Full text of Commercial and Financial Chronicle : May 20, 1911, Vol. 92, No. 2395

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Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

SATURDAY, MAY 20 1911.
VOL. 92.
Clearings at —
g lu e C t a d t t i c k .
1911.

Electric Railway Section
State and City Section

NO. 2395.

13.
1909.
265,410.280
25,000,100
15,943,353
17,860,536
11,560,399
8,907,346
5.457,000
4,048,866
2,672.400
2,807,977
1,977,494
2,249,476
622,676
896,9-12
1,008,193
705.000
754,965
1,005,315
676,610
547,437
534,092
450,795
511,538
822,345
375.000
357,776
423,362
322,063
204,580
298,886
219.729
43,735
7 1.070,284
38.610.807
14,053,682
13,223,010
8.003,362
6,109,550
4,056,679
5,112,567
1,853,190
1,252,000
050,364
506,292
443,204
405,630
400,000

W eek ending M a y

/

1908.
1910.
%
$
S
+0.4
227.823.655
274,283,072 273,175.060
...
$1000
00 Chicago
For Ono Year.......................................................................................... $10
23.341.350
25,741,200 24.532.100 +4.9
Cincinnati .
For Six Months........................................................................................
0000
00
16,131,211
Cleveland ............ 17,813,870 19,500.582 —8.r
00
European
Subscription (including: postage)................................
17,010,177
+
1.8
18.223.684
18.559,909
D
etroit________
7 r.o
European
Subscriptionin six
months
(including
postage)............
9,965,786
+8.3
13,338,659
12.319.710
£ 2 U s. Milwaukee..........
Annual
Subscription
London
(including
postage).................
7.416.072
-14.3
8,557,801
0.985,799
Indianapolis
—
11
s.
£
1
Six Months-Subscription in London (including postago) — —
4,573,400
—6.1
5,812,900
0,190,400
olum bus..........
$11GO TColedo................
Canadian Subscription (including postago)................................
3.866.073
+3.5
4.230,480
4.088,255
2,517,166
+4.5
2,894,343 2.769,799
S u b s c r ip tio n in c lu d e s fo llo w in g S u p p le m e n ts —
P e o ria ..............
2,401,951
+
10.1
2.926,908
2.658.555
Grand R apids.STATE AND City (sciul-annually)
BRAILWAY
\NK ANDAND
QUOTATION
(monthly)
1.569,198
—6.5
2,080,447
2.225,426
..............
D
a
y
to
n
E
lectric
R
ailway
(8
times
yearly)
INDUSTRIAL
(quart
1,796.533
2.653.674
+8.5
2,446,280
E
v
a
n
sv
ille
___
B ankers’ CONVENTION (yearly)
Railway E arnings (monthly)
478,033
723.554 1.027.549
766.089 —5.
K alam azoo___
+ 9.8
876.978
1.128.255
Fort Wayne . . Te rm s of Advertising— Per Inch Space
769,125
1,044.291
986.321
Springfield,
III
.
.
Transient matter per inchr apace
(14
agate
lines)...................................
,H 20 A k ro n ...................
600,000
950,000
614,000
Two Months
(Stimes).......................... 22 00 Rockford
587,444
1,007,021
862,482
)
Three
Months
(18
times)..........................
20
00
+9.6
580.124
933,377
1.023,039
oungstown----Standing Business Cards1•) Six Months
(20times).......................... 50 0 ) YLexington...........
540,919
702,086 H•124.2
1,575,896
( Twolvo Months(52 times)........................... H7 00 South
+5.7
484,098
595.387
629,361
Bend------—3.5
412,909
534,203
C H IC A G O O F F IC E — Pliny Bartlett,613 Monadnock Block; Tel. Harrison4012 Springfield, O ...
515,531
401,394
550,295 —O.l
549,622
Bloomington----LONDON OFFICE—Edwards & Smith, 1 Drapers’ Gardens, E. O.
401,664
+
4.0
602,940
626,866
Quincy................
382,739
+7.1
WILUAHI II. DANA COMPANY, Publishers,
1,034,203
1.107.814
Canton................
332,969
—9
*
459,385
417.363
Jackson
..............
V, O. Box 958. F ront, Fine uml D epeyatcr 8ts., N ov Y ork.
297,925
+
12.0
418,634
468,697
Mansfield............
283,575
—8.1
427,447
392.845
Decatur
............
271,148
+—0.5
2.9
Published every Saturday morning by WILLIAM B. DANA COMPANY, Danville..............
367,878
378.469
135,104
Jacob Seibert Jr., President and Trcas.; George 8. Dana and Arnold G. Dona, Jacksonville, III
287.869
286,285
245,000
+—12.
13.7
Vice-Presidents; Arnold G. Dana, See. Addresses of all, Office of the Company. L im a ..................
303,243
344.825
166,607
208,107
181,902
Ann Arbor..........
27,994
34,448 —10.7
30,755
Adrian ..............
+4.2
CLEARING-HOUSE RETURNS.
674.482
702.630
Saginaw..............
326,688,321
Theclearings
followingoftabic,
made uphouses
by telegraph,
&o., Indicates
total
392.439.775 391,045,184 +0.4
hank
all clearing
of the United
States forthat
weektheending
35,930.536
May 20 have been $3,178,404,715. against $2,055,481,357 last week and San Francisco.. 46.919.559
++7.5
9.6
10,852,939
18,728,006 43,648,620
17,093,816
—20.3
8,767,249
13,977,101
11,138,982
Seattle ..
+-3812.7‘
5.900,000
11.326,034 10.046.722
Portland .
4.438.466
8,037,257
Per
5,333,837
Clearings —R eturns by Telegraph.
—9
3,017,425
5.175.339
4,662,833
Cent.
Spokane................
1910.
1911.
W eek ending M a y 20.
-19.7
4,014,946
5.060.734 + 8.7
4.063.423 3,069,721
acom a................
1,595,077
3,337,416
$1,383,891,193 + 15.1 TOakland...............
New
York........................................... $1,592,755,738
++ 10.0
725.000
1,540.000 1.400,000
122,330,369
+
4.4
San Diego......... .
127,691,936
Boston................................................
14.1
749.000
+ 1.6 Sacramento------- 1.379.466 1.208.924
120,105,180
122,059,260
—7.6
948,778
+ 5.5 Pasadena............
876,453
25,380,243 —1.9
26,787,177
407,184
748,456 —3.1
725,000
233,592.342
229,208.578
F resno................
445,734
—8.3
550,000
504.505
68,167,297 +—4.4
65,170,256
San Jose..............
+26.6
368.822
579.691
734,045
,14,685.637 26.1 Stockton
............
18,512.429
+7.3
282,586
500,000
536,610
N orth Y akima.
239,831 + 17.7
++10.9
282,281
$2,182,185,374 $1,968,152,261
R e n o ..................
0.2 Total Pacific. 112,088,450 112.884,990 —0.7 94,995,330 77,494,964
•180,109,768
Other cities, 5 days............................... 481.246,947
—3.9 44,735,681 34,928,507
50,479,372 —10.5
+ 8.8 Kansas City . . . 48.532,468
$2,663,432,321 $2,448,262,029
19,334,915
18,122,890 20,243.142
483.947,709 + 6.4 Minneapolis----All cities, 1 day.___I.......................... 515.062,394
—6.7 18,230,490
11,775,897
14,573,629
16,579.412
15.469.719
Om aha................
—21.9
8,142,364
8,515,141
11.474.014
8,968,241
St.
P
aul..............
Total all cities for week........................ $3,178,494,715 $2,932,209,738 + 8.4 D enver................
—17.5
7.745.765
8,671,061
7.893.468 9,581,879
5.149.902
6.302,702 —2.0
6,178,236
The
full
details
for
the
week
covered
by
the
above
will
be
given
next
Sat­
St. Joseph.........
—9.0 4,037.763 5,696.123
2,876,973
4,360,849 —27.7
3.969.577 3.410.874
urday. Wo cannot furnish them to-day, clearings being made up by the
2,464,341 3,289,662 —28.7 2.659,000
clearing houses at noon on Saturday, and hence In the above the last day of D uluth___
2,621,644
2,345,181
theWe
week
has
to
be
In
all
eases
estimated,
as
wc
go
to
press
Trlday
night.
Sioux City.
+ 17 4 2,430,938 2,166,354
1,487,459
3,405,961 2,894,717
present below detailed tlgurcs for the week ending with Saturday, Lincoln
Wichita . . .
1,341.412 1,263,259
1,660,674
1,637,183
...
noon, May 13, for four years.
_________ ______________ _______ Topeka ...
1.292,233
1,257,457 +27.7
1.605.193
—7.9 1,097.229 1,073,778
803,200
1,164,221 1.264.752
Davenport
+29.9
W eek ending M a y 13.
798,349
992.013
1,028,941 —15.9
1.335,427
Cedar R apids..
513,824
934,107
1,108,857
931,589
Clearings a t —
F a r g o -----—0.1
In c . or
484.000
585.000
1,015,672
1,015,148
Sioux
Falls
—25.6
1908.
689,278
Dec.
755.625
892,666 —12.0
063,911
1011.
421,172
567.824
517.644
588,319
Pueblo . +
16.8
S
268,111
352,193
%
318,678
$
372,128
Frem
ont
.
+26.1
1,059.802
,087. 229,196 847,357.362 —8.7 !,054,982.862 ,548,309,900
1,336,292
New York----Waterloo
—11.8
123,518,901
603,013
969,974
874,969
144, 374,650 157,007,774 —8.0 120,824,384
Philadelphia . .
771,816
-—31.6
39,486,970 Helena
42,459,721
122.756
169,939
,376.393 48,362,801 +—6.2
190,000
Pittsburgh----130,000
46,
Billings . .
+
1.3
29.877.OS'.) 24,790,043
11.0
160,000
32,,638,995 29,413,697
B altim ore----162,156
Hastings
.
—12.0
8,533,879 Aberdeen.
0,367,064
9.896.277 +2.4
500,000
.
10,6, 132,027
440.000
Buffalo..............
5.456,136
5,660,189
+9.2 0.702,741 5.419.678
192.231 5.669,033
Albany..............
120,682.798 101.195.097
. 129.432.820 140,537,410 —7.
7,229,929 +2.1
W ashington----7 ,380,992
—5.9
62.756,230 59.585,141
3,710,642
75.992,250
3,814,826
.
71.514,597
+8.9
4.031.397
42,388.841
R ochester..........
+9.6
13.421,145
17.756.364
2,384,956 2,065.706
2.805,300 —5.0
S cranton............
+0.7 16.361.872
10,630,771
11,378,410
12,781,104 —15.7
1,6-14,475 Louisville . ._ 19,467,367
12,863,577
+—7.9
6.5 2,075.374
490,593 2,830,687
21,66-1.566
S yracuse............
14,787,308
13,287,980
1,880,385
1.341,755
.
11,201,531
Houston ..
538,917 1,669,690
Reading----------+ 1.6 5,368.500 9,470,648
5,076,500
1.308.679 Galveston
6,756,500 —6.7
1,505.067
.
6.865,50C
1,468,720 —8.8
.
1,414,552
Wilmington___
485.000 1.551,452
+
1.1
5,916.565
1,164,183 1,150.461
8,077,063 —19.5 7,223.723
.
7,539,795
Wilkes-Barre . .
6.927,039
1,603.031
1,441,143
7,106,726 + 10.7 8,136,911 5.036,817
—1.2 1,533,773 1,898.370 Fort W o rth ... . 5.721.6U 10.588.578
1,940,166
11,017,035
Wheeling ..........
4,128,340
.
11.721.88J
—3.0
574.423
1,622,773
A
tla
n
ta
Trenton ............
............
+ 14.1
4.282,255
1,155,886 1,044,897 M em phis.......... . 5,965,02( 5,227,196
+8.6
1,1,,400,000 1,288,007
H arrisburg----3.459,679 2,896,332
3,759,532 ++ 14.1
882,997
.
4,289,742
822,108
+
16.0
916,385
N
ash
v
ille----Y o rk ..................
16.6
2,959,915
3,297,300
3.804,556
767,469
656.528
860,154 +5.6
.
4.435.25c
008.260
Savannah
----E ric .......................
2,.v.m.r»i i 1,727,524
570,076 N orfolk............ . 3,217,23} 2,738,787 ++ 17.5
541,325
613.644
104,646 +24,'
Grccnsburg
16.
2.130.397
.
2,935.18}
2.527.588
449,300
626.000
+7.5
609,200
547,300
Birmingham
.
.
B ingham ton----+ 19.9 2,032,271 1,715,034
401,175
428,830
571.548
.
2,969,06c
2,476,637
—14.5
488,127
Chester-----++24.9
13.3 1,429,338 1,647,509
1.385.489
.
1,837,067
455,063
485,009
400.516
+0.4
486,860
A ltoona..........
1.332,548 1.372,636
1,509,369
243,532
240.878 Knoxville
.. 2,309,29:
1,885,66: 1,622,455
265,683 —7.8
245.000 1,086.624
F ran k lin ___
+
45.7
1,690,556
1,585,538
—12.0
A
ugusta.
.
056,416
Lancaster . . .
+ 6.9 1,627,943 1,259,185
1,176,109
1,704.887 —3
. 2,325,101
1.822.937 2.400.000
1,024,443
1,532,050
Total M iddle.. 1,957, 508,504 ,128.834,004 —8.0 ,299,540,891 ,775,101,929 O klahom a.......... ..
—2.7
1,220,522
1,444,030
1,404,61*
obile............ .
141,050,419 MC harleston...
+0.2 163,921,176
—1.6 1,220,190 1.039.372
148. 635,439 148.370,846
Boston ..........
1,157,544
1,361,303
1.339,08'
7,241,700
8,229,200
7,572.900
—2.0
7,
422,700
+242.8
Providence..........
575,725
711.855
910.000 —22.9
3,120,00* 2,593.012
acon............ .
8,300,318 MA ustin
3.652.344
+3.6
4, 367,937 4,216,107
H artfo rd ___
455,514
713,562
.
2.000.00
............
2,234,482 Vicksburg
+20.6
2,915.072
2,637.701
3.,181,100
—I.'
New Haven.........
247.226
299,423
284,907
.
280.27};
.
.
.
1,806.883
—2.1
2.371,362
2,356,223
,306,005
2
+
10.7
Springfield............
413,386
300,000
:
568.656
:.
629,58<
1,570,627
—1.5 1,640.683 1,728,131
2,312,244 —13.3
2,1.277,001
W orcester............
361,000
690,000 —30.8
.
477,20 }l
1,715,981
,780.742 2,063,779
+3.6
P o rtla n d ..............
2
J
9,232
290,146
..
300.<M
Meridian
_
863,033
+4.5
1,176,216
000,828
.229.085
total
Fall River............
Not Included In
u lsa -----700.056 TMuskogee
990,800
++7.7
7.5
11,081,876
New Bedford----Not Included In total
500.025
510,004
655.942 1,006,465
608,807
Low ell..................
421,294
+
480,144
m 190,438,861 189,845,164 M 163,397,102 138,439,936
546,174 + 15.9
633.920
Holyoke................
.....................................—5-8
3^240,737,602 S
ft*Total New Eng 173.572.947 172,857,462 +0.4 187,439,194' 162,212,898 Total all .. 2,955,481,35
3,136,004,214
.268.252.161117288.646.8521
—l7e!
M~85,754,740 )
Outside
N.
Y
.
N o te. —For Canadian clearings 6ee ‘‘Commercial and Miscellaneous News.”
PUBLISHED WEEKLY.

Te rm s of Subscription— Payable In Advance




1336

T H E C H R O N IC L E
[VOL. LXXXXII.
will be destroyed. Objection had been made by the
OUR R A IL W A Y EARNINGS ISSUE.
defendants to Section 6 of the decree of the lower
We send to our subscribers to-day the May number Court. This enjoins them from in any way conspiring
of our “Railway Earnings” Section. In this publica­ or combining to violate the Act, or to monopolize or to
tion we give the figures of earnings and expenses for the attempt
to monopolize in virtue of their ownership
latest month of every operating steam railroad in the of the stock
to them, and also prohibits
United States, big and little, which is required to file all agreementstransferred
between
the
subsidiary corporations or
monthly returns with the Inter-State Commerce Com­ other stockholders in the future,
tending to produce or
mission at Washington—altogether nearly 900 roads bring about further violations of the Act. Taking
or systems, comprising an aggregate of about 240,000 notice of these objections, Chief Justice White points
miles of line.
out that it does not necessarily follow because an illegal
restraint of trade or an attempt to monopolize or a
THE FINANCIAL SITUATION.
monopolization resulted from the combination and the
There is general rejoicing over the Supreme Court’s transfer of the stocks of the subsidiary corporations to
decision construing the Anti-Trust Law so that its re­ the New Jersey corporation, that a like restraint or
strictions and prohibitions must be applied “in the attempt to monopolize or monopolization would arise
light of reason.” We review the decision in a separate from agreements between one or more of the subsidiary
article on a subsequent page. The Court holds that corporations after the transfer back of the stock by the
only unreasonable restraint of trade is forbidden. Of New Jersey corporations.
course that does not mean that all our large industrial He takes the pipe lines, for illustration. By the
combinations can count on getting a clean bill of health. effect of the transfer of the stock in that case the pipe
The condemnation of the Standard Oil Company itself lines would come under the control of various corpora­
evidences how futile it would be to entertain expecta­ tions instead of being subjected to a uniform control.
tions of that kind. Evciy case will have to be judged Hence he argues that if various corporations owning
on its merits. But while this still leaves disturbing the lines determined in the public interests to so com­
possibilities, it is a great improvement over the in­ bine as to make a continuous line, such agreement or
terpretation of the statute which had been feared, combination would not be repugnant to the Act, and yet
namely that the Court would uphold the Govern­ it might be restrained by the decree. As another
ment’s contention that the Anti-Trust Law applied to example, he cites the Union Tank Line Company, one
all cases in restraint of trade, whether reasonable or of the subsidiary corporations, the owner practically
unreasonable. Under such a construction every large of all the tank cars in use by the combination. If no
industrial combination would have been condemned possibility existed, says the Chief Justice, of agree­
in advance, producing utter confusion and chaos. ments for the distribution of these cars among the
That dread, that danger, at least, is now removed.
subsidiary corporations, the most serious detriment
It is to be remembered, too, that the Courts and not to the public interest might result. Accordingly he
the politicians will decide whether any industrial com­ construes the sixth paragraph of the decree, not as
bination which is attacked really comes within the depriving the stockholders or the corporations, after the
inhibition of the statute. How different that is from dissolution of the combination, of the power to make
the proposition embodied in the Federal Incorporation normal and lawful contracts or agreements, but as re­
Bill proposed last year by the Federal Administration, straining them from, by any device whatever, re-cre­
under which the privilege of exemption was to be at ating directly or indirectly the illegal combination
the disposal of a Government department. How which the decree dissolves. In other words, he con­
different also it is from the state of things in the case strues the sixth paragraph of the decree, “not as de­
of our railroad transportation system, where the Inter­ priving the stockholders or corporations of the right
State Commerce Commission, a purely political body, to live under the law of the land, but as compelling
sits in judgment upon some of the most momentous obedience to that law.” Given these privileges of
questions of the day.
agreement, the Standard Oil Company obviously will
A further fact of encouragement is that even should have no difficulty in continuing its business.
the Courts in the course of litigation condemn an in­ We cite these remarks of the Chief Justice because
dustrial concern, the Supreme Court has made it clear they furnish evidence of the spirit that animates the
that care will be taken that no property rights are need­ Court. There is a manifest desire to avoid unneces­
lessly sacrificed. In the Standard Oil case six months sary harm either to public or to private interests. A
is given the company in which to conform to the re­ political body often glories in the disturbance it is able
quirements of the decree instead of the 30 days which to create. But here we have a judicial body, whose
the Court below had proposed to allow. Not only one aim is justice. We may be sure that the same
that, but Chief Justice White takes express occasion equipoise, the same judicial calm, which has marked
to point out that in applying remedies "the fact must the action of the Court in the case of the Standard Oil
not be overlooked that injury to the public by the pre­ Company will characterize its course in determining
vention of an undue restraint on, or the monopoliza­ the legality of other industrial organizations upon
tion of trade or commerce, is the foundation upon which it may be called to pass.
which the prohibitions of the statute rest; and, more­
over, that one of the fundamental purposes of the statute The decision of the Supreme Court in the case of
is to protect, not to destroy, rights of properly."
contempt arising out of the war between federated
Not less important is the fact that the Court points labor and the Bucks Stove & Range Co. relieves Mr.
out a way in which the owners after dissolution can Gompers and his two associates from the sentence of
get some of the advantages resulting from combina­ imprisonment from which they had appealed. Mr.
tion, even though the combination in its present form Gompers naturally is elated, but he quite errs when he



T H E C H R O N IC L E
1337
expresses himself “disappointed that the Court did not sarily, is framed on very broad principles and is not
decide the principle in contention in the proceeding,” quite so clear-cut and specific or so mandatory as
for the Court did decide that and announced it un­ enthusiastic advocates of compulsory arbitration had
mistakably. The “principle” for which he pretended hoped for. As can be well understood, the outlining
to be standing is that to punish as a contempt the of an instrument of this nature was an exceedingly
publication of certain utterances about the Bucks delicate task, especially as the right of the Senate to
Company forbidden by the Court would be an abridge­ pass upon negotiations with foreign governments had
ment of freedom of speech and of the press. This was to be scrupulously regarded. Briefly, the treaty does
treated by the Court as without any merit whatever. away with the reservation regarding “questions of vital
In delivering the unanimous decision, Justice Lamar interest and national honor.” It covers “all differences
said that the powers of that tribunal “extend to every that are internationally justiciable”—a phrase which
device whereby property is irreparably damaged or would appear to be somewhat elastic. To properly
commerce is illegally restrained,” and he declared understand the scope of the proposed arbitration agree­
that “the strong current of authority is that the pub­ ment and the various processes suggested for settling
lication of letters, circulars and printed matter may disputes, it is necessary to give in full the official state­
constitute a means whereby a boycott is unlawfully ment issued by Secretary Knox:
continued, and their use for such a purpose may T h e D e p a r tm e n t h a s co m p le ted a d ra ft o f a g en eral a rb i­
tr a tio n tr e a ty w h ich h a s b ee n a p p r o v ed b y th e P r e sid e n t
amount to a violation of the order of injunction.”
A m b a ssa d o rs as a
This leaves Mr. Gompers nothing to stand on for foa nrmd suu lab mu pitteo n dw toh ichth ethFisrenG ochv e ar nn md eBnritish
g to e n ter
his posing as defender of freedom of speech and press. in to n e g o tia tio n s, u sin g th is te n ta tivte isd nrao ftw awsillin
a b a sis.
Moreover, while acknowledging fully and broadly the T h is d ra ft is n o t th e re su lt o f n e g o tia tio n s w ith a n y p ar­
right of labor to organize and thereby acquire “a vast ticu la r c o u n tr y , b u t re p re se n ts w h a t th is G o v e rn m en t b e ­
a sis for n e g o tia tio n s for th e e x te n sio n
power in the presence of which the individual may be lieof vthe se toscobpee ao fsoitsu n adr bb itra
helpless,” Justice Lamar was equally outspoken upon I t h as b e e n s e n t to th etioFnretrn ceha tiea ns.d B ritish A m b a ssa d o r s
the legal limitations of that power. When so used b e c a u se th e y h a d in d ic a ted th e d esire o f th e ir co u n tries to
that the person assailed can have peace only at the d iscu ss th e s u b je c t o f a g en eral tr e a ty o f a r b itra tio n w h ich
sacrifice of rights, appeal may be made to the pre­ wc oouunldtr yin. c lu d e all d ifferen ces th a t m ig h t a rise w ith th is
ventive powers of the courts, and “when such an appeal T h e gen eral fe a tu res o f th e d ra ft are th ese:
is made, it is the duty of the Government to protect the I t e x p a n d s th e sc o p e o f o u r e x is tin g gen eral a rb itra tio n
one against the many as well as the many against a g r ee m en ts b y e lim in a tin g th e e x c e p tio n s co n ta in ed in e x is t­
in g o n es o f q u e stio n s o f v ita l in te r e st a n d n a tio n a l h o n o r.
the one.”
I t is p ro p osed th a t all d ifferen ces th a t are in te r n a tio n a lly
The imprisonment sentences imposed by the lower ju stic
ia b le sh a ll b e su b m itte d to T h e H a g u e T rib u n a l, u n less
Court were reversed upon technical grounds. It was b y sp e cia l a g r e e m e n t so m e o th er trib u n a l is cr ea te d or s e ­
found that “the alleged contempt did not consist in le cItet dp. ro v id es th a t d ifferen ces th a t eith er co u n tr y th in k s are
the defendants’ refusing to do any affirmative act n o t in te r n a tio n a lly ju stic ia b le sh a ll b e referred to a co m ­
required, but rather in doing that which had been m issio n o f in q u ir y , w ith p ow er to m a k e re co m m e n d a tio n s
prohibited; the only possible remedial relief for such for th e ir s e ttle m e n t, th is co m m issio n to b e m a d e u p o f n a ­
n a ls o f th e tw o g o v e r n m e n ts w h o are m em b ers o f T h e
disobedience would have been to impose a fine for the tio
H
a
use of the complainant, measured in some degree by Sghuoue ldC outhrt.e co m m issio n d ec id e th a t th e d ifferen ce sh o u ld b e
the pecuniary injury caused by the act of disobedi­ a r b itr a te d , th is d e c isio n is to b e b in d in g .
ence.” The Bucks Company, rather than the Court A rb itra tio n s are to b e c o n d u c te d u n d er te rm s o f su b ­
s u b je c t to th e a d v ic e a n d c o n se n t o f th e S e n a te .
below, seems to be regarded as the injured party; and m ission
B efore a r b itra tio n is resorted to , e v e n in c a ses w h ere b o th
while the distinction drawn between contempt in civil co u n tries a gree th a t th e d ifferen ce is o n e su sc e p tib le o f arb i­
and in criminal procedure may be somewhat fine for tral d e c isio n , th e c o m m issio n o f in q u iry sh a ll in v e s tig a te th e
laymen to appreciate, Justice Lamar both left the way d ifferen ce w ith a v ie w o f re c o m m e n d in g a s e ttle m e n t th a t
clu d e th e n e c e ssity o f a r b itr a tio n . T h e a c tio n o f th is
open for further civil action and remanded the case wcoillm mp reissio
is n o t to h a v e th e e ffe c t o f a n arb itral a w a rd .
“without prejudice to the power and right of the Su­ T h e c o m mnissio
n , a t th e r e q u e st o f eith e r g o v e r n m e n t, sh all
preme Court of the District of Columbia to punish by d e la y its fin d in g o n e y e a r to g iv e o p p o r tu n ity for d ip lo m a tic
a proper proceeding contempt, if any, committed se ttle m e n t.
o f th e d ra ft d ea l m a in ly w ith th e m a ­
against it.” That tribunal seems to be retracing its ch inT he eryo othf ethr efecoa tumrme sissio
n an d o th er e sse n tia l d e ta ils.
steps according to the line indicated by Justice Lamar,
for it immediately began a formal inquiry as to ' Germany is reported to be piqued over the sending
whether there is cause why the labor leaders should of the agreement to France without at the same time
making overtures to Berlin. But, surely, the speech
be punished for a criminal contempt.
of the German Chancellor a short time ago on the
The United States Government has presented to general subject of arbitration was not enthusiastic or
Great Britain and also to France a draft of a general sympathetic and did not encourage consulting Ger­
arbitration treaty providing for the settlement of all many at this early stage of the proceeding. It would
disputes through peaceable means. The inclusion of not have been pleasant for our Government to have
France comes as a surprise, since it was indicated some presented a proposal and have then met with a rebuff.
time ago that until the negotiations with Great Britain Secretary Knox’s statement makes it plain enough that
had been successfully completed, agreements with there is no desire to limit the application of the arbi­
other countries would not be entered into. The atti­ tration scheme to any particular countries.
tude of the Government apparently now is that any
foreign Power may approach our State Department Lloyd-Georgc, the most advanced radical who has
with proposals along the broad lines laid down in the ever filled the office of Chancellor of the Exchequer in
draft treaty just drawn up. This agreement, neces­ Great Britain, whose revolutionary Budget precipiM a y 2 0 1 911.]




1338
T H E C H R O N IC L E
[VOL. LXXXXII.
tated a notable general election, introduced another House of Lords and passed its first reading. This,
Budget in the House of Commons on Tuesday, but it however, is a mere formality and does not mean that
contained only one novel proposal, namely the pay­ the Bill commends itself to the Upper Chamber.
ment of 82,000 per annum to members of Parliament. Meanwhile, the Lords are debating the Bill brought
So many and such sweeping changes have been passing forward by Lord Lansdowne for the re-constitution
over the whole system of government in Great Britain of that body. The Conservative leader insists that the
that the world is prepared for almost any innovation. views of the two Chambers are not so very far apart,
Not the boldest advocate of democracy would have but the attitude of the Unionists does not confirm this
predicted five years ago that the House of Lords contention.
would in 1911 find itself reduced to an impotent body
allowed merely to delay the measures passed by the I*rancisco I. Madero, the Mexican rebel leader,
Lower Chamber. Nor would any reasonable prophet will next week, according to the newspaper dispatches,
have dared to predict that staid Britain would out­ be received in Mexico City by the disintegrating Diaz
do Germany in the matter of governmental insur­ Cabinet as a colleague of temporary President Francisco
ance against sickness and unemployment. In America L. de la Barra in forming a new Cabinet and in re­
we are so thoroughly imbued with democratic princi­ establishing order throughout the Republic. By June 1
ples and so accustomed to paying salaries to politicians President Porfirio Diaz and Vice-President Corral will
that the latest recommendation of Lloyd-George may have resigned. A general armistice is now being
seem extremely mild, not to say somewhat belated. observed, fighting having been ordered to cease.
But the proposal will not be thus viewed by a great With such haste have events moved in Mexico since
many Englishmen and Scotchmen. Pride has been we discussed the situation there one week ago. The
taken in the fact that the laws for the government of capture of Juarez was apparently the fatal blow to the
the British Empire are the work of men serving their old administration. And when signs sprang up that
country without the slightest pecuniary reward. the capital itself contained many rebels and that the
Fears have already been expressed that the payment city would be attacked, the capitulation of the aged
of members would lower the tone of “the first assembly President was inevitable. He is reported to be very
of gentlemen in the world.” Lloyd-George, however, ill, scarcely able to talk and to have lost his old-time
has demonstrated his ability to secure legislation on fighting spirit.
which he and his colleagues have set their hearts, and Madero is confident that he will be elected President
as the new plan is likely to receive the cordial support of Mexico at the election to be held within six months
of the Labor Party and the Nationalists, the opposition after the terms of peace have been formally drawn up
and signed. His policy, he says, will be to encourage
of the Unionists is likely to prove unavailing.
The Budget brings out the fact that Great Britain American investments, but trusts will not be tolerated
has enjoyed a long period of remarkable prosperity nor will wholesale concessions be granted. All politi­
prisoners, including Americans, will promptly be
and that the head of the Treasury Department feels cal
released.
justified in reckoning upon another excellent year.
The trade barometer, the Chancellor told the Commons, The tentative basis for ending the insurrection has
stands at “Set Fair.” He estimates the expenditure been summarized by the Diaz party as follows:
for the current year at $900,170,000, or an increase (1) President Diaz and Vice-President Corral agree
of $38,750,000 more than last year, due chiefly to to resign before May 31.
(2) Francisco L. de la Barra, the Minister of Foreign
the increased cost of the navy, the civil service and Relations,
to become, under the Constitution, acting
old-age pensions. The revenue for the current year is President, ispending
the election of Diaz’s successor.
estimated at $908,580,000. The realized surplus for (3) A Minister of War
is to be chosen by de la Barra
last year, including delayed receipts arising from the who shall be a general in whose honor and ability the
complications over the 1909-10 Budget, reached army shall have confidence.
la Barra is to designate a sub-Secretary to
$28,035,000, of which sum $7,500,000 is allotted for act(4)as De
of Foreign Relations during his tem­
the support of sanitariums for tuberculosis patients. porary Minister
service as President.
Among the new items figuring in the accounts for (5) The remaining members of the new Cabinet are
the current fiscal year are $1,500,000 for the celebra­ to be chosen by de la Barra and Madero, jointly.
tion of King George’s Coronation and $1,250,000 for Some remarks on the Mexican situation as it now
the payment of members of the House of Commons. exists
found in a separate article on another
This latter expenditure is the' only one which at once page ofwillthisbeissue.
drew from the Opposition the most emphatic protests,
and the Government has promised to provide oppor­ An international strike of sailors and firemen, con­
tunity for debating the question very fully. Thanks templated for many months, has been scheduled,
to the state of Britain’s trade, the Chancellor was according to a brief dispatch from Southampton, to
not obliged to levy any new taxation. He re­ take effect next Thursday, this date having been
moved the protective duty from cocoa imports, while chosen as peculiarly embarrassing to the steamship
the tax on short-term securities, it appears from companies, in view of the enormous traffic occasioned
certain cable dispatches, has been reduced.
by preparations for the Coronation. The seamen’s
organization has been talking very boldly of its power
The Veto Bill passed its third reading in the House over the seafaring fraternity in most ports of the
of Commons on Monday by the impressive majority world, and it has threatened all sorts of disastrous
of 362 to 241 votes, showing that Premier Asquith lias consequences should its demands not be granted.
been able to carry with him not only his own Party Unit there will actually be a world-wide disorganiza­
but the Nationalists and the Labor members. On tion of marine transportation may well be doubted.
the following day the measure was introduced in the Labor agitators are finding that, with the growth



T H E C H R O N IC L E
1339
of intelligence and education, their hold over their imports have been no less than $51,207,110, this com­
followers is apt to break whenever unreasonable pro­ paring with a net export of $80,025,540 in 1909-10
cedure- is insisted upon. Seamen are a class not and $32,041,574 in 1908-09. The record net inward
greatly given to obeying the dictates of professional movement of gold in ten months was in 1907-08—
agitators who find life more comfortable on shore. $104,536,353.
Nor are they, so far as known, widely organized. It is
possible that inconvenience may be caused at certain The tendency towards lessening of activity in build­
British ports, and a few others, should a strike be or­ ing operations discernible in returns for earlier months
dered, but the net result will probably be a demon­ of 1911 is more clearly apparent in the results for
stration of the impotency of the union to control the April, which we have compiled this week. Our state­
ment covers 114 leading cities and of that number 64
action of sailors throughout the civilized world.
While on the subject of strikes, Mayor Gaynor is to show losses in contemplated expenditure from April
be commended for the stand he has taken against the 1910. The losses are so quite generally distributed
arrogance of the ferryboat employees who appealed to that no section can claim to be more favorably situated
him for aid when they wished to go on strike. Presi­ than another. Furthermore, there are many cities
dent Taft has taken occasion to express wholesome where the decreases range all the way from 41% to
views regarding the impropriety of strikes among 89% and among them are included such important
Government employees, whose privileges, he properly places as Newark, Los Angeles, New Haven, Oakland,
emphasized, are so great as compared with ordinary Denver, Kansas City, Detroit, Spokane and Rich­
workers that, in return, something more is expected mond. It is to be said, however, that the falling off
of them in the way of considering the public con­ now in many, if not in all, cases follows great activity
venience than could be demanded of private wage- last year and is, therefore, not so much indicative of
earners . A fitting corollary of the movement for inter­ an unfavorable situation in the industry as that former
national peace would be the adoption of rules for the operations were to a greater or less extent anticipatory
abolition of strikes, though, obviously, such arrange­ of a demand that has not fully materialized.
The estimated amount to be disbursed in carrying
ments cannot be attained off-hand.
on the operations arranged for in April 1911 in the
The country’s foreign trade continues to show 114 cities reaches $81,004,540, against $96,212,911
marked improvement over a year ago. During April in the month of 1910, or a decrease of 15.8%; even
1911 the merchandise exports made a new record for contrasted with 1909 there is a loss of 8%. The total
the period. They exceeded the aggregate for the for Greater New York (boroughs of Manhattan, Bronx,
month in 1910 by 25 million dollars. Concurrently Brooklyn and Queens) reveals a decline of 14.8%
the merchandise imports have been upon a smaller from the month of 1910, Queens reporting a gain of
scale, falling behind last year by 13% millions. Con­ 128%, and the others losses ranging from 7.4% in
sequently, as against an import balance of about Manhattan to 66.6% in the Bronx. Outside of New
1 million dollars in April 1910 we have this year an York the aggregate expenditure contemplated is $58,­
excess of exports in amount of 37% million dollars. 222,409 for April 1911, or 16.2% below that for the
In most preceding months the gain in exports was month in 1910.
due in considerable measure to the large increase in For the four months since the 1st of January the
the value of the cotton exports; but in April there estimated cost of building operations in the whole
was a falling off in the value of the shipments of that country totals $256,200,508, comparing with $288,­
commodity as compared with a year ago. Bread- 901,941 in the similar interval of 1910, and conse­
stuffs showed a slight gain and there was an important quently showing a Toss of 11.3%. The result for
increase in provisions, in cattle, sheep and hogs, and Greater New York for the same four months this year
also in mineral oils. Nevertheless the improvement discloses a decline of 209% from 1910, and outside of
for all these leading commodities combined was over this city the decrease in the aggregate is 7.7%.
2% million dollars. It follows that the remaining gain
of 22% millions was in general and miscellaneous The Fall River mills dividend record for the second
articles. Total exports for April 1911 were $158,­ quarter of 1911 reflects only in a measure the com­
004,270, against $133,110,253 in 1910 and $125,174,­ paratively unsatisfactory conditions that have pre­
800 in 1909; for the ten months of the fiscal year vailed in the cotton-manufacturing industry of the
1910-11 the aggregate at $1,753,777,835 is a new high- United States for some months past, and still continue.
water mark, exceeding the period in 1909-10 by 267% That is to say, the current returns to stockholders are
millions and the previous record (that of 190-7-08) by not truly indicative of the present situation in the in­
dustry, as many corporations, in pursuance of the con­
122 millions.
The merchandise imports were $120,128,182 in servative policy entered upon some few years back,
April 1911 and $133,921,911 in April 1910. For the pay each quarter a stated dividend, whether earned
ten months of the fiscal year the comparison is be­ or not. This they are able to do from surpluses
tween $1,274,937,937 and $1,318,233,030; but there accumulated when business was very good. Never­
is an increase over all earlier years. The export bal­ theless, a point has now been reached when some of
ance for the last ten months has reached $478,839,898, these conservative corporations have been impelled
against only $107,796,717 in the period of 1909-10. to cut down the rate of distribution. Not only is it a
The gold movement in April 1911 was not heavy in fact that the margin of profit has declined appreciably
either direction, but netted a balance of imports of of late months, owing to the high cost of cotton as
$3,019,401, this contrasting with a net outflow of compared with the selling prices of goods, but at ruling
$34,182,707 in the month of 1910 and $2,992,133 in values the absorption of fabrics is below normal, and
1909. For the ten months of 1910-11, our net gold curtailment of output has been a feature of operations
M a y 20 1 911.




1340
T H E C H R O N IC L E
[VOL. LXXXXI1.
for an extended period. Within the last week or two African gold, though later part of it was remitted to
the cutting down of production has increased and the Continent. Since the weekly figures were compiled,
there has been some talk of a general shut-down to other shipments have been made, and the firmness in
prevent the accumulation of goods.
discounts indicates that the Bank may not be able to
With conditions as they are, a very material reduction continue its upbuilding process during the new week.
in the aggregate of dividends would be the natural Our special correspondent advises us that the increase in
sequence, but the policy already referred to is re­ bullion was £700,360, due in part to imports and in
sponsible for a much better showing for the second part to a return of gold from internal circulation. The
quarter of 1911 than could otherwise be looked for. total reserve improved to the extent of £986,014;
Our compilation, covering 36 corporations, shows that loans expanded only £281,006; public deposits fell off
all but 6 have announced dividends; but in a number £115,033, and ordinary deposits rose £1,371,040. The
of cases the rate has been cut. The aggregate amount ratio of reserve to liabilities moved up from 50.64% last
actually to be distributed to stockholders for the week to 51.27% this week, a figure comfortably above
second quarter of the current year is $341,025, or an the average for this season—high reserves are usually
average of 1.23% on the capital invested, this contrast­ witnessed around the middle of May. The total
ing with $443,650, or 1.67%, in the corresponding amount of bullion on hand is now£37,700,987, which is
period of 1910 and $397,125, or 1.58%, in 1909. In still slightly below the corresponding week of last year
the eleven years prior to that time (1898 to 1908 in­ and substantially below the total of two years ago,
clusive) the highest dividend rate was 2.21% in 1907 though higher than during a series of years theretofore.
and the lowest 0.50% in 1898.
Our correspondent also furnishes the following details
Combining the result for the second quarter of 1911 of the gold movement in and out of the Bank for the
with that for the first quarter, it is seen that for the first Bank week: Imports, £395,000 (of which £75,000 from
six months of this year the 36 corporations have dis­ Egypt, £24,000 from Melbourne, £17,000 from France
tributed to shareholders an aggregate of $784,875, or and £279,000 bought in the open market); exports,
an average of 2.83% on their investment. For the nil, and receipts of £305,000 net from the interior
like interval of 1910 nearly one million dollars ($951,­ of Great Britain.
050) was paid out, or an average of 3.59%, and in 1909
the six-months rate was 4.30%. The highest half­ A very marked change has overtaken the New York
yearly rate in our record is that for 1907—4.70%— money market, though thus far local commercial paper
and the lowest 0.76% in 1898.
rates and interest charges at other domestic centres
have not been raised. The initiative in raising quo­
London discounts have tended upwards since the tations has been taken by the powerful group of finan­
middle of the week, though the firmness there has been cial institutions which have been inclined all along to
no more pronounced than the advance in interest rates hold their funds for higher rates than those ruling in
here. At other foreign centres easiness has prevailed, Wall Street. The facility with which better terms
while one bank rate—that of the Bank of the Nether­ have been obtained during the last few days encourages
lands—was lowered to 3%, and an Indian bank—the the belief that the movement may prove more than
Bank of Bombay—announced a change in its minimum temporary and that it may go somewhat farther. The
charge from 7% to 6%. There is a feeling in London most potent factor in stiffening money rates has been
that the minimum quotations of earlier weeks will not the outburst of speculative activity following the
again become current this season. At the close spot rendering of the Supreme Court decision in the Stand­
bills cannot be placed under 2 3-16%, while 2)4% is ard Oil case. For the first time since last July the
charged for bills to arrive. The Bank of England has daily transactions this week comfortably passed one
had to ship moderate amounts of gold, including million shares (on Tuesday); there has been activity in
$500,000 to Constantinople. Paris bankers as a rule bonds; the Secretary of the Treasury has announced
name 2)4%, though concessions are sometimes granted. an issue of $50,000,000 Panama 3s next month, and
The Bank of France was able to report on Thursday mercantile as well as corporate borrowing is likely to
a gain of $1,600,000 in specie on hand and a reduction be stimulated by the more hopeful view now taken
of fully $10,000,000 in note circulation, though an of the general outlook. Under such circumstances,
almost equal amount was advanced to the Treasury, an advance of at least )4 of 1% is not unreasonable.
and discounts rose more than $5,500,000, against Indeed, when it is recalled that the inflow of currency
an increase in deposits of less than $3,400,000. Berlin from the interior during the present year has.been
is still charging 2%% for spot bills, but demands a abnormally large, and that any widespread resumption
fraction more for the acceptance of bills to arrive. of commercial activity would entail the withdrawal of
The Reichsbank continues to strengthen its position; deposits from New York, the caution exercised by
this week it showed a cash gain of fully $13,000,000, a the leading institutions can easily be understood.
decrease in note circulation of $22,000,000, a reduction Already international bankers are drawing bills upon
in discounts of $10,000,000 and a gain of upwards London and other foreign centres more freely, since
of $26,000,000 in deposits. The lowering of the Bank money is to-day worth more in New York t an in
rate at Amsterdam has caused the open market quo­ London or Paris. Canada this week made demands
tation there to fall to 2)4%. Brussels quotes 2 )4 to for $1,000,000 in gold, and advices from Montreal and
2% % .
Toronto indicate that dear money is looked for there
The Bank of England issued a very good weekly before the autumn requirements have all been met.
statement on Thursday, the features being a gain After holding aloof from the time-money market
of nearly one million pounds sterling in total reserve throughout the period of extremely low rates, New
and a much larger increase in deposits. The Bank York brokers are showing more interest now that an
was able on Monday to secure most of the new South advancing tendency has developed. The demand for



T H E C H R O N IC L E
1341
s i x months’ accommodation is at the moment quite issue—transactions have taken place on the Curb
keen, while over-the-year loans have also been in market at as high as 102%. Should, however, no
request at higher than 3%%. Call money likewise material advance occur in foreign money rates, certain
railroad loans looked for in the near future may
has been a shade firmer.
The range for collateral loans at the close of the appeal strongly to Europeans. It might be added
week is as follows: 2%% for sixty days; 2%@3% for that local institutional buying of short-term notes
ninety days; 3 @3)4% for four and five months; has fallen off, so that the over-sea demand will prob
3%@3%% for six months; 3%@3%%for December, ably not be neglected.
and 3%@4% for over-the-year. Call money ruled Compared with Friday of last week, sterling exchange
at 2%% on Monday and Tuesday, but on Wednesday on Saturday was practically unchanged, with demand
and Thursday 2%% was charged for renewals and still quoted at 4 8635 @4 S640 and sixty days’ at 4 8430
quite a little business was done at 2%%, while no @4 8440; cable transfers closed slightly easier at
loans were made at the previous minimum of 2%. 4 8660@4 8665. On Monday rates opened and
Yesterday the range was 2*4% to 2%%, with the ruled weak all day on lower discounts abroad and the
final loan made at 2%%. The scarcity of mer­ Bank of England’s purchase of the new gold offered
cantile paper has not yet been modified by the better in London, together with a favorable report of our
business outlook, but the advance which has already foreign trade for April; demand declined to 4 8630@
occurred in money rates and the prospective increase 4 8635 and cable transfers to 4 8G55@4 S660, while
in the output of bills are expected to bring about sixty days remained unchanged at 4 S430@4 8440.
harder quotations. The usual minimum for the best Demand again declined on Tuesday to 4 8625@
four to six months’ single-name bills and sixty to ninety 4 8630 and cable transfers to 4 8650@4 8655; sixty
days’ endorsed bills receivable is still 3%@3%%, but days was unchanged. On Wednesday exchange
the charge at the opening of next week is likely to was firmer on higher discount rates in London, demand
be nearer 4% for prime bills. Second-grade paper is advancing to 4 8630 @4 8635 and cable transfers to
not in keen inquiry at 4 @4%%.
4 8655@4 8660; sixty days, however, fell to 4 8425@
4 8435. On Thursday sterling continued firm, on the
Sterling exchange rates have not fluctuated %e. previous day’s levels, demand closing at 4 8630@
per pound throughout the whole week, demand having 4 8635, cable transfers at 4 8655 @4 8660 and sixty
kept within a range of 4 8G25@4 8635 and cable days at 4 8425@4 8430. On Friday, the tone was
transfers within 4 8G50@4 8GG0. The stability of firm during the forenoon, though later there was
quotations has not on this occasion meant stagnation slight easiness. The market closed at 4 8430@
in operations. As a matter of fact, transactions of 4 8440 for 60 days, 4 8625@4 8630 for demand and
considerable magnitude have been passing day after 4 8655@4 8660 for cables. Commercial on banks was
day, but it has so happened that the supply and the quoted at 4 83% @4 84 and documents for payment
demand have pretty well balanced. The most interest­ 4 84@4 84%. Cotton for payment ranged from
ing phase of the trading has been the drawing of bills 4 83% @4 84, grain for payment from 4 S4@
by influential bankers against credits in London and 4 84%.
on the Continent, credits which were created for the
most part through the sale of new securities. Now The following gives the week’s movement of
that call money here is dearer than the discount rate money to and from the interior by the New York
at the principal foreign centres and that time money banks.
is distinctly stronger, with every prospect of going
N et Interior
higher, it is considered prudent to transfer funds from
Received by S h ipp ed by
M ovem ent.
N . Y . B a n ks. N . Y . B anks.
W eek ending M a y 19 1911.
Europe to this side, especially as lifelessness here has
$5.154.000
$4,173.000 Gain
S9.327.000
1.847.000 1.027.000 Gain 220,000
been supplanted by activity. European holders of
our securities have refused to become quite so en­ Total gold and legal tenders------- $11.174,000 $5.800.000 Gain S5.374.000
thusiastic as our own stock market operators and With the Sub-Treasury operations the result is as
have taken advantage of the radical rise in prices
which has greeted the Standard Oil decision. This, follows.
of course, has militated against a fall in exchange.
N et Change in
Out o f
Into
B a n k H oldings.
B a n k s.
B a n k s.
On the other hand, the April export balance ($37,­ W eek ending M a y 19 1911.
S5.800.000 Gain $5,374,000
876,094) was the largest in a decade with the exception Banks’ Interior movement as above. $11,174,000
34,100.000 32,600.000)Galn 1.500,000
of 1908, when extraordinary pressure was brought
$45,274,000 $38,400.000jGaln $6,874,000
to bear upon our merchandise exporters to contribute
towards the liquidation of the debts incurred during The following table indicates the amount of bullion
the panic by those bankers who ransacked the world in the principal European banks.
for bullion. It is necessary to again mention as a
M a y 19 1910.
y 18 1911.
supporting influence the extensive use of letters of B a n ks o Gold. M| aSilver.
S ilver.
Gold.
Total.
Total.
credit by American visitors to the Coronation in
£
£
£
£
£
£
37,841,802
37,700.987 37,841.802 35.19L760 171.718,920
London and to the Continent of Europe; the require­ France__
37.700.987 34,161^800 163.797,940
England -. 129,636,140
136.527.160
55.537.500
59.412.450 140.597.000
41.145.450 14,392,050
43.098.200 16.314.250
ments have continued unabated, and it is generally Germany..
8.402.000 148.999.000
7.110.000 150.683,000
RussiaIlun. 143,573.000
13.441.000
68.978.000
68.613.000
55.537.000
13.026.000
65.587.000
Aus.
conceded that the total amount taken out of the Spain---47.160.000
47.535.000 16.221.000 30.939.000
10.528.000 31.007.000
4.018.000
43.022.000
43.051.000
39,004.000
3.475.000
___ 39.576.000 2.160,200 13.559.200 8,606,000 2.621.500 11.227.500
country by tourists will this year break all records. Italy
Neth*lands 11.409.000
2,122,333 6.367.000
4,244,667
0.787.333 3.393.067 10.181.000
The new Panama bonds, bearing 3% interest, are Nat.Belg..
4.457.000
4.457.000
4.616.700
Sweden .. 4,616,700
5.342.000
5.342.000
0.188.300
6.188,300
Swltzerl’d.
1.818.000
2,016.000 1.818.000
unlikely to be subscribed for by foreign investors, Norway .. 2.016,000
602.468.722
491.341,079
111.127,643
110.637.917 607,354,577
496,716,660
as the yield on the principal government bonds in the Total
week
110.325.003 604.851.017j490,565,648|110,883,747 601.449.395
Old World compares favorably with the return on this Prov. week 494,126.014
M a y 2 0 1911.]




1342

T H E C H R O N IC L E
[VOL. LXXXXII.
under two very different governments, had a painfully
MEXICO’S DILEMMA.
similar experience.
The episode in Mexican politics, upon which our The episode of the ultimatum for Diaz’s resignation
own newspaper discussion has converged during the is itself peculiar in several aspects. Incidents of this
past few weeks, is in many ways extraordinary. It sort are usually judged by appeal to historical prece­
has seemed to be indicated, in the week’s dispatches dent. From that point of view it must be said, in the
and reviews, that the Mexican situation had resolved first place, that Diaz was not a foreign conqueror, like
itself into the question whether or not President Diaz Maximilian, nor a purely arbitrary revolutionary dic­
individually should resign his office and give way to a tator, like the series of guerrilla chieftains who had
provisional government, in which the present insurg­ alternately called themselves the government of
ents should participate. A very great many of our Mexico before his day. Had he performed either of
newspapers have taken the ground either that Diaz these two roles, the revolt would easily have been jus­
ought to be driven out as the source of all the trouble tified and the proposed provisional government would
or else that he ought to lay down his office as a patri­ have been wholly necessary. But no such excuse
otic sacrifice to his country. The dispatches an­ exists. Again, the teaching of history is that the
nounced with many particulars on Thursday that the popular revolutions which posterity has commended
aged Mexican President had consented to resign; that that of England in 1640, of the United States in
Vice-President Corral would also retire from office; 1776, of France in 1789, of Turkey in 1908—whatever
that the Minister of Foreign Affairs, De la Barra, may have been the incidental errors committed in
would be named the temporary President; that the them, were conducted soberly and in the form of con­
nature of the government should be a “joint regency” stitutional law by the national legislatures. In other
of this temporary President and the insurgent leader words, they were the action of the people, pursued on
Madero; that the Provisional President should appoint the lines of representative government.
a new Minister of War, and that a new election shoulc Nothing of the sort appears in the present case of
be held six months from now.
Mexico. We hear of a "joint regency” by a member
The attitude taken by many American writers on of the Diaz Cabinet in conjunction with Madero.
the position of President Diaz in the matter appears to But no one has elected Madero to any office. He is as
us inexplicable. It is certainly most extraordinary. purely a military conqueror as were the Blancos and
Two facts in the situation render it unusual—one, Castros of the republics further to the south. From
the fact that it is the legally elected President of a all accounts, Madero’s temperament is more civilized
Republic who is being urged on all hands to retire at the than those of the South American adventurers, and his
demand of an irresponsible insurgent; the other, that aspirations more respectable. But when demands of so
the very statesman who a few months ago was uni­ great scope are made in his behalf, it is necessary
versally applauded for his great services to his country always to ask not only who leads the movement, but
is now being denounced as the single obstacle to revival who stands behind it. In this regard the incident of
of peace and prosperity in that country.
last Saturday was illuminating, when a quarrel of such
Now it may be that this singular attitude of the violence broke out between Madero and the military
outside world toward Diaz is in the nature of reaction commander of his insurgent army that pistols were
from the extreme adulation which was showered on flourished and for a moment assassination seemed
the same old statesman at the Mexican Centenary last inevitable. The insurgent general who made this per­
October. Some of the praise then lavished on Presi­ sonal demonstration against Madero was assisted
dent Diaz obviously went too far. We ourselves, energetically by a former bandit, now an insurgent
while writing on the matter at the time, conceded the colonel, whoso participation in the quarrel seemed to
fact that the Diaz government was a paternal des­ >c entirely based on his indignation that a surrendered
potism, and that the Me dean elections had undoubt­ Mexican Governmental officer should not have been
edly been conducted under Government restriction. put to death after surrender. Reading between the
But we also recited the equally essential facts that the lines of the dispatches, it was easy to see that violent
Mexican constituency at the time of the (last Census differences of opinion in the insurgent ranks, over the
was made up 38% of Indians and 43% of half-breeds; terms of negotiation with the Diaz government, had
that Diaz, since his accession to the presidency in for the moment threatened to break into pieces the
1877, has uninterruptedly maintained internal peace, insurgent forces.
which from 1813 to 1877 had scarcely existed in the Now this, we insist, is a situation which the careful
face of the constant guerrilla warfare, the armed re­ historical critic will consider with very great reserve.
volts by political factions and the utter paralysis of Exactly what the end of the episode is to be we are
industry.
quite unable to predict. If President Diaz finally re­
That Diaz had maintained also, during his whole tires, it is possible that peace will be maintained until
Presidential career, peaceful relations with outside a new popular election under the form of law. But
States, which had been violently interrupted on three just what will happen with these insurgent chieftains
or four occasions in the preceding half-century, and held in leash during the six intervening months; just
that his policy had gone far toward fitting the Mexicans what sort of election that will be with two hostile
for real and orderly self-government, were also our armies quartered on the various constituencies, and
convictions. If, then, the present denunciation of precisely how insurgent leaders, who may have reck­
Diaz is a result of over-praise last autumn, we can only oned on personal power as a result of recent episodes,
say that both the excessive praise and the excessive will conduct themselves if they do not find their wishes
blame show the unfortunate results of failing to pre­ gratified—these are not easy matters to foretell.
serve a mental balance in judging contemporary There is at least this highly reassuring consideration,
political history. Mr. Gladstone and Mr. Cleveland, that the insurgent leaders, equally with the Mexican



M ay l' o m u . i

TH E C H R O N IC L E
1343
Government authorities, accept and recognize their argument by Chief Justice White is that only “unrea­
responsibilities toward foreign States and foreign in­ sonable” restraint of trade is forbidden under the lS9o
vestors. Such attitude has indeed been essential to statute. Justice Harlan takes a different view, and
their continued existence as a possible factor in the holds that the words of the statute reading
situation, and the very surprising strength in Mexican “every contract, combination in the form of trust
securities, in the face of those highly disquieting inci­ or otherwise, or conspiracy, in restraint of trade
dents of the day, shows what financial markets think or commerce among the several States, or with
of that aspect of the matter. Beyond this, we hardly foreign nations, is hereby declared to be illegal”—
think that Mexico’s political future is at all cleared he holds that these words must be taken in their strict
up by the very anomalous incidents of recent weeks. and literal sense. Moreover, he argues that this was
the view of the Court in the Trans-Missouri case and
THE DECISION IN THE STANDARD OIL CASE. accordingly he reasons that the Court is now reading
This week’s decision of the United States Supreme the word “reasonable” into the statute. Under the
Court, involving construction of the Sherman Anti­ circumstances, it is perhaps not strange that he should
Trust Law of 1890 in its application to the case of the be led to say: “Congress is the body to amend the
Standard Oil Company, is not alone a momentous ju­ law, and not the Court by a process of judicial legisla­
dicial determination. It is an eminently sound and tion wholly unjustifiable.”
reassuring one. And, most noteworthy of all perhaps, This conclusion is obviously sound, but the premises
and quite contrary to current comment, the present do not appear correct, though it must be admitted
decision, it appears very plainly from a reading of the that the general view of both the public and the legal
opinion in the case, is in perfect harmony with previous fraternity for a long time has been that the Court had
interpretations by the Supreme Court of the 1890 law. laid down the rule that eienj contract or combination
As far as the Standard Oil Company is concerned, acting in restraint of trade comes under the ban of the
we think very few persons who have read the volumi­ law. Chief Justice White now makes it plain that
nous briefs in the case entertained the least doubt this is not so. Indeed, he demonstrates that the
that the outcome would be just as it has proved, and law would be incapable of execution if it were given
legal condemnation bo visited on the concern. The such an interpretation. One might go further, and
Government had piled up such a mass of evidence, step say that to proceed to extremes and argue that every
by step, covering a period of forty years, and had ar­ contract or combination that restrains trade is pro­
ranged it in such a skilful and convincing fashion, all hibited brings us to an impossible pass. Judge Latending to support the allegations of a consistent and combe in the United States Circuit Court of Appeals,
persistent purpose to restrain commerce and monopo­ Second Circuit (including New York State), presented
lize trade and production, that absolutely no way of the reductio ad absurdum when he gravely remarked
escape was left open. Indeed, to the layman it seems that it would seem to be a violation of the law for an
as if the combination must have been held illegal under express driver on one side of a State border to unite
the principles of the common law—so overwhelming in partnership with an express driver on the other side
was the evidence against it—even if there had not been of the border, because the necessary effect of such a
an Anti-Trust Law on the Federal statute book pro­ union must be to restrain the competition which had
hibiting the practices and operations with which it was previously existed between the two individuals.
charged by the Government. Of course, the astute But the Supreme Court expressly refuses to give
managers of this great and marvelous industrial and sanction to any such extreme or dogmatic contentions.
mercantile enterprise may safely be trusted to work Chief Justice White urges that th e“ruleof reason” must
out its salvation through other and lawful forms of be applied. lie says that although the statute, by
organization; and accordingly there is no room for the comprehensiveness of the enumerations embodied
any apprehensions on that score. As a matter of fact, in both the first and second sections, makes it certain
the closing portion of the opinion indicates a way in that its purpose was to prevent undue restraints of
which substitute arrangements may be provided giv­ every kind or nature, nevertheless by the omission
ing practically all the benefits of the existing organiza­ of any direct prohibition against monopoly in the
tion and yet conforming to the requirements of the concrete, it indicates a consciousness that the freedom
statute. Wo have touched upon this phase of the of the individual right to contract when not unduly
matter in our article on the “Financial Situation” on a or improperly exercised is the most efficient means
preceding page.
for the prevention of monopoly, since the right to
But chief interest lies in the bearing of the present freely contract is the means by which monopoly would
decision on the cases of other large trade organizations be inevitably prevented if no extraneous or sovereign
or combinations. It is from this broad and general power imposed it, and no right to make unlawful
standpoint that the words of Chief Justice White, who contracts having a monopolistic tendency were per­
wrote the opinion in the case, will be studied and pon­ mitted. In other words, that freedom to contract is
dered for many a long day. Wo have stated that the the essence of freedom from undue restraint on the
opinion reconciles the present decision of the Court right to contract.
with previous decisions. The Court was absolutely Ho says that the context of the statute makes it
unanimous in its judgment against the Standard Oil clear that in view of the many new forms of contracts
Company, but Justice Harlan dissented from the argu­ and combinations which were being evolved from
ments and reasoning of Chief Justice White, and any existing economic conditions, it was deemed essential
one reading this dissenting opinion by itself would by an all-embracing enumeration to make sure that
irresistibly bo driven to the conclusion that the Court no form of contract or combination by which an
had absolutely reversed itself. The prevailing opinion undue restraint of inter-State or foreign commerce
undertakes to show that it has not. The gist of the was brought about could save such restraint from



[VoL. LXXXXII1
T H E C H R O N IC L E
1344
condemnation. And as the contracts or acts em­ cisions of this Court which have applied and enforced
braced in the provision were not expressly defined, the Anti-Trust Act, since they all in the very nature
it inevitably follows that the provision necessarily of things rest upon the premise that reason was the
called for the exercise of judgment which required guide by which the provisions of the Act were in every
that some standard should be resorted to for the case interpreted.” Indeed, intermediate the de­
purpose of determining whether the prohibitions cision of the two cases referred to—that is after the
contained in the statute had or had not in any given decision in the Freight Association case and before
case been violated. Thus, not specifying, but in­ the decision in the Joint Traffic case—the case of
dubitably contemplating and requiring a standard, it Hopkins vs. United States, 171 U. S. 578, was decided,
follows that it was intended that the standard of reason the opinion being delivered by Justice Peckham,
which had been applied at the common law and in this who wrote both the opinions in the Freight Association
country in dealing with subjects of the character and in the Joint Traffic cases. And, referring in the
embraced by the statute was intended to be the measure Hopkins case to the broad claim made as to the rule
used for the purpose of determining whether in a of interpretation announced in the Freight Associa­
given case a particular act had or had not brought tion case, it was said: “To treat as condemned by the
about the wrong against which the statute provided. Act all agreements under which, as a result, the cost
The Chief Justice argues that to uphold the conten­ of conducting an inter-State commercial business may
tion of the Government advanced in the present case be increased would enlarge the application of the Act
that the language of the statute embraces every far beyond the fair meaning of the language used.
contract, combination, &c., in restraint of trade, There must be some direct and immediate effect upon
and hence its text leaves no room for the exercise of inter-State commerce in order to come within the
judgment, but simply imposes the plain duty of Act.”
applying its prohibitions to every case within its The Court is frank enough, however, to say that,
literal language, would involve serious error. One in so far as by separating the general language used in
of two things would inevitably follow: either that the opinions in the Freight Association and Joint
every contract, act or combination of any kind or Traffic cases from the context, it may be conceived
nature, whether it operated as restraint on trade or that the language referred to conflicts with the present
not, was within the statute, and thus the statute construction of the statute, these opinions "arc neces­
would be destructive of all right to contract or to sarily now limited and qualified.” There is no escape
agree or combine in any respect whatever as to sub­ from this conclusion, the Court says, if the Court is to
jects embraced in inter-State trade or commerce; or, if adhere to the many cases decided by it in which the
this conclusion were not reached, “then the contention Anti-Trust Law has been applied and enforced, and if
would require it to be held that as the statute did the duty to apply and enforce that law in the future
not define the things to which it related, and excluded is to continue to exist. Chief Justice White contends
resort to the only means by which the acts to which it that the construction given in this instance “does not
relates could be ascertained—the light of reason—the in the slightest degree conflict with a single previous
enforcement of the statute was impossible because case concerning the Anti-Trust Law, aside from the
of its uncertainty.” Continuing along this line, he contention as to the Freight Association and Joint
Traffic cases.” Every one of these cases applied
says:
"the rule of reason” for the purpose of determining
The merely generic enumeration which the statute whether
the subject before the Court was within the
makes of the acts to which it refers and the absence
of any definition of restraint of trade as used in the statute. Furthermore, unaided by the light of reason,
statute leaves room for but one conclusion, which is, it is impossible to understand how the statute may
that it was expressly designed not to unduly limit the in the future be enforced.
application of the Act by precise definition, but while It had been argued that the statute could not be ap­
clearly fixing a standard, that is, by defining the plied
the facts of the case without impairing
ulterior boundaries which could not be transgressed rights under
of
property
and destroying the freedom of con­
with impunity, to leave it to be determined by the
light of reason, guided by the principles of law and tract or trade, which is essentially necessary to the
the duty to apply and enforce the public policy em­ well-being of society and which it was insisted is pro­
bodied in the statute, in eveiy given case whether any tected by the Constitutional guaranty of due process of
particular act or contract was within the contemplation law. But, says the Court, the ultimate foundation of
of the statute.
all these arguments is the assumption that reason may
Coming to the case of the United States vs. Freight not be resorted to in interpreting and applying the
Association, 166 U. S. 290, and United States vs. statute, and therefore that the statute unreasonably
Joint Traffic Association, 171 U. S. 505, the pre­ restricts the right to contract and unreasonably oper­
vious decisions of the Court which it was claimed ates upon the right to acquire and hold property. As
ad given to the statute a meaning which excluded however, the construction now given the statute dem­
the present construction, Chief Justice White says onstrates this premise to be unsound, the arguments
it is undoubted that in the opinion in each of these built upon it fall to the ground.
cases general language was made use of which, when A further contention was that the statute is not sus­
separated from its context, would justify the conclusion ceptible of being enforced by the courts because it can
that it was decided that reason could not be resorted not be carried out without a judicial exertion of legis­
to for the purpose of determining whether the acts lative power. The Court sweeps these objections
complained of were within the statute. But that aside—and that is a point which those Congressmen
the cases relied upon do not, when rightly construed, who are already proposing to amend the law, so as to
sustain the doctrine contended for, says Justice make it impossible that the word “unreasonable”
White, “is established by all of the numerous de­ should be implied, should bear in mind. Justice White



1345
THE CHRONICLE
same laws of arithmetic as common folks are; that
points out that the statute certainly generically enum­ the
it
can
take only 100 cents out of a dollar and must get
erates the character of acts which it prohibits and the the dollar
paying it out. If a demand arises
wrong which it was intended to prevent. He says that a roadbefore
shall
more service, or better
that such arguments imply that it can never be left service, or service at furnish
lower
rates
than heretofore, while
to the judiciary to decide whether in a given case at the same time the public either
openly encourages
particular acts come within a generic statutory pro­ or views with complacency the demands
of employees
vision. In substance, such propositions challenge the for higher wages and insists that the road
not
right of the judiciary to perform the duties which that permit a strike, under any circumstances, theshall
average
department of the Government has exercised from the citizen might admit (if asked) that he supposes this
beginning. Reference, for illustration, is made to the
put a heavier load on the railroad corporation;
familiar cases where the judiciary is called upon to de­ does
but
he
they will manage to do it somehow or
termine whether a particular act or acts are within a other. supposes
He
does
claim ability to do that sort of
given prohibition depending upon wrongful intent; also thing himself; butnota railroad,
is “different.”
to questions of fraud, where the question of guilt is A man was telling a story howyouhissee,
dog, hotly chased
left to the courts.
by a bear, ran up a tree, and when this was disputed
Altogether, the decision in this case is not only because dogs cannot climb trees he rejoined, “but this
wholesome, but is sustained by sound and logical argu­ dog had to.” So with railroads; it is vaguely believed
ments. We can see no reason why Congressmen that they can climb financial trees, if they only
should be dissatisfied with it or whatjlegitimate ground “have to.”
can be advanced for the hasty propositions which As we have pointed out before, the explanation
have sprung up to amend the law. Chief Justice must be that men are victims of their own senses,
White has made it clear that if the law is not con­ and attribute special power to a railroad because they
strued “in the light of reason,'’’[it can not be applied at see that it is physically and geographically big. A
similarly vague, thoughless pronounced, affects
all, and thus would be rendered wholly ineffectual. notion
people regarding a bank. That is thought to be rich
and powerful; if the officers were only generous they
HARASSING THE RAILROADS.
could help any needy person. People do not realize
To the sixteenth annual convention of the National that a bank is as rigidly bound to pay demands across
Association of Manufacturers, in session in this city the counter through the day and meet its obligations
this week, Mr. Howard Elliott, President of the North­ from the Clearing House every morning as any tenant
ern Pacific Railway, said some sensible and timely is to have the rent ready for the landlord. As for the
things about “the individual, the corporation and the railroad, if anybody treats it with generosity, thereisa
Government.” The life and welfare of all three, he roll of distinction awaiting his name.
said, are inseparably bound together; but he told his Nor is this a mere bit of persiflage. Here is an
hearers that while they, as business men, can increase example of the misunderstanding: on May 11, by a
unit prices in seasons of great demand and can en­ vote of 56 to 31, the Massachusetts House of Repre­
courage trade during slack times by reducing them, sentatives adopted, without debate, an order calling
without fear that, later on, they will be forbidden by for investigating the cut in the dividend of the Boston
Government to advance again, in the business of rail­ &Maine. The member who moved this said that for
roading not only does an excessive demand bring no several years, under the former management, the
increased price but legislatures and commissions (which road paid 6%and put by 3% to surplus; but although
have practically taken charge of everything about the receipts increased three millions last year, the sur­
railroads except the responsibility of their finances) plus and dividend go down. The company explains
are increasingly adopting the strange rule that in­ without .awaiting an investigation. The net income,
creased demand justifies reduction of price.
it says, has declined, and the employees have exacted
Mr. Elliot said some other pertinent things: for in­ more pay, the increase being equivalent to more than
stance, that if the railroad user had paid in 1910 the 6% on the increased 40 millions of stock. The condi­
average freight rate of 1870 he would have paid 3,092 tion of the property forbade any reduction in mainte­
millions more than he did pay, and if he had paid in nance expenses, and the needed increase in receipts
1910 the average passenger rate of 1888, he wouldhave was not forthcoming, permission to raise freight rates
paid 163 millions more than he did; also, that while having been refused.
publicity of accounts and reasonable regulation arc The situation is not changed by harping upon in­
desirable, “attempting to manage in detail such con­ crease in gross receipts or by recklessly asserting that
cerns and continual and foolish interference with the net receipts are increasing. And when the Legislature
judgment of the men trained in their management is of one of the oldest States cannot understand why
unwise and un-American.” But the remark which railroads do not work impossibilities, is it marvelous
strikes us as most pertinent now is that “people have that there is a popular misapprehension?
been led to believe that the railroad business is very
different from other forms of business and that it can
THE LOUISIANA BABY BONDS.
be successfully conducted under many severe legis­ A noteworthy
feature of the recent annual con­
lative handicaps and according to rigid mathematical
formulas.” Wc should put this more compactly: that vention of the Louisiana Bankers’ Association at
Rouge was an address by Sol. Wexler, a
people have gradually come to imagine that a railroad Baton
can do anything and endure anything without killing leading banker of New Orleans. In the course of
his remarks, which dealt especially with the subject
or endangering it.
Certainly no respectable and intelligent citizen de­ of the refunding of the State debt of Louisiana matur­
ing January 1 1914, Mr. Wexler referred to the fact
sires bankruptcy for any railroad or would fail to that
“Baby” bonds of Louisiana to the amount of
consider such bankruptcy calamitous. The misfortune
is that people do not realize that a railroad is under thousands of dollars are outstanding and urged that
may

20 1911.




1J46
THE CHRONICLE
the State, which has defaulted in interest on these when by reason of new capital additions the railroads
bonds, should take steps to remove this blemish upon of the United States are called upon to pay out larger
its financial standing. Mr. Wexler contended that it
for interest and dividends.
ought to be possible to refund the State debt of amounts
March (786 roads) —
1911.
1910.
Amount.
%
of road..................... .. . .
237,735
234,258 Inc.
3,477 1.49
Louisiana, which is approximately $14,000,000, at Miles
Gross earnings____ ____ ...8225,018,971 S236.268.104 Dec. ;$11,249,133 4.76
expenses.............. 156,373.874 158,468,382 Dec. 2,094,508 1.33
four per cent; but that as a prerequisite to such an Operating
undertaking the State Legislature should provide for Net earnings................... ... 368.645.097 377.799,722 Dec. 59,154,625 11.77
the redemption of the “Baby” bonds, some of which Flow tire prosperity of the roads is being curtailed
are owned by investors even in Europe.
by the growth in operating cost is additionally empha­
Over a year ago the “Chronicle” editorially com­ sized when the present year’s results are considered in
mented upon the indifference displayed by the State connection with those for the corresponding month last
officials of Louisiana toward this very matter. The year, for such a comparison serves to bring to mind
Louisiana Legislature was in regular session at that the great augmentation in expenses which occurred in
time, and there was ample time, not only to have March 1910. According to our own early compila­
given relief to holders of these securities, the payment tions for that month, comprising 230,263 miles of line,
of the interest and principal of which appears to have there was an increase in gross earnings in the month
been practically repudiated, but to have passed the last year of no less than $31,583,854; but as this was
necessary legislation for the refunding of the entire attended by an augmentation of $23,583,626 in
State debt. In fact, a bill embracing both these expenses,
gain in net was only $8,000,228. Ac­
measures was introduced, but was shelved in order to cording tothe
the
of the Inter-State Commerce
make room for other legislation. In our article at Commission fortabulation
the
same
made public some
that time, we urged that the banking interests should time later, and comprisingmonth,
235,924
miles of road,
demand that provision be made by Louisiana to the increase in gross was $32,616,008 and
gain in
care for its “Baby” bond indebtedness as the first net no more than $8,666,452. In Marchthe1909,
of
step in the direction of refunding the regular bonded course, there were large gains in both gross and net—
indebtedness of the State.
in the former and $14,303,842 in the latter,
The stand taken by Mr. Wexler, who represents one $22,190,078
according
to
the tabulations of the Inter-State Com­
of the largest banks in New Orleans, should be gener­ merce Commission.
But of course these latter
ally endorsed by bankers of Louisiana and financial gains lost significance by
reason of the fact that they
interests throughout the United States. New Orleans
came
after
the
tremendous
losses sustained in 1908, the
has been doing much to encourage the flow of Northern
and Eastern capital into Louisiana, where the vast year following the 1907 panic. In 1908 the Commis­
agricultural resources and industrial opportunities sion had not yet begun to give out comparative figures.
offer a wide field for investments. Capital will be Our own compilations at that time were somewhat in­
timid, however, in seeking investments in a State complete, owing to the circumstance that earnings
which has hitherto shown such indifference in the were running so poorly that a number of big com­
matter of providing for the payment of a portion of its panies withheld their figures, as they did not care to
authorized bonded indebtedness, long since due.
disclose the magnitude of their losses. On an aggre­
gate of only 152,058 miles of road our statement then
a decrease of $21,531,681 in gross and of
RAILROAD GROSS AND NET EARNINGS FOR showed
$6,543,631
in net. We estimated that for the entire
MARCH.
railroad
mileage
the country the falling off in
The March earnings of United States railroads gross for the monthofmust
have been about $34,000,000,
reveal a continuation of the tendencies noted in with a shrinkage of $10,000,000
in the net.
our last previous monthly review, namely larges losses In the following we give the March
back to
in both gross and net. The shrinkage in net has been 1896. For 1910 and 1909 we use thetotals
Inter-State
a continuous feature for many months and follows
figures, but for preceding years we give the
from the great rise in bperating costs, flue mainly to Commerce
results
just
by our own tables each year—
wage advances. The falling off in the gross revenues is a portion ofastheregistered
railroad
of the country being
a new development, reflecting the growth of business always unrepresented inmileage
the
totals,
owing to the
depression; it began in February, when the comparison refusal of some of the roads to give out monthly
figures
as to the gross recorded a decrease for the first time in for publication.
any month since November 190S. The loss in Febru­
ary, however, amounted to only $3,409,167,or 1.70%.
Gross Earnings.
Net Earnings.
For March now the decrease in gross reaches $11,­
Year
Year Inc. ( + ) or Year
Year Inc. ( + ) or
Given. Preceding. Dec. (—). Given. Preceding. Dec. (—).
249,133, or almost 5%.
March.
S
! S
S
S
5
I 16,051
51.220.
8 9 0 .. 52.393,093
.
+ 1,172,644 10,004,390
229 —46,839
With the gross reduced $11,249,133, it was found 11895.
1897 . . . 56,662.338 55,792.
+869,474 17,992,125 16,567 339, +1.424,786
57,313.
.
.
18.045
+8,607.153
65.920,850
,866
+3.788,044
21.833.910
possible to effect a reduction in expenses of only 8 9 9..... 71,322.133
66,789,
.
+ 4.532,300 23.576,797 21.872, 713 +1.704,084
72.318,
23,895,.780 +2,886,403
81.946,098
26.782.183
+
9,627.558
$2,094,508, and that shows the part played by 11900
1901 . . . 96.738,826 88,084,
+8,654.153 32.780,439 28,903 ,196
+3.877,243
. . . 97,290.104 92,943,
31,299,387 30.736, 55 1 + 562,836
rising operating costs in the affairs of the 1902
1903 . .. 106,208.702 91,541, ++4,346,471
28.846,,908 +4,559,843
33,406,751
14.667,126
.. . 110,945.055 110,657,
34,291,,160 —3,662,363
+287,426 '
17 31,654,
1905 .. . 120.507.724
roads. As a consequence, we have a loss in net in 11904
110.277. 421, + 10.230,303
,402
9 0 6 .. 129,S3H.708
.
116.861 229 + 12.977.479 36,878,227
35,312,,906 ++ 5,223,825
40,349.748
. . . 141,580.502 128,600, 109,+ 12,980.393: 40,967.927 40,904,,113 5.036,842
amount of $9,154,625 and in ratio of 11.77%. In 1907
+ 63,814
1908 . . . 141,193,819 162,725, 500—21,531,681 39,328,523 45.872, 154 —6,543,631
1 90 9 .. 205,700,013
.
183.509, 935,+22,190,078 69,613.713 55,309, 871 + 14,303,842
February the falling off was $6,861,744, or 12.13%, 1911
1910 . . . 237.533.005204,916. 9971
+ 32.616.008 78.061,504 69.395, 052 + 8.666,452
1236.268. 104,-11.249.133
68,615.097 77.799, 722 —9,154,625
and in January $3,483,308, or 0.07%. These are the Note...—225,018,97
Includes
lor
March
141
roads In 1896. 127 In 1897. 137 In 1898, 123 In
results before the deduction of taxes. With the 961899,In 1261906,In 1900,
123 In 1901, 126 In 1902. 107 In 1903. 101 In 1904. 101 In 1905.
94 In 1907; In 1908 the returns were based on 152,058 miles of road; In
taxes included in the expenses, the falling off in net nor1909.the233,702;
In 1910, 235.924; In 1911, 237,735. Neither the Mexican roads
operations of the anthracite coal roads aro Included In any
totals.
would undoubtedly be still larger, as that item is of these coal-mlnlng
constantly rising. It must also be borne in mind In the case of the returns of the separate roads, the
that the falling off in net earnings occurs at a time chief feature is the wide extent of the losses in both



[Von.

l x x x x ij

1347
THE CHRONICLE
gross and not earnings. There are few instances, excess of $100,000, whether increases or decreases,
among the larger railroad systems at least, of improve­ both in the gross and in the net.
IN GROSS EA R N IN G S IN M ARCH.
ment in gross and net, though the Southern Railway PR IN C IP A L CHANGESIncreases.
Decreases.
Chicago & N orth W estern $396,439
MIlw & P uget S ound. $.150,751
and the Seaboard Air Line both are types of this kind, Chic
335,745
San Pedro Los A n g & S L . .10G ,397 S outhern Paclfic.
218,545 P lttsburgh Sc Lake E rio._ 307,793
Air L ine............
the former having added $195,872 to gross and $51,358 Seaboard
300,836
Southern R ailw ay----------- 195,872 Colorado & S o u th ern ..
178,880 H ocking V alley_________ 295,558
entral of New Jersey ------ 173.464
to the net and the Seaboard Air Line $218,545 to CFlorida
E ast C oast--------- a l 69,555 N orfolk & W estern ______ 268,945
D enver & Rio G ran de___ 268,733
Y Cent & H udson R iver
gross and $102,269 to net. Some important companies ANNasliv
Chicago & E astern Illinois 266,133
tlantic Coast L ine--------- 154,321
Minn S t P aul Sc S S M___ 258,595
C hatt Sc St Louis -. 116,169
have managed to offset a considerable part of their Spokane
Philadelphia Sc R ead in g .. 108,063 Lake Shore Sc Mich S outh 240,641
Portl Sc S eattle. . 104,709 G reat N orth ern ................... 237,686
CIn New Orl Sc Texas P a c . 220,891
loss in gross earnings by reduction in expenses, but R epresenting
Elgin Joliet Sc E aste rn __ 212,419
11 roads In
178,963
$2,076,726 E r i e ________
where that is the case, it is usually because there our com pilation------Michigan C entral________ 162,860
Decreases. W abash__________________ 151,999
had been a tremendous expansion in expenses the Chicago
Pcre M arquette. ________ 142,039
P en n sylv ania_________ .1/$1,882,903
Cleve Cln Chic Sc S t Louis 135,599
Hurl Sc Q uincy. . 1,047,749 Texas
previous year. The Atchison has a small increase BUnion
Sc Pacific_________ 108,226
altlm ore Sc Ohio_____ . 859,452
804,352 W heeling & Lake E r ic ... 108,105
Pacific...................
in both gross and net the present year, but last year in Chicago
S t Paul Minn & O m . 107,100
N orthern Paclllc______ _ 759,371 Chic
MIlw & S t Paul . 555,230 Missouri K ansas Sc T ex as. 100,108
499,118
Missouri P a c lllc .............
March, though the gross recorded an increase of Chesapeake
31 roads
& O hio___ . 436,1)47 R epresenting
In our com pilation. .$12,084,147
. 434,512
Central
$954,242, net fell behind no less than $472,438. The Illinois
N ote.— All the figures In the above are on th e basis of the returns filed
tate Commerce Commission. W here, how ever, these
Rock Island, with $9,615 decrease in gross, has w ith thedo nInter-S
ot show the total for any system , we have com bined th e separate
roads so as to m ake the results conform nearly as possible to those given
$314,057 increase in net; but this company’s state­ returns
the statem ents furnished by the com panies them selves.
a These figures cover m erely the operations of the New York C entral Itself.
ment for March 1910 showed $406,831 increase in InIncluding
the various auxiliary and controlled roads, like the Michigan Cen­
tral, the Lake Shore, the ‘’Big F ou r," the "N ickel P late,” &c., th e whole
gross,with $393,248 decrease in net. The St. Louis going
to form the N. Y . C entral Susteni, the result Is a loss of $1,011,261.
y These figures represent the lines directly operated cast and w est or
& San Francisco this time has $25,670 decrease in P$957,822.
ittsburgh, E astern lines showing $925,081 decrease and the W estern lines
or all lines owned, leased, operated and controlled, the result
gross and $63,048 decrease in net; last year in March, for thePRmINonthCF IPA
Is a loss of $1,875,802.
L CHANGES IN NET EA R N IN G S IN M ARCH.
with $481,107 gain in gross, it lost $98,894 in net.
Increases.
Decreases.
N
Y
C
entral
Sc
H
ud
R iv er. a$814,704 CIn New Orl Texas P ac . $286,708
The Northern Pacific now has $759,371 decrease in Chic
Rock Isla n d _____________ 314,057 Chicago Sc N orth W estern 280,748
MIlw & P uget Sound 210,790 Norfolk & W estern______ 272,618
gross, with only $193,355 decrease in net; but last San
Pedro Los A ng Sc S F 179,167 Pcre M arquette. .................... 266,591
Florida
& E ast C oast. . 105,568 N Y New H aven Sc H a rtf. 253,479
year, with $241,304 addition to gross, it fell $510,055 CSpokane
entral of New Jersey . - 108,627 Missouri Pacific....... ............... 246,251
Sc S catt 103,344 D enver Sc Rio G rande------ 239,110
behind in net. The Union Pacific last year added Seaboard PAirortland
L ine----------- 102,269 P ittsburgh Sc Lake E ric .. 238,345
E r i e ..____________________ 231,321
Lake Shore & Mich S outh 217,841
no less than $958,767 to its gross and yet sustained R epresenting
8 roads In
213,646
our co m p ilatio n ------- $1,942 526 Hocking V alley..........-Decreases. Texas Sc Pacific....................... 197,153
a diminution of $366,291 in net. The present year, P en n sy lv an ia.........................y$587,953
N orthern Pacific . . — 193,355
MIlw Sc S t Paul . 529,339 N Y Chicago Sc St Louis. . 157,989
with $804,352 loss in gross, the falling off in net is Chicago
Cln Chic Sc St Louis 152,427
Illinois C en tral____ _ . . 524,741 Cleve
B
altim
ore
Sc O hio------- _ 485,435 Chicago «fc E astern Illinois 146,102
only $354,481. On the other hand, the Southern Southern
Chesapeake Sc O hio______ 473,740 Colorado Sc S outhern------ 129,446
Paclllc________ 458,616 Delaware Lack Sc W estern 115,318
Pacific has $335,745 loss in gross and $458,616 loss in MBoston
& M aine------- ------- 422,936 Chicago Burl Sc Q u in cy .. 112,078
inn St Paul & S S M____ 359,492 G reat N orth ern ...................... 110,094
P acific___________ 354,481
net, notwithstanding that last year, out of $924,783 MUnion
C en tral________ 342,7*8 R epresenting 31 roads In
our com pilation_____$8,910,156
abash_________________ 310.015
gain in gross, only $166,178 was saved for the net. Wichigan
a
These
figures
cover
m
erely
the
operations
of the New Y ork C entral Itself.
The Chicago Burlington & Quincy the present year tral,
Including the various auxiliary and controlled roads, like the M ichigan Cen­
the
Lake
Shore,
the
"Big
F
our,"
the
"N
ickel P late," &c., th e whole
has reduced its loss of $1,047,749 in gross to only going/Thcto form
the N. Y. Central System, the result is a loss of $553,441
figures represent the lines directly operated cast and w est of
$112,078 in net. This is an exact reversal of the lines
P ittsburgh, the E astern lines showing $465,025 decrease and the W estern
decrease. For all lines owned, leased, operated and con­
state of things in the previous year, when, with gross trolled,$122,928
th e result Is a loss of $820,422.
bettered by $1,019,273, net gained only $20,644. Arranging the roads in groups in our usual form,
The Milwaukee & St. Paul records this time a de­ we find that every geographical division records a
crease of $555,230 in gross and of $529,339 in net. decrease in net and also every division a loss in gross,
In March 1910 the road had $728,855 increase in gross with only one exception. The exception is the section
up of Groups 4 and 5, comprising the roads in
and $1S3,099 increase in net; the Puget Sound line, made
the
Southern
States, where the gross is a little, but
however, of the same system, adds $350,751 to gross in only a little, better
than in the same month of 1910.
1911 and $210,790 to net.
Our
summary
by
groups
is as follows:
General business conditions are well illustrated by
SUMMARY BY GROUPS.
the returns of the great East and West trunk lines. March—
--------------------Gross Earnings-------------------1911.
1910. Inc.(.+) or Dec. (—)
The Pennsylvania Railroad system, for all lines leased, Group
Section or Group—
$
$
$
%
1 (29 roads). New England___ 10,578,869 10,711,871 —133,002 1.24
operated and controlled, reports the present year Group
2 (140 roads), East & Middle.. . 54,829.576 56,657,323 —1,727,747 3.06
Group 3 (95 roads), Middle Western. . . 30,605,056 33,688,776 —3,083.720 9.18
Groups 4 * 5 (155 roads), Southern... 31,948,590 31.414.005 +504,585 1.60
$1,875,802 decrease in gross and $820,422 decrease in Groups
6 & 7 (113 roads), Northwest.. 47.473.970 52.423.067 —4,949,097 9.44
8 Sc 9 (188 roads). Southwest.. 36,495,896 37,925.265 —1.429.359 3.77
net. In March 1910 the result for this system was Groups
Group 10 (66 roads), Pacific Coast___ 13,087.014 13,517,807 —430,793 3.19
a gain of $4,523,740 in gross and of $1,838,075 in net. Total (786 roads)..............................225,018,971
236,268.104 —11,249,133 4.76
------------------Net Earnings---------------------The New York Central is able to show $169,559 in­
----- Mileage ——
Increase (+ ) or
1910.
1911.
1910.
Decrease (—).
crease in gross and an improvement of no less than Group No. 1................. 1911.
7,660 7,584 2.437.407 3,283,512
—846,105 25.77
$814,704 in net; but this unusual result is owing to the Group
Group No. 2 ................. 26,571 26,608 16.886.022 18,085,928 —1.200.906 6.64
No. 3.».............. 25.776 25,718 7,939.782 10.571.880 —2,632,098 24.90
expenses the previous year having been swelled by Groups
Groups Nos. 4 and 5 ... 40,525 40.447 10,848.995 11,488,545
—639,550 5.56
Nos. 6 and 7 ... 65,445 63,895 15,917,515 18,499,080 —2,581,565 13.96
Nos. 8 and 9 ... 55,316 54,388 10.018.562 10,765,639
—747,077 6.94
some exceptional items, as evidenced by the circum­ Groups
No. 10............... 16.442 15,618 4.597,814 5,105,138
—507,324 9.93
stance that the return for March 1910 showed net Group
T o ta l..........................237,735 234,258 68.&45.097 77,799,722 —9,154,625 11.77
NOTE.—Group /. Includes all of the New England States.
reduced by $840,578, notwithstanding an expansion Group
II. Includes all of New York and Pennsylvania except that portion west
Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and the
at that time of $725,667 in gross receipts. These ofextreme
northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana: all of Michigan except the northern
figures are for the Central proper. Including the peninsula,
and that portion of New York and Pennsylvania west of Buffalo and
various auxiliary and controlled roads, the whole Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and
of the Mississippi River.
.
going to make up the New York Central System, cast
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois: all of South Dakota and North Dakota,
Missouri north of St. Louis and Kanxis City: also all of Montana, Wyoming
there is a decrease for the month of $1,011,261 in and
Nebraska, together with Colorado north of a line parallel to the State line
through Denver.
gross and of $553,441 in net. Last year the result andpassing
Groups VIII. and IX . combined Include all of Kansas, Oklahoma, Arkansas and
Territory: Missouri south of St. Louis and Kansas City; Colorado south of
for the Central system was a gain of $3,703,625 in Indian
Denver; the whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest corner of the State through
gross and of $721,895 in net. In the following we Santa
Fe and cast of a line running from Santa Fe to El Paso.
X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
show all changes for the separate roads for amounts in andGroupArizona,
and the western part of New Mexico.
May 20 1911.]




jis

1

$

$

S

%

[V O L . L X X X X II.
THE CHRONICLE
1348
accom panied by a deposit, b u t subscribers for am ounts of $
or less
It should be added that, as in previous months, our will
be required to receive th eir bonds when delivered a t th eir hom es or
business
addresses,
as
none
of
th
e
bonds
Issued
to
such
sm
aller
subscribers
compilations are based entirely upon the returns which will be delivered to any person other th an th e subscriber him self. All bids
be addressed to th e Secretary of th e T reasury, Division of Loans
the roads are obliged to make to the Inter-State should
C urrency, and th e envelopes Inclosing them should be plainly m arked
Commerce Commission at Washington. This gives and
“ Bids for P an am a Canal B onds."
ENT O F BONDS.
a uniform body of figures and we do not include the In considering bids, AtheLLOTM
bidders offering th e highest prices will receive
the first allotm ent. Of tw o or m ore bidders offering th e sam e price, those
taxes with the expenses because that is the practice asking
for th e sm aller am ounts of bonds will receive priority In allotm ent.
pursued by the Commission. The latter calls for Tdeem
he D epartm ent, how ever, reserves the righ t to reject any or all bids, If
ed to be In th e Interest of th e U nited S tates so to do. Upon receipt
statements according to a form where the taxes are and classification
of th e bids hereby Invited, the successful bidders will be
advised
of th e acceptance of their bids.
designated as a separate item. As has been pointed
PAY M EN TS FO R BONDS.
out by us many times in the past, all the steam rail­ T he D epartm ent requires
ent for th e bonds to be m ade n o t later
th
an
Ju
ly
15
t
o
i
l
.
P
aym
m ay be m ade In any form of m oney receiv­
roads of the United States, barring only those few able by th e U nited S tates,entspaym
or by m eans of checks payable through tho
H ouse a t W ashington or any S ub-T reasury city , postal m oney
lines whose business is confined entirely within State Clearing
orders and express orders, all of w hich are to be m ade payable to th e order
boundaries, are now obliged to file monthly returns ofm adeth e InT reasurer
of the U nited S tates In W ashington, If paym ent Is to be
W ashington, or to tho order of the A ssistant T reasurer of the
of their earnings and expenses with the Commission, U nited S tates
In th e city in which it Is preferred to m ake p ay m en t. The
of such checks, postal m oney orders and express orders will, how­
and these monthly statements, when rendered, are proceeds
ever, only be credited to the subscribers when collected, and should bo re­
placed upon the public records and are open for ceived
by the D epartm ent before Ju ly 15. In case of failure to m ake pay­
m ent before th a t d ate, th e D epartm ent reserves the righ t to m ake a re­
general inspection and use. We have a transcript allo
tm en t.
P aym ents should Include the principal sum and th e prem ium , If any,
made of each return as soon as it is placed upon the which
subscriber has agreed to pay. No p aym ent of accrued Interest
public files. These transcripts come to us in large dwillate beoftherequired,
b u t th e bonds, when Issued, will bear Interest from the
the
paym ent as shown by the certificate of deposit Issued to the
numbers from day to day and about the 20th of the subscriber
by the T reasurer of th e U nited S tates or an A ssistant T reasurer,
ay be. This Interest will be paid on S ept. 1 1011 by check
month we bring them all together in a special Supple­ asdrawth ne tocaseth emorder
of th e payee In th e case of registered bonds. In the case
of coupon bonds the coupon payable S ept. 1 1911 for th e first q u a rte r’s
ment designated our “Railway Earnings Section.” interest
will be detached, and th e D epartm ent will p ay to th e subscriber
One of the monthly numbers of the “Railway Earnings ond ateS ept.of paym
1, by check, Interest for th e fractional p art of th e q uarter from the
ent for th e bonds to S ent, l .
Section” accompanies to-day’s issue of the “Chronicle”
F U R T H E R IN FO RM A TIO N .
bonds will be ready for delivery on or about Ju ly 1 1911.
and in it the reader will find the March figures in The
Prospective bidders desiring Inform ation n ot contained in th is circular
detail for every railroad which had submitted its mWayashington.
address the S ecretary of the T reasury, Division of Loans and C urrency,
0 ., or the A ssistant T reasurer a t New Y ork, B altim ore,
return for that month up to yesterday morning. Philadelphia, D.B oston,
S t. Louis, C incinnati, New O rleans or
San
Francisco.
The summaries we present in this article are the A copy of the form ofChicago,
proposal m ay be obtained a t this office or a t th e
aggregates derived from the statements of these office
of any A ssistant T reasurer, or a t any national bank. S tate bank or
tru st com pany.
separate roads.
F R A N K L IN M acV EA G II. Secretary.
1 ,0 0 0

THE NEW ISSUE . OF PANAM A CANAL BONDS.
Public subscriptions to a $50,000,000 issue of Panama
Canal bonds are invited under date of the 16th inst. by
Secretary of the Treasury MacVeagh. The bonds are to
bear 3% interest, payable quarterly. In accordance with
recent legislation, they will not be available to national
banks as security for circulating notes. They are the first
bonds so restricted to be issued by the Government since
the establishment of the national banking system, and the
purpose is to protect the 2% Government bonds out­
standing. The forthcoming issue will, however, be accepta­
ble as security for public deposits in national banks. They
are exempt from all taxes. They will be dated June 1, will
run for fifty years, and will be issued in denominations of
$100, $500 and $1,000, both registered and coupon. Bids
on the same will be received up to June 17. The offering is
made in the appended circular:

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
—The public sales of bank stocks this week aggregate 198
shares, of which 185 shares were sold at the Stock Exchange
and 13 shares at auction. The transactions in trust com­
pany stocks reach a total of 79 shares. Three shares of
Produce Exchange Bank stock were sold at 173, an advance
of n 'A points over the price paid at the last previous sale,
which was made in October 1910. Stock of the Franklin
Trust Co. of Brooklyn, which sold at 181 in April, has ad­
vanced to 190, at which price 3 shares were sold.

snares. BAN KS— New York. Low. H igh. Close. Last previous sale.
*85 City B ank. N atio nal..
397 M 400 400 M ay 1011— 397
•60 Commerce, N at. Bank o f._ . 215
217 216 M ay 1911 — 2 1 5 ^
•15 F ourth N ational Bank
206 \i 206 H 206 M May 1011 — 205
•25 M eehan. & M etals N at. Bank 270 270 270 M ay 1011 — 260
3 N. Y. Produce E ach. B ank. 173 173 173 Oct. 1010— 161 H
10 Reserve Bank. N a tio n a l... 02
02
02 May 1011— 02 H
T R U ST COM PANIES—.Vein York.
4 G uaranty T rust C o___
806 H 806 H 806 ^ May 1910— 885
20 New York T rust C o ...
601 601 601 Jan . 1011— 600
TR E A SU R Y DEPA RTM EN T.
32 T itle G uarantee & T r. Co . 486 486 486 Dec. 1010— 501
O/Jice of the Secretary,
TR U ST COM PANIES—Brooklyn.
................... W a s h i n g t o n , M a y 1C 1011.
3 Franklin T rust Co................... 190 190 100 April 1911— 181
Tho Secretary of the T reasury offers to th e public $50,000,000 of the 20 N assau T rust Co..................... 160H 160 H IOOVj Mch. 1011— 170
bonds of the P anam a Canal L oan authorized by Section 30 of the A ct
• Sold a t the Stock Exchange.
approved A ugust 5 1900, as supplem ented by th e A cts of F ebruary 4 1010
and M arch 2 1911.
—The nomination of Henry L. Stimson, as Secretary of
D ESC R IPTIO N O F BONDS.
T hese bonds will bear Interest a t the rate of 3% per annum , will be dated War, made by President Taft a week ago, was confirmed
Ju n e 1 1011, will bo payable In U nited S tates gold coin fifty years from the by the Senate on the 16th inst. Air. Stimson succeeds
d ate of their Issue, and th e Interest thereon will be payable, ln]Un!tcd S tates Jacob M. Dickinson, whose resignation was announced at
gold coin, quarterly, on the first days of Septem ber, December, M arch and
Juno. T hey will be Issued In denom inations of $100, $500 and $1,000 of Washington on the 12th inst. In his letter of resignation,
coupon and registered bonds. T hey will be exem pt from all taxes or duties Mr. Dickinson asked that he be relieved of the post because
of the U nited S tate s, as well as from taxation In any form jby or under S tate, of the fact that his affairs had recently changed so as to
m unicipal or local a u th o rity . They will n ot be available to national banks
as security for circulating notes, b u t they will be receivable, like all other require his personal attention in Tennessee. It is reported
U nited S tates bonds, as secu rity for public deposits In national banks. that a large portion of his money is invested in a Tennessee
T he law forbids their sale a t less th an p ar, and provides th a t all citizens coal company which is in receiver’s hands, and it is
of the U nited S tates shall have equal o pp o rtunity to subscribe therefor.
for the purpose of protecting these interests that
IN STR U C TIO N S TO B ID D E R S.
In pursuance of the above announcem ent, bids arc Invited for th e bonds he retires from the Cabinet. Mr. Stimson was the Republican
described, which m ust be subm itted to the Secretary of the T reasury at candidate for Governor of New York at the last election,
W ashington on or before the 17th of Ju ne 1911 a t 4 p. m . E ach bid should
sta te th e am ount of bonds desired by the subscriber, w hether couponTor lie was born in New York City in 1867 and was educated at
registered, the price he Is willing to pay and the place where he desires to Philips-Andover Academy and Yale. After a law course
m ake p aym ent—w hether a t the T reasury of th e U nited S tates in W ashing­ at Harvard he began active practice in 1891. As United
ton or a t the office of some one of the A ssistant Treasurers In New Y ork,
B altim ore, Philadelphia, B oston, Chicago, S t. Louis, C incinnati. New States District Attorney, to which office he was appointed
O rleans or San Francisco.
...
by President Roosevelt in 1906, he brought to a successful
E ach bid for more th an $1,000 should be accom panied by a certified
check, draw n or Indorsed to the order of the Secretary of th e T reasury, issue a number of prominent cases, among which figured
equal In am ount to 2% of the face value of th e bonds desired. If the bid the prosecutions against the American Sugar Refining Co.
[s accepted, th e check will be collected and the proceeds applied tow ard for under-valuation of imports, Ac.
paym ent for the bonds, tho rem ainder of the subscription to be paid a t the
—President Taft on the 12th inst. appointed Charles S.
place Indicated by the subscriber. If the bid is rejected, the check will be
r cturned indorsed to th e bidder. Bids forj$l,0002nnd less n ecd jno t be 1 Alillington of Herkimer as Assistant Treasurer of the United



States at New York to succeed the late George S. Terry.
The nomination was confirmed by the Senate on the 15th.
Mr. Millington is President of the Herkimer National Bank
and of the First National Bank of Dolgevillc, N. Y . He
has been a banker practically all his life. His banking career
was begun in Poland, N. Y . He became connected with the
Herkimer National in 1894, serving at first as its Vice­
President. In 1908 he was elected to Congress as successor
to James S. Sherman, and during his term of office was a
member of the Committee on Banking and Currency and
the Committee on Claims.
__The Stanley resolution calling for an investigation of the
United States Steel Corporation was passed by the House
of Representatives on Tuesday. The inquiry is to be
conducted by a House committee of nine members, those
named for the purpose being Augustus O. Stanley, of Ken­
tucky, Chairman; Charles L. Bartlett, of Georgia; Jack
Beall, of Texas; Martin
Littleton, of Now Y ork, and Daniel
J. McGillicuddy, of Maine, Democrats; and Marlin E. Olm­
sted, of Pennsylvania; H. Olin Young, of Michigan; John
A. Sterling, of Illinois, and Henry G. Danforth, of New York.
Mr. Olmsted, however, has declined to serve, in view of the
fact that one of the companies to be investigated is located in
his district.
Tho resolution in full is as follows:

\V.

Whitney Central National Bank of New Orleans; Myron T.
Herrick, President of the Society for Savings of Cleveland;
Joseph T. Talbert, Vice-President of the National.City Bank
of New York, and John Perrin, Chairman of the Board of
the Fletcher-American National Bank of Indianapolis. With
regard to State banks and savings, the committee makes the
following recommendation:

T h a t a b an k or a savings b an k w hich Is Inco rpo rated u n d e r th e law s of
a n y S ta te . In acco rd an ce w ith th e req u irem en ts of w hich It h as been ex am ­
ined, a n d has published sta te m e n ts of Its co n d itio n , o r. In th e absen ce of
such’req u lrcm cn ts of S ta te law s, u po n a p p ro v a l of th e E x e c u tiv e C om m ittee
of th e N atio nal R eserve A ssociation, m ay su bscrib e to th e c ap ital stock of
th e N atio nal R eserve A ssociation In th e sam e m an n er a n d u n d er th e sam e
conditions as prescribed for n atio n a l b an k s, a n d such subscrib in g b a n k
sh all becom e a m em ber of a local association a n d h av e th e sam e rig h ts a n d
privileges th erein as If It w ere a n atio nal b an k ; p ro v ided .
T h a t It shall havo a paid-in c ap ital of n o t less th a n th a t req u ire d fo r a
n atio n a l b an k In th o sam e lo cation .
. . .
, ,
T h a t It shall h av e a n d agree to m ain tain a g a in st its d em and d ep o sits a
reserve of like c h a rac te r a n d p ro p o rtio n req u ired of a n atio n a l b an k In th e
sam e location; p ro v id ed , how ever, th a t deposits w hich It m ay h av e w ith a
S ta te b an k , a savings b an k or a tru s t com p an y . In a c ity d esig n ated In th e
N atio nal B an k in g A ct a s a reserve c ity or a cen tral reserve c ity , w hose patel­
la c ap ital Is n o t less th a n th e m inim um am o u n t req u ire d for a n atio n a l b an k
In such c ity . a n d . in th o case of a tru s t com p an y , n o t less th a n th a t h erein ­
a fte r speclllcd for a tr u s t com p an y In such c ity , and w hich 13 a m em b er of
a local asso ciatio n, sh all c o u n t as reserve In like m an n er a n d to th e sam e
e x te n t as sim ilar d ep o sits of a n atio n a l b an k w ith n a tio n a l b an k s In such
cities. P ro v id ed , fu rth e r, th a t liabilities for d ep o sits p ay able bey o n d
th irty d ay s, a n d for sav in g d eposits su b je ct to n otice of six ty d ay s or m ore
shall n o t bo su b je c t to th e reserve req u ire m en ts p ro v ided for d em a n d
d ep o sits.

H O U S E R E S O L U T IO N 148.
T h a t a com m ittee of nine m em bers to b e elected b y th e n o u se .
b e. a n d Is h ereb y , d irected to m ak e an In v estig atio n for th e p urp o se of
ascertain in g w hether th ere havo occurred violations b y th e U nited S tate s
S teel C orp o ration , o r o th e r corp o ration s or persons as h ere in a fter set
o u t. of th e a n ti-tru s t A et of Ju ly 2 1890. a n d he A cts su p p lem e n ta ry
th ere to , th e v ario us In te r-S ta te com m erce A cts, a n d th e a c ts rela tiv e to tho
n atio n a l b an k ing asso clatlo ns.w h lch v iolatio n s h av e n o t been p ro secu ted
b y th e executive officers of th e G overnm ent: a n d If any■ w e h v“
ns a re
disclosed, said co m m ittee Is d ire c te d to rep o rt th e facts a n d circu m stan ces

In the case of trust companies, its suggestions are as follows:

T h a t a tru s t c o m p an y w hich Is Inco rp o rated u n d e r th e law s of a n y
S ta te , in’accordance w ith th e req u irem en ts of w hich It h as been exam ined J
and has published sta te m e n ts of Its co n d itio n , o r. In th e absen ce of such
req u irem en ts of S ta te law s, upon a p p ro v a l of th e E x e c u tiv e C o m m ittee of
th e N atio nal R eserve A ssociation, m ay su bscrib e to th e c ap ital stock of
th e N atio nal R eserve A ssociation In th e sam e m an n er and u n d e r th o sam e
o nd ltlon s as prescribed for n atio n a l b an k s, a n d such su bscrib in g tru s t com ­
p an y shall becom e a m em ber of a local association and h av e th e sam e rig h ts
a n d privileges th erein as If It w ere a n atio n a l b an k ; p ro v ided .
T h a t a tru s t co m p an y shall h av e a n unim p aired su rplus of n o t less th a n
of Its c a p ita l, a n d , If located In a c ity of 25.000 in h a b ita n ts or less, sh all
t 0 Sah|d com m ittee Is also d ire c te d to Inv estig ate th e U n ite d S tate s S teel Cor- h20%
e a p aid -in c ap ital of n o t less th a n 5100,000. and In a larger c ity a p ro ­
p o ra tlo n , Its o rg an izatio n a n d o p eratio n , a n d If In connection th erew ith p av
o
rtio
n a tely g reater c a p ita l up to 5500.000 In a c ity of 500,000 In h a b ita n ts
violatio n s of law as afo resaid a re disclosed, to re p o rt th e sam e. Said
com m ittee shall Inquire w h e th e r said S teel C orporation h as a n y relation s
T h a t It shall h av e , a n d agree to m ain tain a g ain st Its d em and dep o sits,
o r affiliations In v iolatio n of law w ith th e P en n sy lv an ia S teel C o., the a reserve
of like c h a ra c te r and p ro p o rtio n req u ired of a n atio n a l h an k In th e
C am b ria S teel C o., th o L ack aw an n a S teel C o., o r a n y o th e r Iron o r steel sam e location;
p ro v ided , how ever, th a t deposits w hich It m ay h av e w ith a
S
ta
to
b
an
a savings b an k or a tr u s t co m p an y In a c ity d esig nated In th e
^ A ls o 'w h c th c r said S teel C orp o ration , th ro u g h th e persons ow ning Its N atio nal kB, anking
as a reserve c ity o r a cen tral reserve c ity , w hose
stock , Its officers or a g e n ts, h as or h as h ad a n y relatio n s w ith th e P en n sy l­ paid-in c ap ital Is n oAt ct
th a n th e m inim um a m o u n t req u ired fo ra n a tlo n a l
v an ia R ailroad C o., o r a n y o th e r railro ad com p an y , or a n y b an k in such c ity , a nless
d
.
of a tru s t com p an y , n o t less th a n th a t
coal com panies, n a tio n a l b an k ing com panies, tru s t com panies , Insurance heretofore speclllcd for aIntruthset case
p an y In such c ity , and w hich Is a m em
com panies, or o th e r c o rp o ra te o rg an izatio n s o r com panies, o r w ith th e ber of a local asso ciatio n, shall com
reserve In like m an n er and to th o
stock ho ld ers, d irecto rs, or o th e r officers o r ag en ts of said com panies, or sam e e x te n t as sim ilar d eposits cofo uan tn as
atio nal b an k w ith n atio n a l b an k s In
w ith a n y person or p ersons, w hich hav e caused o r h av e a tend ency to cause such cities. P ro v id e d , fu rth e r, th a t liabilities
for d eposits p ay ab le beyond
a n y of th e resu lts follow ing:
__
irty d ay s, for savings d eposits su bject to n otice of six ty d ay s o r m ore,
F irst, T he restrictio n or d estru c tio n of com p etitio n In p ro d u ctio n , sale th
and for m oneys held In tru s t w hich, u n d er th e conditions of th e tru s t, a re
o r tra n sp o rta tio n .
n o t m ade p ay ab le w ith in th irty d ay s, shall n o t be su b je ct to th e reserve
S econd, E xcessive o ap ltallzatlo n a n d b on d ing of co rp o ration s.
T h ird , C om binations c re a ted by ow nership or c on trol by one corp o ration req u irem en ts p rovided for d em and d ep o sits.
The committee also recommends that a mutual savings
or th e stockholders or bon d h old ers th ereof of th e stock or bonds of o th e r
corp o ration s, or com b in ation s betw een th e officers or agen ts of one corpora­ bank to qualify for admission “ shall have an unimpaired
tion a n d th e officers or a g e n ts of o th e r corp o ration s b y d up licatio n of d irec­
surplus of not less than the amount which would be required
to rs o r o th e r m eans a n d devices.
F o u rth , S peculations in stocks and bonds b y agreem ent am ong officers for tho capital of a national bank in the same location; that
and ag en ts of co rp o ratio n s to depress th e v alu e of th e stock s a n d bonds as its surplus increases or diminishes it shall, upon request
of o th e r co rp o ration s for th e purp o se of a cq u irin g or con trollin g sam e.
F ifth , F ro n ts th ro u g h such sp ecu lation to officers or ag en ts of such of the executive committee of the National Reserve Associa­
corp o ration s to th e d e trim e n t of th e stock ho ld ers and th e p ublic.
tion, proportionately increase or decrease its holdings of
S ix th , P anics In th e b o n d , stock a n d m oney m ark ets.
S aid com m ittee shall in its rep o rt recom m end such fu rth e r legislation by capital stock of the National Reserve Association.”
— The nomination of George C. Van Tuyl Jr. of Albany,
Congress as In its opinion Is desirable. S aid c o m m ittee as a w hole o r b y
su b-com m ittee is a u th o riz e d to sit d urin g sessions of th e H ouse a n d th e as New York State Superintendent of Banks was confirmed
recess of C ongress, to em ploy clerical a n d o ther assistan ce, to com pel th e
a tte n d a n c e of w itnesses, to send for persons a n d p ap e rs, and to *dm lnl8ter by tho Senate at Albany on Thursday. The nomination
o ath s to w itnesses. T he S peak er shall havo a u th o rity to sign a n d th e Clerk was sent to the Senate by Governor Dix on the 1st inst.
to a tte s t su bpoenas d u rin g th e recess of Congress.
and was favorably reported by the Senate 1 inance Committee
R e s o lv e d ,

— The committee of nine named to investigate the Amori
can Sugar Refining Co. and other corporations engaged in
manufacturing or refining sugar, in accordance with the
Hardwick resolution adopted by the House on the 9th inst.
was approved by the House Democrats on tho 17th inst. It
consists of Thomas W. Hardwick, of Georgia, Chairman
Finis J. Garrett, of Tennessee; William Sulzer, of New
York; Henderson M. Jacoway, of Arkansas; John E. Raker
of California; George R. Malby, of New York; Joseph W
Fordney, of Michigan; Edmond H. Madison, of Kansas, and
Asher C. Hinds, of Maine. Its approval was preceded by s
controversy over tho naming of the committee by Represen
tative Henry, Chairman of tho Committee on Rules, instead
of by the House, as provided in tho resolution; but his action
was finally upheld.
— Conditions under which the privilege of entering the
National Reserve Association may be extended to State
banks, trust companies and savings banks are outlined in
report just submitted to James B. Forgan, Vice-Chairman
of the Currency Commission of the American Bankers’ Asso­
ciation, by a special committee which was delegated last
March to‘ take up the question. The committee consists of
Fcstus J. Wade, President of the Mercantile Trust Co. of
St. Louis, Chairman; Sol. Wcxler, Vice-President of the




on the 11th. Mr. Van Tuyl will succeed O. H. Cheney,
whose term of office expires. In a letter addressed to the
new Superintendent on Thursday, Gov. Dix states that he
will expect him “ to make thorough investigation into ex­
isting conditions and to place where it properly belongs
responsibility for any wrong that may have been done or
for any failure to protect and safeguard the rights and inter­
ests of depositors in banks, trust companies and savings in­
stitutions.”
__The appeal of the Government from the decision of
Judge Noyes of the United States Circuit Court, sustaining
the demurrers to four of the counts in the indictments against
James A. Patten and certain other cotton operators, was
filed in the United States Supreme Court on the 5th inst.
__A. bill providing that deposits in excess of S1,000 in the
savings departments of trust companies shall be subject to
tho full local rate of taxation has been passed by the Massa­
chusetts Legislature and signed by Governor Foss.
__The regulations governing bids and offerings on the New
York Stock Exchange, adopted on March 30 1910 have been
supplemented by additional rules passed by the Exchange
on the 12th inst. These rules fix the practice that must
be pursued in cases of bids or offerings on blocks of stock in

1350

TITE CHRONICLE

[V O L . LX X X X II.

excess of the unit of 100 shares. We give below the full
regulations just promulgated, the sections shown in italics
indicating the added portion:

teen which have sought entrance to the association since the
adoption of changes to the constitution of the organization
providing for the admission of trust companies to full mem­
R U L E S G O V E R N IN G B ID S A ND O F F E R S .
bership. Those which have made application to join this
(A dopted M arch 30 1910, and am ended M ay 12 1911.)
week are the New York Trust Co., the Lincoln Trust Co.
Q u o ta tio n s .
1. T h a t th e recognized q u o ta tio n on stocks shall be public bids and and the Metropolitan Trust Co. of Manhattan and the
offers on lo ts of 100 sh ares.
People’s Trust and Franklin Trust companies of Brooklyn.
A n y P a rt.
2. All bids a n d offers on larger lots shall be considered to be for a n y p a rt A list of the twelve companies which had previously filed
th ereof In lots of 100 shares o r of m ultiples th ereof, w hether so sta te d In application was given in this department last Saturday.
th e bid or offer or n o t.
I he executive committee of the Knickerbocker Trust has
Bid A b o v e O ffe rin g P rice.
3 If a bid Is m ade for a larger lot of stock above th e price a t w hich recommended to the directors that their institution apply
sm aller lots a re «,ffercd, o r if a tran saction Is m ade In a larger lot above for membership in the Association.
th e p rice a t w hich sm aller lots are offered, such b idd er o r b u y er shall be
Ihe Nassau National Bank of Brooklyn Borough is also
com pelled to b u y a n y or all of th e sm aller lots w hich w erc|publlclyoffered considering the question of entering the Clearing House,
a t th e tim e, a t th e lower price, up to th e a m o u n t of th e bid for th e larger lo t.
I f th e bid for the larger lot Is accepted , and th e b u y er Is unw illing to buy and has instructed a committee to report on the matter at
m ore, th e seller m ust give u p to th e m em bers w ho w ere publicly offering the next meeting of the institution.

to sell a t th e low er price such a m o u n ts as th e y w ere publicly offering to
sell a t th e low er price, if such claim Is m ade Im m ediately.
O ffe r B e lo w B id d in g P rice .

4. If an offer Is m ade to sell a larger lot of sto ck below th e price w hich Is
bid for sm aller lots, o r If a tra n sa c tio n Is m ad e In a larger lot below th e
price w hich Is bid for sm aller lo ts, such m em ber offering to sell, o r the
seller, shall be com pelled to sell a n y o r all of th e sm aller lots w hich w ere
publicly bid for a t th e tim e, a t th e higher price, up to th e am o u n t of the
offer of th e larger lo t. If th e offer of th e larger lo t Is accepted, and the
seller Is unw illing to sell m ore, th e b u y er m u st give u p to th e m em bers
w ho w ere p ublicly b id d in g th e higher price, such am o u nts as th ey were
publicly bidding for, a t th e higher price, If such claim Is m ade Im m ediately.
C la im s fo r Sales a t the O ffe rin g P rice , o r a t B id d in g P rice.

5. A member may sell on offer the largest amount bid for without regard to
priority of bids. Should the offer be o f an amount larger than the largest bid,
the balance shall go to the next largest bidder in sequence; bids for equal amounts
being on a par.
.......................................................................... ^
A member may buy on bids under the same r u l e . .....................................
' Silent B ids a n d O ffe rs n o t R e c o g n iz e d .

0. Attention is directed to the resolution o f the Governing Committee adopted
October 20 1892, which reads as follows :
"W hen a purchase or sale is claimed by a party who states that he
had on the floor a prior or better bid or offer, such claim shall not be
sustained i f the bid or offer was not made with the publicity and fre­
quency necessary to make the existence o f such bid or offer generally
known at the tim e o f the transaction.”
D isp u te s.

