Full text of Commercial and Financial Chronicle : May 21, 1910, Vol. 90, No. 2343 [Copy 2]

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finannal

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f i r

i H
IN C L U D IN G

NO. 2343.

SATURDAY, MAY 21 1910.

VOL. 90.

Week ending May 14.

glue Clxvcmtclu.

Clearings al1910.

PUBLISHED WEEKLY.

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railway E arnings (monthly)
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W IL L IA M
1>, Q . l l o x |),)S.

II. D A N A C O M P A N Y , P u b l i s h e r s ,
F r o n l. P in o a n d D e p c y s t c r 8 ts «,

N e w V o i-U.

Published every Saturday morning, by W IL L IA M B. DANA. C O M P A N Y
William B. Dana, President; Jacob Seibert J r., Vice-Pres. and Sec.; Arnold
G. Dana, Treas. Addresses ot all,Olllco of tho Company.
_______

CLEARING-HO USE RET URNS.
The following table, made up by telegraph, & c., indicates that the total
bank clearings of all clearing houses of the United States for week ending
April 30 have been $2,9 3 9,(521,093, against $3,132,824,01(5 last week and
$3,000,478,917 the corresponding week last year.
’
Clearings—Returns by Telegraph.
Week ending May 21.

Per
Cent.

1910.

1909.

New York . . .
B oston..........
Philadelphia .
Baltimore___
C h ica go........
St. Louis----New Orleans

$1,383,891,193
122.330,309
120,105,180
25,380,243
233,592,342
(38,107.297
14,685,037

$1,535,923,110
124,399,719
111,435,189
24,249,204
231,814,504
59,174,780
11,490,058

—9.9
— 1.7
+ 7.8
+ 4.7
+ 0.8
+ 15.2
+ 27.8

Seven cities, 5 days.
Other cities, 5 days.

$1,968,152,201
485,490,214

$2,098,492,570
410,970,473

—6.2
+ 16.1

Total all cities, 5 days
All cities, 1 day-------------

$2,453,648,475
485,972,018

$2,515,469,043
491,009,874

— 2.5
— 1.0

Total all cities for week.

*2,939,621,093

S3,006,478,917

—2.2

The full details for the week covered by the a bove will be given next Sat­
urday
W e cannot furnish them to-day, clearings being made up by the
clearing bouses at noon on Saturday, and hence In the aobvc the last day
o f the week has to be In all cases estimated, as we go to press Friday night.
W c present below detailed figures for the week ending with Saturday
noon, May 14, for four years:
Week ending May 14.
Clearings at—

New York-------Philadelphia----Pittsburgh_____
Baltimore..........
Buffalo................
Albany................
Washington___
Rochester..........
Scranton___ . . .
Syracuse___ 1 .,
Reading............
Wilmington........
Wilkes-Barre . . .
Wheeling ..........
Trenton ............
Harrisburg........
Y o r k ..................
E rie............ .......
Greensburg........
Binghamton----Chester........
Altoona........
I'ranklln___

Electric Railway Section
State and City Section

Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section

Inc. or
Dec.
,847,357,3(52 ,054,982,802
157,007,774 129,824,384
42,459,721
48,352,801
29,877,089
29,413,597
9,357,904
0,890,277
5,456,130
5,609,033
6,702,741
7,229,929
3,814,826
4,031,397
2,384,950
2,805,300
2,075,374
2,339,587
1,880,385
1,009,090
1,505,007
1,408,720
1,551,452
1,104,183
1,940,100
1,603,031
1,622,773
1,533,773
1,288,997
1,155,886
910,385
882,997
800,154
707,409
494,540
541,325
449,300
509,200
428,830
571,548
455,003
485,009
243,532
205,683

Total Middle.. 2,127,747,380 2,299,540,894
Boston ........
Providence . .
Hartford----New Haven..
Springfield—
Worcester..........
Portland............
Fall River__
New Bedford--.-Lowell__ ____
Holycke..........

148,370,840
7,572,900
4,210,107
2,637,701
2,350,223
2,312,24
2,053,779
1,170,210
1,000,465
008,807
540,17

Tntnl Nf«v V

17? 8 ' 7,46




163,921, 176
8,229 200
3,052, 344
2,915 072
2,371 302
1,640 683
1,715 981
999 .828
990 ,800
510 604
186 144

%
— 10.1

+ 20.9
+ 13.9
— 1.6
+ 5.8
+ 3.9
+ 7.9
+ 5.7
+ 17.7
+ 12.7
— 11.2

— 2.4
+33.2

+ 21.0

+ 5.8
+ 11.5
+ 3.9
+ 12.1
— 8.7
+ 13.3
+ 33.3

+ 6.0

+ 9.1

1907.

S

,548,309,900 013,334,927
123,518,901 144,540,811
49,850,501
39,480,970
28,511,467
24,790,043
9,513,183
8,533,879
8,736,409
5,600,189
0,227,550
5,419,678
3,655,294
3,710,642
2,073,142
2,005,700
2,342,185
1,644,475
1,445,107
1,341,755
1,349,974
1,30.8,079
1,292,543
1,150,461
1,227,613
1,441,143
1,898,370
1,372,282
1,044,897
822,108
801,022
650,528
494,473
570,070
598,900
520,000
520,752
461,175
499,510
306,785
240,878

—7.5 1,775,101,929 1,878,155,980

+ 19.2
+ 12.3

141,650,449
7,241,700
3,309,318
2,234,482
1,896,883
1,576,027
1,72,8,131
863,933
790,056
500,025
421,291

157,947,398
9,212.400
3,073,780
2,504,383
2,175,077
1,909,380
1,799,883
954,939
703,394
609,662
522,505

— 7.8

102,212,898

182.133.40r

—9.5
—

8.0

+ 15.4
—9.5

—0.0

+ 41.0
+ 19.7
+ 17.7

+4.0

Chlcago ..............
Cincinnati..........
Cleveland..........
Detroit................
Milwaukee..........
Indianapolis----Columbus_____
Toledo................
Peoria-------------Grand Rapids.. .
Dayton ..............
E vansville____
Kalamazoo____
Fort Wayne----Springfield, 111- Akron ................
Rockford ..........
Youngstown----Lexington..........
South Bend........
Springfield, Ohio
Bloomington___
Quincy..............
Canton________
Jackson ............
Mansfield........ Decatur _____
Danville---------Jacksonville, III
Ann A rbor.........
Adrian . L im a------

$
273,175,000
24,532,100
19,500,582
18,223,084
12,319,710
9,985,799
6,190,400
4,088,255
2,709,799
2,058,555
2,225,420
2,446,280
1,532,178
1,027.549
1,044,291
950,000
1,007,021
933,377
702,0.80
595,387
534,203
550,295
602,940
1,034,203
459,385
418,634
427,447
367,878
287,869
208,107
34,448
303,243

$
265,410,280
25,000,100
15,943,353
17,860,530
11,500,399
8,907,346
5,457,000
4,048,866
2,672,409
2,807,977
1,977,494
2,219,476
1,245,352
896,942
1,008,193
705,000
751,905
1,005,315
070,619
547,437
534,092
450,795
511,538
822,315
375,000
357,776
423,362
322,063
204,5S0
219,729
43,735
298,886

Tot. Mid. West

391,136,791

San Francisco__
Los Angeles.__
Seattle ............
Portland..........
Salt Lake Clty.Spokane..........
Tacom a..........
Oakland..........
San Diego..........
Helena ............
Sacramento----Fresno..............
San Jose............
Stockton ..........
North Yakima. .
Billings ..............
Pasadena............

Inc. or
Dec.

1909.

%
+ 2.9
— 1.9
+ 21.3
+ 2.0
+ 6.6
+ 12.1
+ 13.4
+ 1.0
+ 3.6
—5.3
+ 12.6
+ 8.8
+ 23.1
+ 14.6
+ 3.6
+34.8
+33.4
—7.2
+ 3.9
+ 8.8
+ 0.0
+ 22.1
+ 17.9
+ 25.8
+22.5
+ 17.0
+ 1.0
+ 14.2
+ 40.7
—5.3
—21.2
+ 1.5

327,166,3541 377,800,085
44,344,617
35,930,536
13,653,881
10,852,939
11,371,582
8,767,249,
7,910,667
5,900,000
6,259,271
4,438,466
3,173,807
3,017,125
5,058,709
4,014,946
2,981,832
1,595,077!
725,000 ____________
1,053,476
603,013
749,000
407,184
445,734
437,801
368,822
282,586
122,756

96,135,243

-t-17.3

44,735,081
18,230.490
14,573,029
8,515,141
8,671,001
5,149,902
4,037,763
2,621,04 4
2,430,938
1,341,412
1,292,233
1,097,229
992,013
755,625
567,824
352,193
934,107
585,000
2,659,000

+ 12.8
+ 11.0
+ 13.8
+34.8
+ 10.5
+ 22.3
+ 8.0
+ 25.5
+ 19.1
+ 23.8
—2.7
+ 15.2
+ 21.0
+ 18.1
+ 3.6
—9.5
+ 18.6
+73.5
+ 28.2

137,920,324

119,542,885 + 15.4

.

578,00(

C

568,65(
690,00(
290,14

02,756,230
16,361,872
11,*378,410
14,787,308
5,368,500
7,223,723
5,927,093
8,136,911
5,227,64C
3,459,579
3.297.30C
2,590,514
2,1.30,397
2,032,271
1,429,33!
1,332,548
1,690,556
1,627,94.'
1,532,05(
1,220,522
1,220,19(
711,85?
713,562
573,53!
247,22C
413,38(
361.00C
219,231

n
Total Southern

190,400,70

163,970,64(

75,992,250
17,756,304
12,781,104
13,287,980
6,756,500
8,077,063
7,106,720
10,588,578
5,227,196
3,759,532
3,804,550
2,738,787
2,527.58S
2,476,037
1,600,000
1,509,309
1,585,53!
1,704,887
2,400,00(
1,444.03C
1,361,30:
910,00C

St.
Louisville........
H ouston..........
Galveston........
Richmond ____
Fort Worth-----A tlanta............
Memphis..........
Nashville ........
Norfolk

Knoxville . .
Augusta----Little Rock.
Mobile----Charleston.
M acon----Austin----Beaumont
Vicksburg .

211,312
144,317
33,000
325,000

+ 4.2

50,479,372
20.243,142
16,579,412
11,474,014
9,581,879
6,300,000
4,360,849
3,289,062
2,894,717
LOGO,674
1,257,457
1,204.752
1,200,000
892,666
588,319
318,678
1,108,857
1,015.000
3,410,874

Tot. oth. West.

$
266,230,509
28,844,700
18,402,180
15,888,936
11,135,611
8,176,273
5,745,700
4,280,312
2,740,993
2,580,662
2,142,734
2,031,295
990,S66
883,407
749,872
778,000
655,054
613,492
648,306
630,567
367,175
395,908
363,276
643,721
442,823
358,311
360,313

+ 13.0
+21.6
+ 5.7
+ 25.5
+ 41.4
+ 27.6
— 1.1
+65.6
+ 11.8
—9.8
+26.1
+47.8
+24.2
+ 42.9
+25.0
+ 11.8
In total

112,761,350

Duluth..........

1907.

375,298,930

Total Pacific..

Sioux City.
Wichita . . .
Lincoln . . .
Topeka . _.
Davenport .
Cedar Rapl
Colorado Springs.
Pueblo . .
Fremont .
Fargo . . .

S
227,823,655
23,341,350
16,131,211
17,010,177
9,965,786
7,416,072
4,573,400
3,866,073
2,517,166
2,401,951
1,569,198
1,796,533
956,066
876,978
769,125
600,000
587,444
580,121
540,919
484,098
412,909
101,394
401,664
382,739
332 969
297,925
283,575
271,148
135,104
166,607
27,994
245,000

38,616,807
43,648,020
14,053,682
17,093,S16
13,223,010
13,977,101
8,003,362
10,040,722
6,109,550
8,037,257
4,056,679
5,175,339
5,112,567
5,000,734
1,853,190
3,009,721
1,252,000
1,400,000
969,974
874,909
959,304
1,208,924
506,292
748,456
443,204
550,000
405,630
579,09)
400,000
500,000
169,939
190,000
948.778 Not Included

Kansas C ity ___
Omaha...........
St. Paul-------Denver............
St. Joseph___

1908.

~T<)t»talli: - .'T7 3,132,824.01 i|3,241,933,81

78,220,733

96,245,703

34,465,562
24,560,337
11,507,903
9,GG3,536
8,014,620
5,591,375
3,295,885
2,231,486
1,368,649
1,376,060
1,041,518
963.724
589,465
616,897
672,206
274,762
462,521
385,400
......................
100,469,328 107,081,911
34,928,507
19,334,915
11,775,897
8.142,364
7,745,765
5,696,123
2,876,973
2,166,354
1,487,459
1,263,259
1,073,778
803,200
798,349
689,278
421,172
268,111
513,824
484,000

...........

69,585,141
+ 21.1
13,421,145
+85
10,630,771
+ 12.3
9,470,648
— 10.1
5,076,500
+25.9
5,916,565
+ 11.8
5,036,817
+ 19.S
4,128,340
+ 30.1
4,282,255
—0.01
2,896,332
+ 8.7
2,959,915
+ 15.4
1,727,524
+ 5.7
1,715,034
+ 18.7
1,547,509
+ 21.!
1,385,489
+ 12.(
1,372,636
+ 13.1
—6.2
1,259,185
1,176,109
+ 4.7
1,024,44:
+ 56.7
+ 18. ■
1,039,372
+ 11. (
1,157,54+ 28.(
575,72,
+ 263..
455,5 +
554,24.
+ 0.!
299,42.'
+ 15.:
+ 37.(
300,00(
+91. ....................
+32. ....................

60,424,127
16,965,479
14,125,499
12,449,857
6,924,500
6,107,854
3,834,825
4,869,711
4,136,987
4,288,807
3,357,597
3,233,557
2,182,032
1,559,148
1,594,225
1,490,414
1,549,423
1,370,855
938,921
1,375,958
1,316,500
650,000
....................
499,935

138,994,18

164,719,862

+ 16.

473,591

—3. A 2,582,165,42 2.806,136,94$

7 +285,466,65 ii 1.186,950,95 ll + 8 . i 1,033.855.46 3 1,192,802.(1(21
Yore.__For Canadian clearings see “ Commercial and Miscellaneous News ”

1324

THE CHRONICLE

[VOL. L X X X X .

With new capital unavailable or to be had only in
Expenses of the railroads of the United States very limited amounts, hundreds of millions of dollars
increased over 23)^ million dollars in March. The which now go each year into reproductive enterprises
importance of that fact at the present time when would be withdrawn and the fructifying influence
further additions to expenses are to come through the of that money in the channels of trade be lost. In
widespread advances in wages will be readily recog­ other words, with the railroads forced to contract their
outlays, their orders for everything needed in the
nized. The figures have been compiled by us
conduct of their operations and for the development
this week and are discussed in an article on a of their properties would gradually fall away. This, in
subsequent page. They are made up from the returns turn, would mean that many mills, factories and fur­
filed with the Inter-State Commerce Commission at naces would be reduced to idleness, throwing great
Washington. Special interest of course attaches to masses of work-people out of employment. That, in
its turn, would mean diminished purchasing power on
the results for the separate roads, where heavy losses
the part of a further considerable portion of the
in net are shown in many instances. These will all be
population, and this loss of purchasing power would
found (together with full details'of both earnings and necessarily be felt in many other industries, which,
expenses) in the special supplement called our “ Rail­ accordingly, would have to reduce their output and
way Earnings Section” , which we send to our sub­ dismiss some of their wage forces. All this would in
scribers with to-day’s issue of the “ Chronicle.” This the end mean diminished shipments over the railroads
and a great falling off in their freight and passenger
supplement gives the figures of every operating
traffic. The railroads would then have no use for
steam railroad in the United States, big and little,
the 2,000,000 men to whom they are now giving
which makes monthly returns to the Commission— employment, and possibly half a million of them would
over 800 companies altogether, covering more than have to be dismissed. The effect would be still further
to curtail the purchasing power of the population.
235,000 miles of road.
This is no fanciful picture. Precisely the situation
here
outlined came about during the panic. The gross
THE FINANCIAL SITUATION.
earnings
of United States railroads then for several
Are not shippers in trunk-line territory pursuing a
successive
months fell off over $50,000,000 a month,
short-sighted policy when they seek to prevent the
or
at
the
rate
of more than $600,000,000 a year. In
railroads from advancing their freight rates, to recoup
addition,
new
capital supplies of 400 to 500 millions
themselves for the tremendous additions to their
a
year
were
withheld.
With that the status of things,
annual expenses involved in the advances in wages that
Government
officials
and
legislative bodies considered
have been going on since the beginning of the year,
it
good
policy
to
cease
their
assaults on the railroads,
and are still in progress? These shippers, as a rule,
and
even
merchants
and
shippers
engaged in attempts
are men of superior intelligence, and with the panic of
to
revive
trade
by
organizing
prosperity
associations
the year 1907 still in mind they cannot be unaware of
and
sunshine
leagues.
Can
it
be
possible
that these
the close connection existing between railroad pros­
things
have
already
b6en
forgotten,or
that
an intelli­
perity and prosperity in the whole commercial and
industrial world. Suppose that these shippers were gent body of business men would deliberately invite
successful in their endeavor, and that, as a conse­ their recurrence?
quence, the net earning power of the railroads became
seriously impaired, as would inevitably be the case;
who would be the worst sufferers? Would not every
industry throughout the country feel the blow, and
would not these shippers, so dependent upon general
prosperity, find that they themselves were hardest
hit of all?
.
Of all the country’s great industrial agencies, there
is none of equal magnitude with the railroad industry.
It gives direct employment to nearly 2,000,000 persons,
and the outstanding security issues on the same ex­
ceed $16,000,000,000. These securities are held by
investors, large and small, no small part of them be­
ing in the hands of savings banks and other classes of
financial institutions. Consider what a diminution in
the mnrket value of these securities would mean, to­
gether with a reduction in the income derived from
them. The diminution in the purchasing power of
the holders of the same would alone be a serious mat­
ter. Then consider further what would happen if the
supplies of new capital necessary for the development
and extension of the railroad system were curtailed,
or altogether cut off, by reason of the impaired earn­
ing capacity of the properties, arising out of their ina­
bility to advance their transportation charges to meet
the increase in the cost of rendering the transportation
service.




It is natural that thoughts like the foregoing should
come to mind when one contemplates the action taken
on Tuesday of this week at the conference or conven­
tion at Chicago called by the Illinois Manufacturers’
Association, and which was attended by about 400
representatives (according to the Chicago papers) of
some 200 commercial organizations, business corpora­
tions and individual business firms in the territory be­
tween the Atlantic seaboard and the Rocky Mountains.
The conference decided to effect a permanent organi­
zation and to raise a fund of $50,000 for the purpose
of antagonizing the move of the railroads. Resolu­
tions were adopted declaring that “ in the judgment of
this convention a careful analysis of the statements
filed with the Inter-State Commerce Commission by
the carriers shows more reason for a reduction than for
an advance in rates.” The resolutions also demand
“ that the carriers in official classification territory
suspend the proposed advance in class and commodity
rates and submit the question to the Inter-State Com­
merce Commission for arbitration to determine from
the facts whether any general advance in rates is rea­
sonable or necessary.” The resolutions, furthermore,
provide for the appointment of a committee to carry '
the plan into effect, and “ said committee is empowered
to take such action as will in its judgment prevent
the proposed general advance in freight rates.”

May 211910.].

THE CHRONICLE

The statement that more reason exists for a reduc­
tion than for an advance in rates is, of course, not to be
taken seriously. As for the demand that the pro­
posed advance in rates be suspended for the time being,
and that the whole matter be submitted to the Inter­
State Commerce Commission for determination, there
are numerous objections to such a course. The most
conclusive reason against it, however, is that it is not
feasible. A political body like the Inter-State Com­
merce Commission would in any event be a poor tri­
bunal to select as arbiter, and the Commission has time
and again shown that it cannot be trusted to act im­
partially towards the railroads. But arbitration of
any kind would be a mistake. It would mean a long
drawn-out controversy and endless delay. It is a
condition, not a theory, that confronts railroad mana­
gers, and there is really nothing to arbitrate; while at
the same time the situation is so urgent that time can­
not be wasted. Railroad employees certainly would
not consent to having the advances in wages conceded
to them postponed to some future date. On the con­
trary, in a number of cases where the matter of the ex­
tent of the advance has been submitted to arbitration,
it is distinctly provided that, whatever the award, it
shall be dated back to the beginning of the controversy.
Thus the burden of the higher wage scales begins at
once, and this in turn makes it imperative that imme­
diate steps should be taken to provide the extra income
needed to take care of these wage advances. No one
has yet been able to suggest any way in which the extra
income can be raised except by marking up the rates
charged for the transportation services.
It is quite possible that the public is getting a mis­
taken idea of the prosperity of the carrying interest
from the gains in gross earnings which the roads are
showing in their weekly and monthly returns. If so,
it is time that the subject were more carefully studied.
These gains in gross earnings are not attended by pro­
portionate gains in net earnings. In fact, in the case
of many large systems they are being accompanied by
actual losses in net. We publish to-day elaborate
compilations concerning the earnings of United States
railroads for the month of March. These show a gain
in gross earnings as compared with the same month
last year of $31,583,854. The increase in the net,
however, is only $8,000,228, expenses having been
added to in amount of no less than $23,583,626. The
position of some of the separate systems is shown in
the fact that the New York Central, though adding
$725,667 to its gross earnings for the month, actually
fell $840,578 behind in its net because of an augmentatation of over 1y2 million dollars in its expenses.
That is the result, moreover, before most of the ad­
vances in wages had become effective. It is estimated
that these advances in wages will add from $100,000,­
000 to $200,000,000 to the yearly expenses of United
States railroads.
These are enormous figures, and the question that
has to be answered is: How can the outlay be made
good except by charging more for moving goods and
passengers? Is not the process which the railroads
propose to adopt precisely that employed by merchants
and shippers themselves in raising the prices of their
goods when the cost to them of the goods increases?
If our business men were told that they would not be
allowed to raise their prices, no matter what the cost
of the goods to them, they would be the first to rebel.




1325

That these merchants have actually enormously raised
their prices in recent years while the railroads have
had to remain contented with their old rates is one of
the notorious facts of the times. Indeed, if merchants
and producers had not marked up prices of everything
in accordance with the principle named, the high cost
of living would not to-day be one of the gravest of
our industrial problems. But if every one else is at
liberty to grade prices in accordance with cost, why
not the railroads? In the last analysis is not the point
at issue simply whether the railroads shall be dealt
with in an equitable and a fair spirit?
Contrary to expectations, the State Senate has
adopted the Income Tax Amendment to the Federal
Constitution allowing Congress to levy a tax on in­
comes from whatever source derived without appor­
tionment according to population. The vote was 26
to 20. The Amendment had previously twice failed
in the Assembly; it commanded an actual majority of
the votes cast in that branch of the Legislature, but
the affirmative vote was not sufficiently large to con­
stitute an absolute majority of all the members elected.
It is not thought likely that the Assembly will take
up the Amendment again before the adjournment
of the Legislature. We have on previous occasions
set out the numerous objections to this Amendment,
and shall not attempt to reiterate them here. It is
really inconceivable, however, that any considerable
body of legislators can be found to uphold such an ob­
jectionable proposition in a State like New York.
State Senator Newcomb made some remarks in opposi­
tion which, it seems to us, correctly characterize the
proposal. He called it a craze, saying: “ The country
has witnessed the coming and going of a greenback
craze, a free silver craze, a Government ownership
craze, and now it seems we are in the beginnings of an
income-tax craze. The same family of disease em­
braces them all. They have symptoms in common.”
Mr. Newcomb points out that the income tax craze
has one sinister phase not shared by its predecessors.
Unless checked in time, it may sweep away that por­
tion of our governmental frame-work upon which in­
ternal peace and harmony within the United States
have rested for a century and a quarter. When the
fathers provided that direct taxes and representation
should be apportioned alike, they not only found a
basis of compromise which rendered the formation of
the Union possible, but also erected an abiding safe­
guard against jealousies, encroachments, fear and dis­
trust among the States and between the sections. Mr.
Newcomb accordingly invoked the spirit of patriotism
for the defeat of the Amendment— without avail,
however, as far as the Senate is concerned. In con­
clusion, he conveyed a warning in these words: “ The
income tax craze is new with us in this particular stage
of our history, but really it is as old as the ages. It
is the same attack upon industry and thrift that has
found expression in varying forms since the world be­
gan. To it has been due again and again the decay of
governments founded upon democratic principles.
Against such dangers let national patriotism be warned,
and warned in time.”
We have also been much impressed by an elaborate
discussion of the Income Tax Amendment contained
in the May number of the “ Yale Law Journal.” The
paper is by Arthur C. Graves of New Haven, Conn..,

1326

THE CHRONICLE

and is a thorough-going discussion of the subject, both
in its historical and Constitutional aspects. We have
not the space to indicate the course of reasoning em­
ployed by the author, but deem it proper to quote
here the closing paragraph of the treatise, in which the
writer points out the incongruity of the Amendment
and shows what a change its grafting on the Consti­
tution would work in our fundamental law. The para­
graph is as follows: “ Constitutional indeed the impo­
sition of an income tax will be (should the Amendment
be adopted), yet, nevertheless, this Amendment is
inherently improper under the limitations which ought
to guard the concessions of authority to our Federal
Government. In that matchless code, called by one
of England’s greatest statesmen ‘the most wonderful
work ever struck off at a given time by the brain of
man,’ this Amendment will be an anomaly. In an
otherwise harmonious instrument, which speaks of a
government of enumerated powers, seeking to preserve
the dignity and vitality of sovereign States, this pro­
vision will stand out as the one discordant note, in­
consistent with all that has gone before, unexplained,
uncalled for, unnecessary, the only grant to the Fed­
eral Government of unrestrained and arbitrary power
in respect of taxation over every State and every citi­
zen within those States.”
Another semi-annual period for the distribution of
dividends by our savings banks is close at hand and
the indications are that a number of other institutions
besides those which took the step last December will
make their distributions on a basis of 3)/>% a year as
against the previous 4% . We wish to commend such
action and to advise savings bank managers generally
to pursue a conservative course in that respect . At
first sight it seems rather anomalous for the banks to
be obliged to reduce their dividend rates at a time
when investment yields are rising, making it possible
for the banks to invest their funds so as to obtain
a larger return. The fact is, however, that the bulk
of the income of the banks is derived from investments
made when interest rates were still low, and through
the very fact of the advance in interest return the
value of the old investments is being depreciated (their
market value declining), and this depreciation operates
to diminish the surplus. If the reasons in favor of
reducing savings bank dividends from 4 to 3j^ % were
conclusive six months ago, they possess even greater
validity at this time, since in the interval securities
have still further declined.
In recent years the surplus of the savings banks of
this State has not risen in proportion to the growth in
the deposits. There has been a two-fold reason for
this. In the first place, in paying 4% dividends the
banks have evidently been distributing practically the
whole of their profits. In the second place the
decline in security values has tended to reduce the
surplus. The change worked by these two influences
combined has been really noteworthy. On Jan. 1 of
the present year the surplus for all the savings banks in
the State stood at $106,835,540. Nine years ago, on
Jan. 1 1901, this surplus amounted to $118,294,674.
Thus there has been a decline of 1 1 ^ million dollars,
though in the interval $536,000,000 has been added
to the total of the deposits. As a matter of fact, the
surplus now is hardly $15,000,000 larger than it was
twenty-one years ago on Jan. 1 1889. In this inter­




[VOL. L X X X X .

val of twenty-one years deposits have increased almost
million dollars, rising from $523,677,515 to
$1,483,449,494. In the same period surplus has in­
creased only from $92,009,091 to $106,835,540. In
other words, while at the earlier date the ratio of
surplus to deposits was 17.57%, to-day it is no more
than 7.20%.
The investments of the banks are, of course, all of
the highest class, but the banks ought to hold such a
margin of surplus as to render their position absolutely
impregnable, and it would hardly seem prudent to
allow the surplus to be encroached upon any further.
On the contrary, it is obviously in consonance with
sound principles to undertake slowly to build up the
surplus and permit the ratio to deposits to rise again.
Safety is really the prime consideration in the care of
deposits, the rate of return subordinate. We think
the reduction to 3|^% dividends would have come
sooner except that in 1908 changes were made in the
law and the so-called amortization basis of values intro­
duced. This amortization principle is correct enough
for certain purposes, but is absolutely fallacious as a
guide to the true value of the securities or the real
extent of the surplus. We need hardly say there is
not the slightest doubt of the soundness and solvency
of the banks. Indeed, it is with the view to main­
taining this enviable condition for all time that it
seems desirable not to distribute earnings in full each
year but to let a portion go to reinforce the surplus.
After this policy has been pursued for a few years, if
the present rate of yield for good securities shall be
maintained, the banks will be in position to resume
4% payments again to their depositors.

Jj 1,000

Seven of the daily newspapers of Philadelphia have
united in an appeal to the Inter-State Commerce Com­
mission asking that when inquiry is made into import
differential freight rates, the scope of the examination
be enlarged so as to include the entire subject ©^differ­
entials at all the cities of the North Atlantic ports.
This action is taken by the newspaper publishers
because the city of Philadelphia appears to be divided
against itself. A committee made up of representa­
tives of the principal commercial bodies of the city
was not harmonious, and it has disbanded after obtain­
ing the assent of the Inter-State Commission to inves­
tigate the subject of import differential freight rates.
Chairman Knapp is understood to be favorably inclined
towards opening up the entire subject of differentials,
including rates to all the Atlantic ports from Boston to
Newport News. At such a hearing there would be
representatives from Boston, New York, Philadelphia,
Baltimore, Norfolk and Newport News,' each striving
to obtain some advantage over the others. The testi­
mony would be voluminous and the arguments long,
and it may be doubted if the effort would prove any
more successful in effecting a permanent settlement than
previous similar efforts. The questions raised are
probably more intricate than the Philadelphia publish­
ers comprehend, and it is quite possible that the
final decisions will not be entirely in accordance with
Philadelphia views.
Failure of the City of Philadelphia to float a loan
of $8,000,000, bearing 4% and having thirty years to
run, has caused considerable comment this week.
There were eight scattered bids, aggregating $821,000,
at prices ranging from par to 102%. No bid from a

May 211910.]

THE CHRONICLE

syndicate was received. Philadelphia bankers who
are in the habit of bidding upon municipal loans
of that city say that they were deterred from bidding
by the fact that the rate of interest fixed as the
maximum in the ordinance, namely 4% , is too low.
The city may not sell its bonds at less than par and
the bankers felt that they could not afford to pay par
and take chances on selling so large an amount of bonds
at a premium. The city proposes to follow the loan
of $8,000,000 with another of $5,000,000. City
Councils have authority to raise the rate of interest
and they will probably pass new ordinances fixing
434 or 4]^% as a maximum rate; whereupon the loan
will be re-advertised. At the time bids were opened
on Monday last there were pending in Philadelphia two
suits brought to determine the right of the city to
borrow more money and for the purposes specified.
Bankers state that this litigation did not deter them
from bidding, as all bids would be made subject to
the legality of the proposed loan. If the loan were
sanctioned by the court the bankers who might be
successful bidders would be better pleased than they
would if they had simply the advice of their own
counsel to rely upon and no money would pass or
bonds be issued until a final decree was obtained in
favor of the city.
The production of gold in the Transvaal was actually
at a greater rate per diem during April than in any
previous month since the Witwatersrand gold fields
were opened, less than one generation, ago. The
month’s total of 619,045 ounces has been exceeded
three times— twice last year and in Dec. 1908—but
the daily yield was greater only on the last-mentioned
occasion, when the figures were expanded by the in­
clusion of some 40,000 or 50,000 ounces obtained in
the annual cleaning up of the mines. During April the
daily output was 20,635 ounces, against20,026 ounces
per diem in July last, when the month’s aggregate was
620,794 ounces, and 20,145 ounces for each of the
thirty-one days in May 1909, the previous high record,
save that brought about by special circumstances in
the closing month of 1908, when the daily average was
21,311 ounces, or 660,643 ounces for the month. From
what can be learned of labor conditions on the Rand,
the outlook is for a continuance of enhanced produc­
tion. Many of the laborers engaged to fill the places
of the deported Chinese coolies are not yet thoroughly
familiar with their underground tasks, but this draw­
back will gradually be overcome. In all probability
the present month’s returns will be the best ever
achieved in a normal month, as even under ordinary
conditions May usually shows a gain over April. In
June a slight falling off, due partly to the wintry
weather, which interferes with the efficiency of the
natives from the warmer parts of the country, is to
be expected, but unless something unforeseen happens,
the Transvaal promises to give up more gold in 1910
than in 1909 or any earlier year. Rhodesian reports
are also more encouraging than they were last year,
although there is still room for and need of improve­
ment not only in the mining industry but in the
general position in that struggling but potentially
wealthy colony founded by Cecil Rhodes, the projector
of the most wonderful railroad in the world, the
Cape-to-Cairo line, of which America has heard much
within the last twelve months.




1337

The subject of winning new gold has engaged atten­
tion at home because of the opening of naviga­
tion on the lower Yukon and the beginning of a
stampede to the promising Iditarod fields discovered
last autumn. At this moment the scene at Fairbanks,
Alaska, is one of great animation. Two thousand
prospectors, it is reported, gathered at that point
ready to proceed down the river whenever the ice
broke up sufficiently to permit of navigation. “ The
water-front of Fairbanks,” says one despatch, “ re­
sembles a vast ship-yard. Fourteen large steamers
and hundreds of small craft are tied up at the wharves
ready to sail.” That Alaska is.destined sooner or later
to add very materially to the world’s output of gold is
confidently believed by those who have investigated
conditions there and by certain influential financial
groups in New York, who are spending millions of
dollars in developing the country and in preparing for
the expansion that the future is depended upon to
bring. The public in the East have but an inadequate
conception of what is going on in Alaska or of the
ambitious plans formed by well-known financiers who
can look years ahead. The news from that far-off
region will be awaited with great interest this summer.
The funeral of King Edward VII. took place yes­
terday in the presence of many monarchs and a large
gathering of other royal personages and dignitaries from
all parts of the world. The route of the cortege, from
Westminster Hall to St. George’s Chapel, Windsor,
was so crowded with the populace that the soldiers
and police had to exercise every ingenuity to avert
mishap. Throughout Great Britain, in every British
colony, in the United States, and in many other
countries, memorial services were held, President Taft
being present at that held in Washington. All finan­
cial business was suspended during the entire day in
Great Britain, while most of the exchanges in this
country remained closed until noon. Such a universal
demonstration of sorrow has probably never before
been evoked by the death of any sovereign.
Several weeks ago, when fears were being expressed
both in Europe and in New York that the payment of
a vast sum of money into the British Treasury on the
passage of the Budget would seriously disturb the
London money market, we took the view that the
Bank of England and those having close relations with
it were financiers of mature experience, and that great
skill would no doubt be shown when the test came.
Events have proved the soundness of this attitude.
More, they have demonstrated afresh that the British
metropolis may still rightfully claim for itself the
distinction of being the greatest financial centre in the
world". It is not necessary to enlarge on this point.
Our purpose is merely to emphasize how smoothly a
banking operation of the first magnitude has been
carried out by London.
Thursday’s weekly statement of the Bank of Eng­
land shows that, as compared with the immediately
preceding return, the public (i. e., Government) de­
posits increased $22,835,000 and the other deposits
decreased $18,680,000. The Government deposits
now stand at $85,950,000, which compares with $63,­
115,000 in the previous week,, $51,620,000 on May 5
and $421,220,000 on Aprj! 28, the increase since that
date having been thus $43,730,000. How have the

1328

THE CHRONICLE

private deposits been affected by this accumulation of
cash to the credit of the Exchequer? The total held
by the Bank at the end of April was $217,540,000,
whereas this week it has fallen to $179,370,000.
The decrease, therefore, has been $38,170,000, or
only $4,050,000 less than the gain in public deposits
during the same period. This transfer of cash from
the pockets of tax-payers, or, more specifically, from
the private banks, to the Government’s credit in the
Bank of England, has occasioned no unusual dis­
organization, even though it has been conducted
during a Stock Exchange boom seldom paralleled in
any European centre. The incident possesses en­
couragement and some degree of consolation for those
who fear a possible monetary upheaval when the
speculation in rubber and oil shares collapses.
The United States having this time taken the
initiative in seeking to open negotiations for the estab­
lishment of trade reciprocity with Canada, the move­
ment may, it is hoped, be crowned with greater success
than attended the repeated attempts made in times
past by the Dominion authorities to achieve the same
laudable end. A formal communication has been
addressed by our Government to the British represen­
tative, who will in due course forward it to Ottawa.
The friendly meeting between President Taft and the
Canadian Minister of Finance (the Hon. W. S. Field­
ing) at Albany last March paved the way for large
developments, and although the Province of Quebec
has since acted somewhat harshly towards this country,
there is every reason to believe that both the Dominion
and the Federal Cabinets will be disposed to enter
with enthusiasm into negotiations for the removal of
the barriers that now stand in the way of free trading
between the two neighboring countries. Heretofore
the American advocates of protection have been so
strongly entrenched that they did not deem it neces­
sary to grant concessions desired by Canada. But
sentiment at Washington has undergone a change and
may be further influenced by the growing agitation
for another complete revision of our tariff laws. At
all events, the step just taken by our State Depart­
ment is a hopeful augury for the bringing about of
closer commercial relations between the two leading
nations of the New World. At a meeting of the
Economic Club in New York this week, the movement
was very heartily endorsed; an ex-Justice of the
Supreme Court of Canada said that President Taft’s
declaration that it is his purpose to promote better
trade relations between the two countries had done
more to restore amity than any utterance of the last
five years.
Large imports of merchandise continue to be, as
they have been for many consecutive months past,
the feature of our foreign trade statements. The
latest month (April) the official compilation shows the
total value of goods moving inward to have been the
greatest on record for the period covered, exceeding
the aggregate for April 1909 by 11% millions of dollars
and showing an increase of 46% millions over 1908.
Concurrently the shipments of commodities continue
on a restricted scale, for while the total exports for
April this year moderately exceeded those for the
month in 1909, a more or less marked decline from
all of the three preceding years is exhibited.
The




[VOL. L X X X X .

result is again a balance of imports, following those of
February and March, although in this instance it is
very small— only a little over three-quarters of a
million dollars. By way of comparison, it seems that
after a continuous record of monthly export balances
of merchandise for twelve years (June 1897 to June
1909 inclusive), five out of the last ten months have
shown balances of imports.
As in preceding months of the current fiscal year,
explanation of the restricted export movement is
found in the heavy decreases in the outflow of a few
of the leading articles. In most months the declines
have been general, applying in varying degree to
breadstuffs, provisions, cattle, &c., cotton and mineral
oils, but in April the falling off in the value of pro­
visions shipments was conspicuously heavy. On the
other hand, and due to larger exports of wheat, breadstuffs showed a slight gain, and high prices for cotton
more than offset the considerable decrease in the
quantity sent out. Cattle, sheep and hogs, needless
to say, are steadily decreasing in importance as articles
of export, but it remained for April 1910 to exhibit a
most remarkable decline as compared with any pre­
ceding month for very many years. As late as De­
cember 1905 the value of the outward movement of
cattle, sheep and hogs was above 4 millions of dollars,
but since that time has gradually, thought not steadily,
fallen off, and in the month lately closed was only
$184,374, against $1,576,343 in April 1909. A decline
of nearly 2 millions of dollars is also to be noted in the
shipments of mineral oils. Combining the values of
these leading items we have a total of only $46,503,729
for April 1910, or 6% millions of dollars less than in
the month of 1909 and smaller than in April of any
year since 1899. Shipments of commodities other
than those specifically referred to above were in the
aggregate 14% millions of dollars more in April this
year than last, making the total of all $133,089,109,
against $125,174,860 in 1909 and $133,357,956 in
1908. For the four months of the calendar year the
merchandise outflow was 1% millions of dollars less
than for the like period of 1909, but for the ten months
of the fiscal year 1909-10 there is a gain of 63%
millions, as contrasted with 1908-09, and a decline of
145% millions compared with 1907-08.
The inward flow of merchandise, as remarked above,
recorded a gain in April 1910 over the month of 1909,
the totals having been $133,942,729 and $122,167,675,
respectively. For the four months since Jan. 1, more­
over, the aggregate at 560 millions, as well as the total
for the ten months of the fiscal year at 1,318 millions,
marked new records for the periods. The balance of
merchandise imports for the four months of 1910
reached $14,969,609, comparing with an export bal­
ance of $69,959,175 in the previous year, and the
excess of exports of $167,732,434 for the ten months
of 1909-10 is smaller than that for the corresponding
period in any year since 1896.
Gold exports during April 1910 were, with the
heavier merchandise imports noted above, larger than
in any month since May 1904, reaching $36,283,625,
and comparing with $6,337,994 in April 1909. This
gold movement was almost wholly from New York,
and largely to London, that city getting over 31 mil­
lions of the total. The ten months’ outward move­
ment in 1909-10 was $116,246,190, against $72,014,107
in 1908-09. Gold imports in April, on the other hand,

May 211010. j

THE CHRONICLE

aggregated only $2,100,918 against $3,345,861, with
the ten months’ totals $35,620,650 and $39,372,533
respectively. Consequently we exported (net) gold in
the ten months of 1909-10 no less than $80,625,540,
this comparing with a similar balance of $32,641,574
in 1908-09 and a net inward movement of $104,536,­
353 in 1907-08.
New York bankers are somewhat puzzled over the
Bank of England’s loss of gold as disclosed by the last
two weekly statements. On Thursday a decrease of
$2,380,000 in coin and bullion was recorded, making
the shrinkage $5,210,000 within a fortnight. Now,
during this period the maintenance of a 4% discount
rate has proved effective in keeping the exchanges
in London’s favor, so that there have been no extensive
exports of gold; South Africa took $1,000,000 last
week, Holland took $750,000 this week and there were
other minor shipments, but in the meantime the Bank
has received the bulk of the new South African bars
arriving in London and has made frequent purchases
in the open market. Is there underlying significance
in the statements cabled by our special correspondent
last week and again this week to the effect that there
were “ shipments of £957,000 net to the interior of
Great Britain” a week ago and £451,000 during the
current week? The assumption in local international
banking circles is that the accumulation of metallic
reserves by the joint-stock banks is in progress. It is
pointed out that the present would be an opportune
time for such a course, inasmuch as moderately firm
money has been desirable in London to insure favor­
able exchanges, and, as a further consideration, the
Central Bank has built up a ratio of reserve not once
exceeded at this season in more than a decade. More­
over, the erratic action of the market for oil and rubber
shares may have influenced bankers to set their house
in order lest a bad break occur.
Sir Eldon Gorst, the Egyptian Financial Adviser,
presents in his annual report a picture that contains
more shade than could have been desired, although the
outlook is viewed with confidence rather than with the
pessimism too often indulged in by those whose
knowledge of Egyptian conditions is theoretical, and
who forget that no matter how progressive a domi­
nating government may be, the prejudices, the suscep­
tibilities and even the superstitions of an ancient and
backward race must be recognized and treated with
all possible consideration. British rule in Egypt has
accomplished much, but it cannot work a rapid
metamorphosis among the people themselves; it can­
not in two or three decades make enterprising farmers
of indolent, untutored fellahin. The encouragement
of education, although attended by occasional un­
pleasant results politically, is stimulating gradually
but surely better methods in agriculture, in industry
and in trade. Unfortunately the financial upheaval
of 1907 left an aftermath that is still checking progress.
The Reserve Fund, from which money is supplied
for public improvements, has fallen to a low ebb; the
sale of land has almost ceased; the Agricultural Bank’s
arrears increased from 6% in 1907 to 1 7 in 1909,
and the destruction wrought by the cotton .worm last
year seriously reduced the value of the crop. Nor
has the 1910 cotton crop enjoyed an auspicious start;
the weather during March and April was wet and cold




1329

and partial re-sowing was necessary. However, earn­
est efforts have been exerted to prevent a repetition
of last year’s ravages by pests, and if the climatic con­
ditions from now on should be favorable, the crop
could easily turn out very satisfactorily. A generous
harvest would eliminate nearly all the economic ills
from which Egypt has suffered during the last two
years.
The threatened war between Peru and Ecuador
promises to be averted through-mediation instituted
by Secretary Knox and supported by Brazil and
Argentina; the revolution in Nicaragua has ceased
to excite alarm; the disaffection in Albania, where the
Young Turk rule has never commanded 'loyal co­
operation, is believed to have been suppressed; but in
another part of the world where unrest has prevailed
the outlook is less reassuring, the latest advices from
China having been quite disquieting. The strained
relations between the two South American countries
here named arose, as many international quarrels
have arisen in the past, from a boundary dispute, and
so bitter did the feeling become that both sides hur­
riedly prepared for war. In pursuance of its fixed
policy of promoting peace and prosperity in the
Southern Continent, the United States Government,
through the Secretary of State, on finding that the
disputants could not reach an amicable settlement of
their differences, and that bloodshed seemed likely, took
measures to prevent so deplorable a course, and it is
now announced that the United States, Brazil and
Argentina will jointly consider the whole question at
issue, the decision to be accepted by both Peru and
Ecuador.
The Chinese situation cannot be discussed in so
encouraging terms. The outlook there is described by
cable as being extremely ominous. Nanking, the
capital of the influential province of Kiang-su, is the
centre of unrest. The natives there are not only dis­
playing manifestations of hostility to foreigners, but
are showing signs of disloyalty to the Manchu dynasty
by cutting off their queues. The Consulate body at
Nanking has demanded the protection of the Viceroy,
a warship is held in readiness to proceed thither, and
all foreigners have been warned to seek refuge on board
available ships. Without attempting to minimize the
ugliness of the situation, it may not be amiss to re­
mark that uprisings of one kind or another are not un­
common at various points of the vast Chinese Empire,
and that usually either the Government troops or
foreign warships are able to promptly put down in­
cipient revolts.
The dividend exhibit of the Fall River cotton-manu­
facturing corporations for the second quarter of 1910,
it is needless to say, hardly reflects the true situation
of that industry at the present time. Production of
goods is being curtailed and current quotations for
cloths are below the level that the ruling high cost of
the raw material warrants; with these conditions pre­
vailing a reduced distribution to stockholders would
cause no surprise. And yet, as in the first quarter of
this year, the regular dividends declared have in the
aggregate been heavier than for the same period of
1909 and above the average for earlier years. The
truth is—one which we have often heretofore referred
to—it has become a settled policy of most, if not all,

1330

THE CHRONICLE

of the mills to maintain a stated rate of distribution,
no matter what net earnings may be. This has gen­
erally been done by accumulating a surplus reserve
in the profitable years and drawing on this surplus in
the lean years. It is likewise accountable for the com­
paratively favorable showing for the second quarter.
On a capitalization of $26,525,000 there will be paid
out $443,375, or an average of 1.67%, on the basis of
about 6 % % a year. Furthermore, six corporations
have increased the rate over last year. The 1909
average rate of distribution in the second quarter was
1.58%, the total amount returned to stockholders
having been $397,125, or $46,250 less than in the
current year. In the eleven years prior to that time
(1898 to 1908, inclusive) the highest rate of distribu­
tion was 2.21%, in 1907, and the lowest 0.50%, in
1898, with the average 1.44>£% since 1898.
The w&ge-scale controversy at Fall River is as yet
unsettled, but it is expected that there will be an ad­
justment of the differences between owners and op­
eratives before the expiration of the time limit under
the existing agreement. The present wage scale,
which was adopted on May 3 1907, having been re­
pudiated by the Textile Operatives’ Association, will
expire the last Saturday in May. Efforts are being
made by both parties to the controversy to frame a
new scale. With this end in view the Textile Council,
representing the operatives, placed before the mariu*facturers on Feb. 17 a new form of agreement. In it
the minimum price for weaving a cut of printing cloths
(the standard length being 47}^ yards of 28-inch
64 x 64 cloth) was proposed to be raised from 18
cents, as in the old wage scale, to 19.66 cents. Fur­
thermore, it was proposed to reduce from 72}^ points
to 67)^ points the margin between the cost of cotton
and the selling price of cloth upon which the minimum
weaving price shall be based. An increase of 2.07
cents (to 26.03 cents per cut) is also made in the
maximum rate, the margin remaining the same as in
the old agreement. The acceptance of this agreement
by the manufacturers would be virtually the granting
of an increase in wages of from 8 ^ to 10%. This the
manufacturers were unwilling to concede, and in their
turn they submitted to the Textile Council a plan
making the minimum rate 19.66 cents on a margin of
80 points and the maximum 24.51 cents on a margin
of 120 points. Four of the labor unions, at largelyattended meetings on May 4, voted unanimously to
reject the wage agreement proposed by the Cotton
Manufacturers’ Association. The matter was, how­
ever, referred back to the Textile Council with the
recommendation that further conferences be held with
the manufacturers’ committee for the purpose of
securing more favorable terms. Latest reports from
Fall River predict a satisfactory outcome.

[VOL. L X X X X .

midst of tax payments, as the weekly bank statement
clearly shows, and until this operation is completed,
more or less firmness may be maintained, especially as
the supply of gold on hand has decreased since New
York ceased to send reinforcements. In Paris there
has been a relapse to a 2)^% basis, against 2 % % a
week ago— this, too, despite the placing of new Ameri­
can railroad bonds there and prospective borrowing
on a large scale for domestic, Continental and Japanese
account; perhaps a gain this week of almost $2,000,000
in the gold and silver held by the Bank of France
may have tended to lower rates, seeing that for a
series of weeks reductions in specie had been sus­
tained. Berlin, on the other hand, has raised its
rate for bills to 334% In face of an addition of $7,337,­
000 to the Reichsbank’s cash on hand, a reduction of
fully $7,000,000 in loans and discounts and a contrac­
tion of $18,613,000 in note circulation. Amsterdam
is still out of line with other Continental money
markets, the rate there being 4 )^ @ 4 ^ % , but the
receipt of $750,000 gold from London should help to
relieve the tension that has existed ever since Holland
lost gold to London last month. Brussels quotes
3 ^ % , unchanged.

The Bank of England again got a good part of the
$3,000,000 new gold sold on Tuesday (Whitmonday
having been a holiday); only the minimum price,
77s. 9d. per ounce, was paid. India, as has been cus­
tomary for a number of weeks, took a part of the con­
signment. It may be here mentioned, however, that
India’s requirements are believed to have been almost
satisfied for the present, a fact that is indicated by a
radical reduction in the amount of Indian exchange
now offered and bid for weekly in London. As noted
elsewhere in this issue, the most conspicuous changes
in the London Bank’s returns this week are an ex­
pansion of $22,835,000 in Government deposits and a
decrease of $18,680,000 in private deposits. Since
the statement was compiled the Bank has bought
$860,000 bar gold. According to our special cable
from London, the proportion of reserve to liabilities
fell from 54.44% last week to 53.36% this week,
which is, however, the highest figure recorded in the
third week of May in modern times. The Bank lost
£475,523 bullion during the week and held £37,841,­
802 at the close of the week. Our correspondent fur­
ther advises us that the movement into the Bank was
made up in greatest measure of purchases in the open
market. Exports were mainly to Holland, and ship­
ments to the interior of Great Britain were quite large
in amount. The details of the movement into and
out of the Bank were as follows: Imports, £216,000
(of which £24,000 from Australia and £192,000
bought in the open market); exports, £240,000 (of
which £150,000 to Holland, £50,000 to Java and
Discount rates in European cities have moved ir­ £40,000 to various destinations), and shipments of
regularly. In London the publication of the weekly £451,000 net to the interior of Great Britain.
bank statement on Thursday morning was followed
by an immediate advance to 3 9-16% for spot bills,
The local money market is in a peculiar state. So
while the range for bills to arrive was raised to V/^ light is the demand for Stock Exchange loans, now that
to 3 % % , according to the ideas of individual bankers speculation has dwindled to the lowest volume in
concerning the monetary outlook. There had again nearly two years, that surpluses are hard to place,
been talk of a possible reduction in the 4% official either on call or for short periods. This, together with
charge and disappointment over the retention of that a lowering of rates, gives the market an over-supplied
figure may have been an influence in causing private appearance. Yet cash is by no means superabundant.
quotations to be marked up. London is now in the The scarcity of funds for general use is borne out by




M a y 21 1910.j

THE CHRONICLE

the extremely restricted demand for mercantile paper,
by the absence of fresh buying of investment securities
and by other recognized symptoms. The position
would seem to be this: Bankers are averse to locking
up their liquid resources except in well-secured col­
lateral loans; they are being called upon to assist their
own customers quite freely and they want to be able
to adapt themselves to any change that may take
place during the remainder of the year. Banking
conditions throughout the West and also in the South
are not liked by the leading bankers in New York,
who have been using their influence to have remedies
instituted, fortunately with some degree of success.
Time money rates, as well as call rates, have declined
appreciably during the second half of the week.
Borrowers want over-thc-year facilities, for which they
bid 434%, sometimes without result, the asking figure
being 4 % % . Six months’ loans at 4% are also in re­
quest; here also 34 of 1% more is sometimes demanded.
The detailed range is as follows: 3 % % for 60 days,
3 % @ 4 % for 90 days, 4% for four and five months,
4 @ 4 )4 % for six months and 434 @434% for over-theyear. The tendency has been distinctly in favor of
borrowers. Call money remained remarkably steady
until Thursday, when a minimum of 2% was quoted
before the close. The renewal rate was also lowered
on that day to 334%, while the maximum was only
334%, as compared with 4% daily for a long period.
Yesterday the range was 3% to 334%, the last loan
being made at 3% . The average ruling rate for
the week has been 334%; but brokers look for a lower
range next week unless speculation revives. Com­
mercial paper is not in widespread demand. The truth
is that merchants are applying to their own banks to
have paper discounted in such quantity that the gen­
eral market is very dull. Rates, too, are not acting
in harmony with the downward tendency in money.
Even the choicest drawers of four to six months
single-name bills have usually to pay at least 434%,
while 5% is not at all uncommon for prime paper.
Offerings are increasing, so that some accumulation
can be noted. New York banks are doing little, but
trust companies arc buying on a moderate scale.
Out-of-town institutions as a rule are not in a position
to absorb paper proffered by brokers. The range of
quotations is: 4% @ 5 % for the best four to six months’
bills, 5 )4 @ 6 % for less attractive names and 434 @ 5 %
for 60 to 90 days’ endorsed bills receivable.
Foreign exchange rates have advanced fully lc.per£
from the low level recorded last week and are now
within lc. of the maximum of the current year. This
sudden transformation has naturally created wide­
spread surprise; but operators do not regard the
movement as illogical. To begin with, the break to
4 8635 for demand ten days ago was caused mainly,
by aggressive short selling by speculators in command
of large resources, who calculated that the marketing
of remittances accruing from the reported sales of
securities to Europe would send exchange down to a
very low level. However, it later became known that
the negotiations had not been definitely closed, and,
as events proved, no great amount of exchange did
actually come upon the market. This upset the bears.
Since then they have made repeated attacks upon
quotations, led by a national bank; but their tactics
have been successfully checkmated by the prompt



1331

action of another bank of even greater power, so that
rates to-day are near 4 8734 for demand and 4 88
for cable transfers. It should be added, however,
that our bankers have already made definite arrange­
ments to send a moderate amount of new bonds to
Paris and that other transactions of greater moment
are expected to be successfully carried through before
June 1.
The firmness in exchange during the latter part of
the current week was stimulated by three other in­
fluences, namely the publication of the April foreign
trade returns, showing an excess of imports over ex­
ports, by an advance in discount rates in London on
a reduction in the reserve and the retention of the 4%
Bank rate and by a decline in interest rates here. The
Government’s statistics show that last month gold was
exported to the amount of $36,283,625, while imports
were only $2,100,918, leaving an export balance of
$34,182,707, the largest on record for any single month.
Turning to the complete merchandise figures, it was
found that imports had again outrun exports, although
on this occasion by less than a million dollars. How­
ever, the figures for the ten months of the current fiscal
year caused serious misgivings in responsible banking
circles. Our merchandise exports have exceeded our
imports by only $167,732,434, as contrasted with
$351,074,177 last year, $613,601,452 in 1908, $412,­
952,776 in 1907 and $467,408,952 in 1906. Mean­
while we have lost on balance $80,625,540 gold,
against only $32,641,574 last year and gold imports
in 1908 of $104,536,353 and of $86,641,152 in 1907.
The continued scarcity of commercial bills can there­
fore be understood. Call loans in London rose on
Thursday to 4% , against a ruling rate here of 334%
and a minimum of 2% , while discounts there were
marked up to above 334%- One accompaniment of
the abrupt rise in sterling quotations here has been an
advance in London exchange at Paris to 25 francs
28 centimes, this movement having been influenced
by the purchase here of francs which have been re­
mitted to London for settlement. London’s demands
upon the French market are so heavy that an inflow
of gold has come to be regarded as not improbable.
Compared with Friday of last week, sterling ex­
change on Saturday was 15 points higher for demand
and cable transfers, at 4 87 and 4 8734 respectively,
while 60 days rose 30 points to 4 8390@4 84. On
Monday the only change was a decline of 5 points in
demand. On Tuesday, when doubts were entertained
regarding the actual success of certain loans that were
to have been placed in Paris, quotations advanced
sharply to 4 84@4 8410 fer 60 days, 4 8710@4 8715
for demand and 4 8750@4 8760 for cable transfers.
On Wednesday the close was virtually the same as
on the previous day, although the tone was slightly
easier. On Thursday there was a sudden rise of 34c in the morning and strength continued throughout
the day, due in part to dearer money in London and
lower rates here; the close for sterling was at 4 8410@
4 8415 for 60 days, 4 8720@4 8725 for demand and
4 8775@4 8780 for cable transfers. On Friday the
upward movement was again in progress, demand
touching 4 8745 and cable transfers within a few points
of 4 88.
The following shows the daily posted rates for
sterling exchange by some of the leading drawers.

THE CHRONICLE

1333

Fri.,
Mon., Tues., Wed., Thurs., Fri.,
May 13. May 16. May 17. May 18. May 19. May 20.
JG0 days 4
..(S ig h t .. 4
/ 60 days 4
..'( Sight.. 4
(60 days 4
North America.. . .(Sight- - 4
/ 60 days 4
..(S ig h t.. 4
]60 days 4
Canadian Bank
of Commerce----- .-IS lg h t.. 4
/ 60 days 4
Hcldelbach, Ickelhelm er&Co. — ..(S ig h t-. 4
/ 60 days 4
Freres ................ ..(S ig h t.. 4
J60 days 4
Merchants’ Bank
of Canada______ ..(S ig h t.. 4

Kidder,

8iA
87 a
84 A
S7A
Si A
87 A
Si A
87 A
84 a
87 X
85
87 A
84
87
8414
87>*

Si A
87 A
84 H
87 A
84 A
87 A
84 a
87 A
8iA
87 A
Si A
87 a
Si A
87 A
8iA
87 A

84 A
87 A
84 A
87 A
Si'A
87 A
Si A
SI A
Si A
S7A
Si A
87 A
Si A
ST A
84 A
87 A

Si A
88
Si A
87 A
8iA
87 A
84 A
87 A
84 A
87 A
85
88
84 A
87 A
84 A
S7A

Si A
88
84 A
87 A
85
88
84 A
87 A
84 A
87A
85
88
84J^
87 A
Si A
87 A

8iA
88
8iA
87 A
85
88
84 A
87 A
Si A
87 A
85
88
84 A
87 A
84 A
87A

The market closed on Friday at 4 8425 @ 4 8435 for
60 days, 4 8740@4 8745 for demand and 4 8790@
4 88 for cables. Commecial on banks was quoted
at 4 84 @ 4 8410 and documents
for payment
4 833da@4 84. Cotton for payment ranged from
4 83M @ 4 83)4, grain for payment from 4 83)4 @4 84.

[VOL. L X X X X .

ivill have been changed for good or evil. England’s
’ank among the nations, its financial and commerical
prosperity, the trend of its future legislation, and of
■he habits of thought and manners which institutions
•
nsensibly mold, will all be modified by the changes
vhich are made in the High Court of Parliament.
These are serious and weighty considerations, and

about. To those of us who have been accustomed
to tracing with interest the different lines of develop­
ment in English and American Constitutional history,
it is becoming more and more impressive, in view of
the peculiar character of the recent situation in Eng­
land, how much cause for thankfulness we have in
the conservatism of our own Constitution-makers.
The following gives the week’s movement of money
There is much less heard nowadays from thoughtful
to and from the interior by the New York banks.
English critics of what used to be described as the
Shipped by
Net Interior
Received by
Week ending May 20 1910.
rigidity” and “ inelasticity” of the United States
Movement.
N. Y. Banks. N. Y. Banks.
Constitution.
That Constitution was, in fact, framed
$2,766,000
Gain
$6,794,000
$9,560,000
Currency.................. - .........................
728,000 Gain 1,179,000
1,907,000
Gold ....................................................
as a result of mature and thoughtful observation of
$3,494,000 Gain $7,973,000
$11,467,000
Total gold and legal tenders..........
certain tendencies in English political history itself—
With the Sub-Treasury operations the result is tendencies, it may perhaps be said, which have
really not reached formichible proportions until the
as follows.
present day.
Net Change in
Ovt of
Into
Week ending May 20 1910.
Bank Holdings.
Banks.
Banks.
It is a highly interesting fact that in the one year
$3,494,000 Gain $7,973,000
Banks’ Interior movement, as above. $11,467,000
1789,
two great Constitutional experiments on dis­
Gain
4,000,000
32,100,000
36,100,000
Sub-Treasury operations....................
France, as a
347,567,000 $35,594,000 Gain $11,973,000 tinctly opposite lines were undertaken.
Total good and legal tenders ----sequel to its revolution of that year, embarked
promptly in the experiment of a single chamber on
in the principal European banks.
which no check or restraint should exist. The result
May 20 1909.
May 19 1910.
of that experiment, as every one is aware, was domi­
Banks of
Total.
Stiver.
Gold.
Total.
Silver.
nation over all law-making and all public administra­
£
£
£
tion,
first by a single party in the Chamber, next by
487,066
487,066
37,841,
England.. 37,8-11.802
026,720
355,960 35,670
171,718,
France. . . 136,526,880 35,191
one
cabal
in that party, and finally by a mob in the
025,250
13,288
736,450
55,816,
Germany. 41,1-15,150 14,670
095.000
446.000 8,649,
148,999,
Russia a .. 1-10,597,000 8,402
258.000
gallery
which
drove even the cabal before it. The
12,861
397.000
68,978,
Aus.-Hunb 55.537.000 13,441
111.000
923.000 32,188,
-17,160,
Spain----- 16.221.000 30,939
,092,000
4,742
350.000
ulterior
consequences
are matters of history. It is
43,022,
4,018
39,001,000
Italy d
,382,600
670,500 3,712
11,227,
Neth,lands 8,606,000 2,621
,391,000 true that the precedent of the French Revolution,
,262,667 2,131
6,367,
Nat.Belg.d 4,244,667 2,122
,342,000
,342,000
4,457,
4.457.000
Sweden . .
,7-15,100
,745, lOf
5,342
5.342.000
Swltzerl’d
645,000 whose career was governed by so many ulterior con­
645.001
1,818,
1.818.000
Norway..
siderations, is not wholly fair to apply to proposals
Total week 491,340,799 111,406,183 602,746,982 483,360,743 113,242,993 596,603,736
Frev. week 490,470,748 111,085,907,601,556,655 479,919,896 113,227,237 593,147,133
for the present day. Nevertheless, it must be re­
a The total of gold In the Bank of Russia Includes the balance held abroad— that membered that a Constitutional change is likely to be a
Is the amount held for Russian account In other Continental banks. The propor­
tion so held and consequently duplicated In the above statement Is about one-sixth change not only for to-day but for all future time,
of the total this year, against about one-ninth a year ago.
bThe Austro-Hungarian Bank Statement Is now Issued In Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling. and that people inaugurating such a change will look,
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent In Lou­ if they are wise, to the possibilities of long distant
don, In order to reduce Kronen to Pounds, has altered the basis of conversion t y
generations. Those possibilities can be judged only
dividing the amount of Kronen by 24 Instead of 20.
,
d The division (between gold and silver) given In our table of coin and bullion In
the Banks of Italy and Belgium Is made from tho best estimates we are able to obtain; in the light of past experience in government, whether
It Is not claimed to be accurate, as the banks make no distinction In their weekly
returns, merely reporting the total gold and silver: but we bcllevo the division we in England or in other States.
make Is a close approximation.
While France was pursuing its spectacular and
disastrous
experiment with a single legislative chamber,
NEW PHASES OF ENGLAND’S
the
United
States entered on its prolonged, suc­
CONST IT UTIONAL CONFLICT.
cessful
and
satisfactory
career under the system of
Addressing a large popular audience in the very week
legislative
checks
and
counter-checks
established simul­
of the King’s death, Lord Curzon laid great emphasis
taneously
with
the
French
institutions.
There have
on the fact that, in his judgment, it ought not to be
impossible for both political parties in Great Britain been many times, in our century or more of history,
to confer together with a view to mutual compromise when the restraint of the Senate on proposed legisla­
on the vital issue of the House of Lords. Speaking in tion by the House, whose members came immediately
London at the same time, Lord Milner, whose career in from the people, has been bitterly resented. There
South Africa prior to the war made him distinguished have been times when the Presidential veto has been
equally emphasized the fact that the country’s de resented with even greater bitterness; the effort to
cision on this issue must affect profoundly and perma­ impeach and remove President Johnson, for example,
nently all classes of the British population and all having had its origin in no small degree from his use
parts of the Empire for generations to come. When of the Presidential veto to obstruct the hasty plans
that decision is finally arrived at, he contended, the of the legislative branch. It is not only possible, but
Constitutional fabric under which Great Britain and probable, that on occasion the Senate has made
the British people have grown to be what they are mistakes in obstructing legislative projects of the




May 211910.]

THE CHRONICLE

House. The same may possibly be said of the Presi­
dential veto. But the sober conviction, not of his­
torians only but of the people as a whole when they
review our 121 years of Constitutional history, is that
this system of restrictions and revisions has been of
the utmost value and utility to the nation’s welfare
as an anchor against the political tendencies aroused
by the passions of an hour.
Not less indispensable to the stability of our institu­
tions have been the exceptionally severe restrictions
on the obtaining of Constitutional Amendments. Con­
sidering the several periods of popular unsettlement
through which the nation has passed, one is entitled
to wonder just what would have been left of our own
Constitution had it been possible for a single chamber
to reverse or repudiate by a single vote, cast under
caucus rule and under the previous question, a whole
body of legislation adopted in earlier years. That
France, after a long and trying history as a result of its
own experiment with a single legislative chamber,
should in the end have adopted as closely as was
possible the system of the United States, is perhaps
the highest tribute to the soundness of our system.
In England there is to-day no actual veto power to
restrict the vote of Parliament; the traditional and
theoretical prerogative of that sort, possessed by the
sovereign, has been tacitly abandoned. In England,
furthermore, the laws of the House of Commons, when
concurred in by the House of Lords, are in effect the
Constitution. In theory, at any rate, there is no fund­
amental impossibility of a complete change of British
political institutions through a season’s vote in Parlia­
ment. When one considers that it is to such a situa­
tion that the proposal for a single legislative chamber,
or for a double-chamber Parliament in which all real
authority is actually vested in one of the two branches,
is applied in the present controversy, it may readily
be understood how much of accuracy and justice Lord
Milner’s warning to the Londoners contained.
When one asks, what are the chances for conserva­
tive action on the lines either of sober consideration
through a reasonable period of time or of compromise
on Lord Curzon’s plan, the answer obviously is that
the present circumstances seem to favor such cautious
action as no circumstances, during the past year or
more, have done. That the issue at the polls will be
postponed for six months, at any rate, and perhaps for
a full year, in deference to the peculiar position of the
new British sovereign, seems to be generally conceded.
But in a matter of this sort it is time which counts for
everything. But for the Constitutional provisions
which in our country forced a more or less prolonged
consideration of the measures, it is easy to see what
the probability would have been of the free-silver
coinage system in full operation, and with it a whole
succession of Populist expedients such as were pressed
excitedly on the House of Representatives in 1894
and in other troubled years. Under our system, time
was required before enactment of these schemes was
possible. The action of the Upper House was one re­
striction; the Presidential veto, power another; and in
the interim it was possible to appeal to the people’s
sober judgment. An accident has made necessary
precisely such a pause before the final plunge in
English politics is taken on this fundamental question.
We cannot but believe that the outcome will be alto­
gether salutary.




1333

INDUSTRIAL ACCIDENTS AND LIABILITY.
The annual meeting of the National Association of
Manufacturers, held this week, gave a large part of its
time to the burning subject of industrial accidents
and indemnity therefor. A resolution was adopted
recommending to the members “ the inauguration of a
system of voluntary, mutually contributory industrial
accident insurance, this system to be elastic enough to
provide for voluntary contributory sickness, old age
and death insurance, if later deemed advisable.”
It is clear that the present position of the subject is
unsatisfactory, and equally clear that the tendency is
towards legislation intended to hold the employer
responsible in all circumstances, leaving him to transfer
his liability by insurance, although one tentative
proposition submitted in Wisconsin goes to the length
of requiring him to insure in recognized companies, so
that the workman’s recourse may be the more sure.
At present the employee insures on his own account, if
he is sufficiently provident; the employer protects
himself in like manner, if he is prudent; and the injured
man takes his case into court, where he has humani­
tarian sympathy in his favor, yet does not always
obtain justice.
The subject is in active agitation in several States,
and there is a manifest disposition to legislate that
the hurt workman shall be compensated, regardless
of any negligence (even his own), leaving the penalty
to be transmitted to society, as has been suggested,
by adding it to the cost of the product. Two bills
which have been favorably reported at Albany look in
this direction. The first, applying to certain employ­
ments rated as extra-hazardous, gives to a workman
hurt by negligence of the employer or a fellow-servant
“ or through a risk of his trade,” recourse to the
employer up to a specified limit, thus apparently
excluding contributory negligence as a factor. The
other bill, applying to all employments, authorizes
master and man to voluntarily make a contract by
which the latter surrenders his present right to sue for
damages, in cases where he can prove negligence, in
return for a certainty of compensation for all accidents
of employment.
One speaker at the Manufacturers’ meeting objected
that little more than half the insurance premiums paid
by employers actually reaches the injured men; in
case of twenty leading companies, he said, only 53.9%
goes to the injured, 33% goes in expenses, and the
companies keep the remainder as profits. But this
does not even imply that the men are treated unjustly,
nor is the loss ratio low, compared with that in fire
underwriting. If too much is expended in defending
claims, that might be criticised from the humanitarian
side, but could not be a just ground of complaint by
the employers on the side of business. Expenses
may be of almost incalculable value. For example, a
New England company whose sole business is insurance
of steam boilers, collected in 1908 SI ,157,586 premiums
and paid only S90,935 for losses, while about a million
went for expenses exclusive of taxes; but while losses
were under 8% , about 40% of premiums went for the
inspections which prevented loss.
This example suggests the one lesson of primary im­
portance, in the present rather turbulent condition of
the subject, and that is, that all statutes and all effort
should be firmly bent to prevention. One of the

1334

THE CHRONICLE

resolutions adopted by the Associated Manufacturers
provides for establishing a department for study and
exhibition of preventive devices and authorizes offering
substantial money prizes for them. While it is certain
that the risk will be transferred to insurance companies,
regardless of what statutes or whether any statutes
are enacted, inasmuch as the self-interest of the
employer impels him to that course, it is equally clear
that efforts to protect the workman's life and limb
should not be relaxed. It is to be assumed that the
companies, for their own protection, will discriminate
in rates between factories which use precaution and
those which do not; but the law, which undertakes
to follow humanitarian and economic considerations,
should deem prevention the highest protection. Rules
for careful conduct are visible enough if people pause
to think about them; safety devices are already many
in number and demand will quickly produce more
of them.
It is of paramount importance that abandonment
of contributory negligence as a defense shall not be
permitted to gain entry into this country, as it is
threatening to do. For only when both employer and
employee have done their best to prevent has the latter
a just right to claim compensatory damages or the
former a moral right to fall back upon insurance. The
employer who thinks it cheaper or easier to omit
providing safety devices and enforcing proper rules
must in the end suffer the consequences; the employee
who is hurt because of neglect should be left without
recourse, save to humanitarian feelings. If this
sounds unfeeling, it is none the less the truest kindness
and the best condition of safety.
MISLEADING STATISTICS REGARDING THE
EXPRESS COMPANIES.
It is matter for regret that at a time when radical
and indefensible doctrines are finding such wide sup­
port in Government and legislative circles, and a very
reckless use of facts and figures is being made to bolster
them up, our mercantile bodies should appear even
remotely to give encouragement to anything lacking
in caution and conservatism. Yet the campaign which
the Merchants’ Association of New York has inaugu­
rated against the express companies is attended by some
features that can hardly be said to merit approval. On
Wednesday of last week, on the invitation of the Asso­
ciation, a conference was held in this city at which rep­
resentatives were present from a number of prominent
commercial organizations throughout the country. The
conference was for the purpose of joining in a petition
to the Inter-State Commerce Commission asking for
an investigation of express rates and practices, with a
view to securing lower rates in the transportation of
express packages.
The conference took the action desired and adopted
a resolution to that end. The resolution was accom­
panied by a series of “ whereases,” in which it was
stated that “ an analysis of the reports made by the
principal express companies doing business in the
United States to the Inter-State Commerce Commis­
sion and on file in the office of the latter indicates that
the net earnings of the companies are from more than
40 to about 125% per annum on the value of the prop­
erty in use for the public service.” It was, further­
more, declared that “ the Supreme Court of the United
States in its decision in the Knoxville water cases has




[V O L . L X X X X .

declared as a standard for the measurement of the
just earnings of public service corporations that those
earnings shall bear due proportion to the fair value of
the property actually employed for the service of the
public.” We have also been favored with a copy of
an 8-page circular containing the “ Report on Ex­
press Capital, Earnings and Rates,” which was trans­
mitted with the invitation to the conference of last
week and on which the statement concerning the 40
to 125% profits is based.
We have no intention of criticizing the action of the
Merchants’ Association in seeking to induce the Inter­
State Commerce Commission to take the matter up.
The Commission possesses jurisdiction over express
carriers, and if merchants have any grievance against
the companies, either as regards rates or practices,
the Commission is the proper body to address in order
to seek relief. But we think that the report on the
capital and earnings of the express companies which
the Association is circulating is utterly misleading,
and wholly without value. We presume that the per­
son who prepared the report is an accountant, though
his name, which is attached to the report, is not known
to us. At all events, only a very cursory examination
is needed to show that the results are forced. He
begins by saying that the express companies, be­
sides their express business, are largely engaged in the
investment and banking business. Accordingly, the
purpose of the analysis has been to show what portion
of the assets is to be regarded as investment or banking
capital, what portion is to be regarded as express capi­
tal and the percentage of profit derived by express op­
erations upon the capital actually and properly em­
ployed in express operations. No fault is to be found
with the purpose as here stated, but the method of
carrying it out does not commend itself.
As far as our knowledge goes, there has never been
any concealment of the fact that in the case of the
larger companies some considerable profits are ob­
tained from operations or investments outside of the
ordinary express business. Indeed, in the case of
several of the companies dividends are stated to be in
part out of express profits and in part out of invest­
ment and other profits. Thus, the Adams Express Co.
declares each three months $1 per share from express
earnings and $2 per share from other earnings, while
in some recent years it has made still further dividends
out of profits derived from sales of real estate. The
American Express Co. pays 12% per annum, and of
this 6% is stated to be from investments. It is there­
fore right and proper that in any effort to determine
what would be fair profits from the express business,
the capital invested in other forms and for other pur­
poses should be separated from the rest. It is like­
wise true that the U. S. Supreme Court in the Knox­
ville case— and, for that matter, also in the case of
the Consolidated Gas Co.— has laid down the rule that
public service corporations can only lay claim to a fair
return on the capital actually employed in the public
service which they are rendering.
Any one who has had any experience in such mat­
ters, however, knows that when it comes to making
the segregation of capital here desired, the task is not
an easy one. In the case of the Consolidated Gas Co.
of this city a very long period of time and very exten­
sive investigations, computations and analyses on the
part of a special commissioner and of the Court itself

May 211910.!

THE CHRONICLE

were found necessary before a result was reached satis­
factory to the trial judge, and there were many points
on which the evidence was conflicting. But the person
employed by the Merchants’ Association has no diffi­
culty in reaching a quick and ready result. He simply
takes the balance sheets of the several companies on
file with the Inter-State Commerce Commission and
then proceeds to mark out every item on both the
liability and assets sides of the accounts for which the
least plausibility can be assigned for so doing.
Taking the total of assets, he deducts from the same
the whole of the current liabilities. Of course, in part
these current liabilities may have arisen otherwise,
but part must have arisen from the express business
and to that extent the companies would be justified
in holding assets or capital against the same. This
person deducts the whole amount. How this works
may be seen in the case of Wells, Fargo & Co., which
issues a balance sheet of its own, apart from that filed
with the Commission, the same showing the liabilities
itemized. In the statement given out by the Mer­
chants’ Association the current liabilities are placed at
$5,213,220 and the whole amount deducted; but it
appears from the company’s statement that $3,309,­
345 represents ordinary accounts payable in connec­
tion with the express business itself— $2,133,379 being
for express privileges, $103,272 for traffic balances,
$490,357 for wages and salaries and $582,337 for
audited vouchers and accounts.
Having deducted the current liabilities en bloc,
ho jumps to the other side of the account and deducts
the whole of investments in the same fashion. All
the stocks and bonds held are deducted, though it is
quite possible that a part of these, at least, may repre­
sent control of properties necessary to the successful
conduct of the express business itself. He likewise
deducts numerous other items, such as permanent in­
vestments and real estate not used in operations.
Even after these deductions he gets a result which is
not small enough to satisfy him. He accordingly
undertakes to eliminate even the amount actually in­
vested in real estate and buildings used in the express
business. With great ingenuousness he argues that
‘ fit is questionable whether these items (namely real
estate and buildings used in operation) should not be
regarded as investment capital and not as operating
capital, fifiie ownership of these holdings is not essen­
tial to express operations, nor is there any reason why
such non-essential holdings should receive net returns,
derived from express charges, from three to more than
ten times the ordinary returns from real estate invest­
ments. Five per cent net after payment of all ex­
penses is the ordinary rate of return from real estate
investments. The fixed capital invested by express
companies in real estate should not be confused with
the active capital required in operation, and should
not draw excessive returns from inflated charges for
express service.”
Through such arbitrary methods and specious
reasoning the $45,864,677 of assets given in the bal­
ance sheet of the American Express Co. are scaled
down so as to show a capital investment in the express
business by that company of only $1,716,004. Simi­
larly, the assets of the United States Express Co. are
cut down from $15,345,027 to $1,894,802, those of
Wells, Fargo & Co. from $37,888,662 to $4,488,452
and those of the Adams Express Co. from $20,455,587



1335

to $3,886,035. Even these diminutive totals, he inti­
mates, are still too large, for he tells us that the “ free
cash balances (meaning by this the cash remaining
after deducting the whole of the current liabilities)
have been assumed to be capital actually and neces­
sarily used in express operation” — an assumption, he
asserts, which “ is not warrantable, as none of the com­
panies do or can use large amounts of cash for operat­
ing purposes.” He finds it impracticable, however,
to go any further in his wholesale process of deductions,
and accordingly he lets it go at that. It is well that
he does, for if the process of elimination had been
carried any further, he would have found that the com­
panies had less than nothing invested in the express
business, and therefore were called upon to perform
the express service gratuitously. Of course, when we
reach this point we get a result bordering on the ridicu­
lous. But that in effect is what the argument against
public service corporations generally comes to. Every­
thing they own or possess they are asked to turn over
for the public benefit—their capital, their highly
organized plant, their systematized methods of con­
ducting business, their extensive facilities— all these
are to be put at public disposal in return for little or
no pecuniary consideration.
It should be distinctly understood f,hat the calcula­
tions of 40 to 125% profits per annum are arrived at
by thus whittling down the capital assumed to be em­
ployed in the express business and then taking the
earnings from the express business (as distinct from
the income from investments) and applying them to
this diminutive total of capital. The Wells, Fargo Co.
is credited with the largest amount of “ current assets
ostensibly used in express operation,” as he terms it,
and yet the amount allowed it is less than 4Yi million
dollars— in exact figures, as we have already seen,
$4,488,452. Note now that this company in its opera­
tions covers 61,869 miles of rail lines and 8,516 miles
of stage, inland steamer and ocean steamship mileage,
and had on June 30 last 6,368 agencies in the United
States and Mexico and gave employment to 17,013
men, not including its numerous correspondents in all
quarters of the globe. We cannot give like details for
the other companies; but think of contending that
the American Express Co., operating on over 47,583
miles of line and having express offices in thousands;
of cities and towns, has only $1,716,004 of actual
capital invested in the express business, or that the
United States Express, operating over 24,533 miles,
with its numerous offices, wagons, delivery service,
&c., has only $1,894,802 employed in the business.
Do we not in this way reach a rcductio ad absurdum
and is not the absurdity so manifest that even the
wayfaring man should be able to see it without having
it pointed out to him?
The harm done by such misleading computations
can hardly be exaggerated. The public, not aware
how the results have been arrived at, accepts them as
correct, and hence is given a wholly erroneous idea of
the real profits derived from the business. The popu­
lace is too prone anyway to think that carrying cor­
porations are over-charging and making inordinate
profits. And demagogues for their own ends are all
the time seeking to encourage the idea. That is the
secret of the hostility to carrying interests displayed
in our State and legislative bodies and which has taken
such hold upon the minds of our legislators that it is

1336

THE CHRONICLE

almost impossible to secure fair treatment for the
carriers.
Our great mercantile bodies should not lend them­
selves to proceedings of that kind. The error that
mistaken notions often lead to is illustrated in the
attitude of hostility merchants and shippers are at
present assuming towards the proposed increase in
rates by the railroads to offset the tremendous advances
in wages which they have been obliged to make.
These advances, it has been estimated, will add be­
tween 100 and 200 million dollars per annum to the
annual expenses of United States railroads. Yet the
users of the roads seem to think that the companies
can somehow take care of this huge added yearly out­
lay without raising the compensation charged for the
transportation service.
As far as the express companies are concerned, it
seems to us there is a better test for determining
whether profits are excessive than the use of some
hypothetical figures regarding the capital employed
in the business. The revenue statements of the com­
panies, as filed with the Inter-State Commerce Com­
mission, would appear to be much more conclusive
on the point. The compiler for the Merchants’ Asso­
ciation gives the figures for the four leading companies,
namely the Adams, the American, the United States,
and the Wells Fargo, after eliminating income from in­
vestments and other extraneous items. We have taken
the pains to add the figures for the four companies
and find that their combined gross receipts from the
express business for the year ending June 30 1909
were $102,109,150; that out of this they paid their
operating expenses and taxes amounting to $45,528,­
678 and paid the railroads for transportation $48,­
866,030, leaving as the “ net operating income from
express service” the sum of only $7,714,442. That
is, on a gross business of $102,109,150 there were net
earnings of only $7,714,442, or barely 7 ^ % . Will any
one contend that net of 7} 4 % on the amount of
business done is excessive?

[VOL. L X X X X .

