g a co m m issio n form of g o v e r n m e n t.
P e n n s y lv a n ia . \^°useR a E fiesF ed ^ l Income Tax Amend­
T h e a b o v ^ ^ c u r n i e s are th e b a lan ce
ment.— I t is rep orted th a t o n M ay 10 the H o u se o f R ep re
tille $585?00Z0 has1be e n taLk e n °b y Die S ln M n g Fund b o m m l s | l o ^ a n ^ t l , 125JJ00
s e n ta tiv e s v o te d , 139 to 4 , in fa v o r jo f th e r a tific a tio n oo ff th
p ro p osed In c o m e T a x A m en d m en t to th e le d e r a l C on stitu tio n . T h e reso lu tio n w ill n ow go to th e S e n a te .
R h o d e I s la n d .— Legislature A d jo u rn s.— T h e R h o d e Isla n d Issues will be delivered to tile purchasers on Jbly 1 1911 and tne lastL eg isla tu re a d jo u rn ed sh o r tly a fter m id n ig h t o n M ay 10. m entloncd Issue, If sold, will be delivered Dec. 28 1911.
O n M ay 2 a b ill w as p a sse d a m en d in g th e la w r e la tin g to
The official notice of this bond offering will be found among
sa v in g s b a n k in v e s tm e n ts. W e arc u n a b le to p r in t th e the advertisements elsewhere in this Department.
a m en d ed la w th is w ee k , h o w e v e r, o w in g to th e cro w d ed co n ­
A ttle b o r o , B r isto l C o u n ty , M a s s .— Temporary Loan — A
d itio n o f ou r co lu m n s.
a n o f $ 2 0 ,0 0 0 d u e in six m o n th s w a s n e g o tia te d on J la y 8
W y o m in g .— N ew County Created.— A sp e cia l e le c tio n h eld lo
P er ry , C offin & B u rr o f B o sto n a t 3 .1 2 ^ d isc o u n t.
re c e n tly in th e ea ster n h alf of C on verse C ou n ty is sa id to h a v e w ith
Note Sale.— T h e fo llo w in g 4 % n o te s w ere a lso a w a rd ed
resu lted in fa v o r of th e cr ea tio n o f a n ew c o u n ty to b e k n ow n on M ay 8 to P erry , C offin & B urr of B o sto n .
3 8 N io b ra ra . A t th e sa m e ele c tio n L u sk w as ch o se n a s th e $15,000 llre-enelne notes a t 100.44. D ate
1■ M aturlty S3' 000
yearly on Nov. 1 from 1911 to 191t> inclusive.
^county s e a t.
Notes Withdraion from the Market— An issu e o f $ 7 ,0 0 0 [ i Zo
h ig h -sc h o o l n o te s also a w a rd ed on M ay 8 t o P e r r y , C offin &
B u rr o f B o sto n a t 1 00 .3 13 h a s b een w ith d r a w n from th e
B o n d G alls a n d R e d e m p tio n s.
m a r k e t.
„ _
A u ro ra S ch o o l D is tr ic t N o . 131 (P . O . A u ro ra ), K a n e
H e le n a M o n t .— Tenders of Bonds Requested. F . J . E d ­ C o u n ty , 111.— Price Paid for Bonds.— The p rice p aid for th e
w ard s M ayor, w rites u n d er d a te o f M ay 2 th a t th ere are «12 0 0 0 0 13 1-3-year a n d th e $ 7 5 ,0 0 0 2 0 -y e a r 4% b o n d s
o u tsta n d in g $ 4 7 1 ,0 0 0 4 Ks% a n d 5% b on d s N o n e o f th ese a w a rd ed o n A p ril 28 to N . W . H a lse y & C o. o f C h icago
is r e d e e m a b le a t th is tim e , b u t th e c ity d esires to p a y off (V . 92 p . 1264) w a s 9 7 .8 1 5 a n d in te re st— a b a sis o f a b o u t
«.>r. 0 00 or $50 000 o f th e sa m e , a n d req u ests th e h old ers 4 i s o o) F iv e b id s w ere r e ce iv ed , th e lo w e st o f w h ich w as
th ereo f t o s t a t e a t w h a t p rice th e y w ill sell th e ir h o ld in g s o n e o f 9 6 .9 3 su b m itte d b y E . H . R o llin s & S o n s o f C h icago.
to th e c ity .
n C o u n ty , N . J .— Bond Sale.— 'Ih is c ity
J o h n sto w n S ch o o l D is tr ic t (P . 0 . J o h n sto w n ) C a m b n a h asB asoy oldn nthe ,e Hfoullod so
w
in
g bonds:
C o u n ty , P a .— Bond Call.— O f th e $ 1 0 0 ,0 0 0 4% sch o o l b on d s «**« ooo 4% city-hall bonds,
due Jan . 1 193« •
d a te d 1906 a n d d u o J u n e 1 1 9 3 6 , $ 2 3 ,0 0 0 h a v e b e e n called $3 c ’,5 0 0 5 % playground bonds, d u e 7**x\y.
121.000
4%
tax
bonds,
due
April
15 1 0 2 1 .
for p a y m e n t J u ly 1 .
,
In terest J a n u a ry a n d J u ly .
T rin id a d , C o lo .— B ond Call.— O n N o v . 1 1911 th is c ity
B e lo it, M itch ell C o u n ty , K a n . —Bond Offering.— P ro p o sa ls
w ill red eem a t th e F irst N a tio n a l B a n k in N ew Y ork C ity w ill b e receiv ed u n til M ay 15 b y J . W . M cC all, S ecreta ry
b o n d s n u m b ered from 1 to 70 in c lu siv e T h e y a r o in d e ­ B oard o f E d u c a tio n , for $ 2 5 ,0 0 0 4J^ % b o n d s.
n o m in a tio n s of $ 1 ,0 0 0 ea ch a n d are d a ted O ct. 1 1J01.
t h e m u n i c i p a l it y .




L ake

1328

THE CHRONICLE

[V O L . LXXXXI1.

D enom ination $500. D ate Ju ly 1 1911. Interest sem i-annually In
B eloit. Bonds arc exem pt from taxation. Certified
check for S500 . r C in cin n a ti^ H a m ilto n _ C o u n ty , O h io — R on d Sale.— O n
payable to th e Secretary Board of E ducation, Is required.
°
M ay 8 th e S ~ o 0 ,0 0 0 4 % 3 0 -y e a r co u p o n G ilb ert A v e . v ia d u c t-

B e n to n C o u n ty S ch o o l D is tr ic t N o . 6 (P . O . P r o sse r )
W a s h .— Bond Sale.— O n M ay 4 th e 8 2 4 ,0 0 0 1 0-20 -y ea r
(o p tio n a l) co u p o n sc h o o l-b u ild in g a n d fu r n ish in g b o n d s
d escr ib ed in V . 9 2, p . 1 12 8, w ere aw ard ed to C u tte r, M ay &
C o. o f C h ica g o a t p ar a n d a ccru ed in te r e st, le ss 835 0
m issio n , fo r 5 s. O th er b id s receiv ed w ere a s follow s:

F or 5 )4s.
C utter. M ay Sc Co., C hicago..$24,226
II. T . H oltz Sc Co., C hicago .. 24,211
C. H . Coffin, Chicago_______ 24,156
W m .B .Perkins & C o..Seattle. 24,150
D avis Sc S truve Bond Co.,
S e a ttle ___________________24 101
A . J . Hood Sc Co., D etro it__ 24,075
W ashington T ru st Sc Savings
B anks, S eattle............ ........... 24,017

J . M. Holmes, C hicago...........$24,000
M ate of W ashington________ 24,000
For 6s.
S. A . Kean Sc Co., C hicago..$24,504
Carstens Sc Earles, S e a ttle ._ 24,242
W oodin, M cNcar Sc Moore,
Chicago................
24,240
C entral Bank Sc T rust Co.,
N orth Y akim a____________ 24,000

c o n str u c tio n b o n d s d escrib ed in V . 9 2, p . 1052, w ere sold to
th e U n io n S a y in g s B a n k & T ru st C o. a n d B reed & H a rriso n ,
b ° t h ° fQ C in cin n a ti a t th eir jo in t b id o f 1 0 2 .5 7 — a b a sis o f
a b o u t o .S 8 o % , T h e fo llo w in g b id s w ere receiv ed :

UBreed
n.Sav.B
T r.C o.l CIn.$256,425 00 Provident Savings Bank
& H k.&
arrison
& T rust Co., Clncln. ..$255,325 00
C incinnati T rust Co., CIn 255,151 00 Hayden,M
lllcr&Co., Cle. 254,925 00
Field, Longstrcth& Co.,l Cin255,775 00 Cent.Tr.&SafcD.Co.,
CIn. 254,800 00
S tacy & B raun, T ol_.j
N at. B k„ Norwood 254,750 00
Scasongood& M aycr, CIn. 255,700 00 AFirst
t as N at. B k., Clncln. _ 254,425 00
G erm anN at.B anklC In __ 255.G77 00 Otis
& Hough, Cleveland 254,402 00
D avIcs-B ertr’mCo/
erm anB k.,Cln. 254,205 00
W ell, R oth Sc Co. lCIn_ 255,585 00 W estern-G
*
cnis2?
& Co*. BCle_
Cltlzens’N at.B k __ j
FSirst
N ational
k., 253,201 80
F ifth-T hird N at.B k ., CIn. 255,401 0 0 1 New
C olum bus------------------ 2 5 3 , 1 8 0 00

C la rk field , Y e llo w M ed icin e C o u n ty , M in n — Bond Offer­
— P ro p o sa ls w ill b e re ce iv ed u n til S p . m . M ay 12 (d a te
E ig H o rn C o u n ty S ch o o l D is tr ic t N o . 4 (P . O . S h e ll), W y o . cing.
h a n g e d from M ay 5 — V . 9 2 , p . 1129) b y A lfred H u lte e n
nr
Offering.— P ro p o sa ls w ill b e re c e iv e d u n til 1 p . m
e R eco rd er, fo r S 6 ,0 0 0 6% v illa g e-h a ll b o n d s.
’
M ay 20 b y S . I . S m ith , D istr ic t C lerk, fo r 8 1 ,0 0 0 6% cou V illag
D enom ination $2,090. D ate Ju ly 1 1911. M aturity Ju ly 1 1 9 1 6 .
p o n sch o o l-b u ild in g b o n d s.
subject to call after one year.
TChaP,tcr 1-10 Of R evised S tatu tes of 1910. D enomination
C lin ton S ch o o l D is tr ic t (P . O . C lin to n ), H en r y C o u n ty
$100. Date June 1 1911. Interest on Ja n . 1 and Ju ly 1 a t the Countv
T reasurer s office a t Basin or a t the S tate T reasurer's office a t Chcvenne M o — Bond Sale.— O n A pril 10 $ 6 0 ,0 0 0 5% sc h o o l-b u ild in g
as the purchaser m ay elect. M aturity 20 years.
b o n d s w ere a w a rd ed to th e M ississip p i V a lle y T ru st Co o f
B lo u n t C o u n ty (P . O . M a r y sv ille ), T e n n .— Bond Offering.__ S t. L o u is a t 1 0 1 .5 0 .
F u r th er d e ta ils are a t h a n d r e la tiv e to th e offerin g o n M ay 15
D enomination $500. D ate M ay 1 1911. Interest sem i-annual. Ma­
o f th e 8 3 0 0 ,0 0 0 5% co u p o n p ik e-ro a d -im p ro v e m en t b on d s tu rity May 1 1931, subject to call after M ay 1 1916.
m e n tio n e d in V . 9 2 , p . 1128. P ro p o sa ls for th ese b o n d s w ill
C o itsv ille T o w n sh ip S ch o o l D is tr ic t (P . O . S ta tio n “ A ”
b e re ce iv ed u n til 1 p . m . o n th a t d a y b y th e P ik e lto a d C om ­
w n ), M a h o n in g C o u n ty , O h io — R o a d Sale.— T h e
m issio n er s in th e o ffice o f W . E . P a r h a m , C h airm an o f th e Yfo ollou nwgins to
id s w ere su b m itte d o n M ay 1 for th e 8 2 0 ,0 0 0 4jM %
C o u n ty C ou rt. B id d ers are req u ested to su b m it offers as 1 -2 0-yearg b(seria
o n s c h o o l-b u ild in g a n d rep air b o n d s
fo llo w s: (1 ) fo r 8 2 0 ,0 0 0 b o n d s d u e in 10 y ea rs; (2 ) for d escrib ed in V . l)9 2,copu. p 1129:
m i 000i , ? l (,kK i n } 5 y.ea rs a n d 5 6 0 ,0 0 0 d u e in 20 years; Scasongood & M ayer. CIn— $20,828 I D avies-B ertram Co.. C I n ____$2,080
(3 ) for 8 5 0 ,0 0 0 b on d s d u e in 25 y e a r s a n d 8 5 0 ,0 0 0 b o n d s d u e vim ; mhLa0lTfre p°M ne-.C In. _ 20' 7;111New F irst N at. B ank, C olum . 20.606
in 30 y ea rs; (4) for $ 5 0 ,0 0 0 b o n d s d u e in 35 y e a r s a n d $60 000 Illth -T h lrd N at. Bank, CIn. 20,7071
b o n d s d u e in 40 y ea rs; (5 ) for $ 1 5 0 ,0 0 0 b o n d s, w ith a n a g ree­ tax^exerapta t tlle Commerc,al N ational Bank In Y oungstown. Bonds aro
m e n t to ta k e th e rem ain in g 8 1 5 0 ,0 0 0 b on d s; th e said la st h a lf,
m b ian a C o u n ty , O h io — Bond Offering.—
le ss co u p o n s p a st d u e , to b e d eliv ered a fte r 10 m o n th s a n d P roCpo olusamlsb iaw nilla , bCe olu
receiv ed u n til 12 m . M ay 20 b y G . E r n e st
n o t e x c e e d in g 15 m o n th s from d a te o f first d e liv e r y of first K o c h , V illag e C lerk,
th e fo llo w in g 4 ]A,°/o co u p o n s tr e e th a lf, a t th e o p tio n o f th e P ik e C om m issio n ers, a n d (6) for im p r o v e m e n t a sse ssm for
e n t b on d s:
th e en tire $ 3 0 0 ,0 0 0 b o n d s.

Fairfield A venue bonds. D enom ination $387 20.
D enom inations, $100, $500 or $1,000. D ate Ju lv 1 1911 Interest o
D uauesne S treet bonds. D enom ination $4 0 8 30.
Main S treet bonds. D enom ination $628 70.
Conu ntv “T n llte ? ' “ in Chas,e N ational B ank in New York City or a t the
T,?n,n 5y P M f ce s
the option of the bondholders. M aturity on 1 °*> ? f lcn£ ? tr£ct bonds. D enom ination $150 50.
1021 Certified
alul 1920:check
$$0,000
1931, 1030, 1941 in rolmnhinrS5 1 l ? 1*1, ,.Interest sem i-annually a t the U nion Banking Co.
d 1940 fo
and $60,000 In in
1951.
for 111
1 % of bid, payable
to
one" ^ nth, of cach Issue yearly from M arch 11912
to T . F . Cooper, Chairm an Pike R oad
Commissioners,
Is required,
‘
J
~
*
*
’ '
resen t check
fo ^ V
Bon2? arc tax-exem pt In Ohio. Certified
bonded d eb t, $21,200. Assessed valuation for 1911, $4,378,279.
Purchaser0 to pay a ^ e d ° n t? r e ^ ° t0 thc Vlllac° T reaaurer' ls required.

B o n h a m , P a n n in C o u n ty , T e x a s .— Bond Election.— A n
e le c tio n w ill b e h eld o n M ay 15, rep orts s ta te , to v o te on th e
q u e stio n o f issu in g 8 1 0 0 ,0 0 0 str e e t-im p r o v e m e n t a n d 8 3 0 ,0 0 0
w a ter -w o rk s b o n d s.
B o o n sb o r o , W a sh in g to n C o u n ty , M d . —Bonds Voted.— A n
e le c tio n h eld M ay 8 re su lted in fa v o r o f th e q u e stio n o f issu in g
to w n -h a ll-site b o n d s. T h e v o te w a s 4 8 “ f o r ’ to 41 “a g a in s t.”
B u c y r u s, C raw ford C o u n ty , O h io — Bond S ale— T h e
8 2 3 ,5 0 0 4 ]/4% 6 -y ea r (a v era g e) co u p o n str e e t-im p r o v e m e n t
a sse ssm e n t b o n d s d escrib ed in V . 9 2 , p . 1 05 1, w ere so ld on
M ay 2 , it is s ta te d , to th e D a v ie s-B e r tr a m C o. o f C in cin n a ti
fo r $ 2 4 ,0 6 6 — th e p rice th u s b e in g 1 02 .4 0 — a b a sis o f a b o u t
4 .0 4 6 % .
M aturity $1,000 each six m onths from M arch 20 1012 to S ept. 20 1914.
on M arch 20 and $1,000 on S ept. 20 each year from
1915 to 1921, $1,300
inclusive.