7. Disputes arising from a question as to priority o f bid or offer, i f not

settled by agreement between the members interested, shall be settled by vote o f
the members knowing o f the transaction in question.
Disputes as to the application o f the rules relating to the transaction in
question, i f not settled by agreement between the members interested, shall be
settled by any member o f the Committee o f Arrangements.
A c tiv e O pen in gs.

8. The above rules shall not apply to lots o f less than 100 shares, m
active openings when bids and offers are simultaneous.

— The agreement entered into for the merger of the Madison
Trust Co. of this city with the Equitable Trust Co., approved
by the respective trustees on the 12th inst., will be submitted
to their stockholders for ratification on the 29th inst. Ar­
rangements to this end have been pending since January,
and developed as a result of the closing of the Carnegie Trust
Co., the fact that some of the iatter’s directors were mem­
bers of the board of the Madison Trust having induced the
inauguration of plans to allay any misapprehension which
might aiise among depositors. The Madison was formerly
the Van Norden Trust Co., the change in its title having oc­
curred last September. With its merger into the Equitable,
no change will occur in either the capital ($3,000,000) or
name of the latter. Under the terms of the agreement it is,
stated, the Equitable is to liquidate the assets of the Madi­
son and apply part of the proceeds of the liquidation to the
repayment of all advances made by it to the Madison, amount­
ing at the present time to $050,000, and to any other obliga­
tions which may accrue in the proceedings. For its services
in conducting the liquidation, the Equitable is to receive 5%
of the net amount payable to the stockholders of the Madison,
the sum to be paid for such services to be not loss than $50,­
000. It is Stated that all that the stockholders of the Madi­
son trust Co. (capital $1,000,000) will receive in liquidation
is their proportionate amount of the not distributable cash
value of the assets and property remaining after the pay­
ments indicated have been made to the Equitable. The time
and method of liquidation are subject to the determination
of the Equitable. It is provided, however, that the latter
may act in accordance with the advice and approval of an
advisory committee, consisting of Alvin W. ICrech, President
of the Equitable Trust Co., Bradley Martin Jr., President
of the Madison Trust Co., and Benjamin Strong Jr., Vice­
President of the Bankers Trust Co.

— Senator Burton and Fred I. Kent, Vice-President of the
Bankers’ Trust Co. of New York, will be the speakers at the
meeting of Group No. 1 of the Ohio Bankers’ Association,
to be held at the Cincinnati Country Club on Saturday,
May 27. The subjects of their addresses have not been
announced, but it is believed that various phases of the
suggested plans for Banking Legislation will bo discussed.
The Savings Bank Association of the State of New York
— James C. Brady has been elected a trustee of the Central
held its annual session in this city on Thursday. Several Trust Co. of this city to fill a vacancy.
resolutions bearing on the interests of these institutions were
William H. Wheelock and Erskine Hewitt were this
adopted, one of which was the following introduced by
Marcus T. Hun, President of the Albany Savings Bank, week elected directors of the Lincoln Trust Co. of this city.
Mr. Wheelock is Second Vice-President of the Douglas
of Albany:
T h a t th e C om m ittee on L egislation be req u ested to Incorporate In Its Robinson, Charles S. Brown Co.

l eulslatlve bills som e provision w hich will be a d e q u a te to p ro v ide for a
p ro p e r Increase In th e su rp lu s of th e savings banks of this S ta te .

A resolution offered by Andrew Mills, President of the
Dry Dock Savings Institution, of New York, which also
carried, is as follows:

Resolved, T h a t th e S avings B an k A ssociation of th e S tate of N ew Y ork
av o rs th e e sta b lish m e n t of a m inim um su rp lu s b y legislation, and
Resolved, T h a t th e counsel for th e association be Instru cted to em body
n th e form of bills such su gg estio n s as m ay bo m ade for carry in g Into effect
ho foregoing reso lutio n , a n d su b m it them to a special m eeting of th e
ssoclatlo n .

Considerable time was given over to a discussion of a
pending bill introduced by Senator Grady and described at
he meeting by Charles A. Miller, counsel for the association.
The measure increases from 15 to 20% the amount of surplus
which a bank may accumulate, and fixes minimum rates of
nterest, regulated by the amount of the surplus. Another
mportant feature concerns the reserve funds to be mainained. This, according to Mr. Miller, would require the
s avings banks of the State to carry about$38,000,000 in
their vaults, instead of about $9,000,000, as at present.
In a resolution presented by Frank M. Hurlbut, President of
the Union Square Savings Bank, and adopted, the associa­
tion expresses itself as opposed to the bill in its present form,
but urges “ that no action be taken upon the same at this
session of the Legislature, owing to the fact that the session
is too far advanced to prevent deliberate action.”
'During the week five trust companies have applied for
admission to the Clearing House, making in all thus far seven­




— The Knickerbocker Trust Co. of this city has completed
its twenty-two story office building at GO Broadway, corner
of Exchange Place, where the downtown branch of the com­
pany has exceptional banking accommodations on the street
floor. The institution started to erect the new building
when the 1907 financial troubles overtook the company.
The present structure was finished off temporarily at the
eighth floor and for the time being further building opera­
tions were suspended. Since last October fourteen new
stories have been added and the twenty-two-story building
was opened to new office tenants on the 1st inst. The
Knickerbocker Trust is steadily increasing its business. A
pleasant feature of its reorganization was the staunch support
accorded to the management by the depositors and public.
Its last report to the State Banking Department showed sur­
plus and undivided profits to be $5,847,925, besides $3,181,­
000 of capital; the deposits were $32,007,280 and aggregate
resources $41,318,892.
. . ^ ' y,'
T h°rr>e, General Purchasing Agent of the
Union Pacific and Southern Pacific systems, has been elected
to the directorate of the Manhattan Trust Co. of this city.
Ihe jury before whom Leonard J. Field, of the brokerage
firm of L. J. Field & Co. of this city was on trial for two
weeks, announced itself on the 2nd inst. as unable to agree
on a verdict and was discharged. The trial grew out of an
ndlotment charging perjury returned a year ago, and
concerned the loan on Heinze Copper stock offocted through

M a y 20 l 'J l l.l

THE CHRONICLE

Sterling Birmingham, formerly with the Windsor Trust Co.
of this city. The indictment is said to have alleged that
Field, who supplied the money for the loan, was paid $10,175
for his interest in the transaction, and that he testified
falsely before the Grand Jury in stating that a check for this
amount deposited by him in his private bank account
belonged to his former cashier, John F.Sherwood. Field, it
is stated, claimed to have received but $300. It was an­
nounced by District-Attorney Whitman on the 8th inst.
that in view of the disagreement of the jury the indictments
against Field would be dismissed, as no additional evidence
could be submitted in a new trial. Besides the indictment
charging perjury, there was also one charging grand larceny
The bail bond of John F. Sherwood, also indicted as a result
of the transaction, was discharged by Justice Davis on the
12th inst.
— A report regarding the Carnegie Trust Co. of this city
and its supervision by the Banking Department was sub­
mitted on the 12th inst. to Gov. Dix by State Superinten­
dent of Banks Orion II. Cheney. In his statement Mr.
Cheney claims that “ unjustified public criticism lias been
directed toward the Banking Department for failure to close
the Carnegie Trust Co. before Jan. 7 1911, and generally in
connection with the supervision of the company’s affairs.”
The reason he gives for not closing the institution before
the date mentioned is that conditions did not justify such
action prior to that date. Mr. Cheney also remarks that
“ it is important to note that, contrary to statements here­
tofore made in the press, the Carnegie Trust Co. was never
reported insolvent. Even with the large deductions re­
quired by the Department, because of slow and doubtful
assets, a considerable surplus over the capital stock still
remained.” According to his statement, the company “ was
a source of distinct anxiety to the Department” at the time
he became Superintendent, on Nov. 24 1909, and he classes
the elements of weakness under two heads— “ it had too
great a proportion of slow assets and its management did
not command confidence.” Mr. Cheney recites the stops
which were immediately adopted to correct the unsatisfac­
tory conditions; a special investigation of its loans was un­
dertaken shortly after he entered office, and daily reports
were called for from Nov. 18 1909 up to Oct. 10 1910, when
Joseph T. Howell became President. After charging the
company in December 1909 to “ apply every resource” for
the relief of existing conditions, Mr. Cheney states that
within two weeks William J. Cummins reported to the Depart­
ment that a loan of $2,000,000 had been obtained from An­
drew Carnegie, through which four fertilizer notes of $600,­
000 were taken up. Following this, and the election of
Joseph B. Reichmann to the presidency, Supt. Cheney re­
ports that the condition of the institution was greatly im­
proved. Mr. Cheney next alludes to a visit to Mr. Carnegie
on April 28 1910, in which ho says:

I disclosed to him th e situ a tio n In th e tru s t com pany a n d to ld him th a t,
w hile Im provem ent h ad been m ade In Its condition, very largely th ro u gh
his assistance, I no longer felt a n y confidence In th e m an agem en t ot th e
com p an y . M r. C arnegie evinced m uch concern, sta te d th a t th e depositors
m u st be p ro tected , th a t th eir m oney m ust be saved, a n d said th a t ho w ould
And a pro p er m an to ta k e control o t th e com pany as Its P resid en t In order
th a t tho com pany m ight becom e a cred itab le and con serv ativ e financial
In stitu tio n , a n d w ould dev o te to th a t purpose his e n tire tim e before sailing
for E urope on M ay 4.
lie said fu rth er th a t his financial secretary , R . A . F ran k s, th en p resen t,
w ould be In N ew Y ork th ro u g h o u t th e su m m er and w ould d evote such tim e
as m ight bo necessary to th e alfalrs of th e com pany.

According to Mr. Cheney, Mr. IIowcll consented to become
President as a result of the efforts of Mr. Franks. The Super­
intendent also adds that “ Mr. Howell stated to the Banking
Department that lie was given assurance which satisfied him
that Mr. Carnegie would render financial assistance to the
company and support its management.” The report states
that, “ notwithstanding all of the efforts directed toward the
rehabilitation of the company, the affairs of certain of its
directors finally became peculiarly pressing. Loans upon
which payment was expected were not taken care of, and in
December the Northern Bank and the Washington Savings
Bank were closed by the Department.” This was followed
by large withdrawals from the Carnegie on Jan. 5 and 6,
and on the latter date Mr. Cheney became convinced, from
the reports of examiners, that unless additional cash were
provided before tho next morning, the company should be
closed. A conference had with Mr. Carnegie in the matter
is detailed as follows:

1351

M r. F ran k s to release to certain of th e d irecto rs a n d officers a large a m o u n t
of collateral held by him as secu rity for th e ir loan, a n d th a t th is a ctio n w as
done to enable them to raise fu rth e r funds for th e benefit of th e tru s t com ­
p an y . H e sta te d th a t he h ad telephoned to M r. F ran k s a t P ittsb u rg h to
retu rn a t once and deliver th is collateral u po n his a rriv al on S a tu rd a y m orn­
in g. I Inform ed M r. C arnegie th a t it w ould be Im possible to allow th e com ­
p an y to open unless th e m oney w as In h an d by 9 o’clock. H e th ere u p o n
said th a t he felt th a t he h ad done all th a t could be expected of h im . T he
cash w as n o t produced a n d I took possession of th e com p an y before th e
opening of business on th e follow ing d ay .
Clark Williams, who served as Superintendent of Banks
from Oct. 23 1907 to Nov. 11 1909, also issued a statement
on the 12th inst., defending the course adopted by him with
regard to the company during his term of office.
— George B. Williams has been appointed Special Deputy
Superintendent of Banks in charge of the Northern Bank
of this city, in place of Arba K. Alford, resigned.
— An order authorizing the payment of a 50% dividend to
the depositors of the Washington Savings Bank of this city
was signed by Justice Giegerich on' Monday. The bank,
which was under the presidency Of Joseph G. Robin, closed its
doors in December, following the suspension of the Northern
Bank.
— Charles H. Hyde, formerly City Chamberlain, appeared
before Supreme Court Justice Vernon H. Davis on Tuesday
and pleaded not guilty to a superseding indictment handed
down by the Grand Jury on the 11th inst. It is understood
that the new indictment is in substance the same as the one
returned against him on the 1st inst., and referred to in these
columns May 6, although it is reported that the latest one
contains four counts (two charging him with bribery and two
witli asking for and receiving a gratuity) while in the earlier
indictment there were but two counts. The charges concern
an alleged agreement entered into last August whereby the
amount of tho city’s funds in the Northern Bank were in­
creased on the Northern’s consenting to loan $130,000 to
tho Carnegie Trust Co. Mr. Hyde’s original bond of $7,500 is
continued.
— The stock of the Fidelity Trust Co. of Philadelphia has
been placed on a 36% basis with the declaration of a quar­
terly dividend of 9 % . For the past year dividends at the
rate of 32% per annum,or 8% quarterly,were paid, the inau­
guration of that rate in May 1910 having served to increase
the annual payments 12%, the amount having then been
increased from 20% yearly. The institution has a capital
of $2,000,000 and surplus and profits of $10,500,000.
— A voluntary petition in bankruptcy was filed on the
9th inst. by Jamison Bros. & Co., members of the Phila­
delphia Stock Exchange. Richard S. Hunter was appointed
referee; subsequently the creditors, at a meeting on the
12th inst.,elected George D. McCurdy, President of the Com­
mon Council, as receiver. A statement issued by the firm an­
nounced as the reason for its action “ the unfavorable times
and loss of business.” The liabilities are placed at $541,397
and the assets at $385,776. The secured claims are given as
$317,148. The firm consisted of William S. Jamison and
Edward L. Maguire. Mr. Jamison, the Stock Exchange
member, is a member of the Board of Governors of the
Exchange.
— Louis M. McClosky, Assistant Treasurer of the Wayne
Junction Trust Co. of Philadelphia, has been elected a director
of the institution to succeed James A. Hayes.
— Melville G. Baker, Cashier of the Penn National Bank
of Philadelphia, has been elected Vice-President of the insti­
tution and Allison Sharp has been elected an Assistant
Cashier.
— R. W. Hissem, formerly President of the Farmers’ &
Merchants’ Bank of Mt. Pleasant, Pa., was acquitted, in the
U. S. Circuit Court of Pittsburgh, on the 3d inst., of the
charge of aiding and abetting former Cashier Charles E.
Mullin in the misapplication of the bank’s funds. The
institution closed its doors in October 1907. Ex-Cashier
Mullin was convicted in May 1910 of misappropriating its
moneys and was sentenced to five years’ imprisonment.
— Alexander L. Richmond, a former director o f the failed
Cosmopolitan National Bank of Pittsburgh, was indicted on
the 3d inst. on charges said to allege misapplication of the
funds of the institution, and aiding and abetting the Cashier,
J. D. Richardson, in making false entries in its books.
— The People’s Savings Bank Co. of Cleveland purposes to

In com pany w ith m y attorney’, M r. C ase, of M essrs. W hite «Ss Case, I h ad increase its capital from $300,000 to $500,000. The stock­
a conference w ith M r. A ndrew C arnegie th a t sam e evening. In th e course of holders have been asked to approve the new issue at a meet­
w hich I told him th a t unless a t least 5500,000 In cash w as furnished tho ing to be held June 14. The price at which the prospective
com p an y n o t la te r th a n 0 o'clock th e follow ing m orning, I could n o t allow issue will be offered to the shareholders is $190 per share.
th e com p an y to open for business. M r. C arnegie pleaded w ith m e n o t to
ta k e such a step , saying th a t he h ad given Instru ctio ns d uring th e d ay to According to the Cleveland “ Plain Dealer," the stock never




1352

THE CHRONICLE

[V o l . LX X X X II.

roaches the open market, but its last reported sale was at
228. In March of last year the capital of the institution
was increased from 8200,000 to 8300,000, and the additional
stock was disposed of at 8150 per share.

a bond issue outstanding of $2,500,000, on which the first
annual payment of $50,000 will be made next year. It is
the intention, it is stated, to issue new stock as the bonds
are retired, the capital stock under this plan finally becoming
— Julius W. Hopkins, paying teller of the First Nationa $5,000,000. Authority for the issuance of the $1,000,000
Bank of Cleveland, was arrested on the 8th inst. specifically capital now arranged for will be sought at the annual meet­
charged with the theft of 860,000. The total amount of the ing of the stockholders on June 13. More than half the stock
defalcation is given as 8114,850 in a statement issued by of the company is held by the First National Bank of Chicago.
Cashier Charles E. Farnsworth, aud Hopkins is said to have
— Permission to organize the South Chicago State Bank
confessed to having embezzled that sum. Cashier Farns­ of Chicago, with $200,000 capital, was granted on the 12th
worth's statement said:
inst. by the State Auditor of Public Accounts to William M.
O ne of our tru ste d em ployees, Ju liu s W . H opkins, is a d efa u lte r In th e
su m of §114,850, w hich a m o u n t he h as a b strac te d from express packages Klein, Thomas G. Deering and William Rothman.
con tain in g currency sen t us by th e N atio nal B anking D ep artm en t a t W ash­
— Promotions which have occurred among the officers of
Ing to n. T he b an k Is fully p ro tected by a b lan k et g u a ra n ty policy Issued by the Third National Bank of St. Louis give that institution
th e L ondon Lloyds In th e sum of §250,000, so th a t th e loss of th is d efalca­
tion will n o t fall upon th is b an k . T he facts w ill be placed before th e p u b ­ three Vice-Presidents instead of only one, as in the past.
ic officials for such actio n as th e y m ay deem it p ro p er to ta k e w ith reference With the recent death of W. B. Wells, the directors named
to M r. H opkins.
Thomas Wright as his successor in the vice-presidency.
National Bank Examiner Williams, in an announcement They have now created two additional offices of that rank,
with reference to the methods employed by the accused in and G. W. Galbreath, Cashier, and Richard S. Hawes, an
abstracting the bank’s money, said that “ it was impossible Assistant Cashier, have been chosen to fill the same. J. It.
for the bank officers to detect Hopkins’s thefts because his Cooke, also previously an Assistant Cashier, has been made
books always balanced. . . .
He was in charge of the Cashier. These changes reduce the number of Assistant
packages of money which the bank received from the mints in Cashiers from five to three, those who continue as such being
place of mutilated currency. He simply did not make any D’A. P. Cooke, II. Haill and E. C. Stuart. Vice-President
record of the arrival of one package until another had Galbreath had been Cashier of the institution for fifteen
arrived, by the use of which he could cover up the amount years. Mr. Hawes has been associated with the bank for
of the first. In this way he soon found it possible to ‘hold fourteen years and had served as an Assistant Cashier since
out' the sums.”
1906. Cashier Cooke, who held an assistant cashiership for
G.
W. Williams has resigned as a Vice-President of fourteen
the
years, has been with the bank for thirty-eight years.
Second National Bank of Cincinnati, Ohio, to enter the
— In the report of Jacob Phinizy, President of the Georgia
Fourth National as active Vice-President. He assumed his Railroad Bank of Augusta, Ga., presented at the stock­
new duties on the 1st inst. The office which he now occupies holders’ annual meeting on the 10th, reference was made to
was created for him, II. P. Cooke also holding a vice-presi­ the increase in the capital made early the present year.
dency in the institution. Mr. Williams had been with the Through the declaration of a dividend of 200%, the amount
Second National for twenty-two years; he was formerly its was raised from $200,000 to $600,000. Mr. Phinizy also
Cashier and had been made a Vice-President in January.
noted that the bank is meeting with unusual prosperity,
— The proposal to increase the capital of the Homo Savings and it is hoped before a great while to have a capitalization
Bank of Detroit, Mich., from 8400,000 to $750,000, men­ of $1,000,000. The yearly dividend rate of the institution
tioned in our issue of April 22, was unanimously approved has been increased the current month from 11 to 12%. The
by the stockholders on April 27. Part of the new capital acquisition of control of the National Bank of Augusta by
will be provided for through a stock dividend of 25% the Georgia Railroad Bank is also alluded to by Mr. Phinizy.
($100,000) declared to stockholders of record April 17 and He states that the purchase, which was deemed wise to pro­
payable on or before May 31. The other $250,000 is offered tect the interest of the Georgia Railroad Bank, will in a large
to the shareholders at $200 per share, payment to be made measure be the means of controlling the sharp and active
by June 30.
competition the institution has had to contend with. Ernest
— Henry II. Sanger, Cashier of the National Bank of Woodruff and John T. West have become directors of the
Commerce of Detroit, has been designated a Vice-President, Georgia Railroad Bank, in place of Dr A. W. Calhoun, de­
ceased, and John W. Grant, resigned. Associated with
his new title being in addition to the one previously held.
— The proposed increase of $50,000 in the capital of the Mr. Phinizy in the management of the bank arc Charles G.
Northwestern Trust & Savings Bank of Chicago, raising it Goodrich, Cashier, and Rufus II. Brown, Assistant Cashier.
from $200,000 to $250,000, was ratified on the 12th inst.
The new issue will be sold at 8150 per share, and will serve to
bring the surplus and undivided profits up to $100,000.
1 wo additional directors have been elected, increasing the
membership of the board from nine to eleven; the new mem­
bers arc George M. Reynolds, President of the Continental
& Commercial National Bank of Chicago, and B. A. Eckhart,
President of the B. A. Eckhart Milling Co. Mr. Reynolds
becomes Chairman of the board. Plans for a new building
for the Northwestern have been approved. The structure
is to be erected on the triangular corner of Milwaukee Ave­
nue, Division and Dickson streets, at a cost of 8100,000.
Construction is to begin June 1. The building will be used
for bank purposes exclusively. The bank was organized five
years ago with $200,000 capital. Its deposits aro over two
and a half million dollars.
— A meeting of the stockholders of the Harris Trust &
Savings Bank of Chicago to act on the question of increasing
the capital from $1,250,000 to $1,500,000 will be held on
June 14. The surplus of the institution has been raised to
the latter amount through the transfer to it on the 10th inst.
of $250,000 from undivided profits. The directors also on
the 10th inst. elected John S. Broeksmit, formerly Cashier
of the Merchants’ National Bank of Cedar Rapids, Iowa,
as Cashier, to succeed Frank R . Elliott, who was elected
to the position of Treasurer. Howard W . Fenton, who
has served for some months in the dual capacity of
Vice-President and Treasurer, will continue to serve as
Vice-President. Harry E. Weese, formerly Auditor was
elected an Assistant Cashier.
— Through a stock dividend of 40% which it will declare,
the National Safe Deposit Co. of Chicago will increase its
capital from $2,500,000 to $3,500,000. The institution has



L ondon, S a tu rd a y, M a y 13 1911.
The members of the London Stock Exchange are grumbling
very much because business continues very quiet. As trade
is phenomenally active and prosperous, and the expenditure
of money on account of the Coronation ceremonies is ex­
pected to bo upon an unusual scale, the members of tho
Stock Exchange are unable to account for their own inac­
tivity. There is really no difficulty in understanding tho
state of affairs. It is due, in the first place, to the various
inconveniences caused in this country by tho rejection of the
Budget of 1909 by the House of Lords, inconveniences which
are not done with even yet. It is due still more to the stag­
nation in New York. American securities are held in such
immense amounts all over Europe that almost everybody
possessing any wealth is interested in them, and everybody
therefore feels less rich when he apprehends that there may
be a setback in the United States. It is due, in the third
place, to the disturbances in Mexico, Morocco and Albania;
and it is due, lastly, no doubt to rash speculation, especially
in British railway securities by a great number of people
who are not possessed of much wealth and are very desirous
of becoming rich all at once.
So far as this country is concerned, however, there is ab­
solutely no cause for any anxiety. Trade is more active and
more prosperous than it ever has been hitherto, credit is
thoroughly sound, and everybody is looking forward to ex­
ceptionally good times. In the City it was taken for granted
that before now the rate of discount of the Bank of England
would be put down to 2*^%, and it has not been put down.
This is owing mainly, as already said, to the inconveniences
caused by the rejection of the Budget by the House of Lords;
but it is owing likewise, to some extent, to the fact that coun­
tries which usually aro not able to take gold from London
have succeeded recently in borrowing, and thereby obtaining
the means of taking gold. Last week it was generally as­
sumed that all the gold offering in the open marketlwould.’go

into the Bank of England. As a matter of fact, a good deal
of the metal was withdrawn from the Bank for South
America. This week it was also assumed that most of the
gold offering in the open market would go into the Bank.
Part of it has, however, been sent to Constantinople. In
both cases the City failed to understand that when money
was borrowed recently it was partly for the purpose of ob­
taining gold, and the City therefore has been surprised and
disappointed because what was intended has now been done.
If the open market puts up the rate of discount a little
and keeps it up for a few weeks, the Bank of England will get
all the gold offering in the open market. Money will then
become plentiful enough to allow the Bank to put the rate
down to 2 y ,% , and the wishes of the Stock Exchange will
thus be gratified. But the Bank rate will not be put down
to 'lV i% until the Bank obtains such control of the market
that practically all the gold offering each Monday is secured
by the Bank. On Thursday and Friday morning the dis­
count rate tended downwards; on Thursday and Friday after­
noon the rate tended Upwards, from which it looks as if the
market was beginning to understand that it is necessary to
stiffen rates a little for a while in order to ensure a long con­
tinuance of really cheap money by and by.
The India Council offered for tender on Wednesday 100
lacs of its bills and the applications exceeded 581 lacs, at
prices ranging from Is. 4 l-32d. to Is. 4 3-32d. per rupee.
Applicants for bills at Is. 4 l-10d. and for telegraphic trans­
fers at Is. 4 3-32d. per rupee were allotted 30% of the
___________________
amounts applied for.

Nam e o f Co m p a ny.

Railroads (Steam)
Alabama Great Southern, ordinary.............
Preferred...................................................Albany & Susquehanna..............................
Atch. Top. & S. Fe. com. (qu.) (No. 24).
Atlantic Coast Line Co. (quar.)...................
Atlantic Coast Line HR., common..............
Preferred....................................................
Boston A Albany (quar.). . . ........................
Boston & Maine, common (quar.)_.........
Canadian Pacific, com. (quar.) (No. 60).
Chesapeake A Ohio (quar.).........................
Chestnut IIlll (quar.).............- - ................
Cincin. New Orl. A Texas Pacific, com ...
Preferred (quur.)..................... ..................
Cleveland * Pittsburgh, reg. guar.(quar.)
Special, guar. (q u ar.).--- - - - - - - - - - - Cripple Creek Cent., prcf.(qu.)(No. 22)
Delaware & Bound Brook, guar, (quar.)
Detroit A Mackinac, common.........- ..........
Preferred............... - ...................................
N . Y. N. II. A Hartford (quar.).. . . . . .
Part paid stock, issue of Dec. 20 1909 —
New York Philadelphia & Norfolk-------Norfolk * Western, common (quar.)----North Pennsylvania (quar.).....................
Pennsylvania (quar.)....................................
Phlla. Germantown & Norristown (quar.)
Plttsb. Bessemer & Lake Erie, pref------Plllsb. Youngsi. A Ash., com. A pf. (qu.)
Rensselaer & Saratoga............................
Southern Pacific Co. (quar.) (No. 19)
Union Paclllc, common (quar.).............
Vandalla (quar.)..................................
S tre e t a n d E le c tric R a ilw a y s.

American Railways (qu ar.)........................
..................
......... .............Chippewa Valley R y., L. & P.,prcf. (qu.)
Columbus(().) Ity..coin. (quar.) (No. 32)
English Financial Markets—Per Cable.
Detroit United Ry. (quar.)................ - - - ­
The daily closing quotations for securities, &c., at London, Federal Light * T ract., pref. (q u a r.)...
Georgia R y. & Elec., com. (quar.)--------as reported by cable, have been as follows the past week:
G rand R apids R y ., common (q u ar .)- -- - - Met. West Side El. Ry..Chlc.. pf. (q u .)..
Tendon.
Fri.
T h u rs .
N orthern O hio Tra ction A L ig h t (q u a r .).- S at.
M on.
Tues.
Wed.
Week endinrj May 19.
24
34
24
11-16
24
11-16
24
11-16
24
9-16
N orthern Texas Elec. C o ., com. (Q u .)(N o . 7)
2454
Silver, per oz................... -<1
81K 81K
Pensacola Electric C o ., preferred ( N o . 9)
Consol*, new. 2*4 per cents -81*4 81*4 8134
Portland (Ore.) Ry.. L t. * P.(qu.)(N o.2)
For
account.....................
1
Rochester R y . A L ig h t, preferred (q u a r .) ..
French Rentes (In Paris) ,fr.95 .77*4
688
69
66*4
St. Joscph(M o.)Ry., L.H.& P.,com .(qu.)
64
K
Amalgamated Copper C o.-- 04*4 6454
8K
7*4 116*4 115*4
Washington (I). 0.) Ity. & Elec., com ..
7K 7*4 115*4
bAnaconda Mining Co. ----- J K 113*4
Preferred
........ - - ..........
Atchison Topeka «fcSanta I-c. U JK 106*4 114*4
106*4
107
106*4
106*4
West Penn Traction, com. (quar.)............
Preferred.........................
108H 109*4
109
K
W in n ip e g Electric R y . (q u a r.) .....................Baltimore & Ohio. - - .............P " *4 107K 107
91*4 91*4

Preferred...............................
Canadian Paclllc..................... ^
Chesapeake A Ohio...............o‘Ohlcago Great Western.........21 K
Chicago Mllw. <fc St. P au l.. -124
Denver A Rio Grande-------- 29
Preferred.............................
E ric ..........................................?? *4
First Preferred................... 51*4
Second Preferred...............41
Illinois C en tral....................140*4
Louisville A Nashville--------150
Missouri Kansas A T ex as... 3294
Preferred.............................68*4
N at. HR. of Mcx., 1st P rcf.. 70
second Preferred.........— 33 A
N. Y. Central A Hudson Rlv.110
N. Y. Ontario.* W estern... 43*4
Norfolk & Western.................109 A
Preferred . -------------------- 91H
Northern Pacific-----------------128*4
^Pennsylvania........................62*4
oRcading Company...............79 *4
/{First Preferred................. 46 h
aSecond Preferred.............50H
Rock Island............................30*4
Southern Pacific — - ..............H 7K
Southern Railway-------------28 K
Preferred.................................... A
Union Pacific................
13214
Preferred.............................98 *4
U. S. Steel Corporation.......... 7754
Preferred...................... *22*4
W abash............................... - JJK
Preferred........................ 3/34
Extended 4s.........................70 34
a Price per share, b £ sterling.

1353

THE CHRONICLE

M AY 2 0 1 9 1 1 .|

91*4
240*4
82
21*4K
124
29
66
32
K
51K
40*4
140*4
150
33
*4
68*4
69
33*4
110
4314
109*4
91
128*4
62
K54
79
46*4
50*4
3014
117*4
28K
67*4
182*4
98
77*4
122
K
16K
37
70*4K

91*4
241*4
82*4
21*4
125
29
66*4K
33
52
41*4
141
150
33*4
68*4
70
33
110K
43*4
110
91
128*4
62
*4
80*4
46*4
50*4
30
119*4
28
67KK*4
185
98
80*4
122*4
16K
37*4
70

91*4
242
84
22K
127
29
66*4
35
52K
41*4
141
151*4
35
68*4
70
33
K
111K
44
K
110*4
91*4
130*4
62
K
81*4
46*4
51
31*4
120*4
29
69K
187*4
98
81*4*4
123
17
38*4
70*4

240*4
84*4
22*4
128*4
31
68
34*4K
52
41*4
142 *4
153*4
35
K
69*4
70
33K
111*4
44*4
111*4
1391*4
IK
63*4
82
40*4
51
32KK
123
30
70
189
98*4
82K
123*4
17*4
39
71K

240
K
85
23
128
K
31*4
68*4
34*4K
52
41*4
143
153
35
69K
70
33*4
111K
44*4
ll 1*4
92*4
131
*4
63*4
82
46*4
50
32*4KK
122
30*4
70
18SK
98
82*4*4
123
*4
17K*4
39
71*4

B ro o k lyn R a p id T ra n s it (q u a r .)
B ro ok lyn U n io n Elevated R l l . , com m on. . ,
P re fe rre d

Fidelity .

T ru s t C o m p a n ie s.

Per When
Cent. Payable.

Books Closed.
Days Inclusive.

2*4
3
4*4
1*4
2*4
3
2*4
2*4
1
2*4
IK
1*4
2*4
IK
IK
1
o1
2*4
2*4
S2
51*4
6
IK
2
1*4

27 Holders of rec. May27a
28 Holders of rec. July22a
1 June 16 to June 30
1 Holders of rec. Apr.28a
10 May 30 to June 9
10 June 22 to July 10
10 April 29 to May 10
30 Holders of rec. May31a
1 Holders of rcc. June kz
30 Holders of rec. June la
30 Holders of rcc. June 9a
5 May 21 to June 4
15 Holders of rcc. June 3a
1 Holders of rec. May24a
1 Holders of rec. May 10a
1 Holders of rec. May 10a
1 Holders of rcc. May 17a
20 May 13 to May 18
1 June 16 to July 2
1 June 16 to July 2
30 Holders of rcc. JunclSa
30 Holders of rcc. Jnnel5a
1 Holders of rec. M ayl5a
19 Holders of rec. May 3 la
25 May 11 to May 17
31 Holders of rec. May 5a
5 May 21 to June 4
1 Holders of rec. May 15
1 Holders of rcc. May20a
1 June 16 to June 30
1 Holders of war’t No. 19a
1 Holders of rcc. June 3a
25 Holders of rec. May 15a

1*4
IK
2*4
2*4
IK
IK
IK
1*4

June 1
June 151
July 1 Holders of rcc. June 9a
of rec. May31a
June 307 Holders
Holders of rec. June22a
June
June 1 Holders of rcc. May31a
June 1 Holders of rec. May 15
June 1 Holders of rec. M ayl6a
June 1 May 16 to June 1
May 20 May 11 to May 20
June 1 Holders of rec. May 15
Holders of rec. M ayl7o
June
Holders of rec. May31a
June
Holders of rec. May23a
June
Holders of rec. May22a
June
Holders of rec. May 12a
June
Holders of rec. May25a
June
Holders of rec. May 15a
June
June 1
May 16
June
June 1
May 16
June
June 15
June 8
June
July

June
Aug.
July
June
June
July
May
June
July
June
June
June
June
June
June
June
June
May
July
July
June
June
June
June
May
May
3 June
3 June
IK June
4 July
1*4 July
2*4 July
1 May

K

K
1*4
3
51
IK
*4
1
2*4
1

July

May 24 to

May 28

Miscellaneous.
May 16 to May 31
$3 June 291 Holders
Adams Express (quar.).......................of rec. Apr.29a
*4 May
Amalgamated Copper (quar.).............
May 11 to May 31
1 June 11 May
American Caramel, common (quar.).
17 to June 1
2*4 June
Amerlcan Cotton Oil. commpn-------May 17 to June 1
3 June 1l!Holders
Preferred.............- .........................—
of rec. May31a
$3 July 1 Holders of
A mcrtcan Express (quar.)................... rec. May 20
June
IK
American Gas (quar.).................- ------1
Holders
of
rce. May20a
June
2
Am. Iron A Steel Mfg., com. & pf..(spcc.)
July
July 1 June 25
American Plano, pref. (quar.) (No. 13).. IK June
June 30
30 June 22
2
American Radiator, common (quar.)
1
May
17
June 1
June
1
Amor. Shipbuilding, com. (quar.)..
17
June 1
1 June III May
Common (extra)................................
May 28
May 20
Am. Smelt. See., pref. A (qu.) (No. 25)-. 1*4 June
May 28
June l May 20
Preferred B (quar.) (No. 24) ..
IK
of rec. May 15a
1 June 31 Holders
American Stogie, preferred (quar.)
Holders
of
rcc.
June
la
July
Am. Sugar Refg., com. & pref. (quar.).. IK
1 Holders of rcc. May 13a
Amer. Tobacco, common (quar.)............. 2*4
1
June
7K
Common (extra)........................................
31
Associated Merchants, common (quar.)... IK May
T8 of rec. May 25
May 31
Common (extra)......................... - ..........- - 2 *4 June
16 to June 6
1
Barney & Smith Car, pref. (quar.). - - - 6 to June 16
15
Borden’s Cond. MUk,pref.(qu.)(No. 38). 1*4 June
rs of rec. May 15
June 1
British Columbia Copper Co., Ltd. (qu.) 2*4
10
to May 20
May
20
2
British Columbia Pack. Assn., com.(No. 1)
10 to May 20
May 20
Preferred.................................................... 3*4
18 to June 30
July 1 ___ 17
1*4 June
Brooklyn Union Gas (quar.)....................... 25c.
to June 6
I
Butte Coalition Mining (quar.).................
of rcc. May 15a
Butterlck Company (quar.)...........- - ........ K June 11 Holders
Holders of rcc. May 20a
Cities Service Co., common (monthly).. K June
Holders of rec. May 20a
Preferred (monthly)................................ *4 June 161 Holders
of rce. May 17a
Consolidated Gas of N. Y. (quar.).......... 31*4 June
of rec. May 31a
15
June
Crcx Carpet.................................................... IK Juno 30 Holders
Holders of rec. June 20
Crucible, Steel, pref. (quar.) (No. 31)----1 Holders of rec. Juncl5a
Cuban-American Sugar, pref. (quar.)----- IK July
If Holders of rec. July la
Detroit Edison (quar.)...............- ......... - - - IK July
15 Holders of rec. May31a
Diamond Match (quar.).............................. 1*4 June
1 Holders of rec. June20a
IK July
du Pont Internet. Powder, pref. (quar.)..
May 20 May 11 to May 20
Fay (J. A.) * Egan. pref. (quar.)--------- IK June
15 Holders of rcc. May 27
IK
Federal
Mining
A
Smelling,
pref.
(quar
).
1 Holders of rcc. M ayl5a
National Banks.—The following information regarding General Asphalt, pref. (quar.) (No. 16).. IK June
June J Holders of rec. May20a
national banks is from the office of the Comptroller of the General Chemical, common (quar.)......... 1*4
1 Holders of rcc. June21a
Preferred (quar.)........................................ 21*4 July
July 15 Holders of rcc. May31a
Currency, Treasury Department:
General Electric (quar.)..............................
June l May 24 to June 1
1*4
Great
Northern
Paper
(quar.)......................
A PPL IC A TIO N S TO CONVERT A PPR O V ED .
Holders of rcc. May'20a
Harbison-Walker Refract., com. (quar.).. *4 June 26l May
21 to May 25
The Bank ol Y um a, Colo.. Into "T he F irst N ational Bank of Y um a1 Homestake Mining (monthly) (No 438). 50c. May
1 Holders of rec. MaylOa
Internat. Harvester, pref. (quar.)(No. 17) IK June
13 to June 1
1 !lTho C hico Banking C om pany, E l D orado S prings. M o.. Into "T he I1Irst International Nickel, common (quar.)--- 2*4 June 11 May
17 to June 6
N ational Bank or E l D orado Springs." C apital,, *50,,000.
Internat. Smelting * Reflnlng, (quar.).. 2 June 1 May
Holders of rec. June20a
Tho Com mercial S tate Bank of Coleridge, N eb., Into th e Coltrit
Internal. Smokeless Poio. A Ch.,cam.(qu.). 2 K July
Holders
of rcc. May 19a
1
June
N ational B ank." C apital. 540,000.
at. tin
Kings Co. 101. Lt. * Pow. (qu.) (No. 45).
15 June 2 to June 15
'L’lie N orth Louisiana Bank of Clhslam l, L a., Into T he F irst N atlo
Laclede Gas Light, common (quar.)----- IK June
Jnne
2
to June 15
June
15
2*4
Bank ot C lbsland." C apital, 525,000.
Preferred .......................
31 Holders of rec. Apr.29a
Lehigh Coal * Nav. (quar.) (No. 130)--- 2 May
C H A R TER S ISSU ED TO NATIO N AL BANKS MAY 0 TO MAY 9
Juno 1 May 10 to May 31
Massachusetts
Gas
Co.,
pref...................­
1 May 18 to June 1
HI 0 0 7 —T he First N ational B ank of S tu art. O kla. C apital, 525 000 Michigan State Telephouc. com. (quar.). IK June
Aug.
l July 16 to Aug. 1
1 '
E C. Million, P resident. It. L. H all, V ice-President. II
Preferred (quar.).............- - - - - - - - - - - - 1*4
July 15 Holders of rec. June28a
Rowley, Cashier, and W . P. Forrester, A ssistant Cashier.
IK
National
Biscuit,
com.
(qu.)
(No.
o
l)-May 31 Holders of rcc. May 17a
10 008—The Melissa N ational B ank. Melissa. T exas. C apital. 525,000
Preferred (quar.) (No. S3) - ~ - - - - - ­ IK June
10 to June 14
iu.oua j n oibson, P resident. .1. M. Craves, V ice-President. II. S National
K June 3015 June
Lead, common (quar.) (No. 3U)
May 20 to May 23
W ysong, Cashier. Conversion of The Melissa S tate Hank.
IK
National
Lead,
preferred
(quar.)............
June
20
June
10
to June 20
1*4
10 009—T he F irst N ational Bank of M arshfield, Mo. C apital, 525
Nlles-Bement-I’ond, com. (quar.)...........
July 1 Holders of rec. Junel5a
iu.oua c . T . Childress, P resident. VV. L . Long, V ice-President, h
North American Co. (quar.)-................... IK
May 25 Holders of rec. May 3a
IK
People’s
Gas
Light
&
Coke
(quar.)------15 Holders of rcc. May23a
in m o __T he1 Security N ational Bank of Caddo, Okla. C apital, 525,000. Philadelphia Electric (quar.)------------- - 22*4c. June
20 May 12 to May 21
1 0 ,0 1 0
1
m“ n. P resident. A. U. Thom as and J . B. Moore, Vice­
Brewing, common (quar.).. IK May
May
20 May 12 to May 21
Presidents. A . F. .Manning, Cashier. W alter H . M orris, A ssistant Pittsburgh
IK
Preferred (q u a r.)..--------- June
1
Holders of rcc. May 26
IK
Pittsburgh Steel, preferred (quar.)
Cashier.
1 Holders of rec. May 25
Plaza Operating Co., wmrnan (No. 1) 1IK June
VOLUNTARY LIQ U ID A TIO N .
May
24
May 4 to May 23
Pressed Steel Car, pref. (quar.) (No. 49). 2 June
8,.108—Tho Security N ational Bank of H arper, K an. April 15 1011.
1 May 15 to Mav 31
Pure Oil, common (quar.)--July 15 Holders of rcc. July la
2,259—T he F irst N ational Bank of D exter. M aine. April 29 1911
2*4
Quaker
Oats,
common
(quar.)
2 , 3 7 2 —T he Farm ers’ N ational Bank of Union City, Mich. April -8 1911.
31 Holders of rec. Aug. la
1*4 Aug.
Preferred (quar.) ---------------- - ...........May 31 Holders of rec. May 16
Quaker Oats, preferred (quar.)................. 1*4 June
May 28 to June 7
SI
Quincy Mining (quar.) - - - - ...... ............ - IK June 2019 June
20
d i v id e n d s .
Ratlmm
- - - IK July 1 Holders7oftorec. June
JunelGa
RepublicSlerl-Spring,
Iron * Steel,prefpref.(<iu.)(No.38)
15 Holders of rec. May 19a
The following shows all the dividends announced for the Standard Oil iquar.)---------------------------- 39 June
June 1 May 20 to June 1
Stem Brothers, pref. (quar.) (No. 2)----- IK
future by large or important corporations:
Studebaker Corp., pref. (qu.) (No. l ) ----- IK 'June 1 Holders of rec. May 15
Dividends announced this week are printed in italics.

©om m crctul and i^ tscellau co u sIlew B




1354

THE CHRONICLE

Name of Company.
Cent.
Miscellaneous (Concluded).
Underwood Typewriter, com. (qu.)(No.l)i 1
Preferred (quar.)................................
IH
Union Stock Yards, Omaha (quar.). I
1H
United Cigar Mfrs., pref. (quar.).........
United Dry Goods, preferred (quar.)......... 1imH
U. S. Cast Iron Pipe <fc Fdy., pref. (quar.) Hi
U. S. Steel Corp., com.(quar.)(No. 30)
1«
Preferred (quar.) (No. 40)..
IK
Woman's Hotel Co. (No. 8)
"
't-Ys
a Transfer books not closed, b r.css' Income

When
Payable.
July
July
June
June
June
June
June
May
June
ta iT

Books Closed.
Days .Inclusive.

[V O L . LX X X X II.

Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending
-ay, *#>* ae figure9 for the separate banks are the averages
°f
J ! 1® dal|y
In week
the case
totals, the actual
figures
at timresults
end of the
are ofalsothegiven.
I‘or definitions and rules under which the various items
are made up, see “Chronicle,” V. 85, p. 836.

Holders of rec. June 20a
Holders of rec. June 20a
May 22 to May 31
Holders of rec., May25o
"
Holders of rec . May 26
Holders of rec . May22a
29 June 2 to
12
29 May 2 to June
May 14
15 Holders of rec. June
___________________ Wt_omtt tiro ciphers (oil) in all cases.
d Correction
Banks.
Capital. Surplus. Loans. Specie, Legate. Deposits. Re00* omitted.
Average, Average. Average. Average. s’ve.
Cle,aring ? - The clearings for the week end
$
$
$
S
Canadian cities, in comparison with the same Bank of N. Y_. 2,000,0
S
20.988.0 4.139.0
896.0 19.107.0 26.3
w i c k ot 1J 1 0 , show an increase in the aggregate of 21.3 %.
' Manhattan
Co. 2.050.0 3.638.6 33.950.0
7.935.0
1.603.0
24.8
38.350.0
Merchants’ ___ 2,000,0 4,402.1
1.900.5 20.581.0 3.928.0 1.434.0 21.031.0 25.4
Mech. A Metals 6.000.0 8.146.7
51.888.8 12,242,6 1.578.3 60.649.6 27.2
Week
ending
May
13.
A
m
erica.........
1.500.0
6.012.4
26.372.9 4.604.2 2.129.2 26.514.6 25.0
Clearings at—
City ............... 26,000.0 34.131.8 175.721.2
6.613.0
38.5
Chem ical____ 3.000. 6.586.7
Inc. or
0
30.680.0 68,201,2
0,048,9 1.664.0 193,902,2
29.321.0 26.4
1911.
1910.
Merchants’ Ex.
Dec.
600,0
567,2
1908.
7.341.7
1.787.3
170,0,
7.661.6
25.5
Gallatin.
0
2.534.0
9,044.9
Canada—
490.0 7,341,4 25.0
Butch. A I)rov. 1.000.
$
%
300.0
158.0 2.438.5 1.343.7
565.5
Montreal ...........
67.1
27.2
2.325.3
46,458
,145.255
+
10.2
Greenwich__
500.0
31,893,818
8,134.1
856,9
27.167,47 Am. Exchange
Toronto...............
205.0 9.413.7 25.3
37,671
,203,459 + 24.7 27,048,061 20,924,168
5.000. 4.496.6
0
40.945.9 2,179,2
6.782.7 3.679.9
W innipeg...........
25.6
40.974.5
22,020
,128,131
+ 28.6 13.458,310 10,682,036 Commerce____ 25.000.
0
17.005.8
148.354.5
31.400.9
9.437.4 135.630.0 30.2
V ancouver.........
10.721
,080,226 + 18.1 4,585.429 3.138,661 M ercantile__ 3.000. 2.713.1
0
14.342.9
O ttaw a...............
11.138.2 25.4
4,342
,888,386 + 11.7 3,740,531 2,982,339 Pacific ...........
500.0
932.1 3.886.7 1.818.7
491.5 1.013.3
428.8 3.414.4 26.9
Q uebec...............
2,702
,815,100
— 4.0
Chath’m
A
Ph’x
2,250,907
2.250.0
1.074.1
15.161.8
1,932,519
2.522.7
1.308,6
H alifax...............
15.412.3
1,692,
,820,926
— 7.0
People’s
...........
2.088,624
200.0 467.6 1.868.5 423.3 149.6 2.307.4 25.0
H am ilton...........
24.8
2,325
,753,759 + 32.6 1,541,744 1.633.802
H anover........... 3.000.
0
12,360,3
1,358,792 Citizens’
74,093,3
5.243.1 83.742.3 25.0
St. Jo h n ______
1,695
,435,610
Cent..
+ 18.1
1.377,249
2.550.0
1.803.5 21.934.1 15.676.9
1,186,423
5.266.1
325.9
London . . .........
26.2
21.347.8
1,480
,340,841
+ 10.4
N
assau.............
500.0
532.6 9.043.6
1.177.299 Market A Fult’n
995,1 1.639.1 10.541.7 25.0
Calgary .............
6,072,
861,596 + 112.2 1,136,036
955.588 Metropolitan .. 1.000. 0 1,775,0 8.609.7 1.711.4
757.1 8.702.3 28.3
Victoria...............
3,116,
718,938 + 81.3 1,623.768
1.365,357
962,046 Corn Exchange 2,000,0 1.544. 10.308.2 2.429.1 250.2
E dm onton.........
10.288.6 26.0
2.205,
255,453
+ 75.7
822,321
3.000.
0
5.438.7
639,893
46.721.0
8.972.0
4.004.0
R egina...............
1.239,
25.0
738,245 + 67.9
Imp. A Traders' 1.500.0 7.624.6 26.182.0 4.560.0 1.851.0 55.393.0
Brandon ...........
492,
26.6
24.037.0
476.153
P
a
rk
.................
+
3.5
5.000.
0
12.728.2
85.425.0
21.516.0
1.473.0
Lethbridge.........
574,
89.819.0
25.5
Not
Include
d
In
tot
East
R
iver___
250.0
98,8 1,383,0 420.4 107.7 1.694.6 31.1
S askatoon.........
1,058,
Not
Include
F
o
u
rth
.............
d
In
tot
5.000.
0
5.683.3
34.713.0
6.314.0
3.110.0
Brantford .........
37.282.0
531,
Not
Include
d
In
tot
Second.............
1.000.
0
2.196.9 13.876.0 3.414.0 140.0 13.966.0 25.2
Moose J a w .........
796, Not Include d In tot
First ________ 10.000.0 20.738.3
116.429.2 .
1.842.9 109,909,8 25.5
25.2
Irving
E
xch..
2,000.0
1.850.9 25.610.8 5.530.7
1.597.9 27.982.0 25.4
Total Canada.
144.236.417 118.662,108 + 21.5 92.938.155 74.741.037 Bowery ...........
250.0 800.5 3.473.0
860,0
64,0 3.602.0 25.2
N. Y. County..
500.0 1.666.5 7.594.9 1.305.4
652.7
7.013.1 26.2
German-Amcr .
750.0
689.0 4,306,4
882
196.5 4.206.3 25.6
5.000. 8.382.9
0
77.747.0 21.152.0 5.610.0
Auction Sales.—Among other securities, the following, not Chase___
89.854.0 29.7
Fifth
Avenue..
100.0
2,183
13.099.5
969.7
25.6
regularly dealt in at the Board, were recently sold at auction German Exch. 200,0 883.4 3.545.6 2.787.7
320,8 580.3 11.650.9
3.500.7 25.7
Germania___
in New York, Boston and Philadelphia.
200,0 1.034.7 5.467.6 1.204.5
505.0
6.475.4
26.4
Lincoln
...........
1.000.
0
1.598.5 14.423.6 3.822.9 910.1 16.029.4 29.5
By Messrs. Adrian H. Muller & Sons, Now York:
Garfield_____
1.238.8 8,6-42,4 1.914.8 443.6 8.849.3 26.6
Shares.
F ifth ............... 1,000,0
Per cent. Shares.
250.0
523.4 3.412.7
Per cent. Metropolis
695.4 354.0 3.709.1 28.3
50 Second Ave. RR. Co.
.
.
.
1.000.0
2.124.4
3
Franklin
Trust
Co...............
190
13.332.0 1.559.4 1.854.1
24.8
3172.35 Union Bk. 'oMBkiyii del 10^ 205 Ver Planck Estate, p ref.............. 80
West
Side___
200.0
1.027.8
4,095,0 1.057.0 229.0 13,755,7
4.963.0 25.9
p o s it............................................ 28% 200 Van Dyck Estate, pref -................7 1
Seaboard......... 1,000,0 2,025,1 22.503.0
4.437.0
2,203,0
25.3
26.206.0
32 Title Guar. A Trust Co......... 486
Liberty
...........
5 Ver Planck Estate, com______100
22.355.9
1.227.9 24.221.4 25.2
5 N. Y. Prod. Ex. Safe Dep. A
N. Y. P ro d ... 1,000,0 2.744.3
783.9 8.484.9 4.901.5
Pagc-Hersey Iron Tube A Lead
2.320.8 349.1 10.237.4 26.0
Trust Co., 350 each-----§138 per sh. 100 Co.,
S tate ............... 1.000.0
1,000,0 860.7 15.712.0
Ltd-..................
4q
4.721.0
337.0
25.1
3 N. Y. Prod. Ex. Bank...............173
14th
S
treet__
1.000.0
310.6
Nat. Bank........................ 203
1.061.5 730.3 20.104.0
6.843.3 26.2
A Iron__
10 Realty Associates.......................107 H 10 Rye
1,000,0 421.1 5.701.0
Louvre Realty Co____ _____ $25 lot Coal
6.401.0
925,0 825.0 6.777.0
25.8
20 Nassau Tr. Co., Brooklyn.........160 H 48
Union
E
xch..
1,000,0
945.9
9.311.9 1,268,4 1,108,3 9,378,6 25.3
Ga.S 2 0 1 lot
4 Guar. Trust Co. of N. Y........... 806>4 10 Cherokee Mills of Griffin,
Mfg. Co. of
Totals, average 134,150,0 200,234,4 1335.639,7 316,203,1 75,265,3 1390,297.5 28.1
49 Sixth Av. RR. Co........................126>$ 10 Boyd Mangham
................................
$200
lot
G,a
20 Cent. Pk., N. A E. Itlv. H R ... 19
Cotton Mills of Griffin,
161,200 Orphan Copper Co___Ic. per sh. 15 Spalding
1331,917,1 317,331,9 73,780,4 1385,799,1
Oa................... - ........................S350 lot Actual figures May 13.
10 Nat. Reserve Bank of N. Y___ 92
10
Central
Mills
of Griffin, Ga..S305 lot
14 Nassau Fire Ins. Co................... 150
20 N. Y. Trust Co_____________ 601 Bonds.
On the basis of averages, circulation amounted to 346,025,100 and United States
cent
85 St. L. Itky. Mtn. A Pac.,pref. 50 H 330,000 Consol. Llth. Co. coll. Per
13 N. Y. A Bklyn. Brew. Co., pf.$20 lot 5s, Apr. 1909 coupons attachedtr.- . 33
S40?13(?140o|:1Un^e<l\taWsSdcpop?t8^S^?MS?'l6oaCtUa*
I3’ ClrCUlatl°n 1
1
1
1
1
1

By. Messrs. Francis Henshaw & Co.. Boston:

Shares.
S per.,A.| Shares.
S ver sh
.12 Commonwealth Trust Co...........200H 3 York Manufacturing Co .
148 '
26 First National Bank................... 421MI50 Paolflo Coast Co.. 1st p re f...I I 03

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

Shares.
| per sh.
2 State National Bank........... 1755^
10 Massachusetts Cotton M ills... 125
o Amoskeag Manufacturing C o..32054
50 Newp. A Fall Illvcr St. Ity. Co 1 11 %
4 Chic. Burl. A Quincy R R .. 202
135 Amesbury A Salisbury Gas Co. 10
8 Waltham Watch Co., common. 35
55 Estab’k Anderson ShoeCo.,pf. 100
7 Tremont Building T rust.. 102 A Int.

Shares.
s per sh.
48 Boston Wharf Co., 350 each..110
6 Draper Co., common.................224
144 Rights Merrlmao Chemical Co. 4
Bonds.
Per cent.
31,000 Elizabethtown Terminal RR.
o,
Ist
°3'
1940...................
$1,000 City Water Co. of East100St.* In*.

By Messrs. Barnes & Lofland, Philadelphia:

Equity In $1,089,000 Central
Shares
„3 Commercial
„
sh,
Ky. Trac. Co. 1st 5s, 1937,
Trust Co........... $ per
368
pledged for and sold subject
5 Guarantee Tr. A S. D. Co___ 169
to loans aggregating $759,000
10 Real Estate Trust, pref___ 99-99 K
and Interest.............................
1 Commonw. Title Ins. A Tr. Co 245
Equity in securities or obliga­
Pennsylvania
for Ins., A c.570
tions of the following cos.,
35
Fidelity TrustCo.
Co______
950
pledged for and sold subject
20
Manayunk
Trust
Co.,
$25 eu.58-58K
to Indebtedness aggregating
100 Camden Fire Ins. Assn., $ 5 ea. 12
$41,247 79:
20 People'sNat.FlreIns.Co.,$25 ea. 30
$20,000 Lex. A Intorurb.
33 du Pont Intcrnat. Powd., pref 50H
Rys. Co. coll. tr.
100 Ft. Wayne A Wabash Valley
5s past due...........
Trac., pref., $17 50 ass’t paid. 50
$50,000 Cent. Ky. Trac.
106 Indianapolis Street Ry.............105 H
Co. notes and ac­
100
Nor. Liberties Gas Co., $25 ea. 47
crued Interest___ >$242,000 18 Amer.
Pipe A Construction Co. 96
$8,000 Blue Grass Trac.
5
Harrisburg,
Pitts., Mt. Joy A L.
Co. notes and acRR..
350
each............................97%
crucd Interest___
2
Frank.
A
S’wark
Passenger lty.370H
Open accounts for advances as
2 Fair. P. A Haddington P. R__ 60
follows­
2
Penna.
Acad.
Fine
A rts.. 14K-17
' $25,283 14 against Lcxlng116 Phi la. Life Ins. Co., 310 ea. 10M-10H
ton Ry. Co___
1.000 Kimberly Cons. Mines, $1 ea. 40c.
$11,152 25 against Lexlng2 Equitable Trust C o...................100
.
tonUtllltles Co.
3 Union Passenger Ry..................200
$4,162 88 against Blue
2
John B. Stetson Co., common.475
Grass Trac. Co..
1 Fire Association........................340
$119,059 32 against The
Cent.book
Ky.Trac.Co.
Bonds.
Per cent.
Any and all other
accts. or
$2,000 Phlla. A West Chester Trac.
assets of Lexington A Inter­
Co. 1st 5s, 1918....................1 0lk
urban Rys. Co
-J* per sh 4.000 Indianapolis Northern TracShares.
tlon 1st 5s, 1932.............. 87U
9 Com Exch. Nat. Bank. 280K-281 ' 1.000 Springfield
Water Co. cons.
2 Farmers A Mech. Nat. Bank.. 144
5s,
10 Bank ot North AmerIca.31(L316M 1.000 Nor.1926...................................loo
Springfield
Water Co.
10 Nat. Bank, Germantown
1471a
1st 5s, 1928............................ 100
24 Market Street National Bank 172 Yi 1.000 Port
Reading
RR.
Co. 1st
3 West End Trust Co..850 each . 11 12 w
68, 1941 ...................................ii2
5 West Phi la. Title A Trust Co..
1.000
Pitts.
A
Westmoreland
Coal
$50 each........................................120 K
Co. 1st 5s, 1925........................ 9 4 ^
B y Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh.
Per cent
6 Independence Trust Co., $50 e a .. 50>$ Bonds.
N or.Sprlngf.W at.C o.58*28 100
Bonds.
Percent. $1,000
1.000
Springf.
Wat.
Co.
5s.
1926..
$2,000 Amer.GasCo.conv.6s. 1914.101)4 1.000 Traverse City RR. 3s. 1933 100
68



The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
Show hi - and fck°se *or the rest of the state, as per the
I'or definitions and rules under which the various items are
made up, see “Chronicle,” V. 86 , p. 316.

STATE BANKS AND TRUST COMPANIES.
State Banks Trust Cos. State Banks Trust Cos.
Week ended May 13.
in
in
otdside of
outside of
Greater N . Y. Greater N . Y. Greater
N. Y. Greater N . Y .
%
$
$
%
Capital as of Feb. 28___ 23,975,000
63,206,000 9,528,000
9,525,000
Surplus as of Feb. 28___ 38,886,100 175.811,500 11.274,643 11.328.963
Loans and Investments.. 288.324,500 1,102,803,900 95,631,600 148,391.600
Change from last week..
—838,700 + 19,032,100
+358,300 + 1,289,400
Specie .........................
49.414,500
114,107,200
Change from last week. —977,300 + 1,404,500
Legal-tenders A bk. notes 23,202,600 11,419,900 ...................
....................
Change from last week.
+ 410,400
+44,800
Deposits ______
102,545,800
158,365,400
Change from last week. —1,292,100 + 9, 175,900 +905,300 + 119,900
Reserve on deposits
132,966,800
Change from last week. 100,101,400
—962,900 +2.504,700 22,554,600
—50,600 25,187,600
—910,200
P. C. reserve to deposits
30.2%
15.7%
22,9%
10,6%
Percentage last w eek..’ .
30.4%
15.9%
23.2%
17.2%
iVM. ^ n .° T er..last wce,<- — Decrease from last week,
for both tru« P, lno'ullca all undivided proms. "Uaiervo on deposits" Includes,
from
resem
! companies
Stiuc b™ksnot York
only cash
but amounts
keen aT
elervL?li!?pan£
el 5' lrb8t
In New
State Items
are required
by lawdue
to
tlonP ns shown Pu!iPort °?v.le to tbelr deposits, the ratio varying according to locar n m , ,7
1 ,e PercePtni?e of reserve required Is computed on tlm
thirty
day. a n d ? & exclusive
exc,lu8,'ve of°! time
T n®?"
hebl lnnottrU8‘
»"d within
”»t payable
renresentivl'hv
deposits
payahle
thirty within
days.
K?flfnSn Vnm v certificates, and also exclusive of deposits secured by bonds of the
T»e State banks are likewise required to keep a reserve varvm l
exclusive Of t me deJ?A if0 rc80rve being computed on the whole amount of deposits
meenrriml iX?h.d poslt,8 n,>t Payable within thirty days, represented by certificates
o f th l State of Not
° ' lul0) “nd exclusive of deposits secured by bonds
—Trust Cos.— —State Banks—
Reserve Required tor Trust Companies
Total
o f Total
O
and State Banks.
Reserve which» Reserve
which
in
Cash.
.Required.
Manhattan” Borough...................
16% 25%
16%
Brooklyn Borough (without branches In Manhat.) 15%
10% 20%
10%
Other Boroughs (without branches In Manhattan) 15% 10%
15%
7H %
Brooklyn Borough, with branches In M anhattan.. 15%
16% 20% 20%
Other Boroughs with branches In Manhattan___ 15%
16%
15%
16%
Elsewhere In State.............
5%
16%
0%

MAY 20 1911.]

THE CHRONICLE

1355

The Banking Department also undertakes to present Boston and Philadelphia Banks.—Below is a summary of
separate figures indicating the totals for the State banks and the weekly totals of the Clearing-House banks of Boston
trust companies in the Greater New York, not in the Clearing and Philadelphia.
Bouee. These figures are shown in the table below, as are
We omit tioo ciptiert (00) in all these figures.
also the results (both actual and average) for the Clearing­
House banks. In addition, we have combined each cor­ Banks. Capital
and
Loans. Specie. Legals. Deposits, a Circu­ Clearings.
Surplus.
lation.
responding item in the two statements, thus affording an
Boston.
$
$
$
S
$
$
%
aggregate for the whole of the banks and trust companies in Apr.
22.. 41,350,0 213,517,0 24,906,0 3,604,0
7,095,0 146,154.8
Apr. 29.. 41,350.0 212.487.0 25,538,0 3,597,0 270.036.0
the Greater New York.
267.804.0 7.100.0 149.321,7
41,350.0
216,303,0
May 6 ..
25,967,0 3,265,0 269,604,0 7,104,0 153,830,9
NEW YORK CITY BANKS AND TRUST COMPANIES.

(Nat. banks
Capital ( March 7 ...
| State banks
Surplus ( Feb. 2 8 ...
Loans and Investments
Change from last week
D eposits.......................
Change from last week

May 13..
Phils
Apr. 22..
Apr. 29..
May 6 ..
May 13..

41,350.0
00,105,0
60,105,0
60.105.0
60.105.0

218,636,0 26.045,0 3,378,0
263.987.0
79,170,0
264,760,0
82,018,0
265.643,0
55.526,0
267,017,0
80,331,0

148,635,4
160,638,2
141.605.2
172,281,1
144,374,7
$
a Includes Government deposits and the Item “due to other banks.” At Boston
205,881,000 Government
deposits amounted to $3,063,000 on May 13, against $3,050,000 on
May
6.
384,589,600
Imports and Exports for the Week.—The following are
2,518,309,700
+3,348,400 the imports at New York for the week ending May 13; also
2,533.056.300 totals since the beginning of the first week in January.
+ 6,693,200
FOREIGN IMPORTS AT NEW YORK.
436.015,200
+2,319,400
For Week.
1911.
1910. | 1909.
1908.
94.377,000
+ 664,400 Dry Goods............................... $2,073,855 $2,649,520 S3,154,067 SI,668,667
530,392,200 General Merchandise............. 12.904,086 14,868,249 13,662,947 11,769,017
+2,983,800
Total.................................... $14,977,941 $17,517,769 $16,817,014 $13,437,684
I
Since January 1.
Dry
Goods............................... $55,535,994 $63,627,702 S65.S09.119 S47.092.446
26,948.100 General
303,289,767
258,423,430 181,476,617
Merchandise.............
209.412,187
+ 1,065,100
Total
19
weeks...................
$366,917,469
$324,232,549
$228,569,063
$324,948,181
557.340,300
+4,048.900

Clear.-House Clear.-House State Banks it- Total of all
Week ended May 13.
Trust Cos. not Banks A Trust
Banks.
Banks.
ActualFigures Average. in C.-H. Aver. Cos. Average.

269,531,0
324,978.0
326,013,0
329,602,0
328.773,0

7,105,0
15.372.0
15.370.0
15,340,0
15,351,0

$
$
%
71,731.000
134,150,000 134,150.000
200.234,400 200,234.400 184,355.200
1,182.670.000
1,331,917,100 1,335.639,700
—9.076,900 —16,313,800 + 19,662,200
a l ,142,758,800
1,385,799,100 I,:i90.297,500
—9,032,000 —15.574.600 +22,267.800
119.812,100
317,331,900 316,203,100
+839,900 + 1,479,500
Change from last week + 2,296,200
73,780,400 75,265,300 619,111,700
+351,400
+313,000
Change from last week —1,531,500
cl38.923.800
Aggr’tn money holdings 391,112,300 391.468,400
Change from last week +764.700 + 1,191,300 + 1.792,500
Money on deposit with ______ __ . . . . . . . . . .
26,948,100
other bks. & trust cos.
+ 1,065,100
Change from last week
391.112.300 391,468,400 165,871,900
Change from last week + 704,700 + 1.191,300 +2,857,600
Percentage to deposits
The following is a statement of the exports (exclusive of
requiring reserve----- 28.25%
28.17%
17.6%
specie) from the port of New York to foreign ports for the
Percentage last week. . 28.01%
27.78%
17.7%
week ending May 13 and from Jan. 1 to date:
44,662,525 43,894,025
EXPORTS FROM NEW YORK.
.
-Decrease from last week.
a These arc the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies In New York City”; with this Item included,
1909.
1908.
1911.
1910.
deposits amounted to $1,313,573,800, an Increase of $10,092,500 over last week.
In the case of the Clearing-House banks, the deposits aro “net” both for the average For the week........................... $15,269,140 $12,263,735 $13,586,759 $10,389,571
and the actual llgures. b Includes bank notes, c Of this amount State banks Previously reported............... 274,664,290 226,329,807 220.349.125 248.641,263
held $13,396,700 and trust companies S125,527,100.
The averages of the New York City Clearing-House banks Total 19 weeks................... $289,933,430 $238,593,542 $233,935,884 $259,030,834

combined with those for the State banks and trust companies
In Greater New York outside of the Clearing-House compare The following table shows the exports and imports of
specie at the port of New York for the week ending May 13
as follows for a series of weeks past:
and since Jan. 1 1911, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1910 and 1909:
GREATER NEW YORK.
We omit two ciphers in all these figures.
Tot. Money Entire Res.
Week Loans and
Ended. Investments. Deposits, Specie.
Legals. Holdings. on Deposit.
$
$
%
S
S
$
Mch. 11.. 2.442.555.5 2.436.678.6 421.605.6 02.672.5 514.278.1 538.678.2
Mch. 18-- 2.459.710.7 2.454.039.2 418.825,5 93.920.0 512.745.6 536.800.6
Mch. 2 5.. 2.462.701.5 2.454.614.4 117.454.7 95,035,9 512.490.6 535.638.5
April 1-. 2.475.663.0 2.467.388.7 415,377,3 95.157.5 510.534.8 533.670.3
April 8 -. 2.486.883.8 2.478.291.3 115.915.7 93.014.0 508.929.7 533.409.7
94,075*5 514,022,6 638.093.6
Aprll 15.. 2.496.582.8 2.495.710.0 419.947.1
April 22.. 2.507.088.1 2.514.810.5 429,951,0 93.354.0 523.305.9 547.242.3
94,814,3 530,941,0 555.117.3
April 2 9.. 2.513.422.9 2,527,96-1,5 436.120.7
May 6 .. 2.514.961,3 2.520.363.1 433.695.8 93.712.0 527,408.4 553.291.4
May 13.. 2.518.309.7 2.533.056.3 436.015.2 94.377.0 530.392.2 557.340,3

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK
Qold.

Exports.
Imports.
Week. Since Jan. 1 Week. Since Jan. 1
$45,930
$4,083 451,670
........... ’ * $3^500
$1,100 1,530,830
955 957,204
504
172,659
562,926
C7.939 1,093,945
128,375 25,310 857,500
...........
$1,100 $2,225,631 $98,791 $3,578,908
30,380 43,820,874 42,235 5,165,139
1,798,000 47.089,573 149,662 4,795,074

France ................................................
Germany ............................................
West Indies..........................................
Mexico ........................... .................
All other countries..............................
Total 1911........................................
1910............................... ........
Reports of Clearing Non-Member Banks.—The following is Total
Total 1909........................................
the statement of condition of the clearing non-member banks
Silver.
$149,319
$16,567,976
for the week ending May 13, based on average daily results: France ................................................ $882,157
$9
5.489
27,000 1,125,200
Germany ............................................
16,493
928
8,601
We omit two ciphers (00) In all these flour es.
259
19,481
54.408
West Indies..........................................
6,018
425,453 1,558,030
709,061
Legal Deposit with
18,763 37,981
Loans.
13,502 713,344
All other countries.............................
200
3,800
Tender
Dlsc’ts
Other Net
and Specie. and Clear­
Banks, Capi­ Sur­
Total 1911....................... ................ $915,375 $17,786,640 $478,132 $3,163,325
Bank ing Banks, Deposits.
tal. plus. Invest­
54,152 1,401,768
Total 1910........................................ 670,892 15.450.833
Notes. Agent. Ac.
ments.
Total 1909........................................ 884,866 17,663,489
53,705 1,750,793
N. Y. City
Boroughs oj
$
Man.A Brx. $
%
$
f
$
$
Of the above imports for the week in 1911, $14,955 were
160,0 «17,0 1,260,0
Wash. Ilgts 100,0
282,0 1,273,0 143,0 49,0 105,2
244,0 1,753,5 American gold coin and $259 American Silver coin.
Century . . . 250,0 148.9 1,472,0 30,2 218,8 601,6
Colonial . - - 400.0 402,8 6,457.0 848,4 460,7
248,0 7.804.4
Columbia -. 300,0 762,4 6,513,0 676.0 629,0 829,0 65,0 7.585.0
200,0 183,2 1,079,0 56,9 116,3 295,3
1,137,4
Fidelity
Jefferson. - - 500,0 521,5 3,788,6 332,8 398,3 359,8 479,7 5,110,6
Mt. Morris. 250,0 334.4 2,592.9 475,0 47,5 490,8 74,2 3,451,7
4,635,0
M utual----- 200,0 387,2 3,675.6 19,5 074,0 647,7
100,0 460,9 4.102.0 330,0 418,0 1,626,0
5,891,0
2,291.7
23d Ward-- 200,0 107,4 1,969,5 169,2 58,4 295,0
Yorkvllle .. 100,0 492,8 4,446,6 42,6 826,2 218,7 434.8 5,800,7
200,0 271,8 2,225.0 245.0 81,0 540,0 35,0 2,807,0
153,2 1.442.2 173,9 41,6 108.0
1.322,7
Batt.Pk.Nat 200,0 309.6
R a ilro a d a n d I n d u s tria l S to c k s
2,108.2 454,6 46,4
52.4 41.6 2,042,8
Aetna Nat. 300,0
Borough of
L e t us send y o u o u r circu la r d e s c r ib in g 110 I S S U E S o f listed
11
Brooklyn.
37,0 437,4 303.0 343,4 3,848,9 ro a d an d In d u stria l S to c k s .
200,0 538.6 3,307.3
5,429,1
843,9
1,375,7
0,589,6
599,0
189,8
178,0
252,0
Mfrs.' Nat.
853,1 12,328,8 217,5 1,488,3 1,454,9 2,080 15,031,2
1,000,0 1,043,5
S p e n c e r T ra sk & C o.
1,229,0
8,262*0
694,0
8,721,0
750,0
M EX C H A N G E P L A C E .-- - NEW Y O R K .
3,975,0 69,0 347.0
534,0 756.0 160,0 5,128,0
Nat. C ity.. 300,0 688.1
200,0 150,8 2,123,2 135,3 121,1 231,4 110,4 2,475.0
C h ic a g o , III.
B o s t o n . M a s s ..
A lb a n y . N. Y .
First N at.. 300,0 638,7 3,673.0 344,0 84,0 422,0 39,0 3,394,0
Members New York Stock Exchange.
Jersey City.
400,0 1,269,8 4.081.5 291,4 411,3 1,932,8 789,0 6,628,0
Hud.Co.Nat 250,0 763,5 2.906,0 131,9 59,2 347,8 341,5 2.823,1
Third N at.. 200,0 406,0 2.212,1 74,1 127,8 500,3 47,2 2,634,6
228,9 3,420,9
First N at.. 220,0 630,3 3,566,4 166,4 32,2 153,2
W H I T E ,
W E L D
&
C O .
85,4 272.5 3.408.8
Second Nat. 125,0 255,3 2.878.3 177,4 47,6
M
embers
New
York
Stock
Exchange
15,130.0
4.357.8
117657,2
6.034.7 7,944,9
7,497,0 12,709.7 98,787.3
7,497,0 12,799,7 97.787.5 0,861,7 7,639.fi 15,844,1 4,945,3 117696,4
B N A S S A U ST R E E T .
T H E R O O K ER Y ;
Tot. Apr. 29 7,497,0 12.799,7 97.398.9 6,963,2 7,829,5 14,433,8 4,815,4 115873,0
N E W Y ORK
CHICAGO




lim itin g and ^financial

135(>

THE CHRONICLE
Ilia n h eirs’ (SiUjetLe.

W a ll S tr e e t, F r id a y N ig h t, M a y 19 1911.
The Money Market and Financial Situation.—There was a
decided change in the character and tone of the security
markets immediately following the announcement of the
Supreme Court’s decision in the Standard Oil case. The
daily transactions in stocks at the Exchange more than
quadrupled and, prices, as noted more specifically below,
advanced in several cases to a new high record for the year.
It is reported that commission houses are executing more
orders than at any time in recent months. However this
may bo, it is true that one of the factors contributing to the
dulness which has prevailed for a long time past has been,
for the moment at least, removed. There is, however, a
more or less wide difference of opinion as to the result of the
decision upon general business and there are those who
believe that the increased activity referred to is purely
ephemeral and may not be perceptible outside the precincts
of Wall Street.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2 to 2J^%. To-day’s rates on call were 2 } 4 @ 2 % % .
Commercial paper quoted at 3^@3%% for 00 to 90-day
endorsements, 3K@4% for prime 4 to 0 months’ single
names and
for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £700,360 and the percentage
of reserve to liabilities was 51.27, against 50.04 last week.
The rate of discount remains unchanged at 3%, as fixed
March 9. The Bank of France shows an increase of 4,550,000
francs gold and 3,375,000 francs silver.

NEW YORK PITY CLEARING-HOUSE BANKS.
1911.
1910.
1909.
Averages for Differences Averages
for Averages for
week ending
from,
week
ending
week
ending
May 13. jrrevious week. May 14.
May 15.
$
1
$
s
s
Capital ........................... 134,150.000
................... 130,350,000
126.350,000
Surplus............. .............. 200.234.400
- .........
185,325,600
172,318,900
Loans and discounts. ..
Dec. 16,313,800 1,183.462,700 1,340.678,600
Circulation.................. .. 1.335,639,700
46,025,100 Inc.
97,900 47,696,300 49,121,300
Net deposits_________ 1,390,297,500 Dec. 15,574,000 1,100,073,000
1,397,210,700
U. 8. dep. (Ind. above)
1,550,700 Inc.
25,600
1,628,400 2,468,400
Specie ............................ 316,203,100 Inc. 839.900 242,220,300
Legal tenders................. 75,265,300 Inc. 351,400 66,402.900 286,020,400
77,901,700
Reserve h eld ................ 391.468.400 Inc. 1,191,300 308.623,200 363,922,100
25% ol deposit............. 347,574,375 Dec. 3,893,650 291,518,250 349.304.175
Surplus reserve......... 43,894,025 Inc. 5,084,950 17,104,950 14.617,925
Surplus, cxcl. U.S. dep. 44.281,700 Inc. 5,091,350 17.512,050 15,235,025
1
Note.—The Clearing House now Issues a statement weekly showing the actual
condition of the banks on Saturday morning as well as the ubove avenges. 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, appeaV on the second page preceding.

Foreign Exchange.—Trading has been active but fluctua­
tions have been narrow. The close was fairly steady.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 85 for sixty-day and 4 8 7 ) 4 for sight. To-day’s
actual rates for sterling exchange wore 4 84.'i0@4 8440 for
sixty days, 4 8625@4 8035 for cheques and 4 8G55@4 8065
for cables. Commercial on banks 4 83%@4 84 and docu­
ments for payment 4 84@4 84J^. Cotton for payment
4 83%@4 84 and grain for payment 4 84@4 84J4To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 21%@5 21J4 loss 1 16 for long and 5 20 less l-82@
5 20 for short. Germany bankers’ marks were 94%@
94 13-10 for long and 95)^ less l-32@95>g for short. Am­
sterdam bankers’ guilders were 40 27@40 29 for short.
The posted rates for sterling, as quoted by a representative
house, have remained daily at 4 85 for sixty days and 4 8 7 ) 4
for sight.
Exchange at Paris on London, 25fr. 31 )^c.; week’s range
25fr. 3 l ) 4 c . high and 25fr. 29)^c. low.
Exchange at Berlin on London, 20m. 46pf.; week’s range
20m. 46)4pf. high and 20m. 4 5 ) 4 p ( . low.
The range of foreign exchange for the week follows:

Sterling, Actual—
Sixty Days.
High for the week................... 4 8 4 #
Low for the week...................... 4 8 4 #
Paris Bankers’ Francs
High for the week................... 5 2 1#
Low for the week...................... 5 2 1#
Germany Bankers' Marks—
High for the week................... 94 13-16
Low for the week.................
9 4# less 1-32
Amsterdam Bankers’ Guilders —
High for the week................... 40 18
Low for the week..................... 40 15

Cheques.
4 8640
4 8 6#
5 1 9# less 3-32
5 20 less 3-64
9 5#
95 1-16
40 29
40 27

Cables.
4 8670
4 8650
5 19# less 1-16
5 20 less 1-64
95 3-16
95 # plus 1-64
40 34
40 31

Ihe following arc the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago,
10c. per 81,000 premium. Boston, 10c. per S1,000 discount.
Sap Francisco, 20c. per 81,000 premium. New Orleans,
commercial, 25c. per 81,000 discount; bank, 81 per 81,000
premium. Savannah, buying, 3-10c. per 81,000 discount;
selling, par. St. Louis, 20c. per $1,000 premium. St. Paul,
80c. per 81,000 premium. Montreal, 62>£c. per $1,000
discount.
State and Railroad Bonds.—Sales of State bonds at the
Board arc limited to 855,000 Virginia Os deferred trust re­
ceipts at 57 to 5 7 % The market for railway and industrial bonds has again
been active, the transactions on three or more days of the
week amountng to over $5,000 000, par value.



[Vol. r.xxxxn.

General Electric conv. deb. 5s have advanced 2 ) 4 points
on a demand which brought out only a few bonds. Ameri­
can Tobacco 0s are 2 points higher than last week, and a
few convertible issues have moved up in sympathy with
the shares market.
United States Bonds.—No sales of Government bonds
have been reported at the Board this week. The following
arc the daily closing quotations; f o r y e a r ly ra n g e see th ir d
p a g e fo llo w in g .

Interest May May May May
Periods 13
15
16
17
2s, 1930 ......... -----registered Q—Jan *100# *100# *100# *100#
Q—Jan *100# *100# *100# *100#
3s, 1908-18.__
Q—Feb *101# *101# *101# *101#
3s, 190S-1,8 . . .
Q—Feb *101# *101# *101# *101#
4s, 1925 .........
Q—Feb *114# *114#
*114# *111#
4s, 1925_____ _____ coupon Q—Feb *114# *114# *114# *114#
2s, 1936.Panama Canal regl.s Q—Feb ♦ 100# *100# *100# *100#
This Is the price bid at the morning board; no sale was made.

May
18
*100#
*100#
*101#
*101#
*114#
*114#
♦ 100#

May
19
*100#
*100#
*101#
*101#
*114#
*114#
*100#

Railroad and Miscellaneous Stocks.—In the stock market
both the volume of business and prices responded quickly
to the Supreme Court decision, as noted above. Subsequent
to that decision transactions at the Exchange have averaged
about 900,000 shares per day, as against 205,850 shares last
week, and prices steadily advanced through Tuesday,
Wednesday and during the early hours on Thursday. This
advance, which averaged from 2 to 5 points for practically
the entire active list, led to liberal offerings to realize profits,
and lias been followed by a rather wild reaction and a con­
siderable falling off in the volume of business, due largely
to a more limited demand. The upward movement was led
by Union Pacific, Southern Pacific, Reading, Lehigh Valley,
St. Paul, U. S. Steel, General Electric and Smelting & Re­
fining, which advanced from 5 to 7 % points before the re­
action set in.
F o r d a ily v o lu m e o f b u s in e s s see p a g e 1306.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
Range for Week.
Range since Jan. 1.
for
Week. Lowest.
Lowest. ( Highest.
Highest.
Associated Oil___
300 5 1 # May 17 53 May 17 48 Mch 5 5 # Apr
Colorado Fuel «fc Ir, pref 100110 May 18 110 May 18 110 Mch 110# Jan
Comstock T unnel......... 16,900; 28c. May 13 33c. May 19 20c. Feb 33c. May
Crex Carpet...................
100 72 May 17 72 May 17 60 Jan 7 4# Apr
Cuban-American Sugar. 100 38 May 19 38
May 19 35
38 May
Preferred...................
300 9 2# May 1(1 93# May 16 8-5# Feb
9 3 # May
Detroit Edison.............. 300 115 May. 15 116 May 15 107# Jan
116
May
Jan
E i du Pont Powd, pref 677, 93 May 171 9 5# May IS 82 Jan 9 5# May
Evansv & Terre H au te.. 422
80
May
18;
80
May
IS
60
Feb
80
May
General Chemical, prof
200,107# May 15408 May 19
Jan 108# Apr
Keokuk & Dcs Moines
2S5| 6 # May 16, 7 May 16 103#
6 # May
Preferred.................
50, 4 0 # May 171 4 0# May 17 3 5# Mch 470# May
May
May Dept Stores.........
700 72 May 18. 7 2 # May 18 70 Apr 7 2 # May
M St P * S S M sub rets
1st paid.....................' 277 132 May 16132# May 17 132 May 135# May
Pref sub rets 1st paid
May 10 143 May 16 143 May 145# May
Ontario Silver Mining.._ 1001431 # May
16
" 1 # May 16 1 # May
Feb
Pittsburgh Steel, p ref... 900;
25
105
May
17 105 May 17 103 Apr 1051# May
St L & S F-C & E 111 new
stock trust certfs____
68 60 May 10 61# May 16; 59 Feb
Apr
Scars. Roebuck & Co, pf 100120# May 17 120#
May 17; 119# Jan £122 Mch
Underwood Typewriter 700: 69 May 15i 72 May
03 Mch 72 May
Preferred................... . 100 108 May 16108 May 19
10
Mch 108 May
United Cigar Mfrs, pref. 101) lo t May 18 104 May 18 102#
101# Mch
May
U S Ind Alcohol, pref__ 2001 91
19 9 1 # May 17 91 May 104#
94 Apr
U S Reduction <fc Refg.. 100 4 May
May 13 4 May 13 3 # Mch 4 # Jan
Virginia Iron Coal & C .. 200i 60 May 10' 62 May 16' 52 Jan 66 Feb
STOCKS.

Week ending May 19.

Outside Market.—The announcement on Monday of the
long-awaited decision of the U. S. Supreme Court in the
Standard Oil case resulted in considerable excitement on the
“curb” and a more active and buoyant market for outside
securities than has been witnessed in many months. The
activity, while spreading to all departments was more pro­
nounced in American Tobacco and Standard Oil stocks,
the former profiting more and more as the week advanced.
From 450, the opening on Monday, it rushed up to 500, the
highest in years. After this, trading eased up and the price
receded to 487, though to-day it advanced to 498, with the
close at 493. Standard Oil, after a loss of about 4 points to
675, advanced to 679%, and on Tuesday reached 685, from
which point it declined to 665. Thereafter it advanced
sharply to 690, while to-day's business was at from 679
down to 674, ex the usual dividend of $9 for this quarter of
the year. Intercontinental Rubber com. dropped from 29)4
to 26, recovered to 28% and reacted to 27%. The close to­
day was at 28. Studebaker Corp. stocks were active, the
com. from 54% advancing to 57%. The pref. fell from
105 to 102%, moved up to 103% and finished to-day at
103%. United Cigar Mfrs. com. gained 3 points to 59. A
feature in the bond department was the initial trading in
the new Panama 3s, “w. i.,” down from 102% to 102%
and up to 102% and at 102% finally. First transactions in
the new Central N. E. 4s were also reported at from 93%
up to 94% and down to 94. Internat. & Gt. Nothern 5%
notes (Cent. Tr. Co. ctfs.) also appeared in the trading for
the first time and sold down from 99% to 99%. In the
mining list copper shares were most conspicuous. Braden
Copper gained over half a point to 4 11-16 and reacted to
4%. Butte Coalition was exceptionally strong, going up
from 17% to 20, the close being at 19%. Giroux sold up
from 5% to 6%, reacted to 6% and finished to-day at 6%.
Greene Cananea moved up a point to 7% and weakened to
6%. Inspiration lost about half a point to 8, then rose to
9% and reacted finally to 8%. Mason Valley Mines ran up
from 8% to 9%, the final quotation to-day being 9%Outside quotations will bo found on page 1366.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U PY IN G T W O PA G ES

Range for Previous
Range since January 1.
_
Sales of N EW YSTOCKS
STOCKS—m a riB S T AND LOWEST SALE PRICES.
Year 1910.
ORK STOCK On basis of 100-s/uire lots.
the
EXCHANGE
Week
Friday
Highest.
Tuesday , Wednesday Thursday May 19 Shares,
Saturday Monday
Highest.
May 18
May 13. May 15. May 16. May 17
Railroads
Jan
100*8 Jan 3 113 May 18 90% J ’ly 124%
1 1 2 1 s 112*2 75.700 A tch Topeka & Santa Fe 100*4 Jan 3 104*8 M avl9 x 97 J ’ly
IOU4 Jan
4 1127* 112*8 113
10978 1101s 109% IIOI4 1103i 1121s 111*
Do pref
10334 104*8 4,350 AA tlantic
137*2 Jan
10334
130
May
17
103% 103% 1031* 10312 105% 103% 10334
117
Jan
3
102*2 J ’ly
Coast
Line
R
R
-.
*10338
10338
5,100
*128
129*.,
130
Jan
126U 12612 130 128
Feb 24 109*2 Jan j l 100*4 Soy 119%
*123 125 *122 12434 12478
ore & Ohio--------- 102 Mcb21
10634 5,600 1l>) alttm
10614 1063.1 1063.1 107*3 106-1.1
2 106
91 Jan 4 87*4 Sep 94 J an
*101 10412 *10418 104% *1051
Do p r e f ------------- 87:
400 Brooklyn
89
89*4 89
82*8
May
7473' Jan 3
81
M
ayl7
89% 89*4
08*2
Feb
89 88% 89 5891.1
883s 8858 *8812
R
apid
T
ransit
52.700
8012 803.,
80*2 80*8 233?8
Jan 3 237*8 May 1 176% Feb 202 % Nov
79 7914 8033 8018 81 233
7S78 78?8 78*82 2341«
/ Canadian Pacific------- 195%
2343, 20,050
70 .ian
62 Mch 3 §09 May 18 00% J ’ly 312
23412 236*4 23412 235*8 469 23434
23234 233 2331
V
-anada
Southern
-----60
*6212
721.,
09
Jan
Mch 10 285 Feb 21 248 J ’ly 92 Jan
*0712 7214 *6712 721.i *6212 7214 *6212 7214 ♦ 275 280 *275 284
entral of New Je rse y ._ 270
278 CChesapeake
Apr 24 80% Feb 8 05 Aug
*270 278 *270 278 *270 278 278 280
& O hio------ 77
82U 83 8214 8278 25,400
31 May 17 2378 J ’ly 60% J an
Apr
7
25
80 80 80 8014 8012 82 81*s 823.,
Chicago
&
A
lton
R
R
-----800
31
31
+29
32
Apr
Mch 17 53 Jan 19 04% J ’uc 09
31 31
*25 30 *25 30 30 3018
Do prof--------------------- 52
64 *___ 54 3,400 Chic
Feb
19 J ’lv 30'8 Jan
54 *___ 54 ,___
Apr 19 24%
*___ 64 *___ 54
G t W est tru st c tfs .. 20%
22
22
22*2 5 22
64% Jan
49%
Feb
40 J ’ly
42
Apr
25
2034 2012 203s 21 2134 2112 22*8
Do
pref
tru
st
ctfs------20%
1,600
*4334
4412
4438 12378
4414 1255s
44*4
113% J ’lie 158% Jan
44 123-14
Apr 18 lo3% Feb
*42 43 42 42 43 44 123
Milw & S t P a u l.. 117 Jan
124*8 125 108,000 Chicago
143 Sep 172% Jan
Feb
3 155*-. Feb
1203,3 1 2 1 1201a 12138 121*8 1227s
Do pref........................... 147
153 153 *15112 154*2 1,200
137% J ’ly 182*2 *an
150
142*2
Jan
10
152-11
*150 162 1601* 1601* 151 152 15212
Chicago
A
N
orth
W
estern
4,713
14734
14/7.
148 148*2
203
J ’ne 225 Jan
Jan
147 148*4 +201
§209
§200
Jan
4
MoTi 116 145U 1451.1 1*514 14712 *201
Do
pref............................
*201
205
205
140 Apr 162% Feb
205
Mch
140
130*8
Apr
20
*201
205
210
*201 210
*201
S t P M inn & Omaha 152 Feb 18 §100 Mch 27 §100
100 Chic
140 *135 140
13934 1393, *135 105
Apr §170% Feb
*135 140 *135 140 139 1393., +155
Do
pref..........................200
*155
163
2*8 Dec 5*8 Jan
Feb
2 Apr 7 3%
*154 165 *154 160 *154 105 *2 1652-14 *1552*2 21 234 23,
Chic
Un
Trac
ctfs
stm
pd
300
478
Sep 12*4 Jan
7%
Feb
5*4 Apr 11
*2
*2 2*4 2U 214 *5 8 *5 7 *512 7*2
Do pref ctfs s tm p d ... 56*2
Nov 92% Mch
Jan 18 01 Sep
Apr 25 66
*5 7
*5 8 *5 7
Clcvc Ctn Chic & S t L — 96*2
03 *59 64
104 Jan
99
64 *59
98
Feb
1
Mch
18
*50 64 59 59 *59 63 *59
Do
pref............
.............
*9212
100
100
*92*
40
05*% Feb
J'ly
♦
9212
100
00
Jan
18
Apr 18
*1)0 100 *9212 100 *92*2 100 54I4 55 55 55 *54 56
& S outhern__ 51
400 Colorado
’ly
Mch
Jan 24 70 JAug
*5219 54 *76l2 78 §77 77 7612 77
74*4 M ch27 77
*52U 54 6214 521, *76
Do
1st
preferred____
650
81 Jan
70
_
75*2
Mch
78 *72 74*2 *72 741 *72 7-1%
<3*2
Jau
11
*76 78 *76 78
Do
2d
preferred______
1S5
Jau
149
%
J
’ly
173%
Mav
17
7412 172 173*4 172 173*.,'+172 173*2
*72 V-412 *72 7412 *72 1717S
A H ud son ., 104*4 Jau 3 545 Apr ‘ 490 J ’ly 620 Mch
D elaware
*169 172 *139 172 171-1,
elaw are Lack A W est 510 Feb
550
Ja:i
550 *595 550 1*505
35 Feb 1 23 % J ’ly 52
; i ■ *505
May
*505 550 *505 550
Denver
A
Rio
G rande__ 27*2
2,120
30
301.1
Jan
29*8
30
30-ls.
30-73
74 Feo 21 02% J ’ly 84
28-13 G534 66 67 67 67 87 1,200 Do pref............
May
............... 03%
28 28 28 28 I 28
18% Jau
10 J ’ly
l.>%
Mch30
11
Jan
D
uluth
So
Shore
A
A
tlan
6414 04% 0 434 64*4 65 65
15*2
*1412
34%
Jan
15*2
♦
1-1*2
17
J
iy
15*4
30%
Mch30
22
Jan
*141.,
15
15
Do pref____________
*14U 28 *25 28 *1434
28
28 *25
34% Jan
1912 J ’ly
Jan 11 34*4 May 17 35
*26 28l2 3312 341,, *26
*25 3134
1 7 rie -------------------------- 27%
83,300 JU
34 V, 3278 333.,
52%
Mch
J
’*y
5178
Feo
20
339s 61*8 51m 33*2
45%
J
an
12
3 U2 3218 3238
Do
1st
preferred__
815s
693., 12,425
511., 50*4 40%
42 Mch
4934 51 4012 4094 603s
2d preferred — 35 Jan 9 40*4 May 17 11268 % JJ ’ly
*49 60*8 49% 50 39*2
3,900 G reatDoN orthern
40
14378 Ian
40*2 40%. 128-34
4012
’ly
122
Feb
131%
Feb
’
pref..........
391; 39% 39 39% 127 12838
28,875
129*,
128*8 1293s 1287s 1293s 63 60*4 4,100 Iron Ore properties — 56 Jan
4 > J *y 80*2 Jr.n
6 >% Feb 2
1 2 G12 126*4 1261* 1267­
6212 63 62-1, 03
11 Aug 18*8 Mch
Cll2 02
13*2 May 13 15% Jan 1 88%
00
001.1
*60
6 U2
6 Green Bay A W .dcb ctf B
♦ 1312 97*2
14*2
1478 *13*2 146 14*4 14*4 <___
Jaw 97% Apr
90
Feb
17
U5i2
Feb
11
avana
E
lectric--------*1312 l-)M *1312 97*2
131*
H
•___ 9712 V___ 9712
99 •*n
93% Jan 12 95% Mch 28 92 May 140
*___ 97% *.— 971 *__.
Do preferred------- 128
Oct
112
J'ne
134
Apr
29
Mch
24
971
Tlocklng V alley................. 132 Jail
0712!»----♦ — 114 0
140
147
139*2
May
18
1 2 1 J ’ly
140 *123
Illinois
C
en
tral..
------140
1,084
1391£ 139 139 5,080 interboro-M ctropolltan . 17% Apr 22 20% Feb 10 i n , J'ly 25*2 Jan
1373., 1377s 13778 138*4
*136 138 *135 i I 8I4 13612
19 18*2 19 5,000
6278 <au
Ian
18% 19 1811 1014 1878 53
411. J'ly
A pr 22 55% Jan
1S78 §18*4
Do pref____________ 47%
*18*8
62*8 M%
52% t-2 *« 53*8
15
J
ne
30 Jan
19%
Feb
o
15
May
12
52 52 51% 52
Iow
a
C
entral-----------------3,200
17
I
884
167
8
167
8
167
8
19
j
MV
64%
Jan
33
%
Jan
17
25
J
’ly
16*2
28
A
pr
24
16
*151
2
Do
p
re
fe
rre
d
................
10% 16%
2,800
31 31% 31*4 32-1,
2 >14 3112 3 US 3 Ms
80 Feb
Apr 8 76 Mav 4 08 JAug
F t S A M tr ctfs,pref 74
29*2 29% 29*2
K Cansas
*76 78
78 *76 78 *76 78
’ly 4-1*4 ja u
*70 35U
May 3 3578 May 18 23
*76 78
City S outhern. 32
0,200
35
35*2
351
4 3578
35
68
Aug
71 Jan
353,8
08*8
May
17
3'
i
34*2
04*2
Jan
3
*33*2
341.1
Do preferred------*33*2 63 67*4 67* 68 68 68*s C818 *07 69 *68 09
620 T ake
15 J ’ne
25*4 J a n
1478 May 19 ; 0*4 Feo 1 37%
*57
A W estern. 35
100 JU DoErie
15 147s 147s
Dec
62%
Jan
15 *14 15 *14 15 *14 38
40
Jan
13
May
2
*14 15 *14
p
referred
------__ 38
*30
37 *30 3’ *32 3« *33
Feb 3 173*4 Dec 186 Nov
108% Apr 24 181%
*30 37 *30
62*900 Lehigh Valley...................
178*2 179*f.
00 J ’iy
70*4 Apr
178*2 179*2 *57
03
Jan
10
17378 17**2 175*4 177U 176)4 17'.:3, *57
174*3 174*8
.18 Apr 13
Long
I
s
la
n
d
............—
62
159% Jan
02
3 U2 J ’ly
„„ *57 03 *57 62 *57 62 148-1, 149%
Jan 25 149*8 May 18 1123
*57 63
Louisville A N ashville. 142*2
148 148 8,200
J ’uo 1-10 Oct
Jan 0
*145*2 140*2 *1451i l : 146% 14714 148 1491.1 *134*2
Mch 28 141
\J a n h a tta n E le v ate d .. 134
420 lTJLlnneapolls
*136 139 1,810
J
’ly
53% J an
31
Feb
15
139 1361s 13. m .30 139
♦ 135 “ 137 I 135 135 139
21%
Apr
26
A
S
t
Louis
Seo 80 Fob
30 30 30
30 30 30 30
28 28 28 28
35 Mch 13 § 5* Feb 14
Do preferred_______ 132*8
143., 45 45 45 2,410
J ’ly 145 Men
152% Mcll30
43 45 4312 4
40 40 I *40 45
Jan
4
Minn
S
t
P
A
S
S
M
arie..
3,080
138*4
138
J
’ne
Mch
13712 138*8 *148 i 53
13012 13778 *136% 157-1, 13712 138*8 138 138%
Jan 0 100 Mch 30 x80% Sep 155*2
Do preferred............ 147%
92*4 ja u
153 .148 153
Mch 24 90*2 Mcll
+149 153 1*148 163 *148 153 948
Do leased line c tfs .. 88%
"266
89 89 "13,700
90 *89 00
51*8 lan
27
J
’ly
36%
Fel)
31
Feb
24
90 +89 34
89U 89*41 *30 90 *89 34
Mo
K
ansas
A
Texas..—
34%
35
3434
78
lan
34
Jail 10 08*4 Mch 29 57 J iy 74%
*321.4 33 | 3212 32.' 3338
Do preferred----------- 63*2
700 Missouri
67 67 *06*2 72 60,010
73% May
07 67*2 51
45% Apr 19 03 Feu l.i 41 JJ ’ly
*06 671? *66 671. ♦ 86 67*4
Pacific_______ 140*,
51 SI'S
52*8 *150
’ly 140 Nov
5 Ms *150 155
Jan 19 152 May 17 125 Feb
49 50 4934 152
4834 48%', 4812 4878 *148
\T
ash
C
hatt
A
St
Louis
210
153
72% Nov
May 19 72% Jan 2 t 00
156 152
Rys of Mcx 1st pref 05%
+148 153 *143 ’148
*"
05% 100 ill a t Do
31% Mas 19 38% Feb 15 23*- J ’ly 37% Nov
70 *66 70 *65 70 65%
2d p re fe rre d ... 104‘8
*66
70 *63 70 *66
31% 33 4,675 N Y Central
Mch
Apr 1' 115% Feb 3 105% J ’ly 128
3258 3273 32)8 3234 33 33*2 108%
A
H
ud
son
..
3212 3258 *3M4 33 107
19,320
10S-%
05 Jan 19 55% May 6878 Nov
108 109 108% 109 00 00
57*- Apr 17 101%
10o78 107*8 1065s 107*8 ■ /n2" 1086s
N Y Chic A St Louis------ 101*2
300
§101
J
’ly
GO
*50*2
61
00
10<J*4
Jan
Mch
20
591
2
Feb
21
Do 1st preferred..........
*58 5912 *58 59*
107 *102 107
107 +102 107 *102
Do 2d preferred............ S3 Apr 7 90 Jan 27 82% Apr 98 Jan
+102 107 *102 107 *102
85
*82 85 *84 145
85 *82 85 *143
25 2 N Y N II A H artford ------ 142 Apr 25 151% Feb 23 119 Apr 162 Mch
*82 85 *82 85 *82
145
147
Mch
145
145
*144
147
Feb 27 A143 J ne *151
37
Subscription receipts 1/. 141 Mavl* 149*2
144*8
+144*4 148 §144*8
145
50 Jan
44*s Feb 0 38*2 AUg 105%
140 +141 146 ♦ 1 1 1 145 §145 145 +141
40*8 Apr 2 109%
+142 146 142
N Y O ntario A W estern. 100*4
43 43% 105 900
Mch
88*2 J ’ly
Mch
28
42 42 4212 43 43 4312 43 43% 108
Jan
3
+4 Mi 423., 10034
500
Norfolk
A
W
e
s
te
r
n
.....
108*2
Mch
J au 18, 88 Feb 91%
10 CI., 107*8 10712 107% 108*2 108% 108%
+ 106 1063.,
00
Do adjustm ent p re f.. 85% Apr 18 90*2
90 90 *89 01
40*8 Deo
89 89
43% Mch 0 35 Feb 145%
N orthern Ohio Trac A L t 39% Jan 3 128%
*88
89 *88 89
45
Jan
111%
Aug
Feb
l|
45 *12-1.1 15 *42% '45 *43 45 *43
110
Jan
3
N
orthern
Pacific............
*43 45 *43
127% 128% 52,450 P acific Coast Co............ 100 Jan 11 102 Jan 10 100 Oct 118% Jan
127% 128% *05
J26 1271., 127 128 *90
1247s 125*4 125 125* *94
105
101 *35 110
104 *94 104
Do 1st p referred..
*94 105 *91 105
*85
110
*85
110
110
*85
Jan 11 105 Feb 118 Jan
110
*85
Do 2d p referred.. 101 Jan 11 102
*85 110
+95
105 84,237 P en n sy
*90
104
+94
104
104
*94
105
120*2 May 15 130% Feb 2 122*2 J ’ly 138*2 Mch
•94 105 +94
122%
123*i
1227
8
123%
122*8 121% 122% 2% 2 15-10 2*4 2 9-31 242.469 Rl lv an ia-------------- •
_w ______
2
Apr
18
2 *%e May 18
12 1U 121
121*4 121% 120*2
2*8
21 .,
Mch
2 1-01 2% 2 5-64 2 3-16 94%
May 13 100 Jan 17 89 J'ly 104%
2 3-32 2*s *92
CIn Chic A %St L — 93*2 Feb
95 95 95% 1 ’500 P lttsb
9.>*3i 95 115
116 Mch
17 112 Feb 17 110 Oct 172%
95*'., I 9-178 95 *108 llo
Do preferred________ 112
93*2 013s
*108 115
Feb
101*4 Feb 7 130 % J ’ly
11 158 159% *108
149%
Apr
24
♦ 108 113 +108 113 +108
O
c
o
d
in
g
_____________
15878 159% 169*8 100 % 507,800
sS5 Aug 93*2 Feb
91 Feb
15612 158% *89*2 91 *89
preferred_____ 8s Mch 1 101
165*8 1551 154-l.i 165% *87
580 l-v 21 std preferred______
1 §89 89
110%
Jan
87
J
’ly
91 99 99*4 *98 999%
Mav
94
Jan
5
92
8912 89* «:s812
1,100
99
227a J ’ly 57*4 Jan
Feb
•• 1)0% 99 99 30-% 31% 31% 31% *97
Island C om pany— 27% Apr 21 33*8 Feb
+9712 99*2 29
3178 32% 44.000 Rook
54 J ’ly 92% Apr
30%
Do preferred.............. 57% Apr 14 65*2
29U 29% ->7*2 29% 291,
63% 63 64*4 5.100
58 Aug 73 Jan
<M4 62% 62% 63% 03
08
’
Feb
01
A
pr
24
t
L
A
San
F
r,
1st
pref.
*60 62 *59 61
S
1,575
67
*05
65%
0878 65*2
41
Feb
34%
Aug 60 Jan
64 03*2
38
Apr
22
Do
2
d
preferred____
*63 64 ♦ 61 03 *03
42% 4278 41% 42% 4.310 St Louis S outhw estern.. 24 Jan 13 34 Feb
42 13 *30
18% J ’ly 34% Jan
41 42 *31
40*2 4012 40*8 407s 31
31% 31% 400
32 67 32
77*2 Jan
5 1 % J ’ly
09
Feb
21
59%
Jan
3
31*2
Do
preferred.................
+30 31*4 *30 3114
700 Southern Pacific Co.......... 113% Apr IS 121% Feb 2 103 % J ’ly xl38%
67*4 07 ' 67 73.000
Jan
66*2 07 1187s 120
68 *00 68 117%
*66*2 68 *06
118% 119*2
Jan
29*8 May 17 is J'ly 33%
117*3 2812 118%
25*2
Mch
4
Southern
v
tr
ctfs
stm
p
d
.
1143s 114*2 114*8 114% IIS*,
39,150
28%
29*8
27%
28*4
75 Jan
29*8 67*2 68 67% 67% 12,125 Do pref
43 J ’ly
28*2
08%
-May
17
01*4 Jan 11
2738 2 / -8 17*2 27*2 273,
do
68*4
30%
Jan
6738
67%
6534
25*2
Jan
3
ex as A Pacific--------0512 05*2 66)4 05%
2,900 rpJLhlrd
28% 27%
J ’he 19% Jan
2/1. 27*2 28 27%
Avenue (N Y)__ 8% Mch 2 1 28 % Jan 17 5*2
*2612 27 *26 27 26%
1.100 Toledo Railways
11% 11* 1 1 %
11% 11%
J
’ly
1534
5*2
0%
Mch
27
A
L
t..
11*4
*10*2 12 *10*2 11*2 11*1
*7% 7 '8 800 Toledo St L A W estern .. 19 Apr 21 24% Feb 8 19 J ’ly 54% lan
8
an
*712 228*8 *7%
73.1 8 20
*7 7*2 7*2 207*2 191,
21 22 2 1 % 21% 3.100
5 42% J ’lv 72*4 Jan
Do preferred_______ 45 A p ril i n Jan
107s 197s *19 4X78 48-’' 20
50*4
50%
50 50*8 2,800 Twin
Jan
Feb
2
103
117*2
J'ly
108
Jau
11
493
8 49% 50%
481.4
City
R
apid
T
ransit
48-8 487s *108
1 1 0 % 110*2
10
11 0
110 110 11827s
Jan
184*- May 18 152% j'ly 2 0 1 % Jan
108-*. 108to 10312 181*2
♦ 108 109
Pacific________ 169% Jan
184% 183*8 184 416,500 U nion
103%
183*2
“ 1813.,
A pr 6 88*4 JJ ’ly
90*8 Mch 6 95%
177*8 177*2 177*8 178*4 179
5.100 U nit RDoys preferred..........
95% 95 95*8
Jan
ne
42%
95% 95*2 95% 05*4
23%
49
Fob
2i>
31%
Jan
*’
95 95 04% 95 | 95
In
v
’t
of
San
Fr
42 1,400 Do preferred................. 60% Jan
41*2 42% 40*., 41% *40%
Mch 22 47 J ’ne 72% Jan
42 42 ♦ 40 42 42 42%
1,442 Virginia Ry & Pow er......... 41*2 Apr 13 76%
71. . 71*2
. . . . . ___
45 Apr 2-1
71 71 ”*8 71 71*2 71*2 73 72% 72*2
42%
•12 % *___ 42% ). 10%
Jan
15%
Jan
0
42%
18%
Feb 23 12% J'ly 27% Jan
>___ 43
1.500
a
b
a
s
h
...........................
17
10
1
*
10%
16%
16%
16%
♦
1.3I-.
10*
Feb
23
28%
"i(T
J'ly 01 Mch
Jan 11 40%
*16*2 You
7,000
Do preferred____ 32"8
37% 38% 377s 38 10,000
May
18
54%
40
J'ly
+36 3638 *35*2 301? 36% 37*4 37*4 38*8
4S78
A
pr
18
00*8
W
estern
M
aryland
R
y
..
59% 59% 363 Do preferred_______ 75 Jan 14 81 May 13 67 AUg 77 Deo
59*4 59 60% *79%
59*4 60
81%
10 Jan
81 80 * 80 *79 81 *79% 81%
81 81 +79
4 A pr 25 0*4 Feb 3 38 JApr
W heeling A Lake E rle .. 12%
*4 5 1,000
5
23 ■ Tan
4% 473 •Mi 6 164% 16478 *14%
Apr 20 17% Feb 3 4 J ’ne
+3*2 144*2 • *4
Do 1st- preferred------1G% 500
14 14 15 15*?
’ne
13*2
Jan
12 1 * 14
8
Feb
7
*1212
5
Jan
'
Do 2d preferred--------VI? 7% 7% *6 7% 300
*6
*6
72*8 May 1 44 J'ly G4 Nov
7*2 • 6% 7*2
400 W isconsin C entral.......... 67 Jan
+08 701* *08 70 *68 71 70 70 *68*2 71 *08% 71

BANKS AND TItUST COMPANIES—BROKERS* QUOTATIONS

ma Ask
Banks
Jit it Ask
Banks
Sid A si;
Banks
Hia AS*
Banks
Bunk s
Mt Morris^. 250 200
575 585
.......... 300 350 Im p & Trad 210
Chat&Phcnlx 172 178 Filth
.\eu, York
210
U__ 285 295
Irving N 12:: 140 150 Mutual
First ............ 920
200
A e tn a .......... 175 180 Chelsea Cx1:
.N assau___ 300 220
S t§I... 140 150 LIciIcrsonU..
. . •125 435 14th
210
America 1_. 000 02 J Chemical
New
N
eth’d
025
000
iberty-----1206*.
Citizens’ Ctl 157 102 GF oa ullarthtin____
975
Amcr Fxch. 245
400 425 NcwYorkCo
340 350 Lincoln-----T307% 1400 G arfield __
Audubon
105 llY City...............
New
York.
315
—
325
Manhattan*
__
305
Coal & Iron 150 100 Germ-Am 1| 295 145 Mnrk’t&Ful 250 25 G 19th W ard. 305
B attery Pic 135
170
140
1|.. 400
230 240
B ow cryl!... 404 AY ColonlaP
ad
Oct-----f
270
.
.
.
.
Mcch&Mcts
Germ’ll
Exjj
485
•f(’o
Columbia
1|.
375
Bronx Borol 30(1
P a r k ............ 375 3S0
. 157*2 . . . . People's
. 1215 t217 Jcrmanla. 1. |.. 550 575 Mercantile
U-. 245
Bronx Nat 190 20Y Commerce
170
F.xcn 165 18*4%
150 153 Merch
Ex V - 328 335 Gotham
B ryant I'lr 1 1ao 100 Corn
Plazali..........
179
M
erchants
.
Greenwich
y
250
240
Kast
River.
125 H anover. 030
Butch & Dr 138 145 Fidelity 1I-- 115
*15
Metropolis
§
395
105 175
cen tu ry 1|.. ISO
r’ltth Av d 4000 4250 H arrtm an rs5 — Metropol ’nt 198 205
Cha sc __ 525
—
no sales were made on this day. tE x-rlghts. § Less than 10 0 shares. 1S tate banks. a Ex-dlvidcnd
•B id and nskc * r is;
1 1 vc or a t auction this week. li First Installm ent paid, n Sold a t private sale at this price, s 2d paid
tSale at S to ; .




Hid
Banks
Prod Exch 1 1173
R ese rv e __ T92
415
seaboard
Second . . . . 385
Sherm an__ 135
State 11____ 250
12th W ard. lco
23d W ard .. 175
Union Fxc. 170
Wash H 'ts 1; 275
West Side ^ 050
Yorkvllle U- 500
and rights,
y 3d paid.

Ash
....
+-__..
—
•100
__ _
275
___
180

b N ew stock,

1358

New York Stock Record— Concluded—Page

2

[ V O Ij.

l x x x x ii

.