Inter-State Commerce Commission. The summaries
we give in the present article are the aggregates
derived from the statements of these separate roads,
and hence are very comprehensive, covering practically
the entire railroad mileage of the country. The figures,
accordingly, are conclusive on the point of the aug­
mentation in expenses which is taking place.
In the gross earnings, the addition, as compared
with the same month last year, has been no less than
$31,583,854, or over 15%— in exact figures, 15.54%.
The figures cover 739 roads, operating 230,263 miles,
or 98% of the railroad mileage of the country. But
this very gratifying improvement in the gross revenues
has been attended with an increase of $23,583,626 or
17.55% in the expenditures. Hence, out of the $31,­
583,854 gain in the gross, only $8,000,228 was carried
forward as a gain in the net. As already stated, this is
the result before the great bulk of the recent advances
in wages had begun to take effect. It is obvious,
therefore, that the large gains which our rail transpor­
tation interests are showing in their weekly and
monthly reports of gross revenues arc not all “ velvet.”
March (739 roads) —
1910.
iMllesof road...........................
230,263
Gross earnings....................... §234,804,449
Operating expenses................ 157,945,488
Net earnings-.................... §76,858,961

1909.
226,965
§203,220,595
134,361,862

— Increase or Decrease—
Amount.
%
Inc.
3,298
1.45
Inc. $31,583,854 15.54
Inc. 23,583,626 17.55

$68,858,733

Inc.

$8,000,228

11.62

We need hardly say that the present improvement
follows improvement in the same month last year, but
this latter, on the other hand, succeeded tremendous
losses in 1908. Our figures for March 1909 showed
$21,278,330 increase in gross and $13,769,739 increase
in net, the same covering 223,563 miles of road. The
Inter-State Commerce Commission, in its completed
results, covering 233,702 miles, showed somewhat
larger improvement, namely $22,190,078 in gross and
$14,303,842 in net. In 1908 the Commission had not
yet begun to give out comparative figures. Our own
compilations at that time were somewhat incomplete,
owing to the circumstance that earnings were running
very poorly and a number of big companies withheld
their figures, as they did not care to disclose the
magnitude of their losses. On an aggregate of only
152,058 miles of road, our statement then showed a
decrease of $21,531,681 in gross and of $6,543,631 in net.
We estimated that for the entire railroad mileage of the
country the falling off in gross must have been about
$34,000,000, with a shrinkage of $10,000,000 in the net.
In the following we give the March totals back to
1896. For 1909 we use the Inter-State Commerce
figures, but for preceding years we give the results just
as registered by our own tables each year— a portion
of the railroad mileage of the country being always
unrepresented in the totals, owing to the refusal of
some of the roads to give out monthly figures for
publication._________________________________________

RAILROAD GROSS AND NET EARNINGS FOR
MARCH.
The chief feature in our compilation of the earnings
of United States railroads for the month of March is
the growth disclosed in the expenses. Gross revenues
are satisfactory enough, continuing to record very
considerable gains, but a larger percentage of the same
is being absorbed each month by augmented expenses.
The matter is important for a twofold reason. In the
first place, the railroads are being obliged to make
enormous new capital additions in order to meet the
demands of a steadily increasing traffic, and hence
considerable additions to the net earnings are necessary
to enable the companies to earn interest or dividends
Net Earnings.
Gross Earnings.
on these new amounts of money put into the proper­
Year.
Year
Year
Inc. ( + ) or
Inc. ( + ) or
Year
Year
ties. In the second place, wages of all classes of rail­
Given.
Preceding. Dec. (— ).
Preceding. Dec (—).
Given.
way employees all over the country are being raised, March.
$
5
§
§
§
$
51,220,449 + 1,172,644 16,004,390 16,051,228
52,393,093
— 46,839
.
and these higher wage-scales have not yet begun to 1896..
+869,474 17,992,125 16,507,339 + 1,424,786
1897 . . . 66,662,338 55,702,864
IS'IS
65,920,850 57,313,697 +8,607,153 21,833,910 18,0 15,866 +3,788,044
count to any great extent in the returns. It follows 1899
. . . 71,322,133 66,789,833 + 4,532,300 23.576.797 21,872,713 + 1,704,084
9 0 0 .. 81.916,098
.
72,318,540 + 9,627,558 20,782,183 23,895,780 + 2,880,403
that further augmentations in expenses must be looked 11901
. . . 96,738,826 88,084,673 + 8,651,153 32,780, i:i9 28,903,196 + 3,877,243
562,836
1902 . . . 97,290,104 92,943,633 + 4,340,471 31,299,387 30,736,551
for in the future. Under these circumstances it is not 1903 . . 106,208,702 91,541,576 + 14,667,126 33,400,751 28,846,908 + +4,559,843
1901 . . . 110,945,055 110,657,629
+ 287,426 30.028.797 34,291,160 —3,062,363
difficult to understand why railroad managers should ICO> 120,507,721 110,277,421 + 10,230,303 36,878,227 31,654,402 + 5,223,825
. . . 129,838,708 116,861,229 + 12,977,479 40,349,748 35,312,906 + 5,030,842
be so anxious to secure advances in freight and 1906
+ 63,814
1907 . . . 111 580,502 128,600,109 + 12,980.393 40,967,927 40,904,113
1908 . . . 141,193,819 162,725,500 —21,531,681 39,328,523 45,872,154 —6,543,031
passenger rates.
1909 . . . 205,700,013 183,509,935 + 22,190,078 69,613,713 55,309,871 + 14,303,842
203,220,595 +31,583,854 76,858,901 68,858,733 +8,000,228
1 9 1 0 .. 234 804,449
.
In the monthly number of our “ Railway Earnings
Includes for March 141 roads In 1896; 127 In 1897; 137 In 1898; 123 In 18991
Section .” which accompanies to-day’s issue of our 126Note.—
In 1900; 123 In 1901: 120 In 1902; 107 In 1903; 101 In 1901; 101 In 1905; 96 In 1906;
94 In 1907; 103 In 1908; 715 In 1909; 739 In 1910. Neither the Mexican roads nor the
paper, we publish the detailed reports of earnings and coal-mlnlng
operations of the anthracite coal roads are Included In any of these totals.
expenses of all operating steam railroads which have
In the case of the separate roads increases in expenses
filed their returns for the month of March with the have in many instances reached such magnitude as to



1337

THE CHRONICLE

May 21 1910.]

wipe out completely the gains in the gross, large
though these have been, leaving actual losses in the
net. The New York Central furnishes a striking in­
stance of the kind; while having added $725,667 to its
gross, net has fallen $840,578 behind because of an in­
crease of $1,566,245 in its expenses. The Atchison,
though having enlarged its gross by $954,242, is
obliged to report a decrease of $472,488 in net; the
Rock Island, with $406,831 gain in gross, has a
decrease of $393,248 in net; the St. Louis & San
Francisco, with $481,107 gain in gross, loses $98,894
in net; and the Northern Pacific, with $241,304 in­
crease in gross, has $540,055 decrease in net. The
Union Pacific added no less than $958,767 to its gross,
and yet has sustained a diminution of $366,291 in net.
There are also many instances where a large improvement
in gross has been nearly, though not entirely, wiped out.
A conspicuous case is the Chicago Burlington & Quincy,
which has bettered gross by $1,049,273 but net by
only $20,644. The Southern Pacific, out of $924,873
gain in gross, saved only $166,178 for the net, and the
Louisville & Nashville, out of $883,132 gain, saved
only $199,200. In the following we show all changes
for the separate roads for amounts in excess of $100,­
000, whether increases or decreases, and both in the
gross and in the net. While the list includes not a few
satisfactory increases in net, the disparity between the
extent and number of the increases in the gross and
those in the net will not fail to attract attention. The
losses in gross by the anthracite roads follow from the
reduced amount of anthracite mined.

c These figures are furnished b y the com pany
***v These figures represent the lines directly operated east and west o f
P ittsburgh, the Eastern lines showing $1,259,967 Increase and the W estern
lines $419,740 Increase. For all lines owned, leased, operated and con­
trolled, the result Is a gain of $1,838,075.

jvjWhen the roads^are^arranged in geographical divi­
sions, the increase in the expenditures is again the
chief f e a t u r e E v e r y division, as would be expected,
records^improvement in the gross, but one of the
divisions actually shows a loss in net, and some groups
show only very trifling gains in the net. The division
distinguished for a loss is Group_10, composed of roads
on]the]Pacific Coast. With $1,245,021 increase in gross
(almost 11%) there is $356,805 decrease in net,- or
6.99% .rjTn the geographical division comprising Groups
8jand 9, made up chiefly of Southwestern roads, an
addition of $4,448,064 to gross has brought an increase
of only $235,001 in net. Our summary by groups is
as follows:
SUMMARY BY GROUPS.
--------------------- Gross EarningsInc. ( + ) or
Dec. (—).
1910.
1909.
S
S
$
March—
10,869,153
9,909,668
+959,485
56,534,214 50,225,108 + 6,309,106
Group 3 (98 roads), Middle West . . . 34,150,330 27,120,244 +7,030,086
31,332,857 26,633,112 + 4,699,745
50,640,784 43,748,437 + 6,892,347
Groups 8 & 9 (157 roads), Southwest-. 38,412,8.86 33,964,822 + 4,448,064
Group 10 (59 roads), Pacific Coast----- 12,864,225 11,619,204 + 1,245,021
Section or Group—

.234,804,449 203,220,595 + 31,583,854
-Net Eamingslnc. ( + ) or
Dec. (—).
1909.
1910.
S
S
$
+ 372,935
2,957,294
3,330,229
7,751
Group No. 1_______ 7,781
Group No. 2 ............ 26,637 26,403 17,969,390 16,351,334 + 1,618,056
7,625.446 +3,077,005
Group No. 3 . . ...........26,513 26,277 10,702,451
9,316,085 + 2,121,663
Groups Nos. 4 & 5 .. 39,711 39,000 11,437,748
+ 932,373
Groups Nos. 6 & 7 .. 61,019 60.375 17,692,583 16,760,210
+ 235,001
Groups Nos. 8 & 9 -- 53,620 53,163 10,972,445 10,737,444
5,110,920
—356,805
4,754,115
Group No. 10......... 14,982 13,996
------Mileage
1909.
1910

226,965
T o t a l.................... 230,263 226,965

76,858,961

68,858,733

%
9.68
12.56
25.92
17.65
15.75
13.01
10.72
15.54

%
12.61
9.90
40.35
22.77
5.56
2.19
6.99

+ 8.000,228 11.62

NOTE.—Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
PR IN CIPAL, CHAN GES IN GROSS E A R N IN G S IN M A R CH .
Increases. the extreme northern portion of West Virginia.
Lehigh V a lle y -.................... $238,492
Group III. Includes all of Ohio and Indiana; all ot Michigan except the northern
Pennsylvania ..................
Chic St Paul Minn & 0 _ ._
220,469 peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Baltimore & O hio------------}-788,958
219,439 Pittsburgh.
Chicago Burl & Q u in c y ... 1,049,273 Delaware & H udson_____
15uHalo R och & Pittsburgh
211,904
Union Pacific-------------Si??’ !*!! Chicago
Groups IV . and V. combined include the Southern States south of the Ohio and
Great W estern—
c211,814
A tch Topeka & Santa F e .
954,242
east of the Mississippi River.
200,114
Southern P a c ific -------------924,783 Spokane Portl & SeattleGroups VI. and VII. combined Include the northern peninsula of Michigan, all of
N
Y
Chicago
&
St
L
ouis.
.
168,793
L ouisville•& Nashville—
883,132
168,214
Minnesota, Wisconsin, Iowaand Illinois; allot South Dakota andNorth Dakota, and
Chicago & North W estern.
872,546 Chicago Ind & S ou th ern ..
Central
of
Georgia_______
166,510
Missouri north ot St. Louis and Kansas City; also all of Montana, Wyoming and
Illinois C en tra l................
837,287
166,278 Nebraska, together with Colorado north of a line parallel to the State line passing
Missouri Pacific__________ c787,995 Texas & Pacific__________
165,004
Lake Shore & Mich S o —
741,302 Bessemer & Lake Erie—
through Denver.
W
heeling
&
Lake
Erie—
162,923
Chicago MUw & St P a u l-.
728,855
Groups VIII. and IX . combined Include all of Kansas, Oklahoma, Arkansas and
N Y Central & Hudson ltlv a725,667 Western M aryland----------- C155.721
139,834 Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south of
686,327 Pere M arquette__________
Norfolk & W estern............
'
"
Denver; the whole of Texas and the bulk of Louisiana; and that portion of New
Great N orthorn__________
671,549 Cine New Orl & T ex P a c ..
._ Mexico north of a line running from the northwest corner of the State through
Pittsburgh & Lake E r ie ..
644,565 Toledo & Ohio Central—
136,292 Santa Fe and east of a line running from Santa Fe to El Paso.
Chesapeake & O h io --------037,055 Vandalla ________________
131,540
cie v e Cine Chic & St L__
504,697 Cine Ham & D a yton -----Group X . Includes all of Washington, Oregon, Idaho. California, Nevada, Utah
123,087
Southern R ailw ay________
48o,491 Union (P a )_______________
and Arizona, and the Western part of New Mexico.
114,498
St Louis & San Francisco.
481,10/ Oregon & W ashington..
112,372
__________________
450,177 Chicago & A lto n _________
107,942
N Y New Haven & H a rtf.
437,987 Minn St Paul & S S M . . .
107,713
R ock Island.........................
406,831 Kansas City Southern-----101,698 ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
W abash__________________
374,781 Chicago Ind & Louisville.
100,904
Int.
&
Great
Northern
.
.
Atlantic Coast Line
- -371,666
— The public sales of bank stocks this week aggregate 427
Chicago & Eastern Illinois
347,007
Representing 60 roads
shares, of which 24S shares were sold at the Stock Exchange
H ocking V alley....... ...........
331,253
In
our
com
p
ila
tion
..$28,073,334
Boston & M a in e ............
" f l ’osi
and 179 shares at auction. The transactions in trust com­
Decreases
/Michigan Central- -------313,934
Missouri Kansas & T exa s.
301.614 San Ped Los A ng & S Lake $348,989 pany stocks reach a total of 139 shares.
Fifty shares of
Denver & Rio Grande-----279,656 Delaware Lack & Western 227,945
149,421
Seaboard Air Line-----------2.>9,874 Central of New Jersey____
Mercantile National Bank stock were sold at 160, an advance

S S ta

of 7 points over last week’s sale price. A sale of 100 shares
Colorado ^ S o u t h e r n " " I c24o|954 'R ep resen tin g 3 roads In
Joliet & X s t e ? n : . :
240.301
our c o m p i la t i o n ..... *726.355
Note — All the figures In the a bove are on the basis of the returns filed of Farmers’ Loan & Trust Co. stock was made at 1750.
Last previous sale.
High. Close.
Low.
with the Inter-State Commerce Commission. W here, however, these Shares. B A N K S — New York.
returns d o * not show the total for any system , we have com bined the
Mch. 1910— 120
101
101
101
10 Audubon Nat. B ank-------separate roads so as to make the results conform as nearly as possible to
April
1910— 400
.
393
395
'A
39 City Bank, N ational-----395 H
those gfven in the statements furnished by the com pands themselves.
May 1910— 210
214
214
*203 Comm erce, Nat. Bank of- 210
a These figures cover merely the operations ot
May 1910— 150
Itself. Including the various auxiliary and controlled roads, like the
150
150
50 Fourteenth Street B a n k .. 150
Michigan Central, the Lake Shore, the ‘ Big Four, the Nickel Plate,
May 1910— 197
196
195
195
*40 Fourth National B a n k ...
& c., the whole going to form the New York Central System, the result Is
Jan.
1910— 260 yi
255
%
255
H
255
H
10 Market & Fulton Nat. B k .
a gain of $3,703,625.
May 1910— 153
160
160
c These figures are furnished b y the com pany.
. .
50 Mercantile National Bank . ip o
y These figures represent the lines directly operated east and w est of
15 Northern B an k--------------- . 100 M 100 Vt 100 M May 1910— 100
Pittsburgh, Eastern lines showing $2,105,898 Increase and the Western
April 1910— 105
109
109
5 Reserve Bank, National . 109
lines $1,772,800. For all lines owned, leased, operated and controlled, the
T R U S T COM PAN IES— New York.
result for the month Is a gain of $4,523,740.
Mch. 1910— 373
360
360
10 Astor Trust C o----------------- . 360
P R IN C IP A L CHAN GES IN NET E A R N IN G S IN M ARCH .
150
May 1910— 151
Increases
150
25 Carnegie Trust Co
— . 150
c$131,304
Colorado
&
Southern-----N ov. 1909— 1868
P e n n s y lv a n ia ....... ...........V%1,679,707
100 Farmers’ Loan & Trust Co .1750 1750 1750
126,773
Baltimore & O h io ........... 798,660 A tlantic Coast Line---------1907— 850
740
Oct.
740
.
740
4 Mercantile Trust C o ---------c l 22,928
Illinois Central----------------494,247 Western M aryland______
Pittsburgh & Lake E r ie ..
482,024 Chicago Great W estern .. C119.616
*
Sold
at
the
Stock
Exchange.
117,914
Norfolk & W estern............
394,o72 Yazoo & Mississippi Valley
114,652
Missouri Pacific ..........
c389-761 Bessemer & Lake Erie___
— President Taft on the 16th inst. signed the bill creating
111,369
Chesapeake & O h io. -----352,911 Seaboard Air Line_______
106,592 in the Department of the Interior a Bureau of Mines.
The
Chicago & North W estern.
276,501 Lehigh V alley.......................
Delaware & H udson-------H J ’lan
conference report on the bill was adopted by Congress last
Representing 32 roads
228.280
Cieve Cine Chic & St L . . .
In our com pilation___$8,910,612
223,333
Denver & Uto G r a n d e .-.week.
Decreases
221,787
N Y New Haven & H a rtf.
N Y Cent & Hudson R lv . a$840,578
W abash..................................
S iS ’S U Northern P a c ific ................
__ The action of the New York Stock Exchange in remain­
540,055
Southern 181: 345 Atch Topeka & Santa F e .
472,438
ing closed until noon yesterday, in observance of the funeral
393,248
Louisville & N ashville.. .
J ^ .2 0 0 R ock Island_____________
366,291
obsequies of King Edward, was followed by all the other
H ocking V a lle y ..
----186-741 Union Pacific.......................
362,196
Chicago Mllw & St P a u l..
183,009 San Ped Los Ang & S Lake
important Exchanges. The New York Cotton Exchange
Delaware
Lack
&
Western
252,135
Chicago St P Minn & O . .
173,948
Central of New Jersey____
184,519
Michigan C e n t r a l..............
177,590 was the only one of the local bodies which did not pursue this
Southern Pacific ................
166,178 Philadelphia & R e a d in g ..
course, and its failure to remain closed during the forenoon
Texas & Pacific...............
162,453
Representing 9 roads
160,942
Lake Shore & Mich S o . .
was due to the fact that the day happened to be one of the
_______
o _______________
144,000
■M in our com pilation___$3,589,050
N Y
Chicago
& St Louis
a These figures cover^m ercly the operations of the New York Central notice days for May cotton contracts. The Boston, Philatself. For the New York Central System the result Is a gain of $721,895




Tnrrpn

133S

THE CHRONICLE

delphia and Baltimore Stock Exchanges all suspended busi­
ness during the morning hours. The Chicago Stock E x ­
change opened in the morning, but closed for the day at 11
o’clock.
— Two New York Stock Exchange memberships were
posted for transfer this week for $78,000 each, a sale having
been made last week for the same consideration. The last
previous transaction was for $75,000.
— A modification of its rules affecting the admittance of
visitors to its gallery has been made by the New York Stock
Exchange
Under a ruling which had been in force since
1908, following the panic period, it was required that visitors
to the gallery be accompanied there by a member, who was
obliged to remain with the visitor; now the members are no
longer called upon to remain with their guests after accom­
panying them to the gallery. Visitors may also now obtain
admission to the gallery upon written application to the Secre­
tary of the Exchange from members.
— The bill affecting time certificates of deposit in State
banks, which was defeated in the Senate at Albany on
April 12, was called up for re-consideration on the 19th inst.
and passed by a vote of 27 to 22. The measure is intended
to give to the State banks the same privilege accorded to
trust companies in permitting the issuance of time certificates
representing money actually on deposit, and providing that
no reserve need be carried against the sums represented by
certificates which are not payable within thirty days.
— The bill providing for the formation of corporations
having shares of stock without a nominal or par value, which
was passed by the Assembly on April 27, is reported to have
passed the Senate on the 9th inst.
— An investigation of the Boston Stock Exchange, as pro­
vided for in a bill introduced in the Massachusetts Legisla­
ture by ex-Representative W . B. Willcutt on the 9th inst.,
was unanimously voted down by the joint legislative Com­
mittee on Rules on the 16th inst. Mr. Willcutt, it is stated,
was the only one who supported the petition before the com­
mittee.
— The bill passed at the recent session of the Ohio Legis­
lature providing for the liquidation of insolvent banks by
the State Banking Department, as is the case in New York
State, was signed by Governor Harmon on the 18th inst.
The passage of the measure was advocated by B . B. Sey­
mour, Bank Superintendent of Ohio, former Governor Myron
T . Herrick and the Ohio Bankers’ Association.
— An address on “ The Government and Money Power” ,
delivered by James IC. Lynch, Vice-President of the First
National Bank of San Francisco, was one of the features of
the program of the California Bankers’ Association at its
annual meeting held at Riverside on the 5th, 6th and 7th
inst. Mr. Lynch well says that “ the word Government,
or more particularly ‘The Government,’ calls up in the mind
of the average man an imaginary something akin to that
evoked when Divine Providence enters his thoughts; some­
thing vague, shadowy, shapeless; an imminence, yet difficult
to localize, its attributes uncertain and ill-defined, yet most
certainly possessed of vast power and able to undertake
any task too great for him or his fellows.” The reasons that
are advanced for the Government administration of various
enterprises, particularly of the railroads and what are now
called public service corporations, may be reduced, Mr.
Lynch points out, to an indictment of the men who have man­
aged them, in which they are accused of rapacity, fraud and
a general disregard of the rights of the public. To these
charges we would in many cases have to enter a plea of guilty
on helialf of the accused. Human nature, he argued, is un­
fortunately prone to take advantage where unrestrained.
But what of the Government that has permitted these in­
fractions of popular rights, he asks. If it had not signally
failed in its primary duty of administering justice, these
causes of complaint would not exist; and yet, by a curious
inversion of reason, its failure is made an excuse for giving it
greater and more varied duties. As an example of what
the Government can do with the administration of an in­
dustrial enterprise, Mr. Lynch invited a study of the opera­
tions of the Post Office— a field in which there has been no
competition, and with which we have no standard of com­
parison. As to the $16,000,000 deficit therein, Mr. Lynch
states, the Government officials never have to know how
the deficit occurs— all that they want to know is that enough
taxes are raised to take care of it. Stoddard Jess, Vice­
President of the First National Bank of Los Angeles, offered
many practical suggestions for facilitating the handling of




[V O L . L X X X X .

numerous checking accounts in an address entitled “ Uniting
the Work of Receiving and Paying Tellers.”
— William Hanhart, Secretary of the Savings Bank Sec­
tion of the American Bankers’ Association, in an address
made before the New Jersey Savings Bank Association at
its annual meeting at Morristown on the 18th inst. presented
some interesting statistics bearing on savings deposits tend­
ing to show how far ahead the United States is in respect to
the savings of its people as compared with other and older
countries. W e make the following extract:
The total savings deposits In the United States as per report o f the
National Monetary Commission amounted In April 1909 to $5,678,735,379.
This Is an average of $381 28 per account and $64 03 per capita o f popula­
tion, and one person out o f six has a savings account In the Unlted;States.
In England deposits In trustee and postal savings banks am ount to $1,033,­
470,204, an average of $80 70 per account and $23 08 per capita of p op u la .
tlon. In France the total savings deposits, Including the postal savings,
am ount to $961,355,347, an average of $74 03 per account and $24 48 per
capita of population. In Germany (and, by the way, Germany Is the on ly
Important country In Europe that has no postal savings banks, and at the
same time enjoys to-day the greatest econom ic local prosperity) the total
savings deposits amount to $3,191,882,000, an average of $171 07 per
account and $51 79 per capita of population.
Taking the whole civilized world Into account, but excepting the United
States, the 95,524,331 depositors In private, postal and m unicipal savingbanks have $9,710,936,635 to their credit, making an average of $101 66
per account, $11 89 per capita of population and one person out of eight
and one-half has a savings bank account.

— Comptroller of the Currency Lawrence O. Murray has
recently undertaken to bring about further reforms in his
department, and new measures to accomplish this are re­
ported in the “ Journal of Commerce.”
To ensure closer attention on the part of bank directors to
the affairs of institutions where the management is found to
be in any way defective, the “ Journal” reports that a formal
statement has been prepared in which the directors are called
upon at each examination to report the extent of their
knowledge of the condition of the bank as disclosed by the
examination. The following form, the “ Journal” states,
shows what is now practically universally being required of
the less well managed banks of the system:
W e, the undersigned, directors of t h e _____________ beg to advise you
that we have this day examined all of the bills and notes, form ing part of
the assets of the above-nam ed bank, and declare, to the best of our know l­
edge and belief, that: 1— All the signatures and endorsements on the
same are genuine. 2— All securities pledged as collateral for any of the
aforesaid bills and notes are In the custody or control of the bank. 3— All
of the aforesaid bills and notes are good and collectible, with the exceptions
as stated below. 4— The excess loan law has not been violated by a ccom ­
m odation notes or otherwise. Exceptions to the a bove are a s' follow s:
----------------The following matters requiring attention were criticized by
the examiner and called to the attention of the board. W e will use our
best endeavors to right these matters.
Signed, directors.

Still another regulation, which concerns institutions seek­
ing renewals of their charters, is announced. In this case
a notice as follows has been issued:
The charter of your association will shortly expire by limitation. If you
desire an extension of charter please forward a com plete cop y of your b y ­
laws to this office. They should provide for at least m onthly meetings of
the board of directors, the appointm ent of exam ining and discount com ­
mittees, the approval by the directors at the regular m onthly meetings of
all loans and discounts and the recording of such approval In permanent
form . If your by-laws do not already cover these requirements, the board
of directors should adopt the necessary amendments.

— It is announced that all but about 4 0 % of the $2,000,000
stock lately issued by the Fourth National Bank of this city
was subscribed for by the stockholders. The portion re­
maining has been taken over by the syndicate which under­
wrote the new stock; the dissolution of this syndicate will
take place in a few days. The capital of the bank was in­
creased through the issuance of the new stock from $8,000,000
to $5,000,000. The selling price was $200 per share. It is
contemplated to enlarge the board of directors, and new and
influential interests are to become identified with the direc­
torate. As stated herein on April 30, the bank has aban­
doned for the time being its plans for the erection of a new
building on its present site. It owns the entire Nassau Street
block, with side street frontage on both Fine and Cedar streets,
and will spend $150,000 on improvements, which are about to
be made in its quarters. The bank is favored in the location
it possesses by reason of the permanent light ensured to it,
being surrounded by the low Sub-Treasury Building on the
opposite side of Pine Street, by the Speyer Building, abutting
on the east and the Harvey Fisk & Co. Building on the Cedar
Street side.
— The United States Supreme Court on the 16th inst. de­
nied an application for permission to file a petition for a writ
of habeas corpus to secure the release of Charles W . Morse
from the Atlanta Penitentiary. Mr. Morse, who was con­
victed on charges of misapplying funds of the failed National
Bank of North America of this city, and sentenced to fifteen
years in the Atlanta prison, began his term of imprisonment
in January. His wife has since been indefatigable in her

May 21 1910.

THE CHRONICLE

efforts to secure signatures to a petition for his pardon,
and out of 100,000 signatures said to have thus far been ob­
tained, some 200 are those of Congressmen. A bill now be­
fore Congress, and passed by the House on the 16th inst.,
will, it is thought, if enacted, have the effect of reducing Mr.
Morse’s term to five years. It provides that prisoners, ex­
cepting those sentenced for life or for less than one year, and
who have not previously served a term of imprisonment
of at least one year, may be released by the parole board
of the prison after having served one-third of their
sentence, exclusive of good behavior allowance. The Sen­
ate is understood to have passed a similar bill under which
such release would be effected.
— Francis H . Page, for fifteen years Second Vice-President
of the Washington Trust Co., 253 Broadway, was elected
Vice-President of the institution this week.
— The holdings in the United States Mortgage & Trust
Co. of this city acquired several years ago from the Mutual
Life Insurance by George W . Young, Leroy W . Baldwin and
some associates have been taken over by the interests at
present in control of the company. Messrs. Young and
Baldwin were members of a syndicate formed in 1907 to
purchase all the holdings of the Mutual in the U. S. Mortgage
& Trust, and it was understood that a consolidation of the
latter with some smaller companies was planned. The syn­
dicate, however, never completed its purchase of the Mutual
Life holdings. The amount of stock represented in the present
transfer is said to be about 1,200 shares, and its disposal
serves to place with those now in control all the stock of that
institution which had formerly been owned by the Mutual.
The purchase of 5,000 shares of the institution’s stock from
the latter was effected early this year by Kuhn, Loeb & Co.
interests, and last year a block of its stock (4,536 shares)
was sold by the Mutual to the late C. C. Cuyler, whose asso­
ciates in the purchase included Mortimer L. Schiff of Kuhn,
Loeb & Co.
The United States Mortgage & Trust Co. has been appointed
and designated by the United States District Court for the
Southern District of New York as a depository for the money
of bankrupt estates under the provisions of the statutes of
the United States.
— As over four hundred bankers and their friends have
already engaged accommodations on the special train de luxe,
or “ Bankers’ Special,” to be run under the auspices of the
New York State Bankers’ Association, in co-operation with
the bankers’ associations of Massachusetts, Virginia, West
Virginia, North Carolina and South Carolina, it is advisable
that those who contemplate attending the American Bankers’
Convention at Los Angeles this fall make their reservations
as soon as possible.
The New York Central Railroad is
striving to make the equipment of their “ special” the
finest that is obtainable. The committee on transportation
and arrangements consists of Ledyard Cogswell-, President
of the New York State National Bank, Albany, and President
of the New York State Bankers’ Association; Charles Elliot
Warren, Chairman and Vice-President of the Lincoln Na­
tional Bank, New York; David II. Pierson, Cashier Bank of
Manhattan Co., New York; E. S. Tefft, Cashier First National
Bank, Syracuse, and Hiram II. Smith, President of the Bank
of Rockville Center, Rockville Center, N. Y .
— Union N. Bethell, President of the New York Telephone
Co., has been elected a director of the Columbia Trust Co. of
this city.
— Plans arc under way for the establishment of a new bank
in the Greenpoint section of Brooklyn Borough. The pro­
posed institution is to be known as the Greenpoint National
Bank and it is to have a capital of $200,000, with a surplus
of S 100,000. The enterprise is being developed by Walter
Wilmurt, who was Manager of the Seventeenth Ward Branch
of the Union Bank, which closed its doors in April. Prior to
the merger in 1906 of the Seventeenth Ward Bank with the
Mechanics’ & Traders’ Bank (of which the Union Bank was
the successor), Mr. Wilmurt had been Cashier of the Seven­
teenth Ward Bank. There is at present but one banking in­
stitution in the Greenpoint section, a branch of the Corn
Exchange Bank.
— A third dividend was distributed on the 11th inst. to the
depositors of the failed Lafayette Trust Co. of Brooklyn Bor­
ough. The amount disbursed is 1 0 % , making a total of
4 0 % since the institution suspended in November 1908.
The dividends previously paid were 10% on May 1 1909 and
2 0 % on Oct. 1 1909. An assessment of 10 0% was levied
upon the stockholders in March, but this, it is stated, is not




1339

collectible until after the expiration of sixty days from the
date of the notice of such levy. A proposition for the pur­
chase of the remaining assets of the institution is said to
have been made to State Superintendent Cheney last month
by Campbell Carrington in the interest of the Assets Realiza­
tion Co., but nothing appears to have come of the negotia­
tions.
— The Ridgewood National Bank of Brooklyn, which
began business about a year ago— May 27 1909— declared a
first dividend this week of 2 % , payable May 27 to holders
of record May 20.
— Joseph P. Stair, heretofore a teller in the Home Trust
Co. of Brooklyn Borough, has been elected an Assistant Secre­
tary of the Company
— According to a statement filed in the office of the Clerk
of Oneida County, N . Y ., on the 14th inst. in an action of
replevin begun in the Supreme Court against J. Howard
Lowery, late Assistant Cashier of the Utica City National
Bank of Utica, N . Y ., the latter is alleged to be a defaulter
to the extent of $115,000. The accused has been missing
since April 26
His peculations are said to have existed
since 1906. The bank has a capital of $1,000,000, and in
Januaiy reported surplus and profits of $337,000.
— George W . Coleman, former bookkeeper of the failed
National City Bank of Cambridge, Mass., pleaded guilty on
the 18th inst. to the charge of misapplying funds of the in­
stitution and was sentenced to fifteen years in the Green­
field, Mass., prison. The bank closed its doors in February
with the disclosure brought about through National Bank
Examiner Pepper of a shortage in its accounts. Two others
are to be placed on trial as a result of the failure of the bank,
William J. Keliher, who is charged with aiding and abetting
Bookkeeper Coleman in misappropriating the funds of the
Bank, and Wilson W . Lockhart, an extra clerk employed by
the institution, indicted on charges of making false entries
and aiding and abetting the bookkeeper.
— John A. Hall, former Treasurer of the Southbridge Sav­
ings Bank of Southbridge, Mass., was indicted on the 13th
inst. by the Worcester County grand jury on fifteen counts,
said to allege the larceny of $104,000 of the bank’s funds.
He was sentenced on Thursday to not less than twelve nor
more than fifteen years in the State prison at Charlestown.
The bank was closed on Jan. 21. In a report of Bank E x­
aminer J. O. Otis, made public in February, a deficit of
$424,443 was estimated in its accounts.
— John D. Edgell has been elected President of the Gardner
Savings Bank of Gardner, Mass., to succeed the late Charles
W . Conant. Francis S Whittemore has been chosen to
succeed Mr. Edgell as Treasurer of the institution.
— Carlton Yarnall has been chosen to the board of the
Franklin National Bank of Philadelphia to fill the vacancy
due to the death of Levi C. Weir.
~ — W . M. Barrett, President of Adams Express Co., has
been elected to succeed the late L. C. Weir as a director of
the Commercial Trust Co. of Philadelphia
— A . A . Vilsack, former Cashier of the German National
Bank of Pittsburgh, was sentenced on the 14th inst. to eight
months’ imprisonment in the county jail and to pay a fine
of $5,000 on charges growing out of the councilmanic bribery
cases. William W . Ramsey, former President of the bank,
who was sentenced to eighteen months’ imprisonment, and
the payment of a fine of $1,000, began his prison term in
March. Mr. Ramsey was convicted on charges of bribery in
connection with the alleged payment of $17,500 to a council­
man to secure the passage of an ordinance making the bank
a city depositary. Judge Frazer, before passing sentence
upon Mr. Vilsack, stated that the defendant deserved the
greatest leniency, inasmuch as he had pleaded guilty, and
had become a witness for the State, thus saving the Common­
wealth the expense of a trial. He also claimed it to be evi­
dent that neither he nor Mr. Ramsey had profited by the
deal.
— Judge Holt, of the United States Circuit Court of New
York, on the 14th inst. dismissed the writ of habeas corpus
obtained by counsel for Frank N . Iloffstot, President of the
German National Bank of Allegheny, P a., to prevent his
removal from New York on an indictment returned against
him in Pittsburgh. An order for his extradition was signed
by Gov. Hughes in April, following the handing down of the
indictment, which is said to charge conspiracy and bribery in
connection with the passage of an ordinance under which
several banks in which Mr. Hoffstot was interested were
named as city depositories. Judge Holt, in passing upon the

1340

THE CHRONICLE

[VOL.

LXXXX.

matter, said: “ My conclusion is that the writ should be
dismissed; but as in my opinion the question involved in
this case is doubtful, a stay will be granted if the petitioner
desires to appeal.”

— Plans are under way for the consolidation of the City
Bank of Richmond (V a.) and the National State Bank.
The latter has a capital of $500,000 and surplus and
profits of $440,000. The City Bank has $400,000 capital
— Pierre Jay, Vice-President of the Bank of the Manhattan and surplus and profits of about $200,000. The stockholders
Company of New York, is to be one of the speakers at the of the National State Bank have been called to meet on
annual convention of the Maryland Bankers’ Association, to June 16 to act on the proposition to increase the capital of
be held on June 21, 22 and 23 at Blue Mountain, Md. Lewis their institution to $1,000,000, to consider a change in its
E . Pierson, President of the American Bankers’ Association, name and the question of consolidating with the City Bank.
and President of the Irving National Exchange Bank of New
— The establishment of a new financial institution in Nash­
York, will also address the meeting, as will It. E . James, ville is planned, a charter having been filed for the Union
President of the Easton Trust Co. of Easton, Pa.
Trust Co., which will have $100,000 capital and $30,000
— The First National Bank of Cleveland, Ohio, the seventh
to be organized under the National Banking Act, has been
authorized to take its original number.
— U . G. Walker, formerly President of the South Cleveland
Banking Co. of Cleveland, Ohio, was sentenced on the
16th inst. to five years’ imprisonment, on charges of perjury
growing out of the alleged filing of false statements with the
Banking Department. A stay of execution of the sentence
until the 31st inst. was granted, and hearings by the Circuit
Court on arguments in the matter will be had on the 25th.
— A dividend, in liquidation, of 10 0% on the stock of the
Hamilton National Bank of Chicago has been declared. The
business of the institution was merged in February with the
National City Bank. The Hamilton, at the time of the
merger, had $500,000 capital and surplus and undivided
profits in the neighborhood of $145,000. The National City
is understood to have paid 3 % on the deposits of the Hamil­
ton, amounting to about $8,000,000, involving a payment
of some $240,000 for the absorbed bank’s business.
— A t a meeting of the directors of the Railway Exchange
Bank of Chicago on the 12th inst. Harold T . Griswold was
appointed Assistant Cashier.
— The new La Salle Street National Bank and the La Salle
Street Trust Co. of Chicago will both clear through the Corn
Exchange National Bank.
— Chas. II. Anthony, for a year past with the bond de­
partment of the American Trust & Savings Bank of Chicago,
has resigned his position to become manager of the bond de­
partment of the Joseph M. Boyd Co. of Madison, W is. The
Boyd company has a large mortgage loan business and has
taken up the bond business conjointly with the American
Trust & Savings Bank.
— John H . Happ, for several years Wisconsin representa­
tive of Mason, Lewis & Co., and the succeeding firm of Mason
& Co., has become associated with the bond department of
the American Trust & Savings Bank of Chicago. Mr. Happ
will have his headquarters in Milwaukee. He will have
charge of the Eastern Wisconsin territory.
— E . W . Decker, Vice-President of the Northwestern
National Bank of Minneapolis, was elected President of the
Minnesota Loan & Trust Co. of Minneapolis at the annual
meeting on the 10th inst., succeeding E . A . Merrill, who
declined re-election. Mr. Merrill was the organizer of the
institution and had been at its head since its establishment
in 1883. His intention to relinquish the presidency was made
kne h some time since to the directors, who have induced
him to remain identified with the company as Chairman of
its board of directors. Under arrangements perfected last
year, the Minnesota Loan & Trust and the Northwestern
National Bank are closely affiliated. Mr. Decker, the new
President of the trust company, will continue as Vice-Presi­
dent of the bank.
— The North Side State Bank of Minneapolis, organized
with a capital of $50,000, began business on the 3d inst. at
Washington and Plymouth avenues, North.
H . J. Dahn
is Px-esident and W . II. Dahn is Cashier.
— Another small Minneapolis bank, the Minnehaha State
Bank, commenced business early this month. It has $30,000
capital and is under the management of John S. Tucker,
President; Isaac Hazlett, Vice-President, and F. E . Worden,
Cashier. The institution has temporary quarters at 4144
Twenty-fifth St.
— August Gehner, President of the German-American
Bank of St. Louis and a director of the Mississippi Valley
Trust Co., died on the 14th inst. Mr. Gehner was born in
Germany in 1846, but located in St. Louis in 1859. Aside
from the interests referred to, he was Third Vice-President
of the Planters’ Hotel Co., a director of the Laclede Gas Light
Co., the Union Electric Light & Power Co. and the Kinloch
Telephone Co.




surplus. The movement has been undertaken by interests
in the Union Bank & Trust Co., and the quarters which have
just been vacated by the latter at 308 Third Avenue North
will be utilized by the prospective institution. The Union
Trust will not engage in a commercial banking business, but
will operate trust and savings departments. J. II. Howe,
who, it is stated, will shortly be elected a Vice-President of
the Union Bank & Trust Co., is to be President of the Union
Trust. V . I. Witherspoon, Assistant Cashier of the Union
Bank & Trust, will be Vice-President of the new company.
Besides the foregoing the incorporators of the new enterprise
are Leslie Check and Eustice A . Hail, respectively President
and Vice-President of the Union Bank & Trust, and A . II.
Robertson, also a Vice-President of the latter, as well as
Vice-President of the American National Bank of Nashville.
The Union Bank & Trust Co. of Nashville removed to its
new banking house at Third Ave. and Union St. on the 9th
inst. The institution occupies the basement, first floor and
second floor of the new building, which is replete with pres­
ent-day facilities intended to meet the requirements of the
times in the conduct of a banking concern. The furnishings
are likewise in keeping with those of the modern bank, and
the quarters present both an attractive and artistic appear­
ance.
— Resolutions endorsing New Orleans as the place for the
holding of the Panama Exposition, and pledging its support
to the project, were adopted by the Louisiana Bankers’
Association at its annual session held at Alexandria on the
12th and 13th inst. Under legislation recommended by the
legislative committee, whose report was unanimously
adopted, a law is proposed making it a felony to withdraw
collateral pledged to a hank and using the collateral for any
unlawful purpose; it is further recommended that the
failure to return such collateral on demand shall be prima
facie evidence of criminal intent, the penalty to be
imprisonment for not less than two nor more than ten
years. George E . Roberts, President of the Commercial
National Bank of Chicago, in an address on “ A Central Bank
of Issue,” argued in favor of a central bank, which he held
could be established without disturbing the present banking
institutions of the country, and would be found of material
assistance in periods of depression. The President of the
association for the ensuing year is A . Breton, Vice-President
of the German-American National Bank of New Orleans.
— The Mississippi Bankers’ Association, at its annual con­
vention at Natchez on the 9th and 10th inst., adopted a
resolution authorizing the President of the association to
appoint a committee of five, to be known as the legislative
committee, which shall be required to educate bankers in
particular and the people generally with regard to needed
legislation in connection with the banking interests of the
State. The committee will also be called upon to submit
to the association at its next meeting proper bills to this end.
A resolution was also adopted endorsing New Orleans as the
logical point for the exposition to coinmemorate the opening
of the Panama Canal. Another resolution passed endorses
the bill introduced by U. S. Senator Owen, providing for a
national Department of Health. B. \V. Griffith, President
of the First National Bank of Vicksburg, for many years
Secretary and Treasurer of the association, is the newly
elected President of the organization. Richard Griffith of
the City Savings & Trust Co. has been chosen as its Secretary
and Treasurer.
— The question of increasing the capital of the Bankers
Trust Co. of Houston, Tex., from $500,000 to $1 ,0 0 0 ,0 0 0 wil
be submitted to the stockholders for ratification on July 14.
The new stock will be offered at $150 per share (par $100),
payment to be made $10 with subscription and the balance
on Aug. 20 1910. The institution began business last year.
— The assets of the bankrupt estate of T . W j House, a
private bank of Houston, Texas, which assigned Oct. 17

May 211910.]

1907, have been transferred to a co-operative company
made up of its principal creditors. The sale of the assets to
these creditors at their bid of $860,000 was confirmed by
Judge H . L. Borden, referee in bankruptcy, last month.
The creditors of the institution have already received divi­
dends amounting to 4 0 % . It is stated in the Houston “ Post
that the creditors who did not join the new company are to
receive at once a dividend of between 36 and 4 0 % of the
original sums due them; this, with the amount already paid,
will represent a final settlement and the liquidation of the
claims of those accepting cash payment. It is stated that
the number of creditors who did not enter the co-operative
company exceeds 2,000. Those who formed the company
and bid in the assets did so with the expectation of realizing
therefrom a full return of the amounts due them.
— The People’s Savings Bank of Sacramento, Cal., re­
cently increased its paid-in capital from $328,000 to $410,000.
The bank reduced its surplus fund $82,000, crediting that
amount to the capital stock. The authorized capital of the
institution is $500,000.
__ The interest in the Bank of Southern California, at
Los Angeles, held by J. B . Lankershim and J. W . Mitchell
is reported to have recently been taken over by J. M. Neeland, F. II. Haskell and A . C. IIupp. The bank has a capital
of $300,000. Some 500 shares are understood to have been
involved in the transaction, and the price paid for the stock,
according to the Los Angeles “ Tim es,” was $112 per share.
Mr. Neeland, who became identified with the bank early
last year, will remain as an active director, but retires from
the presidency to devote more attention to his railway and
other interests. Mr. Haskell, who has for the past few
months been Cashier of the bank, becomes head of the
institution and Mr. Hupp assumes the cashiership. The
other officials are M. N . Newmark, Vice-President; Henry
A . Coit, Secretary, and J. T . Bunn, Assistant Cashier and
Assistant Secretary.
— The Syndicate Bank of Oakland, Cal., has been ab­
sorbed by the Central National Bank of that city. The
transfer occurred on April 29, the Syndicate Bank having
thereupon terminated its existence. F. M. Smith, Presi­
dent of the Syndicate Bank, is said to have been identified
. with the Central National for some time. The absorbed
bank was organized in 1903 and had $100,000 capital. Its
deposits are reported to have been in the neighborhood of
$350,000.
— The authority to convert the Bank of Santa Cruz County
at Santa Cruz, Cal., into the Santa Cruz County National
Bank has been granted by the Federal authorities. Under
the National system the bank’s capital will be $150,000.
— The capital of the First National Bank of Seattle has
been increased from $150,000 to $300,000 through the decla­
ration in January of a dividend of 1 0 0 % . The surplus now
stands at $60,000 and the undivided profits at $15,000.
— The consolidation of the Puget Sound National Bank
of Seattle, W ash ., with the Seattle National Bank, which
was ratified by the stockholders in January, became effective
on the 16th inst. The merger is accomplished under the
name of the Seattle National, in whose quarters the consoli­
dated bank will be located. The enlarged institution has a
capital of $1,000,000 and a surplus of $200,000. The officers
are E.. W . Andrews, President; Jacob Furth, Chairman of
the board; F . K . Struve, J. W . Maxwell and E. G. Ames,
Vice-Presidents; R. V. Ankeny, Cashier; C. L. Lamping,
Homer McDonald, C. L. LaGrave and William S. Peachy,
Assistant Cashiers.
— W . Cooper Morris, formerly Cashier of the Oregon Trust
& Savings Bank of Portland, Ore., was found guilty on the
12th inst. of embezzling notes amounting to $75,000 be­
longing to the institution, and was sentenced on the 16th inst.
to six years in the penitentiary. The accused had been tried
on the charge of embezzling altogether $125,000 in notes and
money. A stay of twenty days in which to file a motion for
a new trial was granted. The bank suspended in August
1907 and in February 1908 its assets were taken over by the
German-American Bank of Portland.

DEBT STATEM ENT APRIL 30 1910.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued April 30 1910. For statement of March 31 1910,
see issue of April 30 1910, page 1146; that of April 30 1909,

see May 29 1909, page 1352.




1341

THE CHRONICLE

INTEREST-BEARING DEBT APRIET30JI910.
A m o u n t ----------- Amount Outstanding----------Interest Issued.
Registered.
Coupon.
Total.
Title o f Loan—
Payable.
$
$
S
„
2s, Consols of 1930______ Q.-J. 046,250,150 641,395,500 4,854,650 646,250,loO
3s, Loan of 1908-18..............Q.-F. 198,792,660 41 ,989,080 21,956,380 63,945,400
4s, Loan of 1925___________Q.-F. 162.315,400 9S,509,900 19,980,000 118,489,900
2s, Pan. Canal Loan 1906.Q.-N. 54,631,980 54,000,500
31.4S0 54,631,980
2s, Pan. Canal Loan 1908.Q.-F. 30,000,000 29,557,520
442,480 30,000,000
Aggregate lnt.-bearlng d eb t.. 1,091,990,190 866,052,500 47,204,990 913,317,490
Note.— Denominations of bonds are:
Of S20, loan of 1908, coupon and registered.
Of 850, all Issues except 3s of 1908; of $100, all issues.
Of $300, all issues; of 81,000, all Issues.
Of 85,000, all registered 2s, 3s and 4s; of $10,000, all registered bonds.
Of 850,000, registered 2s of 1930.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
March 31.
April 30.
Funded loan of 1891, continued at 2% , called May 18
1900, Interest ceased Aug. 18 1900 ............................
832,000 00
$32,00000
Funded loan of 1891, matured Sept. 2 1891_______
23,750 00
23,75000
Loan of 1904, matured Feb. 2 1904_______________
17,450 00
16,45000
Funded loan of 1907, matured July 2 1907....
1,247.700 00
1,239,55000
Refunding certificates, matured July 1 1907________
17,260 00
17,240 00
Old debt matured at various dates prior to Jan. 1 1861
and other Items of debt matured at various dates
subsequent to Jan. 1 1861.........................................
908,285 26
908,285 26
Aggregate debt on which intereit has ceased since
maturity.......... ......... ...........................- ......... ....... $2,246,445 26

$2,237,275 26

DEBT BEARING NO INTEREST.
United States notes.............. ............. ........... - ............... ......... ............. $346,681,016 00
Old demand notC3..........................- ....................................................
53,282 50
National bank notes—Redemption account....................................... 30,197,470 50
Fiactional currency, less SS,375,934 estimated as lost or destroyed .
6,859,222 28
Aggregate debt bearing no interest— ......................- ......... ......... S383,790,991 28
RECAPITULATION.
Classification—
Interest-bearing debt........
Debt interest ceased-------Debt bearing no interest.-

April 30 1910.
$913,317,490 00
2,237,275 26
383,790,991 28

March 31 1910.
8913,317,490 00
2,240,445 26
385.531.773 78

Increase ( + ) or
Decrease (—).
—89,170 00
— 1,740,782 50

Total gross debt ------- - .$1,299,345,756 51 $1,301,095,709 04 —$1,749,952 50
238,885,265 49 — 5,423,126 72
Cash balance in Treasury*. . 233,462,138 7<
Total net debt______

$1,062,210,443 55 + 83,673,174 22

.$1,065,883,61 <

* Including S150.000.000 reserve fund.

The foregoing figures show a gross debt on April 30 of
$1,299,345,756 54 and a net debt (gross debt less net cash
in the Treasury) of $1,065,883,617 77.
T R E A S U R Y CASH A N D D E M A N D L IA B IL IT IE S .—
The cash holdings of the Government as ..the items stood
April 30 are set out in the’ following:
LIABILITIES.
ASSETS.
$
Trust Fund Liabilities—
Trust Fund Holdings—
$
Gold co in ............. ......... 851,665,869 00 Gold certificates............ 851,665,869 00
Silver dollars________ - 489,798,000 00 Silver certificates______ 489,798,000 00
3,757,000 00
3,757,000 00 Treasury notes of 1890..
Silver dollars of 1890.-Total trust liabilities. 1,345,220,869 00
Total trust fund_1,345,220,869 00
Gen. Fund Liabilities—
General Fund Holdings—
26,502,346 06
Gold coin and bullion.
27,011,513 84 National Bank 5% fund.
Gold certificates.. . . .
66,959,62000Outstanding checks and
11,604,809 62
drafts____ _________
Silver certificates______
5,947,355 00
Silver dollars___
2,054,354 00 Disbursing officers’ bal­
a n ces......................
77,094,109 29
Silver bullion_____
.
3,110,447 51
United Slates notes____
6,857,287 00 Port Office Department
11,525,784 72
Treasury notC3 of 1890. 15,56000 a ccou nt.... .................
.
1,389,780 97
National bank notes------- 25,396,363 51 Miscellaneous Items
Fractional silver coin. .
21,594,39139
Fractional currency------138 02
Minor coin______
1,148.185
37
Bonds and interest paid.
27,56903
Tot. In Sub-Treasuries 160,152,784 67
In Nat. Bank Depositaries —
Credit Treasurer of U. S.
34,597,603 19
Credit U. S. dlsb. officers
12,347,057 62

Total gen. liabilities..

128,116,830 66

Total In b a n k s........
46,944,660 81
In Treas. of Philippine Islands—
Cash Balance and Reserve—
Credit Treasurer of U. S.
1,742,791 66
Credit U. S. dlsb. officers
2,738,732 29 Total cash and reserve.. 233,462,138 77
Made up of—
Total In Philippines..
4,481,523 95 Available..83,462,138 77
and
Reserve Fund—
Reserve Fund Holdings—
______
Gold coin and bullion . 150,000,000 00 Gold&buli. 150,000,000 00
Grand total................1,706,799,838 43 |

Grand total............... 1,706,799.838 43

T R E A S U R Y C U R R E N C Y H O L D IN G S.— The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury on the first of Febru­
ary, March, April and May 1910.
TREASURY NET HOLDINGS.
Feb. 1 ’10. Mch. 1 TO. April 1 TO. May 1 TO.
$
S
$
S
Ne" g o ld fo m a n d * b u lS r' " - . .220,256,764 226,656,329 247,576,175 244.001,134
Net sfiverccdifandbulUon_____ 20,148.092 15,527,542 10,949,015 11.112.157
18,019
15,560
Net United States Treasury notes
9.751
r 2(1,280
5,861,746
6,857,287
Net lefcal-tender notes...... ........... 8,402,090
900,422
Net national bank notes - - - - - - 37,293,444 30,426,739 21,596,041 25,396,364
Nei fractional silver .............. — 19.703.483 21.389 008 21,384,171 21,594,391
1,175,892
1,039,847
Minor coin, &c------------------------- 1,174,066
1,-40,41Total rash in Sub-Treasuries..306,987,696 301,166,738 308,425,014d310,152,785
Less gold reserve fund__________150,000,000 150,000,000 150,000,000 150,000,000

rashhal in Sub-Treasuries.. .156,987,696 151,166,738 158,425,014 160,152,785
cash in national banks____ . . . . 48,353,942 48,618,090 47,603,386 46.944.6G1
cash in Philippine Islands........ . 4,725,885
4,243,930 4,857,190
4,481,524

Not Cash

in banks, Sub-Treas.210,007.523 204,028,758 210,885,590 211,578,970
Deduct current liabilities .a ..........129,106,659 123,456,945 122,000,325 128,116,831
Available cash balance............ 80,960,864

80,571,813 88,885,265

83,462,139

a Chiefly "disbursing officers’ balances." d Includes .$3,110,447 51 s ilv e r bullion,
c I 17,5 so2 42 minor coin, &c . not Included In statement "Stock of Money.

1M2

THE CHRONICLE

UEtmxctaryl

w cxxial^ttglislxJLcwi;

Stocks.
500 Manhattan Ely Copper Co.,
So each_________________ S2 lot
4 Mercantile Trust Co_______ 740
20 Englewood Armory Co____ 10
1 Englewood Lyceum C o.25..55
56 The Fajardo Sugar C o ___ 129
40 Areola Crude OH Co. . . . S4
125 Itamapo Water Co________$63 lot
20 Amer. Surety Co.... ............. 225
2 Yale & Towne Mfg. Co____ 158
50 14thStreet B a n k ...
150
100 Farmers’ L. & Tr. Co___ 1,750
50 .Mercantile Nat. Bank___
160
31 New Jersey Zinc C o ..............405
10 Astor Trust Co.......... . _
3f,o
400 Veta Colo. M. & Smelt. Co $55 lot
1 Mob. & O.RR. Co. (old stk.) 80
20 Erie <& Kalamazoo RR. C o.201
5 Nat. Reserve Bk. of N. Y ..109
10 Market * Fulton Nat. Bk..255M

English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending May 20.
Sat.
Mon.
Sliver, per » z ___ ________ d_ 24 4
nsol3, new, 2 4 per cents.. ___
For account....................................
French rentes (In Paris). . tr 98 92 4
Amalgamated Copper Co.
b Anaconda Mining Co_____
Atchison Topeka & Santa Fe
Preferred ........ ....... ...
Baltimore & Ohio........
Preferred ..........
Canadian Pacific..
' ‘ '
Chicago Great Western.
Chesapeake & Ohio
Chicago Mllw. & St. P a u l...
Denver & Rio Grande........ .
Preferred . .
E rie.............. ....... ; ; ; ; ; ; ; ; ;
First preferred........ .........
Second preferred........ ......
Illinois Central. .
Q
I-ouisville & Nashville_____
S
Missouri Kansas & Texas _. w
Preferred _________________ O
Nat. UR. of Mex. 1st pref.. .
Second preferred____
N Y. Cent. & Hudson River W
N. Y. Ontario & Western .
S
Norfolk & Western___ ___
Preferred .......................
+
Northern Pacific____ _______
£
X
a Pennsylvania............
a Reading Co.................... ’ W
a First preferred... . ____
a Second preferred. ........
Rock Island______ _______
Southern Pacific...................
Southern Railway_________
Preferred___ . _________
Union Pacific.. . ________
Preferred ____ ____
U. S. Steel Corporation. __
Preferred .......... ........ . . .
Wabash .......... ...................
Preferred ..........................
Extended 4s____________
a Price per share.

Tues.
24 4
81%
82
98.95
734
94
1124
1044
1134
92
1984
28
894
1424
•124
814
294
48
37
139
1514
434
71
67
304
1244
46
1054
9)
1354
694
834
464
52
46
1294
274
64 4
1874
974
854
1214
22

474
734

Wert.
Thurs. Frl
24 13-16 24 13-16
81 %
81 15-16
82
82 1-16
98.87,4 98.85
724
72
1114
1044
1144
92
1974
274
884
142
42
814
284
474
37
1384
1504
43 4
71
67
30
124
454
1054
93
135
694
834
464
52
454
1284
274
64
186 4
97
844
121

214

474
7 34

1124
1044
114 4
92
200
284
89
1424
42
814
29
47
364
138
1504
424
71
69
30
1234

Receipts at—

454

1054
93
134 4
694
834
464
514
454
1294
27

61

1874
97
844

121
21

474
724

N A T IO N A L B A N K S O R G A N IZE D .
M a y 4 to M a y 10.
9,748- -Swedlsh-Amerlcan National Bank of Jam estown, N. Y
Canltal
$100,000. W . I). Broadhead, Pres.; John D . Johnson. Vice-Pres ’;
r'
C. A . Overlind, Cashier.
9,749 'The F'rst National Bank o f Putnam , Tex. Capital, $25,000.
W . D . Carter, Pres.; J. H . Surles and B. L. Russell, Vice-Pres.;
Barney Holland, Cashier.
9.750
La Salle Street National Bank of Chicago, 111. Capital, $1,­
000,000. W m . Lorlm er, Pres.; C. B . M unday, 1st Vice-Pres.;
Jacob M. Appel, 2d Vice-Pres.; C. Clavln, Cashier.
9.751 -Ihe Citizens’ National Bank of Corinth, Miss. Capital, $50,000.
Jno. F. Osborne, Pres.; J. D . Blggers, Vice-Pres.; 6 . T . Johnson,
Asst. Cashier.
9,752 -The Farmers’ National Bank of Myerstown, Pa. Capital, $50,000.
Edwin H . Kurtz, Pres.; Jonathan II. Yeiser, Vice-Pres.; Amos
Hasslcr, Cashier.
9,753— The National Bank of Sum mit, Miss. Capital, $30,000. Joseph L
Moyse, Pres.; W . R utledge, V ice-Pres.; H. G. Lea CashierW aiter Tynes Jr., Asst. Cashier.
’ ^abmer>
.-» LectUBEE. E X P I R A T I O N !OF^CH A R T E R .'VZEKBl 3
6.
4,327 — The Second National Bank of Chestertown, M d., expired b y limita­
tion at close of business May 5.

May

CHAN GE OF C O R P O R A T E T IT L E .
9,006 — "T h e Harrison National Bank of Rosedale,” In d ., to “ The Rosedale
National B ank.”
.
.
•
•"> ■
1 -"’ L IQ U ID A T IO N .
liasNffe?'
5^843 ~ The Fjr8* National Bank of Patterson, La., Jan. 11 1910. •
7,200 — The First National Bank of Shaw, Miss., April 25 1910
6,152
■~ A p r l l ^ i ri9 1 0 tS' & Farmers’ National Bank o f Cartilage, T e x .,
7,094- —The First National Bank of Liberal, M o., May 9 1910.

Canadian Bank Clearings .— The clearings for the week end­
ing May 14 at Canadian cities, in comparison with the same
week of 1909, show an increase in the aggregate ofA2 8 .0 % .

P Canada—
Montreal______
Toronto ............
Winnipeg............
Vancouver..........
O ttaw a..............
Quebec............._.
H alifax..............
Hamilton........ ..
St. John_______
London ..............
Calgary........... __
” a ... ..
dmo'H.
..
Regina ...............

Brandon...........

be*"

8

Flour,
Receipts at—
bbls.
New Y o rk ............ 130,595
33,621
Boston ..................
Philadelphia........
42,917
Baltimore.............
38,591
Richmond.......... .
3,094
New Orleans*___
21,614
Galveston........ ......................
41,180
.Montreal................

%

Wheat,
Exports f rom.—
bush.
New York---------- 560,598
Portland, Me___
...
B oston------------- 280,503
Philadelphia___ 560,000
Baltimore...........
49,500
New Orleans....................
Galveston........ ..................
Montreal-------------1,268,000
Total week-----2,718,601
Week 1909......... 1,503,712

—

12.8

+ 13.8
+ 4.2
+ 18.0
+ 76.2
+ 25.9
+ 52.7
In total
In total

30,453,976
23,887,035
12,564,880
3,725,908
3,189,829
2,203,109
1,783,724
1,712,506
1,203,918
1,309,165
1,338,834
1,077.211
880,194

1,544,098

151,932

11,000

Barley,
bush.
91,800
1,833

100,713
69,321
50.924

583,273

8,796

Rye,
bush.

12,000

1,688

20,000

Oats,
bush.
4,739

42,857
1.000
160,221
53,000

10,965
13,000
9,074
10,600
3,366
35,000

........ ..

365,000

..

151,033
121,933

369,899
2,118

------19,106

327,438
100,899

Rye,
bush.

..

Barley,
70,267

2,973

..

..

----70,267
57,487

.........
3,053
19,049

160

SO

-------- -Flour

-Wheat- Corn-----------Since
Si nee
Siyce
Week
July l
Week
July l
Week
July 1
Exports for tceek and May 14.
1909
May 14.
1909. May 14.
1909.
since July l to—
bbls.
bbls
bush.
bush.
bush.
bush
United Kingdom ... 59,788 4,389,486 1,752,971 51,182,549
177,553 10,144,567
C on tin en t............. 33,421 1,706,430 952,636 24,125,281
86,415 13,997,912
Sou. & Cent. Amer. 25,748 744 347
8,994
340,824
38,450
795,333
West Indies............ 30,457 1,260,871
...........
4,690
24,092 1,955,054
Brit. Nor. Am. Cols. 1,135
98,098
..........
54,383
Other Countries___
481 264 695
4,000 ’ 162,084
928
28,693
---------151,033 8,463,927 2,718,601 75,815,428
Total
1908-09-------081,428
itu.*"'"'"K
"J~i Y>"121,933 9,050,564
o.oou.ooi 1,503,712
1,011.5, rig 99
U’J,,UK
1,428

327,438 26.975,942
100,899 30,651,503

the worlds shipments of wh at and corn for the week
ending May 14 1910 and since July 1 1909 and 1908 are

o n A tim

in

f L ex f /->! 1 ,, . . . I

Wheat.
1909-10.

Corn.
1908-09.

Since
July 1.

Since
July 1.

1909-10.
Week
May 14.

Since
July 1.

1908-09.
Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 3.806.000 125.123.000 151,796,700 334.000 26.651.000 Bushels.
Russian___ 3.824.000 192.736.000 65 914,000 493.000 16.023.000 30,160,400
Danublan ._ 360 000 18.034.000 32.632.000 1,471,000 21.638.000 18.139.500
Argentine . . 1.376.000 52.284.000 101,148,000 357.000 60.920.000 25.625.500
56.103.500
Australian... 328.000 36.540.000 30.976.000
Otli. countr’s 600.000 39.920.000 17.251.000
T o ta l___

10354000 464,637.000 399,750,700 2,655,000 125,232,000 130,018,900

mentioned was as follows:
Wheat.

Auction Sales.— Among other securities'the following, not
regularly dealt in at the Board, were recently sold at auction
By Messrs. Adrian H , Muller & Son:

Bushels
15.280.000
15.200.000
15.120.000
16.160.000




Oats,
bush.
359.900
126,350
111,046
38,383
56,258
138.900

Flour,
bbls.
68,428

Bushels.
14.960.000
14,000,000
24.880.000
23.040.000

74,741,037

6,000

4,400

940,872
641,514
501,604

Corn,
bush.
70,360

Continent.

92,938,155 +28.0

Rye.
i M lbs.
23,000
33,150
4,703
26,460
3,000

63,594,291 71,016,689 6,189,679
138,025,837 74,378,109 5,857,295
159,670,675 57,256,270 6,060,139

Corn,
bush.
139,500
270,600
42,963
54,536
58,616
212,400

£85,330,289

118,994,251

2,908,942
2,511,284
3,389,126

Wheat,
bush.
278,400
456,969
407,196
315,828
2,000
3,600

United
Kingdom.

u. Total Canada.

Harley.

The destination of these exports for the week and since
July 1 1909 is as below:

Week
May 14.
27,167,471
20,924,168
10,682,036
3,138,661
2,982,339
1,932,519
1,633,802
1,358,792
1,180,423
1.177,299
955,588
962,046
619,893

Oats.

bush. 32 lbs bushAHlbs
1,519,200
283,900
230,350
236,600
115,425
114,032
168,670
268,210
32,250
27,414
90,833
1,500
390.400
262.400
72,000

The exports from the several seaboard ports for the week
ending May 14 1910 are shown in the annexed ststemont.

Inc. or
Dec.
+ 32.1
+ 17.4
+ 27.3
+ 98.0
+ 4.2
+ 25.1

Corn.

Total week 1910.. 311,615 3,019,091
950,547 1,414,110 114,429
wnc£ j ,annn ‘ OlO--6,386,523
25,325,63318,382,621 d.O-iO+lS 1434 335
Week 1909
272,523
2,409,729 278,564 1,069,51724,561
Since Jan 1 1909.. 5,532,822
23,655,93324,176,191 17,163.654 3380 048 uui -mu
throughbllls of ia d ii"' Ud® 8Rlln paSSlng tlrough New Orleans for foreign ports on

Exports.

Week ending May 14.

12,145,255
31,893,818
31,750,000
27,018,061
17,128,131
13.458,310
9,080,226
4,585,429
3,888,386
3,740,531
2,815,100
2,250,907
1.820,926
2,088,624
1,753,759
1,541,744
1,435,640
1,377,249
1,340,841
1,136,036
2,861,596
1,623,708
1,718,938
1,305,357
1.255,453
822,321
738,245 Not Included
476,153 Not Included

Wheat.

Total receipts of flour and grain at the seaboard ports for
the week ended May 14 1910 follow:

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

1910.

Flour.

bbls.VMbs. bush. 60 lbs. bush. 56 lbs.
Chicago___
111,767
248,000
531,500
Milwaukee..
87,310
63,150
46,330
14,285
151,086
26,176
Minneapolis.
965,090
89,340
T oledo........
90,000
68,250
’ 2,737
1,066
17,022
Cleveland . .
818
2,257
96,571
St. L ou is...
46.700
159,133
425,105
Peoria........
40.700
6,000
222,176
Kansas City.
215,250
201,300
Tot.wk.’ lO
304,317
1,904,632
1,724,370
Same wk. '09
367,401
2,255,137
1,908,203
Same wk. '08
374,284
2,263,081
2,020,929
Since Aug. 1
1909-10... 17,006,103 222,204,160 151,022,277
1908-09... 16,570,288 200,592,623 119,915,029
1907-08... 14,850,6'42 188,900,145 151,461,311

©owmcvcmt and Hits celUuxeaus exus

Clearings at—

Stocks.
100 Cons. Palo Amarillo Rub. Co. 1
10 Audubon Nat. B ank.. ___ 101
5 Home Title Ins. Co. of N.Y. 208
15 Northern Bank of N. Y ___ 100K
10 Bankers’ Life Ins. Co_____ 300
40 Manhattan Mtge. Co., pref 105
11,723 I'redllecta Mg. Co., $10each
SI 10 per share
39 Nat. City Bank............ 393-395^
25 Carnegie Trust Co........ ....... 150
Bonds.
$1,000 Amer. Hawaiian S. S. Co.
1st M. (is, 1915. A. & 0.100JS & lnt.
$2,000 dies. & Ohio Grain Kiev. 1st
48,1938. A. & O...... ........... 75 & lnt.
$5,000 Cuban-Amer. Sugar Co. coll,
trust 6s. 1918 A. & 0 .......... 96 & lnt.
$50,000 State of Nor. Caro, special
..
tax 6s, Apr. 1870 coup. o n .$15 per bd.
$30,000 Del. * E .Ity . Co. 5s, 1957,S200 lot

Breadstuffs Figures brought from Page 1375.— The state­
ments below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and

6 £ sterling.

l* ,- 1

[ VOL. L X X X X

May
May
May
May

12
5
13
14

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

Total.

United
Kingdom. Continent

Bushels.
Bushels.
50.240.000 2.975.000
19.200.000 1.870.000
10, 000,000 8.330.000
39.200.000 5.440.000

Bushels.
2.805.000
2.125.000
7.140.000
7.055.000

Total.

May 2L 1910.)

THE CHRONICLE
D IV ID E N D S .

The following shows all the dividends announced for the
future by large or important corporations:

Dividends announced this week are printed in italics.
Per
Cent.

Name of Company.

When
Payable.

Books Closed.
Days Inclusive.

Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending May 14.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given:
For definitions and rules under which the various items are
made up, see “ Chronicle,” V . 85, p. 836.
We omit two ciphers (00) in all cases.

Railroads (Steam).
Alabama Great Southern, ordinary. _ ___
Preferred . ...................... ....... .................
A tell. Top. A S. Fe, coin, (qu.) (No. 20).
Atlantic Coast Line RR., com.......... ...........
Boston A Albany (quar.)................ ...........
Boston A- Lowell_____ ___________ _____
Boston & Maine, common (quar.)_______
._
Chesapeake A Ohio (quar.) __
Chestnut Hill (quar.)........ I ........... ..........
Cinc.N. O. Texas Pac., pref. (quar )
Cleveland A Pittsburgh, reg. guar. (qu.).
Special guaranteed (quar.)___ '_______
Cripple Creek Central. pref.(qu.) (No. 18)
Interoccantc of Mexico, 1st preference____
New York Philadelphia A Norfolk_____
Norfolk & Western, common (quar.)___
North Pennsylvania (quar.)......................
Pennsylvania (quar.)................ ..............
Phlla. Germantown & Norristown (quar.)
Pittsburgh Bessemer A Lake Erie, pref..
Pltts.Youngst.& Ash., coin.* pref. (qu.).
Southern Pacific, com. (quar.) (No. 15)..
Union Pacific, common (quar.).......... .....
Vandaiia (q u a r.).... ..................................
Wisconsin Central, preferred.............. .......

A

2

3
IX
3
2X
4

IX
IX
IX
IX
IX
1
1

2 Xb

6

IX

2

IX
3
3

IX

IX
2X
IX

2

June
Aug.
June
July
June
July
July
June
June
June
June
June
June
May
May
June
May
May
June
June
June
July
July
May
June

Holders of rec.
Hoders of rec.
Holders of rec.
Juno 23 to
Holders of rec.

June 1 to
Holders of rec.
Holders of rec.
Holders of rec.
May 20 to
May 18 to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
1 Holders of rec.
1 May 18 to
1 May 18 to

Street and Electric Railways.
American Hallways (quar.).....................
Brooklyn Rapid Transit (quar.)___
Brooklyn Union Elevated, common
Columbus (O.) Ry., com. (qu.) (No. 28)
Kansas City Ry A Light, pref. (quar.)
"
Met. West Side Elcv., Chicago (q u a r.)...
'
Mohawk Valley Company____
New York State Rys., common ( N o l l ) '’
Preferred (quar.)_______
Northern Ohio Traction A Light'(quar)
Northern Tex. Elec. Co.,com.(qu.)(No 3)
Pensacola Electric Co., preferred
Preferred (extra)
Portl. (Ore.) Ry.A Lt. .corn, (qu") (No'.’lj
Rochester Ry. <fc Light, pref. (quar.)..........
St. Joseph R y.,L .,ll,& p ., com. (quar.)
Washington (I). C.) Ry. A Elec., com ..
Preferred ............................

2X

June
July
June
June
June
June
July
July
July
June
June
June
June
June
June
June
June
June

Banks.
Ridgewood National, Brooklyn (No. 1)__

2

May

§3

June
May
June
June
July
June
J une
June
June
June
June
July
June
June
June
.May
May
June
July
June
June
Juno
June
June
June
July
July
July
Rdy
June
June
June
July
July
June
June
May
June
Juno
Juno
Juno
July
Juno
June
June
Juno
June
May
Juno
June
Aug.
July
May
July
June
June
May
Juno
May
June
July
July
Aug.
May
June
June
July
June
Juno
Juno
Juno
June
June
June
May
Juno
Juno

Miscellaneous.
Adams Express (quar.)............ ...............
Amalgamated Copper (quar.).......... ......
American Cotton Oil, common...... .........
Preferred ................................. .......
American Express.............. ............
American Gas............................IIIIIII* '
American Radiator, common (quar.)
American Shipbuilding, com. (quar)
Amer. Smelters' Securities, pref. A (qu )
Preferred B (quar.) (No. 20)
American Stogie, pref. (quar.)........ I l l ”
Amer. Sugar ltef., com. A pref. (quar )
American Telegraph A Cable, guar (qu.)
American Tobacco, common (quar.)
Common (extra)_______________
Associated Merchants, common (quar.)Y
Common (extra).................. ................
Borden’s Condensed Milk, pref. (quar.)
Brooklyn Union Gas (quar.) (No. 37)___
Butte Coalition (quar.)........ .....................
Butterlck Company (quar.).....................
Chicago Telephone (quar.)........ ............
Consolidated Gas of New York (quar.). .
Crcx Carpet.... ...........................................
Diamond Match (quar.)____ ________ II
du Pont Internal. Poicd., pref. (quar.)___
Eastman Kodak, common (quar.)_______
Common (extra).....................................
Preferred (quar.).....................................
Federal Mining & Smell., pref. (quar.)__
General Asphalt, pref. (quar.) (No. 12)..
General Chemical, common (quar.).........
Preferred (quar.)............ .........................
General Electric (q u a r.)................. .........
Great Lakes Towing, common........ .........
Uarbison-Walker Refractories, com. (qu.).
Homes take Mining (monthly) (No. 426).
Internet. Harvester, pref. (quar.) (N o.13)
International Nickel, common (quar.)__
Common (extra)................ ............... .
Intcrnat. Smelting A Refining (quar.)__
Internal. Smokeless Pott>. A Ch.,com. (qu.)
Internal. Time Recording, com. (quar.)..
Preferred (quar.)........ ...................
KlngsCo Elec. Lt. A Pow. (quar.)(N o.ll)
Laclede Gas Light, com. (quar )
Preferred
Lehigh Coal A Navigation (N o’ l2 6)"”
Massachusetts Gas Cos., pref
“
Michigan State Telephone, coin, (oiiar )
Preferred (quar.)...... ...........
”
National Biscuit, com. (quar.) (No! 47)"’
Preferred (quar.) (No. 49)........ I
National Lead, common (quar.)__ IIIIII*
p Preferred (quar.).............. ....... ~
Nlles-Bement-Pond, com. (quar.).........."
People’s Gas Light A Coke (quar.)_____
Philadelphia Electric (quar.)___________
Pressed Steel Car, pref. (quar.) (No. 45).
Pure Oil C o..com m on ..-................ .........
Quaker Oats, common (quar.)..................
Common (extra)................................... .
Preferred (quar.)....................................
Preferred (quar.) .................................
Quincy Mining (quar.)................................
Railway Steel-Spring, pref. (quar.)............
Republic Iron & Steel, pref. (qu.) (No. 34)
Sloss-Sheffleld Steel A Iron, com. (quar.)
Standard Gil (quar.).......... .......................
Union Stock Yards of Omaha (quar.) —
United Cigar Manufacturers, pref. (quar.)
United Dry Goods Cos., pref. (quar.)........
U. S. Cast Iron Pipe A Fdy., pref. (quar.)
U. S. Steel Corp., com. (quar.) (No. 26).
Preferred (quar.) (No. 36)....................
Waltham Watch, preferred_____________
Woman's Hotel Co. (quar.) (No. 0 ) ____
a Transfer books not closed,
of deferred dividends,




1343

IX

ix

5
IX

ix

X

IX
IX

ix
X
ix
3
3e

1
ix
X

1

V
2X
3
§3
3X
2
1

IX
IX

1

IX
IX
2X
7X
IX
X
IX
IX
25c
V\
2
1

2X
ix
IX
%VI
2X
1V
1X
IX
IX
1 Yi
2
2
V
50c.
IX
1

2

X
X
1

IX
2
IX
2X
4
2
IX
ix
IX
IX
IX
IX
IX
IX
IX
IX
2
2
V
13^
IX
§1.25

ix
IX
ix
§9
IV
IX
IX

ix

IX
IX
3

ix

b Less Income tax.

May31a
July23a
April 29
July 11
MaySla

Holders of rec June la
Holders of rec. Juno 10a
May 21 to June 3
Holders of rec . May21a
Holders of rec . May 10
Holders of rec . May 10
Holders of rec . May 20
May 14 to May 30
Holders of rec. May 31
May 12 to
May 18
Holders of rec. May 5
May 21 to June 3
Holders of rec. May 14
Holders of rec. June 15
Holders of warr’t No. 15
Holders of rec. June 4a
Holders of rec. May 14
Holders of rec. May 31

27 May 22

to

June 2
June 9a
May 31
May 16
Juno l
May 31
Junel5a
JutielSa
Junel5a
June la
May 16
May 23
May 23
May 12
May25a
May 18
June 1
June 1
May 27

1 May 17 to
May 31
30 Holders of roc. April 30
1 May 17 to
June 1
1 May 17 to
June 1
1 Holders of rcc. May31a
1 Holders of rec. .May 20
30 June 23 to June 30
1 May 19 to
June 1
1 May 21
to May 31
1 May 21
to May 31
1 Holders of rec. May 16a
2 Holders of rcc. June la
1 Holders of rec. May 31
1 Holders of rcc. May 14
1 Holders of rcc. May 14
31 Holders of rec. May 26
31 Holders cf rec. May 20
15 Juno 5 to Juno 15
1 June 12 to
Juno 30
1 May 18 to
June 7
1 Holders of rec. May 16
30 June 28 to June 30
15 Holders of roc. May 18a
15 Holders of rec. May 31
15 Holders of rcc. Mav31a
1 Holders of rec. Jun’e20a
1 Holders of rcc. May 31
1 Holders of rcc. May 31
1 Holders of rcc. May 31
15 Hoders of rec. May 27
1 Holders of rcc. Mayl4a
1 Holders of rec. May20a
1 Holders of rcc. June 20
15 Holders of rec June 4a
1 May 17 to
June 1
1 Holders of rcc. May 21
25 May 21 to
_..........
1 Holders of rec. May 10
1 May 14 to
Juno 1
1 May 14 to
June 1
1 May 18 to
Juno 7
1 Holders of rcc. June20a
1 May 21
to May 31
1 May 21
to May 31
1 Holders of rcc. May20a
15 June 2 to June 15
15 June 2 to June 15
27 Holders of rec. April 30
to May 31
1 May 15
1 May 18 to
June 1
1 July 17 to
Aug. 2
15 Holders of rec. June28a
31 Holders of rcc. Mayl7a
1 June 11 to
June 14
15 May 21 to May 24
20 Juno 12 to
June 20
25 Holders of rec. May 3
15 Holders of rcc. May25a
25 May 5 to May 24
1 May 20
to May 31
15 Holders of rcc. July la
15 Holders of rcc. July la
31 Holders of rcc. Aug. la
31 Holders of rec. May 2a
20 May 22
to June 1
20 June 8
to Juno 20
1 Holders of rec. June 17a
1 Holders of rcc. May 20a
15 Holders of rcc. May20a
1 May 21
to May 31
1 Holders of rec. May26a
1 Holders of rcc. May 26
1 Holders of rcc. May21a
29 June 10 to June 29
28 May 6 to
May 31
1 Holders of rcc. May 10a
15 Holders of rec. June 8

e Final payment on account

Banks.
00.? omitted.

Capital.

Surplus.

Loans.
Average.

Specie. Legals. Deposits. R€~
Average. Average. Average. s've.