B u tle r S ch o o l D is tr ic t (P . O. B u tle r ), B u tle r C o u n ty , P a .
T h e $ 5 0 ,0 0 0 4% series “ H ” b o n d s offered
w ith o u t su c c e ss o n D e c . 5 1910 (V . 9 1 , p . 1788) h a v e b een
s o ld .
-Bond Sale.

• D enom ination $500. D ate Nov. 1 1010. Interest M ay and Novem ber
M aturity 30 years, subject to call as follows: Nos. 1 to 30 In 10 years 31 to
60 in 15 years an d 61 to 100 in 20 years. Bonds arc e x e m p tfto n fs ta tc ta x

B u tle r V illa g e S ch o o l D is tr ic t (P . O. B u tle r ), W o r th in g to n
T o w n s h ip , R ic h la n d C o u n ty , O h io .— Bond S a le— O n A pril 27
th e $ 3 ,6 0 0 5% 3 ^ - y e a r (a v era g e) im p r o v em e n t b on d s
d escrib ed in V . 9 2 , p . 9 7 4 , w ere a w a rd ed to th e N ew F irst
N a tio n a l B an k in C o lu m b u s a t 1 0 1 .7 5 — a b a sis o f a b o u t
O th er b id s re c e iv e d w ere a s follow s:

C om o I n d e p e n d e n t S ch o o l D is tr ic t (P . O. C o m o ), H o p k in s
C o u n ty , T e x . Bonds Registered.— T h e S ta te C om p troller on
M ay 2 registered 8 4 ,0 0 0 5% 2 0 -4 0 -y c a r (o p tio n a l) b on d s
C o n ley S ch o o l D is tr ic t, K ern C o u n ty , C a l— Bonds Voted.
- A t a re ce n t ele c tio n , it is s ta te d , a v o te o f 58 “fo r ” to 1
a g a m st w as c a st in fa v o r o f th e q u e stio n o f issu in g $ 5 0 ,0 0 0
sch o o l-b u ild in g b o n d s.
« o - n n n n a ? v not L ( P C hicaS ° ) . r& .-B ond S a l e .- T h e
8 9 o 0 ,0 0 0 4 % 2 -2 0 -y e a r (s e n a l)g o ld h o sp ita l, S eries K , b o n d s,
b id s for w h ich w ere receiv ed o n M ay 1 (V . 9 2 , p . 1 2 6 5 ), h a v e
T im 'iu ?
^ 10 H arris T r u st & S a v in g s B a n k o f C h icago
a t 1 0 0 .0 1 6 o a n d in te r e st.
C orn elia, H a b e rsh a m C o u n ty , G a .— Bonds Voted.— A n
ele c tio n h eld A pril 29 re su lted in fa v o r o f th e q u e stio n o f
issu in g $ 5 ,0 0 0 5% 3 0 -y e a r sew er b o n d s. T h e v o te w a s 104
tor to 9 a g a m s t.” I n te r e st se m i-a n n u a l. W e a re a d ­
v ise d th a t th e se b on d s w ill b e offered for sa le a b o u t J u n e 1.
C ro o k sto n , P o lk C o u n ty , M in n .— Bond Sale.— O n M ay 9
th e 8 1 5 0 ,0 0 0 10-year co u p o n p a r k -sitc -p u rch a so b on d s
d a te d M ay 1 1911 a n d d escrib ed in V . 9 2 , p . 1 1 2 9 , w ere
a w a rd ed to th e W ells & D ic k e y C o. o f M in n ea p olis for
8 1 5 0 ,0 3 5 (1 0 0 .0 2 3 ) a n d a ccru ed in te r e st for 4j^js. O th er
b id s for 5% b o n d s w ere re ce iv ed as follow s:

M innesota Loan & T rust
]U . M. S toddard & Co..
M in n e a p o lis .............a$150,000 00 M in neapolis.......
"
*
.......$150,255
00
H arris T rust & Savings
E . II. Roilins&Sons.Ghlo. 150,248 5 5
Bank, C hicago..........._• 150,508 00 C.
F . Childs Sc Co., C hic, 150,241 50
Thos. J . BolgcrCo.. Chic. 150,451 50 Kane & Co., Minneapolis 150,237 50
II. T . Holtz & Co., Chic. 150,311 00C. II. Coffin, C h ic a g o ,., 150,151 00
. Magraw, S t. P a u l.. 150,300 00S............
.. Sc Co., C h ic .. 150,045 00
A . Kean
S ecurity Savings Bank &
(Som erset B ank, S o m e rse t..$3 .6 4 7 10 F . •AElso
itted bid of $150,015 for 4 Ms a Also subm itted bid of
• I r u s t Co., Toledo ------- $3,661 00 Stacey Sc B raun, Toledo___ 3,626 00 $150,025 subm
for 4 H s.
H aydcn,M lller& Co.,Clcvc. 3,050 0 0 1
M atu rity $300 each six m onths from April 1 1912 to O ct. 1 1917 inclusive.
C u m b erlan d , A lle g a n y C o u n ty , M d .— Bond Election.— A

C en tral P o in t, J a c k so n C o u n ty , O re.— Bond Sale.— T h e
8 1 4 ,0 0 0 6% 3 0 -y e a r w a te r -sy ste m -e x te n sio n b o n d s d escrib ed
in V . 9 2 , p . 1192, w ere sold o n M ay 1 to th e C en tral P o in t
S ta te B a n k o f C entral P o in t a t p ar a n d in te r e st. A ll o th er
b id s receiv ed w ere re je cte d , a s th e y w ere n o t a ccom p an ied
b y th e req uired certified ch e ck s.
C h ic a g o , 111.— Bond Offering.— P ro p o sa ls w ill b e receiv ed
u n til M ay 24 for 8 5 0 0 ,0 0 0 b rid g e a n d 8 9 0 0 ,0 0 0 fu n d in g 4%
b o n d s, d a te d J u ly 1 1 91 1. T h ese b o n d s w ere v o te d on
A p ril 4 . S ee V . 9 2 , p . 9 7 4 .
C h ica g o , 111.— L in c o ln P a r k D is tr ic t .— Bond Sale.— O n
M ay 10 th e 8 8 7 5 ,0 0 0 4 % 1 0 -y e a r (a v era g e) co u p o n p ark im p r o v e m e n t b on d s d escrib ed in V . 9 2 , p . 1264, w ere
a w a rd ed to th e H arris T r u st & S a v in g s B a n k o f C h icago a t
p ar less 8 7 ,0 0 0 c o m m issio n . A bid w a s a lso r e c e iv e d from
C. F . C hilds & C o., o f C h ica g o .
C h r istia n sb u r g , M o n tg o m e r y C o u n ty , V a . — Bond Offering.
— P ro p o sa ls w ill b e receiv ed u n til 8 .3 0 p . m . M ay 20 b y E . S .
H a g a n , M ayor, for 8 4 0 ,0 0 0 5 % w a ter -w o rk s b o n d s.

M aturity 15 to 30 years. A sim ilar Issue of bonds was aw arded to S . A.
K ean & Co. of Chicago In Dec. 1910 (V. 91. p . 1789). Wc arc not advised
as to w hy the first sale was not consum m ated.




p ro p o sitio n to issu e 8 5 0 0 ,0 0 0 w a te r -sy ste m b on d s w ill b e
su b m itte d to a v o te , it is s ta te d , on M ay 16.
C u y a h o g a C o u n ty (P . O. C le v e la n d ), O h io .— Bond Offering.
— P ro p o sa ls w ill b e receiv ed u n til 11 a . in . M ay 17 b y th e
B oa rd o f C ou n ty C om m issio n ers, J o h n F . G old cn b ogcn
C lerk, fo r th e fo llo w in g 4>£% co u p o n Irish R o a d N o . 2 b on d s:
$10,300
„„ „„„
53,200

assessm ent bonds. D enom ination $t , 0 0 0 , except one bond of $ 3 0 0
M aturlty on Oct 1 as follows: $300 in 1011. $1,000 yearly from
1012 to, 101». Inclusive, and $2,009 In 1920.
*
county s portion bonds. D enom ination $1,000, except one bond
fAcpril
t f ?l °1912
. « . Sto WO ct.y 5200
0
o
t1
1911.
$
2 ,0 0 0 each six m onths from
1 1913, inclusive, and $3,000 cach six m onths
a .v f(? m Aprli 1 1914 to April 1 1921, Inclusive.
m ontns
A uthority Sections 2204. 2295. 6012, 6912-1 and 6013, General Code as
\rav n<?n<iini1n su£ P jcrn™ ted by an A ct of thc General Assembly passed
& “ y .‘ V ° 10May I 1911. Interest April 1 and Oct I a t the
U1if by3 an
»«■ unconditional
«*■ Bid m ustcertified
be m adecheck
on each
separately and
be accom panied
for Issue
1 % of bonds bfd for.

D a y to n , M o n tg o m er y C o u n ty , O h io — Bond Offerings.—
P ro p o sa ls w ill be receiv ed u n til 12 m . .May 18 b y G eorge W .
B isli, C ity A u d ito r, for th c fo llo w in g co u p on b on d s:

$17,000 4)4% funding bonds. D enom ination $1,000. Date Juno 1 1911.
W .000 y e a r T o V jiS e 1
i k (ifirt
JfOhi 1928 to 1936, Inclusive.
lo.OOO 4% G reat Miami R iver Im provem „ent --------bonds D enom ination
31.000. Date April 1 ____
1911. wM aturity
‘ • $3,000
yearly on
April 1 from 1924 to 1928, ,Inclusive.
•B

May 13 1911.1

THE CHRONICLE

08 000 4 K % street-im provem ent (city’s portion) bonds. Denom ination
’
s i , 000. D ate April 1 11)11. M aturity 53.000 on Apr ! 1
19 2 4 and 55,000 yearly on April 1 from 1920 to 1935, inclus13 500 4
street-im provem ent (city's portion) bonds. D enom ination
51,000, except one bond for 51,500. Date April 1 1911.
M aturity 51,500 on April 1 1920 and 52,000 yearly on April 1
from 1921 to 1926, inclusive.
.
5.000 4 Yi% w atcr-w orks-system -lm provcm cnt and extension Donas
D enom ination $1,000. D ate May 1 1911. M aturity May 1
1920.
In terest sem i-annually in New Y ork. Bonds to be delivered and paid
for on May 18 1911. Certified check on a national bank for 5% of each
Issue, payable to the City A uditor, is required.

1339

6c M ayer, Cln— $71,512
Sullivan B k. & T r. Co., M ont.572,100 Scasongood
hn N uvccn & Co., Chicago. 71,125
Sperry & Co., New Y ork____71,862 Jo
Spltzcr. RorJck & Co., Toledo 71,837 C utter, May & Co., C hicago. 70,356
O tto. M arx & Co.. B in n in g ._ 71,783

Elyria School District (P. O. Elyria), Lorain County, Ohio.

— Bond Offering.— P ro p o sa ls w ill b e re ce iv ed u n til 12 m .
M ay 17 b y S . S . R o c k w o o d , C lerk o f B oa rd o f E d u c a tio n , for
S 1 2 ,0 0 0 4 A % co u p o n s c h o o l-im p r o v e m e n t b o n d s.

A uthority Section 3994, School Law s. D enom ination $500. D ate
M ay 17 1911. Interest sem i-annually a t the Elyria Savings 6c B anking Co.
of Elyria. The bonds are exem pt from all taxes. Bid m ust be uncondi­
tional and be accom panied by a certified check for $500, payable to the
of Board of E ducation. M aturity $1,000 yearly on N ov. 17 from
P ro p o sa ls w ill a lso b e re ce iv ed u n til M ay 2G b y th e C ity Clerk
1917 to 1928, Inclusive.
A u d ito r for 8 2 5 ,0 0 0 43^ % co u p o n g e n e r a l-lig h tin g b o n d s.
Excelsior
Union High School District, Los Angeles
D enom ination $1,000. D ate Ju ne 1 1911. Interest sem i-annually n
New Y ork. M aturity $5,000 on Ju ne 1 every live years from 1920 to 194U County, Cal.— Bond Sale.— J a m e s H . A d a m s & C o. o f L os
Inclusive. Certified check on a national bank for $l,2o0, payable to the A n g e les a re rep orted a s h a v in g p u rch a se d S 3 0 ,0 0 0 sch oo l
City A uditor, Is required.
<#
b o n d s fo r $31 8 0 1 — th e p rice th u s b e in g 1 0 6 .0 0 3 .

Bonds Authorized.— O rd in a n ces h a v e b ee n p a sse d p ro v id in g
Fort Bend County (P. O. Richmond), Tex.—Bond Sale.—
fo r th e issu a n c e of th e fo llo w in g b on d s:
$2,500 5% F irst S t. paving bonds. D enom ination *W 0. D ate M ay i O n M ay 8 th e tw o issu e s o f 5% 1 0 -4 0 -y ea r (o p tio n a l) b rid g e
1911. M aturity $500 every odd year from M ay 1 1913 to b o n d s a g g r e g a tin g $ 6 0 ,0 0 0 , d escrib ed in V . 9 2 , p . 1 13 0, w ere
M ay 1 1921, Inclusive.
sold to A .B . L each & C o., o f C h icago a t 1 0 1 .5 7 a n d in te r e st—
In terest sem i-annual.
> _
o f a b o u t 4 .8 0 % to th e o p tio n a l d a te a n d about
Deerpark (Town) Union Free School District No. 1 (P. O. 4 .9b1a1sis
Port Jervis), Orange County, N. Y.—Bond Sale.— O n .M ay o re ce iv%ed : to fu ll m a tu r ity . T h e fo llo w in g p ro p o sa ls were
th e $ 5 3 ,0 0 0 \ y ,% 1 7 K -y e:ir (a v era g e) b o n d s d escrib ed in
& Co.. ChIC--560,942 OOIThos. J . Bolgcr Co.. C hic.560.601 15
V . 9 2 , p . 1192, w ere a w a rd ed to I sa a c VV. S h errill o f 1 o u g h - E . hI) ’. Leach
Hollins & Sons. Clil. 60,762 00 E . A . Toebclm an, Gat vest. 60,078 00
k eep sio a t 1 03 .2 7 a n d accru ed in t e r e s t — a b a sis o f a b o u t Woociln,McNcar&Moore.ChI60.620 0 0 1
These bonds were registered by the S tate Com ptroller on M ay 4.
4 .3 1 % . O th er b id s re ce iv ed w ere a s follow s:
Framingham, Mass.— Temporary Loan.— I t is s ta te d a
H arris, Forbes & Co., N. Y --102.609|G co. M. H ahn. Ncyv. Y.. oN.rk Y...102.03
.102.025
A dam ss && Co
York
102.480
Spltzcr, ltorick & Coai Y o rk .101.15 lo a n o f $ 4 0 ,0 0 0 , d u e N o v . 8 1 91 1, h a s b ee n n eg o tia te d w ith
Adam
., New
New
ra -- II ino
John
J . H ca ort.'A
lb a nxyo..-----1
0 J .2,,,7 h& tabrook & Co. NNew
P er ry , C offin & B u rr o f B o sto n a t 3% d isc o u n t a n d 5 0 c.
M*MaturUy o^X prU ^'a^follow ^T si .000 yearly from 1912 to 1919, Inclusive; p re m iu m .
5 2 OOOyeiSly from 1920 to 1030, InclusIvc;S3,000 yearly from 1937 to 1939,

Inclusive, and

In 1940.

Dixon, Solano County, Cal.—Bonds
5 2 .0 0 0

Franklin County (P. O. Columbus), Ohio.—Bond Offering.

A n e le c tio n — P ro p o sa ls w ill b e re c e iv e d u n til 12 m . M ay 15 b y th e B oard
h old M ay 2 re su lted in a v o te o f 149 “ fo r” to 30 “ a g a in st’ o f C ou n ty C om m ission ers for th e fo llo w in g i'A % roadim p r o v e m e n t b on d s:
th e p ro p o sitio n to issu e sew er b o n d s.
Voted.—

Durand, Shiawassee County, Mich.—Bonds

Offered by

58.500 Stahl road bom ls. M aturity 51,500 on M ay 1 in 1912, 1913 and

1914 and 52,000 on M ay 1 In 1915 and 1916.
T h e S ec u r ity T r u st C o. o f D e tr o it is o fferin g to 12.500 W
ilcox Hoad bonds. M aturity 52.500 yearly on M ay 1 from 1912
1916 inclusive.
.
in v e sto r s $ 1 2 ,0 0 0 4 A % 2 -1 3 -y e a r (serial) w a ter -w o rk s an d 18.000 to
Avery Road bonds. M aturity 53,500 yearly on M ay 1 from 1912
e le c tr ic -lig h t b o n d s.
to 1915 Inclusive and 54,000 on M ay 1 1916.