STOCKS—HIGHEST AND LOWEST SALE PIUCES.
Sales of
ST O C K S
tines January 1.
for Previous
the
YORK STOCK OnRange
Saturday Monday
Tuesday Wednesday Thursday Friday
basis of 100-sAare lots. Range
Year (191' ).
Week N EWEXCHANGE
May 13. May 15. May
16. May 17.
May 18 May 19 Shares
L o w e st
Highest
Highest,
*241 240 *238 243 *238 243 *239 245 *239 245 *239 245
IndustriaJ&M
iscclIaneous
*7 7% *7 738 738 738 712 734 8 814 8I4 8I4 1,300 A dams E xpress............ 235 Jan 20 §245 A pr 7 §235 Dec §270 Jan
ers_______
*2012 27 *2612 27 27 29 2914
733 Apr 18
~
30
293s 303, 30 30 3,350 llls-C
J ’ly 15 J an
Do halm
pref........................
0212 6234 623s 6318 6314 647s 6458 30
25 Apr 21 34S58 Jan
6Gl2
Feu 3 7*2 Aug
66% 67
6634 6734 122,520 A malgam
5134 Jan
ated
Copper__
56% 50*8 5614 561. 57 59 5914 6014
593
8 A pr 18
6734 May 19 27
59%
6012
5513 J ’ly
9034 .ran
5
812
6912
6,700
*100 105 *100 105 +100 105 *102
Amer
A
gricultural
Chcm
.
46
Jan
8
O'
)
.
Mavi.s
110 *10212
35 J'ly 49% Oct
Do
pref______________
4712 4814 4712 4734 4734 49 4S34 4938 *100
10134
Jan
27
Feb 7
Apr
49*8 4814 4858
ja u
M American Beet Sugar___ 39*., Jan 12 103
*06 9712 *90 97 *90 98 0712 98 483,
4934 May 17 99*4
24 J ’ly 103
98 991*> *9812 100 S T 500
47*4 Jan
Do pref........................... ?2 % Jan 9 99*?
*9312 95I2 *9312 95I2
9512 *9312 951? *931
AlaylS
89
J
’ly
2 95% *94
95l2
J
951?
Amer
Brake
Shoe
A
F
d
y
.
*130 13412 *130 1311o *9312
90
Jan
6
“ 130 *130 I 341;
97 Feb 27 82*2 Oct 9U2 N’no
ov
1341? *130 1341? "““150 Do pref___
1178 1178 11% 1178 130
1281* Jan b 138
Feb 23 119 J ’ly 131*2 NOV
H"4 1218 117* 121,, *130
11* 4 12
1178
12
12,325
American
Can
8614 86% S53
4 8614 8 G14 87 14
87
8
Jan
6
8618 8634 85*4 861, 80 8612 8,550 Do pref______________ 77 Jan 5 1212 May
078
j ne 1378 Iftll
*52 53 *62 53 53 54 54
5519 55*4 5618 55 I3 553., 6,800 American Car & Foundry 50l4 Apr 24 871? Ma>
62 J ’ly 82 % Nov
* 110
118
11712 11714 11714 118 119“
57*? Feb
391? J ’ly 72?8 ,>au
*11712 120 *11712 11934 300 Do pref____________ 114*4 Mch 13 119
55 5514 *116
55% 56 z52%
5312
May
17 109 J 111 120 Mch
53
543s
53
54
5138
53
6,337
1047s 105 *102
American
Cotton
O
il..
105 *100 103 *100 103 *100 103 103 103
50i8 Apr 21 62% Feb 28 62*3 J ’ly 6934 Mch
448
Do
pref..........................
5239 239 *237 240
103
May
19
*237
240
1051?
Feb
16
23912§24112
100 Dec 107 Oct
240 5242 *239 243
592 American Express____
*312 4 *312 4 *312 4
ll
Jan 27 §230
Dec *320 Jau
*4l8 4l2
*22 22% *21
400 American Hide A Leather §224334 Jan
Jan 25 §255414 Jan
23 *21 23 234 42312 244% 244% *23
31 3*2 Sep
24%
8*8 Jan
*213.j 23 *213
1,100
Do
pref_____________
4 23
20
Jan
10
22
221.,
25%
Feb
8
225s
2258
8 23
2234 23
~~ 2,100 American Ice Securities 1734 Jan 17 25*? Mch 1 1 19 Sep 4778
,an
* 1012 1 U2 *1012 111? 11 1 1 1 ? 11 1 4 lll 2 227
16*3 Dee 29*4 Mch
1H2 11*8 *11 111? 1,400 American L in seed _____ IOI3 Apr 21 12% Feb 14 IOI
*30 32 *30 32 311i 3112 3112 33 *31*,
3
J'ly
*31
323
4
1734
j*
3212
Do
pref_________
_
*37 38
. . *36 38 3737 3814 3812 39l
700
30
A
pr
21
34
Feb
14
.. 2 3912 40 40 401 3,000 American Locom otive.. 3534 A pr 21 42*4 Feb _ 2512 J ’ne 4G78 ,;ann
*10434 10012 *10412 10612 106 106 10612 107
29 J ’ly 62i2 Jan
4 108
*334 414 *334 41. *334 412 *33, 414 *1074l4 108414 *1071
300 Do pref_______
Apr 18 110% Jan 13 102l
Aug 115 ju n
*4 5
100 American Malt C orp _ .II 10433s Feb
*32 35 *32 34 *33 35 34 34 3412 341? 3173
17 4i2 Jan 18 3 I42 Dec
35
Feb
1,005
Do
pref___________
♦ 8734 8814 *8758
8S3
8 *88
31*2
Men
8 36*2 Jan 26
8812
8812
8812
28*2
J
no 488 Mch
X871
4
871.,
881?
881?
900
7o18 753s 75 7512 76 7738 775s 7914 7914 81 7934 803., 67,800 Amer Smelters Sec pref 13 86 Mch
89 Feb 2 82 J ’ly
9078
ja
Amer
Sm
elting*
Refining
*10412 10512 *10412
70*3
Apr
18
1051?
81*«
Feb
2
105
105%
10578 106U 1061., 1061? 10678 10078 1,500 Do pref.......................... 103is Jan 3 IO073 May 19 6138 J ’ly 104 Jann
*295 . . . . *268 . . . *268
*269
98*4 J ’ly 11234 J qu
*268 ___ *268 325
American Snuff________ 280 Feb 27 300 May lo 245
*100 104 *100
. . . *100
*100
Nov 285 Apr
___ *100 . . .
Do pref_________
*40 42 41 41 41 43 43 4412 *100
09 A pr 104 May s 95*2 Jau
44
44
44%
44%
Deo
1,800
Amer
Steel
Found
(new
).
*11734 120 11712
1173., 118 11938 11834 119 119 120*3 120*4 120 % 8,010 American Sugar Refining 3934 A pr 7 621? Feb 9 38 J ’ly 10662 ,»an
*11712 120 *11712 1183., 11812 11812 *11712 120 *118 120 *11712 120
Jan 6 122i2 Feb 27 IIU 3 Oct 127*2 Feb
100 Do pref........................ 113
148 14814 148 14814 14818 14878 14834 149% 14878 14938 14858 149U 10,344
111
Jan
5
1191s
Feb
li
11U2 Dec 124 Fob
American Tcleph & Telcg 140i4 Jan 3 14933 May is 1263
*98I2 9834 *9812 9834 9838 99! 2 9912 101 10 1 102 101 102 10.700 American
4 J ’ly
Feb
(new), pf
*33 "34■ ‘ 33 3414 341 3434 *33l2 35 34*4 343, *33*2 35
2 Jan 4 1 0 . May 18
9012 J ’ly 14333
300 American Tobac
9934 Mch
W oolen_______ 93i
59134 9134 *9U 4 92 92 921 92 92*8 92ls 923., 9278 9278 3.213
30%
Jan
3
3012
Meb
21
2513 J ’ly
39%
Mch
Do pref__________
*28 29 *28 30 *28 30 29 I3 31 3014 3078 *29 31 1,100 Amer
86 I2 Mch 29
Feb
W riting Paper, prf. 2734 Mch 17 90
*3714 3734 *3G14 373., 3714 377S 38 3914 39 40 3934 40i2 5,600 aAnacondaCopper
34i2 Feb 15 00i8 Dec 104 Mch
Far $25 $36% Apr 18 $11
*3138 33 313., 3134 3212 3278 33 34 3312 34 33 3314 3,300 Ijethlehem Steel_______
Feb 6 $33l2 J ’ly $64 ,ian
*60 61 *60 61 61 62 62 6318 63 I4 04 *62 6312 5,400
20S
8 Mch 14
34)4 Apr 6
21 J n c
8 Qct
Do pref__................... 69 Jan 3 64*2
*14ll2 142 *141 143 *141 143 143 14312 *143 14312 *142 143*2 600 Brooklyn
Apr 7 49 Aug 347
65 Jan
Union G as____ 135 Jan 3 14 31 ? May
*9 10 *9 10
17 125 J ’ly 104%
912 91; 9 9
9
9
*9
10
500
Brunswick
T
erm
*
Ry
Sec
*30 31 *2858 3012
9
Jan
6
3034 3034 3012 3012 ♦ 29 3012 3012 3012 330 B utterick Co____
10*4 Feb L
8 J'ne 13*8 J’Jan
an
2734 2734 *27 2734 273.,
28 Feb 16 31
Mcll30 28 J ’ne 33
28% 2814 2938 291., 2Q12 2914 2912 4.700 ’cntral Leather
Jan
*9812 100 *98 100
20
Apr
24
337
8
Feb
2
997
8 100
2514 J'ly
4 IOH4 10178 102
483
4 Jau
10178
1017
8
_______________
(
1,530
Do
pref
24l4 211., 2414 2 11 ., 24% 2412 IOOI
Apr 22 105 Feb 10 0914 J ’ly 109*4 Mch
2434 24% 25% 25*8 25% 10,900 r/Chlno Copper____P a r $5 S98*4
*29
30 *2818 3012 3012 3119 32412
2 H2 A pr 7 S25% May 19
321? 323, 35 33*4
34*, 9.700 Colorado Fuel * I r o n ... 28*?
14334 144
Apr 22 3038 Feb
144 144 1443, 14618 Xl45H2 146*8
22l2 J ’ly
11533 146*4 145 14512 19,870 Consolidated Gas (N Y ).
14124 14% 14% 1434| 143, 1538 15*8 15*4 1538 IS*, *15 15*2 9,626
135*4 Jun 3
Mch 22 I2in? J ’ly 50 Jan
Jau
803
803, *S012 82 8138 8178 8134 8238 82 8238 82I2 8212 2,410 Corn Products R efining.. 18*? Jan 10 1461?
163, May 17 lll2 J u t 100%
23*4 Jan
Do
pref.....
......................
534 4 34 *34
74i2Jan
10
35
343
4 353,
3578 37 307a 3733 363s 3678 6,650 Distillers’ Securities Corp 32*3 Jau 11 82i2 May 19 70% J'ly 863
8 Jan
*26 271? *25 28 *25 28 *25
3814 Mch 1 2514 J ’ly 3634 Jan
293., 2834 2834 350 Federal Mining & Sm elt’g 17*4 Jan 28 36
*62 65 *62 65 65 65 6478 29
Feb 16 12 Oct 60 Mch
65 28
66
60 6612 6612 1,020 Do pref............ ............... 4Si2Jan 11 60*2 May
15612 15634 156 15612 1571,, ICO 15934 161
19 37 Oct 88 Jhn
160-*.,
1613.
160
161
15,287
534 578 553 578 57„ 6
General
E
lectric______
d
*14/>%
Mch
578
6
161*4
May
573
6
678 6 9,550 Goldfield Con M_ P a r$ l 0 6i2 Jan 14 7% Jan 183 131 J ’ly 1G078 Jnn
12614 126-*4 126 ~ 12617 12714 12834 128 1287g 128 12834 12714
$7% Oot $9% Sep
128
9.910
*12312 12734 +12312
I
n
t
H
arvester
stk
tr
efts
126 126 126 12612 127 126 127 127 127 1,100 * Do pref stk tr ctfs_. 109 Jan 3 12938 Mav 5 *83%
Feb 125 Jau
*412 5
5 *412
Jan 3 128*4 May 4 x!17 Aug
5 5
478 478 *|5 8 478 400 In t Mer M arine stk tr ctfs 12214
Jiln
*1034 17 *412
1634 16«4 17 17 1714
4*82 Jau
Apr 20
578 Jail 30
18 18 1S14 1734 18 6.300 Do pref.......................... 151
4%
J
’ly 1297*? Jan
*912 101., 93, 03., *912 1014 101., 101*
17 I 8I4 May 18 12% J ’ly
2438 ja u
1012 1 1
11 11*2 3,120 International P aper.......... 0i8 Apr 27
*45 47 44% 4458 45*s 461? 46l2 48 48
1338
Jan
31
9 J ’ly 10 Jan
4812 49 3.300 Do pref__________
39 39
4 15S Maylfi 50% Jan 17 4U2
2 3912 38*2 395s
40 4038 4012 48
’ly 01*2 Jan
4058 40% 1,000 Internat Steam P um p__ 381?
*8712 8812 *3S1
A pr 18 44 Feb 8 36% JJ ’ly
89 8812 8834 8812
8812 8878 4012
8878 *88
89
Jun
560
Do
prcf__............
105 10514 *8712
84%
Jan
26
IO
5 I4 IO0I4 105*s 1053., 105*3 106
89*3
Meh2U
781?
J'ly 5-1%
106
4 106 IO6I4
9034 ja u
6,150
Laclede
Gas
(St
L)
com
."
90 90 90 90 92 92 9234 9234 9234 IOOI
102
Apr
18
114i2
Jan
20
93*4
J'ly
923.,
*90
93
GOO
110%
Jan
M
ackay
Companies____
*7 6I4 77 *761., 7678 *761., 7678 *701., 7678 7658 7G58 *76 763., 700 I)o pref_________
May 13
2
J ’ly 98 Oct
1978 20 1912 193., 1958 1934 1978 2014 20*8 205s„ 2 OI4 20% 6,333 dMIami Copper___Far $ 5 90
7434 Jan 18 95 Feb
Mch 7 79
71
J
’ly
78*4
Oct
SI8 I4 A pr 18 $77
♦ 13312 13014 *13318
136 13678 13734 139 139 13612 13738 13614 136*4 800 "VTational Biscuit
2 t)B8 MayLS
117*4 Jail 10 141
*129 12978 *129 12978 *129 12978 *12714 I 29 I4 *12714 129U 129 129
A pr 4 100 Aug 119% Doo
150 Ls Do pref__________ 124
Jan 20 130 Feb
*16 17 *16 17 17 1712 17 17% *1612 1734 *10 1712 900
4 118*4 J ’ly
Jan
N
at
Enam
el’g
&
S
tam
p’g
16?8
May
3
*84 92 *84 92 *84
92
181?
Mch
♦
84
92
14 Sep 125 Jap
92
*85
*85
92
Do
p
r
e
f
...
85 Jan 6 90 Feb 27
*52 5258 52 525s 53 541., 54 55 55 5753 5612 5718 8,350 N ational Lead
IS
84 Oct 28%
9G%
Jau
60%
Apr
25
*1071s 109 5109 109 108*4 108*4 **108*4 109 109 109 *106 109
Feb
59
461? J'ly 89% j*an
690 . Do pref______________ IO6 I4 Mch21 109 Alayls 101%
1812 18% *1812 185s 1858 1878 1878 I 9I4 19% I 9I4 1918 191? 11,000,t/Nev
J ’ly 110% Jan
Cons Copper.F ar 55 $17% Apr 19 $20 Feb
*67 70 *67 70
70 70 73 7313 73 7112 ---- 75
$17% J ’ly $2238
()ct
650
New
York
Air
B
rake___
*7212 73% *7212 7312 7212
68
A
Dr
27
73
*4
737S
75
27J
741?
May
18
76*4 75*4 75*8 4,700 N orth American Co (new) 64 Jan li
59
J'ne
Jan
*24 25 *2312 25 I 241., 2458 2434 25 7513
l‘fi 7634 May 18 G0*3 Nov 95%
26 26 2612 2.950 p a c ific M all._
84 Jau
*48 49 I *48 50 4914 501•> 5014 51 251.,
23
18
Apr
2
4
1
29%
Jan
.
24
j
29
1
2
4
4U1
2 50%
227
8
J'ly
5012
.
51
2,450 -1- acific Telep A Te'leg
Jan
*104% 105% 1045s 1045SI 1043, 105*s 10478 1051? 106 106 *105 1051? 2,010iPeople’s
44 Jail 3 54% j au yji 30 J ’ly 43%
G L * C (Chic). 103
46% Jail
IO7 I4 109% ! 10958 112
Apr
112% 1 1 2 II 2 I4 112 11312 113t*> 11334 4,625|Philadelphia
109 Jan 19 103 J ’ly 116'%
Jan
Co(PItt.sb’h) 100l2 Jan
*20 2034| 20 20 I 112
2 OI4 20 '
113
*4
Mav
19
203
4 21
20*3
207s
2012
2012
84
J
’ly
Jau
Pittsburgh Coal Co
*77 79-la *77 79 79 79*2 80 82 81 813, 8OI4 81 2,500
17*4 Jan
2238 Mch 23 13 J ’ly 106%
2734 Jnn
Do pref__ __
*32 33 *32 33 33 3318 33*2 3412 3412 35 35 35 5,600
6734 Jan
82*3 Apr
00% J ’ly 85
Ju
Pressed
Steel
C
ar.
11
*99 101 *99 101 *99 101 *100 101 1 0 1 10 1 §10134 10134 1,225
30*?
Jau
36*4
Feb
25 J ’ly 5178 j« nu
225
*119 120
120 *119 120 *119 119*, 119*2 119*2 *119 120
92i4 Jan _ 101 Apr 28 90
J'ly 107% Jail
100
Pub
Service
Corp
of'
N
j'_
*160 1611 5+119
G018 161 161 161*2 101*2 161*2 162 *161 16212 770 Pullm an Company
119*8 Jnn 31
Feb 7
*31 33 16 ()18 1331
3312 331? 331o 3513 35 3578 *341, 361, 1,200 U allway Steel SpringIZI 159 Jau 3 120
163 Jan 30 155 J'ne 200 ,ian
*100 100% 5 *32
iooi
2 1001
31
Jan
11
8 101
38 Feb 3 28 J ’ly 6178 <; n
1 0 112 1 0 112 * 100*8 1023.,
050 * Do pref.................
163, 1634
1037 10171 10181 1007
92 Jau 3 101*2
Mav 18 zOOt, Sep 107 Jnn
18*4
181., 181­ 1734 1812 6,532
*2934 301. 161, 301
dtRay ConsCoppcr P ar $ i 6 S151?
Apt- 19 $18*2 May
•> 3012 31 18 8 31*2
18
3078 321/ 3114 32 20,000
Republic
Iron
*
Steel
♦ 9378 94% *2978
29%
May
10
9412 94% 95 95 307
35*4 Feb 0
95
95*2
27 j'n e 45'f, ,,,n
96
967
8
95*2
96*j
5,250
Do
pref.....................
9218
Apr
26
*140*2
144
*140!4
144
*14H.,
M4
99
%
Feb
14
U
2 1411“ 14112 Milo 142 112
82*4 J ’ly
.lull
Roebuck & Co
49 49 *49 61 *4912 51 5212 521. *52 54 52% 5212 383
May 17 192 Feb
150
J ’ne 1041.1
190 Nov
425 S ears,
loss-Shefflcld Steel & Ir 1449U2 Apr
22
66*4 Feb
481,
Dee
86%
dan
Do pref.................
*36l4 37l4 37 37 37 3712 37I2 38 3758 38 _3734 3838 6,000
112 Feb 14 1 1 2 Feb 16 111 J ’ly i 1 .. ; eb
//Tennessee Copp.P ar $2 $32
*127l8
§128
Jan 11 830*4 Feb 14 $19% J'ly $40% JHII
*127
*127 130 130 130 128 128
250 Texas
Co (The)..........
*87 95” *87 128
95
*87
125
Apr 25 130l2 Feb I 134 Oct
95
*87
95
*87%
95
Oot
*871295
Texas
Pacific
Land
T
rust
*7 73, *7 7*4 *7 8 *7 8
87
Mch 3 92 Jan 24 83 Feb 144
May
*73.,
7
7
8
77
8
77
8
I nlon Bag & P ap er____ 7. May
*5614 5912
5D12 *56 591 *56 5912 §57 67 *57 691? ” 266
10 9 Feb 9 6 J ’ly 95
13%
Jan
25
1
’
Do
pref.....................
*102 104 ' *5G
Itr.' !4 104 *102
103%
56**8
Apr
29
50*2
Jail
30
52%
Dec
103*2
104
73
Jnn
105
105
105
105
1,000
*10l *4 105*., §10478 1047s *10434 105*4 105*4 1053., 100 106 106 106
United Dry Goods C’os._ 1001? Jau 27 106*4 Fob 10 90 Aug 122 Jan
Do pref______________ 102*8 Jun ' 107 Feb IS 09% Aug 11373 Jan
*1512 16! *1512 161? *15*2 10*? 17 17% *17 1734 1758 1758 370
500 U S Cast I Pipe & Foundr 16 Jan 10 19 Feb 23 14% J ’ly 32 Jr.n
*55 50% *54*4 50
"* *541., 50 " 66*2 67*? 6712 571? 5838 5838 545
Do pref.....................
*95 09
99 $981? 98* §0978
9973
Jan 16 401 Feb 23 49 J ’ne 84 ja u
100 991? 99% 120 U nited
*76 761? *95
States E xpress__ 60
76 76!.i 76 761? 7078 77 *90
95 Jail 7 §105 Jan 27 §93%
Dec
78 7814 *78 79 2,000 U S R ealty
& Im provem ’t 05i8
3914 391? 89 3918 40 41 403, 4112 41
Jan
MayLS 6434 J ’lv 145 Jr.il
413
4
413.,
Jah
4012
15.000
♦ 111 113 112 112 113% 118*2 113*3 1137, 1137s 114 *li;jl 2 114 1,000 United States R u b b er.. 30 Jail 256 78L
47% Mch 1 27 J ’ly 84%
62% >an
*74 76 *74 76 76 76 7634 7738 *76 78 77*4 77>, 3,100 Do 1st pref________ " 109i2 Jan 18 11473
Apr
10
99
J
’ly
H
6
%
Jan
Do
2d
pref_______
757s
76%8 119
-­ 7513 76 77 78?8 78% 80*8 8 OI3 81*8 7978 805S 770,500 United States S te e l..”" 72*? Jan 31 79 Mch 1 59% J ’ly 84 .mn
1187
1183, H878
1193s 119*8 1201., 120% 12012 120 12038 8,355 Do pref................... ' 71-*8 Jau 3 8218 Feb 6 01% J ’ly 91 Jam
*1114 441­ 44 441.4 119
47 47 47*, 47 47*2 45*., 4714 29,210 dU tah C o p p e r...P a r $ 1 6 116*4 Jan 3 12078 Feb 4 110% J ’ly 125-% Jan
59*., 60 59*4 60l8 45
61
6212 01 6134 6 H8 61%i 5814 61% 33,100 Virginia-Carolina Cheoi $42*3 Apr 19 $473 , May 17 /$39% J ’ne $60*4 Jnn
*123 128 *123 128 *124*4 12*
57i, Apr 24 70% Feb 28 47 Feb 6G% Oot
128 125 1 " *123 126
100 _ Do pref...............
' “ 122*3
170 170 166*4 l(fi% §167 168 *124
Apr 22 128i2 Mch 16 117 J ’ly 129% .)«n
168 168 170 l §170 17312 1,335
WI Te PQturn
l l s Forgo
& Co.
737S 7378 74-*., 743, 743, 75 168
§160
Jan 18 §178*2 MaylO 144%
Dec
747
8 76*s
7573
70%
i
76
78
ITnlnn
*r-i
.,«tn
21,300
68 68 68*4 69 68*4 721a| 72% 75% 74 75 74 74 26.000
estern Union Teleg
Apr 18 78 MaylO 66 J ’ly 195
78% Mch
*110 117 §110
estlngh’seEl AMfg assen 71%
110 *110 117 ™ 117 1171? 116l2 11Q%1 llGlg 117 1,140 W Do
6478 Apr 19 76*4 May 17 49% J ’ly 82%
j^
1st pref__
- - 116 Jan 14 123 Jail 5 110 May 130 Febn
B A N K S A N D T R U S T C O M P A N IE S — B A X K E R S 'T jU Q T A T I O N S .
oanks
Hut . 1>•;
Banks Hut Ask 1rust Co’s UUt
*rust Co Bid Ask I rus* Co’s Bid Ask I rust Co*5 Bid
Brooklyn
Brooklyn
Ouar’ty Tr fsoeto . . . . NY
B road w ay 1 385
400 N at C ity ___ 285 300 B’Nw avYCUy
Life AT 1100 1120
Brooklyn
T r .. 142% 148
G
“
Jon ey Isl’ d f
5 “
155
N
orth
Side
\
N Y Trust fOOl
___ Brooklyn Fr 440 450
150 1Y0 Central i’r 1000 1050 H uard'a
u d so n __ 13
F irs t____ 290 310 Feo pie's__ 158
140
150
Citizens’
___ 120
165
C
olum
bia
05
305
310
Enlckerb kr 285 2,5
H llfs ld e tf...
130
125
bush . . 200
400 410 Flat
m ercial
105 11.5 Law T l«&Tr 245
Homestead^
116 Frosp’ctPlU 133 145 Com
25
J
F ran uifn.
f
486
Empire . . . 300
310
1190 215
Lincoln
Tr
M anufac’rs' 410 425
130
140
I
rust
Co’s
H
am
ilton
345
__
a
40
E
u
uit’
ble
Tr
5U7l->
270
M anhattan
M echanics
225 240
Tr
1230 1250 H om e_____ 100 285*
Farm L o & 'l
1525 Mercantile . 390
M ontauk _ .
I rm
725 735” UUSnion
M t g A 'i
472 480 Kings Co . 505 n o
Fidelity . . . 217% 225
Metropol’t’i! 460
N a s s a u ____
270 A Ns t oYr City
_____ 347*2 367% F u l t o n ____ 2UJ
U
nit
States.
1160
1175 L Isl L A Tr 295
310 M utu al___ 132%
Bankers' Tr 05o 680
W
ashington
375 .Nassau____ f 160%
Mut AD nee 125 130 W estchester 360
160 People's ..
150
W indsor
96 100 gueen-s Co" 300
100 310
120
♦ JL1?
asked prices: no sales on this day. 5 Less thnn inn
♦ p T TiZZZ
-------------tSale o( stock iisekango or a t auction this week ,
lock dTvWcndt VuLKn k ^ m i’. - f e 'f . 0uClfBx-stock dividend; • • fB ffite m iiV S ’f f i - p i ^ S - 8 r k w * S » t e t o ? t o ? U0‘ed.<l0,to" per ^




New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
£

Jan. 1 1909, tht9 Bfoohange m ethod of quoting bonds was changed, and vrices are nous all—"an d interest"—except for income and defaulted bonds.
■«
BONDS
BO>D •»
Price
Weetc*8
Pangs
Price
Week's
N. Y. STOCK EXCHANGE g t
N. Y. STOCK EXCHA NG E
Friday
Range or I® © 1 Since
Range or i . ! Range
Friday
Since
W eek E ndino M ay 19
May T.9 Last bale H J January
W eek E ndin '* M ay 19
May 19 Last sale ^S o-c Jan*iarv 1
Cent
ot
Gu
KK—(vo
n
j
l . 3. 440 VtM’lfltlUlll
A sic Low H igh1No Low H igh
R id
Ask Low JfigJ A’o Low H igh
U 8 2s consol registered.d 1930 Q-J Rid
100*4 101 4 110 1 4 A pr 11 .... ...................
101 4 1014
95 100 85 4 Oct TO
U 3 2a consol coupon....<<1930
101 May’ll ... 101 1014
S7Jy F eb’l 1
J-i 8 8 4 ........ 1064
*738 87"s
U S 3s reg istered .............A lyls P 100*4........
10la.j
102
4
102
A
p
r’l
l
...
102
1034
M ar’ll
j -.i 1 0 5 4 .........
105 4 1064
U S 3s coupon.................... A1U1S Q-F
1024
A
pr’l
l
1
15 Nov’l'.i
...
1024
102*4
j
j
105
<4.........
U Site con anmll bonds..#1018 q -f
1014
J
’ly
’io
109*4
MrtV’l
1
j
j
109%
.........
1084 109*4
Q S 4a registered.................1926
1164 115 A pr’II ... 115 110
M-N 101*4 107 1014 A pr’ll
1 0 1 4 10 2
U b 4a coupon......................19*25 QQ-F■ 114%
1154 110 A pr ’ 11
J -J 1224123 122-4 122 4 10 1224 1234
U S Pan Can 10-30 yr 2 s.#1030 Q N 114*4
100*4 1014 1004 Aug’lO ... 1154 ll«4
122
1224
O-J
2 122 1234
122
4
122
4
j - J 1 0 0 4 ......... 107 4 M ar'll
1 0741084
C ore inn (»ovoriiment
J - J 103 4 .........
A rgentine—Internal 5a of 1909
1 98 984 984 May’ll «5 974 99
M-N lOO tj ........... 1004 Apr 11
100 4 1004
im perial Japanese Governin'!
M-S 1 0 0 ......... 99*8 Dec TO
Sterling man 4 4 a...........1925 A ♦ 94*8 Sale 944 944 82 9 3 4 954 Cent Pacitio
2d aenea 4 hie............... 1925 J I i»4 944 94
90
0
0
4
60
9
34
954
Q-F
94 4
9 04 0 0 % 6 874 924
Sterling loan 4 * ............ 1931
1 88 4 89 \ 884 89 14 8 74 90
ftepubot Cuba 5a oxteu debt.. J3 1103
10 0 Nov’H
4 May’l 1 .... 1024104
E xternal lean 4 Sia ........ 1949 A * 08% 103 4 103
98
4
98
4
105
4 Ainy’ll
J -J 1044 jo5 4
1 0 2 % 1004
Ban Pauio(Brazil) tru st 5s 1919 J t 974
4 May’ll
M-N 112 4 112*4 112 4 1124 3 111%
97 07 4
1134
Registered...................... 1 0 3 ; M-N
U S ol .Mexico 8 l h 5s ot 1899 J * 97 Sale 97
97
11
l
*4 May’ i ]
90
98
964
1 1 1 *, 1 1 1 *G
eneral
gold
4
4
s
..............
199'.
Gold 4 b ot 1904................1954 D 9*34 94 92 4 May 11
IO
P
4
1
0
1
10
2
91
944
M-S
244
10 0 3 a 10 2
R
e
g
i
s
t
e
r
e
d
...........................
1
9
9
:
M-S ......... 10 0 10 0 May’ll
0
S ta te and City S ccuritie» t T hese a re pr iCC8 On th« b asis of $5 to £ .
90 4 90*8 236, 10»40 10071.
r-A 96 4 Sale 87
N Y City—4 l* s ...................1900 M-8 102*4 Sale 1024 103 99 J004 103
May’ll ...J 87 89
J-l)
86
874
4 4a recto in t fro Jan 24 19tiu M S 104*8 8alb 104 4 104 4 3722 1004 104 4
J-D 86 80 85-4 Nov’Hi
4% Corporate S tou t....... i960 M-N 10 0 salt 9 94 1004 133 984 100 4
A pr’l l .... 102*4 103
J - J 102*4......... 1024
4% Cor no rate s to c k ___1968 M-N 1 0 0 bale 100 100
984100 4
J
- J ......... 86 90 Jan '09
New 4 4 a ..........................1967 M-N 109 sale 1084 109 22 1064 109
95
4
96
05*8
96*8
J
-J
90
New 4 4 a ..........................l ‘.»17 M-N '102 4 ....... 102 4 A p r’l l
9 1 4 J a n ’ll ... .11 V05IS4 814
1014102 4
J-J 90 4 924 113
4 4% Corporate Stock ..1957 M-N 103’b 109 1084 ‘004 ...
4 Feb*06
10, 1064 1094
105
.......
M-S
4 4% assesem t bonds___1917 M-N 102*4....... 10 2 4 May’1 ...1 0 2 103
M-N 85 ......... 95 Oct TO
4% Corporate sto ck __ 1957 M-N
Sale 100 100 4 18 984 100 4
4 May’ll
72% 734
A-O ......... 73*4 73
N Y State—Caual Im pt4s.l060 J - J 1004
106 4 ....... 1054 A n r’11 ...'1
0
4
4
1054
J -J ......... 70 69 4 May’ll -T—,1 084 714
8o Carolina 4 4a 20-40........1939 J
76
o c t ’O0 ■ ■ •a1
J
-J
Tonn new Betlleuieut 3a.. 1913 J -J 90*4....... 07 M ay’l l
1
90
07
90 994
F-A 994 994 094 May’l 1
Virginia tu na debt 2-3h...1 9 9 i J-J
30 A p r’ll
80
4
J -J 884 884 8888 4 Sepfc84
Ob deterrod Brown Bron otts.
6 7 7b 65 40 80
67* Sale 57
TO i 8 74 8 84
07 4 ills Div 4s .
J-J
994 994 2 9 9 4 1 0 0 4
j . j 99*b 10 0
K allfouti
104*4........ 1044 D ec’K
A lnoama Cent bee so Ky
A-O 99 4 P97§ 90 >» 90-. 1 9 94 994
4JLlaba Mull bee A t Coast Line
N ebraska Extension 4 s.1927 M-N
90 90*4 90 4 Ma\ T 1 ,, 9 64 994
Albany «S>Susa bee Del do Uuu
9 8 4 M ar’ll
M-N
8 8 4 984
Allegheny Valley bee Penn HH
99 ......... 99 F e b ’ll
90 09
Alleg «fc Weal bee Bull U do P
Ann A rbor la t g 4a.........A1996 Q-J ......... 81 82 May’l
M-N 101*8 101*4 1014 1014 1 101 1014
764
8« D ebenture 5s.,
Atoll T «fe S Fe—Gen g 4a. 1995 A-0 994 Sale 984 99 4
M-S 07 4 sale 9 74 9 74 184 00*4 08
98 994
R egistered..........................1996 A-0
J - J 81*4 82 4 814 81 *4 05 81 83
9
74
97
9
74
984
A djustm ent g 4n...........#1995 Nov 9 1 4 92 9 14 91
A-O 125 4 120 H1270 4 J a1n1 0’l4l
127 127
904 924
R egistered................../tl99. Nov
92 Jan To
M-N 110*4 1104
6 109*4 111
Stamped...............*..../tl995 M-N
91
4
Sale
9
14
914
1
0
8
4
M
ar'll
41
M-N
108»j
1084
9
04
02
4
Conv 4b lssuo of 1909... 1955 J-D
J .J 1 0 9 4 ......... 1094 M ay'll
May’l l
1094 ChiOHgo A Kno bee Erie
10934 n o 1*
UOUV g 4h........................... 1960 J-D 1 1 2 4 SaiV 1094
1094 U 2 4 581 105
1054
1124
Conv 4s (issue of 1910). 1900 J-D 104 4 3ale 104
85 4 86*4 KS 84% 364
102 4 104 4 Clue G t W estern 1st 4 s ... 1 11-3 86*4
1 0 -year conv g 6 s .........lo i/
113 Sale 111*! ui4
4 May’l l
1274130
4 128
127 128%
1084 1134 CitlC in A Douiav rtu oa...lu 4 J J - J 105
D ebentures 4a Series J .1912 FJ-D
084 JanIIS’ll)’.
A
111
A pr’l 1
111
11
111
Senes K .......................... 1913 F-A
May’t
1
*09
99
V
054
Apr ’l l ( li L95
J
J
95
.........
964
004
994
E ast Oklu Div 1st g 4a.. 1928 M-S 07 4 07 '4 97 4 97 4
DOUIOT
A
*
ou
1
st
t>s,1011
1004
May’l
]
1004 1004
F-A
*1004 ......... 92 4 M ar’l l
964 974 CI110 lu d <Si Sou 50-yr 4 a..1960
Sliori Bine 1st 4a g .........196a J -J 94 944 934 934
92 4 944 cineM U ib St P term gOs 1914 J - J 02 93 102 4 Apr T l .... 02 4 93 4
3l-« i lea So Ph 1 stg 6a. 194 M-S 109 4 Sale 1094 100 4
L02 4 1 0 2 4
100 4 10J 4 General g 4s series A ..el0 80 JJ --JJ 1024 ......... 98*4 99
Atl Knox & N bee L & N
984 994
Atlantic Coast le t g 4s./tl052 M S 954 Sale 054 »5’s
R egistered....................<{1989 Q-J 08*4 99 99 4 Jan T 1 07, 99
934
96
4 994
Ala Mid 1st gu gold 6 b ..1928 M-N 107 4 109 108 M ai’ll
G eneral g 3 4 s Bones B.«1969 J - J 87 4 8 'J 83
88
108 108
40 80*4 8 84
Bruns So W 1st g u g 4s ..1938 J-J 95*4
25-yr
do
bon
4
b
.............
1934
93
93
M
ar’l
l
93
^ale
32
92
934
96 4 954 Cine ds D Su Div g 6 s....1921 JJ -.JJ
Charles <&>Sav la t g 7 s.. 193b J .J 1364....... 05 4
1064 1074 1 0 6 4 May’l l
fOB4 107
L A N coll g 4s...............olOO’J
94
94 4
934
044
J - J 109 ......... 1084 A pr’l l .... 108*4 109
924
'
*984
8av F A VV 1st gold Cs..l934 M-N
125%
.........
1254
1254
I06*» 1074
J-J 1 0 6 \ H17 4 106*4 May’l l
124 4 1264
1st gold 6s......................1934 A-0
111
M ar’l l
J-J 1034 1044 103 4 103 4 2 1034 103 4
111
1114
Sll Sp Oca A G gug 4 b ..1918 A-0 110 s .
117 4 J a n ’ll .... 1 1 7 4 1 1 7 4
97 4 97 4
J-J
1
1
6
4
.........
97 4 97 4
Atlaulio A Danv bee South Ry J - J 964.
J .J 105 *4......... 1054 D ec’ 1o
Austin A N W beetiou Paoiiic
V\ Ifl
J -J m u 1* ......... 1064 A pr’l l
1064 1074
L)ait A Ohio prior ig 3 4 a . 1926 J .J 0 24 Sale 92 4 024
J-D 103%......... 103*4 F e b 'll
103*4 103*4
924
98
t> R egistered................./il925 Q-J
0 1 4 M ay' 1 1
10 b v .........
J-D
9
14
914
Gold 4 h .............................A1948 A-O 98 4 Sale 98 4 984
Q-F n o 1 1 1 4 110 4 110 4 14 1094112
98 99 h
R egistered.................. /*1948 Q-J ........ 99*4 97 A p r’* 1
07%
00*4
yb
*4
Apr
il
98 09*4
97 984
P itts J lino 1st gold Os... 1922 J -J 1124 ..... 112 4 Dec TO
R egistered............lboo-192 F-A
99 M ay'll
F-A
97 08 4
P J irn A Al Div 1at g 3 4al926 M-N 88 4 ........ 884 «84
goto 3 4»..............i9 a M-N
87 4 Sale 87'« 87 s 3 87 884
87*4 *884 G eneral
P L E A W V aS ysref 4slU4l M-N 9 14 92 914 914
Regi«t,ered................................
91 92 4 G enetal 4 s ................. i98. Q-F 9b% Sale 9983 '64 Apr■ 99’O'J
douthw Div 1st g 3 4 s ... 1025 J-J 9 04 914 9 1 4 014
8 34 914 btiiKtug iuud O a...1870*1929 M-N
R egistered.................. /il926 Q-J 8 8 4 ......... 89 4 A pr’lb
J a il’l l 34 .91 284 1 1992 4
1 1 1 4 ......... 112
Ceu UhlO'K 1st o g 4 4 a .. 193o M-S
lieg is tere<i...........1879-1929 A-O,
103
M
ar’JO
98
.........
A-O
111
>4 No VI ID
1
1
0
4
.........
01 Dor A \V oon 1st g 6b 1939 A O
SiiiKing iuud 6 s ...1879-1929 A-O 107 4 ......... 106 4 Apr T1 .... 106 I0e4
HO Dec TO
Motion Klv 1st gu g 6».. 1919
egistered............1879-1929 A-O 107 ......... 100 M ar 10
102 4 .... 10 2 4 Feb T 1 ... 1024102 4 D Robenlnre
Ohio Klver UK la t g oa. 193d F-A
o s......................1921
J-D
109s
A
pr’l
1
109
4
112
105 1 0 6 4 100 F e b ’ll .... 106 106
...
109
4
109
4
G eneral gold 6a.............1937 A-O 105 110 4 109 4 May’ i 1 ... 107 109 4
R ogisloreti........................1921 A-0
A-O
100 4 Feb To
Pitts Ciev A ’i'ol la lg Os 1922 A-O 1 1 3 4 ......... 113 4 F e b ’l l ... 113 4 1134 SUlkUtg 1UU<1 doll 6s........1933 M-N
109 ........... 109 A pr’ll .... i.084 109
P itts A W est 1st g 4 a... 1917 J -J 97 4 ........ 0 7 4 F e b ’l l
R
egistered................................
M-N
107*4
108
4
.........
.... 107 4 1 0 8 4
9
74
974
S tat l«l Ky 1st g u g 4 4a 1943
MU iib d s W est 1st g Os 1921 M-8 114*4......... 116 4 AMpr’ll
ar’l l
.15 1154
Beech Creek bee M V G A li J-D 80 ......... 100 No>’04
E x t do im p s fund g 6s 1929 F A 109% ......... 111 May’ll
..
Bellev A Cur bee Illinois Cent
Awliland D ir 1st g d a.. 1925 M-S 117%......... 142 4 F eb ’02 .. 1004 U1
Bruns A W est bee Atl Coast L
M idi D iv 1st g Os..........1924 J .J 117*8......... 118 J a n 'l l
118 118
Builalo N Y A E rie bee Erie
in co m es..........................1911
100-4 Dec TO
Bullalo K A P gou g 6 s ...1937 M-S 1 1 2 4 ....... 1124 May’ll
UhiO Rock isl da Pac O s...1917 M-N
100%
109%
109%
sale
J
J
1124113
1094
HO
1
Consol 4 4 a ........................196/ M-N 10<»4....... 108 4 D ec’to
R egistered........................1917 J .J lo ‘J 4 ........ 109 Aug’10
All a West la t g 4a g u ..1998
9 74 100 97 l-eO’H
J-J
07
■
*
I'tj^e
084
97
97
97%
»oJt
2 0 , 90
U1 A Mull la t gu g 6s___1943 A-O
R egistered.......................1988 J-J ......... 97 4 08*4 Feb T C
....... 103 j ’ly ’08
Kooh A P itta 1st g da...J 921 J-J
FA 1084
R efunding g 4 s ...............1934 A-O
1 U ....... 115 J ’ne'10
00 Hale 89*4 90 7* 8 8 4 00
Consol 1st g Os............. 1922 J-D
6
4
M
ar’l
l
1
1
M-N
0 74 J ’ly ’10
*116*4 i l 6 4
Bull A Susq 1st ret g 4S.K1961 J -J 1164...... 72 M ar ’ 10
Al *B.,
97 4 Apr ’ll
974 974
Bur C K A N bee C K 1 A P
-N 4s.................................. 191»J M-N
fM-N 09 8644 .........
94 Deo’09
96%
So 1st ext O a............. 1913 J-J 1024 103 1 0 2 4 1 0 2 4 20 10241034
Clan
O
4«...................................1917
94Q
May’JO
M-N
'2d 6b.................................. 1913 M-S 1014...... 1014 101s \ 1004 1014
P 4b.................................. 1918 M-N 9 4 * 4 ........... 0 4 h May’l l
94*4
R egistered......................1913 M-S
1004 J a il’l l ...J 1004 1004 Chic It I <fc Pao KK 4 s..2002 M-N 70'»»ale 76*4 76 V 349.. 01a4
724 77
Caro A Slmwn bee 111 Cent
R
egistered.....................2002
74
Q
F
eb’l
1
M
N
.!
744
744
Carolina Cent bee Scab A ir L
111 A rk <&Louis 1 s t4 4s 1934 M- 8 93 94 03*4 M ar’ll .... 934 04
Carthage A Ad bee N Y C A il
nurC K cto N— lttbg 6a.j93l!A -0 1 1 1 4 112 1114 M ar ll .... 1114 H 2 4
Ced it la F A N bee B C K A *\
Registered...................1934 A-0
1204 M ar’(>3
Ceu B ranch Ky bee Mo l’ao
CKlFite A W la t gu 5s. 1921 A-O
1U64 F eb ’l l , 1 06 4 1 08 4
Cent ol G» 14K 1st g G a..pi94« F-A 114 ......... 1144 A pr’l l ....1 1 2 4 1 1 4 4
M
A
61
L
1st
gu
g
7
a
..1927'
J-D
Consol gold 6s...................194o M-N 108 1084 109 100 1 5 107 4 109
Choc
O
r
3
o
u
geu
g
5»
.t/1919
J
.
J
102 4 M ar’l l .... 102 4 102 4
102*4
103
Registered......................xy^y M-N .........108 113 A pr’06 .... 1....................
•Consol gold os........................1952 M-N
1 U8 108«fe 109 4 Feb’ll __ 10 94 1094
le tp retin c o m e k ds....2/l946 Oct
K
ook A; DoS M 1st 6 s....1923 A-O
100 4 May’l l .... loo 1 0 0 4
1064
107
1 8 10 0
108
100
4
108
S tam ped..................................
0 4 Mar’l l .... 1 0 0 4 1 0 0 4 Jhio St d dc ^ c bee lu Com j
106 4 109
2« pcei income g 6s___pl946
t'e n u Co
102 Sale 102 103 i 15 »*5 1064 Jhic b l L do P itts
2 d piot income g 6s stam ped
102 102 4 10 0 M ar’l l .... 100 10 0 Hue St P dl do (J con 0s...i93o! J.D 124*4 1254 1244 May’l l .... 124 125 4
3a prei income g 6 s ....p 1916
Cons Os reduced to 349.103b1J.D 80 .........1 03 D ec'03*..................
96 100 98 May’l l . . . . 85 102
illls C E h l.A M .d iJ S BONDS—C ontinued on N ext P age.
S tre e t K nihvny
S tre e t R ailw ay
Brooklyn Rap T r g fos....... 1945 A-O 104 Sale 103*4 HH 36 102 104 Mot St Ky gen ool tr g Os. 1997 F-A ......... 75 734 A p r’l l
734 784
1st refund conv g 4s___2002 J - J 804 Hale 85 4 80 M402 8 24 *04 Kef g 4s..............................2002 A-0 ......... 46 4 46% Mur’l 1
45% 404
B kC ity lstc o n 6 s.1010.1941 J - J .........102 4 1024 May’l l
BwayJfc
7
th
A
v
ls
to
g
o
s
1943
102
102*4
J-D
102
103
.........102*4
i
102
4
102
4
B kQ C odj Scon g ug 6 s. 1041 M-N
TO
Col<& 0Lh AV IstgU g 6s. 1993 M-S
100 101
100 J a il’ll
Bklyn Un El 1st g 4-5s.l95o F-A li)*1 10 2 10982 Deo
6 1004 1 0 2 4
Lex Av & P F 1st gu g on 1993 M-S 994101 100 A pr’ll __ VlHa loo
10 2
Stamped guar 4-5S....196U F-A
Third Avo HR con gu 48 2000 J-J
60 01
102 4 10 2 May* 1 1
01 M ar’l l
1004 10 2
Kings Co El 1st g 4 a....1949 F-A 102
8 2 4 ......... 844 D ec’l l
58*4 04%
C en tT r C ocertfs stm pd...
63 4 8nl* 634 04 i id 108
jStam ped guar 4 s .........1940 F-A 83 4 814 84
84
Third Avo Ry 1st g o s..1937 j* J 109
111
109
May’l
l
ft
82
4
84
4
4
110
N assau Elec gu g 4s ....1951 J-J 80 Hale SO
80
78 81 N Or! Ry & Lt gen 4 4 s ..1935 J - J 81 87 8 4 4 *5 4 10 84 854
Conn Ry<fc Llstifc ref g 4 4 s ’51 J-J 101*4 1024 1UI’, A v r'll 10 101*4
St Jos lty L t II do P ls tg 5 s ’37 M-N 08 .,
101*4
Stam ped gnar 4 4 s .........1951 J -J 0 1 4 ......... 1 0 1 4 Apr T l .... 1 0 1 10 2 s t Paul City Cab con g 6 a. 1937 J-J 1064 ......... 1064 A p r'll .... 106 1064
Det United 1st con g 4 4®-1932 J .J 182
83 82 May’ll
Ry <fc Dt 1st a I 5S.19A3 A-O 034 034 08 4 98 4 8 97% 99
Kb 4 82*4 Tri-City
H avana Elec consolg 5 s. 1952 F-A *07 ......... 97 M ar'll
98 A pr'09
9 44 97 4 Underground of Lon 6 s ... 102b M-N
Inter-M et coll 4 4 s.............i960 A-0 70 4 Sale 71) >4 IV*. 316 78%
80
4
4
s
.....................................
1933 J .J 94*4 95 0 4 \ '*5 29 004 95
In ter ltap T 3-yr conv 6 s. 1011 M-N
100 A pr’ll
69% 63 72 384 63
10 0 1 0 0 4
Income
Os..........................1945
63
Sale
43-year 6 s Series A .......1952 M-N 1034 Sale 103*4 1 U8 4 31 103 4103 4 Union Kl (ChiO) 1st g 6 s ..1946 A O
84 O c t’08
67 4 M ar’lo
In te rn a t Trno ooll tr 4 s ..1040 J - J
U nited Rys S t L le t g 4s. 1034 J .J ....... 77 80 Aug’10
M anila Elec lst<& coll 6 s. 1063 M-S
98 May’OO
09 4, ai 69 72%
United R Rs San F r s f 4a. 1927 A-0 68 694 69
•N o prlco FrnUy; latest this week. IIFlat. aDuoJ& u d Dne A rr e line May oD uA J’ne hD ne J ’ly
oDae Oct V Due Nov $ O ption Salo




101*4

" 1*7*4100

•’l

96*4

100 ....

1360

N ew York Bond Record— Continued—Page 2

BONDS
Price
Weetfs
Range
Friday
Range or
Since
if. Y. STOCK EX C H A N G E
M ay 19 Last Sale
January 1
W brk E nding M ay 19
But
Ask Low High
Low High.
Chic S t P M A O—(Con)
......... 1244 M ay'll
Ch S t P A Minn 1 st g 6 s 1918 M-N 123
124 126 4
123*4 126 1294 May'09
N or Wisconsin 1st o s...1930 J-J 112
4 1 1 2 34 112 4 A pr’l 1
St P * b City 1st g 6 s ...1919 AO
11 14 112 4
Chic A W estlnd gen £08 9 1 0 3 2 Q-M 109 109 4 109 May’l l
109 1094
Consol 50-year 4s.............1952 J . J 93 4 Sale 1 93 4 93 4
92 4 9 3 4
Chic A W' AlicU bee Pero M arq
Choc O A Gulf bee C It 1 A P
A pr’ll
Util H A 1) 2 d gold 4 4 s ... 1937 J -J 101 102
101 101
M ar’ 1 1
Cln D A I 1st gu g o s ... 1941 M-N 104 105
1024 1044
M ar’11
C Find A F t W 1st gu 4s g.*23 M-N 87 4 90
83 88
M ay’ll
Cln l A W 1st gu g 4 s.1953 J-J 88 89
83 88
May’l l
Ind Dec A W 1st g 6 s ... 1935 J-J 106 ........
103 105
1st guar gold 5a............ 1935 J-J
107 4 D ec’02
O 1 S t L A U bee (J C C & S t L
Cln S A U £’«« C C C St D
C ieardeidA M ah #<?<» H K A P
Olev Cm C A b t D gen « 4s 1993 j- n 94*8 95 944 04 4
9 3 4 95
Cairo Div 1st gold 4 s ....1939 J-J 92\ .... 92 Feb’l l
92 02
Cln VV A At Div 1st g 4s. 1991 J - J 91 934 93 4 L ec '10
St L Div 1st col tr g 4 s.. 1990 M-N 934 94 924 A pr’ll
92 4 94
Registered......................1990
90 .... 91 Oct ’07
Spr A Col Div 1st g 4 s.. 1940 M-N
*904 ..... 96 Dec'09
M
S
W W Val Div 1st g 4 s ... 1940 J - J 9 1 4 ...., 9 14 Dec’10
Fob ’ 10
C 1 S t 1, A C consol Os.. 1920 M-N 1064
....
97 4 M ar’l l
1st gold 4s.................... /cl930
9*6** ‘ O f
9 54 ..... 105
R egistered.............../C1930 M 9 4 4 ___ 96 Aug'10
Cm S A Cl con 1st g 6 s. .1928 J-J 107 .... 1064 Jan107’l4l
106 1004
0 C C A 1 consol 7s......... 1914 J-D 1 0 7 4 ___ 1074
107 4 1 0 7 4
Consol sink fund 7 s....1914 J-D
1254 F eb’l l
General consol gold Os. 1934 J-J 122
125 41*5 4
Registered...................1934 J-J
94 J ’ly ’oa
inu B IA W 1st urot 4 s .1940 A-0
O lm iA VV 1st pf 5 s...<11930 Q-J
90 93
921 92 May’l l
Peo A bast 1st con 4 s ...1940 A-O 9451 4 49
60 May’l l
50 6 1 4
incom e 4s....................... 3 990 Apr
Olev A .Marietta bee Penn RR
Clev A P itts bee Penn Co
Col Midland 1st g 4s.........1947 J -J 0 2 65 62 4 May’11
62 4 CD
96 4
O oloradjA Sou 1 st g 4 s ...1929 F A 9 64 bale 96
94 4 9 7 4
9 7 4 984
Rotund A ext 4 4 s .........1935 M-N 984 Salb 984 y83«
F t W A Deu C 1st g 08..1921 J-D 1124 1124 112 4
1 12 4 U 3
Oolutn A tireenv bee bo Ry
Col A hock Val bee iiocit Val
Col A Tot bee Hock Val
Col Conn A Term bee N A W
Conn A Pas Rivs 1st g 48.1943 A-0
100 Muy’lO
Cuba RR 1st 60-yr 5 g .... 1962 J - J
A U t bo bee C A1 A b t 1'
D ak
alias A Waco bee Ai K a T
Del Lack A W estern—
M orris A Essex ls t7 s ... 1914 M-N 1 0 7 4 ... 108 108
103 1084
1st consol guarY e.......1910 J-I) 1104 1114 11 04 l l y 4
11041U 4
1 1 1 4 Deo’ 10
R egistered...................1916 J-D
90 ......... 91 Jan ’l l
1 s t rot gu g 3 4 s ............2000 J-D
91 91
N Y Lack A VV 1st Os...1921 J-J 1154 116 116*4 May’l l
15 4 1104
Constructiou os...........1923 F-A 1074 1 1 0 1 0 7 4 M a y ' l l
107 4 107 4
Term A im prove 4 s .... 1923 M-N 99 100 4 99 99
99 99 4
W arren 1st ref gu g 3 4 s .2000 F-A 87 ......... 102 4 Feb’03
4 May’ 11
Del A H ud 1st Pa Div 7s. 1917 M-S
1164 116 lia
11 6 4 HO
149 A.ug’01
Registered...................... 1917 M-S
99 4 b a*00
10-yr conv deb 4s...........1910 J-D 994 1 UO 1014
9 8 4 100
y
'll
101 103
1st Ueu equip g 4 4s ....1922 J - J 1014 1014 09 99
1st Aref 4 s ........................1943 M-N 084 99 9 3 4 May’11
9 8 4 100 4
93 4 94 4
▲ lb A bus conv 3 4 a ........1940 A-0 93 4 94 4 124 May’l l
Reus A baratoga 1st 7 s .1921 M-N 122 ...
1234 1* 44
Del Rlv R R bridge bee P a RR
92 04
Deny A R G r 1st oou g 4 s.1930 J-J 93 93 4 1014
93 4 l e c93’ 104
Consol gold 4 4 s............... 1930 J-J 9 9 4 ........
.
10 0 4 10 1
Im provem ent gold 6 s ... 1928 J-D 109 1014 LUO*. 10U-1
914
90 9 3 4
1st A refunding 5a.........1965 F-A 9 14 914 L044
914 M
. ar’l
l
10141044
Bio Gr J uno la t gu g 6 a. 1939
’ 11
614 614
......... 76 085[ Aur
Rio Gr bo 1st gold 4s. ..1940 J-D
J
-J
M ar’OS
G uaranteed.................... 1040 J - J
92
9 0 4 924
Rio G r W est 1st g 4s___1939 J - J ......... 914 91 4 83
4
834 854
M ge and col tru st 4sA . 1949 A-0 ......... 84 ■-i 834
U7 J a n '0 2
U tah Cent ls tg u g 4 a al917 A-0
Mol A F t D bee M A b t L
§es
1 1 1 ) Hep’lM
esM ol Un Ry 1st g 6 s..1917 M-N
94 S ep ’lu
et A Mack 1st lien g 4 s.1995 J-D
93
83 4 93
Gold 4s.................................1996 J-D 93 Sale 92
74 Oct TO
D et bo—O b Div la t g 4 s .1941 M-b 7 34 74 1084
l
108 4109
D ai A iron Rauge 1st oa.. 1037 A-O 108 4 199 106 4 May’l
M ar’ub
Registered..........................1037 A-O
*1*04“ i*04*
2 d 6 a.................................... 1 0 1 0 J-J ------- ...... 104 i'e b ’l l
Dul Short Line bee N or Pao
108 108
Dill bo bhore A A tl g 6 s..1937 J-J 1064109 108 J a n ’l l
L 'a a to t M inn />’«<»s tP M AM
H iast Ten Va A Ga bee bo Ry
Elgin Jol A E ast 1st g 68.1941 M-N 1 1 1 4 ......... LOS'iKoT'lO
Elm Cort A N o bee Leh A N V
E rie 1st consol gold 7 s ....1920 M-S 1194 Sole 119*4
11841204
N Y A E rie ls te x tg 4s 1947 M-N 1 0 1 lu* 1 0 1 Hi 1 0 1 * 1
10041014
.May'll
2d ext gold 6 s .................1919 M-S 107 ......... 1057,
104 4 108
1014 10 34
3d ext gold 4 4a............. 1923 M-S 1 0 3 4 ......... 103 4 May T 1
105
4
Mar’l
l
105
105 4
A-O
4th ext gold 5s............... 1920
1064 1084
TO
5th ext gold 4s...............1928 J-D 99 ......... 1 1 8 UFeb
c l '1 0
N Y L E A W ls tg fd 7s. 1920 M-S
87 4
Erie 1st con g 4s prior.. 1990 J-J 804 874 87
8 4 4 87 4
82 4 83*4
R egistered...................1990 J-J 83 4 «o 4 83 4 May’l l
7 3 4 77
1st consol gen lien g 4al990 J -J 77 77 4 76
4
ri
85
4
Feb’07
Registered...................1990 J-J
8 84 3 86 8 8 4
Penn coll tr g 4a.........1951 F-A 88 4 90 88
262 73 84
60-year conv 4 i A ___1953 A-O 84 bale 80
4 a‘i
76-. 237| 69 75 4
do
berics B.1950 A-0 744 bale 74
Bull N V A E rie la t 7 s.. L91U J-D 1 1 1 4 ....... 1 1 0 4 Jau 'l l
11041104
2 1114
113
Clue A Erie 1st gold 5 s.. 1982 M-N 1 1 2 bale 1l 1114
11­
ill 1114
Clev A Mahon Vai g 6 s. 193a J-J 1 1 0 4 ...... 1 A pr’l l
12441*6
Long Dock consol g 6 s..1936 A-O 124 4 ....... 1244 May’l l
Apr TO
Coal A RR 1st cur gu 6a. 1922 M-N 1054107 114
Dock A Im p 1st cur 6a..1913 J -J 1 0 1 4 ....... 1004 Jan ’l l ....j 10 04 1004
99 4 Nov'10
N Y A Green L gu g 6 s. 1940 M-N 100
....... 104
4 May’l l IIIIl-io K 104*4
N Y bus A VV 1 st ref 6 a. 1937 J-J 1014 105
2d gold 4 4 s.................... 1937 F-A 80 ....... 1004 D ec'06
General gold oa.............1940 F-A 80 84 874 Feb’ll
*8*64 874
Term inal 1st gold 6 s ... 1943 M-N IO'joq H U 4 110 4 Nov’ 10
Mid of N J 1st oxt 6 s .. 1940 A O 1104
1104 Deo’10 .
W llkA Ea la tg u g & a ... 1942) J-D 99 4 1014 9 9 4 May’l l .. | 9 9 4 1 0 1
Ev A in d 1st con g u g Us.. 1926' J-J 1 1104
112 V ll i G et'09,.

BONDS
N. Y. STOCK E X C H A N G E
WffKK EtfDtNH M ay 19

Week's
Range or L
Last Sal-o |“

Range 1
Since
January l
E rie A P itts am Penn Co
I R id
A sic Low H igh' bo Low Huth
E vans A T H 1st cons 6s. 1921 'j
1124 1l* 7a 1 12 *8 M ay 'll1.... 112 4 1 13
1st general gold 6s......... 1942 A
101 10*
102 101 May’ll
M t Vernon 1 st gold 0a..l923 A
114 A pr'06
ball Co Branch 1st g 6s. 1930 A 1074 11*4 95 J ’ue’08
L 'argo A bo bee Ch M A b t P
F liut A Pere Al bee Pore Mar
Fla C A Penin bee *ea A ir Line
Florida E Coast 1st 4 4 s .. 1959 j
06 4 983a
0 8 4 181 95 084
90 95 9927 4 Aug’10
F ort b t U D Co 1st g 4^3.1941
F t VV A Rio Gr 1st g 4 s ... 1928 J83 8 4 4 82 4 A pt’l l
*8*24 84*4
t ' al H ar A b a bee bo Pac Co
VT al H A H of 1882 1st 5 s .1913
0 7 4 9 8 4 07 4 A p r'll
9 74 984
Georgia A Ala bee bea A Line
Ga Car A Nor bee bea A ) une
Georgia Pacific bee bo Ry
Gila V G A Nor bee bo Pao Co
Gouv A Oawegat beeii Y Cent
G rand Rap A Ind b’e sPenn RR
G ray’s P t Term bee b t L b VV
Gt N or—C 11A y coll tr 4s 1921
0634 Sale 9034 07
954 97
Registered. A ................... 1921
......... 97 964 May'll
954 06*4
S t Paul M A Man 4s___1933
9 9 4 ....... 91)4 »9 4
98
4 99 4
1st consol gold 6s.........1933
126*4........ 1^64 A pr’ll
1 2 0 1274
R egistered...................1933
132 A pr'09
Reduced to gold 4 4s 1933
1054 M ay! 1
105*4
10 5 ** io * r
R egistered............... 1933
1034 J ’ne’09
Mont ext 1st gold 4 s ..1937
954 May’ll
95
4
*9*6*4 " 9*84
Registered...................1937
I 0 0 4 out ’u 6
96 .
00*4 j UI1
K M inn N orD iv lstg 4s 1948
Minn Union la t g 6 s..1922
115
4
A
pr’l
115 4 .........
115 4 U 0 4
M outC 1st gu g 6 s....1937
128-4 bale 1284 1*84
127 1284
Registered...................1937
125 4 ......... 1364 May'06
1st guar gold 6a........1937
112
4
A
p
r'll
112
4
114
112 4 112 4
Will A b F 1st gold 6s 1938
1 1 3 4 ........ 1124 Feb’l l
112*4 1124
G reenbrier Ry bee Ches A O
Gulf A b 1 1st ref A fcg 6s 61952 J -J 89 4 Sale 894 894
8 84 914
bee N Y N H A U
H ousatonlo
ock Val 1st cons g 4 4 s. 1999
103*4 Sale 1034 1034
1014 1034
R egistered..........................1999
1004 S ep ’08
95 M ay'll
Col A H V 1st ext g 4 s ..1948
94 4 ..
95
96 F eb’l l
96
Col A Tol 1st ex -Is........1965
90
H oust E A W Tox bee bo Pac
H oust A Tox Ceu bee bo Pac Co
H ous B elt A Term 1st 5s. 1937
100 1014 1014 Feb’l l
1 0 1 4 10 14
102 102 A pr’l l
I llinois C entral 1st g 4 s..1951
1014 103
Ay:-’07
100
R egistered......................1961
1074 M
1st gold 3 4 s......................1951
39 ar’l l
89
864 904
89 A p r’l l
R egistered......................1951
89 89
88
Extended 1st g 3 4 s....... 1951
934 JM»y’w9
80 ’ly ’U9
1st gold 3s sterling.........1961
08
98
Coll T ru st gold 48............1962
984.
98 934
99 J ’ne’UO
96 ,
R egistered......................1962
1st rof 4s .
.1955
974
97 4 F ob’l
973b '
9
6 4 98
l
87
Purchased lines 3 4 8 ....1952
80 87
854 .
98 U84 98 4 984
D N U A Tex gold 4s ...1953
97
4 984
R egistered...................... 1963
944 J a n ’l l
95 4 .
944‘ 914
Cairo bridge gold 4s___1950
96 974
96*4 074 97 4 F eb ’l l
LouisvDivATorra g3 4 s. 1963
86 4 May’l l
8 54 864
123 May’99
102 .
Middle D iv re g o s...........1921
Gmalia Div 1st g 3s........1961
76 4 May’l l
754
75 4 76 4
Jat.
’l
l
b t Louis D ivA terui g3s.l951
764
764
75 4 764
Registered..................... 1 1 1 5 1
86 4 May’l l
80 804
Gold 3 4 s ....................... 1951
R egistered...................1951 „
1014 o ct '99
1 0 0 Nov ’ 00
87
Spring Div 1st g 3 4 s ...1961 J
9 64 A pr’l l
W estern Lines 1st .g 4 s..1961 F96 4 .
96*4 964
1923 j .
Bollev A« Car .1st- 6».......
. 118 ll7 4M ay’lO
964 Oct TO
Garb A Shaw 1st g 4 s... 1932 M **9*4*
. il*7* 116 F eb ’ll
Ohio b t L A N O g 6 s ...1961 J*
11641164
114 FeO’ll
R egistered......................1951 J
i’u * a .
L13 116
90 Oct '09
Gold 3 4 s......................... 1961 J
8
4
4
93 .
97 4 M ar ’ 10
Momph Div 1st g 4 s ...1951 JSt L bou 1st gu g 4s___1931 M* 9 4 4 .
93 J ’ly ’ub
Ind B1A W est bee O C U A b t L
Ind 111 A la 1st g 4s......... 1960 J
96 4 90 4 904 A p r'll
95 964
In t A G reat N or l8 tg 6 s..1919 M- 108 4 109 108 4 103 4
107 4 109
2d gold 6s...........................1909 M* 1*04 1*2 120 1 * 0 4
112
1214
T ru st Co certfs............................
1224 M ay 'll
105
3d gold 4s...........................1921 M
214 May’ll
15 4 1*24
21
1 0 0 4 1 0 1 ^ 101 May’l l
Iowa
entral la t gold 5 s..1938
J
101 103
GoldC4s................................
1951 M67 68 07
674
03
09
Jam es F A Clear 1st I s ... 1959 J96 ........ 95 4 May’l l
9 44 954
L al A A G it bee l , b tvj M &
IViui A Mich bee Tol A O C
K C F tb A M S e s b tL A b F
K C A M R A 11 bee b t L A S F
Kan c A Pacllio bee M K A T
Kan City Sou 1st gold 3 s ..1960 a - 7 3 4 Sale 7 3 4 73 4
73 4 744
Registered..........................10 5 0 a - .................... 63 Oot '00
Ref A im pt 6 s.........Apr i960 a - 101 Sale 101 101
10 0 4 10 2
Kansas City Term l 1st 4s 1UUU j .
9 34
98 A pr’l l
964 93
iveutuoky Ceut bee L A N
Keok A Des Mo bee C R 1AP
Knoxville A Ohio bee So Ry
I ako E rie A VV 1st g 6 s.. 1937 j . 110 111 109 4 May’l l
1034 1114
-Li 2 d gold 6s........................1 9 4 1 j . 104 4 105 4 104 4 May’l l
1044
N orth Ohio 1st gu g 6 s.. 1945 A­ 109 4 .........1104 M ay'll
108 4 1044
1104
I* Sho A Mich S bee N V Cent
Leh V alN Y 1st gu g 4 4 s. 1940 J . 1064 Sale 1054 100
105
4
1064
Registered......................... 1040 j . 104*4.........104 4 Jau 'l l
104', 1044
Lehigh Val (Pa) cons g Is.2003 M- 904 ........1 964 May’ll
904 1114
97 4
113
Leh V T er Ry 1st gu g0s.l94L a - 1 1 3 4 .........114 May’l l
R egistered..........................i o n a - 1 1 1 4 .........113 M a r'll
113
113
Leh V Coal Co 1st gu g 6s. 1933 j . 107 4 .........103 Nov’u9
Leh A N Y 1st guar g 4 s..1945 M9 3 4 ......... 1 934 M ar’10
R egistered......................... 1045 M«
E 1 C A N 1st p f 6 s ....... 1914 A- ib T * .*!!!!! i*0*i*4 "FobTO
Gold guar 6a.................. 1914 A- 1 0 0 4 .........10L4bep '09
Loh A H ud R bee Cent of N J
Leh A W ilkeab bee Cent of N J
Leroy A Caney Val bee Mo P
Cong Dock bee Erie
Long Isl’U—1st con g 6s./tl931 Q. 1104112 110 4 F eb ’l l . . . . 11041124
1st consol gold 4s.........A1931 (J96 .........
G eneral gold 4s.................1338 J92 4 ........ 96 Fob’l i . . . . 96 90
Ferry gold 4 4 s.................1922 M95 100
4 A pr’l l
9 84 984
Gold 4s................................1932 J92 95 98
Oct ’00
Uullled gold 4 s .................1949 M ......... 95 994
93 May’l l ....'I 93 954
0

lU IbC E LL A N K O U si BO N D S—C 'ontinuod on N ext P a g o .

c;
c
c

l*nn and E lectric L ight
(in« anti K luctrio L ight
A tlanta G L Co 1st g 5 s...194’. J-1) 1 0 2 4 .........
N Y G E L H A P g 5 s...1948 J-D
Bklyn U Gas 1st con g 6s. 1945 ,Vt-N 10741084 168 108
Purchase
money g 4 s. ..1949 F-A
1054
108
1
Builalo Gas 1st g 5s...........1947
Ed El 111 1st cons g 5 s .. 1995 J -J
62 4 6-4 4 01 *» M ay'll .... 59 4 614 NYAQE1
Columbus Gas 1st g 5s___1932 A-0
LAP
Istco n g 5 sl9 3 0 F-A
J
-J
D etroit City Gas g 6a.........1923 J-J 1004 Sale 100 4 100 4 2
N Y A Rich Gas 1st g 5s. 1921 M-N
D et Gas Co con 1st g 6S...191.': F-A 100 4 ......... 9 5 4 Sep '08
.............
Pacific
G
A
Eleo
Cal G A E
K qG L N V iste o n g 6a.. 1932 M-b 105 4 106 4 1064 100 4 4 105 4 1064 corp unifying ACorof
5s 1937 M-N
Gas A Eleo Derg Co c g 6s. 1941* J-D 101 ......... 6 14 Oct ’01
t’eo
Gas
A
C
la
t
con
g 68.1943 A-0
Ur Rap G L Co 1st g o s ...1915 F-A 99 101 100 Oct ’OD
Refunding gold 6s.......... 1947 vl-S
Hudson Co Gas la t g o s.. 1949 V1-N 1 0 8 4 ......... 103 4 A p r’ll
103 104 4 C h G -L A C k elstg u g o s 1937 J • J
Kan City (Mo) Gas 1st g 5s 1922 A-0 98 094 994 .Mar’l l
99 4 99 4 Cou G Co of Ch 1st g u g 08 .’36 J-D
K ings Co El L A l ’ g o h ... 1937 A-0 105 4 loo 4 105 4 106 4 25 1014105
4 I nd N at Gas A Oil 30-yr5s’36 M-N
Purchase money 6s......x9 9 7 A-0 1 1 *1 4 ......... 115 4 May’l l
1134
1154 Mu Fuel Gas 1st g u g o s.1947 vl-N
Ed El H Bkn 1st con g 4s 1939 J-J 88 4 ......... 89
89 It 87 4 90 Philadelphia Co conv 6 s ..1919 F-A
ipb
Lao Gas L of S t L 1st g 6 s.01919
I 0 2 4 sale
4 1034 C 102 103 4 Syracuse Lighting 1st g o s.’51 J-D
Ref aud ext 1st g 6s....... 1934 A-0 1 0 1 4 ........ 102
101 4 May’ll
100 1 0 1 4 Union Eleo L A P lstgO s.1932 •VI-S
M ilwaukee Gas L 1st 4 s ..1927 V1-N 9 0 4 914 904 91 15 90 91
Ref A ext 6s .....................1933 /!-N
N ew ark Con Gas g 5s........1948 J-D 104 ......... 100 4 J a n ’ll
10041004 W estchester L lght’g g 5s.l95b J-D
♦ No price Friday) latest bid and asked this week, a Duo Jan 6 Due Feb d b ue Apr sDue May fcD u eJ’ly




Price
triday
May 19

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

104 1044 104 104 4 32 10 2 1 0 1 4
89 4 Sale Hi)
89 4 42 87 894
1114 1114 1 1 1 1 1 1 1 4
1 0 1 4 M ar’ll __ 10 0
1014
1014
97 4 J ’ly ’09
95 Sale 95
954 10 914 98*
1194 112 4 M ay'll
1154
1104 1194
10 14
10D4 10 2 4
I
0 l«* 102 4
103 1084 103 4 May’ll 7 102*4
103*1
10 1
1 0 1 ^ 1014 A pr’ll
10 1^
10 1
90 90 M ar'll
90
HI"!
1*
0*64
1 0 0 **,
1 0 U \ A pr’l 1
1004
1 1 0 4 113
108 1 1 0 *ii 104 n o
98
93
99
90
95 97 4 93 A p r'll
93 90V
105
106 106
1 104 105
Due Aug q Due Deo j O ption Sale
1114

M a y 2 0 1 911.

New

York

Bond Record—Continued—Page 3

13611

BON n s
Week's -■ «'I! Range
Price
BONDS
Range
Weekft
Price
Range or ^ - I Since
N. Y. STOCK EX C H A N G E
Friday
Friday
Range or * 2 Since
N . Y. STOCK EX C H A N G E
Last
Sale -s'c January 1
M
ay
19
January
1
Last
Sale
W kkk E nding AIay 19
.1la y 29
W kkk E nding m a y 19
Loic
Hiah. Ho Low H igh
Bia
No
Low
H
ip/i
£
R
ia
Ask
Lou
High
Long
9 8 4 D co’10
99
Beech Creek ls tg u g 4 s.1936
104 196 *4 104 4 D ec’08
„Debe
,b eIsland—(Con)
n tu re g old6s.......1 9 3 4
93 00
99 M ay'll
R egistered.....................1936
96 4 96*4 96
904 i 954 97
G nar rof gold 4s................1949
107 ........
2d gu gold 58................1936
103*4.........H O ^ N o v ’UO
N Y B A M B lstc o n g 6 a l9 3 6
Beech
Cr
E
xt
ls
tg
3
43
61051
84
4
........
101*4.........105 A pr’07
N Y A R B 1st g 5s........1927
C art A Ad 1st gu g 4 s...1981
......... 97 97 4 A pr’09
......... 106 May’ll .... 103 4 106
N orSliB 1st con g gn5sol932 Q-J 106
A Oswe la t gu g 5s 1942
97 97 4 96*4 97 4 8 04 4 97 4 Gouv
Louisiana A A rk 1st g 5s. 1927 M-S 1144116
99 99 H
*99 4 M ar’l l
A Alai 1st gu g 4 s..1991
*984 1*0*0* 105
115 May’l l
lU*fl UG^j Moll
L ouisvA N ashv Ren g 6a. 1930 J-D
Oct *02
05 4 100
R gu 1st 4 s ...1930
4 .........112 4 Apr ’l l *5*6 1 1 2 4 H 2 4 NN JYJuA nHoarlem
Gold 5s......... ......................1937 M-N 112
*9*0*4 *9*6*4
90 ........ 99 4 F eb ’11
g 3 4 s ...2000
9 8 4 98*41 97*4
9 8 ^ Nov’1
99 1
0 8 4 99
Unilied gold 4s.................1940 J - J ....................
N Y A N orth 1st g o s ... 1927
1 0 6 4 ....... 108 O ct'09
R egistered......................1940 J - J
07 4
1st con gu g4s 1993
95 4 97 0 74 F eb ’l 1
ib d" 109*4 NNorY AA PM1 1ont
109 ......... !109*4 F eb’l
Coll tru st gold 5s............. 1931 M-N 1114112
la t gu g 58.1910
111 l 4 M ar’1
111 112
E H (ft N ash 1st g 6 s ....1919 J -D
Creek reg guar 6s. 1932
13*14 J an *09 1 107 4 110
105 4 ...........105 4 105 * a 104*8 105 4 Pino
L C ln A Box gold 4 4a. ..1931 M-N 122
R W A O c o n ls te x t5 s ./il9 2 2 ___ 107 4 110 1 1 0
no
118*4 May’l
118*4 11^*4 Oswe
N O A M 1st gold 68-----1930 J . J 1 8 4 .........
gu g 6s...el9 1 5 F-A loo 105 105 JaD ’08
.........118«ft Fob' I
n8<4 11H«8 R VVAAORT 2d
N O A M '2d gold 6s........1930 J..] 19578
1st gu g 5s. 1918----- 1 0 3 4 ....... 104 J ’ne’iO
98 I 964 A pr’1
964 994 Rutland 1stR con
Paducah A Mem div 4s..1946 F-A 106 109
g 4 4 a .. 1941
9 6 4 ....... 103 4 B'eb'lP
1105*4 M ar'll
1054 1054
Pensacola Div g old 6 s...1920 M-S 114 .........113
OgALCham Is tg u 4 sg l9 4 8
8 94 91 9 0 4 May’l 1
8 54 904
’1 ' " "
S t L Div 1st gold 6s....... 1921 M-S 7 14 73*8 71 4Sop
92 J ’ne’uy
1st gu g 4s. 1940
7 14. StKut-Canad
2d gold 3s........................1980 M- S 93 *8 Sale I 93*8 F eb93*’l 63 7921 4 934
Io*8 * i 1 0 * 115 J ’ne’09
Law A Adtr la tg 5s. 1996
A tl Knox <ft Cin div 4 s.. 1955 M-N 112
....................
119 ....... L25 Jfeb’08
2d gold 6s........................1996
112 Deo’l
A tl Knox A N or 1st g5sl946 J -D 105*8.........JOB
994 Sale 99*4 100 Ye io o " io o ”
U tica A Blk Riv g u g 4 s .1922
106
Hornier B dgelstaIgG a.1931 M-S 94 4 95 95 A pr’l
89 90 89 4 90 19 8 84 90
Lake Shore gold 3 4 b. ...1997
1 Ibd
95
94 30
K entucky Cent gold 4 s.. 1987 J -J 103*4..........'103 D ec’l
88 89 88 A p r’11 ...' 88 8 84
R egistered...................1997
L&N A M (ft M ls tg 4 4s L945 M-S
95 62 03 95
D ebenture g 4s.............1928 ... _ 94 4 Kale 99414 94*4
L A N-South M jo in t48.1962 J .J ......... 884! 8 84 80 ....5 88 « i
236 9 2 4 944
25-year g 4 s ................ ^1931 m -N 944 Sale
u>8u u u *
N Fla A S 1st gu g 5 s... 1937 F-A
110
4
.......
Ka
A
A
G
R
1st
g
uc
5s.
1938
J
.J
N&C Bdge gen gu g 4 4 s 1945 J - J 100 4 i n 4 M ar’l’i !• i ’1 0 4 i Vi 4
Mahon C’i RR 1st 5 s ..1934 j . j 1 1 1 4 ....... 100
.... lid iid
Pens A A tl 1st gu g 6 s..1921 F-A 1104 . .110 J
itts A L E rie 2d g 6s.al92« A-0 107 4 ......... 1304 JDaec’09
S A N Ala con gu g 5s.. 1936 F-A
■ 1 .1241- - -- .... I l l 's 1124 PP ittsM
n ’09
cK A Y ls tg u 6s. 1932 J .J 122 4 .......
L A Jell Bdge Co gu g 4 s.. 1945 M-S 92*4 94 92*4 May’ll .... 92 94
2d guar 0s........................1934 j . j 120 .......
L N A A Ch See C i & L
M cKees A B V ls tg 0s 1918 j . j 107 .......
i\/| alion Coal See L S A M S
in in
Cent 6s......................1931 M- 8 119 115 111 Aj pr’l
OS's M idiR egistered...................1931
1 96
96*4 2
lx la n h a ttan K yoousol48.1990 A-0 963* 97 104
ue’90
q . m 1 0 9 4 ___ n o
R egister cm..................1990 A-0
'11
90 09
4s....................................... 1940, J . j 98 100 99 Jau
3 0 6 4 9 84
Strand tax exem pt.. 1990 A-O 97*4 97 V 97 4
ec’09
R egistered...................1940 j . j 96 ___ 98 D’no08
M anila R R —Sou lines 4s. 1936 M-N S6
J L A S 1st g 3 4 a ........1951 M-S 8 6 4 884 90 JMay’l
I
AloK’p t A B V See N Y Cent
87
l
88
23 99*8 100
1st g 3 4 s ........................1952 m -N 87
Mex Cent cons g 4s...........1911 J - J 100 10 0 4 100 100 ....
014
20-year deb 4s............... 1929 a -0 92 024 924 92*«
ls to o n s in o g 3s.........a l» 3 9 J ’ly
B at c A S tar 1st gu g 3 s.1989 j - d
1....
2d cons inc g 3s tru st recta...........
9941004
N
Y
Ohio
A
St
L
1st
g
4s
1937!
A-O
99
4
.........
9
9
^
M''....
M ox lnternat 1st con g 48.1977 M-S
9 8 4 100 P ec *09
R egistered........... .19371a -O
.... ....................
Stam ped guaranteed— 1977 M92
02*8 14i 9 0 4 9 2 4
D ebentures 4s...............1931 M-N 914
Mioli Cent See N Y Coot
101 1014 8 10 0 4 10 14
W est Shore ls t4 s g u...2361 j . j 101
Mid ot N J See Eric
0 8 4 1004
R egistered............. 23611j . j
98 4 9 94 99 May’ll
MU L a * W tier, Uliio A N W
i
Y
A
Greenw
Lake
Sec
E
rie
MU & Worth A're Uli M * a t £
H
ar
See
N
Y
C
A
Hud
129
.........
....
130 130 i Y Lack A W See D L A W
Minn * St l. ln t gold 7S..1U2J J-D n o ......... 130
....
l’aciiKi J£i 1st ptolil l>s...1U-1 A-O 104 4 106 118
Y L E A VV See Erie
.... 1 0 5 4 10 0
lo
t
euusol
gold6«v
;
.
.
—
1
0
jJ
JJ-N
3
69
4
70
69
65 74
1st am i refund gold 48..194J M-S *81 ......... 80
l
9 3 4 944
934 94 934 May’l
.... 80 814
Den M * F t D ln t «u 4 n...MB J -J
07
05 1004
Conv deben 3 4 s ..............1956 j . j ......... 97 97
M inn
N j - j 97 97*j
1324 1344
44 Oct
133'1 04
Conv deben 6 s .................1948 j . j 133 133 4 1133
2 93*4 98
M
s ti'** aaat M1. cnilo nam
( t4 BmOtgUuA as
1
2
H ousatom c R con g Os.. 193 / m -N 1124 ... 107 Aug’00
....
M BBM Jb A ln tB ltn tg lllS J B J -J
H A D erby con cy 6s,1918 m -N 101*4... 87 May’l l
Mini.
Uu * Cent
« « 8 tP1stM 5*sM...1919 J - J 9 6 4 ___ 93 4 M ar’l l .... 9 3 4 93 4 NProvidence
8 4 4 87
dec deb 4 s.. 1957 m -N 85 4 864
M
ississippi
1 Y A N orth See N Y C A i l |
16 90 4 98
4 97 97
Mo 11.HU Hi T ill ln t K 4n...1UUU J JJ 96
06
{ Y O A VV rof l s tg 48..£1992
3 834 86
9 64 07 99 0444 F eb97’l l
84 4 85 84 4
2d gold 4s...........-___-.-1/1-990 1?-A 102
044
6 1014 103 4 Regis $5,000 only’..........pl992 M-S
103 4 103
1 st ext gold 6s..................1944 M-N
I Y A P u t See N Y C A 11
81 80 4 81 13 784 81
1st A refund 4s................2004 M-S 7879 44 83
( Y A R B See Long Island
ft 4 86*4 88
874
Gon s f 4*28 ....................1936 J - J , 794
f Y S A W See Erie
.... 78 78
78
S t L Div 1st rer g 4s___2001 A-0 105 4 .... 105
i Y T ex A M See So P ac Ce
9 ....
DaL A VYa 1st gu g Os. ..1940 M-N 8 94 904 90
4 J a n '11 .
102 103 103
1
....
1034103 4
00>S
0U>a
K an C A Pac 1st g 48...1990 F-A, 109*8 199 4 110
1244126 1244 A yr’l l . 1 24 4 * 24 4
.... 109 110 4
Mo K A E le t gu g 6 s...1942 A -0( .........107 4 107
Im provem ’t A e x tg 6 s..l9 3 4 F-A 125 4 ......... 126 A pr’l l . ___
*26 120
.... 1004 108
M K A Ok 1st gu os....... 1942 M-N 104 106 104 4 . 1 ....
102*4 1044 New R iver l s t g 6s.......1932 a -0 125 Sal© 125 126 30:1 |2085 125
M K A T o fT ls tg u g 6 s .l9 4 2 M-S
9 94
4 194*4105 >4 A _pr’l l1 .... 1064 1064 N A W Ry 1st con g 4s. 1996 A-O 984 Sale 984
Blier Sh A So 1st gu g 5a. 1943 J-D 102
98 J a n ’l l ___ 9 3 9S
R egistered.....................1996 A-O
1054
T ex A Okla Ia tg u g 5 s ...l9 4 3 M-S 103 ......... 105 4 May’l l14 ....6 103
Div’l l s t l A gen g 4 s... 1944 J . j 92*4 937| 93 4 93 4 2 9 2 94
4199 4 109 4 199 4 3 109 111
Mo Pacific 1st con gOa ...1920 M-N 108
10-25 year conv 4s___1932 j . d 107*4 Sale 1064 1084 610 1 0 0 4 1 0 9 4
................
19 L
1004 102 4
T rnatgold 6s stam ped.al917 M-S 1004
101 1094
Pocah O A C Jo in t4 s.. 1941 j . d 8 9 4 00 I 90
004
99 Alar’100 ....
R eg istered ..................al917 MC O A T la t gu g 5s.........1922 j . J 100*4.........105 Nov'10 17,1 s a 3. v o 't
May’l l1 .... 100 4 102
1st OOli gold6s..................1920 F-A 191*8 78» 101
Scio V A N E 1st gu g 4s 1989 m -N ......... 974 9? May’l l
78*6 20 76 4 82
‘ BfiU U7S
40-year gold loan 4s....... 1945 M-S ____
78 97 78
N orth Illinois See Chi A N VV
Nov’059 ....
8d 7a extd at 4%.............. 1938 M-N 93 4 Sale 954
orth Ohio See L E rie A W i
924 93*8■8 193 914 9dpa NNor
la t A rof conv 5a............ 1959 M S 92 94 4 93-4
Pac—Prior lieu g 4 s.. 1997 q j
100 4
Fob’l l1 .... 92 034
9 4 10 0 4
Sale 90 94
Cent B r Ry la t gu g 48.1919 1=-A
94 A pr’l l 10 0 ; 99 84
R egistered......................1997 q . j 994
84 ......... 71
83 4 86 87 4 May’100 ....
Ueu Branch U P lB tg 4 a.l9 4 8 J-D .........102
General lien gold 3s---- a2047 q -F 0714
714 37 7 0 4 799*4
Mar’050 ....
Sale
14
Leroy A C V A L 1st g Gs 1926 JB’-A
- J 96 97 110
R eg istered ..................a2047 Q-F 70 ......... 69 4 M ar’l l
9 6 4 A pr’111 ... 97*4 98*4
4 69 4
pao R of Mo 1st ox g 4a. 1938 J -J 103 4 109 4 108
4 A pr’l l1 .... KI8 4 108'a S t Paut-l)ul Div g 4s___1996 j -D 97 08 9034 May 11 .—. . . ' 69
96
964
2d extended gold o s ...1938
09
B’eb
’
1
0
108 s* SiUe 1034 1984s 10 100 4 108®* D ul Short L 1st gu 6 s.. 1916 M-S 9 9 4 ........
B tL lrM A S g en co n g6sl931 A-0
C B A Q colltr 4a See G t Nor
11
S op’099 ....
Gen con stam p gUl g 5a 1931 A-0 864 dale 1 86
86
A N P gen g 6s___1923 F-A 1164........ H 6 4 May 11
13
4 8 74 S tRPegistered
J -J
1164 1164
Unified A ret gold 4 a.. 1929 M-N
117 B’eb ’10
certlfic’a.,1923 q . f
* 36 83
8 5 4 J a n864
84
4
884
Riv A G Div la t g 4 a ..1933 M-S 80 4 Sale 1024
St Paul A Dul 1st 5 s....1931 F-A i ’0 7 4 .!!” ! 110 J ’ne’10
Verdi V 1 A VV 1st g 5a. 1926 J -D 1 2 0 4 121 1204 May’l’lol01 ....
1024
i'e
b
’l
l
....
2d
6
s
.................................1917
A-0
120
i.22
1024 1024
Mob A Ohio now gold 6a..1927
1st consol gold4s.........1968 J-D 1 0 2 4 ......... U6 4 A pr’10
114 4 i 10 116*4 B'eb’l l1 ... 116 4 11 6*4
la t extension gold 6»../il927
86 87*4 86*4 A p r’111 .... 86 4 80*4 W ash Cent 1st g 4 s......... 1948 o-j
00 0 0 4 9 14 A pr’l l
914 111*8
914
G eneral gold 4a...............1998 uF-A 1094
110
A
pr
’
11
Nor
Pao
T
er
Co
1st
g
6
s..1933
J1
....
1
1
0
4
1114
J
a
il’l
l
1114
1114
* Montgom Div 1st g 6a..l94<
83 81 M a r'll1 .... n31o 1 1810 4 N or Ry Cal See so Pac
a t L cfc Cairo coll g 4s..«1930
9 8 4 Mar’ll1 .... 03 4 94 4 Nor Wis See C St P M A O
G uaranteed g 4s..........1931
N or A M ont See N Y Cent
M A O ooli 4a See Southern
Ind A W See C C C A St L
O liio
Mohawk A M al See N' Y C A 11
Riv R R See Balt A O
M onongahola Riv See B A O
Ore A Cal See So Pac Co
Mont Cent See S t P M A M
Ore Short Lino See Un Pao
M organ’s La A T See S P Co
Oswego A Rome See N Y O
M orris A Essex See Del L A W
Co 1st g 5 s....1946 J-D 1 05 4 1 07 4 108 May’l l 1.... 1054 108
1 .... 106 1004 lpaaccoCoast
105-4 196
N ash Chat A S t L 1st78.1913
issouri See Mo Pac I |
1104 1114
1 .... 109 4 H 0 4 Penn Rl ltM1st
la t consol gold 5a......... 1928
real est g 4s. 1923 M-N 103 ......... 102 102
0 ....
Jasp er Branch 1st g 6a.. 1923
1154 —
u ....
Consol goldGs..................1919 M-S ..........1L0 iU 9 4 J a n ’09 3 1014 102
1004 - -■
MoAl Al VV A Al la t 6a.. 1917
Consol gold 4s....................1943 M-N 102 4 .........1034 May’l l !!! ib‘3 4 1*034
1 ....
1O 04--.
T A P B ran di 1st 6 s....1917
Convertible g 3 4s-...........1912 M-N 9 9 4_ 09 m 994. 994_ 4 0 84 99 4
Nash Fior A Sliet See L A N
93 94
* , 064 97 113 96 4 974
1 92*4 95 4 Convertible g 3 4 s............1915 J-D 97“ Sale
N at Rvs ot M expr 14 4a 1957
87 1
1 .... 85 894 Consol gold 4 s .................1948 M N 1034 104 Dll H'4 61 103 1044
85 4 100
G uar gen 4 s.......................1977
eg Val gen gu g 4 s ... 1942 M-S 0 04 1004 9 9 4 A p r’l l .... 9 9 4 1 0 0 4
1 .... 100*4 100*4 All
N at oi Aiex prior non 4 4«. 1926
R R R A B g o lst g u 4 sg .'3 6 F-A 100 ..................................................................
79*4 81 ‘
1 .... 80 4 83 4 DPliila
1st consol 4s......................1951
Bal A VV l s t g 4s.. 1943 M-N 102 ......... 1U2 4 102 4 2 102 102 4
Now U A D See N Y N H A H
Sod Buy A So 1st g 5 s... 1924 J . J ........ 102 4 102 J a n ’0 3 .............................
N J Ju no RR See N Y Cent
U N J RR A Can gen 4 s.1941 M-S 100 4 .........103 4 May'1 o ................... ...........
N Y Bklu A Alan Bell See L 1
Co—G uar l s t g 4 4 s. 1921 J -J 104 4 Sale 104 1014 22 1 0 3 4 1 04 4
41 87®s 'JO PennR egistered.....................
N Y Cent A H Kiv g 3 4-S.1997 J - J 8 84 Sale
1921 J - J ______ ...1 0 2 4 M ar’l l .
1 .... 80*4 80 4 Guar
R egistered........................1997 J - J 88 88 4
tru st reg. 1937 M-S 87 4 . | 90 Aug’ IJ . 1024 1024
P 21 92 4 94 4 G uar33 44 ss ccoll
Dobeu g 4s.........................1934 M-N 93*a 94 4
o lltr ser B ...1941 F-A 88 Sale 8 8
83
|
88 88 4
4 LJ 70 KO’s
Lake Shore coll g 3 4 s ... 1998 F-A 804 Sale
certil’s gu g 3 4 s .l9 i6 M-N 97*b 97*4 4 97*4
07 97*«
R egistered....................... 1993 F-A 73 4 784
4 6 I 784 794 TGruCo
3 4 s tr c tf s C .............. 1942 J-D 8 7 4 90 97
87 Aug’1 0 .
78 79*8
2
Mich Cent
coll
g
3
4
s___
1998
F-A
7
84
79
-----------7 94
Gu 3 4 s tr ctfs D.............. 1944 J-D 88 89 91 Deo *09 .
R egistered.....................
19
9 3 F-A
1 .... 1 70 78
lU lSU ELl. tN E O U S BON DS—C ontinued on N ext P a g e
Coni nnd Iron
.U unulacturing 4 In d u stria l
97 F eb ’l l
B nflA Suaq Iron s t o s .... 1932
064 97
97 4 .........
90 90 Allls-Chalmers 1st 5s........1936 J - J 77's Sale 7 64 77's 1G9 76 7 84
D ebenture 5s............... a 1926
88
90 0 0 A p r’l l
09 100 09 4 90 4 "*‘i 0 7 4 99 4 Am Ag Chem 1st 0 5s....... 192fe A-O 1 0 1 4 bale 1014 102 20j u u >. 1 0 2 4
Coi i' A l Co gen s t g 5a..liH o
Oil ex t 4 4 s...........1015 V-F 984 Salt 98 4 98 4
Convertible deb g 6s---- 1911
974 08 4
10 0 1 0 0 4 100 A p r '11
99*4 100 Am Cot
Hide A L 1st s 1 g 6 s..1919 VI-8 984
09
90 4 99
6 96 4 100
Col Ind u IstA coll 6s g u ..193-1
754 109 74»8 794 Am
76 4 3*1* 75
Amer
Ice
Secur deb g Os.. 1926 A-O 75 4 76 75 4 76
7 65 78
Coutm ’tulC l s ts t guGsg.lOo-:
1074
Deo’04
00 4 .........
Sale
Am Smelt Securities s f 6s. 1926 F-A 103
1024 103 4 196 IOO** 103 4
Gr Uiv Coal A C 1st g 6 s.. 1919
90 ......... 1024 A pr’OG
Am Spirits M lg 1st g 6 s.. 1915 VI-S 100 100 4 100 100 4 5 100 101
Jell A Clear C A 11st g 5s. 1920
107 May’07
Am Thread 1st col tr 4 s.. 1919 J-J 934
US's May ’ 1 ]
02 4 934
K an A 11 C A C 1st s tgoa.IU ol
”9 0 4 io o " 1054 D ec’00
107 1 K) 4 067 1044 1104
......... 83 b5 A pr’ll . . . . 84 85 Am Tobacco 40-y r g 6a---- 1941 A-O 109 Sale
Pocah Con Collier 1st a i 5a.’57
5 It) 794 80 4
4s...........................................1951 F-A 85 4 Sait 86
78 B W 07
Sunday Creoa Co g 5 a ....1941
864
W ritg P aper l s ts f 5s. 1919 J-J 904 Sale 00
12 89 4 004
ITonn coal i*en 5s..............1951
i o i " ib ’4 4 1014 1014 20 103*4 104 4 Am
Steel 1st ext s t 6 s.. 1926 J-J U4 Sale 03*4 904
94 122 864 SI4 4
T enn Div lat g 6s...... al917
4 105 4 0 105 105 4 cielh
105 4b 106 105
99
lU.i 984 100
LOG A pr’ll
105*
1044106 Jeut Leather 20-year g Ss.1925 A-O 994 bale
994
Blrm Div 1st consol 6s.. 1917
86
6 81 4 80
Consol Tobacco g 4 s...........1951 F-A 82 4 86 80
107 ........ 110 J a n '00
Call C Al Co 1st gu g 6a. 1922
07
Corn Prod R et s 1 g 5s— 1931 M-N 96 064 97
1 06 97
100 Jan TO
De Bar O A 1 Co gu g 6s. 1910
954 97
Victor Fuel 1st s I 6 s.........1953
"8*8* 88 M ar’l . . . . 87 88 4 1st ‘2 6-year s t 6s...............1934 M-N 064 97 90 May’ll
A-0 95 904 964 064 2 95 4 07
V alron Coal A C olat g 58.1949
93 94 934 May’l l
9 14 96 4
*No price Friday; latest bid and asked. a D u o Jan 6D neFob e Duo May jD n « i '110 h Due J ’ly icDue Aug Due Oct 0 D ue Nov Due Deo FLU.

Digitized
ized for FRASER
FRA SER
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Federal Reserve Bank of St. Louis

1363
n o N i> s
N . Y. STOCK EX C H A N G E

N ew York Bond Record— Concluded—Page 4

[V o l . L X X X X II.

Price
BONUS
Week?* •s'* Range
Price
Week'*
Range
Friday
Range or
Since
N. Y. STOCK EX C H A N G E
Friday
Range or
Since
M ay 19
Last Sale
January J
May 19
W ekk E nding M ay 19
Last Sale
Jan u a ry 1
Sid
ask Low High
Pennsylvania Co—(Con)
Low High.
Bid
A sk
High, No Low H igh
G uar 15-26 year g 4 s .. . . 1931 A O 98 Hi Bale 98 4 98*,
97*4 03*, 80 Pao RB 1st ref 4s.........1955 J-J 95*4 Salt Low
054 957b 216 94 4 96
Cl A M ar 1st gu g 4 4 s .-1935 M-N 10 2 ........ 110 J a n ’05
Southern—1st con g 5 a....1994 J - J lUS’a Sale 108*8
109 4 529 i0 6 4 1094
Cl A P g e n gu g 4 4 sae r A .'42 J-J 10 0 Hs........ 110»® Jan ’u9
R egistered...................... 1994 - J
0
May’09
Series B...........................1942 A-O 106*®........ 1 09\ J ’ly'O'j
Develop So gen 4s Ser A . 1056 JA-0
80*® Bale 1 1797®
804
76 80 4
Series C 3 4 s ................•.1948 M-N 90
06
Aug’oy
Mob & Ohio coll tr g 4 s.. 1938
86 b7 86
8 6 34
86 88
S enes D 3 4« ..................I960 F-A 90 95 90 May’08
Mom Div l s t g 4 4 -5 s...l9 9 6 M-S
J -J 109*®........ 1084
A pr’l 1
1084 1084
90 93 90 Hi A pr’11
E rie & P itts g u g 3 4e B.1940 J
Bt
Louis
dtv
1st
g
4
s
....1051
88
89
J
J
9
04
91
87
4
May’
1
1
86 4 88
Series C...........................1940 J -J 90 93 98*4 Apr '04
Ala
Ceil
B
1st
g
6 s......... 1918 J .J
107*8 10834
Nov’10
Gr B A 1 ex ls tg u g4 4 s 1941 J - J 101
104*4 M ar’l l
tl So B auv l* t g 4s....... 1948 J - J 89*® 9 0 4 1077®
104 4 104 4 A 2d
93 Nov’l()
P itts F t VV A C 1st 7 s... 1912 J - J 103*®......... 103H.
M
ar’l
l
4
s
.................................1948
824
82*4
1034104
J
J
2 (17a..................................1912 J - J 103 ......... 1037* F eb ’11
g guar 48.1949A-0 80 4 ....... 82 4 Got ’10
1034 1034 Atl <fe Yad 1st _____________
3d 7s.............................. A1912 A-0 10 2 34 ......... 107
'08
1916 J . .J 106*H,.......
Col (to G reenv' 1st 6 s.......
s........1916
A pr’l 1
1064107
P itts YA Ash 1st con 5 s.1927 M-N
107 .... 109 Oct
May
’ 10
E
T
Va
So
Ga
Div
g 5 s.. 1930 J . j 107’®........ 107
1074 A pr’l l
1074 107“®
P C C & S tL g n 4 4 s A ... 1940
lU57e lb6 107 4 Fou’l 1
Con
1st
gold
5s.............
1956
M-N
I
l
l
Buie
107
4
107*4
1U
111
1097*
111*a
, S en es B g uar.................1942 A-O
A-0 ........ 106 ^ 106«® May’l l
E Ten reor lien g 5s........ 1938 M-S 105*4......... 1054 May’t j
lb6«® 10734 Ga
105 105*®
S enes C g uar.................1942 M-N
M
idland
1st
3s............1946
A-O
107*8
B
ee
'1 0
.........
67
66
Nov'09
S en es 1) 4 sg u ar............1945 M-N 9 * 4 ......... 98*® Dec’10
Ga
Pao
By
1st
g
6 s..........1922 j . J 1 1 3 4 ........ 113 4 M ay’ll
1134 11*4**
S enes E 3 4 guar g ....l9 4 9 F-A 02*® 94 913, A pr’l 1
Knox (to Ohio 1st g 6 s ... 1925 J- J 116 ......... 116 ,16
914 93
116 116
Series G 4s g u a r..........1957
0 84 sale 9 8 'ft 98*8
Mob (to B irprior lien g 5s 1946 J .J 105 4 ......... 105 4 N ov ’ 10
98
4
09*4
C S t L. * P 1st con g 5 s.1932 M-N
A-O
112*4........
113 F ob’l l
M ortgage gold 4s..........1945 J . j
113 113
82
Aov’08
Pensacola A A tl see L A Nash
Rich (to Ban con g ds___1915 j . j 105 4 ... 1064 J a n ’l l
10541054
Peo A E ast See C C c A St L
Beh 5s stam ped............. 1027 A- 0 I0 4 7a 105°® 105 M ar’ll
1044105
Peo Pek Un 1st g Os___1921
109 .........
Rich
(to
Meek
1st
g
4
s
...1948
M-N
71
M
ar’l
l
70
___
71 71
2u gokl 4 4 s......................nl92 l u
9 1 99
Car (to Ga 1st g 5 s ....1919 M-N l O i ^ 105
A p r’l l
4 93 4 So
1034 104
P ere M arquette—Ret 4 3 .. 1955 J - J 73 Hi Sale 9733 44 J a n4’11
A 12 93
V irginia Mid ser C 6s ... 1916 M-B 1063®.......... 103*8
112
Get
’06
66
764
Refunding g uar 4 s ........itio3 J
..
.
.
.
.
7*>*v
7 c , A pr 11
Berios B 4-5s.................1021 m -S 1037® ... 1084 Bee ’06
63 4 763i
Oil A W M os .................... 1921 J -o 100 >4........ 1004
Berios E 5 s...................... 1026 M-S
1 0 0 4 1 0 0 ’,
6 4 ... 106 M a r ll
106 106
F lin t (to P 51 g 6 s ... .....1 9 2 0 A-O U 0 Hi Sah> 110 4 A pr’ll
G eneral 5a......................1986 M-N 10
110 110*4
107*8... 1074 May’ll
107 1074
le t consol gold 5s......... 1939 M-N 100 4 103 1U3 M 110
ar’l41 3 100
G
uar
stam
ped............1936
M-N
103
105
4
Nov
10
P t Huron Div 1st g Os. 1939
......... 103 *® 102 .nay’l l . . . . 1014 1034
V a A Bo'w’t 1st gu 5 s.2003 j . j 1 0 8 4 ......... 108 A p r’ll
108 llo
SagTustto 1 1 1st gu g 4 s .1931 A-0
F-A ......... 90
I 8,?
50-year 5 s.. 1058 A-0 0 6 4 9 74 96 May’ll
94 4 97 4
Phil B (to \V See Penn B it
W
<J
<ta
W
1st,
cy
gu
I
s
..1024
F-A
01
F
eb
’ 10
91
03
Philippine By 1st 30-yr s 14s’37 J - J SGHi 89 87
87*4 181 86*4 8 8
W est N C 1st con g 6 s ..1914 j . j 104 4 105 4 1044 Apt '11
104 *2 105
Pitts Ciu & S t Lj See Penn Co
B
(to
N
Ala
6 < *L A N
P itts Clove (to Tol Sec B <fc O
Spokane Interm it l s tg 5s 1956 j . j
105 102 4 A p r’11
102 1024
P itts F t \V tto Ch bee Penn Co
' I ’er A of B tL l s t g 4 4 s ..1930 a -O 102
4 A pr’l l
105*® 106 4
105 4 106 4 105
Pitts MoKeos (to Y SeeX Y Ceu
A
la
t
con
gold
5
s
....1804-1044
F-A
1124
M
ar’l
l
...
11241124
112
4
.........
P itts Sh A L E 1st g O s...1940 A-O 112*4
1124
J
a
n
’l
l
Gen
refund
a
I
g
*s.........
10 5 3 j . j
1124
1124
07 98
074
A
p
r’l
l
.........
974
1st consol gold 5a............. 1943 J - J
9 34 J ’ly ’97
ff 68.1030
A-O 1 0 7 4 ........ 108 4 Fob’l l
1084 1084
P itts <fc W est bee 1J <to O
le
x
A
N
O
See
So
Pao
Co
I ) eatliug Co gen g 4s........1997 J-J 9778 Bale 974 98 114 964 98 4 Tex A Pao 1st gold 6 s........2000 j . n 1 1 0 4 1 U 4 1 1 0 4 1104 8 n o 1 1 1 4
tV R egistered...................... 1997 J-J 97*8......... 97 4 Apr* 11
2d gold ino 6 s ..................o20U0 Mar 45 65 70 M ar'lo
974
Jersey C ent coll g 4 s...1951
96 9974
74 La Biv B L 1st g 68....:1931
99 4 A p r’l l
"O0 4 ”99 4
Ucmsseiuer <to Bar Sec D (to li A 0 ......... 98 ‘ 96 M a r'll
W M in Wito N Vv ls tg u 5s ’JO jr. a 100 ___ 106
Rich (to Ban bee Bonth By
p O 1 st g 6 s . . . . . . . . . 1 0 3 5 J .J 1094 HO 100 4 AiNov’04
p r’l l
1084 11 04
Rloli (to Aleck See Bouthorn
W
estern
Biv
1st
g
5S...1035
i
o
ep’Ub
Bio G r W est See Ben A Bio Gr
G eneral gold 5s.................1 0 3 5 j .n 103 ... 112
101 4 BMar’ll
1 0141034
Booh (to P itts See B B A P
A-0 92 02 S 0 l 78 0 14
K 2d
o!l On*
l8 t5KU
*5*8-— 108b
00 917®
Borne W at A Og See N Y Cent
20-year
s
...........
1 0 2 7 jJ . j
98
May’ll
9
74
9«4
Butlami See N Y Cent
09064 98
Toll* «fc w 1 st gold 4 s :::.iu i7 J-J 00 4 ....... 90 4 May’ll
90 4
T us & H See Pere Alarq
8 ag
lo
lS
t
L(to
W
pr
Ueu
g
3 H»s. 1026 J-J
89
4
May'11
894
.......
80 89 4
t Jo A Gr Isl l s t g 4a...1947
8 8 «i 88*4 88*4 A pr ’ 1 1
goid 4a.................i 960 A-O 70*® Bale 684 70*®
8 64 884 60-year
68 7 4 4
Bt L (to Cairo Set Mob (to Ohio
C
olltr
4s
g
8 or A ...........1917 F-A
76
78
78
78
78 8 14
8t I. (to Iron Alount See Al P
l o r liaiu A Buff l s tg 4s./il046 J-D 88 ........ 87 Mat’ll
87 00
8 t L M Br Sea T B B A of a t L
I later Arefund
Bel 1 stg 4a...........1952
coug 6 s 10 2 8 J-D 106 ....... 105 4 Mar’ll
1064106
Bt Louis (to S F—Geug Os.1931 J - J 118 li9 * i 118 M ay'll
rV
118
119
A-O
86
Oct
’09
84
4
87
H
i
G eneral gold 6s................ 1 9 3 1 J - J 107 4 108 107 4 May ’ 1 1
Un
Pao
HR
(to
l
gr
g
4 s ...1947 J-J 101 Bale 1 0 1
107
108
1014
1024
8 t L (to 8 P BB cons g 4 s ..’90 J 90*i 92 90
R egistered...................... 10 4 7
90 01
10 14 10 2
1004 May’l I 111 1 0990 4 100
4
Gen 15-20 yr os ...........1927 M-N 89 4 90 8934 91
20-yr conv 4 s.................... 1 0 2 7 J-J
90 87 86 4 90
J-J 1 0 6 4 sale 105 lo7 848 103
4
107
Soutliw Biv 1st g 5 s..1947 A-O .........
101
1st
So
ref
4s......................1/2008
100*4 M a r'll
10 0 4 1 0 1 4
M-S 07 °® Sale 974 984 40 9 6 4 9 b 4
R efunding g 4s.............1951 J -J 824 dal** 82 4 »2*4
Ore
By
so
N
av
con
g
4a.
1046
80
4
83
J-D
06
97
97
9
64
96
97
4
K O F t B (to Ai coug Os..1928
116 4 Sale 116 1164
Lino l s t g 6 s . . 1 0 2 2 F-A U 4 4 1144 1144 1144 ,3 1 1 4 4 1 1 6 4
116 1104 Ure1 stShort
K C F t S & Al By ret g 4a 1930 M-N
A-O 80 4 Bale 80 4 804
consol g 6 s...............1046 J-J
77 4 80 4
Hi 1124 112 4 112
3 11 1 4 11 34
K O (to M It (to B ls tg u 5s. 1929 A-O
1 UO ........ 1 0 0 4 Bee *09
Uuar
refund
4s............ 1 0 ‘jp J-D 112
944 95
044
Oa’rk (to Ch c 1st gu os g.1913
R egistered.................. 1020 J-D
07 4 9 94
94 Ja n ’09 26 9 2 4 96
dt Louis Bo See Illinois Cent A-O 09<4........ 99 4 May’l l
U
tali
(to
Nor
gold
6 s .. 1026 J-J
106 108 107 4 B ee'09
8 t L B W 1st g 4s bd CUs.1939 M-N 9 1 4 Bale 9 14 92 4
N J BB (to O Co See Pa BB
8 94 92 4 Um
2d g 4s ino bond O tis... p i 989 J -J 81 ......... 8234 i-3
Utah C entral See km Gr Wes
78 83 Utali
Consol gold 4s...................1932 J-B 8034 Bale 804 80 a4
(to
N
ortli
see
Un
Pacific
76 4 814 Utica So Black B See N Y Cent
G ray's P tT e r ls tg u g 6 s 1947 J-D 97 4 ......... 101 4 A p r'07
Bt P aul & Bui See N or Paollic
\ i audalia consol g 4s ....1955 F-A
98 Nov’08
Bt P Aiinn So Alan See G t Nor
» Consol 4s Series B ... 10 5 7 M-N 96 4
964 Aim’l l
964 97 4
d t P (to N or Pao See Nor Pac
V
era Cruz (top ls tg u 4 4 3 10 3 4
96 A pr'10
3 t P A S'x City See C » t P Al <too
Ver Val lu d So W see Mo P J-J 904
8 A & A Pass 1st g n g 4 s ... 1943
V
irgm
ia
Mid
See
South
By
87 4 Sale 8 7 4 88
8 64 834 y,\/abash 1st gold 5a........1039
8 F (to N P 1 st sink 1 g 5s. 1919
100 ........ 104 O c t’09
1084 Sale 1084 100
103 110
3av F A W est See A tl Coast L
I f 2 d gold os...................I 0 3 y M-N
100 101 99 4 loo
98Hi 101
Scioto Val dfc N K See Nor So W
D ebenture series B ........ 10 3 0 jF-A
.
j
.........
98
98 98
98
A
p
r’ll
Seaboard A L g 4s stam ped ’ 60 A O 88 Salo 8 74 88
1 st lion oquip s fdgos..l 0 2 1 M-S 103 ........
88
844
100
104
104
A
p
r’l
l
A djustm ent 6 s .............. ol949 F-A 793a 79s® 79 4 7 94
1st
lien
50
yr
g
term
Is.
1954
80
75
J-J
.........
85
83
DoO’lO
A tl-Bum 3 0-yrlst g 4s.elU33 M-B 86 ___ 87
1 st ref and ext g 48 ....1056 J - J
87
87
854
68
7®
bale
•
ni-i
6
0
4
69
4
63
4
714
Car Cent 1st con g 4a...1949 J-J 92*4 93 9 1*4 A pr’l 1
Del(toCh
Ext
lstg 4s..1030
6s..1941 J -J 1074 ....... 1074 M ay’l 1 107 4 1684
914 914 Dea
Fla Ceu (to Pen la tg 6s. 1918 J - J 10 2 4 ___ 103 May’l l
Mein
Biv
lstg
102 103
J-J
81
81
M
ur’11
81
814
1st land gr ext g os ...1930 J-J 103 ___
Om (to
BivCh1st
4s.........
1041
A-O 7o 75 7 5 4 F e b ’11
74 754
Consolgold 5a...............1943 J-J
Tol
Bivg 31st1st
g g4s...
1 0 4 1 M-S
4 . .. 1064 A p r’l 1
1054 1064 Wab
85 M ay 11
86
85
834
Ga & A la By 1st con 6s ol945 J -J 103
Pitts
Term
4s.l054
103
4
___
104
4
M
ar’l
l
104 4 104 4 Cent (to old Col Tr Co certfs J-D .... 42 4 4 1 4 A p r’l l
4 1 4 48
Ga Car (to No la tg u g o a 1929
0 4 4 ___ 104 4 Ja n ’l l
l suae 41
104 104 4 2 Ugold 4s...................... .
42 73 3y
4 434
tteab (to Boa 1st 5 s .......1920 JJ --JJ 1105
4 L10 109 M ay’l l
109 109
6 M ay’11
j ’- b .... 6
64
Bher Shr So Bo See Al K (to T
Trust
Co
cortrs.
6
4
Sale
6
4
f>4
87 4
64
811 Bp o ca (to G See A tl Coast L
W arren See Dei Lao (fc West
Southern Pacific Co­
Wash
C
ent
See
Nor
Pac
Gold 4s (Cent Pao coll). A;1949 J -B 93 934 93 4 933<
W ash O (to W See Southern
914 93 Wash
20-year conv 4 s............ ^1929 M-S
l 1st gu 3 4 s.. 1045 F-A ......... 00 83 4 M ar’l l
Salt 97 4 984
9 64 99 . W est MTerm
00
884
Cent Pac 1st ref gu g 4a 1949 F-A 98*4
aryland l s tg 4s . . . 1 0 5 3 A-O
1*7
4
Bale
97
4
97
4
a 7 4 siue 87 s sa ‘'j
06 07 4 W Va Cent
86 88 4
R egistered...................... 19 4 9 F-A ......... 97 97 Feb’lo
So
P
1st
g
da
10 11 J . j
loo-sM
ay’ll
10
0
4
*,(,04
100
4
.......
M ort guar gold 3 4s..A;1020 J -B
l
Y (to Pa 1st g os . .1 0 3 7 J .J 1 0 0 4 n o 109 4 A p r'l 1
1 0 0 4 1 1 0 *®
014 92 W eatNgold
Through S t L 1st gu 4s '64 A-0 99 1144 9923 44 992l344 May’l
4a......................... A-O 8 0 ........ 884 M ar 11
02 4
88 4 b 8 4
02 034 Gen
G 11 & S A M (toP la t 5s. .1931 M-N 107
1084
107
A
p
r’l
1
Income
da......................
a
l
043 Nov
34
k
c
u
’o7
106
4
1084
Glia V G A N ls tg u g 6s. 192J-. M-U
103
W est No Car See South By
103 103 W
Hous E (to W T 1st g 5 s.1933 M-N 105 4 10634 103
heei'g
So
L
E
1st
g
6 3 ...1026 A-O 104 105
105
4
May’09
104 4 1044
1034 105
1st guar 6s red...........1933 M-N 1054 .... 105 M ar’ll
Wheel Biv 1st gold 6 s..1028 .J
104 1044 A p r'11
106 105
10341014
H So T C 1st g 6s iu tgu.,1937 J*J 1094 1U 109*4 31ay’ll
E xlen So Im p gold os . . .1 0 3 0 JF-A
1094 110
104* 102 j liC’IO
Couaol g 6s in t g u a r...1912 A-0 108 4 1 1 0 4 109 ‘4 M ar’j 1
10
4
0
BB
1st
couaol
4a..........
82 86
M-S
109 4 1094
83 * 83 M ay'll
Gen gold 4s in t g u a r..1921 A-0 91*4 ...
2 0 -year equip s f 6a . . . I 0 2 2 J-J
94 4
9 8 s F o b 'll
034 96 4 Wilkes
08 4 09 4
Waco & N W div l s tg 6s *3u M-N i d ... i 91 94 44 M ar’lu
Jo E ast See Erie
A «fe N W la tg u g o a ___1941 J-J l1044
107
4
Jan
09
...
Wll
(to
Bioux
F
See
Bt
P
51
So
M
M organ’s La So T 1st 7 s.1918 A o 1 U ... 116 4 M ar' 1 1
Cent 50-yr 1st gen 4s I 04 U J - J 93 4 *alt 93 >s
1164 1154 Wls
024
4
1st gold bs...................... 1920 J -J
M a r'll
Sup«to DuUliV(fc term ls t4 s ’J6 M-N
i l l 111
92 93
93 4
0 24 03 0 2 4 May’l l
No of Cal guar g 6s.........1938 A-O 110*4 ... 1111
12
F
eb
’07
Ore (to Cal 1st guar g 6s. 1927 J - J 1014
T o lo g m p li a n d T ele p h o n e
1 0 b J ’ne'io
Bo Pao of Cal—da E ......... 1912 A-O 1014
102 J a n ’l l
m Telep (to Tel coll tr 4a 1 0 2 0 j . j 917®Bale 9 1 4 91V 225 8 9 4
102 102 4 A Convertible
1st gold 6s F .................1912 A-O k )l 4
114 4 Bee ’i>4
4s................. 10 3 0 $
4 Sale 100 4 11 04 457 105
. II04
1st con guar g 6s.........1937 M-N 1034
lid
May’07
M
k ^ i s ta te Telep 1st 5 s .. 1 0 2 ; f . a 110
$8
004
9 J \ oaio
......... 9 0 4 M ay l I
SoPuoCoasl lstg u 4 ag .1 9 3 7 J - J Sd3® 93 90 J ’ly *09
N Y Telep 1st A geu s f 4 4 * .’39 M-N 1003®
09
4
0«4
10 0 4
Ban F rau Term l i s t 4 s .. 1960 A-O 92 4 9 2 4.. 9 2 4 9 2 4
Pac
Tel
<»
Tel
is
t
5
s
.........1937
J
.
j
024
93
4
9
9
4
sale
00
4
127
084
07
09
4
TaxA N O BabD lvlst gOs.1012 Al-S 1 0 L 1 0 1 4 1014 May’ll
,1 0 1 4 1 0 1 4
West Union col tr cur 5 s.1038, j . j 1 5 1 Salt 101 10 L
09
4 10 1
Con gold 6s.................... 1943 J - J 101 103 103 F eb ’l l
103 103
Fd and real oat g 4 4 s ...I 9 6 0 M-N 9 /4 98 06 4 98
06 03
Conv 4s, Berios A .......... 1936!m -N 104 4 1044 1044 1014
103 IO 4 4
,U 1 8 C h lJA N E O (J8 llON U s—C oncluded.
M nm ifiictiiring Ind u strial
illan u ln cturin g Sc lu d u striit
D istil Bee Cor conv 1st g 5 s.’27 A-O 79 Sale 77*« 79 853 78Kj 707, U b steel Corp— 1 coup .dl063 M-N
Bale 100 1064 408 1034 \,064
E 1 d uP o u t Pow der 4 H,s.. 1936 J-D 813® 84*8 84 4 84 4 45 82 7® 84 4 Si 10-60 yr os. ( rog ..a 1963 M N 1064
105 7® 1064 3 103"® IU64
Gen Electric ueo ft 3 4 a ..1042 F-A 82
81 82 Va-Car Chem 1st 15-yr os 1923 J -D .........I06:*b
82 May’ll
1 UI»4 salt 1014
22 1 0 0 4 10 2
1 0 -yr g Udboa................... 1 0 1 7 J-D 168*4 Sale 155
i l\ 145 160 W est Eloctno is t 6s Dec 102 J -J 10 2 ......... iu h ^i 101*4
10 2 4
In t Paper Co 1st con g 6s.l01e F-A 103 1 0 1 s 103 160
li
103
101
104
4
*\
us
tli,-,
no
use
E
A
M
s
l
'31
J-J 04 4 Bale 02 7a 04 4 1786 100 01 44 1 0042 44
Consol conv s f g 5 s .. 1935 J-J 85 Bale 83*4 85 16 83 4 87
.Ulsceihiiieoii.<,
In t Bt Pump 1st s f 5 s ...*1920
Bale 94 4 95 67 9I*» 95 Adams Ex
col tr g 4s......... 104o wl-8 87 89*4 864 87
Laokaw Steel 1st g r>s....l923 M-S 05
7 804 91
98 4 Balt 08 4 99 38 96*8 00 4 Armour ACo lstrc a ie st4 ^s'3o J-K
0 3 4 74
93 4 Salo 93
N at Knani So Btpg 1st 5 s.. 1920 AO
J-B
95 96 944 M ar’ 11
94 4 05 4 Bush Term inal 1st 4a. ...1962 A-() 03
03 03 4 03 4 2 0002 4 0033 44
N i A ir Brake is t conv 6s ’28 M-N 103
3
105
103*4
102
106
Consol
6s............................
1955
1034
J-J
07
97
99
Ry Steel Spgs 1st a t o s... 102 1 J - J 984
1 97 100 4
98 4 98*4 6 97 4 9 S \ DetM A M Idgr in co m es..lu ll A-O .........
40 35 A p r’ll
K epnblctoS lst& co ltr6 s.i9 3 4
35 35
103 4 103 4 iu stitto r Irrlg Wks 4 4s 1045 M-N .........
103 4 Feb’l i
93
4 ......... 0 6 4 Nbv’li
Union Bag «& P le t si 6s.. 19 3 0 A-O
J
-J
95
95
A
pr’l
l
05
4
90
4
064
Int
M
ercan
M
arine
4
4
s
..
1022
A-0
67*®
Bale
S tam ped......................................
60*8
102
64
84
95
02
06
Mar’ll
06
96 Bit N avigation 1st a I 5s. 1920
......... 82 4 82 *®May’l 1
78 682;«®
U B Beath Co sfd e b gds.,1913
1024 103** lo t May’t 1
105 Morris A Co 1 st s t 4 48.. 1931* JFA
- ,1 .........
103*4
014 May l I
014
U S ltoalty So I conv dob g 6 s '24 M-N
02
01
J
J
00
01
89
19
U0
4
01
00
4
N
Y
Bock
50-yr
1st
g
4a..1051
F-A ......... 89 00 Mar’l l
U S Red A Ref 1st s f g 6 s. 1031 J .J
90 90
74 70 A pr’ll
70 88 Pub Sorv Corn N J gon 6s. I960 A-O
*« Halo 93 7® 94 4
U B R ubber 1 0 -yr c o lltr 6 s.* 18 J-D 1044 Bale
03 4 9 6 4
1 0 4 \ 1 0 4 4 33 103 105 Wash
W ater Pow 1st 6 s.. 1030 J .J 1 0942 *®.........
102
4
M
ar’l
1
102
•N o price Friday: latest bid and asked thU woo 6 Due Feb J Due Apr « Duo M*y g Duo J ’ne A D ue.J’ly k Duo .vug oDuo Oct p Due Nov sOption4 102 4
SaW*
W kkk E nding m a y 19




CHICAGO STOCK EXCHANGE—Stock Record—Daily, Weekly and Yearly
Sales
STOCKS— 'IIGHEST AND LOWEST SALE PRICES
of the
Week
Friday
Saturday Monday Tuesday Wednesday Thursday
May 19. Shares
May 13. May 15. May 16. May 17. May 18.