§
§
§
S
$
S
%
Bank of N Y __
2,000,0 3,494,1
19.267.0 3.374.0
814.0
16,662,0 25.1
Manhattan Co.
2.050.0
4.222.0 27.900.0
6.635.0 1.632.0 31.040.0 26.6
Merchants’ ___
2,000,0
1.770.6
18.394.0 3.307.0 1.266.0
18.209.0 25.1
Mech. A Metals.
6,000,0 7.796.6
53.045.3 11.872.3 1.015.1
51.385.3 25.0
America __
1.500.0 5.931.1
24,152,8
4.201.8 2.006.9 24,092,7 25.7
P hen lx............
1,000,0
713.0
7.184.0
1.287.0
250.0
6.084.0 25.9
C ity _________ 25.000. 30.897.3
0
168,036,2 40.773.1 5.160.0 161,165,1 28.5
Chemical_____
3.000.
0
6.295.2
28.065.7
4.328.9 2.245.2 25.865.1 25.9
Merchants’ E x.
600,0
566.0
6.547.7
1.579.7
140.0
6.638.0 25.9
Gallatin______
1.000. 0 2.507.0
8.290.1
1.187.6
459.5
6.421.2 25.6
Bui eh. A Drov.
300.0
157.7
2.414.7
504.0
59,3
2.311.5 24.3
Greenwich___
500.0
813.4
7.686.7
1.917.1
191.4
8.651.0
24.3
Amer. E xch __
5.000.
0
5.366.2
27.181.1
3.728.3 1.427.4
20,851,5 24.9
Commerce........ 25.000.
0
16.381.0
137,359,9 21.291.0 7.596.6 112.247.5 25.8
Mercantile . . . .
3.000.
0
2.627.2
13.213.8
1.639.6
891.1
9.814.3 25.7
Pacific.............
500.0
905.5
3.922.6
501.8
425.2
3.580.5 25.8
Chatham.........
450.0
1.050.7
6.946.2
684.0 1.211.2
7.348.4 25.7
P eople's..........
200.0
468.7
1.965.4
489.9
133.8
2.316.6 26.9
Hanover..........
3.000. 11.581.1
0
61.186.8 11.964.2 7.402.6
70.135.5 27.6
Citizen’s Cent..
2.550.0
1,600,9 22,479,5
5.263.9
324.9
22.004.3 25.5
Nassau______
500.0
502.9
7,013,1
833.7 1.092.5
7,795,9 24.7
Market A Fult’n
1.000. 0 1.692.5
8.847.7
1.255.0 1.045.0
8.674.0 26.5
Metropolitan . .
2,000,0
1.444.6
11.563.3 2.690.8
250.4
11.507.1 25.5
Corn Exchange.
3.000.
0
5.395.3
42.030.0 7.417.0 5.278.0
49.674.0 25.5
Imp.A Traders’
1.500.0 7.539.5 26.100.0 3.516.0 2.354.0 23.531.0 25.0
Park .............. .
10.290.4
3.000.
0
76.217.0 20.310.0 1.313.0 84.125.3 25.6
East River___
108.4
250.0
1.443.3
329.1
93,5
1.648.1 25.6
Fourth ............
5.614.5
5.000.
0
22.879.0 3.327.0 2.266.0
20.814.0 26.8
Second______
1.000. 0 1.998.6
13.554.0 3.184.0
226,0
13.463.0 25.3
F irst................ 10.000. 0 20.302.4 91.532.8 18,611,8 1,398,2 76.893.0 26.0
Irving E xch ..
1.619.1 22.549.0 5.295.7 1.020.9 24.449.5 25.8
2,000,0
B owery......... .
823.1
250.0
3.496.0
864.0
56,0
3.710.0 24.8
1.643.7
N. Y. County..
500.0
7.905.5
1,387,5
693,7
8.066.7 26.3
750.0
673.9
German-Amer .
4.079.7
719.8
216.4
3.816.8 24.5
C hase..............
7.606.8
5.000.
0
65.238.9 17.553.4 4,373,8 73.684.1 29.8
Fifth Avenue..
100.0 2.207.4
13.38.8.7 2.742.3 1.091.5
15.121.6 25.3
German E xch..
911.9
3.900.3
200,0
510,6
515.2
4.086.0 25,1
Germania___ .
1.021.8
4.994.6
200,0
967.9
533.5
5,826,3 25.7
Lincoln . . ___
1.472.6
1.000.
0
14,993,8 3.351.7
655.2
16.020.7 25.0
Garfield____
1.178.2
1,000,0
8.156.7
1.993.4
206.4
8.243.1 26.6
Fifth ................
489.9
250.0
3.543.7
635.2
330.9
3.794.5 25.4
Metropolis___
11.608.7
1,000,0 2.067.6
829,8 2,203,4
11.729.1 25.9
West Side____
1.057.4
200.0
4.491.0
1.077.0
222,0
4.997.0 26.0
Seaboard___
1.900.2
1,000,0
17.626.0 3.702.0 1,607,0 20.040.0 26.4
Liberty ........
1,000,0 2,705,9
17.240.2 4.296.1
840.4
18,125,5 28.3
N. Y. Prod. Ex.
762.2
1,000,0
7.886.3 2.200.1
251.2
9.383.0 26.1
State.............. .
830.5
1,000,0
14.532.0 4,238,0
303.0
17.921.0 25.3
14th Street___
1,000,0
325.2
5,778,9
908.2
785.0
6.662.5 25.4
Coal A Iron___
1,000,0,
349.6
5.627.0
943.0
428.0
5.447.0 25.1
Totals, Average 130,350,0 (185,325,6 1183,462,7‘242,220,3 36,402,9 1166,073,0 26.5
Actual figures

May 14

1

.......... 1176,050,1 245,361,2 66,752,0 1161,143,7 26.9

wi. uk; ..asis or averages, circulation amounted to §47,696,300 and United States
deposits (Included In deposits) to §1,628,400; actual figures May 14, circulation 847 725,800; United States deposits, $1,640,800.

The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items are
made up, see “ Chronicle,” V . 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended May 14.

Capital as of March 2 5 . ..
Surplus as of March 2 5 ...
Loans and Investments. .
Change from last week.

State Banks
Trust Cos.
State Banks
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater N. Y. Greater N . Y. Greater N. Y.
S
26,225,000

§
64,625,000

38,980.900

174,728,300

10,866,851

13,077,768

293,354.100 1,083,072,000
—2,007,200 —6,800,200

91,811,100
—288,900

137,894,900
+ 416,100

S p e c ie ...... ................... .
Change from last week.

46,120,500
—900,900

119,926,200
— 2,014,300

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

26,113,400
+ 783,400

12,995,400
+ 683,700

Change from last week.

336,404,700 1,119,032,400
—3,100,100 — 12,012,200

S
9,033,000

.....

S
8,375,000

______

95,321,800
— 190,700

143,328,200
— 471,100

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

91,005,200
—581,100

138,540,500
— 1,833,500

18,618,900
+ 17,500

18,673,800
—685,000

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

27.6%
27.4%

15.6%
15.6%

20 .2 %
20 . 1%

13.6%
14.1%

+ Increase over last week. — Decrease from last week.
Note.— ‘‘Surplus” Includes all undivided profits. "Reserve on deposits" In­
cludes, for both trust companies and State banks, not only cash Items, but amounts
due from reserve agents. Trust companies In New York State are required by
law to keep n reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required Is computed on
the aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclsulve of time deposits not payable within 30 days, repre­
sented by certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, but In this case the reserve is computed on the whole amount
of deposits, exclusive of deposits secured by bonds of the State of New York.
— Trust Cos.—
—State Banks—
Reserve Required for Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve
which Reserve
which
Location—
Required in Cash.Required, i C sh.
Manhattan Borough................................................ 15 %
15%
25%
15%
Brooklyn Boroughfwlthout branches In Manhat.)_15%
10%
20%
10%
Other Boroughs (without branches In Manhattan).15%
10 %
15%
7M%
Any Borough with branches in Manhattan_______ 15%
15%
25%
16%
Elsewhere In State--------------------------------------------10%
5%
15%
6%

THE CHRONICLE

1344

The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the C lea rin g
H ou se.
These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing­
House banks. In addition, we have combined each corre­
sponding item in the two statements, thus affording an aggre­
gate for the whole of the banks and trust companies in the
Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear .-House Clear .-House State Banks & Total of all
Trust Cos. not Banks & Trust
Banks.
Banks.
in C.-H. Aver. Cos. Average.
Average.
ActualFigures (

Week ended May 14.

$
130,350,000

$
130,350,000

Capital 1Nat. banksl
| March 2 |
185,325,600
Surplus estate Banks) 185,325,600
J March 25. I
Loans and Investments 1,176,050.100 1,183,462,700
Change from last week — 14,667,000 — 10,736,600

$
74,900,000

$
205,250,000

183,344,700

368,670,300

1,176,029,800 2,359,492,500
—0,047,800 — 16,784,400

1.161,143,700 1,166,073,000 a 1,137,450,400 2,303,523,400
—5,017,800 — 12,223,500
—7,205,700
—9.695,800

Change from last week
S p e cie.................... —
Change from last week

245,361,200
+ 5,977,200

212,220,300
+ 4,569,100

126,335,400
—2,033,800

368,555,700
+ 2,535,300

Legal-tenders ..............
Change from last week

66,752,000
+ 786,500

66,402,900
—38,100

621,831,700
+ 823,600

88,234,600
+785,500

Aggr'te money holdings
Change from last week

312,113,200
+ 6,763,700

308,623,200
+ 4,531,000

C148.167,100
— 1,210,200

156,790,300
+3.320.800

21,886,000
—814,000

21,886,000
+ 814,000

170,053,100
—2,024,200

478,676,300
+ 2,506,800

Money on deposit with
other bks. & trust cos.
Change from last week
308,623,200
+ 4,531,000

312.113,200
+ 6,763,700

Total reserve............
Change from last week
Percentage to deposits
requiring reserve----Percentage last week.
B

42.91%
26.11%

26.50%
25.95%

21,827,275

J17,104,950

[ VOL. L X X X X
We omit two ciphers (00) in ail these figures.

Capital
and
Surplus.

Banks.

Loans.

May 7 ..
May 14 .

$
40,300,0
40,300,0
40,300,0
40,300,0

$
212,715,0
211,922,0
209,876,0
205,142,0

May 7 ..
May 14--

56,315,0
56,315,0
50,315,0
50,315,0

260,017,0
261,086,0
259,648,0
257,452,0

Legals. Deposits, a Circu­
lation.

$
24,275,0
23,060,0
21,520,0
22,118,0

S
4,530,0
4,637,0
4,841,0
5,032,0

69,7i14,0
66,598,0
66,617,0
67,218,0

in Greater New York outside of the Clearing House compare
as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all thesefigures.________________

Mch. 1 9 ..
Mch. 2 6 ..
April 2 ..
April 9 ..
April 16..
April 2 3..
April 3 0 .May 7 . .
M a y lll-.

$
2.403,002,1
2.408.505.6
2.427.633.6
2,419,123.5
2.401.027.7
2.397.364.7
2.407.365.4
2,376,276,9
2.359.492.5

S
2.360.803.1
2.366.456.3
2.388.538.1
2.369.347.3
2,348,100,6
2.342.696.4
2,347,272,0
2,315,746,9
2.303.523.4

Tot. Money Entire Res.
Holdings. on Deposit.

Specie.

Legals.

S
383.205.5
385,423,9
382.307.5
373,442,8
375,067,7
376.142.6
364.670.3
366.020.4
368.555.7

$
84.008.7
85.002.2
87.242.2
87.125.7
87.417.3
88.245.8
00,304,8
87,449,1
88,234,6

$
467.214.2
470,426,1
469.549.7
460,568,5
462.485.0
464.388.4
454.975.1
453.469.5
456.790.3

S
490,676,7
494.531.6
494.252.7
455.728.8
486.051.5
487.869.8
478,197,1
476.169.5
478,676,3

& Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending May 14, based on average daily results:
We omit two ciphers (00) In all thesefigures.

Banks.

N~. Y. City
Boroughs o]
Man. A Brx.
Wash. Itgts
Columbia .
Fidelity . . .
Alt. Morris.

Capi­
tal.

$
100,0
200,0
400,0
300,0
200,0
500,0
250,0
200,0
100,0
200,0
1.000,0
ioo.i:
200,0
200,0
300,0

Plaza . . .
23d W ard..
Un.Ex.Nat.
Yorkvllle ..
New Neth’d
Batt.Pk.Nat
Aetna Nat
Borough of
Brooklyn
Broadway .
200,0
252,0
Mfrs.' Nat.
Mechanics’ . 1,000,0
750,0
Nassau Nat.
300,0
Nat. C ity..
North Side.
200,0
First Nat
300,0
.Jersey City.
First Nat..
400,0
Hud.Co. Nat 250,0
Third Nat . 200,0
Hoboken.
First Nat
220,0
Second Nat.
125,0

Sur­
plus.

$
269,6
154,3
334,3
447,5
168,0
510,2
307,7
353,4
433,2
109,0
936,4
445,7
257,5
149,8
319,1

Loans,
Dtsc'ts
and
Invest­
ments.

Legal
Tender
Specie. and
Bank
Notes.

S
1,107,0
1,139,0
5,999,6
6,739,0
1,123,4
3,658,5
2,868,9
3,779,0
4,276,0
1,866,2
8,459,7
4,253,1
2,404,0
1,242,8
1,959,5

s
137,0
26,2
776,0
615,0
120,0
23,1
529,2
29,1
320,0
152,0
1,226,8
42,2
241.0
267,3
430,3

542.4 3,332,4
807,3 5,774,3
887,9 11,511,
985,0 7,206,0
604,0 3,937,0
140,6 1,935,6
591,3 3,312,0

Deposit with
Clear­
ing
Agent.

$
74,0
235,4
561,3
584,0
68,5
502,2
30,6
622,9
347,0
52,5
900,0
76.8,8
82,0
38,6
26,1

$
1.82,0
102,0
589,5
691.0
137,0
290,1
366,4
492,5
739,0
239,2
228,9
260,3
284,0
125,9
81,1

26,9 422,5
353,3 334,6
247,1 1,383,4
587,0 305,0
118,0 528,0
126,6
115,9
342,0
79,0

251,7
802,8
1,325,4
1,03 1,0
573,0
170,8
389,0

Other
Net
Banks, Deposits.
&c.

S
17,0
165,0
197,9
........
206,1
80,5
5,3
____

__
__

255,5
20,0
30,4

$
1,407,0
1,702.1
7,505,9
7,171,0
1,195,1
3,717,6
3,671,7
4,435,7
5,120,0
2,113,4
8,487,8
5,420,8
2,607,0
1,321,5
1,825,9

191,4 3,660,8
114,4 6,218,0
230,0 14,516,9
7.233,0
167,0 4,038,0
101,4 2,191,6
38,0 3,021,0

__

1,249,2
740,3
389,7

4,848,4
2,853,5
1.843,(1

300,1
126,0
55,7

348,7
55,8
127,9

2,925,4
281,2
411,0

189,0
107,4
26,2

6,989,9
2,338,4
2,135,3

630,5
243,9

2,838,2
2,630,8

02,1
92,7

13,2
91,5

129,9
66,2

155.3
178,8

2,520.5
2,901,1

Tot. May 14 8,447,0 12,997,8 103501.3 7,406,0 8,699,4 13,169,3 2,511,0 116681,0
Tot. May 7 8,447,0 12,997,8 103025,7 7,391,1 8,586,9 12,004,0 2,527,0 115380,1
Tot. Apr. 30 8,447,0 12,997,8] 100619,0 7,393,2 8,737,1 13,119,7 2,705,3 111373,5

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




$
144,033,1
146,435.1
176,041,1
148,370,8

305,006,0
301,934,0
299,751.0
300,240,0

16,324,0
16,305,0
16,302,0
16,331,0

148,810,0
146,953,9
173,763,3
157,007,8

T o ta l...... ..................... .
Since January 1.
Dry goods........ .....................

$3,154,067
13,662,947

S2.649.520
14,868,249

1907.

1908.

1909.

1910.

For Week.
Dry goods...................... .......

$3,523,354
14,487,951

$1,668,667
11,709,017

S17,517,769 $16,817,014 $13,437,684 $18,011,305
$63,627,702 $65,809,119 $47,092,446 $73,728,926
303,289,707 258,423,430 181,470,017 274,053,049

Total 19 weeks.................. $366,917,469 $324,232,549 $22,8,509,063|S348,381,975

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 14 and from Jan. 1 to date:
1908.

1909.

1910.

1907.

$0,456,067
$12,263,735 $13,586,759 $10,389,571
226,329,807 220,349,125 248,641,263 237,980,950

in e lo w o w n ig tuuic snuno uic
~ . 1
specie at the port of New York for the week ending May 14
and since Jan. 1 1910, and for the corresponding periods in
1909 and 1908:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK._________
Imports.

Exports.

The averages of the New York Clearing-House banks

Deposits.

$
7,111,0
7,115,0
7,267,0
7,402,0

Imports and Exports for the W eek.— The following are
the imports at New York for the week ending May 14;
also totals since the beginning of the first week in January:

com b in ed with those for the State banks and trust companies

Loans and
Investments.

$
258,985,0
252,159,0
250,106,0
241,559,0

Total 19"weeks.......... ....... $238,593,542 $233,935,884 $259,030,834 $244,437,017

+ Increase over last week. — Decrease from last week.
RSS9 ^
a These are the deposits after eliminating the Item “ Due from reserve depositories
and other banks and trust companies In New York City” ; with this Item Included,
deposits amounted to $1,232,633,600, a decrease of SI 1,681,600 from last week,
In the case of the Clearing-House banks, the deposits are “ net” both for the average
and the actual figures, b Includes bank notes, c Of this amount State banks held
$15,245,500 and trust, companies $132,921,600.

Week
Ended.

Clearings.

a inclining Government deposits ana me item aue iu umei uaima.
a i -uv/oiem
Government deposits amounted to S3,021.000 on May 14, against S3,028,000 on
May 7.

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

17.0%
17.1%

Specie.

Week.
Great Britaln9 _ F ra n c e ...... ...........
Germany ........ —
West I n d ie s ...----Mexico ..................
South America----All other countries.

Since Jan. 1

Since Jan. 1

$32,150,000

S
$8,495
3,354,973
102

$5,700

4,455
3,246,887

21,680

8,378,132
41,400

Total 1910.................. .........
Total 1909.____ _________
Total 1908...... .....................

S30.380
$1,798,000
7,297,134

,820 ,874
,089 ,573
,823 ,00 b

$42,235 S5,165,139
$149,662 $4,795,074
9,983,919
635,423

Great Britain.................... —
France .............. ................ - Germany ................................
West Indies..............................
Mexico ...................................
South America.......................
All other countries.......... .......

$625,213
45,200

,105 ,788
857 ,850
421 ,945
38 ,235

$12,817
734
6,665
31,302
357,038
489,521
503,691

S ilv e r.

" 24 ,165
2 850
$670,892 $15,450,833
884,866 17,663,489
519,196 15,416,414

Total 1910
Total 1909.
Total 1908

$550
1,561
6,189,
33,935

159,451
65,501
1,062,105
514,512

$2,250
9,030
5,45l
37,421

S54.152 $1,401,768
1,750,793
53,705
1,224,010
115,095

Of the above imports for the week in 1910, $550
were American gold coin and $2,250 American silver coin.
Of the exports during the same time,
$15,700
were
American gold coin and $200 were American silver coin.

gtraMufl and Iftnauctal.
IN VESTM EN T

SECURITIES

Our eight-page circular N o. 687 describes several Issues of sound
Investment bonds yielding abou t 4 H to 5 y$% .

Spencer T ra sk & Co*
43 EXCHANGE PLACE, - - - NEW YORK
Branch offices: Chicago, III., Boston, Mass., Albany, N. Y.

WHITE,

WELD

& C O.

/Members New York Stock Exchange
5 NASSAU S T R E E T ,
N EW Y O R K

THE R O O K E R Y .
CHICAGO

B A N K IN G and E XC H AN G E of every description In connection with

EXPORTS & IMPORTS

International B a n k in g C o rp o ra tio n
60 Wall St., New York.

CAPITAL & SURPLUS. $6,500,000

B RAN CH ES and AGENCIES throughout the W O R L D .

T H E IN T E R N A T IO N A L B A N K
Organized under the Laws of N. Y. State.
Accounts Invited.

60 Wall St., Ncw.Yor

Interest paid on Term Deposits.

THOMAS H. HUBBARD. President.

1345

THE CHRONICLE

May 21 1910.J

i&mluers* QSa^jette*

Francisco, 60c. per 1,000 premium. St. Paul, 75c. per
$1,000 premium. Montreal, 1 5 ^ c . per $1,000 discount.
State and Railroad Bonds.— No sales of State bonds have
W a ll S treet, F r id a y N ig h t, M a y 20 1910.
been reported at the Board this week. The market for rail­
The Money Market and Financial Situation.— The unus­
way and industrial bonds has not differed materially from
ually small volume of business transacted at the Stock Ex­
other departments in general characteristics as outlined
change this week recalls the dull period in June 1907, when
above. The daily transactions averaged only a little more
on some days less than 150,000 shares were traded in. On
than $1,000,000, par value, and in nearly all cases fluctua­
no full day of this week have the transactions fallen below
tions have been unimportant.
200,000 shares, however, but the total for the week is much
General Electric conv. deb. 6s are exceptional in an ad­
smaller than for a long time past. This dulness is due in
vance of over a point. Burlington & Quincy joint 4s, New
part to the general suspension of business in London, but
York New Haven & Hartford deb. 6s, Norfolk & Western
probably more largely to a widespread lack of interest in new
conv. 4s, Northern Pacific and Steel issues have been rela­
commitments which now prevails in Wall Street.
tively strong. On the other hand, Wabash ref. and ext. 4s
Crop prospects are getting to be an important factor in
have declined over a point and a few other issues are frac­
the general situation and will doubtless be increasingly so
tionally lower.
until a fairly accurate estimate can be made of the year’s
United States Bonds.— Sales of Government bonds at the
harvests. In the meantime the money markets at home
and abroad and the volume of general business throughout Board are limited to $5,000 3s coup, at 1 0 2 The follow­
the country are reflected in railway earnings and clearing­ ing are the daily closing quotations; f o r y e a r ly ra n ge s e e
house reports, and they will be scrutinized with interest. At third p a ge fo llo w in g .
the moment some of these earnings reports are satisfactory,
Interest May May May May May May
as illustrated by an increase in the Chesapeake & Ohio’s
Periods
14
16
17
18
19
20
dividend rate from 4 to 5 % , and the outlook in practically
Q—Jim *100% *100% *100% *100% *100% *100%
2a, 1930 ........
all directions is promising.
2s, 1930_____ _____ coupon Q—Jan *100% *100% ♦100% *100% *100% *100%
Saturday’s bank statement showed a substantial addition 3s, 1908-18_-- . . . registered Q—Feb *102% *102% *102 *102 *102 *102
Q— Feb *102% 102% *102
*102
*102 *102
3s, 1908-18...
to the surplus reserve, and the movement of funds during the 4s,
1925 ........ __ registered Q—Feb *114% *114% *114% *114% *114% *114%
week indicates a further increase. The relatively high rates 4s, 1925.......... _____ coupon Q—Feb *114% *114% *114% *114% *114% *114%
1930.1’anama Canal regia Q—Feb *100% *100% *100% *100% *100% *100%
for money which recently prevailed here have drawn funds 2s, 1938.Panama
Canal regia Q—Nov *100% *100% *100% *100% *100% *100%
2a,
from the interior for which there is not much demand, and
* This Is the prcle bid at the morning board; no sale was made.
the tendency of rates is now towards a lower level.
The open market rates for cal) loans at the Stock Exchange
Railroad and Miscellaneous Stocks.— The stock market
during the week on stock and bond collaterals have ranged has, as noted above, been exceptionally dull and narrow
from 2 to 4 % . To day’s rates on call were 3 @ 3 ^ % . Com­ throughout the week until late to-day. Prices had a sagging
mercial paper quoted at 4 lA @ 5 % for 60 to 90-day endorse­ tendency up to Wednesday night, at which time a large
ments, 4 % @ 5 % for prime 4 to 0 months’ single names and portion of the active list showed a decline of from 1 to 2
f°r good single names.
points. On Thursday there was a firmer tone, which con­
The Bank of England weekly statement on Thursday tinued to-day and a substantial recovery has been made.
showed a decrease in bullion of £475,523 and the percentage The result of the week's operations shows that of a list of 30
of reserve to liabilities was 53 36, against 54.44 last week.
active stocks 26 arc higher and 4 are lower than at the close
The rate of discount remains unchanged at 4 % , as fixed last week. Union Pacific, Canadian Pacific and Reading
March 17. The Bank of France shows an increase of 4 ,7 5 0 ,­ were notably strong to-day, each moving up from 2 to 3
000 francs gold and 5.150,000 francs silver.
points. Chesapeake & Ohio also advanced on its increased
dividend rate. Wabash preferred, on the Other hand, has
lost a part of the advance noted last week and Rock Island is
1909.
1908.
1910.
Averages for Averages for
Differences
Averages for
fractionally lower.
week ending week ending
from
week ending
International Harvester has been the strong feature of
May 15.
May 16.
previous week.
May 14.
the industrial list, showing a steady advance and closing
8
8
8
$
over 5 points higher than last week. Steel common has been
126,350,000 124.350.000
130.350.000
Capital..........................
172,318,900 159.984.000 less active than for some time past, but is nearly 2 points
185.325.000
Surplus...... ............. .
Loans and discounts. - ­ 1,183,462.700 Dec. 10,730,600 1,310,678,600 1,201,120,000 higher.
Other stocks in this group have followed the course
57,200,200
49,121,300
258,700
47,096,300 Dec.
Circulation....................
Net deposits.................. 1,106,073,000 Dec. 7,205,700 1,397,216,700 1,276,220,000 of the market.
31,698,100
2,468,400
28,300
1,628.100 Inc.
U. S. dep. (lncl. above)
F o r d a ily volu m e o f b u sin ess see p a g e 1353.
Specie .......................... 242,220,300 Inc. 4,509,100 286,020.100 313,980,500
The following sales have occurred this week of shares not
69,681,900
77,901,700
3.8,100
60,402,900 Dec.
Legal tenders................
represented in our detailed list on the pages which follow:
Iteserve h e ld ...
25% of deposits.

308,023,200 Inc. 4,531,000
291,518,250 Dec. 1,801,425

363,922,100
349,304,175

383,602,400
319,055,150

Surplus reserve........

17,104,950 Inc.

6,332,425

14,617,925

64,607,250

Surplus, excl. U. S. dep

17,512,050 Inc.

6,339,500

15,235,025

72,531,850

Note.—The Clearing House now Issues a statement weekly showing the actual
condition of the banks on Saturday morning as well as the above averages. These
llgures, together with the returns of separate banks, also the summary Issued by the
State Banking Department, giving the condition of State banks and trust companies
not reporting to the Clearing House, appear on the second page preceding.

Foreign Exchange.— Higher discounts in England, easier
money here and the absence of any unusual supply of security
bills have been mainly instrumental in bringing about a very
sharp advance in quotations during the current week.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 8 4 ^ for sixty day and 4 8 7 H for sight. To-day’s
actual rates for sterling exchange were 4 84 14 @ 4 8 4 for
sixty days, 4 8 7 4 0 @ 4 8745 for checks and 4 8 7 7 0 @ 4 88
for cables. Commercial on banks 4 8 4 @ 4 84)^ and docu­
ments for payment 4 8 3 j^ @ 4 84. Cotton for payment
4 8 3 ^ @ 4 8 3 H and grain for payment 4 8 3 ^ @ 4 84.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 2 0 % @ 5 20 for long and 5 18)^ less 1-1G @5 1 8 }4 lpss
1-32 for short. Germany bankers’ marks were 94 9 -1 6 @
94 11-16 for long and 95 1-16@ 95>^ less 1-32 for short.
Amsterdam bankers’ guilders were 40 2 1@ 4 0 22 for short.
Enchangc at Paris on London, 25f. 2 8 K c .; week’s range,
25f. 2 8 % c . high and 25f. 2 5 ^ c . low.
Exchange at Berlin on London, 20m. 51j/jp f.; week’s
range, 20m. 5 1 % p f. high and 20m. 49J^pf. low.
The range of foreign exchange for the week follows:
Sterling Actual—
Sixty Days
High for the week...................... 1 84%
Low for the week........ - ............. 18)
I’arls Hankers' Francs—
5 20
High for the w eek ..................
5 20%
Low for the week---------- -------Germany Hankers' Marks—
94 11-1G
High for the week....................
94%
Low for the week............... - - Amsterdam Hankers' Guilders
40 1-10
High for the week.............. - 40
Low for the week

Cables.

Cheques.
4 8750
4 8685

4 83
4 8720

5 18 %
5 18% less 1-32

5 17% less 3-32
5 18%

95%
95 leas 1-32

95 3-13 1C3J 1-32
95 plus 1-32

40 28
40 21

40 32
40 25

The following are the rates for domestic exchange at .the
undermentioned cities at the close of the week: Chicago, 5c.
per $1,000 discount.
Boston, 5c. per
1,000 discount.
New Orleans, commercial, $1 per 1,000 discount; bank,
90c. per $1,000 premium. Savannah, buying, 3-16 dis­
count; selling, par. St. Louis, 25c. per $1,000 premium.
Charleston, buying, par; selling, 1-10 premium. San




STOCKS.
Week ending Mag 20.

Sales
for
Week.

Range for Week.
Lowest.

200 $2 %
Batopllas Mining----Can Pacific subscription
100 190%
rccts, 3d paid............
150 105
Ingersoll-Iland---------50 125
Kings Co Elec Lt & Pow
268 44
Lackawanna Steel........
Nevada Consol Copper. 7,591 820%
50C 20
Peoria & Eastern-----20C 30
Pcro Marquette---------175 54
St Jos & Gd Isl, 1st pref
We3t Maryland deposit
47
400
rects, 4th paid............

Highest.

\ Range since Jan. 1.
1 Lowest.

Highest.

May 18 82% May 18 $2% Mch 83%
174
105
12.5
44
20%
18%
30
50

Mav 19 190%
May 10 105
May 16 125
May 2C 45
May 11 >21%
May 19 22
-May 17 30
May 17 54

May 19
May 16
May 16
May 20
May 10
May 20
May 17
May 17

May 19’ 47

May 19 45

Feb 190%
May 105
May 125
May 45
May $21%
Feb 28
May 35
Feb 55

Jan
May
May
May
May
May
Jan
Mch
Jan

Feb 54% Mch

Outside M arket.— Trading on the “ curb” was extremely
dull this week, with price movements for the most part nar­
row. One or two of the low-priced mining issues showed
some slight activity, but beyond this the market was with­
out feature. Butte Coalition sold down from 21 to 2 0 ^ .
Chino Copper rose from 1 2 % to 1 3 % , dropped to 12 % and
advanced again to 1 3 % . First National Copper, assessment
paid, went up from 4 % to 4 % and down to 4 % , with the
final figure to-day 4 % .
Giroux advanced from 7 % to 8 and
closed to-day at 7 % .
Greene Cananea improved from 8 %
to 9 % , eased off to 8 % and rested finally at 8 % .
Miami
Copper moved up from 2 2 % to 2 2 % and down to 2 1 % , re­
covering finally to 22. Ohio Copper was weak and fell from
3 % to 2 % , the close to-day being at 2 15-16. United Cop­
per common from 8 % dropped to 7 and rose subsequently
to 7 % . The preferred advanced 5 points to 30, fell to 28
and moved up to 2 8 % . To-day there was a drop, with
transactions reported at 22. Goldfield Consolidated im­
proved from 8 % to 8 % , sagged to 8 % , the close to-day be­
ing at 8 % . La Rose Consolidated sold down from 4 % to
4 % and up to 4 % . Nipissing advanced from 1 0 % to 1 0 %
and weakened to 1 0 % . Tonopah Mining lost a point to 8
and recovered to 8 % . Industrials were very quiet. Ameri­
can Tobacco sold ex-dividend and moved down from 437
to 436 up to 4 3 9 % and declined finally to 431. Intercon­
tinental Rubber lost 1 % points to 2 1 % , then jumped to
2 2 % and to-day to 2 2 % . Standard Oil advanced 3 points
to 635. The usual dividend of $9 at this quarter of the year
was declared. United Cigar Mfrs. common advanced from
71 to 74. In bonds, Western Pacific 5s weakened from
9 5 % to 94.
Outside quotations will be found on page 1353.

New York Stock Exchange—Stock Record, Daily, Weekly and Nearly
O C C U PY IN G
.STOCK*--HIGHEST AND LOWliST SALK TRIC ES
Sa'ur day
May 14.
*32
110
101's
123-4
*110
*00
80'-'
194
*27!) "
*45
27
*50
1381"
*1561;
152V
*200
*145
*3V
*81
*100
60V
*75!"
*74
*170
*555
413,;
*79
*56
153;
30
29
361;
135-9j
<53lo
*141.;
*941.1
90
*134
207s
65');
- 203;
3;)!.;
*75
341"
*65
*101"

36

Monday
May 16.
*32

36

Tuesday
May 17.

Wedni sday
May 18.

Thursday
May 19.

Frida /
May 20.

*32

*32

*32

*30

36

36

3G

38

110"? 109V 1093., 1087, 1091.1 10934 1097g 1097g 111
1017, io n 2 101-34 1011" 10U" *10U" 1013, 101-3, 1013,
1243. 124 124 *1221.1 1231" 1233; 1241" 124 124
I ll
11013 1113g H07g 1115s 1113g 112!" 1127g 1133,
91
*99
*90
§90
*90
91
91
91
90
813s 8U; 815*
813, 80!" 81->, 80 V 81lg 81
1951,t 192-3 1933,8 1921" 193!g 1941" 1053.8 195-3, 198
*G5t*> 72
*G6l4 681"
290 *270 “ 290 *270 “ 290 *270 290 *270 " 290 *275 ' 29-0 '
88
861" 88
823; 851; 867s 86'i 87lg 863, 88
48
43
43
47
47
45U 4 5" *45
45
*45
08
69
28
28
28
27
271" 27*,
27lg 27lg 27!" 277g 28
52
51
51
53
53
*51
52
50-3; 52V 51
51
13£34 1381" 1391" 138 13812 137.3,8 138r,s 13£3, 1333. 1391" 140!"
155-’ ; 15::.; 1551, 156'-, *158 157
157
157 1571" *156!.; 157
15112 152
152 153
1501" 151
1521" 152!" 1521" 15U" 152
2043, 204-3, *205 210
210 *200 210 *202 205 *202 210
155 *115 155 *145 158 *145 155 *145 155 "145 155
165 *160 165 *160 165 *160 170
4io
31" 31" *31,
4
*33,; 414 *33;
41.. *3-34
414
*9
10
10
10
10
85
85
>■•35 87
86
*84
*81
86
*83
86
85
MOO n o *100 n o
1031" 1031" *100 n o
n o *1001.1 n o
60
00
61
60!" 60-3.; 593; 60
601" *60
59V 60
77
*76
78
761- 76
76’ " *76
78
§7612 761- *76
*741" 76
*75
76
*74
76
*74
76
*74
76
76
172 1721" 171 173
17312 *172 174 *170 174 *171 172
, *555
*557 600
*555
*555
620 *555
4Hg 411, 407g 413,
403; 41
40!" 41
42
4U" 42
79-3g 807g
SO 80
*79
§S0
80
80
*791,; SO
80
*55
60
*55
00*4
60
60
*55
61
*55
61
*55
15
15
15
15
153, 15
151,
*141" 15!" *14
15
30
30
*29
301"
*27
30
30
301- §29
29 *
2734 281g 273; 281,8 2S3, 29 Ig
29
291g 2S-3g 283,
29
4/
*45
461, 461,
46
47-3g *451" 471;
46
47
373,
*35
361? *35!" 36!2 *36
36
3614 36
I3533 1363,
1301s 136V; 1387g 1353s 136V 1343. 1351.8 13Cg 136
*63
63
6-,l»
621" b2l" 63
63
63
64
64
15!" 15'"
1512 15!"
151;
97 1*__
97
*9512 97 * ___
951" 96
95
*941" 96
971" * . .
9712
971" *__
9734 *95-34 971" + _
96
*95
122 *115 122
*115 122 m s
UOU n o
101V 1017S
12.';-34 *124
111
111
91
*90
81V SO!"
195V 1923,

135
130
211,; 201"
56-3207, 21
3914 3914
*75
80
*333.1
*65
67
181" 17

135 *134
21
201;
5614 5434
2U2 2 U4
40
40
80
*75
341" 341"
*64
69
17
*101"

136
135
20!"
20
553,8 54
21 h
2U;
40
39V
80
*75
341" 34
67
20
*161"

135'g
20'g
551;
211,
39-3,
80
34
20

135!" 135.3,
20-3, 2012
55
55
211, 207g
401, 39’g
80
*75
341" 34!"
67!"
69
*16'"
*161" 20

1351"
20-3,
54*8
*21
393,
*75
*34

Sales 01
the
Week
Share-.

TW O

PAGES

STOCKS
N E W Y O R K STOCK
EXC H AN G E

A nn A r b o r ____________

67
1473;
137
353,;

*64
1471"
*135
*33

66
*65
70
68
1471" 147V 147*4 148
137 *135 1361" 135
36
3412 341" *32

67
146
135
341"

Highest

Lowest
25

Feb 25

3t»

Mch

Lowest

tl iQhan

1()

16

Mch

Mch

97's Jan 12£>3g Oct
23,140 Atch Topeka & Santa Fe 1053.1 May 2 124's Jail
100*4 J'ne
1011" Apr 29 10414 Jan 10 10014
Do pref______________
1.213
1431? Aug
950 Atlantic Coast Line U K .. 12o May 2 137'2 Jan c
1031" Feb 122V J ’ly
10.100 O altiinorc & O hlc______ 100 Apr 28 119'g Jan i
<jl N ov
96 Apr
90 Feb 4 94 Jail 1
Do pref____________
25 I *
67 Jan
681" Feb 7 82 Apr l*
82V J ’*11*
45.405 Brooklyn Rapid Trans't176), Feb 8 193 May2i> ilG5 Mch 180*8 Get
38.120 / Canadian Pacillc_______
GOV Jan
70V N ov
65 Apr 25 70 Jan
V^anada Southern______
Central of New Jersey___ 275 May 2 312 Jan 7 215 Feb 323V hep
55V Jan
91V Dec
77H Feb h 92 Jan 3
35,550 Chesapeake & Ohio_____
57V Feo
44 May 7 66-3; Jan S74*j Apr
600 Chicago & Alton R R ____
70 N ov
781" Mcli
60 Apr 1 69 Apr 1
311" Dec
16 May 2
373(1 Dec
36V Jan a
1,700 Chic Gt Wes; trust c t f s - .
G4ig Jail 10
58*4 Dec
49!" Mayi3
64-3; Deo
Do pref trust c t f s ____
2,200
20,200 Chicago .Yl'lw & St Pau1. . 134'" May 2 15S-V ,Jan 3 111 Eeb 1651,3 hep
15534 May IS 17214 Jan b 1581" Mch l-'l Aug
Do pref______________
900
173*8 Feb 1981" Aug
2,100 Chicago & North \Vestern 1461; Apr 18 1821" Jan
Do p ie .______________ 2043, Mayli- 225 Jan 0 208 Men §23 ) Aug
103
Chic St P Minn A Omaha 140 Apr 28 162*2 Feb 23 148 Apr 167 Aug
166*" Jan t i s ) J ’ly
Do pref______________ ’ 16) Apr ' 5 51701.1 Feb V
jio Dec
7 Jan
5-3g Jail 4
31" Mayl9
100 Chic Un lra c ctrs stmpd
731 Dec
18V fan
Do pref ctrs stm pd____
7->g Feb 1 121.1 Jan 4
68 Jan
83).| Deo
77 Jan 2u 9214 Mch 18
100 Jleve Cin Chic & St L ___
105 M ci
Do pref______________
1001" Feb ■> 104 Jail 16 109 Jan
100
51 Got
54'" Feb ■ 053.J 1' Cl) -u
1.100 Colorado A Southern____
68V Jan
7<ji2 Jan
86 May
Do 1.6 preferred______
75 Apr 30 83 Men 4
560
731.1 Jan
841" Jail
Do 2d preferred___. . .
75 Apr 30 81 Jan u
218 I Delaware A Hudson___ 167 May 2 185 Jan 3 10734 Feb 200 May
JL?e aware Lack A W est. 160 May 2 020 Mcb21 535 Feb 680 Apr
51 Apr
30 Feb 8 52 Jan 3
3.550 Denver A Rio Grande__
37V Jan
Do pref______________
81 Jan O 701" Jan
no 1 eb
735
76'" Feb
Detroit United_______
691" Apr 2a
56 Jan
66 Jail 27
7i3.i Aug
1834 Jan 6
14 Feb 3
14H N ov
21 Jan
815 Du'uth So Shore A Atlan
Do p ref______________
34"g Jan •1
231" May 2
23 Feb
525
36'" Ja.i
25U Feb a 34->g Jan 5
3,900 l-t'rle....................................
22V Mch
39 J ’ ne
52^4 Moll 8
413, Feb 7
36l2 Mch
1,080 1-t Do 1st pref_________
.'.63.1 Aug
;j23s Feb 8 -12 Men 8
Do 2d pref_________
281? Mch
500
46 Aug
12,450 Great Northern pref_____ .rl303jJ..n 19 1437g Jan 3 136V Feb
157V Aug
01 Apr 2b 801" Jan 4
Iron Ore properties___
65V Meh
1,200
881" Aug
14 Apr 28
131" Nov
18ig .Mch 22
12 Green Hay A W. deb ctfH
21 Dec
881" Jan 2i
39 Feb 103 Dec
700 TJTavana Electric______
971" A pr 14
041" Jan 25 90 Jan -1
100 T-t Do prel___________
83V Feb 100 Dee
Hocking Valley__________ 102 May i

136
900 Illinois' Central_________
7,400 Interboro-iVletropolltan .
21
Do pref_____________
56
10,305
21-3g 1,750 Iowa Central____________
Do pref______________
2,000
-10
80
C Ft S A M tr cfs, pref
35
1,100 ♦Yausas City Southern..
071"
Do pref____________
200
20
100 f ake Erie A W e.tern___

*64
67
*64
67
100 Long Island_____________
146-3, 1471,
146'2 147
1,825 Louisville A Nashville___
*135 1351, *133 136
100 VI anhattan Elevated___
85
*30
*33
35
200 iH lnueapolls A St Louis
*60
681" *00
08lo
140!2 14H,
1401s 1413" 1393.1 140 ” *1.3812 1401" 1401" 141
3,300 Minn S’t P A S S Marie___
140 141
154 *148 154 *149 155
Do leased line ctfs____
SS-74 88*4 *87
891, *87
89!"
891, *87
*861" 89
*87
89
109
42!" 42*3 6,200 Mo Kansas A le x a s _____
427g 4134 42
4Ui 41V 4173 42
42!" 425s 42
*(39
*39
71
71
71
701" 70
70!2 70-7, 71
5,215 Missouri Pacillc------------70
70
69!" 70
C9?g 70!" 70
M a s h Chatt A St Louis.
*130 137 *130 137 *130 135 *130 137 *130 137 *131 137
*66
68
*6512 68
*65*3 67
*65
400 i s at Rys of Mex 1st pref
67
65*2 65!" 667g 67
90
29I3
12,465 N Y Central A H u d son ..
121L 1211? 1211s 122 ‘ 120-33 12 Us 120 1201" 1201" 1213g 121lg 122
60!2 60'"
500 N Y Chic A St Louis____
60
60
62
*59
62
60'" 6012
*60
60'., 60',
Do 1st pref___________
110
Do 2d pref____________
*87
95
*
__
N
Y
N H & Hartford____
155'2
1551
?
290
15612 1543.; 1543, 1521.8 1521.8 *
155*2
Subscription recelpis ft__
148
148 *
148 *
143 *
148 * _
148 *
457g 453, 461? 13,050 N Y Ontario A Western.
441,1 45
431" 44V 441" 451; 441" 4-434 44
2,200 Norfolk A Western_____
*1021" 103
t02/s 102-g ♦lOT's 103 *102-3.8 102-3.1 1023, 103"s 103-V 1 ) 1
Do adjustment pref___
*90
93
*89
93
93
*90
*90
*90
93
*90
93
93
131-3, 1.32-7s 9,550 Northern Pacillc________
1311" 132
1321.; 1327g 1311" 1321" 131 13U, 13U, l;,2
Ija clllc Coast Co_______
112 :<1091o 1121o *110 112
L
Do 1st pref________
*90 " 108*2 * 90 110
Do 2d pre!_________
*1091o 114 ~ *110 114
135 1353o 61,820 P enn sylvania___________
1343s 134-3, 1313d 1351" 1343s 135-3" 13 41, 134V 13-H" 135
890 PIttsb Cin Chic A St L . .
101 101
101 101
101 IOII4 100!" 10012 *100 10U, 101 101
Do pref______________
100
*110 116 *105 116 *110 116 *110 116 *110 n o *110 n o
1601.; 1621; 1617s 164V 162-3g 163-3,; 162 162V 163 1641" 164 1653, 404,200 I ) ending________________
*90
9U" *90
100 J-V 1st pref______ _____
9U2 *90
9U? *90
9112 901" 901" *90’ " 9U?
2d pref____________
101-3; 103
981" 101
101 102
10 U2 101!" 1021, 103
1031" 1031" 8,700
453S 45/8 447g 46
4U" 453s 30,800 Rock Island Com pany___
4Ug 45
43>g 44V 44
4,1"
Do pref— ....................
9034 91
2,800
901.4 907s *891" 90!" *881" 90!" *89
99
eo*2 *89
*66
68
*66
68
*65
70
671" 6712 *67
*66
70
70
100 (Jt L A San Fr, 1st p r e f..
4S34 49
4878 49
48
481, 47*2 473, 48!" 49
48!2 483, 2,180 k9 Do 2d pref__________
3U" 3U" 3U" 32
311" 311-8 3112 315, 3U8 311.| 31
31
3,100 St Louis Southwestern___
Do pref______________
74
741" 75
741" 731; 73l2 73
7312 §733, 73-3, 73-3, 75
1,915
1261.; 127
126 1271, 125'g 1261.1 125-3g 1253, 126 126-3, 126’g 127>g 57,510 Southern Pacillc Co_____
26!" 20 !" 26-3, 271;, 2,900 Southern v tr cfs stmpd25-3, 26
*2G'>8 271,8 267g 271" 23s,8 27
*62
621.; 631" *62
63
Do pref
do
621" 63
63
63
1,500
633,
63U 037,
32-3.] 323., 32I2 32-3; 32U 32"g *32l2 32’,s *32'g 32 7, *32Ig 32 V
909 'T e x a s A Pacific_________
71,
*61" 71" *7
71"
*8'2 71,
IOC X h lrd Avenue (N Y ) ___
71" *61" 71? *7
7',
*S-3.; 10
*83; 10-3, *9
*812 10
*8!"
10
9L
9
9
IOC Toledo Railways A Light
3S3, *37
38-3.; 38-3| 38-3; 393g 3S34 3S-3; *37
3S!" 3S*g 383*
1,400 Toledo St L A W estern ..
63-3, 63-3, 63-3, 63V
64
64->s 64"s 64-3g 64->g 63I2 64->g 64
Do pref______________
1,800
♦111 113 *111 113 *111 113 *111 113 *111 113 *111 113
Twin City Rapid Transit
, 182-33 183
183 184lg 182 1831, 1815g 1821, 182'2 183', 1831, 185V 143,755 I fn io n Pacillc__________
9434 95
94
*94
94', 94', * 94!" 95
95
94!" 941? §94
510 C9 Do pref____________
34
34
34
A
34
34
34
30
709 Unit Rys Inv’ t of San Fr
34
33'g 33 V *32
64
64
*62
65
*03
65
*63
*62
*63
05
207g 21
22U 221, 2H2 221? 21*8 2H? 2012 21
21', 22
4,660 VW abash ..........................
473S 481" 46!2 4814 46-3g 47‘s 45*4 46-3, 40'" 47
46-3. 4 7" 17,300 ’ V
Do pref__________
457s 457, 4714 49
48
481,
47
485g 47V 47V
9,850 West Maryland R y .. _ ._ _
♦67
70
70!" 7 )5
70
*67
*67
800
70
70
701"
Do pref..........................
4^3
47g 47s
478 *4
*-H" 5
300 Wheeling A Lake E rie ..
5
*4
*4
5
5
ll-34 1134 *10
1U" 111"
300
11
11
12
*10
12
*10
12
Do 1st pref___________
53,
534
5
5'"
300
5
*412 6
*5
6
51?
Do 2d pref____________
63
53
53
5312 *51
54
54
1.700 Wisconsin Central______
*51
53!" 5312 537g 55

*64
147
*135
3544

Range tor Trenous
Year (1909)

Range Sinec January 1.
On basis of 100-s/ictrs lots

5
n

132 May 3
18 Feb 3
45V Feb 8
181" May 2
37 Apr 30
751" May 8
31 May .
G3U Mav 2
151; Apr 2

147 Jan
25i2 Jan
02/g Jan
30 Jan
olU Jan
80 Feb
•1414 Jail
71 Jan
253; Jan

02
14ill
132
32

59
70U A pr 1-1
1593.1 Jan 6 ,rl21
13j Mch 8 137
5334 Jau 4
51

Feb 3
Feb
May 2
A p r lc

130i4 Jan 13 145
861" May 5
3S Feb 8
05L Feb 3
130 Jan 25
60 Feb 3

12

b

18
b
i

Men b
2

9234 Jan

61ig Jail

3

6

73 ' Mch 9
139 Jan 8
67 May 13

137 Feb
115S Mch
30*4 Mch
26*4 Nov
48 Sep
743, Feb
37 Feb
67V Feb
H)i" i'eb
Jan
Jan
Dec
Sep

42U May :

3 Apr 28
8U Apr 2b
4U May 2
■451" Feb

2734 Jan

01 Jan
543? Mch 1‘70!" Mavl'J
10 Jan 3
23 Jan 3
131" Jan 3
56t"Mch 7

711'" Dec
1621" Aug
153V Jan
05 Jan

1321" Jan

149V Jan

J iy
351" Feb

‘ li t “ Deo
50V Got

65 Feb
122l2 Jan
44i2 Apr

77V Aug
142 Dec
04 Dee

80

1l-Ts Feo
123 ° ilc h a 1201" Feb
551" May 4 051" Jan 4
481? Mch
10931Jan -1
21
10
149 Apr 28 162 Mch 14 1154 N ov
Al la Jan 20 A151 Mch 11 A147V Dec
4l3g May 8 50 Jan 6
4121.4 Feb
95 Jan 25 108V Mch 21
84V Jan
88 Feb :
OIL MchlO
851s Mch
126 May 2 145'>s Jail 3 13314 Feb
107 Feb l j 1183; Jail 12
100 Mch
105 Feh 14
129U Feb 8 138'" Mch 9 126V Feb
95 Feb 8 !045s Mch 22
861" Jan
114 MchlO 110 Mch 1 101 Feb
1533g May 3 172U Feb 18 118 Feb
931" Feb 17
89 Mcli
90V May .
98 May 2 1101" Jan 3
90 Feb
38"g Jan 2u 571.; Jan b
20V Feb
81 Jan 26
92i2 Apr 9
57V Feb
G4'" May 5 73 Jan 6
65V Meh
i
44 May 2 60 Jan
36 Feb
24!" Feb 8 341" Jan 3
201" Feb
693; Feb 7 771" Jail 3
471" Jan
11734 May
jrl38l; Jan 4 114V Feb
3334 Jan b
24 May 2
22 Feb
59 May 2 75 Jan 3
00 Jan
261" Feb 7 363.; Jan 3
30 Feb
1211 Dec
6 Mch U
101" Jan 7
1534 Jan 12
9 Apr 2/
7 May
S43s ja n 4
373; M aylt
43 Feb
02i2 Feb 4 7214 Jan 4
6-134 Feb
3
i l l ' Jan 25
07 Jan
175-V May 3 20434 j aa 3 172V Feb
9334 May -1 1033; ja n 7 *91 Mch
3
33 Jan 25
30 Feb
I 8 i4 Apr 28
3934 Feb 8

162',s Aug
25V Deo
63V Deo
36 Apr
62 Apr
82 Sop
HIV Aug
76*2 A " ?
29V At'g

15
41

I !?*.! Aug
69 Nov
174*1 J'no
71149*4 Dec
55V J 'no
102 Dee
92i" J ’ ly
1591" Aug

151V Sep
99V Deo
116V Sep
173'ig Sep
96 Aug
1171" Deo
81 Deo
94*4 Doc
7 4 Dec
60*4 Sop
35-'ig Deo
82 “ Deo
139V Aug
34 Aug
75V Deo
41)1" Aug
121" Jan
15*8 Jau
54V Oct
74'4 Jan
11611 Dec
219 Aug
1181" Aug
47 Sou

Feb
Feb

613.| J'no

5 J iy
15V J ’ly
012 Jdy
357? Jah

03V Apr

B AN KS A N D TR U ST C O M PAN IES— B R O K E R S' QUO TATIO N S.
Bid Ask
Banks
Did Ask
Banks
Netu York
Chatham . . 325
335
A e tn a _____ 176
180 Chelsea ExTl 200
America 1l__ 620
Chemical . . 445
455
Amer E xch . 235
2421: Citizens’ Ctl 160
162V
Audubon . . r ioi
C ity_______ 1393 13 95V
Battery P k . 120
130 Coal & Iron 150
105
Boweryll__ 375
Colonial I ).. 350
Bronx Borol 500
Columbia
332
340
Bronx Nat. 190
205 Commerce . f210 1214
Bryant Pk V 155
160 Corn Ex §).. 322
326
Butcll <5: Dr 140
East R iver. 115
145
125
Century H .. 170
175
Fidelity 1|_. 165
175
C h a se _____ 430
465
Fifth Ave1|. 1; 00 1500
•Bid and a- ked prices; no sales were made on this
(Sale at Stock Exchange or at auction this week




Ask
Bid Ask
Bid
Banks
Banks
Bid Ask
Bid
Banks
300
350
frying N Ex 205
210 Mutual H___ 285
Prod Exch 1| 170
205
925
175
900
L ib e r t y .^ .. 625
14th Stll— 1150
New Neth’d 210
Seaboard . . 390
2S)
F o u rth ____ 1195 f 196" U nco lii____ 400
S e co n d ____ 400
425
New YorkCo D00
Manhattan^] 325
G a lla tin ___ 320
345
340 New York 320
Sherman___ 135
325
G a rfield __ 290
300
Mark’ t&Ful t 200i4
State 1|------ 276
N’ ht &Day1 225
150
Germ-Ani 1; 140
270
Vfcch&Met’s 265
12th W ard.
19th W ard.
375
Germ’ n Exll 4S5
Mercantile . 1160
23d W a r d .. 140
Northern . . 1100V
Merch Excli 160
Germania §|. 550
565
170
Paclilcll____ 230
Union E xo. 180
240
Merchants'. 175
G o t h a m __ 159
179
Wash H’ ts H 275
P a rk ______ 435
450
Metropolis 1 390
Greenwich 1| 255
265
400
People’s A .. 270
West SIdo li 650
290
Metropol ’ nl. 200
Hanover___ 630
040
P h en lx____ 200
Yorkvlllo 1J. 500
210
Mt Morrlsfl. 26)
575
Imp & Trad 560
PlazaH_____ 625
—
uay. $ Ex-rignts. iL ess than 100 snares, estate Danks. a Ex-dlvldend and rights, 0 New stock.
/» First Installment paid
n Sold at private sale at this price, e 2d paid. i/3d paid.

Banks

Filth .........

Ask
180

290
140
199

May 21 1910 g

New York Stock Record — Concluded— Page 2

. STOCKS-—HIGHEST ANIJ LOWEST SAGE PRICES
Saturday
May 14

Monday
May 16

Tuesday
May 17

Wednesday
May IS

Thursday
May 19

Friday
May 20

Sales 01
STOCKS
the
N E W Y O R K STOCK
Week
E XCH AN G E
Shares

1347

___ *250
*250
*250
*250
*250
93.1
600
9%
93.
9% 9>s *919 9% *9% 03. *9U 93.1
34
*32
*32
35
35
*32
36
30
35
*32
*32
100
71% 71*4 721.
71
70-74 717? 84,720
70% 71% 69-% 701., 70
40% 40% 47
403., *45
47
47*4 47*4 47% *45
47% 1,000
103 *101 103 *100% 103 *101 103 *101 103 *101 103
303, 37% 1,070
*301., 37
37% 37% 373.
37
37% §36% 37
95
*92
95
*92
95
*92
943.1 *92
94
95% *92
100
9%
9% 10
93.1 934
10
10
10
9%
1,025
9% 9%
73%
73*s 7319 73% 73% 73% 731., 733s 73% 733., 737S 1,000
60% 61%' 01% 013., 01% 02
61% 61% 62
6 U 1 01%
4,300
115 115 *11333 HO *112% 116 *115 110
115 115
115
200
63
60*9 67-% 161
64
63% 63% 62% 63
03% 03% 03% 3,800
*98 107
*102% 105 3102 102
*98 107
*93 105
*98 107
100
*250
*255
230
280
*250
230
280
*250
*250
*255 280
280
Olo *3
6I9
6
G
*8
0% *0
+.1
61>
0%
100
.35
*32% 341" *32% 35
35
33% 38% *33
200
+32
341- *33
251., 24% 245s 25
*24% 251" *24% 25% 25% 25% 25
900
25%
*14
§14% 14%
111, 143? 14
*13% 141- *13% 14%
14
15
330
*31
30
*34
30
38
*35
37
30*2 3012 *30
*35
37
100
48
49% 49% 48% 493., 47% 48
431.1 48
*491.| 50
2,700
49
108% 10819 *107 110 §1081.1 103% *105 n o
*108% 111 +108% 111
100
* 5.% 0
*5% G
6
*53., 6
6
6
*5%
200
*5*4 0
*35% 37
30
§3519 35lr *35% 38
35% 35% 36
*35
37
202
+86
87
*86% 871- 87% 87% *80% 87% 871., 87% *80% 80!200
79% SO*2 79% 8078 79% 79% 78’% 79% 79% S0% 80
81% 33,255
104% 1043? *104% 105
*104 104% 101% 104% *101 104% §104% 101
550
*275 310 *275 310 *275 310 *275 310 +275 310 +275 310
*93
98% 98% *99 100
*98
99
99
*99 100
*09 100
100
5419
551
9
54% 55H 56
55
50
66% *55% 50
*56% 571'
1,700
*123 124% 123% 123"s 123 123 *123 123% *123% 124 *123 124%
300
123% 123% 122 122 *121 123 *121% 123 *121% 123
*121 123
256
1387g 137
130“s 137% 130 130% 130 130% 1363s 136L 1301" 137% 5,120
95% 96
95% 95% 95% 95% 95% 9519 *95% 97
*•■■.15 97
1,000
o5^4 35^4 *35
35% 35
36
35% 35% 35% 35% 35
950
99% 993, 100 100
*J9l.i 100*1 100 100
*99% 100% 993. 1001.1
925
44% 45’% 45
45% 43% 44% 43% 43% 433. 44
441" 4.S0O
44
*27*4 29*2 *2714 29% *271.1 29% *27% 29% *271.1 29% *271.i 29%
55
* ___
55
55
55 *
57 *
57
*144 148
147% 1471- *145 148 *140 148 *145 147
148 149%
700
*10
13
*11
13
*10
13
11
*11
11
11
11
290
13
*30*2 34% 230% 301'- 30% 30% *30
303, §30
30
*30
301->
210
42
417g 42
42l.| 41% 41<s 41% 41% 41% 411- 42
423s 0,072
*107*2 108*2 107% 107% *107 108 *107 107% *107 108
107% 1071400
*38
301" 38% 3S3| $.38
38
373.1 373., 38
38
38
3811,025
*7 % U'g
7'% 7?« *71-1 S7S *73s 87S *7% 87s
7% 7%
500
30c. 30c.
138% 138*2 138% 139% $138 138% .rl,30% 1.303, 137 1381., 138 1403,
5,985
10% 16% 16% 1019 101- 16% § 10% 10% *16% 107? 2,130
*15*2 16%
*76
77*«
77% 77% *70% 78
77% 77% *77
78
783?
78
333
*53
61
*50
61
*56
02
*50
*58
02
*58
62
02
30% 31% 31% 31% 30% 30% 30% 30% *30
31% 31
31
1.400
*30
40
..........
*30
40
*31
40
*30
*30
40
*30
40
40
697« 70
67
67
*65
*65
*05
75
71
*05
30070
70
149*9 149’% 140% 149% 149% 150% *149-% 151
150% 1507s 151 151
1.550
.. 1
*40 10 1 *40 100
+40 100
*40
41
90's 9.8% 25,320 [ nt Harvester stk tr ctfs
93% 957? 90
96% 97% 96% 97
1)7% 06% 98
120% 120% 12019 120% 121 121 *120% 123 §120% 1201" 121 121
450 L Do pref stk tr ctfs___
519 5% *5% G
*5*4 6
57$ 578
5% 51400 1
*5% 6
*19
19
Do pret______________
19
19
191'
19% *1719 191.1 *18% 191" *173., 19
200
12% 117s 12
§1212 12*2 12% 12% *12
*10% 12
*11
12
4G0 1
51
51
*50
52
49% 49% 50
51
52
50
*49
Do p ref.
51
925
48% 43% 481" 481'
483. 49% 4,180 1 lternat St<
47*2 4S% 48% 49
48’% 49
SO
*85
86
S03s *85% 8019 *85
85% 85% 85
80
Do pref.
85
400
101*2 102% 103 103’% 103 103% 103% 103% 103% 10334 103% 104
9,900 1
*8712 90% *S7l9 89
89
89
90
89
*87% 89
*87% 89
300 .
70
76
*75% 70% *7.V? 7019 *75% 701" *75% 70%
*75*2 77
Do pref_______________
100
*106 107*2 *105 109 *101 109
105% 105% *105 100% *105 100
100 national B is cu it______
*122 124% * 122% 130 *118% 130 * 120% 124 *120% 124
123 123
’
Do p r e t ___________
100
*19% 22
*19*2 22
*191- 22
*19% 22
*19% 22
at Enamel's & S ta m p s
*19% 22
*85
95
*84
94
*85
95
*85
*85
95
95
Do pref_______________
*85
98
7812 78% 78% 7S7S 77% 77% *77% 78
78% 78% 7S78 79
1,500
♦1087g 109*4 *108% 109
109 109
109 109 +108 109% *107 10734
Do pref.
200
*72
75
*73
75
*73
*71
*72
*71
75
.
75
75
75
*72% 73*9 *73
74
7334 73% 733,
*721* 73% 72% 7219 *72
210
*26
27
27
27
27
27
20 % 20 % *26
27
27
27%
600
*33
35
*32
35
*33
*33
*32% 35
35
35
*33
35
+108 109
103 108% 108 108 * 100% 108 *107% 1073j 107-% 109
2,100 i
98
98
*98
99
*97
97
99
*97 109
97
*97 100
400 1
1978 19% *19
20
*19
20
19
19
19% 19% 19% 197?
500 J
*68
72
*08
72
*G8
72
*68
71
+68
71
71
71
100
39*2 40
39% 40
39% 3934 39% 39% 39% 391' 38% 383,
1,400 1
99
+98 100
09
*9S 100
*98 100
*97% 991"
*93 100
Do pref.
200
181% 161% §162 102 *101 102
$162 162
162 102
550 1
*3%
3*2 *3% 3*2 *3% 3% *3% 3% *3% 31- *3% 31" .......... (,
★ 4.34 G
*4% 0
*4% 0
*4% o’s +43., 0% *57,
Do pref________
*39% 40% 393.1 39% 40
397s 40
40
40
40
*39% 401"
700
+100 1017s * 102% 104% 103 103 *100 104% 102% 1023, +100 105
400
Do pret.
*33
34
34
34
331.1 33% 33% 33% 34% 311" *33% 3434
825 1
+97% 98
97% 97% 97% 97% §97»8 975s 9734 93
§98
98
Do p ref___________
930
*73
75
§74
74
74
74% 75
74
75
75
*72% 74%
050 (.^Hoss-Sheffleld Steel A Ir
Do pref.
28% 28% 28l.i 2S% 27% 27% *26% 28% 27% 28% *271.1 28%
700 (1
*88
94
*90
95
*90
95
95
*90
95
95
*90
99
100 ’
*8
9
*8
9
9
*3
*8
*8
9
*8
0
9 ..........
58% 6S34 00
60
*53
00
*58
60
60
§60
§00
Do pref.
60
205
*106 110% *100 108% 100 100 *105 110% *100 108 * 100% 108
100 1
+108 108-% *108 109 *108 108% §108 108 *108 1083., M08 10834
Do pref.
50
*21
+21
22*4
22
%
221
.,
*22
*20
S
Cast
I 1
22
22
%
22
22
*21
100 1
$75
75
74
*08% 72%
74% *73% 74% * 73% 74% 72% 74
Do p ref.
535
*104 108 *104 112
*100 n o *100 n o
104 §105 +110
150 1
*72% 74
*73% 74% *72U 74%
73% 73% +72% 74
*72% 74
300 1
+5*4 6
+5% 0
* 5% 0
*5% G
5% *5% 0
100 1
♦18
25
*18
*18
25
+18
25
25
*18
*18
25
25
Do pref____
44
40% 44% 45% *43
45
*43
45
44
42% 42% *43
0,300 1 nltcd States
113% 111
113 113% 113 113 *112 113% *112 113
112% 112% 1,400
Do 1st pret.
80
80
80
80
80
*75
7919 757g 79
*75
80
1,100
*71
Do 2d p ref.
82*34 83*2 83% 84
82% 83% 82
82% 8234 83% 83% 84% 230,625 nited States
118 118*4 11.8% 118% 118 118% 117% 118
11734 118
11734 118
6,550
Do pret____
46% 47
461., 47% 40% 46’% 453i 4019 46% 46% 47
47% 12,630 c
6U7s 61
60
61% 59% 60% 59% 597s 60
61
34,300 \
*123 125 *121 120 *121 120 *120 120 §120 126 *120 120
60
Do pret.
♦__ _ 60
60
60 *
.......... \
00 *- 00
*50
00
*15
*15
20
20
*15
20
*15
20
*15
20
*15
20
*67
70
*67
70
*00
70
*00
70
+60
*60
70
70
Do p ref.
*168 178 *169 178 +16.8 176 *168 170 *168 176 *108 170
68
68
68% OSH *08
69
63
68
*08
681'
68% 681.,
800
» estern Union T e le g ..
*63
64% 64% 64% 64% 64% §04% 64% 64% 04% 04% 04% 1,150 festlngh’seEl&Mtg
asseu
*110 125 *110 125 *108 125 *108 123 *110 125 +110 125
Do 1st pref___________

1-oiC'Si

Hiytusi

Industn::l& Mlscellancoti.
A dams Express_______ >250 Jan
Y\. Uls-Chalmer:_________
V% Mch 24
Do prei_________
May 3
Amalgamated Copper
63% May 3
Anier Ayr cultural Chem.
4UU Feb
Do pre!_______
93% A pr 8
American licet S tig a r llll
317? F eb 8
Do pret__________
89% Jan 25
American C a n ..
8% A pr 23
Do prei____I
71 May j
55% May 2
Do pref__________
' 113 Alay 10
American Cotton 6(71111
57 Feb
Do prei____
101 Feb 1
American Express
*
270 A pr 13
American llkle A Loathe.
£•■%May 8
Do pro!______________
1912 Apr 28
American ice Securities..
2u Feb
American L inseed______
12% Apr 28
Do pret___________
32 May 2
■I5 1* Feb
Do p rcf___________
108'2 M ayl7
5 2 Mav
Do pref______________
33 Jail 2c
Amer Smelters Sec pret B 80% May 12
7234 May 3
Do pret_____________ _ lo2% A pr 29
277 A pr 4
Do pret.
95% Jail 13
54 M a yl 2
118% Feb >
Do pref______________
llu May 4
American Te eph a Tele.’ 133*8 May 2
t 1 Feb 3
31 Feu 8
Do pret.
97*8 A pr 39
{33 May 3
iJethlehcm Steel_______
2G12 Feb „
Do lire!____________
53 Feb
133 May 3
11 May 18
a:30% M ayio
(cutral Leather____
„5% Feu
'
Do pref________
105% Feb 7
22% Feb 1
7 A pr :7
26c. Feb
130*8 May 3
14’s A pr 28
Do p r e f..
71 A pr 28
rex Carpet.
55 A pr 20
27 Feb
40 Mch 22
Do pref.
S3 A pr 5
145% May 2

♦250
♦9%
34
697g
46%
♦101
37%
*92
9'g
73%
61
+113%

Hanot ror I ’revtam
Year (1909>

Hanoi Since January 1
On baiu of luo-share ion

40

Apr i

j« 3*3 Feb

8
Feb 17
5 May 4
16*2 A pr 2j
10*2 May 3
48 May 4
42 Mch 2b
82*2 Feb 7
>.7 Feb 7
85 Jan 1/
75*2 Apr 29
lOi Feb .
121 Feb 2;
20*4 Feb
80*2 M ayis
72% May 3
luo% Way 4
71 May 1
.0% Apr 28
24 Apr 2
33 Jan 2b
105*2 Feu 3
97 Feb b
17*2 May 3
66*2 Feb s
35*4 Feb 8
*97*2 May 3
x 15678 Apr 29
203 Jan 9
3*8 Apr 7
35 Feb 7
100*4 Apr 29
32 A pr 28
96*4 May 2
71 May 2
115 Jan 19
$25 A pr 29
83 Feb 8
7?8 Apr 28
55*2 Alay 9
104*2 Apr 28
108*s A pr 8
20*8 A pr 26
69*2 Apr 30
104 Alay 17
72 Feb 8
5 Apr 30
21 Alcb 1
35 Feb 7
108 Feb 5
757g Alay 19
75 Feb
11534 A pr 28
$40*4 A pr 28
47 Feb 3
121 Feb 11
53 Apr 22
15 Feb 4
60 Feb 4
152 Feb 8
67 Alay 1
61 Apr 28
110 May
12(1

5270 Jan
15 Jan
5434 Jan 5
OO-li Jan 3
49 Jan 10
103 Jan 10
47*4 Jan 10
15 Mcb It
137? Jan
81% Jan
(2<s Jan
-•_0 Aloh
093.4 Mch
106 Apr 19
mo Jan
8*s Jan
4 Jan
291.1 Aleh 3
1/34 ja n '
4G<8 Jan
62*2 Jan
115 Jan
8 Feb .8
48 Mch 21
907g Jan 3
104 Jan 3
11234 Jan 3
285 Apr 27
100 May 3
cO Jan lu
123'8 Feb 18
124 Feb 28
143'ts Feb 2
993.1 AIcli 1
co:2 Aten 18
104 Alch 7
$54 Jan 3
34 Jan 3
65 Jan
104*2 Jan 3
18*8 Jan
33 Jan
4834 Jan
109% Meli 8
£0 Jan 3
92*2 Jan 4
36c. Jan 8
1603s Jan 3
23*4 Jan c
8638 Jan 3
62*2 Feb 25
3634 Jan lo
60 Alch 8
88 Jan 3
1G0<8 Jan 6
112*2 Jan 5
1257s Jan 10
129 Jan 4
7%Jan 5
2433 Jan 6
16 Jan 3
61*2 Jan 3
£4% Jan <
U034 ja n 17
116*2 Jan 10
91*8 Jan 6
78*4 Jan 10
115 Jan 5
125 Jan 17
28% Jan 3
96*2 Jail 13
395s Jan 4
H0t2 Jan 17
95i2 Jan 3
84 Jan 3
43*4 Jan 4
46*4 Jan 4
11638 Jan 3
106*o Jan 8
2734 Jan 5
85 Jan 3
5178 Jan 3
107*2 Jan 5
209 Jan U
37g Apr 5
5 May 2
517$ Jan 0
107 Jan 17
4578 ja n 3
10414 ja n 3
86i2 Jan 3
11S% Feb ’
$40% Jatl 3
95 Alayi3
13*4 Jan 10
73 Jan 17
122 Jan
113's Jan
32 Jan
84 Jan 10
145 Jan 10
84*4 Jan 4
11 Jan 14
29*2 Jan 3
52i2 Jan 3
110*2 Jan 10
84 Jan 3
91 Jan 3
12533 Jan 3
$60*4 Jan 6
613S May20
129*4 Jan 4
73 Jan 8
$25 ja n 15
80 Jan 6
al95 Jan
7812 Mch
82*2 Jan .
130 Feb 24

Hiqhesi

190 Jan $250 NOV
1234 Feb
167? Au*
38 Feb
57*2 N ov
65 Feb
1:6*8 N ov
60 Aug
3312 Jan
95*2 Jan 103 Aug
49*- Aug
20*4 Jan
82 Jan
98 Get
7i» Feb
15 NOV
x« J ’ne
;!*■> Feb
4414 Feb
76*-» Nov
107*» Feb 12434 Aug
•121s Jan
79*4 N ov
93 .Jan
1071.1 N ov
$205 Feb oM Dee
10 Sep
0*4 Feb
34 Feb
517g Aug
IS7? Jan
42U N.pr
20 I rie
12 Feb
473.j J ’ne
29 Jan
49 Feb
69*.| AUST
109*4 Feb 122 -Vjg
Hi" J'ne
5*2 J’ly
69 * Sep
38 N ov
50 Jan
92% .vug
7734 Feb
ION*" N ov
101 Jan 116:% Aug
22 > Mch $285 NoV
95 Alch 105 .day
3|7S Feb
63% NOV
1153g Nov- 136% Sep
118 N ov 131 Apr
125 Feb
145*8 Sep
90*2 Feb 101 May
26 Feb
40*2 Aug
9334 Jan
10734 J ’ne
$3734 Feb S54% Dec
lS-'*4 Aim
36*4 Sep
47 Feb
09*» Sep
118 Jan 164*9 Deo
177.> Dec
19*5 Dec
2378 Jan
37 N ov
25*2 Men
5 i 34 Oct
9934 Apr
i l l Sep
29 Feb
53 Dec
21% Feb
9119 Deo
21c Apr
37 e Oct
11412 Feb 165*4 Jan
I 6I2 Feb
26*2 J'ne
73*4 Feb
93*2 J 'ne
45 Jan
63 Dec
32i2 Feb
4 II9 Jan
55 Alch
95% May
80 Feb
94 A U g
l50>g Feb 172% AUg
91 Alcn 110*9 Dec
62 j an 118% Dec
109M Jan 12S Dec
9 Oct
£3s J 'ly
1S34 J'ly
27% Jan
9*2 Alch
19*4 Jan
4734 Alch
6'J34 Aug
33i» Feb
54*2 N ov
8 2 Jan
91 Sep
104 ‘ J ’ne 113% Dec
70 Jan
95% N ov
6912 Jan
77% Dec
961o Jan 120 Sep
1154*2 Jaa 130 Sep
125s Feb
30% Deo
82 Jan
99*2 Sep
7H4 Feb
94 AUg
102-34 Apr 11334 Aug
80 Feb
97*4 Nov
72 Jan
87% J ’ne
48*2 N ov
29*8 Feb
45*4 Nov
64 Oct
10U2 Jan 120 AUg
103 Dec
99*2 Dec
293g N ov
10 Apr
40 Feb
87*2 Dec
3012 Feb
56 Aug
96 Feb 11134 AUg
169 Jan 200 Aug
15g jan
9% J 'ly
3 Alch
10 May
32i2 Mch
54% Aug
977g Feb 109 Aug
49% Sep
16% Feb
67*8 Feb 110*4 J ’ly
94% Oct
68 Feb
10738 Feb 120 Sep
$33U Oct $49 Jan
80% Feb
937s J ly
15% J ’ne
9*4 Feb
66 Jan
8l*4 J’ne
115 Oct 125*2 Deo
rl09 Sep 114 Dec
24% Feb
35% J’ne
70 Alch
87% Aug
82 Feb $111 Deo
64 Feb
87 Sep
10 Alch
17*2 J no
24 Feb
39% Aug
27 Feb
67% Aug
98 Jan 123*2 Aug
89% Aug
67*2 Feb
4 H4 Feb
C47s Oct
107 Feb 131 O ct
$39*8 Feb $67*4 N ov
40*8 Feb
5638 Deo
114 Jan 128 Deo
57 Feb
75% Sep
6 Feb
37>4 N ov
45 Jan
9134 N ov
300 Jan $670 Deo
64 Feb
85*4 NOV
74 Feb
90 Aug
110 Mch 145 Sep

B A N K S AN D T R U S T COMPANIE S— B A N K E R S ' QUOTATIONS.
Banks

Brooklyn

ind Ask

Banks

Brooklyn

Bid Ask

*rust Co's

N YCUy

Bid

Ask

irust Co's
Gunr'ty Tr_
Guardian Tr
Hudson . .
Knlckerb'kr
Law T I&Tr
Lincoln Tr.
Manhattan
Mercantile .
Mctropol’ t’n
M utual____
Mut APncc
NY Llfe&Tr

Bid Ask




Nat C ity ...
North Side §|
People’s __
Prosp’ctPk’ !
Terminal §[

N YCUU

295
150
158
150
___

305
180

Carnegie .
Central Tr.
Columbia . .
Commercial
Com wealth

f 150
1015
290
120
150
300
490
t 1750
200
290

___
1035
300
127%
. . _.
310
600
....

b

850
175
175
320
285
140
390
17-40

Trust Co's

N Y Trust.
Savoy_____
Standard Tr
TltleG u* Tr
Tr Co of Am
Union Trust
US AItg& Tr
Unit States.
Van Norden
535
Washington
132% Westchester
Windsor . .
1120
875
185
185
330
290
145
410

Bid Ask

Trust Co’ s

Brooklyn

lild Ask

645
655
75
95
Brooklyn Tr 425
145
400
410 Citizens' _
155
60J
510
160
345
355
Franklin___ 220
H Ulsldefl___
100
125
1350 1375
Homestcadli
115
E m p lr o ___
475
485
H o m e _. . . 103
Manufac’rs’ 415
Irust Co s
Eqult’blo Tr
1225 1250
Mechanics ’§[ 240 260
Farm Lo&'i
225
235
L Isf L. tc Tr 305
Montauk __
A:: t o r _____ t360
Fidelity . _
150
210
130
375
Nassau____ 245 270 Bankers’ Tr 090 710
F ulton____
---160
150
U’ way T r .. 145
120
1100
130 (Juccns C o. n o
125
WtlUamsb'e
80
100
•Bid anil asked prices; no sales on this day. {Less than 100 shares. tEx-rl^hts
New stock c Ex-dlv and rlehts d ,Vnw mlni Sli
tfaalo at Stock Exchange or at auction this week, s E r- stock dividend. IJBanks marked with a paragraph C!i) are State banks!U d
per sharo'

Broadway §j 376
Brooklyn
Coney Isl’ dfl 150
First______ 295

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

fan. 1 1309, the Stxehange methodof quoting bonds was changed, and prices an no'jo all—"and interest"—seeept for income anddefaulted bonds.
BONUS