Bankers.—

R oad bomls. M aturity 56,000 yearly on M ay 1 from 1912
D enom ination 51,000. D ate April 1 1911. Interest sem i-annually a t 31.000 Ring
to 1915 Inclusive and 57,000 on M ay 1 1916.
, ,
the Security T ru st Co. In D etroit.
A uthority Sections 0956-1 to 6956-15 of General Code (Ohio Laws 101.
2 4 7 to 254 Inclusive); Section 6956-15, General Code (Ohio Laws 101.
East Orange, Essex County, N. J. — Bond Sale.— T h e fo l­ naees
253) and Sections 2294 and 2295, General Code. D enom ination 5500.
lo w in g 4% b o n d s w ere d isp o sed o f on M ay 8 a t p ar a n d in - lave
J a tc May 1 1911. Interest sem i-annually a t the County T reasurer’s office
Certified check on a national bank or tru st com pany in Franklin County
sioofooo 30-ycar coupon (with privilege of registration) w ater-supply bonds for 1 % of bonds bid for. payable to F. M. Sayre, County A uditor, Is required.
*
described In V. 92, p. 1130, aw arded to the Essex County T rust
Garrison Independent School District (P. O. Garrison),
100 000 40-year coupon (with privilege of registration) school-building Nacogdoches County, Tex.— Bond Offering.— P ro p osals w ill
bonds offered w ithout success on April 10 (V. 92, p. I0o2) awarded b e re ce iv ed u n til M ay 20 b y D . M . M cD u ffie, P re sid e n t B oard
to th e Savings Investm ent & T rust Co. of E ast O range.
25,000 (two Issues) school bonds m entioned In V. 9 -, p. 897, sold to o f T r u ste e s, for th e $ 1 0 ,0 0 0 5% co u p o n sc h o o l-b u ild in g b o n d s
Elsclo & King of Newark.
v o te d o n D e c . 10 1910 (V . 9 1 , p . 1 7 2 4 ).
Bonds Authorized.— O n M ay 8 th e C ity C ou n cil p assed an
D enom ination 51,000. D ate Feb. 1 1911. Interest annually in New
Y ork. M aturity 40 years, subject to call after 20 years. A deposit of
o rd in a n ce p ro v id in g for th e issu a n ce o f $ 1 5 ,0 0 0 sew er- 2%
of bid Is required.

c o n str u c tio n b o n d s.

Ashtabula County, Ohio.— Bond Offering.— P ro ­
Edgefield, Edgefield County, So. Car.—Bond Election.— p o Geneva,
sa ls w ill b e re ce iv ed u n til 12 m . M ay 2 0 b y W . E . M organ ,
A n e le c tio n w ill ta k e p la ce o n M ay 18, it is sa id , to v o te o n a V illa g e C lerk, for th e fo llo w in g 5% co u p o n s tr e e t-im p r o v e ­
p ro p o sitio n to issu e e lc c tr ic -lig h t-p la n t b o n d s to an a m o u n t m e n t b o n d s m en tio n e d in V . 9 2 , p . 1053:
n o t e x c e e d in g $ 1 5 ,0 0 0 .
$42,500 Main Street assessm ent bonds. A uthority, Sections 93, 96 and 97
of Municipal Code. D enom ination $500. M aturity $4,000 In the
El Dorado County (P. O. Placerville), Cal.—Bond Sale.—
even years and $4,500 In the odd years on S ept. 1 from 1912 to
O n M ay 2 th e $ 1 2 0 ,0 0 0 5% 5 -3 4 -y e a r (serial) co u rt-h o u se­
1921 Inclusive.
Broadw ay S treet assessm ent bonds. A uthority, Sections 95, 96
b u ild in g b o n d s d escrib ed in V . 9 2 , p . 2 0 0 , w ere aw ard ed to 32,500 and
97 of Municipal Code. Denom ination $500. M aturity $3,000
N \V . H a lse y & C o. o f S an F r a n c isc o a t 1 07 .0 8 a n d accru ed
In the even years and $3,500 In the odd years on S ept. 1 from 1912
to 1921 Inclusive.
in te r e st— a b a sis of a b o u t 4 .4 8 % . B o n d s arc d a te d M ay
10 800 Main Street (village’s portion) bonds. A uthority, Section 53 of
1 91 1.
’ Municipal Code. D enom ination $500, except one bond of $300.
El Dorado School District (P. O. El Dorado), Butler
County, Kan.— B o n d O ffe r in g .— P ro p o sa ls w ill b e receiv ed

M aturity one bond yearly on S ept. 1 from 1912 to 1933 Inclusive.
D ate M arch 1 1911. Interest sem i-annual. Bonds to be delivered and
naid for w ithin 5 days from tim e of aw ard. Certified check on a bank In
a n y tim e for th e $ 4 0 ,0 0 0 5% h ig h -sc h o o l-b u ild in g b o n d s Geneva for $1 000, payable to the Village T reasurer, is required. P u r­
chaser to pay accrued interest.
v o te d o n A pril 25 (V . 9 2 , p . 1205).
Gibson County (P. O. Princeton), Ind .—Bond Offering.—

Ellensburg, Kittitas County, Wash .— Bond

Offerings.—

In a d d itio n to th e $ 1 4 ,0 0 0 ele c tr ic -lig h t a n d $ 2 0 ,0 0 0 sew er
co u p o n re fu n d in g b o n d s a t n o t e x c e e d in g
in te r e st to be
offered a t 7:30 p . m . M ay 15 (V . 9 2 , n . 1 2 (, 5 ) th is c ity is also
offerin g fo r sale $ 1 1 0 ,0 0 0 e le c tr ic -lig h t a n d $ 2 0 0 ,0 0 0 elec triclig h t a n d w a ter b o n d s. B id s arc req u ested a s fo llow s.
(1 ) for th e $ 7 0 ,0 0 0 re fu n d in g lig h t a n d sew er b on d s; (2) for
th e $ 7 0 ,0 0 0 refu n d in g lig h t a n d sew er b o n d s a n d $ 1 1 0 ,0 0 0
e le c tr ic -lig h t b on d s; a n d (3 ) for $ 7 0 ,0 0 0 refu n d in g lig h t an d
sew er b o n d s a n d $ 2 0 0 ,0 0 0 e le c tr ic -lig h t a n d w a te r b o n d s.
T h e tw o new issu es a n sw er th e fo llo w in g d escrip tio n :

xi in 000 clcctrlc-llght bonds, of which 5 8 0 ,0 0 0 la to take up outstanding
*11“ '
w arrants and 530,000 to enlarge the power canal. M aturity
57 000 yearly from 1913 to 1922, Inclusive, and 510,000 ycaily
from 1923 to 1928. Inclusive.
_ „ ____
,
•>no 000 clcctrlc-llghtclcctrlc-llght
and w ater bonds,
of which
Is tothetake
up
-oo.ooo
w arrants,
530,000580,000
to enlarge
power
canal of the clectrlc-llght-plant and 3150.000 to Install a water
system . M aturity 510,000 yearly from 1913 to 1920, Inclusive
T he two1ssues2nicntloncd above arc to be sold w ith th e condition th a t
they be authorized by the voters a t an election to be held n ext June.
D enom ination 51.000. D ate July 1 1911. Interest (rate to be nam ed In
bid), payable sem i-annually ln l.llensburg nr a t t h r Seaboard N ational
H ank In New York City. Certified check for 52,000 is required.

P ro p o sa ls w ill b e re ce iv ed u n til 4 p . m ., M a y lo , a cco rd in g
to re p o r ts, b y E d ga r M au ck , C o u n ty T reasu rer, for $ 2 1 ,0 0 0
4
Wa b a s h T o w n sh ip frec-g ra v el-ro a d b o n d s.

D enom ination 5525. D ate M ay 15 1911. Interest sem i-annual. Matu rlty $525 each six m onths from M ay 15 1912 to N ov. 15 1931 inclusive.
The bonds arc tax-exem pt.

Grand Junction, Colo.— Bonds Voted.— A ccord in g to lo ca l
p a p e rs, th e v o te r s o f th is c ity o n A pril 29 d ec id ed in fa v o r
o f p ro p o sitio n s to issu e $ 1 1 8 ,0 0 0 s tr e e t-p a v in g , $ 3 5 ,0 0 0
s e w e r -e x te n sio n a n d S 4 5 0 .0 0 0 w a te r -sy ste m b o n d s.
Greeno County (P. O. Springfield), Mo.—Bonds Voted.—
R e p o r ts s ta te th a t a p r o p o sitio n to issu e $5,000 roadim p r o v e m e n t b o n d s w a s fa v o r a b ly v o te d u p o n a t a n ele c tio n
h eld in E a s t D iv isio n S tr e e t S p ecia l R o a d D istr ic t on A p ril 2 2 .
Greenville, Butler County, Ala.— Bond Sale.— S p itz er ,
R oriek & C o. o f T o led o w ere a w a rd ed a t p ar, it is s ta te d , th e
$ 1 5 ,0 0 0 b o n d s r e c e n tly v o te d (V . 9 2 , p . 9 7 6 ).
Guthrie, Logan County, Okla.— Bonds Voted.— T h e elec­
tio n h eld M ay 3 , a ccord in g to re p o r ts, re su lted in fa v o r o f tb e
p ro p o sitio n to issu e th e $ 1 0 0 ,0 0 0 b o n d s to eq u ip a n d p r o m o te
M ineral W e lls P a rk .

Elma, Chehalis County, W ash—B on d Offering.— P ro
p o sa ls w ill bo re ce iv ed u n til 8 p . m . M ay 10 b y th e T o w n
Hamilton County (P. O. Chattanooga), Tenn.—Bond
C ou n cil for $ 1 0 ,0 0 0 co u p o n w a ter-w o rk s sy s te m -e x te n s io n Offering.— A d d itio n a l d e ta ils are a t h a n d r e la tiv e to th e
b o n d s a t n o t e x c e e d in g 0% in te r e st
offerin g o n M ay 20 o f th e $ 1 3 5 ,0 0 0 sch o o l-b u ild in g a n d
A uthority election held April 11 1911. Dc lom lnatlon $500. Interest $ 1 0 0 ,0 0 0 R o ssv ille ro a d -im p ro v em en t 4 A % co u p o n b o n d s
sem i-annual. M aturity 10 years, subject to call after 5 years. C. N . Long m en tio n e d in V . 9 2 , p . 1 26 6. P ro p o sa ls fo r th e se b o n d s w ill
Is Town Clerk.
Elmore County (P. O. Wetumpka), Ala .—Bond Sale.— O n bo ren tyce ivJedu d gue.n til 12 m . o n th a t d a y b y J o e V . W illiam s,
M ay 2 th e $ 7 0 ,0 0 0 (n o t $ 1 7 0 ,0 0 0 , a s a t first rep orted ) 5% C oDuenom
ination $1,000. D ate Ju ne 1 1911. Interest sem i-annually a t
3 0 -y e a r g old co u p on ro a d -im p ro v em en t b o n d s d escrib ed in th e N ational City Bank of New York City. M aturity Ju ne 1 1941. Certi­
fied cheek for $1,000, payable to the C ounty Judge. Is required. Official
V . 92 p . 1052, w ere a w a rd ed to th e F ir st N a tio n a l B a n k in circular
there Is no litigation threatened afTectlng any Issue of bonds
W e tu m p k a a t 104.01 a n d accru ed in te r e st— a b a sis o f a b o u t and th a t states
the principal and Interest on previous Issues have been paid prom pt­
ly also no previous Issues have ever been contested.
4 .7 4 9 % . O th er b id s re ce iv ed w ere a s fo llow s:




1330

T H E C H R O N IC L E

H a m le t, R ic h m o n d C o u n ty , N o . C aro.— Bonds Voted.—
A p ro p o sitio n to issu e $ 5 ,0 0 0 str e e t-im p r o v e m e n t b on d s w a s
fa v o r a b ly v o te d o n a t a n e le c tio n h eld M ay 2, it is s ta te d .
H a n c o c k C o u n ty (P . 0 . B a y S t. L o u is), M is s .— Bond
Sale.— O n M ay 1 th e $ 2 5 ,0 0 0 6% 5 -2 0 -y c a r (o p tio n a l) co u p o n
p u b lic-ro a d a n d b rid g e-b u ild in g b on d s d escrib ed in V . 9 2 ,
p . 1130, w ere a w a r d e d to C. A . K in so n s S o n s C o. a t 1 02 .5 2
a n d a cc ru ed in te r e st— a b asis o f a b o u t 5 .4 1 9 % to th e
o p io n a l d a te a n d 5 .8 0 % to th e .fu ll m a tu r ity . O th er b id s
re ce iv ed w ere a s fo llow s:
M erchants’ B ank of n a y S t. Louis, Bay S t. Louis
|0 2 25
H ancock C ounty H ank, Bay S t. Louis. . . .
102 00
W hitney-C entral T ru st & Savings B ank, New O rleansI
.............. io o !51
All other bids did not com ply with conditions and were not considered.

H a r n e tt C o u n ty (P . O. L illin g to n ), N o . Caro .—Bonds
P a p e rs s ta te th a t th ree to w n sh ip s in th is c o u n ty
h a v e ea c h v o te d to issu e $ 2 0 ,0 0 0 ra ilro ad -aid b o n d s.
H ic k m a n C o u n ty (P . O. C e n te r v ille ), T e n n .— Bond Sale.—
E . H . R o llin s & S o n s, o f C h icago, h a v e b ee n a w a rd ed $ 1 0 ,0 0 0
b rid g e an d $ 4 0 ,0 0 0 fu n d in g 5% 1 2 )^ -y ea r (a v era g e) b o n d s
a t 1 01 .0 5 — a b a sis o f a b o u t 4 .8 8 2 % .
H o u sto n C o u n ty C om m on S ch o o l D is tr ic t N o . 3 , T e x .—
Bonds Registered.— T h e S ta te C om p tro ller on M ay 2 reg is­
tered $ 1 ,0 0 0 5% 1 0 -2 0 -y ca r (o p tio n a l) b o n d s.
I d a h o .— Description of Bonds.— W e are a d v ise d th a t th e
tw e n ty -th r e e issu e s o f 1 0-20 -y ea r (o p tio n a l) Id a h o S ta te
b o n d s, a g g r e g a tin g S I ,1 6 1 ,5 0 0 , a w a rd ed o n A pril 19 to th e
C h icago sy n d ic a te co m p o sed o f A . B . L ea ch & C o., th e
C o n tin en ta l & C om m ercial T ru st & S a v in g s B a n k and
E . H . R o llin s & S o n s (V . 9 2, p . 1131) are in d e n o m in a tio n s
o f $ 5 0 0 a n d 3 1 ,0 0 0 ea ch a n d are d a te d M ay l 1 91 1. In te r e st
J a n . a n d J u ly . T h e b o n d s b ear in te r e st a s fo llow s: $ 7 6 1 ,5 0 0
a t 4 Yi°/o, $ 3 1 9 ,0 0 0 a t 4% a n d $ 8 1 ,0 0 0 a t 5 % . T h e p u rch a se
p rice w a s $ 1 ,1 7 3 ,1 2 5 , or 101.
J a c k so n T o w n sh ip S ch o o l D is tr ic t (P . O . C ir cle v ille, R . F .
D . N o . 6 ), P ic k a w a y C o u n ty , O h io .— Bond Sale.— O n M ay 5
th e $ 2 5 ,0 0 0 4 j^ % 6 % -y ea r (a v era g e) site -p u r c h a se a n d
sc h o o l-b u ild in g b o n d s, d escrib ed in V. 9 2 , p . 113 1, w ere
a w a rd ed to th e F irst N a tio n a l B a n k in C ircleville a t 1 0 2 .3 3 —
a b a sis o f a b o u t 4 .0 9 % . O th er b id s re ce iv ed w ere a s fo llow s:
R . K leybolta Co., Inc.,C ln.$25,387 50J Well. Roth & Co., Cln .. .525,512 50
Voted.—

F irst N at. Ilk., C leveland. 25,500 25 llarto, Scott & Co., Colum. 25,385 00
Season 2 0 .nl * M ayer, C ln. 25,527 50 1New First N at.B it., Colum. 25,327 00
M aturity 52,000 yearly on April 7 from 1012 to 1922 Inclusive and 53,000
on April 7 1923.

J e r se y C ity , N . J .— Bond Sale.— O n M ay 5 th e $ 1 2 ,0 0 0 4%
2 0 -y e a r g o ld co u p o n (w ith p rivileg e o f r e g istra tio n ) fire-a p ­
p a r a tu s b o n d s d escrib ed in V . 9 2 , p . 1193, w ere a w a rd ed to
th e S in k in g F u n d C om m ission a t 1 0 0 .7 5 — a b a sis o f a b o u t
3 .9 4 6 % . A b id a t 100 .7 5 w a s a lso re ce iv ed from th e L in coln
T r u st C o. in J er sey C ity .
J o u rd a n to n S ch o o l D is tr ic t (P . O . J o u r d a n to n ), A ta sc o s a
C o u n ty , T e x .— Bond Election.— A n e le c tio n w ill b e h eld
M ay 15 to v o te o n th e q u e stio n o f issu in g $ 2 0 ,0 0 0 sc h o o l­
b u ild in g b o n d s, a cc o r d in g to re p o r ts.
L a G ran ge G ra d ed C om m on S ch o o l D is tr ic t (P . O . L a
G ra n g e ), O ld h am C o u n ty , K y .— Bond Offering.— P rop osals
w ill b e re ce iv ed o n or b efore S la y 20 for 3 1 3 ,5 0 0 5% sch ool
b o n d s.