STOCKS
CHICAGO STOCK
EXCHANGE

Range for Year 1911

Railroads
Chicago City K y _____100 185 Jan 11
... Chicago & Oak P a rk . 100 4 Feb 1
____ Do pref__________ 10 0
*4
80 Aor 29
___
*80 85
" 2 " ... 203.1 May 13
171
22
*2 1 1 2 8
“3” ---- 8 May 13
360
8
"4” ---- 4*2 Men 1
60
6*4
s'.t
37g Feb 2
___
♦ 1*2 434
18*4 AlHV 5
380 Kans City R y <Ss L t_100 63i2
21
*20
M ay 16
60 Do pref___________ 100
*60 65
19*2 Feb 1
1,753 stropol W S E lcv__ 100 65
24 2419
Feb 1
1,65 Do pref....................1 0 0
09 69*4
A pr 27
1,39j N orthw estern E lev__ 100 2012
24 25
60
Jan
11
Do
pref___________
100
.
.
.
.
65
*03
1,038 South Side E lev ated .100 68 Jan 9
73 73
340 Streets W Stable C L.100 9 Jan 16
10*4
*10
30 Do pref___________ 100 45 A pr 6
♦ 45 60
Miscellaneous
117ft 12 H 7a 1 2 1,645 American Can_______ 100 8*4 Jan 3
12
1 2 l»
lUs 1178 ll?s 12 I 2 I4 8G3
1178 86*4
1,150 Do pref___________100 7G7gJan 7
8534 8612 8G5
4
80
8
86
86
86 I4
86 I4 87
Last Sale 265 Feb’ll . . . . American R ad iato r. .100 265 Jan 9
♦ 265 275 *265
*265
*265
Mch 9
.68. . *?. Last Sale 129 Apr’ll ___ Do pref___________ 100 12612
♦ ♦127*4
130 * 1 2 i’l4
*127*2
145 Amer Shipbuilding___100 6 S May 16
70 71*2 *12714
68
6S*2
07 07
*66
68
68
68
68
39 Do pref...................... 100 IIOI4 Jan
♦ 112
113
* 112
114 * 1 1 2 113 * 1 1 2 I ll 112*2
Telep & Teleg_____ 141^ Jan 7
♦ 14.8 14812 *148 148*2 *14812 149 *14812 149 *40Last Sale
May’ll . . .80. Amer
43 149*s
Booth Fisheries com ____ 35 Apr 28
44 44 4312 431* *43 44 43 43
....
.
3912 Jan 19
Last Sale 51 Apr’ll
Voting trust c tf_____
08 Jan 14
*72 74
Last Sale 74 May’ll __ _ Do pref___________
♦ 72 741?
74 *72 74 *___
51
Last Sale 51 May’ll ___ Cal & Chic Canal & D .100 49*2 Apr 24
♦ ___ 51 **72 51
*___ 51
11* Mch 29
Last
Sale
Chic
Brow’g
&
M
alt’g____
*
1
♦1
i;»
1*8
M
ay'll
*1
1 *S ♦ 1
n« *5 51. iMSt Sale
Us *5
. . . . Do pref______________ 31* Mch 27
♦ 5 512 *5 5*4
5134 53*8 5234 633# 5 62! 9May’ll
621? 2,055 Chic Pneum atic T o o l.100 41 Jan 3
49*2 491? *49 50 50*4 52*4 123*4
123*4 124 124 123 123*4 167 Chicago Telephone___100( 115 Jan 25
122
122 * 122 12 124 *123 124
158 *155 158 ♦ 155 157 100 160
50 Chic Title & T ru s t...1 0 0 15U 2Jan 6
♦ 155 157 *155 157 *155
1,671 Common w’th-Edlson .100 113 Jan 19
120*2 127
12G3i 127*?. 128 12912 1277# 129 128 128 1271s 12712 13#
Do righ ts_________
Feb’10
1 8*4 Jan 1 1
*14 15
50 Corn Prod Ref Co com — 78
Jan 18
Do do
pref____
78
Jan’11
92N Feb 10
9938 993ft 484 Diamond M atch--------100 .01
9812 98*2 98 9812 98*8 983s 98U 98*2 98*2 99l2 .01*2
Jan 4
Do rights-------------Jan’ll
May 1
*63 64 64 64
170 Illinois Brick..................100 60
*63 64 *03 64 04 64 64 64 *40
47 Jan 18
48 69 69
100 Masonic T em ple.................
46 45 46 47 47 45 45*2 230 McCrum-Ilowcll C o ..100 45 Mch 3
45 *43
*43 45 ♦*4390 93
933# 933* 9334 Q334 03 93 92\<? 92-># 145 Do prof______________ 92 Mch 3
*90 94
MIhv & Chic Brewing____
___
Last Sale 20 Nov’09
Do pref______________
*134 136 *120
1371* I128
37 I2 *138 14() *137 139
20 National Biscuit_____100 117«4 Jan 17
♦ 135 137 *127
*127
129
129 12812 12812
25 Do pref___________ 100 123 Jan 3
*129 130
120
120
120
12 0
120
95 N ational C arbon..........100 114 Apr 27
118 118 118 118*4 *118
II 7 I4 120 *118 120
Last Sale 120 Apr’ll
Do pref............ ......... 100 118 Jan 18
*117 120 *11712 120 +105
'1 105*4 105*4 105*2 105 105
450 People's Gas L&Cokc.lOO 103*8 Apr 8
105 105 105U 106*4
11-16 Mch’Ofl
Do rights.......................
142*2 141*4 142 141 142 1,693 Sears-Roebuek c o m .. 100 CI4014 Ma» 11
141*8 1411* 141 141 11 Hi 1427# 141*2
12 0
12014
Do pref___________ 100 llu Jan 11
120 •» I 2 OI2 * 12 0
120 I2 120 12 120 1 o 120*4 120 I2
2
102
583 Swift & Co...................... 100 loois Mch 13
1017s 102
10134 1013.J 1013i 1017s 1017# 102 102 102 10Last
Sale 4
Feb’l l
Do righ ts.......................
1 Feb 3
35 The Q uaker Oats C o .. 100 165 Mch 7
♦ 175 177 *175 177 __ _ ___
*175 177 *175 176 170 177
40 Do pref..... .................100 102*2 Feb 1
♦ 1041* 105 *1013., 105 *105 106334 106 106 106312 106358 ___334 . . . 4.
665 Unit Box Bd A: P Co. 100 3 May 10
*312 334 *312
31ft 3*2
3*8
United States Steel com . 72*4 Jan 3
7o’s 7,V«f 77 787ft 7933 803ft 80*2 81 . . . . . . . . 1,910
7157* ♦ 20
75*2 22
22
Last Sale 21i2 May’ll . . . . W estern S tone______ 100 19U Apr 12
22
22
*20
♦ 20
*20
Note.—Ot ficlal sheet n 0 longer ren orts transac tlons of less than 10 shar es.

♦ 188 190 ♦ 188 190 *180 100
*1
♦1 2
♦ 1
1*2
♦ 4 6 *4 6112 *4 0
♦ 80 85 *80 83 *80 85
21
2 U 2 2134
20-34 2 81 *2012
*8
8
9
8
8
5 5 *5 51? *5 6*4
♦ 4*2 204*8 *412 *h *4*2 434
20
20
20
*19*2 20*2
♦ 65 66*?
65
2 64
24 *22 24 031
♦ 22
24 24
♦ G612 0 / 1? ♦ GO 671? 68 09
21
♦ 20
*20
21
23 24
♦ 60 63 *60 63 *63 65
*70*4 72 71*2 73
♦ 7012 71
10*4 10-3# 10 10*4 10 10 *S
♦ 45 50 47 47 *45 48

*1

2
0

Last Sale 190 Apr'11
Last Sale 1*2 July’10
Last Sale 6
Mch’11
Last Sale 80 M ay'll
*2d 2 22 ----- . . . .
*7*2 8*2 - - - . _
*5 6 ___ .
Last Sale 434 May’ll
*18 20 __ _ .
*55 603.4
*24 25 24 25
*68
69 69 71
*24 25 24*2 25
Last Sale 63 May’ll
7333 7412 733# 74<s
10
10
934 1()
*45 60 47 47

Chicago Bond Record

Range for Previous Year
(1910)
Highest

190 Apr 28 160 Oct 185 Mch
312 Jan
’ly
41*2 JJ Ty
6 Mch 23
712 Jan
93 Jan 21 60*g Sep 100 Jan
11*4 Sep 36 Jan
2514 Feb o
8 Mar 16 Jan
10 Jan 28
3 Mav 9*8 Jan
514 May 17
2>s J ’ne 6I4 Aug
6 Mch 1
25 Feb 23 20 Aug 39 Jan
7212 Feb 25 09 Feb 7734 Mch
16 lan 25 J no
2412 M* h 2
Feb 72 J ’ns
71 May 19
2512 Mh\ 19 15 Apr 23 J no
6 7 Mcll 30 53 May 66 J no
747# M ayl
. 5*4 J ’ly 72lo J ne
7 J ’ly 643# Jan
1314 Feb :3
40 J ’ly. 104 Jan
50 Jan
1212 May 9
87 I2 May “
265 Jan 9
130 Jan 14
7» Feb 6
113 M ayl
I49is May 8
69 I4 Mch 8
5734 Mch 9
82 Mch 21
52 Feb :
1*# Mch 29
6*3 May 1
65*2 Feb 23
124 Mch 27
100 May 19
130*4 Mch 15
147g Feb 11
78 Jan 1>
101 May 2
.04 Jan 3
70 Jan 2(
59 M ayl y
67 Jan
98 Feb

C-r>8 J ’ne
6212 J ’lv
240 Apr
126 J ’ly
72 Feb
107 Aug
13114 J ’ly
31 J ’nc
29 Aug
66 J ’ne
46 Deo
1 Feb
3 Sep
25*2 J ’ly
110 \la\
142 Aug
iosi1*42 JJan
’ly
13*2 J ’ly
79*4 Apr
82*2 Sep
.02 Dec
53 J'ly
43*2 Mch
40 Mch
93 J ’ne

13*8 Jan
1 2 Jan
261 Dec
135 Apr
84*8 May
112 Jan
142*8 Mch
43 Dec
41 Dec
74 Jan
f5 Feb
1 Feb
3 Sep
47 Deo
137 Jan
163 Mch
I 2 H2 Jan
2 Jan
2234 Jan
82 Feb
127 Jan
.21 Dec
91 Mch
46 Jan
6712 Dec
10234 Apr

140 A pr 7
130 Mch 31
120 Mch 14
120 Mch 23
108*s Jan 19
191- 4 Jan 31
122 Mch 11
102*8 Mch 7
*•» Jan It
177 May 16
16 6 M ayl 7
7 Jan
Si's Feb
25 Jan 271

101 Aug
118 J ’ly
104 Feb
112 Peb
103 J ’ly
148 Feb
116*2 Aug
109 Dec
155 J ’ly
101 J ’ly
5*4 Apr

119
125
145
123

Dec
Jan
Oct
Nov
11534 Jan
I 8634 Nov
122 Mch
109*8 Jan
186 Feb
106 Jan
1538 Jan
2638Dec

Chicago Banks and Trust Companies

Dividend Record
Outstand­ Surplus
ing
ant
NAME
B'ds Range
Week's
Price
Stock
Profits
In
In Per­ Last Paid
for
Friday
Range or Sold
t
r
1909 1910 iod
%
Year 1911
May 19 Last Sale
*100.000
345,838
6
6 An Jan ’l l , 6
Calumet
N
ational------Bid Ask
Low
II
igh
High No.
10 J ) Ian ’l l, 5
Chicago C ity..................... 500,000 243,513 10
Amer Straw b’d 1 st 6 s. 1911 F - A
L0.25y.443 ___
Q-J Apr ’ll, 2*i
927# 931# 4 X00*2 100*2 Conti tal & Comm Nat 20.000,000
Armour ds Co 4 14s — 1939 1 - I) 1 927# Sale 100*2
5.666.407 12
Apr ’l l, 4
16
100 Mch’ll
90*s 100 Corn Exchange National 3.000.00U
Booth Fish Co Deb G 5s'17 J - J
200,000
35,938 9
8 Q-J
U-* Apr ’l l, l*t
100 M chll __ 90 100 Drexol S tate------- ------- 600,000
Deb g 5s__________1024 J - J
435,906 10
10 Q-J Apr ’ll. 2*i
Drovers' Dep N ational.
Sink Fd D eb 6 s tr r c c .. A - O x___ 98 98*2 A pr'll
98*8 99 Englewood
43.496 6
6 Q-J Apr ’l l. I**
S ta te ..------ 200,000
102 J'ne’OU
Cal So Ch Ry 1st 5s_'27 t ti
11,263.810 124 12- Q-M
Mch 31’11.3m
First N ational..........— 10 ,000,000
CMS Av 4 KG (St L) 5s 12 J - J
IOU4 Oct’09
10 y -u vlch31'H,2*2
First N at Englewood__ 150.000 187.559 10
Ohio Board ot Trade 4sl927 JF -- AD 110234 Sale 100 May’07
,000,000 643.440 Prlv ite Bo nk
102*2 1023, 52 102*8 102*8 Foreman Bros D k ’gC o. V11,500,000
Chicago City Ry fts___1927
8 Q-J Apr ’ll, 2
479,664 8
Fort Dearborn National
103 Apr'04
Ohio Cousot Br A Mlt 6 s__ J - J
’ll. 2
Hibernian B 'k’g Ass’n .. 1,500,000 1,030,239 8 8 + 2 Q-J Apr
50 Apr’09
Chic Consol Trao 4 1939 J - 1)
10 10 + 15 J-J Jan ’ll, 6
U83. Jan’00 __
Kaapar State Bank____ 200,000 180,830 Beg.
Chic Auditorium Ist5sl929 F - A
b •is. Ma 7TO V.90, p.1277
La Salle St N ational __ 1,000.000 262,715
94*2 Dec'09
Ohio Jo RR 1st M g 5 s .1945 M - s
Live Stock Exch’gc Nat 1,250.000 537.632 10
10 y .u \fch3T 11,2*2
87 Feb’06
Ohio No Shore Elec 6 3 .1 9 12 A - O
4 Q-l* May ’l l , l
65,980 4
873# 91 Monroe N ational______ 300,00s;
Chic Pne Tool 1st 5s.nl921 J - J *___ 90 90*2 May’ll
8 Q-J Mch 31.T1.2
997# 37 973# 100 Nat B ankot R epublic.. 2,000.000 1.328.008 8
Ohio Ry 5s.......................1927 l* - A t 097s Sale 99*4 Apr’ll
National
C
ity_________
6
r
1,500.000
488.554
6 Q-J Men T I. 1*2
93*8
9-*34
93*2
Ohio Rys 4-5s series "A'* A - O 93 ___ 87
/Vpr ’l l, 1*2
Produce______ 250.000
87.026 3
4
87*4 13 82*8 885# National
Chlo Rys 4-5s series *T1" J - 1) X 87*4 Sale
North Avenue S tate__ 200.000
69.432 6 >4 6>$ Q-J
Q-J Apr ’ll. 1*4
90*2 Mch’lC __
Chlo Rys 4-5s series ”C’ F - A
ou.uuv
32,0o0 0
6 Q-J M ch31Tl.ll|
MK‘S 10034 North Side State Sav'g?
10034 May’ll
Chlo Rys coll 6 s___1913 F - A 1100*2___ 100
4 Q-> Apr *11. 1*4
100 100 North West S tate_____ 200,000
25.197
Jau 'll
Ohio Rys Fund 0 s ..1913 F - A
Stk Yds S tate. 300.000 110.632 ___
7
Apr T l. 2*2
977# 99-r>3 People’s
Chic Rys Tcm Ctfs 1st 5s
t 99*4 Sale 9934 99*4
Prairie S tate..................... 600,000
6 Q-M Apr T l. 1 4
74,571 6
Aug'08
Ohio R I A P RR 4 3 ..2002 M - IN
S e c u rity ............................ 300.000 207,494 1H
Q-J Apr T l. 1*2
6612 July’08
Collat trust g 0s___1913 U - S
200.000
94,000 6
102 103*2 South Chicago Savings. 200,000
Q-J Apr ’l l. 2
Chlo Telephone 5s____1923 J - D 1103 103*2 103*2 M ay'll
South Side S tate______
11,566 1H m6 q C Apr T l, 14
Commonw-Edison Os. 1943 n - s fl0l*4
1017s •16 100*2 10178 State
Sale 101S#
12 Q-J Apr T l, 3
1007# Nov'lu
Bank of C hicago.. 1 ,500,000 1.922.279 12
Ohio Edison deb 6s. 1911 i - j
8 Q-M Mch 31T1.2
100 100 Stock Yards Saving.*-__ 250,000 193,197 8
100 Feb'll
1st g 5s------July 1926 A - O
6 VI N May T l, 3
1003# Aug’Oy
43,113 6
Union Bank of Chicago. •.00.000
Debenture 6s____1920 n - s
8.494 iee V. 90, p. 159
Commonw Elect 3*61943 >i - s 11013#___ 101’ft 1013# i 10034 101*2 W ashington Park N at’l 100.00-j
50.000
1057# M ay'll
11,015 None None Q-M Dee3r08.Ui
103*4 106
Dla M atch Con dbfls_.l920
Illinois Tunnel 5s____1926 i - u
80 Dco’OiS
Central T rust Co of III.. 2.000,000 945.794 7
Q-J Apr T l. 2
67>4 Q-J Apr T 1,1*2
Chicago Sav Bk A T r__ u?500,000 W112.237 6
Kan City Ry A Light
Q-J Apr ‘11,2
Co 5 s .......................... 1913 n - n 9734 Sale 97
9734 2 9638 9734 Chicago Title A T ru s t.. O.OUU.OOu l 1,627.998 64
7>4
50,OOj
10.053
6
Apr T l, 2*2
Knlok'b’ker Icc 1st 5s 102» A - 0 tioo ___ 100 May’ll
9734 100
Citizens T rust A .Savings
600,000 473.133 8 + 2 8 + 2 Q-J
Q-J Apr T l, 2*2
Lake St El— 1st 6 s...1928 j . .1 ; 8 ) 82 81 May’ll __ 77 82 Colonla1 T rust A Saving? 3.000.00U
Income 5s------....1 9 2 5 Feb
16 May’Oj
8 Q-l Apr T l. 2
Drovers' IrustASavIngs 200,000 134,902 8
Metr VV Side Ei­
6 Q-J Apr T l. 1*2
85
2
la t 48...........................1938 F - A X 84*2 85*4 85
82*8 85 Farwell Trust Co--------- 1,600,000 223,720 3
12 Q-M
Mch 31 T 1.4
Extension g 4s------1938 J - J 8134 Sale 81*8 8134 48 78*8 82 First T rust A Savings.. 2,600,00*1 3,420,105 16 11s.Apr
i’l l V. 92, p . 929
Beg. t>
16 OHS. ms, F t.D eab orn T r ASav Bk 250,000
Morris A Co. 4M ____1939 J - .1 1 9Us Sale 91*8 91*4
1908 V.87, p. 1138
903,' 148 Delft 99*8 Guarantee * rust A Sav. 200,000
20,611 mcorp orated
N orth West El 1st 43.1911 M - S 993.t Sale 99
99*2 1 99*2 100 Harris Trust A Savings. 1,250,000 1.636.301 u h 11 + 5 Q-J Apr ’l l, 3
No W G-L A Coke Co 5s 28 y - n 1 0i)l2 Sale 1)9*2 9414
94
2 92*2 94*4 Illinois Trust A Savings 5,000,000 8.976.802 16 + 4 10 + 4 •7 May 20 T l. 1
Ogden Gas o s ...____ 1945 U - N
Mch’09
Kenwood T rust A Savgs 200,OOj
65.395 OH 7 + IK Q J Apr’ 11. 1*4
Pearsons-Taft 5s------- 1916 ; - d 98*2___ 100*8 Mch’KJ
49,348 6
___ 96*2
...
Lake View Trust&.Savif» 200,00a.
Apr T l, 1*2
4 .4 0 s ................... .......... u - s 95
A * Q-J
12
Feb’lC
Merchants' i^oanA lrC o 3.000,000 6.110.3^7 12
Q-J Apr T l. 4
4.60s iScries E _________ M - N 96 ___ 97 Mch’KJ
6 Q-J
M etropolitan'Trust ASav 750.001 229,803 6
Mch ’ll. 1*2
4.80s Series F_______ M - N 97*2 ___ 98*2 May'09
Beg.
b
s. Oct 29 T 0VU1,p.1221
Michigan Avc T.* Co — 200 OOtJ 60.426
Peo Gas L A C 1st 6 s .1943 ■\ - 0
12134
8
8 «- j Mch3l’ 11. 2
102*4 Sale 102*8 102*4 11 1013, 102*4 N orthern T rust Co_____ 1,600,IKK, 2.525.359
Refunding g 5s____1947 .U - S 11027#
73.760 6
0 J-J Jan ’ll. 4
Sale *02*8 1027g 4 102.9 103*2 North-W estern TrASav 200.00C
Ohio Gas LAC 1st 5sl93 7 J - J
1 TO V. 92. p. 90
Oonsunt Goa 1st 53.1036 J - 1) 1101*2 10134 101*2 101*2 ___3 101*2 101*2 People’s T r A Sav B k .. 500,001 149.758 Beg.8 b us. Dec
8 Q-J MchJl’11,2
300,001 *227,931
M ut’l Fuel Gas Ist0sl947 M - N t ................... 101*2 May’l 123 101*2 101*2 Pullman T rust A Savg* - 200.000
20.973 Beg b us. J ’ly 12 0 9 V.89,p.l4l
95 Sale 05
95*s
South Side Elev 4 *$3.1924 J - J : 100*4___
93 96*4 Sheridan T r A Sav Bank 1,000,000 268.531
comm cnccd bus. Sept 6 1910
Swift A Co 1st g 5 s ...1914 J - J
10 0 1 2 May'l
100 10178 Standard Tr A Sav........... 200.000
36.984 5
Stockm en’s T rust A Sav
5H J-J July TO. 3
Union El (Loop) 5s__194b A - O
88 Apr’ll
_.
Union T rust Co----------- 1.200,001 1,225.97-1 *8+2 8+2 Q-M Mch31’H ,2
United Box Board ool Of 20
70 Apr’ll
6
6 Q-J Apr -11. 11,
60 Mch’ll ___ 56 60 W est'll Trust A Savings 1,250,00C 187.857
General mtge 6 s.______ 1 - .)
6 Q-M Mch 31 T l.fl
200,001 129.035
10034 101*4 W est Side Tr&SavUanl 200.
W estern Elco Co 5s__ 1922 J - J
101*4 Apr’ll
HX 64,74
Wood lawn TrASav Ban
6
7K Q-l Apr 'l l . 21
Note. — Aoorued 'ntcreit m ud be added to all Chicago t> ond 'prices.
•Bid and asked prices; no sales were mado on this day. t March 7 (close of business) for national banks and March 8 (opening of business) for State Institutions. JNc
orico Friday; latest price this week, a Due Dec. 31. 0 Due June, e Ex-stock dividend of 33*3%. k Also 20% In stock, q Dividends are paid Q-J, with extra pay­
ments Q-F. r Proposition to Increase capital to 82.000.000 ratified Jan. 10. Bee V. 92, p. 00. s In addition the equivalent of 4% more came from First Trust A Saving!
Bank, t Deo. 31 1910. w in addition the equivalent of 1% came from First Trust A Savings Bank, v Proposal to Increase capital to 12,000,000 ratified; V. 92, p. 1004,
w Capital Increased to 81.000.000 and surplus to 8200.000; V. 92, p. 1004. x March 31 1911.

BONDS

CHICAGO STOCK
EXCHANGE
Week ending M ay 19




Inter'St
P-rlod

BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
Saturday
May 13

SH ARE PRICES—-NOT PER CENTUM PRICES
Monday Tuesday Wednesday Thursday
Friday
May 16
May 17
May 15
May 18
May 19

Sales
of the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range since January 1.
On basis of 100-share lots.
Lowest.
Highest.

Range for Previous
Year (1910).
Lowest. | Hiynest.

111
10
1125, 1121? 113 1 1 2 % 1 1 2 % 627 A tch Top & S anta Fe.lOC 102% Jan 5 113 May IS 9U? J ’ly
111* 2 1 1 2
*109% 110% 11 0 1104
103% 103*4 103% 103% *103*2 104 *1033,
*103 101 *103%
67 Do pref_________ 10C 1 0 1 % Jan : 103% M ay to 97*2 Au*
10 11 .,
220 220
220 220
220 220
2 2 0 220
220 220
53 Boston & A lbany____10C 219 Apr 21 226 Feb 15 213 J ’nc
220 %
1273s
128
123 128 128 128 220*3
1275s 1275s 123 128 216
15'J
Boston E levated_____10C 127 A pr 2t 1207s Feb l j.122 Aug
1271*
123
___
216 216 216 ♦ 215 ___ *216
2S
Boston & Lowell
10C 207 Feb ] 216% May 2 200 J'ly
2151
2 21512 *215
10414 105 104 104% 105*4 1051? 104*4 105 104*2 105 105 105% 466 Boston & M aine.......... 1 0 C 1 0 1 MavlC 122% Feb 15 /Ills Dee
29512
295I2
295% 20512 *205
*205 ----*295
Boston
&
Providence.
10C 202 Mch2i ->0 ) Mch 6 285 Oct
___
*205
4
*13 15 *13 14 *13 14 *13 15
Last Sale 131? M ay'll
Boston Suburban El Cos. 13% May ; 16 M ch. 5 14 .*'ne
*71 75 *72 75 *72 75 *72 75
Do pref_____________ 72 Jan * 75 Mch 0 70 J'ly
Last
Sale
74
Apr’11
*3 10 *3 10 *8 10 *8 10
Last Sale Sl2
Boston & Wore Elec Cos. 6 Feb 15 9 Feb li< 8 Mob
48% 48% *48I2 49 *48% 401? 48l2 481? *47 40 *48 Apr’11
GC Do pret_____
49
38*? J an : 49 v 'a y ll 33 Aua
*157 153 *157 158 158 158 158
15 Chic June R y & USY.100 150 Apr 21 161 Feb 27 i3o yep
153
110
110
100
1001 ? 110
11 0 *108 100
76 Do pret............
107
MchlT 113 Feb 20 109 Oct
*270 ___ *270
2 Connecticut R iver__ 100 265 Jan 31 271 Ma> 1.' 200 Oct
*270
*270
>270 ___ 271 271
127 127 127 127 127 127 128 128 123 128 128 128
42 Fitch burs, pret______ 1 0 ( 125 Apr 1( 130 Jan -I 124% Sep
*135 137 135 135 *134
45 Ga Ky & Electric____10 0 117*2 Jan -■ 135 May 15 104 Ja.l
*134 136 *134 136 *1341? 135
*03 ___ *02
Last Sale 92 May’ll
Do pref_________ 10C 86 Feb 2( 93 Mch 7 85 Apr
*02
*92
200
*___ 203. *.__ 205
.lay’ll
100 May i 215 Jan is
*18% 19 187S 187s 1878 19*4 1918 191? 19*3 19% 19% '20 5,715 Mass Electric Cos____100 16 Apr 20 20 May 10 m i J'ly
*88% SO 8812 881? 88l2 80 88*2 80 88*2 80 80 89% 919 .. P.°_. .pref-------------- lot 83% Jail 9 80% May 19 75 •> iy
702 N \ N II & Hartford-10C 141% Apr 21 151% Feb 23 111) Apr
145 145
144 144 144 14412 144 145 144% 145 143U 145 *141
15 N ortnern N I I . ............ ioc 130 Jan li 142 Mch o 139 Dec
MII4 141*4 2 1 2
*141 ___ *141
141% 141U *141
Last Sale
Apr’11 ___ Norwich & W or Dref.lOC 210
* 210
* 2 10
___ * 210
* 2 10
Jan 26 2 1 2 Apr 29 2 10 May
186 186
20 Old Colony_________ 100
1871? *30
185l2 185*2
183 Mch 15 189 Jan 3 1811. Sep
*185 ___ *185 187*2 185 185 *185
40
40
209
40 40
40*3
R utland pref________ 100 32 Jan 26 43 Feb 21 25 M hJ
*30 40 *30 40 3912 301? 100
2 2 2 Seattle Electric______100 105% Apr IS 1 1 2 Feb 27
*10812 100 100 100
108-3.1 100 100 100 100 100 100 100
A uj
___ 1 0 1 10 1
100 *10 0
17 Do pref_________ 100 *97% Mch 13 102% Jan 9 103
983.1 Auv
100 100
100
100 + 100
14 1835s 1841? 18312 183% 2,150 Union Pacillo_______ 10 0 171 Jan 3 134*2 May 18 1531.1 J'ly
181*2 183
177*1 177l*> 1771,1 178 170 1811? *0514
0o34 Last Salt 95*8 May’ll ___ Do pref_________ 100 90 Mch (J 95*3 May 12 soti J'ly
*95-33 U5*s *160 ___
*94% 95l2 *9412 9512 *160
Last Sale 1G012 May’ll
Vermont * Mass____ 10 0 156 Mch 21 160*2 May 8 151 Oct
♦ 160 ___ *160
903., 903, 102 West
End S t________ 50 80 Apr 26 93 Men 22 83 Sep
90 *80*2 00 103
**
0*2 903.1 90*8 901?
00
90 *8012 1031
103*? 103 103*2 1031? 103% 136 Do pref_________ 50 102
2 103 103
Feb 27 105 Jan 10 90 J'ly
*103 10312 +103
587s
59% 6,008 Amcr Agricul Chem__100 46*? Jan 3 60*? May IS 30 J ’ly
567s 57U 681? 50 603s 5012 601?
fiOli 561.1 10567S
2 11
Do pref_________ 100 90 Jan 6 105 i Mch 1 081? Dec
♦ 1015s 10 2 % 2 IO2 I4 10 2 10 2 1 ? 1023, 103 1023., 103*4 10 2 % 103
4 Dee
_51, 18*?
5. 51? w» 83-1 Amcr Pneu Service. _ 50 4*2 Jail 4 6*2 Jan 20
♦ 5 512 *5 b'8 *5 6*2 6*2 57S 173.,
173., 18 1.C7C Do pref_________ 50 14 Jan 3 19% Jail 31 13.1. Dei:
*17 1712 *1612 1/1? 17 17 17*2 1734 119U
1201? 120 121.1, 2.105 Amcr Smear liciln __ 100 113% Jan 5 1 2 2 Feb 27 111 Oct
118 110 ns% 1101.1
118 118% 118 118*4
118 1183., 118 11834 1183.1 119 110 120 120 1201, 556 Do pref_________ IOC 111% Jan 5 120*3 May 19 in s , Oct
118% 11834 148
148-3S 148*s 148-34 148*2 14933 149 1493s 14834 149% 5,154 Amcr Telep & Telcg.lOfl 140 Jan 3 149% May 17 1271, J'ly
143 14S%
55 American Woolen____10C 31 Jan -1 30ji Mch20 28 J'ly
2 341? *34
35 35 35 35 35
*3312 34% *331
915s 913.J 9134 9134 91% 021? 9134 021? 92 02*2 92% 92% 848 Do pref_________ 10C xSO Mch 29 95-% Feb 8 •JO*?
Dee
145 Atl Gulf & VV 1 SS L-100 8% Jail 17 10*2 Jan 25 7 Mch
10% 10% 10 10 * 10 % 11 10 10 10 10 *1012 11
Do pref_________ 100 21 Mch 11 26 Jan 31 10 MU
*221* 23 2212 221? *22 221? *22 22*? 2212 23 *22 22% __109 Boston
L aud________ 10 5*? Jan 13 8% A pr 20 4*? J iy
*3 812 *8 81? *8 812 *8 8*2 Last Sale Sl4 Apr’l l
*150
153*4 153*4 *15212
6 Cumb Telep «fc Teleg.100 145% Jail 10 153% May 18 1381. J ’ly
*150 ___ *151 152 *152
18 12 May 1 7IS Apr
1033 1078 1034 103,| 10*2 11 10*2 1034 *10 10*2 1012 10% 1,706 E ast Boston L and______ 2S27*4 Jan
Apr 3 292*? Feb 3 A239 j«!'
287 287 287 287 287 287 287 237*4 *236 287*4
83 Edison Elec Ilium __ 100
161 16 L 1613, 160% 160% 1,205 General Electric_____100 zl45% Mch 3 101% May 18 135 J iy
15612 157 15G34 156-3.1 1571? 1597s 1597*
913S 913s 0112 OUo 02 02 0134 021? 92*3 92l3 92 92
685 M assachusetts Gas CoslOO 87% Jail 3 94 Jan 20 701, 1-cb
96 96 x94% 941? 95*4 96 98 96 96 96 9612 90% 521 Do pref...................100 Uo Jan 3 98 Mch 25 su May
Dee
♦ 224 I3 225 *2241? 225 +___ 225 2241? 225
225 225
17 M ergenthaler Lino__ 100 211 Jan -1 225 May 17 2121?
23,Jun
4 4 ♦ 4 412 *4 41? *4 4*2 *4 412 *4
4% 68 Mexican Telephone. _ 10 3>2 McllSU 4'8 Jail 31
113 113 *112 115
36 N E Cotton Y arn____100 110 Jan 3 119 Mch 14 107 Sep
♦ 110 115 ♦ III 115 111*2 1H»2 112 1121? *100
112 110 110
110 110
43 Do pref_________ 100 106 Jail 3 HO*? M ehl i 091. Auf
*100 111 *100 111 109% 100-34 *145
146 145*2 146 14 5% 145*4 244 N E Telephone______ 100 137 Jan 11 146 May 18 1291. Auii
144 144% 144*2 144*2 144*2 14512
*102*2 ___ Last Sale. 103 Apr’ll
Paclilc Coast Pow er. .100 96 Jan 9 103 Mch 23 93*1 Nov
*10212 ___ *10212 lGOU *102*2
101 161 IGU4 10 2 162 162 101*2 162
461 Pullm an Co_________ 100 158 Mch ii 163 Jan 33 153 J'nc
1603g 16112 1601?
1434 *14 145s Last Sale 15 May’ll
*14li 15 *14*2
Reece B utton-H ole_10 x\2 Jan 5 15 May 1 U ij Jau
*1412
15
102 102 102 102
580 Swift & Co
too 100 Jan 26 102% Mch 0 100 Jail
1013.1 102 102 102 101% 102 102 102 *30
31 31 31
31 31 31 31 31
157 T orrlngton__________ 25 30 Feb 1 36 Jan 3 28 Mch
*30l2 3112 *30
20 *28 20 28 23 28 28 *28 29
101 Do pref_________ 25 27 Mch 23 29 Jan 17 27 Jan
*28 20 *28 18634
932 United F ru it________ 100 180 Mch 13 192*? Jan 19 1051.
187 18712 187 188 187 183 187 188
186t2 1863,1 180%
Un Shoe Mach Corp__ 25 51*2 Apr 25 58% Feb 18
53*8 3,375
63U 63% 53% 533a 5212 63 52*2 51 5312 54 63 28%
J. y
452 Do pref_________ 25 28 May 16 29*4 Jan 31 jo-),
28U 281.1 2312 281? 28 23!2 23*4 28*4 23 2 3 I4 28%
2511 ■ , V
S Steel Corp______ 100 71% Jan 3 82% Feb 6 oi3S
J. v
75 >s 753.1 75% 767* 7G% 783a 78% 80*2 80*8 81 80 801, 30,072 U Do
pref_________ 100 116% Jan 3 120*2 Feb 2
12014 11973 1^0*2 120*3 120*s 549
118 1191s 1181? 119 1191s 119*s 119*2
19 10 *19 19*2 *19
19% 60 West Telep & Teleg__100 16*? Jan 17 2.i% Feb 0 i n14 J 'y
*19 193., *19 19*? 20 20
80
J
an
23
30 Do pref...................100
07 Feb 3 s i Auif
9414 9414 *94 96 *94 96 ♦ 94*2 95 95**4 05-3, *95*2 96
Mining
25 4% Apr 24 7 Jan 5 4 J ’ly
650 A dventure Con
534 5-34 63.1 6 0% 6*? 63, 6-% 7
*534 6
6
Jan
24
9*.s May 19 73, Der
9% 3,127 Algomah Mining_____25
7 7 *71S 7-34 7*4 733 327% 320 328% 329 309
900 Allouez______________ 25 30 Apr 25 39 Jan 1 .-ii J iy
32 6 158
*31 33 *31 33 31*2
67% 15,619 A m algam ated Copper 100 59% A pr 18 67% May 19 651
003s 66*4 67 66-3.1 am,
1 j;iy
63 63 G2-% 63 633i
27% 4,020 Am Zinc Lead &, Sm_ 25 23 Jan 27 ifi-i Mayll) 19 1 . J iy
26 26-3, 27 27 27 27*4 2634
25% 2533 25% 281s 16-3,1
1734 1734 18 17»3 18*3 17% 181, 7,940 Arizona Commercial. 25 11% Apr 24 18% May 10 121,
163.1 17 10% 1G1?
May
6 1,975 A tla n tic ....................... 25
3 Apr 12 0 May 10 5 J lie
6% 512 512 55g 5% 534 533 53.1 .5563.1 .555-34 * .606
245 Bonanza Dev C o .. _ 10 .50 Jail 5 .55 Feb 1. .50 Mull
l
* .50 .00 * .50 .60 * .50 .75 .50 .55 *13-3.,
14 14 14
740 Bos&CorbCop&SILVlg 5 11% Jan 13 14 May 17 10 May
13 13 131.1 13% 14
*1212 13 *1212
434 5
5*4 611 5*4 5*2 5 I4 5*2 *43, 0.4 975 Buttc-H alaklava Cop. 10 4*? Jan 30 61. Jan 14 41, Nov
*43.t 5
1933 20 4,395 B utte Coalition______ 15 16*3 Apr 24 20 Mayll) 155, j ;no
*17 18 17*4 1838 18*4 10*4 19*4 19*2 5134
HU
1714
52% 2,580 Calumet & A rizo na.. 10 4o Jan 19 55 Feb 3 •ns, J, y
407s 49% 4914 50 49*2 61% 51*4 523a 52 52%
461 473 471 475 473 475
39 Calumet & H ccla____25 455 M ayll 545 Jan 4 5oo J.iy
460 460 *455 460 457 460
121?
12
12*4
121,1
12%
12*? 131 Centennial__________ 25 11*? Jan 30 lo*? Jan 4 tji. J iy
♦ 11 12 *1114
*11*2
11*2
*__ .07 .07 .0/ .07 .07 .07 .07
Cons M ercur Gold____ l .05 Jan 6 .03 A pr 20 .01 J'ly
850
.07
* .05 .00 * .05
60 60 593.J 60 6O-33 60*4 61I4 o u 2 6173 6178 61 0H, 1,766 Copper Range Con Co 100 58% Apr 22 69% Feb v 58 I'UO
*43.1 5
6l4 5*1 5*.l *5?s 6
505 D aly-W est__________ 20
3 Feb 8 6 May 18 31. Sep
5 I4
5l2
6
512
5%
11 m s 1**4 IDs 11% 123S 121.1 1212 121? 13 6,198 East B utte Cop M in .. 10 10% Apr 22 13% Feb 2
U H
ou J 'g
.15 .15
100
1033 16*4 103,| 10", 11 10% 11 3,483 F ra n k lin ____________25
7 Jan 21 11 May 19 ' <> Dee
♦ 9 012 91? 91? 09*?6 3-16
G*io 0
6 5-10 6% 6% 6 7-16 5,481 Giroux Consolidated. 5 5% Mch ift 8*8 Feb <> a J;|y
5 13-10 6
1,810 Granby Consolidated.loo 30 Jan 26 40*2 Jan 4 20 J iy
*33' 34 ♦ 32% 33 33 34 S3*? 36 34 3 434 34
012 6*2 24012 714 0?, 7 G 15-16 7 11,210 Greene C ananca..........20
5% Mch 10 7% Mayl7
«% 22l2
6lS G 3-16
3®P
231?
251? 25 251? 243, 25*8 1,340 Hancock Consolidated 25 13 Jan 24 25*? May 17 ho-’a
*223.i 23D ♦ 22% 231.1
i , j '.y
2 Feb 4
510
.99
A
pr
22
i*4 1-'1*3
1%
H,
H
elvetia
Copper_____25
in
*1
H4 1U 1*4 1*4 1234
H-l
1*2
C4 1334 13U 15 14% 15 4,050 Indiana Mining........... 25 10% Apr 24 15 May IS io J iy
* lll2 12 1 1 -s 117s 12
32 3U? 321? 32-38 33*2 331?
7,068 Island Creek Coal____ 1 20*4 May 9 36*? May 19 JMi Dec
301.1 301.t *30 3012 3012
35*2
88 *? 88*2
8S%
Do pref-------------- l 87 Feb 3 90 Jan 9 sii-t
88% 88t.i *88 881? 8S*3S 88->s 8SI4 88-^8
15 *14*2 15 88%
14% 143, 865
840 fslo Royalo C op p er.. 25 12% Apr 8 16*? Jan 4 131? May
13 13 *13 131? 14 14*2 M’l
G% 61? Gl? 6*? 6% 63, 6-%
1,072 Kerr L ake___________ 5 6 Apr 17 7'3 Jan 21 Z(i Sep
612
612
6*2
0l2
9. 9. 1 15-16 2
2*4 2‘hi 2 1-16 2U 2 2$8 2't 2*4 1,225 Keweenaw Copper__ 25
1% Mayl.i 3% Jan 3 j J, y
3714 363,
J ‘y
7,165 Lake Copper Co_____25 26*2 Apr 22 38 Fob 21 28*2
32 32 32 321., 33 341? 31*4 35*? 35*s
Mj 4 4 *31., 377s
33.1 334 312 31? *3*2 4
3% 185 La Salle Copper_____25
3*2 May 5 6 Jan 3 6% Dec
33.1
G Gl, 612 5% 750 Mass Consol_________ 25
534 5».| 5-3,1 6
6 6
8 Jail 3 .35 Oct
5
May
lo
* 51* 0
2*4
3
13.1 134 Hi H, Hi 1-16 3'S 23s Last
.20 Feb 18 3 May 18
214 7,035 M ayflow er__________ 25
Sale .01 Moh’ll
.01 Mch 2 7
20 20*4 20*2 *20% 20% 343 Miami Copper----------- 5 18% Apr 6 20% Feb 0 1731, Dec
20 20 1912 191? *1934 20 20
m'IV
*2 23S *2 21? *2 212 *2 238 Last Sale 2% May’ll
1% A pr 7 3*2 Jan 4
M
ichigan____________25
40*4 41 41*2 -11*2 41% 42
160 M ohawk_____________23 36 Apr 18 45*? Jail 7 43 J j y
*30 40 30 30 *40
181? 181% 1812 10 10 193, 19*4 19% 19 19% 1,686 N evada C onsolidated. 5 17% Apr 21 19% Feb 6 1731,8 J{' lyX
185s 1334 *3%
4 43,s •H, '1>4 4
4
4
855 New A rcadian Copper 25 2% Apr 24 4% Am- 28 93, Jan
Ms Ms 1034
*31»2s 10%
4
101.1 485 Nlplsslng
*10-'
10l2 10 's 10% 10%
M ines______ 5 10-% Apr 25 11% Feb 17
10's 10 % 1 1 *10% 323,
21,751 N orth B u tte________ 15 25% Apr 24 3234 May 19 is J no
*27l2 28 2734 2734 28*2 29 >s 29*2 315, 3 Hi 325, 3£*4
Dec
7 7
7 71.t 7I4 7*2 7-1-1 81, 2,160
4->3 Apr 22 8% May 19 6*4
*6 7 *6 7
5 Jan 17 8 May 19 5 Sep
6 I4
6I4
*0 61? ou 6*4 612 63,1 0-34 7*2 71? 8 1.205 Ojlbway M ining_____25
.50 Jan 5 1% May 13 .25 auk
*1 ll4 *1 1*4 *1
1%
11,625
Did
Colony_________
25
H
3
H
4
1*2
ii 4 13,
**i
41 41 *40 41 41 4212 41% 44 43 44 43 4.11, 2,871 Did Dominion Co____25 35 Apr 22 41 May 17
103
9G 90 *96 100 *100 105 100*4 103 103 103
120
95 Apr 24 124 Jan 3 i l l J'ly
1114 1 il.i *1U4 12 *11*4 12 12 12 12 12 12 l-*2 386 D sceola_____________25 11 Jan 20 12% Feb 2 1 1 Dec
*68% 70 *68 70 *68 70 70 701? 70*2 70% 70l2 U*2
645
Jan 25 7U. Mayi'J 60 J ’ly
Q
uincy______________
25
163.1 1634 16I2 16% I 7 I3 18 18 18% 18 18*2 18 185, 1,766 Ray Consol Copper. _ 10 65
J'ly
15*? Apr 21 18% Jan 4 15*4
* .85 1 .90 .00
.90 1 1 1-16 1*4 1*4 1>4 1,375
.90
*
.75
%
Apr 26 li-> Jan 5 1 % Nov
*934 10 *934 10
10 10*2 10*2 11*8 i n , i n . 11 11 3,413 S h a n n o n ____________10
83, J'ly
9%
Apr
11
12*4
Feb
2
* .85 .95 .87 .87 .85 .85 .90 .90 1 1-10 l 1-16 .99 .99 1.015
1 Dec
•75 Apr 18 l%o May 18
321.4 3214 *32 32-3,1 323, 33l.t 33 333., 3278 32*8 33 33*2 1,330 Superior_____________25 J.iU
42*? Jan y 36 J ’ly
5% Ml 3,245 Superior & Boston Min 10 2loii AAprp ril7 6 Jail 7 4% Dec
6*4 5*, 5*2 53., 553 5% *14%
r;j2 14518 145>4 14*4
14*? 14% 147s 15 15
Ills 141s
Superlor& Pitts C opp. 10 13*2 Jan 3 15% Feb 3 9 J'ly
IS '4 871
*34 36
*34 30% 35 35 *35 38 36 38
107
34 Apr 24 52 Jan 3 45*? J'nc
4 4
*33.1 4 34334 34Ml 34-33
4 4'.t 4% 412 414 4% 2,965 T rinity______________ 25
3*? Apr 22 5 Jan 3 41? Dec
36
3434
35%
345.
33% Apr 7 371. Feb -1 30 Dec
351.t
3614
3,030
U
S
Sm
elt
Ref
&
M
in.
50
34*2 35
35*2
47
40ls 401g 4(ilS 401s 4CU 46-3. 461? 463, 40% 463., 461?
547
45*?
Apr 4 48 MeU 1 45% J ly
Do
pref_________
50
21.i 27, 1,407 Utah-Apcx M ining— 5 i Mch
*214
212
254 16*.t
10 3 Jan 6 2 Dec
142>4 14 15 152*2 152*2 102->s 1621 , 10*s
16% 1,415 U tah Consolidated— 5 9% Jan 20
16% M-IV19 12*2 Dec
*14 14*2 *141.1
4453 44-3.1 4634 4712 471? 47*4 47*2 47 47% 815 Utah Copper Co--------10 42% Apr IS 47*2
May 17 7i39% J ' ne
*441.1
445s
2
2 2 *13., 212 *13, 2
*l3.i 2 *1% 2
200 V ictoria.......................... 25
2*? Feb l
2 Dec
l'2M
ch23
7
63.1 G3.i * gi2 7
1,765 W in o n a_____________25
7*4
71
2
8
6
Apr
18
9%
Feb 6 5 J'ly
, 3
VI,
3
,
7,4
108 IO8I0 107% 107*2 107*2 108 +108 109 100 110 110 112
195
107
Apr
26
W
olverine___________25
122
Feb
10
102
J ’ly
2
114 114 *1
2,025 W y a n d o tt___________25
1% Jan 25 2 Feb 6 ii, J'ly
i>4 1*4 Hs 112 Ml H» 1?8 2
*• Bid
a&kvxl price.. dNew stosx. e Aas't paid, 0 Ex-3tock d*v. /» Ex-rig uts. a Ex-dlv. nail rlguts.




123% Jan
104% Jan
234 .'an
136% Jan
227 Feb
152 Feb
3U0 -N'OV
16% N'OV
76 Apr
10*2 Sep
4S tail
160 Deo
118 Jan
270 Mch
133*2 Jail
123 Oct
90 Oec
218 Dee
21% N'OV
88 % Nov
161% Mch
111 Deo
212 Mch
200 .Inn
44*? Nov
116 Jan
106 Mch
2041? Jan
103% Jan
los Jan
95*2 Mch
109 Feb
491? Oct
105 Sep
24 Feb
127% Mch
124 Mch
14.3% Nov
3912 Mch
104% Mch
28 Jan ;
8*2 Jan
1521? Mch
11% Jan
292*2 Nov
160*2 Jan
91% Nov
97 Mch
220 Noy
6% May
124 Jan
115 -Tan
138% Deo
100 Jan
200 Feb
14 Oct
109% Jau
37 Deo
31 May
200 Sep
71% Apr
31 Jan
90% Jan
125% Jan
193, Sep
94 Jau
10 Feb
14% Sep
58 Feb
50% Jan
12% Jan
.70 Mch
24% Jan
18% May
28*2 Jan
103 Jan
38 Jau
.16 Jan
85 Jail
9% Mch
14 Nov
2*? b'eb
22*2 Mch
12% Jan
111*4 Jail
11% Jau
36 Jail
578 Jan
44% Mch
33% Oct
90 Nov
281, -Inn
11 Jan
6% Jan
94% Jan
19 Jan
10% Oct
l'a Jan
29 Jail
8*2 Jan
75 Jan
27% Jan •
10% Jail
12 May
50 Jan
12% Jan
Feb
551% Jan
166 Jan .
92 Mch
24% Mch
18 Jan
68% Jan ,
18 Jan
78 Jan
11% J a n ;
65 Jan :
48 .Inn
001. JlU,
5% Jon
15 Jan
150 Jaa
3% J»a

M ay

20 ioii.|

Boston Bond Record

1365

BONDS
BONDS
Week's 'c a ; Range
Price
Week? g ha-a Range
Price
BOSTON STOCK KXCH’GE
BOSTON STOCK KXCH’G2
Range or w.i j Since ’
tY idav
Since
Range or
Friday
W eek E nding M ay 19
M ay 19 Last Sale cq<i Jan u a ry l
W eek ending M ay 19
January 1
May 19 Last Pale
A sk Low Hr oh .Vo 'Low H igh
I/,on> H igh Illinois Steel deben 6s___1913 A-O liia
A 8k Loro H102igh Ho5 1101*4
100*4 Mny'l 1
102 4
Am A grioul Chem 1st Ga..1928 A-O
102
Falls »&Sioux C is t 7a.. 1917IA-0 1004 101 117 A pr’08 .... 100 1024
Am Telep A>Toi coll tr 43.1929 J . j 017« Sale 914 92 101! 89 4 92 la
C Clin A> Snr la t 5 a... 1926 A O
’l 1
94*4 9 44
Convertible 4s..................1936 M-s 110 111 109’a 110 4 30 J 0 5 78 1104 KKan
an C F t 8 As Gulf e x t 5a.. 1911 j -I) 100 1004 100'4*4 F eb
100
4 1UU 1 0 0 4
Am W rit P aper 1 s t8 f 6 sg 1919 J . j
90 F eb ’l 1 . .. . 90 90
C F t Scott Aj A1 6 s .... 1928 M-N 116 ......... 1157s 1154 2 116 110*4
112 A pr’11 ----!!l00 112 Kan
Am Zinc L Aj S dob 6s___1915 M-N
Kan
0
M
&
B
gen
4
s...........1934
M-S
92 .........
1*2 93 4
4 A p r’l l
92 72 84 92
Ariz Com Cop le t conv 6s 1920 j-D 9 14 Sale 90
income 5a....... 1934 M-S 87 90 92
88 90
88 A p r’l 1
98
99 4 K A8aented
99
Aten Ton & a Fe gong 4 s ..1995 A-O 99 Hale 99 A pr’l
an C Aj A1 Ry & B r 1st 6sl929 A-O 102 «8 103 102
M ai’11 ...1102 103
l
91 917a M
A djustm ent g 4 ,8 ....J’ly 1995 Nov 9 14 924 91
aine
Cent
cona
1st
7
s
...1912
A-O
F ob ’ll .... 102*4 102*4
1024
01 92
S tam p ed ................J ’ly 1995 M-N 914 92 14 92 May’ll
1st 4 a .................................1912 A-O
101*4 Sep '05
Mar’ll
50-year conv 4s.............1955 J-D
1 0 9^10 9 «» ConaHough
1094
<feOnt 1 st 08.1925 A-O
115
n o a* M axell | 10 84 110°8 Alaro
lU-yoar conv 5a.............1917 J-D
Gas 4 4 s .....................1929 j -J 100 4 Sale 100 J ’ne’081
100 4
09 4 100 4
68 73 Alaaa
Atl Gulf & W 183 L in es58.*59 j - j 72 salt 71 4 F eb’04
AJ ich Telep 1st 5a................1917 J - J
99 44 May’ll
09 4 9 94
no
Boston E lect L oonaol 6s. 1924 M-S
M inne Gen Elec con g 6a 1929 J-J
102
A ur’U4
100*4 M ar’09
Boston A liowell 4s...........1910 j - j
i.02*i
Salto
New
E
ng
Cot
Yarn
5s-----1929,
F-A
102 4 102*4 3 100 103
104 4 Oct ’08
Boston «* M ain e4 4 s..........1944 J -J
New E ng T olo p h6 s............1916 A-O
ar’l l ..J 10134 102
101*4 M
112 4 Jan ’03
Boston Term inal 1st 3 4 s . 1947 F-A
6s...................................................1916,A-O
100 4 sop ’08
103 Jan '11
103 103 4 Now
B ar Aj Mo Klv cona 0a ... .1918 J - J
E ngland cona g 5 s ...1945 J - J
100 J ’no ’0 1
B utte Aj Boston 1st Os___1917 A-0
Boston Term 1st 4s........1939 A-O
B utte Elec Aj Pow 1st g 5s. 1961 J-D
75 Oct '10
Now R iver (The) conv 5a. 1934 J - J
1134 May’ 10
Cedar Rap & Mo R le t 7a. 1910 M-N
9634 M ay'll
N Y N H A j H con deb 3 4s 1956' J-J
96*4 99 4
90 4 90*4
8
7
4
90
4
Cent Verrnt 1st g4s..M ayl920 Q-F 90 4 91 11103
133 4 May’l l
Conv deb 0» (c tfs )..........1948j J - J
1324 1344
O c t'07
0 B So <4 Iowa Div 1st 68.1919 A-O
101
A p r’U9
Old
Colony
gold
4
a
......................
1924
F-A
99
F
ob
’l
l
Iowa Div 1st 4 s ............... 1919 A-O
98 7$ Sep '09
Ry tSo N av con g 4 s ..1946; J-D
101*8 Alai’l l
loo*4 10*4 Orog
D ebenture 6s....................1913 M-N
1144 F ob’l l
1144 1 U 4
8h Line 1st g 6s........1922 F-A
994 May’l l
99*4 100 Oreg
Denver E xten 4s............. 1922 F-A
9834 9 84
984 A p r’ll
P ere M arquette deb g 6 s.. 1912 J - J
99 4 May’ll
98*a
9
94
N ebraska Extern 4 s ........1927 M-N
103
Jan ’l l
103 103
Valley 1st a r 6 a...1919 J - J
99 *b Fob’l l
99 4 99 4 Repub
8 Aj a W s r 4a...................1921 M-S
1074 Nov'05
R utland 1st con gon 4 4 s.l9 4 1 J - J
8 74 A lar'1 1
87
®e
884
Illinois Div 3 *a»...............1N49 J -J 101 M 02 4 1U1<\,
102 Aral’02
n * •lulo8
*Rutland-Canadlan 1 st481949 J -J
100 102 Savannah
CUlo jo Ry Aj Btic Yus 68.1915 J-J 89 7a 90 4! io90*4
70*4 D ec’10
Elec 1st cona 5a. 1952 J - J
Alay’l ]
Coll tru st reloading K48194U A-O
89 4 904 Seattle Elec
104 105
la t g 6a.........1930 F-A 102 105 104 4 Alar’11
114 J a il’l l
LU 114 Shannon*
Oh MU Aj a t P Dub D 0 s.. 1920 J -J
93 93
1st g 6s 1919 M-N .91 ........ 93 A p r 'll
F eb '11
1134 1 134 Torro lla uAterizEleo
Oh M Aj a t P Wia V div 0el920 J . J 99 7a 101 113®#
97 A pr'07
g o s ....1929 J -J
99 4 A p r’l l
9 8 4 101
Ohio da No Allen 1st gu 6 s.1931 M-N
1003, M ar’10
orrington 1st g 6s...........1918 M-S
Ohio A> W Mich gen 6 s ....1921 J -D 1 0 l7a 103 101^ May’l l
100 101*4 TUnion
100 4 A pr’l l ...I 1004 1004
Pao RR<$ Ig rg 4 s .l9 4 7 | J - J
91 D ec’07
Concord «& M ont cons 4 s..1920 J -D
20-year conv 4a.................1927 1J - J
IU4®8 A pr’ll ...I 1044 1044
112 4 Jan ’03
Oonn Aj Pass R 1st g 4 a... 1943 A-O
U nited F ru it gen 8 14 48.1923 J - J 96*4 96 4 964 964 6, 954 07 4
1004 Aug’09
Cudahy Pack('l’he) 1a tg 6 s 1924 M-N
Coal & Oil 1st 8 f 6 s.. 1938 M-N
165 N ovlO
97 M a t'll
97 97 UU SS Steel
C urrent ltlver 1st 6a...........1920 A-O
104 4 100
10-60 yr 5a. 1963 M-N
100 May’l l
87 F eb ’111.... 87 87 W est EndCorp
D etC r liapAj W Iat 4«...l9 4 0 A-O
S treet Ry 4 s ....1915 F-A
99 May’l l
98 4 99
95*4 M ar’l l ; .... 95*4 9 64 Gold 4 4 a.............................1914
Dominiou Coal 1st a f 6 s..1940 M-N
M-S
1004 1004
100
4
M
ar’ll
103 *8Apt '06 ....
Fitcnburg 4 a.........................1915 M-8
Gold debenture 4s...........1916 M-N
9 8 4 A pr’lo
96 A pr’08 ....
4 a ....... ................................192< M-8
4a................................ 1917 F-A
8 4 Jan ’l l
9 8 4 08 4
127 4 J a u 'l li .... 1274 1274 WGold
Frem t Elk & Mo V 1st Os..1933 A-O
estern Teleph Aj Tel 58.1932 J-J 99*4 wale 9984
094 36 964 904
140 A pr’05 ....
Unatampeu la t Oa............ 1933 A-O
93 4 J a n ’l l
4 97 W isconsin Cent 1st gen 481940. J - J
9 34 0 34
904 26 96
Qt Nor O il A-U coU tr 4a 1921 J - J 964 sale 904
R egistered 4s.....................1921 Q-J 9 6 4 ....... U O^M ayTll....! 96*4 904
N ote —Buyer pays acoruod interest lu addition to tho purchase prloo for all Boston Bonds. * No price F riday; latest bid and asked. U F lat price.

I*

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Range for Previous
Range Since
Sales A CTIV E S T O C K S
Year (1910)
J a n l 1911
o/ the (For Bonds and Inactive
lY id a v | Week
Saturday
Stocks see below)
Lowest Highest
Luwtst
Highest
M ay 19 Shares
M ay 13
B altim o re
200 Con. Gas E L U & Pow . 100 04 Jan 9 I 93 MarlO I 40 Alar 64 4 Leo
90 9 0 4 *
89 89
*
.......................
Do pref.................. .100 89 Jan 9 100 Aiarl7 80 M ar 90 J ’ly
.
984
97
974
974
974
974
*904 97 4 ......... 974
N orthern C en tral......... 50 121 Jan 11 128 A pr 18 115 Jan 132 Feb
♦ 126 4 ......... 27 37__S 37 S 37 s, ♦ 1 2 0 27 4 ♦ 1 2370 S 127
274 May 4 184 J ’ly 27 4 Jan
906 Seaboard (new )...............100 21 Jan 4 00
274 1,154
27 4
♦ 264 27*4
*26 4
May 19 40 Oct 47 Jan
Do 2d pref............100 434 Jan 4
69 69
69 4 5 94 69 4 60
68**. 584 60 4 6 94 ♦ 6918 69^
18 4
♦ 184 184 810 U nited Ry A> E lectric.. 50 164 Jan 9 1 84 Alar28 1 24 May 104 De#
184 l a s ♦ 18
18 l d ‘<
*18
P h ila d elp h ia
A m erican C em ent........ 60 134 Apr 0 1 7 4 J a n 4 17 Dec 28 Jan
14 ♦ 1 2 14 ♦ 1 2 14 ♦ U 15
12
12 14 ♦ 44
♦ 12 14 ♦ 44
American
R ailw ays.... 60 42 Jan 6 45 4 Jan 20 414 J ’ly 60 Jan ;
201
41
44
44
44
44
41
44
4-1
♦ 43 4 44
bria S tee l.........
60 42 4 Jan 3 4 a4 Ke o 13 404 J ’ly 5 34 Jan
464 40 464 40 40*8 40 46 4,242 Cam
40as 45*8 46*4 46:*ti 454
E
lectno
Co
of A m erica 10 11 4 Jan 4 12 4 Jan 14 114 J ’ly 124 Jan
11’6
♦
1
2
1
2
12
4
1
2
12
1
2
1
2
1
2
12*8
♦
114
12
4
12
4
Eleo
Storage
B
attery
..
100
4 8 4 Jan 3 66 Feb 2 42 J ’ne 644 M ar
3,283
54
4
634
61
63
634
644
644
544
63 63 ♦ 62 4 63
Gen A sphalt tr ctfs ....1 0 0 3 1 4 Alar 4 314 Jan 10 194 J ’ly 3 4 4 Dec
32 32
33 884 3 54 334 33 334 930
♦ 32 4 33 ♦ 324 33
Do pref tr ctfs ....1 0 0 72 M ario 834 Jan 30 64 J ’ly 8 44 Jan
734 740 K eystone
♦ 73 73 4 *7l». 72 4 ♦ 714 7 a s 7 2 \ 73 ♦ 73 4 73 4 73
7 J ’ly 13 J&n
T elephone... 60 8 4 Jan 12 9 4 Jan lu 154
♦ 8*4 9
♦ 84
J ’ne 2 9 4 Deo
C o rp ....100 27 4 A pr 19 32 Feb 6
29 29 4 29 4 294 2*,366 Lake Superior
28 4 29 4 2 84 29
C & N av tr ctfs. 6u 8U May 12 98 J a n l i 80 J ’ne 123 Jan
80 4 80*4 8 / 874 874 88 4 87 4 8 84 707 Lerngh
60
844A
pr24
Lehigh
V
alley................
9
0
4
Feb
3
0
2
4
J
’ly 1214 Alar
4 1,262 P enn sylv an ia R R .......... 60 60 4 AlayiO 05 F**b 2
88
88
884
89 4 89 4 894 89 4 83
004
01**16 J ’ly 69»ie Alar
0U4 0 1
0L4fll**lO lU°t« 0l°» 6,277 Plnladolp’aC
o (P lttab). 60 x50 Jan 3 604 May lb 42 J ’ne 634 Jan
50 604 66*4 614
00 4
60 604 60 4 504 4,071
El6Ctric||. 26 16 Jan 19 164 Feb 1 *134 Feb 164 Mar
104 164 1168 44 Id ', 104 1 0 4 Id ’s 164 8,189 Philadelphia
Rap T r v o ttr ctfs 5u 17 A pri* 214 Jan 20 i 5 Apr 2 34 Jan
184 18 4
l« > 134 18**; 1 SS 184 2,180 Phila
R eading........................... 6u74l4«A pr21 80 4 Feb 10 65 4 J ’ly 86 Feb
7«4 7 94 794a 794 79 4 79 4 7u»„ 80 4 16,544 Tonopali
M ining .......... I 6 4 May 4 8 4 Jan 17 0 4 J an 9*io Alay
0 l4 6 4 d3,« U', 0 4 C‘i, 6ll<> U85
63lfl
T rao tio u ............. 50 43 Jan 3 484 Jan 20 38 Oct 624 Jan
46 4 46 4 404 404 404 404 40-y 46 'b 1.027 Union
b7 4 87 4 8 74 87 4 ' _ 0 0 > 874 2,523 United Gas lw p i.......... 60 85 4 Jan 3 8 9 4 Jan 9 79 J T j 9 5 4 Jan
b7 87
B id | A sk
BALTIMORE
P H IL A D E L P H IA \ B id | A s k 1:
B id A sk
P H IL A D E L P H IA
Bid Ask
P H IL A D E L P H IA
J .........I Chas Ry G Aj E i 5s ’99 M-S
Ph So Read 2d 6s *33.A-O
9 64
B onds
in a c tiv e M ocks
Cliarl Ui& A 2d 7s’10 A-U
E x Im p Al 4s g ’47.A-O
Prices are all and
14
1
Amoilcan M illing........10
Aj Sub la t 5 8..’22 J-D 1054 1064
Torw inal Os g 1941.Q-F *1*10** i ’l0*4 City
interest.'*
Cambria Iro n .................60 444 45
P W Aj Ji col tr 4s '21 .J-J 99j4 .........1 City Aj su b (W aa)lst5 s’48 102 103
83 A lt Aj LV Elec * 4 s’33.F-A
......
C entral Coal A> Coke.100 80 82
Coal So 1 Ry 1st o s ’20F-A 1014 102 4
Portland Ry 1st 6» 1930.
Am Gas & Elec Gs’07. F-A '» 5 S
P roierrod...................100 79 4
ruv lst0s.lU 10J-J 100 108
A inliyscouv& s lu ll.J -D 100 ioo*4 Read True 1 st 6s 1933 J-J 120 125 I tJol^G
C onsolT raoot N J...1 0 0 77
Consol Gas 6 s.. 1939 J-D IUS4 109
Kydfc
Lcon5s’54J-J
CoU tr u .t Cs 1917.A-O 94 94 4 Booh
.........
994
F t W ayne SoW V........100
Gen
4
4S 1954.........A-O 97 98
Spanish-Am
i
r
0s
'27
J-J
102V
.........
A
tl
C
Eleo
ref
6s
'3
8
.M-S
Germantown P ass.......60
Cons G E A; P 4 vs ’35.J -J 874 bS
Stau’d Gas So E 6s '25 Al-N 102
BorgAaElirw 1st 6»’21 J -J ioO‘4 ~
U igblunder Mill Aj Alg..G
F
air
A;
C
iT r is tu a ’JS.A-O luo loul*
U
Trac
lu
d
gen
Os’
19.J-J
B
etide
Steel
0s
1998.Q-F
H untingdon Aj B T ....6U
Un Rye T r oils 4s’49J»&J 77 77 4, GaAs Ala 1st con 6s '45 J-J 105 1054
Ohoo So ALo 1st 5s 1949 J -J
p re fe rre d ................... 60
GaCarAjN 1st 5a g ’29 J-J loo 105 4
nited ltys Inv 1st coll tr
C hO k & G gen Os'19 J-J i*024 103 U sf
Indianapolis S t...........100 106 4
Georgia P 1st 6 s ... ’22 J-J 112 4 .........
6s 1920.................M-N 85 4
C onT racot N J 1st o s.'33 .........
Indiana Union T r....lO O
GaSoAj Fla 1st 5s 1915J-J 100 4
78 W elsbach s 1 5s 1930.J-D S8 *-.
Dei Collys tr c tf, ls’4 0J-J
Insurance Co of N A ..10 *204
G-B-S Brew 3-4s 1951M-S 42 4 43
GJbEconOs’oOJ-J 1014
E So A 1st AL 6 s 1920 Al-N 106 4 *8*7*4 WUcs-B
In te r Sm Pow Aj Cbem.50
2d income oa 1951 Al-N 6 4
York Rya 1st 6s 1 937.J-D
Elec So Peo T r stk tr cue 87*8
Keystone Telep v l 0..50
Kuoxv T rac 1st 6s ’2SA-U 1044 1054
94
B
a
l
T
U
IO
R
E
G
enA
spLalt
6sl910.M
-S
93 4
P refe rre d .................... 60
LakeR El 1st gu5s’42Al-S 1094
In activ e .Slocks
iudianapous Ry 4 s.1933 82 84
Keystone WatchCaso. 100
Alacon RyA; L tlst5s'53J-J
68 A laC ous CouUfij lrou.100 30
Loh Vail T ran v t C ...50 9
9 4 In terstate is 1943 ..F-A 67 84
P ie t............................. 100 73 74 M emphis S t 1st 5s’45 J-J 97 4 974
Preferred v t c ...........50 227, 23 Keystone Tel 6s 1935.J-J
M etSt( W ash)lst6s’25 F A
& C harlotte.. 100
Lake Sup Corp Inc GsL4 O 03 4 69 4 AA tlanta
Lit B rothers...................10
tlan Coast L (Couu)lOO 240 |245 Alt Ver Cot Duca Lst 6s. '74 4 *7*6*
Lcmgh Nav 4 4s ’14.<J-J 100 4
L ittle Schuylkill........... 60
Canton Co.................... 100 116 1174 N 1*1N *U P 1st 5s’38 M-N 93 4
Gen A1 44» g-1924.(^-F 1034
Mtuehlll Aj SChuyl H ..60
N or A: Por T r 1st 5 s’J 6 J -D
89 4
Loll V C 1st 6s g ’33..J-J 109 1094 Cons Cot Duck C orp...60
N at Gas Eloc L t So Po 100 14
N orioik S t l s t 6 s ’4 4.-J-J
P refe rre d ....................50
Leh V ex t4s 1st 1948.J-D
P rew ire d ...................loo 05
N ortli Cent 4 4s 1925 A-U
Consol 6s 1923.......J-l) 118 120 Georgia Sou So F la ... 100 27
N llav eu iron So s te e l.5
Senes A 6s 1920....J-J
1st prof......................loo 93
Consol 4 4s 1923...J-D
N orthern C entral......... 60
Series B 5s 1926---- J-J
2d pref........................100
A nnuity 6s..............J-D
N orth P en n sylvania..60
P itt Uu Trac 5s 1997.J J
Gen cons 4s 2003. AL-N 97 4 98 G-B-S B rew ing...........100
Penusyl w arrants ..(w 1) 114
Polo V'al ls t os 1941..J-J 105
B onds
Leh V T ran con 4 s ’35J-i)
Pennsylvania s a lt........60
Sav Fla Aj W est o s’34 A-U
Prices arc a l l " and
IstscriesB O s 1935.AL.s
Pennsylvania .bicel.,100
Seab Aj Roan 5a 1926. J J 106
interest.”
N atLILfc PsorB Os’19J-J 97 4 100 AnacostiuA;
P roierro d ...................100
South Bound ls t 5s..A-O 105
Pot
5s----101
1014
New
Con
Gas
6s
1948
J
-D
424
42
4
Phila Co (P itts) prof...50
U El LAj P 1st 4 4 a’20 M-N u2 4 93
A
tl
Coast
L(Ct)ctfa
5a
J-D
102 4
161 NY PUJfe No 1st 4s ’39 J-J 97 4
Phil German So N orris.50
Uu Ry«fc El l s t 4 s ’49 Al-S 85 854
Ctfs of indebt 4 s.......I-J
Incom e 4s 1939...M -N
Phila T raction...............50 *83 83 4 NoGliioTrac
Income 4s 1949....... J-D
"wT*
*
6
-2
0
y
r4
s
1925.........J-J
eou5a’19.J-J
Railways G eneral....... 10
5s 1936...J-l) b7*4 87 4
B
altC
Pass
1st
6
s’l
l
M-N
Penn So Md Steel con Os.
V ...... VaFunding
Tonopali Belm ont D ev. 1
Mid 2d ser 0s '1 1 .M-S
B alt Fum lg 5 s .1910 M-N 100
104
Pa So N Y Can 5s ’39. A-O
U m u .11 Cos or N J — 100
3d
senes
0s 1916..AI-S
Exchange
3
4
s
1930
J-J
93
94
Penti
Steel
1st
6
s'17
Al-N
42 4
U nit True P iu s proL.GO
4tli ser 3-4-Os 1921.M-S
Balt So P 1st 0s in l ’ 11 A-O
T r tr certs 4s ’43 *9*24
W arwick Iron A Steel. 10 104 104 Peoplo’s
S P As O 1 st 148 ’53F-A 90 4 07 4 6th series 5a 1926.M-S 100*4 1074
P Co lst*fc col tr os’49 Al-S 1024 103 BBalt
W elsbachC o.................ion
True 1st 5 s..’29 M-N 107*4 108 i Va (State) 38 n ew ’32.J-J
Cou& col tr 5s 1951 Al-N 97 4
W est Jersey Aj SeaSh.50 *01
80**
I F unddebt2-3s 1991.J-J
Phil idee gold tru st ctfs. lo d s *1*0*34 No Balt Div 5s 1942 J-D 109 110
W estmoreland Coal....00
Cont’i
Ry cou5sl932 M-N j 1074 IU84 W est N C couOs 1914 J-l 104
79
7dJ4
T
ru
st
certlfs
4s..............
W ilkes Gas <fc E lo c..100
.........
NVesVaCAsPlfitOgTl
J-J
1
0
0
4
E
xt
A
Imp
08.1932
Al
S
1004
P .V; E gen Al 6 g ’20. A-U
1074 101 | Wil So Weld 6 s.. 1935.J-J
York hailw ay.................60
1044 •••••• Chas City Ry 1st 6a’23 J-J ]
P re fe rre d ....................50
" -Bid and abkod; 1:0 salua un tills day. 1, lsx-diy. & rlslits. ll-jU panL I .jtlti'. paliL **13 >a paid. } «33 paid, o Beoeipts. » « J p u d . e $ M paid. <(*.2 S p u d .
S h a re P ric e s—Not P e r C entum P rices
M onday Tuesday I Wednesday I Thursday
M ay 16 I M ay 17 \ M ay 13
M ay 15




044 05

110 112

THE CJLiliOJNICLE

m >G

Volume of Business at Stock Exchanges

[V O L . LX X X X II.

Bid Ask
Electric Companies
Industrial and Misccl Bid Ask,
Chicago Edison Co—See Ch cago list
Gr't West Pow 5a 1940..J
8412 18512
• Crucible Steel............... 100 1334 14
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
<? Kings Co El L & P Co. 100 128
30
• Preferred................... 100 811 8134
DAILY, WEEKLY AND YEARLY.
Narragan (Prov) El C o ...50 ♦ 9U 93t2 Davls-Ualy
Copper C o ...10 *13, 1»2
N Y 4 Q El L 4 Pow Co. 100 5. 65 e Diamond Match
( o .. 100 09 99l2
Preferred.......................100
75
82
i
duPont
(E
I)
de Nem Po 100 li.O 163
Stocks.
Railroad,
United Electric of N J ... 100 85 911
e Preferred.................... 100 95 97
Week endinj
eke..
Statu
u
.
s
.
1st
g
4s
1949.................1-D
79
".SI
2
•
Gold
4
Ha
1936___
843,1 84«>3
May 19 1911,
Shares. Par value.
Bonds.
Bonds. Bonds. Western Power com___ 100 341 3514 Electric B o a t..________J-I)
100
10
Preferred...................... 100 62 63
Preferred............. ioo 431
67,167 $6,071.700 $ 1,314,500 3385,500
Empire
Steel.............I
l
l
100
15
10
143,357 10.928,050 1,560,000
452,500
Telegraph and Telephone
Preferred.............
100
55 60
1.053,278 92,937,150
e Amer Tcleg 4 C able... 100 81 84 • General
1.102,000
Chemical___ IluO rl32
140
958,212 85,540,100
e
Central
4 So Amer___ 100 119 120 :
451.000
e
Preferred.................
10
(j
IU8
884,217 78,589,800 3,909.500 1,684,000
Comm’l Un Tel (N Y)._ 25 108
Gold Hill Copper_________] 107
577,465
160.000
Empire 4 Bay State Tel. 100 65 7*o"
- - I I I IH 20 *9l«
*63 j 7H
Franklin ......................... 100 40 45 Greene-Cananea
Explor’n._ioo 195 200
• Gold 4 Stock Tel eg.. . 100 111) 115 eGuggenholm
Hackensack Water Co­
e Northwestern Tcleg___ 50 110 115
llet g la '52 op 1912 _.J-J 83
Sales at
Pacific
4
Atlantic.............25
65
7o
Week
ending
May
19.
Signal Co com.........ioo
Jan. 1 to May 19.
25
New York Stock
e Pac Telep & Telcg pref 100 93 98 Hall
Tobacco Co___ 100
Exchange.
Southern 4 Atlantic........ 25 87 95 Havana
1911.
Preferred.......................100 ‘ V8 157
1910.
1911.
1910.
1st
g
5s
Juno
1
1922
_J
- 0 / 59
61
Stocks—No. shares... 3,683,696 1,553,313
39,828,302
Milling
78,440,395 B„ 4# N Y 1stCompanies
03 lu ll___ J.J
Par value________ $322,477,850 $131,197,800 $3,516,801,400
98 Ilccker-Jones-Jewell
1st 6a 1922..................M-S 101 104
S7.079.898.900
Bank shares, par
N
Y
4
E
It
Ferry
s
tk
..
.
100
$18,500
10 IIerring-Hall-Mar new .. 106 20 30
$24,800
$935,000
$454,200 lat 5a 1922................. M-N
Bonds.
60
Hoboken Land 4 Im p.. 100
N Y 4 Ilob 5s May ’46.J-I)
Government bonds__
100
S5.000
1st 5s Nov 1930............... 103 105 "
S126.500
8191,500
Hob
Fy
1st
5a
1946..M-N
State bonds________ $4,304,000
415,000
Houston
Oil......................100 8 8I4
IU612
57,235,000
23,893,200
Y 4 N J 5a 1946.........J-J
RR. and mlsc. bonds_ 18,988,500 7,733,000
99
295.501,000 286.193.500 N10th
Preferred
..........
100 563.| 57
4 23d Sts Ferry__ 100
35 Hudson Realty................ 100
Total bonds______ $23,292,500 S8.153.U001 S352.862.500l S310.278.200 1st mtgo 5a 1919___ J-L)
•
Ingersoll-Rand
com
...
100 90
e Union Ferry stock___ 100
27
• Preferred....................100 94
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
e 1st 5a 1920...............M-N
Intercontinental Rubber 100 28 28*4
EXCHANGES.
95
Internat'l Banking Co.. 100
Short-Term Notes
Nickel___ 100 194 198
Amal Cop 5s Apr 1 1913.. 1008s I005v International
Preferrcil...................... 100 93 96
Boston.
Philadelphia.
American
Cigar—
1st g os 1932................A-O 95
Week ending
Ser B 4a Mch 15 T2..M-S
1001s International Salt........... 100 6 9512
May 19 1911.
Listed Unlisted Bond
8
Listed | Unlisted Bond
Balt 4 Ohio 4 Ha 1913 J-D 100
100 I4 I0()3s
shares. shares. sales.
1st
it 5s 1951..............A-O / 48
shares. shares. sales.
Bethleh Steel 6s 1914..M-N HHW
4 10 1
60
80
Internationa!
Silver___
100
4 Alton 6a 1913. M-S
99'g
Saturday__________ 3,616 3,350
ioo 112 116
5.272| 3,552 $50,939 Chic
Ham 4 I) 4s 1913 J-j 99^
99 9914 Preferred...................
Monday__ _________ 4,539 3,797 $62,000
lat 6a 1948................. J-D III): 11*2
81,000
4.327 7,569 97,039 Cln
Erie 6s Apr 8 1914.. a’-08 100h 101
Tuesday__________ 37,448 20,916 60,600 11,745
Intcrnat
Smelt
4 Uefg._ 10 0 12 2
120
30,064
102,646
Companies—
Wednesday________ 54,119 24,543
Time Record 100 250 >00
68.500 20,949 28,263
70,425 Hudson
0s Oct 15 1911...........A-O 1001 101 lutoruat
Thursday_________ 43,184 22,460 72.500
Preferred...................... ioo 115 120
14,050
21,122
72,700
63
Fob
l
1913..........F-A
98
Friday . . . . . . . ____ 31,289 25,250
4 Laugh Un Steel Co
50,000
8,608] 11,618 84,601 Int 4 Gt No 5s Tr Co ctfs 991o 19.)8*2 Jones
1st a f g 5s 1939.........M-N 102 102*2
C Ry 4 Lt 6s '12___ M-S IOO 1003„ • Lackawanna
Total ................. 174.1951 100,322 $393,500 65,0171 102,088 $478,350 KMinn
Steel___ 100 42
4 St L g 5a 1913.. F-A 95 96
c 1st con 5a 1950___ Al-S 86 46
87
Mo Kan 4 Tex 5a May 1*13 91)12
e Deb 5s 1915.............M-S 94% 9473
• N Y C Lines Eq 5a *ll-'22 6412% 9934 Lanston
907s
Monotype...
.’
.
100
97
4^3 Jan 1912-1925...........6412% * 4 % Lawyers’ Mtgo C o ...I . .10 0 255 260
N Y Cent 4 Ha 1 91 4 ...M-S IOOI4 41U03&
4 Wllkcs-B Coal.. 50 «250
75
All bond prices nre now “and interest" except where m arked “1/
N Y N H 4 H 5s Jan 1912 10 ()12 101 •Leh
Lorlllanl (P) pref.........ioo 135 150
4Hs Mcb 1 1912___ M-S 100l2 10034 Madison
Sq Garden......... 100 60 70
101
PuoservCorpNJ
5s'13.A-0
I005s
2d
63
1919.................M-N
Bid
95
Ask
Street Railways
Bid Ask St L 4 S F 4Hs '12 op.F-A 100*4 100>2
Street Railways
Transit........... 20
2”
6s Mch 1 1913...........M-fc 99 >4 99!2 •Manhattan
71U 72*2
May Dept S to re s..... 100 *13.
New York City
Pub Serv Corp N J (Con)—
South
Ry
g
5a
1913___
F-A
1001
4
100l2
• Preferred.................. 100 10834 109*2
Bleeck St A Fui Fy stk.
15 21
New’k Pas Ry 5a '30 ..J-. 1073 108*1 Tldowater Ca, 1913. guar .. 10134 102
1st mtge 4a 1950..........J-J 55 65
Rapid Tran St Ry___ 101 230 240 Wabash 4 Ha 1913___ M-N 96' * 971 •Miami Copper— See Stock Exch 1st
B’y A 7th Avo stk...........100 120 132
R Coal.........50 *8*4
lat 5a 1921.............A-C 102
West Telep 4 T 5a *12.F-A IOO'.] 11,034 Alonongahela
2d mtge 6a 1914..........J99 101
Preferred........................ 50 *2-134 258*4
J
C Hob A Paterson—
Westlngh’so El 4 M 6a 1913 101*3 102 Mortgago
Con 6a 1943—See Stock Exc list
Bond
Co......... 100 110 115
4a
g
1949...............M-N
78
77U
• 5% notea Oct 1917-A-O 94 95*s Nat Bank of Cuba...........100
B'way Surface 1st 5a gu 1924 102 10312 So J Gas El A T ra o ...m 134 136
108
Cent’i Crosatown stock.. 100 ___ 90
e National S urety_____ 100 245 112
Gu
g
5a
1953.........M-fc
97h
50
98*2
Railroad
lat mtge 6a 1922___ M-N / 80 85
Nev-Utah
Min
&
Sin.........10
**al,
No
Hud
Co
Ry
63 1914 J-. 104
Chlo Peor 4 St L—
• New Central Coal...........20 30 60h
Cen Pk N 4 E Rlv stock. 100 10 20
5a 1928.....................j-j 10312
Prior
Uen
g
4Hs
'30.M-S
88
Y Air Brake 5s—See Stock Exc list
Christoph’! & 10th St stk 100 100 115
Ext 5a 1924_____ M-N 98
Con mtge g 5a 1930.. J-J
50 •NNew
York Dock...........100 26 30
9th Ave 5s—See Stock Exc list
g)lry 4Dock
Pat Ry con 6a 1931..J-D 114
Income 5 s, July 1930___
10
• Preferred .................. 100
E B 4 B—
68
2d 6a opt 1914___ A-0 luO 103 Chicago
Subway.............
166
1
"Vis
1st gold 6a 1932...........J-D 95 100 So Side El (Chic)— See Cl icago list Northern Securities Stubs.. 100 1054»4 N Y Mtge 4 Security... 100 217* 220
Scrip 5a 1914...............F-A / 30 40 Syracuse R T 63 1916
101 103 Pitts Bess A L E ........... 50 ♦ 31 35 N Y Transportation.........20 *3 4*2
com ... 100 95
Eighth Avenue stock.-.100 280 120 Trent P A H 6a 1943.. J-D 97 100
Preferred..................._150 *60 70 NUes-Bcm-Pond
Nlplsslng Mines.................... 5 * 10 \. 98
Scrip 6a 1914.............F-A / 95 100 United Rya of St L—
• Railroad Securities Co—
Ohio
Copper
Co...............
10 *l ->8 1034
42d 4 Gr St F’y stock.. 100 200 225
10*4
101y
Com
vot
tr
ctfa...........100
111 C stk tr ctfs ser A__ 52 87*2 921; • Ontario Silver................Ioo
___ • Preferred ________ ioo 38*4 39 Seaboard
42d St M 4 8t N Ave.-.100
1#S 1^4
Company—
73
lat mtge 6a 1910___ Al-S
Exc list
-.100
742*4
Gen
43
1934—See
Stock
1 st preferred................ 100
86
Preferred .
2d Income 6s 1915___ J-J / 40 60 Unit Rys San Fran—See Stk Exc list
101 102*2
Com
4
2d
pref—See
Bal
t
Exc
Mttsburgh
1
x34
*2l).\, 2034
Inter-Met—See Stock Exch ange list
Ry A El Co...........100
34*4
Preferred .
Lex Av 4 Pav F 5s— See Stk Exc Hat Wash
*42*? 43*4
90 West Pac lat 5a 1933..M-S 91
Preferred..................... 100 x893s 8434
Metropol St Ry—See Stk Exc list
..100 103*2 105
4a
1951.........................
j-D
84*2
Industrial
and
Miscel
Pope
Mfg
Co
com.
Ninth Avenue stock___ 100 150 175
..100
55
Adams Exp g 4s 1947..J-D / 8612
Preferred...........
75 57
Second Avenue stock__100 6 *10*8
77
Gas Securities
Ahmeek Mining_____ . .'2 5 ♦ 160 170
Consol 5s 1948_____ .F-A
..100 102*2 105
Alliance
Realty...........1.100
120
125
• Sixth Avenue stock...100 1205 126*2
..100
130
New
York
American B ook............. 100 160 106
Sou Boulev 6a 1945___ J-J 65 75 Rent Un Gaa 5s 1927___ J-J 101*4 103 American
See 8 tk Ex list
124 127
So Fer lat 5s 1919...........A-G 80 92 Con Gaa (N YJ —see Stock Exc list American Brass..............100
o 108 112
Chicle com ... 100 240 245 Royal Bak Powd com. ..io
Third Avenue RR—See Stk Exc
188 195
-.100
Hat
176
•
Mutual
Gaa...............
ioo
182
Preferred...................... 100 103 105
Tarry W P 4 M 5a 1928 _ / 60 80 New Amsterdam Gas—
Preferred.................
..100
10/*2 108
Graphophone com .. 100
Y’kera St RR 5a 1946 A-O 78 86 .. f?1 consol os 1948___ J-J 101*2 10212 AmPreferred...................._ioo
Safety Car Heat 4 Lt. -.100 • 121
•25
30
__ 123
28th 4 29th Sts 5a *90.-A-0 / 15 25
49
101
104
Amor Hardware......... . . 1 0 0 130 132
293
Twenty-third St stock. .100 190 215
Consol
os
194o..
jlj
101
103
Malting 6a 1911___ J-D 100 1UU2 South Iron 4 S com. ..100 2 2976
Union Ry 1st 5s 1942...F-A 10U2 103 n x A Richmond G as.. 100 50 00 Am
92
98
Amer
Press
Assoc'n___
100
..100 6
Westchester 1st 5s ’43 J-J 65 75 Nor Un lat 53 1927. M-N 99*2 10U2 Ain St Found new—See S tk Ex list
..100 . . . . 10
e Standard Gas com ., inn 70
6a 1935........................a -0 103
1st M g 5a '31 red.. ..A-O 14 is “
Brooklyn.
•
Preferred
.
.
inn
90
70
Deb
4a
1923..................F-A
69
Adjust M 5s Apr 1 1931.. 2
Allan Avenue RR—
lat 5a 1930..........." m - n 103 106 American Surety............. .5 0 280
290 Standard Coupler com .. 100 42 453
Con 5a g 1931..............A-0 102 103
American Thread pref___ 5 ♦ 434 SU Preferred..................... 100 105 115
B B 4 W E 5s 1933___ A-O 08 102
outer
CHUes.
Am Tobacco Co com___ 100 493 496 Standard Aiming Co___ 100 16 18
Brooklyn City Stock.........10 165 170 Am Gas & Elec com .. 5n *55 56 Amer
Preferred..................... 100 48 50
Typef'ders co m ... 100 51 63
Con 6s—See Stock Exch auge list
Preferred___
, *43
1st 5s 1930..................M-N 86 88
Preferred...................... 100 100 103
Bklyn Ilgta 1st 5a 1941 A-O 98 102 Amer
Light
A
T
ract.,
inn
292
294
Deb g 6a 1939...........M-N 99 100 Standard Oil of N J .........100 Z072 677
Bklyn Queens Co 4 Sub—
Preferred.........
inn
105
107
Amer
Writing
Paper___
100
Studebakcr
Corp com .. 100 66 67*4
■■t
u
1*2
e 1st g 5a '41 op 1916 .J-J 98 101 nay stato Gas. .........an
*2 •Preferred —See Stock Ex ch’go Hat
Preferred_____ _____100 1023., 103*4
e 1st con 5a '41 op '16 M-N 97 99 Rlngh'ton (N Y) Gaa'wks
• 1st a f g 5a '19 red 105J-J 90*4 90>2 Swift 4 Co—See Boston Stk Exc list
Bklyn Rap Tran—See Stock Exc
list
A-n
1st
i!
5a
1938___
95
99
Gif 4 W I S3 Lines.. 100 10 1012 lat 5s. See Chicago Stk Exc list
Coney Isl 4 Bklyn____ 100 50 05
Exc list AtlPreferred.....................100
23 Texas Company—See Stock Exc
1st cons g 4a 1948___ J-J 78 83
3 4*4 Col tr g 5a 1959...........J-J 22
7H2 72*? • Texas 4 Paclilc Coal.. 100 98 list
Con g 4s 1955...............J-J 75
80
Exc
list
Barney
4
Smith
Car___
100
30
Title Ina Co of N Y.........100 130 102
n20
Brk C 4 N 5a 1939...J-J 98 101 Clues service Co._
63 69
Preferred.....................ioo 80 90 Tonopoh Min (Nevada)__1 *0 1406*4
Kings Co El 4s—See Stock Exc list „ Preferred..........." I " J oinn
g
78
80
Bllsa Company com___ 50 121 125 Trenton Potteries com .. 100 4
Nassau Elec pref............ 100
. . . . Con Gaa ot N J 53 1916 j . i 90
Preferred..................... 50 121 125
Preferred new _______100 60 55
6a 1944........................A-O 103 105 Consumers’
L II a i C
Bond 4 Mtge Guar____ 100 260
Trow Directory------------100 25 35
1st 4a 1951—See Stock Exc list
5a 1938...
m 100
Borden's Coud Milk___ 100 123 255
• Underwood Typewriter 100
125
72
N W’b'g 4 Flat 1st ex 4 H-s 92 95 Denver Gas A Elec. inn 200
Preferred.....................ioo 108 110
•Preferred....................100
Steinway 1st 6a 1922...J-J 102 105
Gen g 5s 1949 op.. M-N 91 94 British
Col Copper____ 5 *6*2 55s Unlou Typewriter com .. 100 106
42 108
Elizabeth
Gaa
Lt
Co
inn
300
Butte Coalition Mlniug. 15 *19*8 198jj 1 st preferred------------ 100 110 14
Other Cities
Essex A Hudson Gas inn 140 143 Casein
Co of Am com ... 100
2 d preferred.................. 100 101 108*
Buffalo Street Ry—
Gas
&
El
Bergen
Co.,
inn
83
85
Preferred.....................100 53s».| 603*4 United Bk Note C orp... 50 •50
lat consol 5a 1931___ F-A 104 I05*o • Gr Rap 1st 6s 1915 F-a 99 101 Casualty
62
Co
of
A
m
er...
100
Preferred..................... 50 •62 63
125
140
Deb 6a 1917................A-O 103*2
105
Hudson
Co
Gas.............ion
141 Celluloid Co_____ _____ 100 130 135 United
Cigar Mfrs...........100 67 58
Columbus (O) St Ry___ 100 8334 ._ .. Indiana Lighting Co., ioo 139
33
36
Cent
Fireworks
com___
100
• Preferred....................100
Preferred...................... 100
4s 1958 op...................F-A 67 69
Preferred.................1 100 152 305 United Copper.................. 100 1043 10535S
Colum Ry con .53—See Phi a 99list IU0*2 Indianapolis
Gaa.............so 16
Foundry.. .. "100
Preferred...................100
Crosat’n 1st 5a 1933..J-D 102 10214 1st g 5a 1952.............
a -0 78 83 Central
U 3 Casualty.................... 100 8 12
t Conn Ry 4 Ltg com__100 7434 763,1 Jackson Gaa 5a g 1937.. A-O / 88 92*2 Preferred..................IIlOO
Deb6s'19 redatl05.M -N / ait" 34* ‘ U S Envelope com......... 100 215
e Preferred ............. loo 79 81 • Laclede Gas—See Stock E xch II 3,
62”
Chesebrough Mfg Co.. 100 700 300
Preferred ...................... 100 69 115
„ l»t *Rapids
ret -1X3—See
1st
• Preferred...................100 96
•Chino Copper Co—See Stoc l Exc 1alt u 3 Finishing....................1(J0 112
Grand
Uy pref.Stock
100 Exc
92 07
85
Madison
Gas
6a
1926..
A-O
so
103
103
100
Preferred...................... 100 105
60
62
e Loulsv St os 1930
j . j 105*2 10/ Newark Gas 6s 1944___ q -j 128 130 City Investing Co.
110
Preferred...............1.1 100 03 100
1 st g 5a 1919............... j . j
Lynn 4 Bos 1st 5a 1924’ J-D
105
Newark Consol Gaa.........100 97 98 • Gindin
(II B) com . . 100 95 100
Con g 6s 1929........... j . j 100
• New Orl Rya 4 Lgt.._ioo 105's
95 100
29*2 e Con g 5s 1918...........J-D 104
•
1st
preferred..I___
100
91
•
U
9
Iiulust
Alcohol
.
1
0
0
95
c Preferred....................ioo 29*8
22 26
71 No Hudson L II A Pow—
• 2d preferred............. 100
• Preferred........... ’ i0o 90
Gen M g 4H3 1935—See 8 k 70*4
92
Ex list
6s 1938....................... A-0 100
Col 4 Hock Coal 4 I pf 100 95 — U S Steel Corporation—’
• Pub Scrv Corp of N J—See 3tk
Pacific
Gas
A
E,
com
...
100
66
67
lat
g
5a
1917................j-j
/
v
r
Col
tr
s
f
5a
1951
opt
'll
TV*
Tr ctfa 2% to 6% perpet 106 E (list
114
_ _. Preferred..................... 100 86*2 88
1141s
Col
tr
63
Oct
1956___
J-J
45 76
Col tr s f 6a '51 not opt..
Col tr g 6% notea *13 A-O
114*1
101
A Pas Gas A Elec.. 100 92 94 Consol Car Heating___ 100 / 65
North Jersey St Ry._l00 10038
U S Tit Gu 4 Indem.. 106 114
___ Pat• Con
g 6a 1949.........M-S 102 03 Consol Rubber Tire___ 100 4 565 Westchester
1st 4a 1948............. M-N 60
4 Bronx Title 00
77*2
7812
St
Joseph
Gas
5s
1937..J-J
91
94
Preferred......................
100
27
Cons Tract of N J ___ 100
4 Mtgo Guar................ 100
66
Debenture 4s 1951..A-O 45 30
45*2 Westlngh’so Air Brake.. 60 ♦ ICO
lat 5a 1933.............J-D 104*f l05*rJ
14S 149
Worthlngt'n Pump pref 100 106
110
* Por share, b Baals. 0 Sells on Stock Exchange, b ut not very active. / F lat price. * Nominal, s Sale price, t New itock. x Ex-dlv. y Ex-rlghta



Outside Securities

may

THE CHRONICLE

2 0 1011.1
^ u u e s tu ie u t

a n d

RAILROAD

itla ilr o a d

GROSS

1367
I n te llig e n c e .

EARNINGS.

T h e follow in g ta b le sh o w s th e gross ea rn in g s o f e v e r y S T E A M railroad from w h ich regu lar w e e k ly or m o n th ly re tu rn s
can bo o b ta in e d . T h e first tw o co lu m n s of figu res g iv e th e gross ea rn in g s for th e la te s t w eek or m o n th , an d th e la st tw o
co lu m n s th e ea rn in g s for th e p eriod from J u ly 1 to a n d in c lu d in g su ch la te st w eek or m o n th . W e a d d a su p p le m en ta ry
sta te m e n t to sh o w th e fiscal y ea r to ta ls of th o se ro a d s w hoso fiscal y ea r d o es n o t b eg in w ith J u ly , b u t co v ers som e o th er
p erio d . 7'he returns of the electric railways are brought together separately on a subsequent page.
July 1 to Latest Date.
Latest Gross Earnings.
Week or Current Previous Current Previous
Year.
Year.
Year.
Year
M onth.
Ala N O ft Tex P ac5
$
$
N O & Nor East A p ril____ 278 ,500 308 ,998 ,040,435 2,030 ,886
Ala ft Vicksburg A p ril____ 124 ,310 133 ,775 ,517,590 1,428 ,083
Vicks Shr ft Pac A p ril____ 100 ,272 100 ,215 ,283,016 1,220, ,086
7 ,438
Ala Tcnn ft N orth . M arch __
62 ,005
10 ,265
Ann A rbor_____ 2d wk May 41 ,048 33 ,214 ,710,063 1,669, ,501
Atch Topeka & ,S Fc March
0,207 520 ,254 ,450 532,011 78,056, 050
46 ,072 ,120,788 2,227 ,608
A tlanta Blrm ft Atl 1st wk May 40 ,420 ,136
A tlantic Coast Line M arch ____ 3,200, ,550 ,813 ,235 ,866,570 22,386, ,196
o B altim ore ft Ohio. M arch ___ 0,953 ,014 126 ,360 ,277.040 05,692, ,047
,114,182 040 ,003
13 ft O Ch Ter Ul< M arch___ 117 ,570 349 ,547
,086 ,374,723 2,200, ,027
Bangor & Aroostook M arch____ 310 ,402
Boston & M aine__ M arch____ 3,570, ,309 ,6224 ,054 ,567,579 32,542, ,403
,518
4, ,053
40,035
OK ,985
Bridgeton ft Saco K March
170 ,107 10 l ,788 ,067,380 7,750 ,300
Buff Iloch ft Plttsb 2d wk May 218
171 ,943 ,772,080 1,715, ,510
Buffalo ft Susq____ M arch ____ 373 ,750­
205 ,400 ,661,500 10,003 ,100
Canadian N orthern. 1st wk May 1,980 ,200
,704 ,000 ,108,0761 81,207 ,327
Canadian P acific.. 2d wk May 107 ,000
104 ,000 ,300,698 10.558 ,551
Ccntral of Georgia. 1st wk May 2,300, ,000
,163 ,321 ,707,381; 20,833, ,386
Central of New Jcr M arch ____ 345 ,012
320 ,075 ,950,805 2,833 ,045
Central V erm ont-, M arch ----- 483 ,184
,954 553 ,060
May
26,725 869
d ie s & Ohio Lines. 1st wwkk May
200, 185 220 ,000 ,724,804
11,744, ,358
Chicago & A lton__ 2d
027 ,010 ,770 ,647,628
07,147, 700
Chic Burl ft Quincy March . . 0,803,
,004,006
wk May 220, 050 238 ,621 ,713,210 10,255, 552
p Chic G reat VVest- 1st
122,
431
117
1st wk May
5,077, 155
Chlc Ind ft L oulsv. M
arch------ 5,238, 007 703, ,531
837 ,235,407 48,494, 300
Chic Mllw ft S t Paul M arch____
1,355, 340 ,004, ,505 ,981,290
,050,185
Ch Mil ft Pug S d. M arch____ 5,884,
280,
170
600 042,005 55,734" 554
Chic ft North W est. M arch____ 1,250, 500
Chic S t P M ft O ... M arch ____ 145, 787 306, 000 557,625 11,416, 173
C hlcT 11 ft South E M arch ___ 761, 794 180, ,431 578,062 1,400. 327
774, 433 172,805 7,074, 300
Cln Ham ft D ayton M arch -----125, 500 169
Colorado M idland..
,500,041 1,787, 300
wk May 245, 200 310 ,809
Colorado ft S o u th .. 2d
,873
14,657, 048
February
_
Copper R ange------- M arch ____ 48, 770 40, ,053 ,131,300
406, 968
12, 730 19, 151 466,076
C orn w all-------------121,827 i 53, 444
Cornwall ft L eb a n .. M arch ____ 24, 440 35 ,230 253,417
333, ,844
Cuba R ailroad------- M arch ____ 334, 360 201, ,480 ,228,006 1,822,
143
Delaware ft Hudson M arch ____ 1,812, 480 ,700, 252 021), 100 14,820, 339
Del Lack ft W e st.. M arch ____ 2,808, 184 ,741, ,084 ,008,202 26,616, 110
wk May 420, 100 434 ,100 ,400,503
Denv ft Rio Grande 2d
,871
D enver N W ft Pao 1st wk May 17, 302 16 ,570 80 1,567 20,434,
823, ,118
D etroit To I ft Iront 1st wk May 28, 520 26 ,089 ,578,240 1,352,
536
D etroit ft Mackinac 1st wk May 21, ,017 23 ,240 ,009,120 1,042, 040
170, 371 125, ,002 536,170 0,800, 023
Dul ft Iron R an g e.. M arch __
878
67
1st
wk
May
56,
,338 ,641,930 2,705, 767
I)ul Sou Shore ft Atl
E l Paso ft Sou West M arch____ 590, 702 660 ,217 ,458,240
5,307, 209
E r i c ___________ M arch ____ 4,040, 803 ,818 ,097 ,505,706 41,408, 401
,518
Fairchild ft N E __ M arch ____
1, 804
17,873
18, 752
Fonda Johns ft Glov M arch ____ 72, ,846 71 ,000 701,441 663, 003
Georgia R ailro a d .. M arch ____ 301, 783 275, ,330 ,519,585 2,355, 508
Grand T runk S y s t.. 2d wk May 877, 104 849 ,730 ,043,595 37,919, 117
Grand T rk W est. 1st wk May 125, 008 124 ,747 ,340,355 5,268, 435
Dct Gr H av ft MU 1st wk May 38, 737 38 502 ,750,814 1,090, 355
Canada A tlantic. 1st wk May 381547 35 ,750 ,010,158 1,717, 821
G reat N orthern Syst A p ril_____ 4,304, 012 ,107, ,108 505,383 52,090, 418
Gulf ft Ship Islan d. M arch ------ 170, 581 186, ,360 ,524,8571 1,012, 258
Hocking V alley.— M arch ____ 452, 752 718, ,310 ,541,1381 5,030, 017
Illinois C entral____ A p ril_____ 4,633, 279 4 685, 230 515,605 40,041, 786
Interm it ft Gt N or. 2u wk May 151, 000, 156 ,000 ,110,742 7,553, 250
a Interoceanio M ex. 1st wk May 137, 029! 100 ,924 ,016.087
7,251, 824
Iow a C entral............ 2d wk May 04, 3471 55 ,650 ,108,687 2,057, 150
K anawha ft M ich.. M arch ___ 235, 052 252 ,107 ,352,991 2,082, 897
K ansas City S outh. M arch ____ 849, 608 854 ,878 ,820,046 7.114, 226
K C Mex ft O rient. 2d wk Apr 34, ,000 33 ,800 ,547,961 1,357, ,418
arch____ 3,045, 016 3 047, 400 202,746 26,428, 555
Lehigh Valley.......... M
arch ____ 48, 172, 41 ,083 378,341 320, 253
Lexington ft E a s t.. M
arch____ 132, 509 123 ,105 ,005,032 071, ,083
Louisiana ft A rkan. M
Loulsv Hcnd ft S t L M arch ____ 98, 302 124 ,008 928,620 800 ,566
,130 1 ,008 ,080 ;030,295 44,070 ,332
s Loulsv ft N ash v .. 1st wk May 053,
378
0 ,601 133,200 128, ,762
Macon ft BIrm’ham A p ril_____ 10, ,555
774 ,733 ,760,758
6,703, ,532
Maine C entral_____ M arch ____ 737,
arch____ 30. 815 35 ,870 326,603 302, 731
M aryland ft Penna. M
,000 ,351,200 0,881 ,000
a Mexican Railway 1st wk May 108, ,100 100
13, 607 14 ,720 640,115 715 ,669
Mineral R ange.......... 1st wk May 92,
627 00 ,848 ,519,079 4,204, ,163
M lnneap ft S t Louis 2 d wk May 400,
449 420 ,380 ,707,021 20.558 ,125
Minn St P ft S S Ml 1st wk May
Chicago Division]
76,230 79,545 605,234 060.588
Mississippi C entral. M arch ____ 430.263
411,082 25,707,753 23,506,401
u Mo K an ft T exas. 2d wk May
064,000 002,000 46,306.096 40.407,523
Missouri Pacific___ 2d wk May 1,138,732
1,022,563 0,287,337 8,033,822
Nashv C hatt ft St L M arch ____
. I 53,744,188 51,015,810
a N at Rys of M cx.f. ist wk May 881,527
7,057 282,533 380,185
0,130
Nevada-Cal-Oregon. 1st wk May
440
6,361
47,828
63,464
N evada C entral----- M arch ____
1,270,068 1,052,180
N O G reat Northern M arch ____ 154,314 130,250
31,080 1,553,530 1.420,015
Wk May 6 30,427 8,078,533
N () Mobile ft Chic. M
73,100,010
e N Y C f t Hud lilv . arch ____ 8,247.122 ,226,539 70,085,060
30,824,211 30,577,430
Lake Shore ft M S M arch____ 3.085,808
4,231.819 4,201,310
n Lake Eric ft W . M arch____ 452,270 470.717
Chic Ind ft South M arch ____ 333,605 408,976 2,757,080 2,890,646
22,007,735 21,680,012
Michigan Central M arch ____ 2.410,085 2,572,046
23,374,202 22,336.341
Clev C C ft St L _. M arch ____ 2,555,210 2.690,818
Peoria ft Eastern M arch ____ 207,460 277.718 2,770,450 2,471,703
Cincinnati N orth. M arch ____ 88,613 110,013 074,328 042,308
P itts ft Lake Eric M arch ____ 1,216,052 1.52 1,7Ifl 12,017,800 13,105,040
N Y Chic ft S t L . M arch ____ 933,802 1,029,640 8,441,447 8,180,132
Toledo ft Ohio C. March ____ 351,230 398,065 3,898,540 3.370.404
T ot all lines above M arch ____ 20842 283 21801720 146355 010 191003 205
N Y N II ft H artf, M arch ____ 4,019,828 4.970.920 46,245,543 44.704,809

IlO A DS.

Latest Gross Earnings.
July 1 to Latest Date,
Week or Current Previous Current Previous
Year.
Month.
Year.
Year.
Year.

N Y O nt ft W estern M arc h ____ 744.783 720,601 7,008 578 0,302,525
N Y S u sq ft W e st.. M arch__ 352,412 329,990
2,010,779
Norfolk S o u th ern .. M arch __ 290,683 200,504 2.868.666
2.177,617 1,970,007
Norfolk ft W estern. M arch__ 2,885,340 3,154,285 26.S74.080 25,923
927
N orthern Pacillc__ M arch ___ 1.959.769 5.710,140 49,751 768 55,005,200
539,835 575,848 5.896,713 5,920.051
Pacific Coast Co__ M arch ___
Pennsylvania RR__ M arch __ 12099492 13924573 118454191 121303951
15,730 17,615
B alt Ches & A tl.. M arch __
105,074
Cum berland V ail. M arch __ 228,109 236,260 2,311.134 2,158,452
609 707 679,556 7 359,243 6,827,252
Long Islan d _____M arch ___
8,002
Md Del ft V a____M arch ___
7.644 102,115
06.887
N Y Phlla ft Norf M arch__ 265,191 264,773 2,508,751 2,399,708
N orthern Central .M arch__ 1,081,368 1.065,103 0,657,826 0.610,430
Phlla Balt ft W ._ M aich . . . 1,506,887 1,503,716 1 1,231,885 13,261,020
West, Jersey ft S- M arch __ 400,020 436,875 4,591.201 4,197,440
Pennsylvania C o ... M arch __ 3,747,078 4,217,789 38,774,175 39,727,856
Grand R an ft Ind M arch __ 444,630 451.455 3,916,381 3,859,059
29,793,194 9,865,057
P itts Cln C ft S t L March . . . 3,061,569
V a n d a lla _______ M arch ____ 847,709 3.549,570
877 508 8.076,385 7,440,136
Total lines—
E ast P itts ft E M arc h ___ 18063654 19014205
W est P itts & E M arch ___ 8,480,516 0,401,395
Ail E ast ft Wes M arch ____ 26544170 28478660
Pcre M arquette____A p ril............ 1,242,662 1,353,013 13,362,968 13,373,900
Raleigh ft Southport M arch ____ 20,060 17,420 129,198 120,272
Reading Com m an y —
Phlla ft R eading. M arch ____ 3,802,186 3,663.668 33,708.636 33,228,009
Coal ft Iron C o .. IM arch ____ 1,976,529 1,526,597 24,466,194 23,82«,804
T otal both cos__ M arch _____ 5,778,715 5,100,265 58,264,829 57,050,813
220,030 1.086.4' 1,016,215
Rich Fred ft Potom March .
Rio Grande Ju n e __ February . 60,650 71.158 076,770 714,924
8,500 10,018 483,200 450.783
Rio G rande S o u th .. 1st wk May
Rock Island L in es.. M arch ____ 5.427.770 5,520,093 5 2 ,1 3 7 ," 50,21 1,139
2.564.088 2,370,533
R u tla n d ..................... M arch ____ 252,857
St Jos ft G rand Isl. M arch ____ 137,666 140,094 1.306,690 1,256,522
St Louis ft San Fran M a r c h ____ 3.665,561 3,691,232 33.308,098 31.660,413
Chic ft East III.. M arch ____ 956,927 1,2 23,060 9,538,722 9,202,569
/ Evansv & Ter II M arch ____ 217,266 228,671 2,041,288 1,883,619
Total all lines____ M arch ____ 4,839,753 5.142,064 44.948,108 12.H 6,601
S t L Rocky M t ft P . M arch ____ 153,73! 185,488 1,610,844 1,414,346
155,474 185,626 10,573,447 0,601,889
S t Louis Southw est.
San Pcd L A ft S L M arch ___ 595.798 280,101 5,933,624 5,004,505
17,100,540
Seaboard Air Line. 1st wk May 111.665 407,854
Southern Pacific Co M arch ____ 10658024 10983273 101309559 101435865
Southern R ailw ay .. 2d wk May 1,071,660 1,000,394 32,984,450 50,184,660
Mobile & O h io ... 1st wk May 212,170 200,135 9,509,221 8,030,514
Cln N O ft Tex P . 1st wk May 159,265 174,020 7,81 1,162 7,638,577
Ala G reat S outh. 1st wk May 70,136 75,600 3,843,291 3,546,147
Georgia Sou ft Fla 1st wk May 30,561 37.641 2,070,t57 2,026,610
2,271
Tcnn Ala ft Georgia 1st wk May
78.316
2,183
87,824
Texas ft Pacific__ 2d wk May 213,008 265,423 14,184,880 13,950,228
6,808
7,018
Tidewater ft W est M arch ____
60,220
64,026
Toledo Poor ft West 1st wk May 17,041 14,428 1,101,870 1,001,021
Toledo St L ft West 2d wk May 81.008 78,922 3,290,368 3,232,811
8,214
Tomblgbee V alley.. M arch ___ 158.000
8,21!
63,375
60,652
7,142,708 68,220.805 7,830.555
Union Pacific S y st. M arch ____
Virginia & So W est. M arch ___ 105.091 107,735 1 .033,9721 018,872
W ab ash ---------------- 2d wk May- 529,011 509,190 20.038.380 25,166,705
W estern M aryland. March ____ 575,702 630, 120 5,396,847 5.188,270
Wheeling ft Lake E M arch ____ 301.184 600,589 5,097,268 5,242.605
W ichita Falls ft NW M arch ____ 67,870 24,305) 8 18,546 200,599
W rlghtsv ft Tenn . M arch____ 39,715 32,042 208,899 245,757
Yazoo ft Miss Valley A p ril.......... 768.203 771,433 9,271,131 8,622,685
Current Previous
Various Fiscal Years.
Year.
Year.
Period.
Delaware & H udson................... Jan 1 to Mch
4.867, 300 528,156
e N Y Central ft Hudson R iver. Jan 1 to Mch
23,147, 987 ,501,920
Lake Shore & Michigan South Jan 1 to Mch
11,117 120 71 1,542
1,280 373 ,324,661
11 Lake Eric ft W estern............ Jan 1 to Mch
Chicago Indiana ft S outhern. Jan 1 to Mch
044. 080 ,103.018
0,060 326 ,860,917
Michigan C entral........................ Jan 1 to Mch
7,132 557 180.622
Clove Cln Chicago ft S t Louis. Jan 1 to Mch
826, 147 781,280
Peoria ft E astern____________ Jan 1 to Mch
2 70, 017
Cincinnati N orthern................ Jan 1 to Mch
3,248, 821 048,744
Jan 1 to Mch
Pittsburgh ft Lake Erie
2,652 003 775,397
New York Chicago ft St Louis Jan 1 to Mch
974 248 059,476
Toledo ft Ohio C entral____ Jan 1 to Mch
58,562. 778
Jan 1 to Mch
Total all lines.
38,515, 766 982,019
Pennsylvania Railroad________ Jan 1 to Mch
41,069
41, 711
Baltim ore Chesapeake ft A tl. Jan 1 to Mch
674, 619 682,037
Cum bcrland V alley_________ Jan 1 to Mch
1,898, 129 716,865
Long Island________________ Jan 1 to Mch
18,817
M aryland Delaware & V a____ Jan 1
20. 457
|f(oh
734, 713 724,639
N Y Philadelphia & N orfolk. Jan 1 to Mch
N orthern C entral____________ Jan 1 to Mch
2,997, 460 ,025,010
4,272,,747 ,163,019
Philadelphia Balt ft W ash__ Jan 1 to Mch
1,034.,081 ,029,146
W est Jersey & Seashore_____ Jan 1 to Mch
10,371,,145 ,059,514
Pennsylvania Company________ Jan 1 to Meh
1,220,,409 ,100,994
Grand Rapids ft In d ________ Jan 1 to Mch
8,920,,492 ,004,570
P itts Cincinnati Chlo & St L__ Jan 1 to Mch
2,423,,039 ,48 1,587
V an d alla____________________ Jan 1 to Mch
50,620,,484 .897,483
Total lines— E ast P itts & E__ Jan l to Mch
23,986,,084 ,018,441
W est P itts ft K._ Jan 1 to Mch
All lines E ft W . Jan 1 to Mch
74,615, ,B68 ,515,924
108, ,610 223,699
Rio G rande Ju nction ___________ Dec 1 to Feb
700,,599 047,159
R u tla n d ------- ------------------------ Jan 1 to Mch
5,239 ,751 ,007,713
Texas ft Pacific----------------------- Jan 1 to M ay

AGGREGATES OP GROSS EARNINGS—Weekly and Monthly.
Cur'nt Year Prev's Year Inc. or Dec.
Cur’nt Year Prev’s Year Inc. or Dec.
M onthly Summaries.
5
3
$
+ 40,849 0.30 J u ly ................238,109 233,203 230,615.770 217.803,354 +12,812.422 5.10
4 th week Feb (43 roads)------ 13.223,530 13,182,681
1.32 A u g u s t____ 238,493 239.404 254.005,972 235,726,000 +18,279,972 7.05
1st week Mch (44 roads)------ 13,028,803 13.203,818 — 175,015 0.77
Scptcm ber-.240.078 237.809 256.647,702 240,335,586 +10.312.116 4.49
+
102.234
2d week Mch (4 1 roads)------ 13.363,932 13,261,698
3d week Mch (41 roads)------ 13.057,996 13,927.313 —260,317 1.22 O cto b e r____ 241,215 237.835 263.464.605 260.821.546 +2.643.059 1.01
237,545 248,559.120 247.504,470 +994.650 0.50
— 3 45,590 1.65 N ovem ber-.241.272
4th week Mch (48 r o a d s ).... 20.024,020 20,909.628
+234,324 1.76 December _ .2 11,364 238.080 236,835,304 220,870,151 +15.965.153 7.23
1st week April (45 roads)------ 13.501,355 13,207,031
1.06 Jan u ary ...2 4 2 ,4 7 9 238,806 215.057,017 210.808,247 +4,248,770 2.01
—
141,183
2d week April (44 roads)------ 13,172,553 13,313,736
+ 37,237 0.28 February ...2 3 5 ,4 8 3 231,805 197.009.201 200,418,368 — 3,409,107 1.70
3d week April (45 roads)------ 13,438,037 13,400,800
17,827,550 — 1,525,187 8.61 M a rc h ...........237,735 234,258 225,018.971 236,268,104 — 11.240,133 4.78
4th week April (42 roads)------ 16,302,363
1st week May (46 roads). . . . 12.740,745 13,095,725 — 354,080 2,71 A p r il............. 88,142 86,488 60.981,607 62,220,320 — 1,238,713 1.99
a Mexican currency, e Includes the New York ft O ttaw a, the S t. Lawrcnco ft A dirondack and the O ttaw a ft N. Y. R y., the latter of w hich,
being a Canadian road, docs not m ake returns to the Inter-S tate Commerce Commission. /In c lu d e s Evansville ft Indiana R R . g Includes the Cleve­
land Lorain ft Wheeling R y. In both years, n Includes the N orthern Ohio R R . p Includes earnings of Mason City ft F t. Dodge and W isconsin Mlnne*
iota ft Paolfio. s Includes Loul3Vlllo ft A tlantic from July 1 1909 and the Frankfort A Cincinnati from Nov. 1 1903. t Includes the Mexloan In te r­
national from July 1910. u Inoludes the Texas Central in 1911.
Weekly Summaries.