Price
Friday
H ay 20

N. Y . STOCK E X C H A N G E
W kkk endino M ay 20

Week’s
Range or
Fast bale

Range
Since

=83 January 1

BONUS
N. Y. STOCK E X C H A N G E
W skk E ndino m a y 20

Price
Friday
May 20

Week’s
Range or
Last Sale

Range
Since
January l

Bid
A sk Low
High
Low Jfigh
Low
High No Low Jfigh Cent of Ga HR—(C oni
9 i>»8 Sep ’09
Ohatt Div pur men g 4 s .1951 J-I*
92
101H, Mar’ 10
100*4 101*4
Mac A Nor Div 1st g os. 1940 J-J 103 ........ 1047a J ’ue 08
100Q F eb ’ 10
100*4 100*4
Mid Ga A A tl Div 5 s ....1947 J-J 103 ........ 115 N ov’05
101*4 102*4
102*4 May'10
M obile Div l s t g 5s....... 10a0 J-J 109 ........ 110 Jan ’ l ’
no no
102*4 102*,
101*4 103
103 103
102Hi Mar’ 10
102Hi 102*2 Cen R R A B oi Ga col g 6s 1937 M-N ........ 103H 103 J a n ’ I
123 Hi 125*2
114 7» May'10
114*2 116*4 Cent of N J gen’ l gold 5s. 1987 J-J 122 H, 123 124 May’ 10
R egistered..................A1987 Q-J .........132 Hi 122H) 122 *s
122*s 125
114 Hi May'10
114*2 115*4
Am Dock & Imp gu o s ..1921 J-J .........107*v 108*4 Mar’ 10
108 lOSHi
101 Alar’ 09
Le A Hud R geu g u g 5 s 1920 J -J 100 . . . .
Leh A W ilks B Coal 53..1912 M-N 100*2 ... 100*2 May’ 10
100*2 101*4
Korc'iijn G overnm ent
100
Con ext guar 4*23___ </1910 Q-M
100 10U*4
99 78 100 100
96 Hi
96*4 19 95*4 97
Argentine—Internal 6 sof 1909 M-S 1 9G34 Sale
100
.
.
.
.
N
Y
A
Long
Br
gen
g
4s
1941
M-S
Imperial Japanese Governin'!
94*a
95
94*a 9 6 *2 Cent Paoiflo bee So Pacific Co
Sterling loan 4*23.......... 1925 F-A 1 94 5s Sale
86 May’ lo
85
87
86
U378 95 78 Cent Vermont 1st gu g 4 s .e l‘J20 Q-F
943s May’ 10
2d series 4 *2.s............... 1925 J -J t 94 Hi 95
3 8 8 * 8 92Hi Clias A Sav bee A tl Coast Line
91H,
01«8 9l*s
Sterling loan 4 s ............ 1931 J -J t 91
.
Clies & OhiogoldOs.........a.1911 A-O 100H,........ 100 Hi May 10
100*2 101*4
102 >, 10 101 *2 104
R epuboi Cuba 5s exten debt.. M-S t 102 Sale 102
Gen fu n d in g * impt 53.1929 J-J 102 102*4 102*2 102
102 IO0 H1
97 *4 97 May’ 10
1196*8 97*4
San Paulo (Brazil) trust 5s 1919 J-J 1 97
1st consol g 5s..................1939 M-N 1 12®b JSale 111*4 1 1 '
"8 97*8 09*4
111*4 114*4
07 s8
08
U S ot Mexico s I g 5s of 1899 Q-J t 07*2 98
Registered..................... 1939 M-N ........ 113*2 112*2 Jan .
112Hi 112 Hi
9OH, 16 04*4 9 7 *g
96*s 97*s 90*4
Gold 4s of 1904............... 1954 J-D
101
03 103*2
General gold 4 His............1992 M-S 101 Hi Sale 101
t T hese a re pr ices o n the b asis 0 / $5 to £ .
Registered.....................1992 M-S 101 102*4 105 A p r ’t
S tn tc and City S ecu rities
94
05
95 bale
Convertible 4 ‘2s (w h ig ). 1930 F-A
93*2 95*4
101*4 Sale 101*8 101*4 183 101 101*8
N Y City—41*3 recta........ 1900
89 A p r'
87
89
85
89
s ix sandy 1st 4 s ............194 1 J-D
99
09 sb 54 99 100*8
9934 99*8
4% Corporate Stock.......1959 M-N
80
89*8 83 Apr*
83
83
99 ®( 19 98 *g 1 0 0 4
Coal lliv R y 1st gu 4s ..1045 J-D
1)9»8
4% Corporate s t o c k ___1958 M-N
Craig Valley l s t g os___1940 J-J 100 ____ 110 May
10**8 33 107*4 10978
N ew 4 *ss.........................1957 M-N 108 108 Hi 108
90 Jau
Potts Creek Br 1st 4 s ..1940 J -J ......... 90
103*4 103Hj
103 Hi A p r’ lo
N ew 4 His......................... 1917 M-N 102 Hi
108 s, 18 108 1 1 0
97*2 98*8 97 Hi May
R A A Div 1st con g 4 s.. 1989 J-J
97*2 99
4 *9% Corporate Stock ..1957 M-N 108 108*« 108
93 1*00
93
93
92
00
10234 10234
2d consol e 4s................ 1989 J-J
8 102*2 104
4 Wo assessmt b on d s.... 1917 M-N *1024
Warm Spr Val 1st g 6 s . . l ‘J41 M-S 101 ........ 113*4 Heb
99H. 11 99 100*2
09*8
99*8
4% Corporate S to ck .... 1957 M-N
91
91*2
91*4 03*, 91 Hi Mar .
Greenbrier Ry 1st g u g Is ’40 M-N
1133b j ’ne’09
N Y State—Highway 4 s.. 1958 M-S
74
77
74
Chic A A lt R R ref g 3 s ...1949 A O
73*2........ 74*2
102*4 J a n ’09
8o Carolina 4 *2 S 20-40........1933 J-J + 103 Hi
09*2 75
9434 Mar’ 10
94*4 94*4 Railway 1st lien 3*23...1950 J-J 09 >2 Sale 69*2 70
95 Hi 96
Tenn new settlement 3 s ..1913 J-J
75 Oct ’09
Registered.....................1950 J-J
00 78 9U78
90 7e Jau ’ 10
Virginia ruiut debt 2 -3 s ...1991 J-J
99
99
Ohio Burl & Q—Deny D 4s 1022 F-A
09 ......
987s 100
43
60
45 A p r’ 10
40
43
6s deferred Brown Broa ctts.
Illinois Dlv3*2S.............. 1949 J-J
87*4 Sale 86»s
8 OH1 8 JH1
87 ^
911*4 D ec ’ 0 8
Registered.....................1949 J-J ......... 88
K n ilrom !
Ills Div 4 s ....................... 1949 J-J
99*8 10 08*2 100«a
08Hi 99*8 99*8
A laoama Cent Sec So Ry
Iow a D iv sink fund 6 s ..1910 A-O 104 . . . . 108*2 Oct ’09
gXlaba.Midl tiee A t Coast Line
90 A p r’ IO
Sinking fund 4s.............1919 A-O
97*2 99
09 100
Albany A Susa bee Bel & Hud
98*4
Nebraska Extension 4s. 1927 M-N
98Hi 99*2 98*4
08*4 100*4
Allegneuy Valley bee Penn It If
101
*8
Mar’oo
*97Hi
..
.
Registered.....................1027
M-N
Alleg A West bee Bull it A P
07*« ila y ’ 10
Southwestern Div 4s___1921 M-S
07*4 ...
07*a 99
77
83*2
73
78
77
78
Ann A rbor l s t g 4s.........A1995 Q-J
Joint bonds See Great North
98 *g 101
OS5* Sale
08*2
09
Atoll T Jo S Fe—Geu g 48.1906' A-O
Debenture 5s................... 1913 M-N 101 101*4 1 0 1 May’10
101 102*8
09*4 100
Registered........................ 1995 A-O ........ OS', 100 M ar’10
97*2
98
**
97*4
973
4
General
4
s.....................1958
M-S
97*4 100
89
95
90
91
OOHi
9 Jla
Adjustment g 4s.......... ftl995 Nov
101 102
Ilau A StJ os consol Os..1011 M-S 101 *,........ 101*8 lo 1*8
92
92
92 J a n ’ 10
Registered'..................A1995 Nov
83 Hi May’ 10
83*a 84
8 2 7a 8 0 ‘s
89
94*4 Chic A E Hirer As itnpg 4s 1955 J-J
90 Hi
89*4 90 Hi 90
Stamped......................./il995 M-N
1*27
A
p
r
’
IO
122
127*2
127
127
A-O
1st consol g Os..................1934
113*2117
Conv 4s issue o£ 1909...1955 J-D 110*« 1103, 113*2 A p r’ IO
109*2 113
General consol 1st 6 s .... 1937 M-N 109H,........ 110 May’ 10
lib°8
107*4 1 2 2 7b
Conv g 4a............
1955 J-D 110*8 sale 110
111
ftlay’09
M-N
Registered.....................1037
........
1023
4
102**
102*4
102*2 104*4
Conv 4s (when iss) f l .... 1900 J-D
112 Mar’ 10
112 112
Chic As lint O Ry 1st 58.1936 J-J 110
109*4 122*8
1WH
10-rear eouv g o s ........ 1917 J-D 113 Sale 113
9^7. J a n ’ 10
9878 087# Chicago As Erie See Erie
Debentures 4s Series J . 1912 F-A
May’
10
126
127
126
120 129Ha
J
.
j
Ohio
In
A
s
Louisv
ref
63
...1947
98s,
b
e
b
’
10
08*2 93*2
Series K ......................... 1913 F-A
111 114 Dec ’09
Refunding gold 5s.......... 1947 J-J
95
9GHi 97 A p r ’ IO
97
97*4
East Okla Div 1st g 4 s ..1928 M-S
100 100*4
Louisv N A As Oh 1st Os. 1910 J-J i’o’6 ‘ 100*2 100 ila y ’ lO
0 3*i
98 Hi
03
04*4
Short .Line 1st 4s g ........ 1958 J -J ......... 93
93 Hi 04 A p r ’IO
93*2 94
109
109 109*2 Ohio Ind As Sou 50-yr 4 s ..1950 J -J
8 Fe Pres A Ph 1st g 6s. 1942 M-S 108 109*2 109
103
103 103*2
Clue MU As St P term g 5s 1914 J-J 102 7» 104 103
A tl K nox A N bee L & N
09*2
sale
99*8
99*8
08HllOOHl
32
J-J
93flg
Sale
General
g
4s
series
A
..«1989
93*»
0
6
7*
93*8
„
M
S
Atlantic Coast 1st g4s.'<
103 Hi Oct '08
Registered...................<jl080
Ala Mid 1st gu gold 5s ..
8 M-N 1U7 *»....... 109 Sep ’09
86
9914 J ’ne’09
87*2 80HiApr’ lU
86*s '89**
92 .......
G eneralg 3His series B.«1989
J-J
Bruns A VV 1st gu g 4s .. .
92*4
92*4
92*4
92*4
91*4 93*4
j
j
130
.......
................1031
25-yr
deben
4s
Charles A Say 1st g 7 s ..1930 J-J
107Q M ar’ io
107*4 108
OI®* sale 91*2
Chic As L Su D ir g 5 s ....1921 j - j 10678
95*2
a - 1+ 61 00
L A N coll g 4s..............ol952 M-N
108*8 A p r’ IO
108*8 110*4
Chic As Mo Riv D iv 5 s ...1920 j - j 107*8
Bav F A W 1st gold 6 s.. 1934 A-O 122 ....... 127 J ’ no’09
103 108*4
Chic As P W l s t g 5 s ....... 1921 J.J 106 107*, 108*8 Apr 10
112 112
1st gold 5s..................... 1934 A-O 109 112Hi 1 1 2 Mar’10
103 *8 A p r’ IO
9 7 Hi Mar ’ 1 0
103*8 103*»
Dak As Gt So g 5s.............1910 j - j 103
90
03
97*2 97*2
Sll Sp Oca A G g u g 4 s ..1918 J-J
137HiJ'*y ’99
Far As Sou assu g Os.......1924 J-J 110*4
Atlantic A Dauv bee South Ry
100 100
LaCrossoAs D 1st 6s___1019 J-J 104*« 106*2 100 May’ 10
Austin A N VV bee Sou Pacilio
100 May’ 10
100 100*8
Mineral Point Div 6 s ....1 91 0 J-J 100
90 Hi
90*4
00
9 2 7e
00 Hi Sale
TJalt A Ohio prior 1g 3 His. 102 5 J-J
100 E o v’09
9 1 i* Oct ’ 09
So Minn Div 1st Os.........1910 J-J
D Registered................ A1025 Q-J
l
o
7
7
aM
ar’
!.0
.106*4
107
7g 103
J-J
W
ls
A
s
M
in
n
D
iv
g
5
s
....1921
98
98*4
08*4
Sale
97*4
100*4
Gold 4 s ...........................h 1948 A-O
100*4 100*8
MU As N o 1st M L Os....1910 J-D 100** 100 7» 100*8 100*8
00
00 7t
R egistered ..................A1048 Q-J ......... 08*4 96 A p r ’ IO
105 May’lo
104*4 105 Hi
120 Cot ’01
1st consol Os..................1913 J-D 104
Pitts J uno 1st gold 0 s ... 1922 J -J 111*2 ..
112
111*4 113
85
8734 8 9 1* Mar 10
89 >g 89*8 Chic As North w cons 7s___1915 Q-F I l l ' s 113 112
P Jun A M D iv ls tg 3 * 2 S l9 2 5 M-N
99 May’ 10
00 101
96*4 100
Extension 4s.........1880-1926 F-A
90 *t
00
03
P L K & W V a Sys ref 4sl941 M-N ......... 90H) 90
100*2 J’ly 'Oj
94 .
Registered.......... 1880-1920 F-A
39*2
00*8
88
89
89*2 91
8outliw DIy 1st g3H is... 1925 J-J
88
87
89*4
89Hj A p r’ lu
General gold 3 *23.............1987 M-N 87*4 88*4 87*2
......... 90
89Hj OOHi
R egistered................. /vl925
93*8
A
p
r’09
R egistered................. »1987 Q-F
98 ....... 103 J’ ne’09
Cen Ohio R 1st cg 4 'a s ..l9 3 0
110*s May '10
i'i6 * s '
n
o
*
i
i"ii*4
A-O
Sinking
tuud
Os...1879-1929
103
112
116
"*2
ii
T
^
A-O
110*2
111
Cl Lor A W con 1st g 6s 1933
111*4jNov’09
Registered.......... 1879-1920 A-O 109*8 .
Monou Hlv 1st gu g 6 s.. 1919 F-A 1U0 ....... 106 7e F eb ’07
107*8 A p r ’ IO
107 *8 109*2
Sinking fund 5 s ...1879-1929 A-O 100 .
D eo’ 09
Ohio River R R 1st g 5s. 1930 J-D 100 114 112
100 Mar'10
105
100 100
A-O
112
N
ov’09
Registered..........
1870-1929
105
110
A-O
General gold 6s............1937
106
M ar’ 10
105 105
107*4
A-O
Debenture
5s...................
1921
H9*2
.\lar’04
Pitts Clev A T o l l s t g 0 s 1922 A-O 111 .......
100Hi b eb ’ 10
100*2 100*2
Registered.....................1021 A-O
98 Hi Sep ’09
98 .......
P i t t s * West l s t g 4 s ... 1917 J-J
110
May’
10
100
i
i
o
109 *2 111 *2
M-N
100
N
ov
’U4
Sinking
fund
deb
5s.......
1033
Stat lal Ry 1st gug4His 1943 J-D
109 J ’l y ’00
Registered.....................1933 M-N
Beech Creek bee N V O * H
114 *8 May’ lo
114*8 117*4
MU L S A West 1st g 6s 1921 M-S 114*4
Believ & Car bee Illinois Cent
112*4 M ar’ 10
112*4 112*4
E xt A Imp 3 fund g 5s 1929 F-A n o
Bklyu * Moutauk bee Long 1
142*2 F e b ’02
Ashland Div 1st g Os..1925 M-S 117*4
B r u n s * West bee A tl Coast L
123*s Apr '09
M id i Div l s t g Os.........1924 J-J 117 >*
Buffalo N Y * Erie bee Erie
103 Hi May’ O0
In co m e s ........................1911 M-N 100*2
1 1 3 78 114*4
Buffalo U * P gen g 5 s . . . 1937 M-S 110 1167e 114*4 F eb’ 10
110 Hi 112
108 May 10
108 109*8 Chic Rock lsl As Pac Os...1917 J .J n o 1117l 110*2 A p r’ IO
Consol 4 H28 ...................... 1957 M-N 105 109
108*» 112*4 113 Hi Aug’09
09
u,
Jau
’
10
J-J
Registered.....................1917
09*«
09*8
09
.
.
.
.
A-O
A l l * West l s t g 4s g u ..i9 9 8
00
00
90 Hi
96
05*2 99
103 J ’l y ’08
General gold 4s................1988 J.J
Cl * -Mali 1st gu g o s ....1943 J-J 110 . . . .
98*4
F
eb
’
10
117 A p r ’ IO
08*4 93*4
Registered.....................1988 J-J
110*2 117
Rooli & Pitts 1st g 0 s ...1921 F-A 115 118
88*4 Sale 88 *s
«9
88
02
R efunding g 4 s .............. 1934 A-O
116*4 A p r ’ IO
llO Q llh Q
Consol 1st g 0s.............192', J D 110*4 U 7
07 J ’l y ’04
72 Mar’ 10
CoU trust Series i l 4s ..1910 M-N
72
72
Buff * Susa 1st ret g 4s.dl951 J-J ........ 70
97
J
’ne’09
J 4s................................1912 M-N
Bar C R A N bee C R I * P
05*2 94*2 J a u ’ 10
04Hi U4 *2
M i s ................................ 1915 M-N
0 104 105*8
104*4
lan So 1st ext O s .............1913 J-J 104 1 0 4 5b 104
94 D eo’09
N 4s................................ 1910 M-N
20 100*4 101*4
100*4 1 0 1
J2d 5s................................ 1913 M-S ........ 101
04*2 94*2 F eb’ 10
0 4 * 2 ' 94**9
O 4s.................................1917 M-N
Registered.....................1913 M-S ........ 101*4 1 0 0 34 May’07
93*2 Aug’ 00
P 4 s................................1918 M-N
Carb & Shawn bee 111 Cent
77 Hi
73 147 76*2 837«
77*8 S
Chic H I A; Pao UR 4 s ..2002 M-N
Carolina Cent AeeSeab A ir L
80*4 F e b '10
80*4 8 0 ',
Registered....................2002 M N
Carthage & Ad bee N Y C * H
113 Hi Mur’ 10
113*2114*2
B u r C l t A N— l s t g 5s. 1934 A-O iV i'* i
Ced R la F * N bee B U R * N
120*2 Mar’()3
Registered..................1934 A-O
Cen Brancn Ry bee Mo Pao
•i l l N ov’05
OR I F As N W 1st gu 5s. 1921 A-O 104*4;
Cent of Ga R R 1st g 6 s..p l9 4 5 F-A ........ 113*4 113*2 A p r’ IO . . . . 113*2 113 Hi
M A St L 1st gu g 7 s.. 1927 J-D
3 103*4 100
Consol gold 5s..................1945 M-N 104 100 104*2 i04Hi
Choc Ok A G gen g 5s ,ol0 1 9 J-J 102 103 1104 May’ 1 0 . ... 104 104
113 A p r’OO
R egistered. ...................1945 M-N ........ ros
Consol gold 5s.............. 1952 M-N ........ IO8 H1 108 Mar’ 10 .. . . 108 110
86
87 I 10
87
88
1 stpref incom eg 5 s ....p 1945 Oct
Keok A Des i l l s t o s ....l 9 2 3 A-O 100 ........ 101 F ob ’ 101. . . . 1'103*8 104
85 A p r ’ I O ....
80
Stam ped.....................
Ohio St L A N O bee 1U Cent
80 May’ 101. . . . 1
79
2upret income g 6 s ....p l9 4 5 Oct
Jlno St L A Pitts bee Penn Co
79 A p r’ I O ___
79
2d pi el income g 5s stamped
Ohio St P M A O con Os...1930 J-D 124 120 125 A p r’ I O ... 125 127*4
80
80 | 1
79
3d prei income g 5 s ....p l9 4 5
83Hi........ 1 03 D e c’03 ...
Cons Os reduced to 3His.l03O J-D
80*4 Mar’ 10 ....I
79
3d pref income g 5s stamped.
L1. S. G overnm ent
O 8 2s consol registered.dl930
U 3 2s consol c o u p o n ....d l9 3 0
U S 3s registered .............tel'JIS
U S 3s coupon................... fcl918
U 8 3s cou small bouda..A.T918
U S 4s registered................ 1925
U 8 4s cou p on .....................1925
U S Pan Can 10-30 yr 2s.fcl936

Bid
Ask
1003.1 101*4
100*4........
Q-F 102 103
Q-F 102 103
Q-F
i'i4*i i ‘1’5 "
114*2 115*4
•N 1003*101
Q-J

Q-J

f.i

ti

C

lIllS C E IiliA N E O U S BONUS—Continued on N ext P age.
S treet R a ilw a y
Brooklyn Rap Tr g 5s.
.1945 A-O
1st refund conv g 4 s___200'Z J-J
B kC lty lstcou5s.101O .1941 J.J
Bk Q CoJfc S con gu g o s .1941 Vl-N
Bklyu Uu El 1st g 4-6s.l95b F-A
Stamped guar 4-5S....1950 F-A
Kings Co El l s t g 4s___1949 b’ -A
Stamped guar 4 s ........ 1949 b’ -A
Nassau Elec gu g 4 s ___1951 J-J
Conn Ry & L is t A ret g 4 *2 8 ’51 J-J
Stamped guar 4 His........ 1951 J-J
Det United 1st con g 4H>s.lU32 J-J
Havana Elec consol g 5s. 1952 F-A
Inter-Met coll 4 *28............1950 A-O
Inter Rap T 3-yr conv Os. 1911 VI.N
45-year 5a Series A .......195Z M-N
Internat True coll tr 4 s ..1949 J-J
ManUa Elec 1st A coU 5 s .1953 ■VI-S
•No price Friday; latest this week.




S treet R a ilw a y
80
75
2 102 104*8 Met St Ry gen col tr g o s .1997 F-A
103*2
102 Sale 102
R
ef
g
4 s............................ 2002 A-O
47
L7b
82
87
4SH.
85*4
85*4 Saib
84*4
Bway <&7 tli A v 1st c g 5s 1943 J-D 101*2 Sale
1 101*4 104
101 104 101*4 101*4
Col& 0th A v l s t gu g 6 s .1993 U-S
90 100
........ 102
99*2 Mar’00
Lex A v & P l*’ l8 tg u g d s 1993 M-S
99
90
100*4 103
100*4 101 *, 100*4 May’ 10
Third A vo R R con gu 4s 2000 J-J
64 Sale
101 ........ 100 *2 May’ 10 .. .. LOOHi 103
C en tT r Co certfs stm pd...
04 Sale
85
83*4 84*4 34*4 A p r’ IO .... 84
Third A ve Ry 1st g 5 s.. 1937 J-J 105*4 108
1 83*4 85*4
84*s Saif
8 4 ’t
84*a
N Orl R y & Lt gen 4His ..1930 J-J
3 77
82
78
87*,
77
77*4 77*4
99
101*4........ 102 *g Mar’ 10 .. .. 102*8 1 0 2 *, St Jos R y L t H & P l s t g 5s ’ 37 M-N
St Paul City Cab cou g os. 1937 J-J 105 108
101*4 102
l O l Q 102 I0i®8 May’ 10
90
97*4
0 81 Hi 82*6 Tri-City R y & Lt 1st a f 68.1923 A-O
81
82
81 *2
81 H.
100
Uudergrouud of Lon 5 s ... 1920 M-N
03
94
94*4 95*4 94 A p r’ IO
85
84
4*28...................................1933 J-J
183 78*4 83*4
81
81 Sale
80Q
Incom e Os....................... 1048
101 *., i o n b 101*2 102
34 101*4 104
30*4 38
90
3 101*4 103V Uuiou El (Chic) 1st g o s ..1945 A-O
101*8 Sale i u l 7t 102
82
67 *8 Mar’ 10
07 *« 07*8 United Rys St L 1st g 4 s .1934 j - j
........ 07
70
United
R
R
s
San
F
rs
t
4
s
.1927
69
A-O
May’
O
U
..
.
.
...................
...................
IJFlat. aDne Jan d Due Apr e Due May crD ueJ’ ne /iD u e J T y k Due .Vug oDao Oct

81*8 A p r’ IO
48*2 A p r’ IO
101*2 101*2
90 May’ 10
07 A p r '10
01
04
03*4
04
100*2 May’ 10
87 Mai '10
08 N ov’08
107*8 D eo’09
00 Muy'10
08 A p r’00
84*2
a*
30
36*4
84 Oct ’08
81 Hi Mar’ 10
00
70
p Dae Nov

....
6
21*
....
....

76*4 82*4
48
64
00 102
90 102
00's 99
04
00*2
03
08*8
105*2 108 7t
87
87

....

96

‘ 26
43

83*2 80
31*2 40

....

81*2 83
—
74

3b

00

s Option Sal6

1349

New fo rk Bond Record— Continued— Page 2

May 21 1910.|
BONDN. Y. STOCK E X C H A N G E
W kkk IC.vdikq Ma y 20

Price
Friday
M ay ?0

Chic St P M A O -rO on )
Ch St P A Minn latgO s 1918 M-N
Nor Wisconsin 1st 6 s ...1930 J-J
8t I* A S City 1st k (is...1910 A-0
Clue A W est lnd pen g Os 71932 Q-M
Consol 50-year 4s........... 1952 .1. J
C lu e * W Mich see Pern Marq
Choc O A Gulf See C It I A P
Oln 11 A I) 2d gold 4 4 s . . .1937 J-J
Cin D A I 1st gn p 6 s ...1941 M-N
C Find A Ft W 1st gu 4s p.’ 23 M-N
Cin 1 A W 1st pu s 4 s .1933 J-J
ln d Dec A W 1st p 6s. ..1935 J-J
1st guar gold 5s............1935 J-J
0 1 St L & C See O C O & St L
Oln S * O See C O O St L
Olearlleld A Mali See 11 K * P
Olev Cin C A s t li pen g 4s 1993 J-0
Cairo Dlv 1st gold 4 s . . . . 1939 J-J
Cin W A M Div 1st p 4s. 1991 J-J
8t L Div 1st col tr g 4 s..1990 M-N
Registered.....................1990 M-N
Spr A Col Dlv 1st g 4 s ..1940 M S
W W Val Dlv 1st g 4 s ... 1940 J-J
0 I St L A C consol (3s.. 1920 M-N
1st gold 4s.................. tel936 Q-F
R egistered.............. fcl93G
Cin S A Cl con 1st g 5s. .1928 f a
CO G<fe I con sol7s.........1914 J-D
Consol sink fund 7s___1914 J-D
Genoral consol gold 6 s.1934 J-J
Registered..................1934 J-J
lnd Bl A W 1st prof 4 s .1940 A-0
O lnd A W 1st pf 5 s.,.d l9 3 8 Q-J
Peo A East 1st cou 4 s ...1940 A-0
Incom e 4s...................... 1990 Apr
Olev A .Marietta See Penn Rl«
Olev A Pitts See Penn Co
Col .Midland 1st g 4s.........1947 J J
ColoradJ A Son 1st g 4 s ...1929 F-A
Refund A ext 4 4 s .........1935 M-N
Ft W <S> Don 0 1st g 6 s..1921 J-D
Oolum A Greeuv See 8o Ry
001 A Hock Val See Hock Val
Col A Tol See Hock Val
Ool Conn A Term See N A W
Conn & Pas Rlvs 1st g 4s. 1943 A-O
Ouba R R 1st 60-yr 5 g ___1952 J -J
ak A Gt So see C M & St P
alias A Waco See M K A T
Del Lack A W e ste rn Morris A Essex l s t 7 s . .. 1914 M-N
1st consol guar 7s....... 1915 J-D
Registered..................1915 J-D
1st ref gu g 3 4 » ...........2000 J-D
N Y Lack A W 1st Os...1921 J-J
Construction 5s.......... 1923 F-A
Term A improve 4 s....1923 M-N
Warren 1st ref gu g 3 4 s .2000 F-A
Del A Hud 1st Pa Dlv 7 s .1917 M S
Registered.....................1917 M-S
10-yr conv deb 4s.......... 1910 J-D
1st lien equip g 4 4 s ....1 0 2 . .T-J
ls t& r o t 4 s ...................... 1943 M-N
A lb A Sue conv 3 4 s ....... 1940 A-0
R o n s * Saratoga 1 s t7s. 1921 M-N
Del R iv R R Bridge See Pa RR
D e n v A R G r.lst con g 4 s .1930 J-J
Consol gold 4 4 s .............. 1930 J-J
Improvement gold 6 s. ..1928 J-D
1st A refunding 5s........ 1955 F-A
Rio Gr Juno 1st gu g 6 s. 1939 J-D
Rio gr So 1st golu 4 s ....1940 J -J
Guaranteed................... 1940 J -J
Rio Gr W est 1st g 4 s___1939 J -J
M ge and col trust 4sA.1949 A -0
Utah Cent l s t g u g 4 s al917 A -0
Des Mol * Ft D See M * St L
D esM ol Uu Ry 1st g 6 s ..1917 M-N
Dot A Mack 1st lien g 4 s .1996 J-D
Gold 4s...............................1995 J-D
D et So—O S Div 1st g 48.1941 M- 8
Dol<& Iron Range le t o s .. 1937 A-O
Registered........................ 1937 A-O
2d Os..................................1910 J-J
Dul Short Line Set N or Pao
D al So Shore * A tl g 6 s ..1937 J-J
J astof Minn See St P M A M
-last Ten Va A Ga See So Ry
Elgin Jol * East 1st g 6 s.l9 4 i M-N
Kim Cort * No See I .eh * N Y
Erie 1st consol gold 7 s ....1920 M-S
N Y & EriO 1st oxt g 4s 1947 M-N
2d ext gold 6s................1919 M-S
3d ext gold 4 4 s ............1923 M-S
4tli ext gold 5s.............. 1920 A-O
5th ext gold 4s.............. 1928 J-D
N Y L E A W 1st g fd 78.1920 M-S
Krlo 1st con g 4s prior..1990 J-J
Registered..................1990 J-J
1st consol gon lien g 4sl990 J-J
Registered..................1990 J-J
Penn coll tr g 4 s........ 1951 F-A
60-yoar conv 4r A ___1963 A-O
do
Series B.1953 A-0
BuflN Y A Erie 1st 7 s ..1910 J-l)
Ohio * Erie 1st gold 6 s..1982 M-N
O le v * Mahon Val g 6 s. 1938 J-J
Long D ock consol g 0 s ..1935 A-O
C o a l* RR ls t c u r gu Os.1922 M-N
D o c k * Imp 1st cur 0 s..1913 J-J
N Y & Green L gu g 6 s. 1940 M-N
N Y Sus * W 1st ref 6 s .1937 J-J
2 d gold 4*28................... U)a7 F-A
General gold 6 s............ 1940 F-A
Terminal 1st gold 6 s ... 1943 M-N
liegis 56,000 ea ch ... 1943 M-N
M id H U ofN J l s t g 08.1910 A-0
W l lk * Ea l s t g u g 6 s .l9 4 2 J-D

Ask
hut
123
123 . . . .
1124114
103 112
......... 91

101

W eetft
Range or
Last Sale

Low
High W ojLow High
1234 May’10 . . . . 1234 127
129 «g May’09
113 May’ 10 IlllljiVa" i'u®i
1084 1034
1 1084 111
1 00
93 4
90
00

113
105 4 108

81
80
........ 107

Oct ’00
Mar’ 10

87 4 J a n ’ I 0
107 Mar’ 10
107 4 D eo’02

03*8
93-4
93 *, Sale
........ 9 1 4 9 4 4 Ang’09
........ 944 04 4 Jan *10
90
94
9 34 A p r’ 10
90 ........ 91 Oct ’07
90 Dec ’09
.......1004
90
90
90 Sale
105 ........ 1054 F eb ’ 10
97
98«s 9 84 A p r’ 10
98 F eb ’ 10
1094 sop ’09
lo7 “a .
1094 D ec’ 09

........

96

534

00

Range
Since
January 1

125

N ov’09

94

J ’l y ’08

1004 108
87
105

874
107

03*8 9 6 4
94 4 94 4
9 3 4 95*4
00
00
105 4 1054
98
934
98
08

934
55

04 4
07

........ 7 64 76®, May’ 10
95
96 ‘4
95 Sale
07 4 9 74 9 7 4
#7 Hi
111113
1114 111 4

7 6 4 81*8
95
07’ ,
97
99
1 11 4 1 14

934
55

100

May’ 10

100

100

D

109*4 1104 H I Mar’ 10
1124 Api ’ 10
112 4
127 J ’ue’06
94 Sep '09
85*4
1 11*4 117 1144 A p r’ 10
l l o ^ F e b ’ io
11*7
99:4 A p r ’10
97*4 99
102 4 Fe b ’03
110*8 120 120 Mar’ 10
149 Aug’Ol
98
93
98 Sale
.........102*6 100 4 I 0 0 4
034
98 4 Sale 9 8 4
93 Sale
92*4
93
126 ....... 128*8 A p r’ 10

11041114
112 4 1 1 4 4
113 1104
110 4 110 4
00*8 101
120

1204

98 1 0 J
1 0 0 4 103
9/«S 100 4
02 4 07 4
I20«g 1 3 0 4

04
1 93 4 9 74
0 3 4 9 4 4 04
........104 4 1 0 4 4 Mar’10 ...J 103*4 104 4
1 0 1 4 101*4 I 2 JIOI4 105
02
92 Sale
02
671 01
9 44
08 F ob ’ 03
78 D oc’09
Mar’08
85
90
044
8 9 4 0 0 4 90
84
84
84 A p r’ 10
97 Jon ’02
110
04
95
SY
92
88
74
70 4 75
109*4 109
106 4

Sep ’04
A p r’ 10 ...J 95
May’ 10 ... 83
F e b ’ 10
72
May’ 10 ...,l 109
Mar’U8

109

110

O c t ’09

1084112

113

D e c ’00

107

I

974
01
74
111

1184 Sale
100 4
IU5®,
102
105 4
984
120*4
'81*4 8 24

1184 1184
1184 1224
100 100
100 A p r ’10
100 *« Mar’ 10
100*4 1004
103 Mar ’ 10
103 103 4
1004 Jan ’ 10
1004 1004
99*4 F e b ’ 10
09*4 99*4
124 Aug’00
81 87 4
81*8
§2 4
81 N ov’ Oy;
73
73
724 704
73
85 4 F ob ’07:
834
83 4
86
83 4 80*4
75
83
70
77
7 0 4 Sulc
67
73 4
08 4
68 4
08*4 Sale
1154 1134 Mar ’ 10
1134 113 4
UO I
110 115
110’ , 110
121 D eo’08
1114
127 Mar’ 10! __ i IQS 127
123
, 109 4 114 A p r ’ 10 ,...1 1 4 114
1034 Got ’ 09,
. 106 103 4 J a n '1 0 1 .. . 103 4 10 3 4
106 104 4 104 4 10 103 4 104 4
1004 D e c’00
93
89
89 | 1 89
89
108 4 May’ 10 ,..* 1 0 8 4 1 0 8 4
1004 .
99

101

1004 Mar* 10 .. 1004 1014
1014 Mar’ 10, .. 1 0 1 4 1 0 1 4

BONDS
N. Y. STOCK E XC H AN G E
W kkk Ending m a y 20

Price
Friday
M ay W

Week’s
Range or
Last Sale

Range
Since
January 1

Low H igh
High
A t * Low
Oct ’09
.......*114
E v * lnd ls t c o n gu g 6 s..1920 J -J
Erie & Pitts See Penn Co
115 D eo’00
Evans & T H 1st cons Os. 1921 J -J 110
1st general gold 5s.........1942 A -0 100 1014 101 A p r ’ 10 ....11101 101
114 A pr’05
Mt Vernon 1st gold Os.. 1923 A-0
95 J ’ne’03
Sail Co Branch 1st g 5s. 1930 A-0
L'argo & So See Ch M * St P
* lin t& P e re M See Pero Mar
Fla C * Pem n See Sea A ir Line
105 Mar’ 98
904
Fort St U D Co 1st g 443.1941 J-J
86
87
80
86 M ai’ 10
85
Ft W * Rio Gr 1st g 4 s . ..1928 J -J
I ' al lia r * S A See So Fac Co
07 J ’l y ’09
05 4 1 0 0
' Tai 1 1 * H o f 18821st58.1913 A-0
Georgia & Ala See sea A Line
Ga C a r * N or See Sea A Line
Georgia Pacitio See So Ry
Gila V G & Nor See So Pao Co
Gouv * Oswegat See N Y Cent
Grand R a p * lnd See Penn RR
Gray’s Pt Term See St L S-W
90 8ale
954
96 1X4 04*4 9 7 4
Gt N or—C R * Q coll tr4s 1921
9 1 * 6 ........ 9 5 4 May’10 . . . . i 04* 90’ ,
R egistered.A .................. 1921
St Paul M * Man 4 s ....1 93 3 J -J ........ 09*4 9 9 4 May’10 . . . . 1 99 4 100
1st consol gold Os........ 1033 J-J
1 2 5 4 1 2 7 * 4 1 2 5 4 125 V 3 125 4 12 8 *,
Registered.................1033 J - J ................... |132 A p r’09 ...J
Reduced to gold 4 4 s 1933i J-J 105 1 0 5 4 1 0 4 4 M a y ’10 ...J 1044 107*8
Registered............. 1933! J - J ..................<108*4 J ’ne’09!....!
‘ GO-* l u o V 13 1004 101*»
Dakota oxt gold 6S....1910.M-N
98 A p r’ i o ...J 98 1004
9 3 ‘4 08
Mont ext 1st gold 4 s ..1937 J-D
;iU0 4 O e t ’U6.
Registered.................1937 J-D
90 : : : : : :
99*4 99*4
tt Minn N orD ivlst g 4sl948 A-0
113 1144
Minn Union l s t g 0 s..1922 J-J 112 ...........
129 129
Mont C 1st gu g Os....1037 J-J 1 25 4 1 30 129 F e b ’ 1 0 ..
1304 May’00 ..
Registered..................1937 J-J
U 3 4 i ’l'3'4
1st guar gold 5s.......1937 J-J 110 113 4
W ill* S F 1st gold 5s 1933 J-D 111 1144 110 J ’ne’ufc
Greonbrler Ry See Clies & O
90
89 A p r’ 10
8 7 4 94’ a
Gulf & s 11st ref * t g 6s 61952 J-J —
an & St Jo See 0 B & Q
ousatonio See N Y N H * H
100»8 41 100 104
H ock Val ls t c o u s o lg 4 43.1999 J -J 1004 Sale 100
1 00 4 Sep ’ 08
■
m
m
Registered........................
1999 j . j lu o
00
05
06
05 4
054
95 4
C o l * H V ls t o x t g 4 s ..l9 4 8 'A -0
0 9 4 F’e b ’00
06 —
Col & Tol 1st ox 4 s .......1955 F-A
H oust E * W Tex See So Pac
H oust & Tex Cou See So Pac Co
106*4 Jan’ lo
105*4 105*4
Uluois Central 1st g 4 s..1951 J-J 103
Registered.....................1951 J . J
92 F e b ’ 10
02
92
1st gold 3 4 s .....................1951 J-J
94 Sep ’09
Registered.....................1951 J.J
0 3 4 May’O0
Extended l s t g 3 4 s ....... 1951 A-0
80 J ’l y ’09
1st gold 3satorUng........ 1951 M-S
09 4 100*4
CoU Trust gold 4s.......... 1952 A-0 i'oo 4 ........ 100 A p r ’ 10
90 J ’ne’09
Registered.....................1952 A -0
97*4 99*,
08
07*4
97*4
1st rot 4 s ..........................1965 M-N
98 -8 100*8
9 8 *b A p r’ 10
934
L N O * T ex gold 4s ...1 95 3 M-N
09 4 97 May’ u7
Registered.....................1953 M-N
loO A p r ’09
Cairo Bridge gold 4s___1950'J-D
02
8 7 4 88 'a
87 4
«7 4
liOUisvDir*Term g 3 48.1953 J-J
123 May’ 90
Middle D iv re g S s. . . . 1021 !F-A
77*4 77*
7 8 4 ' 77*4 Mar ’10
Omaha Dlv l s t g 3s.......1951 F-A
.......1 7 9 ‘4 D e c’l)8
St Louis D lv * t 6rm g 3 s .l9 5 i'J -J
Registered..................... 1(151 J -J
83 4 1"*8*9 "* F eb ’ 10
88*4 89
Gold 3 4 s .................... : 1061 J -J
Registered................. 1951 J-J
Nov’UO
89*4
Spring Dlv 1st g 3 4 s ...19511 J-J
08
08
93 Apr TO
06
Western Lines 1st g 4 s..1961 'F-A
BeUov & Car 1st Os.......1023 J-D 1174
117 411 7 4
99
99
00 fceu’ 10
Carb & Shaw 1st g 4 s ...1932 M-S
114*4 May’ 10
Ohio St L & N O g 6 s ...1951 J-D 114 4
114*4 119
118 Mar’ ll)
118 118
Registered....................1951 J-I> 112
09 u c l ’UU
89
Gold 3 4 s ....................... 1951 J-D,*
98 4 97 4 Mar T o
Memph Dlv 1st g 4 s ...1951 J-D
9 74 97 4
98 J ’l y ’08
0 6 4 08
St L Sou 1st gu g 4 s ....1931 M-S
lud B l * West iS'««OCC & S tL
90
97 Mar’ 10
97
98
05
ln d IB & la 1 st g 4s......... 1950 J - J
109 4 110*4
lilt & Great Nor 1st g Os. .1919 M-N 1094 UO 100 4 199 4
100*4 112
111 1 1 1 4 1 1 1 May'lC
2d gold 5s..................................1909M-S
Salt
1
1
04
i
n
-4
100*4 112*4
111
Trust Co ce rtfs.....................
2 5 4 25 May’ 10
23
35
25
3(1 gold 4s..........................1921 M-S
102 100*4
Iowa Central 1st gold 6 s..1038 J-D lU3 4 S a le 103 4 103 4
70 Sale
74
76’ ,
70
Gold 4s.............................. 1951 M-S
774
al A * G It See L S * M s
an & M icli See Tol * O 0
K C Ft S * M See St L & 3 F
K C * M l t & B See St L & S F
Kan C * Paciilo See M K & T
724
72’ ,
72
74
72
73
Kan City Sou 1st gold 3s.. 1950 A-0
03 Oct ’00
Registered................................ 1950A-0
101 l u j
100 4 1014 1014 101
R ef * impt 6 s A p r 1950........ A-0
Kentucky Cent hee L * N
I
Kook * Des Mo See O R I * P
KnoxvlUo & Ohio See So Ry I
110*, J 12 4
1114
1 ako E r i e * W l s t g 6 s . . 19371 J-J 111 1 1 1 V 1 1 1 4
, 106*b 100 4 Mar’10
100 4 1 0 ? 4
1 * 2 d gold Os......................1941'J-J
.103 100 Mar’1 0 __ 1 1084 112
North Ohio 1st gu g 6 s..1945 A-O
L Sho * Mich S See N Y Cent
Loll Val N V 1st g u g 4 4 s. 1940 J-J 100 1074107»« Mar’ 10
107 4 1 0 8 4
........ 107 A ug’O’J
Registered....................... 1940 J -J
0 7 4 97 4 A p r’ 10
Lehigh Val (Pa) cons g4s.20U3 M-N
00 4 97 4
116 115*4
Leu V Tor Ry 1st gu g 5 s .l9 4 l A -0 114 115*4 115 May’ ’ 0
1 13*4 109 4 Get ’99
Registered....................... 1941 a -o
Leh V Coal Co I s t g u g 5 s .l0 3 3 J-J 107 1 1 0 4 1 0 8 N ov’09
9 5 4 03*4 Mar’10
93*4 06
02
Leh & N X 1st guar g 4 s .. 1945 M-S
......... 95*8..................
Rogistorcd............................... 1945'M-S
El C & N 1st pf O s .......1914 A -0 1 0 2 4 ........ 101 4 Feb TO
10141014
Gold guar 6 s.................1014'A-0 100 4 ........ '1 014 Sup ’ 09
Loll * Hud R See Cent of N J
Leh * Wilkesb ,&'«« Cent of N J
Leroy A Cauoy Val See Mo P
uoug Dock see Erie
113 l i t
L,oug Isl’ d—ls t c o n g 5s.ft.1931 Q-J 1114 .........113 F eb’ 10
1st consol gold 4s......... A1931 Q-J
100 V .................
General gold 4s................1938 J-D
90 1 96 May’ 10
90
07*4
100 4 1004
Ferry gold 4 4 s ................1922 M-S
96 101 4 1004 F eb ’ lo
94 I 90 4 Get ’ 06
Gold 4s.............................. 1932 J-D
92
93 4 95
UuiUod gold 4 s ........................1949M-S
9b 4' 03 4 Mar’ 10
.........'1 0 4 4 D ec’Ob
Debenture g o ld 6 s........... 19341J-D

,

H

I

K

D llS O K IJA N K O U S BONDS—Continued on N ext l’ nge.
G ns and E lectric L igh t
Atlanta G L Co l s t g 5 s ...1947
Bklyn U Gas 1st cou g 6 s .1945
Butlalo Gas 1st a 5s...........1947
Columbus Gas 1st g 5 s . . . . 1932
Detroit City Gas g os ......... 1923
Det Gas Co oon 1st g 6 s ...1918
Eq G L N X 1st con g 5 s ..1932
Gas A Elec Berg Co c g 6s. 1949
Ur Rap G L C o 1st g o s ...1916
Hudson Co Gas 1st g o s .. 1949
Kau City (M o) Gas 1st g 6s 1922
Kings Co El L A P g 6 s ...1037
Purchaso money Os......... 1097
Ed El It Rkn 1at eon g 4s 1930
Lac Gas L ot St L 1st g 6s.«10l0
, R ef and oxt 1st g 6s.......1934
iMllwaukee Gas L 1st 4 s . . 1927
'Newark Con Gas g 6s........1948

G as mid E le ctric Light
N Y G E L H A P g 6 s ...1948 J-D 1004 1004 1 0 0 4 1 0 0 4
10041034
83 »b
Purchaso money g 4s. ..1949 F-A
83
87
83 4 £3*8 83
100 F e b ’ lo
E(1 El 111 1st conv g 5 s..1910 M-S
100 1 0 0 4
1st consol gold 6s........ 1995 J-J 1104 111 110 4 May’ 10
110 1114
100 1014 101 A pr TO
10 i i b i s N YAQE1 LA P 1st cou g 5sl93U F-A .........100 4 1 0 0 4 Mar’ lO
1004 1014
97
96*8 Sep '08
97 4 J ’l y ’09
N Y * Rich Gas 1st g 5s. 1921 M-N
105 4 Mar’ 10 . . . . (06 4 105 4 Pat A Pas G A E con g 5s. 1949 VIS 100 ........ 104*4 Nov’05
98
0 1 4 Oct ’01
I’ eo Gas A C 1st con g Os. 1043 A-0 109*4 117 4 11 »4 Mar ’ 10
118 110
98 101 100 Oct ’00
Refunding gold 5s..........1947 M-S 1024 103 102 ‘■uMay'lO
1024104
102*4 103 103 4 103 4
2 103 4 10334
101
C h G -L A C k o ls tg u g 5 s 1937 J-J 104 Sale 104
102’ , 1044
97 Mar’ 10 . . . . 97
07
Con G Co of Ch ls t g u g 5 s .’30 J-D 1014103
1014 May’ iO
1004 102
1 0 2 " i b s " 1 0 l4 S e p ’09
ln d Nat G a s O i l 30-yr 6 s ’36 M N ......... 9 1 4 04 4 Aug’09
113 A p r’ 10
i l 'i i 15
1104H 4
Mu Fuel lias 1st gu g o s .1947 (i-N .........101 4 1 0 1 M ai '1 0
101 101
____ 8 9 4 9U jMar’ 10
8 7 4 00
Philadelphia Co conv 6s ..1U19 F-A
1
0
2
4
Apr’10
1024
102 105
10S 101 102 4 May TO
1004105
99
Syracuse Lighting l s t g 6 s .’51 J-D
100 Max’ lO
100 100
0 94 100 4 100 A pr To
99*4 101
Trenton G * El 1st g o s ..1949 M-S 103
110 M»y’05
90S 91 A p r ’10
M-S
01
0 2 4 Union E lcc L A P I stg 6 s .l0 3 2
08
96 J a n ’08
105
W estchester Llght’g g 6s. 1950 J-D 100 102 4 1 0 2 4 Mar’oy
’ * No price Friday; latest bid and asked this week, a Dae Jan 6 Dae Feb ctDue Apr eDaeM-ay h Due J’ly k Dae Aug <7Due Deo t Option M e




J-D
M-N
A-O
J -J
J-J
F-A
yi-s
J-D
F-A
M-N
A-0
A-O
A-O
J-J
Q-F
A-0
M-N
J-D

102
100 107 *>, 100
04^8 07
00

100
08

1 105 4 l07*4
07
1 04

1350

New York Bond Record —
3

llO.N I)S
N. Y. STOCK E X C H A N G E
WltlCK Ending MAY 20

2
4
4

Lonir Island—(C on)
S
s
S
0
S
1
3
1
^

Price
Friday
M ay 20
Bia
94 4

Week’ s
Range or
Last Sate

•0
Range
O O 1 Since
3; r/J jjJanuary 1

Ask Low
High Ao j Low High
90 \ 97 May lC .. .. 1 9 4 4 100

1 0 0 4 .......

100 .......
102 .......
103 .......
101 .......
........ 90
112 .......
1 1 0 4 .......
98 4 Sale

1014 D ec’Ot . . . ; i ; ; ; ; ; ;
1104 N ov’Ol . . . j ..............
105 A p r’07
109 Nov’Ol , . . . n .;:::: ........
M
j <17 Nov’O!
1113 May’ 1(1 __ 1124 1164
111 A p r’ U
in
m
1 98
984 2i 9 7 4 1 0 0 4
TOO May’Oi
................. lOOt, D e c’09
107 4 109 110 F eb’ 10
i i o 11 b
111 ........ 11 m , o ct *ui
102 106 103 * A p r’ 10
103 io e
122 i 244 124 Mat’ ll
121 1254
117 4 ........ 1120 J a u ’Oi
........ 111
1074 Mar’ 10
1074 h b '4
1144 110 117 May’07
................. ;
70
75
71 May’ Oi
.................. 1
........ 94
91
94
9 93 4 95 4
109 115 110 J ’ly 00
104 4 ........ 110 J a n ’01
97
98 4 97 May 10
96
97'4
101 1054 101
104
2 104 105 4
........ 90
90 V A p r ’ lC
9 0 4 92
105 4 ........ J 1 04 A pr'lC
110 111
1111 ........
h b '4 i i b v
1 1 0 4 ........ i l b '4 Mar io
Ill
114 i l l Mar’ lC
no in
89 4 May TO
39 4 89 4

N Y B A M B ls tc o u g5 s 1935
N Y A Ii B 1st sr 5s.......1927
Nor Sh B 1st con sr guoa ol932
Louisiana A Ark 1st g 58.1927
L ouis? A Nasliv ten g Os . 1950
Gold 5s...............................1957
Unified sold 4s................1940
Registered.....................1940
3
Sink land cold (3s............ 1910
Coll trust gold 5s.............1951
2
-)
E H A Nash 1st a (is___1919
9
L Cin A Lex gold 4 4 s . .. 1951
.Y O A M 1st cold (3s....1950
1
N O A M 2d told (5s........1950
Pensacola Div gold O s... 1920
St L Div 1st gold Os........1921
2d gold 5s...................... 1980
Y
Atl K n oi A Cin div 4 s.. 196..
vtl Knox A Nor Ista 5 sl9 4 0
Mender B d g e ls ts f g 6 s.l9 5 1
Kentucky Cent gold 4 s..1987
LAN A M A M l s t g 4 4s 1945
L A N-South M )oin t4s.l9 5 2
1
N Fla A S 1st gn g 5 s ...19:37
N A C Edge gen gu g 4 4« 1945
Pens A A ll 1st gu g (5s..1921
8 A N Ala con gu g 5s.. 1913(3
L A J ell Edge Co gu g 4 s.. 1945
L N A A Oh Are O f A L
ahon Coal See L 8 A M 8
........ 96 4 97 Apr TO
anhattan By consol 4 s.1990
9 64 9 84
................... 104 A y r’OO
Registered..................1990
90 Sate 90
90
1 98
99 4
Strnpd tax exem pt.. 1990
M cK’ pt A B V See N V Cent
9C34 934
'l e x Cent cons g 4s.......... 1911
98 4 0 84 984 May’ 10
30 ........ 31 4 May T o
1st cons ino g 13s......... al939
27 4 3 1 4
28 ........ 25 4 A p r’09
2d cons inc g 3s trust rects..
77 Mur’ 10
75
77
ile x rnternat 1st con g 4 s .1977
80 Feb’08
Stamped guaranteed.. .1977
100 ........ 100 May’ lO
ile x North 1st gold (3s___ 1910
100 100
Midi Cent See N Y Cent
Mid of N J See Erie
Mil L 8 A W See Chic A N \\
Mil A North See Ch M A St 1
131 ........ 131 May TO
Minn A St L 1st gold 7 s.. 1927
131 131
108 4 ........ 118 .la u ’O.
Paciiic Ex 1st gold Os... 1921
100 >•>........ 101 Feb TO
South West Ex l s t g 7 s .1910
101 101
1034 1044 104 May to
104 109
1st consol gold 5s.............1954
75 May 10
____ 70
1st and refund gold 4 s ..1949
83
9 1 4 87 M ar’lO . . . . 87
Des M A Ft D 1st gu 4 s... ’50
914
Minn A St L gu See B O K A A
97 4 May TO
9 0 4 99
97 4 100
M StB A S S fil con g4 in tg u ’ 58
97 4 ........ 98 4 Jan T o
M S S M A A 1st g 4 int gu 1920
98 4 9 84
Minn Un See St P M AM
7 97 V 100
9 7 4 98
Vto Kan A Tex 1st g 4 s ...1990
074
97 4
83 4 Sale
83 4
83 ‘v 20 83 4 874
2d gold 4s....................... g 1990
1014
1014 Sale 101
2 101 105
1st e xt gold 6s..................1944
834 1/ 82
82
834 83 4
85 4
1st A refund 4s................2004
88
8 8 4 88 V May’ 10
88
9 04
Qen s £ 4 4 s ................... 1950
1
88 A p r’09
79
83
St L Div 1st ref g 4 s ....2001
"
"
I
100 ........ 105 Get ’ l»i>
Dal A Wa 1st gu g 5 s ...1940
........ 89
92 AprTO ...J 90
Kan C A Pao 1st g 4s. ..1990
93 4
|108 4 113
110 May’ 10
109 4 n o
Mo K A E 1st gu g 5 s ...1942
'I 400 4107 V
105 107 1 0 0 4 5lay l0
M K A Ok 1st gu 5s....... 1942
100 4 Sale 100 4 100 4
M K A T of T 1st gu g 53.1942
i 1UU4 105 4
* ........ 105
1104 A p r’09
Slier Sh A So 1st gu g Os. 1945
..
. ; 05 105 Mar’ 10
T e x A Okla 1st gu g 5 s ... 1945
105 1054
i v •. 1 10 l4 109 4 1994
vlo Pacific 1st con g Os ...1 92 0
2 109 111
. ; 0 j 4 1004 loo 4
Trust gold 5s stamped.<jl917
1 100 4 102 4
y y »8 Mai” 10 ...J 99V 99V
........ Luo4
R egistered................. ol917
102
100 4 101 100
35 100 102V
1st coil gold 5s..................1920
78V 4 2 774 8 1 4
40-yoar gold loan 4s.......1945
7 3 4 7 3 4 78
................... 054 Nov'OO
3d 7s extd at 4% .............. 1938
94
91
9 44 03 4
62 9 3 4 00
1st A ref conv 5s full pd. 1955
9 0 4 934 9 4 4 Mai’ 10 ...J 94
05
Cent Br By 1st gu g 43.1919
80
87 4 80 Jan TO
Cen Brunch U P 1st g4s_ 1948
110 Mar’ 05
Leroy A C V A L 1st g 5s 192(3
99
........ 984 99
1 98 100V
Pao R of Mo 1st ox g 4s. 1938
113 F eb ’ iO
........ I l l
113 113
2doxteudod gold 5 s ...1938
108 4 10 103 n o
1074 108 4 103
St L Ir M A Sgen con g 5sl931
1
........ 110 4 111 S e p ’09
Gen con stam pgtdg 5s 1931
......... 86
84
844 "*3j 84
80
Unified A ref gold 4 s ..1929
8 4 4 854 85
86
2 85
874
RiV A G Div 1st g 4 s..1933
|102 4 1 0 2 4
*103 ........ 102 4 Jan TO
Vordi V I A VV l s t g 58.1920
1
1)8 D ee’00
MobJ A K C ls tco n s g S s.lo O a
i 174 in i
118 4 AprTO ...I 1184 1214
Hob A Ohio new gold Os..1927
114, 1104 117 4 Mar’ lOl __ | 1 1 7 V H 7 4
1st extension gold 0s../il9 27
fe7
90
87 May TO
General gold 4s............... 193«
87
90
.........109
108 4 Mar’ 10! ...J 1 08 4108 4
Montgom Div 1st g 5 s ..1947
1
75 May’ 03
St L A Cairo coll g 4s..#193u
94
90
95 AprTO . ... 95
Guaranteed g 4s..........1931
90
M A O coll 4s See Southern
Mohawk A Mai SeeN V C A 11
Mouongahela Rlv See B A G
Mont Cent See St P M A it
Morgan’s La A T See S P Co
Morris A Essex See Del E A VV
108
asli Chat A St L 1st 78.1915 J -J 108 1084 103
4 108 110 4
1st consol gold 5s.........1923 A-U 109 4 111 109
109
1 1084 1104
Jasper Branch 1st g Os..1925 J-J 1 1 5 4 ........ L104 May’ 07
McM 51 W A A1 1st Os..1917 J.J 100 4 ........ 117 4 MarfOS
T A P Branch 1st Os.,,.1917 J-J 109 4 ........ 113 J’l y ’04 — ...................
Nash Flor A Shof See E A N
Nat ltys of M ex p r 11 4 s 1957 I - J
94 4 9 4 V 94 4
944* 19 9 34 9 54
90 4 9 04 90-4
Guar gen 4s......................1977 A O
90 4
3 8 8 4 92 4
Nat of Mex prior Jien 4 4 s. 1920 J .J
102 4 Mar'10
1U14 1024
1st consol 4s.....................1951 A-O ........ *84
81 May TO
82
85
New f l A D See N V N il A il
N J J uuo R R See N Y Cent
N if 13kin A Man 13ch See L 1
N Y Cent A i l R iv g 3 4s.l9 9 7 J-J
89 4 Sale
884
8 9 4 59 88 ^ 92
Registered.....................1997 J-J ......... 88 4 88 4 Muy’ 10 __ 88 4 904
Deben g 4s.......................1934 M-N
02
93
92 4
0‘2 4 33 92 4 954
Lake Shore coll g 3 4 s. ..1998 F-A
81 Sale
81
8 1 4 10 7 9 4 82 4
Registered.....................1998 F-A
7 94 82 4 78V M ay’ 10
7 8 4 80 4

M

N

|VOL. LXXXX,

Continued— Page 3

HON D 8
N. Y. STOCK E X C H A N G E
W e ss E nding M ay 20

”3
Price
Friday
May 20

N Y Cent A IT R—(Con)
Mich Cent coll g 3 4 s ___1998 F-A
Registered.....................1998 F-A
Beech Crook 1st gu g 4s. 1936 J-J
Regis toro< l................ ...1930 J-J
2d su gold 5s................ 1930 J-J
Beech Cr Ext ls t g 34s51!'61 A-O
C a r t* Ad 1st gu g 4 s ... 1981 J -0
Gouv A Oswe ls t g u g5s 1942 J-I>
Moll A Mai 1st gu g 4 s..1991 M-S
N J J uno R gu 1st 4 s...1980 F-A
N Y A Harlem g 3 4 s ...2000 M-N
N Y A North 1st g 5 s ...1927 A-O
N Y A Pu 1st con gu g i s 1993 A-O
Nor A Mont 1st gn g 5s. 1916 A O
Pine Creek rog guar 0 s.1932 J-D
R W A O co n 1st ext5s.A1922 A-O
Oswe A R 2d gu g 5 s ...#1915 F-A
It W A O T R 1st gn g 5 s .1918 M-N
Rutland 1st con g 4 4 s .. 1941 J -J
OgALCham 1st gu 4s gl949 J-J
R u t-C a n a d lstg u g 4 s 1949 J-J
St Eaw A Adlr 1st g 5s. 1990 J-J
2d gold Os..................... 1990 A-O
Utica A Blk R ivgn g4s,1922 J-J
Lake Shore gold 3 4 s ___1997 J-D
Registered.................1997 J-D
Debenture g 4s............1928 M-S
25-year g 4 s .................1931 M-N
Ka A A G R 1st g u c 5s. 1938 J .J
Mahon C’ l RR 1st 5 s ..l9 3 4 :J-J
Pitts A L Erie 2d g 5s.al928'A -O
Pitts M cK A Y ls tg u 0 s .1932. J-J
2d guar 6s......................19341 J-J
M cKees A B V IstgO s 1918 J-J
Mich Cont 5s.................... 1931 M-S
Registered................. 193llQ-M|
i s .................................... 1940 J-J
Registered.................1940' J-J
J L A S 1st g 3 4 s .......1951!M-S
1st g 3 4 s ......................1952 M-N
29-year deb 4s..............1929 A O
Bat C A S t u r ls t g u g 3 s .l9 8 9 'J -D
N Y Chic A St L 1st g 4 s 1937 A-O
Registered.................... 1937 A-O
Debentures 4s............. 1931 M-N
W est Shore 1st 4s g n ...2301
Registered.................... 2301
f V A Greenw L ik e See Erie
f V A Har See N Y c A Hud
1 Y Lack A VV Set D L A W
l Y L E A VV See Erie

Week’ s
Range or
Last Sate

Range
Since
January l

Silt

High
-4*0 Low
8 14 79 4 May TO
80 4 79 4 Mar’ 10
9 8 4 A p r’ ll
98 4
102 Mar’04
10Y
85
97 4 A p r’09

99 V
105
........ 93 4 93 4
108 4 H 2 4 108
........ 9 3 4 98 4

May’ ll)
Get ’02
May’ ll)
O c t ’09
Feb 10

Low
78
79 V
984

Allah
82 4
79 4
9 84

994

PO’ s

93 4 *93 4
98 4 9 3 4

122
100

1314 Jan ’09
n o t* 110 A p r’ 10
105 4 105 J a n ’03
105 100
1024 102 4 Fob TO
87
80
8 6 4 M a y’ 10
89
92 J’ue’09
115 J’ nc’09
125 F e b ’08
997g . . . . 102 Apr T o
90 4 91
90 4
91
89
90
92 Apr TO
924
92 4 9 34 924
93 4 Sale
93
93 4
■11 .......
109 H I iosT" u'ct ’o7
102
100 D e c’09
130 4 Jan ’09
122

1084 HO
1014 102 4
80 4 9 14

100
90
89
924
924

102
92 4
92
9 54
954

99

99

87
91

90
92 4

99

100 4

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

12 0

1 1 1 4 .......
-109
- ­ 4 115
108

115
119
99
98
90
87
91

Oct ’09
1

911 1 ^
99 Sale
99 1 A
99
98
100 D e c’09
8 9 4 9 0 4 90 May’ 10
...
1 0 1 4 ........ 994 JUO
8
99 V loo
9 94
994

90
92
99 4 1024
99 100 4

J.J 1 3 1 4 1 3 2 4 1314 1324 45 1304 1354
93 4 Sale | 98
9 84 12 974 103 4
Conv delHui 3 4 s ..........I 960 J-J
no no
Housatouic R con g 5 s ..1937 M-N 113 4 ........ litj J au ’ lu
9 9 4 ........... IU 7
A u g ’oy
N H A Dorby con cy Os.1918 M-N
4 Y A North See N Y C A H I
9 5 4 90 4 9 04 May TO ...J 9 0 4 98
4 Y O A VV ref 1st g 4s..«1992 -'t-S
Regis $5,000 only........ c/1992 M-S . . . . . . . . . . . . IOISj J utj’UU
4 Y A Put See N Y c A H
Y S A VV See Erie
l See So Pac Co

O lo o 1014
101 103 101
101
123 123
1234 ....... 123 Apr TO
.. .. 128 120 Mar’ 10
Im provem ’ t A ext g Os..1931 F-A
124 V 126V
123 May TO
123 124 4
New Rivor I s t g O s .......1932 A-O 193
21 93 100
99
N A VV Ry 1st con g 4 s .1990 A-O
99 Sale
98 4
Registered................. iyy y A-O
97
97 Apr TO
97
014
9 2 4 ib 9 1 4 93 4
V Sale
D iv’l 1st 1A gen g i s . . . i o n J - J
10-25 yeax conv i s
1932 J-D 103 4 sale 1024 103 4 82 99 1U8 4
88
89 | 89 4
89
Pocah C A C loint I s . . 1941 J-D
90 4
1014 100
C C A T 1st gu g 5s.........1922 J - J 104 4 ........ 100
i 95
Scio V A N E 1st gu g 4 s 1989 M-N 92 4 ........ 90 4
96 4
904
forth Illinois See CHI A N VVI
forth Ohio
L Erie A VV |
10
'
1004 101 1004 191
994 102 V
99 4 99 May’ 10
99 101
Registered.....................i s m Q-J
General lien gold 3s___«2047 Q-F
7 1 4 Sale
7 1 4 74
7 14
72 ,
R egistered ................. «2047 tf-F
71 72 4 Fub’ 10
7 2 4 72 4
. . . . 90 4 97 4
St Paul-Dul Div g I s ___1990 J -D
97 "
99
99
Dul Short L ls t g u 5 s..1910 M-S
994.
99
i
C B A Q col1 tr 4s See Gt Nor
___ 1
S t P A N 1’ eon g O s.... 1923 F-A
1184 1184
. . . . 117 117
Rogistorcd cerU fic's..l923 Q-F l i a
St Paul A Dul 1st 5 a ....1931 F-A *107 ........ 1174 J'ly ’07
2d 5 s .............................. 1 U17 A-O
1034 Mar io
1033u 103 V
lstco u so l g old 4 s...]ia «J 0 8 J-D ........ 90 4 9 0 4 A p r ’ 10
904 9 /4
Wash Cont 1st g 4 a ........
. . . . 92 4 J a u ’u9
91
48 4-1
N o r P a c T e r C o 1sc gO s.,1933
113 D e c ’ou!
no
33 JN or Ry Cal see ■> Pao
Nor VVis See i , 1* M A O
" y r A M o n t s e e s Y Cent
, V 1ud A VV see C C C A St L
"liio Riv U li see Balt A o
(
(.
t
Uao Coast Co 1st g 5 s ....1940' J-D 101 1054 1 0 4 4 M »y ’ 10
1044 103T*
L ao ot Missouri See .Vlo Pao
I ■
’ enn R R 1st real est g 4 s. 1923 ... -. ......... 103 1034 May’ l J
103 4 1034
Consol gold 5s..................1919 M-S +110 ......... 109 4 J a n ’ DO
Consol gold 4s..................1043 M-N 1 0 0 4 ........ 100 Feb T O
,ud 100
Convertible g 3 4s...........1912 M-N 1004 Sale loo
luo '-i l.; 100 102
C onvertibleg 3 4 s ...........1915 J-D
954, Sale 9 54
9 0 1 2 3 95 4 97 4
Consol gold 4 s ................1948 M N 103 103 ■a 103 4 1034
4 102V 10F4
A llog Val gen gu g 4 s ... 1942 M-S * 9 9 4 ....... 1024 A p i’ 10 . . . . 1 0 2 4 1 0 2 4
D R R R A B g e ls t gu 4 s g .’ 30 F-A
06 ......................................... ...................
PhiiaUal A VV 1st g 4 s.. 1943 M-N ...................103 4 Dec ’09 . . . ”.....................
Sod Bay A So 1st g 6 s . . . 1924 J - J 100 ........ 102 Jan ’0 3 . . . . ...................
U N J R R A Can gen 4s.l9 4 4 M-S 1014 103 4 10 1 May’ 1 0 . ... 1 03 4 1 04
’ enn Co—Guar l s t g 4 4 a .1921 J-J 104 4 105 1014 May’ 10 . . . . 104 100
Registered....................1921 J-J
................... 1034 F eb’ io . . . . 1034 1034
Guar 3 4a coll trust reg.1937 M-S ........ 90 i 90 4 J ’no’OO . . . . 1...................
Guar 3 4 s c o ll tr ser B ...1941 F-A
8 9 4 ........ 8 94 May’ 1 0 ___j 8 9 4 '9 1 * 4
Tr Co certit’s gu g 3 4 s . 1910 M-N
004 904 904
9 0 4 ' 6 bO-g 9 7 4
Gu 3 4a tr ctfs C ............. 1942 J-D
8 8 4 90 | 90 J a n ’ i o .... 90
90
Gu 3 4a tr ctfs D............. 1944 J-D ................... 1 91 Deo ’0 9 ............................

91

iUISCEI.1. ANEOUs* RON DS—Continued on a . xt P a go
C oal and Iron
Bud A Susq Iron s 1 5s. ...1932
Debenture 5s...............a 1920
Cot D A l Co gen s t g 6 s.. 1042
Convertible deb g 6s___i o n
Col XudulstA coll 5s g u .,1 0 3 4
C'ontin’ talC ls t s t g u 5 s g .l9 5 2
Gr R iv Coal A C l s t g Os..1910
Jell A Clear C A 11st g 5s. 192'.
Kan A H C A C 1st a f g 6 s.l9 o]
Pocah Con Collier ls t s t 5s.’57
Sunday CreoK Co g 6 s___1944
Tenn Coal gen 5s.......... 1951
1’enn Div 1st g Os...... «1917
Birm Div 1st consol Os.. 1917
Call C M Co 1st gu g Os. 1922
De Bar C A 1 Co gu g Os.1910
Victor Fuel 1st s t 5s........ 1953
V alrou Coal A C ola t g 6 s .1949

J-D
M-S
F-A
FA
F-A
F-A
A-O
J-l)
J-J
J-J
J-J
J .J
A-O
J-J
J-D
F-A
J-J
M-S

100
97
7 84 794
98

100
**99*4 100
85
83
1014
103
105
100
........
94

103
107

90
90

99 4 N ov’09
94 D eo’ 09
9 6 4 May TO
93 4 Mar’ 10
78 4
7 84
iU74 l)e c ’ 04
102-4 A p r’00
107 May’ 97
105 4 Dec ’00
38 Sop ’ 09
78 F ob ’01
102 4 A p r’ lP
1U0 A p r’ ll
100 M ai’ Ii
110 Jan ’0.
100 J a n ' I
87 Aug’ Ol
95
95

96
98
93
93 4
77 4 824

102 4 1044
1054 107
100 107
100

100

M a n u factu rin g A- Industrial
Allis-Clialmers 1st 5s.......1930
Am A g Cliem 1st c 5s.......1928
Am Cot OU ext -14a...........1916
Am Hide A L I 8 t a t g 0 s . . l 9 l 9
Amer Ice Secur dob gOa.,1926
Am Spirits M fg 1st gOa.. 1916
Am Thread 1st col tr 4a..l9 1y
Am Tobacco 40-yr g Oa___ 1041
4a........................................ 1951
Beth Steel 1st ext s f 6 a .. 1920
Jent Leather'JO-year g 58.1926
Cons 1 Tobacco g 4a.......... 1951
Corn Prod Ret s f g 5s___1931
1st 25-ycarat 6s............,1934
Distil Sec Cor conv 1st g 5 s.’27
E I d uP on t Powder 4 4 s .. I93t,

*N o price Friday; latest bid and asked. aD neJan S D n eF eb 0 Due May i/D n e .l’ no A D u e J ’ly fcDue Aug




JTJ
78
73V
A-O 101V101V
9 0 4 Sale
y -I
M-S 100 Sal.
A-O
70 4 73 4
.\1-S
94 101
J-J ......... 93
A-O 1054 100
F-A
7 8 4 Sale
J-J
87 Sale
A-O
99 V Sale
F-A ........ 79
M-N
91
904
M-N
94
95
AO
09 4 70
J-D
87
89

oD n aO ot

734
78
1014 101V
90 4
90V
100
100 V
734
73 4
94
94
93 May’ lO
1054 1004
794
784
8 (IV
87 4
99 4
994
79
79
91V AprTO
94 May’ 10
70
70 4
8 8 4 May’ 10

11
30
0
4
1
1
34
4:
64
58
'll
...

20
....

» Dae Nov q Due Deo

77 4
tOO3*
90 4
100
70
94
90
104 4
704
804
984
704
04
934
70
87
IKI mL

344
103
98
102
73 4
90
9 34
109
854
89»*
102
834
07
984
744

884

May 2i 1910.
BONDS
N. Y. STOCK E XC H AN G E
W kkk E nding 5fAY 20

New York Bond Record—Concluded— Page
S '3-

Price
hyiilav
May 20

1Veen’s
Range or
Laet Sale

l i
OO
Ot; •/)

Range
Since
January 1

BONDS
N. Y. 8TOCK E X C H A N G E

Week Endino may 20

5®.

1351

4
Price
Friday
May 20

week’e
Range or
Last Sale

9 3 ! Range
5 .5 I Since
January l

53

Pennsylvania Co—(Con)
ft L010
Hind A’e Loin Hind
Rid
ash Loir
Hind A’o 1,010 Hind,
Guar 15-25 year g 4 s ___1931 A O
% 97%
97 ^
1 97% 09
=0 Pac UK 1st ref 4s........ 1955 J.J
94% Sale
94%
94% 51 94
96 7„
Cl & Mar 1st gu g 4 % s ..l9 3 5 M-N 106 Vs , . . l i t ) Jan ’05
Southern—1st con g 5 s ....1994 J .J 100 Sale 105% 100
29 104 111%
Cl & I’ gon g u g 4 %sser A .’42 J-J 105 % , .. 110 % Jan ’ OS
Kegistered.....................1991
J
.J
110
May’
09
Series 11......................... 1942 A - O
.. 109% J ’l.v’ O!
Dovolop * gen 4s Ser A . I960 A -0 ■7 7 "* 7 7 % 77
777, 85 70% 817g
Sories C 3 4 s ................. 1948 M-N
. 90 Aug’Oi
M o b * Ohio coll tr g 4 s .. 1938 M-S
87
88
87
87
1 87
90%
. 90 May’OS
Series D 3 4 s ................. 1960 F-A
Mom
I)iv
1st
g
4
%
-5
s...
1990
J
.J
103%
107%
A
p
rT 0 ... 110 110
110
E r ie * P itts g u g 3 4 s 11.1940 J
. 92 A p r’07
8t Louis div 1st g 4 s ....1951 J .J
81
83
82 May’ 10 ...| 80% 87
Series C......................... 1940 J-J
. 98% A p r'04
A la C e n R 1st g 6s.......... 1918 J .J 100 . . . .
108 Sep ’08
Gr I t * 1 ex 1st gu g 4 4s 1941 J-J 195 %.
. 104% Oct ’01
A tl * Danv 1st g 4s........ 1948 J .J ......... 91
92% Oct '09
Pitts Ft W * C 1st 7 s ... 1912 J-J 105% .
. 100 A p r'If
100 100
. 2<l 4 s ...............................1948 J .J
83% 85
92 J ’ne’06
2il 7s............................... 1912 J-J 105% .
. 105 % Jan T(
105% 105%
A
t
*
Yad
1st
g
guar
4s.
1919
A-O
3tl 7s............................A1912 A-0 105%.
. 107 Oct ’08
C o l * Greeny 1st Os.......1910 J .J 104 % ,
109 J ’ne’09
Pitts Y * Ash 1st con 6s. 1927 M -N 199 .
. 110 Feb ’01
E
T
V
a
*
G
a
Div
g
5
s
..1930
J
.J
109% 110 Fell’ to . . . . n o
mi
P C C * St L gu 4 %s A .. . 19 4(I A - O
% 107% Jan MO
107% 107%
C011 1st ..
gold 5s..........
11950 ...
M-N
___________
________ 112
112 May'10
111 % 114%
Series 11 guar...............191 A-0
% 100% A p r’ 1C
100% 107%
E Ton1 reor lien g o5s.
19 :n M-S
m . s ......... 106% 100
s .......1938
l-’e b ’ -o
100 10G
Series C guar...............1942 M -N
. 112% l ’ ne’05
Ga
Midland
1st
3s___J.*1940
07
A-O
05 N ov’09
Series D 48 guar..........1945 M-N
99
. 98 5Iar’ iC
98
98
Ga Pao Ky 1st g Os........ 1922 J-J i n
114 112% A p r’ 10
1*1*2% 11*3%
Series E 3 4 guar g ___1949 F-A
94
% 94 5far’ 10 .... 04
94
Knox & Ohio 1st g Os... 1925 -T-J
114% F e b " 7
113% 114%
Series F 4s g u a r ........ 1953 J - D
M
o
b
*
Bir
prior
lien
g6s
1945
J-J 105 1
115% A p r’OO
C St Life P 1st con g 68.1932 A - 0 112 112 H
< 111 % A p r’ K : : :: 111 % 112
%
Mortgage gold 4s....... 1945 J-J
82 N ov’08
Pensacola A A tl See L A Nash
R ic h * Dan con g 6s_________1915
__ 108 100% A p r’ 10 .. . 100% 1 00%
J-J _105
• Peo A East See 0 C C A St L
Deb 5s stamped.......... 1927 A -0 104
105 A p r’ M ... 105 107%
Peo A Pek Un 1st g Os___1921 Q-F
.1 1 2 Feb TO
112 112
R ic h * Meek 1st g 4s. ..1948 M-N
75 O c t ’08
2u void 4 4 s .................... 51921 M -Y
90% 100 100% D ec'05
So Car * Ga 1st g 5s___ 1919 M-N 102 % ........ 103% Mar’ lo
103% 104
Pero Marquette—Kef 4s.. 1955 J-J
75% Apr TO
75% 79
Virginia Mid ser C Os...191'! M-S 1 "7 % ....... 112 O c t ’00
Oil A W .VI 6 s ................... 1921 1-0
. 101% Mar’ 10
101% 102 %
Series D 4-5s........................ 1921M-S
1 04 % ....... 108% D e c’00
Flint A PM gOs............. 1920 A-O
... 112' (-111% A pr’ 10
111 % 112 %
Series K 5s............................. 1920M-S
105%
..
..
107% D e c’09
1st consol gold 5s........ 1939 M-N
... 105 105 D ec’o
General 5s............................. 193(1M-N
100 ....... 107 % Mar’ 10 .. . 107% 107%
Pt Huron Div 1st g 5s. 193!) A-O
. 105 A p r ’ 10 __ 105 195
Guar stamped........... 1930 M-N ........ 107% 107 D e c’09
Sag Tus A 11 1st gu g 4s. 1931 F-A
89
YV
O
&
Y
V
1st
cy
gu
4
s
..1924
F-A
........
91 F eb ’ 10
91
91
Phil B A \V See Penn Kit
YVest N C 1st coil g Os.. 1914 J-J 105% 100% 105% A pr 10
105% 100
Philippine Ky 1st 3 0-y rsf 4s’37 J-J
91
91% D ec’09
..............
* N Ala See L * N
Pitta c m A St L See Penn Co
100% Sep ’<>9
Puts Clove A Tol See B A O
107% A p r’ IO
107% 107%
Pitts Ft YV A Ch See Penn Co
112
112
2 112 115%
Pitts McKees A Y SeeS Y'Cen
Gen
refund
s
t
g
48........
1953 J-J
9 7 % ys% 97% A p r ’ 10
97
98
Pitts Sll A L E 1st g 5 s ...1940 A-O
. 112 5lay’ 10
112 112
St L M Bge Ter gu g 5 s .1930 A-O 109
109 May'10 . . . . 109 109%
1st consol gold 5s.............1943 J-J
93% J’ly '97
Tex * N O See So Pac Co
I
Pitts A YVest See li A O
109
Sale 109
V o x * Pac 1st gold 5s.......2000 J-D
10J
1 109 112 %
1J eailmg Co gen g 4s.......1997 J-J
07% Salt
97%
07% 78 97'-. 100
00% 7U
2d gold iuc 5s.................o2000 Mar
70 Mar’ 10 .. 70
70
IV Registered.....................1997 J-J
97 % A p r’ 10
99
97% 97%
La, Div 11 li 1st g 5s.......1931 J -J
103 Sep ’09
Jersey Cont coll g 4 s ...1951 A 0
95% 90% 95%
95 % 1 95% 97% f W Min W * N YV 1st gu 5s ’ 30 F-A
98%
100% Nov’04
ttoiisseiacr A Sar See U A H
109
Tol * O C 1st g 5s............. 1935 J-J ................
112%
112%
0 107% 112 %
Itioh A Dull See South Ky
YVestern Div 1st g 5 s ...l9 3 5 ‘A -0 105 109 112 Sep ’09
Rich A Meek See Southern
General gold 5s............... 1935 J-I) 104% . . . .
104 Mar’ to
99 % 1114
RioGr West See Den A KioUi
Kan & M 1st gu g 4s___1990 A -0 .................
94% Mar’lo
90% 94%
ttooh A Pitts See li It A P
Tol P * YV 1st gold 4 s ....1917 J-J
01% 93
93 A p r’ 10
92
93%
Rome Wat A Og See S Y Cent
90%
Tol
St
L
*
Y
V
prlieu
g3%
s.li)25
J
-J
........
90
Apr
TO
»9
9(1
Rutland see N Y Cent
50-year gold 4s............... 1950 A -0 ......... 79% 79% May’ 10
737s 81
Oag Tua A H See Pere 51nrq
Coll tr 4s g Ser A ..........1917 F-A ......... 84% 83% May’ 10
83% 80%
O t J o A G r Isl 1st g 4 s ... 1947 J-J
90 6 rnyT 0 .. . . 90
89
94
'J H a m * Buil l s t g 4s./tl94G J-D
Tor
87%
99% Mar 10
90
91
St L A Cairo See Moh A d u o
ls t e r * Del 1st cou g 5s 1928 J-D 104 ....... 100 J a n ’ to
100 100
St L A Iron Mount See 51 P
80 Oct ’ 09
1st refund g 4 s . ..___1952 A-O ..................
St 1. M Ur See T K It A or St. L
1
U u P a o R R * 1 gr g 4s ...1947 J -J 101% sale 101% 101% 81 99% 102
9t Louts A S F— Jetig Gs.1031 J-J
119 120 Apr TO
120 124
Kegistered................. 1947.1-J .................
93% Mav’
. lo
98% 101%
General gold 5s............... 1931 J-J 190
105 May’ 10
105 198%
20-yr conv 4 s ................. 1927 J-J 106% sale 105 7, lU0%l403 11)4% 110%
8t L A S F Hit cons g 4 s ..’90 J-J
90 M ar’i ’
90
91%
90% 96%' 00%
1st & ref 4s....................«2008M -S
9G78 31 po% 98%
Gen 16-20 yr 5s ..........1927 M-N 88 Sale
87%
88
104 87% 90
Ore Ky * Nav con g 4s. 1940 J-D
“ *"
J 100 % 100 %
Southw in v 1st g 6 s ..1947|a -0 100% ........ 10(1% A p r’ 10
115
Ore Short Line 1stg 6 s .. 1922 F-A 114% 114% 115
114 117
Refunding g 4s............19511 j . j
81% Sale 81% t 83 | 69 81% 85
1st consol g 5s............. 1940 J - J 109 111% 110% 111
0 110% 113%
1 116% 117%
K C 8 t S * 51 Con g Us.. 1928 p/|-N ........ 116
110 A p r’ 10
U uarrolund 4s.......... 1929 J-D
93% 94
93%
1 92
94%
93%
K C Ft S A iU Itv ret g 4s 1930 A - 0
7 % Sale 78%
78%' 14 77% 82%
K O A -M It A B 1st gu 5s. 1929 A-O
100% Dec'Oul ...J
107 '* D eo’09
Utah * N or gold 68..1920 J -J 105%
Oz’ r k * Ch c 1st gu 5s g.1013 A - O
1 97
. O’-I 97% 07 Feb TO'
97
l
Uni
N J KB * C Co See Pa UK
St Louis So See Illinois Cent
Utah Contral See Rio Gr YVes
9t L S YV 1st g 4s Oil Ctfs.1980 M -N
89
90
89%
89 %| 0 8 8 14
U ta h * North <Vee U11 Pactlio
2d g 4s luo Uond Ctfs...pl98U J -J
81% 83
tsl% 51ay’ 10 _ 1 tiO% 82
lU tic a * Black R See N Y Cent
Consol gold 4s..................1932 J-I)
77 Sale
77
77% 20 70% 79% l/a u d a lia consol g 4 s ___1955 F A
N ov’08 —
Gray’s PtTer lstg u g5s 1947 J-D
95 ........ 101% A p r’07
' era Cruz * P l s t gu 4 %sl934 J -J
9 2 % ........ 90 A p r’ 10
90
90
st Paul A L'ui See Nor Pacilic
\
Ver
Val Ind * W See .Mo P I
St P iYlmn A Man .See Gt Not
Y
Virginia
.Mid See South Kv
I
at P A Nor Pac See Nor Pno
Y
" a * Southw’ t 1st gu 5 s .2003 J-J 105 111 110 Oct ’09
SI 1’ A S’ x City SeeC St P M AO
1st cons 50-year 5s........ 1958 A-O
95
97
98 May’ 10 . . . . 97
98%
8 A A A Pass 1 stg u g 4 s ... 1943
86
86%
6 88
88%
108 108% 108% 108%
7 10/% 113%
8 F A 61 P 1st sink 1 g 5s. 1919
104 O c t ’00
98% .
101 Jaaio 101
10 1
3 100 103%
Sav ic A YVest See A tl Coast li
Debenture series B .......1939 J-J
3t3 100 100 D e c '09
Scioto Vat A N E See 6!or A YV
1st lieu equip s f d g 5 s . . 1921 M-S
102 1 0 1 % 101%
2 101 102
Seaboard Air Line g 4 s . . .1950 A-O
84 Sale
84
84
1st lien 50 yr g term 4s. 1954 J-J
1 83% 80
82
fc5
90 i la r ’ l u __ 90
90
Coll tr refund g 6 s ........ i o n M-N
1 99% 100%
99% May’ 10
1st ref and ext g 4s . . . . i960 J -J
99% 10d
71 Sale
70%
72%
174
00% 77%
Adjustment 5 s ..............oi940 F - A
73 % Sale
73
73 v 78 70% 73%
D o t * Oh Ext 1st g 5s.. 1941 J -J 105%
1U7% 107%
107% 5Iar 10
Au-Birin 3o-yrlst g 4s.el933 M -S
SI 51;u TO
8U
84
Des Moin Div 1st g 4 s.. 1939 J-J
84
87
83 U e c’ Uli
Car Cent 1st cou g 4 s ...1949 J-J
<jl% Mai TO
89
93
O 111 Div 1st g 3 %s.......... 1941 A-O ____ _ 75
Ul
91 %
75 A p r’ 10
75
70%
Fla Cell A Pen 1st g 5s. 1918 J -J 100 ....... . 103 A p r ’ 10
Tol & Ch Div 1st g 4 s ...1941 M-S
103 103
80
82
90 Jail TO1___ 90
90
1st land gr ext g 5 s . .. 1930 J-J 100 ........
YY'ab Pitts Term 1st g 4s. 1954 J-D
38
40
51uy‘
10
38%
38%
52%
Consol gold 6s.............. 1943 J-J 100 ........ 1]tlu% 100%
Trust Co certfs....................
1 10U%100%
39% Sale
40
33%
4 37
64
Ga A Ala Ky 1st eon 6s ol94f. J-J 102 ........ '101% Mar To
2d gold 4 s.........................1954 J-i)
.. 104 104%
4
5
5 51uy’ 10
4
11%
Ga Car A N o ls t g u gos 1929 J-J
100 lu4% A p r’ 10 ..'104% 104
Trust Co certls..................... .....
4%
5
4
0*2
6%
5
4% 12%
8eab A Kou 1st 6s.......... 1U20 J-J
100 A p r’ 10 - . 1 0 0 100
YVarreu
See
Del
Eac
*
YVest
j
Slier Shr A Se see .M K A T
Wash Cent See Nor Pac
Sll Sp Oca A U See Atl Coast 1,
YVashO&YV See Southern
Southern Pacific Co—
Wash Torm l 1st gu 3% s..l94 5 F-A
80% 88 % May lO
88% 90%
Gold 4s (Cent Pao coU)./cl940 J-D
90% 91
90%
91
YVest Maryland 1st g 4 s ... 1952 A-O
90
95
84% Sale
84%
S4"s i<3 84
80%
Kegistered................. /d949 J-D
...... 88
90 Mar io
90
71 % Feb TO
73
11 II
20-year couv 4s........ 71029 M-S 19 1 % Sale 109% lo t % sou 90
99% 100%
7 3 1 Apr TO
08% 74%
Cent Pao 1st ret gu g 4s 1949 F-A
90 90% 90
90%[ ‘jp 90
97%
100
100% N ov’t/9
Kegisterod..................... 1949 F-A
97 Fob ’ 10
97
97
West N \r* Pa 1st g 5 s..1937 J-J 109 110% 11U% Apr TO __J 110 110%
Mori guar gold 3% ».. *1929
8 8 % sau
88%
82 | 20 88
Gen gold 4s...................1943 A-0
89%
90
92 Alai TO
90% 92
if
Thiough s t L 1st gu 4s ’54 A-0
89% 91% 91%
91%
1 91% 94
Income 5s..................... rtl943 Nov
34 F o b ’07
G 11 A a A M A P l s t o s .. 1931 M-N 100 % 107% 111% Apr W
YVest N o Car See South Ky
Gila V liA iY ls t g u g 5 s . 1924 M-N
1104% S e p ’09
'i...................
104 104% Feb TO ...J 101%104%
Hous K A YV T 1st g 6 s. 1933 Wl-N i ’02’ ____ 1106 % May'OU " " " " "
104 JOi Jau TO
1st guar 6s red.......... 1933 M-N ........ 106% 105 % oau ’ 1 0 ____106 ibo%
•104 104
99%
105 % D ec‘08
H A X C 1st g 6 s int gu.,1937 J-J 110% ........ 1110% 110%
i 109% 110%
UK 1st consol 4s............. 1949 M-S
81 Salt
81
81
5
81
87%
Consol g Os int g u a r... 1912 A-O 109 ........ 109%N ov 1)9
..........
20-year equip s 1 5s ...1 92 2 J-J
90% 99 Dec *08
G 011 gold 4s lilt g u a r ..1921 A-0
93
90% 04% A p r’ 10
> 94" 9 8YY'ilkes
%
* East sec Erie
YVaco A N YV dlv 1st g Os ’30 M-N .................. '119% M at ’ 10 . . . . 1 1 9 % 119s YVil * Sioux F Sec St P .Y1 * M
A A N YV 1st gu g 6s___1911 J -jt lU O ........ 107% Jan 09 ...........................
YY’isCont 50-yr 1st iron 4s 1949 J . J
91 Bale
91
95
20 90
90%
Morgan’s La A T 1st 7s.l01h A u ...................122% ixug’ 08
...................
S u p * D u ld iv * term 1st 4s’J0 M-N
90
91
93 A p r ’10 .... 92% 94
1st gold Os..................... 1020 J -J 110 .........110
Nov’ uO............................
N o of Car guar g os........ 1938 A-O ...................X12 Fob’ 117 .........................
T e le gra p h and T elep h on e \
1
Ore A Cal 1st guar g 6 s. 1927 J-J ..............104
Mar-09 'l l " ” ***'
Am Telop * Tel coll tr 4s 1929 j j
90% 91
92
01
2 00
93
80 Pac o ' Cal—Os K A F. 1912 A-O 1 00 % ........ 1 0 4 % J’ ne’08
...................
Convertible 4s................. 1930 M-S 101% Sale 101
101% 83 100 1U6%
1st gold Os..................... 1912 A-O 1 00 % ........ 114% b e e ’0 4 ............................ 611
Ch
State
Telep
1st
5s
..
1924
f .a
97
98
98%
A
p
r’
10
98%
99
1st cou guar g 5s........ 1937 M-N 109 ........ n o
Miiy’07
................... N Y T e lo p 1 s t * gen s I 4%s. 39 .vi-N DO
97
97
37 90% 99
8 1 'a co lN Mex 1st g Os..1911 J-J 100 % .........101 Mar 10 . . . . 101 101
90%
Pac T o l * Tel ist 5 s ........ 13j 7 j . j
90% Sale
97
15 90% 99%
S o l’a ocoast ls t g u 4s g . 1937 J-J
84
03 I 90 J ’ly 09 . . . . ................... West Union col tr cur 6s. 1938 j . j ....... 99 T 90%
99 May’ 10 ___ 99 100%
_ _________
__M-S
TexifcNOSabDi
v 1stogOs.
1912
101% .........101% May’ 10 . . . . 101 % 102%
Fd and real est g 4 % s... I960 m -N
95 si 90% 90% May’ 10 —
95
97%
C011 gold 6s.................. 1943'j - j
100 .........102
Nov U9...........................
Conv 4s, Senes A .......... 193 0 m -N 1 0 1 % ]0J 101 % 51ay 10 .... 100% 102%

U

31 lfSCEliLANEOUS BON DS—Concluded.
.Um iiiliictiirlng (V Industria
Gen Electric deb g 3% s..l94 2 F-A
10-yrg deb 6 s................... 1917 J-D
lilt Paper Co 1st cou g Os.191 F-A
Consol conv s t g 6 s.......1935 J-J
Int St Pump 1st s t 5 s ....1929 M-S
Luckavv sfeel 1st g 6 s ....1923 A-0
Nat Euani * Stpg 1st 5 s.. 192' J-D
N Y A ir i.rako ist conv Os ’ 28 M -N
lly Steel Spgs 1st s f Os... 1921 J -J
Kepub 1 & s 1 st* coltrOs. 1934 A - O
Union Bag * 1* 1st si 6 s ..1930 J-J
Stam ped.................................. .
U ft Death Co s f deb gOs.. 1913 M -N
U S R e a lty * I conv deb g 5 s ’24 J-J
U H Red * HefTst s i g Os.1931 J-J
U S R ubber 10 -yrcoIl trUs.’ lS J-D
U S Steel Corp— ( coup ,d l9 0 3 M-N
Sf 10-00 yr 6 s. |reg ..<<1903 M-N

.Haiiiilncturiiig A Industrial
VOrCar Chom 1st 15-yr 6s 1923
82
82
130 147% Wostuighouse E * . U s l 5 s ’31
iHiscellaueuus
101 105
84
89% Adams Ex col tr g 4 s .. . 1 9 4 8
92% 96% Armour * Co 1st real ost4% s’ 30
9578 100
Bush Terminal 1st 4s.......1952
Consol 5s..........................1955
U5 % 97%
102 114% C h i c J c * - t Yard c o lg 5 s . 1915
00% 93% D ot51 * 51 ld gr incem es..1911
103% 104
lu stitfo r Irrig W ks ,4%s 1943
93
00% Int 51ercau .Marino 4% s..l'J22
03
90% lu t Navigation l s t s 16s. 1929
104% 101 % Nowp N e Ship * D D o s (21990
88
94% N Y Dock 50-yr 1st g 4 s ..1951
88
0 0 % Providence Seo dob 4 s ....1 95 7
102% 104% Provident Loan S oo4% s.l9 21
103 105% S Yuba YVat Co cou g Os..1923
103% 105% Wash Water P ew 1st 5 s..1939
N o nrico Friday: latest bid and asked this week, b Due Feb d Due A pr * Due May ,7 Due J ’c e Tv Due J%y




........ 83
140% .. ..
101 102
8 5 % .......
........ 93%
90% 98
l|K
104 i*0*7"
........ 98
104%105

32
139

Jan TO
140%
101
Dil %
80 May’ 10
92%
94
96
90
95 % May’ 10
103 May’ lO
07 May’ 10
104 Mar’ lo
93 May’ Hi
93 May’ 10
104% 105% 104% A p r '10
80 Halt 89
89
. . . . . . 87
8 8 % A p r ’ 10
193% bait 103% 103%
104% Sale 104
101%
103% Sale 103% 104%

J-D
J.J

09
99%
89% Sale

M-S
J-D
A-0
J-J

93 % Sale
91% 92
89%
97
99
95% 195
35
49
90% ........
05 % Sale
81
95
........ 93
* ........ 86%
90

98%
89

99%
89%

21
10

96% 100
87% 93

93
93% 17 02
93%
91%
92
99 91% 9 4 %
88% Mar TO
88% 89
98 A p r’ 10
90% 98
J.J
100 Jau Mb
AO
40 Jan TO
40
40
M-N
97% Mar’ 10
90% 93
A-O
05
00% 22 03
71%
F-A
80 May’ U'
80
83
J.J
95 D ec’ 09
F-A
93 % -Ylar’ lo
93% 94
M-N
90 May TO
90
90
M-S
_
95 J ’l y ’ 09
J-J
112 J ’ l y ’04
J J lo o 103 101 Feb TO .... i o i 101
fcDue Aug o D u e O c t ^ D ^ N o v VoiJtUmSai*

___

CHICAGO STOCK EXCHANGE—Stock Record-Daily. Weekly and Yearly
STOCK'----HIGHEST AND LOWEST SALE TRICES
Saturday
May 14.