D enom ination $500. Interest from M ay 1 1911. payable scm l-annually
on Ja n . 1 and Ju ly 1. M aturity $2,000 Ja n . 1 1917, $1,500 Jan . 1 1920,
$1,000 Ja n . 1 1922 and $1,000 yearly on Jan . 1 from 1924 to 1932, Inclusive.
D eposit of $500 Is required. Bonds to be delivered Ju ne 1 1911. No
bonded debt a t present. T axable pro p rty . $750,000. These bonds were
previously olfcrcd on M ay 1 (V. 92, p. 1055).

[V o L . I.XXX XII,

H ayden, Miller & Co., Clcv.$10,378 00|Sec.Sav.Bk.<Ss Tr.Co., T ol.510,315 50
First N at. Bank, Cleveland 10,377 oo Well, R oth & Co., Cln____ 10,315 00
Seasongood & Mayer, C ln. 10,366 00 Tlllltson & W olcott Co.,
Stacy & B raun, T o le d o ... 10,313 33 C leveland________ ____ 10,285 50
O tis & H ough, C leveland. 10,330 00 D avles-Bcrtram Co.. C ln. *5,202 05
Sav. Bank, A lliance. *5,050 00
•B ld for $5,000. M aturity $1,000 City
yearly for 10 years.

_______ .— A n cle c L ib b y , L in co ln C o u n ty , M o n t. Bond Election
tio n w ill b e h e ld , a cco rd in g to re p o r ts, to v o te on a p ro p o ­
s itio n to issu e $ 2 0 ,0 0 0 so w er -sy ste m a n d im p r o v e m e n t b o n d s.
L ib e r ty C o u n ty (P . O. L ib e r ty ), T e x a s .— Bond Elections —
W e see it s ta te d th a t in a d d itio n to th e e le c tio n to b e h eld
in L ib er ty P r e c in c t on M ay 16 to v o te o n th e p ro p o sitio n to
issu e th e $ 2 5 0 ,0 0 0 r o a d -im p ro v em en t b o n d s m en tio n e d in
V . 9 2 , p . 113 1, a v o te w ill also bo ta k e n in D a y to n P re cin c t
o n M ay 23 o n th e q u e stio n o f issu in g $ 2 7 5 ,0 0 0 ro a d -im p ro v e­
m e n t b o n d s.
L in c o ln , N e b .— Bonds Voted.— T h e e le c tio n h e ld M ay 2
re su lted in fa v o r o f th e q u estio n o f issu in g th e $ 5 0 ,0 0 0 A n ­
te lo p e P ark b o n d s m en tio n e d in V . 9 2 , p . 9 0 0 , it is s ta te d .
L in co ln S ch o o l D is tr ic t (P . O. L in c o ln ), L a n c a ste r C o u n ty ,
N e b . —Bonds Voted.— T h e ele c tio n h eld M ay 2 r e su lte d ,
a cc o r d in g to rep orts, in fa v o r o f th e p ro p o sitio n to issu e th e
$ 3 5 0 ,0 0 0 sch o o l-b u ild in g b o n d s m en tio n e d in V . 9 2 , p . 9 0 0 .
L o c k w o o d Ir r ig a tio n D is tr ic t (P . O. B illin g s), Y e llo w s to n e
C o u n ty , M o n t.— Bond Offering.— T h is d istr ic t is offerin g for
sa le $ 4 5 ,0 0 0 6% b o n d s.
D enom ination 5500. M aturity from 4 to 12 years. Certlllcd check for
5/o is required. II. J. Coleman Is Secretary.

L o m p o c S ch o o l D is tr ic t, S a n ta B arb ara C o u n ty , C al.—
A cc o r d in g to re p o r ts, $ 1 6 ,0 0 0 5% b o n d s h a v e
b ee n a w a rd ed to N . W . I la lse y & C o. o f S a n F ra n cisco for
$ 1 6 ,5 0 6 80 — th e p rice th u s b ein g 1 0 3 .1 6 7 .
L u th e r , B o o n e C o u n ty , I o w a .—Bond Election.— A p ro p o ­
sitio n to issu e $ 4 ,8 0 0 w a te r -w o r k s-sy ste m b o n d s w ill bo su b ­
m itte d to a v o te , it is s ta te d , on M ay 2 9 .
L y n c h b u r g , V a .—Bonds Not Yd Authorized.— Up to M ay 6
n o th in g h ad b een d o n e reg ard in g th e issu a n ce o f $ 6 0 0 ,0 0 0
str e e t-im p r o v e m e n t b o n d s.
L y o n C o u n ty (P . O. D a y to n ), N ev.— Description of Bonds.
— T h e $ 3 5 ,0 0 0 4 j^ % co u r t-h o u se -c o n str u c tio n b on d s a w a rd ed
to th e L y o n C o u n ty B a n k o f Y o rin g to n o n A pril 12 a t par
(V .9 2 , p . 1267) arc in t h e d e n o m in a tio n o f $ 1 ,0 0 0 e a c h . In ­
te re st a n n u a lly in J a n u a r y . M a tu rity $ 3 ,0 0 0 y e a r ly , b e­
g in n in g in 1915.
M cC lu sk y S ch o o l D is tr ic t (P . O. M c C lu sk y ), S h erid a n
C o u n ty , N o . D a k .— Bond Sale.— W c are a d v ise d th a t $ 1 5 ,0 0 0
b u ild in g b o n d s h a v e b een so ld .
M a rie tta , C obb C o u n ty , G a .— Bonds Voted.— A n e le c tio n
h eld M ay 1 re su lted in fa v o r o f a p ro p o sitio n to issu e $ 2 0 ,0 0 0
e le c tr ic -lig h t-p la n t a n d $ 1 5 ,0 0 0 w a ter a n d sew er e x te n sio n
b o n d s. A ccord in g to rep orts, th e v o te w a s 436 “ fo r ” to 12
“ a g a in s t” th e $ 2 0 ,0 0 0 issu e a n d 449 “ fo r” to 5 “a g a in st” th e
$ 1 5 ,0 0 0 issu e.
M a rq u ette, M a rq u ette C o u n ty , M ic h .— Bonds Voted.— The
ele c tio n h eld M ay 5 resu lted in fa v o r o f th e p ro p o sitio n to
issu e th e $ 7 5 ,0 0 0 w a ter -w o rk s-sy a tem -im p r o v e m en t b o n d s
m e n tio n e d in V . 9 2 , p . 1194. T h e v o te w a s 3S6 “ fo r ” to
102 “ a g a in s t.”
M a r y v ille , N o d a w a y C o u n ty , M o — Bond Election.— A n
e le c tio n w ill b e h eld J u n e 6 , it is s ta te d , to v o te o n a p ro p o ­
sitio n to issu e S 1 5 .0 0 0 c ity -h a ll-c o n str u c tio n b o n d s.
M a ssillo n , S ta rk C o u n ty , O h io.— Bond Offering.— P ro p o s­
a ls w ill b e receiv ed u n til 12 m . M ay 19 b y It. J. K rish er, C ity
A u d ito r , for th e fo llo w in g 4 j^ % co u p o n p a v in g b on d s:
Bond Sale.—

L e e C o u n ty (P . O . M a ria n n a ), A r k .— Bond Sale.— O n
M ay 1 th e $ 1 0 0 ,0 0 0 R o a d D istr ic t N o . 1 b on d s d e ­
scrib ed in V . 9 2 , p . 1055, w ere a w a r d e d to th e T h o s. J . B olger
C o. o f C h icago a t p ar an d a ccru ed in te r e st for 5 ^ s . O th er
N orth Mill S t. bonds. D enom ination 5 2 , 0 0 0 . except otio bond o
b id s w ere re ce iv ed from W h ita k er & C o ., G . II. W alk er & C o., 59.030 $1,030.
M aturity on May 1 r.s follows: 32,000 yearly from 1912
1915 Inclusive and $1,030 In 1916.
A . G . E d w a r d s & S o n s a n d th e W in . R . C om p ton C o., all of 2,220 to
N orth H igh S t. bonds. D enom ination $500, except one bond of
S t. L o u is, a n d th e B a n k o f M arianna in M arian n a.
$220. iMaturlty on May 1 as follows: $50 0 yearly from 1912 to

D ate M ay 1 1911. Interest Feb. 1 and A ug. 1 In Chicago. M aturity
on Aug. 1 ns follows: $1,000 In 1912, 1913, 1911 and 1915; 32,000 In 1918
1917. 1918 and 1919; 53.000 111 1920. 1021 and 1922; $4,000 In 1923, 192 1
and 1025; 55,000 In 1920, 1027 and 1928; 58,000 In 1929, 1930. 1931 and
1932 and $7,000 In 1033, 1031, 1035 and 1938.

1915, Inclusive, and $220 In 1916.
Cherry S treet bonds. D enom ination $300, except one bond of
§450. M aturity on May 1 as follows: $300 yearly from 1912 to
1915 Inclusive and $450 In 1916.
N orth Erie S t. bonds. D enom ination $500, except one bond of
$650. M aturity on May 1 as follows: $500 yearly from 1912 to
1915 Inclusive and $650 In 1016.
6,880 D uncan S t. bonds. Denominations $1,000, $2,000 and $880. Ma­
tu rity on May l as follows1 $1,000 In each of the years 1912 and
1913, $2,000 In 1014 and 1915 and $880 In 1916.
5,200 city ’s portion street bonds. D enom ination $ 1.000, except one bond
of $1,200. M aturity on May 1 as follows: $1,000 yearly from 1913
to 1916 Inclusive and $1,200 In 1917.
A uthority Sections 3911 and 3821. General Code. Date May 1 1911.
Interest sem i-annually a t the S tate Bank of Massillon. Certlllcd check for
5 % of bo n d s bid for, draw n on some bank of Massillon and m ade payable
to tne Glty Treasurer, Is required. 'The bonds are tax-exem pt. Purchaser
to furnish blank bonds. The City A uditor states th at these bonds have
never been contested and th a t there Is no litigation threatening; also th a t
no default has ever been m ade In the paym ent of principal or Interest.
1,650
„
2,050

L ee C o u n ty (P . O . F o r t M o y e rs), G a .— Bonds Proposed.— •
R e p o r ts s ta te th a t th e grand ju r y , ju s t a d jo u r n e d , reco m ­
m en d ed th a t th e c o u n ty o fficia ls issu e b o n d s to b u ild a n ew
co u r t-h o u se a n d a lso $ 2 5 ,0 0 0 b o n d s for g o o d ro a d s.
L o m o o re , K in g s C o u n ty , C al.— Bid Rejected.— R ep o rts
s ta te th a t a b id o f $ 1 6 ,1 6 5 su b m itte d b y A d a m s & C o. of
L os A n g e les fo r $ 1 6 ,0 0 0 sew er b o n d s h as b een r e je cte d .
L en o ir C ity , L o u d o n C o u n ty , T e n n .— Bond Election.— T h e
q u estio n o f issu in g $ 4 0 ,0 0 0 w a tcr -w o r k s-sy ste m -c o n str u c tio n
b o n d s w ill b e v o te d o n in th e n ear fu tu r e.
Bond Election Proposed.— W c are a d v ise d th a t in all p ro b ­
L e S u eu r S ch o o l D is tr ic t (P . O . L e S u e u r ), L e S u eu r
a v o te w ill b e ta k en a t th e c o m in g fall elec tio n o n a
C o u n ty , M in n .— Bonds Voted.— A p ro p o sitio n to issu e $ 1 0 ,­ pa br oility
p o sitio n to issu e $ 1 5 0 ,0 0 0 w a ter -p la n t-p u rc h a se b o n d s.
0 0 0 sc h o o l-b u ild in g b o n d s w as fa v o r a b ly v o te d on a t a recen t
M e a d o w la n d s S ch o o l D is tr ic t (P . O . M e a d o w la n d s), S t.
e le c tio n . T h e v o te , a cco rd in g to re p o r ts, w as 159 “ fo r”
to 29 “ a g a in s t.”
ponds Voted.— A p ro p o sitio n to issu e
$
9
,0 0 0 sch o o l-b u ild in g b o n d s carried b y a v o te o f 44 to 2 2 ,
L e x in g to n T o w n sh ip (P . O. L e x in g to n ), D a v id s o n C o u n ty ,
it
is
s
ta
te
d
,
a
t
an
e
le
c
tio
n h eld A pril 2 9.
N o . C ar.— Bonds Refused.— A . J . H oocl & C o. o f D etro it
h a v e refu sed to a c c e p t th e $ 5 0 ,0 0 0 5% co u p o n road b o n d s
M e a d o w s S ch o o l D is tr ic t N o . 9 (P . O. M o a d o w s), W a sh ­
a w a rd ed th em (V . 9 0 , p . 181) o n J a n . 3 1910. W c arc in g to n C o u n ty , I d a h o .— Bond Sale.— T h e $ 6 ,0 0 0 5% co u p on
a d v ise d th a t th e b o n d s are now b e in g offered a t p riv a te s a le . I sch o o l-h o u se b o n d s offered on D ec . 10 1910 a n d d escrib ed in
L e x in g to n T o w n sh ip (P . O. A llia n c e ), S ta rk C o u n ty , O hio. \ . 9 1 , p. 1528, h a v e b een sold to th e S ta te o f Id a h o a t p ar.
— Bond Sale.— On M ay 6 th e $ 5 ,0 0 0 A llia n c e -L e x in g to n an d M a tu rity O ct. 29 1930, su b je ct to c a ll, h o w e v e r , b efore th a t
$ 5 ,0 0 0 A llia n c e-H a r risb u r g 5% co u p o n ro a d -im p ro v em en t d a y .
b o n d s d escrib ed in V . 9 2 , p . 1055, w ere a w a rd ed to H a y d e n ,
M id w a y S ch o o l D is tr ic t, K orn C o u n ty , C al.— Bond Sale.—
M iller & C o. o f C lev ela n d a t 1 03 .7 6 a n d a ccru ed in te r e st. ih e $ 2 0 ,0 0 0 6% sch o o l-h o u se b o n d s offered on M ay 6 (V . 9 2,
T h e fo llo w in g b id s w ere received :
p . 1194) w ere p u rch a sed b y th e S ec u r ity T ru st C o. o f B ak ers-




May 13 1911.1

THE CHRONICLE

field a t 1 0 4 .7 5 . D e n o m in a tio n $ 1 ,0 0 0 . D a te M ay 6 1911.
I n te r e st a n n u a l.
M ilw a u k ee , W is .— Bond Sale.— O n M ay 10 th e $ 1 0 0 ,0 0 0
h o sp ita l and $ 3 5 0 ,0 0 0 str e e t 4J^ % 1 -2 0-year (serial) co u p on
b o n d s d escrib ed in V . 9 2 , p . 1208, w ere sold to B lo d g e t & C o.
o f B o sto n a t 1 03 .4 2 — a b a sis o f a b o u t 4 .0 9 7 % . T h e fo llo w ­
in g b id s w ere received :

1.331

(1 0 3 .0 0 1 ) a n d a ccru ed in te r e st— a b a sis o f a b o u t 4 .0 9 % .
O th er b id s re ce iv ed w ere a s follow s:

Farson, Son & Co., N . Y ..$25,497 44
Adams & Co., N. Y ...........29
Forbes & Co., N.Y. 25,468 31
E stabrook & Co., N. Y — 25,629 7o HE.arris,
Rollins & Sons. N.Y. 25,462 31
Kissel, K lnnicut & Co.,N.Y. 25,544 00 W . II.
& Co.. N . Y__ 25,454 81
Parkinson & B urr, N. Y. 25,533 61 JohnN.J .Coler
H art. A lbany — 25,437 32
R. M. G rant & Co., N. Y_ 25,531 78
I'Vrrls
At
W
hite
N.
Y
____
25,506
00
M aturity $2,000 yearly on M ay 1 from 1914 to 1925 Inclusive and $990
onM ay 1 1926.