1368

THE CHRONICLE

[VOL. LXXXXII

L a t e s t G ro ss E a r n in g s b y W e e k s .— F or th e first w ee k of
M ay o u r fin al s ta te m e n t c o v er s 4 5 ro a d s a n d sh o w s 2 .7 1 % d e ­
crea se in th e a g g r e g a te u n d er th e sa m e w eek la st y e a r .
F ir s t w eek o f M a y .

1911.

1910.

P r e v i o u s l y r e p o r t e d (2 5 ro a d s )
A l a b a m a G r e a t S o u t h e r n ______
A t l a n t a B ir m in g h a m A A t l a n t i c
C e n t r a l o f G e o r g ia ..................................
C h ic a g o G r e a t W e s t e r n __________
C in e N e w O r l A T e x a s P a c i f i c . .
D e n v e r N o r t h w e s t e r n & P a c if ic .
D e t r o i t T o le d o A I r o n t o n ________
D u lu th S o u th S h o re A A tla n tic .
G e o r g ia S o u t h e r n A F l o r i d a ___
I n t e r o c c a n l c o f M e x ic o __________
L o u is v i lle A N a s h v il le __________
M e x ic a n R a i l w a y __________________
M in e r a l R a n g e ___________________
M o b ile A O h io _____________________
N a t i o n a l R a i lw a y s o f M e x ic o . . _
N e v a d a - C a ll f o r n la - O r c g o n _
R i o G r a n d e S o u t h e r n . .................. ...
S e a b o a r d A ir L i n e ______
_
T e n n e s s e e A l a b a m a A G e o r g ia .
T o le d o P e o r ia A W e s t e r n . .............
T o t a l (4 5 r o a d s ) .......... ........................
N e t d e c r e a s e ( 2 .7 1 % ) ___________

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

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

------ Gross Earnings------ -------- N e t E a r n in g s --------Current Previous C u rre n t P r e v io u s
Roads.
Year.
Year.
Y ear.
Y ear.
$
$
g Interoccanlc of M exIco.M ch 811,230
709,259 310,558
Ju ly 1 to AJch 31______ 6,699,025 0,287,594 2 ,4 8 4 ,8 8 4 2 ,22 29 41 ,7,2 12 05
In c re a se . D ecrea se. K ansas City Southern.b.M ch 849,608
854,878
Ju ly 1 to Mch 31______ 7,820,040 7,114,226 4 ,83 30 86 ,7,5 02 37 2 ,42 58 17 ,2,4 98 95
$
$
Louisiana
A
A
rkansas.a.M
ch
132,509
123.165
4 8 ,8 7 1
3 4 9 ,9 1 6 2 5 8 ,1 7 1
Ju ly 1 to Mch 31_______ 1,095,932 971,983 3 95 20 ,7,8 87 17
3 4 3 ,4 7 5
5 ,4 6 4
Loulsv H end A S t L .a M arch 98,302
124.008
3 ,3 5 7
1 3 ,8 0 2
4 5 ,8 3 6
Ju ly 1 to Mch 31............. 928,029 896,560
2,100 1 2 ,5 6 2 M ineral
1 8 8 ,7 7 4
2 5 4 ,3 8 0
Mch
68,052
6 8 ,4 5 4
R
an
g
e.b_______
1
2
,9
3
3
4 ,3 3 8
1 4 ,7 5 5
Ju ly 1 to Mch 31______ 569.039
640,124
2 1 ,5 5 4
8 6 ,7 1 4
792
M
inn
S
t
P
&
S
S
M
.a
...M
c
h
1,105,732
1,232.994
2
3
8
,1
2
4
1 ,8 3 7
Tuly 1 to Mch 31______ 9,971,976 11.781,611 3 ,1 4 0 ,9 5 5 5 ,14 40 67 ,0,0 28 20
1 0 ,4 6 0
Chicago D iv ision .a— Mch 728,031
868,915
1 ,9 2 0
3 1 ,9 9 5
Ju ly 1 to Mch 31_______ 6,780,123 6,522,178 1 ,51 02 05 ,8,9 31 45 1 ,93 61 74 ,7,1 25 90
5 4 ,9 5 0 Mo K an & T ex a s.n _____Mch 2,241,099 2,261,802
900
Ju ly 1 to Mch 3 1 ______22,746,697 20,455,568 6 ,13 78 35 ,2,6 55 00 5 ,43 69 14 ,2,0 51 14
1,122
Missouri P acific.b ______Mch 4,341,752 4,840,870 1 ,2 0 9 ,6 1 6 1 .4 5 5 ,8 0 7
1 2 ,0 3 5
• Ju ly 1 to Mch 31--------- 40,269,997 40,202,523 10,119,148 11,998,607
3 7 0 ,6 3 4
9 1 8 g N at R ys of M exico----- Mch 5,653,891 5,740,586 1,731.207 2.410 600
2 ,4 1 8
Ju ly 1 to Mch 31............ .48,107,195 43,983,381 18,894,700 17,124,472
3 3 ,8 1 1
N cvada^Cal-Oregon.b _Mch
18.742
32,298 dcf.1.120
1 5 19 5
88
350,984
70,487 186,104
Ju ly 1 to Mch 31--------- 250,025
3 ,5 1 3
N Y Cent A H ud R Iv.bM ch 8.247,122 8,073,533 1.984
914
1
177
681
Jan 1 to Mch 31______ 23,147,987 22,501,920 41 ,2.9*98 44 ,8,9 31 14 4 ,5’ 0 8 ,6’ 6 3
4 0 9 ,3 6 9 7 6 4 ,3 4 9
3
5
4
,9
8
0
L
ake
Sh
&
Mich
S
o.
b.M
ch
3.985,898
4,226,539
.................
Jan 1 to Mch 31______ 11.117,129 11,711,542 21 ,9,1 59 59 ,5,9 85 09 31 ,9,4 21 67 ,0,8 30 30

N e t E a r n in g s M o n th ly to L a te s t D a t e s .— -In ou r “ R a ilw a y
E a r n in g s” S e c tio n , w h ich a c c o m p a n ie s to -d a y ’s issu e o f th e
“ C h ro n icle” a s a sp e cia l su p p le m e n t, w e p rin t th e M arch
re tu rn s o f e a r n in g s and e x p e n se s (or in th e a b se n c e o f th e
M arch figu res th o se for th e la te s t p re v io u s m o n th ) o f
e v e r y ste a m -o p e r a tin g railroad in th e U n ite d S ta te s w h ich is
o b lig e d to m a k e m o n th ly s ta te m e n ts to th e I n te r -S ta te
C om m erce C o m m issio n a t W a sh in g to n .
T h e I n te r -S ta te C om m issio n re tu rn s are all o n a u n ifo rm
b a sis, b o th a s to r e v en u es a n d ex p e n d itu r e s, a n d p o sse ss
sp e cia l u tility b y reason o f th a t fa c t. In a n u m b er of
in s ta n c e s th e se figu res differ from th o se co n ta in e d in th e
m o n th ly s ta te m e n ts g iv e n o u t b y th e c o m p a n ie s th e m se lv e s
fo r p u b lic a tio n , a n d in w h ich th e a c c o u n ts are p rep ared in
a cc o r d a n ce w ith o ld m eth o d s o f g ro u p in g a n d cla ssific a tio n
p u rsu ed in m a n y in sta n c e s fo r y e a r s. W o b rin g to g e th e r
h ere (1) all th e ro a d s w h ere th ere is a su b sta n tia l d ifferen ce
b e tw e e n th e tw o so ts o f figu res, so th a t th o se p erso n s w h o
fo r a n y rea so n m a y d esire to tu rn to th e co m p a n y s ta te m e n ts
w ill fin d th e m r e a d ily a v a ila b le . W e a lso g iv e (2 ) th e re­
tu rn s o f su ch ro a d s (o v en w h ere th e figu res co rresp on d e x a c tly
w ith th o se in th e I n te r -S ta te C om m erce rep orts) w h ich go
b e y o n d th e re q u ire m en ts o f th e C om m issio n a n d p u b lish
th e ir fixed ch a rg es in addition to ea rn in g s a n d e x p e n s e s , or
(3 ) w h ich h a v e a fiscal y ea r d iffer en t from th a t o f th e I n te r ­
S ta te C om m erce C o m m issio n , in w h ich la tte r ea se w e in sert
th e road so a s to sh o w th e re su lts for th e c o m p a n y ’s o w n y e a r .
W e lik e w ise in c lu d e (4 ) th e few road s w h ich o p e ra te e n tir e ly
w ith in S ta te b o u n d a r ie s, a n d th erefore d o n o t rep ort to th e
F ed era l C o m m issio n , a n d (5 ) M exica n a n d C an a d ia n co m ­
p a n ie s. W e a d d (G) th e ro a d s w h ich h a v e issu ed th e ir o w n
s ta te m e n ts fo r M arch , b u t h a v e n o t y e t filed a n y retu rn s
fo r th a t m o n th w ith th e C o m m issio n . F in a lly (7) w e g iv e
th e figu res fo r a n y road s th a t h a v e a lr e a d y su b m itte d th eir
A pril s ta te m e n t.
-------G ross E a r n in g s -

C u rre n t

P r e v io u s

- N e t E a r n in g s C u rre n t
P r e v io u s

Year.
Year.
Year.
Year.
$
s
s
s
A t c h T o p e k a & S F e . b .M ch 9,267 520 9,254,450 J3.094.324 J3.008,700
J u l y 1 t o M c h 31 ......... 81,532.911 78,056,050^28,176,419 J126,340,864
B a n g o r A A r o o s t o o k _________
.M ch 316,462
349,086
129,340
176,919
J u l y 1 t o M c h 3 1 ______
_____ 2,374,723 2.266,027
831,598
931,764
B e l le f o n te C e n t r a l . b _____A
-A pprr
6,844
7,530
2,089
1,609
J a n 1 to A p r 3 0
22,348
23,806
1,749
2,301
B r id g e t o n A S a c o R i v e r .M
.M cchh
4,053
4,518
983
1,287
J u l y 1 t o M c h 3 1 ________
38,985
_____ 40,035
11,820
11,750
B u f T R o c h A P i t t s . b ___ .M ch 691,343
757,936 215,852
233,606
6,980,585
J u l y 1 to M c h 3 1 . —
6,774,205 2,541,549 2,563,314
C a n a d i a n N o r t h e r n ____ .M ch 1,270,600
934,100 354,800
272,300
J u l y 1 to M c h 3 1 . _____ 10,942,900 9.214,600 3,083,300 2.634.300
C a n a d la n P a c ific . a _____ .M ch 8,800,640 7,796,337 3,156,566 2,711.173
J u l y 1 to M c h 3 1 .
76,704,076 69,818,327 27,574,100 25,584.665
i Mch 2,390,912 2,163,321 1,022,788
888.539
......... 21,707.381 20,833,386 9,244,153 9,523,951
C h e s a p e a k e A O h l o . b .M ch 2,574,547 2,886,698
721,486 1,238,710
J u l y 1 to M c h 3 1 ________ 24,777.023 23,470,944 8,346,921 9,532,373
Chicago
Great West.b -Mch 1,070,865 1,149.262 287,786 283,709
J u l y 1 to M c h 31 _____ 9,562,968 8,921,600 2,471,007 2,272,524
5,761 dcf 3,58 5
Colorado
Midland .a . .. Feb 117.972 152,452 dcf
J u l y 1 to F e b 28 ____ 1,374,535 1,617.491
157,248
248,109
C o lo r a d o A S o u t h e r n . .M ch 1.115,314 1,417,327
325.221
455,386
J u l y 1 to M c h 31 ......... 12,576,767 12,762,487 4.362.199 4,788,411
C u b a R R ............................... .M
M ch
c h 334,366
165,254
154,736
291,486
J u l y 1 to M c h 3 1 .
751,365
2,228 006 1,822,143
983,623
D e la w a r e A H u d s o n . b ____
.M ch 1,812,489 1,760,252
758,738
682,473
• J a n 1 t o M c h 3 1 _____
_____ 4,867,396 4,528,156 1,635,281 1,615,068
D e n v A R io G r a n d e . a ____
-Mch 1,687,224 1,955,958 358,575
601,685
J u l y 1 to M c h 3 1 _____
— 17,797,063 17,731,571 4,975,515 5.006,661
D u l u t h S o S h A A t l .b _ _.M
M cchh
101,845
227.535 276,893
40,513
J u l y 1 t o M c h 31 _ _—
772,736
2,353,797 2,421,666
682,363
E r i e a ________________ .M ch 4,640,863 4,818.697 1,361,282 1,580,034
J u l y 1 t o M c h 31 -------42,505,706 41,408,491 11,781,130 11,711,511
G e o r g ia R R . b .................— .M
M cch
h
301,783
86,858
79,272
275,339
J u l y 1 to M c h 3 1 __—
2,519,585 2,355,508
656,596
662,403
G ra n d T ru n k of C a n a d a
G r a n d T r u n k R y — .Mch 3,026,476 2.890,214
799,070
846,284
J u l y 1 to M c h 31 ____ 25,861,058 2 5,202,195 6,186,537 5,979,531
G r a n d T r u n k W c sfc . .Mch 553,321
182,980
102,196
582,520
J u l y 1 to M c h 3 1 _______ 4,720,008 4.609,393
975,926 1,174,725
.Mch
D e tr o i t G r H a v A M U .M
ch
163,028
2,920
35,525
158.162
J u l y 1 to M c h 3 1 .............
____ 1.538,063 1.527,488 222,545
376,238
1 5 6 ; t3 1
C a n a d a A t l a n t i c ______ MMch
ch
22,872
39,905
164,974
J u l y 1 t o M c h 31
1,411,471 1.544,159
129,331
260,474
.M ch 5,107,524 5,538,953 1,131,569 1,676,702
46,882,326 44,356,556 11,593,859 9,691,212
R oa d s.




e L a k e E r ie A W c s t . b . M c h 4 5 2 ,2 7 0
J a n 1 to M c h 3 1 ................ 1 ,2 8 9 ,3 7 3
C h ic a g o I n d A S o . b . - M c h
3 3 3 ,6 0 5
J a n 1 t o M c h 3 1 ________ 9 4 4 ,0 8 0
M ic h ig a n C e n t r a l . b _ . - M c h 2 .4 1 0 ,0 8 5
J a n l to M c h 3 1 ________ 6 ,9 6 0 ,3 2 6
C lc v o C in C h A S t L . b M c h 2 ,5 5 5 ,2 1 9
J a n 1 t o M c h 3 1 ------------ 7 ,1 3 2 ,5 5 7
P e o r ia A E a s t e r n . b . . M c h
2 6 7 ,4 6 9
J a n 1 t o M c h 3 1 ------------ 8 2 6 ,1 4 7
C in c in n a ti N o r th e r n .b M ch
8 8 ,6 1 3
J a n 1 to M c h 3 1 ................ 2 7 0 ,0 1 7
P i t t s & L a k e E r i c . b - . M c h 1 ,2 1 6 ,9 5 2
J a n l to M c h 3 1 ------------ 3 ,2 4 8 ,8 4 1
N Y C h ic A S t L . b . . _ M c h
9 3 3 ,8 2 0
J a n 1 to M c h 3 1 ------------ 2 ,6 5 2 .0 9 3
T o le d o & O h io C e n t . b M c h 3 5 1 ,2 3 0
J a n 1 t o M c h 3 1 ................ 9 7 4 ,2 4 8
T o t a l a ll l i n e s , b ------------M c h 2 0 ,8 4 2 ,2 8 3
J a n 1 t o M c h 31
.5 8 ,5 6 2 .7 7 8
N Y O n t & W e s te r n . a . - M c h
7 4 4 ,7 8 3
J u l y 1 t o M c h 3 1 . ............. 7 ,0 0 8 ,5 7 8
N Y S u s q A W e s t e r n , a .M c h 3 5 2 ,4 1 2
J u l y 1 to M c h 3 1 ________ 2 ,8 6 8 ,6 6 6
N o r f o lk A W e s t e r n , b ___ M c h 2 .8 8 5 ,3 4 0
J u l y 1 t o M c h 3 1 ________2 6 ,8 7 4 ,0 8 0
P a c if ic C o a s t C o . ................M c h 5 3 9 ,8 3 5
J u l y 1 to M c h 3 1 . ............. 5 .8 9 0 ,7 1 3
P e n n s y lv a n ia L in e s —
P e n n s y lv a n ia l i l t . a
M c h 1 2 ,9 9 9 ,4 9 2
J a n 1 t o M c h 3 1 ________3 6 ,5 4 5 ,7 6 0
B a l t C h c s A A t l . a _____M c h
1 5 ,7 3 0
J a n 1 to M c h 3 1 ________
4 1 ,7 1 1
C u m b e r l a n d V a l l c y . a .M c h
2 2 8 ,1 0 9
J a n 1 to M c h 3 1 ________ 6 7 4 ,6 1 9
L o n g I s l a n d . a . . .............M c h
6 9 9 ,7 0 7
J a n 1 to M c h 3 1 ________ 1 ,8 0 8 ,1 2 9
M a r y la n d D e l A V a . a . M c h
8,002
J a n 1 t o M c h 3 1 ................
2 0 ,4 5 7
N Y P h lla A N o r f o lk a M c h 2 6 5 ,1 9 4
J a n 1 t o M c h 3 1 ................
7 3 4 ,7 1 3
N o r t h e r n C e n tr a l . a . . - M c h 1 .0 8 1 ,3 6 8
J a n 1 t o M c h 3 1 ________ 2 ,9 9 7 .4 0 9
P h l l a B a l t A W a s h . a . M c h 1 ,5 0 6 8 8 7
J a n 1 to M c h 3 1 ................ 4 , 2 7 2 ,7 4 7
W e s t J e r s e y A S c a .a .M c h
4 0 0 .0 2 0
J a n 1 to M c h 3 1 ________ 1 ,0 3 4 ,0 8 1
P e n n s y l v a n i a C o .a ............ M c h 3 .7 4 7 ,9 7 8
J a n 1 to M c h 3 1 ................1 0 ,3 7 1 ,1 4 5
G r a n d R a p A I n d . a . .M c h
4 4 4 ,6 3 0
J a n 1 to M ch 3 1 ................ 1 ,2 2 0 ,4 0 9
P i t t s C ln C h A S t L . a . M c h 3 ,0 6 1 ,5 6 9
J a n l t o M c h 3 1 ................ 8 ,9 2 0 .4 9 2
V a n d a l l a . a -------------------- M c h 8 4 7 ,7 9 9
J a n 1 t o M c h 3 1 ________ 2 ,4 2 3 ,9 3 9
T o t a l E a s t o f P A E a M c h l 8 ,0 6 3 ,6 5 4
J a n 1 to M c h 3 1 ................5 0 ,6 2 9 ,4 8 4
T o t a l W e s t o f P A E a M c h 8 .4 8 0 .5 1 6

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

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

l ,406,591
,3 8 1
i 24 5),626

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

1 1 9,0 13

1 2 ,8 7 5
2 5 ,6 5 8
6 1 8 ,3 8 2
1 ,5 2 4 ,2 6 1 2,218,519
2 3 0 ,1 2 6
3 8 8 ,1 1 5
5 0 9 ,3 8 7
9 6 0 ,3 9 0
8 5 ,7 3 3
1 4 1 ,1 6 4
1 0 1 ,1 3 3
3 6 0 ,4 6 6
,4 7 8 ,9 2 6 6 ,0 0 5 ,5 6 5
1 2 .7 9 6 ,4 0 1 1 0 ,9 3 9 ,0 3 8
1 5 1 ,0 6 4
2 1 2 ,6 9 0
1 ,8 8 3 ,6 1 5 1 ,7 4 9 ,2 7 4
1 4 1 ,5 6 1
1 2 2 ,4 4 2
9 4 9 ,1 9 0
7 6 2 ,2 7 1
1 ,0 8 1 ,1 6 2 1 ,3 5 3 .7 8 0
9 ,7 1 4 ,8 6 9 1 0 ,6 3 1 ,0 1 5
2 8 ,9 6 3
1 0 3 ,1 0 0
9 9 9 ,4 7 9 1 ,2 3 0 ,5 1 0

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

3 ,2 7 1 .6 1 6 3 ,8 5 0 ,1 9 0
6 ,9 2 3 ,7 1 2 9 ,3 4 4 ,8 9 3
d c f7 2
2 ,4 9 8
d c f2 ,0 8 1
688
1 6 ,7 7 5
6 4 ,0 2 3
1 7 0 ,9 0 2
2 2 0 ,6 3 5
5 .0 9 1
5_______
8 ,7 9 0
d c f l5 6 ,8 1 3 d e f 3 6 , 2 1 1
clcf2,2< (4
d c f 1 ,5 50
d c f 5 .6 7 7
d c f 4 ,7 7 5
4 7 ,6 2 0
6 8 ,6 9 5
1 0 2 ,5 8 5
1 7 4 ,6 9 3
1 3 0 ,3 1 3
1 5 3 ,6 5 2
1 0 8 ,4 6 6
3 3 2 ,2 0 5
2 5 6 ,4 7 9
2 9 7 ,2 2 6
5 4 9 ,3 0 7
6 1 7 ,6 7 2
2 7 ,5 1 9
5 7 ,9 1 4
d c [ 8 4 ,0 9 0 d c f 2 1 ,1 9 5
9 0 1 ,6 6 0
9 4 2 ,6 8 0
1 ,7 3 0 ,6 0 0 2 ,6 0 0 ,0 2 7
7 8 ,7 7 4
9 1 ,0 1 1
1 2 3 ,2 2 5
1 4 1 ,9 3 0
7 3 0 ,3 3 3
8 7 7 ,5 3 1
1 .7 0 5 ,9 2 0 2 ,3 6 6 ,8 4 8
1 7 7 ,8 9 9
1 8 2 ,7 0 7
4 0 8 ,7 5 6
5 1 9 ,9 5 0
3 .7 6 6 ,4 2 6 4 .5 3 0 ,6 7 8
7 ,5 2 8 ,4 3 8 1 0 ,5 3 3 .4 9 1
1 ,9 8 0 ,7 1 8 2 ,1 9 2 ,6 5 1
4 ,1 6 2 ,1 5 4 5 ,8 4 2 .0 2 6
5 ,7 4 7 ,1 4 4 6 ,7 2 3 ,3 2 9
1 1 .6 0 0 ,5 0 2 1 6 ,3 7 5 .5 1 7
1 7 9 ,0 5 9
4 0 5 ,8 1 9
2 ,6 4 2 ,7 1 4 4 ,0 5 5 ,0 3 7

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

679.556

1 ,7 4 6 ,8 6 5
7 ,6 4 4
1 8 ,8 1 7
2 6 4 ,7 7 3
7 2 4 ,6 3 9
1 ,0 6 5 ,1 9 3
3 ,0 2 5 ,0 1 9
1 ,5 0 5 ,7 1 6
4 .1 6 3 .0 4 9
4 3 6 ,8 7 5
1 ,0 2 9 ,1 4 6
4 ,2 1 7 ,7 8 9
1111,9,95599,5,51144
4 5 1 .4 5 5
1 ,1 9 0 ,9 9 4
3 .5 4 9 ,5 7 9
1 0 ,0 0 4 ,5 7 0
8 7 7 ,5 0 8
2 ,4 8 4 ,5 8 7
1 9 ,0 1 4 ,2 6 5
5 2 .8 9 7 ,4 8 3
9 ,4 6 4 .3 9 5
2 6 ,6 1 8 ,4 4 1
2 8 ,4 7 8 ,6 6 0
J a n 1 to M c h 3 1 ________7 4 ,6 1 5 ,5 6 8 7 9 .5 1 5 ,9 2 4
P c r e M a r q u e t t e . b _______ A p r 1 ,2 4 2 ,6 6 2 1 ,3 5 3 ,0 1 3
1 3 ,3 7 3 ,9 0 0
R e a d in g C o m p a n y —
P h l l a A R e a d in g , b . M ch 3 ,8 0 2 ,1 8 6 3 .6 6 3 ,6 6 8
J U iy l to A icn a 1 ________3 3 ,7 0 8 ,6 3 6 3 3 .2 2 8 ,0 0 9
C o a l A I r o n C o . b _____M c h 1 ,9 7 6 .5 2 9 1 ,5 2 6 ,5 9 7
J u l y 1 to M c h 3 1 . .............2 4 .4 6 6 ,1 9 4 2 3 ,8 2 2 ,8 0 4
T o t a l b o t h c o s . b .............M ch 5 .7 7 8 .7 1 5 5 ,1 9 0 .2 6 5
J u l y 1 to M c h 3 1 ................5 8 ,2 6 4 .8 2 9 5 7 ,0 5 0 ,8 1 3
R e a d in g C o . . ............. _ _ M c h
________
J u l y l to M c h 3 1 ................
................
________
T o t a l b o t h c o s _________ M c h
________
J u l y 1 to M c h 3 1 ................
...............
R io G r a n d e J u n c t i o n _____F e b
6 0 ,6 5 9
7 1 ,1 5 8
D e c 1 to F e b 2 8 ................
1 9 8 ,6 4 0
2 2 3 ,6 9 9
R ‘o G r a n d e S o u t h e r n . b .M c h
3 7 ,3 2 3
4 6 ,1 5 9
J u l y 1 t o M c h 3 1 ________ 4 3 3 ,8 1 2
3 9 3 ,7 3 4
R o c k I s l a n d L i n e s . b . - . M c h 5 ,4 2 7 .7 7 0 5 ,5 2 0 ,9 9 3
J u l y 1 t o M c h 3 1 ________5 2 ,1 3 7 ,2 5 5 5 0 ,2 1 4 ,1 3 9
R u t l a n d - b _________ . . . M c h
2 5 2 ,8 5 7
2 4 7 ,0 1 3
J a n 1 to M c h 3 1 ................ 7 0 0 ,5 9 9
6 4 7 ,1 5 9
S t L o u is A S a n F r a n . b . .M c h 3 ,6 6 5 ,5 6 1 3 ,6 9 1 ,2 3 2
3 1 ,6 6 0 .4 1 3
C h ic a g o A E a s t 111.b . M c h
9 5 6 ,9 2 7 1 ,2 2 3 ,0 6 0
J u l y 1 to M c h 3 1 ................ 9 ,5 3 8 .7 2 2 9 ,2 9 2 .5 6 9
E v a n s v A T e r H a u .b .M c h
2 1 7 ,2 6 6
2 2 8 ,6 7 1
J u l y 1 to M c h 3 1 ............. 2 ,0 4 1 .2 8 8 1 ,8 8 3 ,6 1 9
T o t a l a ll lin e s , b ................M c h 4 .8 3 9 .7 5 3 5 ,1 4 2 ,9 6 4
J u l y 1 t o M c h 3 1 ________4 4 ,9 4 8 ,1 0 8 4 2 ,8 3 6 ,6 0 1
S t L R o c k y M t A P a c .a .M c h
1 5 3 ,7 3 2
1 8 5 ,4 8 8
J u l y 1 to M c h 3 1 ................1 .6 1 0 .8 4 4
1 ,4 4 4 ,3 4 6
S t L o u is S o u t h w c s t . a . - . M c h
9 8 2 ,4 9 5
0 3 9 .9 8 2
J u l y 1 to M c h 3 1 ________ 9 .4 3 1 .3 5 3 8 ,4 8 8 .4 8 2
1 0 .9 8 3 .2 7 3
J u l y l to M ch 3 1 ___
1 0 1 ,4 3 5 ,8 6 5

1 ,3 3 2 ,7 3 6
1 2 .0 4 7 ,3 9 2
2 8 ,4 6 7
3 1 5 ,3 3 6
1 .3 6 1 ,2 0 3
1 2 ,3 6 2 ,7 2 8
1 2 5 ,6 2 0
1 ,2 8 7 ,9 3 2
1 ,4 8 6 ,8 2 3
1 3 ,6 5 0 ,6 6 0
n l8 ,1 9 7
W 5 9.5 02
6 ,2 8 7
1 5 6 ,7 8 7
1 ,4 1 4 ,1 0 4
1 4 ,8 8 3 ,3 7 8
4 8 ,5 7 7
9 3 ,8 6 1
1 ,2 5 8 ,3 5 5
1 0 .5 4 6 .1 7 7
2 8 4 ,2 2 4
2 ,9 7 6 ,5 3 8

86,010

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

1 ,4 2 4 ,9 0 0
1 2 ,8 9 9 ,3 1 7
d e f l2 2 ,3 0 7
8 1 5 ,1 2 3
1 ,3 0 2 ,0 8 9
1 3 .7 1 4 ,4 4 0
1 4 4 .0 4 4
1 ,3 0 7 ,8 8 5
1 ,4 4 0 .7 3 3
1 5 ,0 2 2 ,2 9 5
7 )2 1 ,3 4 7
U 67.1 10
1 2 ,3 7 9
1 1 0 ,3 2 1
1 ,1 2 9 ,2 4 8
1 4 ,1 7 0 ,4 4 4
6 7 ,7 2 4
1 5 2 ,8 1 8
1 ,3 2 1 ,4 0 3
0 .0 2 5 ,9 5 4
4 3 0 ,3 2 0
3 ,0 0 8 ,3 0 1
9 1 ,8 6 5
7 2 6 ,3 0 5
1 ,8 4 3 ,5 9 5
1 3 ,4 2 0 ,7 4 1
6 4 ,9 2 9
4 9 0 ,3 5 9
1 5 9 ,0 1 4
2 ,1 7 4 ,3 5 5
3 ,4 2 1 ,5 0 6
3 6 .4 7 0 ,3 3 7

------- Gross Ei a m in o s --------

Current
Year.

Previous
Year.

$
$
1 ,2 0 5 .4 7 5 1 ,3 1 3 ,7 0 1
3 ,6 8 7 ,5 5 0 3 ,8 6 0 ,5 1 6
1 0 1 ,4 2 6
i
9 7 ,0 7 0
7 9 .7 0 4
.
9 7 ,3 0 9
A pril9 8 6 ,5 9 2
1 ,0 8 3 ,9 3 6
i 6 ,4 5 8 ,0 0 0 7 ,1 4 2 ,7 9 8
.6 8 ,2 2 0 .8 0 5 6 7 ,8 3 0 ,5 5 5
J u ly 1 to M ch 3 1 . .
6 5 6 ,4 2 0
5 7 5 ,7 0 2
W e s te rn M a r y la n d -a . -M c hi
5 ,3 9 6 ,8 4 7 5 ,1 8 8 ,2 7 0
8
Y azoo & Miss Valley .a-M ch i 9 1 0 .1 7 7 7 .8 49 81 ,2,7 54 26
8 ,5 0 2 ,8 3 8
Ju ly 1 to Mch 31

-------Net Ea Previous
Current
Year.
Year.
$
$
324,624
1 2 7 ,4 7 1
5 0 5 ,3 5 9 * 036,985
21,466
1 0 ,4 7 9
dc(4,212
1 6 ,7 0 0
225,061
2 1 7 ,3 4 2
2 ,1 4 0 .9 2 7 2,487.418
2 7 .7 1 0 ,7 7 9 30.832,248
r286,652
* 2 2 0 ,0 3 5
r l , 8 0 3 ,3 2 6 r2 ,003,754
227,470
2 2 5 ,4 3 1
2 .5 2 5 ,3 4 7 1,567,424

.

Q U A R T ER L Y R E T U R N S.
------Net Earnings------ -------Gross E arningsCurrent Previous
Current Previous
Year.
Year.
Year.
Year.
Roads.
§
$
$
$
Lehigh & H udson R iv e r.b —
13 9176.3,9 48 66 3180 17 ,5,0 92 86
Jan 1 to Mch 31............ 330,810 1 ,03 52 65 ,3,0 30 90
Ju ly 1 to Mch 31 ______ 1.0G3.908
IN D U ST R IA L COM PANIES.
Net Earnings----------- Gross Earninas------- ----Previous
Current Previous Current
Year.
Year.
Companies.
Year.
Year.
$
$
$
5
6
5
,5
5
5
....................
Cities Service Co...............A pr 68,063 ...............
_________
O ct 1 to A pr 30______ 568,31 i
- - 5 5 3 ,4 0 3
4 0 ,4 5 8
4 9 ,5 3 8
K eystone Tel * Tel Co a A pr 9 8 ,9 8 0
«S,690
4 6 4 ,3 7 2
Ju ly 1 to A pr 30 ______ or,7,oo.i 9J1,3.>J 4 8 0 ,4 7 6
1 7 9 ,1 5 3
Kings Co Elec L t& P oW - Apr 309,918 342,413 81 28 22 ,5,0 04 25
7 5 9 .0 3 3
Jan 1 to A pr 30............ 1,588,790 1.414,0o3
a N et earnings here given are
tJHes
h ^ u ed W N ^ / o ? k V o t t ^ v a . the S t. L aw rence'* A dirondack and
the O ttaw a & New York R y „ the latter ot w hich, being a Canadian road,
d o ts n o t m ake returns to the Inter-S tate Commerce Commission.
e Includes the N orthern Ohio RR*
°T h e com pany "ow I n c m d ^ ^ h e ^ n d ^ s of the A tch. T op. * S anta Fc
1 rm lf rS lo i S anta Fc Ity .. E astern Ry. of New Mexico System ,
year.0* F o rp c rlo d R o m Ju ly l to Mch. 31 taxes were *2,504,542 In 1011,
attn*¥hese flgures represent 30% of gross earnings.
, After allowing for miscellaneous receipts and net from coal and other
d en artm ents°to tai net earnings tor Mch. 1011 were 5258.787, against *337.fiSSln 1 0 1 o ja n d from Ju ly l to Mch. 31 were *2,192,705 In l o ll , against
$2,407,307 In 1910.
I n te r e s t C h a rg e s a n d S u rp lu s .
— In t., Rentals, A c.— — n o t. of Net E arns.—
Current Previous Current Previous
Hoads
Year.
Year.
Year.
Year.

Electric Railway Net Earnings.— T h e fo llo w in g ta b le g iv e s
th e retu rn s o f E L E C T R IC r a ilw a y gro ss a n d n e t ea rn in g s
rep orted th is w eek A fu ll d eta iled s ta te m e n t, in c lu d in g all
road s from w h ich m o n th ly retu rn s ca n b e o b ta in e d , is g iv e n
o n ce a m o n th in th e se c o lu m n s, a n d th e la te s t s ta te m e n t o f
th is k in d w ill b e fo u n d in th e issu e o f M ay 6 19X1.

-N et E arnings-------Gross Earnings----- Current
Previous
Current Previous
Year.
Year.
Year.
Roads.
Year.
$
$
S
3
265,181
American L t & T ract C o.A pr 320,328 1 ,22 74 40 ,6.7 07 57 1 ,33 41 90 ,8,2 91 19 1,204,147
Jan 1 to Apr 30______ 1,387,040
4,459
3 ,1 4 3
2 3 ,8 9 6
21,736
A tlantic Shore R y .b ----- Apr
18,799
5 ,2 5 5
8 5 .9 8 2
76.705
Jan 1 to A pr 30--------A uburn & Syracuse _b—
25,836
27,838
82,037
85,995
Jan 1 to Mch 31............
100,160
109,498
214.829
Birm ingham R y, L & P -.A p r 226,936
392,130
442,934
851,122
Jan 1 to A pr 30 ............ 909.242
19,316
17,906
65,744
C entral Penn T r Co-------A pr 65,112
61,800
66,734
249,861
Jan 1 to A pr 30______ 259.848
28,449
32.072
70,255
C hattanooga R y & L t.a .A p r 75.114
103,156
122,463
264,904
.Jan 1 to A pr 3 0 --------- 290,307
70,697
72,352
171,640
E ast S t Louis & Sub .a .- A p r 178,507
325,527
299,384
735,321
Jan 1 to A pr 30--------- 712,803
37,900
86.632
35,619
Grand R apids R y .a ------A pr 89.967
147,815
147,822
337,663
Jan 1 to A pr 30--------- 353,.>76
192,606
326,188
213,507
c H udson & M anhat’n a .A p r 385,945 1,302,842
756,378
825,343
Jan l to A pr 30--------- 1,524,342
200,494
486,490
197,482
Illinois T raction C o.a --M ch 549.729 1,427,326
582,128
635,603
Jan 1 to Mch 31 ............ 1,650,699
171,248
183,263
374,426
Milw Elect R y & L t.b .- A p r 395,571 1,481,239
661,216
719,317
J a n l to A pr 30 --------- 1,575,886
37,246
40,113
71,315
Mllvv Id l i t & T r C o .b --A p r 76.945
150,055
138,591
275,951
Jan 1 to A pr 30 ............ 298.824
73.492
63,350
155,338
Norfolk & Portsm T r.b -A p r 172.584 1,593,526
685,490
748.052
Ju ly l to Apr 30 ______ 1,734.460
233,441
280,430
440,560
P ortl’d (O rc)R y .L & P .a . A pr 526,475 1,700,298 1,034,099
889.082
Jan 1 to A pr 3 0 ........... 2,032,114
28,326
30,541
77,990
S t Joseph R y.L t.T I& P a Apr 84,700
130,639
137,998
329,028
Ja n 1 to A pr 30..........- 346,542
a N et earnings here given arc after deducting taxes,
b N et earnings here given are before deducting taxes.
c These figures represent Income from all sources.

Interest Charges and Surplus.

—In t.. Rentals. A c.— —B at. of Net E arns.—
Current Previous
Current Previous
Year.
Year.
Year.
Year.
Roads.
S
$
$
S
dcf5,103
def8.005
12,464
8,336
A tlantic Shore R y ----------Apr 32.155
50.152 dcf2G,900 d ef3 1 ,353
Jan 1 to A pr 30 --------A uburn & Syracuse—
30,656 xdcf3,138 £def4,617
31,290
Jan 1 to Mch 31--------10,269
19.180
12,060
C hattanooga R y & L t-.A p r 20,012
44,627
31,020
72,130
77,836
Jan 1 to A pr 3 0 ..
25,546
26,919
45,151
45,433
E ast S t Louis & S u b -------A pr 181,724
35.433
144,825
117,660
180.702
Jail 1 to A pr 3 0 ..
22,987
20,581
14,013
15,038
G rand Rapids R y ---------- Apr 15,033
86,800
87,496
01,015
GO,326
Jan 1 to A pr 3 0 ..
1,242
1,104
191,364
212,403
H udson * M an h atta n .
2,290
843,186 754,088 dcfl7,843
Jan 1 to A pr 3 0 ..
£62,847
£68,624
110,768
119.168
Mllw E lect R y * L t----437,489 £270,485 £236,965
470,839
Jan 1 to A pr 3 0 ..
67,104 £16,313 £15,029
68,967
Mllw L t H t & T r Co------A pr 274,660
68.067 268,245
£56,055 £50,261
Jan 1 to A pr 3 0-11,259 def2,062
65,412
62,233
Norfollt & Portsm T r ...A p r 624,629
62.233
41,650
123,423
643.840
July 1 to Apr 3 0 ..
119,852
159,199
113,589
121,231
P ortl’d(Ore) R y ,L t* P ..
441,038
542,593
448.044
491,506
Jan 1 to Apr 3 0 ..
10,848
10,076
18.250
19,693
S t Joseph R y ,L t,H & P -.A p r 77.642
19.693
58,363
60,356
72,276
Jan 1 to A pr 3 0 ..
* A fter allowing for other Income received.

.

B e n e fo n te C e ^ U a l.^ .-A p r
J50
238
l.S S .
t.373
Bridgeton & Saco R iv e r.Mch
838
503
347
004
Ju ly 1 to Molt 31______
5,627
5,426
6,103
0,324
Buffalo
P itts
...M c h 1,503,505
19't,692 1,511,230
I l l ' l l 11,013,247 x11,402,303
lla i'lli
Ju lyRoch
1 to *Melt
31.............
C entral of New Jersey _____Mch 520,024 550,222 400,704
July l to Mch 31______ 4,727,580 4,50i,083 4,510,573 5 ,0-..,.08
Chesapeake * O hio..............Mch 059,100 555,082
62,290 -<180.028
July l to Mch 3 1 ______ 5,709,809 4,003,152 2,637,11- 4,809,-21
Chicago G reat W estern.M ch
223.466 250.794 170.500 *08,069
Ju ly 1 to Mch 31............ 1,908.002 2,097,000 *640.734 *228,108
Colorado M idland
..F e b 20.820
20.820 Cdef5.030 rdef0.920
J u ly 1 to Fob 28 ............. 238,500 238,060 Cdefll0.741 cdcf52,070
Colorado * Southern
-Mch 275,558 250,709 C78.558 C187.757
Ju ly 1 to Mch S t______ 2,448.370 2,293,070 c l,049,350 c2.020,308
*.„h. o n
Mch 50.075
30,007 105,579 118,000
Ju ly i Vo" Mch MV- - 308:925 325,210 584,608 426,165
D enver A Rio G rande
Mch 477,607 454,953 ddcf.18,300 (1200,582
Ju ly 1 to McM 3 f V . . . 4,400:i92 3.908,512 <11,000,815 <11,008,287
D uluth <ie Oh A Atl
M rh 90 380
05,040 *dcf53,207
*9,032
j5 ly 1 to Meh sT V . .
803,745 800;252*dcfl33.582 *def51.854
e . . —i . n n
.fell 05 577
07,705 *30,040 *21,310
July 1t o 'M c h V i: ....
008.908 551,315 *75,404 *190,434
Louisiana
ch 246,387
27,285
23,880 £229,224 £2U4,140
- 2 0 4 ' Hfl
Ju ly 1&toA rkansas..M
Mch 3 1 -..........
214.743
iS M S
i S S S * * « :5 3 9
u n s i y R ? T o °M ^ -3 T -;;“ c.h il5 :5 i8
» 8 :S U
Mo K an & T e x a s ............Mch 500.828 4 9 9 ,0 18 *dcf00,123 idrf25.451
Ju ly 1 to Mch 31 4,550,729
4,217,913 xl.918,804 £1,436,886
N ovada-C al-O rcgon____Mch
4.378
3.012 *dcf5,000
Ju ly 1 to Mch 31............. 48,591
41,097 *35,117 *1.)4,JJ1
N Y O ntario * W est-------Mch 130,224
102,829
21,440 100.86‘
Ju ly 1 to Mch 3 1 ........... 1,080,500
805,427 803,055 88.1.847
Norfolk
&
W
estern
...........
Mch
497,213
443.127
»»;*,475
, g Ji'S S J
Ju ly 1 to Mch 31 ______ 4,017,570 4,100,205 0,100,732 0.817.05Pcro M arquette. ---------A pr 387,747 380.447l/<Icf234,147
W20.148
Jail 1 to A pr 3 0 ............ 3,891,070 2,582,126 t/df1,551,1.54 1/431,711
-Moll
885,000
800.971
601,823
„
SnS’rSn
C
om
pany.
R eading
7.905,000 8.090.739 5,085,000 0,022,550
Ju ly l to Mch 31______
:
Rio G rande J u n c tio n ....F e b
8,333
8,333
9,864
13,014
Deo 1 to Feb 2 8 ______
25.000
25,000
34,592
42.110
Rln Grande S outhern. Moll
10,085
20,442 * defl2,702 *<lcf8.02D
R j X l to MCh 3 1 . - - . . 172.280 170,113 *def7,105 *dcf54,800
e t r Rnekv \! t * Pao -M ch
32,774
34,373
10,303
30,5.i6
JUW 1 to Mob 3 1 . : . . . . 203.579
3031820 203,005 180,533
S t Tools Southw est
Mch 177.744
171,423 *78,038 *23,078
Ju ly 1 to Mcll 31 . . . . . 1.083,587 l.S S O ^ B *1.102,070 *1,022,111
Toledo Peoria * W est Melt
23,524
25,058 Itlcf4,880 *defl,556
T ° a ..:, i
231703
241670 *dcf.3,002 Idcf24,122
Ju ly 1 to A pr 3 0 1 V --V 247,388 245,700
*0.000
*3,813
IN D U ST R IA L COM PANIES.
— In t., Rentals. A c .— — P al. ot Net E arns.—
Current
Previous
Current Previous
Year.
Companies.
Year.
Year.
Year.
S
$
...............
10,694
Cities Service Co— — Apr
185,454
_______
O ct 1 to Apr .30............. 0367.949
24,011
24,833
24,705 235,801
K eystone Tel & Tel Co. _Apr 24,547
211,403
252,969
Ju ly 1 to A pr 30............ 244.6/2
76,980
75,551
103,602 373.51)
Kings Co Eleo Id & P ow .A pr 106.965 406.252
352,781
Jan l to A pr 30 . . . . . 448.933

Q U A R TER LY R E T U R N S .
— In t., Rentals. &c.— —Dal. Oj Net E arns.—
Current Previous Current Previous
Year.
Year.
Year.
Year.
3
5
3
3
Lehigh & H udson R iver—
29,475
43.652
73,334
77,553
Jan 1 to Mch 31-------150,067
171,076
Ju ly 1 to Mch 31-------- 226,270 230,629
a Represents dividends on com m on and preferred stock.
c A fter allowing for miscellaneous charges and credits to Income.
(I These figures' are after allowing for other Income and for discount and
exchange. The sum of $10,000 Is deducted every m onth from surplus
and placed to the credit of the renewal fund.
x A fter allowing for other Income received.
// A fter allowing for outside operations, hire of equipm ent and other
Income.




A N N U A L R E PO R T S,

Annual Reports.— A n in d ex to a n n u a l rep orts o f stea m
ra ilro a d s, street, ra ilw a y s a n d m isce lla n eo u s c o m p a n ies w h ich
h a v e b ee n p u b lish e d d u rin g th e p reced in g m o n th w ill b e
g iv e n on th e la s t S a tu rd a y o f ea ch m o n th . T h is in d e x w ill
not in clu d e rep orts in th e issu e o f th e “ C h ro n icle” in w h ich
it is p u b lish e d . T h e la te st in d e x w ill bo fo u n d in th e issu e
o f A pril 2 9 . T h e n e x t w ill a p p e a r in th a t o f M ay 2 7.
Toledo & Ohio Central Railway.

31 1 9 1 0 .)
P re sid e n t W in . C. B ro w n , N ew Y o r k , s a y s in brief:
(Reportfor the Six Months ending Dec.

General Results.—T he operating revenues were *2,924,300, an Increase
of *612,0 40 over sam e period last year and the Iargest 1n the history of the
eoinnanv. Freight revenue Increased $615,746 ,or 34.39% . W hile there
was a slight Increase In m iscellaneous tonnage, th e Increase of 702,406. tons
of bitum inous coal was th e principal factor la the large Increase shown.
The tons per train mile was Increased from .>42 to o.>l tons: average rate
ncr ton per mile 4.383 mills, as against 4.324 mills. The expenses of the
transportation departm ent which are so largely governed bv the volum e
of traffic handled, show an Increase of about 30% , while the Increase In
train mileage was approxim ately 20% .
The per cent of operating expenses to gross revenue r*as o 9 ./3 /(>, a dcCrCIm?rcasc inV ther Income $101,088 was principally due to the surplus from
operation of the Zftnevstlle & W estern R y.. $46,288, and hire of equipm ent.
c a r m ile a g e a n d p e r d ie m b a l a n c e s $ 4 6 ,9 2 3 .
A dividend of 2 MS% was declared on both prof, and com m on stock out
of the net corporate Income for th e six m onths, payable M arch 15 1911.

1370

THE CHRONICLE

E xpenditures for additions and betterm ents for the six m onths ngirrcgatJnit 5393 756, were deducted from the surplus for th a t period, in'clinline
C olum ius, tW 3 3 2?7 S
culvert5> 552.025; and grade separation a t
T he balance of surpius rem aining after deduction of charges for additions
and b etterm ents was S3 1 2,517, which was carried to prolit and loss account
Additions, &c. The net charges to equipm ent account ir’r . . f,.,1
$747,860, the principal addition being 710 Ilfty-ton gondola difnin^rnirs*
balance of 1 ,0 0 0 acquired under car tru st, $ 7 3 4 7 5 1 Bonaola uum p carsIn order to prepare for the handling of heavier nower the m-entne
of the tim ber trestles have been strengthened on the W estern0amMVm-vim^
divisions and south of T hurston on t h e C o m in g D iv is io n T e n 'steel brtdgel
and tw o tim ber trestles on the W estern Division and three steel bridges on
the ISucyrus
replaced
w ith new
entral
Lines
stan d ardd ,vision
(sec were
"G eneral
R esults”
abovesteel
) bridges ' N Y cCen
tral
cdtoPlefed d u r f f g ^ r l M ^ n k “tV ? 01? " 11’!!3 ls «P<=°tcd to be practically
a t^"tirlt^it^rpofrits t^provddc^or^nC T easyng't^fic1^
” 8'S lnstabcd
o fCs?o1ha oraC i 7 d T SebCt M n d t S T
th ° half-year 'n thC 4m0UQt
IN C O M E A CC O U N T S I X M O N T H S E N D IN G DEC. 31.
1909.
1910.
1909.
Operating revenues— 1910.
$
§
Other Income—
S
S
£Passenger..................
rc,Kh t........................2.406.301
1,790,555
Hire of equipment.. 46,923
366.049 346,219 Hurp.
of
Z.
A
W.
Ry.
46,288
Mall, express. A c ... 77,797
Divs., int., Ac......... 42.435 34,558
Other than transp'n. 74,153 83,241
91,339
Gross corp.lncome. 1,203,337 827,875
Expenses— . -.2.924,300 2.311,354 Int. Deduct—
on bonds........... 197,500
375,936 308.237 Int. on equip, trusts. 34.100 197,500
. . . 375,554 353,234 Other
4,500 13,876
4,500
Traffic expenses. . . . 40.308 34,730 Hire ofInterest...........
equipment................
2,558
Transportatlon .. .. 908,421 698,799 Def. of Z. A W. R y. _____
16.392
38,359 Mlsc. rents, Ac......... 22,272 23,788
1.433.359 Prof. dlv. (2K % )— 92,535
...1,177,503 877,995 Com. dlv. (2^% )__ 146,157
■, i
Taxes accrued. . . . 109.812 84,678 Add’ns A betterm'ts. 393,756
Total deductions.. 890,820 386,993
Operating income. 1.067,691 793,317 Balance,
surplus___ 312,517 440,882
BALANCE SH EET.
Dec. 31 ’10. June 30'10
Dcc.31’10. June 30’ 10
Assete—
.$
S
Liabilities—
S
$
Road A equip----- 21,221,419 20,084,732 Stock,
common.
.
.
6,500,000 6.500.000
Secur. ofaffll., Ac.,
preferred-. 3,708,000 3.708.000
cos., unpledged. 2,528,413 2,531.200 Stock,
Bonds
(see
"Ry.
A
Secs, held In treas. 725.500 725,500 Ind." section).. 8,500,000 8.500.000
Marketable bonds. 250,000 250,000 Car trusts............... 1,604,000 1.724.000
Materials A suppl. 419,569 337,312
Mat'd Int., u np d .. 86,495
89,460
C ash ...................... 627,331 723,827 Traffic,
bals. 73,331
85,063
Loans A bills rec. 387,043 378,955 VouchersAc.,
A wages. 603.981 513,012
Agents A conduc's 80,908
64,246 MIscel. accounts.. 50,034
41,443
Traffic, Ac., bals. 135,538 124,791
A W. dell. 212,552 258,841
MIscel. accounts.. 276,459 341,404 Zanesv.
Accr’d Int., dlvs.,
Unmatured In t...
8,250 A c...................... 291.235 530.068
Undelivered equip.
Accrued taxes___ 68,500
77,069
Oth. def. deb.Items 57,331 718,802
39,037 Deferred crcd.Items 45,744
41,321
Approp'd surplus.51,200,754 6806,998
Profit and loss___ 3,764,883 3.452,840
Total
- -.26,709.509 26.328.116 T o ta l................. 26.700,509 26.328.116
1907^tiirou^a in co m e^W ',r 92^epe.Ili244t| t455bS l° p roperty slnc0 Ju n e 30

[V o l . l x x x x u

of
f°fh£U/ J lrn (IU^6 has b#e,en considerably below the norm al capacity
?ow nrleoi
J h UrrVe of blls.!ness an<1 kecn com petition resulting in
a n V l ? v L l radCM °[papcr, boards. The operation of your mills in
serIoifsivn?iiJinm>n
'vb,fcb are dependent upon w ater pow er, has been
DrortummnUiJ‘
J lmC
f° thelowest
In m any years; the sm all
P la rg
e ly!; Increasing
cost ofrainfall
m anufacture.
th e . i m S u ,b? £
havo boon retired during the year In
areh em h J tSh,.2^A00? ’ c,a,vlllB a balance of $3,442,090, of which $473,500
a A modernt Qtenm,rlSl'n,n ? P
oiltstandIhg bonded debt of $2,969,400.
m achiife'nt
boJ 1!SUS0 have been erected a t Peoria: one
fbeen
S d lmt lade
o n a t d S n ,ahnd P m L, 1^ ^ ?J ^Imlesvlllc
w ith
provemhavo
ents bccn
on thetriple-deokcd
m achinery have
Mills Ti nese
hese^nv^n,m
'ni'«R ?,ckpoVt
- M t;beneficial
Carmcl, WInilmroduHncr
ington and
juius.
expenditures
have been
thn Norwich
nn<t nr
o ^ th e ^ b o a rd ^ n ^ m a t be capacj ty as well as Improving the quality
bv st-el and r n n n ^ tn V w * h
^ ooclcn construction has been replaced
should L “ c o m m S r eatc w ith t h e ^ p R a U n m ! con Jltlo n s' «i*'D rontR E S U L T S OF O P E R A T IO N S U N IT E D B O X B O A R D CO
S U B S ID IA R Y C O M P A N IE S
-------Year s ending-----A p r. 1 ’l l . M ch. 20 ’10.
Gross
$393,895
$134,816
42,048
Taxes and Insurance____
34,030
A dm inistration expenses .
67,135
T o ta l.................................
$278,038
N et earnings______
$115,857
33,089
T otal net e arn in g s..
-.$140,946
$148,946
Interest charges______
. . 172,352
108,526
$10,580
C O N D E N SE D B A L A N C E S H E E T .
Assets—
P lants, equip., good-will and shares of A m erican A p r. 1 1911. M en. 26 '10.
.1111l71909)______
K'X,Aio ara Co-_____
(46.280
_ In 1910, against 42,980S15 18,519 $15,458,520
Personal
property
a
t
general
offlceVimVmills"! ) ' n \ ' 31,717
31,064
Stocks and bonds
Sinking funds.
'
' I11.G87 1,507.780
6,425
C ash_________________ .
.................................... 81,071
in 1,881
Hills receivable____
3.035
2,906
A ccounts receivable
208,440
513,885
Dcfcrretl charges
1,570
16,175
Deficit
34,013
0,855
T o ta l......................................
$17,997,104 $17,880,040
Liabilities—■
Capital stock (authorized, $15,000,000) Issued $14,000,000
.
$14,000,000
General m tge. and collateral trust bonds and sun3,564,000
c u r ^ „ t Z b i i f t e .mt.ees; (not llabl,,tlcs of this co-> 3,142.990
400,472
266,035
Reserve for accrued Int., taxes A sundry c h a rg es"
57,642
58,024
T otal _
.$17,097,104 $17,880,940
Co“
'? '° Ihplmlc $457,500 U nited Box B oard & P aper
1: n'50 °shAr„; A ,„a !d 313'000 coll, tru st 0s of the U nited Box I). & P. Co.,
and5
Straw
held by trustee, valued a t $505,187.
ana m iscellaneous stocks
and.Heard
bonds,Co$176,000.
V Taoe, *p,l 1404 — v nlo l ° p n,i 5 7 8 d controllcd rem ains the sam e as stated In

N a s h v ille (T e n n .) R a ilw a y & L ig h t C o m p a n y .
(Report for Fiscal Year ending Dec. 31 1 9 1 0 .)
P r e sid e n t P e r c y W arn er s a y s in su b sta n c e:

A n a c o n d a (M o n t.) C oppor M in in g C o., N e w Y o r k .
{Report for Fiscal Year ending Dec. 131 1 9 1 0 .)
T h is co m p a n y 8 7 0 ,8 7 5 ,0 0 0 o f w h ose $ 1 0 5 ,5 0 0 ,0 0 0 ca p ita l
.- ■
—T hc ffross earnings show an Increase over 1909 of 6.3% , or
5i08,08o; operating expenses, taxes, Interest and depreciation Increased sto c k is o w n ed b y th e A m a lg a m a ted C oppor C o ., rep orts
?,r 327,565: leaving a surplus for the year of $345,151, or equal to th rou g h P re sid e n t B . 13. T h a y er , B u tte , M ay 1, in su b sta n c e:
o/o on the pref. stock and 5 >2 % on the com mon stock.

/ ropertij.— D uring the year there was constructed 4.71 miles of new
track, chielly on Hillsboro IMkc, 12,507 ft., Fairfield extension, 3.709 ft.,
and extension of double track on W est End A ve., 1.030 ft. Old track was
reconstructed to a total of 1.20 miles. Twelve cars were built In the
com pany’s shops, w ith prepaym ent and door control feature. This type
la-1 P,rovcn SP satisfactory th at the m anagem ent has decided to con­
vert the balance of its equipm ent, already having about one-third of the
type™ cquIppc<l- Wc arc Preparing to build 12 additional cars of the sam e
t
r
p
n
bl st aVrccI ° n tllc underground system 3,055.00
cablo
1?
feet; mwotor
e have
also cable
Installcd
f t. of railway
cam e, SB
00,832 it.
direct current
circuit
and 70,829
4 1 ,2 0 9 ft. of altercubic mTtallccI
ET hoL ?o»rfUym>J
°nrnCr!!tv eafbJ?'
ft.,sufficient
or 32 miles
of
12 winter
Winder
l c total
powcr168-980
house
to of
takecopper
or our
our 1011
iw ii-ia.
load. The u,Intervening
tim eIs will
be rcciulred
tocare
inStaro??ia<I<
t!onairl,n
1
to
fak,e
c,
a
rc
wf
our
steadily
increasing
load.
Total construction work during 1910 $294,912, Including $96 585 for
track and roadw ay. $89,681 for conduit and $ 3 7 ,4 5 0 for cars K *
101
dm
™ ancf?
n£a ?,ccs debt
? f,y °ur
pany
arc In are
a m $793,000
ost satisfactory
con­
dition.
It whasF!!!;
no floating
andcom
In Its
treasury
of treasury
bonds, which will be available for additions and extensions.
y
IN C O M E ACCO U N T .
Gross Earnings—
1010.
1909.
1008.
1907.
P a sse n g e r____________
$1,186,9091
L ight, power, Ac_____ $1,238,554
579.678
521,834 f $1,597,030 $1,578,207
M iscellaneous_________
14,232
15,637J
T o ta l..............................
$1,724,380 $1,597,030 $1,578,207
Expenses and taxes___ $1,832,465
1,030,026 1,013,883
954,297
969,104
$802,439
$710,497
$642,733 $609,103
Deductions—
In t. on bonds, A c............ $402,427 $394,353 $393,099
$354,903
D epreciation reserve.
54,861
51,513
*2,742
*7,460
Pref. dlv. (5% )...............
125,000
125,000
123,445
123,445
S u rp lu s ____
$220,151
$139,631
$123,447 $123,295
* A fter deduotlns: $45,000 In 1008 transferred from profit and loss,
aeainst $30,250 In 1907.
GENERAL BALANCE SHEET DEC. 31 1910.
_
Assets ($15,812,427).
($15,812,427).
Property ----------- -----------0$ 14,528,110 PreferredLiabilities
stock...........................$2,500,000
stock........................... 4.000,000
Cash V b°ndS......................... 557.000 Common
Bonds (see “El. Ry.” S ec .)... 8,386,000
rvilln™1 *c.,
2nd accounts.............
......... 15
153|239
ta x e s .......................... 52,541
V°upon,
s 406 Accrued
depreciation............... 154,116
bills receivable___ ■ 33,865 Accrued
Matered
Interest
on bonds----- 215,776
Lighting customers..................
71,682 Accounts payable......................
142,708
Interest-bearing accounts.
216,551
Miscellaneous..............................
70,899
Premium A discount on aecur’s 55,731 Surplus ...................................... 290,386
Miscellaneous______
24,313

Minln£'c°on W ^ h S ^ C o p p ? ? C o ' Cn°Pf

i

"

l

*

‘ C o f R e d M et.!

Coal & Coke Co an ,r? „ i * *s l'ver Mlnlnif Co. and the stock of the Diam ond
of stock In vmur'coman In v Lc ac<lul,s lt °n of the holdings m entioned an oiler
panics^ a e m v a tln v i Pnsi^nonS ,n ladc by your com pany to each of the eoint h ” pro p o ^ t °o n ‘(V4 o b T ^ o V ^ T s s i ^ i 5°i l',110 COmpanl<* Vutcd t0 acccpt
unified
Snde1r1?h1a0
dtl,rh«\
eeO.P,niana^einent
e„ratIons theofdllfcren't
com panies
purchased
and since*that
tinw*“
the Anaconda
Copper
Mining were
Co..
M anv of*the e
x
bcca operated as departm ents of th a t com pany.
ade effective, and m any more
win oc orougnt about w ithin thePavc
nextbeen
two 1,1
years.
cn tero<1
the COriginal
Consolidated
Co., the Claik M ontana
R ealty,Ilt0
Co. wIth
and the
olusa-Parrot
Mining A Mining
Sm elt­
ing co . >1tending
toward
thei ..purchase
of..e all of their .........i..
property...iwith
the exe
n
r
tn
ln
tu
it-n
i.»»..
»i,..
/
u
t
,
.
„ ■ claim
ccptlon of certain town lots In th e City of B utte, and certain m ining
s,
Tn*£rc
ores of the
r being
the zinc entioned
con tent.
the ila°iitte r., apt art va^uo
of May athepurchase
waslamtteade
of theIn above-m
properties for your com pany by the A m algam ated Copper Co., and the
deeds to the properties were executed directly to th e A naconda Copper
Mining Co. by the owners. The A m algam ated Copper Co. paid for tnese
properties the sum of $5,000,000 and agreed to accept from the A naconda
Copper Mining Co. in full paym ent therefor 112,500 shares of Its capital
\ « 1 s st0<?i5 bas n° t as yet been form ally issued, b ut stands as an
obligation upon the books of your com pany. On June 1st the properties
m entioned were taken over by the A naconda Copper Mining Co. and opera ;cu under Its different departm ents, w ith the exception of the sm eltery
ac u u ttc , which it was considered wise to close, shipping the ores for treatm eut to the A naconda Sm elting D epartm ent a t A naconda, and leasing th e
concentrating works f o r a term of years to W. A. Clark for the treatm ent
or zinc ores m ined from the p roperties excepted In the sale.
Anaconda Department.— No ore was hoisted through th e Anaconda shaft,
as It was given up to extensive repairs. The auxiliary shaft was sunk to a
£PP ,A, 1*“p? *c c t- The A naconda shaft Is being p u t in perfect operating
condition to the 2.100 foot level. Some ore has been mined from the lower
levels and hoisted through the S t. Lawrence and N ever Sweat shafts. The
m e has caused b u t little annoyance. Development work a t this point has
been m eagre, on account of Inability to handle w aste m aterial.
1he present depth of the Never Sweat shaft is 2,500 ft., ami the usual,
am ount or developm ent work has been carried on. T he S t. Latorence shaft.
'Y“ !c.u Is. -,100 ft. in depth, was shut down for repairs .Sept. 23, b ut will
!“«nn bf, ,n 0P(;ra tlofi again; we intend to sink this shaft a t once to the
fn S .ii
'• <Jt which depth a new drainage system Is being established
iPfLa:l|,° f the mines of this d epartm ent. Developments on the M ountain
Consolidated shaft have been m ost satisfactory, especially so on the 2,200 ft
r«v *v.' wk9re drifting has disclosed a long, continuous shoot of high-grade ore*
In the Diamond shaft a t the 2,800 ft. level the developm ents have also been
lar^ tonnage having been p u t In sight in th e so-called
f»! arix? L
i. bci oro bodies which were discovered last year in
h i f h ^ t n s h a f t have been thoroughly developed, a heavy tonnage of
ore having been p u t In sight and a considerable am ount exlIffhtmv°nrmiertv1CS
2t^584 C9>
aAS^rdCi^011'
3 4 . 68 °.212: railw ay prop., $7,263,031;
sunkA naconda
an additional
Ihthttag)property, $2,584,260.
and Cumberland
Electric Light & Power Co., SI.— m3£i>CKhclow the leveli OfVi?the 2,200 ft.shaft
levelwas
In tiic
shaft,550
andft.,
willtoboa
o?"he
othcr’shafts!400
f
t
'
0Ve
“
an
a,lxlllar>’'
ln
C1L'
,
°
ol
accident
to
any
U n ite d B o x b o a r d C o., N e w Y ork a n d C h ica g o .
n - 1?, tb ° Orhitmil shaft, purchased In May 1910, large bodies of high-grade
ore have been developed on the 2,300 and 2,400 ft. levels, both In aii ensterly
{Report for Fiscal Year ending April 1 1 9 1 1 .)
oonn ?the
? '™Moonlight
? .r yi? and°in,nPoulin
) ,nor.nlal
developmmentinework
P r e sid e n t S id n e y M itch ell sa y s in su b sta n c e:
shafts.am ount
At theof Tramwou
the was doneu-7;
Tlic T reasurer s statem en t shows a small Increase In irross carnlncrs not tho hiL2° ^cct
*s now 2 ,0 0 0 feet in depth; developm ent work resulted in
nro
dJ!S?YSSf#S*
new
ore
bodies
of
great
size
and
carrying
a
very
high
grade
pnm nnrt™ oariMmhmtrykd u r ir ^ r^thcCp a^ tt)^ a r.WhlCbnba^ C* ya*” d ^ ^ b ^ p a p e r ore, the limits of which have not yet been determ ined
m ent shaft to the west of the Old Gagman shaft has been sunk 740 feet to n




M A Y 2 0 1 9 1 1 .]

depth of 1,175 ft.; the developm ents on the bottom levels have not only
p u t a large tonnage of ore In sight, but the ore Is of a sm elting grade.
Boston it M ontana D epartment.—The M ountain View shaft Is of three
com partm ents to a d epth of 2,200 ft., an d In addition an auxiliary air shaft
has been sunk to the bottom levels and through It a considerable am ount of
ore has been hoisted. The m ost Im p o rtan t developm ents during the year
have been m ade on the bottom levels . In the Pennsylvania shaft a fair
tonnage of ore In excess of the am ount extracted has been p ut In reserve.
D evelopm ents on th e Leonard shaft have been very satisfactory, especially
so on tne 1,000 and 1,800 ft. levels, w here large ore bodies of com mercial
ore have been developed. D evelopm ent work on the West Colusa shaft
has shown some bodies of ore, rem arkable both as to tonnage and values,
especially betw een the 1,200 and 1.800 ft. levels.
The Badger State shaft Is situated several thousand feet northw est of the
other mines of the Iloston & M ontana D epartm ent; it Is now 1,800 ft. In
depth and several veins of great prom ise have been developed, showing good
w idths and a grade of ore higher In copper values and carrying an average
silver value greater than th a t of any of the other m ines. There is a general
opinion am ong those fam iliar w ith tills property and Its developm ent th at
It Is destined to become one of the great mines of the d istrict. Develop­
m ent work Is being pushed w ith vigor.
Butte Boston Department.— In th e S ilver Bow and Berkeley shafts the
greatest developm ent has been on the 1 ,0 0 0 ft. level, where an ore shoot
was discovered and drifted upon In continuous ore of good grade for 780
feet, w ith every Indication of Its continuance. A large am uont of develop­
m ent work has been carried on In the East and West Gray Rock shafts.
Parrot D epartment.--T h e Parrot shaft Is used only to furnish air to the
different workings. The West Steward sh aft, 2.300 ft. in depth, cam e under
our m anagem ent Ju ne 1 1910. T he ores were tram m ed to the Original
•shaft until N ov. 1, when the hoisting engine was started .
Development W ork.— There has been done during the year, In the form of
drifts, cross-cuts, upraises, winzes and shafts, 33.1 miles of developm ent
w ork, and a very heavy tonnage of ore In excess of the am ount extracted
has been added to the ore reserves. T he shafts of the different properties
have been sunk to additional depths aggregating 3,765 ft.
M ine Tonnage.—T he mines produced during the year 3,326,227 tons
of ore and 4,413 tons of precipitates, or a total of 3,330,640 tons.
Improvements.— A very extensive com pressor plant has been Installed
near the H igh Ore m ine, operated by electric power, which should be In
operation early In the year 1911. I t Is proposed. If the experim ent Is suc­
cessful, to do all of the hoisting by m eans of com pressed air, generated at
this plant; this will m ean a considerable reduction In operating costs. F ur­
th er reductions In cost will be attain ed by the use of electrically driven
pum ps and by th e adoption of electric underground haulage. The cen­
tralization of operations so far as hoisting Is concerned will also be quite a
prom inent factor In the future In tending tow ard reductions In costs.
Reduction W orks.—T he reduction works treated for all com panies during
the year 3.302,523 dry tons of ore and other cupriferous m aterial a t A na­
conda and 1,035,105 d ry tons of ore and other cupriferous m aterial a t G reat
Falls. Of this am ount 3,253,346 tons of ore furnished from the com pany’s
m ines, 385,200 tons of purchased ore, together w ith 129 tons of precipitates
and 13,668 tons of slimes from the Old W orks were treated for your co.
Total Production from Above at Anaconda and Great Falls.
Anaconda The Other Cos.,
Total
Company. Prior to C ons.A pr. 1. Ytfar 1910.
F lnccoppcr, lbs............ - - ...........223,808,546
42,799,015
266,608,461
S i l v e r , OZ
- 8,053,327
1 ,4 8 ! ,561
9,534,888
Gold, oz______ __________ -45.179
12,080
57,259
Coal Department.- The coal m ines a t b elt and YVashoc, M ont., and
D lam ondvllle, W yo., show:
In tons—
Belt.
Washoe. D iam ondv.
Coal produced
.
100,153
120.034
548,344
20,102
97,395
331024
Shi ,pcd to other d ep artm en ts_____
.Sold _____
122,943
17,291
169,008
Used at coal mines
17,108
5,348
17,412
T hese mines arc capable of m aking a much larger o u tp u t of coal.
Lumber Department. -T h e sawmills of the lum ber departm ent a t H am ­
ilton, Hope, Honncr and S t. Regis cut during the year 128,334,239 ft. of
lum ber, of which 6,187,768 ft. were used a t the mills, 105,996,951 ft. were
sold com m ercially and 15,849,520 ft. w ent Into stock.
Butte Anaconda & Pacific R y .—T he railw ay transported during the year
5,101,187 tons of ore and freight and 107,240 passengers. The gross earn­
ings were $1,189,716; rental of tracks and mlsccll. ren ts, $17,534; operating
expenses, $939,614: taxes, interest and ren tal on leased lines, $84,614; net
incom e, 5183.022. A dividend of 6% on the capital stock was paid, am o u nt­
ing to $60,000, leaving a surplus prollt for the year of $123,022.
Subsidiary Departments. - These show for the year prollts of 5376,014.
F inancial.—T he profits for the year Include b u t nine m onths’ earnings of
th e purchased properties previously referred to. The benefits of consolida­
tion, so far as costs were concerned, were not felt during the first half of
the year, and In the last six m onths the profits of the com pany on a reduced
production w ere $4,214,013, showing a m arked Im provem ent In econom y
of operation for the last period.
The Inventory a t Dec. 31 1910 shows a larger stock of m etals on hand
th an on Dec. 31 1909. As all profits are figured on m etals not only sold b ut
actually delivered before the closing of th e books, and as all Inventories of
copper on hand are taken a t cost, a profit which should have been realized
during the year 1910, provided the deliveries had equaled the production,
will not appear until tn e year 1911.
DA COPPER CO. FOR
R 31.
1910.
1908.
1909.
5
$
Receipts—
5
Sales of copper, silver and gold............ 30,943.509 11,591,8 15 9,060,472
40,796
46,582
R oyalties, &o..........................................54,551
32,100
32,147
Incom e from Investm ents. . . . . .
195,219
50. 000
50000
R ental of w ater rights, & c.......- ...........
£7 ,2 2 8
11,714
11,733
Miscellaneous receipts— . . —
28,102
280,813
240,155
N et profits sub. d epts., after deprec’n
376,014
Copper, sliver & gold on hand (copper
a t cost, silver «5cgold a t selling price) 14,736,503 5,986,964 6.169,245
T otal receipts
16,391,126 18.000,084 15,604.481
Disbursements Copper, silver and gold on hand J a n . I 5,986,964 6,169,245 6,002,643
C opper, silver and gold taken over with
purchased p ro p e rtie s... . . . _____ 7,415,984
Mining exp., Incl. (level. & deprec’n . . 12,628,535 5,511.820 4,505,529
Ore, m atte & copper purchases (In­
24,186
cluding tran sp o rtatio n )..................... 2,986,488
105,490
160,932
136,593
T ransp. of ore to reduction w orks.
975,917
R ed u ct, exp., Incl. depreciation.......... 7,203,880 2,819,021 2,940,175
T ransportation of m etals to E ast,
980,562
refining and selling expenses............ 3,001,378 1,163,307
59,529
A dm inistration expenses........................
60,326
330.847
T otal disbursem ents....... ..................... 40,529,903 15,990,141 14,658,518
945,963
2,009,943
Balance
5,801,133
137,017
124,830
A dd Interest.................................................
............
T otal net Incom e...................................... 5,861,133 2,134,773 1,082,980
In terest - ......... ...................... — .............
140,230
2,400,000 2,400,000
D ividends (8%) .
6,930,000
265,227 1.317.020
Balance, deficit for y ear...................... 1.209,097
BALANCE SHEET DECEMBER 31
1909.
1910.
1910.
1909
Assets—
Liabilities—
S
S
S
Hines, min. claims, $
Cap.stk. Issued.. 105,500,000 30 ,000,000
land, &c............. 07, 781,508 20,699,957 Cap.stk.to be Iss’d *2,812,500
wages
Bldgs.,sawmills,&cl5,.039,183 3,027.889 Acc’ts
Timber lands.........5, ... 19
payable & taxes
Investments In sun­
accrued ______ 4,821,448 1,633,031
dry companies.. 4. 301,661 534,088 Dividend warrants
Insur. unexpired - . 133,092
7,345
43,138 not presented..
6,151
Mat’Is & supplies . 3,,311,251 2,138,531 Dividend payable
Mdse, for sale-----2
600.000
554,623 January ...........2,110,000
Cop.,I liver 9c Hold -14, 736,603 5,980,964 S urplus................. 3,470,119 679,216
Loans & acc’ts re­
ceivable & cash. 6, 402,247 3,934,402
T o ta l................118,720,218 30.919,592 Total ..
..118,720,218 36,919,592
* Sec remarks above.—V. 92, p. 958, 727.




1371

T H E C H R O N IC L E
General Asphalt Co., Philadelphia.

( Report for Fiscal Year ending April 30 1 9 1 1 .)
P r e sid e n t J o h n M . M ack , M ay 1 1911, w ro te in su b sta n ce:

General Results.—The total volum e of business transacted during the year
1910 am ounted to $16,004,174, the largest in the history of the com pany,
and the net profits were also the largest ever earned.
T he am ount charged against earnings for depreciation of plant was
$180,189, against $167,930 for the previous year. In addition to this de­
preciation charge there was also expended for repairs and renewals to plant,
and charged directly against the cost of operations, the sum of $478,065,
against $427,197 for the previous year.
A fter paying the regular 5% dividends on th e pref. stock and 1% ex tra
In cash on account of accum ulated dividends, the surplus account was in­
creased $124,607 as the result of the year’s operations. (This Includes
$7,584 adjusted credits applicable to previous years.— lid.)
For the first tim e, the “asphalt” account nearly equals In volum e th a t
of "paving.’’ T he sales of asphalt consumed and sold for all purposes,
reduced to a basis of crude asphalt, am ounted to 247,491 tons, an increase
of more than 28% over 1909. The total num ber of square yards of pave­
m ents of all kinds constructed during th e year was 2,859.300, of which
2,349,917 were sheet asphalt and 509,443 were of other m aterials. Including
asphalt blocks, bitum inous m acadam , crcosotcd wood block and miscel­
laneous. A t the end of the year the com pany had paving contracts on
hand and carried forward to the following year, for a to tal of 1,350,932
sq. yards. It was also the lowest bidder on paving contracts, m any of which
have since been aw arded, aggregating 336,856 sq. yds., m aking a to ta l of
1,687,788 sq. yds, contrasting with 1,507,561 sq. yds. In 1909.
Bermudez Luke Asphalt as Binder for Country Roads.— The com mon
m ethod of construction with our new binder consists, briefly, of spreading
and rolling, upon a suitable foundation, broken stone varying from 1 inch
to 1 y2 Inches in their largest diam eters, upon which Is poured from l ^ t o 2
gallons per sq. yd. of Berm udez road asphalt, a t a tem perature of betw een
300 and 375 degrees Fahrenheit. Screenings arc then spread thereon to
fill voids, and thoroughly rolled and bonded with the heated asphalt and
broken stone until, when finally com pacted, the roadw ay surface has a
uniform thickness of 3 Inches. The surface Is then com pleted by a further
application of Berm udez road asphalt and screenings, broomed and rolled.
A pproxim ately 20 miles of 15-foot roadw ay were constructed by this
m ethod In 1909. chiefly by N. Y. S tate Highway Commission, and received
such universal com m endation th a t early In 1910 the com pany took steps to
develop the sale of Its Berm udez road asphalt upon a large scale. A gainst
sales of 1,500 tons In 1909, sales for the year 1910 exceeded 12,000 tons,
nearly one-half of which was booked too late for shipm ent during the year.
Berm udez roads have now been constructed In 17 S tates of the Union and
In two foreign countries. The com pany docs not Itself con tract for country
roads where Bermudez road asphalt Is used, b u t lim its its operations to
furnishing the m aterial and giving expert advice and assistance. This new
feature, therefore, does not appear in the yardage statem en t.
Pavements Guaranty.— The charge against the y e a rs earnings for cost of
m aintenance of payem ents under guaranty was $202,898 In excess of the
reserve provided for th a t purpose. During the past year -.859,360 sq. yds.
of pavem ent of all kinds were constructed, with an averago period of guar­
an ty of 3.1 years, and to provide for this the sum of $100,9;)8 was deducted
from earnings and credited to m aintenance reserve. In contrast w ith this
addition to m aintenance obligations. 3,755.871yards of pavem ent went out
of guaranty during the year, with an average period of guaranty of over
7.6 yrars The com pany Is therefore assum ing guaranties of o years or
less, and gradually working off obligations of from 5 to 15 years. During
1910, 1911 and 1912 over 48% of all the 10-year guaranties will expire,
leaving less than 52% thereof to be distributed over the following 7 years.
During the sam e period over 87°;, of the 15-ycor guaranties will expire,
leaving less than 13% thereof to be distributed over the following 7 years.
The reserve for m aintenance of pavem ents laid under guaranty, which
reserve Is carried upon the books as a liability, am ounted on Ja n . 31 1911
to $1,223,536. against $3,999,020 on Ja n . 31 1904. The difference between
these am ounts represents obligations which have been liquidated out of
current funds w ithout Incurring loans or other obligations therefor, and
w ithout reducing the com pany's working capital.
Trinidad O il.—A large p art of the Increase of $621,545 In property ac­
count shown by the balance sheet has been In the developm ent of the com­
pany’s oil properties in Trinidad. The total production up to April 14 1910
was 63,000 barrels. On Sept. 18 1910 well No. 7. a t a depth of 915 ft., and
unfinished, commenced to produce oil at the rate of approxim ately 3,000
barrels per day: between Sept. 18 and O ct. 12 this well produced 46,600
barrels of oil, which, w ith the am ount already on hand, practlcjilly filled all
existing storage. Contracts were Im m ediately placed for additional stor­
age. and on or before July 1 1911 the com pany should have In use modern
steel tanks having a capacity of 1 ,0 0 0 .000 barrels. Six new wells have
been started since O ctober and four of these have been driven to a depth of
from 400 ft. to 600 ft.: two other wells arc now being bored a t lesser depths.
\ sm all refinery has been erected a t Trinidad and Is ready for operation.
T otal production to March 24 1911 am ounted to 162,671 bbls., of which
29.049 bbls. had been consumed as fuel and 133,622 bbls. Is In storage.
T rinidad oil has a heavy asphaltic base and Is adm irably adapted for the
com pany’s own requirem ents in Its asphalt business and has undoubtedly
great value as a fuel and as an asphaltic treatm en t for m acadam roads.
The wells bored thus far have been lim ited to a small fraction of the 3,000
acres of land owned in fee by the com pany, surrounding the IMtch Lake.
During the year an adjacent area of 2,000 acres has been secured by lease.
Three tank steam ers have been chartered, and deliveries of crude oil at
the com pany’s plant a t M aurer, N. J .. will commence in M ay. A dditional
land has been secured at M aurer, upon which a refinery Is being built, and
which should be In operation 111 Ju ne. The com pany should be able to
m arket a considerable q uan tity of Its T rinidad oil during 1911, thus
bringing Its large Investm ent In oil to a point where profits will commence
to accrue. This Im portant developm ent has thus far been entirely paid lor
o ut of current funds, w ithout Increasing th e d c b t.a n d w ithout causing more
than a tem porary variation In the am ount of working capital.
Uintah Railway Co.— The num ber of tons of gllsonite hauled during the
year was 34,321. com pared w ith 27,217 tons for the previous year; total
revenue tonnage 41,547 tons In 1910 and 31,567 In 1909.
N ati <nal Contracting Co.— No appeal lias been taken from the judgm ent
enter*d Dec. 23 1909 In favor of the N ational C ontracting Co. against the
Hudson R iver W ater Power Co. for $323,287. The Judgment has been
Interpleaded In various foreclosure proceedings against the W ater Power Co.
and Its subsldlarv com panies, to protect and enforce the lien of the Judg­
m ent. '1 he W ater Power Co. is still In the hands of receivers, and efforts
arc being m ade to reorganize the property; b u t thus far no definite plan
has been subm itted to the creditors.
. ,
,. ,
Payment o f Accumulated Dividends.— On Jan . 9 1911 the directors, w ith the
approval of the voting trustees, adopted a resolution declaring a dividend
of 8 H % upon the pref. stock, payable on M arch 1 1916 representing the
full am ount of accum ulated and unpaid dividends. Holders of pref. stock
voting trust certificates received on March 1 1911 tem porary dividend w ar­
rants. convertible Into ($1,116,500) 5-ycar 5% gold debentures, subject to
call a t par and Int. on any Interest date. [Sec V. 92. p. 121, 728.— Ed.l
Right to Convert $100 Pref. Stock into S i50 Common Stock.—The charter
of the com pany authorizes the conversion of one share of preferred stock
Into one share of common at any tim e, a t the option of the pref. shareholder.
Supplem enting this provision Is the deposit of $7,000,000 of com mon stock
In special tru st, so th at w henever any holder of one share of pref. stock
desires to convert It Into com mon, he will be entitled, under the provisions
of the charter, to m ake the exchange on even term s: and, In addition, he
will receive from the trust fund $50 In common stock for each $100 pref.
so converted. In this way the holder of 5100 nref. stock can a t any tim e
a t his option receive $150 of com mon 6tock. (V. 79. p. 2586.)
On Feb. 1 1911 there were 1,617 holders of record of prof, stock trust
certificates and 711 holders of record of common stock tru st certificates, a
total of 2.328. contrasting w ith 2,294 May 1 1910 and w ith 2,089 In N ov. ’04.
Working C apital.— The expenditures on property account. Including par­
ticularly for oil developm ent In T rinidad, the paym ent of $100,000 of rail­
road notes Isubsequcntly renewed— Ed.) and the paym ent on March 1 1910
of 1% extra cash dividend on account of accum ulated dividend, am ounting
to $131,400. necessarily resulted In a tem porary reduction In the com pany s
working capital, which on Ja n . 31 1911 am ounted to S3,956,856. com| paring with 51,683,689 In 1910.
Funded Debt.—The General A sphalt Co. has no debt except the $1.1 1 6 . 0 OO
5% gold debentures. Issued on March 1 1911 as evidence of its obligation to
1 pay the 8 H% cum ulated dividends on Its pref. stock. The funded debt of
| the New Trinidad Lake A sphalt Co.. L td ., has been reduced by the sinking
fund from $1,493,800 to $1,447,725.
,
The collateral railroad notes, originally am ounting to $500,000, Issued
I Feb. 15 1907 by the Barber A sphalt Paving Co., and which, by p artial pay-

1372

THE CHRONICLE

[V O L . LXXXXII

m cnts were reduced to $200,000, m aturing Feb. 15 1911, w ere on th a t d ate length of bridges 2,000 ft.;?of tunnels 4,795 ft.). T he railroad will be ex­
renewed for the full am ount of $500,000 for one year, at 5 M % .
tended to the p lan t of the Garfield Sm elting Co. and will th en serve n ot
our own ore business and our concentrate shipm ents to th e sm elter
C O M B IN E D R E S U L T S , IN C L U D IN G S U B S ID IA R Y C O M P A N IE S only
the plants a t Garfield, but will supply a m uch-needed m eans for th e
FO R F IS C A L Y E A R S E N D IN G J A N . 31,
' from
tran spo rtatio n of the employees betw een their homes and the plants.
Operations— Square Yards Laid—
1910-11. 1909-10.
1908-09
I
he
entire $750,000 capital stock was Issued to your com pany In paym ent
A sphalt, asp h alt block, &c.:
$
$
S
for tracks and property owned by your com pany. The $2,500,000 10-year
F or m un icip alities----------------------- 2,859,360 2,528,378 1,941,532
6%
gold
are convertible into U tah Copper Co. stock a t $50 per sh are
F or o th e rs ...............................
1,341,047
914,228
863,713 a t any timbonds
e after Ju ly 1 1911, and on or before Ju ly 1 1914. These bonds
C ontracts for asp h alt pavem ent car­
are
guaranteed
as to Interest and principal by your com pany and have all
ried to current fiscal year (Jan . 31) _ 1,350.932 1,322 843
609,840 been sold, and since
the close of the year the balance of the purchase price
Sales of crude asphalt (tons)________
247,491
192*644
164,317
thereof
has
been
paid to the Railw ay (V. 90, p. 1683; V. 91,p. 654, 716).
Sales of asphaltic products (other
C
o
n
d
e
n
se
d
E
x
tr
a
c
t
fro
m R e p o rt o f Q cn . Alan. D . C . J a c k lin o . A p ril 1 1 9 1 1 .
th
an
for
paving)..................................
$1,205,401
$1,079,052
$1,183,92
Income from
«
$
During the year the property of the Shaw m ut C onsolidated C opper Co.,
$
Sales
o(
crude
asphalt
......................1
6,005,984
4,920,405
com
prising
an
area
of
loo
acres, was acquired principally for th e value of Its
633,41
Sales of refined a sp h alt_____________J
3,630,707 surface In connection w ith our m ining operations; this group Is not thought
Sales of m iscellaneous m aterials__ __ 875 572
to
have
any
m
aterial
value
for m ining purposes.
746,414
624,413
Incom e from paving____‘____________ 6,348*708 6,158,212 4,711,244
The underground developm ent on the original U tah group during 1910
Incom e from private w ork_________ 1,746,351 1,408,362 1,477,592 consisted
of
1,480
ft.
of
tunnels,
m aking a to tal of underground w ork on
Incom e from general contracting, & c. 9921730
715,691
695,058 this portion of the property of 34.34 miles. On the B oston C onsolidated
M iscellaneous Incom e.................
34,829
43,900
46,105 group a n additional 45,567 ft. was driven, m aking a to ta l for th a t group
of 29.44 miles and for both groups of 63.78 miles. T he to ta l am o u nt of this
T otal Income__
16,004.174 13,992,984 11,818,529 destroyed by steam -shovel operations and underground m ining is 20.43
Expenses—
miles, leaving now accessible 43.35 miles.
Cost of crude a sp h a lt-. _
4,519,903 23,662,285 f 329,837
The cost of underground developm ent for the year am ounted to 7.02 cts.
Cost of refining asphalt _
1 2,861,286 per ton on all ores m ined and shipped to the mills. This cost was charged
Cost of m iscellaneous m aterials . .
against
operations and Is Incl. in the per ton m ining costs hereafter stated .
839,050
664,038
748,329
Cost of paving___________
5,975,246 5,803,937 4,170,020
I he drilling and underground work accomplished during the year has
Reserve for m aintenance and rep airs.
100.958
120,511
119,540 perm itted more accurate estim ates as to ore reserves than had been possible
Cost of private w ork________________ 1,701,352
1,253,441 1,228,888 heretofore. Our calculations show th a t, after deducting all ore m ined up
D ep reciatio n __ ____
180,189
167,930
168,930 to Jan . 1 1911, there rem ains in the area In which our principal developm ent
General contracting, &c____________
820,496
578.769
617,244 work has been done 203,500,000 tons of fully and partially developed ore.
Sundry branch expenses........................
7,575
7,520
10,152 Of this am ount 152,130,000 tons are fully developed and blocked an d
22,325,000 tons Is partially developed ore in the slopes calculated to apply
T otal expenses____________________ 14,144,770 12,342,722 10.169.935 to steam -shovel w orkings b u t outside of the ore area of 166.15 acres of
1,859,404 1,650,262 1,648,594 fully and partially developed ground (51.52 acres of this being B oston Con­
7,707
R entals from real estate, less expenses
5.980
4.456 solidated). In calculating ore tonnages, 13 cubic feet of ore In place Is
________
Interest re c e iv e d __ __
95,319
161,519
146,442 taken as one to n . Of the fully developed ore, 60,000,000 tons has an aver­
18,904
I n t. and dividends on Investm ents_
1,928
2,020 age copper contents of 2% and 92,130,000 tons 1.6% copper. T he average
of the partially developed ore Is 1.4% copper. The entire 203,500,000
■ T otal n et Income__________________ 1,981,334 1,819,689 1,801,512 assay
tons developed and partially developed ore averages 1.67% copper.
Deduct—
In
addition
to the above there is a q u an tity of lower grade ore, am ounting
General expenses____________________
423,113
365,795
321,044 to probably 25,000,000 tons, lying Im m ediately ad jacen t to the more
Reserve for depreciation of accounts.
100,000
thoroughly developed area. T here also rem ain, on both groups, consider­
100,000
80,000
138,441
In terest on loans and m ortgage_____
108,933
166,178 able areas of ground alm ost w holly undeveloped, b u t known to contain
D ebenture Interest__________________ [193,390
193,421
193,576 com mercial ore bodies. F urtherm ore, a t no place In the b etter grade areas
Incom e ta x _______ _________________
24,315
19,799
13,584 now developed have wc reached the depths, either by drilling or otherw ise,
where for any considerable area the m aterial underlying the stated th ick ­
• T otal deductions__________________ 879,259
787,948
774,382
ness of developed ore Is not of such grade as to perm it of its extraction and
Profits, as per balance sh eet________ 1,102,075 1,031,741 1,027,130 reduction
being profitable under conditions now prevailing.
Excess cost of m aintaining pavem ents
202.898
53,398
155,426
IN C O M E A C C O U N T FO R P E R IO D S E N D IN G DEC. 31.
D ividends on preferred__________ *(6 %)782,094 (5)651,767 (2)260,717
-----Years end. Dec. 31----- 18 M os.end.
• Balance, surplus................................
Operating Revenue—
117,083
326,576
610,987
1910.
1909.
Dec. 31 '08
— ---------.$10,708,411
$6,683,321 $7,134,768
41 Also 8 >$ % paid 5% 5-year debentures due M arch 1 1916 In full for Sales of gold a t $20_
796,758
417,247
401,444
accum ulated dividends on pref. stock (V. 90, p . 449; V. 92, p. 121.)
Sales of silver______
89,780
.
204,332
102,511
M
iscellaneous_____
888
4,311
37,877
C O M B IN E D B A L A N C E S H E E T G E N E R A L A S P H A L T CO. A N D
‘ •
S U B S ID IA R Y C O M P A N IE S J A N . 31.
T otal Income_______________
.$11,710,389
$7,663,869
$7,207,390
Expenses—
1911.
1910.
1909.
• Assets— .
O peration_____________________
. $3,199,105 $2,274,356 $2,666,284
$
$
$
Properties owned and operated; shares
Mine developm ent____________
. 304,614
20,028
113,128
of other cos. n ot oper. by General
Prepaid expense, orestrlpplng.
121,103
. 272,675
133,714
A sphalt C o ............................................. 32,636,499 32,014,955 31,937,059
.
1,292,435
658,754
762,081
Stock tru st certfs. General A sphalt Co.
. 2,724,983 1,779,866 1,806,659
owned by sub. cos. (book v a lu e )..
204,876
204,440
203,799 N . J . license and Fed. corp. taxes_
25,665
4,006
4,113
Stock and bonds outside com panies. _ 141,224
E xtraordinary tailings expenses__ ■ .................
152,082
142,723
3,582
M ortgages receivable...............................
13,250
13,250
12,000
R etained by cities on pavem ents laid
. $7,819,477 $5,067,258 $5,280,416
1,382,507 1,584,342 1,732,533
. $3,890,912 $2,140,132 $2,383,453
Other Income—
Bonds, w arrants and tax liens pledged
• for collateral loans.............................. • 809,616
867,201 1,343,765 Interest
$1,459,775
Bonds, tax liens, &c., on h a n d ______
529,497
607,310
947.594
.
21,011
$6,908
$9,399
M aterials and supplies ( n e t) .- ______ 1,467,645 1,465,619 1,278,296 R entals _
.
30,077
13,050
9,301
C a sh ............................................................... • 405,821
548,893 • 754,869
T
otal
net
profits.
Bills receivable_____________________ • 17,890
87,203 • 134,368
$5,401,775
$2,160,090
$2,402,153
on bonds
A ccts. rec’le (less doubtful a cc ts.)___ 2,404,015 2,844,821 1,779,754 Interest
.
188
5,348
40,755
D ividends_________
. 4,648,675 1,464,387
696,387
R ate ___________
T o tal_____________________________ 40,012,840 40,390,116 40,266,760
(30%)
(20%)
(10%
)
Liabilities—
14.000. 000
14.000. 000 Surplus ---------------- --------------------- $752,012
Preferred stock _____________________ 14.000. 000
$000,355
$1,665,011
Common stock ______________________ 17.000. 000
17.000. 000
17.000. 000, N ? e'7~£a\ e?r. l°S calendar year 1910, 8 1,502,475 lbs. a t 12.672 cts.
Bonds underlying cos. not owned by
(against 51,749,233 lbs. a t 12.915 cts. In 1009 and 51,051,212 lbs. a t 13.20
General A sphalt or Its subsld. c o s .. 2,326,725 2,372,800 2,42 2,460 cts. for 18 m onths ending Dec. 31 1008); sales of gold a t $20 per oz., 39,837
M tges. and ground rents subsld. c o s ..
125,875
145,938 oz. (against 20,862.345 and 20,072.18); silver, 381,331.22 oz. a t 53.5837
136,463
Collateral railroad notes_____________
400,000 cts. (against 198,943.15 oz.. a t 51.528 cts., and 163,952.87 oz. a t 54.76 c ts .).
200,000
300,000
R eserve for m aintenance of pave­
B A L A N C E S H E E T DEC. 31.
m ents laid under g uaranty ............ 1,223,536 1,638,882 2,077,765
C ollateral lo a n s ............ ............... ...........
638,217
671,856 • 950,078
1910.
1909.
1910.
1909.
A ccounts payable___________________
Assets—
•
254,602
868,010
870,157
Liabilities—
S
S
$
$
D ebenture redem ption fund New
Property.............1 14,760,023 10,536,251
Stockoutstanding
15,625,990
r,343,750
T rinidad L ake Corp. Co., L td ____
Prepaid exp., ore 1,790,968 1,513,947 Bonds outstanding
503,686
454,728
•
408,074
2,000
7,500
Fire insurance fun d ..................... ...........
168,061
Treatment and ref.
132,343 • 110,944 “ re In reserve a
Surplus profits______________________ 2,948,142 2,823,475
5,094 chges. not yet duo 649,804 381,406
mills ...............
7,236
2,496,899 Investments.........
S,690.(598 140,000 Accts. payable__ 751,840
45.490
T o ta l_________________________
40,012,840 40,390,116 40,266,760 Accts. receivable. 2S4.250 114,158 Various reserves.. 70,392
20,328
— V . 92, p . 1246, 728.
Notes receivable
National Bank of
3,000
Supplies and fuel, 865,099 311,859 Commerce, N. Y . ___. . . 197,964
julty In co
Surplus from salo
U ta h C op p er C o.
In transit..
2,824,510 1.371,374 of stock............. 0,083,980 i. 143,750
Cash
in
banks
Surplus...........—
3,696,539 1,943,627
6-18.835
91,131
{Report for Fiscal Year ending Dec. 31 191 0.)
Prepaid Insur., &c.
5,925
P r e st. C. M . M a cN eill, N . Y ., A pril 1, w ro te in su b sta n c e:
26,880.545 14,083,815 T o ta l................. 26,880,545 14,083.815
General Results.— The net production of copper, after allowing for sm elter
deductions, am ounted to 85,644,511 lbs.; 84,502,475 lbs. were produced
P
roperty
Includes
m ining property, $8,205,765; M agna p lant, $4,402,­
from the concentrating ores; 1,142,036 lbs. were produced from the sulphide 769: A rthur plant, $1,342,238,
and mine surface equipm ent, $809,251.
m ine, which was operated only a portion of the year under a contract which — V. 92, p. 1182.
wc were com pelled to assum e upon acquisition of the B oston property.
T he n et cost per pound of copper produced from concentrates, Including
T e n n e s se e C op p er C o ., C op p erh ill, P o lk C o u n ty , T e n n .
all costs of every kind and n atu re, am ounted to 8.069 cts. per lb., as com­
pared w ith 8.787 cts. per lb. for 1909. T he price received for copper sold
{Report for Fiscal Year ending Dec. 31 1 9 1 0 .)
was 12.672 cts. per lb., as com pared w ith 12.915 cts. In 1909.
T he net profits am ounted to $5,401,775. Of this sum $3,890,912 was
P r e sid e n t F red erick L ew iso lm , F e b . 23 1 91 1, w ro te in brief:
th e profit resulting from the operation of the plants In U tah. A fter the
In accordance w ith the policy of conserving th e sulphur contents of the
paym ent of dividends aggregating $4,648,675 there rem ained a balance of
$752,912, which was passed to "undivided profits.” The to tal "undivided ore for use In the m anufacture of sulphuric acid, a sm aller tonnage of ore
profits” Dec. 31 last am ounted to $3,696,539, and Is th e am ount over and from our own mines was sm elted and the o u tp u t of copper from Tennessee
above dividends and Interest charges which has been derived from operating ores proportionately reduced. However, a large tonnage of custom ores
profits and Income. This Item has no bearing upon th e "surplus” of $6,­ from outside sources was sm elted, so th a t the total o u tp u t of copper was
083,980, which Is the am ount received from sale of stock In excess of par. practically the sam e as In 1909.
Stock.— On Dec. 31 1910 the to tal Issued capital stock was 1,562,599
D evelopm ent work was carried on during the larger p art of the year and
shares, an increase during th e year of 828,224 shares, accounted for as the ore reserves show a m aterial Increase. [Total ore reserves Ja n . 1 i o n
follows: Acquisition of Boston C onsolidated M ining Co. property, 310,000 arc stated as 4,563,671 tons.— Ed ]
shares; for 1,000,152 shares of stock of N evada Consolidated Copper Co.,
The acid p lan t, as originally designed, was practically com pleted a t the
end of the year and produced in December over 12,000 tons of acid. This
2$5,o00
2 -,2 i2Jbonds,
jharcs:275
soUlshares.
for cashTahet $50
share, 73,437
conversion
of tonnage
to taper
l authorized
stockshares:
Is 2,500,000
shares,
could have been Increased, b ut In order to operate a t m axim um
p ar $10; unissued, 937,401 shares.
capacity w ith norm al cost It was found necessary to build additional Gay
Q uarterly dividends were paid during th e year a t th e rate of $3 per share Lussac towers. This construction work will prevent further large Increases unper annum , or 75 cts. per share per q uarter.
tllA p rn .a t which tim e It Is expected th at the entire plant will be operating
Investm ents.— Y our total stock holding In th e N evada Consolidated a t full capacity. [The plant will then, the General M anager says, bo the
Copper Co. Is 1,000,500 shares, carried a t $4,453,007; the m arket value is largest sulphuric acid plant In the w orld.— E d .I
slightly over $18,000,000.
In order to m ake these necessary additions a considerable sum of ready
Properties.— During the year th e physical properties of th e B oston Con­
aA 1st M. •„a,
thc bonds,
directors
therefore
advisable
to issue
solidated M ining Co. were transferred to your com pany. A portion of the $i ,500,000
O ’on(lgold
which
providedeem
for ed
thisItand
other purposes
im proved A rth u r plant has been p u t In operation; it Is capable of doing as and also for the retirem ent of the entire outstanding Issue of $ 3 5 0 . 0 0 0 ils t
good w ork as our Im proved M agna p lan t. T he rem ainder of the A rthur M. 5% bonds and $600,000 6% gold notes. (V. 91, p. 1577.)
•
plan t Is being gradually reconstructed, and the plan t eventually will be
A favorable contract for the sale of the entire o u tp u t of the acid plant
capable of handling approxim ately 8,000 tons a day. as com pared w ith o v e ra term of years has been entered Into w ith a responsible corporation.
" .
3,000 tons or less when the plan t was acquired from the B oston Com pany. (V. 92. p. 327.)
Bingham <&Garfield R y. Co.— The m ain line of railroad is approxim ately
W ith the acid plant now operating a t 75% of Its capacity and w ith tho
20 miles long, extending from Garfield to the m ines, and It should be in irospect of a furth er Increase In tonnage w ithin a few weeks, the outlook
operation by Ju ly of this year. I t saves approxim ately 10 miles In dis­ s very encouraging, as a large revenue from tho sale of acid m ay.now bo
.................................
. . uu
tance, and Is constructed w ith 90-lb. rails and steel bridges (aggregate expected for m any years.




M a y 2 0 1 9 1 1 .]

THE CHRONICLE

S tatem ent by T reasurer W alter Lew isohn.
DiUng the la tte r p art of the year the second u n it of the sulphuric acid
plan t was p u t Into service. T he entire q u an tltly of achl is now being de­
livered as fast as produced,under au advantageous contract, fu rth e r in­
crease In the tonnage produced can be expected w ithin a few weeks.
T he production of copper from ore m ined In Tennessee am ounted to
12,420,009 lbs. of line copper. T he sm elter also produced 4,147,326 lbs.
from custom ores. T he cost of producing line copper In pig, f.o.b. Copperhill, was 9.r>2 cents. The to tal cost, after adding freights, com mission,
taxes, legal and adm inistration expenses, was 10.64 cents.
On Dee. 17 1010 the directors declared a dividend of $1 30 per share on
th e stock, am ounting to $300,000, which was paid Jan . 26 1011.
INCOME ACCOUNT.
1910. 1909.
1910.
1009.
$
S
Copper prod, (lbs.) 12,420.009 14,058,964
$
$
Oper. cost per lb .. 10.6*1 cts. 10.68 cts. Deduc’ns (con.)—
and discount......... 2,014 ...........
Receipts—
$
S Int.
Copper production..)
)290,017 Bond discount............... * \ 29,600
Sulphuric acid prod.I
I 82,832 Note discount............... 2,750/
Int. and discount... [*547,158 \ 5,394 Depreciation............. .. 40,000 25,000
Royalties, custom |
deductions------ 101,771 88,250
ore & mdse. dep.-J
J 43,413 NetTotal
earnings.................. 445,387 339,406
Dividends................. (6)300,000(5)250,000
Total receipts............*547,158 427,656 General
reserve............ 125,000 75,000
Deductions—
Interest on bonds.......... 21,007 18,750 Balance, surplus----- 20,387 14,406
Interest on notes--------- 36,000 15,000
♦ Total receipts in 1910 arc shown after providing for discount on 1st M. 6% bonds.
BALANCE SHEET DEC. 31.
1909.
1910.
1910. 1909.
Liabilities—
8
$
$
S
Assete—
Capital stock..............5,000,000 5.000,000
Property A equip’t . 7 ,575.044 6,738.278
62.750 B o n d s....................... 1,500,000 350.000
Dlsct. on bonds, Ac.
N otes.......................... ........... 600.000
326,935 326,084 Sundry
Material, supplies,&c. 531.032
creditors----- 566,540 450.628
Copper Inventory__ 13,709 435,153
15.700 Accrued Interest____________ 7,50016,000
Sulphuric acid Inv’ry 30,373 219,953
Sulphuric acid acct. . ........... 368,034
Accts. receivable__ 57,300
Reserves.....................a362,040 269,276
Stk. Invest, acct----- 1.500
Div. pay. Jan .2 6 ... 300,000
Interest prepaid----Cfosh In banks, Ac. - - 521.573 518,812 Profit and loss............1,321,379 1,263,792
T o ta l..................... 9,057,465 8,316,730 T o ta l......................9.057.465 8,316,730
a Reserves In 1910 Include $227,000 for depreciation, $125,000 for general reserve
and $10,046 for liability Insurance.—V. 92. p. 1247, 327.

Union Oil Company of California.
31 191 0.)
P r e sid e n t L y m a n S te w a r t, L o s A n g e le s, J a n . 31 1 91 1,
w ro te in su b sta n ce:
(Report for Fiscal Year ending Dec.

1373

bbls. per d ay, and we anticipate th a t In the very near future there will be
no surplus and we shall be draw ing on the stocks, which a t the present tim e
aggregate over 30,000,000 bbls., the A gency-Union stocks a t this tim e ag­
gregating about 13,000,000 bbls.
Number o f Wells, M iles o f P ipe L ine, Tankage, Dec. 31.
-N o . W ells- -M is.P ip e L ine------ Tankage (bbls)------1910 1909 1910 1909
1910
1909
U nion Oil Co....................... .352 302
428 412
3,787,000 3,647,000
Producers’ T ransp. Co______ ___
253 200 4,620,745 1,920,000
Report o f Geological and Land Department, W . W . Orcutt, Manager.
A ctivity In the oil Industry of California during the p ast year has been
the greatest In the history of the S tate. The greater p art of this develop­
m ent has taken place In the San Joaquin Valley. All the oil fields there
have been extended both In length and w idth. Oil discoveries have been
m ade in two new places th a t m ay ultim ately prove up large areas of virgin
territory and add new oil fields to those already so well known. In order
to carry o ut the new laws and to conform to the new Interpretations of the
old ones, the efforts of m y departm ent have been chiefly directed tow ard
perfecting title, by developm ent, to lands already acquired.
D uring 1909 your com pany acquired the Regal property In the Midway
district, and a controlling Interest in the property of the Lake View Oil Co.
a t M aricopa. Both of these properties have been “ proven u p ." On M arch
15 1910 Well N o. 1 of the Lake View OH Co. cam e in a great gusher. Its m axi­
mum How per day was 55,000 bbls. I t has flowed continuously ever since,
though in dim inished q uan tity . In the Fullerton district your com pany
has acquired 761.12 acres of practically proven oil territory , adjoining the
property already owned. This rounds out your holdings in th a t locality
and Insures business for your transportation facilities for m any years to com e.
The production of oil in California for 1909 was 52,000,000 bbls. Owing
to th e action by the Federal G overnm ent, the total production was ap ­
proxim ately 74,000,000 bbls. In 1910. The sm allest m onthly production
was In F ebruary. 4,875,000 bbls.; the greatest in A ugust, 7,368,000 bbls.
The m onthly production gradually decreased since A ugust, showing only
6,000,000 bbls. for December. The Coast m arkets were not big enough
to qulcklv absorb the Increase of over 40% In production, and considerable
surplus oil has gone Into storage, tem porarily decreasing prices.
I t seems probable th a t 150,000 bbls. of oil per acre for the best Callofrnia
oil land, as its ultim ate production to exhaustion,
An average ultim ate prodiicton to exhaustion of 5 0 ’ 000 bbls. of oil per
gives a total value to your proven land holdings alone th a t Justifies a value
for your shares several times larger th an the present m arket price.
—Total. 229.804 Acres.
M ineral
Lease
M in.R ights
Locations.
Acres.
Fee Acres. Fee Acres.
4,661.65
5.843.31
61,626.09
V entura C ounty______ 4,667.74
1,095.70
8,361.03
Los Angeles C ounty— 424.73
CO.00
3,056.00
O range C ounty----------- 4,279.07
640.00
2,455.08
Ban Benito C ounty____ 271.22
3,168.20
H um boldt C ounty------ --------Kings C ounty------------80.00
7,690.75
54,738.47
S anta B arbara C ou n ty.23,183.30
160.00
Fresno C ounty_______ 781.50
4.320.00
San Luis Obispo Co— 1,774.41
1.840.00
10,056.13
Kern C ounty__________ 617.44
23,800.00
M onterey C ounty.............................
C ontra Costa C o u n ty ._ 116.05
1.03
D istributing S ta tio n s ..
35.54
11,461.65
51,701.89
______36,231.00 130.409.90
T otal .
Extracts from Report o f M arine Department.
D uring the year there have been no working additions to the fleet, which
consists of eleven tan k ships, four tank barges, one tug and one utility
barge, w ith a total capacity of 466,950 bbls. In addition there was pur­
chased the SS. Thom as, which Is now being converted Into a tank ship a t
Philadelphia; tills ship has tw in screws and will have a carrying capacity or
approxim ately 36,000 bbls. The q uan tity of oil transported by the fleet
during the year exceeded any previous year by 1,979,890 bbls., and the
cost per barrel for transportation of oil has been matcrlaUy reduced.
R E S U L T S OF O P E R A T IO N S FOR C A L E N D A R Y E A R .
1910.
1909.
1908.
1007.
Cap. Stk. out Dec. 31 $29,609,700 $25,130,600 $23,982,200 $7,807,400
Gross e a rn in g s __________ $12,828,679 $9,687,339 $9,197,251
(?)‘
264.458
Depreciation chged. of! 619,253
495,375
436,471
All Other exp enses______ 1/8,946,863 6,536,788 5,737,847
(?)
N et earnings.....................$3,262,563 $2,655,177 $3,022,933 $2,080,772
877,564
DlVS. (see below )______ (6)1.703.617 (6)1,477,768 1,240,178
Balance, surplus..............$1,558,946 $1,177,409 $1,782,755 $1,203,208
V Expenses In 1910 ($8,946,863) Included: R ental of property, vessels,
pipe lines and w ater and gas lines, $564,000; refineries, Including oil run
through stills, $4,408,687; operating wells, general expenses. Interest,
taxes, legal services, salaries, office rents, operating, drilling tools, gas and
w ater lines and m iscellaneous Item s, $1,518,370: transportation expenses
by land and w ater and operating various outside branches, stations and
°^A utii?8tock, $50,000,000. N o b a l. sheet Is fu rn ish ed .— V . 92, p . 398.

O utput.— Lake View Well No. 1 (the property of the L ake View Oil Co.,
M aricopa), of which we own a m ajority of the capital stock, was brought In
M arch 15 and has produced m ore than twice as much oil as any known oil
well up to date. The well a t this w riting Is producing only 8,000 barrels
per day and its yield Is still declining.
The general stim ulus given to drilling by the widespread fear of Govern­
m ent action circumscribing the public area, also greatly Increased the o utp u t,
m aking California’s o u tp u t for 1910 74,000,000 bbls., as against 52,­
000,000 bbls. for 1909, with the Inevitable result th a t prices for fuel oil were
m aterially reduced. However, the Independent Producers’ A gency, w ith
which a year ago we form ed an alliance for the exclusive handling of their
total o u tp u t as a unit w ith our own, m aintained a com m endable degree of
firmness. There can be little dou b t th a t production and consum ption
will shortly be more nearly equal than a t present.
Generally speaking, every railw ay west of the Cascade and Sierra m oun­
tains has abandoned coal, or is In process of doing so, and oil Is supplanting
the latter as fuel. Our fuel trade is also expanding very rapidly In Chile,
P anam a and British Columbia. O ur total sales of fuel and refined oils
and asphaltum for the year am ount to nearly $11,000,000.
'Phe past year has been In m any respects the m ost trying one In our his­
to ry . It has been necessary to m ake com paratively heavy Investm ents In
every departm ent directly connected w ith the transportation, sale, storage
and m anufacture of our o u tp u t. We have Increased our fleet by the pur­
chase of a fine new vessel for coastwise trad e. We have built a m odern
and economical refinery a t P ort H arford, Increased our acreage and equip­
m ent a t Oleum—our principal refinery— Increased our oil-bearing lands In
the rich Fullerton field by 750 acres, Improved our Bakersfield refinery
property and added over 5,000,000 of barrels to our storage capacity In
the various fields. We have also com pleted our term inal station a t Seattle,
which Is one of the finest on the Pacific Coast, and have expended over
$1,000,000 more on the Producers’ T ransportation Co.’s pipe line th an the
original estim ates called for; this Increased expenditure was due to the
necessity for greatly Increasing the am ount of storage originally provided
for, and for the extension of lines to reach newly developed territory. The
Toronto Electric Light Company.
construction of the “ O uter H arbor’’ a t San Pedro has been unrem ittingly
pressed towards com pletion, and Is now about 65% finished. ..................
(Report for Fiscal Year ending Dec . 31 1 9 1 0 .)
Guaranteed Bonds ( V . 79, p . 2799; V . 83, p . 102; V . 89, p . 48, 290, 850.)
R E S U L T S FOR Y E A R S E N D IN G D EC EM BER 31.
Issued. Redeemed. u.O .ow ns. Outstand'g.
1907.
1910.
1909.
1908.
$250,000
$21,000 $729,000 R evenue from lighting,
Mission T rans. A Itefg. Co .$1,000,000
ro _ $1,039,716
300.000 196,000 2,504,000
power, ren t, sales,A c. $1,502,798 $1.292,o4o $ l,lo5,583
Union T ransportation Co.. . 3,000,000
500,000 O per. exp. (Incl. repairs) $800,599 $716,838
$606,926
$670,712
Union Steam ship Co.......... 1,000,000 500.000 _______
45,000
Interest on debentures. _
45,000
45,000
45,000
Producers’ T ransport. Co. . 3,500,000 ....................................... 694,000 2,806,000
245,503
D ividends (8.%)...............
320,000
315,491
289,254
(V. 90, p . 1494)...............
$142,287
T otal
......................$8,500,000 $1,050,000 $911,000 $6,539,000
$150,6
Balance, surplus. .. $337,199 $215,213
The U nited Steam ship Co. has outstanding bonds ($180,000), b u t these
BALANCE SHEET DEC. 31.
are not guaranteed. [The Union Oil Co. has no direct bonded d eb t, b ut
In 1910 It made an Issue of $1,000,000 conv. 6% gold notes—sec V. 90.
1909.
1909.
1910.
1910.
$
Liabilities—
*$
► $
p . 714, 1177.— Ed.)
$
Asscls—
4.000.
>,681,734
Stock
paid
up...........
4,000,000
132,069
Floating Debt.— On Dee. 31 1910 the quick assets, including cash on hand, PlantOncl.rcal cat.).6. 6.000 229.912 Debentures................ 1,000,000 1.000. 000 000
crude and refined oils, goods In warehouses, good accounts receivable Investm ents............. 239,424
202,949 Accounts payable__ 189,358 158.045
(aside from am ounts due from affiliated com panies), am ounted to sufficient Gen. supplies In stock
152,821 Bills payable............. 6S.379 142,565
to pay $1 29 for every dollar of floating debt, Including deferred paym ents Accounts receivable. 192,573
1,709 10,964 Mortgages payable.. 30,000 23,000
on properties purchased, .amounts due stockholders and due affiliated cos.
Bills receivable......... 8,016
6,615 Accr’d Int. on debs.. 22,500 22,500
Insurance
In
advance
Extracts from Report of Field and Executive Department, W . L . Stewart, M an. Cash on deposit......... 109,308 97.460
Contingent acc’t, Ac. 15,985 10.667
The Producers pipe line has cost to date upw ards of $4,500,000, which Is Cash In office.............
497 Reserve account-----1,000,000 1,000.000
497
more than $1,000,000 over our original estim ate. However, we now have
Profit and loss........... 363,374 *26.175
a very com plete and economical p lant, serving all the valley fields, and w ith
a dem onstrated capacity to the coast of more than 25,000 bbls. per day.
T o ta l......................6,689,596 6,382,952
.6.6S9.590
6,382,952
As a m atter of fact, one day last fall we moved 31,000 bbls. from S anta
M argarita to the port a t A vila. This line, when operated to anything like
* After deducting $200,000 transferred to reserve account.—V. 92, p. 1041.1799.’S
Its full capacity, will show handsom e returns. During 1910 tills system
has received from the producers upw ards of 8 , 0 0 0 ,0 0 0 bbls. of oil, of which
It now has about 6,000,000 bbls. still In storage on Its lines. The balance
was delivered to ships a t P ort H arford, to cars in Bakersfield, otc.
G E N E R A L IN V E S T M E N T N E W S ,
In addition to com pleting Its own line, the Producers’ T ransportation Co.
organization has during the year erected over 2 , 0 0 0 ,0 0 0 bbls. or steel storage
R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
on account of the Union Oil Co., and has under Its charge a t present the
building of 3 ,0 0 0 ,0 0 0 bbls. of steel tankage which the com pany contracted
A m er ica n C ities R a ilw a y & L ig h t C o .— Possible Purchase.
for during the sum m er. Two other 1,000,000-bbl. concrete reservoirs,
built a t a cost of $200,000, have up to the present tim e been failures.
On Feb. 15 our contract w ith the Independent Oil Producers’ Agency — E n g in e er s an d e x p e r ts re p re se n tin g B er tr o n , G riscon i &
w ent Into effect, and since th a t tim e we have been operating under It. It J e n k s, th e N ew Y ork b a n k ers w h o arc la rg ely in te r e ste d in
h as not resulted as anticipated because of the very large Increase In produc­ th e N ew O rlean s R a ilw a y & L ig h t C o. (V . 9 1 , p . 1768; V . 9 2 ,
tion brought In In the Midway field during the year. As one result of It, p . 1033, 1 1 0 3 ), are e x a m in in g th e p ro p er tie s co n tro lled b y
however, we have entered Into a m arketing arrangem ent w ith tho A ssociated
Oil Co. and tho agency. This Is a new contract and runs for a period of th e A m erica n C ities R y . & L ig h t C o. (V . 9 2 , p . 1102) w ith
three years, w ith privilege to cither party of six m onths’ notice to cancel. referen ce to th e fo r m a tio n o f a n ew h o ld in g c o m p a n y , w h ich
I t Is anticipated, however, th at It will give us a largely Increased m arket,
much quicker sales and at better prices th an could be secured through our w ou ld ta k e o v e r a lso a m a jo rity o f th e sto c k o f th e N ew
own efforts Independent of the Associated. W hether tills will be the ease O rlean s R y . & L ig h t C o.
can only be determ ined by experience. During the late sum m er there was
Statement from F irm of Isidore Newman A Son. ■
a surplus production In the .State of Billy 60,000 bbls. per day over and
For reasons of a purely personal character,m y firm concluded thatM ffa
above consum ption. As a result of Increased consum ption and a very satisfactory
offer was m ade we would dispose of our Interest in the A merican
deckled falling off in production, the present surplus Is only 15,000 to 20,000



a :m

THE CHRONICLE

(V O L. L X X X X II.

otlier stockholders. j*Thl8 has' bcci^known tMU^amcTatU? Messrs ^o rd * s to c V o n th e ^ a s R o t *5*3 33 M O ' i ' p 10,01' fo? Evansville * Terre H aute
S S & S .S S M S V
com paules?°ntlnUe * *
SSSSSSS
can Cities R y. & Light Co. and the stocks of the New Orleans R y . & Light Co. ^ a f ^ S

I h e p la n issu e d b y B ertron , G riscoin & J e n k s M av 19
p r o v id es m su b sta n c e :
v

C*Pm
Company i f Entire Stock o fN . O. R y. A L t. Co. A ssents.
|o
New Orleans'RyV&
/ . Vand
...............V
l orr stock
of A m . cities IdVht"stock
R y. & L t. Co.
wo'rklnyb 'C sV eM *1®’®43,41®
capital about S t , 500.000) tl
m m * 7 5«
Preferred stock 6 % c u m u la tiv e ///..................................$J.076,7.>0
t o r Nciv Orleans liv . & Llitht stock
xiX ViY-i-i-i ' 1U,UBJ
I-'or stock of A m . Ciiles R y & U g h i and u o rk in i ’
capital (said $1,500,000)______
(3 .17(3 7 ^ 0
C°mafciir5 n ^ Sv^rLUfr; t0 ? e*dat£?, July' 1 191 1',‘or th ereab o uts,
off S rS £ S / j S S fV?m dW : L’0 % ' or $2,500,000, to be paid
T n tJ iiflJ * !
of 5 years from date of bonds by lot.
iU i^ eSt S R ?’ 5 for /lr?t 6 years and 0% for th e 7th and 8 th
nh!trSr.'c.,vTecuicl
Pledge of all stocks to be acquired by the
E??2£>*?y ' T ent
lc bo,Kls
as a whole.1on0 ,0 0 0 ,0 0 0
any interest-paym
d ate at°t pbear redeem
and In able
terest_________
c .
J.
Terms of Exchange.
n T > „ALt.com..
lSitin(,~ ’ $20.000.000.35?:,,
„
New =Preferred.
New,= Common.
Nat.O.Ry.
$ 7 ,0 0 0 ,0 0 0 2 5 %
$5 000 000
,<?« ..5 ° Pref.,$10.000.000 83 1 - 3 .= 8,333,333 16 2 -3 ,= l.’ooo 606
« A I a N(T ° r l cans T lm cs-D cm ocrat” understands th a t the shareholders
of the American Cities will receive 7 7 y2 cash, which Includes the dlv un to
Ju
1 for$6,006,178
their $10,701,165
m on.1stock, and 100 plus accrued ‘nccrcst
Interest
forlytheir
preferredcomstock
T he shares of the New Or!. Ry. A L t. Co. held In the U nited S tates m ust
be deposited on or before Ju ne 15 1011 w ith the H ibernia Hank A T rust rn
and the W hitney N at. Hank of New O rleans, or a t N . Y T rust Co N Y
City. The agreem ent Is to be declared clfectlvc within 4 5 davs from
M ay 15. The holders of a m ajority of the total stock of the New Orl R v A
L t. Co., It Is stated , have already agreed to participate
'
The controlled properties of the American Cities R y. A Light Co which
wlll be Included arc: B irm ingham R y.. L t. A F. Co., Memphis S t. R y. Co.
L ittle Rock R y. A Elec Co., Knoxville R y. A L t. Co. and the H ouston
L ighting A Pow er Co. See reports In V. 92. p. 1102.