Monday
May 16.

Tuesday
May 17.

*170 185 *170 185 *170
*212 3*" * 2*2 3*? *212
7*" *6
*6
7*2 *6
99
*98
*98
99
*98
283.1 *28
*23
28*4 *28
1134 *11
*11
11*1 *11
*6*-> 7*2 *6*2 7*" *5
23., *23S 23| *2%
*2\
271" *25
*26
27*" *26
77
*70
*75
77
*75
*17
18
*17
19
*18
*56*4
5712 571- 57*2 68
18
*16*2 18
*16*2 18
*
67 ♦__
67 ♦ *56
58
57*2 57*" *56
13*"
13
12*2
13T 13*.♦__ .
90 * __ _ 90 *____

Wednesday
May 18.

May 19.

Last Sale
185 *170 185
Last Sale
31? +2*2 3*2
Last Sale
VI?
V*? *6
90
98
98
99
22
25*2
283., 25*2 28
10
10
1134 11
11
5
5
6
6
61"
Last Sale
23) *2*2 234
*22
26
26
27*? 26
Last Sale
75*2
75*" *70
Last Sale
18*2
18*? *17
57
57*4 57
*57
57
17
17
19
181" *18
Last Sale
67
67 * ___
*57
53
*57
53
58
13
1212 1234 13*4 *12
Last Sale
*50
70
90

Friday
May 20.
1S5 Mch’ 10
Feb’ 10
Feb’ 10
7
92
*85
22*2 23*2
11
*9
5*2
*4*2
212 May’ 10
*22
251?
76l2 May’ 10
19
May'10
5612 5q12
16
16
70
Aug’09
*57
58
*12
13
90
Apr*10

Sates
of the
Week
Shares

10
73*2
*240
135 *132
84
84
111*• *110*2
1367s 137
.... ....
73";

978
10
731" 73*4
250 *240
135 *132
84*2 83*2
111*" 111
137 +136*2
—
....

Mch 7 185 Mch 7
3i2 Jan 2C
3
7*2 Jan 7
Jan l
M ayl9 109 Jan 3
36 Jan 3
22 May 19
10 Feb 4 16 Jan 10
9*8 Jan 6
5 May 19
5 Jan 15
2*2 A pr 18
26 May 18 39 .Tan 5
69 Feb 17 773.1 Mch 30
16 Jan 14
19 MaylO
51 Feb 7 58 M ayl6
15 A pr 1 18*2 Mayl7

185

214 Jan

7
90

58 A pr 25
5012 Feb 9
IU 2 May 11 5438 Jan 3
90 Feb 2 104 Jan c

Inter­
est
Period

Price
Friday
May 20

Wcekfs
Range or
Last Sale

B'ds
Sold

Range
for
Year 1910

High
High No Low
Ask Low
993, 9934
9934 Mch’ lU . —
10
91*8 94*2
1917S Sale
9178
92
. . . . ----.... —
— * .... ....
----- - - - . . . . 102 J’ ne’0) . . . .
. . . . . . . . 101*4 Oct’09 . . . .
-------------------------. . . » . . . . 100 May’07 . . . .
32 102 103*4
10212 Sale 102*2 102*2
103 Apr’04
50 Apr’09 . . . .
.... ....
« ... . . . .
9634 Jan’05 —
. . . . -----.... ....
....
.... —
------------.... ....
. . . . -----. . . . . . . . 94*2 Dee’09 —
87 Feb’Oii . . . .
.... ....
.... ....
8414 8734
87
88i2 87 May’ 10 . . . .
__ m 100
9958 1013S
9938 100*4 3'j
9334
May’
10
.
.
.
.
9334 95*8
94
l-i
*03*4
3
80
86
80
80
80 Sale
901" 91
9012 Mch 10 . . . .
89*4 . . . .
100*4 101*8
__ . loess 100i4 May’ 10 —
.
.
.
.
....
•
. . . . 101*2 July’09
. . . . . . . . 100*8 Apr’ 10 —
------. . . .
6612 Aug’08 —
mmmm . . . .
—
.... ....
.... ....
66*2 July’08
. . . . 1027S 103 Apr’ 10 — . 103 103*4
3 102 1027ji
102 102*; 102*4 102*4
.
.
.
.
.... —
. . . . 100 J'ne’08
100 100*2
. . . . . . - . 100 Apr’ 10 . . . .
. . . . ----. . . . 100*8 Aug’OU . . . 1013-1
10234
t . . . . 10134 10134 10178
.... ....
80 Dec’U8 . . . .
....
—
1

3
0

Bid
Amer Strawb’d 1st 6 s .1911 F - A
Armour & Co 4F5S...1939 J • D
Aurora Elgin&Chlc 5.1941 A - O
Cal & So Chic R y Co
1st M 5s.................... 1927 F - A
Cass A v & F G (St L) 5s '12 J - J
Chic Board of Trade 4sl927 J - D
Chicago City Ry 5s___1927 F - A
Chic Consoi Br & Mlt 6s— J - J
Chic Consol Trac 4 V$s 1939 J - D
Chic Auditorium Ist5sl929 F - A
Chic Dock Co 1st 4 s ..1929 A - O
Ohio Jc R R 1st M e 53.1945 M - S
Chic No Shore Elec 63.191 2 A - O
Chic Pae Tool 1st 5s.al921 J - J
Chic R y 5s.................... 1927 F - A
Chic Rys 4 -5s series “ A ” A - O
Chic Rys 4-5s series " B ” J - D
Chic Rys 4-5s series “ C” F - A
Chic Rys coll 6s— 1913 F - A
Chic Rys Fund 6 s ..1913 F - A
Chic Rys Tern Ctfs 1st 5s . . . . .
Chic R I & P R R 4 s . . 2002 M - N
Collat trust g 5s___1913 \1- h
Chic Telephone 5 s ....1 9 2 3 J - D
Commonw-Edison 5s. 1943 11- S
Chic Edison deb 6s. 1913 J - J
1st g 5s____ July 1926 A - O
Debenture 5s . ...1 9 2 0 1\- S
Commonw Elect 5sM943 1\ - s
Illinois Tunnel 5s____ 1928 J - D
Kan City R y & Light
Co 5 s ........................ 1913 ’>1 - N
Knlck’ b'ker Ice 1st 53.1928 A - O
Lake St El— 1st 5 s . . . 1928 J - J
Incom e 5s_____ ...1 9 2 o Feb
Metr W Side E*—1st 4s__________ ...1 9 3 8 F - A
Extension g 43.. .- 1 9 3 8 J - J
Morris & Co. 4 H ____ 1930 J - J
North West El 1st 43.1911 M - i
No W G-L & Coke Co 5s'28 Q - M
Ogden Gas 5s____ ...1 9 4 5 11-N
Pearsons-Taft 5s_____ 1916 J - L

__
....

*95* 100 ‘
....
80
.... ....

9 A pr 28
71*4 May 2
240 A pr 25
130 Jail 26
72 Feb 7
109 A pr 11
133*8 May 2
33 Feb
60 Feb
50 Jan
1 Feb

4
7
11
4

133s Jan 10
82 Jan f.
250 May 6
135 A pr 4
84*i Mayl6
112 Jan 11
142*8 Mch
39*4 Jan
74 Jan
55 Feb
1 Feb

47
38*s Jan 20
110 May 17 137

Feb 11
Jan 3

142*2 Jan 21 163 Mch 10
112 May 11 12li2 Jan 11
2 Jan 13
li4 Jan 26
22*4 Jan 8
15 May
82 Feb 28
79*4 Apr
98*2 Mch 11 127 .’ an 6
91 Mch 2s
70 May
46 Jan 7
43*2 Mch
40 Mch 17 59 M ay 20
99 MaylO 102*4 A pr 20
May
Mch 28
Feb 24
112 F’eb 10
106*2 Feb 3

103
121
104

115 Jan 7
125 Jan 18
115*4 Mch 23
121 Mch 30
115*4 J. n 3

148
119

Feb 7 166*2 A pr 14
May 6 122 Mch 14
1093S Jan 8

162
103

Jan 13 186 Feb i9
106 Jan 0
May
15*8 Jan 2

101*2 Jan 25

6*4 Apr 28

-2 h A pr 1

96*4 Dec’ 05 . . . .
96 Mch’09
83*2 Feb’ 10 —
18 May’05 —

. . . . ____
82
£5
. . . . ------

NAME

Outstand­
ing
Stock
t

Surplus
and
Profits
t

190
4
15
liot?

V i Jan
71*4 Jan
100 Jan
126 Jan
54*8 Apr
101 Feb
139 Aug
*s J ne
*4 May
10 May
48 J ’ne
61*4 Jan
1 Apr
2*8 Apr
20 Mch
127 Jan

15*4 N ov
86 J ’no
225*4 Oct
132 J ’lV
8Bs Deo
112 Sep
145 N ov
1 Jan
5 Jan
40 Dec
75*2 Dec
58 Apr
1 Apr
2*2 N ov
42 Dec
140 Sep

117
107

152 Oct
121*2 J 'ly

Jan
Jan

Feb
Jan
Jan
J ’ly
4534 Jan
30 ■)an
13*2 Jan
29*4 Jau
52 J Tv
86*2 May
19*2 Dec
59 Deo
25 May
73 May
61 May
54*" Deo
108 Deo

25*8 Aug

17*8 Feb
70*4 Mch
117 Jan
38 Jan
43 Jan

8S>o May
13034 Aug
88*2 Dec

20 Nov
9778 Jan
118*4 Feb
82 Jau
110 Jan
102 Jan
i2 Feb
55 Jan
101 Jan
100*2 Jan
6 Feb
119 Jan
98*2 Jau
6S Feb
3*4 Mch
15 Feb

21 J ’ne
119*4 Sep
130 Sep
108*" Dec
124 N ov
110's Aug
1 Mch
160*" Dec
12D4 Oct
114*4 Aug
20 Jail
162 Dec
105 Deo
1*8 Mch
9*j Jan
25 Mch

47

Sep

Dividend Ret
In
1908

Per­
In
1909 iod

%

’09, 6
0
An *
6
$42,487
$ 100,000
Calumet National_____
TO, 5
J-J J
10
10
206,844
500,001)
Chicago C i t y ..................
TO, 2
hi
1
Q-J
/
Ul2
3,639,995
x7,000,000
Commercial N a tion a l..
TO. 21*
Q-J 1
8
8
Continental National. . 9,000,000 5.329,998
TO, 4
Q-J
12
12
Corn Exchange National 3,000,000 5.387,064
TO, 5
A-O t
9
6
26,110
200,000
Drexel State___________
Q-J -Apr TO, 212
10
408,157
ox
600,000
Drovers’ Dep National.
6
Q-J 1
TO, 1*2
0
32,826
200,000
Englewood State______
12} Q-M 1
12
First N a tio n a l.............. 10,000,000 0 10320200
q -m :
10
10
169,998
150,000
First Nat Englewood___
Priv ate Ba nk
507,949
Foreman Bros B k’g C o. 1,000,000
Q-J Apr TO,2
8
8
411,718
Fort Dearborn National 1,000,000
5
J-J
5
500,000
(w)
0 Hamilton National___
Q-J
8
8
840,776
Hibernian B’ k’g A s s 'n .. 1,500,000
J-J
10
10
200,000
123,181
Kaspar State Bank____
250,000 Beg. b us. Ma y.’ io V.90, p.1277
La Salle St National . . 1,000,000
10 Q-M Mch31T0 2*»
471,992 10 + 2
Live Stock E xch’ge Nat 1,250,000
Q-F May T o .l
4
4
300,000
64,671
Monroe National............
Q-J
8
8
Nat Bank of R e p u b lic.. 2,000,000 1,238,632
Q-J Apr 10, l*j
3
0
1,500,000
354,249
^National City________
Q-J Apr T0,1
3
250,000
77,268
National Produce.
5M Q-J
200,000
2M
69,631
North Avenue State___
Q-J Apr TO, 1*|
6
6
50,000
North Side State Sav’gs
23,681
Q-J ’Apr ’ 10, 1
....
200,000
13,022 . . . .
North West State.........
Q-J Apr TO, 2*2
....
300,000
93,690
People’s Stk Yds State.
—
.
.
.
.
250,000
71,792 . . . .
Prairie National_______
6 Q-M
8
500,000
66,119
Prairie State....................
'08, 2
None
2
250,000
12.763
Ra!lw£U* Exchange-----—
300,000
181,113 . . . .
S e c u r ity _________
0
Q-J
6
200,000
83,000
South Chicago Savings.
8,144 Beg. b us Sep t.’ 09
200.000
South Side State---------12
Q-J
11
State Bank of C hicago.. 1,500,000 1,683.075
8 Q-M Mch 31 TO, 2
7
250,000
185,511
Stock Yards Savings___
6
May TO, 3
6
M-N
42,688
200,000
Union Bank of Chlcago.
6
None Q-M
8,138
50,000
iVendell State---- --------Q-J
8
6
291,262
American Trust & Savs. 3,000,000
7
7
918.006
Q-J Apr TO, 1*4 1
Central Trust Co of III.. 2,000,000
6
111,772
1H
Q-J Apr TO, 2
Chicago Sav Bk & T r . . . n500,000
6
6
Q-J Apr TO. 2 ,
Chicago Title & T ru st.. 5,000,000 (1,319.160
4
6,224
4
A-O Apr9,’10,3 ,
50,000
Citizens Trust & Savings
513,288 8 + 2
8 + 2 Q-J Apr 10, 21* ;
600.000
Colonla* Trust & Savings
106,342
8
200,000
7h
Q-J Apr TO, 2
Dro vers’ T rust JcSavl ngs
3
228,900
Q-J Apr TO, 11* '
Farwell Trust Co---------- 1,500,000
16 Q-M MOhSITO. 4
First Trust & S avings.. 2,500.000 S2.784.677
V .8 7 .P .U J 3 i
200,000
6,245 Incorp orated 1908 V.87,p.1138
Guarantee Trust & Sav.
6
9H Q-J Apr TO. 21*1
Harris Trust & Savings. 1,250,000 1,370,962
7 Apr TO, 4
Illinois Trust & Savings 5,000.00(1 8,297,282 16 + 4 16 + 4
TO, 1*4
6
6 H Q-J
Kenwood Trust & Savgs
200,00u
53,006
TO. 1*4 J
5
Q-J
LakeVlew Trust&Savgs
41,100
200,000
4M
TO. 3
12
12
Merchants’ Loan&Tr Oo 3,000,000 5,558,206
TO, 11* :
Q-J
6
0
Metro poll tanTrust&Sav
750,001.
205,991
TO, 2
Q-J
8
8
Northern Trust Co_____ 1,500,000 2,236,860
J-J ja<i TO, 3 j
6
6
North-Western Tr&Sav
61,782
200,000
July
TO,
2 I
8
Q-J
8
220,217
Pullman Trust & Savgs
500,000
Sheridan Tr & Sav Bank
23,437 Beg b us. J’ ly 12 ’() 9 V.89,p.141
200,000
J-J Jan ’10,21*4
5
5
31.474
Stockmen’s Trust & Sav
200,000
8 t8 + 2 Q-M Mch 31 TO. 2 ,
Union Trust C o............. 1,200,000 1,092,087
0
Q-J Apr TO, II* I
6
220,282
Western Trus; & Savings 1.000.000
90.052 Began buslne ssSe pt 5 1908
West Side Tr&Sav Bank
200.000
6
Q-J Apr TO, 2
48,248
W oodlawn Tr&SavBan.<
200,000
•

__

_

80
84
8212 81 May’ 10 . . . .
80
2
89
80
80
80
180 Sale
89*2 93*4
89*2 May’ 10 —
.... ....
129
9334 90*4
94
i>4*2
94*2 Sale
__
99
99
99 Apr’ lc —
....
4
92*2
96*4
94
94*r
94*2 U434
1003g Mch’09 —
99*2 —
*96*2 96*2
96*2 Mch’ lU
96
97
97
97 Feb’ lb ___
4 fiO«* Series K
_ M - N 97
98*2 98*2
98*2 Mch’ 10 - - - 4.80s Series F__________ M - N 98*2 I I I .
-------------12134 May’09 —
Peo Gas L & C 1st 6s.l943 A - O __ _
102*4 103*4
_■ . . . . 10234 May’ 10 —
Refunding g 5s____ 1947 M - 1
103 104*2
Chlo Gas L&C 1st 5sl937 J - J 1103*2 ___ 103 Apr’ 10 —
102 102*2
—
102
Mch’
1
.
.
.
.
J
D
Consum Gas 1st 5 s .1936
1101*2
---101*2 Deo’09 . . . .
Mut’ l Fuel Gas Ist5sl947 M - N . . . .
92
94
2
92*8
South Side Elev 4 4$s.l924 J - J 92*2 92>s 92*3
100
100’8
.
.
.
.
100
May
TO
Swift & Co 1st g 5 s ...1914 J - J 100
88
88
88 Apr’ 10 . . . .
87
Union El (Loop) 5 s ..1945 A - O
------------Union Pacific con v 4 s .1911 H -N
. . . . 114. Nov’04 . . . .
70
70
—
70
Apr’
10
75
United B ox Board col 6s'2b
—
80 Nov’09
70
General mtge 6s_______ lj* :* 5
.................
85*2 July’08 . . . .
Western Stone Co 5s. . 1909 |A • O
be
added
to all Chicago h ond ||trices.
Note.— Accrued interest' must
•Bid and asked prices: no sales were made on this day, IMch. 29 (close 01 business) ior nauonai Dangs ana m ch . ou iopc
Institutions. 1 No price Friday: latest price this week, a Due Dec 31. 5 Due June, fc Also 20% In stock. "C a p ita l an
oApr 4 ’ 10. <7 Dividends an. patd Q-J, with extra payments Q -F . s In addition the equivalent o f 4 /0 more canto r ,fPJj.
(D e c 31 1 909.
u Stock increased In 1909.
v In addition the equtvalch ■o( 1 A ra me from First Trust & ..av. Bant
Bank absorbed b y the Na-tional City Bank. See V. 90, p. 538. x Capital Increased to 3 8 ,0 00 ,00 0 . Seo V. 90. p. 599.




5
4
17
4

180 Mch
U2 Oct
5 Oct
9773 Dec
39 Dec
10*2 Dec
8 Dec
3*4 Dec
30 Dec
78 Dec
15*8 Sep
47 Jan
17 N ov
63 Jan
60 Jan
29*4 Apr
97 Feb

Chicago Banka and Trust Companies

Chicago Bond Record
BONDS
,
CHICAGO STOCK
E XC H AN G E
Week ending May 20

Highest

Highest

Railroads
Chicago City R y _____ 100
Chicago & Oak P a rk .. 100
Do pret .............. .100
180 Chic Rys part ett *T" —
2.511 Chic Rys part ett * 2" —
100 Chic Rys part eti ” 3’’ —
105 Chic Rys part ett ” 4" —
Chicago Subway_____ 100
25 Kans City R y & L t--10 0
Do p r e t__________ 100
Metropol VV S Elev___100
280 Do
p r e t __________ 100
350 Northwestern Elev___100
Do p re t__________ 100
50 South Side E levated..100
187 Streets W Stable C L.100
Do
pret__________ 100

Miscellaneous
903
9"g
350 American Can________ 100
95S 95S
934
934
97s
460 Do
pret__________ 100
7314 73>2
*73
74
73
73*4 73
American R a d ia t o r ..100
Last Sale 250 May’ 10
250 *240 250
Do
pret__________ 100
135
May’
10
Last
Sale
135
*132
135
702 Amer Shipbuilding__ 100
83l4 8314
8334 8334 8334 8312 831
80 Do
pret__________ 100
112
111 *110 112 *1 10 112 *110
135 Amer Telep & Teleg-------137
137
13538 13538 *136 13/ *136
Booth (A) & Co..........100
June’09
Last Sale
—
.... —
Do
pret__________ 100
June’09
Last Sale
Booth Fisheries com ____
Last Sale 38 May’ 10
*35* 3*8*l] *35* *3*8*1" *35* *3*8*1? *35* *3*8**+ 67
Do pret_______________
*66
68
67
67
67
68
*65
*65
68
67
67
Cal & Chic Canal & D.100
Last Sale 50 May’ 10
50
*48
*4934 50
*403-| 50
*4934 50
Chic Brew’g & Malt’g ____
Apr110
Last Sale 1
1*8
1*8 *1
*1
1*8 *1
1*8 *1
Do pret________________
Last Sale 212 Nov’09
3
*2
*2
3
3
*2
♦2
10
Chic Pneumatic T o o l. 100
4314
43'i
*43
44
44
*43
44
*43
44
*43
44
*43
1,060 Chicago Telephone__ 100
114 114'Tj 11412 116
111*2 113
115*2 115*2 1147s 115*2 110 114
Do rights.................
Mch’OS
Last Sale 2U
60 Chic Title & T ru st...1 0 0
----150
150 *149
156* 1*6*0** *148* 1*5*0*" 14934 14*93] *148* 1*493] *149
207 Comm onw’ th-E dlson.100
113
113 113 *112 113 *112
11312 113*: *113 113*2 113 113
D o r ig h t s ___________
Feb’ 10
Last Salt 13g
Corn P rod Rel Co com __
17
*18
*16
17
16
16
—
15*4 1534 1638 1638 —
Do
do
pret-----Last Sale 7914 Apr’ 10
401 Diamond Match--------100
100i2
10038 1*003] loo* 1*00*1? 100**4 1001*2 10038 100*2 *100 1001 *100
479
Illinois
B
rick________
100
79i2
78
78
7J
♦73
80
78i2 79
791" *79
*78
Masonic Tem ple______
Last Sale 4314 Mch’ 10
____
*44 ___ *44
*44
*44
888 McCrum-Howell C o ..100
581-t
59
58
58*2
58
58
58*?
581"
58*2
58*4 57*2
58
585 Do
pret__________
993S 99-38
9938 99*4 99*2 99*2 99*2 *99 100
*99
99*2 99
Mllw & Chic Brewing.
Last Sale 2*8 June’09
Do pret-------------------Nov’09
Last Sale 20
21
21 *
*
21 * - - 21 *
10 National Biscuit____ 100
105<2 10512
♦106 107*4 *106 107*4 +106 107*4 *106 10714 106 107
143 Do
pret...........— 100
124
122*4 122*4 123 123*" *123 12312 12312 12312 *123
122*« 123
270
National Carbon........ 100
*109
110
108
109
109
*107
107
107
*10834
109
*10837 103
Do
pret............... -100
*115
119
*112
117
115 115 *116 119 +116 119
+11G 119
People’s Gas L&Coke.lOO
107*4 10734 10712 10712 10734 1077s
108 108
10834 1083.1 108*4 H3
Do rights____________
Last Sale 11-16 Mch’09
915 Sears-Rocbuck c o m ..100
159
161
159 159
159 159
159 159 +157 159
160 160
302 Do
pret--------------- 100
I 2OI4 121
119*2 119*2 119*2 119*2 120*s 1207s *120 121 *119 120
345 Swltt & C o..................... 100
1047
8
10514
105
105
105*4
105
105 105*4 105 105*8
105 105
Do rights__________
Feb’09
Last Sale 7
The Quaker Oats C o . . 100
Last Sale 183 May’ 10
♦172* 1*8*3*' +172* 18*3** +172* 1*8*3*" *172* 183*'
248 Do
pret__________ 100
10412
1041.1 104i4 +104
103*2 104
103*2 104 *103 103*" 103 103
570 Unit B ox Bd & P C o .100
*634
7
67s 6's
634 <V>4
6*;
7
7
7
7*4 *5
Do pret__________ 100
Apr’09
Last Sale 734
Western
Stone_____100
Mav’ lO
La3t Sale 17
Y s " *15* *1*8**
* ___ *1*8*’ * ___ *1*8**

97q
73*8
*240
*132
84
*1101"
1367s
....

Range far Previous I ecu
(1909)

Range ior
Year 1910.

STOCKS
C H ICAG O STOCK
EXCHANGE

__

__

....
....

__

Si

1

ts Hamilton National

May 21 1910. j

THE CHRONICLE

1353

B id Ask
el
Induslria! and Aliscel
Con Steamship Lines—
Coll tr 4s 1957 rets j"- j / _
13*4 13SS
e Crucible Steel_____ 1or
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
81
-1UL
e Preferred ________
10C
35*2
DAILY, WEEKLY AND YEARLY.
*2
.lo
60
Davis-Daly Copper Coo.10
2*8
78 e Diamond Match C o..100
100 100 101
duPont(E I)deN em Po 100 138 140
Slocks.
Railroad,
86
100
87*2
e Preferred ____
U. S.
*7*9*’
Slate
&c ,
Week ending
87
89
e Gold 4 Hs 193 6 ...JJ-D
-D
Bonds.
32
Bonds.
Bonds.
Shares.
Par value.
Man 20 1910.
Electric B oat_________.100
100 22b
51
-IOO) 00
70
P referred ___
$55,000
203,605 $17,513,000
$817,000
$5,000 Telegraph and Telephone
7
10
Empire S te e l_________.100
100
47.000
352,498 29.569.800
1.334.000
Monday____________
05
e Amer Teleg & Cable. 100
72
80.000
75
P referred __________.100
100
73
294,538 25.023.800
1.451.000
Tuesday........ ........ .
e Central & So A m e r ..100
.10U x'.)\
99
118
109,000
e General Cheml
1.082.500
237,065 20,183,000
Wednesday__ _____
Comm'l Un Tel (N Y) . 25 107*'
96.500
e Preferred ________ 100 101 105
1.680.500
218,199
17,949,900
Thursday___________
Emp & Bay State T el.100
65
s .l o
*8*4
27.500
Goldfield Consol
8*2
1.368.000
247.408 20,958.300
Friday____ . . . . . . . .
F r a n k lin _____________io o
40
- 1 *10
Gold Hill Copper
H?
*8*;
$415,000
$5,000 e Gold & Stock T e le g .100 105
U reene-Cananea____ _. 20
T o ta l...................... 1,553,313 $131,197,800 $7,733,000
8»4
e Northwestern T eleg. 50 105
Guggenheim E xplor’n 100 180 190
Paclllc & A tlantic____ 25
60
e Hackensack Water Co
Jan. 1 to May 20.
Sales at
Week ending May 20.
ePac Telep & Teleg pt.100
90
85
.J-J
Ref g 4s ’ 52 op ’ 1 2 ..J-J
New York Stock
Southern & A tla n tic .. 25 90
40
100
Hall Signal Co c o m ..100
50
1909.
1910.
Jixchange
1909.
1910.
4
.100
6
Havana T obacco C o ..100
8
Ferry Companies
P referred__________ 100
12
75,828,757
78,440,395
3,381,607
Stock:— No. shares__
1,553,313
B
&
N
Y
1st
6s
1911.J-J
(32
94
50
98
1st
g
5s
June
1
’
22
J-D
$7,019,195,075
5131,197,800 $309,895,800 $7,079,898,000
4 E R Ferry stk.100
20
28
Hccker-Jones-Jewell MUi
$37,000 N Y
S454.200
$ 1,000
Bank shares, p a r ___
$21,800
1st 0s 1922________M-N
55
65
1st 6s 1922...............Al-S
.M-1 103 105
Bonds.
N
Y
&
H
ob
5s
May
’46.J-D
94
98
Her’g-Hall-Mar,
n e w.100
.100
35
40
$198,700
$191,500
$ 1,000
S5.000
Government bonds__
Hob Fy 1st 5s 1946 Al-N 100 104
Hoboken Land A Imp 100
17,275,700 N Y
23,893,200
1,015,600
415,000
&
N
J
5s
1946____J-J
93
e 5s 1910__________ M-N
997i,
550,353,300
286,193,500
23,469,300
7,733,000
HR. A miss, bonds.- 10th & 23d Sts Ferry. 100
40
Houston Ol!___________
.100 —
7
1st mtgo 5s 1919__ |-D 67
P referred __________ 100
3567,827,700 e Union
$310,278,200
$8,153,000 $24,488,900
Total bonds__ ____
Ferry s to c k ..100
Hudson R ealty_______100 110
2812
e 1st 5s 1920............i l IS
94
e Ingersoll-Rand com.10C 100
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
e Preferred ________ 100
97
EXC fANGES.
Short-Term Notes
21b 22
Intercontln’t ’l Rubber.100
985g 9914 Internat’t Bank’g C o. 100 100 " 110
Am Clg scr A 4s 1 1 ..M fBoston.
Philadelphia.
Ser B 4s Mch 15 ’ 12 Al-S 975s 98*S Internat" Mer Mar— See S tk Ex ist
Week ending
980 9S7g International N ic k e l.. 100 160 170
Balt &OhIo
1912.J-D
Listed Unlisted
Bond
Listed
Bond
Unlisted
May 20 1910.
Bethleh i-tcel os '1 4 . . M-N
O8I4
97
P reterred __________ 100
93
9G
shares. shares
sales.
shares.
sales.
shares.
983, 99’s
Ohio & Alton 5s ’ 1 3 ..Al-S
1st g 5s 1932_____ A-O
02
94
S65i 97L International Salt____ 100
Cln Ham & D 4s 1913.J-J
6
8
9,418
$26,700 C O C & St L 5s. June ’ l l 100 14 10034
7,787
SO,610
8,803
4,727
Saturday___________
1st g 5s 1951_______A-t) / 53
56
19,042
10,693
33,000 Hudson Companies—
17,242
Monday-----------------17,180
5,826
60
International S l! v e r ..l 00
90
12,366
14,013
36,720
27,980
7,575
17,529
Tuesday------- --------P referred__________ 100 111 114
99 100
6s Oct 15 1 91 1 ____ A -0
11.032
64,730
Wednesday-------------- 13,511
4,920
5,696
11,468
6s Feb 1 1913......... F-A
99 100
1st 6s 1948________J-D 110
11,232
44,425 Interb H T g 6s 1 91 1 .M-N lOISs 102 Internat Smelt A Refg IOO 120 14*o"
Thursday --------------- 11,003
38,960
3,639
15,666
8,970
24,200
10,571
9,059
8,979
Friday..................
22,842
973.) 98*2 Internat Tim e R ecord . lOo 82
K C R y& Llght 6s ’ 12.M -S
95
993.
99 101
99
Minn A St L g 5s ’ l l .F - A
P referred __________ 100
65,3281 $118,554
36,442 $229,775 ( N Y C Lines Eq 5s'10-27 M'2% 4U% Jones A Laughlin Steel Co
79,705
Total .................... 74,324
N Y N H & H 5s ’ 10-’ 12 100 10134
1st s f g 5s 1939..Al-N 10D;
St L & S F 4
’ 12 op .F -A
96
97 eLackawanna Steel___100
<31 44
96U 9714 e Tem new 5s 1950. M­
5s Mch 1 1913____ Al-S
86
98
South R y g 5s 1 91 3 ..F -A
98'­ e Tem deb 5s 1915__Al-S
90
Tidewater 6s, 1913 guar lOHg 1018s Lanston M on otype___ 100
91*12
All bond prices are now "and interest" except where marked "f.
150
96
Wabash 4
.. 1 9 1 3 .M-N
971 Lawyers' Mtge Co____ 100
257
99
West Telep A T o s '1 2 .F-A
9 9’>g e Leh A Wilkes-B Coal 50 209
Bid Ask
Bid Ask Westlngh’e ElAM 6s 1910 100 1003s e Lorlllard (P) pref___100 140 160 ”
Street Railways
Street Railways
Pub Serv Corp N J (Cow
New York CLy
Madison Sq G arden ..100
35
45
19
U
Cons Tract ot N J ..1 0 0
76
75
Blccck St A Fui F stk.100
2d 6s 1919...............M-N
Railroad
60
1st 5s 1933......... J-D 103 101 eChlo Gt W com tr ctfsliSer Stock Exc Manhattan Transit___20
50
*27
" l >*2
New’k PasRy 5s 30 J-J 107b 10S*2
e B ’y A 7th A vc s t k ..100 124 140
Monongabela R Coal__50
*8
c Preferred tr ctfs. . /
list
Rapid Tran St R y --1 0 0 210
981; 09')
e 2d mtgo 5s 1914..J-J
P referred___________ 50 *221 2*3*"
Chic Peo A St L—__
1st 5s 1921......... A-O 101
Con 5s 1943— See Stock Exc •1st
Mortgage Bond Co___100 112 117
Prior lien g4 H s’3 0 . M-S / 87
J C Hob A Paterson—
B'way Surf 1st 5s gu 1924 103 100
Con mtg g 5s 1 9 3 0 ..J-J / 50
Nat Bank ot Cuba____ 100 101 103
4s g 1949......... M-N
7412 7512
Incom e 5s, July 1 9 3 0 ..
5 Nat’l Surety__________ 100 260
.
So J Gas El A Trac.100 135 140 " Chicago Subw ay_____ 100 1 . .2*4
85
e 1st mtge 6s 1922.M-N / 80
2’ 4 e Nevada Cons’d Copper 5 * 211 . 21*78
50
Gu g os 1953___Al-S
30
98*2 Kansas City Sou 5s Apr 1
c Cen P k N A E R stk.100
97
Nev-Utah Min A Sra. 10
n ' 1*18
No llud Co Ry 6s 14 J-J 104 106
90
« Chr’ t’ r & 10th St stk 100 80
1950— See Stock Exch ange list
30
e New Central Coal___20
60
5s 192 8 ................J-J 104 106
Col A 9th A vc 5s See Stock Exc list
Nat Rys of Mexico— See
t Exc list NY Air Brake 6s— See Stk Exe list
Ext os 1924____Al-N 100 402
Drv D E B A B—
North’ll Securities Stubs
N Y Biscuit 6s 1911.Al-s 100
105 n o
Pat City con 6s ’31. J-D 115 118
e 1st gold 5s 193 2 ._J-D
98*- 102
Pitts Bess & L E______ 50 *33
e New York D ock____ 100
29
35
3*8*"
e Scrip 5s 1914____ F-A / 40
2d 6s opt 1 91 4 ..A - 0 100
50
P referred ___________ 50 *69
e Preferred ________ 100
80
73
S3
Eighth Avenue stock. 100 250 300 So Side El (Chic)— See Ch lcago list
Railroad Securities Co—
N Y Mtge & Security. 100 203 208
e Scrip 6s 1914___F-A / 95 100 Syracuse R T 5s '4 6 . . Al-S l o i 105
III C stk tr ctfs ser A' 52
87
*5
N Y T ransportation.. 20
90
6
Trent P A H 5s 1943.J-D
0 4 2d A Gr St F’y stk.100 200 220
95
Seaboard Company—
Nlles-Bem-Pond com .100 ICO 102
United Rys ot St L—
42d St M A St N A ve.100
1st preferred______ 100
70
*ll3) 10I2
1534 16*2
Com vot tr ctfs____100
e 1st mtge 6s 1910.Al-S
Com & 2d pref— See Bal t Exe
*27g 11S18
e Preferred _______ 100
66
66*4 Seaboard Air Line—
2d Income 6s 1915. J-J / 50
2i*> 2;s
100
Gen 4s 1934— See Stock Exc list
Inter-Met— See Stk Exch ange nst
Coll 5s ext May ’ ll.A l-S
*993* Otis Elevator com ____ 100
54*2 55*2
94ij 9514
Lex Av A PavF 5s See Stk Exc list UnltRys San Fran See Stk Exc list
West Pac 1st 5s ’3 3-.M -S
100
90
99
38
Mctropol St R y— See Stk Exc list Wash R y A El Co____ 100 z35
5U *221j 23U
P referred __________100 z883s 89
Ninth Avenue s to c k .. 100 100 170
50
Industrial and Aliscel
P referred____
42^3
18
4s 1951...................... J-D
Second Avenue s to c k .100
14
85*2 86*2 Adams Exp g 4s 1947 J-D / 93b 94 I; Pittsburgh Coai— See Stk Exe list
e 1st .\1 5s’0 9 e x t ’ lo M-N
Ahmeek Mining________25 *170 180
99
Pope AlfgCo com _____ 100
69
71
60
Consol 5s 1948____F-A / 50
Oas Securities
Alliance R ealty_______ 100 115 120
P r e fe r r e d ....______ 100
80
85
Sixth Avenue stock___100 120 130
American B ook_______100 150 154
Pratt & Whitney p r e f.100
Sou Boulev 5s 1945___J-J
60
85
New York
120
American Brass_______100
Producers Oil_________100 14 . 152
122
92 Cent Un Gas 5s 1927 .J-J 100 101*4 American Chicle co m . 100 220 223
So Fer 1st 5s 1919...A -O
88
Realty Assoc (B klyn).lO o 118 122
Third Avenue— See Stock Exc list Con Gas (N Y) — See Stk Exc list
P referred __________ 100 100 103
Royal Bak Powd com .100 195
80 e Mutual Gas_________100 152 158 Am Graphophone com 100
Tarry W P A M 5s 1928 / 60
71­ 10
P referred__________ 100 107 10812
85 New Amsterdam Gas—
YkersStRR5s 1946 A-O
75
21
P referred__________ 100
Safety Car Heat & Lt.100 127 129
25
30
1st consol 5s 1948..J-J
28th A 29th Sts 5s ’ 90 A -0 / *5
9912 10012 Amer H ardw are_____ 100 i/115 120
Seneca Mining_________ 25
e Twenty-third St stk .100 20 .) 21() N Y& ERG as 1st 5s ‘44 j-J 1UL 101
Am Malting 6s 1 9 1 4 ..J -D 102 103
Singer Mfg C o ________ 100 5*5*9* 570*
Consol 5s 1945_____ J-J
Union R y 1st 5s 194 2 .F-A 100 102195 100
97 102 South Iron A S c o m _IOO
Amer Press Assoc’n__100
16
19
65
75 N Y & Richmond Gas. 100 40
50
W estcucst 1st 5s ’43 J-J
Am St Found new— See S tk Ex list
P referred__________ 100
28
42
NY & W estchcstcrL’ht’g—
6s 1935.......................A -0 100>2 102
Standard Cordage____ 100
l
ie
*$
Deb g 5s 1954 gu ar.J-J 100 102
Brooklyn
70
Deb 4s 1923...........1F-A
1st M g 5s ’31 red.A-O
72
17
22
Nor Un 1st 5s 1 9 2 7 ..M-N 99 101
Atlan Avenue R lt—
American Surety_____ 50
225 230
Adjust M 5s Apr 1 1931
2*2
3*2
102
e
Standard
Gas
c
o
m
..
100
f!nn 5s g 1931
_ A-O
99
American Thread pref 5 *434 5
Standard Coupler com 100
36
102
Am Tobacco Co c o n i..l o t 429 434
P referred__________ 100 100
1st 5s 1030..............Al-N 102 106
Amer Typefders co m . 100 44
Brooklyn City S t o c k .. 10 155 165
Standard Milling C o .. 100
46
l->
19
P referred __________ ioo
98 102
Con 5s— Sue Stk Exch ange list
Pre’ e rr e d __________ 100
4i
52
Ollier Cities
98 100
Deb g 6s 1939____M-N
Bkln Ilgts 1st 5s 1941 A-O
95 100
1st 5s 1930_______ U N
82
85
Am Gas A Elec c o m .. 50 *44
46
Amer w riting P a p e r..100
2
Bkln Queens Co A Sub—
Standard Oil ot N J ..1 0 0 7025 632
3
Preferred__________ 50
*41
43
e 1st g 5s '41 op '1 6 .J-J
P referred__________ 100 22
99*4
Swift A Co— See Bost Stk Exc list
25
Con guar 5s— See Stock Exc list Amer Light & T ract. .100 270 285
1st s f g 5s '19 op ’09 J-J 88
89
1st 5s— S -e Chic Stock Exe list
P referred __________100 104 100
Bklyn liap Tran— See Stk Exc list
A tlG f& W IndSSL’ues.lOO
7
8
Texas C om p a n y_____ 100 215 : 20
u
Coney Isl A B k ly n .. 100
15
75 Bay State Gas_______ 50
P referred __________ 100
18
h
e Texas A Pacific Coal 100 109 105
BIngh'ton (N Y) Gas Wks
1st cons g 4s 1948..J-J
78
8i
Col tr g 5s 1959____J J /62
66 Title Ins Co of N Y ...1 0 0 145 150
Con g 43 1955......... J-J
80
1st g 5s 1938........... A-O
98
35
75
95
Barney A Smith C a r..100
Tonopab Min (Nevada) 1 *8140
9
Brk 0 A N 5s 1939.J-J
Brooklyn Un Gas— 6’eeStk Exc list
95 100
P referred __________ 100 105 110
Trenton Potteries com 100
8
Kings C El 4s— See Stock Exc list
Buiralo City Gas s t k .. 100
4*r 5I2 Bethl’m Steel Corp— See S tk Ex list
Preferred, new_____ 100
60
Nassau Elec pref_____ 100
Trow Directory_______100 25
Bliss Company c o m .. 50 125 130
35
5s 1944.................. .A -O 103 105 Con Gas ot N J 5s '3 6 .J-J
93
96
P referred___________ 50 125 134 Underwood T ypcw pf 100 10U 10I12
1st 4s 1951— See Stock Exc list Consumers’ L H & Pow—
Union Typewriter com 100
Bond A Mtgo Guar___100 245 255
52
54*2
N l\ ’ bg A Flat 1st ex 4 >4 s 90
95
5s 1 9 3 8 .................. _J-D 110
1st preferred____ ..1 0 0 108 111
Borden’s Cond M ilk .. 100 11234 113I2
Steiuway 1st 6s 1922..J-J 103 107 Denver Gas A Elce___100
155*4
2d preferred______ 100 103 n o
P referred__________ 100 1041 1051Gen g 5s 10 19 op.Al-N
91
96
Un'ted
Bk
Note
C
orp.
50
British Col Copper___ 5 * 6
*43
47
6*4
Other Cities
Elizabeth Gas Lt C o .. 100 275
Preferred____________50 *52
Butte Coalition Mining 15 ♦20
£1
54
Buffalo Street R y—
Essex & Hudson Gas. 100 138 143
234 314 United Cigar Mfrs____ 100
Casein Co ot Am co m . 100
74
76
1st consol 5s 1931__F-A 101 105 Gas A El Bergen C o .. 100 80
70
82
e Preferred ________ 100 106 119
P referred__________ 100 60
Dei) 6 s 1917............A-O 101 105 e Gr Rap 1st 5s '15.F -A
United Copper________ 100
98 101
Casualty Co of A m e r ..100 125 140
7
7*2
Columbus (O) St R y .. 100
98 Hudson Co Gas______ 100 135 140
95
Preferred ____ . . . __ 100
Celluloid Co__________ 100 123 126
15
25
___ lUH; Indiana Lighting C o ..100
P referred__________100
2
32
34
Cent Fireworks c o m ..100
U S Casualty_________ 100 215
4
Colum Ry con 5s— See Phi la '1st
4s 1958 op ________ F-A
64
20
P referred __________100
U S Envelope com ___100
40
67
50
53
Crosst'wn 1st 5s '33 J-D 100 103 Indianapolis Gas_____ 50
15
20
P reterred_. . . . . . . 1 0 0
Central Foundry_____ 100
113 116
7Gb
75
e Conn Ry A Ltg com .100
1st g 5s 1952......... A -0
75
U S F inishing____ ___100 100 105
85
P referred__________ 100
79
8012 Jackson Gas 5s g '3 7 . A-O / 88
e Preterred _______ 100
P referred ______ . . . 1 0 0 110 115
9212
Deb 6s 1919 op ’0 1 .Al-N / 40
1st A ref 4 H s— See Stk Exc Mst e Laclede Gas_________100 103*4 10334 Chescbrough Mfg C o ..100 725
1st g 5s 1 91 9 _______J-J 100 105
88
e Preferred _______ 100
Grand Rapids Ry p ref.100 85
85
69
Con g 5s 192 9_______J-J
98 ’ City Investing Co____ 100
95 100
e Loulsv St 5s 1930___J-J 1013) 105*4 Madison Gas 6s 1926.A-O 103 108
Preferred __________ 100 105
U S Steel Corporation—
Lynn * Bos 1st 5s '24 J-D 105 107 Newark Gas 6 s 194 4 ..Q -J 130 132
e Clallln (H B) c o m ..100 n o
Col tr s f 5s ’ 51 opt ’ l l 1141
47
«N ew Orl Rys A L gt. 100
25*4 26*: Newark Consol Gas. 100 98b 101
94
e l? t p re fe rre d ..___100
Col tr s f 5s ’51 not opt 11412 1147,
e Coil g 5s 1 9 4 8 ...J-D 106*2 107b
e Preferred _______ 100
62*j 0 *
96
e 2d preferred_____ 100
U S Tit Gu A Indem __100 110 120
Gen M g 4 )$s ’35— See £ tk Ex Ist No Hudson L I U Pow—
Col <Sj Hock CoalAI pt 100
eUtah Copper Co— See Stk Exc list
5s 1938.................... A -0
Pub Serv Corp of N J.100 115 120
no
1st g 5s 1917______ J-J / 50
Waterbu y Co c o m .__100
Tr etts 2% to 6 %pcrpet 100 103 Paclllc Gas & E, co m .100
Col tr 6s Oct 195 6 ..J-J / SO
P referred _____ . . . . 1 0 0
57*P referred __________ion
North Jersey St R y.lO o
70
17b 89
6J
36
Consol Car Heating___100
Westchester A Bronx Tit
1st 4s 1948......... Al-N
79 Pat A Pas Gas A Elec. lOu
..‘3
77
Cons Ry Lgt & Ref rig. 100
A Mtge G u a r ..____ 100 160 170
.7
f Con g 5s 1949___Al-8 ioo 101
Consol Rubber T ire ..lO o ‘ *314
Westingh’se Air Urake.50 * . . . . 1149
St Joseph Gas 5s 1937. J-j
16
Preferred ______ . . . 1 0
92
West El A Mfg 5s— iSreStk Exc flat
95
Worthing Pump p ref. 100 103 107
Debenture 4s 1951 _A-*- / 35

Volume of Business at Stock Exchanges

Bid
b leclric Companies
Chic Edison Co— See Chi cago
Gr’ t West Pow 5s '4 6 .J-J
93
e Kings Co E! L A P Co 100 122
Narragan (Prov) El C o .50 *871;
NY&Q El L APow Co 100
55
P referred ..... ............ too
70
United Elec ot N J ___100
75
1st g 4s 1949............ J-I)
78
Western Power co m . 100
28
P reterred__________ io o
50

Ask
list
96
125
89

__

Outside Securities

Uj

l cr share
a Kx-r'gtLs.
5 Bad '.
£ Sells on Stk. Ex,, but not very active.
* Kx-dlv.
v Ex-rlghtss New stock.




1 Flat price.

n Nominal.

j Sale pnoe,

t Ex-stock j ’ vldend.'

BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
SHAMS PRICES—NOT PER CENTUM PRICES
aiurday
May 14.

Monday
May 16.

Tuesday
May 17.

Wednesday
May 18.

Thursday
May 19

Friday
May 20

Sales
o t/iWeek
Shares

STOCKS
BOSTON STOCK
EXCH AN G E

Range Since Jan. 1
H K/htS’.

Range tor PteiAOu. r sat
(1909)
Lowest

Railroads
98 -Tan
Atch Top & Santa Fe.100 107*4 May - 123*8 Jan 3
Last Sale 1093.1 May’ 10
*110 n o li M 10 iro% *100lg 1093g *109% 109-g
Do prof__________ 100 I 0 H4 May 17 104% Jan 7 100*4 Jan
6
10l*s 101*S •1013s 1023g IOH4 IOU4 * 101*4 102% * 101*4 102% * 101-8 102%
224 225
224 225% 224 224 *228
229
*224 225
225 225
129 Boston & A lbany____ 100 222 Apr 12 23) Jan 10 225 Jan
12S
128
I 2.8I4 I 28I4 128 128I2 128 128*2 *127% 128*2 128% 128*
323 Boston Elevated_____ 100 12.5 A pr 12 136-*4 Jan 6 124% Jan
*215
. . . *215 . . . *215
*215
Boston & Lowell_____ 100 215 AlaylS 227 Feb 24 223*- Dec
Last Sale 215 May’ 10
Boston & Maine......... 100 135 M a yl 6 152 Feb 2 132*2 Jan
135 137
*135 13*8
135 1*35" 136 137 *136
135 135
*-----------------*
300
Boston & P rovidence. 100 205 Mayl2 208 Jan 20 295 Sep
300 *
300 300Lest Sale 295 May’ 10
1134 Jan
May’ 10
♦is* 15
15 Jan 10 16 Jan 3
Boston Suburban El Cos.
*15* 16
*15
16
Last Sale 15
*15
16
60% Jan
74% *74
*74
73 Feb
Do
pref
74% 74% 74% *74
74% *74
74%
74I2 *74
76 A pr 7
8 M ob...
10 Alay
10
Last Sate
Boston & Wore Elec Co .
10 Jan 7
10*2
10% * ____ 101
Apr’ lO
41 Mayl7
43
*40%* 42
46*2 Dec
42
*40% 42
*40% 42
41
42
Do
pref__ _ _ _ _ _
48 Jan 3
100
2 Chic June Ky A U SY.100 145 May 2 156 Jan 19 143 Jan
146 146
,'l.V
25
110
Do
pref__________ 100 n o Apr '-2 118 Jan 5 115 N ov
110
Alch
Last Sale 270 Mch’ 10
270 Alch 10 267 Jan
Connecticut R iver___100 265 Mch
Feb
129
**84 Fitchburg, pref______ 100 125 A pr 12 133*-Jan
129
*127 129% 127 127
128*2 N ov
128 123 *128 129% 128 128
Deo
76 " Jan
110 110 *
112 A pr 29
10 Ga R y & Electric____ 100 10-1 Jan
* ____ 111 *__ _ 111
111
* 110l2 ____ '110
88 Jan 17
Sep
79 Jan
* ___
85 A pr „
87 ■___
86
22
*86 "
86
86 *___
8512 85%
Do
pref__________ 100
87
.
Feb 10 203 Alch 7 195 Oct
Lest Sat' 202 Moh’ 10
Maine Central...............100 202
" i 8 % Ts% *18* *18"" "Is" *18
153, Feb
ll*, Jan
*17% *18
20 A pr 14
*185 Mass Electric Cos____ 100
*i7% 18% *17% 18
85*4 85% 86
177
86%
86
86% *86
8612 8012 86 % 86 % 86
Do
pref__________ 100 70 Jaa _ 88 Apr
58*2 Jan
15434
155 155
336 N Y N H & H artford .100 149 A pr 28 162-*8 Alch 14 4153 N ov
155 15514 1521- 154S4 153% 1541 154 1543f 151
Lest Se’e 140 Mch’ 10
Northern N H ...............100 139*- Mch 11 *140 Mch 9 146 Feb
Last Sale 210 May'll
Norwich & Wor pret.100 210 May 10 212 MollR 200 Apr
*185 190 '185 190 ■185 190 *185 190 *185 190 187
Old Colony__________ 100 185 -May 3 :o 0 Jan 7 190 Dec
188
26 Apr
May’ 10
Last Sale 26
Rutland pref_________ 100 25 May 3 35 Jan 3
90*4 Alch
112-% 112% *----- 1121:­ *------ 112
111%
10 Seattle Electric_______100 109% Apr 1 116 Jan
111*4 111*4 m i 112 *111
971- Apr
* _____ 102
10134 10134 1013i 1013.1
*----- 102 :<____ 102
23
102
Do- pref__________ 100 101 M ch 30 100 Alch
*182% 183
18134 1S2*4 183 183
1833s 1841s 18214 183
650 Union Pacific________ 100 176 May 3 204% Jan 3 rl727s Feb
*84% 184-%
93 % Alch
*9v% 9534 *9434 96-4 *941.1 9514 *941.1 95*4
Last Sale ’ ■% May’ 10
Do
pref__________ 100 94% May 10 1033g Jan '3
ImsI Sale 162 May’ 10
Vermont & Mass_____ 100 162 A pr 2 1 168 Jan 17 165 Jan
88 Jan
88
88
*3714 89
*881- 89
*88
88
88
89
88
84 West End St...................50 87 Atay 2 95*2 Alch 8
89
* 101% ____ 1021- 102% 10212 1021 ; 102% 1021; 102% 103% 102*2 102*
113
Do
pref........... ..
50 10J Mch 31 109 Feb 10 102 Oct
Miscellaneous
41 Feb
461- 47U 46V 47
33% Jan
487g Jan 10
46
*45
46
46
46*4 46% 46* 1.C05 Amer Agrlcul Chem_.100
46
94 Jan
98% Alch 31 104 Mch s
*101 102
Do
pref__________ 100
102 102
1013.',
265
101 102 -101 101% 101% 101% 101
5 Mch 87s Feb 11
0
5
6*. Jan
53.
6
6
431 Amer Pncu Service___50
6
6
6
6
53,
*53, 6
16 Mch 20 24 Feb 11
18
18
1834 183S 18% *18%
13 Jan
18% 1,765
Do
pref___________ 50
18
I 8 I4 18
18
183.
123 120!o 124 124 *123 124
14 Amer Sugar Rellu____ 100 118*2 Jan 25 127*8 Mch 2 ,114 N ov
124 124
123*4 123I-: 123% 123*'
122% 122l2 123% 1231? 1221- 1231­ 1221­ 123% 123 123*3 122*- 122*;
Do
pref...................100 11 j Jan 25 124 Atch 2 i l l 7 Now
10 5
130l2 137
13634 137% 130*2 137 " 136 136% 136% 136% 136% 136% 2.059 \rner Telep & Te!eg__100 lor. May 3 143*8 Feb 24 125*4 Feb
30
36
31% Apr 28 391- Mch 19
155 American W oolen____100
*35
36
35% 35*g
*35
36
27 % Feb
*35
*35
36
36
90% 100
423
Do
pref__________ 100 07*4 Alay ; 104*4 Alch 23
100 100
100 100
100 100
100 100% 100
100*8
93*- Jan
*0
9
137 Atl Gulf & W 1 S S L.100
8
10
8
7 Mch IS
*8
8
415 Apr
10
11*2 Jan 7
8*4 *3
130
18
Do
pref__________ 100
16 AlaylO 28 Jan 6
*18
19
19
15
20
*18*2 20
* 1V12 18
16% A pr
19*4 19*4
*51- 6
75
*5%
6
*5I2 6
678 Alay is
Boston Land__________ 10
*5% 6
*5% 6
5% 6
3*4 Apr
8*2 Jan 11
*145 146
59 Cumb Telep & Teleg.100 14„% Jan 12 152*2 Alch - 126 Jail
150
146 146 *145 150 *145 150 *145 150 *145
*86
67
*67
64 Feb 4 71 Mch 4
Dominion Iron A Stee . .
68
*67% 68
*67% 67%
Last Sale JO May’10
181- Jan
*8% 841
7 Jan
7% Apr 14 11*8 Jan 3
*620 East Boston Land______
8*3
S'
8% 8%
8*8
8%
Ws 834
*%
*250 ____ 25011 25014 250% 251
79 Edison E 'ec Ilium ___100 ,239 Jan 26 i 57% M ch2. 246 Jail
252 252 +250 252
*1:9 150
1481.1 14814 150 150
120 General Electric_____ 100 14534 May 2 100% Jan 0 150*8 Feb
150'- 150% n 50* 1*5*1
150 150
8 II4 8184
83% 83*- 6,513 MassachusettsGasCos 100 76*4 Feb 8 84% Atay 18
82% 84*4 8 3 - 84
50 Jan
81% 823£ 8214 83
8912 8912 89
8914 891- *89*4 90
*89% . “
Do
pref...................100 89 Alay 16 07 Men is
S9
191
80 Jan
89% 90
*217 ___ *217 213
218%
220% Feb 2 t: 2021- Men
37 Mcrgenthaler Lino___100 214% Jan
217 217 *217 218*2 217% 217% +217
61- 6%
23, Jan 3
2 Jau
61, * 6*4 0%
854 Mexican Telephone.. 10
6*4
6*4
ۥ% AlaylO
6*4 fit;
6*4 016%
* 1111- 112
i m 2 1111; H U - llllg 111% 111% 111*4 112 *111*4 112
08 Apr
36 N E Cotton Yarn____100 111% Alay 6 124 Jan 3
* ioj -10734 106% 100% 106 106
1001­ 106% *106’- 107% *106
107
93 Jan
106
Do
pref...................100 106 Alay 5 115 Jan 11
135 135
134 134
134 134 1*134 135
133 133 *134
1341
35 N E Telephone______ 100 133 May 2 138*2 Mch 11 120*4 Jan
*051- <J0I- * . . .
____________
95 10 Paclllc Coast P o w e r.. 100 94 Mch 22 loo Jan 5
96 *___
95% *
9612 96
___
95*
75
1611- 161% 1611"- 162
1613.1 1621.. 162 162% 1611- 162% 162
162
637 Pullman Co__________ 100 loo May j 200 Feb ll 168 Jau
* 111- ____ * 1 1 1 - 12
Last Sale 113 , May’10
934 Jau
* 111- 12 ‘ * 11%
11*4 Jan 15 12% Apr 14
Reece B u tton -H ole.. 10
105 1051.1 105 1051­ 105 105
105 105
105 105*4 105*8 1053S *243 Swift & C o . . ................. 100 100 Jan 24 109*4 Jan 10 100 Jau
*30
31
31
31% 31% 31% 31% 31%
*30
31 ' *30
31
100 Torrlngton, Class A . . 25 28 Arch 30 34*4 Jan 3
20*2 Alay
*2712 30
*27% 30
* 2 V - 30
Lait Sale 29
*27% 30
May’10
Do
pref___________ 25 27 Jan is
24% Jan
31 Alay 6
184 1851­ 185 186
185 1851­ 1853.4 193*4 193 196
194
194
1*836 United Fruit_________ 100 165*-Jan 15 196 May 19 1261- Jan
71
71% 71
71
70% 70
7034 71
03* •>Feb 4 7184 Apr 18 i54 Atch
71
71
3,154Uu Shoo Mach C o r p .. 25
7U4 70
29
29
2914 2914 *29
29*4 *2S34 29*4
281- Mch 29 31 Jail 4
Do
pref______ . . . 25
29% 29% 29% 29
869
28*2 Jan
82% 83% 83% 84
823g S3I4 82
77*4 Feb 14 90*4 Jan 3
4 1*4 Feb
82>f 823, 83% 833g 84% 11,276 U S Steel Corp________100
*118 118t2 118 118% 11734 1173.1 118 II 8 I4 11S 118%
Do
pref__________ 100 1157s A pr 28 125*8 Jan (i 107 J’’eb
124
16
16
*151- 161­ *15*2 16*' *15% 16% *15% *16%
16
16
14 Feb l ! 18 Jan 6
6% Jan
223 West Telep & Tcleg__100
*87
91
91
*87
85 Mch 29 01 Jan 3
Do
pret__________ 100
76 Alch
87* *87
87
90
12
87
87
*87
91
Minins
51- 6
5 May 2
6%
0% *6
t<3 67g
6%
10 Feb 1
125 Adventure Con_____ _ 25
6% *6
0%
*43
44
44
43
43
*41
43
42
43 *
____________
4355 Allouez________________ 25 38*» May 4 58 Feb 25
70
7134 7114 7214 70% 71% 69% 70% 70
703., 713.| 17.435 Amalgamated Cop pet 100
63% May 3 90*4 Jan 3
71
*25
25% 251- 257g *25
2534 253.J 25-1; 257S 257g
240 Am Zinc Lead & S in .. 25 23*- Alay 3 40% Jan 3
*25
26
4 1 ' Apr 2% 53*4 Jail 3
A n a con d a ____________ 2f
Lost Sale 41% May’ 10
0*522 Arizona Commercial. 25 12*4 May
17% *171; 'l e i . *17
16
17
*11-34 *1*6% "l4% *1*6
15
16
5034 Jan 3
in as.
ii. *.75
*
*.75
Arnold _______________ 25 .75 Mch 31
Apr'10
Last Sale 1
2 Jan 19
*.75
1% *.75
1%
71Atlantic ...................... 25
7%
7*
5's Alay 4
7% *7
8
7%
12*4 Jan 14
+.55 .60
.55 .55 .55 .55 + .50
.55
.55 .57 *.55
.60
900 Bonanza (Dev C o)___ 10 .60 Alch i
.70 Alch 2­
T.n&l Snip 147- M-v’ in
Boston Con CAG(rcts) £1
14% May 3 22 % Jan 3
12% 12*2
10 May 4 24% Jan 13
5
12% 13
13
13% 12% 13
13% 13% 13% 14
1*540 Bos&CorbCop&SilMg
* 12% 12% 1178 12% 12
6*4 Feb 8
12
12
12%
860 Butte-Ba aklava C o p ..10
12%
12%
13 Jan 10
1134 12
20*4 21
20% 213S 20*4 20% 20% 20%
17% May 4 28% Jan 3
20%
20% 3,076 Butte Coalition........... 15
20*2 21
63
63* ■ 63
641- 63
6234 62
63% 62
690 Calumet & A rizo n a .. 10 55 Alay 4 103 Jan 3
62
63*2 64%
♦580 585" 584 585 * 63 Calumet & llecia ____ 25
570 573
570 Apr 5 085 Jan 3
580
570
570 570
575
17% !T%
17% 17% 17% 17117
15 Alay 4 38 Jan 3
17
*17
*17%
95 Centennial.-__________ 25
18
18
*.10
.17 *.10
Cons Mercur Gold____
1
.17 *.10
10 Feb 1 .10 Jan 10
.17 *.10
.17 .10 .10
6G% 67
67% 67% 67
67
66
67% 66*g (S6*s *68 * *6*8** *870 Copper Range Con Co 100 6 334 May 3 85 Jan 3
8 % 8*2
8*2
8 *81., 8*4 +3
7% Feb 17
247 Daiy-W cst....................... 20
9*8
8*8
8-V
8%
8*2
9 5gMch28
_
8%
9
9
9
834
8%
7 Apr 23
8%
8*2 834
657 East Butte Cop M in .. 10
8*2
13*4 Jan 3
* 111 May 2
75 Elm River_____ _______ 12
**1%
1% * 1*
2% Feb 18
1*4 * 1% 1% * 1% 1*4
1%
1%
1%
12*4 13% 13
14
13*8 13113
13
10*- May 3 22% Atch 9
13% 13*|
2,354 F ranklin..................... 25
7*4 j i t
8
t;% May 2
7*4 7%
8*8
7*8 8 *
12% Jan 10
7*2 7% ' 7**2 ” 7*8 2,645 Giroux Consolidated. 5
40
42*4 42
42
42
42
41% 40% 41%
37 Alch 28 111% Jan 3
41% 41*8 40
293 Granby Consolidated. 100
9
9
8%
SI- 8*4
8%
8*2
SI- *8*8
8‘S 9
lDg Jan 3
7*4 May 3
8*4 1,861 Greene Cananea_____ 20
*20
20 %
20% 20 % 2014 20 G
10% 1934
20% 20*17 Apr 3 * 36 Jan 12
466 Hancock Consolidated 25
*3
3*4 3% *3
3%
31;
*3
2-% 3%
2% Apr 28
138 Helvetia C o p p e r ...... 25
3*2
578 Jan 4
20
29*.; 20
21
22
22
21 »i . 213, 22*4
*23*
131- May 3 28% Jan 3
24
*2*4% 18.450 (sle Royale (C opper). 25
*3% 4 '
3% ::-3
334
334 *3*g 4
37g 3*8
3% Alay 4
3%
186 Keweenaw Copper____25
6*4 Jan 14
3%
83,
87s
9
9
S*8 9,
8*4
9
9
8
%
Kerr
Lake___________
5
8%
710
8% Alch’-1
11 Jan 5
8*4
5b
55*4 56-*4 54% 55% 53-% 54
54% 543, 5434 56
48 Apr 9 04% Jan 22
4,820 (.alee Copper.............. 25
?
4
13
13
13
13
12% 12*2
13
13%
1234 12% 12.% 1234
11 Alay ::
70S La Salle Copper_____ 25
10 Jan 14
*634
7
. 7
7
7
7
7
G%
8
* 8*2 7
0*2
4*2 Alch 8
1,183 Mass Consol___________ 25
87s Jan 22
*:50
1
*.50 .75 *.50
1
.74 .74 *.50
.50
1
1
100 Mayflower ___________ 25 .50 Alay ;
Ds Jan 13
2*2
2 *2*4
* 2 % 2*2
2 % *2
2% Atay 4
190 Mexico Cons M & S ._ 10
2 % *2
2%
5 Jan 7
2*8
22% 22*- 22*2
22% nl\z
21
%
22
22
22
22*4
22
22
943 Miami Copper------------ 5 20 AJay 3 29 Jan 4
21*s
*4»4 5
*434
434 43j
5
5
5
5
5
4-4 Aray 3
4%
50 M ichigan______________25
4's
8% Jan 21
50
50
51
51
51
51
51
51% *51
52
51
51%
458 Mohawk....................... 25 45*4 May 2 75 Jan 22
20*2 20*4
21% 21*f
2()7S 21
5 18*,s May 2 27% Jan 11
20% 21
21% 3,348 Nevada Consolidated.
21% 21%
21%
6
6?g
6%
6
6*4
6
*5
63S
4*2 Alay 1 lo*s Jan 12
6
0
6*8
6%
700 New Arcadian C opper. 25
10*8 10%
10*s 1 )%
5
934 Jan 17
10*8 10*2
10% 103g
10%
10*2 1,486 Nlplsslng Mines.........
10*8 10%
io*s Jan 11
33
3:;.% 33
34
33
33*2 33V, 34
6,770 North Butte__________ 15 2934 May 3 50 Jan 3
3**4 33
33*8 33
13% 13%
133,
13
1234 13
12% 1234
12
12%
12% 1234
8 Jan 3 257g Mch 7
2,30£ North Lake___________ 25
7*___
___
77,
T‘-,
77g
6% Alay 6
734 7*4
7% 7*2 *73g 8
320 OJibway Mining............25
1234 Jan 14
* ___
.75 *.50 .75 *.50
Old Colony.....................25 .60 Mch 1J
.75 *.50
.75
Last: Sale .65 May’ 10
1*4 Feb ‘
38* 38
38
38*'
37% 37% 37
37
36*2 36*2 1*472 Old Dominion_____ _ 25 32 May 2 55 Jan
36*2 sei136 136% 136% 136*' 136 136
135 137
137 ia? :•136*2 137
217 O s ce o la --------------------- 25 13 > May 2 106 Jan
*15
16
15% 16 "
15% *15
15
10
73 Parrott (Silver & Cop) 10
15% 1534 15*2 15%
13 May 2 21-%Jan
77*2 80
73
78
77% 78
78
78
78
*76
78
*75
98 Q uincy______________ 25 75 May 2 92 Mch
* 1% 2
2
2
* 1%
DS 1% * 1% 2
150 Santa Fe (Gold & Cop) 10
1% *17g
2*4 Jan
1*4 M ch29
ID 4 11% 12
113. 113.1 11% 1134 11% 1134 113.,
1134 1,125 S h a n n on ______________10
9 Alay 3 18 Jan
* 1*4 2
.
* 1%
1*4 13-1
150 South Utah M & S_____ 5
1*4 1*1 * 1% 2
l 3g Alay 3
334 Jan 19
1%
453, 4 >■% 46
4:>% 43% 45
44% 441-1 *4334 44% 44*2 44%
841 Superior_____________ 25 381- May 4 G8 % Jan 14
11
11% . 11
11%
11
11%
11
11
11
11
319 Superior & Boston Mtn 10
18 Jan 12
884 May 4
*12
12*2
12% 12112% 123,
12% 12%
12*8 123g * 12**8 ”12**8
981 Superior&Pltts C op p. 10
l l Alay 4
16*s Jan 10
52
52
*50
51 ' *40
51
48
49
*49
51
50
60
105 T a m a r a c k ..._________ 25 48 Alay 2 78 Jan 5
5% 5*2
57s
6
534
6
6
57S
*5*2 6
*5*2 6
235 Trinity........................... 25
5 May 4
11*8 Jan 3
*36% 36*8 30% 37
*35% 36136
36
36
38
36
365 UnltedStatesCoal&OU 25
33 AlchOl
4034 Feb 15
43
43
43% 43-3s 421- 423;
42% 42*g 42% 42% 42% 42%
992 U S Smelt Ref & M ia. 50 3914 May 2 55 Jan 3
50
50
59
51)
£0
50
49's 49% 50
Do
pref_________ 50
60
50 • 50
1,005
47*1 Atay 4
53% Jan 3
♦3
3
3% 1 3
3% 3%
360 Utah-Apex Mining___ 5
3*s 33s *3%
3% 3%
3*8
2% May 4
6% Jan 3
24
24% 241, 24% 24
24*» 24
24% 24
24*24
24
681 Utah Consolidated___ c
1
)
3
4
May
4
46 Jan 3
47% 46'8 473s 46% 46% 46*2 46*? 46
46%
46-% 46's
945 Utah Copper C o . . ___It
41 May 2
co% Jan 3
♦3
3% *3
3
3%
3
*3
31'
3%
Victoria
____________
25
*3
3%
3%
145
534 Jan 14
2% Atay 5
9
9
9
9 . *>
9
*3*2 9 *
8 *si9
+8-%
30 W lrtona_____________ 25
6% May 2 15 Jan 14
1
119
120 120
120 120
116 116% 116 :118 +117
120
114 W olverine_______ . . . 25 114 Alav 7 -50 Jan 3
2*g 22%
2 *i - * 3 235
Wyandot
___________
2
">
21* - 2 “
975
1**8 May 5
3*4 Jan 14
• t ie l o r e pay’t of assesses called m 190J.
* Hid and asaed prices, d new stoca. e Ass’t paid, b Ex-stock dlv. /» Ex rights, a Kx-dlv. and rlgliw.
’

__




May 21 1910.'

Boston Bond Record

a
ItO IM b
•K» O
BOSTON STOCK KXCH’OE i f
Wl£I£K KNDINO JfAY 20

Price
Friday
Slay JO

1*3"S
Week’ s
Kange
Kange or S o | Since
Last Sale ^=0 January

1355

HONBS
|{ BOSTON STOCK E XC H 'O E

«-2

W eek E nding j i a t 20

■1;%

Price
Friday
Slay JO

Week’ s
Kange
”3 3 '
Kange or
Since
Last Sale [as
January 1

IAta
A si
High. No 1.010 High.
Sia
A S K 1,010
Am A griculC hem 1st 5S..1928 A-O 101 % sale l o l % 101%' 33,101 l()3
Illinois Steel deben 6 s....1913 A-O
101
in L
1 ,100 101
am Telep * l e i con tr 4s. 1020 j . j
90 V,
91
90% Sale
90 V, 93 *4 la Falls A Sioux C ist 7 s ..1917 A-O 100
117 A p r’OS
Convertible 4s............... 1936 m -8
101 102 1 0 1 %
100 >« 100
Kan O Clin db Spr 1st 5s. ..1925 A-O
93% 07
Am Writ Tauer 1st s I 6s y 1910 j . j
83 Mar’Osi'
Kan
C
Ft
Sdb
Gulf
ext
5
s
..1911
J-B
99 s,
... 99% 99%
Am Zinc I. & S ilcb O s.... 1914 j . j
150 Jan ’ 10 .. . 150 168
Kan C Ft Scott <fe At Os....1 92 8 M-N
110
114% 118
A n/. Com Cop 1st convGs 1918M-S
152 F eb ’ JO---- ! 152
Kan O AI <& B gen 4s.......... 1934 M-S
93
Q
9 4 ‘4
03
93Vi
Aten Top da s b e yen g 4s.. 1995 a -O
___ 98*4 101%!
88 % 99 %
Assented income 5s.......1934 M-S
.... 91
91V,
92
Adjustment g 4s___J ’ly 1995 Nov
89
91
83% 94 Til Kan C & AI lty & Br 1st 581929 A-O
. . . . 102 103
Stam ped...............J ’ly 1995 M-N
89
91
.... 1 04 94%:: Waine Cent cons 1st 7 s ...1912 A-O 102*4 104*4 103
50-year conv 4s............1955 J-D
|.... i
Cons
1st
4
s
......................1912
A-O
"[‘ 'I " " "
10-year conv 5s........... 1917 j -1)
117% 117*3" Alaro Hough ifeOntistOs.1925 A-O
115 J’ne’0 8 1
A ll Gull da \V 1 SS lanes 5s .’59 j . j
05 >4
9 04% 73
05
06
Mass Gas 4 Vi3 .................... 1929 J-J
9834 Sale
98*3
99 | *i'i *97% *99%,
Boston Elect 1. consol 6 s.1924 M-S
110 Feb’04
W
ioliT
elep
lst
5s...............
1917
J
-J
99>t A pr’10',. . . . 99
Boston <fc Jaiwell 4s.......... 1910 J . j
99 %j
100 >4 AIar’09
........ [j
102*3 A c'OiV
Boston cfc Ataine4%s........ 1944' J-J
104 % Oct ’08
100*3 ........ 100*2 Way’lC ,
Boston Terminal 1st 3%8.1947 F-A
100% 105
........ ,'i
112 V, J a n '03
102 Fob’0 9 |
Bur <te Alo Blv cons 0 s ___1918 J - J 102*4....... 103 F eb ’ 10 ::** io3 *‘ 1 0 3 " ■;
Butte it Boston 1st Os___1917 A-O
100 J ’ne’01
N ew England cons g S s 'I 'l ^ S 1J I j
Butte lClecife Tow Is tg 5 s .l0 5 1 ' J-D " " " ib‘6 '
.
..
.
Boston Term 1st 4 s ....... 193y A-Oi
Cedar Bap it Alo It 1st 7 s .1910 M-N
114 Alay’ld
I 'l u " i u " j;
77 A p r ’ 10 " l j *77*" **79%
Coni Verml lstg4 s-.A la y l9 2 olQ .il’
80
80
i 80
83
88 j
i -rale 98 Vj 98 V,
C B & Q Iowa Div 1st 68.1919'A-O
71 98% 102
11103 Oct ’ 07
Conv deb Os (e t ts )........ i U i S i j . j ! 1 3 ,
133
134%
Mar’ ll)
Iowa B lv 1st 4 s .............. 1919 A-O
134 135
97
99% J’ l y ’09
101 A p r ’09
Debenture 6s................... 1913 M-N
ibT% ib*i% !
987s Sep ’ 09
Denver Exton 4s........... 1922 F-A *97*
99*8 99*41:
110% F eb’ 10
Nebraska listen 4 s ....... 1927 M-N
116% 1*1*6%
___ 99
99 ;
99% j;
99 idai’ io
B 4 8 W e t 4s..................1921 m -S
98% 99
99 (
105 B e e ’08
Illinois B iv 3>a8.............. 1949 J - J
808s
86
%
ii '*80% *83% i! Butlanil 1st con gen 4 Vjs. 1941 J -J 102*4
107 *3 Nov’ U5 *"j ...................
C i o .jo Ky * Stk Yds 68.1916 j-J
100% 10084 100*4 3 100*3 101%
Butland-Canadlan
1st
4sl949i
J
J
102 Wat’02
ijoll trust relumling g 481940 A-O
91 ,
....1 91
92% I
Dli Alll * St P Bub B 0 s ..1920 J -J
78% A pr T O ___ 7 8 *3 78V,
16%.
115 Va 115^5
103 105 103*3 Atar’ 10 .. . . 103*2 104*4
Oh AI <S> 8t P Wls V div 0sl920 J . J
120
1
90 Alay’ lO l.... 90 110
Ohio <» No Allen 1st gu 5 s.I9 3 i M-N
99 J
i*o*6*%:;
09
97 A p r’ 07l....
Ohio & W Alioli gen 6s___1921 J-D
— •! l o l 104
1003 , M a r'tO '.... ibb% *10084
Concord & Wont cons 4s.. 1920 J-I)
91 Boo
9J 78 A p r’ lO' ... 99% 100%
Oonn •& Pass It 1st g 4 s ... 1943 A-O
. ...M.
.12*4 Jan
20-year conv 4s
....... 1927! J - j !
108% A p r’ l O ___ 108% 109%
Cudahy Pack(Tlio) 1st g 5s 1924 M-N
99 100 100*4 Aug’09!
.........
Umteu Fruit gen s t 4 % s.i923 J .J : »o *4 Sam i 90
90*4
Current Itlver 1st 6s........ 1927 A-O
91 90
90%
99 A n r’ io ' ___I 99
*99* j U ri Coal db Oil 1st s f Os..1938 M-N 144 150 T 55 Mar’
D e t G r R iip * \V 1st 4 s ... 19«t- A-O
Alar’ lo
l o i___'153 160
39
89 A1
90 1
89
Dommiou Coal 1st a t 6 s..l94 u M-N
104%
Alay
'10 . . . . 103%105Vi
97
98
98
98%
West
End
Street
By
4s___
1915
F-A
.......T0U% A p r’09 . . . . ....................
Fit on burg 4 s ...................... 1916 M-S
Gold 4 Vjs................................... 1914M-S
4 s ...................................... 1927 M.g
101% j ’ ue’09 . . . . ...................
90 ,
Gold debenture 4s........... 1910 M-N
98% A p r’ 10 . . . . 98 -3 99%
It reiut Elk db Alo V 1st Os.. 1933 A-O
133 ;
Gold
4s.......................................1917
F-A
98 A p r’ 1 0 ___ 98
Unstampeu 1st Os.......... 1933 A-O
99
140 ,
Western Teleph db Tel 5 s.1932 J-J
9 0 % y 6 %! 6 95
99
Gt Nor O i l & y coil tr 4s 1021 J -J | 95 V, 90
96 %
95 V, *4 ’ *04% *97% W isconsin Cent 1st gen 4sl949, J - J
94% J a n ’ l u ___ 94% 94%
R egistoreiU s................... 1021 y . j
95 *4 ,
95 .
95
90%

101

nr ]

N ote —Buyer pays acorued Interest In addition to the purchase price lor ail Boston Bonds

» N o price Friday; latest bid and asked.