Blodget & Co., B oston. $405,300 00
N W . H alsey & Co. and
\V.R.Com pton& Co.,Chi. 405,310 00
E stabrook & Co. and
R . L. Day & Co., Bost_ 464,670 00
Wise. T r. Co., Mllvv., and
W in.A .R ead & C o.,B ost. 464,535 00
E H . Rollins & Sons and
C ont'l & Comm’l T rust
& Sav. B ank, C hicago.. 464,202 00
Prov. Sav. & T r. Co. and
Seasongood&M aycr.Cln. 464,035 00

H arris T ru st & Savings
____
. O . P e r r y ), O k la .— Bonds_ Proposed.—
Bank, Chicago----------- $464,0.>0 00 T hNiso bcleo u nCtyo u nisty co(Pn sid
e rin g th e issu a n ce o f $(.'>,000 c o u r t­
E m ery, Peck & Rockwood, Chicago_______ 463,680 00 h o u se -c o n str u c tio n b o n d s, a cc o r d in g to rep orts.
W . N. Color & Co., N. Y . 463,543 00
K ountze Bros., N .Y ____ 462,694 00
N o b le T o w n sh ip (P . O . B elle V a lle y ), N o b le C o u n ty , O h io.
Perry, Coffin <& Burr,
B o s to n ............ ................- 462,645 00 —Bond Offering.— A d d itio n a l d e ta ils arc a t h a n d r e la tiv e
A. B. Leach & Co.. C hic. 462,185 00 to th e offerin g o n M ay 20 of th e $ 4 ,0 0 0 4 % h ig h w a y -c o n ­
Kissel, K lnnicut & Co.,
New Y ork___________
461.758 50 str u c tio n b o n d s m e n tio n e d in V . 9 2 , p . 1 13 3. P ro p o sa ls for
Jn o. E . DeW olf, M llw ... 461,101 30 th e se b o n d s w ill b e re ce iv ed u n til 12 m . o n th a t d a y b y b . b .

R I,. Day & Co.. New Y o rk .103.34
Blodget & Co., B o sto n .. . . .103.203
Chisholm * C hapm an. N. Y .103.25
C E. Denison & Co., C lev. .103.17
H arris T r. & Sav. Bit., C h ic .. 103.14
Ktsscll, K lnnicut & C o.,N .Y . 103.13
R . M. G rant & Co., N. Y ____103.04

Union Inv. Co., M inneapolis.102.55
H ayden, Stone & Co., Boston 102.38
E stabrook & Co., Chicago — 102.31
Scasoneood & M ayer, Clncln.102.07
. H alsey, & Co., Chicago 10 2 .0 6
N. W_____
Wells & Dickey Co. M in n .. 101.60
M ercantile T ru st Co. S t. L . . 101.25

M in n ea p o lis, M in n .— Bids.— T h e fo llo w in g b id s w ere re­ B a rn h o u se, T o w n sh ip C lerk.
A uthorltv. Vol. 9 9 , pages 3 0 8 to 3 2 0 . O h io Laws. D enom ination $ 4 0 0 .
ce iv ed on M ay 4 for th e $ 1 5 0 ,0 0 0 4 }4% 3 0 -y e a r co u p o n (w ith D ate
ay 20 1 9 1 1 . Interest annual. M aturity $ 4 0 0 yearly from 1 to 10
p rivileg e o f re g istra tio n ) p ark b o n d s a w a rd ed o n th a t d a y years MInclusive.
to B la k e B ro s. & C o. (V . 9 2 , p . 1268):
N o r th C aro lin a .— Bond Offering.— P ro p o sa ls w ill b e re­
& Sanger, Boston — 103.033
Blake Bros. A: Co., B o sto n .. 10.3.55 Curtis
W m . A. Head & Co., Chicago 102.73 c e iv e d u n til 12 m . M ay 25 b y B . R . L a c y , S ta te T reasu rer,
K ountze Bros., New York — 103.413 Scan.-A
m . N at. Bit., M in n .-102.65
E . II. Hollins & Sons, C h ic..103.41
W ni. H. Com pton Co., S t. I,.103.36 M inn. I.n. & T r. Co., M lnneapl02.63 a t R a le ig h , fo r $ 3 1 0 ,0 0 0 4% co u p o n b o n d s.

Bonds Authorized.—

T h e C ity C ou n cil o n M ay 5 au th orized
th e issu a n ce o f 1 9 1 6 ,7 0 0 sch o o l b o n d s.
M o n m o u th S ch o o l D is tr ic t (P . O . M o n m o u th ), P o lk
C o u n ty , O re.— Bond Offering.— P ro p o sa ls w ill b e receiv ed
u n til 2 p . in . M ay 20 for § 2 0 ,0 0 0 5% sch o o l-b u ild in g b o n d s.
A u th o r ity v o te o f 132 to 23 a t ele c tio n h eld A pril 8 . V . 9 2,
p . 1133. M a tu rity 20 y e a r s, su b je c t to call a fte r 10 y ea rs.
M o n tg o m er y C o u n ty (P . O. R o c k v ille ), M d .— Bond Election
Proposed.— T h e o ffic ia ls are co n sid e rin g a p ro p o sitio n to call
a n e le c tio n to a llo w th e v o te r s to d eterm in e w h eth e r or n o t
$ 1 2 ,0 0 0 4 % road b o n d s sh a ll b e issu e d .
M t. G ilea d , M orrow C o u n ty , O h io .— Bond Sale.— T w o is­
su e s o f 5% C en tcr-M arion S tr e e t p a v in g b o n d s offered on
M ay 3 w ere d isp o sed o f as fo llo w s to th e M t. G ilead N a tio n a l
B a n k o f M t. G ilea d , O hio:

D enom inations $1,000 and $100. D ate July 1 1911. Interest semi­
annually a t the N ational P ark Bank In New York c ity . M aturU y Ju ly 1
1051 Bonds are exem pt from all taxes. Certified check for 2 /o of bid,
payable to the S tate T reasu rer, Is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
N o rth ern C olorad o Ir r ig a tio n D is tr ic t, C o lo .— Bond Elec­
tion.— R ep o rts from G reeley d a te d A pril 27 s ta te th a t th e

la n d h o ld ers in th is d istr ic t w ill v o te o n th e q u e stio n o f issu in g
$ 2 ,0 0 0 ,0 0 0 d itc h a n d re se rv o ir-co n str u ctio n b o n d s w ith in
six w ee k s.
N o r th W ild w o o d (P . O . A n g e ls e a ), C ape M a y C o u n ty ,
N . 3.—Bonds Voted.— A n e le c tio n h eld M ay 9 re su lted in
fa v o r o f a p ro p o sitio n to issu e $ 6 0 ,0 0 0 s tr e e t-im p r o v e m e n t
b o n d s, a cco rd in g to re p o r ts.
O k la h o m a S ch o o l D is tr ic t s .— Bond Sales.— S p eer & D ow
o f F o r t S m ith h a v e b ee n a w a rd ed th e fo llo w in g 6% 2 0 -y e a r
sch o o l d istr ic t b o n d s o f th is S ta te :

$800 A dair County No. 30 bonds. (P. O. W aublUau.)
15.000 Chelsea No. 2 bonds. (Rogers County.)
800 Cherokee County No. 52 bonds.
. .
Choctaw County No. 24 bonds. (P . O. H am den.)
II 040 4a M.y-ycar
ent bonds
aw arded
basis 3.500
1.500 Choctaw C ounty No. 26 bonds. (P. O. Shoals.)
I1.U1U
e a r (overage) assessm
D enom ination
$140.
excepta tone103.173—a
bond or $200.
1,200 G arvin County No. 54 bonds. (P. O. Wynncwood.)
D ate Ja m io 101 i . m S ™ * 14 0 ’ yearly o n J a n . 10 from 1012 to 10.000
No. 10 bonds. (.Muskogee County.)
1017 Inclusive and $200 on Ja n . 10 1018.
basis n\ 1.500 Haskell
Haskell County No. 39 bonds.
5.495 1-7-ycar (serial) city ’s portion b o n d s aw arded a t 103 548 a basis oj 7.000 M
cCurtaln County No. 6 bonds. (P. O. H aw orth.)
about 4.031% . D enom ination *785. ^ D a to Ja n . M 1M 1. ^
1.000 M cIntosh County N o. 7 bonds. (P. O. H anna.)
1.000 Sequoyah County No. 44 bonds. (P. O. Muldrow.)
I n te r e st se m i-a n n u a l. T h e fo llo w in g b id s w ere receiv ed :
12.000 W alnwrlght, Muskogee C ounty, N o. 56 bonds.
M t. Gilead N ational B ank, M t. Gilead
. $5,600 00
no
O n tario, S an B ern ard in o C o u n ty , C a l.— Bond Sale.—
N ational Bank ut Morrow C ounty, M t. G ilead-- o ,6 j .j 50
1 .0 6 8 >)
P a p e rs s ta te th a t $ 6 0 ,0 0 0 5% w a ter b o n d s h a v e b een b o u g h t
1.067 87
Tlllotson & W olcott Co.. Cleveland........................ i.M 6 12
H ayden, Miller At C o..C leveland
................... 5,625 00
‘a nVon
b y th e O n ta rio N a tio n a l B a n k o f O n tario for $ 6 3 ,7 5 5 — th e
New First N ational Bank, Colum bus-------------- 5,610 00
1.061 00
Scasongood & M ayer. C incinnati.......................... 5,607 20
1,061 00
p rice th u s b e in g 1 0 6 .2 5 8 .

N o w B ed fo rd , B r isto l C o u n ty , M a ss .— Bond Sale.— E sta ­
P a la c io s I n d e p e n d e n t S ch o o l D is tr ic t (P . O. P a la c io s ),
b ro o k & Co. o f B o sto n , w ere a w a r d e d ,a t 1 0 4 .5 7 , th e fo llo w ­ T e x a s .— Bonds Voted.— A p ro p o sitio n to issu e $ 2 5 ,0 0 0 sc h o o l­
b u ild in g b o n d s w a s fa v o r a b ly v o te d on a t an e le c tio n held
in g 4% reg istered b o n d s o n M ay 10:
$150 000 sewer bonds. D ate M ay 1 1911. M aturity $5,000 yearly on M ay 6 , it is s ta te d . T h e v o te w as 135 “ fo r” to 35 “ a g a in st.
M ay l from 1912 to 1941, Inclusive.
P a lo A lto , S a n ta C lara C o u n ty , C a l.— Bond Offering.—
85.000 m unicipal-building bonds. Date May 1 1911 •
yearly on M ay 1 from 1912 to 1916, Inclusive, and $4,000 yearly P ro p o sa ls w ill b e re ce iv ed u n til 8 p . m . M ay 22 b y F ran k
on May 1 from 1017 to 1931, Inclusive.
, ______
, K a sso n , C ity C lerk, for $ 4 5 ,0 0 0 5% g o ld co u p o n m u n icip a l15.000 m unicipal bonds. D ate M arch 1 1911. M aturity $2,000 ycarly
on M arch 1 from 1012 to 1016, Inclusive, and $1,000 yearly on im p r o v e m e n t b o n d s.
M arch 1 from 1017 to 1021, Inclusive.
„„„
„„

D enom ination 30 bonds ol $1,000 each and 30 bonds of $500 each
150,000 w ater bonds. D ate May 1 1011. M aturity $5,000 yearly on D ate
Juno 1 1911. Interest sem i-annual. M aturity $1,500 yearly on
M ay 1 from 1012 to 1941, Inclusive.
Dec. 1 from 1911 to 1940 Inclusive. Bonds arc tax-exem pt. Certified
D enom ination $1,000. Interest sem i-annual.
check for 10% of bid, payable to the City Clerk, is required.
T h e fo llo w in g b id s w ere receiv ed :
P a n a , C h ristian C o u n ty , 111.— Bond Offering— P ro p osals
E stabrook & Co., B oston. . . . 101.571Blodget & Co., Boston
103.58
ill b e receiv ed u n til M ay 15 b y H a rry S ta n to n , C ity C lerk,
Old Colony T rust Co., B oston. 104.17 N .W .H arrls& C0.1In c., B ost.103.a59 w
Adams & Co Boston
103.83 R. L. Day dsCo.. B oston------103.529 for $ 4 9 ,5 0 0 w a ter -w o rk s-im p ro v e in en t b o n d s.
Blake Bros. & Co., B o s t o n . 103.671E. H . Rollins,& Sons, Boston 103.077
P e r th A m b o y , M id d le se x C o u n ty , N . J .— Bond Offering.—

N e w b e r g , Y a m h ill C o u n ty , O re.— Bond Sale.— In F eb ru ­
a ry th e $ 8 0 ,0 0 0 5% sew er b o n d s m e n tio n e d in V . 9 2 , p . 2 0 9 ,
w ere a w a rd ed to M orris B ro s, o f P o r tla n d a t a b o u t p ar and
in to
r est
Denomination $500. D ate Jan . 1 1011. Interest sem i-annual. Matu rlty |Ja n . 1 1931.

N ew ^ O rlean s, L a .— Bond Sole.— O n M ay 8 th e $ 7 ,0 0 0 ,0 0 0
4 % co u p on p u b lic-im p ro v em en t b o n d s d escrib ed in V . 92,
n . 9 7 9 , w ere d isp o sed o f a s fo llow s: $ 4 ,0 0 0 ,0 0 0 to th e C analL o u isia n a B a n k & T r u st C o. and $ 3 ,0 0 0 ,0 0 0 to th e W h itn e y C en tral N a tio n a l B a n k , b o th o f N ew O rlean s. T h e p rice
p a id jb y ea ch w as par le ss a co m m issio n o f 4 .0 2 3 9 , m a k in g
th e n e t p rice 9 5 .3 7 6 1 % .

Thn deposit of the funds resulting from the sale of the bonds and the
nubllc-im Drovcm ent fund will be dividend betw een the two banks In pionortlm i to Hielr purchases. T he Interest to be paid on the deposits has
K n tW ill it is stated , a t 1% . All the bonds purchased by the CanalLNn.tlnnn.1
oiSsianalilonk
and a been
large disposed
p art of those
f c Lao
Bank have
of, ItawIsarded
said, totot the t Lfiuitauic
Assurance Society, the M utual L lfe.In su rance Co .a n d the Jd etro ^ o m an
Life Insurance Co
Ja n . 1 1928.

F u r th er d e ta ils arc a t h an d r e la tiv e to th e offerin g o n M ay 15
o f th e $ 4 7 ,0 0 0 i} 4 % co u p o n sch o o l b o n d s m en tio n e d in
V . 9 2 , p . 1269. P ro p o sa ls for th e se b o n d s w ill b e receiv ed
u n til 3 p . m . o n th a t d a y b y C h arles K . S ea m a n , C ity
T reasu rer.

Denom ination $1,000. D ate April 1 1911. Interest sem i-annually a t
the City T reasurer’s ofricc. M aturity April 1 1011. Bonds to be delivered
on May 22 l o l l . Ccrttlled check on a national bank or trust com pany for
2% of bonds bid for, payable to the c ity T reasurer, is required. T he bonds
will be certified lo as to their genuineness by the U nited S tates Mortgage
& T ru st Co. and th eir legality will be approved by Caldwell, Massllch &
Rccd of New York C ity, whoso opinion will be furnished to the purchaser.
Accrued Interest to be paid by purchaser. Bids to be m adcAon blank
form s furnished by city.

P e t t y In d e p e n d e n t S ch o o l D is tr ic t, L a m a r C o u n ty , T e x .—
T h e q u e stio n o f issu in g $ 1 2 ,0 0 0 5% 10-40y ea r (o p tio n a l) sc h o o l-b u ild in g b o n d s carried a t th e ele c tio n
h eld on A pril 2 9 .
P le a s a n tv ille , W e s tc h e s te r C o u n ty , N . Y .— Bond Sale.—
O n M ay 9 th e $ 3 ,5 0 0 5 -1 1 -y c a r (serial) reg istered w a te r b o n d s
d escrib ed in V . 9 2 , p . 1269, w ere a w a rd ed to th e M ou n t
P le a s a n t B a n k in P le a s a n tv ille a t 105 a n d ][a c cr u ed iin ter est
for 4 F£s— a b a sis o f a b o u t 3 .7 7 1 % .
P o lk C o u n ty (P . O . B e n to n ), T e n n .— BondJOffering.—
A d d itio n a l d e ta ils are a t h a n d r e la tiv e to th e offerin g o n
M ay 20 of th e tw o issu e s o f 5% co u p o n b o n d s d escrib ed in
V . 9 2 , p. 1134. P ro p o sa ls w ill b e receiv ed u n til 12 m .T on
th a t d a y b y J a m e s II. W illia m so n , C hairm an o f th e C ou n ty
C ou rt. T h e b o n d s a n sw er th e fo llo w in g d escrip tio n :
Bonds Voted.—

A b id o f p ar less 6% c o m m issio n (9 4 ) w a s also su b m itte d
b y th e In te r -S ta te T ru st & B a n k in g C o. o f N ew O rlean s.
T h is c o m p a n y , h o w e v e r, su b se q u e n tly ca n celed its origin al
p rop osal an d offered 1 0 1 .1 0 le ss a co m m issio n o f 6 % (9 5 .1 0 ).
N e w p o r t, C ock e C o u n ty , T e n n .— Bond Offering— T h is
c ity w ill, o n M ay 2 9 , sell $ 4 0 ,0 0 0 w a ter-w o rk s a n d $ 1 0 ,0 0 0
sew er 5% 2 0 -y e a r b o n d s.
N e w R o c h elle, W e stc h e s te r C o u n ty , N . Y .—Bond Sale.
O n M ay 9 th e $ 2 4 ,9 9 0 W i% 8 ^ - y e a r (a v era g e) registered $50,000 highw ay and bridge bonds. Denom ination $1,000. M aturity on
April 1 as follows: $2,000 yearly from 1914 to 1918 Inclusive
lib rary (scries o f 1911) b o n d s d escrib ed in V . .)2, p . 1 -b J ,
$3,000 yearly from 1010 to 1030 Inclusive, and $4,000 Iuil9 3 1 .
w ere a w a rd ed to J a m e s It. M agoffin o f N ew Y ork for $ 2 5 ,7 4 0




r ,i‘32

THE CHRONICLE

[V O L . LXXXXJ1.