A tc h iso n T o p e k a & S a n ta F e R y.— To lie Listed in Paris.—
M organ , H a rjcs & C o ., w ith th e co n se n t o f th e d ir ecto r s, are
ta k in g th e n e c essa ry s te p s to o b ta in th e a d m issio n o f $ 1 0 ,­
0 0 0 ,0 0 0 o f th e co m m o n sto c k to th e P a r q u e t o f th e P aris
B o u r se .— V . 9 2 , p . 6 5 8 , 5 9 3 .
B a n g o r (M e .) R a ilw a y & E le ctr ic C o .— Acquisitions.—
P re sid e n t J oh n It. G rah am , w h o sev era l m o n th s a g o pur­
ch a se d th e P o r tla n d & B ru n sw ick S tr e e t it y ., w h ich o p e ra te s
from B ru n sw ick to Y arm ou th v ia F re ep o r t, on M ay 10 also
a cq u ired th e F re ep o r t L ig h t, H e a t & P o w . C o.— V .8 9 , p . 7 77 .
B ritish C olu m b ia R a ilw a y & D e v e lo p m e n t C o.— Suit.— A
s u it h a s b een tiled in th e S u p r em e C ourt in th is c ity b y H er­
m a n V an S lo c h e m , a s a ssig n e e o f o n e V an G eld cr, a g a in st
J ea n V o lk en stein a n d R o sco e C on k lin , w h o w ere V ic e-P r esi­
d e n t a n d A ssista n t S ec r e ta r y , r e sp e c tiv e ly , o f th e c o m p a n y ,
to reco v er d a m a g e s su sta in e d b y said V an G eld cr th rou gh
th e p u rch a se o f $ 8 0 ,0 0 0 par v a lu e o f th e c o m p a n y 's sto c k in
M arch an d A pril 1910.

S

S

S

S

S

S

1

C h ica g o & N o r t h w e s t e r n R y .— Bonds to Be Paid — T h e
E x te n s io n 1st M . sin k in g fu n d 7% g old b o n d s
($ w ,o 4 6 ,5 0 0 in th e h a n d s o f th e p u b lic) m a tu rin g J u n e 1
w ill, a s a n n o u n c ed b y a d v e r tise m e n t on a n o th e r p a g e b e
p aid on p r e se n ta tio n a t th e o ffice o f th e T reasu rer 111
B r o a d w a y . I n te r e st w ill ce a se J u n e l . V . 9 2 , p . 1178 1 03 1.
C h ica g o M em p h is & G u lf R R . —Extension.— T h e m a n a g e ­
m en t a n n o u n c e th e c o m p le tio n o f th e lin e in to H ic k m a n , K y .

t ,T |la r2 ad ls " ow 52 lnllcs long:, extending from D yersburg, Tcnn in the
Illinois Central R R ., to H ickm an, K y.. on the Nashville C h a tta n o o g a & S t
I.ouls Ry I he com pany, it Is stated . Is about to let a contract for tile extern^
slon of the line northw ardly to Clinton. K y.. a distance of 15 miles con­
necting w ith the Mobile & Ohio a t S yubbs, K y.
' to u
Operations for the N ine Months encltno M arch 31.
Gross earnings--------- . . . . .$131.8811Bond In te re s t...............
S I 5 080
N etCom
earnings
taxes). . 355,340 Balance, surplus .
" 54 0.zar
257
pare V.(after
0 0 . p. 302, 108.
------e-w

C h icago M ilw a u k ee & P u g e t S o u n d R y .— Through Passen­
T h ro u g h p a ssen g er serv ice b e tw e e n C h ica go,
S e a ttle a n d T a c o m a w ill b eg in M ay 2 8 . I t is a n n o u n c ed
th a t th e tw o train s in sta lled for th is se r v ic e are th e first
o f stee l c o n stru ctio n to b e p u t in to tr a n sc o n tin e n ta l serv ic e.
ger Service.—

„„,i ,!!!. n. /./; M obrldgc, S. I)., to S eattle and Tacom a, Is 1,400 miles,
' a ‘(V, m " cs 0I com pleted branches and 90 miles of uncom pleted
..I i Vi •
a tatal mileage of 2,316 miles. C hairm an Roswell -Miller
i111stf sale
f ? of $-->,000,000
«il. bon3°„Slrthl!r.
hoad-1 to 92,
the p.public
beyond
m adeaal°
In Mofarch.—V.
659, In725,lu ll1031,
1178.the

C h ica g o O tta w a & P eo ria (E le c tr ic ) R y.— Ncw Mortgage.—
t h e c o m p a n y h a s filed a 0% m o rtg a g e fo r $ 1 ,2 5 0 ,0 0 0 ,
d a ted D ec . 1 1910, to S . H . E w in g a n d o th er s n s tr u ste e s.

also<seo“
v d'iS20"
EUnols
T raction
Co. p.In 812
V. 92, p. 1239;
also see Ellnn
1.1. Ry.
S ec.," top . r.?!.)ort
22, and‘!f "C
hronicle,"
V. 87,

C in cin n a ti N e w O rleans & T e x a s P a c ific R y.— Additional
p ro ceed s o f th e 5 2 ,5 0 0 ,0 0 0 314 % b on d s
h ereto fo re issu ed b y th e c ity o f C in cin n a ti for te rm in a ls n o t
h a v in g b een su ffic ie n t to co m p le te th e w ork , sto p s arc b ein g
ta k en to secu re th e a u th o r iz a tio n o f a n a d d itio n a l 5 5 0 0 ,0 0 0
c ity b o n d s. H ie C in cin n ati N ew O rlea n s & T e x a s P a c ific,
a s le sse e , w ill m ee t th e in te re st a n d th e sin k in g fu n d of 1%
p er a n n u m o n th e n ew b o n d s, a s in th e c a se o f th e earlier
is su e .— V . 9 2 , p . 1 0 3 1 .
C olu m b ia (S. 0.) E lectric S tr e e t R y ., L ig h t & P o w e r C o .—
Increase
crease of Stock—Change c f Name..— T h e sto c k h o ld e r s on
M
ay 15 a u th o rized a n in crea se in th e sto c k a s p ro p osed an d
Alay
a lso a c h1 a n g eo in th e n aam
th e Ico m p a n y to C olu m b ia R a il­
m e o f the
w a y , G as & E le
lectric
om pa
p are V. 9 2 ,lLp . 1108.
ctr ic C o. C oin
C olu m b ia (S . C .) R a ilw a y , G as & E le c tr ic C o .— N ew Name.
The stock. It Is alleged, is of no value, and was purchased by reason of — b ee C olu m b ia E le ctr ic S tr eet R y ., L ig h t & P o w e r C o .a b o v e .
m isrepresentations of the defendants’ agents.— V. 91, p. 1327.
D e n v e r L a r a m ie & N o r th w e ste r n R R .— N ew Directors.—
C en tral N e w E n g la n d R y . C o .— lionds Offered.— J . P . M or­ . 0 board h a v in g b een in crea sed from 9 to 15, th e fo llo w in g
g a n & C o., tire F ir st N a tio n a l B a n k a n d th e N a tio n a l C ity six n ew d irectors w ere elected :
B a n k , all o f N ew Y o r k , offered on M ay 18, a t 9 3 ]/, a n d in t..
. M r S t h ' a n d ' / ’ C o m V a y 'U ha’ 1
I I c , t ' B ' A ' " o l c o l m b . A .ly n C o .c.
$ l l , 9 i 7 ,0 0 0 1 st M . 4% 5 0 -y e a r g old b on d s d a te d J a n . 1 1911 O Old
directors re-elected: C. S. Johnson, J. D. Mllllken A J Shcngel
a n d d u e J a n . 1 1961, b u t red eem a b le o n a n y in te r e st d a te MalUand
lSillke'n C layton’ Zeph Charlcs F elt- « • Day. W . E . .Skinner!
a fte r J a n . 1 1921 a t 105 a n d in t. T r u ste e , F arm ers’ L oan &
electrical d e p a rtm e n t ot
T ru st C o. P a r, c* 5 1 ,0 0 0 , r* 5 1 0 ,0 0 0 . I n t. J . & J . in N . Y . t l i e ‘x ■ y1C•,Nn -"nH10- * H a r tfo r d R R .,thweash ce?ledcteo fd, the
S e c o n d V lc c -P r cs Id c n t.
P rin cip al an d in te r e st u n c o n d itio n a lly g u a r a n te e d , b y en ­
I referred Stock.— T h e sto c k h o ld e r s on M ay 10 v o te d to
d o r se m en t u p on ea cli b o n d , b y th e N ew V ork N ew H a v e n & m a k e S o ,9 9 4 ,0 0 0 o f th e tr ea su r y sto c k p rof, s to c k , w ith p ref­
H a rtford R lt . C o ., w h ich h o ld s su b s ta n tia lly all th e c a p ita l eren ce as to d iv id e n d s o n ly , a t th e c u m u la tiv e ra te o f 5% p er
s to c k . E x e m p t from local ta x a tio n in N . V . S ta te .
a n n u m a fte r J u ly t 1 9 1 3 .— V . 9 0, p . 1 23 8.
T h e a d v e r tise m e n t reg ard in g th e b on d s is p u b lish ed on
D e tr o it G rand H a v e n & M ilw a u k ee R R .— Tax Suit.—
a n o th e r p ag e for p u rp oses o f record , th e e n tir e b lock h a v in g
J u d g e M cD on ald in th e C ircu it C ourt a t G rand R a p id s,
b een so ld .
ich ., on M ay 16 o verru led th e d em u rrer o f th e co m p a n y in
Condensed Extracts from Letter of C. S. Mellon, President New York M
New Haven & Hartford RR., May 12 1911. NeW Y°rk th e su it o f th e S ta te to co lle c t a b o u t 8 2 ,0 0 0 ,0 0 0 a lleged to be
lh e bonds are secured by a ilrst Hen on 137.02 miles of rallw av linos d u e fo r b ack ta x e s. A n a p p e a l w ill b e ta k e n to th e S u p rem e
owned by the C entral New E ngland R y. Co., Including the PoughkecDs^c C o u rt.— V . 9 1 , p . 8 70 .
Bridge across the Hudson R iver, which alone cost upw ards of $ 7 000 000
The ponds are Issued pursuant to the first m ortgage dated Jan 1 1911 to
D e tr o it & M ack in ac R y .— Second Dividend on Common
which m ortgage th e N. Y. N. H . A H . U R. Co. Is a party
’
The net earnings of the C entral New England R y. Co. for the fiscal vear Stock.—-A sem i-a n n u a l d iv id e n d o f 2 )^ % h a s b een d eclared
endlny June 30 1010, above taxes, rentals and operating ex. cuses awtU- on tlie 5 2 ,0 0 0 ,0 0 0 c a p ita l sto c k a lo n g w ith th e u su a l se m i­
ablo for the paym ent of Its Interest charges were Sl.031,303 S c total
Interest charges for the sam e ilscal year were $016,422 The refunding a n n u a l d istr ib u tio n o f 2 J<j% o n th e p referred s to c k , b oth
effected
through
these otIlrst,
ti e p a y a b le J u ly 1 to h old ers o f record J u n e 15. A n in itia l
total Interest
charges
th amt ortgage
com pany.bonds will substantiallyy reduce
UULt 1,10
• The total authorized Issue of 1st M. bonds Is $25,000,000- total am ount d iv id en d o f th e sa m e a m o u n t w as p a id o n th e co m m o n sto c k
** LD27.000. The rem ainder of the authorized Issue, exec t
$ 3 o0 , 0 0 0 , Is reserved for issue from tim e to tim e to an am ount not exceeding on J a n . 3 la s t.— V . 9 1, p . 1 51 1.
In face value 7o% of the cost of extensions, additions or Improvements ’
D e tr o it T o led o & Ir o n to n R y . — Foreclosure Proceedings.—
CompMoav ° 02W p b? 1 7 8 de t0 llst thcSL' bonds ° n th0 N - v - Stock Exchange. C ounsel for th e K n ick erb o ck er T ru st C o ., tr u ste e s for th e
O W cag0 B u rU n g to n & Q u in cy R R .— Safety Appliance Acts th ird m o r tg a g e , th e c o n so l. 4)4 js , iia v e a p p ea red in th e U .S .
Upheld.— 1 h e U n ite d S ta te s S u p r em e C ourt on M ay 15 in C ourt a t C olu m b u s, O h io, se e k in g to p r e v e n t th e ca rry in g
d ecree re c e n tly nm ?e b y J u d g e S w a n a t D e tr o it.
s u its a g a in st th e co m p a n y a n d th e S t. L ou is & S an F ra n cisco Aatm oo ftiothn e lias
b een filed to in c lu d e th e fir st m o rtg a g e in th e
h eld th a t railroad s co m in g w ith in th e term s o f th e S a fe ty
N o d ec isio n lias y e t b e e n re n d e re d o n th e se la ter
A p p lia n ce A cts o f 1898 a n d 1903 are u n d er a n a b so lu te d u ty dp ecree.
r
o
ce
ed
in
g
s.—
V . 9 2, p . 1242, 103
to k eep in rep air a u to m a tic co u p lers a n d o th e r a p p lia n c es
E n id O ch iltree & W e ste r n R R .— Sale Ordered.— T h e D is­
p rescrib ed b y th e A c ts a n d n o t m erely a d u ty to ex ercise
tr ic t C ourt a t D a lh a r t, T e x ., h as ord ered th e sa le o f th e p rop ­
rea so n a b le d ilig e n ce in m a k in g su ch rep airs.
e r ty to p a y th e c o m p a n y ’s d e b ts . C om p are V . 9 1 , p . 17<>G.
m
muM
»C o u l t , llc l.<1 t,la t tllc ol<1 com mon law d uty of reasonable diligence In
m aking m paim becomes an absolute one under the Appliance Acts
E v a n sv illo & T erre H a u te R R .— Proposed Merger.__ Sco
BouIdOTOmm^S & N orthw estern R R .. a narrow-gauge road entirely within
JvPtVi thn v8 f nny i ChI? " ,a ,ul sal<1 t0 he using locomotives and cars equipped C h icago & E astern Illin o is R R . a b o v e .— V . 9 1 , p . 1212.
Jhp mli- « Unk-and-pln couplers, was hold to be liable for a violation of
F lo rid a E a s t C o a st R y .— New Director.— T h e d irecto ra te
e n ', r rt SiJtlnff th a t It wos not necessary In order to bring a
ranvem ent for a I w*thln 'h e -Safety Appliance Acts for it to have an ar- h a v in g b een in crea sed to 9 , J . C. S a lte r h a s b een e le c te d a
S 5 continuous transportation or shipm ent w ith the preceding m em b er o f th e b o a rd .— V . 9 1, p . 1629.
e r w Iwitnin
t h ? n th
fnB0S tate
c? t Commerce
f!ad P i o u sAlcty ofbeen
belli necessary to bring
a£ ^carrier
theo r.rn
Inter-S
1 8 8 7 . -V . 9 2 , p. 525, 200.
I n te r n a tio n a l & G reat N o rth ern R R .— Sale June 13.__ T h e
C h ica g o & E a ste r n Illin o is R R ,— Proposed Merger.— T he foreclosu re sa le h as b een p o stp o n e d u n til J u n e 13 S ee n lan
o t-c p ia n ,
sto c k h o ld e r s o f th e co m p a n y w ill v o te on J u ly 19 o n a p ro p o ­ V . 9 2 , p . 1310.
s itio n to m erg e th e E v a n sv ille & T erre H a u te , 5 3 ,1 8 6 ,4 5 4
K
a
n
sa
s
C
ity
M
e
x
ic
o
&
O
rien
t
R y .—Listed in London.—
w r mi ” co m m o n sto c k o f w h ich is o w n ed b y th e I h e L on d on S to ck E x c h a n g e h a s liste d th e $ 5 ,4 1 8 ,0 0 0 a d d i­
C. & E . I . 1 h e E v a n sv ille & T erre H a u te w ill v o te on th e tio
n a l 1 st M . g old 4s, sold a b roa d in 1 91 0, m a k in g th e to ta l
m a tte r on J u ly 2 0.
liste d $ 8 ,4 3 2 ,0 0 0 . “ B o sto n N e w s B u re a u ” 'on M ay 17 said :



Lity Bonds.— The

M a y 2 0 1911.1

THE CHRONICLE

V lcc-Prcsldcnt Dickinson says th at In Texas and O klahom a the outlook
for general business Is b etter than for some tim e, and Indications are th a t
the Southw est will have bountiful crops. L ast year Texas people had to
contend w ith a prolonged drought.
M r. Dickinson said th a t the objective of his recent trip abroad— the
placing of some $10,000,000 or $12,000,000 additional securities—had not
been achieved, and th at it is a m atter upon which the m anagem ent is still
engaged. A general belief th a t there Is too m uch legislation In this country
operates, he says, against a fuller reception of our railroad securities abroad.
The road has sufficient funds to carry It forward from San Angelo to
Alpine, where connections will be made with the Southern Paclllc. The
8 , 500 -ton rail order placed for early delivery will be applied on this section
and will be laid w ithin the n ext three m onths.
The present trouble in Mexico has ham pered construction and has also
upset calculations with regard to com pleting the road through to the coast.
According to previous estim ates, the road was to be finished by the end of
1013, b u t building m ay now be delayed In parts so th a t the road will n ot be
com pleted until 1914. See also V. 01, p. 04; V. 92, p. 305, 056, 1025.

Kansas City Railway & Light Co.— No Dividend.— I t is
a n n o u n c ed th a t n o d iv id en d w ill b e p aid on J u n e 1 on th e
$ 9 ,4 0 7 ,5 0 0 5% n o il-c u m u la tiv e preferred sto c k .

Regular quarterly disbursem ents of 1 H % each were paid from Ju ne 1904
to M arch 1011, inclusive.

C h airm an R . J. D u n h a m says:

The dividend has not been passed because of reduced earnings but be­
cause the com pany wishes to use Its surplus earnings after interest charges
for other corporate purposes—construction, im provem ents, Ac. The sur­
plus earnings for the 10 m onths ended March 31 1911, over and above taxes
and interest, were $793,306, and this was after exceptionally large charges
to operating expenses for m aintenance, exceeding by $207,000 the m ainte­
nance charges of the previous year.—V. 92, p. 595.

K a n sa s C ity S o u th e rn R y .— New Member of Executive
Committee.— J a m e s A . B la ir, a d irecto r o f th e c o m p a n y , h as
b een e le c te d a m em b er o f th e e x e c u tiv e c o m m itte e , to su cceed
D . G . B o isse v a in , w h o re ce n tly cea sed to b e a d ir e c to r .—
V . 9 2 , p . 1311.
K a n sa s C ity V ia d u c t & T erm in al R y .— Compromise.— T h e
co m p a n y on M ay 10 m a d e a p a y m e n t o f $ 2 0 0 ,0 0 0 to th e
F ed eral I n v e s tm e n t C o. and E d g e w a te r T erm in al I t I t. for
la n d a cq u ired for th e co n stru ctio n o f th e v ia d u c t.

1375

N o r th er n E le ctr ic R y ., C a lifo rn ia .—Guaranteed Gold Notes.
— T h e “ S an F ra n cisco N e w s B u re a u ” a n n o u n c e s th e a u ­
th o riza tio n o f a n issu e o f $ 2 ,0 0 0 ,0 0 0 6% g old n o te s to run
for tw o or for th r ee y ea rs, a t o p tio n o f th e co m p a n y , a n d s e ­
cu red b y p le d g e (1 ) o f “ first a n d c o n so lid a te d ” 5% b o n d s
o f 1907 a n d (2 ) th e p erso n al g u a r a n ty o f E . R . L ille n th a l,
E . J . d e S a b la J r ., L o u is S lo ss a n d W . P . H a m m o n , w h o are
a m o n g th e h e a v ie s t sto c k h o ld e r s. C om p are p . 113 of
“ E l. R y . S e c tio n .” — V . 8 5 , p . 8 0 5 .
N o rw ich (C o n n .) & W e ste r ly (E lectric) R y .— Foreclosure.
— J u d g e N o y e s in th e U n ite d S ta te s C ircu it C ou rt o n M ay 13
sign ed a d ecree o f fo reclosu re a t th e re q u e st o f th e b o n d ­
h old ers, w h o it is e x p e c te d w ill p u rch a se th e r o a d .— V .
8 9, p . 721.
P a r k ersb u rg (W . V a .) & O hio V a lle y E le c tr ic R y .— Re­
ceivership.— J u d g e D a y to n in th e U . S . C ircu it C ou rt a t
P ark ersb u rg , W . V a ., o n M ay 18, o n a p p lic a tio n o f T . M .
J a c k so n , a re sid en t o f P e n n sy lv a n ia , w h o o w n s $ 5 2 ,0 0 0 1st
M . b o n d s, a p p o in te d C. L . W illia m s o f th a t c ity r e ce iv er o f
th e c o m p a n y , w h ich w a s in c o r p o ra te d in 1903 to b u ild an
elec tric lin e from P ark ersb u rg th r o u g h th e c o u n tie s o f W o o d ,
P le a sa n t, T y le r , W elze l, M arshall a n d O h io to P e n n . lin e .
Of the road, 5 miles from Ststcrvlllc to Friendly are In operation. The
receiver is authorized to take charge and com plete and operate th e road, as
a sale of the property a t this tim e would result in a loss to all concerned.
Stock, $500,000. Bonds outstanding, $150,000 1st 30-year 5s, due 1936.
Union T rust A D eposit Co., Parkersburg, W . V a., trustee; to ta l authorized
Issue, $3,000,000. P resident, V. B. A rcher.

P h ila d e lp h ia (E lectric) R a ilw a y s .-—N ew Co .— T h e co m ­
p a n y w as in corp o ra ted a t H a rrisb u rg o n M ay 13 w ith 8 4 0 0 ,­
000 ca p ita l s to c k , to ta k e o v e r th e S o u th w e ste r n S tr e e t R y .,
w h ich w as foreclosed on A p ril 21 la s t.

The new owners Intend to re-cqulp th e line, enlarge Its pow er-house,
rehabilitate the track and overhead construction and to operate, when
T he Investm ent and Term inal com panies refused to accept an aw ard of Im provem ents arc com pleted, 25 cars. T he Incorporators and officers arc:
$92 228 bv com missioners and dem anded th a t a Jury m ake another aw ard
Incorporators: Edwin Wolf, Louis W olf and B enjam in W olf, of W olf
The Jury assessed the dam ages a t $300,000 and the V iaduct Co. appealed, B rothers, bankers: Isaac II. Silverm an, W illiam A. S tern and A lvin W .
b u t has com prom ised as above stated . V. 92, p. 187.
From , of Stern A Silverm an, electrical engineers, and Charles F .W agner J r.
Officers: President. Isaac II. Silverm an; T reasurer, B enjam in W olf, and
K o k o m o M arion & W e ste r n T ra ctio n C o.— Guaranteed Secretary,
Alvin W . From .

Bonds.—

S ee K o k o m o P u b lic U tility C o. u n d er “ I n d u str ia ls”
b e lo w .— V . 8 3 , p . 1098.
L e x in g to n (K y .) & In ter u r b a n R y s .— Sold.— T h e rem ain ­
d er o f th e c o m p a n y ’s h o ld in g s o f se c u r itie s, n o te s a n d o p en
a c c o u n ts re ce iv a b le w ere b id in a t th e sa le o n M ay 17 for
$ 2 4 2 ,0 0 0 , for a c c o u n t o f th e n ew K e n tu c k y S ec u r ities Cor­
p o r a tio n . C om p are V . 9 2 , p . 4 0 1 , 7 2 5 , 1032.
M cK ea n & B u ffa lo R R .— Sale.— S ee W estern N ew Y ork
& P e n n sy lv a n ia R R . b e lo w .
M e tr o p o lita n S tr e e t R y ., N e w Y o r k .— Estimated Earnings.
— G u y E . T rip p , o f S to n e & W eb ster, C h airm an o f th e jo in t
c o m m itte e o f b o n d h o ld ers, su b m itte d on M ay 17 a t a h earin g
b efore th e P u b lic S erv ice C om m ission reg ard in g th e reo rg an i­
z a tio n p la n th e fo llo w in g e stim a te o f th e e a r n in g c a p a c ity of
th e p ro p erty b a sed o n re su lts for y ea r en d in g M arch 31 1911
Gross earnings, Including an Increase In the advertising contract
ot 543,000 for the present year
---------- - - - ---------- ...5 1 3,70 9 ,0 0 0
O ncratlng expenses a fter reducing the am ount for dam age claims
and litigation from 31,205.000 to 5010.000, since w ith Im­
proved equipm ent It Is believed tills Item can bo brought
w ithin 7 % ................. ...................................................... - ......................... 8,700,000

Balance, net earnings--------- -------— ------ ------------ 54,910,000
Taxes If reduced as expected by $390,000 from the am ount paid

last year, which Included certain accrued tax es-------------------- $906,000
Fixed charges, including $1,598,000 rentals for leased lines,
$542,000 interest on underlying bonds, $47,000 Interest on a
real estate m ortgage and $470,100 as Interest on the $11,708,­
000 new 4s.......................... - ........................................... ........................... 2.059,000
B alance, surplus, equal to 3.48% on $38,933,000 of income b d s. $ 1 ,354,000
(Compare plan V. 91, p. 1707.)— V. 92, p. 1109.

Missouri Kansas & Texas Ry.—Bond Issue Approved.—
T h e K a n sa s IIR . C om m issio n ers on M ay 18 g ra n ted p erm is­
sio n to issu e $ 2 4 ,0 0 0 ,0 0 0 co n so lid a te d m tg e . b o n d s (a d d itio n a l
to $ 1 7 ,1 3 1 ,0 0 0 , o f w h ich o n ly $ 1 0 ,0 0 0 ,0 0 0 h a s b een issu ed
a n d p led g ed u n d er th e 2 -y ea r 5% n o te s ), $ 5 ,0 0 0 ,0 0 0 o f w h ich
w ill b e u sed for im p r o v em e n ts to th e road in K a n sa s. T h is
is p a r t of th e $ 1 0 7 ,8 0 9 ,0 0 0 m e n tio n e d in th e c o m p a n y ’s a p ­
p lic a tio n . C om p are V . 9 2 , p . 1179, 8 8 2 .
Missouri Pacific Ry.— Proposed Note Issue.— I t is e x p e c te d
th a t th e d ir ecto r s, a t a'T n eetin g to b e h eld n e x t w e e k , w ill
a u th o r ize th e sa le o f from $ 2 0 ,0 0 0 ,0 0 0 to $ 2 5 ,0 0 0 ,0 0 0 th reey ea r 5% co llateral n otes to S p ey er & C o ., in o rd er to p ro vid e
for im p r o v e m e n ts and th e liq u id a tio n of e x is tin g o b lig a tio n s.
—
92,
1179, 1109.

V. p.

New Orleans Railway & Light Co.— Negotiations— Plan

Amalgamation.—

of

S ee A m erica n R a ilw a y s & L ig h t C o. a b o v e .
— V . 9 2 , p . 1 10 3, 1033.

New York New Haven & Hartford RR.—Offering of Guar­

anteed Bonds.— S ee C en tral
New Directors.— F ra n cis

N ew E n g la n d R y . a b o v e .
T . M axw ell o f R o c k v ille , C o n n .,
a n d E d w a rd T . M illigan of H a rtfo rd h a v e b een e lec ted
d irecto rs to su c ce ed A . S . M ay a n d E . A . C lark , T reasu rer
a n d S ec r e ta r y , r e sp e c tiv e ly , w h o w ere te m p o r a r ily a p p o in te d .
Decision.— T h e M a ssach u setts S ta te S u p rem e C ourt on
M ay 1 6 h eld in v a lid th e sa le in N o v . 1909 of th e P ark S q u a re,
B o sto n , real e s ta te , co n ta in in g 7 2 2 ,2 9 2 sq u a re fe e t, to th e
P ark S q u a re R eal E sta te T r u st, in ex c h a n g e fo r $ 5 ,2 0 0 ,0 0 0
sto c k o f th e R eal E sta te T ru st (V . 8 9 , p . 1 2 8 1 ).

The Court holds th at the deed given was beyond the corporate power of
the com pany It being Illegal for the com pany to speculate In land, and th at
tho scheme devised Is not "Incidental to the right to sell and reasonably
necessary to enable the corporation to obtain tho fair m arket value of the
property” ,- also th a t It Imposes risks and uncertainties which the stock­
holders should not be called upon to bear. The opinion was given a t some
length in the "B oston Ilcrald” of May 17.— V. 92, p. 1311.

Norfolk & Portsmouth Traction Oo.— Merger.— S ec V ir­
g in ia R y . & P o w er C o. b e lo w .— V . 9 2 , p . 1 24 3, 1179.




P h ila d e lp h ia R a p id T r a n sit C o .— Bond Ordinance.— B o th
b ra n ch es of th e P h ila d elp h ia C ity C ouncil p a sse d on M ay 11
th e 8 1 0 ,0 0 0 ,0 0 0 b o n d o rd in a n ce in its o rigin al fo r m , th e
lo w er ch a m b er b y a v o te o f 57 to 10, th e u p p er ch a m b er w ith
16 d isse n tin g v o te s .
Voting Trust.— T h e P h ila . S to c k E x c h a n g e h a s p la ce d on
th e “ u n liste d ” 8 1 7 ,0 0 0 v o tin g tr u st c e r tific a te s, m a k in g th e
to ta l liste d 8 1 9 ,2 1 3 ,5 0 0 .— V . 9 2 , p . 1 24 3, 1 03 3.
S t. L o u is & S an F r a n c isc o R ailroa d C o .—Sale o f New
Issue of Notes.— F . S . M oseley & C o ., N ew Y ork a n d
B o sto n , h a v e p la ced o n a 5J/j% in c o m e b a s is , d eliv era b le
J u n e 1, a n ew issu e of 8 2 ,5 0 0 ,0 0 0 tw o -y e a r 5% n o te s,
d a te d J u n e 1 1911 a n d d u e J u n e 1 1913, b u t ca lla b le a t
100-M in lo ts o f 8 1 0 0 ,0 0 0 .
The notes are secured by deposit w ith the Old Colony T ru st Co. of Boston,
ns trustee, of collateral having a m arket value of about $2,610,000, nam ely:
$2,500,000 (par value) of S t. L. A San F ran, certificates for Chicago A
Eastern Illinois common stock quoted a t 61 and $1,490,000 (par) of
like certificates for K. C. F ort S cott A M emphis pref. stock quoted a t 77.

Merger o f Subsidiaries.— S ec C h icago & E a ste rn Illin o is
R R .— V . 9 2 , p . 1179, 1110.
S o u th w e ste r n S tr e e t R y ., P h ila d e lp h ia .—Successor Co .—
S ee P h ila d elp h ia R a ilw a y s a b o v e .— V . 9 2 , p . 1 11 0, 8 8 2 .
T e n n e s se e & N o r th C arolin a R R .— Extension— New Oficers.— T h e c o m p a n y p ro p o ses to b u ild a n e x te n s io n o f 38 ! '■>
m iles from C re stm o n t, N . C \, to W a te rv ille, T e n n ., o n th e
S ou th ern R y ., th e e x te n sio n fo llo w in g th e B ig P ig eo n R iv er
an d req u irin g th e er ec tio n o f tw o b rid g es. T h e fo llo w in g
o fficers h a v e b e e n ch osen :

P res.. R . F . W hltm er; V .-Prcs., Jam es G. Campbell: Sec. and T reas.,
D. G. Wilson: S up t., A. J . M cM ahan. H eadquarters, N ew port, T cnn.—
V. 92, p. 1180.

T erre H a u te I n d ia n a p o lis & E a ste r n T ra ctio n C o.— Bonds
L ee, Ilig g in so n & C o ., w h o r e c e n tly p u rch a sed
8 1 5 0 .0 0 0 o f th o first an d re fu n d in g M. 5% b o n d s, d u e A p r. 1
1 9 4 5 , arc offerin g th e sa m e a t 96 a n d in t. T h is m a k e s
8 6 .3 0 0 .0 0 0 o f th e issu e o u tsta n d in g .— V . 9 2, p . 3 9 6 .
T oled o & In d ia n a T ra ctio n C o .— Bonds Offered.— S p itz e r ,
R orick & C o. o f N ew Y o rk , T o led o & C h icago, h a v e p u rch a sed ,
a n d arc offerin g a t p ar a n d in te r e st b y a d v e r tise m e n t o n
a n o th e r p a g e, th e 8 4 0 0 ,0 0 0 1st M . 5% gold b o n d s (clo sed
m o rtg a g e) d a te d J a n . 2 1911, d u e J a n . 2 1 93 1, b u t ca lla b le
a t 102 J4 an d in te r e st o n a n y in te r e st d a te , J a n . 2 or J u ly 2;
K n ick erb o ck er T r u st C o ., tr u ste e . J . G . W h ite & C o. h a v e
e stim a te d th e re p la ce m en t v a lu e o f th e p h y sica l p ro p er ty a t
8 1 ,4 3 6 ,0 0 0 , o r o v e r 3}4 tim e s th e b o n d issu e , a n d n e t ea rn ­
in g s a s rep orted are o v e r th ree tim e s th e a n n u a l in te re st
ch a rg es o f 8 2 0 ,0 0 0 . F or fu ll p a r ticu la rs, ea rn in g s, A c ., see
V . 9 2 , p . 1244.
V ir g in ia R a ilw a y & P o w e r C o ., R ic h m o n d , & c.— Slock.—
T h e P h ila , S to c k E x c h a n g e h a s liste d $ 2 5 3 ,5 0 0 a d d itio n a l
p re f. s to c k , issu ed in p art p a y m e n t for sto c k o f th e O ld
D om in ion Iro n & N ail W ork s C o ., m a k in g th e to ta l listed
$ 4 ,7 0 0 ,0 0 0 . C om p are V . 9 2 , p . 1 11 8.
Merger.— D irectors o f th e co m p a n y and o f th e N orfo lk
& P o r tsm o u th T ra ctio n C o. w ill, it is sa id , h old sep a r a te
m e e tin g s in th is c ity ea r ly n e x t w eek for th e p u rp ose o f p a ss­
in g u p on th e a g reem en t o f m erger o f th e tw o co m p a n ies
en te r e d in to b v th e c o n tr o llin g in te r e sts on A p ril 25 la st.
— V . 9 2 , p . 1312, 1180.
W a sh in g to n B a ltim o re & A n n a p o lis E le ctr ic R R .— New
Securities.-—T h e n ew se c u r itie s, it is a n n o u n c ed , w ill b e
rea d y a b o u t J u n e 1.
Offered.—

137(»

THE CHRONICLE

Distribution to Old Bondholders.— T h e C levelan d T r u st C o.
g iv e s n o tic e th a t it is p rep ared on p r e se n ta tio n o f th e b o n d s
to m a k e p a y m e n ts o f th e p ro ceed s o f sa le to th e 1 st M . b o n d ­
h o ld ers o f th e W . B . & A . E l. Railway, in a cco rd a n ce w ith
th e te rm s o f th e d ecree o f foreclosu re an d s a le .— V . 9 2, p .9 5 7 .
W a sh in g to n -V ir g in ia (E lectric) R y .— Listed.— T h e P h ila ­
d elp h ia S to c k E x c h a n g e h a s listed S I ,0 0 0 ,0 0 0 p ref. sto c k a n d
$ 1 ,3 7 8 ,3 0 0 co m m o n sto c k .

Earnings for N ine Months ending March 31 1011.
Gross Incom e--------------------- 3362,2311Interest, rentals and taxcs__$136,301
N et In c o m e ----------------------- l81,755|B alance, su rp lu s___________ 43,454
Dividends of lj$ % on preferred stock and 1% on com mon were paid
M arch 15 1011.— V. 02, p. 507, 796.

W a ts o n v ille (C al.) R a ilw a y & N a v ig a tio n C o.— Reorgan­
co m p a n y w a s in co rp o ra ted in C alifornia
A pril 17 1911 w ith $ 2 0 0 ,0 0 0 sto c k , in $1 sh a res, a s su c ce sso r
o fth e W a tso n v ille T ra n sp o rta tio n C o.
ized Company— T h is

[V O L . LX X X X II.

I lie application states th a t the com pany has a floating debt of $ 1 , 1 7 2 ,0 0 0
In short-term notes, and will use a p art of the proceeds of the $844,000
bonds to pay $262,000 of tile floating debt and tile rem ainder for Improve­
m ents and additions, including $82,203 for the W estport Eleotric station
and large am ounts for sub-stations, am ong which is $70,505 for A rlington.
T he $60,000 U nited E lectric bonds win be used to refund bonds of the
Brush and Edison com panies. The hearing w as set for M ay 23.

Proposed Retirement of Preferred Stock.— T h e c o m p a n y ,
it is s ta te d , w ill s h o r tly retire th e $ 6 ,3 6 0 ,0 5 4 6 % c u m u la tiv e
p r e f. s to c k , th u s p a v in g th e w a y fo r p o ssib le n ew b o n d issu e s.

'Hie $700,000 prior lien 6% stock was recently retired a t 105 and the
com mon stock Increased from $5,300,034 to $8,500,000. The pref. stock is
subject to call a t 120, which would m ake tile total purchase price for all of
tlie stock ,if paid for a t 120,$7,032,065. It is reported, however, th a t the
com pany has been buying In some of the stock for m onths, so th a t the
average price to be paid would be mucli less. T he stock lias been selling
on the B altim ore Stock E xchange a t about 07 or a little more.
Under tile term s of tile issue of the pref. stock no new m ortgage, or bond
issue, may lie m ade which will take precedence over the preferred stock,
thus Interfering w ith the sale to advantage of a new bond Issue and standing
In tile way of future Issues of bonds if desired for consolidation or otherw ise.
Com pare V. 83, p . 1441. W ith the pref. stock out of tile w ay, the com pnny
would
9 -, J). be
798,free728.to do Its llnanclng In any m anner deem ed desirable.— V .

T he property was acquired (V. 70, p. 1705: V. 01, p. 701) a t the fore­
closure sale In April 1911 for 323,500 l)y J . i’antoskey of O akland, by whom
It was sold to R . VV. E aton of W atsonville and San Francisco associates.
D en v er U n io n W a te r C o.— Favorable Decision.— S ec “ D e n ­
Incorporators of the new com pany: F . E . Snow den, C. II. Fisher, C. A .
Shuey, G. W . Dell and E . M . H eaney, all. It Is understood, of San F ran .
v e r ” in “ S ta te a n d C ity ” D e p t.— V . 9 2 , p . 1 31 3.

W a ts o n v ille (C a l.) T r a n sp o r ta tio n C o .— S ee W a tso n v ille
R y . & N a v . C o. a b o v e .— V . 9 1 , p . 7 9 1 .
W e ste r n N o w Y o rk & P e n n sy lv a n ia R R .— Acquisition.—
T h e sto c k h o ld e rs w ill v o te o n J u n e 2 o n r a tify in g a n a g ree­
m e n t o f c o n so lid a tio n w ith th e M cK ean & B u ffa lo R R .

T h o m a s A . E d iso n , I n c ., O ran ge, N . J .— New Name.—
T h e N a tio n a l P h o n og rap h C o., in c o r p . in N . J . J a n . 24 1896
(V . 8 5, p .8 6 6 ), filed on M arch 1 1911 a ce rtifica te ch a n g in g
its n am e to T h o m a s A . E d iso n , I n e . A u th . s to c k , $ 2 ,0 0 0 ,­
0 0 0 . A ll com m on ; o u tsta n d in g $ 1 ,9 0 0 ,0 0 0 in $ 1 0 0 sh a re s.

W e ste r n O hio (E lectric) R R .— Extension of Bond Pool.—
T h e m a n a g ers o f th e 1 st M . b o n d -p o o lin g a g r ee m en t h a v e
issu e d a s ta te m e n t r e q u e stin g h old ers to e x te n d th e p re se n t
d e p o sit a g r ee m en t, w h ic h e x p ir e s o n J u n e 1, for a n o th e r
y e a r , s u b je c t to all th e term s o f th e o ld a g r e e m e n t. C om ­
p are V . 9 0 , p . 1 4 9 2 .— V . 9 1 , p . 8 7 2 .
W in n ip e g (C an .) E le ctr ic R y .— O n 12% Basis.— A q u ar­
te rly d iv id e n d o f 3% h a s b een d ecla red on th e $ 0 ,0 0 0 ,0 0 0
s to c k , p a y a b le J u ly 1, co m p a rin g w ith 2 % % q u a r te r ly for
so m e y e a r s p a s t, a n d ra isin g th e a n n u a l ra te from 10 to 12% .
— V . 9 2 , p . 598 .

F ia n c is c o S u g a r C o ., P h ila d e lp h ia a n d C u b a .— Exchange
H old ers of th e $ 2 5 0 ,0 0 0 0% 1 0 -y ea r d eb e n ­
tu res d u e June 1 1911 are offered th e rig h t to e x c h a n g e th e
sa m e b etw e en M ay 19 a n d 2 3 , in e !., a t p ar a t th e G u aran tee
1 ru st & S afe D e p o sit C o., P h ila d e lp h ia , for th e c o m p a n y ^
1st M . 6% 3 0 -y e a r sin k in g fu n d b o n d s, w ith th e co u p o n m a ­
tu rin g J u ly 1 1911 a tta c h e d , rece iv in g in a d d itio n $5 in cash
w ith ea ch $ 1 ,0 0 0 b o n d s. D eb en tu res n o t e x c h a n g e d w ill
b e p aid a t said T ru st C o. Ju n o 1. C ap ital sto c k a u th ., $ 1 ,­
5 00 ,0 00 ; issu e d , $ 1 ,2 2 7 ,7 0 0 , in $ 1 0 0 sh a re s. M anuel R io n d a
o f N . Y . is P r e sid e n t. P h ila . o ffice 143 S o . F ro n t S t .—
V. 71, p. 87.
G ra y so n -M cL eo d L u m b e r C o ., S t. L o u is .— Old Bonds
Called— New Bonds Offered.— T h e fin al $ 2 7 9 ,0 0 0 o f th e
$ 6 0 0 ,0 0 0 b on d issu e o f 1907 h a s b een ca lled for re d em p tio n
a t 103 a n d in t., a n d th e W illiam R . C o m p to n C o., S t. L o u is
a n d C h icago, is offerin g a t p ar a n d in t. th e u n so ld p o r tio n of
a n ew issu e o f $ 8 2 0 ,0 0 0 1st M. 6% g o ld b o n d s, d a te d J a n . I
1911, g u a ra n te ed u n c o n d itio n a lly b y th e G ra y so n ia -N a sliv illo
L u m b er C o. A circu lar rep orts:

1,1
Business to N ational Phonograph Co.. Edison Mfg. Co.
The M cKean & Buffalo R R . extends from L arabcc to Clerm ont, P a..
Business Phonograph Co. and New Jersey P aten t Co. Funded debt,
22 K miles, and Is leased to the W estern N .-Y . & P en n a., which owns the ItEdison
any, not stated . Pres.. F rank I,. Dyer: See., and T rcas., E . J . Bcrggren.
entire $388,000 stock.— V. 92. p. 057.

I N D U S T R IA L , G A S A N D M IS C E L L A N E O U S .
A m a lg a m a te d C op p er C o .— Report.— S ee A n a c o n d a C opper
M in ing C o. u n d er “ A n n u a l R e p o r ts .” — V . 9 2 , p . 1312, 727 .
B a ld w in L o c o m o tiv e W o r k s .— Successor.— S ee P h ila ­
d elp h ia L o c o m o tiv e C o. b e lo w .— V . 9 2 , p . 124 5, 1105.
B e ll T elep h o n e C o. o f P e n n s y lv a n ia .— Merger.— T h e sto c k ­
h old ers w ill v o te o n J u ly 18 o n m erg in g th e P e n n sy lv a n ia &
N e w Y ork T elep h o n e & T eleg ra p h C o ., th e sto c k h o ld e r s of
th e la tte r to receiv e $ 1 0 0 fo r e a c h sh a re o f o u tsta n d in g s to c k .
— V . 9 2 , p . 1034.
B o s to n W h a rf C o.— Bonds Sold.— T h e co m p a n y (in cor­
p o r a ted in M ass, in 1836) r e c e n tly so ld p r iv a te ly $ 1 ,2 0 0 ,0 0 0
o f a n a u tli. issu e o f $ 5 ,0 0 0 ,0 0 0 1 st M . 4% 3 0 -y e a r g o ld b on d s
d a te d A p ril 1 1911, o n a c c o u n t o f im p r o v e m e n ts, & c.

T he bonds are due April 1 1941, b u t are redeem able a t 105 on any Int.
day after notice. In t. A. & O. a t S tate S treet T rust Co., Boston. P ar
c$l,000, r$5,000. There are no prior liens. Stock, all com m on, $6,000,­
000, all outstanding In $100 shares, paying dividends of 4% per annum
(J. & I). 30). Pres., Edw in F . A tkins; T rcas., J . B. Russell, 114 S tate
S t., Boston. V. 91, p. 398.

of Debentures.—

D ated Jan . 1 l o ll am i duo In sem i-annual installm ents of $00,000 each
from July 1 1011 to July 1 lo ts and $70,000 Jan . I loll), but callable on
or after Jan . l o t# a t lo i j .j and int. Principal and in t. (J. & J.) payable
a t Mississippi Valley T rust Co., intge. trustee. S t. Louis. P ar $1,000 (c*).
A 1st M. on ( 1 ) approxim ately 100.000 acres of laud In Clark, Pike and
*)!,0,nH2"!ni,y
..co".ntlcs’
A rkansas.w
and 0estim
ated to contain
4 „ 1 ,290,000 ft.
of m erchantable
timellbergrouped
(more than
0 ',’,'. short-leaf yellow
'.-.‘o k y a}uc‘l S! .80.5.noo]; (2) also the com plete m anufacturing plants,
equipped w ith the electric monorail system , located at G raysonla. A rk.,
and costing $602,562: to tal, $2,408,367. T he com pany also has lum ber,
m erchandise and supplies a t G raysonla valued at $116,262,
sinking fund, beginning Jan . I 1011, $3 per 1,000 ft. of tim ber cu t, b u t
n o t less than $105,000 per annum .
„ . ^ 0i,Gr'?y\ 0?,la:N63lwJUe Lum ber Co., the guarantor. Is a corporation
capitalized a t 51,800,000, which has acquired by purchase the properties of
the Grayson-McLeod Lum ber Co., subject to the lien of tills m ortgage: also
t V0,oSi
llL u,ui'i1i :4m
property oftimtile
Lumplants
ber Co.,
consisting
or
137,000,000
ft: bcrcd
of m erchantable
berNashville
and m odern
for tin;
m anu­
facture of pine and hardwood lum ber a t Nashville, A rk. The. properties
arc adequately served by the S t. Louis Iron M tn. * Southern R y. Co. and
brancli lines running through the tim ber and serving the mills.
Tile Grayson-McLeod Lum ber Co. is capitalized a t $1,000,000 and lias
been successfully engaged In business for a great m any years. Pros.. VV. E.
Grayson:
.-P.567.
am i T rees.. Nelson VV. Mol.cod; Sec., E . II. P eiton. Bee
also V. 88,V p.

B ro o k ly n & M a n h a tta n F e r r y C o .— Another Williamsburgh
serv ic e from B ro a d w a y , W illia m s­
b u rg h , to E a s t 2 3d S t ., M a n h a tta n , w h ich w as sh u t d o w n
a s u n p ro fita b le tw o y e a r s a n d fiv e m o n th s a go b y th e B ro o k ­
ly n F erry C o ., w as resu m ed on M ay 15 b y th e B ro o k ly n &
G r a y so n ia -N a sh v ille L u m b e r C o.— Guaranteed Bonds.— S ee
M a n h a tta n F erry C o ., u n d er a g r e e m e n t w ith th e c ity . S er­
v ic e o n th e B r o a d w a y -R o o se v e lt S t. ferry w a s resu m ed on G rayson -M cL eod L u m b er C o. a b o v e .
M arch 16 la st.
H a r t, S ch a ffn er & M arx (I n c .), C h ica g o , W h o le sa le M an u ­
The leases are for ten years, w ith option of ten-year renew als. No other
ctu rer s o f M en ’s C lo th in g .— Preferred Stock Offered.—
leases have been arranged for. Stock, $500,000. No bonds. P resident’s fa
L a d en b u rg , T h a lm a n n & C o., N . Y ., a n d A . G . B ec k er & C o.,
office, 143 Liberty S t.. New Y ork.— V. 92, p. 958.
C h am p ion C oa ted P a p e r C o ., H a m ilto n , O h io .— Stock.— C h icago, are offerin g a t p ar a n d a ccru ed d iv s ., b y a d v e r tise ­
T h e sh a reh old ers w ill v o te J u n e 22 o il in crea sin g th e co m m o n m en t on a n o th e r p a g e, th e u n so ld p o r tio n o f th e c o m p a n y ’s
c a p ita l sto c k o f th e co m p a n y from 8 1 ,5 0 0 ,0 0 0 to 8 3 ,0 0 0 ,0 0 0 . $ 5 ,0 0 0 ,0 0 0 7% c u m . p re f. s to c k . D iv s. p a y a b le Q .-J .
Capitalization. Authorized and Issued, $20,000,000.
T h e p ref. sto c k is $ 6 0 0 ,0 0 0 . S ee V . 8 9 , p . 1670.
Preferred stock, redeem able a t 120 (par value $100)..........- ............. $5,000,000
C h esa p ea k e & P o to m a c T e le p h o n e C o .— Rate Decision.— Common stock (par value $100)_______________ ________________15,000,000
Of the pref. stock $1,000,000 Is retained by the m em bers of tile old firm
T h e I n te r -S ta te C om m erce C om m ission o n M ay 14 h a n d ed
H art, Schaffner & M arx, who have agreed to continue to m anage tho
d o w n w h a t is s ta te d to b e its first d ec isio n on th e re g u la tio n of
business of tile corporation, acting In the sam e capacities as heretofore.
o f te le p h o n e ra tes u n d er th e p ow er g ra n ted a t th e la st sessio n D ata front R eport of Price. W aterhouse & Co.. New York. Atny 2 1911.
bales and Net Prof its lor Ftve Years ending Nov. 20 to 30.
o f C on gress.
Ferry Resumes.— F erry

jilts, after deducting depreciation, interest, losses and all expenses.
Including certain extraordinary expenses for year 1 0 1 0 .]
..A 8,?6-07- 1007-08. 1908-00.
1000-10.
' ,i85 $11,152,740
NNet
et oYnhK'5
proflts. •rnS’nes
469.603 * 10’Z?“
037,057
007.058 $14,073,327
1.357,000 $15,234,508
037 381
A verage
--------------------------------- -------- $921,938-------- — — Balance Sheet Nov. 26 1910, after Givinu Effect to Said Purchase.
Assess ($21,336,117)—
| Liabilities ($21,336,117) —
Goodwill
& trade-m
arks $15,000,000
Preferred sto ck __________$5,000,000
M
ach., furn.
and fixtures
295 611 Common
ck ...................... 15,000,000
anufac’d goods & m at’ls 1,855’194 Bills p ay asto
400,000
C o n so lid a te d G a s, E le ctr ic L ig h t & P o w e r C o ., B a ltim o re . AMccounts
receivable____ 2,682|504 A ccounts bpleay-........................
le_______ 416,606
1,421*359 Due m em bers ab
ash...........................
of
old
A
rm
.
519,510
— Application to List Additional Bonds.— T h e c o m p a n y on C
D ef. chgcs. to profit & loss
81,448
• Under old contracts prior to the recent consolidation 10 residents of the
D istrict and 27 of M aryland who were connected w ith the old exchange at
Som erset, M ontgomery C ounty, M d., were given unlim ited service a t $24
a year, while the com plainant and other new subscribers connected w ith
the new Cleveland Park exchange were required to pay $48 a year, the
regular D istrict of Columbia rate. The Commission held th at the contracts
w ith old subscribers, even though valid when m ade, cannot, after Congress
has undertaken to regulate the rates and practices of telephone com panies,
be aeeeptcd as now Justifying different charges as between different sub­
scribers sim ilarly situated, such undue discrim ination being forbidden by
the A ot.— V. 91, p. 1162.

M ay 13 a p p lied to th e P u b lic S er v ice C om m issio n o f M aryland
for a u th o r ity to issu e $ 8 4 4 ,0 0 0 4 p£% gen eral m o rtg a g e b on d s
o f th e c o m p a n y a n d $ 6 0 ,0 0 0 4 X
A % gen eral M . b o n d s o f th e
U n ite d E le ctr ic L ig h t & P ow er C o. I t w as re c e n tly rep orted
th a t P re sid e n t A ld red h ad arran ged w h ile ab road for th e
sa le a t a b o u t 90 o f a b lo ck o f gen eral m o rtg a ge 4J^ s to K itc a t
& A itk e n o f L on d o n a n d h ad g iv e n th e sa m e firm a n o p tio n
o n a n a d d itio n a l b lo c k o f th e sa m e issu e a t 92




J?y P^sident Harry Hart, Chicago, Alay 1911.

of m anufacturing
and ent
selling
a t wholesale
clothing, started as a small
retail establishm
In 1876
by H arrym en’s
and
Jto1**
7
°
c
Schaffner
&
Marx
was
organized
In 1887, the
tal sales for th a t year being $600,000. Sales for 1910 were $15,234,508.
H n iifi.fi?'? ?° (1« ,n ev,e ry S tato of the U nion, In A laska, Porto
K financial disturbances
,ani1, to of80,1,0
In our
C anada
Mexico,
rollow lng the
1893 extent.
and 1907
salesand
Increased
In
volum e. Millions have been expended In advertising. T he grow th of the
business has been due, not alone to this publicity, b u t to the m aintenance
of a very high stan d ard of quality In the m erchandise m anufactured and

M ay

20 1911.1

THE CHRONICLE

sold. Our organization consists of about 10,000 em ployees, and our product
Is all m ade In our own w ork-shops, equipped w ith m odern Im provem ents.
The Incorporation has been undertaken for the purpose of perpetuating
and solidifying the organization. W hile this will In no way affect any
change of m anagem ent, It will provide a w ay to hold and rew ard those
employees who have developed w ith the business, and give to them an
opportunity to acquire a financial Interest.
The corporation (Incorporated In N. Y . vState M ay 11 1911) Is taking over
the business as of Nov. 20 1010. Since th a t d ate we have sold to custom ers,
for their spring and sum m er trade, about $0,500,000 w orth of m erchandise,
the prollts of which all accrue to the new corp o ration .
Sundry C harter Provisions as to the 7% C um ulative Preferred Stock.
(a)
The preferred stock has full voting power and Is preferred both
to assets and accum ulative dividends; (6) No dividends shall be paid
on the common, stock unless there shall have been set a p art, and ex­
ists unim paired, $500,000 of surplus profits, and no dlvs. In excess of 4%
In any one year on com mon stock unless there shall have been set a p a rt and
shall exist as surplus profits a t least $1,000,000. (c) The pref. stock cannot
be Increased w ithout consent of 75% of the outstanding pref. (d) The
pref. stock, or any p art thereof, m ay be redeem ed a t any tim e out of the
net surplus profits a t $120 per share and accrued dlvs. (e) T he cor­
poration shall n ot m ortgage or encum ber Its real or personal p roperty w ith­
out the consent of th e holders of a t least 75% of the outstanding pref. stock.
(/) The corporation shall, o u t of Its surplus and net profits after provision
for all accrued dlvs. on the pref. stock, retire a t not to exceed $ 1 2 0 per
share the said pref. stock In Installm ents, so th a t a t least $500,000 thereof
will be retired on or before Ju ly 1 1921, and the rem ainder In Installm ents
of not less th an $500,000 during each of the five-year periods successively
following Ju ly 1 1921.— V. 92, p. 1181.

1377

to all co n su m ers o p e ra tin g e le c tr ic m o to r s, a n d to all u sers of
elec tric lig h t w h o se b ills e x c e e d $25 m o n th ly . T h e m od ifi­
c a tio n o f p re se n t sch e d u le s w ill, th e co m p a n y s ta te s , resu lt in
a sa v in g to its cu sto m er s o f a p p r o x im a te ly $ 1 ,2 5 0 ,0 0 0 a n n u ­
a lly , a n d w ill a ffect a b o u t 8 5 % o f all cu rren t so ld to th e
p u b lic . T h e U n ite d E le ctr ic L ig h t & P o w e r C o. h a s m a d e
th e sa m e re d u c tio n .

The reduction, it Is stated . Is m ade In accordance w ith th e policy of
reducing prices to sm all as well as large consum ers as rapidly as m ay be
w ith larger grow th and an extended scale of operation, w ith iti
asconsistent
a tten d an t economies. The com pany Includes the supply of stan d ard Incan­
descent lam ps and a large am ount of Incidental service. T he m axim um
cost of electric current, even to the sm allest consum ers, is now substantially
less than 10c. per k. w . hour, which Is th e legal rate In this city .— V .90.p.562.

H o c k in g V a lle y P r o d u c ts C o., C o lu m b u s, O h io .— Presi­
D an iel R . R ea g a n of T erre H a u te , I n d ., h a s boon
e lec ted P r e sid e n t o f th e co m p a n y , th e p ro p osed su c ce sso r o f
th e C olu m b u s & H o ck in g Coal & Iro n C o., p er p la n V . 9 1 ,
p . 874; V . 9 2 , p . 3 2 5 .

O berlin ( 0 .) G a s & E le ctr ic C o .— Receivership.— O n M ay 2
on c o m p la in t o f th e W e stin g h o u se C o ., G eorge F . H a rt,
T reasu rer o f th e C levela n d S a v in g s & T r u st C o ., w a s m ad *
rece iv er o f th e p r o p e r ty . C om p are V . 8 7 , p . 742 .
P a r so n s P u lp & L u m b er C o ., P a r so n s, W . V a ., a n d P h ila ­
d e lp h ia , P a .— Bonds— Earnings.— T h e U n io n T r u st C o. o f
D e tr o it is offerin g a t p ar a n d in t. a b lo c k o f th e 1 st M . 6%
serial tim b e r b o n d s, u n c o n d itio n a lly g u a ra n te ed (p . & i.)
b y W m . W h itm er & S o n s, I n c ., o f P h ila d e lp h ia .

Of the authorized bond Issue of 53,800,000, S105.000 bonds have bee»
retired and canceled: 5500.000 can be Issued only In acquiring additional
tim ber and im provem ents; reserved in treasury of W m . W h itm er & Sons,
Inc., $300,000; to tal bonds outstanding, $2,805,000.
Earnings J ot the Calendar Year 1910.
Sales (after freight, See.) $1,774,579 I Bond interest. Sec-------------- $222,062
Tin; new com pany has not, however, y et taken possession. No order of N et earnings (after taxes) - 583,423 |Sinking f u n d .. ......................
32,877 (Surplus____________________ 216,812
sale lias been entered.— V. 92, p. 466.
O ther Income------- - See also V. 90. p. 450.
H o lto n P o w e r C o ., R e d la n d s, C a l.— Bonds Offered.—
P e n n sy lv a n ia C an al C o.— Foreclosure— Protective Com­

dent.—

Isa a c S p rin g er & C o., L os A n g e les, in M ay 1911 offered
8 1 0 0 ,0 0 0 1 st M . g old 6 s, p art o f a to ta l is s u e o f 5 0 0 ,0 0 0 , d a ted
A pril 1 1907. I n t. (J .& J .) a tC itiz e n s ’ N a t. B a n k , R e d la n d s.
T h e b o n d s offered m a tu re from 1919 to 1 9 3 7 . P a r 8 1 ,0 0 0 .
S o u th e rn T ru st C o., L os A n g e les, tr u ste e . A circu la r say s:

mittee.— S am u el R e a , a s s u b s titu te d tr u ste e , h a s b ro u g h t su it
in th e C om m on P lea s C ou rt, N o . 5, P h ila d e lp h ia , to o b ta in
a u th o r ity to sell th e rem a in in g p ro p er ty o f th e co m p a n y ,
d istrib u te th e p ro ceed s o f sa le a n d a lso th e fu n d o n h an d
a sale o f a p ortion o f th e p ro p er ty a n d p a y m e n ts in to
Owns two w ater-pow er plants a t IloltvlU c—one of -100 h. p. and one of from
1 000 h p., am i a contract calling for w ater enough to generate about 3,000 th e sin k in g fu n d .

h* p.; a steam plant a t E l Centro of 400 h. p. and another building of 1,000
h . p., both to be used as auxiliaries: lee p lan t a t El C entro; shop and
office building; the H olton Inter-U rban R y . Co. and the El Centro w ater
system s, besides real estate valued a t about $200,000. T otal assets valued
a t $1,081,979. Earnings for past year about $225,10G; oper. exp., $141,­
692; net earnings, $84,474, or alm ost three times the Interest charge. L ast
year’s business Increased 42% .— V. 91, p . 1516.

I n to r -S ta to S te a m sh ip C o .— Called Bonds.— T h e S afe
D e p o sit & T r u st C o. o f P ittsb u r g h , tr u ste e , g iv e s n o tic e th a t
50 5% b o n d s fo r 8 1 ,0 0 0 ea c h , d a te d J u n e 1 1900, th e n u m ­
b ers ra n gin g b e tw e e n 37 a n d 4 7 1 , w ill b e p a id o n J u n e 1, w ith
in te r e st to d a te .— V . 8 6, p . 1 47 0.
K a n sa s N a tu ra l G a s C o .— United States Supreme Court
Holds Oklahoma Law Unconstitutional.— T h e U n ite d S ta te s
S u p rem e C ou rt o n M ay 15, b y a d iv id ed v o te , a ffirm ed th e
d ec isio n o f th e lo w er co u rts h o ld in g in v a lid th e O k la h o m a la w
restra in in g th e p ip in g o f n atu ra l g a s to p o in ts w ith o u t th e
S ta te on th e grou n d th a t it in terfered w ith in tc r -S ta te co m ­
m erce. J u stic e M cK en n a w ro te th e p re v a ilin g o p in io n ,
J u stic e s H o lm e s, L u rto n a n d H u g h e s d isse n tin g . C om p are
V . 9 2 , p . 1 03 6, 006 .
K o k o m o (I n d .) P u b lic U tilit y C o .— Guaranteed Bonds.
F . R . M cM ullin & C o ., C h icago, a re offerin g a t 92 a n d in t
n e ttin g a b o u t 5% % in c o m e , th e u n so ld p ortion o f th e p re se n t
issu e o f 8 1 5 0 ,0 0 0 1st M . 5% 2 5 -y e a r g old b o n d s, p ar 8 1 ,0 0 0
e a c h , d u e M ay 1 1936, b u t ca lla b le a t 105 a n d in t. on a n y
in t. d a te . P rin cip al a n d in te r e st g u a ra n te ed b y en d o rsem en t
b y a u th o r ity o f th e sto c k h o ld e rs a n d d irectors of tlu: K o k o m o
M arion & W estern T ra ctio n C o. (see V . 8 3 , p . 1 09 8, a n d
p . 62 o f “ E l. R y . S e c .” ). I n t. M . & N . a t U n io n T r u st C o .
o f In d ia n a p o lis, tr u ste e.

D igest of B ankers’ S tatem ent.
Incorporated In Indiana and operates under a 2o-year iranonlso. ju st
granted, am i a t the opening of the heating season (Sept. 15 1911) will sup­
ply to consum ers from Its central heating p lan t steam for heating and aomcstlo purposes In the principal business and residential districts of Kokomo,
serving a population of over 17,000. 'Hie p lan t, by agreem ent, W ll be
operated in conjunction w ith the adjoining power plant of the Kokomo
M arion Sc W estern T raction Co. T he T raction com pany owns the entire
(nominal) capital stock of the U tility Com pany, and also owns and operates
th e electric railw ay and electric light and power plant In Kokom o and the
electric railw ay from Kokomo to M arlon, Ind ., 28 miles, on private rightof-w ay. I t Is also preparing to build an electric railw ay from Kokomo to
F rankfort,
., 25 miles.
^ can only be Issued,
A uthorizedIn dbonds,
$300,000; the rem aining $150,000
for extensions or betterm ents on a basis of 80% of cost.
Earnings of Kokomo M arion & Western Traction Co.
1908.
1910.
1909.
$199,175
$233,863
$261,485
Gross incom e--------- ----------106,645
134*317
N et Incom e________________
148,100
57,227
58,006
Bond Int., taxes and m iscellaneous.6 0 ,8 10
$49,418
$87,290
$75,711
20,253
20,253
Depreo. fund, established 1909
^ ............................................................
..................................
$49,418
$55,458
$67,037
Surplus
T he'net earnings of the U tillty C om pany^it is estim ated, will show $ 18,000
for season of 1911-12 (or over 2 M tim es Interest requirem ents), w ith an esti­
m ated average Increase for the first five years of $3,500 per annum .

M iller & V id o r L u m b er C o ., G a lv e sto n . — New Officers,
A c .— T h e fo llo w in g ch a n g e s w ere re c e n tly a n n o u n c ed :

There arc outstanding 51,948,000 bonds, the principal of which m atured
on .July 1 1910, but rem ains unpaid, of which $384,000 are held by the
Pennsylvania H R . T he trustee alleges th at the Pennsylvania H R . also
holds unpaid coupons am ounting to $3,084,570, and th a t there Is only $433,­
014 available for paym ent of the coupons and bonds and the C ourt is asked
to provide for th e paym ent of these coupons ahead of any to holders or
the bonds.
#
,
, .
,
A protective com m ittee of bondholders has been form ed, consisting of
Jay Cooke 3d and John Cadw alader of Philadelphia, and E dw ard Bailey,
P resident of the H arrisburg N ational Bank. Deposits are asked w ith the
P hiladelphia T ru st, Safe Deposit & Insurance Co. under the term s or a
protective agreem ent, $5 to lie paid for every bond deposited, lim e for
deposits expires Ju ne 1, b ut Is subject to extension. No further assessm ent
will be m ade unless recom m ended by the com m ittee and approved by a
m ajority In am ount of the bonds deposited.
The com m ittee claims th a t th e funds on hand and the proceeds of any
sales should be applied tow ards p aym ent of the principal of the bonds.
T he railroad com pany states th at It has purchased th e coupons as called
for by the endorsem ent on the back of the bonds which required It w ithin
30 days after the failure of the Canal com pany "to purchase the said cou­
pons a t their p ar value from their respective holders on presentation
thereof," and th a t as they have n o t yet been paid they arc still an unsatis­
fied judgm ent ahead of the bonds. If the C ourt bolds th a t the coupons
have been paid rath er than purchased their lien will not rank ahead of the
bonds. Depositing bondholders will share pro ra ta after the deduction of
the com m ittee’s expenses In any funds which m ay be aw arded. A num ber
of trustees representing estates have. It Is said, signified their intention of
depositing their bonds.— V. 91, p. 157.

P e n n sy lv a n ia & N e w Y ork T elep h o n e & T e le g r a p h C o.—
S ee B ell T elep h o n e o f P e n n sy lv a n ia Co. a b o v e .—
V . 7 7, p . 2 3 9 4 .
P h ila d elp h ia L o c o m o tiv e W o r k s .— Re-incorporation of Baht­
in Locomotive Works.— A p p lic a tio n , it is a n n o u n c e d , w ill
b e m a d e a t H arrisb u rg on J u n e 7 for th e in corp o ra tion of
th is c o m p a n y a s su ccessor, it is u n d e r sto o d , o f th e B ald w in
L o c o m o tiv e W o rk s. T h e a p p lic a n ts a re Itu d u lp h E llis,
C h arles S . W . P a ck a rd , E c k le y B . C oxe J r ., A lfred C. H a rri­
so n a n d H erm an D er cu m .

Sale.—

Tile new com pany, it Is com m only reported, will have 510.000,000
capital stock, half com m on and half preferred, and will huy o utrig ht the
property or the entire 520,000.000 stock of the Baldwin Locom otive W orks.
The 510.000,000 Baldwin Locom otive W orks 1st M. os and the 51.o00.000
S tandard Steel W orks 1st M. 5s will be left undisturbed, m aking a total
eapltnllzatlon of 554.500,000. based. It Is said, upon earnings ranging from
54.000,000 to 50,000.000 net per annum during th e p ast live years. Com­
pare V. 82, p. 1 105. 1245.

P la z a O p era tin g C o.— First Dividend on Common Stock.—
A n in itia l d iv id e n d o f 1% h a s b een d ecla red on th e $ 3 ,3 5 0 ,0 0 0
o u tsta n d in g co m m o n s to c k (o f w h ic h th e U n ite d S ta te s
R e a lty & Im p r o v e m e n t C o. o w n s $ 1 ,0 6 8 ,4 0 0 ), p a y a b le
J u n e 1 to h old ers o f record M ay 2 5 .

The dividend Is said to be declared In view of continued good business.
A surplus and reserve account of 51.141,000 has been accum ulated. There
Is also 52,500,000 0% cum ulative preferred stock outstand in g.— V. 91, p.
1028.

P u b lic U tilitie s C orp oratio n , B o s to n .— Notes Offered.—
J a c k so n & C u rtis, B o sto n a n d N ew Y o r k , are o fferin g a t par
a n d in t. th e u n sold p ortion o f $ 5 0 0 ,0 0 0 se c u r e d 6% g old n o te s,
d a te d M ay 1 1911 a n d d u e $ 1 5 0 ,0 0 0 M ay 1 1914, $ 1 5 0 ,0 0 0
M ay 1 1915 a n d $ 2 0 0 ,0 0 0 M ay 1 191 6, b u t ca lla b le , all or a n y
p a r t,o n a n y in t. d a y a t 102 Yj, a n d in t. O ld C olon y T ru st C o.,
B o s to n , tr u ste e . I n t. M . & N . T h e b an k ers s a y in brief:

A security holding com pany Incorp. In Me. In 1910 by Interests closely
allied w ith General Electric Co. C apitalization, all Issued: 5500.000 pref.
stock (callable a t 110), paying regular dividends of 7% per arm , and $1.­
000.000 com mon stock; par of ail shares SoO. No bonded debt. Collat­
eral for these notes (subject to change with approval of trustee): 575.000
com mon stock of Consol. Gas E l. I.t. & Power Co. of B altim ore: 587.500
pref. stock of S tandard Gas & El. Co.; S50.000 stock of D etroit Edison Co.:
com m on stock of O kla. Gas & E l. Co.; 5100,000 pref. stock o
N a tio n a l S u g a r R e fin in g C o . — Meeting Adjourned.— T h e 5100,000
orthern Idaho tc M ontana Power Co.: 580,000 stock of W ashington W ater
a n n u a l m e e tin g w a s a g a in ad jou rn ed o n M ay 17 to O ct. 18 NPower
Co.: 5100,000 common stock of Am. Power & L t. Co.; $50,000 com ­
stock of Cleveland E l. Ilium . Co.: $50,000 com mon stock of N at. Carbon
fo r la ck o f a q u oru m on a cc o u n t o f th e p en d en cy o f th e su it mon
• total m arket value now over 5G40.000, which mvist a t all tim es equal
b ro u g h t to in v a lid a te th e co m m o n sto c k h eld b y th e H . O Co
125% of the p ar value of notes outstanding. Dividend yield of above
collateral nearly $40,000. Pres.. M. I>. Clough; Scc.-Trcas.. W . F . Pope,
H a v e m e y e r e s ta te .— V . 9 2 , p . 7 3 0 , 6 6 6 .
19 Congress S t., Boston.

C. S. Vidor elected President to succeed A. W . Miller, resigned; K . Moore
was elected Vlce-Pres. and E . II. Green J r., See. The B eaum ont Lum ber
Co , Ben S W oodhead, Pres, and Gen. M gr., and the capital stock $150,000
(Increased from $ 1 0 0 ,0 0 0 ) has contracted to handle the entire o utp u t.
Com pare V. 91, p. 98.

N e w Y ork E d iso n C o. — Reduction in Rates.— T h e co m
n O o.— New President.— J o h n S . R u n n e lls, fo rm erly
p a n y a n n o u n c es a red u ction on J u ly I in its ra to s for V icPeu-Pllmr easid
e n t, lia s b een e le c te d P re sid e n t to su c ce ed R o b e rt
elec tric cu rren t in M a n h a tta n Isla n d a n d th e B r o n x , a p p ly in g




137S

THE CHRONICLE

T . Lincoln, who resigned on account of ill-health
Mr Lin
coin becomes Chairman of the board. Charles S. Sweet
has been appointed Assistant to the President__V
1114,265.
’
■
San Antonio (Tex.) Water Supply Co •— B onds O ffered .—
A. G. Edwards & Sons, St. Louis and N. Y ., and Win. A.
Read & Co., Yew York, &c., are offering by advertisement
on another page, at 01 and int.. yielding about
income,
ia
an? *efu“ dlng lu tSe - 5% sinking fund gold bonds dated
1908 and due Aug. 1 1933, but callable at 105 and int. on or
after Aug 1 1913. Mississippi Valley Trust Co., St. Louis
trustee. Authorized, 82,500,000; outstanding, §1,047,000
in t. h . & A. in N. Y. and St. Louis. Par 81,000 c*. The
bankers say in substance:

[V O L . LXX X X II.

United States Gypsum Co., Chicago.— R eport.— For years:

Calendar Net
1910ar~ s W f x

1 9 0 9 :::’ *437:783

Bond

'l o .’T o

Repairs,
a.

Bond
In L ’ &c'

P ref
*>” •'

* !? $ !

*126,784

Balance
S u r .o r D e .

“ M

’J J f

United States Realty & Improvement Co.— Increase in
Plaza Operating Co. above.— V. 92,
p. 799, 468.
United Wireless Telegraph Co.— D ecision .— 'The United
States Supreme Court on May 15 held President Christopher
O. Wilson to be in contempt of Court in refusing to deliver
the company’s letter press books for the inspection of the
hedcral Grand Jury in this city last fall on the ground that
it might incriminate him to do so.

Other Incom e.— See

oltS'T!!STanrlL OPoC1'a t?s ,a w ater-w orks system In San A ntonio, the largest
contraetTwW?h o.PrPlS,?^
atelyextending
100 ,000 tounder
counsela. !,0Pulatt°n
believes to fbet approxim
irrevocable,
1013;a
a11 Property now owned or hereafter acquired subrm irenfent
^n
1922■ now callable a t p T a n d Whose
retirem
ent isl,°provided
for boI?ds
under ?„ue
the lnm ortgage.
Earnings for Calendar Years—
19 10
1908
£™ ss earnings . ................................
5317,3681909.
$271,924
N et earnings (after tax es)____________ §231,466 $310,817
§208,150
§180,273
Interest on prior 6% bonds_________
59,940
59,940
59,940
N et applicable to Int. on 1st & ref. 5s $171,526 $148,210 $ 1 2 0 , 3 3 3
The available net earnings for 1910 were thus In excess of three tim es
present interest ($52,350) on the 5% bonds. U nbroken dividend record
since 1894, 6% per annum having been paid regularly since 1906. Capital
stock now $1,500,000. The cum ulative cash sinking fund of $24,000 per
annum , beginning Aug. 1 1913, will, It is estim ated, retire a t least $808,000
or the 5% bonds by m atu rity . W ater supply draw n from 16 artesian wells
located a t three pum ping stations, com bined pum ping capacity 50 million
gallons per day: avg. dally consum ption In 1910, 12.630,000 gals. Distrib­
uting pipe system , 258 miles.— V. 91, p. 218

fcm lanr CrnnuFhn^V
Prevailing
opinion,a personal
said th a tprivilege
the dcrenuant
could not wh°i
underwr.'tt0
the ‘I10
circum
stances assert
as the books belonged to the com pany, and the latter owed a d uty to the
G overnm ent to produce the sam e. Justice M cK enna dissented.

— O ffering o f P ref. Stock Convertible into Standard Preferred.
See Western States Gas & Electric Co. below.— V 92

forTcop
p erIn
lOiolo am
'S nid 13
IT 1-3
1° i'?cents
PUttC^In 1909.tllu Inbas'1909
la of the
a t>out*12
cents
ior
copper
in lu
income1-3
rmm
tin*
no?TnomdScd'm a n y ^ ? v ? y .-v “ p ^ n s T 1''11 ConsoUdatod c °PPer c <>' ,s

Standard Oil Co. of New J e rse y .— U nited States Suprem e
Court Orders D issolution o f C om pany W ith in S ix M o n th s .—

er,,

Standard Gas & Electric Co. (of Delaw are), Philadelphia

1037, 900.

’

he United States Supreme Court on Monday, by a unani­
mous vote, affirmed the decision of the lower Eederal Courts
,n favor °f the Government in the suit brought by the latter
to dissolve the company on the charge of violation of the
Sherman Anti-Trust Law of 1890. The dissolution, how­
ever, is to be effected within six months under the terms of
t he mandate to be issued by the highest Court, instead of
thirty days, as specified in the decree of the lower courts.
Chief Justice Edward D. White wrote the prevailing opinion.
Justice Harlan concurred in the result but not in the rea­
soning of the remainder of the Court, who held that the
prohibition of the Sherman Law applies only to unreasonable
contracts or combinations in restraint of trade, and wrote
a strong dissenting opinion in explanation of his views. An
editorial discussing the matter at length will be found on
other pages of to-day’s “ Chronicle.” — V. 92, p. 799, 122.
t

Union Stock Y ards Co. of Omaha (South Om aha), L td.

B onds — E a rn in g s. —The 85,000,000 5%

1st M. bonds referred
to last week, of which 8700,000 are now offered to the
public, are dated May 1 1911 and due May 1 1931 (int
M. & N .), but callable on any int. date at 105. Trustees,
the Continental & Commercial Trust & Savings Bank of
Chicago and Frank H. Jones.

Earnings fo r Years ending N ov. 30.
Gross. Expenses. Net. D ivs.(6% )Bal.,Sur.
l o n l 'i S ----------------------- 3878,812 ?424,254 3454,558 3449,766 34,792
1908-09
-----8.)4,083 384,796 469,287 449,768 19,521
President, R obert J . D unham , A sst. Trcas. of A rm our & Co.
The present issue of 8700,000 bonds is offered privately
at par and int. by the First Trust & Savings Bank, Chicago.

A bstract of Letter of President R. J. D unham . C hicago, Alay 4 1911The 3700,000 bonds arc a tlrst m ortgage on all our property now owned
or hereafter acquired for stock yards purposes. Including all additions to
our railroad pro p erty . This Includes our stock yards located a t South
O m aha, Douglas Co., N eb., covering approxim ately 220 acres together
w ith all buildings thereon, and 34 miles of railroad, w ith its cnulum ent
T he rem ainder of the 35,000.000 bonds can only be Issued for additions anti
Im provem ents under carefully guarded restrictions.
Balance Sheet N ov. 30 1910.
Assets ($8,214,865)—
Liabilities (38,214,865) —
R eal c st., H R . prop., &c_$7,932,182 C apital
stock, authorized,
In v e s tm e n ts ____________
5 , to o
S7,500,000; Issued_____ 37,496,100
A ccounts receivable_____
86,892 Bills
p
a
b le ------------------ 370,000
Feed and supplies_______ 135,161 S u r p lu sy -a......................
348,765
Prepaid insurance & ln t._
15,216
Cash ........................................
40,314
The earnings for the year ending N ov. 30 1910 were: Gross, $878,812;
expenses, $342,253:nct,$554,559. The assets arc over 10 times the am ount
or the outstanding bonds, our only Indebtedness, while the n et earnings
arc In excess of 15 times the interest charge. The com pany has paid divi­
dends on Its outstanding capital stock since 1885, for the past 14 years at
6% per annum . T he present Issue will be used to pay the floating debt and
tor additions and Im provem ents. Ample Insurance to protect the bond­
holders Is carried on all the property. The pens have vitrified brick or con­
crete floors: all streets and roadw ays are paved w ith vitrified brick, and the
pensbycontain
running
w aterof and
feed troughs. D rainage Is well taken care
of
a com plete
system
sewers.
in
y»arils lias been continuous since they were established
lV f in n ih in the^ now havc a ,( Ially capacity of 30,000 cattle, 40,000 hogs and
hn-inSS
hiU™ rCCC A? tsrmfor
shccP& for
year 1910
were Co.
the
largest 1nGnnr
In our history.
our & Co.,an(iSwift
Co.,theCudahy
Packing
and the O m aha I acklng Co. all have large plants located a t these yards.
Ih o location Is convenient to the W estern ranges, which furnish yearly
alm ost unlim ited supplies of cattle and sheep, and also in the centre of the
corn belt, th a t furnishes feed as well as a m ark et for stock
(Directors: R. J. D unham , President: J. D. Creighton,' V ice-Prcsldcnf
C. F. M anderson, Samuel lMcRoberts, R . C. Howe, Lee W S nratlen f ’
II. Davis, Thos. 13. M cPherson, V. B. Caldwell. The Sec. and T rcas Is J
C. Sharp.] See also V. 92, p. 1315.
rtu s ' 8

C rim inal S u it .—Inthesuit for criminal misuse of themails
in spreading false and misleading statements brought by
U. b. District-Attorney Wise against five officers of the
company, has been on trial before Judge Martin in the
U. b. Circuit Court in this city for two or three weeks. ViceT ,,nnt
®- Bogart pleaded guilty on Alay 17.
—~V. UU, p. 1682.
Utah. Copper Co.— E arnings. — For the 3 months ending
March 31 (see also Annual Reports):
„
1910.
1909. I
Gross pro-lbs.21,200,709 18,511.819 (Total net prof

R cnts™ ic

: S7! I ’ggg

"S M 58

1010

3 1 17 4 508

1009.
3871,058

P “ > 8 --- L lV lio s® N ot given

Nev. Cons. divs. 375,187 See below! Net surplus

W estern States Gas

& Electric Co. of D elaw are. — P ref.
Convertible into Pref. Stock o f S tandard Gas
Electric Go P rior to J u n e 1 1916.— White, Weld & Co.,

A
), w J orkand Chicago,are offering at par and accrued dividend
the unsold portion of 81,800,000. 7% cumulative pref. stock.
Authorized 810,000,000; outstanding 51,800,000; preferred
as to assets and dividends; redeemable at 115 and accrued
dividend on GO days’ notice. Dividends Q.-J.15. Cumula­
tive from April 1 1911.

Summary of Reports by II. At. Byllcsby and Sanderson & Porter.
p.nnmrm'nll,?,hTttlPiCa.
p,ltaloperating
st0ck, 0' tllc
esternandS tates
& Electric(V.
Co.91,
of
CMlfornla, whleh Is tile
comWpany,
is a Gas
consolidation
p. m s ) of the,H um boldt Gas & Electric Co., the A m erican R iver Electric
Hnn (V.
rv 88,
*s p.V 886)
i i ? ? ’and
V 't 8,7,’
■ thoL ight
S tockton
& E(V.
lectric
tlon
the P.;,1111
R ichm ond
& PowGas
er Co.
91, p.Corpora1517).
Outstanding Capitalization o f the Delaware Company as It W ill Be Ju n e 1 1911.
stock, authorized, $10,000,000; outstand in g ...................... $1,800,000
TT«,ri1»viOIi st? ck' authorized, $5,000,000; o utstanding___________ 3,500,000
cos- lbcl|ig
FFirst
itst and refunding bonds dof? ryCalifornia
Co.,largely
a u th ., reduced]-----310,000,000 2,586,000
<V. 91, p. Ia78); outstanding........................1........... .
500,000
have
Bold notcs °! the California C om pany (V. 91, p. 1578)
ssue of m-ef itnofh ■
J,ln? 1 1 0 U ’ \vlth proceeds of tho present
bonds outstanding d Portion of tbe proceeds of tho 5500,000 refunding
• Ot th e refunding bonds, 531 1,000 are available for extensions and other
corporate purposes. No further issue of refunding bonds can he made
except as required to retire the underlying bonds, and for betterm ents and
rnViH?Vcmcnts
°* their reasonable cost, and when net earnings for a
charg^,°ifnc¥udlng‘tm nds't'o'bo3lSmed!*18 'mVC bt'CI1 a t luast twlce th0 1Ucd
Earnings of Underlging Cos. Years ending Feb. 28 1910 and 1911; Estimate
, for Year ending A p ril 30 1012.
m S n u ™ . ° aggrcsslvo
L b ?ndf rsonm anagem
* 1>0t'tcr.
if supported
desirable
additions and
extensions,
ent and
favorablebybusiness
conditions.]
n f f ars
1—
Feb- 28 '10. Feb. 28 'l l . A p r. 30 '12.
.......................................... 3607.547
3766,605 cst.SOIO.OOO
n S ^ yin;telnKS.a
ttc r oper- expenses------ 3381.247
3424,806 cst.S515,000
Bond
re st.------------------------------166,326
163,059 170,000
B al. (agst. present pf. dlv. $126,000) $214,921
$201,807 cst.$345,000
The estim ated earnings for the year ending April 30 1912 are a t the rate
of about 2 M tim es preferred dividend requirem ents, following tho expendi­
ture of $500,000 now being m ade for Im provem ents and additions, as well
as economics from consolidation.
The principal cities served arc Stockton, Richm ond and Eureka; popu­
lation of towns and suburbs approxim ately 62,000, showing a m arked in­
crease, in some Instances 100% In last ten years. As a whole, the territory
served by the com pany Is equal to any in California.
I he com pany m anufactures and distributes 14,650 h. p. (7,000 h. p.
from Its own hydro-electric anil 7,650 h. p. from its steam p lan ts), and has
advantageous contracts for power from other producing com panies; also
m anufactures and distributes gas In .Stockton and E ureka. Has no com>etltlon In Its retail business and the com petition as to large am ounts at
ow rates is expected gradually to decrease,
ih e W estern States Gas & Electric Co. of Delaware Is controlled by the
a ,s & M e tric Co., which has a cash Investm ent ln excess of $ 1 ,500,000i In the common stock of the Delaware Com pany. The S tandard
Gas oc Electric Co. Is ln turn controlled and operated by II. M. Byllcsby &
go . or em cago, who have been uniform ly successful In the m anagem ent of
gas and electric com panies. (V. 91, p. 1708; V. 02, p. 103, 601, 960, 1037 )
. aaattIO,na‘ Pref. stock m ay be issued by the em opany except when the
3 'Vn earnia£sl after paym ent of bond Interest shall have been twice the
prf /. dlvldeni1 charge, Including contem plated Issue, for 12 mos. preceding
nf hSiC,.?J?f/*®tock. 18 convertible a t any tim e prior to June 1 1916 a t option
prV'f‘ stock of the S tandard Gas & E lectric Co., a t rate of $ 1lo
i?tates £*a-s * Electric Co. pref. stock for $100 S tandard Gas &
EI“ t Co; prof, stock, with adjustm ent of Interest.
,„,UKla>ra Gas & Electric Co. Is now paying dividends on Its pref. stock
T,,
T n i , . / P cr annum . Is earning in excess of th at rate, and after
JUv°
o'»IP
v . ju
, p. 1184,dividend
981. will be cum ulative a t the rate of 8% per annum

W estchester Lighting 0o.— L isted .— The N. Y. Stock Ex­
change recently listed 82,481,000 additional 1st M. 5s,
due 1950, issued on account of extensions and additions
and retirement of 895,000 bonds of New Rochelle Gas
& l'ucl Co. due Jan. 1 1908.

Guarantg Stamped on Bonds Just Listed and Executed bg Consol. Gas Co.
w l ' S su.a n l,t? thl: term s of an agreem ent dated Ju ly 12 1904 betw een the
.te rT1'llthtl,‘K
th0 Now
York & W estchester
Lighting
Co , and
the
U nited Box Board Co.— R eports.— See “ Annual Reports.” I?n T C^ Gas
provemCo"
ent Co.,
the Consolidated
Gas Co. of
New York
New D irector. — H. Grossman has been elected a director to w „ h ? ntral T,Imust
Co- Ht Now Vork. the Consolidated Gas Co of New York
succeed J. E. Otis, who resigned.
r .lv h ^ T ,v ! nT H ,a ?,d ?*rccs ‘“ .pay the w ithin bond of the W estchester
eri tll.,T Intw cst thereon. When and as the sam e fall due reFrederick Davenport has been elected Vice-President to
l p,1<; directors of the Consol. Gas Co. voted Ja n . 5 lu ll to
m a „ v e ,ti le President and Vloe-Prcsidcuts to execute this g u aran ty .— I'M. ]
succeed T. C. Adsit, who resigned.— V. 91, p. 1578.
m e holders of previous issues of these bonds m ay liavo tho guaranty



May 2 0

1911.]

THE CHRONICLE

stam ped thereon and executed by the Consolidated Gas Co. of New York
by presenting the sam e a t the N at. City Hank of New Y ork, 55 W all S t.

E a rn in g s, & c .—See

“ Annual Reports” .— V. 92, p. 1242.
Westinghouse, Church, Kerr & Co., New York .— Jo h n E .
Wallace now P resident .— Chairman John F. Wallace, formerly
Chief Engineer of the Panama Canal, has also assumed active
charge as President.

N. W . H alsey and F. Q. Brown of New York, George W estinghouse and
J . R . McGlnley of Pittsburgh and H om er Coring of Boston have been
elected directors. Mr. W allace Is also President of the E lectric Properties
Co.—V 90 p. 1018.

1379

g jfr i (j^ m m iije ra a l g x m jc s.
COMMERCIAL EPITOME.

F rid a y N ight, May 19 1911. •
Now that the Standard Oil case has been disposed of by
the U. S. Supreme Court, there is less apprehension about
the Tobacco decision yet to be rendered, and the tone in
business is rather more hopeful. Crop outlook continues good,
LARD has declined; prime Western here 8.35c.; City 7.75c.,
refined for the Continent 8.55c., South America 9.60c.,
Brazil in kegs 10.60c. The speculation in lard has been at
lower prices in sympathy with a decline in hogs and a set­
back in the prices of pork and ribs, both of which have been
aggressively sold for “ short” account. Prominent stock
yard operators have sold ribs in particular on a large scale.

— The Engineering Securities Corporation, 43 Exchange
Place, N. Y. City, offers to sell to bankers entire issues of
mortgage bonds and preferred stocks of approved public
utilities. The corporation buys whole blocks of electric
railway, electric power and light, hydraulic power and gas
companies of the highest efficiency, and earning power, and
DAILY CLOSING PR IC ES OF LARD FU T U R E S IN NEW YORK.
then sells these securities at wholesale prices to bankers.
Sat. M on. Tues. Wed. Thurs.
F rt.
The corporation’s advertisement in to-day’s “ Chronicle” M ay delivery___________ 8.24
8.23 8.15
8.10 8.15
8.05
Ju
ly
delivery___________
8.27
8.28
8.20
8.20
8.17
8.10
solicits confidential correspondence from bankers who are
D
AILY
^CLO
SIN
G
PR
IC
ES
OF
LARD
FU
T
U
R
E
S
IN
CHICAGO.
interested in the purchase of public utilities. J. G. White
Sat.
M on. Tues. Wed. Thurs. F rt.
is the President, Frederick II. Reed and George T. Ordway May delivery___________ 8.15
8.17 8.05
8.05 8.00
8.00
Ju
ly
delivery___________8.20
8.20
8.10 8.12 H 8-05
8.05
are Vice-Presidents, R. B. Marchant, Treasurer, and Henry
PORK
on
the
spot
has
been
dull
and
lower.
May
pork
P. Du Bois Secretary.
— The International Cable Directory Co., 59 Pearl St., in Chicago has latterly fallen to $15 25. Mess hero $17 75@
New York, have issued the 14th annual edition of the $18, clear $16 50@$17 50 and family $19. Cut meats have
International Cable Directory of the World. The contents been in fair demand and about steady. Pickled hams 11 @
of the Directory, being listed in English, German, French 12 c., pickled bellies, clear, llj^ @ 13> ^ e. and pickled ribs
and Spanish, enhances the international character of the ll@ 1 2 j^ c . Beef has sold to only a small extent at current
work. That the book is recognized as a standard reference quotations; mess $13 50@$14, packet 814@814 50, family
is attested by the fact that it has been officially designated $13 50@$14 50 and extra India mess $22@$22 50. Tallow
by the State Department of the United States Government 5 15-16c. for City, with a small trade. Stearines have been
and placed in all embassies, legations and consulates for the in moderate demand at easier quotations; that is, 7 L3 @ 8 c. for
oleo and 9J^@ 9% c for Now York lard. Butter steady with
use of the public.
good demand for medium grades; creamery extras 2 1 c.,
— The bond house of Louis Sloss & Co., San Francisco,
will open a branch shortly in the new Nicolaus Building, firsts 2 0 @ 2 0 'A c. Cheese dull, with receipts of new accumu­
Sacramento, so as to be in a position to take care of its rapidly lating; State, new, whole milk, colored, fancy, 10%c.; old
increasing business in the Sacramento Valley. It is interest­ lSJ-fjC. Eggs steady; Western firsts 17@19c., with fairtrade.
OIL.— Domestic linseed has been in fair demand at un­
ing to know that this old-established firm, which only
recently added a bond department to its business, had its changed prices; City, raw, American seed, 92@93c.; boiled,
beginning in Sacramento in 1852 and now returns to the 93@94c. Calcutta, raw, $ 1 . Cottonseed has been firm but
Capital City nearly sixty years later. Eugene R. Ilallett is the demand has not been brisk. The speculation has reached
Manager of the firm’s main office in the Alaska Commercial fair proportions; winter 6.10@6.42c., summer white G.50@
7c., crude 5.27@5.47c. Coeoanut has been firmer; Cochin
Building, San Francisco.
$ M @ 8 % c., Ceylon 843@8Vgc., with a fair business. Corn in
— Oliver Runnclls, son of Vice-President Runnells of the routine demand at 6.10@6.15e. Olive quiet at 88@90c.
Pullman Company, will become associated with Babcock, Lard has continued quiet; prime 75@90c., No. 1 extra
ltushton & Co. on July 1. Present partnership will be dis­ 54@56c., Newfoundland 57@ 58c.
solved and new one will be formed to include Orville E.
COFFEE on the spot has been quiet but firm; Rio No. 7,
Babcock, Joseph A. Rushton, Oliver Runnells, John II. l l % @ V 2 c . ; Santos No. 4, I 2 ^ { ® l 2 l i c . Speculation in
Holden and Emanuel Beranek. W. J. Louderback, who has coffee has been light and for a time prices receded. Later,
been special partner for some time, will retire.
bull support and a little covering caused a rally. The crop
— The Federal Bank Note Co., Chicago, is a comparatively prospects for both Brazilian and mild coffee are considered
new corporation which is rapidly gaining a reputation for good, while prices are about 4c. higher than a year ago. The
excellent work in its line. Its President, L. G. Muller, was high prices have caused some falling off in the consumption
long associated with the late President Cheney of the Co­ but powerful interests are supposed to be arrayed on the bull
lumbian Bank Note Co., while the Vice-President and side. Covering of shorts and manipulation account for the
Treasurer, II. A. Planz, was for thirty years with the West­ rise of the last few davs.
u ary . - 10.27@ 10.28
ern Bank Note Co.
M ay _____ 10.60,; 10.62 Septem ber 10.51(7 10.52 Jan
.10.28(^10.29
10.60(<i 10.62 O ctober__ 10.34 <:* 10.35 February
— Wm. C. Crawford announces the opening on May 1 of JJ uu nl ye _____
arch ____10.30@ 10.32
...........10.656] 10.67 N ovem ber 10.346 10.35 M
an office at 214 East German St., Baltimore, to conduct a A ugust — 10.59 (« 10.66 December 10.27(< 10.28 A p ril_____10.31 (•. 10.32
general investment business in Government, State, munici­
SUGAR.— Raw has been quiet with refiners apparently
pal, railroad and corporation securities. The Baltimore pretty well supplied. Centrifugal, 96-degrccs test, still
office of William A. Read & Co. of New York, which had 3.80c.; muscovado, 89-degrees test, 3.36c.; molasses, 89been under his management, has been discontinued and degrees test, 3.11c. Refined quiet. Granulated 4.90c.
that firm will bo his correspondents.
Teas quiet but steady. Spices steady.
PETROLEUM.— Export demand good. Refined, barrels,
— John H. Wrenn, the well-known Chicago broker, died
at the residence of his son in Los Angeles on the 13th inst. 7.25c.; bulk 3.75c. and cases 8.75c. Gasoline, 8 6 degrees, in
Mr. Wrenn retired from business last December on account 100-gallon drums, 18%c.; drums $ 8 50 extra. Naphtha,
of ill health. The firm of which he was originally a member 73@7G degrees, in 100-gallon drums, 16%c.; drums $ 8 50
was organized in 1803 under the name of Tyler, Ullman & extra. Spirits of turpentine 63 A c . Rosin $7 15@$7 20 for
Co., and it was succeeded in turn by Tyler, Wrenn & Co., strained, common to good. Hops firm but quiet.
TOBACCO.— There has been a fair demand for binders
Wrenn & Brewster, Walker & Wrenn and J. H. Wrenn & Co.
— F. R. McMullin, Chicago bankers and dealers in invest­ from manufacturers, but, taken as a whole,the trade in to­
ment securities, have removed from The Rookery to an ele­ bacco is unquestionably quiet. Manufacturers who are pur­
gant suite of offices on the 18th floor of the new Harris Trust chasing binders are, it is noticeable, taking leaf in the smallest
Bldg. In our “ Investment News” columns will be found possible quantities. Also, it looks as though in some in­
notice of a $150,000 1st M. 5% 25-year gold bond issue of the stances prices may have been shaded a trifle, although the
Kokomo (Ind.) Public Utility Co. which this firm is bringing better descriptions of binder are comparatively steady. Su­
matra tobacco in the meantime is quiet, the high prices act­
out.
ing as a deterrent on anything like free purchases, despite
— The National City Bank of New York is offering Florida the fact, which nobody disputes, that the quality is dis­
East Coast R y. Co. first mortgage 4^sj% bonds at the market tinctly desirable. As regards Cuban tobacco, there arc no
price, yielding an income of approximately 4.00% . The new features; the demand is merely to meet ordinary trade
not earnings are showing a steady increase, and now amount requirements. The Tobacco case has not yet been decided
to about 3 times the interest charges on this issue.
by the U. S. Supreme Court, but an early decision is very
— The firm of Bodell & Co., Providence, R. I., announces generally expected.
.
that in order to serve its clients in Eastern Massachusetts to
COPPER has been rather firmer, partly in sympathy with
better advantage it has opened offices at 35 Congress St., the speculation in standard copper, which has been more
Boston. Henry W. Geig, Joseph T. Gilman and Edwarci active. There is renewed talk of a copper merger. Lake
Angicr are the firm’s representatives in Boston.
12J^c. nominal, electrolytic 12J^@12>4c., standard 11.75c.
— An address by H. M. Byllesby, of Chicago, de­ Tin has been more active at rising prices here and in London;
livered April 7 before the Wharton School of Finance and spot 43@43>^c., June 43c. Lead firm at 4)^c. Spelter
Commerce, of the University of Pennsylvania, has been 5.40c. Iron more active for pig and the tone more cheerful
published in pamphlet form. The subject is “ Securities of after some reported shading of prices. No. 1 Northern
$15 25@S15 50 nominally, No. 2 Southern S15 25. Fin­
Water-Power Companies as Investments.”
—The Wm. R. Staats Co. of Los Angeles and Pasadena. ished material has met with a somewhat better demand,
Cal., have issued a new circular, No. 182, describing various partly from railroad companies. Inquiry for 30,000 tons or
municipal and corporation issues which they are offering at more of pig iron are reported, with Northern markets easier,
and basic grades in the Eastjiave dropped 50c. more.
prices to yield 4 K to 0 % .
.




1380

THE CHRONICLE
C O T T O N .

F riday N ight, M a y

19 1911.
THE MOVEMENT OF THE CHOP as indicated by our
telegrams from the South to-night is given below. For the
.week ending this evening, the total receipts have reached
64 9 ,0 bales, against 60,325 bales last week and 65,920
bales the previous week, making the total receipts since
Sept. 1 1910 8,219,743 bales, against 6,901,ISO bales for
the same P®ri°d of 1909-10, showing an increase since Sept. 1
1910 of 1,318,557 bales.

Receipts at—
G alveston______
P o rt A rth u r____
Texas City, &c_.
New O rleans____
G u lfp o rt..........
M o b ile .................
P en saco la______
Jacksonville, &c.
Savannah _____
B ru n sw ick _____
C h a rlesto n _____
G eorgetow n____
W ilm in g ton ____
N orfolk.................
N ’port News, &c.
New Y ork............
B o s to n ________
B altim ore______
Philadelphia____
Totals this w eek.

Sat. M on. Tues. Wed. Thurs. F ri. Total.
2,583 1,698 3,631 2,639
906 3,232 14,689
—
—
—
—
—
4,666 4,666
1,749 2,916 l",789 2 ,983 7 ", 166 5,213 21,750
1,383
304 "821 ~~34 "402 "ioB 3*049
5,972 ____
—
5,972
___
82
153
75
310
693
869 1,243 1,700 1,324 1,523 7,352
—
____ ___
400
400
3
187 —
98
539
174 1,001
130
30
72
93
177
49
551
281
647
632
527 1,103
516 3,706
244
50
146
59
50
"787
__ ‘238
61
25
2
8
12
108
—
—
629
629
—
---—
7,127 12,780 8,336 8,294 11,670 10,757 64.970

The following shows the week’s total receipts, the total
since Sept. 1 1910 and the stocks to-night, compared with
ast year:

Receipts to
M ay 19.
P ort A rth u r_____
Texas City, &c._
New O rleans____
G ulfport _______
M o b ile ............
Pensacola_______
Jacksonville, &c.
Savannah ___
B runsw ick______
Charleston ............
G eo rg e to w n ___
W ilm ington ____
N ’port News, &c.
Ncw Y o rk ______
B o sto n ________
P h ila d elp h ia ____
T o tal...................

1910-11.
This Since Sep
Week. 1 1910.
14,689 2,713,992
4,666 206,943
360,053
21,750 1,507,339
34,239
3",049 247,856
5,972 119,210
310 24,035
7,352 1,392,586
221,584
1,001 279,227
1,424
551 406,893
3,706 543,790
3,924
787 11,356
108 36.330
629 108,597
365
64,970 8,219,743

1909-10.
Stock.
This Since Sep
Week. 1 1909. 1911.
1910.
14,465 2,425,161 62,061 50,094
142,281
73,758
16,055 1,195,274 99,910 88,655
8,264
2,177
446
"690 236,541 11,456
8,252
136,118 —
117 39.082
11,388 1.205.501
32,453 24,074
765 222,472
856
1,927 207,385 11,541
5,214
1,376
4,463 307,302
3,466 16,351
18,076 488,254
7,963 24,410
17,677
3,112 16,694 130,836 245,832
872 13,276
9,788
5,726
2,546 72,414
3,940
8,103
1,696
2,780
1,604
75,376 6,901,186 379,236 470,532

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:

1911.
Receipts a t1010.
1909.
1907.
1908.
1906.
G alv esto n __
14,689 14,465 22,891 16,055 19,678 13.904
4.666
P t. A rthur, &c.
621
1,876
New Orica ns . 21,750 16,955 26,139 15,819 10,855
17,468
M ob ile______
690
3,049
4,630
2,327
1,155
4,414
Savannah __
7,352 11,388 14,518
8,010 10,306 19,876
B runsw ick__
400
765
2,288
1,265
1,847
Charleston, Ac
1 ,*01
1,027
2,440
648
359
1,676
W ilm ington.
551
4,463
2,388
4,735
1,160
7,011
N o rfo lk ___
3,706 18,076
8,771
4,235
5,933
8,601
N 'p o rt N ., &c
328
427
All o thers____
7,806
6,647
2,365
1,230
582
1,702
T otal this w k. 64,070 75,376 86,430 53,068 51,882 78,802
Since S ept. 1- 8,218,743 8,901,180 9,303,830 7,703,277 0,13 1,112 7,349,210
The exports for the week ending this evening reach a total
of 72,843 bales, of which 34,458 were to Great Britain,
2 ,1 0 1 to France and 35,864 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1910.

Week ending Mag 19
Exported to—
Great
ContiBritain. Frnce. nent.
Galveston___ 3,715
6,350
Port Arthur__ ___
4,666
Texas City, <fcc. ___
New Orleans.. 3,442
Mobile............. ___ . . . . 6.141
Pensacola___ 5,972
___
Gulfport
___ ___
Savannah ___ ___ ___ 8,440
Brunswick
___ ___
Charleston
___
Wilmington__ llJOO ___ .. 800
N orfolk_____ — —
144
Newport News
New Y ork___ 4,819 1,504 8,569
Boston .......... 3,960
___
Baltim ore___ —
657 150
Philadelphia . .
—
100
Portland, M e.. - 850
--- —
____
San Francisco ----—
501
Seattle .........
— —
—
Tacoma.........
—
—
Portland, Ore —
— —
—
Pem bina____
Detroit............ — - . . . . —
34,458 2,161 35,864
26,937 4,006 24,990
Exports
from—

1911. From Sept. 1 1910 to May 10 1911.
Exported toGreat 1
ContiTotal. Britain. France nent. Total.
10,065 943,188 300,933 1,025,2802,269,401
4,666 44,89* 54,960 107,076! 206.943
212,816 56,935 33,424 303,173
9.5S6 832,510 129,296 405.251 1,367,069
66,467 41,000 66,52-1 174,000
5,972 51,612 30,595 37,103 119,310
6,271 19,33* 6,455 32,062
8,41C 313,485 114,600 444,72* 872,813
104,135
78,325 182.158
800 18.832 9,900 97,351 126,083
11,700 137,871 32,015 213,226 383.112
144 10,801 —
4,719 15,520
14".892 284,487 86^591 253,899 624,977
3,960 98,530
8,377 106,907
807 19,046
68.S62 96,178
950 47.131 8,270 14,304 61,435
660
669
501 _____
82,456
___ _____ ___ 82,456
44.234
44,234
—
. . . . . . . . . . 11,843 11,843
—
500
500
........... —
—
2,525
_____ ~2~,525
72.483 3,195,281 884.4493,003,0387,083,663
55,939 2.113,294 860.119 2,505,7955,479,208

M ay 19 at—
New O rleans.
G alv esto n __
Savannah __
Charleston ._
M ob ile______
N o rfo lk _____
New Y ork__
O ther p o rts ..
T otal 1911..
T otal 1910..
T otal 1909..

On Shipboard, Not Cleared JorGer­ Other Coast­
m any. Foreign wise. Total.
7.959 1,232 8,100
130 23,038
17,655 11,606 2,343 30,280
7,000
700 6.586
12 8,386
5,500
3*666
"166 1,300 1,200 5,500 5,600
800
1,000
1,800
25,181 8,759 27,773 20.906 7,985 90,604
22,961 1,627 11,111 10,991 13,500 60,190
28,336
7 23,5 15 34,549 17,835 110.222

Great
Britain.
5,617
7,676
7,000
1,088

Leaving
stock.
76,872
22,781
25,453
11,541
3,070
2,463
125,236
21,216
288,632
419,342
397,128

Speculation in cotton for future delivery has been fairly
active at rising prices. Some attribute the advance to a
gradual awakening to the facts of the supply anddemand,
that is to an increasing acuteness of the situation as regards
the actual cotton, or, in other words, the difficulty in buying
it, especially white cotton, at current prices. Others add
the fact that the weather has latterly been dry in some im­
portant States; that Tennessee, according to the Govern­
ment’s weekly weather report of last Tuesday, had had no
ram of consequence for four weeks. It might be added that
during the present week Tennessee’s precipitation has been
light. The official report mentioned called attention to the fact
that drought continued in South Carolina and that rain was
needed in Oklahoma, Ala., Nor. Carolina, Arkansas and Miss­
issippi. July has made a new high record on heavy buying
by shorts. The demand for August has also been large.
The old-crop months have still been dominated by a powerful
clique which has kept them at a premium of 2]/z to 3 c. above
the new-crop deliveries, averring, it is said, that the scanty
supplies available for the rest of the season fully warrant
existing prices. Also the active and advancing stock market
following the Standard Oil decision, and signs of a somewhat
more cheerful feeling in general trade circles, have had more
or less to do with the strong thin the cotton market. Besides
there is a rather better business reported in some descriptions
of cotton goods, notably knit fabrics, and prices are also said
to bo somewhat firmer. Spinners’ takings are relatively
largo. The stock of raw cotton has been steadily dwindling.
It has fallen oil thus far this month about 25,000 bales. It is
some 120,000 bales smaller than a year ago. On the other
hand, prices are already high, the short interest in the
old-crop months has been considerably reduced, leading
bulls have been quietly but persistently selling some weeks
past, and cotton goods are still for the most part quiet.
Manchester’s trade reports are in some cases not so glowing
as they were recently— at least so far as new business is con­
cerned. Liverpool’s spot sales have dropped to a very small
total. Crop advices are in the main highly favorable, the
acreage is indisputably large, and, failing some unforeseen
disaster, it will not improbably be the largest crop ever
grown and lead the way back to normal prices through a
complete restoration of the equilibrium between supply and
demand. The complaints of dry weather many think are
far fetched, seeing that only very recently there was an out­
cry from bull speculators about “ too much rain.” Most
people think the crop outlook is encouraging and many are
of the opinion that the bull deal in the old-crop months may
end sooner than is generally expected. To-day prices de­
clined on distant months, owing to beneficial rains at the
South, predictions of further precipitations, favorable crop
advices, continued dulness of spot cotton at Liverpool and
liquidation for long account; also a reaction was considered
in order after the recent rapid rise of prices. July made a
new high record to-day. Spot cotton has advanced to 16.15c.
for middling uplands with a moderate trade. It is rumored
that 25,000 bales will soon be shipped to Europe from tlio
New York stock.
The rates on and oil middling, as established Nov. 16 1910
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:

F a ir...................... c .I.50 on
Strict mid. fair____1.30 on
Middling fair............ l.io on
Strict good mid____0.66 on
Good middling____0.14 on
Strict middling____0.22 on

Middling______ c_ Basis
Strict low. mid____0.25 off
Low middling_____ 0.75 off
Strict good ord____ 1.20 ofl
Good ordinary_____2.00 off
Strict g*d mid. tgd.0.35 on

Good mid. tinged.c Even
Strict mid. tinged..0.15 oft
Middling tinged...0.25 oft
Strict low.Mid.ting.0.75 off
Low mid. tinged. ...1.75 off
Middling stained. . . 1.00 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been

M an 13 to M ay 19—
Sat
M iddling u p la n d s ...................... 16.00

ues. Wed. Tlturs. Frl.
Mon. T15.95
10.05 10.10 10.15

15.8

NEW YORK QUOTATIONS FOR 32 YEARS.

191 l . c _____ 16,IS
1910------------15.20
1909________11.65
1908................10.90
1907------------12.15
1 9 0 6 .............11.95
1905_________8.20
1904------------13.40

1903.C -_
1 9 0 3 _____
_____
1 9 0 0 ______
1 8 9 9 ____
1 8 9 8 _____
1 8 9 7 ______
I ,S0 G _ .

1001

-.1 1 .8 5
- - 8 .0 6
9 .7 5
- - 6.2 5
- - 6 .1 1
7 .7 5

1 8 9 5 - C _____ _ 7 . 0 0
1 8 0 4 ................ - 7 .1 0
1 8 9 3 ............. . 7 .81
1 8 0 2 ________ . 7 .3 1
1 8 9 1 _______ _ 8 . 0 4
1 8 9 0 _______ . 1 2 . 2 5
1 8 8 0 _______ . 1 l .nr,
1 8 8 8 _______ . 1 0 .0 0

1 8 8 7 . 0 ______
1 8 8 6 _________ 9.25
1 8 8 5 ...................
1 8 8 4 ...................
1 8 8 3 ................ .
1 8 8 2 ............. 12.25
1 8 8 1 ...................
1 8 8 0 ...................

MARKET AND SALES AT NEW YORK.

S atu rd ay __
M onday____ QQ uiet,
uiet,
Q uiet,
Q uiet,
Q uiet,
Q uiet,

e s d a y __
In addition to above exports, our telegrams to-night also TWucdnesday.
give us the following amounts of cotton on shipboard, not T hursday
cleared, at the ports named. We add similar figures for F rid ay _____
New York.
T o tal____




[VOL. L X X X X II.

Futures
SALES.
M arket
Closed.
Closed.
Spot. Contr’ct Total.
10 pts. ndv
20 pts, dec ' S tead y ............ ..
232 f.ooo 1,232
is pts. n dv. Barely stea d y . _
100
100
10 p ts. n d v .. Very stead y __
5 pts. adv
*700
5 p ts. n d v ..
4,800 4,800
232 6.600 6.832

1381

THE CHRONICLE

M a y 2 0 1 91 1.]

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

AT THE IN TERIOR TOWNS the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out
in detail below.