1j Flat price.

Philadetohia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S lia ro P rices—Not P or Centum P rices
Saturday
Slay 14

Monday
Slay 1(5

50% 50%

'1 3 * 4 .........

20
*44*2

40%
11%
+59
30
79

20
20
45
45
40%
40%
11 %
11 %
GO
59
30
*30
79
*78

... ......
23
*94
116
07%
40%
15%
18%

128*2
23
*43
........

Tuesday
M ay 17
68
58
.....................

129*2 129
23*2
22*4
44
13s,
20
45
47%
12

69*4
31
79

20
44%
47
H l%
69%
*30
*78

I Wednesday
| Slay IS

83*4 88*4

129*2
23%
44
14

20
45
47%
11 % * 11 % 11 %
69*3 *59
00
31
*29V> 30*3
79
*73
79

23%
96
no
07%
60
15%

20
46
47

"*23% *24*'
23% 23%
23*4 24
94% 91% *93% 94% *93% 94%
116 l IOVj 114% 116
114 114%
07% 07%
07% 07%
07*8 07%
49 % 49 V. 49
49
49
49
16*4 15*4
16*8 16*8
16*8 16*4
19% 20%
10 *8
18% 20
18% 18%
80 *4
81
82
8 i% a 81%
81
81%
8 % &;a
8*s 8%
8%
8%
8% 8 %
43
48
49
49%
48-, 49
43Vi 43*2
85% 86%
8 6 *a 8 6 %
85 V, 85*4
85
85
PM 1LAD

in a ctiv e a to c lis
Allegheny V a lp ref___60
Amai Asbestos Corp.iuu
P re le iro d ................. 109
Atnuiican MUiup'.......It)
Anita Pipe Altg........ 100
Boll Telephone (Pu). 100
Oambrla Iron................60
Central Coal & (Joke. 101)
Consol True ot N J ...1 0 0
Easton Con Electric 6.60
Eleo storage Butt___ 100
P referred..........
lo o
Ft Wayne daW V....... 100
Germaniown P a ss... 60
Indianapolis St.......... lo o
Indiana Union T r. "lou
Insurance Co ot N A .. 10
InterSui Powda Cliom.60
Keystone Telephone ..60
P referred.................. ao
Keystone WiiteliCaso. iuo
Lit Brothers.................lo
Little Schuylkill.......... 6 o
Minehtli da Scliuyl 11..60
N H aven Iron da Steel.5
Northern Central........ 60
North Pennsylvania . .60
Pennsyl B it receip ts___
Pennsylvania sa lt....... 6 o
Pennsylvania tu eel..l0 0
P relerred................. 100
Plilla Co (Puts) prel...50
Phil Gorman db N orris.50
Pluia T raction... . . . . . . 5 0
Railways General.......10
Susquen Iron & Steel . .6
Tidewater Steel.......... Id
P ren r r e d ................... io
Union T r ot in d ........ 100
United N J UK da U..100
Unit True Pitts prel..50
W arwick Iron da s to o l.lo
W est J ersoy da SeaSli.50
Westmoreland Coal. . . .60
W ilkes Gas da K lee..100

Sid

Ask

131

681

99 V, LOO
iuo"
108

44
86 V.

10

u"

53
98

130-2j

20
44%
47%
*n%
59*3
*30
78

20
2 0 % 20 %
44% +45
46%
48
47% 47%
n % * 11 % ii %
69Vi *69
60
31
*30
31
78
♦78
79
*9
10
23% 23%
23% 24
94
94
94*4 91*4
116 110*4 115% 110*6
07%67Hlg
07*4 07 V,
49*3 49% *49
49*i
16*s 16%
15% 15*4
17V, 18%
17% 18%
81*2 82 % 82 8213,0
3% 8 U10'
«%
8%
47
43*21 47% 47*2
84% 84%' 84% 86

P in I, A 1)101, P in a

AI Val E ext 7s 1910 A-O
A lt& L V E le e t Vis’33.F-A
Am Bys eouv 5s 1911.J-B
A tl City 1st 6s g ’ 19.A1-N
b e r g * Eiirw 1st Os’21 J -J
Betllle Steel Os 1998.Q-F
Oliooito Ale 1st 6s 1949 J-J
Ch Ok A;G geu 58 T9 J-J
Col St By 1st eou 6s 1932
C on T ra colN J 1st 6 s.'33
E do A 1st AI 6s 1920 M-N
Eleo »fc Peo Tr stk tr etts
Eq U G a s -L ls tg 6 s 1928
Indianapolis By 48.1933
Interstate 4s 1943 ..F -A
Lehigh N av 4*38 ’ 14.Q-J
Bits 4s g .......1914.Q-F
Gon AI 4V)8 g-1924.y-F
Leh V C 1st 6s g ’33.. J -J
Leh V ext 4s 1st 1948.J-B
‘2d 7s 1910...............M-S
Consol Os 1023....... J-1)
Annuity Os..............J-B
Gon cons 4s 2003.M-N
Leh V Tran con 4 s ’35J-l)
Now Con Gas 6s 1948 J-B
Newark Pass con os 1930
N Y P l i * N o 1st 4 s ’39 J J
Incom e 4s 1939...M -N
-NouliloTrue conus’ 19 .
Penn gon Os l*Jlo ...V a r
Consol 6s l o i y .......v Jlr
Penn & Aid Steel eon Os
Pa & N Y Can 6s ’39. A-O

248

130

......... 44
’ 13*4........

Bonds
Prices are all “ and

•Bid ami asked; no ealos on this day.




8 8 % 83%

130
*22

Con 4s 1939.......
a -O
Penu Steel 1st 6s T7 Al-N
People’s Tr tr certs 4s ’43
P Co lstdi col tr 6s’49 Al-s
Condi col tr 5s 1951 Al-N
Phil Elec gold trust etts
Trust certils 4s.......
‘
P
E gen M 6 g ’ 20. A-O
Gen M 4s g 1920.,A<&0
UEr-rlg-hts. ||$15 paid, t

SUl I Asle

>Stocks see belo w)

Lowest

iimuinoro

1G3 Con. Gas EL L. A P ow .100
Ho pret................... 100
420 Northern C entral......... 60
bb Seaboard (new-)..............100
.......I
Do 2 d prof.............100
.......'United By & E lectric.. 60
... .
P h ila d elp h ia
164 American Cement........ 60
78 American Baiiways___ 60
043 Cambria S te e l............... 60
16 Electrio Co ol America 10
280 Eleo Storage Battery' . . ] 00
100 Ueu Asphalt tr etts . . . . l o o
46
Bo p r o t t r e t fs ___100
.......Keystone T elephone... 50
,519 Uiko Superior C o rp ....100
22 Lenigh C db Nav tr etts. 60
,022 Eelngh V alley............... 50
,104 Pennsylvania UK......... 50
185 Philadolp’aCo ( J’ ittsb). 60
,113 Philadelphia Electric!]. 26
307 Phila ltapld T ra n sit. . . 50
4o6 B ead in g......................... 60
,34 i Tonopali Alining ......... 1
,'•31 Union T ra ctio n ............ 60
,050 United Gas lm p t.......... 50
P illl.A U E I .P U IA

.....

1 $13Vi paid,

i $35 paid,

20 Mayl3
44% May 4
44% May 6
l l >4 Feb 23
50 Fob 8
28 Jan 25
70 Vi May z
9*a c e o 7
20% A pr 6
92%Aluy i:
93 Feb 4
04% Feb t
43 Feb 8
113% Feb 3
»5 A p r 28
7 13ig,\iay o
0 %J an 2 -

42 A p r .b
82% Apr 28

100

........
99
....... 101 %
........ 03%
7-4
70
82
82%
........ 104g
fcidV........
1

116
5
16

32
215

03% 94 j
90

Lowest | Highest

M ar2i 58 AlnylT 30 Alai! 48 Deo
M arl lj 89 A p r21. 70 Alar 89 Alay
Jan 81132 F eb 28 100 Jau 121 V, Beo
22
Feb 8 | 27 % Jan 3 11% Feb 28% Deo
43 Jan 25 47 Jan 8 22% Feb 48 Beo
12% May 3 14*4 Jan 4
*j% Feb 14 % Beo

102 %
IU1
116% i i f

25

| Highest

Kange lor Previous
Y ea r(1 90 9 )

40
80
115

Sid I Ask

Ph & Beau 2d 6s ‘33. A-O
Con AI 7s 1911....... J-B
Kx Imp AI 4s g ’47. A-O
Terminal 6 s g l9 4 1 .y -F
P W & B col tr 4s ’ 21. J-J
98
Portland lty 1st 5s 1930.
Koch liydi E coil 6s ’51J-J
Snanlsh-Am Ir Os ’ 27 J J
U iT ao ln d gen 6s’ 19.J.J
Un ilys T r etts 4s’4UJitJ!
i0 4 * ‘ United B ys lu v 1st coll tr
stOs 1920................AI-N
U True Pit geu 6» ’97 J-J
100
Welsbaoli s t 5s 1930.J-B
90
Wlks-B Gift E eou5s’65J-J
100
HAI.TT.UORE
1line live Mloclcn
Ala Cons Coald5 Iron. 100
102
P r e t ........................... lo o
Atlanta di C h a rlotte..loo
Atlau CoastL (Coun)lOO
i io V i.......
Canton Co................... iuo
100
Cons Cot Buck Corp...50
100 % 101
P ro le rre d ...................50
118
Georgia Sou & F la ...100
149
1st pret.....................lo o
UOVi 97
2d prer...................... lo o
G-B-S B row ing.......... 100
H oods
107
S lices are a ll ••and
interest
Anacostiadi; Pot 5s..........
Atl do Ch oxt 4 Vis TO.J^J
A tlau C L BB4sl952M -S
A tl Coast I,(Ct)cUs 6s J-B
109 ........
Ctls o£ iinleht 4 s ....J -J
6-20 y r4 s 1925........ J J
BaltCPass l s t S s ’ H Al-N
101
Balt b’undg 6 s.1910 Al-N
00% Exchange 3 V2S 1930 J-J
103%
Balt A P 1st Os m i ’ l l A-O
97% 98
B S P <fc 0 1st 4 Vis ’63F-A
102% lu8 B a lt T r a o ls t 5 s ..’29 M-N
70*4 70%
N o Balt B lv 6s 1942 J-B
Cent’ l By con5al932 M-N
100% K xt& Imp 5 s .1932 M-S
$12*4 paid.

Range Since
Jan 1

A C T IV E S T O C K S

, „„l„

................... 1 ...............

129
129
22% *.........
........ *..........
13*3 *13*4
20
46
47

Sales
lhe
Z T ,------ Week
Thursday | ~tYiday
Slay 19 | Slay JO 'shares

........
ibu%
1)5
i b i ’% 101%
92% 92%
109
113

28 Jan 3 25 Bee
69 Jan 0! 44% J ’ly
5.: *3 Jan i;>; 32% beo
12 *3 jau 14 z lu % Jau
04*4 A larll 43 Jan
34% Jau 29 15Vi Jan
84% Jau 1U, 53 Jau
13 o a n lo l
9 Vi J an
28 ’4 J an 3 14% Jau
123 Jan 7 90 Jau
12 1 *4 Aiarlb 67 Feb
G93io Alar 9 03 *8 Feb
63*4 Jan s| 40% Fob
10*4 AlarLS 11 V, Feb
23*3Jau 3 24% Jan
80 Feb lb| 59 % Feb
9*18 AIayi3;
6 % Jan
62% j
o i 50% Jan
95*8 Jan lo! 84% Aluy
HA I.TIM OR E

ChasCityBy l s t o s ’23J-J
Chas By G da El 6 s ’99 M-S
liharlCdbA 2 d 7 sT 0 A-O
City da Sub 1st u s ..’22 J-B
Citydb Sub( W a s)lst5 s’48
Coai<Si 1 By 1st 5 s ’ 20F-A
CoKlaGrnv lst0 s.l9 1 0 J-J
Consol Gas Os... 1910 J-D
, 6 s ................. ..1939 J-B
Gada Ala 1st eou 5s ’45J-J
G a Car <feN 1st 5s g ’29 J -J
Georgia P 1st Os... ’22 J-J
GaSo dh Fla 1st 5s 1915J -J
G-B-S Brew 3-4s 1951M-S
2 d income os 1961 Al-N
Kuoxv Trao 1st 5s ’28A-U
Lakelt El 1st guos’42Al-S
AlaconBy,feLtlst5s’53J-J
Alemplns St 1st 5s’ 4o J-J
AletSl( W asli)lsl5s’25 FA
Alt Ver Cot Buck 1st 6 s.
NptNdaO P 1st us’ 38 M-N
Norfolk St 1st 5s ’4 4 ..J-J
North Cent 4 Vis 1926 A-O
Series A us 1920....J-J
Series B 5s 1920___J-J
Pitt Un True os 1997.J-J
1’oto V'al 1st Os 1 941..J-J
Sav Fla & West 6 s ’34 A-O
Seaboard A L 4s 1960 A-O
Scab da Boau 5s 1920. J J
South Bound 1st 5s..A -O
U El l^fcP 1st 4 Vjs’29 M-N
Uu By da El 1st 4s ’49 M-S
Incom e 4s 1949....... J-B
Funding os 1930...J-B
Va Alid 2d ser Os ’ ll.M -S
3d series Os 1910..AI-S
4th ser 3-4-5s 1921.M-s
5th series os 1920.M-s
Va (State) 3s new ’ 32.J-J
Fund debt 2-3s 1991.J-J
W eatN 0 cou Os 1914 J-J
Wes Va C& P 1st Og’ l 1 J-J
WU da W eld 6 s ..1935.J- j

43 Jan
48 Beo
49% Deo
12 *6 J’ly
03 % J ’ly
33*4 Beo
84*3 Beo
15 Apr
33% May
125 >3 Beo
113 Sep
75% Sep
51% Beo
14 % Beo
30% Apr
80 >4 Sep
713,e Alar
58%.May
95 *3 Beo

S id

ASk

103
90% i*oo%
ll*7 '4
103
105 106*4
112
113
........ 106%
7%

.....

8

104

08 % 99%

09*« 69*3
........ 93
........

ill* *

105
109 %
84 % 85%
104%
...... i f i “
8 6 % 85%

61

d ‘2 V
100 % 101
104
105

110V,

a Receipts. 6 S25 paid, c $30 paid. <i$42V>paid.

THE CHRONICLE

1356

[VOL. LXX X X

tuuestraerit and Railroad Intelligence.
R AILR O AD

GROSS

EARNINGS.

Tho following table shows the gross earnings of every STE AM railroad from which regular weekly or monthly returns
can be obtained.0 The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not beg; n with July, but covers some other
period
T h e return s o f the electric ra ilw a ys are brought together sep a ra tely on a subsequen t pa ge. ________________ _______________
Latest Gross Earnings.
roads.

Week or
Month.

Current
Year.

Previous
Year

Current
Year.

Previous
Year.

Ala N O & Tex Pac
308,998 248,080 2,930,886 2,605,591
N O A N E a s t ... A p rI._____
428,083
1,336,456
128,827 I ,
133,775
Ala & Vlcksburg. A pril____
107,851 1,220.086 1 184,722
106,215
V'.cks Shr & Pac. A p ril_____
55,467
43,000
5,376
7,490
Ala Term & North . February .
70,271,272
Atch Top & S Fe— M arch____ 9,254,450 3,289,278 78,056,050
36,943 2,227,790 I , 784,618
44,893
Atlanta Blrm & Atl 1st wk May
10,647,859
Atlantic Coast Line M arch____ 3,136,235 2,764,669 22,386,196
(^Baltimore & Ohio. M arch____ 7,643,399 6,037,578 64.302.463 55,828,734
2,201,792
Bangor & Aroostook M arch____ 349,086 311,659 2,266,027
59,939
57,133
4,708
7,530
Bellcfonte Central.. April .____
29,497,866
Boston & Maine__ M a rch ____ 3,622,054 3,295.678 32.542.463
38,985
37,195
3,573
4,518
Bridgeton & Saco JR M a rch ____
6,144,875
Bull itoch & P itts.. Id wk May 192,330 152,926 7,691,286
199,094 1,715,506 1,741,890
171,943
M a rch ____
Buffalo & Susq
8.479.100
Canadian Northern. ad wk May 283,600 175,800 10,946,700
I , 297,328 >5,920,488
Canadian Pacific— 2d wk May 1,794,000 1,373,000 I10,735,850
9,973,103
Central of Georgia.. 2d wk May 180,100 167,100 20,833,386 19,185,576
Central of New Jers M arch____ 2,163,321 2,311,421 2,833,045 2,615.712
298,266
329,075
Central Vermont__ M a rch ____
69,754
76,890
1,692
2,802
Chattanooga South. lth wk Apr
12, 888,868
Chesapeake & Ohio. 2d wk May 585,949 555,002 27,269,104
I
I
,
079,280
11,713,381
255,562
228,555
: Chicago & Alton Ry 2d wk May
67,147,796 59,991,514
Chic Burl & Quincy M a rch ____ 7,910,776 6,861,503
933,638 8,907,249 8,277,014
V Chicago Gt West. M arch____ 1,145,452
5,186,339 4,588,773
103,355
118,185
Chic Ind & Loulsv. 2d wk May
Chic Ind & Southern —See New York Cen tral.
Chic Mllw & St Paul M arch____ 3,793,837 5,064,982 48.494.369 45,813,300
Ch Mil & Pug Sd . M a rch ____ 1,004,595
50,089", 788
Chic & North West. M arch____ 6,280,609 5,408,063 55.734.554
11,410,173 10,295.907
Chic St PM & O m .. M arch____ 1,366,660 1,146,191
724,126
823,055
74,079
107,952
Chicago Term Trans February .
Cln Ham & Dayton M arch____ 774,433 642.893 7,074 300 5.996,063
tral.
York
Cen
—
See
New
Clev Cln Chic & St L
180,020 1,787,360 1,761,814
169,869
Colorado M idland.. M a rch ____
13,280,113
Colorado & S outh.. 2d wk May 318,032 245,586 14,609,180
191,263
191,119
25.772
25,898
Colum Newb & Lau February .
508,014
496,968
47,436
49,053
Copper Range_____ February .
74,032
153,444
12,208
19,151
Cornwall_________ M arch____
220,156
298,614
31,260
29,794
Cornwall & Leban. February .
291,486 251,306 1,822,143 1,540,203
Cuba Railroad_____ March
14,829,339 13,904,584
Delaware & Hudson M arch____ 1,760,252 1,540,813 26,616,110
25.025.152
Del Lack & W est.. M arch____ 2,741,983 2,969,928
Deny & Rio Grande 2d wk May 434,100 380,900 20,434,871 17,997,000
548,228
825,104
3.002
16,570
1st
wk
May
Denver N W & Pac.
25,691 1,341,284 1.324.101
26,035
Det Tol & Iront Sys 1st wk May
32,660 1.597.936 1,488,621
30,625
Ann Arbor______ 1st wk May
20,511 1,064,746 1,002,035
22,697
Detroit & Mackinac 2d wk May
4,938,127
Dul & Iron Range.. M arch____ 125,662 100,152 6,809,623
52.289 2,765,766 2,270,841
67,338
Dul South Sh & Atl 1st wk May
5,397,209
5 347,001
712,678
660,217
M
a
rch
____
El Paso & Sou West
37,738,539
Erie.......................... M arch____ 4,818,697 4,368,409 41,408,491
18,751
15,353
1,744
2,518
Falrcnlid & Nor E__ M arch____
745,549
632,737
70,285
82,456
Fonda Johns & Glov A pril_____
Georgia Railroad.. M arch____ 274,483 250,598 2.348.937 2,197,495
‘ Georgia South & Fla — See Sout hern Rail way.
33,892,399
Grand Trunk Syst - . 2d wk May 849,736 742.672 38,019,083
4,622,796
Grand Trk West. 4 th wk Apr 172,882 146,700 5,144,489
1,396,078
1,663,387
38,601
49,127
4th
wk
Apr
Det Gr Hav & Mil
1,491,135
1.690,618
42,704
49,288
Canada Atlantic. 4th wk Apr
44,631,159
Great Northern Syst A p ril.......... 5.074,217 3,887,371 52,576,527
1,428,953
1.612.258
163,616
186,360
M
arch____
Gulf & Ship Island.
5,792,219 4,621,840
Hocking Valley------ M a rch ____ 743,472 412,219 52,128,061
47,961,430
Illinois Central------ A p r il_____ 4,972,095 4,391,602
7.525.259 7,186,194
Internal & Gt Nor. 2d wk May 134,000 141,000
171,014 6,738,715 6,236,296
a Interoceanlc Mcx. 2d wk May 166,608
57,940 2,951,180 2,654,791
55,168
Iowa Central______ 2d wk May
Kanawha & M ich.. M a rch ____: 252,167 158,100 2,082,898 1,634,264
860,048 769,321 7,974,274 7,370,376
Kansas City South. A p ril_____
29,800 1,551,192 1,140,741
35,300
KC M ex & Orient.. 2d wk May
2,808,914 26.428.555 24,513,967
3,047,406
Lehigh Valley........ M arch____
297,216
329,253
42 284
41,983
Lexington & East-­ March____
Inc.894. 212
In c.79, 998
Long Island_______ M arch____
891,378
971,083
105,480
123,164
Louisiana & Arkan. M arch____
770,117
896,566
82,956
Loulsv Hcnd & St I March____ 124,008
39,935,970
15,542,084
844,050
1,024,085
2d
wk
May
s Loulsv & Nashv..
120,639
121,818
10.002
9,094
Macon & Blrmlng’ m April
774,733 728.672 6,703,532 6,244.691
M a rch ____
Maine Central
39,454
32,547
3,132
3,679
A p r il_____
Manlstlquc__
276,994
302,731
32,062
35,876
Maryland <Jc Penna. M arch____
123,560 7,663,213 5,982,897
198,798
a Mexican Internat. 2d wk May
119,200 6,620,200 5,856,700
a Mexican Railway . lth wk Apr 210,900
— Sec New York Cen tral.
Michigan Central
704,762
715,669
14,804
14,729
Mineral Range_____ 1st wk May
80,451 4,279,073 3,656 156
85,619
Mlnneap & St Louis 2d wk May
Missouri Kan & Tex A p ril......... 2,187,404 2,001,752 22,643,032 21,619,520
Minn St P A S S M 2d wk May 411,784 369,602 >0,969,909 17,491,843
Chicago Division
518,429
64,595
660,077
79,548
Mississippi Central. March___
Mo Pac & Iron Mt\
Central Branch.. 2d wk May 954,000 810,000 16,278,522 40,638,119
Nashv Chatt & St L M a rch ------ 1.022,563 992,970 8,633,822 8,420,453
a Nat Rys of iUexlco 2d wk May 1,105,027 1,056,108 (4,638,369 42,079,886
330,673
388,151
9,282
7,057
Nevada-Cal-Oifgon 1st wk May
46,070
4,482
43,620
4,568
Nevada Central___ January . .
430,596
1,053
493
57,845
130,381
N O Great Northern M a rch ____
25,989 1,447,432 1,331,472
31,686
N O Mobile & Chic. vVk May 7

July 1 to Latest Date.

Latest Gross Earnings.

July 1 to Latest Date.

Week or
Month.

R OADS.

Current
Year.

Freuous
Year.

Current
Year.

Previous
Year>5,706,486
I , 0 27,83*
3,451,335
2.126.042
18,949,111
19,526,717
2.131.042
842,690
8,796,098
2,127,149
6,969,727
161654 227
3,228,045
6,239,297
.0,066,127
2,453,752
1,766.721
; l , 646,711
8,614,679
1,580,220
4 753,126
30,424,492
105031,182

c N Y C & Hud Rlv
Lake Shore & M S
n Lake E & W est
Chic Ind & South
Michigan Central.
Cleve C C & St L .
Peoria & Eastern
Cincinnati N orth.
Pitts & Lake Erie
Rutland .............
N Y Chic & St L .
T ot all lines above
Tol & Ohio Cent.
N Y Ont & Western
N Y N II & H a rtt..
N Y Susq & W e s t ..
Norfolk & Southern
Norfolk & W estern.
Northern C entral..
Northern P acific___
Pacific Coast C o ___
Pennsylvania
__
d Penn— E of P & E
d West of P & E .
Pere Marquette____
Phlla Balt & W ash.
Pitts Cln Chic & StL
Raleigh & Southp’ t
Reading Com pany.
Phlla & R eading.
Coal & Iron C o ..
Total both cos___
Rich Fred & Potom
R io Grande June___
R io Grande S o u th ..
R ock Island System
St Jos & Grand Isi’d
St Louis & San Fran
Chic & East 111..
J Evansv & Ter H
Total of all lines.
St Louis Southwest .
San Ped L A & S L .
Seaboard Air Line.
Atlanta & B lr m ..
Florida W Shore .
Southern In d ia n a ..
Southern Pacific Co
Southern R y ---------Mobile & Ohio__
Cln N O & T ex P .
Ala Great South.
Georgia So & F la.
Texas Central_____
Texas & Pacific____
Tidewater & W est.
Toledo Peor & West
Toledo St L & West
Tom blgbee V a lle y ..
Union Pacific S yst.
V a n d a lla --------Virginia & Sou West
W a b a sh ___________
Western Maryland.
W Jersey & S ea sh ..
Wheeling & L ErieWhite River (Vt) __
Wrlghtsv & T c n n ..
Yazoo & Miss V ail.

Co

,100

I I , 826,882
12,419.201
20,544,286
103,821

Various Fiscal Years.
Bcllefonte Central
Jan 1 to
Jan 1 to
Delaware & Hudson
Jan 1 to
M anlstlque------------fan 1 to
a Mexican Railway .
e N Y Central & Hudson R iver. fan 1 to
Lake Shore & Michigan South fan 1 to
fan 1 to
n Lake Erie & Western
Chicago Indiana & Southern. fan 1 to
fan 1 to
Michigan Central..................
Cleve Cln Chicago & St Louis. fan 1 to
Peoria & Eastern____________ fan 1 to
Cincinnati Northern......... — fan 1 to
fan 1 to
Pittsburgh & Lake Erie
fan 1 to
R u t la n d ______________
New York Chicago & St Louis fan 1 to
fan 1 to
Total all lines (11)
Jan 1 to
Northern C e n tra l...
d Penn— East of Pitts & E r le .. Jan 1 to
Jan 1 to
d West of Pitts & Erie
Phlla Baltimore & Washington Jan 1 to
Pittsb Cln Chicago & St Louis . fan 1 to
Deo 1 to
Rio Grande Junction___
fan 1 to
Texas & Pacific-----------Jan 1 to
West Jersey & Seashore

$10,975
$23,806
4,528,156 4,204.007
13,407
12,772
30 2,778,200 2,412,200
31 12,501,920 20,089,723
31 11,711,542 9,787,478
31 1,324,661 1,046,295
737 257
31 1 103,018
31 6,860,910 6,057,879
31 7,186,622 6,095,791
781,289
665,098
31
289,3091
260,077
31
31 4,048,7441 2,501,192
647,159 i
31
005,430
31 2,775,391r 2,257,200
31 •>9,230,571r 30,103,096
2,607,025
31 3,033.621>
31 39,848,741l 33,654,741
Inc.5,4‘1 1,300
31
31 4,175,16:3 3,955,063
31 8,594,07!) 6,599,492
2t1 223,6911 188,823
141 5,610,30!) 5,017,783
073,764
311 1,107,80' 1

April 30
Mch 31

Apr 30
April
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch

Feb
May
Mch

AGGREGATES OF GROSS EAR NIN G S— Weekly and Monthly.

Weekly Summaries.

Cur’nt Year Prev’s Year Inc. orDec.
S
+ 1,259,349
+ 1,304,296
+ 1,632,302
+ 2,891,680
+ 1,319,980
+ 1 529,165
+ 1,514,983
+ 2,602,811
+ 1,717,174
+ 1,385,593

%

MonthlySummaries.

Cur'nt

Year]

Prev’s Yeai Inc. cr Dec.

$
$
U 9 ,964,739 195,245.655
236,550,87 •206,877,01-*
246,055,9510 219.013.703
222,01)0,18, 205,455,121
217,370.054 211.281.504
269,613,0' 1 232,261,182
210,302,219 182,649,825
202,258,490 174,159,723
234,801,449 203.220.505
60,761,753 52.437,828

3
+ 24,719,084
+ 20,682,863
+ 27,052.253
+ 16,551,063
+ 36,089,450
+ 28,351,871
+ 27,652,394
+ 28,008,767
+31,583,854
+ 8.323,025

%

5
$
12.66
11.90
Month July 1909 (885 roads).
week Mch (43 roads)____ 11,839,056 10,579,707
14.35
Month Aug 1909 (883 roads) .
12.03
week Mch (45 roads)____ 12,145.513 10,841,217
12.35
1909
(882
roads).
15.12
Month
Sept
week Mch (43 roa d si____ 12,423,300 10,792,998
8.05
Month Oct 1909 (881 roads).
17 45
week Mch (49 roads)____ 19,459,324 16 507,644
17.08
Month N ov 1909 (756 roads).
11.94
week Apr (44 roads)____ 12,373,504 11,053,524
12.21
Month
Deo
1909
(756
roa
d
s).
14.33
|
week Apr (40 roads)____ 12,201,023 10,672,458
15.14
Month Jan 1910 (740 roads).
14.21
week Apr (42 roads)____ 12,229,790 10,714,807
16.15
Month Feb 1910 (773 roa d s).
18.38
week Apr (44 roads)____ 16,750.458 14,156,647
15.54
1910
(739
roads)
.
Month
Mch
16.39
week May (45 roads)____ 12,190,260 10,473,086
15.87
Month A pr 1910 ( 50 roads).
16.82
8,832,637'
week May (29 roads)____ 10.218,235
a Mexican currency, d Covers Ines directly operated, e Includes the New York « Ottawa, the St. Lawrence & AdkonuacK aiau i>uu
..." .
N . Y . R y.. the latter of which, being a Canadian road, docs not make returns to the Inter-State Commerce Commission, t Includes Lvansvm e a
Indiana H R. a Includes the Cleveland Lorain & Wheeling R y. In both years, n Includes the Northern Ohio R H . p Includes ear£ ," p l01^ Q
M 0nu,*~
6t Ft. Dod^e and Wise. Allnn. & Pacltlc. 5 Includes Louisville & Atlantic from July 1 190J and the Frankfort & Clncinnat from Nov* i l wuiL
1st
2d
3d
4th
1st
2d
3d
4 th
1st
2d




THE CHRONICLE

May 21 1910.j

Latest Gross Earnings by W eeks.— In the table which fol­
lows we sum up separately the earnings for the second week
of May. The table covers 29 roads and shows IG .82%
increase in the aggregate over the same week last year.
1910.

Second week, oj M a y.
Buffalo Rochester & Pittsburgh
Canadian N orthern------------------Canadian Pacific_______________
Central ot Georgia--------------------Chesapeake & O h io------------------Chicago & A lton ----------------------Chicago Ind & Louisville---------Colorado & Southern----------------Denver & R io Grande--------------Detroit & M a c k in a c ..-..............
Grand Trunk ot C an ad a ._
Grand Trunk W estern.
Det Gr H av & M llvv ...
Canada A tlan tic---------International & Great Northern
Interoceanlc of M exico------------Iow a Central---------------------------Kan City Mexico & Orient-----Louisville & N ashville------------Mexican In tern a tion a l...............
Minneapolis & St Louis------------Mlnneap St Paul & S S M ------- \
Chicago Division-----------------J
Missouri Pacific------------------------National Railways of M exico. .
St Louis Southwestern —
Texas & Pacific--------------T oledo Peoria & W estern.
T oledo St Louis & W estern-----W a b a s h ........... - .................

Increase. Decrease.

5
152,926
175,800
1,373,000
167,100
555,002
255,562
103,355
245,586
380,900
20,511

5
39,404
107,800
421,000
13,000
30,947

849,736

742,672

107,064

134,000
166,608
55,168
35,300
1,024,085
198,798
85,619
411,784

141,000
171,014
57,940
29,800
844,050
123,560
80,451
369,602

954,000
1,105,027
183,392
264,154
18,687
72,320
502,009

810,000
1,056,108
180,113
237,862
17,302
74,230
467,191

10,218,235

Total (29 roa d s)------Net Increase (1 6 .8 2 % ).

1909.

S
192,330
283,600
1,794,000
180,100
585,949
228,555
118,185
318,032
434,100
22,697

14,830
72,446
53,200
2,186

$

27,007

7,000
4,406
2,772
5,5.00
180,035
75,238
5,168
42,182
144,000
48,919
3,279
26,292
1,385

1,910

34,818

8,832,637 1,428,693
1,385,598

43,095

For the first week of May our final statement covers 45
roads and shows 16 .39% increase in the aggregate over the
same week last year.
Increase. Decrease.

First Week of M ay.

3

3
Previously reported (34 road s).
Atlanta Birmingham & Atlantic
Denver Northwest & Pacific —
Detroit Toledo & I ronton
Ann A r b o r .-------------------------Georgia Southern & F lorid a ..
Kansas City Mexico <Sc O rien t.Mobile & O hio_________________
Nevada-Callfornla-Oregon —
New Orleans Mobile & Chicago.
Seatnard Air Line. .............—
Texas Central----------------- ----------

1,667,252
7,950
13,568
344

1,352,744
44,893
16,570
20,035
30,625
37,962
32,000
198,819
7,057
31,686
398,824
13,045

156
3,900
23,511
5,697
25,826

25,932
—

2,035

" 2,225
'838

_____

Total (45 roa d s)--------------------- 12,190,260 10,473,080 1,748,204
1,717,174
Net Increase (1 0.:)()% )-------------

Net Earnings Monthly to Latest D ates.— In our “ Railway
Earnings” Section, which accompanies to-day’s issue of the
“ Chronicle” as a special Supplement, we print the March
returns of earnings and expenses (or in the absence of the
March figures those for the latest previous month) of
every steam-operating railroad in the United States which is
obliged to make monthly statements to the Inter-State
Commerce Commission at Washington.
The Inter-State Commission returns arc all on a uniform
basis, both as to revenues and expenditures, and possess
special utility by reason of that fact. In a number of in­
stances these figures differ from those contained in the
monthly statements-given out by the companies themselves,
for publication, and in which the accounts are prepared in
accordance with old methods of grouping and classification
pursued in many instances for years. W e bring together
here (1) all the roads where there is a substantial difference
between the two sets of figures, so that those persons who
for any reason may desire to turn to the company statements
will find them readily available. We also give (2) the re­
turns of such roads (even where the figures correspond ex­
actly with those in the Inter-State Commerce reports) which
go beyond the requirements of the Commission and publish
their fixed charges in ad dition to earnings and expenses, or
(3) which have a fiscal year different from that of the Inter­
State Commerce Commission, in which latter case we insert
the road so as to show the results for the company’s own
year. We likewise include (4) the few roads which operate
entirely within State boundaries, and therefore do not report
to the Federal Commission, and (5) Mexican and Canadian
companies. We add (G) the roads which have issued their
own statements for March, but have not yet filed any
returns for that month with the Commission. Finally (7)
we give the figures of any roads that have already submitted
their April statement.
Roads.

-------Gross Earnings----------------Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$

5

5

$

Atch Ton & S in ta Fc b Mch 9,254.450 8.289,278
008,700 .73,483,171
July 1 to Mcb 31______ 78,056,050 70,271,273 ^26.340,864 ^27,367,957
Baltimore & Ohio b ...M c ll 7,643,399 6,037,578 2,633,004
1,850,973
July 1 to Mch 3 1 ______ 64,302,463 55,828,734 20.368,560 18,717,146
Baniror & Aroostook b .M ch
349,080
311,659
170,919
139,703
July 1 to Mch 3 1 ______ 2.266,027 2,201,792
931,764
780,825
Bellefontc C e n t r a l.b -.-.A p r
7,530
4,708
1.609
218
Jan 1 to A pr 3 0 ______
23,806
19,97.)
2,301
l,o93
Bridgeton & Saco R iver.M ch
4,518
a'M’ or
..
2
July 1 to Mch 3 1 ______
38,98o
37,19o
11,750
10,967
Canadian Northern
* Mch
934,100
738,(00
272,300
204,500
July 1 to Mch 3 l V 9. 214, 600 7,402,600 2,634,300 2.156.100
Canadian h a d lie a
Mch 7,796,337 6,518,763 2,711,173 1,803,708
July 1 to Mch 3 1 . .
69,818,328 56,958,488 25,584,665 16,996,780
Central of Now Jcr b .M ch 2,163,321 2,311,421
888,539 1,084,544
July 1 to Mch 3 1 ______ 20,833,386 19,185,576 9,523,951 8,237,450




am inos------Previous
Current
Year.
Year.
3
5
Chesapeake & O h lo_b --M cli 2,886,698 2,249,643
July 1 to Mch 3 1 _______23,470,945 19,636,252
933,638
Chicago Great W e s t .b -.M c h 1,145,452
Sept 1 to Mch 3 1 ______ 7,025,971 6,509,776
180,020
Colorado M id lan d .a _____ Mch 169,869
July 1 to Mch 3 1 ______ 1,787,360 1,761,814
Colorado & Southern .b -M ch 1,417,327 1,176,373
July 1 to Mch 31______ 12,762,488 11,699,698
47,435
Copper R a n g e .b ................ Feb
49,052
508,014
July 1 to Feb 28______
496,968
251,306
Cuba R R ________________ Mch 291,486
1,540,263
July 1 to Mch 3 1 ______ 1,822,143
Del & H u d s o n .b ________ Mch 1,760,252 1,540,813
Jan 1 to Mch 3 1 ______ 4,528,156 4,294,007
Del Lack & W e ste rn .b —
Jan 1 to Mch 3 1 ............ 8,128.236 7,798,853
July 1 to Mch 31_______26,616,109 25,025,152
Syrac Bing & N Y . b —
212,791
236,054
Jan 1 to Mch 3 1 ______
713,861
July 1 to Mch 31______
768,897
Denver & R io G rande.a Mch 1,955,958 1,676,302
July 1 to Mch 3 1 _______17,731,571 15,545,000
217,138
Dul So Sh & A t l .b ........... Mch 276,893
July 1 to Mch 3 1 ______ 2,421,665 1,993,584
Erie a .........................
Mch 4,818,697 4,368,409
July 1 to Mch 3 1 ______ 41,408,491 37,738,539
70,285
Fonda Johns & G lo v .a .-A p r
82,456
632,737
July 1 to Apr 3 0 ______
745,549
Genesee & W y o m in g .b —
15,021
Jan 1 to Mch 3 1 ______ j
22,798
62,512
July 1 to Mch 3 1 ______
77,487
250,598
Georgia R R . b ___________Mch
274,483
July 1 to Mch 3 1 ______ 2,348,937 2,197,495
Grand Trunk of Canada—
Grand Trunk R y ______ Mch 2,887,294 2,423,030
July 1 to Mch 3 1 ______ 25,200,205 22,564,783
489,083
Grand Trunk W est'n .M ch
582,520
July 1 to Mch 31............ 4,609,382 4,123,730
126 042
Det Gr H av & M ilw ..M ch
158,161
July 1 to Mch 31......... .. 1,527,487 1,271,951
128,962
Canada A tlantic______ Mch 164,974
July 1 to Mch 31______ 1,544,159 1,351,412
Greenwich & J olin son v .b —
26,725
Jan 1 to Mch 3 1 ............
31,270
81,728
July 1 to Mch 3 1 ---------92,995
163,616
Gulf & Ship I s la n d .a — Mch 186,360
July 1 to Mch 3 1 ________ 1,612,258 1,428,953
412,220
H ocking V a lle y .b ____Mch
743,472
July 1 to Mch 3 1 ______ 5,792,220 4,621,841
4,948,472
Illlnos C entral.a ______ Mch 45,882,352
July 1 to Mch 31_______47,155,966 43,569,828
760,431
g Interoceanlc of M ex___ Mch 769,259
July l to Mch 3 1 . ......... 5,637,047 5,175,435
304,445
328,926
Iowa C entral.a . ............... Mch
July 1 to Mch 3 1 ______ 2,576,657 2,298,835
158,100
Kanawha & M ich .a ____Mch 252,167
July 1 to Mch 31 ......... 2,082,898 1,634,264
769,321
Kansas City S ou th ern .b . A pr
860,048
July 1 to A pr 3 0 ______ 7,974,274 7,370,376
Lclilgh & Hudson Itlv e r.b —
308,936
325,990
Jan 1 to Mch 3 1 ____ .
905,626
July 1 to Mch 3 1 ---------- 1,056,339
Inc I19,998
Long Island_____ _______Mch
65,380
Jan 1 to Mch 3 1 ______
me n
105,480
Louisiana & A r k . a . . — Mch
123,161
891,378
971,983
July 1 to Mch 3 1 . .........
82,956
Loulsv Hend & St L .a .-M c h
124,008
770,117
July 1 to Mch 31______
890,566
3,132
M anlstlque. b ____________ A pr
3,679
13,407
Jan 1 to A pr 30---------12,772
24,518
Maryland & P e n n a .a — Feb
24,341
245,606
267,791
July 1 to Feb 2 8 ______
602,507
g Mexican Internat’l -------- Mch 804,318
5,149,992
July 1 to Mch 3 1 ______ 6,544,091
70,918
Mlneral R ange. b ------------- Mch
68,454
622,173
July 1 to Mch 3 1 ______
640,124
374,439
Mlnneap & St L o u ls .a .-M c h
414,427
July 1 to Mch 3 1 ______ 3,724,125 3,210,302
Minn St P & S S M .a .- .M c h 1,132,994 1,022,016
9,600,110
July 1 to Mch 3 1 ______ 11,781,612
666,545
Chicago D iv ision .a ____Mch 868,916
July 1 to Mch 3 1 ______ 6,522,179 5,669,430
64,595
79,548
Mississippi C en tra l.b ____Mch
518,429
July 1 to Mch 3 1 ______
660,077
Mo Kan & T e x a s .b __ Mch 2,261,802 1,960,188
July 1 to Mch 3 1 ______ 20,455,508 19,617,768
Missouri P a c lflc .b _______ Mch 4,840,870 4,052,875
July 1 to Mch 3 1 ______ 40,202,522 35,347,119
g Nat R ys of M e x ico _____Mch 4,936,268 4,631,859
July 1 to Mch 3 1 ______ 37,439,289 35,551,912
35,920
Nevada-Cal-Orcgon b ..M ch
32,297
283,682
July 1 to Mch 3 1 ______
350,985
57,845
New Orl Gt Northern a.M ch
130,381
430,596
July 1 to Mch 3 1 ______ 1,053,493
c N Y Cent & Hud lt lv .b Mch 8,073,534 7,334,719
Jan 1 to Mch 3 1 . ......... 22,501,920 i 20,089,723
Lake Sh & Mich S ou.bM cli 4,226,5391 3,485,237
Jan 1 to Mch 31______ 11,711,542 : 9,787,478
384,031
e Lake Eric & W e st.b Mch
479,717'
1,046,295
Jan 1 to Mch 3 1 ............ 1,324,661
240,763
Chic Ind & S o u th .b -.M c h
408,977’
737,257
Jan 1 to Mch 31________ 1,103,0181
Michigan C e n tra l.b -.M ch 2,572,946, 2,259,012
Jan 1 to Mch 3 1 . ......... 6,860,916, 6,057,879
Clev Cine Ch & St L .b M cli 2,690,818 2,186,121
Jan 1 to Mch 31______ 7,186,622: 6,095,791
246,056
Peoria & E a ste rn .b -.M cli
277,718
665,098
Jan 1 to Mch 3 1 ______
781,289
108,629
Cincinnati Northern b Mch
119,013
260,077
Jan 1 to Mch 3 1 ............
289,309i
880,180
Pitts & Lake E r ie .b -.M c h 1,524,745,
Jan 1 to Mch 31............ 4,048,744, 2,501.192
223,597
Rutland b ____________ Mch
247,014,
605.436
Jan 1 to Mch 3 1 ______
647,1591
)
860,856
N Y Chic & St L .b .- . M c h 1,029,649
Jan 1 to Mch 31............ 2,775,397I 2,257,290
Roads.

1357
-------Net Ea rnings----- Previous
Current
Year.
Year.
$
$
885,799
1,238,710
9,532,373 7,509,353
160,703
280,319
1,784,104 1,101,058
5,424
6,274
340,701
254,383
324,082
455,386
4,788,411 3,975,350
13,094
14,758
124,254
227,452
123,730
154,736
664,692
751,365
520,983
758,738
1,615,069 1,428,750
3,616,753 3,449,372
12,542,303 11,381,143
104,344
384,811
601,685
5,006,661
101,845
772,735
1,577,137
11,685,440
44,489
382,847

79,313
299,472
382,352
4,310,048
63,969
536,789
1,386,437
9,823,641
37,621
312,424

12,426
46,570
78,415
650,024

3,678
20,850
55,976
443,694

799,079
5,785,104
182,980
1,174,722
35,525
376,141
39,905
260.473

679,850
5,715,839
124,582
1,035,036
16,789
283,784
1,460
62,641

16,756
14,627
46,792
43,623
64,739
43,874
451,397
327,016
112,232
298,973
2,240,304 1,483,059
1,720,099 1,271,596
10,115,573 10,029,048
301,533
291,220
L, 984,511 1,724,515
h65,169
/!88,898
/1442.776
/1502.548
22,964
74,611
284,155
577,015
299,395
296,436
2,747,736 2,860,824
74,861
107,028
228,088
381,696
Inc 30,481
IllC 27,433
48,870
36,705
251,217
343,475
4 5,836
7,090
254,380
209,983
def.729
420
def.3,157
2,955
3,410
4,849
69,973
70,051
236,641
310,251
2,753,526 2,040,925
4,338
10,735
103,415
86,714
fcl 16,254
fcl26,45t
fc990,568
fcl ,046,399
378,847
407,080
3,639,970
5,146,023
184,149
314,152
1,967,729 1,581,104
29,553
34,890
199,670
269,643
559,798
485,996
6,285,220 5,879,658
1.455.868 1,066,107
11,998,668 10,221,170
2,100,350 2,092,830
14,370,946 13,808,699
20,100
15,195
154,082
186,106
14,291
52,568
52,872
384,655
1,177,681 2,012,041
4,568,663 4,704,602
1,417,800 1,256,859
3,926,633 3,401,148
44,071
122,684
121,725
347,775
55,519
132,780
184,329
376,300
682,109
853,218
1,970.067 1,712,584
786,008
557,728
1,907,642 1,411,240
62,579
93,056
226,927
146,336
36.333
25.841
75,656
46,092
856,726
374,702
2,218,519 1,144,593
67,725
49,584
152,818
123,847
388,115
244,115
960,390
528,125

T otal for 11 lines
) 18,209,201 5,932,126 5,365,148
a b o v e , b ....... .............Mch 2
r 50,103,696 16,731,390 13,524,621
Jan I- to Mch 31______ 59
130,390
49,159
l
259,940
T ol & Ohio C e n t .a ...M c h
397,123
990,495
July 1 to Mch 3 1 ______ 3,285,489) 3,228,945 1,054.866

1358

THE CHRONICLE
----- Gross Earnings----Current
Previous
Year.
Year.

Roads.

$

$

-------Net Earnings-----Current
Previous
Year.
Year.
$
%

New Jer & New Y o r k .b —
Jan 1 to Mch 3 1 _____
148,868
134,123
44,542
33,203
New London N orthern .b—
281,529
Jan 1 to Mch 3 1 _____
258,084
11,686
23,402
872,838
July 1 to Mch 31..........
795,586
91,217
82,671
N Y Ont & V Vestern.a--M ch
720,001
749,973
212,690
228,950
July 1 to Mch 3 1 ______ 6,302,525 6,239,297 1,749,274 1,817,122
N Y Susq & W e s t .a ____ Mch
329,990
329,533
122,442
130,884
July 1 to Mch 31______ 2,619,779
2,453,752
762,271
787,019
N orfolk & W estern _b___ Mch 3,154,285 2,467,958 1,353,780
959,208
July 1 to Mch 3 1 . ......... 25,923,927 21 '646^711 10,631,915 8,540,066
Northern Central_______ Mch 1,071,310 1,011,010
190,696
210,396
Jan 1 to Mch 3 1 ______ 3,033,625 2,667,025
433,908
267,908
Pacific C oast-------- ---------Mch
575,848
539,578
103,100
65,375
July 1 to Mch 31______ 5,926,951 4,753,126 1,230(519
645,098
Pennsylvania— Lines directly operated.
East o f Pitts & E rie..M ch 14,205,869 12,119,769 4,126,609 2,912,709
Jan 1 to Mch 3 1 ______ 39,848,741 33,654,741 10,167,917 7,431,317
W est of Pitts & E rie-.M ch
In c 1,772,800
In c 428,400
In c 5,441,300
In c 1.754,300
Jan 1 to Mch 3 1 ______
Pere M a rq u ette.b _______ Apr 1,353,013 1,187,117
419,039
331,475
July 1 to Apr 3 0 ______ 13.373,900 11,826,882
4,090,526 3,384,087
Pitts Cine Ch & St L_a- -M ch 3,036,442 2,377,131
712,755
567,422
Jan 1 to Mch 3 1 ______ 8,594,075 6,599,492 1,965,428 1,400,447
Phlla Balt & W ash_____ Mch 1,513,907
1,459,507
354,418
358,018
Jan 1 to Mch 3 1 ______ 4,175,163 3,955,063
776,614
699,314
R eading Com pany—
Phlla & R e a d in g .b __ Mch 3,663,668
3,731,143 1,424,996 1,694,227
July 1 to Mch 3 1 ______ 33,228,009 30,166,076 12,899,316 12,086,616
Coal & Iron C o .b ____Mch 1,526,597
2,855,542 def 122,307
263,545
July 1 to Mch 3 1 ______ 23,822,804 25,658,967
815,123 1,424,814
Total both C o s-b _____ Mch 5,190,265
6,586,685 1,302,689 1.957,772
July 1 to Mch 31______ 57,050,813 55,825,043 13,714,440 13,511,430
Reading C om pany___Mch
________
_______
144,044
126,464
July 1 to Mch 3 1 ______
_______
_______
1,307,855 1,147,289
T otal all Cos................ Mch
________
_______
1,446,733 2,084,236
July 1 to Mch 31______
_______
_______ 15,022,295 14,658,719
R io Grande J e t________Feb
71,158
55,587
7)21 ;347
7)16,676
188,823
Dec 1 to Feb 28______
223,699
7)67,110
7)56,647
53,771
R io Grande S o u .b ____ Mch
46,158
12,378
18,964
July 1 to Mch 3 1 ______
393,734
110,321
165,207
447,013
R ock Island L ln e s .b ___ Mch 5,520,993 5,114,417 1,129,248 1,523,022
July 1 to Mch
31_5 0,214,139 46,382;492 14,176,444 13,722,922
St Joseph & Grand I s l.b Feb
121,597
123,541 d efl5,158
39,825
July 1 to Feb
28_ 1,115,698 1,109,945
178,333
393,130
St L & San F r a n .b _____ Mch 3,691,232
3,210,126 1,321,403 1,420,298
July 1 to Mch 3 1 ______ 31,660,413 28,709,289
9,625,954 9,421,403
Chic & East Illin ois.b Mch 1,223,060
876,053
430,326
361,228
July 1 to Mch 3 1 ______ 9,292,569 7,878,366 3,068,391 2,433,045
171,964
Evansv & T H ’t e .b .-M c h
228,671
91,865
68,506
July 1 to Mch 3 1 ______ 1,883,619 1,614,980
726,395
584,498
T otal all lines________ Mch 5,142,964 4,258,143 1,843,595 1,850,032
July 1 to Mch 31-______ 42,836,601 38,202,636 13,420,741 12,438,947
St Louis S ou th w es t.a . . .M ch
930,982
846,123
159.014
143,215
July 1 to Mch
31_ 8,488,482 8,042,287 2,174,355 1,817,278
______
St L R ock y Mt & P a c .a .F e b
173,067
61,280
July 1 to Feb 2 8 ______ 1,258,858
______
425,430
Southern P a clflc.a _____M chlO.983,273 10,080,795 3,438,961
3,438,961 3,305,570
Ju ly 1 to Mch 3 1 ______ 101,435,865 00,225,553 36,627,430
36,627,430 30,891,566
79,404
01,295
17,986
6,774
Texas C entral.a............. Mch
17,986
July 1 to Mch 31______
826,296
946,111
244,735
286,013
244,735
Texas & P a cific.b ______Mch
1,313,701 1,147,424
324,624
162,171
324,624
Jan 1 to Mch 3 1 ______ 3,860,518
3,484,671
936,986
703,901
936,986
Tol Peoria & W e s t .b _ .-M c h
101,425
94,300'
21,465
17,331
21,465
A p ril--------------? -------------80,273
75,441
def.3,170
t,216
dcf.3,170
July 1 to A p r 30............
987,160
917,796
227,014
169,938
227.014
U lster & Delaware-b—
Jan 1 to Mch 3 1 ______
153,931
184,242
d c f.1,900
34,096
Union P a clflc.a ________ Mch 7,142.798 6,157,495 2,515,868 2,906,248
July
1to Mch 31_______ 67,830,556 59,125,623 31,090,253 29,180,374
Virginia & S ou th w est-b -A p r
99,058
78,869
26,763
9,631
July
1to Apr 3 0 _______ 1,017,930
981,133
315.063
328,196
W estern M a ry la n d _a .--M ch
656,420
509,699
r287,992
rl65,064
W est Jer & Seashore____Mch
468,510
378,710
60,118
23,718
Jan 1 to Mch 31______ 1,107,864
973,764
det2,594 def47,794
Yazoo & Miss V a lley .a .M ch
909,254
818,762
190,096
89,74 5
July 1 to Mch 31______ 7,987,664
7,916,556 1,279,663
990,285
IN D U S T R IA L C O M P A N IE S .

-------Gross Earnings----------------Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
§
S
$
Kings Co El Lt & P ......... A pr
342,413
295,428
179,153
150,897
Jan 1 to A pr 30______ 1,414,053
1,238,345
759,034
659,879
U S Express C o .b ______ Feb
678,633
615,241 def67,636 def64,978
July 1 to Feb 28______ 5,877,033 6,010,494
150,005
368,400
Companies.

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes,
c Includes the N . Y . & Ottawa, the St Lawrence & A dirondack and the
Ottawa & N. Y R y „ the latter o f which, being a Canadian road, docs not
make returns to the Inter-State Commerce Commission.
e Includes the Northern Ohio R R .
g These results are In Mexican currency.
h For March 1910 additional Income Is given as showing a deficit of $3,783,
against a deficit of $3,481 In 1909, and for period from July 1 to March 31
was a deficit o f $27,081 In 1910, against a deficit of $58,466 last year.
) Tire com pany now Includes the earnings of the Atcli. T op . & Santa Fe
R y ., Gulf Colo. & Santa Fc R y ., Eastern R y. of New M exico System ,
Santa Fe Prescott & Phoenix R y ., Southern Kansas R y. of Texas, and
Texas & Gulf R y. In both years. For March taxes amounted to $318,705,
against $269,562 in 1909: after deducting which, net for March 1910 was
$2,689,995, against $3,213,609 last year. For period from July 1 to Mch. 31
taxes and rentals were S2.792,564 In 1910, against $2,153,857 In 1909.
fc For March 1910 additional Income was $18,631, against $6,779 In 1909,
and for period from July 1 to Mch. 31 was $108,0621n 1910, against $105,473
last year.
n These figures represent 30% of gross earnings.
r A fter allowing for miscellaneous receipts and net from coal and other
departments, total net earnings for March 1910 were $333,498, against
$210,154 In 1909.

Interest Charges and Surplus.
— Int., Rentals, A c .—
Current
Previous
Year.
Year.
$
$
Bangor & A roostook ____Mch
87,021
83,193
July 1 to Mch 3 1 ______
758,490
738,848
Bellefonte Central_____ Apr
236
243
Jan 1 to A pr 30______
944
972
Bridgeton & Saco River.Mch
593
635
July 1 to Mch 3 1 ............
5,426
5,646
Roads.




— Bal. oj Net E ’ngs.—
Current
Previous
Year.
Year.
$
$
*96,807
*61,145
*298,903
*117,493
1,373
d ef.25
1.357
621
694
225
6,324
5,321

lVOL. L XX X X

— Int., Rentals, A c .— — Bal. oj Net E ’ngs.—
Current
Previous\ Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Central of New J e rse y..M ch
550,221
592,981
338,317
491,563
July 1 to Mch 31______ 4,501,683 4,646,106 5,022,268 3,591,344
Chesapeake & O hio_____ Mch a553,082
a548,613
685,628
337,186
July 1 to Mch 3 1 ______ a 4,663,152 a 4,666,364
4,869,921 2,842,989
Chicago Gt W estern_____ Mch 248,319
293,245
* 6 8 ,669*def125,669
Sept 1 to Mch 31______ 1,509,049 2,024,828
* 3 2 3 ,438zdef900,054
Colorado Midland_______ Mch
31,447
31,350 edef.37,866 ed efl,233
July 1 to Mch 31______
282,440
282,150 edef93,795
e22,954
Colorado & Southern____Mch 256,799
253,309
el87,758
cl0 3 ,7 70
July 1 to Mch 31............ 2,293,669 2,306,068 e2 ,626,309 e l , 940,015
Copper R an ge.................. Feb
13,234
12,437
1,525 657
101,214
97,000
126,238
27,254
July 1 to Feb 28-----------Cuba R R ----------------------- Mch
36,667
34,239
1 18,069 89,491
July 1 to Mch 3 1 ----------325,210
295,358
426,155
369,334
Del L ack & W estern—
Jan 1 to Mch 31.............. 2,889,627 2,672,817 *1,960,916 *2,624,858
July 1 to Mch 31^.............11,571,371 10,156,517 *7,681,548 *5,979,793
Syrac Bing & N Y —■
Jan 1 to Mch 31...........
93,852
80,014
*71,076
*65,381
July 1 to Mch 3 1 _______
258,523
204,720
*320,790
*317,489
Denver & R io G ran d e..M ch
454,954
350,818
rf313,749
(1140,187
July 1 to Mch 31______ 3,998,512 3,029,465 d 2,689,104 d 2 ,188,450
Dul So Sh & A tlantic____ Mch
95,649
90,935
*9 ,0 3 2 *def24,800
July 1 to Mch 3 1 ............
866,252
815,161 *def51,855*def232,634
Genesee & W yom ing—
'
' to
' -Mch
- - - 31
7 i859
7,219
Jan
1
4,567
def 3,541
July 1 to Mch 31
23,072
23,498
21,159
def 309
Georgia R R ____________Mch
*21,310
*3,483
67,705
60,431
July 1 to Mch 31______
551,315
547,201
*190,434 *def23,073
Greenwich & Johnsonvllle—
Jan 1 to Mch 31..........
11,901
11,045
4,855
3,582
July 1 to Mch 31_____
37,535
31,665
*9,745
*11,045
Gulf & Ship Island______ Mch
31,426
33,724
*34,019
*10,806
July 1 to Mch 31............
283,860
313,955
*176,195
*18,506
H ocking V alley---------------Mch
120,165
116,561
*234,398
*26,763
July 1 to Mch 3 1 ______ 1,078,143 1,064,724 *1,931,064 *1,200,008
Kanawha & M ich_______ Mch
26,356
23,275
*66,157
*8,651
July 1 to Mch 3 1 ______
237,683
208,589
*471,441
*156,266
Lehigh & H udson R iver—
Jan 1 to Mch 31_____
77,553
74,861
20,475
Nil
July 1 to Mch 31_____
230,629
227,847
151,067
214
Louisiana & A rk________Mch
23,849
20,736
*30,536
*23,219
July 1 to Mch 31______
214,743
183,734
*204,146
*134,718
L oulsv H end & St L ___ Mch
21,030
20,259
*25,107 *d efl3,03 0
July 1 to Mch 31______
148,243
149,539
*110,755
*63,882
Maryland & Penna_____ Feb
6,958
6,978
def3,54 8
def 2 ,130
July 1 to Feb 28______
55,668
55,835
14,305
14,216
Mineral R ange__________ Mch
19,521
21,389 *d e fl4 ,0 3 4 * d efl0,63 9
July 1 to Mch 3 1 ______
128,263
129,806 *def36,679 *def24,809
Mo Kan & T exa s________Mch
621,703
515,485 *dcf52,791
*53,386
July 1 to Mch 3 1 .......... 5,073,860 4,998,461 *1,401,546
*077,708
New Jer & New Y ork—
Jan 1 to Mch 3 1 ............
53,746
48,430 *def8,414 *d efl4,81 8
New London Northern—
Jan 1 to Mch 3 1 _____
62,988
62,988 *def48,790 *dcf37,167
July 1 to Mch 3 1 _____
188,964
188,964 *def80,137 *def98,117
N evada-C al-O regon____ Mch
3,612
3,054
*17,188
*12,636
July 1 to Mch 31
32,807
35,706
*128,874
*163,222
New Orl Gt Northern___.M
Mch
ch
4-6,234
24,168
*8,586
*21,818
July 1 to Mch 31
415,864
195,689
*110,823 z d e f4 1,610
N Y Ont & W estern____.M
Mch
ch
102,829
93,148
109,861
135,802
July 1 to Mch 31
865,427
839,085
883,847
978,037
Norfolk & W estern_____.M
Mch
ch
469,227
463,427
884,553
495,781
July 1 to i\Ich 3 1 ______ 4,196,295 3,985,707 6,435,620 4,554,359
Pere M arquette_________-A
Apr
pr
341,724
*29,148
396,184
*38,350
July 1 to Apr 3 0 ______ 3,722,368 3,559,673
*431,711
*52,033
Reading C o m p a n y ..........-M
Mch
ch
873,542
566,733 1,210,694
880,000
July 1 to Mch 31......... .. 7,920,000 7,861,875 7,102,295 6,796,844
R io Grande J et____
-FFeb
eb
8,333
8,333
13,014
8,343
Dec 1 to Feb 28
25,000
25,000
42,110
31,647
R io Grande South_______
20,442__
20,167 zdef8,020 * d cfl,1 2 5
.MMch
ch
July 1 to Mch 31............
176,118
175,705 *def54,899
*869'
St L R ocky Mt & P a c ...F e b
34,455
............
26,825
July 1 to Feb 2 8 ...........
269,453
............
155,977
St Louis Southw estern-.M ch
171,423
167,721
*23,078
*13,626
July 1 to Mch 31______ 1,550,979 1,515,424 *1,022,111
*650,674
Texas C en tra l___________ Mch
5,849
3,951
12,137
2,823
July 1 to Mch 3 1 ______
51,635
43,825
193,100
242.188
Toledo Peoria & W e s t ...M c h
25,658
26,506 zd ef 1,556 zd cf7,328
A pril-----------------------------25,830
23,915 Zdet.25,000 zdet.19,439
July 1 to A pr 30............
246,966
235,707
*2,035 zdef43,77*
Ulster & Delaware—
Jan 1 to Mch 3 1 ______
52,774
52,748 zdef.53,408 zdef.20,000
IN D U S T R IA L COM PAN IES.
— Int., Rentals, A c — — Bal. o] Net E ’ngs.—
Previous
Current
Current
Previous
Year.
Year.
Companies.
Year.
Year.
Roads.

__
__
___

$

Kings Co El L t & P ow __A pr
. Jan 1 to A pr 30______

$

$

84,715
349,694

103,601
406,252

75,552
352,782

66,182
310,185-

a These figures are after deducting other Income.
d These figures are after allowing for other Income and tor discount and
exchange. The sum of $10,000 is deducted every month from surplus
and p laced'to the credit of the renewal fund.
e After allowing for net miscellaneous charges and credits to Income.
* After allowing for other Income received.

ELECTRIC
Name of
Road.

R A IL W A Y

AN D

TRACTION

Latest Gross Earnings.
! Week or
\ Month.

Current
Year.

$
American R ys C o____ M a rch ____ 304,222
cAur Elgin & Chic Ry M arch____ 118,709
Bangor R y & El C o .. M a rch ____
42,229
Binghamton St R y _ . February .
25,485
Birm R y Lt & Power A p r il_____ 214,835
Brockton & P ly StR y M a rch ____
7,282
Cape Breton Elect Co M a rch ____
20,135
Carolina Pow & Lt Co M a rc h ____
17,026
Central Penn T ra c__ March . . . .
63,884
Chariest Con R y G&E M a rc h ____
67,314
Chic&OakPark El Ry M a rc h ____
74,080
Chicago Railways C o. January . . 1020,614
Cleve Palnesv & East M a rc h ____
25,070
Dallas Electric Corp. M a rc h ____ 114,849
Detroit United R y __ 1st wk May 163,481
Duluth-SuperlorTr Co M a rc h ____
85,816
East Penna R ys C o .. M a rc h ____
50,427
East St Louis & S ub. M a rc h ____ 200,254
51,579
El Paso E lectric_____ M a rc h ____
Falrm & Clarks Tr Co A p r il_____
44,310

Previous
Year.

C O M PAN IES.

Jan. 1 to latest -Sate.
Current
Year.

Previous
Year.

$
789,459'
264,348
866,585
295,944
323,892
101,972
112,394
125,018
37,720
50,354
52,665
24,061
733,514
851,127
182,667
21,395­
20,754
7,579
50,685­
60,514
10,462
52,252
42,438
14,575
184,117
167,332
57,136
199,914
170,063
60,394
642,154
583,713
67,570
945,857 1,020,614
945.857
64,856
20,345
55,813
102,667 . 338,770
299,507
131,184 2,833,344 2,305,748
241,444
73,942
212,500
41,601
146,594
124,691
158,537
563,681
460,909'
45,602
163,376
142,487
34,895
164,421
128,048

May 21 1010.]

THE CHRONICLE
Jan. 1 to latest date.

Latest Gross Earnings.

Name oj
Road.

Week or
Month.

Ft W ayne A Wabash
Valley Traction Co
Galv-IIous Elec C o ..
Grand Rapids Ity C o.
H avana Electric R y .
Honolulu Rapid Tran
& Hand C o _______
H oughton Co Trac Co
Illinois Traction Co .
Jacksonville Elec C o.
Kansas City R y & Lt
Lake Shore Elec R y .
Mlhv El Ry A Lt C o.
Milw Lt lit A Tr C o.
Montreal Street Ry
Nashville R y & Light
North Ohio 'I'rac A Lt
North Texas Elec C o.
Northwest Kiev C o ..
N orf & Portstn Tr Co
Paducah Trac & LtCo
Pensacola Electric Co
Portl(Ore) R yL A P C o.
Puget Sound Elec C o.
Rio de Janeiro Tram
Light & Power .
St Joseph (Mo) R y Lt
Heat A Power Co .
Sao Paulo Tr, Lt A P
Savannah Electric Co
Seattle Electric C o___
Sou Wisconsin Rv Co
Tam pa Electric C o ..
q'oledo Rys A Light.
Toronto Railways .. _
Twin City Raj) Tran
Underground El Ry
of L ondon—
Three tube lines___
Metropolitan D ist.
United Tram ways.
United Rys of St L . .
United R Rs of San Fr
W hatcom Co R y A Lt

Current
Year.

Previous
Year.

Current
Year.
$

Previous
Year.
5

$

$

120,048
105,144
86,211
40,134

105,812
95,611
76,136
39,557

354,487
291,674
251,031
766,529

314,721
269,598
225,177
721,179

March .
37.059
32,114
M a rc h ____
27,019
25,457
M a rch __
486,490 375,391
41,047
M a rch ____
52,558
March .. . „ 622,555 561,774
85,984
76,680
March __
M a rch ____ 373,915 333,801
58,444
72,158
M a rch ____
72,231
80,003
W k May 17
149,276 134,132
iMarch
M a rch ____ 173,424 150,684
M a rch ____ 128,679 109,013
A p r il_____ 182,608 176,376
M a rch ____ 153,932 (1156,394
17,807
18,771
February .
19,013
21,536
M a rch ____
M a rch ____ 435,652 370,730
M a rch ____ 157,779 142,049

109,134
74,523
1,427,148
143,128
1,788,017
235,855
1,106,813
204,636
1,469,684
434,314
481,575
327,610
729,078
449,777
41,512
61,956
1,259,939
433,367

94,863
70.886
1,110,685
115,776
1,632,442
210,742
990,845
171,659
1,315,905
404,415
435,083
280,611
691,291
468,558
36,855
57.878
1,064,958
390,325

March . .
M a rc h ____
March . . . .
W k May 15

M a rch ____

631,336

599,615

1,853,818

1,754,806

A p r il-------M a rch -----M a rch -----February .
M a rch ___
M a rch ____
M a rc h ___
March ____
1st wk May

77,990
231,888
49,907
431,075
13,890
54,061
242,979
341,999
138,346

72,440
201,975
46,814
379,692
12,638
48,176
217,872
298,142
123,399

329,028
676,348
143,935
898,775
10,139
163,705
738,566
074,264
2,435,671

300,637
608,631
142,655
782,503
36,118
152,614
657,180
861,768
2,205,315

W k May 7 £10,605
W k May 7 £10,727
Wlc May 7
£5,816
February . 807,439
M a rch ___
618,203
M a rch ____
32,837

£12,705
£10,018
£6,158
808,161
606,615
32,172

£252,445
£205,768
£107,103
1,693,221
1,846,852
101,854

£247,080
£185,131
£100,823
1,637,197
1,716,626
06,265

c Thcso figures arc for consolidated com pany,
the Norfolk County Ferries.

d Includes earnings of

Electric Railway Net Earnings.— The following table gives
the returns of ELE CTR IC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of April 30 1910. The
next will appear in the issue of May 28 1910.
-------Gross Earnings----------------Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
5
214,835
182,667
Birmingham R y Lt A I’ .A p r
82,283
100,166
851,127 . 733,514
Jan 1 to Apr 3 0 __ . . .
392,136
328,982
Cleveland Southw A C ol. Apr
76,020
67,609
25,984
32,229
Jan 1 to Apr 3 0 _____
281,012
242,677
104,799
86,828
Falrm A Clarksb Tr Co b Apr
44,310
22,252
34,895
27,129
Jan 1 to Apr 30. ____
164,421
100,421
77,470
128,048
Illinois Traction Co. a __ Mch
375,391
200,247
150,710
486,490
Jan 1 to Mch 3 1 _____
455,705
1,427,148 1,110,685
581,810
Interbor R ap Tr C o .a .-A p r 2,564,772 2,421,087 1,471,085 1,372,738
July 1 to Apr 3 0 ______ 24,09 1,852 21,946,440 13,516,831 11,461,919
344,765
294,374
153,923
123,822
Montreal Street R y . b ___Apr
787,581
929,175
Oct 1 to A pr 30______ 2,337,001 2,107,716
341,999
T oronto R ailw a y s______ Mch
298,142
157,849
137,009
974,264
Jan 1 to Mch 3 1 ______
861,768
447,461
396,937
Wash Balt A Annapolis bApr
56,238
50,717
26,496
14,581
510,305
July 1 to A pr 3 0 ______
209,586
Roads.

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

Interest Charges and Surplus.
— Int., Rentals, & c.— — Bal. o) Net E 'ngs.—
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
?
5
$
Cleveland Southw & C ol. Apr
27,875
25,181
4,354
803
Jan 1 to Apr 3 0 ______
111,422
91,610
def6,023
def4,782
Falrm & Clarksb T r C o .-A p r
12,609
12,309
14,520
9,043
Jan 1 to Apr 30______
50,075
49,254
50,346
28,216
Interborough Hap T r . ..A p r
978,350
864,151
*622,399 *593,827
July 1 to Apr 3 0 __ . . 8,791,071 8,653,194 *5,075,486 *3,643,501
Montreal Street R y _____Apr
49,136
40,023
104,787
83,199
Oct 1 to A pr 30............
264,115
238,666
665,060
548,915
* After allowing for other Income received.

ANNUAL REPORTS.
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
n ot include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of April 30. The next will appear in that of May 28.
W e st Jersey & Seashore RR.
(R e p o rt f o r F is c a l Y e a r en d in g D e c . 31 1909.)

President James McCrea says in substance:
General Results.— The Income account shows a satisfactory Increase In the
gross and net revenue for the year. Express revenue shows an apparent
decrease of $84,475, but the net revenue from this source Increased. The
express com pany now pays your com pany a net com pensation for express
privileges and assume the entire cost of conducting that business.
The net Income was $811,124, an Increase of $283,940, and after making
payments to the 1st consol, m tge. sinking fund, paying dividends of 6%
on the special guar, stock and 4 M % on com m on stock (V . 89, p. 667)
providing for principal of car trusts and disbursing $177,788 for extraordi­
nary expenditures, the sum of $100,000 was appropriated to an extraor­
dinary expenditure fund for future necessary Improvements and the bal­
ance— $34,911— was transferred to the credit of profit and loss account.t
Camden Terminal.— As stated In the last annual report, this com pany has
relinquished Its one-lmlf interest In the Camden Terminal and facilities
upon the repaym ent of the amount previously contributed thereto, but co n -




1359

tlnucs, as a tenant, to use the terminal for Its steam trains, paying a rental
therefor proportionate to such use. This arrangement enabled you r com ­
pany to reduce the amount previously borrowed for construction and
equipment purposes to 51,394,000 and a 4 % certificate of Indebtedness
due July 1 1911 was Issued therefor.
Construction, & c.— Construction, equipment and real estate expenditures
aggregated $259,841. Of this am ount $177,788 was charged against In­
com e, and the balance, $82,052, covering right of way and the cost ($51,310)
of four new electric baggage cars, was charged to capital account.
The m ost Important Item of construction work during the year was the
elevation of the steam railroad from W right A v c. to Spruce S t., Cam den.
Sufficient progress was made on this work to avoid grade crossings, and the
permanent em bankment and the steel bridging will be com pleted early In
1910 (cost of tills Im provem ent during 1909 $135,433). This leaves tw o
Important pieces of work to be undertaken In Camden, viz.: the elevation
of the steam tracks from Spruce St. to old Harlelgh Station, and o f the
electric tracks from Van H ook St. to Newton Creek.
Bonds.— On N ov. 1 1909 $750,000 consolidated m tge. 6% bonds of the
W est Jersey R R , became due, and to provide funds for their redem ption
an Issue was authorized of a like am ount of your first consol, m tge. 4 %
Series E bonds, due July 1 1930 (V . 89, p. 995). During the year, $58,000
3 14% first consol, series 13 were retired and canceled by the sinking fund.
Eerry Com pany.— The C ooper’s Point & Philadelphia Ferry C o.,w hich Is
operated and owned b y your com pany, authorized a 40% allotm ent of
capital stock at par ($100), amounting to $33,100, all of which was sub­
scribed to and paid f6r by your com pany. The funds will be d evoted to
the building of a new ferry structure at Vine St. W harf, as part o f the
Delaware A v c. Improvements required by the-city of Philadelphia.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1909.
1908.
1907.
356
356
363
5
5
*
3,520,871
3,195,443)
1,604,486
1,428,250) 5,654,904
416,744
491.195J

1906.
358
$

Miles o p e ra te d ......... ......
Earnings—
Passengers____ _________
Freight . _____________
M iscellaneous__________

5,206,284

Total .............................
Expenses—
Maintenance of w ay, Ac.
Maintenance of equipm ’t
T r a ffic _________________
Transportation _______
G e n e ra l________________

5,542,101

5,114,888

5,654,904

5,206,284

923,332
696,586
146,590
2,243,401
104,064

782,478
618,219
136,835
2,307,050
99,907

838,326
712,543
150,365
2,626,186
98,621

767,517
717,935
135,119
2,256,366
79,977

T o t a l ________________
Taxes _________________
Net earnings___________
A dd miscellaneous_____

4,113,973
273,242
1,154,886
50,656

3,944,489
242,131
928,268
84,609

4,426,040
247,501
981,363
79,193

3,956,914
205,956
1,043,413
40,086

T o t a l ______ _________
1,205,542
Deduct—
375,694
Interest A hire of equip.
R e n ta l_________________
18,724
Sinking fund first consols
55,663
Dividend on co m m o n . . (4 M)433,872
Dlv. spec. gu. stk. (6% )
6,240
Principal of car tr u s ts ..
2,650
E xtraordinary expendlt.
177,788
E xtraor. expense fu n d.
100,000
M iscellaneous__________

1,012,877

1,060,556

1,083,499

473,505
12,188
54,430
(4)385,664
6,240
2,650
78,200

394,291
10,471
52,973
(6)578,496
6,240
2,650

267,480
12,772
40,975
(6)475,704
6,240

600

5,600

Total .............................
S u rp lu s ________________

1,170,631
34,911

808,771
1,045,720
274,729
14,836
GENERAL BALANCE SHEET DECEMBER 31.
1909.
1908.
1909.
1908.
Assets—
S
Liabilities—
$
$
S
Hoad and equipSpecial guar, stock
104,000 104,000
ment____ _____ 19,204,974 21,419,450 Common stock__ 9,041,600 9,041,000
Stocks of other
Bonds (see “ RH.&
companies (cost)
164,345
131,245
Indus.” Section) 8,168,050 6,823,500
Due from other
Ms. A ground rents
46,300
46,300
companies, Ac.,
Pay-rolls & vouch.
503,370 459,481
other than trafIndividuals A cos.
238,915 333,181
fic balances___
315,020
62,577 Due controlled cos.
125,256
85,253
Due from agents..
200,953
210,496 Int accrued on bds
163,340 128,990
Miscellaneous asS. F. 1st con. mtge
229,035 173,373
sets------------ . . .
1,690
394,136 Taxes await, settl’t
263,642 240,025
167,462
Materials on hand.
221,589 Accounts payable.
........ . 3,690,124
Cash------------------416,511
152,469 Extra.exp., Ac.,fds.
117,032
______
Miscellaneous___
27,814
29,615
Bal. to p rofit* loss
*842,001 830,520
Total.................. :20,470,955 22,591,962

1,012,877

Total.................. 20,470,955 22,591,962

* After deducting sundry net charges amounting to $23,430.—V. 89, p. 995

United Railways & Electric Co. of Baltimore.
(R e p o rt f o r F is c a l Y e a r en d in g D e c . 31 1909.)

President William A . House, Baltimore, April 13 1910,
wrote in substance:
General Results.— Comparing 1909 with 1908, we have the following:
Increase In gross earnings, $375,181, or 5 .4 9 % ; Increase In operating
expenses, $68,534, or 2 .0 8 % ; decrease In other Income, $750; Increase In
fixed charges, $82,006, or 3 .1 1 % ; Increase In am ount carried to credit of
profit and loss, $9,230, after deducting $15,000 representing sinking fund
on $4,000,000 Maryland Electric Railways bonds for quarter ended Dec. 31.
The Increase In fixed charges Is due to the additional obligations Incurred
for rentals on property leased from the Maryland Electric Railways C o.,
Interest on Increased number o f new funding bonds and Increase In park
and other taxes. The percentage of operating expenses to gross earnings
was 4 6 .6 3 % , as com pared with 48.18% in 1908. Average earnings per
car-mile, 26.59 cents, Increase o f 1.04 cents, cost of service 12.39 cents
Increase ,08cts.
Extraordinary Expenditures.— The balance o f $456,693 charged to extra­
ordinary expenditures, brought over from 1906 and carried In the meantime
as a deferred asset, has been charged directly to the Income of 1909, w hich,
added to the $556,720 extraordinary expenditures for 1909, makes a totai
deduction of $1,013,413, credited to extraordinary expenditures for the
year, leaving a balance carried to credit of profit and loss of $103,001.
Financial.— A ccounts and notes payable were decreased $539,931 and
the current assets exceed current liabilities by $3,371, while In 1908
the current liabilities exceeded the current assets b y $419,389.
In addition to the $556,720 taken from Income, credited to extraordinary
expenditures and put back Into the property, there has been expended
$96,096 under the arrangement with the Maryland Electric Railways Co.
for purchase, construction, &c., of property leased to your Com pany.
In addition to the extraordinary expenditures above recited, there has
been Included In ordinary costs of operation $257,995 for maintenance of
way and $375,886 for maintenance of equipment.
Your com pany had on hand as o f Dec. 31 out o f the proceeds of the sale
o f Maryland Electric Railways Com pany’s 5% bonds $729,423, which Is
available for com pletion of the Park terminal car house and for future
acquisitions. W ork was begun July 19 on this car house, which will be
of handsome brick with terra cotta trimmings. It will contain waiting
room and quarters for em ployees, besides holding 103 45-foot cars or
121 cars of size now used on lines terminating there.
Taxes.— The total amount o f taxes, Including Park tax, cost of paving
streets, track changes necessitated by rc-gradlng of streets. Sewerage
Commission work, widening of streets, tec., was $735,067, or more than
10% of the gross revenue and more than 19% of the net receipts after paying
the costs of operation. The Park tax for the year was $469,379, as against
$423,639 In 1908, an Increase of $45,739.
Easement T a x.— The report refers to the long pending easement tax
litigation finally decided June 29 b y the Court o f Appeals of M aryland, In
favor of the com pany, holding that the "P ark T a x” or 9 % on gross receipts
paid by the com pany was In substitution of all other taxes on Its park tax,
paying mileage. Compare V . 89, p. 44,— Ed.]
8*Tlie Court also sustained the city’s valuation of the elevated structure
and bridges of your co m p a n y .