25.000 high-school-building bonds. D enom ination $ 5 0 0 . M aturity S'* S lid eH , S a in t T a m m a n y P a r ish , L a .—Bond S ale— T h e
A°p°rlFia i9 2 3 n AP111 1 fr° m 1912 tC> 1922 luclusIve and $3,000 on
D ate April 1 1911. Interest annually a t the County T rustees’ office or V\ h itn c y -C e n tr a l Trust & S a v in g s B a n k in N ew O rlean s w a s
M erchants’ N ational B ank in New Y ork, a t the option of th ch o id cr a w a r d e d , a cc o r d in g to re p o r ts, o n .May S th e $ 2 0 ,0 0 0 5%
Certiilcd check for $250, payable to the County T rustee, Is required.
co u p o n sc h o o l-b u ild in g b o n d s offered on A p ril 7 a n d d e­

P r in c e to n S ch o o l D is tr ic t (P . O . P r in c e to n ), M ercer scrib ed in V . 9 2 , p . 9 0 4 . A ll b id s re ce iv ed o n A p ril 7 for
C o u n ty , N . 3.— Bond Offering— Proposals w ill bo re ce iv ed th is issu e w ere r e je c te d .
u n til 8 p . in . M ay 25 for th e fo llo w in g 4J^ % co u p o n sch o o l
S m y th C o u n ty (P . 0 . M a rio n ), V a .— Bonds Voted.— O n
b o n d s r e c e n tly v o te d (V . 9 2 , p . 1195):
M ay 2 th e v o te r s a u th o r ize d a n issu e o f $ 1 0 0 ,0 0 0 6% b o n d s
505,000 bonds D ate Ja n . 1 1011. M aturity $1,000 Ja n . 1 1028 and lo r th e p erm a n en t im p r o v em e n t o f ro a d s in R ich V alley
$2,000 yearly on J a n . 1 from 1929 to 1960 Inclusive This Issue M agisterial D istr ic t.
will be delivered to the purchaser on Ju no 5
42.000 bonds H ate Ju ly l i o n . M aturity 53,000 yearly on Ja n . 1 from
S o m e r v ille , M id d le se x C o u n ty , M a ss .— B on d S a fe .— R e ­
196.1 to 1976 Inclusive. 1 ills issue will be rcadv for fii'lli/pw Tniv i
5 '000 53,000
VI‘non ranatie ,o mJa/ n .Ul P1962.
1,1 - MI his
aturity'“s
^ O obeV ready
J a m '1for
" i^delivery
o V 'L d Ju plyorts
issue will
3 s ta te th a t o n M ay 12 B la k e B r o s. & Co o f B o s to n
u ^ £ n?m l,iat
$1,000. Interest sem l-annualiy a t the N ational c ity w ere a w a rd ed a t 1 0 2 .4 7 2 th e fo llo w in g 4 % co im o n b on d s-

o n A ^ . f 1 gSS® i 1912
B ank In New York or the Princeton Bank of Princeton. Certiilcd check 5 2 ° ,°°° ^ r 3,oanc bonas. M aturity $ 1,0 0 0
on a national bank or tru st com pany for 5% of bonds bid for Is rcau lrcd 108,000 city loan bonds. M aturity on April 1 as follows: S 14 000 yearly
U dS T lo n ^ a e ^ ^ T n ^ s ^ C n ’Sn01!?13 f*^nI?hed by t,l° s t r i c t Clerk or the
from 1912 1° 1919 Inclusive, 513,000 In the years l u o .inii 1 9 2 1
ffenuInerSSf^v
- Bonds
certified
to
and 53,000 yearly from 1922 to 1931 Inclusive
E a n f v wm hF thpTif1St«jC^ry!^ NeW &¥ °£Tkrust
Co. inwMI
Newbc York
andas the
tv10,*?1
5 1 , 0 0 0 . Date April 1 l o l l .
Interest sem l-annuallv a t
Edm ond Wilson, A ttorney-G eneral ctin?
b u se tts°na Seourlty Banlt ln Boston. Bonds arc tax-exem pt in M assa-

R o c h e s te r , N . Y .— Note Sale.— O n M ay 10 th e 8 1 0 0 ,0 0 0
S o u th S t. P a u l, D a k o ta C o u n ty , M in n .— R oad Offering.—
lo c a l-im p r o v e m e n t n o te s d u e J a n . 12 1912 a n d th e 8 1 7 5 ,0 0 0
w a ter -w o rk s-im p ro v e m en t n o te s d u e J a n . 10 1912, d escrib ed P ro p o sa ls w ill b e re ce iv ed u n til 8 p . m . M ay 29 b y J . R .
in V . 9 2 , p . 1 27 0, w ere a w a rd ed to G o ld m an , S a c h s & Co S te v e n so n , C ity R ecord er, for $ 8 2 ,0 0 0 4J^ % refu n d in g b o n d s,
o f N ew Y ork a t 3 .4 0 % in te r e st. O th er b id s re ce iv ed for turfty Ju n 'cT in -w 1,0?’0 ' M paitChJUw 1 ‘A1,1- , Interest sem i-annual. Mab o th issu e s w ere a s follow s:
of bonds bld ,o r- I> ^ ttbl0 *°

Bond & G oodm an, New Y ork _______________________
3.60% Interest
The official notice of this bond offering will be found among
Bank for Savings New Y ork------------------------------ ----------113.60% Interest
Alliance B ank, R ochester________ __________ _____ ________3.75% Interest the advertisements elsewhere in this Department.

R o g e r s C o u n ty (P . O . C la rem ore), O k la .— Bonds Offered
A n issu e o f $ 4 3 ,0 0 0 0% 2 0 -y e a r fu n d in g b on d s
is b e in g offered to in v e sto r s b y th e S ec u r ity T ru st C o. of
D e tr o it. D en o m in a tio n $ 1 ,0 0 0 . D a te M arch 1 1 91 1. In ­
te r e st s e m i-a n n u a lly in N ew Y o rk .
R u sh T o w n sh ip S ch o o l D is tr ic t, S cio to C o u n ty , O h io .—
Bond Offering.— P ro p o sa ls w ill bo receiv ed u n til 12 m
M ay 18 b y C h arles N u n le y , C lerk o f S ch o ol B oard (P . O
R u s h to w n ), fo r th e $ 2 ,0 0 0 5% b on d s v o te d o n M arch 28
( \ . 9 2, p . 980 ) to b u ild a sch o o l-h o u se a t M c D e rm o tt.
M a tu rity 5 y e a r s. A d e p o sit o f 5% o f b o n d s b id for
req u ired .
S a in t H e le n a U n io n H ig h S ch o o l D is tr ic t, N a p a C o u n ty ,
C a l.— Bond Election.— A n ele c tio n w ill b e h eld M ay 22 to
v o te o n th e q u e stio n o f issu in g th e $ 3 0 ,0 0 0 sc h o o l-b u ild in g
a n d fu r n ish in g b o n d s, a cco rd in g to rep orts.
S t. J o h m v ille , M o n tg o m er y C o u n ty ,N . Y . —Bond Offering.
— P ro p o sa ls w ill b e re ce iv ed u n til 12 m . M ay 20 b y G eorge W
N ie rm a n , V illage C lerk, for $ 3 0 ,0 0 0 b o n d s.
by Bankers.—

S u m m it C o u n ty (P . O . A k r o n ), O h io .—Bond Offering.—
i rop osals w ill b e receiv ed u n til 1 1 a . m . M ay 15 b y th e B oard
o l b o u n ty C om m issio n ers, C harles L . VVirth, C lerk, fo r th e
Z
# a n 0r C0VR°n
e mn esni t-a
$ 1 0l,7W
o 0 MJe rir lm
o a d b o n dro
s . a dD-im
e n o pm ri noavt io
n o rsse ssm e n t b o n d s:

vi.,„ r,1 Ddh Denom ination S 1 , 0 0 0 . except one bond’
inclusive- a n d l ^ o ^ T p r f l T & i T . A pril 1 from 1012 to 1915

IK S

and su^leimmte d ° M a y 19UM 10dtOh?o* Laws^JUMp^1 Date May“ T m i 1

bS d e & AaPnd p M d ^ r tiu u .S
tlW a w S f exem pt Bom all taxation. Ccrtldcd check on a bank other th an the one
m
aking
bid
for
5%
of
bonds
bid
for,
payable
to
reasurer
required. Purchaser to pay accrued Interest. the County Ttreasu
rer, isIs

T en a h a S ch o o l D is tr ic t (P . O . T e n a h a ), S h o lb y C o u n ty ,
T e x . Bonds Voted.— T h is d istr ic t r e c e n tly v o te d to issu e
$ 3 ,5 0 0 5% b o n d s.
T o led o S ch o o l D is tr ic t (P . O. T o le d o ), L u c a s C o u n ty , O h io.
— Bond Sale.— O n M ay 8 th e $ 1 0 0 ,0 0 0 4 % 30 L a-year (a v er­
co u p on sc h o o l-b u ild in g b o n d s d a te d M ay 8 1911 an d
D enom ination $1,500. Interest, rate to bc nam ed In bid. payable da ge)
escrib ed in V . 9 2 , p . 1195 ,w ere a w a rd ed to B reed & H arrison
annually
a
t
the
First
N
ational
Dank
In
S
t.
Johnsvlllc.
M
aturity
$1
500
yearly after live years.
' ’
o f C in cin n a ti a t 1 01 .5 8 a n d in te r e st— a b a sis o f a b o u t 3 .9 1 1 % .
I h e fo llo w in g b id s w ere received :
S a r a to g a S p r in g s, N . Y .—Bond Offering.— T h e B oard o f Breed
CIn._$162, 1 00 Hayden, Ml Her & Co.,Clcv.$lGl,760 00
T ru stee s w ill offer a t p u b lic a u c tio n a t 12 m . M ay 19 $ 1 5 0 ,0 0 0 Stacy && BHarrison,
raun, Toledo.- 1162,.
,. ,304 00 C. E. Denison & Co., CIov. 161,425 80
reg istered m u n icip a l b on d s a t n o t e x c e e d in g 4 lA % in te r e st. Field,Longstrcth&Co.,CIn./
Bauk,
r*-'tn
*Weil,
R
oth
&
Co_______
1
162,288
00 W Cestern-German
D atc Ju n e 1 1011. Interest sem i-annually a t
in cin n ati------------------- 161,281 60
Bk.&Tr.Co.CIn. J
.
i
n
lrus.t
Co.pt S aratoga Springs in New York exchange. Prov.Sav.
Cleveland
T
rust
Co.,
ClcvM aturity $6,000 yearly on April 1 from 1916 to 1940 inclusive. Certified Davies-Bertram C o.iC in.1162,030 00

la n d - - Kleybolte
- T....................
N at. Bank /
J
checkIs (or
cash) on a national bank or tru st com pany for 2% of bonds bid German
Co., 160,832 00
Otis & Hough, Cleveland) 161,888 57 RudolphC incinnati--------for,
required.
160,832 00
Seasongood& M ayer,C inJ
S c h o o lcra ft C o u n ty (P . 0 . M a n istiq u e ), M ic h .— Bond Sale. New First N at. B k., Col. 161,779 00 i irst N at. Bank, C lo v e.. 160,302 50
M aturity $40,000 In each of the years 1940 . 1941, 1942 and 1943.
— T h e S 4 0 ,0 0 0 5% 7%-yaar (a v era g e) ro a d -co n stru ctio n

b o n d s offered on M ay 4 (V . 9 2 , p . 1135) w ere a w a rd ed to
B . H . R o llin s & S o n s a n d A . B . L ea ch & C o., b o th o f C h icago,
a t th eir jo in t b id o f 1 0 2 .5 5 , in te r e st a n d b la n k s— a b a sis o f
a b o u t 4 .5 7 % . T h e p u rch a sers h a v e a n o p tio n o n th e rem ain
m g $ 5 0 ,0 0 0 b o n d s o f th e issu e a t th e sa m e p rice. T h e
8 4 0 ,0 0 0 b o n d s m a tu re p a r t y e a r ly from 1912 to 192G in ­
c lu siv e . E le v e n b id s w ere re ce iv ed in a ll.
S e a ttle , W a sh . —Bonds Sold During March and April —
T h e fo llo w in g sp e c ia l-im p r o v e m e n t b o n d s w ere so ld b y th is
c ity d u rin g M arch a n d A pril:

March Sales aggregating $206,627.98. A pril Sales aggregalina 5194,459 3 0 .
A m ount.
Purpose.
m ount.
Purpose.
52,438 21*---------- Grade and curb A$77,297
88-----------Grade and w ater
60,487 80*_______Paving
35,694
35---------Grade
and curb
15,959 59*.............. Curbs
2,000 11---------Planking
1,333 0 3 * ........... Grades
771 34..............Sewer
22,888 25------------ Grade and curb
2,269 48---------- Curb and g utter
21,761 02------------ Grade and curb
20,636 93..............Curb
4,311 08------------ Sidewalks
6 ,1 6 6 89---------- Sidewalk
15,079 02------------ Sidewalks
5,798 8 3 . .......... Sidewalk
5,358 37------------ Grade and curb
9.104
70..............Sidewalk
19,571 27-------------Sidewalk
9,783 24_______Paving
22,583 97-------------Cluster-lights
2,658
90
_______Grading
6,685 60-------------Grade and paving
8.170 77------------ Sewer and w ater 22,276 65..............Sidewalk
The issues m arked with an asterisk (*) carry 6% Interest and the rem ain­
ing Issues 7% Interest. They are all subject to call a t any tim e.

Bids.— T h e fo llo w in g b id s w ere a lso re ce iv ed o n M ay 4 for
th e five issu e s o f co u p o n (w ith p riv ileg e o f re g istra tio n )
b o n d s, a g g re g a tin g $ 2 ,0 0 0 ,0 0 0 a w a rd ed on th a t d a y to th e
sy n d ic a te co m p o sed o f th e C o n tin en ta l & C om m ercial T ru st
& S a v in g s B a n k , H a rris T ru st & S a v in g s B a n k ,o f C h icago;
M errill, O ld h am & C o., o f B o sto n , and D e x te r -IIo r to n
N a tio n a l B a n k , o f S e a ttle , for $ 2 ,0 1 7 ,6 3 8 (1 0 0 .5 8 ) a n d
a ccru ed in te r e st. (V . 9 2 . p . 1 2 7 0 .)

of Chicago.
r i dr ^^o0 Joint bid of $2,014,908
’A WS70: 7and
& Coand A - B. Leach & Co., all
or
interest.
Chicago—$2,008,225 and Interest.
N ational B ank of Commerce in S ea ttle —S I00,500 for $100,000 light bonds

S h erid a n , Y am h ill C o u n ty , O re .—Bond Election.— A n
e le c tio n , it is s ta te d , to v o te on th e q u estio n o f issu in g $ 7 ,0 0 0
c ity -h a ll-c o n str u c tio n b on d s w ill b e h eld M ay 15.
S h r e v e p o r t, C addo P a r ish , L a .—Bond Sale.— O n M ay 9
th e $ 2 5 0 ,0 0 0 4J^ % gold p u b lic-im p ro v em en t b on d s d escrib ed
in V . 9 2 , p . 9 8 1 , w ere a w a rd ed , a cco rd in g to rep orts, to th e
C om m ercial N a tio n a l B a n k in S h rev e p o rt for $ 2 5 0 ,1 0 0 0 0 ,
th e p rice th u s b ein g 1 0 0 .0 6 6 .




T re n to n , N . J .— Bond Offering.— P ro p o sa ls w ill b c receiv ed
u n til 2 p . m . M ay 23 b y H . E . E v a n s, C ity T reasu rer, for th e
fo llo w in g 4>£% co u p on or registered b o n d s.

$o5,000 school-builcHng-additlon bonds authorized on April 14 (V 92
P- ll3,°L Certiilcd check for $1,100 Is required.
'
50,000 llvei-ftont-Im provenicnt bonds m entioned in V. 92, p 1271
Lertlflcd check for $1,000 Is required.
D enom ination $100 or m ultiple thereof. D ate June 1 1911 Interpst
' M aturity Juno T 1941. The certiilcd checks in thc above
T reasu rer^USt b° dravvn on a national bank and m ade payable to the City

2 he official nolice of this bond offering will be found among
the advertisements elsewhere in this Department.