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T1IE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
a well as the afloat, are this week’s returns, and conse­
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for to­
night (Friday), we add the item of exports from the United

1908.
1900.
1910.
1011.
865,000 636,000 1,180,000 759,000
8,000
8,000
4,000
6,000
71,000
53,000 77,000
87,000
958,000 693,000 1,265,000 838,000
11,000 20,000
9,000
10,000
196,000 235,000 433,000 422.000
243,000 254,000 315,000 198,000
4,000
4,000
2,000
2,000
46,000
11,000 40,000
22.000
17,000
27,000 25,000 22,000
11,000
8,000
4,000 21,000
Stock a t T rie ste ......................
545,000
728,000
510,000
829,000
T otal C ontinental stocks.
1,468,000 1,238,000 2,094,000 1,566,000
173,000 149,000 108,000
India cotton afloat for E u ro p e ... 104,000 201,239
339,451 249,953
Am cr. cotton alloat for E u ro p e .. 171,561
11,000 37,000 34,000
E gypt, Brazil, Ac., all t.for E urope- 37,000
105,000 186,000 173,000
Stock In A lexandria, E gy p t.......... 144,000 745,000
431.000 569,000
Stock In Bom bay, In d ia ................. 634,000
479.532 507,350 377,357
Stock In U. S. p o r ts ........................ 379,236
339,578 321,423
Stock In U. S. interior tow ns------ 240,118 272,770
9,706
10,159
551
24,467
U . S. exports to -d ay ............
3,262,382 3,238,256 4,093,538 3,399,284
xn and other descriptions are as follows:
Am erican—
549,000 1,073,000 638,000
Liverpool stock. -------- ..b a le s. 733.000
44,000 65,000 63,000
72.000
646,000
464.000 494,000 780,000 249,953
171,561 204.239 339,451 377,357
379,236 470,532 507,350 321,423
240,118 272,779 339,578
0,706
10,159
551
24,467
2,084,382 2,053,256 3,114,538 2,296,284
T otal A m erican _________
East Indian, B razil, & c 87,000 107,000 ‘ 121,000
132,000
8,000
4,000
8,000
L ondon stock____
6,000
9.000
9.000
12,000
M anchester stock .
15,000
51,000 49,000 82,000
46,000
C ontinental stock.
164,000 173,000 149,000 108,000
1 1,000 37,000 34,000
37,000
E gy p t, Brazil, Ac., a flo a t...
144,000 105,000 186,000 173,000
Stock In A lexandria, E gypt634,000 745,000 431,000 569,000
Stock in Bom bay, In d ia ----1,178,000 1,185,000 979,000 1,103,000
T otal A m erican --------------------- 2,084,382 2,053,256 3,114,538 2,290,284
T otal visible supply- ..............3,262,382 3,238,256 4,093,538 3,399,284
M iddling U pland, Liverpool------- 8.40d.
8.O ld.
5.85d.
6.35d
Middling U pland, New Y ork------ 16.15c. 15.25c. 11.75c. 11.10c
E gypt, Good Brown, L iv erpo o l..11 5-10d. 15 l-16d. 9 l-10d. 8 9-16d.
P eruvian, Rough Good, Liverpool ll.2 5 d . ll.OOd.
7.75d.
9.50d.
B roach, Fine, Liverpool------------- 7H<1.
7K d.
5 Mil.
5 H d.
TInnevelly, Good, Liverpool------ 7 J ld .
7d. 5 7-l6d. 5 5-16d.

M ay 19—
Stock a t L iv e rp o o l.............bales.
Stock a t L o n d o n _______________
Stock a t M anchester____________
T otal G reat B ritain sto ck .
Stock a t H am burg-------------Stock a t H av re____
Stock a t Marseilles-

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The above totals show that the interior stocks have de­
are to-night 32,601
bales less than at the same time last year. The receipts
at all the towns have been 302 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE W E EK AND
SINCE SEPT. 1 .— We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows

creased during the week 37,292 bales and

-------1910
Since
Week. Sept, l .
. 9,902 490,775
. 590 200,351
25,9 57
. 770 124,401
76,340
671
1,832 108,714
. 968 162,903
.14,733 1,249,501
Deduct shipments—
156,648
Overland to N Y ., Boston, A c.. _. 1,524
687 59,126
Between Interior tow ns-----------Inland, Ac., from S outh.............. . 786 44,664
. 2,997 260,438
T otal to be deductedLeaving total net overland • --------- 11,736 089,063
• Including m ovem ent by rail to C anada.

M ay 19—
Shipped—
Via C airo ...............
Via Rock Islan d.
Via Louisville —
Via C incinnati__
Via other routes, A c.

-------191
Week.
7,750
3.324
39
2,119
426
2,498
874
17,030
6,530
3,374
4,328
14,232
2,798

Since
Sept. 1.
385,625
168,604
20,239
105,319
44,108
126,932
142,350
993,177
104,080
49,332
53,974
207,386
785,791

The foregoing shows the week's net overland movement
has been 11,736 bales, against 2,798 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 203,272 bales.

1909-10--------------- 1810-11--------Since
In Sight and Spinners’
Since
Week. Sept. 1.
Takings.
____________________________
Week. Week.
_ SepU 1 75,376
------- 6,901
‘ * 01,186
R eceipts a t ports to May 19-------- 64,970 8,219,743
2,798 785.791
N et overland to May 19--------------- 11,736 989,063
Southern consum ption to May 19. 49,000 1,760,000 43,000 1,885,000
T otal m a rk e te d .. . . . ______ 125,706 10,968,806 121,174
Interior stocks In excess________ *37,292
189,340 *44,811 189,616
Came Into sight during w eek__ 88,414
------------9.761.593
T otal In sight May 19.................................. 11,158,146
4,454 1,948.322
N orth, spinners’ takings to May 19 18,909 1,982,455
Movement into sight in previous years:

Week—
1909—May
1908— May
May
Continental imports for the past week have been 102,000 1907—
1906—M ay

Bales.
21.........
120,115
2 3 ............................ 79,225
24 ............................ 78.441
25 ................
109,175

Since Sept. 1—
Bales.
1908-09—May 21..................12.694.535
1907-08—M ay 23_________10.531.348
1906-07— M ay 24_________ 1 2 , 7 1 6 .6 2 6
1905-06—M ay 2 5 -............... 10,172.527

bales.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
The above figures for 1911 show a decrease from last week
of 150,909 bales, a gain of 24,120 bales over 1910, a M ARKETS.— Below are the closing quotations of middling
decrease of 8:51,150 bales from 1909, and a loss of 130,902 cotton at Southern and other principal cotton markets for
each day of the week.
bales from 1908.




THE CHRONICLE

1382
M ay 10.
G alv esto n _____
New O rleans___
Mobile .................
S avannah _____
C harleston_____
W ilm ington____
N o rfo lk _______
B a ltim o re _____
P hiladelphia —
A u g u sta _______
M em phis _____
S t. L ouis............
H o u s to n ______
L ittle R ock____

Closing Quotations Jor M iddling Colton on—
S a t’day. Monday. Tuesday. Wed’day. Thursd’y. F riday.
15 >*
15H
15%
15 9-16 15 9-16 15%
15 X
15 >*
15 9-16 15 11-16 15
11-16 15 11-16
15 J*
15 %
15 H
155*
155*
15%
15 **
15 H
15%
155*
15
5-16
15%
15 H
15 X
15
K
t5
5*
155*
15%
15K
15%
15
155*
15 5-16 15
5-16
155*
15 H3*
15
%
155*
15
5*
15%
15J*
15%
15K
15
5*
16
16
1G.25
16.05
10.20
16.30
16.35
10.40
15 H
15 H
15%
15 51
15 5*
15%
15
5*
15%
15
5*
155*
15%
15 %
t5 5*
15%
155*
15 5*
15%
15 7-16 15 7-16 15%
15%
15 5*
15 5*
14 J*
W i
14%
14 5*
145*
14%

NEW ORLEANS OPTION M ARK ET.— The highest,
lowest and closing quotations for leading options in the Now
Orleans cotton market for the past week have been as follows:

Sat'day. Monday.
Wed' day Thursd'y 1 Friday,
M a y 13. M a y 15. MTuesday,
ay 1 6 . M ay 17. M a y 18 M ay 19.

M a y—
R ange ___ 15.58-.62
15.59-.65 15.66-.71 15.65-.72 15.67-.74
Closing______ 15.59 — 15.50-.56
15.54-.56 15.62-.65 15.G9-.71 15.68 — 15.70-.73
R a n g e ............
@ —
— @ —— @ —
® —
Closing______ —
15.69-.71 15.61-.63 15.74-.7C 15.82-.84 —
15.69 — 15.72 —
J u ly —
R a n g e ______ 15.75-.82 15.6 4-.76 15.75-.8S 15.85-.92 15.83-.97 15.86-.96
Closing______ 15.79-.8C 15.72-.73 15.85-.86 15.02-.92 15.89-.90
15.92-.93
A ugust—
R a n g e ____. 14.89-.97 14.75-.8C 14.87-.9C 14.94-.02
14.84-.95
Closing............ 14.94-.95 14.82-. 83 14.93-.9*1 15.00-.02 H14.93-.07
.94-.95 14.88-.89
September—
R ange ______ 13.54 — 13.44-.45 13.53-.5S
13.63-.72 13.56-.63
Closing______ l *1,5«i-.l)o 13.43-.45 13.57-.5S 13.01-.64
13.61-.65 13.62-. 64 13.57-.59
October—
R a n g e ______ 13.01-. 07 12.93-.01 13.03-. 14 13.11-.21 13.18-.27 13.11-.21
Closing______ 13.06-.07 12.99-.0C
13.11-.12 13.20-.21 13.19-.20 13.14-.15
November—
R ange . .......... — ® — — @ —
® — — ® — — (a) —
Closing______ 12.98-.99 12.90-. 92 13.02-.01 —
13.13-. 15 13.13-.15 13.08-.09
December—
R ange - .......... 12.93-.00 12.85-.92 12.94-.07 13.04-. 14 13.12-.20 13.05-.15
Closing______ 12.97-.98 12.91-.92
13.04-.05 13.12-. 13 13.12-. 13 13.07-.08
Ja n u a ry—
R ange . .......... 13.01 — 12.95 — 13.05 — 13.15 — — (a) — 13.08-.11
Closing______ 13.01-.03 12.94-.95
13.02-.09 13.15-. 16 13.15-.17 13.10-.12
February—
Range ............ — @ — — @ — — @ — — @ — — (a) — 13.13 —
Closing______ 13.05-.07 12.98-.00 13.10-.13 13.20-.22 13.19-.21 13.13-.15
March—
R ange . .......... — @ —
@ —— @ —
@ —
C losing,.......... 13.10-.12 13.04-.06 —
13.15-.17 13.27-.28 13.'27-.29 —
13.21-.23
Tone—
S p o t________ Firm . Quiet. Firm . Firm .
O p tio n s .......... Steady. S teady. Steady. Steaily. Steady. Steady.
Steady.
OUR COTTON ACREAGE REPORT.— Our cotton acre­
age report will probably be ready about June 1 . Parties
desiring the circular in quantities with their business cards
printed thereon should send in their orders as soon as possible
to ensure early delivery.
W EATHER REPORTS BY TELEGRAPH.— Our tele­
graphic reports this evening from the South indicate that the
crop is doing well in the main. Temperature has been favor­
able, and while dry weather has prevailed over a wide section
and the rainfall elsewhere has been light as a rule, there has
been very little complaint. In fact some of our correspond­
ents state that crop reports are very favorable.

Galveston, T e x. — We have had no rain the past week.
Average thermometer 78, highest 84 and lowest 72.
B renham , T ex. — There lias been light rain on two days the
past week, the rainfall being fifty-six hundredths of an inch,
fho thermometer lias averaged 78, ranging from 07 to 8 8 .
Cuero, T ex. — There has been light rain on threedays during
the week, the rainfall reaching sixty hundredths of an inch.
Thermometer has ranged from 61 to 92, avearging 7 4 .
D allas, T ex. — Dry all the week. Average thermometer
77, highest 95, lowest 60.
i H enrietta, T e x. — Wo have had no rain during the week.
Thermometer has averaged 78, ranging from 02 to 9 3 .
^ H untsville, T ex. — There has been no rain during the week.
The thermometer has ranged from 01 to 91, averaging 76.
K errville, T ex. — There has been light rain on one day the
past week, the rainfall being five hundredths of an inch.
Average thermometer 71, highest 8 6 and lowest 55.
L am pasas, T ex. — There has been rain on one day of the
week, to the extent of eight hundredths of an inch. The
thermometer has averaged 75, the highest being 89 and the
lowest 60.
8
Longvieiu, T exas. — There has been no rain the past week,
thermometer lias averaged 79, ranging from 04 to 94.
L u h n g , T ex. — There has been rain on one day during the
week, to the extent of sixty hundredths of an inch. The
thermometer has ranged from 63 to 8 8 , averaging 76.
Nacogdoches , T e x .— We have had no rain during the
week. Average thermometer 76, highest 89, lowest 02.
P a rts, Pex- Dry all the week. The thermometer has
averaged 77, ranging from 60 to 94.
S a n A n to n io , l e x . -We have had light rain on two days
the past week, the rainfall being twelve hundredths of an
inch. Thermometer has ranged from 66 to 8 6 , averaging 76.
W eatherford, T e x. — We have had no rain the past week.
The thermometer has averaged 76, the highest begin 92 and
the lowest 59.
, H oldenville, O kla. — There has been no rain during the week.
Thermometer has ranged from 64 to 95, averaging 7 9 .
M arlow , O kla. — We have had rain on one day the past
week, the rainfall being twenty-seven hundredths of an inch
Average thermometer 76, highest 90, lowest 63.




[V O L. LX X X X II.

O klahom a, O kla. — There has been rain on one day during
the week, to the extent of thirty-fivo hundredths of an inch.
The thermometer has averaged 76, the highest being 89 and
the lowest 63.
b
A lexandria, L a . — There has been no rain the past week.
The thermometer has averaged 75, ranging from 61 to 90.
New Orleans, L a . —-There has been no rain the past week.
Average thermometer 78, highest 89, lowest 6 8 .
Shreveport, L a . — There has been no rain during the week.
I lie thermometer has averaged 79, the highest being 92 and
the lowest 6 6 .
5
M eridian, M i s s — W o have had no rain the past week.
The thermometer has ranged from 58 to 90, averaging 74.
Vicksburg, M iss. — We have had rain on three days of the
past week, the rainfall being nineteen hundredths of an inch.
Average thermometer 78, highest 91 and lowest 67.
Eldorado, A r k . — There has been no rain the past week.
The thermometer has averaged 77, the highest being 93 and
the lowest 61.
Fort S m ith , A r k . — There has been no rain during the week.
1 lie thermometer has averaged 79, ranging from 68 to 90.
H elena, A rk . — Rain needed. There has been rain on one
day during the week, the rainfall reaching twenty hundredths
of an inch. Thermometer has ranged from 60 to 90, aver­
aging 76.
Teari.— We have had no rain the (last week.
, tie thermometer has averaged 78, the highest being 95 and
the lowest 61.
&
M em phis, T e n n .— Dry all the week. Moisture is needed.
No rain since May 1. The thermometer has averaged 78,
ranging from 05 to 90.
N ashville, T c n n .— V fe have had no rain the past week
1 he thermometer has ranged from 58 to 92, averaging 75.
M obile, A la . Dry all the week. Warm weather in the
interior; crop reports are very favorable. Average ther­
mometer 77, highest 91, lowest 63.
M ontgom ery, A la .— Crops are progressing favorably. It
has rained on one day of the week, the precipitation being
one inch and twenty-seven hundredths. The thermometer
has averaged 77, the highest being 91 and the lowest 64.
Selm a, A la . — We have had rain on one day during the
week, the rainfall being thirty-three hundredths of an inch.
Thermometer has averaged 77, ranging from 59 to 91.
M adison, F la . —There has been rain on two days during
the week, the rainfall being one inch and fifteen hundredths.
The thermometer has averaged 78, the highest being 93 and
the lowest 6 6 .
Tallahassee, F la . — Rain has fallen on three days of tho
week, the precipitation being one inch and fourteen hun­
dredths. The thermomoter has averaged 75, ranging from
59 to 90.
A tlanta, G a .— There has been no rain the past week.
Average thermomoter 73, highest 90 and lowest 57.
A ugusta, Ga.—-We have had rain on one day of the past
week, the rainfall reaching thirty-one hundredths of an inch,
lhe thermometer has averaged 76, the highest being 94 and
the lowest 59.
6
Savannah, G a. — Rainfall for the week eight hundredths
of an inch, on three days. The thermometer has averaged
73, ranging from 59 to 84.
W ashington, G a. — Week’s rainfall, eight hundredths of an
inch, on one day. Average thermometer 77, highest 97,
lowest 58.
Charleston, S . C. — The week’s rainfall has been thirteen
hundredths of an inch, on two days. Tho thermometer has
averaged 72, highest being 82 and lowest 61.
Spartanburg, S . C. — There has been no rain during tho
week. The thermometer has averaged 74, ranging from
54 to 94.
Charlotte, N . C .■—There has been rain on one day of tho
week, tho precipitation being thirty-seven hundredths of an
inch. Average thermometer 74, highest 92, lowest 55.
Greensboro, N . C .— We have had rain on one day during
the week, the rainfall being seventy-seven hundredths of an
inch. Thermometer has averaged 73, ranging from 52 to 96.
Raleigh, N . C.— There has been rain on one day of tho
week, the precipitation being sixty-six hundredths of an
inch. Average thermometer 72, highest 92, lowest 52.
EUROPEAN COTTON CONSUMPTION TO MAY 1 .—
By cable to-day we have Mr. Ellison’s cotton figures brought
down to May 1 . We give also revised totals for last year
that comparison may be made. The spinners’ takings in
actual bales and pounds have been as follows:

Oct. 1 to M ay 1.
For 1910-11.

Great Britain. Continent.

Total.

Takings by sp in n ers._____ bales
2,630.000
3.873.000
6.503.000
Average weight of bales_____lbs
505
480
490.1
Takings In pounds.......................
1,859,040,000
3.187.190.000
For 1909-10.
Takings by sp in n ers______bales
3.625.000
5.710.000
2.085,000
Average weight of bales_____lbs
103
4 72
479.7
Takings In pounds___________ 1.027,005.000
1.711.000.000 2.738.905.000
According to the above, the average weight of the deliv­
eries in Great Britain is 505 lbs. per bale this season, against
493 lbs. during the same time last season. The Continental
deliveries average 480 lbs., against 472 lbs. last year, and
for the whole of Europe the deliveries average 490.1 lbs. per
bale, against 479.7 lbs. last season. Our dispatch also gives
the full movement for this year and last year in bales of 500 lbs

1383

THE CHRONICLE

M a y 20 1 911.)

Total bales.
1909-10.
N EW Y O R K —To Brem en—M ay 17— P rin z Friedrich W ilhelm ,.
Oct. 1 to M ay 1.
4,478 upland 0 fo re ig n ------- -------- ----------------------------- --------Great ContiDales of 500 lbs. each,
To Barcelona—M ay 12— M adonna, 429------------------------------------. 4x*'
Britain nent. Total. Britain nent. Total.
ooos omitted.
To Genoa—May 12— Berlin, 1.43G________________ _____ - ...........
To Naples—M ay 12— Berlin, 300----------------------------------------------„
234 1,218 1,452
169 972 1,141
To Venice—M ay 17— A rgentina, 1,022------------------------------------Spinners’ stock O ct. 1.
2,656 3,718 6,374 2,056 3,422 5,478
To Trieste—M ay 17—A rgentina, 800---------------------------------------Takings to M ay 1------To Fium c— M ay 17—A rgentina, 100---------------- ----------------------6,930
4,640
2,825 4,690 7,515 2,290
GALVESTON—To
Liverpool— M ay 13—M edian, 3,715------------------3,7la
Supply
­
2,148 3,150 5,298 1,950 3,150 5,100
Consum ption, 30 w eeks. _
To Brem en— M ay 18—Jungshoved, 5,717-------------------------------To
H
am
burg—M
ay 18— Regina, 633----------------------------------------- ,
677 1,540 2,217 340 1,490 1,830 PO R T A R T H U R —To Brem en—M ay 19— A sian. 4 ,6 6 6 ............ .........
Spinners’ stock M ay 1 .
NEW O RLEA N S—To Liverpool—M ay 16— M edian, 3,442------------- 3,442
To H am burg—M ay 12— D unclutha, 29------M ay 16—A tlantic,
W eekly Consumption,
2 648 _________________________________________________ - ____ 2,677
ooos omitted.
65 105 170
60 105 165
To A ntw erp—M ay 19— D evonshire, 334---------------- ------------------- 334
In O ctober ..........................
170
65 105 170
70 105 175
To
G othenburg— May 13—T exas, 5 0 . - - - - - - - - - - ............................. 022
In N o v em b er---------------105
65
179
74 105
To R otterdam —M ay 17— K night Tem plar, 337----------------------- 337
In Decem ber......................65 105 170
74 105 178
To
Genoa— M ay 16—C itta d i Palerm o, 1.346---------------- ----------- 1,346
In Jan u ary ..........................
170
65 105
74 105 178
To Barcelona—M ay 17— Balmes, 1,300------------------------------------ 1 aa
In F e b ru a ry ........................
65 105 170
74 105 178
To O porto—May 17— Balm es, 100. ------------------ -----------------In March --------------------170
105
105
179
65
74
PENSACOLA—To Liverpool—M ayl5— E . O. S altm arsh, 5,972------ 5,972
In A pril ----------------------SAVANNAH—To Brem en—M ay 1 7 —T antallon, 4,908-------------------- 4,908
W ORLD’S SUPPLY AND TAKINGS OF COTTON.
To H am burg— May 16— Bracm cr, 1,832----------------------------------To G othenburg— May 16— B raem er, 100---------------------------------- ioo
To Barcelona— M ay 13—M arianne, 6 0 0 --........... - ........................... 600
1909-10.
1910-11.
Cotton Takings.
To Genoa—M ay 13—M arianne, 150-_...............................- ................
W eek and Season.
To
T rieste—M ay 13—M arianne, 7 5 0 ............................- ....................
7o0
Week. , Season.
Week, i Season.
To U ddevallc—M ay 16— B raem er. 1 0 0 ............ ................................- 100
C
HA
RLESTON
—To
Bremen—
May
16—
Glenacn.
800
-----3,370.483 1,931,022 W ILM IN G TO N —To Liverpool— M ay 19— Blythesw ood, 11,700------ll.'O800
O
Visible supply Sept. 1 -------------- ______ 1,495,514 76,363 9.761,593
N O R FO LK —To H am burg—May 12— B cthanla, 144 - - - - - - - - - - - - 144
88,414
11,158,146
A m erican in sight to May 19. - _ 59,000 2,092,000 49.000 2,874,000 BOSTON—To Liverpool—M ay 12— Bohem ian, 1,610------M ay 15—
Bom bay receipts to May 18-----Ivernia,
2,350H __________________________v
„ v upland,
" r ' T 157 Sea
355.000 BA LTIM
O RE—To
avre—M ay 17—M ontana, 500
O ther India shlp’ts to May 1 8 .. 21,195 328,200 12.000
651.000
1,000 210.000
657
2,000 1,000,000
A lexandria receipts to May 17._
I
s
la
n
d
_______________________________________________________
2,000
6,000 246,000
O ther supply to May 17 *-----To B rem en—M ay 11— Cassel, 150----------------------- - - - - — -- — 150
P
H
IL
A
D
E
L
P
H
IA
—To
M
anchester—M
ay
18—M
anchester
Com­
T otal supply................................. 3,589,960 16,319,860 3,510,846 15,782,615
m erce, 850---------------------------------------------------------------------------- 850
100
To Genoa— May 12— V erona, 100
SAN FRANCISCO—To Jap a n —M ay 16—M anchuria, 501-------------- 501
Deduct—
Visible supply May 19..........— 3,262,382 3,262,382 3,238,256 3,238,256
T o t a l - . .....................................................................................................72.843
13,057.478 272.590 12,544,359
T otal takings to May 1 9 -.......... 327,578
LIVERPOOL.— By cable from Liverpool we have the fol­
9,867,278 225.590 9,162,359
Of which A m erican-------------- 229,383
Of which o th e r -------------------- 98,195 3,190,200 47,000 3,382,000 lowing statement of the weelPs sales, stocks, &c., at that port:
ay :12. M ay 19.
— ‘“Em braces receipts In E urope from Brazil, S m yrna, W est Indies, &c.
A p ril 28
M ay 15. M 42.000
34.000
Sales of the w eek---------bales. 65.000
59’nnn
3.000
INDIA COTTON MOVEMENT FROM ALL POUTS.
Of which speculators took1,000
8,000
l" 5 6 5
2.000
Of which exporters to o k . _
1,000
3,000
27.000
34.000
Sales, A m erican------------------ 56,000
43,000
1908-09.
1909-10.
1910-11.
9.000
11.000
A
ctual
ex
p
o
rt........................
6,000
May 18.
74.000
76.000
F orw arded--------------65,000
Since
Since
Since
Receipts at—
865.000
923.000
T
otal
stock—
E
stim
ated
----1,034,000
962,000
Sept.
1.
Week.
Sept.
1.
Week.
Week. Sept. 1.
733.000
794.000
Of which A m erican_______ 904,000
837,000
24.000
40.000
im ports of the w eek— 20,000
16,000
B om bay................................ 59,000 2.092,000 49.00C 2,874,000 41,000 1,869,000 T otal
8.000
21.000
Of which A m erican_______
9,000
11.000
125.000
104.000
Am ount a flo a t.....................
75,000
80.OO'l
77.000
45,000
Since September 1.
Of which A m erican -------- 37,000
42,000
For the Week.
Exports
The tone of the Liverpool market for spots and futures
Great Conti- Japan
Conti- Japan
Britain. nent. &China Total. Britain. nent. fc China. Total. each day of the past week and the daily closing prices of
Bombay—
475,000 1,237,000
31,000 25,000 56,000 43.000 719,000
822,000; 7 55,000,1,663 ,UUU
Spot. Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
1,000 19,000 2,000 22,000 86.000
17,000 19,000 36,000 21,000 520,000 566,000 1,107 ,UUU
1908-09..
Market
1
Calcutta—
Dull.
52,000
Dull and Moderate Quiet.
Quiet.
3,000 31,000 18,000 78,000
12:15 ) Dull.
....
easier. demand.
41,000
P.
M.
j
1.000 1.000 2,000 3.00C 34,000 29,000
67,000
4,000
34,000
2,000
2,000 ----1908-09..
8.40
8.40
8.36
8.33
8.38
8.41
Madras—
200 26,200 Mid.Upl’ds
195 195 8,000 18,000 1,000
4,000
16,000 Sales......... 6,000
5,000
7,000
5,000
6,000
4.00C 11,000 4.000 26,000
1908-09.. ___ 1,000 ----- 1,666 3,000 19,000
300
500
300
800
400
300
All others—
250,000 Spec.&exp.
32,000 206,000 12,000
1010-11_ 4,000 10,000 7,000 21,000
Quiet at
3,000
Quiet at Steady at 1@2
Steady
at
Steady,
Steady
at
10.00C 23.00C 235,000 38,000
1909-10.. 1,000 8,000, l.OOf 13,000
pts.
246,000 Market ) un1>$@3}$ 1@2 pts. }$@3 pts. 2M@4M
15,000 193,000
9,000j 4,000
1908-09..
opened J changed. pts. adv. advance. advance. pts. adv. decline.
Total all—
1,565,200
at St’y, 4 pts.
Quiet, 1 pt. Easy at Quiet at Steady at Steady
77,195 86,000 974,000 505,200
1910-11__ 4,000 41,000^ 32,195 34,001
H@3H 2>$@5}$ dec. to 2>$
116.00C 1,102,000 800,000 2,018,000
4
>dec. to l pt. 3 @6 pts. 3@4}$
28,000, 4,00(
1909-10.. 2,000 29,000
23,000 52,000 43,000 76G.000 637,00011,446,000
P. M. J advance. decline. pts. adv. pts. adv. pts. adv. pts. adv.
1908-09..
1910-11.

ALEXAND RIA RECEIPTS AND SHIPMENTS.

A lexandria, Egypt,
M ay 17.
Receipts (cantars)—
This w e e k --------------------Since S ept. 1 — ..........—

1910-11.

1909-10.

1908-09.

14,000
7,500,069

4,500
4,881,483

18,000
6,618,340

Exports (bales) —
To Liverpool-----------------To M anchester-------------To C o n tin e n t.............. —
To A m erica— ............ —
T otal exports-------------

This Since
Week. Sept. 1.
1,750 199,611
201,493
1 ,50 6 359,134
100 109,884
9,350 870,082

This Since
W eek. Sept. 1.
600 143,731
114,876
3,750 271,037
200 58,604
4,550 588,248

This Since
Week. Sept. 1.
2,500 173,860
6,000 186,102
4,250 307,142
800 74,029
13,550 741,133

MANCHESTER M ARKET.— Our report received by cable
to-night from Manchester states that the market is quiet for
both yarns and shirtings. Merchants are not willing to pay
present prices. We give the prices for to-day below and
leave those for previous weeks of this and last year for coipparison.

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 100ths.__Thus: 8 10 means 8 10-100a. •
Fri.
T hurs.
W ed.
Mon.
T ues.
Sat.
May 13
to
4
12X p.m
4 12 X 4 12 X 4 p.m
4 \l2 X p.m.
12X
May 19. 12X p.m
1
2X
.
.
p.m . p.m. p.m. p.m.
. p.m. p.m . p.m.
p.m .
14
12
11
X
09
X
Ilf*
X 08 X
8 10 «* 'A 05 H 05 08
May ____
10 10>$ 10 03
12H
8 08}$ OOK 03 x 03 M 07 07 07 y, 01
M ay-June
x 00 H 97
X 90M 97 X 95 00
Junc-July
7 98 M 97 92 X 93 96
Vi 94 X
7 91 89 H 8 5 X «6 89 X 90 91 '/, 68 04
July-A ug.
67 69
7 63 61 M 57 57 >$ G IX 62 X 04 'A 26 67 y2 24}$
Aug.-vSep.
22 H
7 17}$ 10 14 13 X 18 19M 21 Yt 07 20M
Scpt.-O ct.
05}$ 03
00 X 02 k 00}$ 07
O ct.-N ov. . . . . 6 97 H 96M 94 X 94 99
01 09*$ 97
94 X 96 K
6 91 X 90 H 88 H 88 93
Nov .-Dec.
97 H 95
6 90 89 87 86}$ 91 92 X 9 US 99 99
D ec.-Jan.
97}$ 95
6 89 X 88 H 80}$ 86}$ 91 02 X 91K 98 X 99
Jan .-F e b .
97 }$ 95
6 89 X 88 K 80}$ 86 >$ 91 92 H 94 k 99
98 H 09
Fcb.-M ch.
09 X 98 X 95
6 90 89 87 87 o i x 93 95
M ch.-Apr.

j

BREADSTUFFS.

F rid a y N ig h t, M a y 19 1911.
Flour has not shown any particular increase in demand,
but the tone has become rather more cheerful. Still, buyers
in many cases think that the recent rise in wheat has been
overdone and that a reaction must occur. They are, there­
fore, still buying on restricted bases. Yet it is worth while to
note that, according to a Western authority, the stocks of
flour in the United States and Canada decreased in the month
31
of April 59,000 bbls., against 56,000 bbls. for the same month
7
last year, bringing the stock on May 1 down to 2,071,000
14
21
bbls., against 2,519,000 on the same day last year. The
28
output at Minneapolis, Duluth and Milwaukee last week, it is
5
stated, reached a total of only 293,265 bbls., against 320,450
12
in the previous week and 320,915 bbls. last year. Such a
19
statement could, of course, be taken two ways, but the drift
SHIPPING NEWS.— As shown on a previous page, the of sentiment, as already intimated, is beginning to be more
exports of cotton from the United States the past week have optimistic, even though little or no actual increase in busines
reached 72,483 bales. The shipments in detail, as made can be noted.
up from mail and telegraphic returns, are as follows:
Wheat has declined, partly if not mainly, as a natural
Total bales. reaction
after the recent speculative flurry. Beneficial rams,
N EW Y ORK — To Liverpool—May 12—Celtic. 2,401 u pland. 162
--- - - - - - ------------ 4,819 moreover, have fallen at the Northwest. The outlook for
foreign; U ltonla, 2.166 - ----- To H avre—May 13— Caroline, 420 foreign; F ortuna, 014 upland;
L a Bretagne. 170 u plan d ------------------------------------------------------ 1,504 the winter-wheat crop is believed to be decidedly good. The
1910,
1911.
8 X lbs. Shirt- Cot’n
s ir Hu. Shin- Cot'n
32s Con
iwjs, common Mid.
ihvs. common Mid.
to finest. U plj
Twist.
V pi's
to finest.
Twist.
d. 9. d.
s. d. d.
8. d. d. d.
d.
d. 9. d.
io h @ n x 5 11 @11 0 7.70 105$ @ U K 5 7 @10 IX 7.96
m s 5 7X@ 10 33 7.92
10 9-10® 11 9-16 5 11 @11 0 7.83 10K
7.81
10 9-10® 11 9-16 6 11 @11 0 7.96 10 9-16® 11K 5 7>$@10
>$@10 3 7.87
105 j tt 11K 6 0 @11 M 8.10 in h @ 11X 55 77 >$@10
3 7.94
6 1 @11 3 8.27
@ 11K
10K ®
4X 7.95
011 4 8.23 10 "ie @ ll 7-16 55 89 @10
10 13-10(3 111* 06 1H
@ 10 6
1}$@1I 4 8.42 10 K
UK
10 15-10® 11X 6 1}$@H
IX 8.40 io H @ 1155 5 8>$@10 G 8.04
10 16-10® U K




1384

THE CHRONICLE

[VOL. LX X X X II.

c
ei




oo

p r o s p e c ts s e e m r a t h e r b e t t e r in F r a n c e ) t h e U n i t e d , K in g d o m
GRAIN
heat, per bushel— f.o.b,
R o u m a n i a , H u n g a r y , G e r m a n y a n d I t a l y , a s w e ll a s in l l u s - W N.
Corn, per bushel—
Cents.
$ 1 08 A
Spring,
N
o.
1...................
60A
2 ............... -f.o .b .
s ia , w h e r e b e n e f ic ia l r a i n s h a v e o c c u r r e d . T h e c ro p a c
N. Spring, No. 2 . . .............. 1 00 A SNo.
tea m e r............ elevator
59 A
..................
90
Red
w
inter.
No.
2
c o u n t s f r o m A r g e n t i n a a r e a ls o f a v o r a b le . T h e y ie ld ii
_
No.
3
...............elevator
Nom
inal
H ard w inter. No. 2...............1 03
per bushel—
K a n s a s , i t is s a i d , m a y r e a c h 8 0 ,0 0 0 ,0 0 0 b u s h e ls , w h ic h O ats,
per bushel, new—
Cents. Rye.
No.
2
W
estern_______
Nominal
S
tandards______________
40
w o u ld b e t h e l a r g e s t, w ith o n e e x c e p tio n , in r e c e n t y e a r s . T h e
No. 2 w hite................................ 40A S tate and Pennsylvania Nominal
w o r ld 's s h ip m e n t s h a v e r e c e n tly m a d e u p a p r e t t y la rg e a g ­
No. 3 w hite................................ 39H Barley-—M atin g ................. 1 1 5 @ 1 17
g r e g a te . O n t h e o t h e r h a n d , p ric e s h a v e a t tim e s b e e n
The statements of the movement of breadstuffs to market
s t r e n g t h e n e d b y f a c t o r s w h ic h w e re d e e m e d w o r th y o f n o indicated
below arc prepared by us from figures collected by
• F o r i n s t a n c e , t h e E u r o p e a n v is ib le s u p p ly d e c r e a s e d the New York
Produce Exchange. The receipts at Western
4 ,1 2 8 ,0 0 0 b u s h e ls , w h ic h , th o u g h le ss t h a n in t h e p r e v io u s
and river ports for the week ending last Saturday and
w e e k , w a s m o r e t h a n d o u b le th e d e c r e a s e in t h e s a m e w e e k lake
h i s t y e a r . I n d e e d , in th e l a s t th r e e w e e k s t h e E u r o p e a n v is i­ since August 1 for each of the last three years lias been:
b le s to c k h a s f a lle n o ff n e a r ly t o , 0 0 0 ,0 0 0 b u s h e ls . M o r e o v e r, Receipts at—[ Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
c o m p la in ts o f d r o u g h t h a v e s till b e e n re c e iv e d f r o m p a r t s o f
bush. 60 lbs. I
K u s s ia . s u p p l i e s o f G e r m a n w h e a t a r e s m a ll. A u s t r a l i a n Chicago .. bbls.lOOlbs.
bush.
32
lbs.
bushA8lbs.
bu
lbs.
94,030
865,100 1,803,350 .652,700 255.000, , 565,500
p r ic e s h a v e b e e n s t r o n g . T h e w o r ld ’s s to c k h a s f a lle n off Milwaukee..
60,700
155,840
105.090
290,700
26.520
237,900
Duluth
17,760
131,300
101,713
w ith in a w e e k n o t f a r f ro m 6 ,0 0 0 ,0 0 0 b u s h e ls . S to c k s o f Minneapolis.
219,760
331
33
1,180,160
91,860
75,440 216,820 26,600
f lo u r in t h e U n ite d S t a t e s a n d C a n a d a h a v e r e c e n t l y d e ­ Toledo.........
20,000
107,300
91,500
Detroit _ ____
c re a s e d m a t e r i a l l y . T h e E a s t I n d i a c r o p o f w h e a t is s o m e ­ Cleveland
4,025
39,104
222,885
31.000
450
49,241
12,610
86,410
w h a t s m a lle r t h a n th e l a s t o n e , a n d m u c h o f i t is d e s c r ib e d St. Louis__..
48,110
184,078 583,255
345,000
5,600
6,600
a s o f r a t h e r p o o r q u a l i t y . A t W in n ip e g t h e r e h a s b e e n a t P eo ria___
40,000
15,000
372,41S
156,800
32,400
4,400
292.800
256,800
91,100
tim e s a g o o d f o r e ig n d e m a n d . S o m e e x p o r t b u s in e s s h a s Kansas City.
b e e n d o n e i n b o t h A m e r ic a n a n d M a n ito b a w h e a t. T h e id e a Total wk. *11 265,075 2.859.092 3,729,912 3,040,410, 748.051 69,653
wk. ’10 301.317 1,904.632 1.724.370 2.908.942; 940,872 100,713
o f m a n y is t h a t f o r e ig n c r o p s w ill t h is s e a s o n b e s m a lle r t h a n Same
u s u a l a n d t h a t t h e w o r ld ’s d e m a n d s u p o n A m e r ic a f o r w h e a t Same wk. *09 367,401 2,255.137 1,908.203 2,544,284 611,514 69,321
Aug.
w ill b e l a r g e r t h a n t h e y h a v e b e e n f o r y e a r s p a s t . I f t h is Since
1910-11.-. 12,819.009
232,379.514
59,191.888 4,818,224
f o r e c a s t p r o v e s to b e c o r r e c t, h ig h e r p r ic e s a r e e x p e c te d
1909-10... 17,006.103 222,204.160 151,022,277 155.287.348
63,594.291 71,016,689 6,189,679
1908-09 .. 16.570.288 200.592.623 119,915,029 138,025,837
T h e e x p o r t b u y i n g f r o m tim e to tim e d u r in g t h e l a s t m o n t h
74,378,109 5,857.295
is r e g a r d e d b y s o m e a s m e r e ly th e h e r a ld o f l a r g e r p u r c h a s e s
Total receipts of flour and grain at the seaboard ports for
to c o m e . T o - d a y p ric e s d e c lin e d , o w in g to r a i n s a t th e
N o r t h w e s t a n d in l i u s s i a , a n e s t i m a t e d in c r e a s e in w o r ld 's the week ended May 13 1911 follow:
Flour,
Wheat,
Com,
Oats, Barley,
s h ip m e n t s a n d lo w e r fo r e ig n m a r k e t s a n d “ lo n g ” l i q u i d a ­
Receipts at—
bbls.
bush.
bush.
bush.
192,867 632,400 227.250 481,900 51,825 1,150
t i o n . l i u s s i a o ffe re d w h e a t m o r e f r e e ly . V a r io u s W e s te r n
35,329 160,085 438,194
53,310
835
75
p o i n t s a r e s h ip p in g fre e ly to C h ic a g o f o r d e liv e r y o n M a y
45,982 459,114
20.000 181.603
c o n t r a c t s . I h e a u t h o r i t i e s o f t h e C h ic a g o B o a r d o f T r a d e ,
45,139 510,834
70,256
95,267
2,500
1,814
New Orleans *__ 28,129
51.600
94,800 170,500
i t is i n t i m a t e d , m a y i n te r v e n e in t h e M a y c o r n e r o n t h e g r o u n d Newport
N ew s...
1,500
t h a t i t is i n ju r io u s to l e g itim a te t r a d e a n d a ls o r e f le c ts u p o n Norfolk.................
1,571
43,000
4,000
t h e i n s t i t u t i o n a n d in v ite s a t t a c k s in C o n g re s s o n t h e w h o le Galveston............. _____
3,000
5,000
s y s te m o f t r a d i n g in f u t u r e s . T h e c o n t e s t in th e M a y o p tio n Mobile................... 71,480
1,921,980 740,392 661,311 8,390
31,000
h a s a r o u s e d b i t t e r fe e lin g , a n d i t lo o k s a s t h o u g h t h e r u n n i n g
o f c o r n e r s in f u t u r e s w ill e v o k e s h a r p a n d e ff e c tiv e c h a lle n g e . Total week 1911.- 458,097 3,779,013 1.600,192 1,843.891 83.559 3,039
Jan. 1 1911.-6,803,472 20,507.836 37,808,055 10,743.383 1979,941 275,484
DAILY CLOSING PR IC ES OF W H E A T FU T U R E S IN NEW YORK Since
Week 1910. - -- --- 311,015 3.019,091 950.517 1,414.110 114,429 1.688
Sal. M on. Tues. Wed. Thurs. F ri
Since
Jan.
1 1910..6,386.523 25.325.633 18,382,621 15.039.438 14 3 4 ,3 3 5 3 4 1,3 9 8
............................ -08
51 51
51
98
98
90 J* 97
H 9711 0085 tf
Very In11eelevator----------------07>J
ev ato r---------------- 98 X 9 597U 95J6
*
Receipts
do ol
notlading.
Include grain passing through New Orleans tor lorclgn ports
July 4°
delivery
9 6 >| 0&H
on through bills
DAILY CLOSING P R IC E S O F W H EA T FU T U R E S IN CHICAQO
The exports from the several seaboard ports for the week
. „
, ,
Sat. M on. ru es. Wed. Thurs. F ri
May delivery
n elevator............. ......... 9 7
98
yi
95 X
9 5 ii
% 941911
y, arc shown in the annexed statement:
ending
May9413
iSeptem
,y,„(i?ber
4 VCrl
y
i
"
cleI
at0,r
---------------80
H
88
u
88
y,
89
88
88
$
Wheat,
Com, Flour,
delivery in clovator____ 88 H 87 H H7 a 88 a 87J-I 87 H
Oats, Rye, Barley, Peas,
Exports from— . bush.
bush. bbls.
bush. bush.
bush. bush.
I n d i a n c o r n h a s d e c lin e d in s y m p a t h y p a r t l y w ith w h e a t. New
Y ork ........... 311,892 235,731 71,507
2,950
107
oston................. 159,697 222,683 4,854
C o u n tr y o ff e r in g s a t th e W e s t, to o , h a v e in c r e a s e d . T h e BPhiladelphia----16,760
152.000
1,000 11,000
A m e r ic a n v is ib le s u p p l y d e c r e a s e d f o r t h e w e e k o n ly 1 ,2 2 1 ,­ Baltimore............. 151,910
218,570 7,139
O rleans----663 16.000 9,201
0 0 0 b u s h e ls , a g a i n s t 2 ,0 3 9 ,0 0 0 in t h e p r e v io u s w e e k a n d New
2,000
100
Newport News.......................................
i 500
2 ,4 5 3 ,0 0 0 l a s t y e a r . A r g e n t i n a o ffe rin g s h a v e in c r e a s e d a n d Galveston.............
300
a t B u e n o s A y r e s p ric e s h a v e d e c lin e d s h a r p ly ; o n W e d n e s d a y Mobile _
5,000 3,000
M ontreal............. 1,080,000 331,000
56.000 378,000
to 2 ) ^ c . T h e w e a th e r a n d c ro p n e w s f ro m o u r W e s te r n Norfolk..................................
1,571
S t a t e s h a s b e e n in t h e m a in f a v o r a b le . S o n ic c o r n is u p in St. John, N. B....................
31.000
K a n s a s . T h e r e c e ip ts o f l a t e , h o w e v e r , h a v e b e e u l i g h t .
Total week---- 1,856.252 1.030.284 196,772 382,050 ......... 16.766
207
T h e r e h a s b e e n a m o d e r a te e x p o r t t r a d e . T o - d a y p ric e s Week
1910..........2,718,601 327,438 151,033 309.899 ......... 70,207 3,053
w e r e w e a k e r , o w in g p a r t l y to t h e fa ll in w h e a t, p a r t l y to
The destination of these exports for the week and since
p r o s p e c ts o f in c r e a s e d r e c e ip ts a t W e s te r n c e n tr e s a n d p a r t l y July
1 1910 is as below:
to f a v o r a b le c ro p r e p o r ts . T h e r e a r e , h o w e v e r , s o m e c o m ­
- Flour—
-Wheat—
-Corn—
p l a i n t s o f d r y w e a th e r in p a r t s o f t h e b e l t . A r g e n tin a h a s
Since
Since
Since
e x p o r te d n o c o r n d u r in g t h e p a s t w e e k .
Week July 1
Week
July 1
Week
July l
Exports
for
week
and
May
13.
1910.
May 13.
1910. May 13.
1910.
DAILY CLOSING P R IC E S O F NO. 2 M IX ED CORN IN Nl-W YORK
Since July 1 to— bbls.
bbls.
bush.
bush.
bush.
bush.
r««h f°HU— ",— i------- ---------------- nom.
S a l■ Mnom.
o n ■ nom.
Tues- nom.
Wed. Thurs.
Fri.
United Kingdom. 89,762 3,792,713 1,100,722 30,871,951 609.893
19,321,555
nom. nom.
Continent................. 53,142
--------* 1—,720^455 730,807 17,107,026
22.018.707
M ay delivery In elevator.................... 8 1 60
59 X nom . 8 1
80
Sou. & Cent. Amer. 6,928 927,605 15,000 332,288 366.169
2.357.700
West Indies---------- 15,820 1,117,297
663
8.212 27.234
DAILY CLOSING P R IC E S O F CORN FU T U R E S IN CNICAOO
26,290
1,392,514
Brit. Nor. Am. Cols............... 73,547
, , .........................
Sat. M on. Tues. Wed. Thurs. F ri.
...........
14.404
2 5 T060
M ay do Ivory a elevator------- -------- 53 M 53
52J< 5 2 H 5 2 H 5 2 M Other Countries----- 31,120 233,729 : : : : : :
298
52.773
Ju ly delivery In e le v a to r ................ 52 M 5-1« 52 H 52 H 5 2 % 5 2 8
TotaL -.................196,772 7.865,346 1.856,252 48.344,476 1,030,284 45,157,713
Septem ber delivery lu elev ato r____ 5 3
52 H 52 K 5 3 % 5 3 Q 5 3
Total 1909-10...........151.033 8.463,927 2,718,601 75,815,128 327,438 20,975,912
O a ts h a v e s h o w n l i t tl e n e t c h a n g e in p ric e s f o r t h e w e e k ,
The world's shipments of wheat and corn for the week
a l t e r n a t e l y r is in g a n d f a llin g w ith in a c o m p a r a tiv e ly s m a ll
May 18 1911 and since July 1 1910 and 1909 are
r a n g e . T h e c ro p n e w s h a s o n t h e w h o le b e e n g o o d , a l th o u g h ending
t h e r e h a v e b e e n s o m e c o m p la in ts o f d r y w e a t h e r in t h e shown in the following:
S o u th w e s t a n d a ls o in I llin o is . D r y w e a t h e r e a s t o f t h e
Wheat.
Com.
M is s is s ip p i p r e t t y g e n e r a lly o f l a t e h a s a ls o b e e n m e n tio n e d
Exports.
1910-11.
1910-11.
1909-10.
a n d h a s te n d e d t o s t e a d y t h e m a r k e t , e v e n if p o w e rle s s to
1909-10.
a d v a n c e i t v e r y m u c h . I t m a y p r o v e to b o a n o t u n i m p o r t a n t
Week
Since
Since
Since
Week
Since
May
13.
July
1.
July 1. May 13. July 1.
f a c t o r if i t c o n t i n u e s . L a r g e i n te r e s t s h a v e b e e n b u y in g a t
July 1.
C h ic a g o , a n d f u r t h e r e x p o r t b u s in e s s in C a n a d ia n o a t s h a s
Bushels. Bushels. Rushels. Bushels. Bushels. Bushels.
Amer. 3.328.000 112,011,000
a t t r a c t e d a t t e n t i o n . T o - d a y p ric e s w e re a tr if le e a s ie r o n North
125.123.000 764.000 40.945.000 26.051.000
R
ussia.........
5.736.000
918.000 19.240.000 16.023.000
p r o f i t - t a k in g a n d p r o s p e c ts o f b e n e fic ia l r a i n s a t th e W e s t, Danube ___ 1.448.000 191,480,000
82.602.000 192.736.000
18.034.000 1,683,000 65.499.000 21.638.000
Argentina
..
2.4X0,000
r e t a t C h ic a g o t h e E a s t e r n d e m a n d in c r e a s e d , a n d t h e r e w a s Australia..
75.034.000 52.284.000
55.499.000 60.920.000
736,000
e n o u g h c o v e r in g o f s h o r t s to p r e v e n t a n y m a r k e d d e c lin e .
In d ia ........... 1,000,000 50.896.000
41.492,000 I 36.540.000
Oth. countr's 104,000 7.256,000 139,920.000 { : : : : : : ............... ________
DAILY CLOSING P R IC E S OF OATS IN NEW YORK
Sat. M on. Tues. Wed. Thurs. F ri.
Total____ 14832000 560,771.000 464,637.000 3,365,000 181.183,000 125.232,000
41
4044 41
40j^ 4Q^
No. - white....................................... 4l
The quantity of wheat and corn afloat for Europe on dates
D A ILY CLOSING PR IC ES OF OATS FU T U R E S IN CHICAQO
mentioned was as follows:
M ay delivery In e le v a to r..-.
f f %
rg h W «d.rA urs .F r<
34
Ju ly delivery .In e le v a to r ..............I l H j * 3 3 $ 3 3 $ 3 4 $ 34H 34
Septem ber delivery In elev ato r___ 3 3 % 3 3 JJ 3 3 >? 3 4 M 3 4 % 34
Wheat.
Com.
T h e f o llo w in g a r e c lo s in g q u o t a ti o n s :
United
United
Kingdom. Continent. Total. Kingdom.
FLO U R .
Continent. Total.
W inter, low grades------53 75@53 251 K ansas straights, eaek.54 20«
50
W inter p aten ts________ 4 60® A4 80 Kansas clears, sacks___3 60 344 00
Bushels. Uushels. Bushels. Bushels. Bushels. Bushels.
W inter s tra ig h ts ______ 4 10® 4 30 City p a te n ts -.____ 6 006
May
13
1911-­
23.384.000
31.312.000 54.696.000 3.638.000 5.058.000 8.690.000
W inter clears__________ 3 4 3 @ 3 70
hour............................... 4 6 5 ® 6 40 May 6 1911.. 22.152.000 31.528.000
2.525.000 4.320.000 6.851.000
Spring p ate n ts..............._ 5 10® 5 40 GHye
May 14 1910.. 31.960.000 15.280.000 53.680.000
raham flo u r....................3 9 0 ® 54 25
50.240.000 2.975.000 2.805.000 5.780.000
00
Spring straig hts_________4 40® 4 60 Corn
May 15 1909.. 24.880.000 15.120.000 40,000,000
m
eal,
kiln
d
rie
d
..
3 00
7, i in.oho 15.470.000
Spring clears___________ 3 00® 4 25|
Mav 17 1908-. 23.040.000 16.160.000 39.200.000 8.330.000
5.440.000 7.055.000 12.495.000

M A Y 120 1 9 1 1 . J

1385

THE CHRONICLE

The visible supply of grain, comprising the stocks in
......
...^ principal ^
granary
at
points of accumulation at lake and
seaboard ports May 13* 1911, was as follows:

AMERICAN GRAIN STOCKS.
Rye,
Wheat,
Corn,
Oats,
bush.
bush.
bush.
bush.
3,000
Now York ................... 521.000
279.000 300.000
B oston---1 ................... 150.000
230.000
...........
Philadelphia_________ 167,000
1,000
28,000
2,000
Baltimore......................... 400,000
131,000
85.000
New O rleans_________
37,000
108,000 138,000
Galveston......................... 80,000
7.000
.......
Buffalo ...................... 1,130,000 1,255,000 731.000
Toledo ............................ 398,000
55,000 259,000
5,000
Detroit ....................
208,000
295.000
U.000
Chicago............................. 4,880,000 1,232,000 4.080,000
' 0.666
Milwaukee..................... 56,000
15,000
141,000
D uluth............................. 3,452,000
124,000
002,000
21,000
Minneapolis ______ 10,293,000
39,000 810,000
St L ouis......................... 1.059,000
9.000
77.000
Kansas city __________ 1,409,000
294,000
105,000
Peoria ........................... - .........
40.000 1.320,000
Indianapolis__________ 198,000
140,000
113,000
On Lakes......................... 945,000
880,000
188,000
37.000
Total May 131911.-25,449,000 5,146,000 8,988.000
01.000
Total May 01911.-25,607,000 0,380,000 9,508,000 559.000
Total May 141910-.22,872,000 7,780,000 7,270.000
Total May 151909.-24,100,000 1,648,000 7,373,000 313.000
CANADIAN GRAIN STOCKS.
Rye,
Oats,
Wheat,
Corn,
bush.
bush.
bush.
hush. 435.000
339.000
Montreal......................... 905.000
3.010.000
Fort William................. 3,001.000
2.847.000
Port Arthur................... 2.964.000
000.000
Other Canadian............. 1,380.000
6.898.000
339.000 7.002.000
Total May 13 1911.. 8.370.000
17.000
Total May 0 1911.. 9.079.000
438.000
207.000
Total May 14 1910— 7,134,000
155.000
57.000
Total May 15 1909-- 0.700.000
SUMMARY.
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
b u sh .
bush.
37,000
8.988.000
American .....................25,449,000 5.140.000
339.000 0,898,000
Canadian....................... 8,370,000
37.000
15.886.000
Total May 13 1 9 1 1 - -33.819.000 5.485.000
01.000
Total May 6 1911. .34,740,000 6.397.000 10.510.000
559.000
Total May 14 1910..30.000.000 7.987.000 7.714.000
Total May 15 1909.-30,800,000 1.705.000 7.528.000 313.000

Barley,
bush.
10,000

1.000

11,000
555,000
37.000
1,000
230.000
58.000
3,000
43,000
961,000
1.109.000
2.035.000
1.951.000
Barley,
hush.
74.000
74.000
75.000
102,000
112.000

The value of these New York exports since Jan. 1 has been
$8,167,661 in 1911, against $5,585,244 in 1910.
Domestic cottons generally did not show the same degree
of activity as was witnessed in other lines. Nevertheless
there was an encouraging improvement in the quantity of
goods ordered,both for immediate and future delivery, and
the larger number of inquiries gave promise of further ex­
pansion shortly. Prints moved steadily and in satisfactory
volume, especially for fall, duplicate orders for napped
cottons came forward more freely and demand for season­
able lines was stimulated by the warmer weather. Reports
from retail centres indicated a better distribution, and road
salesmen in various sections, particularly the West, sent
in larger and more numerous orders; in instances buyers
are still seeking concessions, but in view of the sustained
strength of cotton and the increasing curtailment by mills,
sellers are very firm. Brown cottons were in better request
and steadier, with some descriptions showing a hardening
tendency. Colored cottons, duck and other heavy cottons
were firmer, but only moderately active. Business in the
export division remained quiet, especially with the Far
East, only small sales being reported; Manila took limited
quantities of sheetings and prints, and trade with miscel­
laneous ports was fair. Active buying by converters and
printers for future delivery was noted in the print cloth
market, and mills were more willing to book contracts;
gray goods, 38 J^-inch standard are slightly higher at 5 l-16c.
to 5 A C-

Barley,
bush.
901,000
74,000
1.035.000
1.244.000
2.137.000
2.003.000

THE DRY GOODS TRADE.

WOOLEN GOODS.— Neither in dress goods nor in men’s
wear lines has new business improved perceptibly during
the week. Uncertainty regarding possible changes in the
tariff accounts in a measure for the conservatism displayed,
while the trend of fashion this season is such as to require
a smaller yardage than heretofore. In men’s wear the
most noteworthy feature is the urgent demand for deliveries
of goods under order, which plainly reflects low stocks in
the hands of distributers. An interesting development
was the announcement by a leading worsted mill that it
was well sold up for the fall season and that no additional
orders on plain or fancy goods for fall delivery would be
accepted after June 1.

New Y o rk, F rid a y N ight, M a y 19 1911.
Cotton goods markets, both primary and secondary, were
FOREIGN D R Y GOODS— Imported woolens and
moro active this week, and reflected a greater degree of con- worsteds were in good demand, especially serges and the
faience among buyers than for some time past. The Supremo new Coronation shades. Linens ruled quiet, the business
Court’s interpretation of the Sherman Anti-Trust Law in passing consisting mostly of orders from retailers for spot
the Standard Oil case had a beneficial effect upon sentiment dress linens. Burlaps were fairly active; spot goods are
in the dry goods trade, as in other lines, while more seasonable strong, light-weights being quoted at 4c. and lOJ^-ounce at
weather and a growing belief that current price levels afford 5.40c.
............................ . ...............................................
a safe, and, in view of the stronger raw material market an
attractive basis for operations were also responsible for the Im portations and W arehouse W ithdraw als of D ry Goods.
improvement noted. An encouraging and significant
The importations and warehouse withdrawals of dry goods
feature of the increased and broader demand is that it appar­
ently reflects actual requirements rather than any desire to at this port for the week ending May 13 1911 and since
speculate. The expansion in trading was moro noticeable Jan. 1 1911 and for the corresponding periods of last year:
g
g
£
in goods to be made than in finished lines, although the
H S
£
5latter moved in larger volume than in recent weeks and
r*rs o
o p £ X o C
o
p
£
X
o
cs
o.
p
x
o
c
the more numerous inquiries seem to point to greater activity
&£L
in the near future. Converters, printers and the manufactur­
o*1 r*
5.
ing trades quite generally purchased more freely for future
Oo S
S*
needs, and mills producing fine combed yarn cottons were
*
g3
more willing to book contracts for distant deliveries. Print
e
3
i~ a
cloth yarn construction i for near-by and forward shipment
£ . 3&
were taken more liberally, and jobbers purchased both
a ;
o ;
staples and specialities for converting purposes on a larger
5d ;
scale. Although prices generally arc still below costs based
h :
O
GO O
«-*
on current levels for raw cotton, numerous lines worked
_ M C<
M ©ftk >
V
D
W
M
r
.g
«
ClOOto© |-COA© t:5
somewhat nearer to parity, and the cotton goods market
©
ft*
-4 ©► -*►© co
ftk
© ftk © ftk W
CI
-© on
O CO to y c»■—t\jy ^© J.H O
as a whole shows a hardening tendency. Developments
~
M
noted last week strongly pointed to the unlikelihood ot a
53 .M
Cl ftk CAO
C-t
CA
reduction in staple prints for fall; lines for that season were
M © W
O»-*
Cl ClM
jk -a* h-1* Ci
t* *■*<
3 © to ©
©co co
so
opened this week and prices were continued on the same
a
L*
ft*
‘tcio bo
©
*oCl ©Cl ©© U
C©Oci »w
toto ►—
“ft CoO00
00
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c»
basis that prevailed for this spring, namely 5 'A c . for lull
©
Cl
to
o
ft 4* » U.u ©
C O N O ID O2 w§ IJ Cl to to m co ©
o
standards and 4 'A c. for sub-counts, thus removing whatS3
>
2
over uncertainty existed in this respect. These prices
" 1-1 £2
t* O 60 ftk CA >
ft* COCOCS C'l
with fall dating proved attractive to jobbers and a sub­
o
a
Oft. OCONft-M©MCO
M
c« ft*Mci Nco
to
©© L.0<bO
-ici C©*Oa
stantial amount of business was reported placed. Trade in
«.j
©
-4
60
©
©
C>
O
O
M
©
C'
l
Cl
jobbing houses showed a moderate expansion, especially in
prints, wash goods, ginghams and in fact most seasonable
ftk © ftk © co
• aH
c
d
’
©
©
©
©
C
A
©>—to-ft ©©Cl-ft ftk
ftk-*
C'
l
fabrics, while in underwear lines demand was materially
©
c
iftk
c
io
-®
^
oo
CI ft*
ci C'l i-MOtO^c to*
© ft- ft. CO©
ftk
C'l •M—00
-J M
ftk
heavier. While a better feeling was also evident in the
L*
%•
ftC
O
C'
l
-I
to
®
'o
M
»
9
c>
Cl
ftk
© -t© k- ©© Is 2.• nH
O© ©
woolen and worsted divisions, these markets were compara-*
ft. ft* co ft- co © ► -•
00 ftk -a © -I
ft- CciA©*—oCO
<0 Cl o o c ooo
a
tively quiet, the hesitancy in operations for the future being
n
s
>
attributed largely to the tariff agitation.
?? t- ‘
c i © I-* ft- ©
©
CO—Cl t o
- » ft*
a
00
Cl m a Cl
©©©*-*©•-—ft ftk ftk ftk c;
00 © ci ci to
©
DOMESTIC COTTON GOODS.— The exports of cotton
© © -4 © co
M M ftii ► *
© to4* CIJOM
^ ?!• CO
goods from this port for the week ending May 13 were 3,927
packages, valued at $262,173, their destination being to the
>-*
C
O
Ol
©
•-*
C
O
ftk
—
M
kCtoO-ftCI k-»
-J
“ft
©
to
C
A
© ftk
© jk -1 ca ©
Cl “ft w co o © £ 2 ~W
points specified in the table below:
00 Cl
00 O oo 00 Cl © -4
--------1 u
S ? *=5
©
to CO>—o
--------m
— in)11-------n .------ciOc bo
--------11
u
to OO C i — Oo
-j
*
>
CO*Cl© CO
Since
k- OCOt\3
O k-»
O V-1ft H
Since
00 © © © ftk © »
W eek.
. 7
. 31
, 804
. 30
. 304
. 820
. 27
. 345
.1,214
. 279
.3,027
Total . . . . . . . . . . . . . . . . . . . ----------3.927

IT New York to M ay 13—
G reat B ritain ........................
C h in a..
India .
A rabia.
Africa W est Ii
Central A m erica.................................
South A m erica__________________
O ther countries...................................




J a n . 1.
323
407
24,090
8,512
13.188
2,088
15,353
917
0,747
23,840
14,411
111,088

Week. J a n . 1.
850
A
508
3

30
504
90
220
734
1,423
3,014

15,018
5,518
4,708
1,460
10,898
063
3,056
10,172
17,009

78,989

00 M Cl 00 © to ©

5
a
0

ON ©
Cl Cl ©
00 «© ft-1 ©N CWO
©
oo
Vi
Co
© oto
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COCito
w ft*

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tl-J•NW
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be
to
ft*
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to
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©
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ftk
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o©
Cl ©00 k-© ©
Cl ClA

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ftk

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1386

THE CHRONICLE

$ T /v r s atip C n r P s -P/w t o t .
News Items.

[V O L . LX X X X II.

d£scrlbed.:In the ballot was not specified as thc city of S t. Johns,
Ity on!ly Includes a part of one of the precincts in which a
' f L s ^ u° dC(in r.e<l th at if annexation Is carried o ut, thc
C/ i r cS t; J f°»hnsiT hav,c to assum e a larger tax burden than
Simon i? i <UVoPn ', c?u’ th0 dcbf o f,thc city of Portland being $0,716,800,
Jo in woo

m d y $6 6 .ooo!*or

v a f f a f f i ’ WhllC ‘ "C dCbt

^

J° hnS ‘S

Arkansas. Legislature A d journs — Special S essio n .— The
Rhode Island. Savings B a n k Law A m ended .— Thc law
thirty-eighth General Assembly ended its regular session on relating to investments by savings banks in this State was
May 13. Just prior to adjournment, however, Governor completely revised in a bill passed by thc Legislature on
Donaghey issued a proclamation calling a special session to May 2. The new law not only provides a much broader
convene May 22 for the following purposes, most of which
l j f° r lnvcstnient in the classes of securities named in the
were considered during the regular session:
old Act, but enlarges the list by adding railroad stocks
.
Y?e revenu2 laws of the S tate so as to provide sufficient revenue meeting certain requirements, and also receivers’ certificates,
0° taxation”ancf reduce ta x atio n ^ G overnm ent au(l dlstrlbute
bu>d ™s bridge company bonds, water company bonds and bonds of
Canadian railroads, street railways, electric-light or power
t o ^ t h T t a t S a M ^ a ^ A f ^ d S ? ! * 118constltutlonal am endm ent providing companies.
T h e Bank Commissioner, William P. Goodwin,
ortTna?mnnnl?nm???llsh!ng
llfc
?0I;v
|,
c
t'
Icase
system
,
and
providing
for
the
calls our attention to the fact that the State “ continues its
Pr2Per m anagem ent and control of the S tate penitentiary.
ra
* enrffPf; 2,
/% M
n0,0ti?S?,.
pay actual
baIarJcccourt
tllIC cost,
thc S tate
the liberal vews as to eligibility of securities for investment, and
5 ite? °r 2S Cfn
aad toto pay
n ot accounts
attorneys’Infees.
applies the test of earning power in determining whether
S tates f° r appea ng tllc ra tc cases to the Supremo C ourt of the U nited only
bonds are safe” . The standard of earnings applied is con­
^
ake
ncc?ssary
provisions
for
transferring
thc
Suprem
e
Court
and
sidered high enough to prevent investment in unsafe securi­
a ta tc T reasurer’s office to thc new C apitol.
ake appropriations
to m aintain th e several departm ents of thc ties.
on.tate,° Gm overnm
ent.
The changes made in that part of the law dealing with
. T o ”?,a ke appropriations to support the S tate charitable and educational
institutions, so th a t said appropriations for the support of thc S tate Govern­ public securities may bo enumerated as follows: Under the
m ent and all these Institutions m ay not exceed the available revenue for new law banks may invest in bonds or notes of any county
those purposes.
in the United States having a population of over 100,000,
As previously reported in these columns, the proposed whoso net debt docs not exceed 3% of the assessed valuation.
income tax Amendment to the Federal Constitution was The old law provided that banks might invest in the bonds
ratified by the Legislature in April.
or notes of any county in thc New England States whose
Chattanooga, Tenn.— New F orm o f G overnm ent .— The not debt did not exceed 5% of the assessed value.
Nashville “ Banner” says: “ Immediately after thc dissolution
Investment may be made, under the new law, in the
of the temporary injunction against Chattanooga’s new obligations of any city or town in thc New England States
government on May 8 , the newly-elected commissioners took or the State of New York whose net debt does not exceed
the oath of office and assumed thc reins of government.”
7% of the assessed valuation. Under the old law the limit
Denver, Colo.— C ity Loses W ater S u it. — Newspaper dis­ was 5% .
Bonds of incorporated districts in the States mentioned ■
patches from St. Paul state that on May 19 the U. S. Circuit
Court of Appeals affirmed the order for a temporary in­ having a population of more than 5,000 are legal investments,
junction issued by the Circuit Court of the District of Colo­ according to the new law, when the debt does not exceed
rado, restraining the city of Denver from issuing bonds or con­ 5% of the assessed valuation. The law previously provided
that the debt should not exceed 3% . The limit of 5% of
structing a system of water works. See V. 91, p. 1195.
El Dorado County (P. 0 . Placerville), Cal .— L itig a tio n .— the valuation for incorporated districts of 25,000 or more is
buit has been instituted by Jas. II. Adams & Co. of Los left the same in the new Act, but it is provided that in tho
Angeles to prevent the delivery of the $120,000 5% court­ case of all incorporated districts the bonds must be provided
house bonds to N. W. Halsey & Co. of San Francisco, to for by a sinking fund or serial retirement.
Regarding investment in bonds of cities in any State in
whom the bonds were awarded on May 2. See V. 92, p. 1329.
It is said that the bid of Adams & Co. was the highest received, the United States other than thc New England States and
but that the same was not accepted because of a technical thc State of New York having a population of 30,000 or
more, it is now stipulated that the debt of such cities shall
error.
not exceed 7% of the assessed valuation instead of 5% as
Garrison School District (P. O. Garrison), Benton County, heretofore.
Iow a: — Inju nctio n D issolved.— The Clinton “ Advertiser” of
The new law also expressly allows investment in the obli­
May 15 states that the injunction granted by Judge Brad­ gations of school districts within such cities, providing that
shaw restraining the issuance of the $ 1 0 ,0 0 0 building bonds the population of thc district is 30,000 or more and tho popu­
recently disposed of has been dissolved by Judge Nichols lation and assessed valuation are equal to at least 75% of the
in the District Court.
population and valuation of the city in which the district is
Idaho.— To Test Legality o f Capitol B onds. — Steps have located, the old law contained no specific provision relating
been taken by the Attorney-General’s Department to have to investment in bonds of school districts.
the Supreme Court pass on the legality of the $1,101,500
A city or town in order that its bonds may be legal invest­
bonds awarded on April 19 to a Chicago syndicate. See ments shall not have defaulted during the ten years next
V. 92, p. 1330. It was lately discovered that the word preceding such investment. In the old law this requirement
“ not” had been inadvertently omitted in the joint resolution applied only in thc case of State and Territorial obligations.
intended to amend Section 1 of Article 8 of the State Consti­
Thc new law in full is as follows:
tution to permit the Legislature to authorize a bond issue to
AN
wm S'.W t
OF EN
C H TS,"
A PTER
G ENSEV
ER AERL ALAWS
complete and furnish the Capitol. The resolution reads as
E N T IT L ED OF IN V ESTM
AND232O FOFT IIE
L
ACTS IN A M ENDM ENT T H E R E O F .
follows, the word omitted being given in brackets:

„ "T he Legislature shall InotJ In any m anner create any debt or debts, It ts enacted by the General Assembly as follow s:
liability or liabilities, which shall singly or In thc aggregate,” &c.
i SECTIO N 1. C hapter 232 of General Laws entitled "O f Investm ents"
Is hereby am ended to read as follows:
"SEC. 1. All deposits In savings banks and In the savings or partici­
Ohio.— F urther Indictm ents against Legislators. — The Grand
departm ents of. or received as savings deposits or on participation
Jury, which on May 3 returned indictments against five pation
by banks and trust com panies, and In thc case of savings banks tho Income
members of the General Assembly charging them with derived from Investm ents held, hereafter received shall bo Invested only
soliciting bribes, returned three more indictments on May 10 ns follows:
“ P u blic S ecurities.
making similar charges. Dr. A. C. Lowry, Republican, of
“Clause I. (a) In thc bonds or notes of thc U nited S tates or of any
Lawrence County, indicted on May 3 on the strength of evi­ S tate or T erritory of thc U nited S tates, provided th a t such S tate or Terri­
tory has not, In thc ten years next preceding the tim e of such Investm ent,
dence furnished by the Burns detectives, is now charged with repudiated
Its d ebt or failed to pay thc sam e, or thc Interest due thereon
soliciting $1,500 for his vote on the Green nine-hour bill. or upon any part of such debt.
“ (b) In the bonds or notes of any city or town of thc New E ngland
The other men just indicted are Representative (). J. Evans, S tates
or of thc S tate of New Y ork, which has not defaulted upon any of
Democrat, of Stark County, and Senator E. T. Crawford, Its bonds or notes during the ten years next preceding such investm ent,
Republican, of Carroll County. Thc former is charged with whose net Indebtedness docs not exceed seven per centum of tho last pre­
valuation of the property therein for the assessm ent of taxes: or of
having solicited a bribe of $650 for his vote on a liquor bill ceding
any Incorporated district of said S tates which has w ithin Its lim its more
and thc latter with having solicited a bribe of $ 2 0 0 for his than 5,000 Inhabitants, and whose bonds or notes arc a direct obligation
all the taxable property of such district, ami whose net Indebtedness
vote on trading-stamp legislation. The indicted men were on
docs not exceed five per centum of such valuation, and which bonds are
all released on bond in the sum of $5,000 each. The Grand provided for by a sinking fund or serial retirem ent: or of any Incorporated
w ithin this S tate which has within Its limits more than 2,500 In­
Jury has adjourned until May 31, the date set for final ad­ district
habitants and whose net Indebtedness does not exceed five per centum of
journment of the Legislature, and in the meantime the courts such valuation, and which bonds are provided for by a sinking fund or
serial retirem ent.
will begin the trials of the legislators indicted on May 3.
.. "^c!t Y1. the bonds or notes of any city of any of thc U nited .States other
Oklahoma City, Okla.— B onds Declared V a lid .— The State than the New England States, and thc S tate of New Y ork, which has not
ECI?U.
ca 4pon aQy (>f Its bonds or notes during the ten years next preceding
Supreme Court, in an opinion by Justice Kane, affirms the ?a chInvestm
ent, and which has 30,000 or more Inhabitants, as established
or S tate Census, or city census certified to by the Clerk
l° wer court holding valid bond issues of n f 'i; Iv Tl courernational
of such city, and taken in the sam e m anner as a national or
$lo0,000 for a fire station and $15,000 for street-cleaning
Prcced!ng such Investm ent, and whose net Indebtedness docs
apparatus. Thc principal question involved, it is stated, m Am K sf?en,Per centum of the valuation of the taxable property therein,
t,lc last preceding valuation of property therein for the nsscsswas whether or not the objects for which thc issues were made “
or ,n t,lc bonds and obligations of any incorporated school
were public utilities, and the Court decides that they are.
w «i!n liny 8uch city. Which have been Issued by the legally conau 7?orl1Ics empowered to Issue such bonds and obligations, payThe suit was a friendly one brought by R. J. Edwards, of ,,»!i/,
y from taxes levied on all taxable property In such district;
Oklahoma City, who purchased the bonds.
nnnniBti ’ th at th e population of such district Is 30,000 or more, and the
aad assessed valuation or the district are equal to at least 75
Portland-St. Johns, Ore.— A nnexation O pposed. — An ac­ EE?!.i5Y,?n
r e tu r n or the population and assessed valuation of the city within which
tion has been started by several tax-payers to prevent the
. . VIssnot
located:
A n d ofprovided,
th at the
city
In excess
the lim itfurther,
hereinbefore
set.net m unicipal debt
consolidation of these two cities in accordance with a vote sort ssuch
t
i
i
o
h
S
h
k
bo?
ds
<)r,
n°tcs
Of
any
county
of
any
S tate or the U nited
taken in St. Johns on Nov. 8 last.
„ c * ba? ,a t ,t hc d ate of such investm ent more than 100,000 InhablIsh?<l
by
national
or
S
tate
census
preceding
such
The right of the city authorities of Portland to provide for the annexation invp^mnMfSt?S
*}nd ulbo,sc net Indebtedness does not exceed three
per centum
of territory w ithout ilrst subm itting the m atter to thc tax-payers of th at L .” ° ' aI,uatJ.on
of the taxable property therein, as fixed by thc last pre­
city Is attacked In the su it. I t Is alleged, am ong other things, th at th c °ceding
valuation of property therein for the assessm ent of taxes.



May

20 1911.]

THE CHRONICLE

1387

n ot less th an four per centum per annum on the entire capital stock °f the
lessor corporation, and provides for the proper m aintenance and operation
of “the
leased. bonds of any term inal com pany, or term inal
. . rail­
(o) property
F irst m ortgage
w ay com pany, Incorporated In the U nited S tates, whose property Is located
In the U nited .States, and whose bonds are guaranteed as to principal and
Interest by any such steam railroad corporation of Class I.
"(p) First m ortgage bonds of any term inal com pany or term inal rail
w ay com pany. Incorporated In th e U nited S tates, whose property Is located
In the U nited S tates, whose bonds arc guaranteed as to principal and Inter­
est by two or m ore steam railroad corporations, of Class I or Class I II .
"(q) F irst m ortgage bonds or any term inal com pany or term inal rail­
way com pany. Incorporated In th e U nited S tates, whose property Is located
the U nited S tates, of which com pany a t least ninety per centum of Its
term ‘funded Indebtedness’ herein used shall Include all bonds and In
capital stock Is owned by tw o or m ore proprietary steam railroads of Classes
notes bearing Interest.
I,
III
or IV , and which use said pro p erty , and jointly, or Jointly and sev­
"Allhe ‘Income
arc bonds
Ineligible.
, „ . as ,follows,
„
erally, guarantee th e principal and Interest of all the Indebtedness of said
"T
eligibilitybonds’
of such
for such Investm ents ,Is defined
com
pany.
, , „
unless hereinafter otherwise provided:
"(r) F irst m ortgage bonds of any term inal com pany or term inal rail­
“ Definition.
way com pany. Incorporated In the U nited S tates, whose property Is located
In th e U nited S tates, which has leased Its property to one or m ore steam
"O w nership.— Such railroad corporation shall own Its road In fee.
corporations, which guarantee the principal and interest on said
"L ocation.— The railroad of such corporation shall be located principally railroad
bonds, and which lease runs for a term extending a t least ten years after the
In "G
theauge.—T
U nited heS tates.
.
„
.
.
4
„
m atu rity of said bonds, and which lease provides for th e m aintenance and
railroad of such corporation shall be of stan d ard gauge.
of the leased property: Provided, th a t, If such lease is to one
“ Mileage.—Such railroad m ust be not less than 100 miles In length, operation
railroad corporation, It shall be of Class I, and if such lease is to two
exclusive of sidings.
„ steam
steam
railroad
corporations, they m ay be of Classes I or I II , and if such
"N et Income.—The net Income of any such corporation shall be Its earn­
ings and income after paym ent of all operating expenses, m aintenance lease Is to three or m ore steam railroad corporations th ey m ay be of Classes
charges, rentals and taxes, and all guaranteed dividends and guaranteed X’ " ( s ) ° rF irst m ortgage bridge bonds issued by any railroad corporation
Interest paid by, or due from , it.
"T he net earnings and income of any such corporation shall equal tne
'■ ftf3 F irst m ortgage bonds of any bridge com pany. Incorporated In the
following requirem ents by the following classes, to which reference is m ade °Ufnited
States, whose property Is in the U nited S tates, whose entire Indebt­
In the succeeding table of bonds.
edness
Is guaranteed as to principal and Interest by o nco r m ore steam rail­
"C lassification.
road corporations: Provided, th a t. If such guarantee Is by one such railroad
" Class I . A ny such corporation of this class m ust have earned and re­ corporation?It shall be of Class I. and If such guarantee Is by two or m ore
corporations they m ay be of Classes I, III or •
., .
ceived in each of its three fiscal years, or three nearer and successive periods railroad
(u) F irst m ortgage bonds of any bridge com pany. IncorporatedJn^tlie
of one year, next preceding such Investm ent, a net Income of not less th an
twice the annual Interest for the current year on all its funded Indebtedness, U nited States, whose property Is in th e U nited S tates and whose capital
stock is entirely owned, except shares Qualifying directors, by two or m ore
Including the bonds In question.
, .
" Class I I . A ny such corporation of this class m ust have earned and re­ proprietary steam railroad corporations of Classes 1•.JAL0/,
ceived a net Income, In each of Its three fiscal years, or three nearer and a n te e th e m aintenance of the property and the principal and Interest of
successive periods of one year, next preceding such Investm ent, not less SU v) ° nI•](iuI dm ent bonds or equipm ent notes Issued by any steam rail­
than twice the annual Interest for the current year on the underlying m ort­ road corporation of Class I. Class III or Class IV, which arc secured by a
gage- bonds In question, and all prior liens
, .
on the equipm ent against the purchase of which said bonds or
" Class III. Any such corporation of this class m ust have earned .and first lien
were Issued a t not exceeding eighty per centum of the purchase price
received In each of Its three fiscal years, or t h r e e new er and R ecessive notes
thereof’ Provided, th a t the indenture under which said lien Is established
periods of one year, next preceding such Investm ent, a n et Income or n o t contains
adequate requirem ents for th e m aintenance of th e property
less than twice the annual Interest for the current year on all its m ortgage pledged and
provides th a t an equal am ount of any Issue of such bonds or
Indebtedness outstanding, Including the bonds In question.
"Class I V A ny such corporation of this class m ust have earned and re notes shall be paid annually until all arc retired w ithout th e release of the
lien
on
any
of
equipmand
ent. obligations, running for a term of not m ore
oclve'l
eachn ex
of tUspreceding
three Ilscal
or three
"(w ) N otes,such
w arrants
of one in
vear.
suchyears,
Investm
ent, an<Lar“
net Income of not less th an
an five years from date of Issue, given by any steam railroad corporation,
one ami a half times the annual Interest for the current year on all Its funded th
which has earned and paid dividends a t the rate of not less th an four per
indebtedness, including the bonds In question.
centum per annum on all its outstanding capital stock for five years n ex t
"T able of Eligible Steam Railroad Bonds and Notes.
"(a) D ebenture bonds of any such steam railroad corporation. Incor­ p rlo rto tQ®rtlfjtc ^°cg s0sfUindebtedness commonly term ed ‘receiver’s certifi­
porated In any of the U nited S tates, whose net Income Is described in cates Issued by a receiver of any such steam railroad u nd er an authoriza­
of the court or courts having jurisdiction over such rccclvci.
C1"S(b) ’ D ebenture bonds of any such steam railroad corporation, Incor­ tion••(y)
irst m ortgage bonds and refunding m ortgage bonds of any steam
porated In any of the United S tates, which has leased Its railroad to another railroad Fincorporated,
and whose property Is principally located In the
such railroad whose net Income is described In Class I: Provided, th a t such Dominion of C anada, w hich
conform In all respects to * JT?nif
lease Is for a term extending a t least ten years after the m atu rity of the Ing to m ortgage bonds of steam
railroad corporations In the U nited .S tates.
bonds In question, and th a t the ren t from such leaso Is sufficient to m eet
"C hange of M otive Pow er,
the Interest and sinking fund requirem ents, If any, on said bonds or any
" Clause III. The change of m otive pow er by any ® t e ^ r ^ r o a d cor­
prior lien or any other debenture bonds, together w ith a dividend or not less
th an four per centum per annum on the entire capital stock of the lessor poration. w hether wholly or In p a rt, shall not afiect the eligibility, for such
corporation, and also provides for the proper m aintenance and operation Investm ent, of any of the steam railroad obligations hereinbefore described,
so long as its earnings conform w ith the foregoing requirem ents.
of "(c)
th e property
leased.
„ , corporatlon
__
D ebenture
bonds of any such. steam railroad
lncor"R ailroad Stocks.
porated in any of the U nited States, guaranteed as to principal and interest,
"Clause IV . (a) In the shares of th e capital stock of any steam rail­
or assum ed by another railroad described In Class I.
. .h , .
road
which
has
leased
its
railroad
th er steam railroad, which op­
"(d) Bonds of any such steam railroad corporation described in Item s erates the property so leased as a p artto ofano
its railroad system ; Provided, th at
(b) and (e), which are guaranteed as to principal ari<l in terest, or
such
lease
Is
for
a
term
of
not
less
than
fifty
years, and th e lessee com pany
by two or more steam railroads of which one shall bo of Class I and the is one whose bonds would be a legal Investm
ent under the provisions or
others
be of Class
II Class III, and th a t by the term s of the lease th e lessee com pany
"(e) mMayortgage
bondsIIIof or
anyClass
suchIV.
steam railroad corporation ,Incorpo­ Clause
Is
obliged
to
pay
rents
sufficient
to
pay
the
Interest
outstanding
rated In any of the U nited States, whose net Income Is not less th an th a t bonds of th e lessor, and a dividend a t an annual rate ofonnottheless
th an four
centum per annum on all the capital stock of th e lessor com pany.
dC"C(f)bC U nderlying m ortgage bonds of any such steam railroad corporation per"(b)
In
th
e
shares
of
th
e
capital
stock
of
an
y
steam
railroad
wWch
Incorporated In any of the U nited S tates, whose net Income is n ot less th an operates Its own railroad, whose bonds would be an eligible Investm
ent
th a"(g)
t described
in Class
Clause II. Class I ; Provided, th a t such railroad has paid regular annual
M ortgage
bondsII.of any such steam railroad corporation, incor­ under
dividends
on
all
Its
capital
stock
a
t
the
rate
of
not
less
th
an
four
per
centum
porated In any of the U nited S tates, which are guaranteed as t° principal
annum for ten years next preceding such Investm ent.
.
and Interest, or assum ed by another steam railroad, whose net income is per"(c)
The aggregate investm ent of such deposits and Income by any
described
Class Ibonds
or Class
III. such steam railroad
„ , corporation, lncoi- bank, savings
bank or trust com pany In the stock of an y one such steam
"(h) MInortgage
of any
porated In any of the U nited S tates, which are guaranteed as to principal railroad corporation a t p ar value shall not exceed two per centum of said
and interest, o r assum ed, by two or more steam railroads, of which a t least deposits held by it.
" P u b lic Service Securities.
one shall be of Class I or Class III and the others m ay be of Class III or
" Clause V . In th e bonds of public service corporations’, com m only
Class
"(1) IVM ortgage bonds of any such steam railroad corporation. Incor­ called
‘public
service
securities'
described hcrclnbclow In the ‘table of eligible
porated In any of the U nited S tates, which has leased its railroad to another
service securities,’ sub-sections (a) to (J), inclusive, subject to the
steam railroad whose net Income Is described In Class I or Class III, I ro- public
following
description
and
definition:
................
.
vided, th a t said lease Is for a term extending a t least ten years after the m a­
"T he title ‘public service securities’ shall Include only m ortgage bonds
tu rity of the bonds In question, and th a t the ren t from such lease Is sufficient Issued
by
any
electric
railroad,
street
railw
ay,
gas
com
pany,
electric
light
to m eet the interest and sinking fund requirem ents, If any, on said bonds
nower com pany or w ater com pany, as hereinafter described.
and any p rio r liens, together w ith a dividend of n ot less th an Tour per nr "T
term ‘funded indebtedness’ herein used shall include all bonds and
centum on the entire capital stock of th e lessor corporation, and provides noteshebearing
Interest.
for the proper m aintenance and operation of the property leased.
D escriptive D efinition.
"(I) M ortgage bonds of any such steam railroad corporation. Incor­
"O w nership.—Such corporation shall own the m ajor p art of Its property
porated In the U nited S tates which has leased its railroad to tw o or mono
steam railroads, of which a t least one shall be of Class I or Class III, 1 r o - 1,1 "L ocation.—T he property of such corporation shall be located principaly
vlded. th a t said lease shall be for a term extending a t least ten years after In the U nited S tates, unless otherw ise provided.
the m atu rity of the bonds In question, and th a t the ren t from such lease
et incom e.—The net income of such corporation shall be Its n et earn­
is sufficient to m eet th e Interest and sinking fund requirem ents. If any. on ings"N and
Income after paym ent of all operating expenses, m aintenance
said bonds and any prior liens, together w ith a dividend of n ot less th an charges, rentals
and taxes, and all guaranteed Interest and guaranteed
four per centum on the entire capital stock of the lessor corporation, and
provides for th e proper m aintenance and operation of the property leased. <U "FHg?blfl?ydfor 'such Investm ent.— Such corporation m ust have <^rned
"(k) F irst m ortgage bonds or refunding m ortgage bonds of any such and received a net income in each of its three fiscal years, or ^ r e e nearer
steam railroad corporation, which would be a legal Investm ent under Items nerlods of one year, next preceding such investm ent, n o t less th an twice
(g). (h), (I) and (j), respectively, except for the fact th a t it owns In fee less the annual Interest for the current year on all Its Indebtedness, secured_by
th an 100 miles of road, exclusive of sidings.
„ .
m ortgage under which the bonds In question are Issued and all■
"(1) F irst m ortgage bonds of any such steam railroad corporation. the
liens, unless otherw ise hereinafter specified, and shall n o t have defaulted on
Irrespective of mileage, which Is a constituent p art of a steam railroad and any
Its obligations during the sam e period: Provided, however, th a t said
tran spo rtatio n system of not less than 1,000 miles of road, exclusive of bondsof shall
ature a t least five years before th e expiration of th e principal
sidings and a t least ninety per centum of the capital stock of which is franchise or mfranchises
which such corporation is operated, or there
owned by a proprietary holding com pany which operates said railroad and shall exist some definiteunder
agreem ent or contract w ith th e grantors w hereby
transportation system , and the earnings of which, w ith the earnings of the
franchise or franchises m ay be renewed or extended from tim e to tim e
other divisions constituting said railroad and transportation system , are such
and beyond the life of the bonds in question, and or th a t by
received by said holding com pany, and which bonds In question are fully throughout
an agreem ent or con tract th e security of said bonds Is adequately
guaranteed as to principal and Interest by such holding com pany, cither such
and preserved to the bondholders, and a copy of such agreem ent
by direct guarantee, or by rental under lease extending a t least ten years protected
shall be filed In the office of the B ank Commissioner and shall
after the m atu rity of said bonds, the term s of which leaso require a pay-> be contract
preserved In his files during the life of the bonds In question.
m ent of ren t equivalent to all taxes and Interest, and provides a sinking fund
sufficient to retire said bonds a t m aturity; Provided, however, th a t the net
"T ab le of E ligible P u blic Service S ecurities.
Income of said holding com pany shall equal the requirem ents of railroads
"(a) M ortgage bonds of any such electric railroad,
electric
light
or
power com pany, incorporated under th e laws of R hode
n "(m )S Bonds and debentures of any steam railroad corporation, whose
whose property Is located and operated chiefly In this M ate.
railroad property Is unincum bered by m ortgage, and whose net income is Island,
“
(b)
M
ortgage
of any such electric railroad, street railw ay, gaa
described In Class I: Provided, however, th a t such bonds or debentures shall and electric light orbonds
power com pany, incorporated under the laws of any
bo Issued only under the auth o rity of some S tate which provides by law of the U nited States;
Provided,
th a t th e said b o n d s ° f a ny
th at no such railroad corporation which has issued bonds shall subsequently such electric railroad or street railroadhowever,
com pany shall be a legal investm ent
execute a m ortgage upon Its railroad property w ithout Including In and se­ for such deposits and income only In case
such com pany'Shall have received
curing by such m ortgage all bonds previously Issued by It and all Its pre­ average gross earnings of not less th an four
hundred thousand dollars in
existing debts ami liabilities, which provision so enacted In such S tate shall each of its three fiscal years, or three nearer periods
of one year, n ex t pre­
have been accepted by the stockholders of such railroad com pany.
such Investm ent, and If said bonds are issued by a com pany which
"(n) Bonds of any steam railroad corporation described in Item (m) ceding
carries
on
the
business
of
an
electric
railroad
or
street
railw ay com bined
which has leased its railroad to another steam railroad for a term extending w ith th a t of either a gas com pany or an electric light or power
com pany, or
n ot less than ten years after the m atu rity of the bonds In question, which both of such kinds of business, th en . In such case, such com pany
shall have
lessee railroad fully guarantees the principal and interest on said bonds; received average gross earnings of n o t less th an six hundred thousand
Provided, th a t said lessee railroad is one whose net Income Is a t least up lars In each of Its three fiscal years, or three nearer periods of one year, ndol­
ex t
to the standard set in Class III; and provided, further, th a t said lease Is for preceding such Investm ent; and If said bonds arc Issued by any
gas
a term extending a t least ten years after the m atu rity of th e bonds In ques­ com pany or electric light or pow er com pany, or by a com pany which com
tion, and th a t the ren t from such lease Is sufficient to m eet the Interest and bines the business of a gas com pany and an electric light com pany, and.l or­
sinking fund requirem ents. If any, on said bonds, together w ith a dividend oi

"N et Indebtedness— Definition.
"(c) T he term 'n e t Indebtedness’ shall m ean the Indebtedness of a city,
town, county or district after deducting from the total debt th e am ount
of sinking funds available for paym ent of such Indebtedness and deducting
the net outstanding w ater debt.
"Steam Railroad Bonds and Notes.
" Clause I I . In the bonds and notes and receivers’ certificates of steam
railroad corporations described herein below, In the ‘table of eligible steam
railroad bonds and notes,’ sub-sections (a) to (y) Inclusive, subject to the
following
definitions
and classification:
, used. are to
. .be considered
..
"T he words
‘railroad’
and ‘railw ay’ herein




Sr

THE CHRONICLE

1388

power com pany, or any tw o such businesses, th en , in such case, It shall
have received average gross earnings of not less th an two hundred thousand
dollars In each of its three fiscal years, or three nearer periods of one year
next preceding such investm ent.
"(c) F irst or refunding m ortgage bonds of any such electric railroad,
street railw ay, gas, electric light or power com pany, Incorporated In any
of the U nited S tates, which arc guaranteed as to principal and interest or
assum ed by ano th er corporation whose bonds would be a legal investm ent
under the provisions of paragraph (b) of this clause.
. “ (d) F irst or refunding m ortgage bonds of any such electric railroad
or street railw ay, incorporated in any of the U nited S tates, which are guar­
anteed as to principal and interest, or assum ed by a steam railroad or rail­
roads whose bonds would be a legal Investm ent under the provisions of
Class III of the classification of steam railroads herein.
"(e) I'irst or refunding m ortgage bonds of any such electric railroad,
street railw ay, gas, electric light or power com pany, which has leased its
property to any other corporation whose bonds would be a legal investm ent
undei the provisions of paragraph (b) of this clause; Provided, however, th a t
anirfH«r5ilai* cxI cl1?
? teFm ot at least ten years after the m atu rity
PiJSv
a t icast
thc fixed
taxesin ofquesthe
lessor, Including the interest
on, GClual
and a tosinking
fundcharges
for theand
bonds
for th,c Paym ent of said bonds a t m atu rity , and shall rer 11?»,°Pera 1i011 and m aintenance of the leased property: and provided,
t h Z i f Z w . an auth entie copy of such lease shall be filed in the office of
om mbonds
lssioner,
and such copy shall be preserved in his files during
th e “lifeaakC
of the
in question.
" , E quipm ent bonds or equipm ent notes issued by any such electric
railroad or street railw ay, which are secured by a first lien on the equipm ent
against thc purchase of which said bonds or notes were issued a t n ot exceed­
ing eighty per centum of the purchase price thereof; Provided, thc Indenture
under which said lien Is established contains adequate requirem ents for thc
m aintenance of thc property pledged, and provides th a t an equal am ount
or such bonds or notes shall be paid annually u ntil all are retired, w ithout
thc release of thc lien on any or such equipm ent.
"(g) Certificates of indebtedness, com m only term ed ‘receiver's certifi­
c ates,’ Issued by a receiver of any such electric railroad, street railw ay, gas
electric light or pow er com pany under an authorization of the court or
courts having Jurisdiction over such receiver.
"(h) F irst m ortgage bonds of any electric railroad, street railw ay, gas,
electric light or pow er com pany, described In paragraph (b) of this clause,
which Is incorporated in the Dominion of C anada, and whose property is
located principally in said Dominion; Provided, th at such bonds conform In
all other respects to thc provisions of paragraph (b), (c), (d), (c) or (f)
of this clause.
“ (i) B onds of any corporation which owns m ore than ninety per centum
of the capital stock and of thc outstanding bonds of any electric railroad or
tree t railw ay com pany incorporated In this S tate, the railw ay of which Is
located wholly or In p art therein, secured by the deposit in tru st of thc said
stock and bonds as collateral, and which corporation has paid, in each fiscal
year for thc five years last preceding such investm ent, dividends of not less
th an four per centum per annum upon all its outstanding capital stock;
or thc bonds of any such electric railroad or street railw ay com pany which
are secured by m ortgage on its property and arc guaranteed as to principal
and Interest by any such corporation.
"(j) F irst m ortgage bonds of any com pany incorporated In this S tate
for the purpose of supplying w ater for dom estic and other purposes; Pro­
vided, th a t such com pany has an exclusive franchise to serve a population
of not less than ten thousand in this S tate, which franchise extends a t least
five years beyond the life of the bonds in question, and th at said bonds
are
om secured
pany. by a m ortgage of thc property, rights and franchises of such
"B o n d s of T elephone C om panies.

" Clause V I. In thc bonds of any telephone com pany Incorporated In
any of thc U nited States, whose property is located chiefly in th c U nited
States; Provided, th a t such telephone com pany has m et thc following re­
quirem
ents during each of Its five fiscal years next preceding such invest­
m ent, viz.:
(a) T h a t the average gross income of such telephone com pany shall
have been not less than ten million dollars per annum .
(b) T h a t such telephone com pany shall have paid thc m atured prin­
cipal and interest of all its indebtedness.
, “ (p) T h at such telephone com pany shall have earned and paid cash
dividends on all Its outstanding Issues of stock a t thc rate of n ot less th an
six per centum per annum , and th a t thc am ount of such cash dividends
shall have exceeded the sum required to pay thc interest upon its entire
outstanding indebtedness, Including thc bond issue in question.
m "A m f provided, further, th a t such bonds shall be secured cither:
f x " (l) By a first m ortgage covering a t least severity-five per centum of thc
property of such com pany, Including its franchises and other sim ilar rights
and privileges, and lim iting th e am ount of the bonds Issuable thereunder
to seventy-five per centum of thc value of thc property m ortgaged, ex­
cluding any valuation of said franchises, rights and privileges, or
“ (2) By the deposit w ith a tru st com pany of bonds and shares of stock
of other telephone corporations, under an Indenture of trust which limits
thc am ount of bonds so secured to seventy-five per cent of the value of thc
securities deposited as stated and determ ined in said indenture, and pro­
vided th at during each of thc five years next preceding such Investm ent
th c annual Interest and dividends paid In cash on the securities deposited
have am ounted to not less than fifty per cent In excess of the annual Interest
on thc bonds outstanding and secured by said deposit.
. “i bef filedc,°py
? ' th
<-, m ortgage
or Indenture
ot trust
bonds
shall
In thc
office
of the Bank
Commissioner
andsecuring
shall besaid
preserved
during thc life of said bonds.
"T he aggregate investm ent of such deposits and income by an y bank
savings bank or trust com pany In thc bonds of any one such telephone
com
held pany
by it.a t p ar value shall not exceed two per centum of said deposits
"B an k S tocks.

" Clause VII . In the capital stock of any bank or trust com pany incor­
porated under the laws of any of the New E ngland States, or thc S tate of
New York, or of any national banking association, doing business In said
States; b u t such corporation shall not hold, both by Investm ent and as
security for loans, an aggregate of more than tw enty-five per centum of
such deposits In thc stocks of such corporations a t par value nor more
th an three per centum of such deposits In th c stock ot any one such corpora­
tion a t par value, nor shall such corporation hold, both by Investm ent and
as security for loans, m ore than one-fourth of thc capital stock of any one
such bank, tru st com pany or national banking association.
"L im it of D eposits in A ny O ne B ank.

" Clause VII I . N ot more than five per centum of such deposits shall be
on deposit in any one bank, tru st com pany or national bank, and such de­
posit shall not exceed tw enty-five per centum of the capital stock and sur­
plus of such depository, and if any p art of such deposits are deposited in
an y bank or trust com pany out of this S tate, such depository m ust be eligible
to act as a reserve agent as defined In C hapter 236, Sec. 3, of General Laws,
entitled ‘of reserve.’
"R ea l E sta te M o rtgages.

" Clause I X . In loans secured by first m ortgage on real estate subject
to thc following restrictions:
"N o such loan shall be m ade except upon th c rep o rt of not less th an two
officers or trustees or directors or agents duly authorized to do th e d uty
by thc board of trustees or directors, who shall certify according to their
best Judgm ent to the value of th c prem ises to be m ortgaged. Such report
and certificate shall be in w riting, and shall be filed and preserved In thc
rcords of the corporation.
"Loans
on Improved real estate shall n ot exceed sixty per centum of
such
valuation.
"L
oans
on unim proved real estate shall n o t exceed forty per centum
of such valuation.
"T h e aggregate am ount of such loans shal n ot exceed seventy per centum
of such deposits, and of this authorized am ount not exceeding th irty per
centum thereof shall be on real estate located out of R hode Island.
" in event of any such m ortgage loan continuing for five years unreduced
n am ount, the property upon which such loan is secured shall be rc-exam ned and re-valued and a w ritten report and certificate of thc condition and
value of th c property a t thc tim e or such ro-exam Ination shall be filed and
preserved in the records of the corporation after the m anner provided for a
new loan, and such an exam ination and re-valuation shall be m ade as often
as every fifth year until such loan Is paid. If a t th e tim e of any such re­
valuation It shall appear th a t thc property m ortgaged has depreciated In
value so th a t th e loan secured thereby is in excess of the percentage lim it
of such value herein perm itted for such loans, a reduction In the am ount
of thc loan shall be required and secured as prom ptly as Is practicable u ntil
th c m argin of safety Is restored.



[VOL. LXXXX1I.
"P erso n al S ecurities.

^ "Clause X . (a) In the note or notes of an individual, co-partnership
or corporation, w ith a pledge of any of the securities described in Clause I,
Clause II. Clause I \ , Clause V or Clause VI or Clause V II, of this chapter,
«»!Lm ar* va uc °f which securities shall be a t least tw enty per centum In
excess of th e am ount secured, which m argin m ust alw ays be m aintained.
i InAhc
\l0*,c orasn°I?,s
°I an ofIndividual,
co-partnership
seem ed^ by
th e pledge
collateral
shares of the
capital stockorofcorporation
any steam
S ri5 ?a r*co,? Piany’ or com panies Incorporated In any of the U nited States,
Jn e D om inion of ,C aiiacfa- whose road is located wholly or In p art In said
countries, and which Is in possession of and Is operating its own road, and
? as earned and paid regular dividends of not loss than four per centum per
annum In each fiscal year on all its Issues of capital stock for five years
v J liP r t?edi n8:
^ v estm e n t, which shares are listed either on the New
S S '^ d d o h la or Chicago Stock E xchange, and the m arket
°! whIch collateral shall be at least tw enty per centum in excess of the
am ount secured, which m argin m ust alw ays be m aintained; such note or
notes to be paid or renewed w ithin one year from thc d ate thereof.
(°) In the note or notes of any individual, co-partnership or corpora“Pn secured by pledge, as collateral, of the capital stock of any nationa
banking association or of any bank or trust com pany incorporated under
™ ,[ aws the M ate In which it is located other than the New E ngland
or the S tate of New York, which banking association, bank or tru st
2i!E8.&i£ ,s a m em ber of thc clearing house of any city of the U nited S tates
which has a population of m ore than two hundred thousand inhabitants,
®s
"*c<aW
by .t ,lc Ia.st
or Smtate
invest­
m ent,
whichlicdsecurities
shallnational
have a fair
arketcensus
value preceding
of a t least such
tw enty-five
per centum in excess of such note or notes so secured, which m argin shall
alw ays be m aintained, and in no case shall an aggregate of more than ten
per centum of such deposits be loaned on such bank and tru st com pany
stocks, nor more th an two per centum of such deposits on thc stock of any
one such bank or tru st com pany.
"(d) In loans to any depositor In such corporation upon thc personal
note of such depositor to an am ount n ot exceeding ninety per centum of
f.hy shch deposit; Provided, th a t thc deposit and deposit book of any such
i to r*
a asProperly
such corporation
securityexecuted
for such assignm
loan. ent thereof, shall be held by
"O th er P ersonal S ecurities.

™J } such deposits and Income cannot be satisfactorily lnn tbc
n*??c,s pI,r°vidcd
In Clauses
ount
not
exceeding
one-third
art of such
depositsI mto ayX , beinclusive,
invested anin am
prom
issory
£L °,V ^r P.crsonal securities, payable and to be paid w ithin one year
‘ }vlth,
o nc responsible
th ! . 2 J d rih . l»hS£C0
m arket
valuea t oflGast
a t ,least
tw enty per surety
centumorInsecured
excess by
of
S nSJSSn
f t crc?n ’ cx°cpting th a t the m argin required In thc case
fu
H
,o
?
v
an
fc
»n2
tr\1
.
s
t
com
pany
stocks,
provided
for
In
sub-section
(c)
or Clause X , shall be observed, which m argin m ust always be m aintained;
oi, not exceeding one-third of said one-third p art of such deposits m ay be
loaned on single nam e prom issory notes of solvent individuals, firms or
corporations engaged in m ercantile and m anufacturing business, th a t m ake
sworn statem ents of their condition, duly ascertained and certified to by a
certified public accountant, and a true copy of such statem en t and certifi­
cate shall be held by thc bank, savings bank or tru st com pany m aking such
loans of savings or participation deposits; Provided, however, th a t such
single-name paper shall read for a term of not exceeding six m onths, and
th at all such Investm ents shall be duly approved by a t least two of the
trustees or directors of the bank, savings bank or trust com pany so investing
the savings or participation deposits held by It; and it is further provided,
th at no savings bank shall loan an am ount In excess of two per centum of
Its deposits to any individual, firm, association or corporation, Including
in the liabilities of a partnership or association the liabilities of the several
m em bers thereof, either direct or as endorser, and Including in the liabilities
or
an Individual his o r her liabilities to such savings bank as endorser or
surety.
"N o tes of Public Service C o rp oratio ns.

" Clause X I I . In the note or notes of a gas, w ater, electric light or power,
telephone, electric railroad or street railw ay com pany Incorporated, or
doing business, In this S tate, which has paid dividends of a t least four per
centum In each fiscal year upon all Its Issues of capital stock for five years
next preceding the d ate of such investm ent; Provided, the principal of said
note or notes m atures a t a tim e not exceeding three years from the date of
Investm ent therein; and provided, further, th at said note or notes shall ma­
ture a t least five years before thc expiration of the principal franchise of
franchises under which said gas, electric light or pow er, telephone, electric
railroad or street railw ay com pany are operated; and provided, f urther, th at
the aggregate am ount so invested by any bank, savings bank or tru st com­
pany in the note or notes of any such corporation, together w ith th e bonds
and other securities of such corporation held, shall not exceed two per centum
of said deposits held by it.
"R eal E sta te .
., "CldiiSS X I I I . (a) Such corporation m ay hold real estate acquired by
the foreclosure of a m ortgage owned by it, or by purchase, a t sales m ade
under th e provisions of such m ortgage, or upon judgm ents for debts due
to It, or In settlem ents effected to secure debts. All such real estate shall
be sold by the corporation w ithin five years after the title thereof Is vested
iin which
uV*?v(ae$:
th a t the
corporation
m aypreviously
have five years
from bMu taythe20 Bank
1008
to dispose
of any
real estate
acquired;
com m issioner, upon the w ritten petition of such corporation, and for cause,
m ay grant additional tim e for thc sale of the sam e.
"(b) Such corporation m ay invest in real estate suitable for thc con­
venient transaction of Its business.
"S ecu rities T aken in S ettlem ent of D ebt.

*Clause X I V . Such corporation m ay hold stocks, bonds or other se­
curities of non-Icgal character acquired In settlem ents and reorganizations
effected to reduce or avoid losses on defaulted loans and Investm ents; but
thc non-lcgal securities so obtained shall be sold w ithin five years after
being acquired, unless the tim e is extended as provided in preceding Clause
X III. Such securities as were so acquired before M ay 20 1008 shall be sold
w ithin five years from th a t date, unless thc tim e Is extended as provided
In the preceding Clause X III.
"G eneral Provisions.
" Clause X V . (a) Securities acquired after thc passage of this A ct,
which were legal investm ents when iicqulred, need not be disposed of If it
happens afterw ards th a t thc net Income of thc corporation Issuing such
securities shall fall below the limit fixed by this A ct, or, In the case of a city,
county, town or d istrict. If thc debt lim it Is exceeded, unlcwss, In the Judg­
m ent of thc Commissioner, It is hazardous to retain the sam e, in which case
said Commissioner m ay give directions In w riting requiring the disposal of
such securities; and when such directions are given, such securities shall bo
disposed of w ithin one year from thc d ate of such notice, unless an extension
of tim e Is granted by said Commissioner.
“ (b) Bonds which are legal investm ents under thc foregoing provisions
or this chapter and are secured by a m ortgage which provides for paym ents
to a sinking fund shall cease to be legal Investm ents If thc corporation Issuing
such bonds shall a t any tim e fail to m ake such paym ents. And such bonds
shall not be legal investm ents under the provisions of tills section so long
as any such paym ent is In arrears and unpaid.
(c)
I r a corporation is formed by a consolidation or m erger of two or
more corporations, and it is desired to ascertain the legality of the bonds
nl.,1aG®^GGessJ)r corporation for Investm ent of savings deposits, the earnings
1 , several predecessor and constituent corporations shall be
Jhc agKrGKa,tc corporate income so ascertained shall be
u u u or onc and the sam e continuous corporation represented
or* ** a corporation shall acquire by purchase
franchises of another corporation, and a bond Issue Is
transaction, the legality of the bonds so issued
11 the other bonds of the purchasing corporation shall be ascertained by
«a
5^ n fhe case of a consolidation or m erger above pro­
rule?, applying
describedjUdder the preceding
clauses toof thc
this several
chapter.classes of corporations
.
11 , c n, , earnings and Income of any corporation whose bonds
have been a legal investm ent under thc provisions of tills chapter shall fall
som ew hat below the requirem ents of this chapter for a period of n ot excccding two successive fiscal years, and In the following year such earnings
and Income shall be restored to the required am ount, said corporation, after
such restoration of Income, shall bo regarded as having com plied w ith said
requirem ents during said period, but during the period of failure to earn
thc required
am ount no investm ent shall be m ade in the bonds of a cor­
poration
so situated.
"(c)
Serial
m aturities of bonds shall be considered equivalent to sink­
ing fund provisions.

may

2 0 1 911.)

THE CHRONICLE

" O f the S e gre ga tio n o f A s s e ts .

" C la u se X V I . (a) Every bank or trust company which maintains a
savings or participation department, or solicits or receives deposits as sav­
ings
or on toparticipation,
shall invest all deposits
therein,
or so received,
according
theshall
requirements
such deposits,
or uninvested,
be set apartofforthisthechapter,
exclusiveandprotection
of the Invested
deposits
In said savings or participation department, and shall not be liable for, or
be
used
to
pay,
any
other
obligation
or
liability
of
such
bank
or
trust
com­
pany until after the payment of all the deposits In said savings or partici­
pation
department.
"(b) The foregoing provision as to the character of the Investment or.
savings
or participation
deposits
not render
illegaltheanychange
investments
of such deposits
made prior
to Mayshall
20 1908.
nor compel
of such
Investments for those prescribed by this chapter, except as hereinafter
provided.
• "(c) If any bank or trust company shall continue to hold such Invest­
ments of non-lcgal character made prior to May 20 1008 which, In the
opinion
the Hankdeposits,
Commissioner,
are hazardousmay,
and unsafe
for thenotice
Invest­
ment ofofrequire
savings
said
Commissioner
bysuch
giving
in
writing,
such
bank
or
trust
company
to
dispose
of
Investments^
oquirements
substituteofother
Investments
of
a
character
In
conformity
with
the
re­
chapter
within
one year
thesuch
date disposal
of receiptor ofsubsti­
such
notice, and saidthisbank
or trust
company
shallfrom
make
tution
In
accordance
with
such
requirement;
but
If
It
shall
appear
on
written
request
bankto ormake
trustsuch
company
additional time
Is reasonably
necessaryof Insuch
which
disposalthat
or substitution
In order
to avoid
unnecessary sacrifice, said Commissioner may grant a reasonable extension
of• “time
for
the
compliance
herewith.
.
.
.
.
^ of
(d)bankIforanytrust
Investment
ofwhich
the savings
or set
participation
department
any
company,
has
Dcen
apart
as
provided
In
(a)
of this clause, shall be In default in payment of either principal or Interest,
such Investment shall promptly be reduced In Its book value approximately
to "(c)
the market
value or thefunds
same.of the savings
, or participation department
, . .
The uninvested
of any such bank or trust company shall be kept In a distinct deposit ac­
count or accounts or demand certificates of deposit In such manner that the
same can be readily Identified as clearly belonging to the segregated assets
of "(f)
such savings
or participation
deposits. shall keep an accurate account,
Every bank
or trust company
wherein
shall
appear
a
complete
list of thedeposits
assets held
set apart
the exclu­
sive protection of savings or participation
by it,forshowing
the
par
value,
book
value
and.
periodically,
as
often
as
a
report
Is
made
to the
Bank Commissioner, shall enter In such account the fair market value
of
each
of said assets.
"(g)of the
TheInvestments
Bank Commissioner
In requiring the substitution of Invest­
ments under the provisionsInofany
(c) ofonethisyear
clause shallthannottwo
require
or
substitutions
per changes
centum
of
the savings oraggregating
participation deposits
of anymore
such trust company
at the
time of the passage of this Act.
" O f S a v in g s B ank In v e s tm e n ts Atade B e fo re the P a ss a g e o f T h is A c t.
" C la uany
se X V I I . (a) The provisions of this chapter shall not render
Illegal
anyInvestment
savings bank
prior herein
to Mayprescribed
20 1908.
nor require Investments
the change ofheld
anybysuch
for those
for
the
Investment
of
savings
deposits;
P ro v id e d , ho w ever. If any savings
bank
shall holdof any
suchorInvestment
or
Investments
which
arc Intime.
default
In
the
payment
interest
dividendsarc
thereon,
or which,
at any
In the
opinion
of
the
Bank
Commissioner,
hazardous
or
unsafe
for
the
invest­
ment ofsuch
savings
deposits,
Bank Commissioner
may by and
notice
writing
require
savings
bank the
to dispose
of such Investments;
suchIn savings
bank
within
one
year
from
the
receipt
of
such
notice,
unless
such
time
be extended by the Commissioner, shall dispose of the same; P ro v idshall
ed,
fu r th e r , said Commissioner shall not require the disposal of Investments
aggregating In value In any one year more than two per centum of the
amount of the deposits of such savings bank.
" D e fa u lt e d B o n d s.
" C la u se X V I I I . If any bonds held by any savings bank shall be In de­
fault cither In principal or Interest, such investment shall promptly be re­
duced in Its book value approximately to the market value of the same.
" L o a n s to O ffice rs o f S a v in g s B a n k s.
" C la u se X I X . No President, Treasurer, member of the board of Invest­
ment
by
whatever
name entitled,
orshall
officer
of any
bank charged
with theorduty
of Investing
Its funds
borrow
or usesavings
anymoney
portion
of such
funds,
be
surety
for
loans
to
others,
or
be
obligor
for
of the corporation, either directly or as trustees or others, and If borrowed
any such
officer
or member
thisIf provision
his officeorshall
forthwith;
excepting,violates
however.
any such member
officerbecome
shall Invacant
good
faith,
and
subsequent
to
May
20
1908,
have
become
the
owner
of real estate
on which a mortgage had, one year or more before the transaction,
been
taken
corporation
in regularif within
course six
of itsmonths
business,
not be re­
gardedbyas the
violating
tills provision,
aftershall
the acquisition
of such real estate he shall cause said mortgage to be discharged or trans­
ferred elsewhere, but the continuance of such a situation beyond the six
months permitted shall make such officer or member
ineligible and his office
ro v id e d , h o w ever, that this
or
membership
shall
thereupon
become
vacant; Pthe
clause
shall
not
be
so
construed
as
to
prevent
deposit,
and and
the with­
drawal of money against such deposit In savings banks, banks
trust
companies by any such officer or trustee.
" B o n d s B o u g h t B e lo w Par.
" C la u se X X . Every investment of the deposits and Income received and
held by savings banks or the savings or participation department of banks
and'trust
companies
madetheafter
theandpassage
of this Act,
If boughtholding
below
par,
shall atbe
entered
books
returns
corporation
the same
the
actualon cost
price thereof,
and ofthethediscounts
In the price
thereof, may, by an equal annual amortization, be extinguished so as to
gradually bring the book value thereof to par at maturity.
" B o r r o w in g b y S a v in g s B a n k s.
" C la ufor
se X X I . It shall not be lawful for any savings bank to borrow
money
the
purpose
of Investing
or loaning
the same,
but this
shallpurpose
not be
so
construed
asrunto orprevent
anywithdrawals
savings
bankbyfrom
borrowing
for
the
of
meeting
a
unusual
its
depositors,
and
In
no
case
shall such borrowing exceed ten per centum of the deposits of any such
savings bank. The note or notes given may be issued either on the general
credit
of theauthority
corporation
or onbypledge
ofofsecurities
owned,
and shall
only
upon
granted
voteauthorized
the board
of do,
trustees,
or ofbecontain
themade
In­
vestment
committee
If
specifically
so
to
and
shall
a reference to the minutes of the meeting at which the authority to borrow
was
All such and
notesshall
shallbear
be executed
In thesealname
of the
corpora­
tion voted
bv its Treasurer
the corporate
of the
corporation,
and
shall
be
countersigned
by
the
President
or
Vice-President
and
two
members of the Investment committee. No gencial authoilty to borrow
shall be voted by the trustees or the Investment committee, but all borrow­
ings
be only
upon a such
specific
vote relating
to the
be new
Issued.
In
eventshall
of such
borrowing,
savings
bank shall
not note
maketoany
Invest­
ment or loan until the note or notes given arc all paid.
SEC. 2. All Acts and portions of Acts Inconsistent herewith arc hereby
repealed, and tills Act shall take effect from and after its passage.

S an J o se H ig h S ch o o l D is tr ic t, S a n ta C lara C o u n ty , C a l.—
Suit to Enjoin Sale of Bonds.— S u it w a s filed M ay 5 in th e
S u p erior C ourt in th e n am e o f T . N . L ew is, a ta x -p a y e r , to
restra in th e B oard of C o u n ty S u p erv isors from sellin g th e
$ 2 0 0 ,0 0 0 5% b o n d s v o te d o n A pril 11. S ee V . 9 2 , p . 1135.
T a c o m a , W a s h .— City Commissioners Recalled.— A n e le c ­
tio n h eld M ay 10 resu lted in th e recall o f tw o c ity co m m is­
sio n e rs. F . II. P e tt it su c ce ed s L . \V . R o y s as C om m is­
sio n e r o f P u b lic S a fe ty and B . J . W eek s s u p p la n ts N ic h o la s
L a w son as C om m issio n er o f L ig h t a n d W a ter. O . W o od s,
C om m issio n er o f P u b lic W orks a n d R a y F r e e la n d , C om m is­
sio n e r o f F in a n c e , w ore ch o sen to su c ce ed th e m se lv e s. A s
p r e v io u sly s ta te d (V . 9 2 , p . 1 1 2 7 ), M ayor C .V . F a w c e tt w a s
reca lled a t a n e le c tio n h eld A pril 18.
U n ite d S ta te s .— Offering of Panama Canal Bonds.— S u b ­
scrip tio n s w ill b e re ce iv ed on or b efo re J u n e 17 b y F ra n k lin




1389

M a eV ea g h , S ec re ta ry o f th e T rea su ry , for $ 5 0 ,0 0 0 ,0 0 0 3%
g o ld co u p o n or reg istered P a n a m a C anal b o n d s. T h e T rea s­
u ry circu lar in v itin g su b scrip tio n s w ill b e fo u n d in fu ll in
ou r ed ito ria l co lu m n s o n a p reced in g p a g e.