THE CHRONICLE

1360

Park TaxZSettlement.— Pursuant to the decision of the Court of Appeals
rendered Jan. 8 1008, covering the paym ent of Park tax on receipts of lines
In the annex, an arrangement was entered Into with the city , under which
paym ents, Including Interest, were made and are to be m ade, which llnally
disposes of this controversy.
Power Plants.— Insamuch as the McCall Ferry Power Co. wasunablo
to fulfill Its agreement for supplying your com pany with 10,000 k.w . river
power under contract of June 28 1907, and In view of the uncertainty as
to when that com pany would be able to com plete Its undertaking, as well
as to provide for the additional load Incident to the growth In traffic and for
reserve and emergencies, a contract was placed, on June 2 for a 6,000 k.w .
turbo-generator, with a maximum capacity of 0,000 k .w ., Including ncessary
auxiliaries for Installation at Pratt St. power house. This machinery Is
now In process of erection. W ith this additional unit, your com pany’s
Pratt St. power station will have a generating capacity of 30,400 k.w .
Fare Question.— Revenue per capita Is on the decline; the expense per
capita Is on a steady and rapid clim b. W ithin a few years the possible
length of a 5-cent ride has been nearly doubled and the running time has
been materially shortened. The number of transfers Issued In 1000 was
nearly four times as great as the number Issued In 1000. One rem edy
would seem to be to Increase the unit rate of fare sufficiently to alford
a reasonable return on the Investment and provision for depreciation;
another, by a contraction of the fare limits; another, by readjusting the
transfer system or curtailing this privilege to some extent.
O PE R A T IO N S A N D F IS C A L R E SU LTS.
1907.
1906.
1908.
1009.
Car m iles_______________ 27,124,556 26,764,145 ’ 26,953,727 26,035,327
Revenue passengers____145,601,090 138,400,994 142,114,995 133,785,601
Transfers . . ___________ 57,030,556 54,587,949 55,165,581 53,413.492
$
5
$
$
6,583,102
7,018,082
6.834,802
Gross earnings__________ 7,209,984
1,336,335
1,492,265
1,485,470
Conducting t r a n s p o r ts . 1,505,604
694,088
606,478
605,292
M otive p ow er__________
544,825
230,752
205,886
195,098
Maintenance of w a y____
257,995
409,823
391,805
380,386
Maintenance of cars— .
375,886
668,025
655,572
627,092
677,562
General expenses______
3,293,338
3,541,464
3,240

3,470,087
3,547,995
6,505

3,220,942
3,362,160
4,725

3,850,602

3,544,704

3,554,500

3,366,885

2,007,830
650,546
7,911
13
52,888

1,964,764
600,931
8,842
1,808
60,837

1,840,412
564,510
9,881
4,351
68,788

1,738,209
546,507
10,925
361
69,585

2,637,182
907,522

2,487,942
1,066,557

2,365,587
1,001,298

T otal op e r.e x p e n s e s..
Net earnings....... .............
Other Incom e-----------------

3,361,872
3,848,112
2,490

Deductions—
Interest on bonds---------Park and other taxes-----R e n t a ls ________________
Interest and discount—
ln t. on car trust c e r tfs ..

2,719,188
1,131,414

T ota l_________________
B a la n c e ________________ .
M d. El. R ys. M. sink.
W ritten oft for extraord.
expenditures subj. to
final distribution by
board o f directors-----B al., surplus for yea r.

15,000

1,013,413

813,751

1,028,899

980,000

$103,001

93,771

37,658

21,298

1908.
1909.
1908.
1909.
Liabilities—
$
8
S
$
Assets—
Capital stock____ 15 ,054,000 15.055.000
Cost of road,equip­
ment, A c........ - 66,801.575 66,811,841 Bonds (see “ Elec.
Ry. Section” ) . .41 ,300,000 40.800.000
Investments— bds.
122,377
122,377 2d M. Income 4s. .13 ,946,000 13.945.000
and stocks........
288,535
148,605
Accounts payable.
Cos. bds. In treas.775,000
375,000
3,000 Notes payable----3,000
Cent.Hy.cons.5s.
547,432
548,383
540,950 Accrued Interest. .
540,950
U.R.AE.cons.4s.
170,831
149,195
452,159 Accrued taxes----401,410
Cash.......... - .........
53,966 Settlem’ t park tax
56,548
Accounts recelv...
61,200
In
annex______
44,005
41,798
Notes receivable- 20,315
13,424
266,408 Miscellaneous----Supplies and coal. 277,109
Deferred assets__ y%,570,878 7,563,411 Deferred liabilities.z5 ,000,700 4,221,394
56,846
x77,50l
Surplus..................
Total.................. 76,815,644 75,858,711

x After charging $75,073 paid -Mayor and City Council for park tax In annex,
accrued from April 1 1906 to Dec. 31 1908, and making two minor adjustments.
y ••Deferred assets” embrace real estate, buildings, machinery, cars, equipment.
Ac Maryland Electric Rys. (per contra), $4,058,730; equipment purchased (ad
interim) through car trust Issues. 8898,750; Income bond coupons held by Maryland
Trust Co., trustee, against funding bonds under funding agreement dated July 25
1906 S3 360 000' Mercantile Trust & Deposit Co., trustee, special sinking fund,
Maryland Electric Rys., 8136,832; miscellaneous, $116,565.
, -Deferred liabilities” include; Accident reserve, $87,700; car trust Series A,
5175 000* car trust Series B, $510,000; car trust Series C, 8273,000; Maryland Elec­
tric itv bonds, obligations under agreement to purchase the leased property for
an amount equal to principal of bonds at maturity $4 000,000; sinking fund for
retirement of Maryland Electric Rys. bonds, S15,000.— V. 90, p. 1045.

Philadelphia Company of Pittsburgh.

(Report for Fiscal Year ending March

3 1 1 9 1 0 .)

T h e r e p o r t o f P r e s id e n t R e e d , th e c o m p a n y ’s in c o m e
a c c o u n t , b a la n c e s h e e t a n d s t o c k h o l d i n g s , a n d t h e c o m ­
b in e d in c o m e a c c o u n t o f th e P h ila d e lp h ia C o . a n d th e
a f f i l i a t e d o p e r a t i n g c o m p a n i e s , w ill b e f o u n d a t l e n g t h o n
su b seq u en t pages.

IN C O M E AC C O U N T.
Receipts—
. 1® °h 1,°l! ,
From gas.............................. ^6 ’?2 g ’To2
From o il________________
o78, lo o
Dlvs. and In t-recelv ed . 1,644,406
Rents
_______
159,603
Interest, discounts, & c.
547,995

1908-09.
$4,854,052
54,712
1,580,418
148,596
382,981

1907-08.
$5,814,755
62,457
1,560,762
107,787
332,513

1906-07.
$5,183,348
75,886
1,468,997
103,747
271,029

Total receipts_________ $8,962,937
Operations, taxes, & c._ 2,460,152

$7,020,759
1,988,329

$7,878,274
2,270,072

$7,103,007
1,936,769

Net earnings__________ $6,502,785
Deduct—
Paid leased com p a n ies..
$10,180
Interest on funded d e b t.
1,049,660
Im prov’ts, extens., & c. 1,042,797
Notes retired during year ---------- Miscellaneous lnt., A c . .
268,80o

$5,032,430

$5,608,202

$5,166,238

$10,392
1,048,709
442,829
300,000
202,850

$10,517
1,046.344
1,331,366
375,000
84,365

$10,267
1,045,690
1,184,43
250,000
117,678

T o t a l ............................. $2,371,442
Surplus for year_________ $4,131,343
A d d previous surplus___ 3,336,696
A d d. prem. on bonds, &c --------------

$2,004,780
$3,027,650
2,708,012
11,043

$2,847,592
$2,760,610
2,351,823

$2,608,067
$2,558,171
2,086,162
1,913

Total ................................$7,468,040
Deduct disc., com m , and
$441,467
taxes on securities sold
80,000
Consol. Gas Co. guaranty
Miscellaneous . . . . . . . .
" 300,566
D lv. on pref. stock (5 % )
Dlv. on com . stock (6% ) 2,035,794

$5,746,705

$5,112,433

$4,646,246

$35,615
80,000

$16,694
93,333

$65,500

300,000
1,994,394

300,000
1,994,394

2,787
300,000
1,926,136

T o t a l ............................. $2,857,261
T ot surp. at close of year $4,610,779
— V . 90, p. 1102, 303.toaitJ(____ ___

$2,410,009
$3,336,696

$2,404,421
$2,708,012

52,294,423
$2,351 823




LX X X X

United Railways Investment Co.

(Report for Fiscal Year ending Dec.

31

1 9 0 9 .)

T h e f u ll r e p o r t w ill b e f o u n d o n s u b s e q u e n t p a g e s .
w e g iv e th e u su a l c o m p a r a t iv e ta b le s :

B e lo w

S T A T E M E N T OF IN C O M E , & c., FOR C A L E N D A R Y E A R .
1906.
1907.
1909.
1908.
D lvs. on stocks o w n e d .. $1,802,672 $1,452,672 $1,457,772 $1,295,398
103,092
38,825
106,118
Interest on loans, A c ___
28,013
T otal Income......... ...... $1,830,685
Deductions—
Directors’ fees, taxes,
$64,421
salaries, A c__________
Interest on b o n d s _____
907,500
Interest on 6% notes. .
195,000
Int. on dlv. certificates
80,257
56,157
ln t. on loans A bills pay.
15,000
Disc, on secur. sold, A c .

$1,558,790

$1,560,864

$1,334,223

$50,586
907,500
126,945
80,257
112,662
15,795

$67,639
876,167

$28,897
525,000

80,257
126,508
7,659

37,877
19,233

$611,007
T o t a l ......... ................. $1,318,335 $1,293,745 $1,158,230
$723,215
$402,634
$265,045
$512,350
Net Income for yea r____
Add net
The surplus at the beginning of year 1909 was $1,089,961
Incomelas above for 1909, $512,350; proilt and loss surplus, $1,602,311.
GENERAL BALANCE SHEET DECEMBER 31.
1909.
1908.
1909.
1908.
Liabilities—
Assets—
S
Investments___ xOl, 195,982 59,073,930 Preferred s to c k ... 16 000,000 15,000,000
Cash.... .................
51,850
108,379 Common stock— 20 400.000 19.400.000
362,500 Coll, trust sink. fd.
Notes receivable..
312,500
5% gold bonds. 18 150.000 18.150.000
U. lilts, of San Fr.
280,328 6% notes of 1908. 3 100.000 3,500,000
car trust account .
712,500
712,500
7,939 Pf.stk.div.ctfs.,G%
Interest accrued..
750,000
750,000
do
do
5%
Two mos.’ propor.
858,695 1,186,758
Loans A blits pay.
of dlv, of 1M%
U. RIls. of San Fr.
on capital stock
96,603
96,274
current account.
of Phlla. Co.,
8,813
8,113
Coupons duo........
payable Feb. 1.
242,000
1/41,788
1/189
19,277
San Fr. Ry.AP.Co.
Int.on6% notes..
451
lnt. accr. on bonds,
Miscellaneous___
269,711
2,383
1,683
260,631
notes, Ac..........
Furn. A fixtures..
50,000
114,375
129,375 Disc, notes recelv. .
Disc, on 6% notes.
4,010
50.000 Miscellaneous___
Notes rec.—disc.. .
Profit and loss___ 1 ,602,311 1,089,961
Total..................61,942,724 60,256,134

T o t a l................61,942,724 60,250.134

x The Investments In 1909 Include: United Hits, of San Francisco, 50,000 shares
of first preferred, $100 par value each; 200,000 shares preferred stock, $100 par
value each; 88,014 shares common, $100 par value each; Philadelphia Co., 484,000
shares common stock, $50 par value each; Railroads A Power Development Co.,
capital stock, 55,000 shares, $100 par value each; $60,933,072 other securities,
$262,910.
y Due, but payment not requested.
Note.—The company has a contingent liability of $48,544 on account of Its
guaranty of a note of the San Francisco Ry. A Power Co.— V. 90, p 1240, 1103.

American Beet Sugar Co., New York.
(R e p o rt f o r F is c a l Y e a r en d in g M a r c h 31 1910.)

BALANCE SHEET DECEMBER 31.

Total.................. 76,815,644 75,858,717

[VOL.

Pres. H . Rieman Duval, New York, April 28 1910, wrote:
General Results.— The average price for sugar sold was a little less than
last year, the advance not com ing until after the bulk of the product had
been sold. There was an Increase In the output of 291,962 bags of sugar,
as follows: California factories, Increase, 230,882 bags; Colorado, Increase,
88,605 bags; Grand Island, decrease, 27,525 bags.
Great damage was done In Colorado and In Nebraska to the beet crops
b y summer and autumn Hoods and early severe winter. The expected crop
In Colorado was reduced to such an extent that the Lamar and Las Animas
factories, having sliced respectively' 25,335 tons and 20,221 tons, were shut
down early In the season, and the remaining crop was worked at R ock y F ord,
which had thus but 13,557 tons more than last year, with a total of 47,500
tons less than the average of the years 1904 to 1907 Inclusive. The eUect
of the storms and early cold was even more disastrous In the Grand Island
district, the factory there having the lightest tonnage In Its operating history.
Financial.— Outstanding 6% certificates of Indebtedness, $3,000,000,
due March 1 1910, were retired on June 1 1909, amounting, with Interest,
to $3,044,970 (V. 88, p. 1063, 1130). Of this sum there was contributed,
through the sale on April 7 1909 of the 910 shares of treasury pref. stock,
at 87 Yi net (V . 88, p. 1004), $796,250; and there was contributed from other
cash resources $2,248,720. As the proceeds of the certificates were pre­
viously Invested In factories, lands, equipment, A c., the property account
was reduced to an amount equal to the outstanding capital stock. The
elTect of this paym ent was also to reduce the working capital account i
$832,151, as shown on the balance sheet.
The com pany on March 1 1910 was borrowing $1,200,000 on Its notes
thus demonstrating that the com pany, since paying the certificates of In­
debtedness, Is without sufficient available cash working capital, and must
look to future earnings for an accumulation of cash, In order to avoid the
necessity for borrowing m oney for working purposes and providing for
future betterments <Scc«
Property Account.— On April 1 1909 the property account on the books
stood at $21,955,121; during the year additions and betterments were made
at a cost of $470,291; total, $22,425,412; amount of capital liabilities, $20,­
000,000; amount charged oil, as explained above, $2,425 412.
The additions and Improvements, aggregated $470,291, Including: Fac­
tory buildings and equipment, $170,786; purchase 1,560 acres land, Lamar,
C ol., $124,515; land improvem ents, $51,241; canal Improvements, $44,161;
live stock and farm equipment, $32,614, beet dumps and miscellaneous,
$46,975. The purchase of 1,500 acres of land was made by advice of
counsel to allay contention for water rights In the Lamar Canal.]
It must be borne in mind that the factories, except Las Animas, which is
m odern, have had to undergo numerous Improvements.
Betterments to be made wltldn the next two years, at an estimated cost
of $200,000, have recently been authorized. These Include an Irrigation
system at Chino, whereby the factory waste water will be used to irrigate
and fertilize the com pany’s lands, and also the partial Installation at that
point of a pulp-drying machine. The growing demand for dried pulp Indi­
cates that what heretofore has been regarded as of little or no value m ay bo
converted into a valuable product, and It is probable that wltldn the next
few years It will be found profitable to equip all of your factories with pulp
driers. For maintenance, which Is annually charged to factory operation,
there was spent during the year $357,961, com pared with $296,238 last year.
Outlook.— In California the prospects of a bountiful beet crop exceed
that of last year, the acreage contracted having Increased 3,288 acres.
At the latest report all agricultural Indications promise an early harvest
with a rich yield In tonnage and sugar.
In Colorado the drought of 1908 and the storms and cold of 1909 so dis­
couraged beet growers that less acreage will be planted this spring than last,
although an Increased scale of prices Is being olfercd: and It Is proposed to
operate only the R ock y Ford factory. Of the com pany's lands there will
be under cultivation In Colorado 10,340 acres, of which 175 acres are In the
experimental farms; 6,773 acres are tenanted and 3,392 acres are farmed
b y the com pany. Of the acreage farmed b y tenants, 1,359 acres are in
beets, and of those farmed b y the com pany 519 acres arc In beets.
In California the com pany has planted at Cldno 2,472 acres In beets,
and Its tenants have planted 1,017 acres. The remainder Is In alfalfa and
other hay and fallow. At Oxnard there are planted 550 acres of beets,
and the remainder has been planted In beans and barley, or lies fallow.
Factories— Capacity in Tons Beets per D ay— Normal Run 100 Days.
Built. Capacity.
* (Leased.)
Biitlt. Capacity.
2,000 Lamar, C olo. . - . - . . 1 9 0 5
400
Oxnard, Cal...................1898
Chino, Cal___________ 1891
700 Las Animas, C o lo .," ..1007
800
R o ck y Ford, C olo_____1900
1,000 Grand Island, N e b ..-1 8 0 0
300
Lands: Oxnard, 1,691 acres; Chino, 4,518 acres; R ock y Ford, 5,820 acres;
Lamar, 12,551 acres; Including 5,550 acres owned b y the Las Animas Sugar
C o., whose entire capital stock Is owned by the American Beet Sugar Co.
Irrigating Canals: Lamar, capacity, 18,671 acres; R o ck y Ford, capacity,
5,040 acres; Catlin Canal, capacity, 810 acres; Santa Clara, Cal., undevel’d

INCOME ACCOUNT.
1909-10. 1908-09.
1909-10. 1908-09.
S
8
$
$
80,000
80,000
Receipts from oper. .6,983,772 7,135,327 Rental I,as Animas .
6,905
15,211
25,872
21,528 Land & farm oper. Other income..........
45,718
Chges. carried over.
311
Total gross.............7,009,644 7,156,855 Experimental plant.
Pref. dlvs. (6 % ).-- 300,000 245,400
Oper. exp., lncl. <Jeprec’n, repairs, &c.5,363,281 5,480,649
53,385
60,824 Total deductions-----5,912,391 6,109,113
Taxes ...............
Int. on cert, of lndeb. 29,970
180,000 Net surplus............. 1,097,253 1 047,742
Other interest..........
70,233
9,617
BALANCE SHEET MARCH 31. '
1910.
1909.
1910,
1909.
Liabilities—
S
•? , „„
Assets—
S
$
Common stock___ 15,000,000 15,000,000
Factories, lands,
equipment, &c_20 ,000,000 21,955,121 Preferred stock___ 5,000,000 5,000,000
232,536
189,482 Cert, of Indebt....................... - 3,000,000
Stock of other cos.
218,374
217,502
...........
910,000 Accounts payable.
Pref. stock In treas
Cash ....................
379,471
852,634 Bits payable . ----- 1,260,000 -----------Accts. and bills rcc 379,907
442,880 Unexpended pro­
122,287
128,546
ceeds L. A. bds.
Material, supplies,
&c. (cost)____ 1 ,369,371 1,216,281 Working capital re­
832,151 2.273,468
serve____ - ____
Expenses advanced
71,527
53,118
acct, campaign.
Total ________22,432,812 25.619,516
— V. 90, p. 1298.

T o ta l........ ....... 22,432,S12 25,619,516

1909.
Net earns, after rep a irs..$4,155,012
Deprec, & reserve fun ds.
810,247
A dm in. & legal expenses.
198,404
Int. U . S. Mining debs___
10,000

1908.
$3,535,556
311,631
175,978
30,000

1907.
$2,386,541
120,009
166,318
30,000

1906.
$3,927,507
244,744
148,242
30,000

Profit for year_________ $3,136,360
Dlvs. on m inority stock
o f subsidiary co s ______
$5,910
Preferred dividends (7 % ) 1,700,963
Comm on dividends____(4% )701,961

$3,017,947

$2,070,214

$3,504,522

$8,052
$1,948
1,700,801
1,672,348
(4)701,931(6 J4) 1096232

$5,368
1,508,581

B a la n c e .......................sur.$727,526 sur.$607,163 def.$700,314sur$1990.573
U. S. SMELTING, REFINING & MINING CO. AND SUBSIDIARY COS.—
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1909.
1908.
1
1909.
1908.
Assets—
$
S
Liabilities—
$
$
Cost of properties.40,512,074 39,872,945 ICommon sto ck ... 17,549,350 17,549,125
Preferred stock.-.24,300,012 24,299,175
Shares held for ex­
Stock of sub. cos.
change of stocks
6,413 i not owned (par) 1,055,574 1,056,224
of other cos ___
6,413
Def.chges.to oper.
139,106
50,546 i U. S. Mining debs.
500,000
781,863
--------666,321 j (paid off May’09)
Ores and m atte...
Supplies, fuel and
ICurrent accts. and
tim ber..............
981,330; accrued pay-roll 1,160,203 1,092,802
981,510
Metals in transit
|Bills payable------- 3,428,782 2,267,176
600,717
and In process.. 6,279,823 5,315,434 I Dlvs. Jan. 15___
600,793
973,451
628,489 I Depreciation funds 1,599,390
Notes receivable-.
865,361
495,624
970,7961Miscellaneous___ a667,473
Accts. receivable..
703,419
987,704
Cash........ ............. 1,807,238 1,329,724 |Profit & loss, surp. 1,715,230
Total__________52,076,807 49,821,998!

United

States

Smelting,

1361

THE CHRONICLE

May 211910.1

Refining

&

Mining

Company.

(.R ep o rt f o r F is c a l Y e a r en d in g D e c . 31 1909.)

President W . G. Sharp, April 25 1910, wrote insubstance:
Tonnage.— The tonnage of ore produced from Centennial-Eureka, Mam­
m oth and the United States mines at Illngham and In M exico, was 869,771
tons [contrasting with 608,512 tons the preceding year.— E d.], of which
the values of the metal contents were in the proportion of 42% copper,
5% lead, 35% silver and 18% gold.
Capital Expenditure 1909.— The charges to capital account tor construc­
tion and other additions In 1909 aggregated $639,193, as follows: mine
properties, $442,233; smelter buildings and plant at Midvale and Mam­
m oth, $55,358; real estate and plant at Chrome and Grassell, $81,762;
miscellaneous, $11,840; additional Investments in stocks of subsidiary
companies and in bonds of allied companies, $47,936.
Stockholders.— The total number of preferred stockholders Is 7,047 and
of com m on stockholders 2,064 at this date.
Bonds.— The $500,000 6% debentures of United States Mining Co. were
paid at m aturity May 1 1909.
Additions.— At the Midvale smelter in Utah the bag-house for filtering
the smelter fum es was com pleted during the year and the cost charged to
capital account. At the Chrome refinery. New Jersey, valuable real estate
adjoining the refinery lands was purchased to provide additional facilities.
Adequate provision has been made out of earnings for the exploration
of new properties and your field corps have been and still are busily engaged
In this work. W e have acquired during this time a smelter at Needles, Gal.,
and some promising mining territory near Kingman, Ariz., tributary to
this plant, as well as some other properties, at present of minor importance.
Depreciation, * c . — The deduction of $810,248 for depreciation, im prove­
m ent and reserve Is In addition to all current repairs and replacements,
which were charged directly to operating expenses, and represents an
arbitrary depreciation, and also payments for additions to the several
properties which It seemed more prudent not to capitalize; tills sum
compares with $311,631 for the preceding year.

The report of Vice-President Frederick Lyon April 25 1910
says in brief:

Total__________ 52,076,807 49,821,998

a Miscellaneous liabilities in 1909 Include drafts In transit, $127,806; reserve for
freight, &c., 8463,608, and undivided surplus applicable to stocks of subsidiary
companies not held by U. S. Smelting, Refining & Mining Co., $76,059.— V. 88,
p. 1435.

GENERAL INVESTMENT NEWS,
R A IL R O A D S, IN C LU D IN G ELECTRIC ROADS.
Alabama & Vicksburg Railway.— N ew S to c k . — The share­
holders will vote June 10 on increasing the authorized capital
stock.— V . 89, p. 1594.
Baltimore & Ohio R R .— B on d s C a lled . — Fifty-four($54,000)
1st mortgage 5 % coal bonds of the Monongahela River R R .
have been drawn for redemption on June 1 1910 at par and
interest at the Maryland Trust Co., Baltimore, Md.— V . 90,
p. 1295, 1238.
Buffalo & Susquehanna R R .— P r e fe r r e d S h a reh old ers’ C om ­
m ittee .— The following committee has been organized to pro­
tect the interests of the preferred stock, and by advertise­
ment on another page requests the preferred shareholders to
deposit their stock with the Central Trust Co., No. 54 Wall
Street, New York, in exchange for transferable certificates:
J. N. W allace, Chairman; Frank Bergen, W alter P. Bliss, Henry Evans
and Joseph S. Frcllnghuysen, with David Rum sey as Counsel and Hugh
Rankin, Secretary, 46 Cedar S t., New York City. Compare V . 90, p. 1238.

Burlington County R y ., M t. Holly, N . J .— F o r eclo s u re S a le .
—-The foreclosure sale will take place at the Court-house, M t.
Holly, on June 16.— V . 90, p. 236.
Camden & Trenton R y .— S u c c e s s o r . — See Camden &
Trenton Traction Co. below.— V . 90, p. 1238, 913.
Camden & Trenton Traction Co.— R eorg a n ized C o . — The
company has been incorporated in New Jersey with $675,000
authorized capital stock in $50 shares, as successor to the
Camden & Trenton R y. (V . 90, p. 770, 913, 1238), sold in
foreclosure on March 18.

1. United States M ining Co. and Its Sub-Companies.
There Is a sufficient tonnage In sight In the Bingham Utah mines to
insure regular shipments on the present scale for a number of years. W hat
little exploration was done easily added as much ore as was extracted. Ore
mined and shipped to the Midvale smelter amounted to 79,676 tons. By
the Hull electrostatic process the zinc contents are separated and made to
yield a revenue; previously they were not only a total loss, but It added
to the cost of smelting.
.
, .
...
At the Centennial-Eureka mine vigorous prospecting was carried on w ith
the usual satisfactory results. The shaft was sunk to a depth of 2,200 feet.
A tunnel 2,160 feet long was run from a point on the railway tracks to the
shaft, just below the 500-foot level, to carry oil the water raised b y the
pumps and used In haulage. The shipments of ore during the year amount­
The Incorporators were: Freyslnger Evans (President), Eugene A . Mar­
ed to 109,430 tons.
tin and Charles R . Rens.
At the Midvale smelter, Utah, of the U. S. Smelting C o., 373,090 tons of
Canadian Pacific R y .— N ew C o u p o n S h eets.— -New sheets of
charge were treated during the year. (Midvale Is the town form erly known
as West Jordan.) The lead smelter operated practically to Its full capacity interest coupons for the £200,000 St. Lawrence & Ottawa
m ost of the tim e, a remarkable record In view of the small tonnage of ore
Ry. bonds are ready for delivery, and the English bondhold­
offered for sale on account of the low price of metals.
Not only have all damaging effects of the gases been eliminated b y the ers are requested to send their bonds to the Deputy Secretary
bag-houses at the lead smelters, but the products recovered In the baghouse have gone a long way towards defraying the cost of operating the Can. Pac. Ry. Co., 62-65 Charing Cross, S. W ., to have the
bag-house. The Court has granted us permission to operate the copper coupons attached.
smelter with the same device, and plans for the Installation are now being
The St. Lawrence & Ottawa bonds were endorsed In 1884 with the Cana­
drawn. At the concentrator 8 tables, 3 sllmcrs and a rc-grlndlng plant
were added and the zinc plant containing 15 Huff electrostatic machines dian Pacific’s acceptance of a 999-years' lease at a rental sufficient to pay
4 % Interest on bonds, and the bondholders’ agreement to accept Interest
was Installed.
The extraction of ore at the mine of the Mammoth Copper Mining Co. at lit 4 % (Instead of 6 % ) and to refrain from demanding principal (due 1910)
Kennett, Cal., amounted to 401,244 tons. The smelter treated 575,606 during lease.— V. 90, p. 1295, 1169.
tons of charge. Considerable developm ent work was done, practically
P u r c h a s e by F r ie n d ly In terests. — See Dominion & Atlantic
maintaining the ore reserve In spite of the heavy extraction. A bag-house
R y. below.— V . 90, p. 1295, 1169.
will be In operation before long.
At the Quartz Hill Mine the shaft was sunk 200 feet and cross-cutting
Carolina Power & Light Co., Raleigh, N . C .— B o n d s O f­
started. At the Buchanan Mine no work was done during the year: the
ore reserve is small but of high grade. The bullion treated by the Grassell fe r e d — S ta tu s. — Stein Bros., Baltimore, Md., are offering at
Refinery showed a material Increase and much more satisfactory results
were obtained. This applies also to the copper refinery at Chrome, though 9 2 and int., yielding 5 ) ^ % , a block of the 1st M. 5 % gold
the supply of blister copper was not sufficient to run It at full capacity.
bonds, dated 1908 and due Aug. 1 1938, but redeemable as a
2. The Needles Minina & Smelting Co.
Tills Is a new acquisition, bought from the Arizona-M exlcan Mining & whole Aug. 1 1913 or on any int. day thereafter at 105 and
Smelting Co. It Included a small smelting plant at Needles, Cal., and int.
Interest F. & A . in N . Y .
Par $1,000 and $500 (c*).
seveial8m all mines near K ngman, Ariz. W e added by purchase and by Standard Trust Co. of N . Y ., trustee.
Sinking fund, 1 % of
bonding a lnrge though little developed mining terr tory, which we are
now equlpp.ng and exploring. W e are also making Improvements at the total bonds outstanding each year from Aug. 1 1913 to Aug. 1
plant and expect to begin smelting In the near future. We are also building 1923 and \ X
A % each year thereafter.
a 200-ton concentrator. Tributary Is a large territory In California, Nevada
and Arizona which promises well from the mining point of view, but lacking Abstract o f Letter from Pres. Chas. E. Johnson. Raleigh, N. C., Apr. 5 1910.
The com pany controls the entire electric lighting and power business In
proper milling and smelting facilities. These we propose to provide, and
we are confident that we shall be able to build up a large Industry In smelting Raleigh, Sanford and Jonesboro, furnishes electric power for the operation
custom ores, augmented by ores from our own mines. Complete results, of cotton mills In Fayetteville, Sanford and Raleigh, and owns and operates
the street railway system In Raleigh. [Incorpor. In N. C. In 1908 as a con ­
however, cannot be expected for at least tw o years.
solidation. Owned by Electric Bond & Share Co. o f N . Y . See page 100
3. Hichmond-Eureka M ining Co.
Our efforts were practically confined to the extraction of the old fillings, of "E lectric R y . Section.” — Ed.]
Capitalization.
of which 51,419 tons were shipped to the United States Smelting Co. It Is
Pref. stock, 6% cumulative, authorized. $1,250,000 (par of
intended to begin the exploration of the lower levels during the present year.
4. The Ileal D el M onte and Pachuca M ines in M exico.
shares $100); issued__________________________________________ $200,000
The extraction of ore amounted to 213,630 tons of milling ore and 1,579 Common stock, authorized, $2,500,000 (par of shares $100); Issued 1,000,000
1st m tge. gold 5s, authorized, $5,000,000; Issued--------------------720,000
tons of shipping ore. Exploration was handicapped b y Insufficient power,
430,000
yet the ore reserve was maintained. The absorption of the power com pany Ten-year 5% convertible coupon gold notes-------------------------------The gold notes arc exchangeable for 1st M. bonds at par at the option of
b y a larger com pany, recently effected, will eliminate the power problem.
the com pany when the annual net earnings are equal to at least twice the
E A R N IN G S A N D O PE R AT IO N S OF A L L C O M P A N IE S FOR Y E A R . annual Interest charge upon bonds outstanding and those to be exchanged.
The gross earnings for the twelve months ending March 31 1910 were
— P . C . in value—
1909.
1908.
1907.
1909. 1908. 1907. 207,776: operating exp. and taxes, $126,409; net earnings, $81,367, being
twice the annual Int. charge on the $720,000 1st M. bonds now out.
Copper lbs
36,672,606 32,803,603 38,518,378 33.81
34.5 1 37 over
The 1st M. bonds are a first Hen on all property, rights and franchises
.......... 41 627,995 27,304,347 53,617,324 12.58
10.0 14 now owned or hereafter acquired; $430,000 bonds are reserved to retire the
Lead, lbs
Silver, oz
9,037,119 8,340,566 6,739,269 35.06 34.5
23
convertible gold notes; $600,000 arc reserved to be Issued In exchange, bond
Gold, o z . : : : : : : : : : :
128,303
128 , 20 s
2 35 ,8 2 2 1 8 .5 5
21.0
26
for bond, whenever the com pany shall acquire 1st M. bonds of any corpora­
tion owning an electric light, electric power, gas or street railway plant,
A v. Price.
1909. 1008.
1907. IA v. Price.
1909.
1008.
1907.
Copper.lb $0.13006 $0.1327 $0.1883 Silver, o z . $0.51969 $0.5297 $0.6520 and shall have pledged with the trustee all of the capital stock o f said cor­
Lead, l b . . 0.04207 0.0423
0.05201Gold, OZ-----------$20.56 poration, but only In case the com bined annual net earnings of the edm-




1362

THE CHRONICLE

pany and all corporations whose entire capital stock Is owned shall have
been not less than twice the annual Int. charge upon the bonds outstanding
and those then applied for, and any outstanding bonds of corporations all
of whose capital stock Is at the time owned. The remaining bonds may be
Issued only to reimburse the com pany for not exceeding 80% of the reasona­
ble value of Improvements and extensions, provided the annual net earnings
are equal to at least twice the Interest charge, Including bonds applied for.
The com pany operates under favorable franchises, some unlimited in
time and all extending beyond Aug. 1 1038.
Tw o generating plants, (1) a modern hydro-electric plant on the Cape
Fear R iver, with an installed capacity of 3,350 li. p.; (2) a modern turbo­
generator steam station of 1,350 h. p ., located in Raleigh. Also operates
under long lease a hydro-electric plant of 550 h. p. capacity on the Neuse
R iver. There are three sub-stations. The com pany owns 70 miles of
high-potential transmission line, of which 20 miles are of steel tower con­
struction. The street railway system In Raleigh consists of 11 miles of
track, recently laid with 00 and 70-Ib. rail. The estimated population of
the territory served is 40,000. [J. G. W hite & Co. estimate the replace­
ment value of the physical property, exclusive of franchise rights and good­
will, to be, as of June 30 1909, $1,165,841. The property, they state, Is In
good physical condition (reconstructed since 1906), ably managed, and
assured, they believe, of satisfactory Increases In earnings. Dividends
paid on pref. stock, July 1909 to Apr. 1910, incl., 1 43% quar., 0% per a n ­
num.] Compare V. 88, p. 1502.— V. 87. p. 418.

Central New England R y. Co.— Application to Issue Bonds.
— The company has applied to the Public Service Commis­
sion First District, for authority to make a mortgage for
$25,000,000 and to issue thereunder immediately $12,419,000
bonds to refund outstanding bonds.
The Commission on Aug. 11 last denied the application to make a new
m ortgage (V . 88, p. 1001; V. 89, p. 102), because the mortgage then pro­
posed, It was held, did not make proper provision for $2,331,376 bonds
owned by others than the New York New Ilaven & Hartford R R ., and also
because It was proposed to Issue bonds to refund unpaid Interest. The
com pany In the present application seeks to overcom e the objections of
the Commission to the form er application.— V . 90, p. 1295, 1238.

Chesapeake & Ohio R y .— Dividend Increased.— The direc­
tors yesterday declared a quarterly dividend of 1 M %> Pay­
able June 30 to holders of record June 10, thus placing the
$62,798,300 stock on a 5 % per annum basis. This contrasts
with annual distributions of 1 % in the last quarter of each
cal. year, 1899 to 1908, incl.,and 4 % per annum (Q-M) from
June 29 1909 to March 31 1910, incl.— V . 90, p. 1170, 913.
Chicago Cincinnati & Louisville R R .— Foreclosure Ordered.
— The Federal Court at Indianapolis on May 14 ordered the
foreclosure sale of the road under the four mortgages, at a
date to be fixed by Noble C. Butler, special master.
The amounts found to be due (Including Interest) are as follows: On
the receivers’ certlllcates, $1,425,315; on the C. C. & I,, general and refund­
ing M., $3,431,000; on the Cln. R ichm ond & Muncle M ., $2,050,120; on
the Chicago & Cincinnati M., $860,394; on the Cln. & Indiana Western M .,
$676,560. There Is also said to be considerable lloattug debt, reported to
aggregate about $1,500,000.— V . 90, p. 1044.

Chicago Consolidated Traction Co.— Reorganization .As­
sured.— It is announced that the bondholders of the Chicago
North Shore Ry have generally accepted the terms of the
reorganization plan (V . 90, p. 166), the committees represent­
ing the other underlying securities having agreed to the
plan.
The Consolidated Traction reorganization committee it
is stated will apply next week for a franchise to the City
Council and probably receive a 20-vear grant on terms of
joint ownership similar to the ordinances of the other traction
companies. The agreement with the Chicago Railways Co.,
providing for the operation of the traction properties in con­
nection with the North and W est Side lines of the Chicago
Railways Co., has, it is reported, been completed with the
exception of some minor details.
The “ Chicago Inter O cean" says that “ the present adjustment does not
Include the West Side lines of the Consolidated C o., the Chicago & Jelferson
Urban, the Cicero & Proviso and the Ogden Street railway, which are
negotiating their own traffic agreements with the Chicago Railways Co.,
and will be operated as separate lines, the financial status of the W est Side
lines being such as to prevent them being taken Into the new com pany on
satisfactory terms.

Decision on Guaranty of Bonds.— Judge Farlin Q. Ball in
the Superior Court on May 18 in the suit brought by the
committee of general mortgage bondholders (V 87. p. 1357)
representing $1,200,000 of the $6,750,000 bonds, held that
the company as successor of the Union Traction Co. is liable
for the latter’s guaranty of principal and interest of the issue.
An appeal to the Supreme Court, it is expected, will be taken.
The Interest on the bonds was defaulted June 1 1908 and the judgm ent to
be entered against the Chicago Railways will amount to about $1,350,000.
The decision Is Important In Its bearing on the question of the general lia­
bility of the com pany for the guaranties of the Union Traction Co. The
Court says;
“ The Chicago Union Traction Co. guaranteed paym ent o f the bonds,
received them, used them and accepted them as valid obligations. H av­
ing accepted the benefits. It must bear the burdens. W hatever Is binding
on the Chicago Union Traction Co. Is binding on the Chicago RallwaysCo.
It was consolidation. W hat was done and not the state or the Intention
o f the parties Interested Is to be considered and will determine the liability
or non-llablllty. The question as to whether or not the statute has been
violated Is In this case Immaterial.” — V . 90, p. 446, 302.

Chicago North Shore Street R y .— Reorganization.— See
Chicago Consolidated Traction Co. a b o v e — V. 90, p. 3 0 2 ,166.
Chicago Railways Co.— Decision on Liability for Guaranty
o f Bonds.— See Chicago Consolidated Traction Co. above.
— V . 9 0 ,'p. 1099, 559.
Chicago Rock Island & Pacific R y .— Equipment Trusts.—
The $6,750,000 4 % % equipment trusts, Series D , recently
sold to Speyer & Co. (V . 90, p. 913), were issued on the
following new equipment, to be delivered, all or nearly all,
during 1910, and to cost $7,720,253, of which $970,253 is
paid in cash and the remainder is represented by Series D:
3,975 freight cars, 50 Pacific type locom otives, 84 consolidated locom o­
tives and tenders, 5 diners, 25 cabooses, 4 McKeen gasoline m otor cars,
20 steel com partm ent coaches, 4 steel postal cars, 0 steel com bination
baggage and passenger cars, 6 steel com bination mall and baggage cars
and 20 steel passenger smokers.— V. 90, p. 1170, 913.

Cincinnati Union Depot & Terminal Co.— N ew C o . — G u a r­
an teed B o n d s .— This company was incorporated in Ohio on
May 11 with $1,000,000 authorized stock, in $100 shares, of
which one-half is common and the other half pref. stock (to
be increased later), to build a union passenger and freight




[ V ol . LXXXX.

depot in the central southern part of the city, with approaches,
for the accommodation of all the steam roads entering the
city and also the traction and interurban lines. The cost,
it is estimated, will be $30,000,000. There will be an issue
of bonds, the interest on which, it is reported, will be guar­
anteed by rental or otherwise by the 9 roads benefited, viz.:
Pennsylvania R R ., Cleveland Cincinnati Chicago & St. I.ouls, Baltim ore
& Ohio, Cincinnati Hamilton & Dayton, Chesapeake & Ohio, Louisville &
Nashville, Norfolk & Western, Southern and Chicago Cincinnati & Loulsv.
The station will be located on the north side of Third St. between W alnut
and Main and the main building will occupy nearly an entire square. This
building will be 10 stories high, but will be surmounted by a tower 20 storks
in height 100 x 100 feet square. An unusual feature will be that all except
the lower floors will be let out for offices In order to a llon l an additional
source of revenue, similar to the Hudson & Manhattan Terminal buildings
in this city.

A hearing on the company’s application for a franchise to
the City Council has been set for May 25. The officers are:
President, Archibald S. W hite, President of the Columbia Gas & F.lectric
C o.; Vice-President and General Manager, John E. Bleelcman; Secretary
Treasurer, F. R . W illiams, Treasurer of the Cincinnati Trust Co. The
other directors are George H. W orthington, Cleveland: General Lewis
Seasongood, I.ouls J. H auck, C. Bentley Matthews and G. H. W orthington.

Dominion Atlantic R y .— Sold.— Sir Thomas Shaughnossy,
President and Chairman of the Canadian Pacific R y ., is
quoted as saying that interests friendly to the Canadian
Pacific have purchased the Dominion Atlantic R y .— V .
90, p. 1238.
Duluth Missabe & Northern R y .— Bonds Called.— General
mortgage 5 % gold bonds dated Jan. 1 1906 to the amount of
$199,000 have been drawn and will be paid at the New York
Trust Co., New York on July 1 1910, at 105 and interest.
— V . 90, p. 236.
Eastern Kentucky R y .— No Extension at Present.— Re­
ferring to the report that the company or parties interested
therein have arranged to build an extension from Webbville, K y ., to timber and coal fields in Kentucky, 69 miles,
an officer writes:
The report of the extension Is at least prematuro. There have been ne­
gotiations extending at intervals over more than 3 years w ith owners o f
certain properties beyond our present terminus, but at this time nothing
tangible has developed, m any newspaper reports to the contrary n ot­
withstanding.

Elizabeth & Trenton R R .— Reorganized Co.— The company
was incorporated at Trenton, N . J., on May 19, with $1,200,­
000 authorized capital stock, to take over the-Trenton &
New Brunswick R R . and New Jersey Short Line R R ., which
were sold in foreclosure on May 4.
Of the stock, $900,000 is common and $300,000 5 % cumu­
lative preferred. The incorporators are:
Irvin Shupp Jr. and Claude L. Rllil of Philadelphia; Charles Slnnlckson
of R osem ont, Pa.; II. H ays Alkens, John W . Kelly and A .E .G arw ood of
Llanerch, I’ a.; Chester A . Kntrckln of Ardm ore, P a.; John R . Turner of
Basking R idge, N. J ., and II. O. Couglilan of Brooklyn.

Elizabethtown Terminal R R ., New York.— Mortgage.—
The company has made a mortgage to the Glens Falls Trust
Co. of Glens Falls, N. Y . , as trustee, to secure an authorized
issue of $150,000 30-year 1st AI. 6 % bonds, maturing April 1
1940, but callable at 105 and int. on and after April 1915.
The com pany was incorporated In Sept. 1909 In New York State, with a
capital stock of $80,000, for the purpose of building a standard-gauge
steam railroad, beginning at W estport, on the D. & H . R y ., and extending
west 8 miles to the cou nty seat of Essex County, Elizabethtown, 'rids
road is now under construction. V. R . Coon Is General Manager. Main
office, Elizabethtown, N. Y .— V. 90, p. 1044, 236.

Erie R R .— Agreement Practically Assured.— Subject to the
settlement of some matters of detail, the representatives of
the Brotherhood of Railroad Trainmen and the Order of
Railroad Conductors, it was announced yesterday afternoon,
have informally accepted the company's terms, as follows:
An Increase from 9 to 10‘% to become effective June 1; the standard
Baltimore & Ohio rate of pay, as now in force on the New York Central
and Baltimore & Ohio railroads, to become effective In the freight and
yard service July 1 1911 and the standard Baltimore & Ohio rate In the
passenger service on June 1 1911.— V. 90, p. 303.

Evansville Railways.— Purchases.— Sec Owensboro City
R R . below.— Y . 89, p. 410.
Florida East Coast R y .— Nets Vice-President.— W . II.
Beardsley, Treasurer, has been elected a Vice-President.
Mr. Beardsley retains his present position as Treasurer, with
office in New York.— V . 88, p. 1620.
Florida Railway.— Bonds Offered in Paris.— Subscriptions
were received until May 19 at the Banque I. R . P. des Pays
Autrichiens, Paris (at which institution the coupons will be
payable) at 472 francs each (par $100, or 518 francs) for
$4,000,000 first mortgage 5 % bonds (due July 1 1959)
carrying semi-annual coupon of 2]/^% due July 1.
An
authoritative statement says in substance:
The com pany, with $4,000,000 of capital stock. Is authorized to build
224 miles (358 kilometres) of railway extending from Tallahassee to the
ports of Fernandlna and Jacksonville on the Atlantic Ocean. The first
section of 59 miles (93 kilometres) from Live Oak to Perry (Including 7
miles of branches.— Ed.) Is In operation and already shows a profit after
the paym ent of all Interest upon the cost of construction. The proceeds
of the $4,000,000 bonds Is to be used In building the extensions to the
terminal points mentioned. The mortgage Is mado to the Carnegie Trust
C o., as trustee. There has been deposited with a financial Institution
[not, we are Informed, the Carnegie Trust Co.— Ed.] a sum equal to two
years’ [not three years’] Interest on the bonds, to provide for the paym ent
of coupons during the period of construction of the extensions. 'I he com ­
pany will meet all French and American Impost taxes, present or future.
See also V . 90, p. 447.

Georgia RR. & Banking Co.— Dividend Likely to be I n ­
creased.— At the annual meeting held at Augusta on May 11
a resolution was adopted requesting the directors, as soon as
is practicable, to increase the annual dividend on the $4,200,­
000 stock from 11 to 1 2 % . The “ Augusta Chronicle” of
May 12 says: “ Announcement, following the meeting of
directors, is that the outlook at this time is that the divi­
dend will be increased early in 1911.”
The com pany's road Is operated under lease b y the Louisville & Nash­
ville and the Atlantic Coast Line R R . Cos., the rental being $600,000 per

May 21 1910.

THE CHRONICLE

annum, which until Jan. 1 1910 was just equal to 11% on the .$4,200,000
stock and Interest on the outstanding bonds. On Jan. 1 $1,000,000 6%
bonds matured and were refunded at 4 % , reducing the Interest charge by
$20,000, being about half the am ount required to pay an additional 1%
In dividends.
Dividend Record 73
Years, in all 188 Payments, Aooregaling 592 %
A%,
or $23,542,637.
N ov. 15 1836 to N ov. 14 1866, 45 dividends at various rates-------$6,211,597
N ov. 14 1866 to April 15 1888, 54 dividends at various rates------ 7,051,540
April 15 1888 to April 15 1910, 89 dividends at $2 75 each---------10,279,500
— V. 90, p. 559.

Gulf Coast & Provident City R y .— B o n d s A u th o r iz e d .—
The Texas Railroad Commissioners on April 9 authorized the
issue of $721,000 bonds and $50,000 stock to construct the
proposed road from Pierce, T ex ., north to Provident City,
30.25 miles.
The com pany was Incorporated In Texas In Jan. 1910 with $50,000
authorized stock. Contracts were awarded In April 1910 to build from
Pierce, T ex ., to Provident City and H allettsville, 60 miles, for which It is
reported surveys and right of w ay have been obtained. President, Emu
R clnbold, Kansas C ity, Mo.; V lcc-Pres., Carey Shaw, Houston, T ex.

Henderson (K y .) Traction Co.— C h an ge in C o n tr o l. — See
Owensboro City R R . below.— V . 84, p. 1428.
Hocking Valley R y .— R ec e iv e r s h ip .— A p p o in tm e n t S u s­
p e n d ed . — Judge Kinkead in the Common Pleas Court of
Franklin Co., Ohio, on May 10, in the suit of the minority
stockholders, recently begun, appointed J. M. Sheets, former
Attorney-General, and Henry J. Booth, a Columbus attorney,
receivers of the company. The Court also continued the
temporary restraining order against the proposed retirement
of the $15,000,000 preferred stock. The Court in a long
opinion says:
"T h e ownership of the C. & O. In the Hocking Valley, together with the
arrangement made by the C. & O. and the Lake Shore Hallway for the
join t operation and control of the K . & M. and the division o f the owner­
ship of the property previously owned by the H ocking Valley under the
trunk line system, tends to show that the natural result and tendency Is
towards the com bination as previously existed In the Trunk Line syndicate,
which was condemned by the courts of this State.”
The Chesapeake & Ohio Issued an official statement regarding Its recent
purchase of control of the Hocking Valley, and the retirement of the latter’s
preferred stock, which was published at length In the “ New Y ork Sun”
and “ Tribune” of May 17.

Judge Dustin, in the Circuit Court at Springfield, Ohio, on
May 17, suspended the order of Judge Kinkead appointing
the receivers, but refused to dissolve the temporary injunc­
tion against the proposed retirement of the preferred stock.
The company on May 17 filed a supersedeas bond and the en­
tire matter will be reviewed by the higher State Court.
An action was also begun by the company in the Federal
Court before Judge Safer on May 17 to set aside the receiver­
ship ordered by the lower State court, but it is stated the
same will probably not be pressed, and the litigation be
allowed to remain in the State Circuit Court until reviewed
on error by that Court. Meantime, the receivers are tem­
porarily removed from custody. Compare V . 90, p. 1296,
1239.
Houston & Texas Central R R .— B o n d s A u th o r ize d . —
The Texas Railroad Commissioners on May 10 authorized
the company to register $2,383,000 1st M. 30-year 6 % bonds
on the cut-off from Mexia to Nelleva, 94 miles, and also
$484,393 additional as required for the completion and
improvement of the road.— V . 90, p. 914, 54.
Kansas City Railway & Light Co.— R e fu n d in g B o n d s O f­
f e r e d . — J. P. Morgan & Co., New York, and Lee, Higginson
& Co., N . Y ., Boston and Chicago, are offering at 98 and
int. $5,843,000 Metropolitan St. R y. consol, mtge. 5 % gold
bonds, dated 1895 and due May 1 1913, issued to refund
consols due May 1 1910. Total outstanding (now offered),
$5,843,000; reserved solely to retire underlying divisional
issues, $1,057,000; total issue limited to $7,500,000.

1363

The Attorney-General holds that the power to cancel stock Is a judicial
and not a legislative or administrative function; that the power has not
been granted to the Commission by the constitution or attem pted to be
conferred by the Legislature, and Is not an Incident to the discharge of
Its general duties, and It therefore has no authority to cancel stock pre­
viou sly Issued. He also says that even In the exercise of the power to llx
rates the authority to cancel stock Is not Incidentally necessary, since It
has becom e a well-established proposition "th at the basis of all calculatloas
as to the reasonableness of rates to be charged by a corporation maintaining
a highway under legislative sanction must be the fair value of the property
being used b y It for the convenience of the pu b lic.”
(Smyth against Am es,
169 U. S. 464).— V . 88, p. 506.
L o n d o n & L a k e E r ie (E le c tr ic ) R a i lw a y & T r a n s p o r t a t io n
C o . — B o n d s . — T h e c o m p a n y is p r e p a r i n g t o is s u e $ 7 0 0 , 0 0 0
1 s t M . 5 % g o l d b o n d s , t o b e u s e d in c o n n e c t i o n w i t h t h e p u r ­
c h a se o f th e p r o p e r ty o f th e fo r m e r L o n d o n & S o u th w e s te r n
T r a c t i o n C o . , u n d e r w h ic h n a m e t h e r o a d w a s b u i l t .
The
li n e r u n s b e t w e e n L o n d o n a n d P o r t S t a n l e y , 2 8 m i l e s .

The bonds will be dated June 1 1910 and mature In 1950, w ithout option
of earlier redem ption. Int. J. & D. at Trust & Guarantee C o., L td ., the
trustee, T oron to. Par $500. N o prior liens remain out. Stock $2,000,­
000, all Issued. Pres., Nurry A. Verner; Sec.-T reas., F. H . P urdom .
Main office, London, Canada.— V. 90, p. 1171.
L o n g I s l a n d R R . — C om m u ters to P a y f o r U se o f T u n n e l .—
T h e c o m p a n y , it is a n n o u n c e d , w ill i m p o s e a c h a r g e o f $ 2
p e r m o n t h o n c o m m u t e r s w h o u se th e tu n n e ls b e tw e e n L o n g
I s l a n d C i t y a n d t h e P e n n s y l v a n i a R R . t e r m i n a l in M a n ­
h a t t a n , in a d d i t i o n t o t h e p r e s e n t r a t e s b e t w e e n L o n g I s l a n d
C ity a n d o th e r p o in ts o n L o n g Is la n d .

Commuters who now use the ferry for Long Island City to M anhattan
pay $1 05 per m onth In addition to their railroad tickets, so that those w ho
use the tunnel when opened will pay 95 cents more m onthly than at present.
President Ralph Peters says the Increase is due to the extra expense caused
by the building of the tunnels under the East R iver and of the lease of
trackage of the Pennsylvania H R .— V. 90, p. 1040, 698.
L o s A n g e l e s P a c i f i c C o . — P u rch a se o f M i n o r i t y In terest b y
S ou th ern P a c i f i c . — A p r e s s d e s p a t c h f r o m S a n F r a n c i s c o o n
M a y 9 m a d e t h e f o l l o w i n g a n n o u n c e m e n t , w h ic h
A n g e l e s T i m e s ” s t a t e s is k n o w n t o b e c o r r e c t :

th e

“ Los

It was learned from an official of the Southern Pacific Railroad here
to-d ay that that com pany has purchased from Gen. M. H. Sherman and
E. P. Clark their m inority Interest In the stock of the Los Angeles Pacific
Co. (The So. P ac., It Is reported, now owns all the stock of the latter
corporation.— Ed. "C h ronicle.” ]— V . 90, p. 236.
M a h o n in g

&

Shenango

V a lle y

R y.

&

L ig h t

C o .—

New

S to c k . — T h e s t o c k h o l d e r s v o t e d M a y 1 6 t o in c r e a s e t h e c a p i t a l
s to c k fr o m $ 1 0 ,0 0 0 ,0 0 0 to $ 1 1 ,0 0 0 ,0 0 0 , b y r a is in g th e 5 %
c u m . p r e f. s to c k fr o m $ 4 ,0 0 0 ,0 0 0 to $ 5 ,0 0 0 ,0 0 0 .
T h e d ir e c ­
to r s h a v e a u th o r iz e d th e sa le o f a b lo c k o f th e n e w s t o c k .
— V . 90, p. 849.
M a n i s t e e & N o r t h - E a s t e r n R R . — B o n d s O ffered — S ta tu s . —
D e v i t t , T r e m b l e A C 'o ., C h i c a g o a n d P h i l a . , r e c e n t l y o f f e r e d
o n a b a s i s t o y i e ld 4 ) 4 % $ 4 1 6 , 0 0 0 1 s t M . 5 % s e r ia l g o ld b o n d s
d a te d J a n . 1 1 9 0 9 .
A u th o r iz e d , $ 1 ,5 0 0 ,0 0 0 ; o u ts ta n d in g ,
$ 1 ,3 1 8 ,0 0 0 .
A c ir c u l a r s a y s :

The gross earnings for the year 1909, as com pared with 1908, showed an
Increase of $20,725. The decrease In net earnings Is attributable largely
to the fact that the com pany had under construction an extension of 36
miles of railroad from Buckley to Spencer, M ich., which was not com ­
pleted until December 1909. The operation of tills additional mileage will
substantially Increase both the gross and net earnings.

Earnings for Calendar Years (Eel is after Taxes).
Cross.
Net.
Bond Int. Other mt.

1909 .....................$450,977
$99,094
$55,633
(?)
1908 ................
430,252
105,809
______
$86,364
[Results for 1908 supplied by E d .].— V . 88, p. 823.

Bal..Sur.

$43,461
19,445

M e t r o p o l i t a n S t r e e t R y . , N e w Y o r k . — S ettlem en t o f F r a n ­
ch ise T a x e s . — I t w a s a r r a n g e d o n T u e s d a y t o s e t t l e t h e f r a n ­
c h is e t a x e s in a r r e a r s ( e x c e p t t h e S e c o n d A v e n u e a n d C e n ­
tr a l P a r k N o r t h & E a s t R i v e r li n e s ) f o r $ 6 , 3 9 0 , 0 0 0 , o f w h ic h
$ 2 ,6 4 0 ,0 0 0 h a s b e e n p a id o n a c c o u n t , le a v in g th e a m o u n t
d u e $ 3 ,7 5 0 ,0 0 0 — V . 9 0 , p . 1 2 9 6 , 1 0 4 5 .
M id d le to w n U n io n v ille & W a t e r G a p R R .
B on d s to B e
B xten d ed w ith In terest G u a r a n te e d .— T h e c o m p a n y o f f e r s b y

Summary oj Letter Jrom Chairman of Board of Directors.
The M etropolitan Street Hallway Co. owns or substantially controls all
the street railways In Kansas City, M o., Kansas City, K an., and several
adjacent cities, about 231 miles of track, exclusive o f switches and sidings,
serving about 500,000 population. Entire m tge. debt Is $11,500,000 less
than actual cost of physical properties. This m tge. covers 117 miles, In­
cluding nearly all lines of vital Importance In business district of Kansas
City, M o., where franchise expires 1925. Company has paid continuous
dividends for last 20 years. Ail the capital stock ($5,636,800) Is owned by
Kansas City Ity. & Light C o., which controls substantially all street
railway and all electric light and power business In Kansas City and vicinity.
Earnings Kansas City R y. & Light Co. System fo r 12 M os. ending March 31.
1909-10.
1908-09. I
1909-10.
1908-09.
Gross earnlngs$7,108,978 $6,462,358|Tot. lnt.ch gcs.$1,429,181 $1,421,338
Net over taxes2,644,703 2,340,3251Ilalancc______ $1,215,522 $927,987
— V . 90; p . 1044.

a d v e r t i s e m e n t o n a n o t h e r p a g e t o e x t e n d , w it h p r e s e n t s e ­
c u r ity u n im p a ir e d , th e $ 2 5 0 ,0 0 0 2 n d M . b o n d s , m a tu r in g
J u n e 1 1 9 1 0 , u n t il N o v . 1 1 9 1 1 ( t h e d a t e c f m a t u r i t y o f t h e
1 s t M . 5 s ) , w ith in te r e s t a t th e p r e s e n t r a te o f 5 ' , , g u a r a n te e d
b y th e N . Y . S u sq u e h a n n a A W e ste rn R R .
H o ld e r s w h o
d e s ir e t h e e x t e n s i o n m u s t d e p o s i t t h e i r b o n d s a t t h e c o m ­
p a n y ’s o ffic e , 5 0 C h u rc h S t .. N . Y . , o n o r b e fo r e J u n e 1 1 9 1 0 .
T h e J u n e c o u p o n w ill b e c a s h e d a t t i m e o f d e p o s i t .
See
f u r t h e r p a r t i c u l a r s in a d v e r t i s e m e n t .— V . 7 9 , p . 2 2 .

Lehigh Valley Transit Co.— N ew B o n d s A u th o r iz e d . — The
shareholders on May 19 authorized the making of a new
$ 1 0 ,0 0 0 ,0 0 0 mortgage with the right to increase the issue
of bonds thereunder to $15,000,000, for the retirement of
$5,000,000 1st M. bonds due in 1935. See V . 90, p. 1171.
Lewisburg (Pa.) Milton & W atsontown Ry .— S a le to N ew
In terests— N ew C o m p a n y . — Whittaker A Diehl of Harrisburg,
having purchased the property from the Railways Company
General, it new company has been organized, and the fol­
lowing officers elected:

d e s B a n q u e s d e P r o v in c e a n d th e B a n q u e F r a n c o -A in e r ic a in e
o f f e r e d in P a r i s , a n d t h e E m p i r e T r u s t C o . a n d t h e S a v o y
T r u s t C o . in N e w Y o r k , $ 3 , 0 4 9 , 5 0 0 1 s t M . 5 %
g o ld b o n d s ,

P res., John F. W hittaker; V lce-Prcs., L. G. Hrown; Sec. and Treas.,
I). I,. Diehl; Assistant Sec. and Treas., W . B . Rankin; Chief Engineer,
Charles S. Johann.
The old com pany had outstanding $150,000 stock and $230,000 bonds.
The new com pany Is capitalized at $300,000 bonds and $150,000 stock.
O f the bonds, $150,000 have been Issued, and the remaining $150,000 can
only be Issued for Improvements and extensions at the rate of 80% of the
actual cost.

Lincoln (Neb.) Traction Co,— C o m m issio n H a s N o R ight
to C a n cel S to c k . — Attorney-General Thompson has rendered
an opinion to the Railroad Commissioners holding that the
latter have no power to order the cancellation of $1,500,000
of the company’s stock, as demanded in a case filed some
months since by County Attorney Tyrrell, who claims that
the same is “ pure water.”




M is s o u r i O k la h o m a & G u lf R y .
B on d s S o ld . — T h e L o n ­
d o n A S o u t h w e s t e r n B a n k , L t d . , r e c e n t l y o f f e r e d in L o n ­
d o n o n b e h a l f o f t h e c o m p a n y , a t 9 2 ) ^ % , t h e S o c ie t e C e n t r a l

due N ov
1 1944.
I n t . M . A N . in S t . L o u i s .
T h e e n tir e
a m o u n t , it is s t a t e d , h a s b e e n - s o l d .
T o t a l a m o u n t, a u t h o r ­
iz e d , $ 1 0 ,0 0 0 ,0 0 0 ; o u t s t a n d in g . $ 5 ,7 1 7 ,5 0 0 .
C a p ita l s t o c k ,
a u th o r iz e d , $ 1 0 ,0 0 0 ,0 0 0 ; o u ts ta n d in g , $ 5 ,7 1 7 ,5 0 0 .

Particulars Supplied by the Banque Franco-Am cricainc, Paris.
— The main line as now operating extends from W agoner,
Okla., to Durant, Okla., passing through Muskogee, Henryetta, Calvin,
Tupelo and W apanucka
The present projective of the line Is Denison,
T e x ., a further distance of approxim ately z:< miles from Durant. The com ­
pletion of the line to the Red River Is provided for out c f the present Issue.
'I'he continuation to Denison. Including the building of an Important
bridge over the Red R iver, has been arranged for by the Issue In America
of $550,000 of bonds, specifically s< cured over that part of the road. Tills
extension Is now being rapidly proceeded with. The extension to Denison
reaches the Southern Pacific system and forms a valuable cut-otf for the
Gould lines. [These bonds will, we learn, be Issued to meet legal require­
ments by another com pany, about to be incorporated under the name of the
Missouri Oklahoma & Gulf R y.& Terminal Co., or similar name. The bonds
will bear 5% Interest and be in all respects similar to the bonds Just sold
and guaranteed by the M. O. & G. R y . The bridge Is about two-tlilrds
com pleted.— Ed.)
mi
The line connects at W agoner with the M. K. & T . R y .; at R ex with
Mo. Pacific; at Muskogee with Midland Valley, ’ l'rlseo system and M.1K.
& T .; at Calvin with Rock Island system: at Tupelo with Oklahoma Central
and M. K . & T .: at Wapanucka with R ock Island; and at Durant with
M. K. & T . and St. I ouls & San Francisco.
The maximum grade on the entire line is only 6-10ths of 1% on south­
bound and 7-lOths of 1% on north-bound traffic. The terminal property

Description.

1364

THE CHRONICLE

at Muskogee, Including the station and sidings and two steel bridges over
the Arkansas and Verdigris rivers, represents a value of more than §500,000.
The com pany’s connections and low grades will place the road In a posi­
tion to handle through traffic from Kansas City and the Central West to
the Gulf of Mexico ports rapidly and econom ically, and through traffic
agreements have already been made and others are now under negotiation.
The traffic which originates on the line Itself Includes coal (at Henryetta,
Tupelo, W apanu cka), sandstone, petroleum, lum ber, grains, cotton, llveSt°Earntnffs.— For the last quarter of 1909 the gross earnings amounted to
$110,000, with an average of 150 miles operated, leaving $48,000 of net
earnings, or more than sufficient to cover the Interest on the bonds at $25,­
000 per mile for the part of the line operated. The above results were
achieved exclusively from local traffic on an unfinished road passing through
territory only partially developed. It Is believed that with the opcnlng-up
of coal mines, oil fields and agricultural lands, and the benefits of through
traffic, the earnings will be more than doubled.
B onds—Guaranty 0} Interest.— The Interest on all bonds outstanding Is
unconditionally guaranteed during construction and for two years after
the com pletion of the entire system by the W in. Keneftck Construction Co
of Kansas City (M o.). This com pany has built lines for the New York
Central, Pennsylvania, ltock Island, Illinois Central, Missouri Pacific,
Atchison and other systems.
The bonds are secured by a first and only m ortgage upon 217 miles of
standard-gauge railroad, of which 199 miles, with, In addition, 20 miles of
sidings, are now In operation, and upon all terminals, franchises, &c.; and
lnjaddltlon by a direct lien upon 17 locom otives and 520 railway cars.
Under the provisions of the mortgage, no bonds can be Issued In excess of
$25,000 per mile of main track, but additional provisions are made for
terminal facilities.

ner. Managing Director Banque Franco-Amerlcatne, Paris; William Kerr,
Steedm an, Edinburgh and London, E . C.
[The “ Official Guide” for May 1910, with time table of Feb. 1 1910, gives
the length of the main line In operation, from W agoner to Durant, as 185
miles, with branches, Dewar to Clarence, 5 m ., and Muskogee to Loweree,
5m
The “ Guide” also reports additional mileage projected and under con­
struction, W agoner to Joplin, M o., 120 miles, and Durant to Sherman,
T e x ., 22 miles.— E d.]— V . 90, p. 1239, 1171.

New Jersey Short Line R R .— S u c c e s s o r . — See Elizabeth &
Trenton R R . above.— V. 89, p. 1483.
New York Dock R y .— N ew C o m p a n y . — See New York
Dock Co. under “ Industrials” below.—
New York Susquehanna & Western RR .— B o n d s to B e E x en ded an d G u a ra n teed as to In te r e s t. — See Middletown Unionville & Water Gap R R . above.— V . 90, p. 914, 373.
Owensboro City (K y .) R R .— C h a n ge in C o n tr o l. — W . H .
McCurdy, President of the Evansville Railways Co., A. F.
Karges, Charles Hartmetz, Albert and Arthur Funkhouser
and^W.’ A . Koch, all of Evansville, and C. C. Tennis of the
Tennis Construction Co., have, it is announced, purchased
control of this property, and contemplate building an exten­
sion down the Ohio River. The same or allied interests in
the Evansville Railways have purchased control of the Hen­
derson Traction Co.— V. 84, p. 340.
Pittsburgh & Shawmut R R .— D ir e c to r s .— 'The following
have been elected directors:
Harry Bronner, H. E. H untington, Edwin Hawley, Frank Trum bull,
Theodore P. Shonts and W . H. Taylor. General Thom as H. H ubbard
remains on the board.— V . 90, p. 1102, 560.

Pittsburgh Youngstow n & Ashtabula R y .— L e a s e R a ti­
f i e d . — The stockholders this week ratified the new 999-year
lease to the Pennsylvania C o m p a n y , to take effect July 1,
at a guaranteed dividend rental of 7 % on both classes of
stock.— Y . 90, p. 915, 099.
Railroads & Power Development Co.— Sec report of
United Railways Investment Co. on another page.—
V . 89, p. 848-, 529.
Rio de Janeiro Tramway, Light & Power Co., L td .—
L is te d .— The London Stock Exchange recently listed a
further issue of £3 50 ,0 00 5 % 50-year mortgage bonds, Nos.
B . 14,001 to B .17,500, of £100 each, making the total listed
£ i , 750,000.— V. 90, p. 850.
St. Louis Southwestern R y .— E q u ip m e n t T r u s t.— An
equipment trust agreement has been made to the United
States Mortgage & Trust Co. of New York, as trustee, to
secure an issue of $460,000 Series “ A ” 5 % equip, trust cer­
tificates, dated April 1 1910, due in ten annual installments
of $46,000 each on April 1 from 1911 to 1920 inclusive.
Interest payable A . & O. This issue represents a part of
the purchase price ($541,277 80) of the following new rolling
stock, on which the road pays $81,277 80 in cash:
Sixteen new Baldwin consolidation freight engines, to be delivered by
July 15: 14 passenger coaches, 6 chair cars and 3 parlor cars. Compare
V . 89, p. 1598, 1543.— V . 90, p. 1045, 560.

Southern Indiana R y .— G en era l R eo rg a n iza tio n C om m ittee.
__ The following reorganization committee has been elected
by the committees representing the several bond issues and
will shortly issue a plan of reorganization covering the
entire system:
E . K . B olsot, Chicago, Chairman com m ittee o f holders of gen. M. 5s;
A . G. H odenpyi, New York, Chairman of com m ittee of holders of 1st 4s
of 1901; Chas. D. Smlthers, New Y ork, Chairman com m ittee o f holders of
Chicago Southern 5s; M. B. Johnson, Cleveland, representing Cleveland
Interests.— V . 90, p. 699, 237.

Southern Railway.— B o n d s
of
S tea m sh ip
A l l y . — See
Chesapeake Steamship Co. under “ Industrials” below.—
V . 90, p. 1240, 1045.
Terre Haute Indianapolis & Eastern Traction Co.— N ew
B o n d s I s s u e d . — The company, it is announced, has consum­
mated the sale of its new issue of bonds to Drexel & Co. of
Philadelphia and Lee, Higginson and Estabrook & Co. of
Boston. Nearly 9 5 % of the $5,000,000 Indianapolis Trac­
tion & Terminal Co. stock, it is said, has been acquired.
The company has filed its mortgage to the Fi­
delity Trust Co. of Philadelphia, as trustee, to secure an
authorized issue of $8,000,000 35-year bonds of $1,000
each, dated April 1 1910, of which a part ' will be reserved
to take up the $5,500,000 1st 5s of 1907. Compare V . 90,
p. 1240, 1103.




Trenton
b e th

&

[VOL. L X X X X .

New Brunswick RR.—S u c c e s s o r . —

& T re n to n

R R . a b o v e .— V . 9 0 , p .

United Railroads of San Francisco.— P o w er
U n ite d R a ilw a y s I n v e s t m e n t C o .
o n a n o t h e r p a g e .— V . 9 0 , p . 5 0 4 .

under

See

E liz a ­

1240.

C on tra ct. — S e e

“ Annual

R e p o rts”

United Railways, Portland, Ore.—

N ew O ffic e r s . — J o h n
F . S t e v e n s , P r e sid e n t o f th e O r e g o n T r u n k l l y . , h a s b e e n
e le c t e d t o t h e p r e s i d e n c y o f t h e U n i t e d R y s . , a n d C h ie f E n ­
g in e e r L . B . W ic k e r s h a m h a s b e e n m a d e V ic e -P r e s ., su c c e e d ­
in g , r e s p e c t iv e ly , T h o m a s L . G r e e n o u g h a n d C . D . F u lle n ,
w h o r e sig n e d .
T h e c o n s t r u c t i o n o f t h e li n e t o T i l l a m o o k ,
i t is s t a t e d , w ill b e r u s h e d t o c o m p l e t i o n .— V . 9 0 , p . 1 2 9 7 .

Washington Baltimore & Annapolis Electric Railway.—
In terest

P a y m e n t. — T h i s

com pany,

as

g u a ra n to r

on

th e

1 s t M . 5 % b o n d s o f th e B a lt im o r e T e r m in a l C o .,a n n o u n c e d
s o m e d a y s a g o t h a t t h e in t e r e s t d u e t h e r e o n M a r c h 1 1 9 1 0
w o u l d b e p a i d M a y 1 9 ( w i t h 2 6 c e n t s p e r b o n d a s in t e r e s t o n
in te r e s t a t th e C itiz e n ’s S a v in g s & T r u s t C o . o f C le v e la n d .
C om p are V . 9 0 , p . 1 297.

West Penn Traction Co.—

In c o r p o r a te d . — T h i s c o m p a n y
w a s i n c o r p . in P a . o n o r a b o u t M a y 11 w i t h n o m i n a l ( $ 5 , 0 0 0 )
c a p it a l s t o c k t o t a k e o v e r t h e c o n t r o l o f t h e W e s t P e n n I t y s .
u n d e r p la n a lr e a d y a n n o u n c e d .
Treasurer, A . E. Du Bols, Bank for Savings B ldg., Pittsburgh, Pa.
Directors: C. W . Scheck, A . E. DuBols, II. L. Simmons, Byron Trim ble,
Chas. C. McBride, all of Pittsburgh, Pa. Compare, V . 90, p. 628, 1297.

Western Maryland RR.—

A d d itio n s an d Im p r o v e m e n ts .—

T h e c o m p a n y is n e g o t i a t i n g w i t h t h e c i t y o f B a l t i m o r e f o r
w a t e r -f io n t p r o p e r ty 5 0 x 3 5 0 f t . , a d jo in in g th e P o r t C o v in g ­
t o n t e r m i n a l s , w it h a v i e w t o e s t a b l i s h i n g t h e r e , a t a t o t a l
c o s t o f $ 5 0 0 , 0 0 0 , m e r c h a n d i s e p ie r s f o r u s e w h e n t h e n e w lin e
f r o m C u m b e r l a n d is in o p e r a t i o n , in c o n n e c t i o n w it h t h e
N e w Y o r k C e n tra l L in e s .
P r e s i d e n t B u s h is q u o t e d in
B a ltim o r e a s s a y in g :

We Intend to spend not less than $5,000,000 here within the next few
years. W e want ns much lloor space In Baltimore to care for our traffic
as the Pennsylvania now has.
The com pany now has to Its credit In bank between $16,000,000 and $17,­
000,000. We own coal lands which In the building of the upper link of the
road will, perhaps, not be needful to us. These, In m y judgm ent, will
within 5 years be worth fully $500 an acre, and we have between 3,000 and
4,000 acres which can be disposed of with protit to the com pany.
By July 1 the Western Maryland will have delivered to It nearly $5,000,­
000 of new equipment. This consists of 10 consolidation locom otives, 2 of
the Mallet type; 500 steel hopper ears and 400 gondolas. This will place us
in lirst-class shape in handling traffic on the road. N ow wc want to pre­
pare the terminal facilities.
[’l'he new line from a point 2 miles west of Cumberland to Connellsvlllc,
we learn, will be 86.98 miles In length and will cost. It Is estim ated, $12,734,­
835. Of this line, 68.49 miles will be built under charter of The Conncllsville & State Line R R . C o.— Ed.]— V. 90, p. 1297, 916.

Wisconsin Central Ry.

— D iv id e n d . — T h e
com p an y has
d e c la r e d “ a d i v i d e n d ” o f 2 % o n i t s p r e f e r r e d s t o c k , p a y a b l e
o n J u n e 15 o n s to c k o f re c o r d M a y 3 1 , “ o u t o f th e s u r p lu s o f
th e c o m p a n y p rio r to J a n . 1 1 9 1 0 .”
T h e r e is s o m e $ 1 1 , 2 6 7 , ­
1 0 5 p r e f e r r e d s t o c k o u t s t a n d i n g , o f w h ic h $ 1 1 , 0 9 5 , 1 0 0 is
o w n e d b y th e M in n e a p o lis S t . P a u l & S a u lt e S t e . M a rie R y .
C o . , w h ic h a c q u i r e d c o n t r o l e a r l y in 1 9 0 9 .

The dividend Is not to be construed as a quarterly dividend, but sim ply
as a dividend payable out of surplus earnings accumulated prior to Jan. 1
1910. E xcept In the year 1906-07 the com pany’s statements do not show
earnings of 4 % for any one year. Only one dividend of 4 % has been
paid, and that was declared In Dec. 1908, and paid In four quarterly Install­
ments of 1% each over a period extending to Oct. 15 1909. This dividend
also was paid out of accumulated surplus. (Compare V . 87, p. 1534.) —
V . 90, p. 504.

Youngstown

Ohio River RR.—

&
N ew B o n d s . — A n o w
m o r t g a g e li a s b e e n file d t o s e c u r e a n a u t h o r i z e d is s u e o f
$ 2 , 5 0 0 , 0 0 0 b o n d s , o f w h ic h $ 1 , 0 0 0 , 0 0 0 h a v e b e e n u n d e r ­
w r i t t e n b y a s y n d i c a t e c o m p o s e d o f lo c a l b a n k e r s a n d w ill
b e is s u e d a t o n c e .
T h e o l d m o r t g a g e , i t is s t a t e d , h a s b e e n
c a n c e le d a s o f r e c o r d .— V . 8 8 , p . 8 2 4 .

IN D U ST R IA L , GAS A N D

MISCELLANEOUS.

American Express Co.— P e titio n to In ter-S ta te C om m erce
C om m issio n to In vestig a te E x p r e s s C o s . — See editorial on a
previous page.— V . 90, p 1241, 374
American Tobacco Co.— R e-a rg u m en t N o v . 14.— See Stand­
ard Oil Co., below.— V . 90, p. 1241, 1046.
Anaconda Copper Mining Co.— R e p o r t. — For year —
Cal. Year— Total Income. \”ct Profits. Other Inc. Divs. (.8 % ) .
1909
- - .$18,000,084 $2,009,943 $124,830 $2,400,000
1908 ________ 15,604,481
945,963
137,017
2,400,000

B a l.,D ef.
$265,227
1,317,020

L is te d .— The New York Stock Exchange has permitted
to be added to the list,when issued under the plan of consoli-,
dation with subsidiary companies of the Amalgamated com­
pany, $75,500,000 additional stock, making the total
amount to be listed $105,500,000.— V . 90, p. 1046, 916.
Boston Cape Cod & New York Canal Co.— B o n d I s s u e —
S ta tu s. — A mortgage has been made to the Old Colony Trust
Co., as trustee, to secure an issue of $6,000,000 5 % bonds.
The bonds are first mortgage gold 5s, dated Jail. 1 1910 and due Jan. 1
1960, without option of prior redem ption. Par: (c*) $1,000, (r*) $1,000
and $5,000. Interest J. & J. at office of trustee, Boston, and August
Belm ont & C o., New Y ork. The bonds have been underwritten by a
syndicate and will be Issued against construction under contract as approved
by the join t board of Railroad and Land Commissioners o f the sta te of
Massachusetts. There are no prior liens. Capital stock $6,000,000.
Officers: August Belmont, N. Y . t Pres.; Arthur L . Devens, of peven s.
Lym an & C o., Boston, and Capt. J. VV. Miller, Vlce-Pres.; J. J. Coaklcy,
23 Nassau S t., N. Y ., Treas.; U. A . M urdock, Sec.; W m . Barclay 1 arsons,
Chief Engineer. Directors: Messrs. Belmont, Devens, Miller and I arsons,
also Charles W . Allen, F. R . A ppleton, L. F. L orec, Ilarlcy P. W ilson;
F . D . U nderwood, DeW ltt C. Flanagan and E. W . Lancaster, all of N . Y ,

Vice-President J. W . Miller in an address recently deliv­
ered before the Boston Commercial Club stated that the
canal will be completed in about 3 years, adding:

May 21 1010.]

THE CHRONICLE

During the past ten m onths workjlias progressed rapidly. The rlght-of
w ay has been obtained, the negotiations relative to the change of line of
the New Haven road have been arranged, the railroad bridge begun; tw o
dredges have deepened the waterway in Buzzard’s Hay; two others have
begun on the channel at the eastern end. The a,000-foot breakwater has
been started, two large suction dredges are at work In the Scusset marshes,
and. a campaign of much a ctivity Is contem plated the com ing summer.
From an engineering point of view the problem Is not great; the distance
over the Isthmus Is only eight miles; the total length from Barnstable Bay
to Buzzard’s Bay to the 30-foot depth is 13 miles. The soil to be cut out
is sand and the amount only 17,000,000 cubic yards. Its highest elevation
Is only 20 feet. Through the greater part of the eight miles much Is below
the level of the ocean. The difference In tide between the tw o bays neces­
sitates no locks. The depth Is to be 25 feet. The minimum width on the
bottom Is 100 feet and on the surface of the water 250 feet; the width on
the bottom of approaches 250 feet. There will be three passing places
with a minimum width on the surface of thewater 250 feet.— V .8 0 ,p . 1411.

Brooklyn Union Gas Co.—D iv id en d s

Federal Mining & Smelting Co — S ettlem en t o f L itig a t io n .—
The stockholders on April 25 ratified the settlement of the
suit which had been pending for almost two years between
the company and the Bunker Hill & Sullivan Mining Co.,
involving, according to press despatches, “ ownership of the
greatest lead-silver ledge in the world,” and “ estimated to
have cost the companies not less than $300,000 a year.”
B y the terms of the com prom ise the Federal com pany, it is said, sur­
renders a considerable part of Its holdings In the Kellogg (Idaho) district
K L . J liunkci-,Htll com pany in consideration of 27,000 shares of stock of
tne latter, paying dividends of $4 yearly per share. This will net the
$108,000 annually on the present dividend basis.—

to B e P a id Q u a rterly.

Hamilton M fg. Co., Lowell, M ass.— S ta tu s. — Because of
extra expenses during the year 1909 and the unsettled state
ot the cotton market, it was deemed prudent this year to
vk u?ua' January dividend. The capital stock is
0 0 M0 0 , in shares of $ 1,0 0 0 each, which late in 1909 sold
at $815 to $820. A Boston broker who is offering a small
Jot of stock at $700 a share says in brief:

— T h e b o a r d o f d ir e c t o r s h a v i n g d e c id e d t o c h a n g e t h e d i v i ­
d e n d p e r io d fr o m h a lf-y e a r ly to q u a r t e r ly , a c c o r d in g ly d e ­
c la r e d a d i v i d e n d o f 1 J ^ % o n t h e $ 1 8 , 0 0 0 , 0 0 0 s t o c k , p a y a b l e
J u l y 1 t o h o ld e r s o f r e c o r d J u n e 1 1 . — V . 9 0 , p . 9 1 6 .

Buffalo & Susquehanna Iron Co.—

B o n d s C a lled . — O n
a n d a fte r J u n e 1 1 9 1 0 th e N e w Y o r k T r u s t C o ., N e w Y o r k ,
w ill r e d e e m a t p a r , , fir s t m o r t g a g e 5 % g o l d b o n d s , N o s . 3 0 1
t o 4 0 0 i n c l u s i v e .— V . 9 0 , p . 4 4 9 , 3 7 4 .

Cambria Steel Co,—

S a le o f G u a ran teed B o n d s . — S e e M a n u ­
f a c t u r e r s ’ W a t e r C o . b e l o w .— V . 9 0 , p . 7 6 9 , 7 7 3 .