V e n t nor C ity (P . O . A tla n tic C ity ), A tla n tic C o u n ty , N . J
" Bond Sales. T h e $ 9 ,0 0 0 sew er (th e u n so ld p o r tio n o f th e
issu e o f $ 2 5 ,0 0 0 b on d s) a n d th e $ 5 0 ,0 0 0 V e n tio r A v e n u e
im p r o v e m e n t 5% 3 0 -y e a r b on d s offered o n D ec. 7 1910 w ith ­
o u t su c ce ss (V . 9 2 , p . 4 87 ) h a v e b een so ld . T h e sew er b on d s
are d a ted S e p t. 1 1910 a n d th e str e e t b o n d s N o v . I 1910.
A n issu e o f $ 2 5 ,0 0 0 5% 3 0 -y c a r re fu n d in g b o n d s d a ted
l'e b . 1 1911, h a s b een d isp o sed o f.
Bond. Offering.— P ro p o sa ls w ill b e re ce iv ed u n til 8 p . m .
M ay 17 for $ 1 0 0 ,0 0 0 5% co u p on p a v in g b o n d s.

a P a^J®mInatIon $1,000. Date June 1 1911. Interest soml-annuAlIv In
A tlantic City. M aturity June 1 1931. Bo ids are tax-exem pt Certified
check for 2% .payable to R obert W. B artlett. Clty lY casiuer l s ^

W a k e C o u n ty (P . O R a le ig h ), N o . Car .— Bond Election.—
A n e le c tio n w ill b c h eld A u g. 3 1 , a cco rd in g to rep orts, to v o te
o n a p ro p o sitio n to issu e $ 3 0 0 ,0 0 0 r o a d -co n stru ctio n b o n d s.
W a sh in g to n C o u n ty (P . O. W a sh in g to n ), P a .— Bonds
Authorized— T h e G rand J u ry o n M ay 11 a u th o rized th e
issu a n ce.o f ^ 50(^ 000 4% ta x -fr e e ro a d -im p ro v em en t b o n d s.
W a sh in g to n T o w n sh ip S ch o o l D is tr ic t, I n d .— Bond Sale —
A ccord in g to rep orts $ 6 ,5 0 0 4 y2% 5 % -y ea r (a v era g e) b u ild 4 !fo 2 % 3 W<ire
° " P r“ 12 a t 102— a b a sis o f a b o u t
W e b ste r G ro v es S ch o ol D is tr ic t (P . O W e b sta r G rn v asl
4 1> i m 8 -)o°v,mfcf '(
^ ? nd Sale.— On M ay 4 th e $ 2 8 ,0 0 0
4 ' 2m e^ "JO-year (o p tio n a l) sch ool b on d s d escrib ed in V. 9 2,
p . 1060, w ere a w a rd ed to th e M ercan tile T ru st C o. o f S t.
L o u is for $ 2 8 ,2 o l (100.89G ) a b a sis o f a b o u t 4 .3 9 % to th e
o p- tio. n a l. d a te and. 4 .4 5 % to fu ll m an tu
tn r ity
itv nOth
a b id s
th er
re ce iv ed w ere a s follow s:

THE CHRONICLE

May 13 1911.1

1333

$28,121 50
A . G. Edw ards Sc Sons, S t. L ouis--------------------- ........................
...................... 27,805 00
W m . It. Com pton Co., S t. L ouis......................
______ _ . 27,800 80
N . W . Ifalsey Sc Co., Chicago-------------- ---------27,205 00
I). A rthur Bowman, S t. L ouis_______ _____
______
27,174 00
Mississippi V alley T rust Co., S t. L ouis------ ______________
20.976 00
W hitaker Sc Co., S t. L outs--------------------------D enom ination $1,000. D ate Ju ne 1 1011. Incrcst sem i-annual.

W o r c e ste r , W o r c e ste r C o u n ty , M a s s .— B id s .— T h e fo llo w ­
in g p ro p o sa ls w ere a lso s u b m itte d on M ay 5 for th e $ 2 0 ,0 0 0
p o lic e -sta tio n a n d th e $ 5 0 ,0 0 0 sew er 4 % 1 0 -y ca r registered
ta x -e x e m p t b o n d s a w a rd ed o n th a t d a y , a s s ta te d in la st
w ee k ’s issu e , to K in sle y & A d a m s o f W o rcester a t 1 04 .0 7
d 1 0 4 .1 6 , r e sp e c tiv e ly .
W e llin g to n , L ora in C o u n ty , O h io .— Bond, Sale.— O n M ay 8 aKnuhn,
Fisher & Co__________10.1.901 Blake Bros Sc Co____________ 103.71
Sc C o------------------------- 103.871 Curtis Sc .Sanger.................... — 103.651
th e 8 2 0 ,0 0 0 5% 11 1 -3 -y ca r (a v era g e) co u p o n str e e t-im ­ Adams
. M. Farnsw orth Sc Co--------103.86 R. L. Day Sc Co___________..103.379
p r o v e m e n t (v illa g e ’s p o r tio n ) b o n d s d escrib ed in V . 9 2 , EMerrill,
Oldham & C o_______ 103.1 39 Old Colony T rust Co_________103.23
p , 1060, w ore so ld to th e F ir st N a tio n a l B a n k o f C levela n d Blodget Sc C o ..............................103.819 P erry, Coffin Sc B urr------------- 103.17
E stabrook & Co. - - ................... 103.77 E . H . Rollins Sc Sons_______ 103.158
a t 1 0 8 .0 1 8 a n d in te r e st— a b a sis o f a b o u t 4 .1 0 1 % . M a­ George
A. F ernald---------------- 103.761 N. W . H arris________________103.157
tu r ity 8 1 ,0 0 0 y e a r ly on O ct. 1 from 1915 to 1920 in c lu siv e Edm unds B rothers---------------103.76 Ilay d en , Stone Sc Co.................102.61
The above bidders are all of Boston.
a n d $ 1 ,0 0 0 ea ch s ix m o n th s from A pril 1 1921 to O ct. 1 1 92 7,
W y a n d o ttte C o u n ty (P . O. K a n s a s C ity ), K a n s .— Bond
in c lu siv e . T h e fo llo w in g b id s w ere receiv ed :
F irst N at. B k., C leveland.$21,003 7 5 1Seasongood & M ayer, C In.$21,456 00 Sale.— O n M ay 8 th e $ 3 3 5 ,0 0 0 4<^% 3 0 -y e a r fu n d in g b o n d s
F irst N at. B k., W ellington 21,582 00 Stacy & B raun, T oledo___ 21,453 00 d escrib ed in V . 9 2 , p . 1 2 7 1 , w ere a w a rd ed to th e C om m erce
CIt. N at. Bk., W o oster.- 21,537 5 0 |T illotson& W olcott Co.,Clcv.21,360 00 T ru st C o. in K a n sas C ity , M o ., a t 1 0 3 .0 3 1 — a b a sis o f
C. E. Denison & Co., C lev. 21,535 8 0 1Weil, R oth Sc Co., CIn____ 21.354 00
Ilayden, Miller & Co ., Clev. 21,512 OOlOtls Sc H ough, C leveland- 21,204 00 a b o u t 4 .3 1 9 % . T h e fo llo w in g b id s w ere re ce iv ed :
New F irst N at. Bk., C ol. 21,507 3 0 1R ud. K lcybolte Co.,Inc.,Cin.2 0 ,700 00
Com. T r. C o./K an .City, M o.$345,150|SutherUn & C o..K an.C ., Mo.$341.757

W e s t M ilw a u k ee (P . O . M ilw a u k e e ), W is .— Bond Offering. N. W. Halsey & Co., C hic.. 343,5821 W m. R . Com pton Co., S t. L . 341.566
Y e llo w s to n e a n d M u sse lsh e ll C o u n ties J o in t S ch o o l
— P ro p osals w ill b e re ce iv ed u n til 8 p . m . M ay 16 b y S am u el
D is tr ic t N o . 27 (P . O . S e v e n ty n in e ), M o n t.— Bond Offering.—
J . B re io , V illage C lerk, for 8 8 ,0 0 0 5% co u p o n w a ter b o n d s.
D enom ination $100. D ate M arch 1 1911. Interest payable In Mil­ P ro p o sa ls w ill b e receiv ed u n til 2 p . m . M ay 20 b y A . G .
w aukee. M aturity $500 yearly on M arch 1 from 1913 to 1928 Inclusive. F le tc h e r , C lerk, fo r $ 2 ,0 0 0 0% co u p on b o n d s.
No debt a t present. Assessed valuation 1910, $857,750.
• •

D enom ination $200. D ate May 1 1911. Interest sem i-annually a t th e

reasurer's office. M aturity 20 years, subject to call after 10 years.
W e s t O ran ge, N . J .— Bond Offering.— P ro p o sa ls w ill b e County Tcheck
for 5% of bonds bid for. payable to R . P . Ilercn, C hairm an.
re ce iv ed u n til 8 p . m . M ay 16 b y J osep h M cD o n o u g h , T ow n Certified
Is required.
•
C lerk, fo r $ 1 0 0 ,0 0 0 4>^% g o ld co u p o n fu n d in g b o n d s.
D enom ination $1,000. D ate M ay 1 1011. Interest sem i-annually at
tile f irs t N ational Ilank of W est O range. M aturity M ay 1 1041. Certified C a n a d a , its P ro v in c e s a n d M u n ic ip a litie s.
check on a S tate or national bank or trust com pany for $1,000, payable
B erlin , O n t.— Loan Election.— A b y -la w w ill b e v o te d u p on
to E dw ard A. MoOuIrk, Town T reasurer, Is required. Bids m ust be m ade
on blank forms furnished by the tow n. Bonds will be certified ns to their
th e n ea r fu tu r e , it is s ta te d , p ro v id in g fo r an a d d itio n a l
genuineness bv the U nited S tates M ortgage & T ru st Co. and their legality in
approved by Caldwell, Massllcli & need of New V ork City, whose opinion lo a n o f $ 2 0 ,0 0 0 fo r h y d r o -ele ctric -p o w e r p u rp o ses.
will be furnished to the purchaser. A ccrued Interest to be paid by purchaser.
B u rn a b y , B . C .— Debenture Sale.— T h e fo llo w in g 4 J^%

d eb en tu r es, a g g re g a tin g 8 9 5 8 ,0 0 0 , d u e in 1 9 5 1 , w ere re ce n tly
so ld , it is s ta te d , to W o o d , G u n d y & C o. o f T o ro n to a t
9 6 .7 3 : $ 5 0 0 ,0 0 0 for n ew roads; $ 3 5 0 ,0 0 0 fo r w ater-w o rk s;
$ 7 5 ,0 0 0 for sid ew a lk s; $ 2 5 ,0 0 0 fo r b rid g es a n d $ 8 ,0 0 0 for
sc h o o ls.
C arly le, S a s k .— Loan Election.— A n e le c tio n w ill b e h e ld
M aturity as follows: $33,100 on April 1 1933, $103,550 on O ct. 1 1933,
ay 15, rep orts s ta te , to v o te o n a b y -la w p ro v id in g fo r a
$106,050 on April 1 1034, $100,850 on O ct. 1 1934 and $11,850 on A pril 1 M
lo a n o f $ 1 7 ,0 0 0 fo r w a ter -w o rk s p u rp o ses.
1035.

W ilm in g to n , N e w C a stle C o u n ty , D e l.— Bond Sale.— O n
M ay 9 th e $ 4 5 ,0 0 0 refu n d in g w a te r , $ 2 5 0 ,0 0 0 s tr e e t-im p r o v e ­
m e n t a n d $ 1 0 0 ,0 0 0 p u b lic-p ark 4J^ % 2 3 -y e a r (a v era g e)
reg istered b o n d s, d escrib ed in V . 9 2 , p . 1190, w ere a w a rd ed
to K o u n tz e B ro s, o f N ew Y ork a t 1 0 5 .7 2 1 a n d accru ed
in te r e st— a b a sis o f a b o u t 4 .1 1 4 % .

NEW LOANS.

NEW LOANS

$8 2 , 0 0 0

Proposals for

City of South St. Paul, Minnesota,
R E F U N D IN G B O N D S
Office of the City Recorder of the
City of South S t. P aul, M innesota,
M ay 6, 1911.
N OTICE IS H E R E B Y G IV EN T h a t scaled
proposals will be received by the City Council
of tliCiClty of South S t. Paul, M innesota, a t the
office of the City Recorder of said C ity, until
eight o’clock P. M., MONDAY. ATAY 29. 1911,
for tiie whole or any part of Eighty-tw o Thousand
($82,000) Dollars of the refunding bonds of said
C ity, authorized to be Issued by the City Council
of said City by resolution approved May F irst,
1911, and said bonds will be sold a t said tim e by
said City to the highest responsible bidder or
bidders therefor. Said bonds will be issued in
denom inations of One Thousand ($1,000) Dollars
each and dated June 1 1911 and payable June 1,
1931, and will bear Interest a t the rate of four
and one-half per cent per annum , payable sem i­
annually. Said bonds are to be issued for the
purpose of refunding outstanding bonds of said
City. Each proposal m ust state the total am ount
of bonds bid therefor, the total am ount offered
for th e sam e, including the prem ium and accrued
interest thereon from the date of said bonds to
th e date of delivery, and each proposal m ust be
sealed and addressed to the City Recorder*'of the
said City of South S t. Paul, M innesota, m arked
on the envelope "proposals for bonds" and eacli
proposal m ust lie accom panied by a ccrtlhed check
on a responsible bank, payable to I*. P. Welns,
City T reasurer, for a sum equal to two per centum
of the par value of the bonds bid for as a guaranty.
The right to reject any and all proposals is hereby
reserved. Such bonds will be delivered to the
purchasers thereof a t the office of the City
R ecorder of the City of South S t. Paul, Minne­
sota, or elsewhere In th e U nited S tates, a t the
option of the purchaser.
By order of the City Council of the City of
South S t. Paul.
J . R . STEVEN SO N,
City Recorder.

F. W M . K R A F T
LAW YER

Specializing in Examination of

Municipal and Corporation Bondi
1312 F IR S T N A T IO N A L B A N K B L D O ..

CHICAGO, ILL.

C h a rle s M. S m ith & C o

CORPORATION AND
MUNICIPAL BONDS

$ ,
1

0 3 0 , 0 0 0

Registered 4 Per Cent Stock
• PROPOSALS will be received a t th e M ayor's office, City H all, Baltim ore, M d., until 12 o'clock
noon on MONDAY, A\AY 15. 1911, for the purchase, In whole or In p art, of—
$100,000 JO N k s FALLS IM PROV EM EN T LOAN OF T H E CITY OF B A LTIM ORE, redeem a­
ble on the 1st day of M arch, 1961, and bearing Interest a t the rate of 4 per centum per annum , paya­
ble sem i-annually on the llrst days of M arch and Septem ber in each and every year. The interest will
commence March 1, 1911.
$500,000 SCIIOOLHOUSE LOAN OF T H E CITY O F B A LTIM ORE, redeem able on the 1st
day of M arch, 1961, and bearing iutcrest a t the rate of 4 per centum per annum , payable sem i-annually
on the 1st days of March and Septem ber In each and every year. T he interest will commence March 1,
101 ^ 2 0 0 000 DOCK IM PROV EM EN T LOAN OF T H E CITY O F B A LTIM O R E, redeem able on the
1st day of M arch, 1961, and bearing Interest a t the rate of 4 per centum per annum , payable semi­
annually on the llrst days of M arch and Septem ber In each and every year. The Interest will com­
mence March 1, 1911.
„
__ „ . —
$230,000 CON DU IT LOAN O F T H E CITY OF B A LTIM ORE, redeem able on the 1st day of
December, 1058, and bearing Interest a t the rate of 4 per centum per annum , payable sem i-annually on
the first days of June and December In each and every year. Interest will commence Ju ne 1. 1911.
Circulars have been prepared by the City Register showing the auth o rity for the Issue of these loans,
together with th e purposes to which the proceeds of the sale will be applied, which circulars can be
obtained from him upon application.
.
Bidders are advised th at under the Ordinances certificates of loans will be Issued In such am ounts
as the lender m ay require in the sum of one hundred dollars, and Its equal m ultiples thereof. In regis­
tered form only.
Proposals m ust be m ade upon the prescribed form of blanks, which m ay be obtained upon appli­
cation a t the office of the City Register.
Bids will be received for any rrnrt of the whole am ount offered, and bids will also be received for
all or none. Parties m ay m ake bias both for a part and the whole of the am ount of loans offered.
No bid will be considered unless accom panied by a certified check upon a clearing-house bank,
draw n to the order of the Mayor and City Council of B altim ore, or a certificate of deposit of a clearing­
house bank, or cash, for 2 per cent of the am ount of the loans for which bid Is m ade: b u t no deposit
by any one party need bo for more than 2 per cent of the entire am ount offered for sale.
Checks, certificates of deposit or cash accom panying bids not accepted will be returned to the
bidders w ithin 48 hours after the opening of the bids. Deposits of successful bidders will be applied
in partial paym ent of the cost of the am ount of the loans aw arded them . Should there be more than
one proposal a t the sam e price, a pro rata aw ard m ay be made.
Settlem ent In full for the loans aw arded m ust be m ade with the City Register on Ju ne 1, 1911. on
which day the certificates will be ready for delivery. If a bidder, having m ade the required deposit of a
certified check, certificate of deposit or cash fails to pay for the am ount of stock aw arded to him on
the 1st day of June, 1911, the deposit thus m ade shall be forfeited to and retained by the City as
liquidated dam ages for such neglect or refusal, and shall thereafter be paid into the sinking fund.of
the City for the redem ption of the funded debt.
The City docs not tax any of its Issues of stock, and takes the place of the holders of these Issues
In the paym ent of the annual S tate tax thereon, for which the holder Is legally liable.
All bids m ust be m ade at a price AND ACCRUED IN T E R E ST for each $100 of the three firstnam ed loans and a FLAT PR IC E for th e.last-nam ed loan.
Proposals m ust be scaled and addressed to the "P resident of the Board of Commissioners of
Finance. City H all," and m arked "Proposals for Baltim ore City S tock," and sent to the M ayor’s office.
The address of each bidder m ust accom pany the bid, and notification of acceptance of any bid will
be considered accomplished when mailed In the Baltim ore Post Office to such address.
• ^
The Commissioners of Finance reserve to them selves the absolute right, in their discretion, to re­
ject any or all applications, and also to allot smaller am ounts th an applied for.
JO H N M. L IT T IG ,
President of the Board of Commissioners of Finance.
ISAAC L . NEW M AN, Clerk.