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:
Americus, Ga.— Bond Sale.— O n M ay 10 th e $ 4 0 ,0 0 0 4%
str e e t-p a v in g , $ 4 0 ,0 0 0 4J^ % sew er a n d $ 2 5 ,0 0 0 4 Yi% w a ter
3 0 -y e a r b on d s offered on th a t d a y (V . 9 2 , p . 1327) w ere
a w a r d e d , it is s ta te d , to H a m b le to n & C o. a n d B a k e r, W a tts
& C o., b o th o f B a ltim o r e , jo in tly .
Antigo, Langlade County, Wis.— Bond Sale.— O n M ay 13
th e $ 5 0 ,0 0 0 4)Jj% 1 0-19 -y ea r (seria l) co u p o n sew erag e a n d
d ra in a ge b o n d s d escrib ed in V . 9 2 , p . 1 1 2 8 , w ere a w a rd ed to
th e F ir st N a tio n a l B a n k in A n tig o a t 101 .9 51 a n d a ccru ed
in te r e st— a b a sis o f a b o u t 4 .3 1 8 % . T h e fo llo w in g b id s w ere
receiv ed :
First Nat. Bank. Antigo..550.075 501 Harris T r.& S. Elc., Chic.*50.055 00
First.
C. F. Childs & Co., Chic.. 50,635 00
II. T. Tr.
Holtz& S.& Bk.,
Co.. CMc._
Chic-- 50,967
50.856 50
00 1 VVm.R.CoinptOnCo.,St L. 50.555 00
S. A. Kean & Co., C hic... 30,850 00 A. B. Leach & Co., Chic.. ;>0,520 00
E.II.Hollins & Sons.Chlc. 50,727 501 John Nuveen & Co., Chic. 50,385 00
A u ro ra , K a n e C o u n ty , III.— Bond Offering.— P r o p o sa ls w ill
b e re ce iv ed u n til 2 p . in . to -d a y (M ay 2 0 ) b y W . C. F la n n ig a n ,
C ity C lerk, fo r $ 3 0 ,0 0 0 4J^ % co u p on b rid g e-co n str u ctio n
b o n d s.
Authority,
3,1331 1911.
to 709, at
electionsemi-annually
held April 18at1911.
Denomin­
ation
5500. vote
Date otJune
Interest
the City
I rcasurer’s office. Maturity §1,500 yearly on June 1 from 1012 to 1930, Inclus­
ive. Deposit of $500 required with bid. Official circular states that there
has never been any default In the payment of the city’s obligations.
Austin, Travis County, Texas.—Bond Sale.— T h e $ 7 5 ,0 0 0
5% sch oo l b o n d s reg istered o n D e e . 24 1910 b y th e S ta te
C om p troller (V . 9 1 , p . 1788) w ere so ld o n J a n . 1. 1911.
Baltimore, Eld.—Certificate Sale.— T h e fo u r issu e s o f 4%
reg istered s to c k , a g g re g a tin g S I ,0 3 0 ,0 0 0 , d escrib ed in V . 9 2 ,
p . 1191, w ere so ld o n M ay 1 5, it is s ta te d , a t an a v e r a g e p rice
o f 1 0 1 .2 1 8 0 — a b a sis o f a b o u t 3 .9 4 9 % . T h e a w a rd w as
m a d e a s follow s:
German Sav.Brown/
B k..$25,000
at 101.5
101.25
SafeDcp.&Tr.Co.
at
101.63 Alexander
3,000 at
at
Townsend
Scott .§200,000
&/10,000
at 101.30
& Sons_______ 1757,000
101.10
S o n __________
1 1 0 , 0 0 0 at 101.55
Colston,
Boyce AJ115,000
10,000 at
at 101.11
101.50
C'Pheo ___________
„
above bidders arc all of Baltimore. The bid of Alex. Brown & Sons
was for all or any part. The $230,000 certificates mature Dee. 1 1958 and
the remaining Issues March 1 1961.
B elle P la in e S ch o o l D is tr ic t (P . O . B elle P la in e ), B e n to n
C o u n ty , I o w a .— Bond Election.— T h e e le c tio n to v o te o n th e
q u e stio n of issu in g th e $ 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 . 112 8, w ill b e h eld M ay 2 4, a cco rd in g to
rep orts.
Blackwell, Kay County, Okla.— Bond Sale.— O n M ay 15
th e $ 7 5 ,0 0 0 5% 2 0 -y e a r (a v era g e) co u p on sch o o l-b u ild in g
b o n d s d escrib ed in V . 9 2 , p . 1 26 4, w ere a w a rd ed to J o h n
N u v e e n & C o. o f C h icago a t 1 0 0 .2 5 a n d a ccru ed in te r e st—
a b a sis o f a b o u t 4 .9 8 1 % . A m on g th e b id s re ce iv ed w ere
th e fo llo w in g .
II. T. Holtz & Co.. Chicago—$75,073 less $750 commission.
G. I. Gilbert, Oklahoma City—$75,000 and accrued Interest less $1,100
commission.
m
, ,
Spttzcr,
Horlok & Co.. Chicago—$73,000
less S1.195 commission.
S. A. Kean & Co.. Chicago—575,000 less 53.712 50 commission.
Maturity $25,590 In 15. 20 and 25 years.
Boise City, Ada County, Idaho.—Bond Offering.— P ro ­
p o sa ls w ill b e re ce iv ed u n til 12 m . M ay 22 b y th e M ayor a n d
C om m o n C ou n cil a t th e o ffice o f Iim ily L . S a v id g e , C ity
C lerk, for $ 3 3 ,0 0 0 7 % g o ld co u p o n la te ra l-sew e r b o n d s.
Denominations
$500Treasurer's
and $300.officeDate
1911.National
InterestBank
semi­
annually
at the City
or atJuly
tile 1Chase
In
Now
York
City.
Maturity
53.300
yearly
on
July
1
from
1912
to
1921
In­
elusive. An unconditional certified check for 5% of bonds bid for, drawn
on some bank In Boise City, and made payable to the aforesaid city, is
required.

Bound Brook School District (P. O. Bound Brook), Somer­
set County, N . J .— Bond Sale.— O n M ay 10 th e § 1 5 ,0 0 0 4J4 %
i5 -2 9 -y e a r (seria l) co u p o n sch o o l-b u iid in g b o n d s d escrib ed
in V . 9 2 , p . 1 20 4, w ere so ld to th e F irst N a tio n a l B a n k o f
S o m e r v ille a t 1 03 .5 4 a n d in te r e st— a b a sis o f a b o u t 4 .2 5 1 % .
Bradley, Clark County, So. Dak.—Bond Offering.— P ro ­
p o sa ls w ill b e re ce iv ed u n til 1 p . m . M ay 2 5 b y J . A . T o llc fse n ,
T o w n C lerk , for $ 1 4 ,0 0 0 5% w a ter -w o rk s a n d fire -p ro te ctio n
b o n d s.

Date June
1911. Ccrttllcd
Interest check
semi-annually
New toYork
or Chicago.
Maturity
June 11 1931.
for $500. at
payable
the Town
Clerk.
Is required. No debt at present.

B u ffa lo , N . Y .— Bonds Authorized.— O rd in a n ces h a v e b een
p a sse d p ro v id in g for th e issu a n ce o f th e fo llo w in g 4%
p u m p in g -sta tio n b on d s: $ 4 0 0 ,0 0 0 d a ted O c t. 2 191 lj $ 3 0 0 ,0 0 0
d a te d A pril 1 1912 a n d $ 3 0 0 ,0 0 0 d a te d O c t. 1 1 9 1 2 . In te r e st
se m i-a n n u a lly a t th e C ity C om p tro ller’s o ffice or a t th e
G a lla tin N a tio n a l B a n k o f N ew Y ork C ity , a t th e o p tio n
o f th e p u rch a ser. M a tu rity 20 y ea rs.
C ab ell C o u n ty (P. O . H u n tin g to n ) , W. V a .— Bond Election.
__ A n e le c tio n w ill b e h eld M ay 2 7 , it is s ta te d , to v o te on a
p ro p o sitio n to issu e $ 3 0 0 ,0 0 0 r o a d -im p ro v em en t b o n d s.
C a ld w e ll, B u rle so n 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 2 3 , a cco rd in g to rep orts, to v o te
on th e q u e stio n o f issu in g $ 6 ,0 0 0 b o n d s to er ec t a n ew ste e l
s ta n d p ip e . I t is fu rth er s ta te d th a t th e se secu r ities ta k e th e
p la ce o f a lik e a m o u n t o f b o n d s v o te d a b o u t a m o n th a g o . I t
w a s fo u n d th a t th e n o tic e o f th e first e le c tio n h a d n o t b een
a d v e r tise d fo r th e le n g th o f tim e req u ired b y la w .

1390

THE CHRONICLE

C a n a jo h a r ie, M o n tg o m e r y C o u n ty , N . Y .— Bond Sale.—
O n M ay 13 $ 5 0 ,0 0 0 w a ter -w o rk s b o n d s w ere a w a rd ed to
A d a m s & C o. o f N ew Y o r k a t 1 00.071 for 4 .3 0 s . O th er
b id s w ere r e c e iv e d from W . N . C oler & C o., F arso n , S on &
C o.; H a rris, F o r b es & C o.; H . M . G ran t & C o. a n d G eo. M .
H a h n , a ll o f N e w Y ork ; Isa a c W. S h errill, P o u g h k e ep sie,
J o h n H . H a r t o f A lb a n y a n d th e C an ajoh arie N a tio n a l B a n k
a n d th e N a tio n a l S p ra k er B a n k in C an a jo h arie. D en o m in a ­
tio n $ 5 0 0 .
C h ic a g o , 111.— Bond Offering.— F u rth er d e ta ils are a t h an d
r e la tiv e to th e offerin g on M ay 24 o f th e $ 5 0 0 ,0 0 0 g en er a l-c o r­
p o r a te a n d th e $ 9 0 0 ,0 0 0 fu n d in g 4% b o n d s m e n tio n e d in
V . 9 2 , p . 1 32 8. P ro p o sa ls fo r th e se b o n d s w ill b e re ce iv ed
u n til 1 1 a . m . o n th a t d a y b y J o h n E . T ra eg er, C ity C om p ­
troller.

[VOL. LXXXXII.

is s ta te d , to v o te o n th e q u estio n o f issu in g $ 1 0 0 ,0 0 0 road
b o n d s.
Dedham, Norfolk County, Mass.— Temporary Loan.— A
lo a n o f $ 2 0 ,0 0 0 d u e N o v . 2 1911 h a s b een n e g o tia te d , it is
s ta te d , w ith th e D e d h a m N a tio n a l B a n k in D ed h a m a t 3%
d isc o u n t a n d $1 p rem iu m .
Delaware, Delaware County, Ohio.—Bonds Authorized.—
O n M ay 5 a n o rd in a n ce w a s p assed p ro v id in g for th e issu a n ce
o f $ 5 ,0 0 0 5% co u p on sew er -c o n stru ctio n a n d 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.

Denomination
5500, except
one bond
forSept.
5600.1. Date
not later
June
11 1011.
on March
1 and1 from
51,100than
on
March
1012 andInterest
5500 yearly
on March
1913 toMaturity
1021 Inclusive.

Denton County Common School District No. 59, Texas.—

Sale.— T h e $ 7 ,0 0 0 5% 5 -2 5 -y e a r (o p tio n a l) b o n d s
Authority,
held April l 1911.
Denomination
Date Bond
reg istered o n F e b . 28 (V . 9 2 , p . 9 75 ) w ere a w a rd ed to th e
July
1 1911. election
Interest scml-annually
at the Illinois
Trust & 31,000.
Savings Bank
In Chicago. The 5500.000 bonds mature 561,000 on Jan. 1 1914, 526,000 S ta te S ch o ol F u n d o n M ay 10 a t p ar.
yearly frombonds
1015mature
to 1030550,000
Inclusive
andon523,000
on Jan.
1to1931,
and the
Dickson City School District (P. O. Dickson City), Lack­
5900,000
yearly
Jan.
1 from
1914
1931 Inclusive.
Certified
check
on
a
Chicago
hank
for
2%
of
bonds
bid
for,
payable
to the awanna County, Pa.—Bond Offering.—-P rop osals w ill bo
City Comptroller, Is required.

C h o u te a u C o u n ty (P . O . F o r t B e n to n ) M o n t.— Bond Offer­
P ro p o sa ls w ill b e re ce iv ed u n til 2 p . in . M ay 22 b y
J . L ee S e d g w ic k , C o u n ty C lerk , fo r $ 0 0 ,0 0 0 5% co u p o n
re fu n d in g b o n d s.
ing.—

re ce iv ed u n til 0 p . m . to -d a y (M ay 2 0) b y J oh n J . A itk e n ,
D istr ic t S ec re ta ry , for $ 4 0 ,0 0 0 5% co u p o n “ 1911 lo a n ”
b o n d s.

Denomination
5500. Bank.
Date May
1 to il. Interest
semi-annually
at the
Dickson
City National
Maturity
on May
520,000
on
May 11031.
Bonds are exempt
from 520,000
all taxation
and 1are1021
to and
be delivered
Authority
Article
3,
Chapter
2,
Title
2,
Part
4
of
Revised
Codes.
De­
and paid Interest.
for withinCertified
two weeks
award. toPurchaser
to pay
nomination
$1,000.office.
Date Maturity
July 1 1911.
cheekafterfortime
5500,of payable
the ''Borough
County Treasurer's
July 1Interest
1931. semi-annually at the accrued
of
Dickson
City,
Is
required.
Official
advertisement
states
that
the
prin­
C oal G r o v e , L a w r e n c e C o u n ty , O h io .— Bond Offering.— cipal and interest on previous Issues have been promptly paid.

Doland Independent School District No. 21 (P. O. Doland),
P ro p o sa ls w ill b e receiv ed u n til 12 in . M ay 25 b y R . A . G reg­ Spink
County, So. Dak.—Bond Offering.— P ro p o sa ls w ill be
o r y , V illa g e C lerk, for $ 7 ,5 0 0 5% P ik e S tr e e t im p r o v e m e n t re
ce iv ed u n til 8 p . m . M ay 27 b y H . G . J o y , C lerk, for
a ss e s sm e n t r e fu n d in g b o n d s.
Authority, Section 3916, General Code. Denomination $500. Date $ 1 3 ,5 0 0 5 j^ % co u p o n refu n d in g b o n d s.

June 1 1911. Interest semi-annual. Maturity 10 years. Bonds to be
delivered and paid for within 10 days from time of award. Certified check
for
5% of tobonds
bid for, Interest.
payable to the Village Treasurer, Is required.
Purchaser
pay accrued

Authority
Article Interest
11. Section
104, Schoolat Laws.
Denomination
5250.
Date
June Maturity
1 1011.
scml-annually
the State
of Doland
Doland.
Juno 1 1931.
Certified cheek
for 5%Bank
of hid,
payabloIn
to
the Board
Education. Is required. No debt at present. Assessed
valuation
1910.of 5274,400.

C ou n cil B lu ffs, P o tta w a tto m ie C o u n ty , I o w a .— Bond Sale.
Dorris, Siskiyou County, Cal.—Bond S ale— O n M ay 1
— O n M ay 15 E sta b r o o k & C o. o f C h icago w as a w a r d e d ,a t
1 0 1 .2 0 a n d a ccru ed in te r e st, a b a sis o f a b o u t 4 .3 7 1 % , th e th e $ 1 2 ,5 0 0 6% 2 5 -y e a r w a te r -sy ste m -c o n str u c tio n b on d s
$ 6 0 0 ,0 0 0 4 j/j% 5 -1 9 -y e a r (serial) w a ter -w o rk s b o n d s m en ­ m en tio n e d in V . 9 2 , p . 8 9 7 , w ere a w a rd ed to G . G . B ly m y e r
tio n e d in V . 9 2 , p . 1 3 1 . T h e b o n d s w ere so ld a t p u b lic & C o. o f S a n F ra n cisco a t p ar. D e n o m in a tio n $ 5 0 0 .
Drayton Township, No. Dak.—Bond Sale.— A n issu e of
a u c tio n a t th e L a S alle H o tel in C h icago.
$ 2 ,5 0 0 5% b rid ge b on d s w a s d isp o sed o f o n A pril 25 to
A
bid
of
101.19
was
also
received
from
the
Harris
Trust
&
Savings
Bank
of Chicago, a syndicate composed of N. \V. Halsey & Co., A. B. Leach & Co,. C. C. G ow ran & C o. o f G rand F o r k s.
Woodln, McNear & Moore and the Win. R. Compton Co., all of Chicago

Denomination
offered 100.75.
$500
yearly. 5500. Date April 25 1911. Interest annual. Maturity
theDenomination
National Park$1,000.
Bank InDate
New May
York.1 1911. Interest semi-annually at
Duplin County (P. O. Kenansville), No. Caro.— Bond
C ro ss C reek T o w n sh ip (P . O . F a y e tte v ille ), C u m b erlan d
C o u n ty , N o . C aro.— Bond Offering.— P ro p o sa ls w ill b e re­
ce iv e d u n til 12 m . M ay 24 b y \V . L . H a w le y , H . L . C ook an d
J . A . K lin g , C o m m itte e, fo r th e $ 5 0 ,0 0 0 5% h ig h -sc h o o l­
b u ild in g a n d g ra d c d -sch o o l-b u ild in g b o n d s v o te d o n M arch 22
(V . 9 2 , p . 8 9 7 ).

Offering.— P ro p osals w ill b e re ce iv ed u n til 12 m . J u n e 5 b y
J am es J . B o w d e n , C lerk B oa rd o f C o m m issio n e rs,fo r $ 3 0 ,0 0 0
5% co u p o n co u r t-h o u se -c o n str u c tio n b o n d s.

Denomination 51,000. Date May 1 1911. Interest annually by the
county
Treasurer.
Maturity
on May No
1 from
1030,
Inclusive.
Certified55,703,627.
check for53,000
51.000yearly
Is required.
debt1021
at to
present
Assessed valuation

Authority
ChapterInterest
297, Public
1909.1 atDenomination,
as pur­
Dyer, Gibson County, Tenn.— Bond Offering— P ro p o sa ls
chaser
may desire.
on Jan.Laws
I andof July
the Hanover National
w ill bo receiv ed u n til 12 m . J u n e 2 b y R . B . M cD an iel C hair­
Bank
In
New
York
City.
Maturity
Jan.
1
1941.
Certified
check
for
51.000 Is required. Bonded debt, 510,000.
m an B o a rd , for $ 2 0 ,0 0 0 o f th e $ 2 5 ,0 0 0 6% co u p on w a ter­

A lte r n a te b id s arc re q u e sted fo r str a ig h t 3 0 -y e a r b o n d s an d
for b o n d s s u b je c t to call b efo re th a t tim e .
Cuba, Sumter County, Ala.—Bond Election.— O n M ay 27
an e le c tio n w ill b e h old to v o te on a p ro p o sitio n to issu e n o t
e x c e e d in g $ 1 0 ,0 0 0 5% b o n d s fo r sch o o l p u rp o ses. D e n o m in ­
a tio n $ 1 0 0 . M a tu rity 2 0 -y e a r s, su b je c t to call a fte r te n y e a r s.
Ouero, Dewitt County, Texas.—Bond Election.— A ccord ­
ing to re p o r ts, th e C ity C ouncil h a s d ecid ed to h old an e le c tio n
on M ay 22 to v o te on a p ro p o sitio n to issu e $ 1 0 ,0 0 0 sch o o lim p r o v e m e n t b o n d s.
Dayton, Montgomery County, Ohio.—Bond Sale.— O n
M ay 18 th e fiv e issu e s o f co u p o n b o n d s d escrib ed in V . 9 2 ,
p . 1328, w ere so ld , it is s ta te d , a s follow s:

w ork s b o n d s.

,„5?ne
J.uly,10‘ years.
1011' Interest
to call after
Certified semi-annual.
check for 5350 Maturity
Is required.20 years, subleot
J

Dyersburg, Dyer County, Tenn .—Bonds Voted.— A n
ele c tio n h eld M ay 9 re su lted , a cc o r d in g to rep orts, in fa v o r
o f a p ro p o sitio n to issu e $ 3 0 ,0 0 0 w a ter and lig h t p la n tim p r o v e m e n t b o n d s. T h e v o te w as 102 “ fo r ” to 86 “ a g a in st.”

East Bernard School District (P. O. East Bornard), Whar­
ton County, Tex.—Bonds Authorized.— R e p o r ts s ta te th a t
an ele c tio n h eld M ay 5 resu lted in a v o te o f 36 to 3 in favor

o f a p ro p o sitio n to le v y a ta x o f 25 c e n ts on th e $ 1 0 0 p ro p erty
v a lu a tio n for th e p u rp ose o f issu in g $ 7 ,7 0 0 sch o o l-h o u se
b o n d s.
Easton, Talbot County, Md.—Bond Offering.— P ro p osals
w ill bo re ce iv ed u n til to -d a y (M a y 2 0) for $ 3 5 ,0 0 0 1 -3 5-year
(seria l) s tr e e t-im p r o v e m e n t b o n d s. M artin M . H ig g in s is
M ayor.

$47,000 4 y i% Miller
20 Ji-ycar
funding
bonds awarded
to Hayden,
&(average)
Co.(average)
of Cleveland
at 107.74—a
basis of about
3.95%.
15.000
4%
15-ycar
Great
Miami
River
Improvement
bonds
and
5,000 4 y$ % Third
9-year National
(average) Bank
waterofbonds
both
awarded
to
the
FifthCincinnati
at
101.97—a
basis
of
3.93%.
Edgecome County (P. O. Tarboro), No. Caro.— Bond
58.000 4 about
18>$-ycar
(average) street bonds sold to Seasongood &
of(average)
Cincinnatistreet
at 107.27—a
basis of ofabout
3.942%.
Offering.— P ro p osals w ill b e re ce iv ed u n til 12 m . Jun o 1 b y
13,500 4>$% Mayer
12-year
bonds
disposed
to
the
DavlcsBcrtram Co. of Cincinnati at 105.30—a basis of about 3.94%. B . F . E a g le s, C ou n ty T reasu rer, fo r $ 2 0 ,0 0 0 5% co u p on
u rt-h o u se-r em o d elin g b o n d s .
Dawson Springs, Hopkins County, Ky.—Bond Offering.—• c oDenomination
Date July 1 1911. Interest scml-annually at the
P ro p o sa ls w ill bo re ce iv ed u n til 6 p . m . M ay 27 b y J . B . R ic e, Hanover National$500.
Bank In New York City. Maturity $1,000 yearly on
C ity C lerk a n d C lerk o f S ew er C o m m itte e , fo r 5% co u p on Jan. 1 from 1912 to 1931 Inclusive. Certified check for $500, payable to
County
Isvaluation
required.for 1910
Bonded
debt at real
present
$2,000.(estim­
No
sew er b o n d s to an a m o u n t n o t e x c e e d in g $ 1 0 ,0 0 0 . T h ese the
boating
debt.Treasurer,
Assessed
$8,000,000,
valuation
b on d s w ere d ecla red v a lid b y th e C ourt o f A p p e a ls o u ated)
$25,000,000.
The
legality
of
the
bonds
will
be
approved
by
Storey.
Thorndykc, Palmer and Dodge of Boston.
A p ril 14 (V . 9 2 , p . 1 1 2 7 ).
Elgin, Union County, O r e .— Bond Sale.— O n M ay 10 th e
Authority
Section
3637
of
Kentucky
Statutes.
Denomination
$500.
Interest
onsubject
June to5 call
and after
Dec. 55years.
at the City
Treasurer’s
office.
Maturity
3 1 0 ,0 0 0 6% 1 0-20 -y ea r (o p tio n a l) c ity -h a ll-b u ild in g b o n d s
20
years,
Bonds
are
exempt
from
city
taxes.
m en tio n e d in V . 9 2 , p . 1130, w ore a w a rd ed to th e S ec u r ity
Certified
for 10%,
payable$598,436
to the City
at
present.checkAssessed
valuation
98. Clerk, Is required. No debt

S a v in g s B an k & T ru st C o. o f T o led o a t 1 01 .1 0 a n d accru ed
D a w s o n , T errell C o u n ty , G a .— Bonds Voted.— A n ele c tio n in te r e st a n d b lan k b o n d s. T h e fo llo w in g b id s w ere receiv ed :
h eld o n M ay 12, it is rep o r te d , re su lted in fa v o r o f th e
'iX"?161'0-51b. 11° IS. A. Kean & Co., Chicago... 59,900
q u e stio n o f issu in g $ 1 2 ,5 0 0 5% sch o o l-b u ild in g b o n d s.
J°rV,)rmnOnTtinr,C(>
';nn ll CnE<.
}0;°80|J.
Co., Denver. 9,850
Denomination 5500.
Date) ' July
1 1 9 1 1I I. . Causey
Interest &semi-annual.
Decatur School District No. 4 (P. O. Decatur), Van Buren Elyria School District
(P.
O.
Elyria),
Lorain
County, Ohio.
County, Mich.— Bond Sale.— O n M ay 15 th e $ 1 2 ,0 0 0 5% —Bond Sale.— O n M ay 17 th e $ 1 2 ,0 0 0 4J^ % 12-ycar
(a v er­
sc h o o l-b u ild in g b on d s m en tio n e d in V . 9 2 , p . 1 26 5, w ere a g e ) co u p o n sch o o l-im p ro v e m en t b o n d s d escrib ed in V . 9 2 ,
a w a rd ed to B u m p u s & C o. o f D e tr o it. M a tu rity $ 1 ,0 0 0
1329, w ere a w a rd ed , a ccord in g to re p o r ts, to th e P r o v id e n t
y e a r ly .
sa v in g s B a n k & T ru st C o. o f C in cin n a ti a t 105 — a b a sis o f
Decatur, Burt County, Neb.—Bond Election.— A n e le c tio n a b o u t 3 .9 7 % . M a tu rity $ 1 ,0 0 0 y e a r ly on N o v . 17 from
w ill bo h eld M ay 29 to v o te o n th e q u e stio n o f issu in g $ 1 5 ,0 0 0 1917 to 1928 in c lu siv e .
5% 5 -2 0 -y e a r (o p tio n a l) w a ter -w o rk s-co n str u o tio n b o n d s. $
O th er b id s receiv ed w ere as fo llow s:

00 Seasongood
& Mayer.
Cln.512,513
00
Decatur County (P. O. Bainbridge), Ga.—Bond Election Hayden, Miller & Co.,lnc'I*-5)2,552
Clo. 12,524
12,534 75|0tls
OOjBrced
Harrison,
Clncln1 2 , 4 0 2 00
c o u n ty is co n sid erin g h o ld in g an e le c tio n , it First National Bank. Clev
&SeHough,
Cloveland.
12,402
00

Proposed.— T h is




1391

THE CHRONICLE

May 20 1911.]

Ephraim, Sanpete County, Utah.— B o n d S a le . — T h e S ta te
o f U ta h w a s a w a rd ed a t p ar in A p ril $ 1 2 ,0 0 0 5% 2 0 -y e a r
w ater-w o rk s b o n d s. D a te A pril 1 1 91 1.
Estacada, Clackamas County, Ore.— B o n d S a le . — O n
A pril 5 $ 5 ,0 0 0 6% sew er b o n d s w ere a w a rd ed to th e P acific
S ta te s F ire In su ra n c e C o. o f P o rtla n d a t p ar. D e n o m in a tio n
$ 5 0 0 . D a te J u ly 1 1 9 1 0 . In te r e st se m i-a n n u a l. M a tu rity
J u ly 1 1920.

190,000 municipal bonds for the following purposes: South Main and Cabot
Street
permanent
$89,000;bridges,
sewers, $15,000:
permanenthighways,
construction,
$13,000;construction,
repairs on
school-houses, $25,000; purchase of.land, city farm, $20,000; fire
automobile truck, $10,000; automobile police patrol, $4,000; play­
grounds,
Maturity
$19,000$7,000;
yearlytuberculosis
on April 1 hospital,
from 1912$7,000.
to 1921 Inclusive. The
above bonds are dated April 1 1911. Interest semi-annual. The bonds
are
tax-exempt
In
Massachusetts
and
their
legality
has been
approved
by
Storey,
Thorndike,
Palmer &Certified
Dodge, check
a copyon ofa national
whose
opinion
willtrust
be
delivered
to
the
purchaser.
bank
or
company for $2,000, payable to the "City of Holyoke", Is required.

Etowah County (P. O. Gadsden), Ala .— W a r r a n ts A u ­ Honea Path, Anderson County, So. Caro.— B o n d s V o te d .—
th o r iz e d . — A ccord in g to re p o r ts, th e C o u n ty C om m ission ers T h e q u e stio n o f issu in g $ 2 7 ,0 0 0 lig h t a n d w a te r b o n d s carried ,

o n A pril 20 a u th o r ise d th e issu a n ce o f $ 2 5 ,0 0 0 6% w arra n ts rep orts s ta te , a t a n e le c tio n h eld o n M ay 10.
Homell, Steuben County, N. Y.— B o n d O ffe r in g . — P ro ­
p o sa ls w ill b e receiv ed u n til 3 p . m . M ay 24 b y E . J . C ox ,
— B o n d Offering.— P ro p o sa ls w ill b e re ce iv ed u n til 3 p . m . C ity C lerk, for $ 3 4 ,0 0 0 4JJj% co u p o n g ra d e-cro ssin g b o n d s.
Authority,
Railroad I.aws.
J u n e 12 b y L ou is H a rm s, T o w n sh ip C lerk, for $ 1 0 ,0 0 0 4J^ % April
1 1911. Section
Interest67a,semi-annually
at CityDenomination
Chamberlain's$1,000.
office. Date
Ma­
co u p o n ro a d -im p r o v e m e n t b o n d s.
turity $17,000 on April 1 111 1921 and 1931. Ccrtlfled check for $500, pay­
Authority Section 3,295, General Code, Denomination 3500, Date able to the "City of Homell,” Is required.
■Maturity
Tune 11911.
Oct.1012
1 attothe1931
Township
Treasurer’s
office.
Lancaster, Los Angeles County, Cal.— B o n d E le c tio n . — R e ­
S500 Interest
yearly onApril
Oct.1 and
1 from
Inclusive.
Purchaser
to
pay accrued Interest. Certified check for 10% of bonds bid for, payable p o rts s ta te th a t a n elec tio n w ill b e Held to -d a y (M ay 2 0 ) to
to the Township Treasurer, Is required.
v o te on a p ro p o sitio n to issu e $ 1 ,2 0 0 5% sch o o l-b u ild in g a n d
JSJEugene, Lane County, Ore.— B o n d E le c tio n P r o p o s e d .— site -p u rch a se b o n d s. D e n o m in a tio n $ 2 0 0 . In te r e st a n n u a l.
I t is rep orted in local p ap ers th a t th e W a ter B oard on M ay 9
Lewistown, Fergus Co., Mont.— B o n d S a le . — O n M ay 12
r e q u e sted th e C ity C ouncil to call an ele c tio n to v o te o n th e th o $ 1 0 0 ,0 0 0 5% co u p o n (w ith p riv ileg e o f re g istra tio n )
q u e stio n o f issu in g $ 5 7 ,0 0 0 m u n ic ip a l-electric-lig lit-co n - w a ter -w o rk s b o n d s d escrib ed in V . 9 2 , p . 1131, w ere a w a rd ed
str u c tio n b o n d s.
to th o E m p ire B a n k & T r u st C o. in L ew isto w n a t 1 01 .2 5 a n d
Fairport, Lake County, Ohio.— B o n d O f f e r i n g — P ro p o sa ls a ccru ed in te r e st. T h e fo llo w in g b id s w ere receiv ed :
w ill b e receiv ed u n til 12 m . M ay 27 b y R o b e rt M eyers, Empire Bk. &Tr.Co., Lew_$101,250|Nat. City Bank. Chicago.--$100,530
V illa g e C lerk, for th e $ 2 8 ,0 0 0 4
c o u p o n S ew er D is tr ic t S. A. Kean & Co., Chicago. 101,100| First Nat. Bank. Lewistown 100.000
Lexington, Middlesex County, Mass.— B o n d S a le . — A n
N o . 1 b o n d s m en tio n e d in V . 9 2 , p . 126 5.
Authnritv
3881 semi-annually
of General Code.
Date issu e o f $ 1 0 ,0 0 0 4 % 1 -1 0 -y e a r (seria l) b o n d s h a s b ee n so ld ,
Mav
27 1911Section
Interest
at theDenomination
Sinking Fund$500.
Trustee's
d , to A d am s & C o. o f B o sto n a t 1 0 2 .0 7 — a b a sis
office
May 27Treasurer,
1921. Certlllcd
cheek forBonds
5% oftobonds
bid for, ito f isa bsotau te
t 3 .5 8 2 % .
navablo Maturity
to the Village
Is required.
bo delivered

for ja il-c o n str u c tio n .
Euclid Township (P. O. Euclid), Cuyahoga County, Ohio.

and paid for within 10 days from time of award. Purchaser to pay accrued ■ Lisbon School District No. 1 (P. O. Lisbon), Grafton
Interest.
Franklin County (P. O. Columbus), Ohio.— B o n d S a le .— County, N. H.— B o n d S a le . — O n M ay 13 $ 3 1 ,0 0 0 4 % b u ild in g
O n M ay 15 th e 4 issu e s o f
ro a d -im p r o v e m e n t b o n d s,
a g g re g a tin g $ 7 0 ,0 0 0 , d escrib ed in V . 9 2 , p . 1 3 2 9 , w ore
a w a rd ed to th e N ew F ir st N a tio n a l B a n k in C olu m b u s a t
1 0 1 .5 0 1 a n d a ccru ed in te r e st. T h e fo llo w in g b id s w ere
receiv ed :

a n d refu n d in g b o n d s w ere a w a rd ed to E . H . R o llin s & S o n s
o f B o sto n a t 9 7 .2 5 .

Denomination
$1,000.fromDate
1911. and
Interest
Maturity
$1,000 yearly
1911 toMay
19191Inclusive
$2,000semi-annual.
yearly from
1920 to 1930 Inclusive.

Logan, Hocking County, Ohio.— B o n d

O ffe r in g . —Pro­

Well,noth
& Co.,
CIn___ $70,855
0010 p o sa ls w ill b e receiv ed u n til 12 in . M ay 26 b y C yru s A .
Prov.Sav.Bk.8c
Tr.Co.,Cln.
70,793
o c h e ste r , V illa g e C lerk, for th e $ 3 8 ,0 0 0 4% co u p on w a ter­
Davlcs-Bcrtram
Co.,
Cln_.
70,740
00 wR ork
s a n d sew er -c o n stru ctio n re fu n d in g b o n d s d escr ib ed in
Breed fc Harrison, Cln__ 70,735 00
92, p. 751.
„ . ..
Freeport, Nassau County, N. Y .— B o n d S a le . — O n M ay 15 V .Denomination
Date May 25 1911. Interest annually
at the
th e fou r issu e s o f b o n d s d escrib ed in V . 9 2 , p . 1 26 6, w ere Village Treasurer's$500.
office.
Maturity
$2,000
yearly
on
May
25
from
1012
to 1930
Inclusive.
Bonds
to
be
delivered
and
paid
for
within
5
days
from
d isp o sed o f a s 4
to H a rris, F orb es & C o . o f N ew Y ork C ity time
of
award.
Certified
check
for
10%
of
bid,
payable
to
the
Village
a s fo llow s: $ 5 0 ,0 0 0 road b o n d s a t 1 0 0 .2 8 8 a n d $ 6 ,0 0 0 fire, Treasurer, Is required. Purchaser to pay accrued Interest.

New First N a t . Bk.,Columb.$71,051 00
.Stacy
& Braun, Toledo— 70,917 37
llarto,
Scott & Co., Columb. 70,917 00
F i r s t Nat. Ilk.. Cleveland. 70,901 75

$ 1 0 ,0 0 0 lig h t a n d $ 1 0 ,0 0 0 w a ter b o n d s a t 1 0 0 .0 6 . T h e
Lucas County (P. O. Toledo), Ohio.— B o n d S a le .—On
fo llo w in g b id s w ere receiv ed :
„„„ M ay 12 th e $ 1 7 3 ,8 5 0 4J^ % 12 J/^-year (a v era g e) ro a d -co n ­
6
$50,000
$10,000
$10,000
$0,000
str u c tio n b on d s d escrib ed in V . 9 2 , p . 1 1 3 2 , w ere a w a rd ed
. . ,
ro a d
H old
w a ter
fir e
b o n d s, b o n d s. b o n d s.
b o n d s.
to tlie C itize n s’ S afe D e p o sit & T ru st Co in T o led o fo r $ 1 8 3 ,­
Harris. Forbes & Co., Now Y ork...nl00.288— (for$20,000 bds.)al00.00— 452
9 9 — th e p rice th u s b ein g 1 0 5 .5 2 3 — a b a sis o f a b o u t
H.
M.
Grant
&
Co.,
N.
V.
(for
$70,000
bonds)
al00.098
Ferris & White, N. Y. (for $70,000 bonds)
al00.ps
Parkinson & Burr. N. Y .................. nlOO.089 (for $20,000 bonds)*100.052 3 .9 3 7 % . O th er b id s receiv ed w ere a s fo llow s:

Parson.
Son &Albany.........................C100.074
Co.. N. Y...................clOO.15 *100.156
clOO.14 *100.155
C100.15 *100.293
cioo.lio
John
J. Hart,
(for
Adams & Co., N. Y...........................cl00.0855$20,0002;100.09875 *100.2625
bonds).
(for
Geo M Hahn. N. Y ........................*100.37 $20,000
bonds) *100.13 *100.15
a For 4.25 per cents, c For 4.30 per cents, a: For 4.35 per cents.
The Freeport Hank of Freeport also submitted a bid for the entire 4
Issues of bonds, the same to bear 4 ^ % Interest.

P r e m iu m .

P r e m iu m .

R. Kleybolte
Inc..Col__
Cln.$8,188
34
Well, Roth & Co., Clnclnn.$9,092 50 New
First Nat.Co.,
Bank,
8,131 00
Otis
& Hough,
67 Provident
Savings
Bank
&
Hayden.
Miller Cleveland-.
& Co., Cle. 8,970
8.914 00
Trust Co.,
Cincinnati—
7.975 93
18
Davlcs-Bcrtram
Co., Cln.. 8,883
8,903 75
00 Tillotson
8c Wolcott
Co., Cle 7,492
Stacy
& Braun, Toledo___
32j
l o l l National
18u u u u u i uBank,
u i i n . VCle._
I O . . u8.237
. f a o i o50
v J.
u . S.
'*■ &
vv W
m ..S.
u . .Kuhn.
. . . . . . . . PIttsb.
.
- 6.566
>
First
Maturity $10,350 In 5 years, $10,000 in 6 years, $10,500 In 7 years and
$11,000 yearly from 8 to 20 years. Inclusive.

McAlester, Pittsburgh County, Okla.— B o n d

O ffe r in g .—

P ro p o sa ls w ill b e receiv ed u n til 10 a . m . to -d a y (M ay 20)
n d , C om m issio n er o f F in a n c e , for $ 8 0 ,0 0 0
Grapeland School District (P. O. Grapeland), Houston b5%y wWaatellar -ecex teBnosio
o n d s v o te d o n A pril 22 (V . 9 2 , p . 1 2 6 7 ).
County, Texas.— B o n d E le c tio n . — W h eth er or n o t th e Authority, Article 10,n bSections
26 and 27, Oklahoma Constitution, and
Section
669,
Snyder's
Compiled
Laws.
Denomination
Date
T r u ste e s sh a ll issu e $ 1 0 ,0 0 0 sc h o o l-b u ild in g a n d site -p u rch a se
June
1
1911.
Interest
semi-annually
at theJune
fiscal1 agency
of$1,000.
the State
of
b o n d s w ill.be d e term in ed a t a n e le c tio n to b e h eld on M ay 2 7 , Oklahoma In New York City. Maturity
1936. Certified
check
for
5%
Is
required.
Official
circular
states
that
there
has
never
been
any
a ccord in g' to re p o r ts.
on the orpayment
of principal
or Interest,
nor Istitles
thereofany
contro­
Greenville, Greenville County, So. Caro.— B o n d S a le . — On default
versy ponding
threatened
as to the city’s
boundaries,
Its officials
M ay 9 tlie $ 1 0 0 ,0 0 0 5% co u p o n s tr e e t-im p r o v e m e n t b o n d s or validity of these bonds.
d escrib ed in V . 9 2 , p . 9 7 6 , w ere aw ard ed to T h a c k sto n & ; Madison, Oconee County, So. Dak.— B o n d O ffe r in g . — P r o ­
S o n o f G reen v ille a t 104.01 a n d a ccru ed in te r e st— a b a sis o f p o sa ls w ill b e receiv ed u n til 8 p . m . M ay 23 b y W illiam R a e ,
C ity A u d ito r , fo r th e $ 6 5 ,0 0 0 co u p on sew erag e b on d s a t n o t
a b o u t 4 .7 4 5 % O th er b id s receiv ed w ere a s fo llow s:
Harris, Forbcs&Co.,N.Y .$103,189 00 Well,
VV. E.Hotll
Bush&&Co.,
Co.,Cln--Aug-$102,080
101,251 00
00 e x c e e d in g 5% in te r e st, v o te d on A p ril'1 8 (V . 9 2 , p . 1 1 3 2 ).

Germania Sav.Dk.,Chari.
Estabrook
& Co., H alt..
A.
G. Furman,
Grecnv..
Security
Trust Co.,
Spar.
• Bid for $50,000.
Maturity July 1 1940.

103,012 00
50 Provident Savings Hank
Authority
Chapter 155,
.Session
Laws of 1905.
Datedesignated
July 15
Jdjj.000
1911.
Denomination
$500.General
Interest
semi-annually
at place
& Trust Co., Cincln__ 100,000 00 by
102,500
00
the
purchaser.
The
bonds
arc
tax-exempt.
Maturity
20
years,
102,108 00 R. M. Marshall &Bros.,Cha *51,255 00 to call after 10 years. Certified check for $500, payable to the Citysubject
Treas­
urer, Is required.

Mandan, Morton County, No. Dak .— B o n d

S a le .—On

M ay 8 (h e $ 8 0 ,0 0 0 5 lA , 2 0 -y e a r g old w a ter -w o rk s b o n d s
d escrib ed in V . 9 2 , p . 1267, w ere a w a rd ed to th e F a rm ers’
& M erch an ts’ B a n k in M and an a t 1 0 4 .3 7 5 — a b a sis of a b o u t
5 .1 7 5 % .
Mansfield, Richland County, Ohio.— B o n d S a le . — O n
16 tlie se v e n issu es o f str e e t-im p r o v e m e n t b o n d s a ggre­
P ro p o sa ls w ill b e re ce iv ed u n til 10 a . m . M ay 22 b y J . P . gMaay
tin g $ 7 0 ,5 0 0 and d escrib ed in V . 9 2 , p . 1 26 7, w ere a w a r d e d ,
H u g o n io t, V illa g e C lerk, fo r $ 1 ,7 6 3 20 5% sew er -c o n stru c­ a cco
rep orts, to th e M ansfield S a v in g s B a n k in M ans­
tio n b o n d s. A u th o r ity S ec tio n 6 4 9 4 e t s e q . o f G en eral C od e. field rdfoinr g$ to
7 0 ,6 1 5 — th e p rice th u s b ein g 1 0 0 .1 6 3 .
In te r e st a n n u a l. M a tu rity 5 y e a r s.

■ Greenville School District No. 100 (Greenville) Greenville
County, So. Caro.— B o n d E le c tio n . — A n ele c tio n w ill b e h eld
M ay 24 to v o to on th o q u e stio n o f issu in g $ 4 0 ,0 0 0 2 0 -y c a r
school b o n d s a t n o t e x c e e d in g 5% in te r e st.
Grovo City, Franklin County, Ohio.— B o n d O ffe r in g .—

County High School District No. 1, (P. O. Marion),
Hendersonville School District (P. O. Hendersonville), ft Marion
Caro.— B o n d O ffe r in g . — P ro p o sa ls w ill b e receiv ed u n til
Henderson County, No. Caro.— B o n d s V o te d . — T h e elec tio n So.
12 m . M ay 25 b y J . W . J o h n so n , A tto r n e y , for $ 2 0 ,0 0 0 5%

h eld on M ay 2 , it is s ta te d , re su lted in fa v o r o f th e p ro­ co u p o n sch o o l b o n d s.
p o sitio n to issu e th e $ 1 5 ,0 0 0 sch o o l-b u ild in g b o n d s m en ­
Interest annual. Maturity 40 years. Purchaser to pay accrued Interest.
tio n e d in V . 9 2 , p . 9 7 7 .
IP Mattoon Township (P. O. Mattoon City), Coles County,
Holyoke, Hampden County, Mass.— B o n d O ffe r in g . — P ro ­ 111.— B o n d S a le . — R a m sey & S h ep h erd o f C h icago h a v e b een
p o sa ls w ill b e receiv ed u n til 10 a in . M ay 25 b y P ierre B o n - a w a rd ed tlie $ 4 6 ,0 0 0 4% 2 0 -y e a r refu n d in g ra ilro ad -aid
v o u lo ir , C ity T reasu rer, fo r th e fo llo w in g 4% g o ld co u p o n or b o n d s re-offered o n M ay 11 (V . 9 2 , p . 6 1 5 ).
reg istered b o n d s m en tio n e d in V . 9 2 , p . 1266:
County (P. O. Lowell), Mass.— L o a n O ffe r in g .
$85,000 school-building bonds duo $5,000 yearly on April 1 from 1912 to — Middlesex
P ro p o sa ls w ill b e receiv ed u n til 10 a . m . M ay 23 for a tern1928 Inclusive.




1392

THE CHRONICLE

p o r a r y lo a n
rep orts.

of

§ 1 0 0 ,0 0 0

due

N ov.

3

1911,

a c c o r d in g

Ogdensburg, St. Lawrence County, N. Y . — Bond Offering.
— P ro p o sa ls w ill b e re ce iv ed u n til 3 p . m . M ay 29 b y I t. J .
D on a h u e, C ity T reasu rer, for $ 5 0 ,0 0 0 o f an issu e o f $ 1 7 5 ,0 0 0
4 % co u p o n or reg istered w a ter b o n d s.

to

M ila c a , M ille la c s C o u n t y , M i n n . — B o n d S a l e .— O n M a y 12
t h e U n io n I n v e s t m e n t C o . o f M in n e a p o lis w a s a w a r d e d a n
is s u e o f $ 1 2 ,0 0 0 6 % 2 0 - y e a r r e fu n d in g b o n d s , d a t e d J u n e 1
1911.
M in n e a p o lis ,

M in n

.— B o n d

O f f e r i n g s .—

r e c e iv e d u n til 2 p . m . J u n e 8 b y
m itte e
C ity

of

th e

C ity

C o u n c il, a t

C o m p t r o lle r , f o r

in Y . 9 2 , p . 1 3 3 1 .

w ill

Authority
Chapter
371 Dec.
Laws1ofat1910.
Denominations
$500 andMaturity
$1,000.
Interest
on June
1 and
City
Treasurer’s
office.
on June
1 from 1920
tothe1930
Inclusive
and $12,500
on June 1
in$5,000
1931 yearly
and 1932.

be

Okmulgee County (P. O. Okmulgee), Okla.— Bonds

th e W a y s a n d M ean s C om ­

th e o ffic e

t h e $ 9 1 6 ,7 0 0

of

D an

C.

Authorized.—

L ocal p ap ers s ta te th e B oard o f C o u n ty C om ­
m ission ers h a s a u th o r ize d th e issu a n ce of $ 2 2 ,0 0 0 b o n d s to
ta k e up o u tsta n d in g w arra n ts.
Omaha, Neb.— Bond Sale.— O n M ay 15 th e $ 2 5 ,0 0 0 4J^ %
2 0 -y e a r co u p o n c ity -h a ll ren ew al b o n d s d escrib ed in V . 9 2 ,
p . 1269, w ere a w a rd ed to th e W in . B . C om p ton C o. o f S t.
L ou is a t 1 05 .7 4 a n d in te r e st— a b a sis o f a b o u t 4 .1 0 % . T h o
b id s w ere as follow s:

B row n

s c h o o l b o n d s m e n t io n e d

O f t h i s a m o u n t , $ 2 5 0 ,3 0 0 b o n d s w ill b e a r

in te re s t a n d

$ 6 6 6 ,4 0 0

B id s fo r th e 4 ) 4 %
le s s t h a n p a r a n d

P r o p o s a ls

bonds

w ill

carry

4%

in te re s t

b o n d s w ill n o t b e c o n s i d e r e d i f f o r a s u m
in te r e s t, a n d p r o p o s a ls fo r th e 4 %

bonds

P r e m iu m .
t, Compton
„
W. R.
Bond AP r e m iu m . Blake Bros. * Co., Boston.$1,052
50
’ s At- Co.,
Louis---$1,435
00
Mercantile
Tr.
Co.,
St.
L__
1,031
75
N.
W.
Halsey
Chic,
1,161
25
A.
B.
Leach
&
Co.,
C
hic...
1,022
00
Seasongood
*AMayer,
C. E. Denison
Co., CIcv. 1,008
W. N. &Coler
Co..
N.Cln__
Y -1 ,-1 6- 0- -00­ (Edmunds
Bros.,A Boston
002 5080
Curtis
Sanger,
Boston._
E.
RollinsA ACo.,
Sons,
R. M.H.Grant
N. Chic
Y
Harris
Tr.ASav.Bk.,
Chic.
00
Orange, Orange County, Cal.—
Bond
Election—
O n M008
ay
Hayden,
Stone
&oCo.,
Bos.
80 2 27
00
a n ele c tio n w ill b e h e ld , it is s taThos.
te d ,J.toBolgcr
v o teCo.,
n Chic..
th e q u e374
stio50
n

m u s t b o a t 9 5 a n d in te re s t o r b e tte r .
T h e b o n d s are d a te d M a y 11 9 1 1 an d m a tu re M a y 1 1941. D e n o m in a tio n s
J50 , $10 0, $500 a n d $ 1 ,0 0 0 to su it pu rch a se r.
In terest s em i-an n u ally a t
th e fiscal a g e n c y o f M in n e a p o lis In N ew Y o r k C ity . T h e y a rc ta x -e x e m p t
In M in n esota . C ertified c h e c k fo r 2 % o f b o n d s b id fo r , p a y a b le to C . A
B lo o m q u is t, C ity T rea su rer, is r e q u ire d .
In

a d d it io n

to

th e a b o v e ,

u n til 2 p . m .J u n e

p r o p o s a l s w ill a l s o

b e r e c e iv e d

13 b y th e W a y s a n d M e a n s C o m m it te e , a t

th e o ffic e o f th e C ity C o m p tr o lle r , fo r th e fo llo w in g 4 %
m e n t io n e d
f o r m a in

in

V . 92,

sew ers,

p.

1 2 6 8 : $ 2 5 0 ,0 0 0

$ 2 2 5 ,0 0 0

fo r

th e

fo r p a rk s,

bonds

o f issu in g $ 2 5 ,0 0 0 5% h ig h -sc h o o l b o n d s.

$ 2 7 5 ,0 0 0

Denomination
$1,000 Interest semi-annual. Maturity from one to
eight
years.

p e rm a n e n t im p ro v e m e n t

Osage Independent School District (P. O. Osage), Mitchell
County, la .—Bond Sale.— O n A pril 10 tho $ 3 0 ,5 0 0 4 'A%

r e v o l v in g f u n d a n d $ 7 5 ,0 0 0 f o r t h e p e r m a n e n t im p r o v e m e n t
fu n d .

B id s

at

le s s

th a n

95

and

in te re s t

w ill

not

be

con ­

sc h o o l-co n str u ctio n b o n d s v o te d o n J a n . 2 (V 92 p 136)
^ a w a r d e d to G eo. M . B ec h tel & C o. o f D a v e n p o r t fo r
$ 3 9 ,5 5 0 — th e p rice th u s b ein g 1 0 0 .1 2 6 .

s id e r e d .
D a te M a y 1 t o l l .
In terest s e m i-a n n u a l. M a tu r ity M a y 1 1041. T lio
secu rities a rc ta x -e x e m p t In M in n e so ta . C ertified c h e ck to r 2 % o t b o n d s
b id fo r , p a y a b le t o th e C ity T rea su rer, Is re q u ir e d .
.

tU fltT w ?^earV from i f f i o m o ! I#U - Intcrc3t ^ml-annual. Ma-

T h e o ffic ia l n o tic e o f th e s e b o n d o ffe r in g s w ill b e f o u n d a m o n g
th e a d v e r tis e m e n ts e ls e w h e r e i n t h i s D e p a r tm e n t .
N ow

Perth Amboy, Middlesex County, N.

s a c k ) , B e r g e n C o u n t y , N . J .— B o n d O f f e r i n g - P r o p o s a l s
w ill b e r e c e iv e d u n t il 8 p . m . M a y 2 9 b y G e o . N . C o m e s , D is ­
t r i c t C l e r k , f o r $ 1 5 0 , 0 0 0 4 lA %
b on d s d a ted M ay 1 1911.
A u th o r it y , e lection h eld F e b . 28 1911. D e n o m in a tio n 5 1 , 000 . In terest
sem i-a n n u a lly a t th e H a ck e n s a ck N a tio n a l B a n k o t H a c k e n s a c k . M a­
tu r ity o n M ay 1 as follow s: $ 2 ,0 0 0 In 1021, S4.000 y e a r ly fro m 1022 to
1020 Inclu sive, $ 1 3 ,0 0 0 In 1930. 3 6 ,0 0 0 y e a rly from 1031 to 1910 Inclu sive.
3 1 3 ,0 0 0 In each o f the years 19 11 a n d 1042 a n d 3 17 ,000 In 1043. B id m ust
bo m a d e o n a fo rm fu rn ish ed b y th e B o a rd o f E d u c a tio n a n d b o a c c o m ­
p an ied b y a ccrtllled c h e c k fo r 2 % o f b o n d s b id fo r, m a d e p a y a b le to the
aforesa id B o a rd . T h e genuineness o f tho b o n d s w ill b e c c rtllle d to b y the
U n ited S ta tes M ortg a g e & T r u s t C o . In N ew Y o r k C ity , a n d their legality
has been a p p r o v e d b y E d m u n d W ils o n , A tto r n e y -G e n e ra l o f th e S tate o f
N ew J e rs e y . P u rch a ser t o p a y a c c r u e d In terest.

N e w H a r t f o r d , O n e i d a C o u n t y , N . Y . — B o n d E l e c t i o n .—
P r o p o s i t i o n s t o is s u e t h e f o l l o w i n g b o n d s w ill b e s u b m i t t e d
to a v ote on M ay 27:
3 5 ,5 0 0 5 -1 4 -y c a r (serial) flrc-h o u se b o n d s a t n o t e x c e e d in g 5 % Interest.
1.000 5 -9 -y c a r (serial) fire-alarm -system b o n d s.
N o r fo lk S c h o o l D is t r ic t (P . O . N o r fo lk ), M a d is o n C o u n ty ,
N e b .— B o n d S a l e .— O n M a y 9 t h e $ 2 5 , 0 0 0 2 0 - y e a r s c h o o l ­
b u i l d in g b o n d s d e s c r ib e d in V . 9 2 , p . 1 1 3 3 , w e r e a w a r d e d t o
t h e N o r f o l k N a t io n a l B a n k o f N o r f o l k a t 1 0 2 .1 0 a n d a c c r u e d
in te r e s t fo r 5 s— a b a s is o f a b o u t 4 .8 3 5 % .
O th e r b id s re­
c e iv e d w e re a s fo llo w s :
...................
F o r 5s.
F o rm s.
F o r 0 s.
C . I I . C o ffin . C h ic a g o _______ ____________$25,501 00 $25,801 00
$26,511 00
I I . T . H o ltz & C o ., C h ic a g o ........ ............ 2 5,327 00 .......................
26,527 00
I I . C . S p eer A S on s C o ., C h ic a g o ............ 2 5 ,3 0 5 00 _____________
___________
A . B . L ea ch & C o ., C h ic a g o ____ , _____ 2 5 .2 6 5 00
_ .
A . J . H o o d A C o .. D e tr o it...................... 2 5,258 00
....................
27,030 66
C itizen s' N ation a l B a n k .............................. 2 5 ,2 5 0 00
.
C u tter, M ay A C o ., C h ic a g o ___________ 2 5,127 50
....................
....................
E m e r y , P eck A R o c k w o o d , C h ic a g o .. 2 5 ,1 2 6 00
________ _____________ ____
S . A . K ea n A C o ., C h ica g o ........ ........... .. 2 5,062 50
- ..................
_
B u m p u s & C o ., D e tr o it _________ ______ 25,011 00
. ...............
S p itz e r , llo r lc k A C o .. T o l e d o ________
25,643 25 .
S e c u r ity S a v . B ank A T r . C o ., T o l e d o .......................
2 5,560 00 _
W o o d ln , M cN ca r A M oore, C h ic a g o ..........................
2 5,512 50
T h o s . J . llo lg e r C o ., C h ic a g o _________
2 5 ,3 8 5 00 25,917 50
E . H . R o llin s & S on s, C h ic a g o ________ __________
2 5.257 50 25,757 50
W e ll, R o t h & C o ., C h ic a g o .................................
2 5 ,0 2 5 00 2 0 ,500 00
F a rm ers' L oa n A T ru st C o . .................... .............................. ..............
27,500 00
In v e s to r s ’ Secu rities C o ., Des M o in e s .................................................
2 5 ,550 00
N o rth A t t le b o r o , B r is to l C o u n ty , M a s s .— T e m p o r a r y L o a n .
— A lo a n o f $ 6 0 ,0 0 0 d u e D e c . 15 1911 h a s b e e n n e g o t ia t e d —
$ 3 0 ,0 0 0 w it h L o r in g , T o l m a n & T u p p e r o f B o s t o n a t 3 . 1 8 %
d i s c o u n t a n d $ 3 0 ,0 0 0 w it h B la k e B r o s . & C o . o f B o s t o n a t
3 .1 8 % d is c o u n t.
N o rth D a k o ta .— B o n d s P u r c h a s e d b y th e S ta te d u r in g A p r i l .
— The
fo llo w in g
4%
b o n d s , a g g r e g a tin g
$ 2 3 ,6 0 0 ,
w ere
p u r c h a s e d b y th e S ta te o f N o r th D a k o ta a t p a r d u r in g th o
m o n t h o f A p r il:
b o n d .V ^ t c d 'j a r i * 3 * 1 9 1 1 N ° ' 10’ D u n n C o u n ty — $500 1 5 -y e a r b u ild in g
H e ttin g e r S c h o o l D istrict N o . 13, A d a m s C o u n ty — $ 5 ,0 0 0 10-year
fu n d in g b o n d s d a te d F e b . 15 l o l l .
'
H igh la n d S c h o o l D istrict N o . 2 1 , E m m o n s C o u n ty — $ 1 ,0 5 0 2 0 -y c a r
r e fu n d in g b on d s d a te d F e b . 15 i o n .
L a n d S c h o o l D is trict N o . 40, M c H e n r y C o u n ty — $ 1 ,5 0 0 2 0 -y e a r fu n d in g
b o n d s d a te d M arch 1 1011.
L o g a n S c h o o l D istrict N o . 8 , E m m o n s C o u n ty — $ 1,050 2 0 -y e a r r e fu n d in g
b on d s d a te d F eb . 15 1911.
M cC lu sk y S c h o o l D is trict N o . 19, S h erid an C o u n ty — $ 9 ,5 0 0 2 0 -y e a r
b u ild in g b on d s d a te d M arch 1 1011.
M ou n trail C ou n ty S c h o o l D istrict N o . 7— 5 1 ,500 2 0 -y e a r fu n d in g bo n d s
d a te d M arch 1 1 9 1 1 .
P leasan t V iew S c h o o l D is tr ic t N o . 10, A d a m s C o u n ty — 52 000 1 0 -y ca r
b u ild in g b on d s d a te d M arch 1 1011.
S o u th H ea rt S ch o o l D istrict H o . 9 . S tark C o u n ty — $ 1 ,5 0 0 2 0 -y e a r b u ild ­
in g b o n d s d a te d M arch 1 1011.




3.— Bond Sale.—

O n M ay 15 th e $ 4 7 ,0 0 0 ‘l'A % 3 0 -y e a r co u p on sch ool b o n d s
d escrib ed in V. 9 2 , p . 1331, w ere aw ard ed to K o u n tz e B ro s,
o f N ew Y ork for $ 4 9 ,5 3 8 39 (1 0 5 .4 0 ) an d a ccru ed in te r e st—
a b a sis o f a b o u t 4 .1 8 3 % . O th er b id s receiv ed w ore a s fo llo w s

B a rb a d o e s T o w n s h ip S c h o o l D is t r ic t (P . 0 . H a c k e n ­

N e w B o s t o n ( P . O . P o r t s m o u t h ) , O h i o . — B o n d O f f e r i n g .—
P r o p o s a l s w il l b o r e c e i v e d u n t i l 1 2 m . M a y 2 6 a t t h e M a y o r ’ s
o f fic e f o r $ 9 ,0 0 0 4 j ^ % s t r e e t -im p r o v e m e n t b o n d s .
A u th o r it y S e ctio n 3039 o f lie vised S ta tu te s .
D e n o m in a tio n $ 5 0 0 . D a te
J a n . 1 1 0 1 1. Interest a n n u a l. M a tu r ity $500 e a ch s ix m o n th s fro m J a n . t
1920 to J u ly 1 1928, In clu sive. P u rch a se r to p a y a c c r u e d In terest. R o y
N . C ob u rn Is V illa ge C lerk.

[VOL. LXXXXII.

R.
M. Rollins
Grant AACo.,
N. Y .$49,481
60
E. H.
Sons,N.Y.
10,429 00
John
D.
EverlttACO..N.Y.
49,076
00
A. B. Leach A Co., N. Y. 40,057 10
Kissel,
KlnnlcuttACo.,N.Y
48,070 70
00
W.
N. Coler
A Co., N. Y._ 48,053

Outwatcr
Wells,
77
Blodgett &&Co.,
NewJcrseyC$48,922
York 48,489 90
H.
E.
Roblnson&Co.,
N.Y
48,109
07
N.
W. Taylor
Halsey &&Co.,
Co., N.
N. Y.
Y. 48,015
20
Kean,
47,948 93
S. A. Kean & Co., Chicago 47,517 00

Poland Township (P. O. Lowellville), Mahoning County,
Ohio.— Bond Sale.— O n M ay 15 th e $ 5 0 ,0 0 0 4 j^ % G J^-year

(a v era g e) co u p o n r o a d -im p ro v em en t b o n d s, d escrib ed in
V . 9 2 , p . 1134, w ere a w a rd ed to th e D a v ic s-B e r tr a in C o. o f
C in ciin ati a t 1 07 .3 12 a n d a ccru ed in te re st— a b a sis o f a b o u t
3 J€ % - O th er b id s re ce iv ed w ere as follow s:

First Nat.
Cleveland.$53,411
25 Prov. Sav. Bk. A Tr.Co.,Cln.$52,500 00
Well,
RothBk.,
A Co.,
Cia___ 53,155 00
Stacy A Braun,
New First Nat. Bk., Colum. 52,775 00 Struthcrs
Sav.AToledo...
Banking 51,285 80
Maturity $5,000 yearly on July 1 from^lo’i^t^lS f^fndusfve.'
00

P o r tla n d , Me. Note Offering.— P ro p osals w ill b e receiv ed
u n til 12 m . M ay 22 a t th e o ffice o f D a v id B irn ie, C ity T rea s­
u rer, fo r th e d isc o u n t o f $ 1 0 0 ,0 0 0 n o te s.

Denomination of notes desired to be named In bid. Date "dav of
Nat?onalBaSlcVif Boston. 19“ - N°teS Wl" bc ccrtlne<1

P r ic e , Carbon County, Utah.—Bond Election.— A n e le c tio n
w ill b e h eld M ay 2 3 , rep orts s ta te , to v o te o n th e q u e stio n of
issu in g $ 1 4 ,0 0 0 refu n d in g b o n d s.

Reading, Middlesex County, Mass.— Temporary

Loan

.—

A lo a n o f .*2)30,000 d u e A pril 15 1912 h as b e e n n e g o tia te d ,
it is s ta te d , w ith B la k e B r o s. & C o. o f B o s to n a t 3 .3 6 %
d isc o u n t.

Rensselaer, Rensselaer County, N.

Y . —Bond Offering.—

P ro p o sa ls w ill bo re ce iv ed u n til 10 a . m . J u n e 5 b y J am es W .
A d a m s, C ity T reasu rer, for $ 1 4 5 ,0 0 0 4 >6% reg istered
G reen b u sh im p r o v e m e n t refu n d in g b o n d s.

Denomination
$1,000.
Date1 from
July 1012
I to1011.
Interest
semi-annual.
Maturity
$4,000
yearly
on1917
July
1916The
Inclusive,
a n d $5,000
yearly
on
July
1
from
to
1941
Inclusive.
genuineness
of and
tho
bonds
will
be
certified
to
by
the
Rensselaer
County
Hank
of
Rensselaer
their
legality
approved
by
Hawkins,
Dclaficld
&
Longfellow
of
New
York
City,
a copy
whoso on
opinion
will
be delivered
the for
purchaser.
Tho
bonds
be ofdelivered
July
1 1911.
Certified tocheck
2% of bonds
bid
for,will
payable
to the City
Treasurer,
is required.

San Angelo, Tom Green County, Texas.— Bond Sale.— O n
M ay 1 th e $ 2 0 ,0 0 0 5 % 1 5 -3 0 -y ea r (o p tio n a l) str e e t-im p r o v e ­
m e n t b on d s d escrib ed in V . 9 2 , p . 1058, w ere a w a rd ed to
. • H . R o llin s & S o n s o f C h icago a t 102.17 a n d a ccru ed
b asis o f a b o u t 4 .7 9 % to th e o p tio n a l d a te a n d
4 .8 0 2 % to fu ll m a tu r ity . O th er b id s receiv ed w ere a sfo llo w s:

£ ' a * 52??
Kean &a

b. A.

Detroit. .$20,2251
& Mayer, Cine.$20,000
Co., Chicago..
20,1041AScasongood
. B . Wood, Dallas_________ _ 19,950

Scott County (P. O. Davenport), Iowa.—Bond

Sale.—

A cc o r d in g to re p o r ts, 8 1 5 ,0 0 0 ju v e n ile hom o sito b o n d s h av o
b een a w a rd ed to G eo . M . B ec h tel & C o. o f D a v e n p o r t.
,
Pettis, C ou n ty> Mo .— Bond Sale.— T h e $ 6 0 ,0 0 0
4 /2 /b
(o p tio n a l) n a r k -im p r o v em e n t b o n d s v o te d
o n M arch 30 (V . 9 2 , p . 9 80 ) w ere so ld o n M ay 1 to A . G .
E d w a rd s & S on s o f S t. L ou is a t p ar, loss a d isc o u n t o f $48 3
~Tlo o w 1 pr*00
9 9 .1 9 5 a n d in te re st— a b a sis o f a b o u t
4 .6 8 3 % . A n offer o f par a n d in te r e st, le ss $58 2 d isc o u n t,
w a s a lso re ce iv ed from E . II. H o llin s & S o n s o f C h ica g o.
F iv e b id s w ere re ce iv ed in all for tho b o n d s.

Santa Barbara, Santa Barbara County, Cal.— Bond Offer­

ro p osa ls w ill b e receiv ed u n til 5 p. m . J u n e 1, a ccord ­
in g to re p o r ts, b y th e C ity C lerk, for $ 4 0 ,0 0 0 i'A % b o n d s.
D e n o m in a tio n $ 1 ,0 0 0 .

ing.— I

1393

THE CHRONICLE

May 20 1011.1

Scranton, Lackawanna County, Pa.—Bonds Proposed.—
T h is c ity is co n sid erin g th e issu a n ce o f $ 2 0 0 ,0 0 0 sew erag es y s te m b o n d s, a cco rd in g to re p o r ts.
Shawano County (P. O. Shawano), Wis.—Bond Sale.—
T h e $ 1 0 0 ,0 0 0 4% 1 5-year (a v era g e) co u p o n in sa n e-a sy lu m c o n str u c tio n b o n d s d escrib ed in V . 9 2 , p . 1270, w ere sold
o n M ay 10 to N . W . I la ls e y & C o. a n d th e F ir st T r u st &
S a v in g s B a n k , b o th o f C h ica g o, a t th e ir jo in t b id o f 9 7 .0 1 —
a b a sis o f a b o u t 4 .2 1 7 % . T h e fo llo w in g b id s w ere received :

N. W. ilalsey & Co.. Chi___197.01 E. II. Hollins & Sons. Chicago.97.25
First
Sav. Co..
Ilk., Chlcago97.a0
C h i../
C. F. Childs
& Co.,
H .C. Trust
Speer*& Sons
Tims.
J. Bolster
Co..Chicago-----97.05
Chicago. .96.50
A. Maturity
1). LeachS2.500
& Co..yearly
Chicago.
.97.31
.John
E . DeWolf & Co.. Mllwau.t4.B9
on March 20 from 1912 to 1930 Inclusive anil 552,­
500 on March 20 1931.

Smith field Graded School District (P. O. Smithfield),
Johnston County, Iowa.—Bonds Voted.— T h e p ro p o sitio n

to issu e th e $ 2 5 ,0 0 0 5% 3 0 -y e a r sch o o l-b u ild in g b o n d s
m e n tio n e d in V . 9 2 , p . 1136, carried b y a v o te o f 120 to 13
a t th e ele c tio n h eld on M ay 16.
Spokane, Wash.—Bond Offering.— P ro p o sa ls w ill bo
re c e iv e d u n til 12 m . J u n e 15 b y J a s. M cG ou gan , C ity A u d ito r ,
for th e $ 4 1 5 ,0 0 0 g o ld co u p o n b r id g e -c o n str u c tio n b o n d s a t
n o t e x c e e d in g i'A% in te r e st a n d m en tio n e d in V . 9 2 , p . 3 3 9 .

Steubenville, Jackson County, Ohio.—Bond Sale.— T h e
fo llo w in g b id s w ere re ce iv ed o n M ay 1 fo r th e s ix issu e s o f
4 M % im p r o v e m e n t b o n d s d escr ib ed in V . 9 2 , p . 1 1 3 6 .

$7,000
$4,000
P a rk S t. $12,500 $0,200 P lu m S t. 59,000
$16,000
P en n G randview C ity's K m jine McKee Prospect
Are.
Ate.
Are.
A re . P o rtio n . H ouse.
00 $192 50 $102
70
$201
60
.$352
00 $70
94 30
86 $161
202 50
149
10
203
75
68 80
323 20 61
Breed & Harrison Cine. .i. 280
30
188
50 88___66 139
20 167
00
____ ___10
125
00
50 185 00
8G 00 142
172
00
32*2*66
6*2*66
Well,
Roth
&
Co.,
Cine..
169 00
00 230
227 00
00
107 00 172
. 340 00 74 00 202 00 117
Davl
-Bertram
Co.,
Cine.
00
.
362
00
222
00
80
50
Scas‘>ngood
& Mayer. Cine.
00
00 1S2
22 00 163 00 i.:, 00 109
.. 276
00
New First Nat.Bk.,Colum,
169
124 80
245 80 52 90 152 80 81
191 35
25
25 162
87 55
75 139
1 292 80
25 57
75 177
00
121 10 222
V.244
54 40
151 75
25 79
36
77 21 228___93 116_ 56
130
88
.. 302
344 00
87 55
_ 141 00 181 81
00
22
170 75 72 23 114 59 185
. 284 32 54 00
40 133
.....
00
____
........
........
Nat.
Exeli.Bk.,Steuben,O,
Otis A: Hough of Cleveland offered S825 premium for the entire six Issues.
Bond Offering.— P ro p o sa ls w ill b e re ce iv ed u n til 12 m .
M ay 29 b y H u g h W . P a tte r so n , C ity A u d ito r , fo r th e $ 1 3 ,0 0 0
4 H % co u p o n B ellev ie w B o u lev a r d im p r o v e m e n t b o n d s
m e n tio n e d in V . 9 2 , p . 1136.

Denomination
Interest
and1920
Sept.and1.
Maturity
S3.000 8500.
on MarchDate
1 InJune
each1 of1911.
the years
1915.March
1918 1and
84,000 March 1 1922. Certified check for 3% of bonds bid for, p ay ab le
to the City Treasurer, Is required. Purchaser to pay accrued interest.

Tippecanoe County (P. O . Lafayette), Ind.— Bond Sale.—
Denomination
July 1Bonds
1911.arc Interest
semi-annually
New
York City 81,000.
Maturity Date
20 years.
exempt from
State taxes.In R e p o r ts s ta te th a t th e fo u r issu e s o f i l 4 % co u p o n g ra v e lCortlfled check for 2% of hid, payable to the City Treasurer, Is required. ro
a d -co n stru ctio n b o n d s d escrib ed in V . 9 2 , p . 1 13 6, w ere
The official notice of this bond offering will be found among

sold on M ay 10 a s fo llow s: $ 7 ,5 0 0 H ig lc y R o a d a n d $ 5 ,3 0 0
T h o m a s R o a d b o n d s to E d w a rd O ’G ara o f L a fa y e tte a t
A p ril th e fo l­ 100 .0 6 a n d 100.01 r e sp e c tiv e ly a n d $ 3 ,7 0 0 G aylord R oa d
lo w in g 6% b o n d s, a g g r e g a tin g $ 4 5 ,6 5 0 , w ere d isp o sed o f to a n d $ 2 ,3 0 0 T h o m a s R oa d b o n d s to th e F a rm ers’ & T ra d ers’
B an k o f L a fa y e tte a t p ar. M a tu rity o n e b o n d o f ea ch issu e
th e co n tr a c to rs in p a y m e n t for w ork d on e:
e v e r y six m o n th s from M ay 15 1912 to N o v . 15 1921 in ­
$19,860
Eighteenth
Avc.
grade-walk
No.
478
bonds
due
March
15
1921.
5,820 sewer-cxtcnslon
Hamilton Street No.
sower11 No.
April 1 1921.
c lu siv e .
19,560
bonds783duebonds
Aprilduo1 1921.
410
Stevens
St.
walk
No.
816
bonds
duo
April
15
1916.
Kan.— Bond Sale.— T h e fo llo w in g b id s w ere re­
The llrst Issue is dated March 15 1911 and the remaining Issues April 1911. c e ivTopeka,
e d on M ay 15 for th e $ 1 2 5 ,0 0 0 4J^ % co u p o n str e e tThey arc all subject to call part yearly.
•
p r o v e m e n t b o n d s d escrib ed in V . 9 2 , p . 1271:
Sterling School District (P. O. Sterling), Sanpete County, im
Hayden,
Co. ,Bos8!2o,
362 00
SOIEmery.
Peck * RockUtah.—Bond Election.— P ap ers s ta te th a t an e le c tio n w ill State
Sav.Stone*
Ilk.. Topeka.
125,356
wood, Chicago..
. . -.8125,068 75
b e h eld to -d a y (M ay 2 0) to v o te on th e q u e stio n o f issu in g MercantileTr. Co., St. L.al25,250 00|Sp!tzcr.Rorlck&Co., Tol. 125,000 00
a Less $500 for attorney’s fees. Maturity one-tenth yearly.
$ 1 ,2 5 0 sc h o o l-b u ild in g -a d d itio n b o n d s.
the advertisements elseivhere in this Department.
Bond Sales for April.— D u rin g th e m o n th o f

of

M in n ., C ity

M in n e a p o lis ,

SC H O O L B O N D S .
Scaled
bids
be received
by the
Committee
on Ways and will
Means
of the City
Council
of the
City
of
Minneapolis,
Minn.,
at
the
office
City Comptroller of said city until T H U R SDof Athe
Y,
JU N K 8, 1911. at 2 o’clock p. m., for the whole
or any part of $916,700 School Bonds, to bo
dated
1, 1911,
Maywill1, bear
1941.interest
Of theMay
above
bonds,payable
$250,300
at
the
rate
of
four
and
onc-quarter
(4 M %) per
cent,
or
proposalpayable
will be semi-annually,
entertained for and
a sumnolessbidthan
the
par
value
of
said
bonds
and
accrued
Interest
to
delivery,at and
of said
willdate
bearofInterest
the $666,400
rate of four
(4%)bonds
per
cent,
payable
semi-annually
and
no
bid
or than
pro­
posal
will
bo
entertained
for
a
sum
less
ninety-live
(95%)
per Interest
cent oftothedateparof delivery,
value of
said bonds and
accrued
ami all of said bonds are Tax-Exempt In the
State
ofright
Minnesota.
.bids
_, Is. reserved..
The
tocheck
rejectfor
anytwo
or all
A
ccrtlhcd
(2%)
per cent
par
value of City
the bonds
bid for,must
made
to ofC. the
A.
Bloomqulst,
Treasurer,
accompany
each
bid,
,
,
,,,
Circular containing full particulars will ,bo
mailed
uponof application.
By order
the Committee on Ways and Means
at a meeting held May 11,DAN
1911. C. BROWN,
City Comptroller.

M AYER

Mercantile Library Building
CINCINNATI

Thomas J. Bolger Co.
M UNICIPAL BO N D S
L egal for S a v in g s Banks,
P o it a l Saving, and Trust Funds
asN D r o n

19 S o u th L a S alle S t .,

u st

ULEN

ban k ers




Write for

to 6 %
&

M in n ., C IT Y O F S P O K A N E , W A S H .,

BONDS

00 S T A T E S T R E E T , B O S T O N
SO P I N E S T R E E T , N E T T Y O R K

Circular.

C O .
C H IC A G O

Bridge Construction Gold Bonds.

Sealed
proposals ofwillthebeCity
received
by the Sinking
Fund
Commission
of Spokane,
Wash­
ington, at the office of the City Auditor, of said
city,
up
to
12
o’clock
noon
of
the
15TH
OK
JUNE,
1911,
for thebond
purchase
ofof all
orDAY
any
portion
or
a
$415,000
Issue
said
except that no bid will be considered that Iscity,
for
less
$25,000, overplus,
or multiple
except
that than
the $15,000
whichthereof,
may be
bid
forSaid
separately,
or added
bonds arc
Issued toby any
saidother
city bid.
to pay for
the
construction
of
two
concrete
bridgesandacross
Latah
Creek,
In
the
City
of
Spokane,
bear
date of July 1, 1911, and payable 20 years after
date,
and
draw
Interest
at
a
rate
not
to
exceed
4 HSaid
% annually,
payable
semi-annually.
Commission
reserves
the right to reject
any
and
all
bids,
and
each
oiler2%must
accom­
panied
by
a
certified
check
for
thebepar
amount
of the bid, and must be for at of
least
and
accrued Interest.
„
JAMES McGOUGAN,
City Auditor.
NATIONAL LIG H T,
HEAT & PO W ER COM PANY
GUARANTEED

BONDS

... .

A"

A. H. Bickmore & Co.,
BANKERS

S T A T E , C IT Y & R A IL R O A D B O N D S 30 Pin® S tre e t,
H 0D E N P Y L , H A R D Y & CO.
7 W a ll S t.. N «w Y o rk
Railroad, Street Ry., Gas & Elec. Light

SECU RITIES

C H IC A G O

MUNICIPAL BONDS

safest investment
known. Yielding from 4 %

M in n e a p o lis ,

BLODGET & CO.

BONDS
LIST ON APPLICATION
&

of

BONDS
Sealed bids will be received by the Committee
on
and Means Minn.,
of the at
CitytheCouncil
of the
the
CityWays
of Minneapolis,
office of
City
Comptroller
of
said
city
until
rU E SD A Y ,
JU N K 13. 1911, at 2 o’clock p.m ., for the whole
or
any partImprovement
of $250,000 Revolving
Park Bonds,
S22o,000
Permanent
rund
Bonus.
$75,000
Permanent
Improvement
Fund
Bonds
$275,000 Main Sewer Bonds, to be dated Mayand1,
1011,
payable
Mayto 1,bear
1941.
Said(4%)
bondsperarc
Interest payable
at the rate
of
four
cent per annum,
semi­
annually,
arc
Tax-Exempt
In
the
State
of
Minne­
sota, and no bid or proposal will be entertained
forthea sum
less of
than
cent
of
par value
saidnlnety-flvc
bonds and (95%)
accruedper
Interest
to The
dateright
of delivery.
rejectfor
anytwo
or all
bidsperIs reserved.
A ccrtlhcdtocheek
(2%)
cent of the
par
value
of
the
bonds
bid
for,
madeaccompany
to C. A.
Bloomciulst, City Treasurer, must
each
bid.
,
,
... .be
Circular containing full particulars will
mailed
upon
application.
By order of the Committee on Ways and Means
at a meeting held May 11,
DAN191.1
C. BROWN,
City
Comptroller.

M U N IC IP A L A N D R A IL R O A D

S E A S 0N G 00D

$415,000

$825,000

$916,700
C ity

NEW LOANS.

NEW LOANS

NEW LOANS.

C

8 . V

a n

N

New Y o rk

E S T A B L IS H E D 1885

H. C. SPEER & SONS CO.

Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
FlrH Nat

F. WM. KRAFT
LAW YER

o s t r a n d

Specializing In Examination of

10 W A L L S T R E E T

M u n ic ip a l a n d C o rp o ra tio n B o n d i

IN D U STR IA LS

CHICAGO, ILL.

1S U FIR ST N A TIO N A L BA N K B L D d ..

1394

THE CHRONICLE

[VOL. LXXXXII.

Twin Township School District (P. 0 West Alexandria
R. F. D.), Preble County, Ohio.—B o n d O ffe r in g . — P ro ­

M ay 22 b y th e B oa rd o f E d u c a tio n , D ora A . K a le , C lerk, fo r
$ 1 5 ,0 0 0 4% co u p o n p u b lic -sc h o o l-im p r o v e m e n t b o n d s.
p o sa ls w ill b e re c e iv e d u n til 12 m . M ay 26 b y G . C h as. V oge
nnahorlTty. Sec‘lons 3991 and 3993. Ohio School Laws. Denomination
wArrnn
I?rffSif,
on«
1 an,d Jul>' 1 at the Union National Bank In
J r ., C lerk B oard o f E d u c a tio n , fo r 8 7 ,5 0 0 4 y2% sch o o l b o n d s. rw
tin?H
f f
y c a f ly .,'m J a n - 1 from 1937 to 1941, lncluslvo.

Authority Sections 2,294, 2,295, 7,625, 7,626 and 7,627 of General Code
Denomination
Interest semi-annual.
Maturity
$500
yearly on $500.
May20 Date
from day
1912oftosale.
1917 inclusive
and $1.500on May261n
1918,
1919
and
1920.
I3onds
to
be
delivered
and
paid
for
within
10 davs
from
time Board
of award.
Certified check
for 5% of
bonds Interest,
bid for, payable
the
Clerk
of
Education,
is
required.
Accrued
if
any
toto
be paid by purchasers.

Certified check for 5130 Is required. Bonds are tax-free In Ohio.

Western Port, Allegany County, Md.— B o n d

O ffe r in g .—

1 ro p osa ls w ill b e re ce iv ed u n til 12 m . M ay 23 b y J o h n P .
M iller, C h airm an F in a n c e C o m m itte e, fo r $ 5 ,0 0 0 5% co u ­
p o n b rid g e-co n str u ctio n b on d s.

Valley Township School District, Guernsey County, Ohio. w 2 £ ^ Uon„ ! ! 00.V S?te May J . , o u - Interest semi-annually In

L Maturity 30 years, subject to call after 5 years. The bonds
— B o n d O ffe r in g . — P ro p o sa ls w ill be re ce iv ed o n or b efore vu”nation s807
781 t 3' I,loatl“k debt at present. 58,000. Assessed
12 m . M ay 26 b y W . H . S p a id , C lerk B oard o f E d u c a tio n , a t
B u ffa lo , O h io , fo r $ 1 2 ,0 0 0 4>^% school, b o n d s.
West Orange, N. 3 — B o n d S a l e — T h e $ 1 0 0 ,0 0 0 4J^ %

Authomy
Section
General
Code.
Denomination
Interest
g o ld co u p o n fu n d in g b o n d s offered o n M ay 16 a n d d escrib ed
March
o 5and19_3
Sent.
o. 7623
Maturity
5.)00
each
six
months
from5500.
March
5 1912 in
V . 9 2, p . 1 33 3, w ore a w a rd ed to W .N .C o lo r & Co o f N ew
to
Sept.
Inclusive.
Bonds
to
bo
delivered
at
Buffalo,
O.
Ccrtllied
check for $100 Is required.
Y o rk C ity a t 1 0 5 .3 0 . M a tu rity M ay 1 1941.

T h e a b o v e b o n d s w ere so ld o n A pril 1 a t 1 0 1 .9 3 9 . V . 9 2 ,
White Plains, N. Y.—B o n d s R e fu s e d . — T h e $ 9 ,5 0 0 2 0 -y e a r
p . 9 8 2 . W e h a v e n o t y e t b een a d v ise d w h y th e first sale fire -d ep a rtm e n t b o n d s a w a rd ed to R . M . G ran t & Co o f
fa iled o f c o n su m m a tio n .
N e w Y ork C ity a t 1 0 0 .1 7 8 for 4 .2 5 s on A p ril 3 (V . 9 2 , p. 1060)
Ventnor City (P. O. Atlantic City), Atlantic County, N. J. h a v e b een refu sed b y th e m as illeg a l.
— B o n d s N o t S o ld — B o n d O ffe r in g .— Th e $ 1 0 0 ,0 0 0 5%
Worcester, Worcester County, Mass.— T e m p o r a r y L o a n .—
2 0 -y e a r co u p o n p a v in g b o n d s offered on M ay 17 a n d d escrib ed A lo a n o f $ 1 5 0 ,0 0 0 d u e O ct. 17 1911 h a s b een n e g o tia te d , it is
in V . 9 2 , p . 1332 w ere n o t so ld . T h e b o n d s w ill b e re-offered s ta te d , w ith K isse l, K in n ic u t & C o. o f B o s to n a t 3% d is­
on M ay 3 1 .
n t a n d $ 5 0 p rem iu m .
Wabash School C ity (P. O. Wabash), Ind .— B o n d S a le .— c o uWood
County (P. O. Bowling Green), Ohio.— B o n d O ffe r R e p o r ts s ta te th a t th e $ 3 5 ,0 0 0 4% 1 -1 0-year (serial) sch o o l0sa ls w ill b e receiv ed u n til 1 p . m . M ay 29 b y
rep air b o n d s m e n tio n e d in V . 9 2 , p . 1136, w ere sold o n M ay 9 1'. W . lor0P
a n , C ou n ty A u d ito r, for $ 5 0 ,0 0 0 5% co u p o n p u b licto G a vin L . P a y n e & C o. o f In d ia n a p o lis for $ 3 5 ,0 1 0 — th e h ig h w a y -im
p r o v e m e n t b o n d s.
p rice th u s b e in g 1 0 0 .0 2 8 .

Wapakoneta, Auglaize County, Ohio.— B o n d

l o n$1,000.
M Y ’ Date JuneA,1pr!‘1911.
1 ,190?-Interest
91 OhioMarch
Laws, 1page
S a le .— ttion
and 96.SentDcnomlna
1 at the

lOufto SentSirffliSft°inpCin«i Matofity $5,000 each six months from March 1
f odi.uuu
r lis requhed.
l ' t u Purchaser
^h .o tcr.tlfle<1
0,111Interest.
bank In Bowling Green
ior
to paycheck
accrued

A cc o r d in g to re p o r ts, on M ay 8 th e .$15,000 i lA % 1 -1 0-year
(ser ia l) co u p o n stre e t-in te r se c tio n (v illa g e ’s p o r tio n ) b o n d s
d escr ib ed in V . 9 2 , p . 113 6, w ere a w a rd ed to th e F irst
N a tio n a l B a n k in W a p a k o n e ta a t 1 0 2 .0 7 — a b a sis o f a b o u t
4 .0 7 6 % .

T h e a b o v e b o n d s w ore aw ard ed on D e c . 12 1910 to S ta c e y
& B ra u n o f T o le d o . V . 9 1 , p . 1665. W e h a v e n o t y e t b een
th e first sa le w a s n o t c o m p le te d .
Wapello County (P. 0. Ottumwa), Iowa .— B o n d S a l e .— a d v ise d w h y N.
Y . — B o n d O ffe r in g .— P ro p o sa ls w ill b e re­
O n M ay 8 $ 7 3 ,0 0 0 ja il a n d b rid ge b o n d s w ere so ld , it is s ta te d , ce ivYonkers,
e d u n til 12 m M ay 23 b y J osep h M iller, C ity C om p troller,
to G eo . M . B ec h tel & C o. o f D a v e n p o r t fo r $ 7 4 ,5 7 3 (1 0 2 .1 5 4 ) fo r th
e fo llo w in g 4 % % reg istered b o n d s.
a n d in te r e st.

Maturity $1,000 yearly on May 1 from 1912 to 1951
Warren School District (P. O. Warren), Trumbull County. $40,000 water^bonds.
local-improvement
bonds. Maturity $1,000 yearly on May 1 .from
Ohio.— B o n d O ffe r in g . — P ro p o sa ls w ill b e re ce iv ed u n til 12 m , 20,000 1912
to 1931 lncluslvo.
.

NEW LOANS.

CITY OF TRENTON

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

Office of City Treasurer, Trenton, N. J.,
„ , , proposals will be received
May at9th.this1911.
Sealed
office
until
2
o’clock
P.
M.,
TUESDAY,
23RD,
1911, for the purchase of the wholeMAY
of $55,000
of City of Trenton, N. J., thirty-year, four and
one-halfSchool
per cent,
coupon
Bonds.semi-annual, registered or
Also
for
the
purchase
the whole offour
$50,000
City of Trenton,
N. J.,of thirty-year,
and
one-half
per
cent,
semi-annual,
registered
or
coupon
Harbor
Improvement
Bonds.
Bonds
will
be
dated
June
1st,
1911,
due
June
1st
1941,thereof,
issued and
In denominations
$100,
multi­
ples
will not be soldoffor
less orthan
par
andEach
accrued
interest.
bidder
will
be
required
to
bid
on
each
Issue separately,
andchecks
to enclose,
as evidence
good
faith, certified
on a national
bank,of
payable
to
the
order
of
Harry
E.
Evans,
City
Treasurer, as follows:
For
the
$55,000
Issue
of
School
Bonds
a
check
for $ 1 , 1 0 0 .
For the
$50,000
Issue of Harbor
Improvement
Bonds
a check
for Immediately
$1,000.
(Separate
check.)
Checks
will be
returned
to un­
successful
bidders.
• The bonds will be awarded to the bidder whose
proposal
will be most
fayorable
the all
city,but
the
right Is reserved
to reject
any toand
bids not
deemed
for
the
Interest
of
the
city.
•
Proposals to be sealedII. and
addressed to
E. EVANS,
City Treasurer.

Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS

FIRST NATIONAL BANK BUILDING
CHICAGO

(Gaujetnxmmi Jtxjcorxtwiaut
P . O. BOX 3 7 . M AIN O F F IC E .
W A SH IN G TO N . D. C.

O F F I C I A L O R G A N O F T H U A S S O C IA T IO N O F
A M E R IC A N G O V E R N M E N T A C C O U N T A N T S .
A M O N T H L Y M A G A Z IN E O F IN T E R E S T TO
A C C O U N T IN G A N D F I N A N C I A L O F F IC E R S
O F M U N IC IP A L IT IE S . B A N K S , R A IL W A Y S
A N D O T H E R P U B L I O S E R V IC E C O R P O R A ­
T IO N S .
T O B E F O U N D I N A L L L E A D I N G O B R T IP I E D
P U B L I O A C C O U N T A N T S ’ O F F IC E S .

S a m p le C op y 15 c e n ts . P er A n n u m $1 50




—

n ew

LOANS.

N o r th

C a r o lin a

NEW LOANS.

$310,000

S ta te

B onds

$1,290,000.00
City of Atlanta, Georgia,

Dated July 1st, 1911, payable July 1st, 1951,
4)^ PER CENT BONDS
without prior option.
Interest Four Per Cent per annum, payable Scaled bids will be received until 12 o’clock
semi-annually January and July.
,m c ’ T U E S D A Y , JU N E 6 T H .
Both Principal and Interest payable at Na­ A finf fV£ r ntnaI
11 ° f,Tany,
part of For
$1,290,000
City of
tional Park Bank, New York City.
bonds.
full Information
All bids must be accompanied by certified check and bidding blank apply
to’
for Two Per Cent of amount bid.
•
J . I I . GOLDSMITH,
C ity C o m p tro lle r,
Sealed bids will be opened at the office of the
A tla n ta , G a.
State Treasurer, Raleigh, North Carolina, at
Twelve noon. AtAY 25TH, 1911.
These bonds are coupon bonds in denominations
of one thousand dollars and one hundred dollars.
B. R. LACY,
S tate T reasu rer.

T . W .STEPHENS

& CO

B A N K ER S

Adrian H. Muller & Son,
A U C T IO N E E R S .

R e g u la r W e e k ly S a le s

STOCKS and BONDS
EVERY WEDNESDAY
« * » • . H a. K W IL L IA M ST R EE T .
C « H f P i . . StTM<.

2 WALL STREET, NEW YORK.

INVESTMENT BONDS
Interest allowed on accounts ef
Individuals and Corporations

L Y B R A N D ,
R O S S B R O S &
M O N T G O M E R Y

F H E A M E R IC A N

J f lF G . C O .

MANILA; SISAL AND JUTE
CORDAGE

85 Wall Street

-

New York

C e r tif ie d P u b l l o A c c o u n t a n t s
(P ennsylvania)

NEW YORK,
5 5 L ib e r ty S t .
P H IL A D E L P H IA ,
L an d T itle B id e .
P IT T S B U R G H ,
U n io n B an k B ld g .
C H IC A G O , F irst N a tio n a l B a n k B ld g .
J A M E S
C E R T IF IE D

B. W. Strassburger

SOUTHERN INVESTMENT SECURITIES
M ONTGOM ERY ALA.

P A R K

&

C O .

P U B L IO A C C O U N T A N T S

Nbw York, Chicago, Cincinnati and
London, England.
A U D IT O R S
fo r
F IN A N C IA L
IN S T IT U ­
T IO N S IN D U S T R IA L A N D
M I N I N G C O M P A N IB S
In v e s tig a tio n s , F in a n c ia l S ta te m e n t* ,

Periodical Audits and Acoevnttng.

THE CHRONICLE

M AY 20 1911. |

2 0 000 public-building bonds. Maturity $1,000 yearly on May 1 from
1031 Inclusive.
80,000 1912
schoolto bonds.
Maturity $4,000 yearly on May, 1,___f
from 1912 to
Date May l'I'o IT'^interest ^prll t anj Oct. 1 In Now York exchange.
Certified
2% oforbonds
bid for,Delafleld
payable&toLongfellow
the City Comptroller,
required. check
The for
opinion
llawklns,
of New YorkIs
City, certifying to the validity of the above Issue, will bo furnished to the
purchaser.
_______ __________
C a n a d a , its P r o v in c e s a n d M u n ic ip a litie s .

Black Lake, Que.— Debenture Sale.— O n M ay 1 th e $ 3 0 ,0 0 0
5% 3 5 -y e a r d e b e n tu r e s, d escrib ed in V . 9 2 , p . 1 0 6 1 , w ere
a w a rd ed to th e M ontreal I n v e s tm e n t & T r u st C o. in M ontreal
a t 1 0 1 .5 0 . O th er b id s re ce iv ed w ere a s follow s:
J. S. Beauregard,’Montreal--$29,ioo| J. A. Gultard. Montreal........$28,500

Brandon, Man.— Debenture Sale.— N a y & J am es o f R eg in a
h a v e , it is re p o r te d , p u rch a sed th e $ 5 0 ,0 0 0 5% 3 0 -y e a r d e­
b en tu r es v o te d D e c . 2 0 191 0. V . 9 2 , p . 7 1 .
Dauphin, Man.— Debenture Sale.— T h e $ 1 2 ,0 0 0 g ra n o lith ic w a lk s a n d th e $ 1 0 0 ,0 0 0 w ater-w o rk s a n d sew erag e d eb en tu r es
offered on M ay 2 (V . 9 2 , p . 1137) w ere a w a r d e d .to th e C ana­
d ia n D e b e n tu r e C orp oratio n , L td ., o f T o r o n to a t 1 0 0 .1 3 3 .
A list o f th e b id d ers follow s:
Canadian Debenture Corporatlon, Ltd.,
Toronto............100.133
Ontario
Securities/$100,000
Par
Co.,
Toronto
12,000 99.190
98
Wood, Gundy & —
Co.,l Toronto
C. II. Burgess & Co., Toronto 08.625

Hanson Bros., Montreal..........98.13
Brent, Noxon & Co., Toronto.98.0*
National
Trust Co., Ltd.,97.83
Toronto________________
National
Finance Co., Rcglna.07.25

Edmonton, Alberta.—L o a n E l e c t i o n . — A v o te w ill b e ta k en
on M ay 2 6 , it is s ta te d , o n a b y -la w p ro v id in g for a lo a n of
$ 1 1 5 ,0 0 0 to p u rch a se la n d s fo r a liv e -sto c k m a rk et a n d
s to c k y a r d s.
Galt, Ont.— Debenture Sale.— O n M ay 13 th e $ 2 5 ,0 0 0 4
2 0 -y e a r h o sp ita l-im p r o v e m e n t d eb en tu r es d escrib ed in V . 9 2 ,
p . 1272, w ere sold to th e O n tario S ec u r ities C o. o f T o r o n to
a t 1 0 2 .1 4 8 — a b a sis o f a b o u t 4 .3 3 9 % . T h e fo llo w in g b id s
w ere received :
Can. Deb. Corp., Toronto..$25,107
OutarlolSccurltics
or..$25,537
11rouse, Mitchell &Co.,
Co.,TTor.
25,418
Campbell,Thompson&Co.,Tor.
25,292
Dom.
See.
Corp..
Ltil.,
Tor.
.
25,285
Imperial Hank of Can.. Galt. 25,205
G. A. Stlmson
Wood,
Gundy A& Co.,
Co., TT oo r...
r... 25,200
25,211
Acmllhis Jarvis & Co.^Tor.. 25.209

1395

Elkhorn School District No. 366, Man.— Debenture Sale.—

N a y & J a m e s o f R e g in a h a v e b een a w a rd ed th e $ 8 ,0 0 0 sch o o lc o m p le tio n d eb en tu r es m en tio n e d in V . 9 2 , p . 7 5 6 .

Hastings County (P. O. Belleville), Ont.— Debenture Sale.

— A n issu e o f $ 1 0 0 ,0 0 0 5% 3 0 -y e a r h ig h w a y -b r id g e d eb e n ­
tu r es h a s b ee n a w a r d e d , it is s ta te d , to th e C an a d ia n D e­
b en tu r es C orp oratio n , L td ., o f T o r o n to .
Hensall, Ont.— Loan Election.— A. by-law p r o v id in g fo r a
lo a n o f $ 1 6 ,0 0 0 fo r a w a ter -w o rk s s y s te m w ill b e su b m itte d
to a v o te , it is s ta te d , on M ay 2 6 .
H e sp e le r , O n t.— 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 r o n to w a s r e c e n tly a w a rd ed
$ 9 ,1 1 4 63 5% d e b e n tu r e s, a cc o r d in g to re p o r ts. M a tu rity
p a r t y e a r ly fo r 20 y e a r s.
Macklin, Sask.—Debenture Sale.— T h is v illa g e lia s sold
$6 500 5% 1 5 -y ea r fire -eq u ip m en t d e b e n tu r e s, it is s ta te d ,
t o ’ th e C an a d ia n I n v e s tm e n t & D e b e n tu r e C o. o f T o r o n to
for $ 6 ,1 1 1 — th e p rice th u s b e in g 9 4 .0 1 5 .
Medicine Hat, Alberta.— Loan Election.— A v o te w ill be
ta k en o n M ay 2 6 , it is s ta te d , on b y -la w s p r o v id in g fo r the
fo llo w in g lo a n s: $ 4 ,0 0 0 to co n str u c t p la n k sid ew a lk s; $ 3 3 ,5 0 0
fo r c e m e n t sid ew a lk s; $ 1 7 ,5 0 0 fo r cu rb s, g u tte r s a n d b o u le ­
v a r d s a n d $ 8 ,0 0 0 for str e e t-g r a d in g .
_ _
Moose Jaw, Sask.— Loan Election.— B y -la w s p r o v id in g for
th e fo llo w in g lo a n s w ill b e v o te d u p o n M ay 2 6 , a cc o r d in g to
rep orts:

«28 000
pay the city’s
portion
of constructing
sidewalks.
to
extend
the t oeleotrle-llght
system.
S7.500
to pay the city
s l ) « r t > o$35,000
n Of o rn a ­
mental street-lighting standards and $170,000 for permanent pat ements.

Tillsonburg, Ont.— Debenture Offering.— P ro p o sa ls w ill'.be
re ce iv ed u n til M ay 23 for $ 2 5 ,0 0 0 h y d r o -e le c tr ic -lig lit d eb en ­
tu r e s. M a tu rity p a r t y e a r ly for 30 y e a r s . - A lfred b .
R a y n e s is T o w n C lerk.
W e s to n , O n t.— Debenture Sale.— A n issu e ’1 o f $ 1 0 ,0 0 0
d eb en tu r es h a s b ee n so ld , it is s ta te d , to B r e n t, N o x o n & C o.
o f T o r o n to .
llrcnt,
Noxon A&Co.,
T o r... 25,111
O.
Burgess
25,074 Winkler School District No. 747, Man.— Debenture S a l e It. C.11.Matthews
ACo.,
Co..Toronto
T or.. 24.755
Brant N o x o n & C o. o f T o r o n to h a v e b een a w a rd ed an issu e
Ilanson
Bros., Montreal----W. A. Mackenzie
& Co., Tor_ 24,702
24,093 o f $ 1 2 ,0 0 0 5% d e b e n tu r e s. M a tu r ity lp a r tjiy e a r ly for 20
II. O'Hara & Co., Toronto.. 24,038 y e a r s .
____________

ENGINEERS.

MISCELLANEOUS.
OFFICE OF THE

J. G. W H IT E & CO ATLANTIC MUTUAL INSURANCE COMPANY.
New York. January 20th. 1911.
E n g in e e r s , C o n tr a c to r s

rue Trustees, in conformity un til the C h a rter o f the C o m p a n y , su b m it the fo lU m in o sta te m e n to t Us a ffa ir*
o n the 31sf o f D ecem b er. 1910.
on Policies
Marine Risks
trom oil 1st January. 19ie_-------December’
90
Premiums on
not marked
Chicago, Ills.
San Franclico, Cal. Premiums
.$4,667,544
25
lnv««tliatU > o, an d R ,» o rt» «n E lectric
Total Marine Premiums.
R ailw ay. O il. E lectric L l r t t a» d B o w *
Premiums
marked
off
from
1st
January.
1910.
to
31st
December,
1910...............................$3.703.863
88
P ro p e rties, Irrig atio n S ystem s, a * ., for
F taaaclai in s titu tio n s a n d In v e sto rs.
during
the year...............................................n?U 6,Jj52860 oi158 41t a e u .i o o i
Rent leesreceived
Taxes and
Expenses..................................................
Electric Railways, Electric Light and Pewef interest
Plants, Gas Plants, Financed,
Losses
paid
during
the
year
which were estimated In 1900
,,, ,,
Designed and Built.
o e e n i r e d . y< ^ lm a te d ~ a n d ’ pald’ln’i o i o ; : " I . : - - - - - - -1«02C.356 12 $1.525.667 45
L sm A on C o r m p a n i m t s :
Less
Salvages........................................ l l 402,106 63 598,037 90
4 . O . W 1 I I T B A C O .. L i m i t e d ,
lle-lusurances.
8 Cloak L ane. C annon S t.. D. C.
$927,629*65
$132,651 56
xpeMM^IiTcUmUi™of'froe’rs:
salaries
and
clerks’ compensation, stationery.
39
C. G. YOUNG
n d t/o rfle o m o n t *4 etc.
fil.fi
________________ 1
newspapers, advertisements,
L IA B IL IT IE S .
A
S
S
E
T
S
.
Engineering and Construction
Estimated
Losses and Losses Un­ $2,714,035 88
States
&Bank
Stateand
of New
York
SIXTY United
settled__________
Plans, Methods, Operation
Siock,
City.
othor
ScPremlums
on
Untermlnatcd Risks. 873.680 37
. . . . . .In. .Banks
. . . . . .ATrustCos.
. . . . . . . . $5,418,792
WALL ST., CMTitlesdeposits
of Profits and Interest 262,427 7_ro
Public Utilities and Industrials
1.200,910 00
60 Certificates
Unpaid
_________
NEW YORK Special
Real
Estate
cor.
Wall
<
S
s
WUHamSts.,
Return Premiums
Unpaid----------& Exohango P l a c e .$ 4 ,2 9 9 ,4 2 6 04
Reports for Financing
Reserve
for Rc-lnsurancc
Premiums 146,084 03
Other
Real
Estate
&
&
Claims
ot
settled.
Including 160,000 00
claims
the com­
Compensation, etc------------------pany _due
________
__ 7 5 ,0 0 0 0 0 4.374.426 04 Certificates
of
Profits
Ordered
Re­
M em . A m . S o c. C . E .
Withheld for Unpaid
Premium notes and Bills Receivable 1,134,448 70 deemed.
Premiums.................................
22.469 61
•
ash
In
the
hands
of
European
H. U. W ALLACE & CO.
Bankers
to
pay
losses
under
pollCefagflC.
a
W8—
-P—
“-7.441,100
00
210,435
74
*Mcs payable In foreign countries.
ENGINEERS
In Bank and N. Y. City rev­ 935.478 76 Real Estate Reserve Fund----- -- 400,000 00
— ------Examinations, Reports, Surveys, Supervision of enue bonds____ _
construction
and operation
ofTransmission
Electric and Steam
Aggregating________ ___ ____ $13,274,497 90 Aggregating--------------- --------- $12.019.787 64
Railroads,
Power
Plants,
lines.
Central
Stations
and
Irrigation
projects,
&c.
A dividend ot Interest of Six per cent on the outstanding certificates of profit* wlllbe paid_to tba
Kx-Supt.
IllinoisRR„
Central
UR.; Manager
Clilcf
Engineer
Illinois Central
and Gen’l
Chicago
Pin* outstanding certificates of the Issue of 1905 will be reneemea anu jmiu
zr'
Lake Shore & South Bend Electric
Railway.
CHICAGO,
M arqu ette B ldg
their legal representatives, on u ri a f t e r r l m u U m e ' o f p a y m e n t and canceled.
Interest
thereon
win
cease.
L“A'K‘“d“)
g
^
d’"
0“
premfums
o
f
the
Company
tor
the
e™8
t ' V r “ .“ ner r.ntlB lcclare.lon theearncfl premiums o f
for year
year
endingt
3 ^s(t eD^ceral>er.y ....................1
i9 l0 ^ ^ V l®h^are*<^rittod.t0J?a^c4pateli^dlv1dend,^or
which, upon appU-arc
entitled
to
part'r’
e.,..,„K
,-sibin certificates win
on and after Tuesday the
second
of, ; way next.
will h«
beB yIssued
I
c
r
(
.
r
„
Frederick H. Lewis ration.
order o f the B oa rd ,
0 . ST A N TO N F L O Y D -J O N E S . S e creta ry.
C iv il a n d Mechanical Engineer
TRU STEES.
CHARLES M. PRATTi
HERBERT L. GRIGGS.
Consulting Engineer
FRANCIS M. BACON.
DALLAS
CLEMENT
A.HARD.
GRISCOM.
N. C.BEACH.
GEORGE B.W.PRATT.
QU1NTARD.
ANSON
W.
.
Brewn-Marx Bldg.
B ir m in g h u in , A la. JOHN
ERNEST
BLISS,
A.
A. RAVEN.
THOMAS
H. HUBBARD.
VERNON
II.
BROWN.
JOHN
J.
RIKER.
LEWIS
CASS
LEDYARD.
WALDRON P. BROWN,
BabablUhed 1888
DOUGLASH.ROBINSON.
CHARLES D. LEVERICH. GUSTAV
JOHN
CLAFLIN.
SCHWAB,
LEANDER N. LOVELL,
GEORGE
C.
CLARK,
A . L . R E G I S T E R &. C O .
WILLIAM
SLOANE.
GEORGE
II.
MACY.
CLEVELAND II. DODGE.
STERN,
CHARLES H. MARSHALL. LOUIS
ENGINEERS—CONTRACTORS
CORNELIUS ELDERT.
WILLIAM
STREET.
NICHOLAS F. PALMER.
RICHARD
II. FRANKLIN
EWART.
GEORGE E.A.TURNURE.
HENRY PAVENSTEDT,
PARISH.
Philadelphia
PHILIP
A. S.
ADOLF
A.
A. RAVEN.EI.DERT.
P re sid e n t.
CORNELIUS
V ic e -P re sid e n t.
WALTER WOOD
PARSONS.
2d V ic e -P re sid e n t.
CHARLES
E.
FAY.
3 d V ic e -P re sid e n t.
S3 W A L L STREET
JOHN H. JONES STEWART. 4 lh V ic e -P re sid e n t

43-49 Exchange Place, NEW YORK

R. T. Wilson & Co.
N EW YORK




139G

THE CHRONICLE

[VOL. LXXXXII.

Q x n st W om p u n U s.

(C o m p a n ie s .

ODiiBfl states Trust Gotnuatiy at jtaw M ,

M an h attan
vnriiAL,
$2,000.000 00 T rv s t
SURPLUS AND UNDIVIDED PROFITS
.
.
$13|772 667.70
<>tt<rT? ^ o S ? ^ t L ^ f L “ TCU^esOU'0^• Admlnlstrat<*- Guardian, Trustee. Court Depositary and In C om pany
jUuws Interest at ourrent rates on deposits.
Chartered 1853
d s « '« * *7 W A L L S T B J S E T

C 4P1X A ,

•acporatlons'and ”ndievlduaIs.nVMtS m°n°y' 8ccurUles an<1 otllCT Property, real or personal, for estatos.
E D W A R D W . SH EL D O N Praoirlpnt

^ v V a ll S t r e e t C o r n e r N a s s a v
A uthorized to act as E xecutor
under W ills, A dm inistrator, G u a r­
dian.
T rustee for Individuals, C orpo ra­
tions an d M unicipalities. Fiscal
A gent.
T ran sfer A gent an d R egistrar of
Stocks and Bonds.
R eceiver, A ssignee or Com m ittee,
T e m p o r a ry O ffic e s

W IIJ R E D ?
V -P r e s.
H E N R Y E . A H E R N , S ec r e ta r y .
W IL F R E D J . W O R C E S T E R , A s s t. S e c . C H A R L E S A . E D W A R D S , 2 d A s s t.S e c .

„ T R U S TCEhEa Sirm. a n o f th e B o a r d .
JOFIN A. STEWART,
Payne Whitney.
James .Stillman.
Edward
W. Sheldon.
9 a»?ia
S
Chauncey
Keep,
Phelps.
George
L.
Rives.
Lewis
Cass
Ledyard,
Arthur
C.
James
Lyrnan J. Gage.
William M Klngalcy,

W . Bayard Cutting,
William Rockefeller,
Alexander
Orr,Jr..
William H E.Maoy
William
D.
Sloane,
qeatav n . Soh wab.

F

id e l it y

T

r u st

NEWARK, N. J.

C

William Stewart Tod,
Ogden
EgertonMills,
L. Wlnthrop
Cornelius N. Bliss, Jr.

o m pa n y

113

M is s is s ip p i V a lle y T r u s t C o .
F o u r th & P in e S t s ., S t. L o u is.

R e s o u r c e s O v e r $ 2 9 ,0 0 0 ,0 0 0
C a p ita l, S u r p lu s a n d U n d iv id e d P r o fit s , O v e r $ 9 ,5 0 0 ,0 0 0
A cta ft a E x e c u to r , T r u s te e , A d m in istr a to r a n d in a ll fid u c ia ry c a p a c itie a .
T ak ea e n tir e ch a rg e o l R ea l a n d P er so n a l E s ta te * . G u aran tee* T itle* o f
B e a l E s ta te th r o u g h o u t N e w J e r se y .
G en eral B a n k in g a n d S a v in g s D e p a r tm e n t* . B on d D e p a r tm e n t fc*
p u rch a se a n d s a le of m u n icip a l a n d p u b lic u tility s e c u r itie s . S a fe D e p o sit
D e p a r tm e n t.

CENTRAL TRUST COMPANY
of N E W Y O R K

54 Wall Street
C a p ita l a n d S u rp lu s , $ 1 8 ,0 0 0 ,0 0 0
(o f w hich $ 1 7 ,0 0 0 ,0 0 0 has b een earn ed )
A u th o rized to act as E xecutor, T ru stee, A dm inistrator o r G uard ian,
R eceives D eposits, subject to check, and allows Interest on D aily B alances
A cts as T ran sfer A g e n t, R eg istrar and T ru stee under M ortgages.
C H A RTER ER 18G4

U n io n T r u s t C o m p a n y o f N e w Y o rk
Uptown

MAIN OFFICE: 80 BROADWAY.
425 Fifth Avenue, corner 3Sth Street,’
W ith Modern Sale Deposit Vaults
*'

C a p ita l $ 1 , 0 0 0 , 0 0 0

S u r p lu s (e a r n e d ) $ 7 , 8 0 0 , 0 0 0

ALLOWS INTEREST ON DEPOSITS.

Acts as Executor, Guardian, Trustee, Adm inistrator and In all Fiduciary Capacities
on behalf of Individuals. Institutions or Corporations.

BROADW AY

C A P I T A L , S U R P L U S 1«o
nnn
a n d i>ijOfvro/5>B'1)40>000

A G E N E R A L F IN A N C IA L A N D F ID U C IA R Y
B U S IN E S S T R A N S A C T E D .

„

„

d ir e c t o r s .

i l m - y b t;!n p ,e A m e s . V i c e - P r e s id e n t.
W lllrn m H n g n e U . P r e s i d e n t Ile g n e ll T i m b e r C .
J L m ils C a rlft8’ P re sW e u t * G c n - M a n a g e r S t.
E u g e n e I I . B e n o ls t.
J a m e s E . B r o c k , S e c r e ta r y .
M u r r a y C a r l c to n . P r e s i d e n tt CCarlcton Dry Goods Co
C h a r l e s C la r k .
H o r a ti o N . D a v is , P r e s i d e n t S m it h A D a v is M fg .O o .
J o h n I ) . D a v is , V lc o - P r c s ld c n t.
D a v id R . F r a n c i s , F r a n c i s , U ro . A C o .
b . E . H o f f m a n , V l c o - I ^ e s ld e n t.
B r e c k in r i d g e J o n e s , P r e s id e n t.
4 ; D » c k e y , V lc o - P r c a ld e n t a n d B o n d O f f ic e r ,
JV*.J • M c B r id e . V, - P r <»A D a rk e r C ar O o.
i ; M c L e o d . V i c e - P r e s i d e n t (J r u y s o n M oL eod L u m b e r C o.
S a u n d e r s N o r y e ll. P r e s i d e n t S to v e s A H a r d w a r e
P u b l is h in g C o .
R o b e r t J . O ’R e illy , M .D .
W n i. D . O r t h w c m . P r e s i d e n t W r a . D . O r t h w a t*
G r a in C o .
g w t ry o.W *
P re s id e n t P e te rs S h o e C o.
M . C . P ie r c e . C h a ir m a n B o a r d W a tc rs -P ic rc e iO U iO o .
H e n r y S . P r i e s t . P r ie s t A B o y le .
A i i g u s t S c h i a f l y , A u g u s t S c h la f ly A S o n s .
R . H . S to c k t o n . P r e s id e n t M a lc a tlo M fg . O o .
J u l i u s S . W a ls h , C h a ir m a n o f t h e B o a r d .
R o lls W e lls .

Industrial Trust Company
P ro v id e n c e * R . I.
----------------------------------- 3,000,000

C A P I T A L ------------------------------------------------ $ 3 ,0 0 0 ,0 8 0
SU RPLU S

O F F IC E R S .
C y r u s P . B r o w n . P r e s id e n t
A r t h u r L . K e lle y , V i c e - P r e s i d e n t
H . M a r ti n B r o w n , V ic e - P r e s id e n t
O t is E v e r e t t . V ic e - P r e s id e n t
J o s h u a M . A d d le m a n . V ic e - P r e s id e n t
W a r d 15. S m it h . T r e a s u r e r
C h a s. H . M a n c h e s te r, S e c re ta ry
H . H o w a r d P e p p e r , A s s t . T ira n a .
F r e d e r ic k B . W ilc o x , A u d lto a
B O A R D O F D IR E C T O R S .
S a m u e l P . C o lt, C h a irm a n E n g l e h a r t O . O s t b y
O ln o y T . I n m a n
* "* — Payne
J.T *.Milton
U lo h a r d A . R o b e r ts o n
Kben
N. Littlefield
Jo sh u a M . A ddem an
Otis
Everett
J a m e s M . S c o tt
C.
Prescott
Knight
W illia m H . P e r r y
Jesio
II.Watson
Metoalf
A r t h u r L . K e lle y
John
J.
H . M a r ti n B r o w n
Charles H. Allen Jr.
G e o rg e F . B a k e r
John
B. P.
Branch
G e o rg e M . T h o r n t o n
William
Chapin
C y ru s P . B row n
Angus
MoLcod
C h a s. O . H a rrin g to n
Ezra
Dixon
L o u is I I . C o ra s to o k
Howard O. Sturgis
H e rb e rt N . F enn er
Edward D. Pearoe

1850

S U tn o is i S u r e t y

C om pany

H o m o O f f ic e , 2 0 6 L a S a l l e S t r e e t
CHICAGO

WRITES ALL CLASSES SURETY BONDS
Court •Fidelity—Contract—Miscellaneous
The motto of the Illin o is S u rety C om pany Is **P rom pt Service9*

&of/» In the handling of Us business and the adjustm ent of Its ls>«se9




1911

The United States Life
Insurance Co.
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts

J O H N F . M U N N , M. D „ P r e e ld e n l.

Finance Committee.
KD. TOWNSEND. Proe.Imp. A Trailer! Nat. Bk.
G o o d m e n . w h e t h e r e x p e r ie n c e d In IK . I n a itr a a M
o r n o t , m « y m a k o d lr e o t o o n t r a o t i w ith U l t H orn*
pany'_^°r » lim ite d t e r r i t o r y II d e irtre d , a n d no or.
,ln a d < lltlo n t0
a r '. o o m m la P,0, ” ' * r * a ? E .
Iruurln,a at nItayI noM.m,
o o m . fo r U N
D>‘ur®-,
Addreas t h e Company
OKU(w
N o 277 B r o a d w a y . New York O lty .
. .