Thom as J. Bolger Co.
M U N IC IPA L B O N D S
Legal for Savings B anks,
Postal Savings and T rust Funds
SEND FOR LIST

FIRST NATIONAL BANK BUILDING
19 South La Salle St.,
CHICAGO



OF BALTIMORE CITY

CHICAGO

M UNICIPAL AND RAILROAD
B O N D S
U 8 T ON A PPLIC A TIO N

S E A S 0 NG 0 0 D & MAYER

Mercantile Library Building
CINCINNATI

1334

T H E C H R O N IC L E

[V()L.

LXXXXII.

Chilliwack, B. C.— Loans Authorized.— A ccord in g to
re p o r ts, th e r a te p a y e r s h a v e sa n ctio n e d b y -la w s a g g re g a tin g
$ 1 1 1 ,0 0 0 , a s fo llow s: m a ca d a m iz in g c ity str e e ts, $70 000;
su r fa c e d ra in in g s y s te m , $ 1 0 ,0 0 0 ; str e e t g ra d in g m a ch in er y ,
$ 1 0 ,0 0 0 , a n d n e w c ity -h a ll, $ 2 1 ,0 0 0 .
Coquitlam, B. C. Debenture Sale.— T h e D o m in io n S ecu r­
itie s C orp oratio n , L td ., o f T o ro n to is rep orted a s h a v in g
b o u g h t $ 2 0 0 ,0 0 0 5% 3 0 -y e a r d eb en tu r es.
Deloraine, Man.-—-Loan Election.— A b y -la w to b orrow
$ 3 ,0 0 0 for sch o o l-b u ild in g s w ill be su b m itte d to a v o te , it is
s ta te d , o n M ay 19.
Enderby, B. C.—Bebenture Offering.— P ro p o sa ls w ill b e
reTC,??Ied, u n t;* 7 :3 0 ,PM ay IS fo r $ 5 ,5 0 0 6% d eb en tu r es.

Preston, Ont.— Debenture Sale.—According to reports,
$21,400 5% debentures were recently disposed of to Wood,
Gundy & Co. of Toronto. Maturity part yearly for 30 years.
Province of Quebec.—Debenture Sale.—Papers report that
$75,000 4y2% insane-hospital debentures due May 1 1929,
were recently purchased by Campbell, Thompson & Co. of
Toronto.
Eeye'stQko, B. 0 .— Debenture Safe.—Reports state that
$59,000 debentures were recently awarded to the Canadian
Debenture Corporation of Toronto at 97.818.
'Debenture Sale.—It is stated that
$182,482 o0 4>2% debentures duo from 5 to 20 years, have
been
disposed
of
to
the
Dominion Securities Corporation,
Clerk^CrCS^ scmAnnual. Maturity 20 years. Graham Rosoman Is City Ltd., of Toronto.
r
Eyebrow, Sask .— Debenture Sale.— I t is said th a t $ 4 ,0 0 0 _
Man.— Debenture Sale.— On May 1 the $95,000
o /o 1 5-year d eb en tu r es h a v e b een p u rch a sed b y N a y & 9/0 30-mstaIlment water-works debentures described in
& J a m e s o f R e g in a .
V. 92, p. 549, were awarded to R. C. Mathews & Co. of
for $92,155 (97) and accrued interest. Other bids
Fort William, Ont.— Loans Proposed.— P a p e rs s ta te th a t Toronto
received
were as follows:
b y -la w s p ro v id in g for th e fo llo w in g lo a n s w ill b e su b m itte d

P L l)>,C
T o r- -$ 990,577
2 ,0 1 5 1WYV.ood,
& C o.,
T oronto
O nt.■ See.
C o.,or?Lvtd ., T' orontoA . GMundy
ackenzie
A Pn
rTm- $90,250
rr 1 1 1
538,000
to
purchase
property
for
enlarging
city-hall
site;
$105,000
to
N at. T ru st C o., L td ., YVInnip. 90,354 | H rcnt, N oxon & C o., T oronto 87^431
liquidate offloating
the city;
for flre-protcctlon;
$9,800 to
39y Hill, Sask. Debenture Sale.—This village recently
purchase
land fordebt
policeofstation
and $8,500
court-house
site.

to th e b u rg esses for a p p r o v a l o n M ay 17:

sold
$2,000 8% 10-year debentures to Nay & James of
Regina.
Starbuck Consolidated School District (P. O. Starbuck),

t Monarch, Alberta.— Debenture Sale.— O n A pril 30 th e
$ 1 ,5 0 0 1 0 -y e a r lo c a l-im p r o v e m e n t d eb en tu r es m en tio n e d in
V . 9 2 , p . 9 8 5 , w ere a w a rd ed to A llo w a y & C h am p ion -of
W in n ip eg a t 99 for 6 s. O th er b id s re ce iv ed w ere a s follow s:

F o r 6s —
I F or 7s—
Can. Deb. Corp., Ltd., T or..$1,165 C. 11. Burgess & Co., Toronto SI.515
Nay & James, Regina----------- 1,413 | National Finance Co., Regina. 1,512

k

New Castle, N. B .— Debentures Proposed.— T h is to w n , it is
s ta te d , p ro p o ses to issu e $ 3 0 ,0 0 0 5% 4 0 -y e a r fu n d in g d eb en ­
tu r es.
New Liskeard, Ont.— Debenture Offering.— P ro p o sa ls W ill
b e re ce iv ed u n til 0 p . m . M ay 15 b y P . R . C raven , T ow n
C lerk , fo r $ 1 3 ,5 0 0 5% 2 0 -y e a r d eb en tu r es.
New Westminster, B. C.— Debenture S a le— It is s ta te d
th a t $ 4 9 7 ,0 0 0 5 0 -y e a r gen eral d eb en tu r es a n d $ 9 2 ,0 0 0 3 0 -y e a r
lo c a l-im p r o v e m e n t d eb en tu r es w ere re ce n ly p u rch a sed b y
G . A . S tim so n & C o. o f T o r o n to . M en tion o f th e se d eb e n ­
tu res w as m a d e in V . 9 2 , p . 113 7.
NEW LOANS.

C IT Y

O F

TR EN TO N

O ff ic e o f C i ty T r e a s u r e r , T r e n t o n , N . J . ,
M ay 9 th , 1911.
S e a le d p r o p o s a l s w ill b e r e c e iv e d a t t h i s o ffic e
u n t i l 2 o ’c lo c k P . M ., TUESDAY. MAY 23RD,
1911, f o r t h e p u r c h a s e o f t h e w h o le o f $ 5 5 ,0 0 0
o f C ity o f T r e n t o n , N . J . , t h i r t y - y e a r , f o u r a n d
o n e - h a l f p e r c e n t , s e m i - a n n u a l , r e g is t e r e d
co u po n S chool B o n d s.
A ls o f o r t h e p u r c h a s e o f t h e w h o le o f $ 5 0 ,0 0 0
C i ty o f T r e n t o n , N . J . , t h i r t y - y e a r , f o u r a n d
o n e - h a l f p e r c e n t , s e m i- a n n u a l, r e g is t e r e d
c o u p o n H a rb o r Im p ro v e m e n t B onds.
B o n d s w ill b e d a t e d J u n e 1 s t, 1 9 1 1 , d u e J u n e 1 s t
1 9 4 1 . I s s u e d In d e n o m i n a t io n s o f § 1 0 0 , o r m u lt i­
p le s th e r e o f , a n d w ill n o t b e s o ld f o r le s s t h a n p a r
a n d a c c ru e d in te r e s t.
E a c h b id d e r w ill b e r e q u i r e d to b id o n e a c h
I s s u e s e p a r a t e l y , a n d to e n c lo s e , a s e v id e n c e o f
g o o d f a i t h , c e r ti f ie d c h e c k s o n a n a t i o n a l b a n k ,
p a y a b l e to t h e o r d e r o f H a r r y E . E v a n s , C ity
T r e a s u r e r , a s fo llo w s :
F o r t h e $ 5 5 ,0 0 0 is s u e o f S c h o o l B o n d s a c h e c k
f o r $ 1 ,1 0 0 .
.
F o r t h e § 5 0 ,0 0 0 Is s u e o f H a r b o r I m p r o v e m e n t
B o n d s a c h e c k f o r $ 1 ,0 0 0 . ( S e p a r a t e c h e c k .)
C h e c k s w ill b e i m m e d i a t e l y r e t u r n e d to u n ­
s u c c e s s f u l b id d e r s .
T h e b o n d s w ill b e a w a r d e d t o t h e b id d e r w h o s e
p r o p o s a l w ill b e m o s t f a y o r a b l c t o t h e c i t y , b u t th e
r i g h t Is r e s e r v e d t o r e j e c t a n y a n d a i l b id s n o t
d e e m e d fo r th e in te r e s t o f th e c ity .
P r o p o s a l s to b e s e a le d a n d a d d r e s s e d to
H . E . EV ANS.
C i ty T r e a s u r e r

$310,000
D a te d J u l y 1 s t. 1 9 1 1 , p a y a b l e J u l y 1 s t, 1 9 5 1 ,
w ith o u t p rio r o p tio n .
In te re s t F o u r P e r C e n t p e r a n n u m , p a y a b le
s e m i- a n n u a lly J a n u a r y a n d J u l y .
B o t h P r in c ip a l a n d I n t e r e s t p a y a b l e a t N a ­
ti o n a l P a r k B a n k , N e w Y o r k C i ty .
A ll b id s m u s t b e a c c o m p a n ie d b y c e r ti f ie d c h e c k
f o r T w o P e r C e n t o f a m o u n t b id .
S e a le d b id s w ill b e o p e n e d a t t h e o ffic e o f t h e
S t a t e T r e a s u r e r , R a l e ig h , N o r t h C a r o l in a , a t
T w e lv e n o o n . MAY 25TH, 1911.
T h e s e b o n d s a r e c o u p o n b o n d s In d e n o m i n a t io n s
o f o n e th o u s a n d d o lla r s a n d o n e h u n d r e d d o lla r s .
B. R . LACY,
S ta te T re a su re r.

MUNICIPAL BONDS




&

$450,000

Wrlte for
Circular.

C O .
CHICAGO

NEW LOANS.

$1,290,000.00

P o r t o f T illa m o o k , O re g o n , C i t y o f A t l a n t a , G e o r g i a ,

6% Harbor Improvement Bonds

4 y 2 PER c ent b o n d s

N o tic e Is h e r e b y g iv e n t h n t s e a le d b id s w ill b e
r e c e iv e d b y t h e T r e a s u r e r o f t h e P o r t o f T illa m o o k
In t h e C i ty o f T i ll a m o o k . In t h e S t a t e o f O re g o n ,
a t h is o ffic e In s a id c i t y , u n t i l T H U B S D 4 V
J U N E 15TH , 1911, a t 10 O 'C L O C K A . M . f j ;
th o p u r c h a s e o f a ll o r a n y p a r t o f t h e b o n d s o f
t h e s a id P o r t , Is s u e d b y v i r t u e o f a r e s o lu ti o n o f
s a id P o r t d u ly a n d le g a lly p a s s e d A p r il 6 . 1 9 1 1 .
■ S a id b o n d s a r e to b e d a t e d J u l y f . 1 9 1 1 . a n d r u n
2 0 y e a r s fro m t h e i r d a t e , I n te r e s t p a y a b l e s c m la n n u a ly , b o th p r in c ip a l a n d I n te r e s t p a y a b l e In
U n it e d S t a t e s g o ld c o in a t T illa m o o k , O r e g o n , o r
a t t h e o ffic e o f t h e P o r t 's ils c a l n g e n t In N e w Y o rk
5 ) % N,' Y ' . S a lll bon<l3 a r c 9 0 0 In n u m b e r a n d
o f t h e d e n o m i n a t io n o f $ 5 0 0 e a c h , a n d a r e Is s u e d
f o r t h e p u r p o s e o f d e f r a y in g th o c o s t o f h a r b o r
I m p r o v e m e n ts o n T illa m o o k P a r a n d B a y S a id
»J?Hd S iiWi i i b e s o l? , to th c h ig h e s t b id d e r f o r c a s h
a n d a ll b id s m u s t b e a c c o m p a n ie d b y a c e rtlflc d
c h e c k e q u a l to 5 % o f th c a m o u n t o f t h e b o n d s
D id u p o n .
T h e r i g h t Is r e s e r v e d to r e j e c t a n y a n d a ll b id s
a n d to r e - a d v e r tis c f o r b id s f o r t h c s a m e
A p r i l 1 i o n T , ,I a m o o k ' O r e g o n , th is 1 0 th d a y o f
M . F . L E A C H , T re asu re r,
P o r t o f T i ll a m o o k .

S c a le d b id s w ill b e re c e iv e d u n t i l 12 o ’c lo c k
n o o n . C e n tr a l T i m e , TUESDAY, JUNE 6TH,
A*. ’ , f o r ^ a11 o r a n y p a r t o f $ 1 ,2 9 0 ,0 0 0 C i ty o f
b o n d s . F o r fu ll I n f o r m a ti o n
a n d b id d in g b la n k a p p l y to
J . H . G O L D S M IT H ,
C i ty C o m p t r o lle r ,
A tla n ta , G a.

BLODGET & CO.
BONDS

North Carolina State Bonds

{0 6 %

Sydney, N. S
—We see it reported that
s845,000
it
i
Co'
of
Toronto
414% debentures due in 1940.were recently awarded
«r™Cnnna!w
? C- DLebenture Sale.— W c sec it reported,,that
$500,000
4% - debentures
were recently purchased by the
Dominion Securities Corporation, Ltd., of Toronto at <10 20
lhe debentures mature as follows: $175,000 in 50 y ea rs
$25,000 in 25 years and $360,000 in 10 years.

NEW LOANS.

$55,000 SCHOOL BONDS
$50,000 HARBOR IMPROVEMENT
BONDS

safest
known.Investment
Yielding from
U L E N
BANKERS

Debenture Offering.— Proposals will be received until
>
b y , ? b,crt Houston, Secretary-Treasurer, for $4,000
5 ^ %.£cb° o1 debentures, repayable in 20 annual installments.
SisTs'in r a /18.11?’ ,Sask.— Deficnfore Sale.— An issue of
$151,830 6% debentures due part yearly for 40 years was
recently sold, it is stated, to the Dominion Securities Cor­
poration, Ltd., of Toronto.
.— Debenture Sale.
m n-

00 S T A T E S T R E E T , B O S T O N
30 P IN E S T R E E T , N E W Y O R K

STATE, CITY & RAILROAD EONDS

$61,000
PENSAUKEN TOWNSHIP, CAMDEN CO., N.J.,

SCHOOL BONDS

S c a le d p r o p o s a ls w ill h e r e c e iv e d b y t h e B o a r d
o r E d u c a tio n o f P c n s a u k e n T o w n s h ip , C a m d e n
r * ^ n.oy ’
5 o i .9 oo
to
-y e a r sc h o o l
19th 1911 8 t0 b° o p c n c d b y t h e B o a r d , May
F o r p a r t i c u l a r s a p p l y to
A L B E R T A . B O C K IU S ,
D i s t r i c t C le rk ,
M c r c h a n t v l llo , N . J .

.J-’ for

2 0

2 0

N A T IO N A L L I G H T ,
HEAT &. POW ER CO M PANY
GUARANTEED

A|) .

BONDS

UM

A. H. Bickmore & Co.,
BANKERS

HODENPYL, HARDY & CO. 3 0 Pine S treet,

New York

7 W all S t., New Y o r k

Railroad, Street Ry., Gas & Elec. Light
S E C U R IT IE S

C. B. V a n

N ostrand

to W A L L S T R E E T

i n d u s t r i a l s

ESTABLISHED 1880
H. C. SPEER & SO NS CO.

First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
R . T . W ils o n & C o .
33 WALL STREET
NEW YORK