Canadian General Electric Co., Ltd.,Toronto.— N eiv

S tock

— O p tio n to S u b scrib e. — I n v i e w o f t h e v e r y g r e a t e x p a n s i o n
o f t r a d e in t h e D o m i n i o n o f C a n a d a , t h e c o m p a n y f i n d s t h a t
a d d i t i o n s t o it s m a n u f a c t u r i n g p l a n t s a n d e q u i p m e n t a r e
necessary an d
a d v is a b le .
T h e d ir e c to r s , th e r e fo r e , o n
A p ril
28
o f fe r e d
to
h o ld e r s
of
th e $ 4 ,7 0 0 ,0 0 0 e x is tin g
c o m m o n sto c k
o f record M a y 21
t h e r i g h t t o s u b s c r ib e a t
p a r , o n o r b e fo r e M a y 2 1 , f o r $ 9 4 0 , 0 0 0 n e w c o m m o n s t o c k in
th e p r o p o r tio n o f o n e n e w s h a re fo r e a c h fiv e sh a r e s o f c o m ­
m o n s to c k n o w h e ld .
S u b s c r i p t i o n s a r e p a y a b l e in t e n e q u a l
in s t a llm e n t s o n th e 2 1 s t d a y o f e a c h m o n t h fr o m J u n e 1 9 1 0
to F e b . 1 9 1 1 , b o th in c l.
T h e r e is $ 2 , 0 0 0 , 0 0 0 7 % c u m . p r e f .
s t o c k o u t s t a n d i n g .— V . 9 0 , p . 9 1 6 . ,

Chattanooga & Tennessee River Power Co., Chattanooga,
Tenn.— C o n s tr u c tio n . — T h e “ M a n u f a c t u r e r s ’ R e c o r d ’ ’ o f
M a r c h 3 h a d a n o f f ic ia l s t a t e m e n t , s a y i n g in b r i e f :

The concrete lock, GO It. wide b y 300 It. long Inside, Is 05% com pleted,
and will be entirely com pleted this summer. The concrete dam , to be
1 .200 ft. long and for a head of 40 ft. has Just been started. The excavation
for the power-house and wheel pits and for a large portion of the dam has
been com pleted and two out of seven bays of the substructure of the
power-house have been com pleted and the baseplates for four turbines of
4.200 h. p. each have been Installed. Therearejto be 14 of these (vertical
shaft) turbines Installed eventually, but 10 will be Installed at once. The
steel frame for the transformer-house has been com pleted. The power­
house and transformer-house together will be about 350 ft. long and 60 ft.
wide, of steel and concrete. The transmission line, 17.00 miles long, Is
com pleted— two circuits of copper cable half-inch In diameter, supported
upon 175 steel towers. The substation In Chattanooga Is a five-story

Chesapeake Steamship Co., Baltimore.—B o n d s

O ffe r e d .—

1365

In.?iIaST
S’
Owns in the heart of Lowell about 9 'A acres
of ground, with six mills, print works, dye houses and store houses
Manu­
factures flannels, prints, ticks, stripes, drills, sh e e tin gand shUUngs. The
selling agents are W ellington, Sears & Co. Num ber of spindles 118 200"
hands em ployed, 2,300; cotton consumed per week In pounds,’ 2 0 0 0 0 0 '
yards dyed and printed per week, 1,000,000. Average annual profit’s for
'n 0
? ? 6 p ,7m0, °,r 9 H % on ,the c<Ddtal. From 1900 to 1909, Inch
(10 y ea is), paid dividends aggregating $891,000, or about an average of
o /0 pci year. On Dec. 31 1909 the total surplus was $757,506
The
property is assessed at $1,000,000. At $700 per share for the stock the
buyer Is getting the spindlagc at about $10 per spindle (usual est 820 )
ln thet urPehaStoWOrkS (5500'000) and the su rp lu s$757,565 a r e as
bonus
Directors; James Longley, Pres.; Arthur R . Sharp, Treas. (Gen. Mgr.
New Eng. Cotton Yarn C o.); R . H. Stevenson. C. M. W eld, George W lggleswortli and John Parkinson.
bb

Helena (Mont.) W ater Works Co .— C ity O ffers to P u r c h a s e .
— See “ Helena, M on t.,” in “ State and City” department
— V . 90, p. 240.
Improved Property Holding Co., New York,— B on d s
C a lled .— Ninety-one ($91,000) 12-year 6 % gold bonds dated
June 1 1906 have been drawa for redemption on June 1 1910
at 1 1 0 and interest at the Trust Co. of America, this citv
— V . 83, p. 893.
Jones & Laughlin Co., Pittsburgh.— N ew T in M i ll s .— Six
of the 1 2 new tin mills at Aliquippa, Pa , were started May 16,
and it is expected that the remaining six mills of the new
1 2 -mill unit will be in operation within another week.
Eventually the com pany will have a 36-mlll plant at Aliquippa
blast furnaces are now in service at that place.— V. 90. p. 5 0 5 .

Three

Kelly A x Manufacturing Co., Charleston, W . V a . — R eIndiana corporation, which in 1904
moved its plant from Alexandria, Ind., to Charleston,
W - V a - , its capital stock being $1,750,000 common and
$2o0,000 0 /c cum. pref., in $100 shares, was on Feb 25 re­
incorporated under the laws of West Virginia with $2,000 000 auth. capital stock.
m c o r p o r a te d .— This

Incorporators— William C. Kelly, James P Koilv n nhOTt r
____
William B. Lockert and George T. Price tW of& a V lM tn n C ‘ J
b o n d ^ is s ^ w a s made in 1904. ^.Compare V 79. p. 273; V . 78. p 2445°

1910 and maturing in semi-annual installments of $30,000
each six months from N ov. 1 1910 to May 1 1920. Int.
Manufacturers’ Water Co. Philadelphia. - R e m a i n i n g
M. & N . Trustee, Mercantile Trust & Deposit Co., Balti­
B on d s S o l d ih e Cambria Steel Co. has sold to Drexel &
more. A circular says:
Co , Phda the remaining $1,500,000 of the issue of $4,000,­
“ T h e com pany Is owned by the Southern R y . and the A tlantic Coast Line
R U . and operates an Important freight and passenger line between Baltimore, 000 1 st mtge. 5s due January 1939.

Old Point Comfort, N orfolk, Richm ond and West Point. These bonds are
the direct obligation of the com pany. Issued under the usual form of equlnment trust agreement , and provide funds for the purchase of two steamships
(capacity 650 tons freight find 400 passengers), to be built by the Maryland
Steel C o., for the Chesapeake Bay trade; cost, 5750,000, of which the com ­
pany pays In cash $150,000, bonds being Issued for $000,000. Until all
these bonds arc paid, the com pany cannot create any rnortcrajrc or other
Hen upon Its terminal property In Baltimore, and In the event of the sale
of any of Its six other vessels, the proceeds of sale must be applied to the
purchase or redemption of these equipm ent bonds or to the acquisition of
additional floating equipment, as the com pany m ay elect, as further se­
curity for these bonds. Total assets of the com pany at cost value 51 500 000; cost of new steamships, $750,000; total, $2,250,000. This equipment
trust Is the only mortgage on any of the com p any’s property. The con­
tract calls for delivery of the boats one year from the date of contract
Directors: Fairfax Harrison, Chairman; K ey Compton (P res.). Norman
James (V lce-I’ r c s.), Michael Jenkins, E. Stanley Gary, Major John S. Gibbs
— V. 89, p. 723; V . 71, p. 493; V. 70, p. 948.

Citizens’ Gas Co. of Terre Haute, In d .— M o r tg a g e . — The
company has filed a mortgage to secure an issue of $2 ,0 0 0 ,0 0 0
bonds, ot which $300,000 to be issued for improvements,
$500,000 to be reserved to refund outstanding bonds and
$ 1 ,2 0 0 ,0 0 0 for future purposes.
.. A Pr“ ?_di R tc*' says the com pany has a favorable franchise under which
SAT.! » iI’l’ we nVlss to order Improvements or extensions and receives no
many0cm es " '
lu ovvncrs arc an Eastern sy ndicate which has plants In

Columbus & Hocking Coal & Iron Co., New York.— C om ­
m ittee.— -k committee, consisting of Frank B. Keech,Alexander Gilbert and
os, ~(i M. 0s and
holdings with the
on 01 befoie June

b . N. B. Close, request holders of 1st M.
prof, and common stock to deposit their
Bankers Trust Co., depositary, 7 Wall St.
1. A circular dated May 14 savs*

Receivers having been appointed, bondholders and stockholders to a verv
largo am ount believe prom pt, united action n e c e s s a r y t o p r o S t h e i f f
ests of all secuilty holders and have requested the undersigned to act as a
com m ittee to that end, under agreement dated May 12 1910
The com ­
m ittee hopes to be able to announce a plan of reorganization or debt ad ­
justm ent. W ithin a specified tlmo after such announcem ent any holder
o f a certificate of deposit who Is dissatisfied with such a plan may withdraw
deposited securities, upon paym ent of the pro rata share of the expenses
theretofore incurred b y the com m ittee, not Including com pensation to the
com m ittee for its services, for which, In that event, no charge will be made
— V . 90, p. 305.
j

E. I . du Pont de Nemours Powder Co.— In terest G u a ra n ­
tee d .— See Wilmington Trust Building Corporation below
— V . 90, p . 1 1 7 3 , 507.
V:v';
Electric Properties Co.— R e p o r t. — For year ending April 30:

I\nnC
a\n' ear— Tot. income. All Expenses. . PrcJ. Dividends. Bal.,Sur
1908 n i l ............... 5239,053

$ 54,0 02

— V . 8 9 . 'p Y l 0 Y .

55,327

,188




(0% )$181,775

135,069

$ 3,216

4<U92

Guaranty Endorsed on Each Bond.
For value received, Cambria Steel C o., a corporation of the C o m m o n
wealth of Pennsylvania, acting under resolution of its board of dtrcctom
adopted April 29 190J, hereby warrants and becomes surety for the mine
tual paym ent of interest on this bond at the times and in the manner herein
Sb^U lcd, and of the principal thereof when due, and also of The" payments
f o the sinking fund as and when specified In the within bond
rsiemod im
V ® 8 ? " W f c 'v ! 9°o! ,Ky 773rcS- a,ld ^

0f C a m b T s t e e E C o . f ^

a"teo

New York Dock Co .— In c o r p o r a tio n o f R a ilr o a d .— The
9° r o r a S r.ai,i;oad al°n g the South Brooklyn water-front,
1?T“ es l 1} length, has been incorporated in New York
aSo£hthe?tock ^ 4°50 0MOisk0.Jl y ” f u;ith 3 5 0°,00 0 capital stock
$50J)00"comnuinf4pw’ of°shares^$?§(>*cach!^V\ s'g

1

Northwestern Telegraph C o .- N e w C o n l r o L - M the an­
nual meeting held in Kenosha, W is., on May 1 2 about 81
500,000 of the capital stock (total issue $ 2 , M ^ o o 5 ) % M „ g
large amounts ovyned by Hartford, Conn., insurance corapames, was voted by Francis R . Cooley of that citv and
elected the following new board:
"

^ CWl^onsinCAilnncsom'CSouUP^ 5LH ”0 ° ^ °

-Ire.' K e?,?

on $2,500,000 'stock. Therc"aro als^o" sT.OOo'joo 4
bonds d u e V a n ^
1934, guaranteed principal and I n tc r e s t.-lv 79, p 216.
«u c .J a n . 3 l

Ohio Fuel Supply Co .— N ew S tock — A c q u is it io n .— The
shareholders on May 14 ratified the proposed increase in
/n
KnnoSn
fr0'n * 1 0 ,0 0 0 ,0 0 0 (§9,000,000 issued)
to $15,000,000.
Phis action is supposed to be preparatory
to the merger of various companies, among them the con­
trolled Ohio Southern Gas Co. (V . 8 8 , p. 381)
The “ Pitts
burgh Dispatch” of May 17 said:
ovm
0 h !° Southern Is capitalized at $050,000 stock (no bonds) and the
?*?.hanKC Is made on thelbaslstof one share of Ohio Southwn for
of £no sll?re of Ohio Fuel Supply, par for eachlbelntr $25
Th^nHn
Southern has paid dividends at rate of 8 % per annum (Increased * it I t i ? 111°
from 6% last January.— E d. ’ ’C hronicle.), and suppliedGaflinoill^; ls! a
’
W ellston and other Ohio towns with gas.— V. 90,* p. 1047 , " 5 4 S’, Jac^ , n ’

»

Ohio Southern Gas Co., Pittsburgh.— S a l e
Fuel Supply Co. above.— V . 8 8 , p. 381.
'

See Ohio
b
°

o ° r& Wat.er> Li^
& Power Co., San Francisco . - L i s t e d in
1 he San I<rancisco Stock & Bond Exchange
has listed this company’s 35,000 shares. The company reports

S a n F r a n c is c o .

1366

THE CHRONICLE

Capital stock $3,500,000 in shares of $100 par value; issued $3,250,000,
full paid. Up to 1906 35 cents per share was paid m onthly in dividends;
since that time 50c. per m onth per share— 6 % per a nnu m . In 1905
Issued $750,000 6% 1st M. bonds, but this Indebtedness has been reduced
byfannual paym ents to $495,000. Directors and officers are: P res., J. VV.
Goodwin; V lce-Pres., L. J. H olton; Treas. and S ec., Jam es K . M offltt;
Sam Sussman, F. A . Denlcke and A . H arvey.
Year—
Gross.
N et.
Fixed Charges. Dividends. B a l.,S u r .
1909
___$767,120
$394,641
$47,491
$179,844
$167,306
1908
- - 996,259
629,751
71,437
179,844
378,470
Capacity hydro-electric plants, 4,000 h. p. Annual output of gas,
10,000,000 cu. ft .—- V . 81, p. 1553.

Pennsylvania Rubber Co., Jeannette, P a.— N ew S to c k .—
This company recently increased its authorized capital stock
from $1,500,000, of which $ 1 ,0 0 0 ,0 0 0 was common (but only
$750,000 issued) and $500,000 pref., to $2 ,0 0 0 ,0 0 0 , of which
$1,000,000 is pref. All the $500,000 new pref. has been
subscribed and paid for at par ($1 0 0 ) by shareholders of
record May 7 '1910. Stock now out $750,000; common,
$1,000,000 pref. No bonds or mortgage.
Producers Oil Co., Houston, T ex.— -O ption to S u b scrib e f o r
C o n v er tib le B o n d s .— The shareholders are offered the right
to subscribe at par and int. until 3 p . m . June 1 at the com­
pany’s offices (17 Battery Place, N . Y . City, and Texas Bldg.,
Houston) for $2,000,000 1st ref. M. 6 % convertible gold
bonds in amounts not less than $1,000. Harris, Winthrop
& Co., 15 Wall S t., New York City, have formed a syndicate
for underwriting the $2 ,0 0 0 ,0 0 0 bonds now offered.
Particulars Jrom Circular Signed by President W . B . Sharp, M a y 14 1910.
Arrangements have been made for sale at par and such interest as shall
accrue after July 1 1910 of the unapplied balance of $2,000,000 out of a
total Issue of $3,000,000 6 % convertible gold bonds of the Producers OH Co.
secured b y a first refunding mtge. to the Equitable Trust Co. of N. Y . as
trustee, dated Jan. 1 1910; the remaining $1,000,000 of said bonds are re­
served to retire an existing Issue o f $1,000,000 1st M. bonds, so that the
present Issue will becom e a first Hen upon the properties owned and to be
acquired. These bonds are payable Jan. 1 1920 and are redeemable by the
com pany at 110 upon Jan. 1 1912 and upon any Interest paym ent date
thereafter Outstanding bonds o f this Issue are [convertible at holders’
option upon any Interest paym ent date after 60 days’ notice Into capital
stock at the rate of 6 2-3 shares ($666 2-3) of such stock for each $1,000 of
such bonds In accordance with the terms and provisions of the mtge. The
urchase price Is payable 10% upon subscription, 40% June 15 and the
alance upon O ct. 1 1910, at which date Interest will be adjusted, allowing
the subscriber 6% Interest from June 15 upon his first tw o Installments and
com puting Interest upon the bonds as represented by the coupon due

C

^^Jt M s Com pany was Incorporated In Texas Jan. 18 1902, and It owns prop­
erty In Texas, Louisiana and Oklahoma. A certificate filed at Austin, T ex.,
Jan. 6 Increased the authorized stock from $1,500,000 to $3,000,000, all
now paid In. The directors are: W alter B . Sharp (President), Charles G.
Gates, W . II. Lyne and Frank Culllnan (Vice-Presidents), W . E . Lockhart
(Secretary and Treasurer), James Hopkins, E . F. W oodw ard, J. C. McCune,
W . B . Bates, John F. Black and J. R . Sharpe. Press reports say that late
In 1909 or early In Jan. 1910 a special dividend of 34% was declared. Regu­
lar quarterly dividends are being paid at the rate of 6 % yearly. John W .
Gates Is a stockholder. Compare Texas Company In V . 86, p. 606.]

Quincy (Copper) Mining Co .— D iv id e n d D e c r e a s e d .— A
quarterly dividend of $1 25 (5 % ) per $25 share has been de­
clared, payable June 20 to holders of record May 21, com­
paring with $1 50 (6 % ) paid March 23 last and $1 (4 % )
paid in each quarter from June 1908 to Dec. 1909 inclusive.
Compare Y . 90, p. 508.
Southern California Edison Co., Los Angeles.— D iv id en d s
o n C o m m o n S tock B e g u n .— The directors have declared a
quarterly dividend of 1
on the $7 ,2 0 0 ,0 0 0 common
stock, payable May 16 to shareholders of record May 7.
There is also outstanding $4,000,000 5 % cum. and partici­
pating pref. stock, dividends payable Q-J.
Circular o) A p ril 29 1910, Signed by the Directors.
Under date of May 12 1909 a letter was addressed by the board o f direc­
tors of the Edison Electric C o., predecessor In Interest o f this com pany, to
holders o f com m on capital stock of that com pany, advising of the necessity
of shutting dow n one of the principal hydro-electric plants of the com pany
for the purpose of partial re-constructlon, which work Involved the expendi­
ture of a large sum of m oney. This work has since been successfully com ­
pleted, and the plant placed In continuous and satisfactory operation.
Y our board of directors has accordingly authorized the paym ent o f divi­
dends on the com m on capital stock of this com pany at the rate of 5% per
annum, and has declared a quarterly dividend of 1 M % on the outstanding
com m on capital stock, payable May 16 1910 to stockholders of record on
May 7 191 0 .— Compare V . 89, p. 1673, 1599.

Standard Oil Co. of New Jersey.— R eo rg a n iza tio n N o v . 14.
— The United States Supreme Court on Monday set down for
re-argument on Nov. 14 next the Government suits against
the Standard Oil and American Tobacco companies.— V .9 0,
p. 1243, 1048.
Texas Company, Houston.— N ew S tock — S to ck D iv id e n d ,
A m o u n t N o t S ta ted .— The stockholders will vote May 28
( 1 ) on increasing the authorized capital stock from $18,000,­
000 to $36,000,000, consisting of 360,000 shares of the par
value of $ 1 0 0 each and (2 ) on giving authority for the decla­
ration of a stock dividend out of accumulated surplus:
“ The board o f directors, according to their discretion as to time and as to
amounts and as to other details, m ay provide for paym ent from the same
and as a distribution of a part thereof such amount of such additional capi­
tal stock as m ay be In their Judgment Justified by the com pany's surplus
account (com pare V ..8 9 , p. 1416) and to an amount considering par value
not to exceed such surplus account as the same m ay be estimated at the
time of paym ent, such paym ent to be charged to the surplus account and
such distribution m ay take the form of a stock dividend.

Resolutions will also be presented (1) that any^balance of
shares remaining in the treasury of the increased capital
may be disposed of by the board at their discretion; (2 ) to
sanction the taking of steps, whenever deemed advisable, to
list the shares of the company upon the stock exchanges of
New York, London and Paris; (3) to ratify the actions taken
in respect to the sale for cash of $2 ,0 0 0 ,0 0 0 of the present
authorized capital stock.
D eb en tu re s M a y be C on verted to J u n e 15 1910.— Notice is
given that all debenture holders who shall surrender their
holdings for conversion before 3 p. m . June 15 1910 at the
company’s offices (17 Battery Place, N . Y . City, and Hous­
ton, T ex .) “ shall for, the. purposes of the anticipated stock
dividend be considered as,stockholders entitled to participate
in such upon the basis and to the extent represented by the




[VOL.LXXXX.

shares of stock which they shall be entitled to receive on
July 1 1910 by virtue of such conversion, but not otherwise.”
The interest warrant maturing July 1 1910 should be detached
before deposit and be collected in due course.
Practically all of the debentures have been converted on basis of $15,000
debentures for $ 10,000 stock. Increasing the outstanding capital stock.
Including the $2,000,000 sold for cash as above stated, to practically $18,­
000,000. Compare V . 88, p. 831, 1442; V . 89, p. 1144, 1286, 1416.

United Kansas Portland Cement Co., Kansas City, M o.—
O ffere d . — The
Commerce
Trust Company, the
mortgage trustee, Kansas City, Mo., is offering at 98 and
in t., yielding over 6 J ^ % , the unsold portion (less than
$800,(W0) of the issue of 1st M. 0 % 10-year sinking fund gold
bonds, dated April 1 1910, due April 1 1920, but redeemable
at 105 and int. at any interest period on 60 days’ notice.
Int. A . & O. at office of trustee. Par $100, $200, $500 and
$1,000 (c*).
A circular says in brief:
B on d s

Owns and operates three large cement plants located at Independence.
Iola and Neodesha, Kansas, the Initial cost o f which aggregated $3,400,000.
Capitalization: 1st M. 6% bonds (now offered), $1,500,000; pref. stock.
7 % cumulative, $4,250,000; com m on stock, $8,500,000; total, $14,250,000.
These bonds are Issued for the purpose of retiring on July 1 1910 $1,081,
176 70 debentures now outstanding, and to Increase working capital'
Sinking fund, a minimum o f.$160,000 each year, beginning April 1 1912.
The bonds are a first m ortgage on all properties now owned (or hereafter
acquired), whose physical value Is appraised by W estlnghouse, Church,
Kerr & Co. at $3,654,460, to which they add “ going” and “ potential”
values of $2,173,315, to which can be also added live assets o f $783,780,
not Included In above appraisals; thus showing aggregate assets, $6,511,555.

Extract from Letter by President George E. Nicholson, April 1 1910.
Notwithstanding the business depression last year, our output and ship­
ments were the largest In the history of the com pany. The consum ption of
cement In the territory we serve Is Increasing rapidly, our W estern stock on
hand being about 1,500,000 barrels less than the same date last year. Prices
have advanced 40c. per barrel. The net earnings covering a period of six
years ending Dec. 31 1909 were $4,619,043, or an average o f $769,841 per
annum. The com pany has expended o f this total sum $867,863 for ex­
tensions and Improvements, leaving the earnings for the six years $3,751,­
181, or an average o f $625,197 per year after oper. expenses and betterments.
The deposits of raw material owned are the best of limestone and shale,
all adjacent to the plants, estimated to outlast 100 years and valued at
$803,539. The buildings are all of fire-proof construction, and, with equip­
ment, are appraised at $2,057,231. The annual capacity o f the three
plants Is 2,465,000 bbls., which, at 90c. a barrel, would aggregate $2,218,­
500, making possible net earnings o f $681,025. The output will be materi­
ally Increased b y the Installation o f additional machinery.
Production oj Portland Cement Produced in United Stales in M illions oj
Barrels— Government Figures (except 1909).
1890. 1899. 1900. 1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908. 1909.
1-3
5%
8M
12M
17M 22 % 26 'A 3 5 K 4 6 ^ 48 Yx 51
62
Compare V . 86, p. 725.

United States Radiator Co.— C o n s o lid a tio n . — This com­
pany was incorporated at Albany, N . Y ., on May 17 with a
capital stock of $8,000,000, consisting of $4,000,000 common
and $4,000,000 7 % cu m .p ref.stock (p ar$100),to takeover—
The properties of the United States R adiator & Boiler Co. of Pittsburgh
(capital stock Increased In July 1905 from $300,000 to $500,000); United
States Radiator Co. of Dunkirk, N. Y. (capital stock Increased In May
1907 from $200,000 to $300,000: dividend rate early In 1908, 6 % per
annifm; later facts not at hand— E d .): United States Heator Co. of D etroit,
and Herendeen Mfg. Co. of Geneva, N. Y .: also the heater departm ent of
the J. L. Mott Iron W orks of New York, whose product has been co n ­
trolled by the United States Radiator & Boiler Co. of Pittsburgh.

Of the $4,000,000 pref. stock, $2,500,000, we are informed,
has been issued “ for cash” ; press reports state that $3 ,200 ,­
000 of each class of stock will shortly be listed on the Pitts­
burgh Stock Exchange, but that this will be the present
outstanding share capital could not be confirmed in New York
City yesterday. A mortgage has been made to secure
$1,000,000 6 % bonds which, it is stated, have been under­
written by a syndicate headed by the First National Bank of
Detroit and the Citizens Savings & Trust Co. of Cleveland.
Officers: R . J. Gross of Dunkirk, N . Y ., has been elected
President; Harry T . Cole of Detroit, Vice-President, and
J. J. Blackmore of New York, Secretary. The company
will begin business June 1 manufacturing steam and water­
heating boilers and radiators. Headquarters, Dunkirk,
N . Y .; branch office in New York.
United States Rubber Co.— N ew D ir e c to r s . — Jas. Deshler
and Elisha S. Williams have been elected directors to suc­
ceed W . H . Moore and J. J. Watson Jr., respectively. James
B. Ford has been made Treasurer in place of Mr. Watson,
who resigned.— V. 90, p. 1300, 1293.
Wheeling (W . V a.) Mold & Foundry Co.— N ew B o n d s .—
The shareholders recently authorized an issue of $250,000
6 % gold bonds dated March 1 1910.
Geo. W . Baron, the C ity Bank and the Dollar Savings & Trust Co. (the
last-named being the m ortgage trustee), all of W heeling, have taken the
whole Issue and are selling the bonds at par and int. The bonds will mature
March 1 1930, but are subject to call at 103 from March 1 1915 to March 1
1920,and thereafter at par. Par $1,000. Int. M. & S. at office of trustee.
Of the auth. Issue, $75,000 Is reserved to retire prior liens that remain out­
standing. The mortgage covers both Peninsula and Manchester plants.
Incorp. In W . Va. June 5 1893. Auth. cap. stock $500,000; Issued $405,000.
Pres., C. E. Blue; Sec.-Treas., It. S. Bradley. Office, W heeling, W . Va.
— V. 84, p. 280, 180.

Wilmington Trust Building Corp — S a le o f B o n d s — In ter­
est G u a ra n teed by K . I . du P o n t de N em o u r s P ow d er C o . — F. D .
Lackey & Co., Wilmington, Del., offered the present issue
of $1,000,000 first mtge. 5 % gold bonds at 101 and int. on
the 10th inst., and on the next day all had been sold. They
now sell at 102 and int.
These bonds are dated 1910 and due 1940 but are redeemable on any Int.
day at 110 and Int. T hey are guaranteed as to Interest by the E . I. du Pont
de Nemours Pow der C o., whose earnings are over 100 times the Interest
charges on these bonds. Sinking fund starting with 1921, $20,000 per
annum until m aturity In 1940. Int. J. & D . Par $1,000 (o * ). A uth.
Issue, $1,500,000; outstanding, $1,000,000; remaining bonds reserved for
60% o f cost of future additions and future improvem ents, under careful
restrictions. The E. I. du Pont de Nemours Powder Co. own all of the
capital stock, and the annual rental paid by them under their 30-year lease
for quarters In the building will amount to over $100,000.
Space already allotted In the new building disposes of approxim ately
75% of the total rentable floor area, leaving but 25% to rent, the m ost of
which should be taken by the time the addition Is com pleted. Net earnings
of present building, $54,000; net earnings of new building, $105,000 (est.).
The com pleted building will contain approxim ately 192,110 sq. ft. of renta­
ble floor area. The land on which the present building stands Is mortgaged
for $650,000; t h e 1borids Secured thereby will be retired immediately and
he mortgages satisfied of record. P. S. du Pont Is President,
t

May 211910.

THE CHRONICLE

1367

im tl
UNITED RAILWAYS INVESTMENT COMPANY.
E IG H T H A N N U A L R E P O R T— FO R T H E Y E A R E N D E D D E C E M B E R 31 1909.

T o the S tockholders o f the U n ited R a ilw a y s In vestm en t C o .:

On behalf of the Board of Directors, and in the absence of
the President, I beg to submit to you the Eighth Annual Re­
port of your Company, together with the General Balance
Sheet of the Company and a statement of the Income and
Profit and Loss Account for the fiscal year ended Dec. 31
1909.
_
,
The accounts of the Philadelphia Company for its last
fiscal year, ended March 31 1910, and the accounts of the
United Railroads of San Francisco for its last fiscal year,
ended Dec. 31 1909, are in process of being audited, and
when the audit is completed the respective reports, when
prepared and filed with the Company, will be open to the
inspection of the stockholders during usual business hours.
In September last the Sierra & San Francisco Power Com­
pany acquired the properties formerly belonging to the
Stanislaus Power Development, and that Company has now
issued—
SO,500,000 First Mortgage Bonds,
SO,000,000 Second Mortgage Bonds,
$20,000,000 Common Capital Stock.
All the capital stock of the Sierra & San Francisco Power
Company, except Directors’ qualifying shares, is owned by
The Railroads & Power Development Company, the corpora­
tion organized pursuant to the authority conferred by the
stockholders at their special meeting held on the 17th of May
last, and all of the stock issued and outstanding, except
Directors’ qualifying shares, of the last-named company,
is owned by your Company. There is still held by The New
York Trust Company, in trust to secure the fulfillment of
certain obligations to this Company .$1,000,000 of preferred
and .$1 ,0 0 0 ,0 0 0 of common stock of this Company, which
formed part of the consideration for the purchase of the com­
mon stock of the Sierra & San Francisco Power Company.
The Railroads & Power Development Company, pursuant
to authority conferred by the stockholders at said special
meeting, also has acquired all the outstanding capital stock,
except Directors’ qualifying shares, of the San Francisco
Electric Railways, to which Company was transferred, pur­
suant to like authority, $9,997,500 (par value) of common
stock of the United Railroads of San Francisco.
The work of completing the transmission lines and the
plant of the Sierra & San Francisco Power Company has been
pushed vigorously, and the President of that Company re­
ports that connection of the transmission lines of the Power
Company with the lines of the United Railroads of San Fran­
cisco should be made about the 15th of this month, and that
the Railroads should be able to receive power directly from
the Power Company on or about the 7th of June. The full
quantity of power deliverable under the contract between the
Power Company and the United Railroads of San Francisco
cannot be delivered until a later period, and in consequence
the full benefits cannot begin to arise before the close of the
year at the earliest.
It is estimated by the officers of the Sierra & San Francisco
Power Company that tin; total power to be developed and
controlled under the plans now in course of completion will
amount to approximately 82,000 h. p ., of which the Railroads
will require approximately 3 3 ,0 0 0 h. p ., leaving a large
surplus available for disposition in the open market, and
present indications would confirm the belief of the officers
of your Company that this investment should ultimately
prove of great advantage to your Company.
During the year ended the 31st of December 1909 the Phila­
delphia Company has paid its regular dividend of G% on its
common stock and the United Railroads of San Francisco
has paid its regular dividend of 7 % on its $5,000,000 of First
Preferred Stock hold by this Company.
. Accompanying this report is a combined income account
of the Philadelphia Company and affiliated companies for
the year ended December 31 1909, prepared by Messrs. Has­
kins & Sells.
It will be seen from these reports that the Philadelphia
Company has shown marked increase in its gross earnings,
and that the properties controlled by this Company have re­
flected the improved conditions in Pittsburgh and the sur­
rounding territory. In this connection, however, it is re­
ported by the officers of the Philadelphia Company that,
while the earnings of the Pittsburgh Railways Company,
which it controls, have continued to show the effects of the
crisis of 1907, these earnings since December 1909 have
shown a marked tendency to recover, and indications would
point that during this current year the gross earnings should
regain the basis of the year 1907.
Preliminary reports of the Philadelphia Company and the
United Railroads of San Francisco to the 31st of March of
the present year indicate a continued improvement in both
the gross and net earnings of each of these properties.




During the year $400,000 of Six Per Cent Notes of 1908
of the Investment Company were paid and canceled, and
the further amount of $200,000 of these Notes was paid and
canceled on Feb. 15 1910, leaving the amount now outstand­
ing $2,900,000. The floating debt of the Company has also
been reduced.
Estimates have been made by the President of the United
Railroads of San Francisco showing the beneficial effects
which the provisions of the power contract made with the
Sierra & San Francisco Power Company should produce on
the revenues of the Railroad Company in the course of the
next five years, and the same are open for-the inspection of
any shareholder of the Company.
All of which is respectfully submitted.
S ID N E Y II. M A R C H ,
V ic e -P r e s id e n t.
GENERAL BALANCE SHEET— DECEMBER 31 1909.
ASSETS.
Securities Owned:
United Railroads of San Francisco Stock:
50.000 Shares First Preferred, $100 par
value each; 200,000 Shares Preferred,
$100 par value each; 88,014 Shares
Comm on, $100 par value each.
Philadelphia Company Stock:
484.000 Shares Comm on, $50 par value
each.
The Railroads & Power Development Com­
pany, Capital Stock, 55,000 Shares, par
value $100 each______________________ $00,033,071 81
Other Securities_________________ __________
202,910 11
T otal Securities Ow ned...........................
Current Assets:
Cash on D enosit............................. ...................
Notes R eceivable_________________________
Accrued Interest on Notes R eceivable_____
Two Months’ proportion of Dividend of
1
on Capital Stock of Philadelphia
Company declared Dec. 7 1909 and paya­
ble Feb. 1 1910___________________ ______
San Francisco R y. & Power C om pany__
San Francisco Electric R ailw ays________
A ccount R eceivable_______________________
United R R s. of San Francisco— Dividend
Warrants (Per C ontra)_______________

$01,195,981 92
$51,850 47
312,500 00
3,906 25

242,000
19,270
192
48

00
50
40
50

210 00

T otal Current Assets___________________
Furniture and Fixtures______________________
Discount on 6% Notes of 1908______
___

629,984 18
2,382 50
114,375 00

Total Assets
$01,942,723 60
X o te.— The Com pany has a contingent liability of $48,544 05 on account
of Its guaranty of a note of the San Francisco Railway & Power Company.
L IA B IL IT IE S .
Capital Stock:
Preferred— 100,000 Shares, $100 par value
e a c h ____________________________________ $16,000,000 00
Comm on— 204,000 Shares, $100 par value
e a c h ____________________________________ 20.400,000 00
T otal Capital S to ck ____________________
$36,400,000 00
Collateral Trust Sinking Fund 5% Gold B onds_____________ 18,150,000 00
6% Notes of 1908_________________ ________ ____ _____________ 3,100,000 00
Preferred Stock Dividend Certificates:
Bearing Interest at 6 % -----------------------------$712,500 00
Bearing Interest at 5 % -----------------------------750,000 00
T otal Preferred Stock Dividend Certificates___________
Current Liabilities:
Loans and Notes P ayable-------------------------$858,695 00
United R R s. of San Francisco— Current
A c c o u n t __________________________
96,274 34
Bond Coupons due— Not presented----------8,112 68
Interest due on 6% Notes— Paym ent not
requested ________________________ '_____
189 00
Vouchers P ayable_________________________
1,300 00
Interest on Dividend Certificates, payable
January 3 1910_________________________
18,752 29
United R R s. of San Francisco— Dividend
Warrants not presented (Per C ontra)____
210 00

1,462,500 00

T otal Current Liabilities_____ __________________________
A ccrued Accounts:
Interest on B o n d s ________________________
$151,250 00
69,750 00
Interest on 6% Notes of 1908________
Interest on Dividend Certificates__ _______
7,125 00
Interest on Loans and Notes P ayable_____
13,754 15
Salaries_________
2,500 00

983,533 31

T otal A ccrued A ccoun ts______ _________________________
Profit and Loss— Surplus.................... .................................... ..

244,379 15
1,602,311 14
$61,942,723 60

Total Liabilities

We have audited the books and accounts of the United
Railways Investment Company for the year ended Dec. 31
1909.
W e verified the cash balances by certificates received from
the depositories; we examined the securities held, and verified
the securities on deposit by certificates received from the de­
positories; the notes receivable owned, pledged by the Com­
pany as collateral for loans, were verified by certificates
obtained from the holders, and
W e hereby certify that the above General Balance Sheet
correctly sets forth the financial condition of the Company
on December 31 1909 and that the accompanying Statement
of Income and Profit and Loss for the year ended on that date
is correct.
.

(Signed) H A SK IN S & SELLS,
Certified Public Accountants.

New York, February 23 1910.

1368

THE CHRONICLE

U N IT E D R A IL W A Y S IN V E S T M E N T C O M P A N Y.
STATEMENT OF INCOME AND PROFIT AND LOSS— FOR THE YEAR
ENDED DECEMBER 31 1909.
Incom e:
Dividends on Stocks ow ned_________________ $1,802,672
Interest on Bonds ow n ed _____________________
1,338
Interest on Loans and A ccounts R eceivable—
N e t ....... .......... ............... ................................ ..
21,720
M iscella n eou s______ ___________ _____________
4,955

00
12

Interest on

07
00

$64,421 30

Dividend Certlfl-

Proportlon of Discount on 6%
Notes of 1908...........................

15,000 00

T o t a l.__________________ ___________________ 1,253,013 84
Total

Dividends on Cumulative and Guaranteed Preferred Stock:
Philadelphia C om pany________
Consolidated Gas Com pany of the City of Pittsburgh___
T o ta l.................

$300,000 00
79,760 00
$379,760 00

Surplus for the Year applicable to Dividends on Comm on
S tock, &c. (7 H % ) _______
$2,579,794 60
P roportion applicable to other Owners of Common Stock and
Non-Cumulatlve Preferred Stock of Affiliated Corporations.
3,778 67

T o ta l....... ................. .......................................................................$1,830,685 10
Expenses and Other Charges:
Expenses:
Salaries................ . ................................ ............ ..
$21,003 56
L e g a l ................................
12,692 95
Transfer Agents’ and Registrars’ Fees..........
4,157 50
Fees of Trust Companies for paying Cou­
pons, & c.................
1,409 90
Corporation T axes.................
5,470 00
2,000 00
T ax on Increase of Capital S tock_____________
Tax on Bonds held In Pennsylvania___________
1,29127
Directors’ Fees and Expenses_________________
3,586 12
Stationery, Printing and P ostage...............
1,089 35
Traveling .............
3,770 83
G e n e ra l...............................................
7,949 82
T otal.............. ....................................................
Other Charges:
Interest on B o n d s ____________ $907,500 00
Interest on 6% Notes of 1908. 194,999 86
Interest on Loans and Notes

[Y o l. l x x x x

1,318,335 14

Net Incom e for the Y ear______________________________________ $512,350 05
ProAt and Loss— Surplus at beginning o f Y ea r........................... 1,089,961 09
Profit and Loss— Surplus, December 31 1909________________ $1,602,311 14

P H IL A D E L P H IA C O M P A N Y A N D A F F IL IA T E D
O P E R A T IN G C O M PAN IES.
COMBINED INCOME ACCOUNT— FOR THE YEAR ENDED
DECEMBER 31 1909.
Gross Earnings______________________________________________$18,239,189 22
Operating Expenses and T axes______________________________
9,541,798 25
Net E arn in g s................. ..................................................................... $8,697,390 97
Other In com e_______________________________________________
281,332 25
Gross In com e_______________________________________________ $8,978,723 22
Deductions from Incom e (not Including Fixed Charges)____
1,442,374 62
Net Incom e applicable to Fixed Charges, & c________________ $7,536,348 60
Fixed Charges.............. ..................... ........ ......................................... 3,419,020 93
Net I n c o m e .______ __________________________ ___ ____________$4,117,327 67
Im provem ents, Betterments and Extraordinary E x p e n s e s..
1,157,773 07
Net Incom e after deducting Im provem ents, Betterments
and Extraordinary Expenses_____________________________ $2,959,554 60

B a la n c e ................................................................................ .............. $2,576,015

93

P roportion applicable to United Railways Investm ent Com­
pany, based on Its present Stock holdings (7 2 .8 0 % )______ $1,875,339 60
N ote.— 1This statement does not Include the Incom e A ccoun t of the
Allegheny Heating Company.

SUA1MARY OF COMBINED INCOME AND PROFIT AND LOSS— FOR
YEARS ENDED DECEMBER 31 1909 AND 1908.
1909.
1908.
Gross E arn in g s.......... ....................
$18,239,189 22 $16,576,262 04
8,681,132 74
Operating Expenses and T a xes....... ................. 9,541,798 25
Net Earnings....... .................................................. $8,697,390 97
Other In com e_______________________________
281,332 25

$7,895,129 30
246,670 00

Gross In com e_______________________________ $8,978,723 22
Deductions from Incom e (N ot Including
Fixed Charges)___________________________
1,442,374 62

$8,141,799 30

Net Incom e Applicable to Fixed Charges, &c. $7,536,348 60
Fixed Charges______________________________
3,419,020 93

$6,768,899 42
3,340,620 24

Net In com e......... ................. ........ ...................
$4,117,327 67
Im provem ents, Betterments and E xtraordi­
nary Expenses____________________________
1,157,773 07

$3,428,279 18

Net Incom e for the Year after Deducting
Im provem ents, Betterments and E xtra­
ordinary Expenses____ ________ __________ $2,959,554 60
Proflt and Loss— Surplus at Beginning of
Y e a r . ............................... ................... ............... *2,940,722 48
Other Proflt and Loss Credits_______________
13,749 78

1,372,899 88

782,977 81

$2,645,301 37
3,387,850 34
1,144 01

Proflt and Loss— Gross Surplus____________ $5,914,026 86
Proflt and Loss Charges— Other than Divi­
603,138 40
dends ..................................................................

$6,034,295 72

B a la n c e .................. .................................... ...........$5,310,888 46

$5,831,245 95

Dividends D e cla re d ........................................... *2,377,807 13
Profit and Loss Surplus at End of Y ea r......... $2,933,081 33

203,049 77

2,876,597 75
$2,954,648 20

* The difference between this amount and the Surplus at Dec. 31 1908
Is caused by eliminating the Proflt and Loss Surplus of the Ohio Valley
Electric Company of Bellevue and the Overgrade Bridge Company, which
ceased to be operating companies on March 31 1908.
x The decrease In this Item, as compared with the preceding year, $498,­
790 62, Is mainly due to the fact that, although four dividends on the Phila­
delphia C om pany’s Comm on Capital Stock were paid during each of the cal­
endar years 1909 and 1908, five of such dividends, aggregating $2,492,­
992 50, were declared during the year 1908, and four, aggregating $1,994,­
394 00, were declared during the year 1909. The Com pany’s llscal year
terminates March 31st. W hile It has been the practice of the Directors to
declare four quarterly dividends on the Comm on Capital Stock during the
fiscal year, the dates of declaration during the calendar year have varied
from year to year.
N ote.— This Sum mary does not Include the Incom e and Proflt and Loss
o f the Allegheny Heating Company.

PHILADELPHIA COMPANY.
T W E N T Y -S I X T H A N N U A L R E P O R T — FO R T H E Y E A R E N D IN G M ARCH 31 1910.

O ffic e o f the P h ila d elp h ia C o m p a n y ,
P ittsb u rg h , P a ., M a r c h 31.sf 1910.

The Board of Directors herewith submit their report for
the fiscal year ended March 31st 1910.
During the year 11 wells were purchased and 136 wells
were drilled, of which 85 were productive of gas, 19 of oil and
32 unproductive; 2 gas wells and 4 oil wells were reinstated;
3 wells were sold and 41 abandoned, having ceased to be pro­
ductive; making the total number of wells owned or con­
trolled through stock ownership and in use by the Company
at this date 902.
During the year 38.31 miles of pipe were reclaimed and
143.32 miles were laid and purchased. The total amount of
pipe lines operated by this Company either through owner­
ship or stock ownership in other corporations is now 2,302.10
miles.
This does not include the 169.13 miles of mains of the
Allegheny Heating Company nor the 371.03 miles of mains
of our several artificial gas companies.
There has been no reduction during the year in the number
of acres of leases of gas and oil territory held by this Company,
or the Equitable Gas Company, or the Fairmont & Grafton
Gas Company.
TJie Company sold during the year 37,688,298,000 cubic
feet of natural gas, being an increase of 7,683,727,070 cubic
feet, with increased receipts from that sourceof $1,178,743 56.
There has been an increase during the year of 6,262 domes­
tic consumers of the natural gas supplied by the Company
and the Companies it operates, including the Allegheny
Heating Company and the Fairmont & Grafton Gas Com­
pany, making the total number of domestic natural gas con­
sumers of these Companies 101,759.
There has been expended out of the earnings of the Com­
pany since March 31st 1886 for gas and oil wells, transporta­
tion pipe lines outside the city, pumping stations, telephone
lines, tools, etc., $17,050,141 84, no part of which has been
charged to capital accounts.
Accompanying this report are statements showing the
financial condition of the Company.
For the Board,
J. II. R E E D , P r e s id e n t.




P H IL A D E L P H IA C O M P A N Y .
INCOME

AN D

P R O F IT AN D LOSS ACCOU N T— Y E A R
MARCH 31ST 1910.
Gross Earnings—
G a s ...................................................................................$6,032,795 14
578,138 20
O il.............................................

ENDED

Total Gross Earnings.....................................................................$6,610,933 34
Operating Expenses—
Rights of W ay, Rentals and L e a s e s .................... $873,003 29
Gas Purchased_____________________________ _ .
165,618 02
Production Expenses____________
___
.
259,050 55
Transportation and Distribution Expenses____
289,433 74
Selling and Collection E xp en ses.. .
110,848 28
437,437 67
Maintenance Expenses__________
General Expenses_______________________________
208,815 00
T otal Operating Expenses___________________ .,$2,344,206 55
T a x e s ............................................ ..............................}
115,945 49
Total Operating Expenses and T axes______________________

2,460,152 04

Net Earnings__________________________________________________ $4,150,781 30
Other Income—
Dividends and Interest on Stocks and Bonds
O w n e d _______________________________________ $1,644,405 86
Rents of Real Estate and Buildings_____________
125,130 11
Rental of Pipe Lines____________________________
34,473 15
Interest and D is c o u n t.._____ __________________
542,877 48
Miscellaneous_______________________________
5,117 56
Total Other In com e________________________________________

2,352,004 16

T otal Incom e________________________________________________ $6,502,785 46
Deductions from Income—
Rentals of Leased Gas Lines____________________
$10,179 50
Interest and D iscount____ ______
268,770 03
Miscellaneous------------------------------------------------------34 90
T otal Deductions from Incom e.............. .......... ............................

278,984 43

Net Incom e before Deducting Fixed Charges, Im provem ents,
Betterments, Extensions, & c___________
$6,223,801 03
Fixed Charges—
Interest on Funded Debt o f Philadelphia Company and Union
Gas Company of M cK eesport_______________________________ 1.049,660 41
Net Incom e after Deducting Fixed C h a r g e s ________________ $5,174,140 62
Improvements, Betterments, Extensions, & c.—
New Producing Gas Wells
. . $471,858 84
New Producing OH Wells
_______ __
______
40,602 64
New Pipe Lines— Outside C ity_________________
527,842 13
New Telephone Lines
_____
2,493 69
-------------- ■— 1,042,797 30
Net Incom e— Surplus for the Y ear............................................ $4,131,343 32
Surplus April 1st 1 9 0 9 ........... ........................................... .............. 3,336,696 46
T otal Gross Surplus....... .......... ..................................................... $7,468, 03978

May 21 1910.

THE CHRONICLE

Brought forward_________________________ __________________ $7,468,039 78
Deductions from Surplus—
Dividends on Preferred S tock__________________
$300,000 00
Dividends on Common Stock of 4 M % , declared
and paid during year________________________ 1,495,795 50
Dividend on Comm on Stock of 1 'A % , declared
before close of llscal year (March 31st 1910),
payable May 2d 1910________________________
539,998 50
Consolidated Gas Company Guarantee_________
80,000 00
Discount, Taxes and Expense In connection with
441,466 68
the sale o f securities_________________________
Surplus March 31st 1910— Per Balance Sheet--------------------- $4,610,779 10
G E N E R A L B ALA N CE S H E E T M ARCH 31ST
AS S E T S .
Property and Plant—
$1
Charters, Patents and Franchises--------------------Pipe Lines, Transportation and Distribution— 6,796,993
477,125
Gas W ells_______________________________________
183,543
Gas R ights_____________________________________
339,288
Gas Leases_____________________________________
120,945
Rights o f W a y __________________________________
530,951
Real Estate____________________________________
28,881
B u ildin gs_______________________________________
35,804
Telephone Lines_______________________________
842,305
Service Connections____________________________
Meters__________________________________________ 1,037,916
389,119
Regulators ____________________________________
45,000
T ools___________________________________________
14,850
Office Furniture and F ixtu res.------------------------5,632
Horses and Stable Equipm ent-------------------------135,087
Maude Mine Coal P rop erty-------------------------------Brunot Island Power Station---------------------------- 2,160,314

1910.
00
05
65
69
11
34
77
29
57
15
92
68
00
00
05
97
05

Total Property and Plant----------------------------------------------------$13,143,76Q
Material and Supplies---------------------------------------------------------------194,588
Stocks and Bonds of Other Companies O w n e d ................
45,186,076
Unexplred Insurance-----------------------------------------999
Bills R eceivable Deposited with Trustees, Covering Advances
to Affiliated Companies--------------------------5,710,000
Bills Receivable In Treasury, Covering Advances to A ffili­
ated Companies_____________________________________________
622,025
Current Assets—
Cash at Bank and on H and..................................$3,678,068 80
Bills R eceivable................................. ...................
200 00
A ccounts R e ce iv a b le ________________________
919,360 44
Philadelphia Company of W est Virginia_____
999,500 00
Tem porary Loans to Affiliated Companies___ 3,307,600 00
Total Current Assets

29
11
56
81
01
14

8,904,729 24

T otal A s s e t s ...................................................................................... $73,762,179 16
L IA B IL IT IE S .
Capital Stock—
Com m on, 720,000 shares of $50 00 each______ $3 6 , 000,000 00
Preferred, 120,000 shares of $50 00 each______
6,000,000 00
T otal Capital S tock .........................................................................$42,000,000 00
Funded Debt—
First Mortgage and Collateral Trust Gold Bonds,
being 5,559 Bonds of $1,000 00 each, 50-year
5% __ _ _ ............................. .................................. ..$ 5 ,5 5 9 ,0 0 0 00
Consolidated Mortgage and Collateral Trust Gold
Bonds, being 15,138 bonds of $1,000 00 each,
50-year 5 % __________________________________ 15,138,000 00
T otal Funded D eb t_________________________________________20,697,000 00
F ive-Y ear Serial Gold Notes, 5 % , dated April 1st 1905---------150,000 00
T en-Y ear Serial Collateral Gold Notes, 6 % , dated July 1st
1908 ________________________________________ _________ ______ 2,350,000 00
Ten-Year Convertible 5% Gold Debentures, dated August 2d
1909 ________________ ___________ _______ ____ _______ ________ 2,500,000 00
Current Liabilities—
Consolidated Gas Co. Guarantee, Accrued not
d u e ......... ................................ ..................................
$13,675 33
Interest on Bonds, Accrued not d u e___________
338,537 50
Interest Accrued on Current Liabilities_________
67,991 83
Reserved for Dividend on Preferred S to ck _____
25,000 00
Dividend on Common Stock of 1 M % , declared
before close of fiscal year (March 31st 1910),
payable May 2d 1910________________________
539,998 50
A ccounts P ayable______________________________
156,702 25
Taxes, A ccrued not d u e________________________
99,735 16
Consumers’ A dvances___________________________
207,567 27
Unclaimed W ages______________________________
2,192 22
Bills Payable_____________
3,000 00
Total Current Liabilities___________________________________
Profit and Loss—
Balance Credit March 31st 1910______________________________

1,454,400 06
4,610,779 10

T otal Liabilities.................. .............................................................$73,762,170 16
N ote.— The Philadelphia Company has a contingent liability for the fol­
lowing Bonds, guaranteed both as to principal and Interest:
Mt. W ashington Street Railway Co., First Mortgage, 30-year

— IL II. Copeland & Son, 1 1 1 Broadway, have just issued
a “ Comparative Analysis of Railroad Reports” for roads
with fiscal year ended in 1909. The work opens up a new
field in railroad analytics and is most comprehensive in
detail. The analysis, it is pointed out, displays all the sta­
tistics published in the annual reports of railroads, which are
of relative value, and computations therefrom with such com­
binations and re-classifications as are of advantage from the
analytical standpoint. The arrangement is such that com­
parison may be had of a number of roads at a glance. A
general perpendicular column is devoted to each railroad
and such columns arc arranged to the right and left of a
central outline which sets forth the titles of the accounts in
horizontal alignment. In the “ Income” and “ Expenditure”
accounts, the first perpendicular column gives the total
figures which are published in an annual report, the accounts
being indicated in central outline; the next parallel column
includes the “ per mile” statistics compiled in connection
with such totals, and the following five columns give the
“ unit” statistics and “ ratios” computed. The “ Incom e,”
“ Expenditure,” “ Profit and Loss,” “ Balance Sheet,” “ Sum­
mary of Capital Changes” and “ Physical Statistics” accounts
are all exhaustively treated. The analysis reduces the
various items to a common or comparative basis, which
facilitates prompt and efficient research. The set consists
of seven morocco-bound booklets, comprising analyses on
1 1 0 railroads.
— An important addition to financial reference books is
“ Poor’s Manual of Industrials,” the first annual number of
which has just been issued. It contains 2,317 pages of text
and is designed to perform a work similar to that accom­




1369

5% Gold Bonds, dated April 1st 1903.......................................$1,500,000 00
Seventeenth Street Incline Plane C o., First Mortgage, 30-year
5% Bonds, dated March 1st 1905_________________________
125,000 00
Allegheny Bellevue & Pcrrysville Railway C o., First Mort­
500,000 00
gage, 30-year 5% Gold Bonds, dated April 1st 1905_______
The Mornlngslde Electric Street Railway C o., First Mortgage,
30-year 5% Gold Bonds, dated October 2d 1905___________
200,000 00
Ben A von & Emsworth Street Railway C o., First Mortgage,
30-year 5% Gold Bonds, dated April 1st 1906....... .......... —
300,000 00
Pittsburgh & Beaver Street R ailw ay C o., First Mortgage,
50-year 5% Gold Bonds, dated July 1st 1908______ ________
750,000 00
SCH E D U L E OF C A P IT A L STOCK S H A R E S OF O T H E R C O R P O R A ­
T IO N S O W N E D A N D POSSESSED A T M ARCH 31ST 1910
B Y T H E P H IL A D E L P H IA C O M PA N Y.
Shares
Total
owned.
issue.
Consolidated Traction C om pany_____________________ 232,878 Pref. 240,000
Consolidated Traction C om pany_____________________ 285,444 Com. 300,000
United Traction Company of P ittsburgh_____________339,999 % “ 340,000
The Chartlers Valley Gas C om pany_________________ 29,850
“
30,000
Pennsylvania Natural Gas C om pany________________ 19,822
“
20,000
South Side Gas C om pany____________________________ 15,046
“
20,000
Equitable Gas C om pany_____________________________ 13,774
“
14,000
Equitable Gas C om pany_____________________________
4,908 Pref.
6,000
The Allegheny Heating C om pany___________________
2,664 Com.
5,000
The Consolidated Gas Co. of the City of P ittsb u rg h .. 80,000
“
80,000
The Consolidated Gas Co. of the City of P ittsb u rg h ..
120 Pref. 40,000
Pittsburgh Railways C om pany______________________ 50,000
“
50,000
Pittsburgh Railways C om pany______________________ 50,000 Com. 50,000
Pittsburgh & Charleroi Street Railway C om pany___ 50,000
**
50,000
Mt. W ashington Street Railway C om pany__________ 30,000
“
30,000
The Beaver Valley Traction C om pany_______________ 21,500
“
21,500
W ashington & Canonsburg Railway C om pany............ 20,000
“
20,000
“
16,000
The Union Gas Company of M cK eesport____________ 16,000
The Allegheny County Light C om pany______________ 15,000
“
15,000
The Southern Heat, Light & Power C om pany______
6,000
“
6,000
East McKeesport Street Railway C om pany_________ 5,000
“
5,000
The Braddock Gas & Light C om pany_______________ 5,000
“
5,000
Seventeenth Street Incline Plane C om p any_________ 5,000
“
5,000
Allegheny Bellevue & Perrysvllle R ailw ay Com pany 5,000
“
5,000
Pittsburgh & Beaver Street Railway C om pany_____
4,700
“
4,700
The Fairmont & Grafton Gas C om pany____________
3,000
“
3,000
Ben A von & Emsworth Street Railway C om pany___ 2,000
“
2,000
Pittsburgh Canonsburg & W ashington Railw ay C o .. 1,590
“
1,590
L ow Pressure Gas C om pany________________________
1,000
“
1,000
Consumers’ Heating C o m p a n y .-----------1,000
“
1,000
Mansfield & Chartlers Gas C om pany.............................
500
“
500
The Mornlngslde Electric Street Railway C o m p a n y ..
480
480
The Philadelphia Company of W est Virginia..............
10
“
10

P H IL A D E L P H IA C O M PAN Y A N D A F F IL IA T E D
O P E R A T IN G C O M P A N IE S .
(Not Including Allegheny Heating Company.)
COM BINED INCOME ACCOUNT F O R T H E Y E A R E N D E D
MARCH 31ST 1910,
Gross Earnings______________________________________________ $10,147,51 T 12
Operating Expenses and Taxes---------------------------- ---------------- 9,933,336 63
Net Earnings
Other In com e..

$9,214,180 49
327,237 35

Total Incom e_________
Deductions from Incom e.

$9,541,417 84
1,473,509 10

Net Incom e before Deducting Fixed Charges, Im provem ents,
Betterm ents, Extensions, & c ._ _____ _____________________ $8,067,908 74 ■
Fixed Charges: Interest on Funded D eb t____________________ 3,418,667 84
Net Incom e— After Deducting Fixed Charges____________ $4,649,240 90
Im provem ents, Betterm ents, Extensions and
E xtraordinary Maintenance E xpenses______ $1,424,217 08
Car Trust Notes Issued December 1st 1905, re­
40,000 00
tired During the Y ea r______________________
---------------------- 1,464,217 08
Net Incom e— Surplus for the Y ea r_______________________
Dividends on Preferred S tocks______________________________

$3,185,023 82
382,961 00

Balance— Surplus for the Y ear____________________________ $2,802,062 82
Note.— All Items representing transactions between Companies have been
eliminated In the a bove report.

W e have examined the Books and Accounts of the Phila­
delphia Company and Affiliated Operating Companies, for
the year ended .March 31st 1910, and w e h ereb y c e r tify that
the foregoing Balance Sheet and Statement of Income and
Profit and Loss of the Philadelphia Company and the Com­
bined Income Account of the Philadelphia Company and
Affiliated Operating Companies are correct.
(Signed) H A SK IN S & SELLS,
Certified Public Accountants.

New York, May 10th 1910.
plished by “ Poor’s Manual of Railroads.” The scope of
the work is indicated by the statement that the total capi­
talization of all industrial corporations represented in the
book is §18,873,000,000. The price of the book is §7 50.
Publishers, Poor’s Railroad Manual Co., 68 William S t., N .Y ,
— The progressive municipal bond house of Ulen, Sutherlin
& Co., Chicago, owing to the growth in its business, has been
compelled to remove to more spacious quarters. Not only
are the new quarters more commodious, but more elegant
and convenient in every way. The firm remains in the
First National Bank Building, but moves from the Gth floor
to a suite of offices, 507-509, on the 5th floor.
— Frederick R . Fulton, formerly head of the Chicago
municipal bond house of F . R . Fulton & Co., died on the
7th inst. at his residence in Evanston, 111., after an illness
of more than a year. He had been a successful banker in
Grand Forks, North Dakota, and came to Chicago in 1898
to engage in the bond business.
— The attention of investors is called to the excellent list
of investment securities being offered on another page by
W m . A . Read & Co., the net yield ranging from 4 .0 5 % to
6 % . Full details will be furnished upon application to the
main office, 25 Nassau St., New York, or to any of the firm’s
branch offices in Boston, Baltimore, Chicago and London,
Eng.
— Spencer Trask & Co., 43 Exchange Place, New York,
have issued the eighth edition of their circular entitled
“ Convertible Bonds.” This circular describes practically
all of the convertible bonds now upon the market, and ex­
plains the features which make them a favorite form of
security with many investors.

THE CHRONICLE

1370

3Pxjc ©ommjCMial jinxes.
COMMERCIAL EPITOME.
F r id a y N ig h t, M a y 20 1910.
Trade continues generally active, but the crops, needless
to say, are still a very potent factor, and prospects for good
harvests have latterly improved. Some improvement is
noticed in the iron and steel trade. The copper interests
of the world are supposed to be not far from a turn for the
better.
L A R D on the spot has been easier, owing to depression in
the grain markets, some decline in live hogs, increased
offerings of product and dulness of trade.
Prime Western
13.30c.; Middle Western 13.20c and City steam 1 2 % ® 1 3 c .
Refined lard has been quiet and without marked change;
supplies light. Refined Continent 13.90c., South America
14.7fic. and Brazil in kegs 15.75c. The speculation in lard
futures has been active with prices irregular. On the whole
the undertone of the market has been easier despite support
from leading packers at times. The weakness in grain has
had some effect upon provisions. Moreover, the market for
live hogs has been heavy of late and there has been consider­
able liquidation in the market for products.
D A IL Y CLOSIN G PR IC E S OF L A R D F U T U R E S IN NEW YORK.
Sat.
M on .
Tues.
Wed.
Thurs.
F ri.
May d elivery_________ 13.30
13.20
13.30
13.15
13.10 13.00
July delivery__________13.10
13.00
13.23
13.05
12.96 12.90
D A IL Y CLOSIN G PR IC E S OF L A R D FU T U R E S IN CHICAGO.
Sat.
M on .
Tues.
Wed.
Thurs.
F ri.
May delivery__________13.05
1 3 .0 7 ^ 1 3 .1 5
1 2 .9 7 3 *1 2 .8 5
12.75
July d elivery_________ 12.773* 12.79 3* 12.873* 12.773*
12.60 12.60

P O R K on the spot has been quiet and steady. Mess $24.@
$24 50; clear $ 2 5 @ $ 2 7 , and family $ 2 6 ® $ 2 6 .5 0 . Beef has
been firm with a somewhat larger demand.
Mess $ 1 6 @ $ 1 7 ,
family $19 50, packet $lf>@ $17 and extra India mess $30.
Cut meats have been in fair demand and generally firm.
Pickled hams, regular, 15 % @ 16 c \ ; pickled bellies, clear,
I 6 @ I 8 .P 2 C . ;
pickled ribs 1 5 % @ 1 6 % c . Tallow has been
quiet and steady; City 7 % c . Stearines have been dull and
steady; oleo 1 5 @ 1 5 % c .; lard 15c. Butter has been quiet
and firmer; creamery extras 2 8 % c . Cheese quiet and firmer;
State, whole milk, new, colored or white, fancy, 14 % c .
Eggs quiet and easy; Western firsts 2 1 @ 2 1 % c .
O IL .— Linseed has been dull but firm on light supplies.
City, raw, American seed, 8 4 @ 8 5 e .; boiled 8 5 @ 8 6 0 .; Cal­
cutta, raw, 90c. Cottonseed has been quiet but firm; win­
ter 8 .3 0 @ 8 .9 9 c ., summer white 8 .1 0 @ 8 .4 9 c .
Lard has
been quiet but firm; supplies small; prime $1 2 0 @ $ 1 29,
No 1 extra 6 5 @ 6 9 c . Cocoanut has been quiet and firm;
Cochin 11c., Ceylon 9 % @ 9 % c .
Olivo quiet and steady at
8 0 @ 8 5 c . Cod has been .active and firm; domestic 3 8 @ 4 0 c .,
Newfoundland 4 4 @ 4 5 e .
C O FFEE on the spot has been quiet and steady.
Rio No.
7, 8 % ® 8 % c .; Santos No. 4, 9 % @ 9 % c .
West India
growths have been quiet and steady: fair to good Cucuta
9 % @ 10 % c . The speculation in future contracts has been
dull and featureless. Prices have continued to move within
narrow limits. It is largely a waiting market.
Closing prices were as follows:
May ___________..6 .3 5 c .
J u n e __________ --6 .3 5 c .
July _____________6.35c.
August ...............-.6 .4 0 c .

S e p te m b e r______ 6.45c. IJ a n u a r y __________6.58c.
O c t o b e r ________ 6.50c. F e b r u a r y ________ 6.60c.
N ovem ber_______ 6.50c. |M a rc h ___________ 6.63c.
December ............6 .55c. |A p r i l _____ _______ 6.64c.

[ VO L . L X X X X .

COTTON.
F r id a y N ig h t, M a y 20 1910.
T H E M O VEM EN T OF T H E CROP as indicated b y our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
75,376 bales, against 52,472 bales last week and 50,968
bales the previous week, making the total receipts since
Sept. 1 1909 6,901,186 bales, against 9,393,830 bales
for the same period of 1908-09, showing a decrease since
Sept. 1 1909 of 2,492,644 bales.
Sat.

M on .

Tues.

Wed.

F ri.

Thurs.

Total.

G a lveston ---------P ort A rthur____
Corp. Chrlstl, &c.
New Orleans____
Gulfport - ............
Mobile _________
P en sa cola ______
Jacksonville, &c.
Savannah ______
B ru n sw ick _____
C h a rleston ..........
G e o rg e to w n -----W ilm in g to n -----N o rfo lk _________
Newport N ., &c_
New Y o rk ............
B o s t o n _________
B altim ore______
Philadelphia------

3,071

__

1,415

__

3,592

__

3,761

__

1,522

__

1,104

__

14,465
____

1,329

2,963

3,011

2,172

3,398

__17

__

4,082
____
49

16,955
____
690

2,202

2,385

946

709
_
335
3,297
_
148
59

Totals this week.

9,204

107
1,014
114
494
__

__
301
__

93

1,433
____
16
____
186
4,731
____
64
22
____
—

100
1,736
____
137
____
1,212
2,427
____
1,931
159
____
—

13,356

15,594

__
—

—

11,404

__

__
76
__

__

154

__

17
"117
2,133
1,499 11,388
____
765
765
74
45
1,927
____
1,447
1,176
4,463
3,081
3,526 18.076
____
151
"704
3,112
45
03
872
____
2,546
2,546
—
---- ------- ---- ------10,718 15,010 75,376

The following shows the week’s total receipts, the total
since Sept. 1 1909, and the stocks to-night, compared with
last year:
1909-10.

1908-09.

This Since Sep
1 1909.
Week.

This Since Sep
1 1908.
Week.

Galveston_______
Port Arthur.........
Corpus Chrlstl,&c
New O rlea n s____
Gulfport _______
M o b ile __________
Pensacola----------Jacksonville, & c.
Savannah----------B run sw ick______
Charleston______
G eorgetow n_____
W ilm in g ton _____
N orfolk__________
N ewp’t News, &c.
New Y o r k ............
B o s t o n __________
B a lt im o r e ............
Philadelphia - - - .

14,465 2,425,161
142,281
73,758
16,955 1,195,274
8,264
236,541
"690
136,118
117
39,682
11,388 1,295,561
765 222,472
1,927 207,385
1,376
4",463 307,302
18,076 488,254
17,677
16,694
3",112
872
13,276
72,414
2,546
1,696

22,891 3,480.836
140,578
140,273
26,139 1,984,111
20,221
4,630 363,859
142,590
36
29,281
14,518 1,449,800
2,288
314,650
2,440
207,044
2,403
2",388 405,708
8,771
563,196
15,639
"519
16,505
12
15,715
1,748
95,831
50
5,590

T o ta l---------------

75,376 6,901,186

86,430 9,393,830

Receipts to
May 20.

_

—

__

Stock.
1910.

1909.

50,094

68,195

88,655
446
8,252

171,643

___

15,436
____

24,074
771
5,214

54,055
2,709
6,858

16,351
24,410

13,580
22,224

245,832
5,726
8,103
1,604

136,984
4,348
6,377
4,941

479,532

507,350

___

___

_-

___

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at—
G a lv e s to n ___
Pt. Arthur, <Scc.
New Orleans .
M o b ile ______
Savannah ___
Brunswick__
Charleston,&c
W ilm ington. _
N o r fo lk _____
N’port N ., &c
All others____
T otal thlsw k.

1910.

1909.

1908.

1906.

1905.

" "l",230

13,904
1,870
17,468
4,414
19,876
1,847
1,076
7,011
8,601
427
1,702

34,240
10,264
25,969
4,311
20,004
2,982
1,78 8
5,846
16,134
987
4,062

53,068

51,882

78,802

126,587

22,891

10,055

16,955
690
11,388
765
1,827
4,463
18,076

26,139
4,630
14,518
2,288
2,440
2,388
8,771

"15,819
2,327
8,019

" 6,647

"2", 365

75,376

86,430

___

1907.
19,678
261
10,855
1,155
10,306
1,265
359
1,160
5,933
328
582

14,465

648
4,735
4,235

Since Sept. 1- 6,901,186 9,393,830 7,768,277 0,434,142 7.349,210 8,955,495

The exports for the week ending this evening reach a total
S U G A R .— Raw has been quiet and Heady. Centrifugal, of 55,939 bales, of which 26,937 were to Great Britain,
96-degress lest, 4.24c.; muscovado, 89-degrees test, 3.74c.; 4,006 to France and 24,996 to the rest of the Continent.
molasses, 89-degrces test, 3.49c. Refined has been quiet Below are the exports for the week and since Sept. 1 1909:
and steady. Granulated 5.25c. Teas have ruled dull and
From Sept. 1 1909 to May 20 1910.
Week ending May 20 1910.
steady. Spices have been firm, with a moderate demand
Exported to—
Exported to—
from grinders. Wool has been more active.
Hops have
Exports
Conti­
Great
Conti­
Great
from—
-been dull and steady.
Total.
Britain. Fr'nce. nent. Total. 1Britain. France. nent.
P E T R O L E U M — Refined has ruled steady with a moderate
5,995 700,192 375,374 923,459 2,005,025
Galveston___ | 5,995
business for domestic and export account. Barrels 7.75c., Port Arthur__ i
I
25,883 18,398
98,000 142,281
16,975
16,975
bulk 4 .2 5c ., cases 10.15c. Gasoline has been in good de­ Corp.t hrtstl,&c . . . .
New Orleans.. 4,3241 '966 8,928 14,161 510,976 182,923 349,463 1,043,356
mand and firm; 8 6-degrees, in 10 0 -gallon drums, 1 8 % c .; Mobile............
35,101 74,601
39,392 149,094
47,658 54,674
40,180 142,512
drums $ 8 50 extra. Naphtha has been fairiy active and Pensacola___
7,818
7,818
ulfport____
steady; 73@76-degrees, in 100-gallon drums, 1 6 % c .; drums G
9",273 10,782 232,855 83",991 43l",697 748,543
Savannah ----1,509
87,045 5,496
95,881 188,422
$ 8 50 extra. Spirits of turpentine has been more active at Brunswick___
16,901
100,195 117,096
64^@ 65c.
Rosin has been in fair demand and firm: com­ Charleston___
1 _____
100,690 15",700 167,029 283,419
Wilmington,. ,
4,863
___
6,121
mon to good strained $4 50.
1,258
N orfolk_____
Newport News
, TO B AC C O .— Sales of domestic leaf have been small, as New York----- 13,639 2,461 6,488 22,591 185,329 41,202 "99,231 325,762
99,877
10,247
89,630
157 1,627
manufacturers have continued to purchase only in sufficient Boston .......... 1,470
55,170
633
29,754
17,656 7,760
633
volume to meet immediate requirements. Prices, however, Baltimore----59,814
_____
15,538
44,270
Philadelphia . .
-127
427
.have ruled firm, as stocks are moderate or light. Sumatra Portland, Me. 55,129
"55,129
Francisco.
.has been firm and more active. Havana has been quiet San
27,466
27,466
Seattle ..........
4,101
4,101
’ iso
Tacoma ..........
"150
.and firm.
200
200
Portland, Ore.
600
600
COPPER has been quiet and steady as a rule. Lake Pembina _ . . . .
_____
_____
—
Detroit............
1 2 % @ 1 3 % c ., electrolytic 1 2 .0 0 @ l2 .7 0 c . and casting 12%
@ 1 2 % c.
Lead has been quiet but firmer at 4 .4 0 @ 4 .5 0 c .
T o ta l.......... 26,937i 4,006 24,996 55,939 2,113,294 860,119 2,505,795 5,479,208
Spelter has been quiet at an advance to 5 .4 5 @ 5 .60c. Tin has
Total 1908-09. 89,869!18,773 18,787 127,429 3,308.908 989,487 3.505,030 7.803.425
been dull and steady; spot 33.30c. Pig iron has been steady
in addition to above exports, our telegrams xo-mgnx aiso
and .more active; No. 1 Northern $17 25@ $17, 75, Nq. 2
-Southern $15 7 5 @ $ 1 6 25
Some Eastern pipe .works have give us the following, amounts of cotton oil shipboard,, not
made larger purchases,;., (Increased orders for pars,are.,re­ cleared, at the ports named. W e add similar figures for
New York.
ported. Steel billets have been more active.




m ay

OnShipboard, Not ClearedJor—
Leaving
oast­
Other C
Ger­ Foreign
Great France m
wise. Total. Stock.
any.
Britain.

May 20 at—

1371

THE CHRONICLE

21 1910. j

353
1,074

4,245
4,566

4,890
5,601

638
1,762

23,167
14,380

"2 6 6

f 266
9,900

2,943
9,900
7,000
2,800

65,488
35,714
24,074
5,214
5,309
14,510
238,832
30,201

13,500 60,190
17,835 110,222
20,572 84,987

419,342
397,128
292,370

New Orleans. .
G a lv e s to n ____
Savannah -----Charleston____
Mobile
____
N o r fo lk ______
New Y ork -----Other ports—

13,041
1,377

5",666
2,000

"200

l", 500
800

‘ 300

Total 1910. .
Total 1 9 0 9 .Total 1 9 0 8 ..

22,961
28,336
18,941

1,627
5,957
15,206

11,111

10,991
34,549
19,551

f 543

23,545
10,717

S p e c u l a t i o n in c o t t o n f o r f u t u r e d e l i v e r y h a s b e e n a c t i v e
a t a s h a r p d e c lin e in p r i c e s .
T h is w a s d u e to h e a v y liq u id a ­
t i o n b y la r g e i n t e r e s t s a s w e ll a s b y t h e r a n k a n d h ie ot
t r a d e r s , c o i n c i d e n t w it h t h e o c c u r r e n c e o f c o p io u s a n d b e n e ­
fic ia l
r a in s i n
T exas,
L o u is ia n a ,
A rk a n sas,
O k la h o m a ,
M i s s i s s i p p i , t h e C a r o li n a s a n d A l a b a m a .
L a rg e W e ste rn
a n d S o u t h e r n b u l l i n t e r e s t s a r e c r e d it e d w it h h a v i n g s o ld
fr e e ly .
T h e c e r t if i c a t e d s t o c k h e r e h a s l a t t e r l y b e e n in ­
c r e a s in g a n d to m a n y it lo o k s a s th o u g h th e te n d e r s o n c o n ­
t r a c t s d u r i n g M a y w o u ld p r o b a b l y e x c e e d w h a t h a s b e e n
g e n e r a lly e x p e c t e d .
M a n y o f th e cro p re p o rts a re m o re
fa v o r a b le
I n T e x a s t h e p l a n t , t h o u g h s o m e w h a t s m a l l , is
s a id to b e lo o k in g b e t t e r a fte r th e re c e n t r a in s .
T h e sh ip ­
m e n t o f s o m e c o t t o n to E u r o p e fr o m th is p o i n t w a s t e m ­
p o r a r ily e n jo in e d .
T h e o r d e r w a s v a c a t e d o n t h e f o llo w i n g
d a y , how ever.
I t h a d a m o r e o r le s s d i s t u r b i n g e f f e c t f o r t h e
t i m e b e i n g , a s it g r e w o u t o f r e c e n t S o u t h e r n s u s p e n s i o n s
a m o n g s p o t fir m s .
L a r g e s p o t in t e r e s t s h a v e s o l d h e a v i l y .
S to p o rd e rs h a v e b e e n c a u g h t o n th e w a y d o w n a n d n a tu r­
a lly a c c e le r a t e d th e d e c lin e .
T h e s p o t m a r k e t s a t th e S o u th
have
been
g e n e r a lly
re p o rte d
q u ie t. A t
A le x a n d r ia ,
E g y p t,
p ric e s
have
f a lle n
s h a r p ly .
S o u th e rn
yarn
s p in n e r s ,
at
a
m e e tin g
at
C h a r lo tte ,
N.
C .,
d e c id e d
to
fu r th e r
c u r t a il
p r o d u c tio n
and
not
to
accept
ord ers
fo r
f a ll
at
p re se n t.
On
T h u rsd ay
p ric e s
r a l­
lie d
on
c o v e r in g
of
sh o rts
and
b u ll
su p p o rt.
The
L i v e r p o o l s p o t b u s in e s s h a s b e e n a c t i v e a n d l a r g e b u y i n g
o r d e r s in J u l y a n d A u g u s t h a v e b e e n r e c e iv e d f r o m t h a t
m a rk e t.
W a ll S tr e e t h o u s e s h a v e c o v e r e d o n a la r g e s c a le .
T h e la s t w e e k ly G o v e r n m e n t r e p o r t w a s u n fa v o r a b le , s p e a k ­
i n g o f a n o t i c e a b l e a n d g e n e r a l d e f ic ie n c y in t h e r a in f a ll a n d
te m p e r a tu r e s.
S in c e t h e n , h o w e v e r , c o p io u s r a in s h a v e
f a lle n a n d t e m p e r a t u r e s h a v e r i s e n .
F r o m L iv e r p o o l m a n y
b u lli s h d i s p a t c h e s h a v e b e e n r e c e iv e d r e p o r t i n g a n e x c e l l e n t
d e m a n d , a g o o d t r a d e in M a n c h e s t e r , a n d e x p r e s s i n g t h e
o p i n i o n t h a t s p in n e r s a r e l i k e l y t o b u y f r e e l y n e x t w e e k .
T h e s p o t b u s in e s s th e re h a s r a n g e d fr o m 1 0 ,0 0 0 to 1 2 ,0 0 0
b a le s a d a y .
T h e o b s e q u ie s o f K in g E d w a r d a n d c o n s e q u e n t

F U T U R E S . — T h e h i g h e s t , l o w e s t a n d c lo s i n g p r i c e s a t
N e w Y o r k t h e p a s t ^ w e e k h a v e b e e n a s f o l l o w s :________ ^
__________
c

I I

MtS5 | |
MM
OotU
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MM MM 00
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by

T h e r a te s o n a n d o ff m id d lin g , a s e s ta b lis h e d N o v . 1 7 1 9 0 9
t h e R e v i s i o n C o m m i t t e e , a t w h ic h g r a d e s o t h e r t h a n

m i d d l i n g m a y b e d e li v e r e d o n c o n t r a c t , a r e a s f o l l o w s :
F a ir...... ............ 3c . 1.50 on |Middling______ c .
BasIs|Goodmid. tinged.c. Even

Strict mid", fair
1.30 onlStrlct low. mid
0.25 off IStrict mid. tlnged.-0.15 off
Middling fair..........1.10 on|I.ow middling.......... 0.60 oft|Middling tinged — 0.25 off
Strict good m id-I.-0.60 onlStrlct good ord------ 1.05 off |Strict low mid. ting.0.60 off
Good middling___ 0.44 on Good ordinary-------1.75 off |Lod mid. tin ged ... 1.50 off
Strict middling___ 0.22 onlStrlct g’d mid. tgd.0.35 on |Middling stained.. .0.75 off

May

toMay

N E W

Y O R K

191 0 .c _____ 15.25
1909________ 11.80
1908.......... -.1 0 .9 0
1907________ 12.15
1906...............11.95
1005_________ 8.30
1904.......... --1 3 .1 5
1903________12.15

M on.
15.00

Tues.
15.75

W ed . Thurs.
15.40 15.20

Q U O T A T IO N S

FOR

32

1902.c __ . .
1901____ . . .
1900____ . . .
1899____ . . .
1898____ . . .
1897____ . . .
1896____ . . .
1895____ . . .

M AR KET

AND

Spot Market
Closed.
S a tu r d a y ..
M onday___
Tuesday . .
W ednesday
Thursday _
F r id a y ....

9.44
8.06
9.75
6.25
6.44
7.75
8.31
7.12

1894.C .... . . 7.19
1893____ . . . 7.75
1892____ . . . 7.38
1891____ . . . 8.94
1890____ ...1 2 .2 5
1889____ . . . 11.12
1888____ . . . 10.00
1887____ . . . 11.00

SALES

AT

Futures
Market
Closed.

Quiet, 15 pts. d e c . . Barely steady
S t e a d y _____
Quiet, 15 pts. d e c .. Barely steady
Qulpt, 35 pts. d e c . . Barely steady
Quiet, 20 pts. d e c . . S t e a d y - - - - - Qutet. 5 pts. a d v .. Barely; steady

Total . .




N E W

Fri.
15.25

YE A R S.

1886.C__ . . . 9.31
1 8 8 5 ... .. . . 10.88
1884_____. . 11.56
1883_____...1 0 .9 4
1882_____...1 2 .2 5
1881____ ...1 0 .6 9
1880____ ...1 1 ,8 1
1879____ ...1 3 .7 5
Y O R K .

Sales oj Spot and Contract.
Con- Con­
Spot. sum’n. tract. Total.

©tfc* ©©

00 M

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Coto
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©©

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7,245
1,900

i f ,200 18",251
3,100 3,100
3,900 11,145
9.700 11,600
5.700 5,700

16,196

____ 33,600 49,796

MtO

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11
TH E

V IS IB L E

SUPPLY

OF

COTTON

to -n ig h t ,

as

m a d e u p b y c a b le a n d t e l e g r a p h , is a s f o l l o w s .
F o re ig n
s t o c k s , a s w e ll a s t h e a f l o a t , a r e t h i s w e e k 's r e t u r n s , a n d
c o n s e q u e n t l y a ll f o r e i g n fig u r e s a r e b r o u g h t d o w n t o T h u r s ­
d a y e v e n in g .
B u t t o m a k e t h e t o t a l t h e c o m p l e t e fig ­
u res fo r to -n ig h t ( F r id a y ) , w e a d d th e ite m o f e x p o r ts
f r o m t h e U n i t e d S t a t e s , i n c l u d i n g in i t t h e e x p o r t s o f F r i d a y

20—
, ,
Stock at L iv e r p o o l..............bales.
Stock at L o n d o n .............................
Stock at M anchester.......................

1910.
1909.
636,000 1,180,000
4,000
8,000
53,000
77,000

1908.
1907.
759,000 1,226,000
8,000
9,000
71,000
96,000

T otal Great Britain stock .........
Stock at H am burg...........
Stock at Bremen ---------Stock at H avre........ .............
Stock at M arseilles...................... Stock at B a rce lo n a -------------------Stock at Genoa--------------------------Stock at T rie ste ........ .............

693.000 1.265.000
, i ? ’ nnn
a U ’ onn
235,000
2 5*’Ron
25 4.000
31 f ’ nnn
2,000
*,000
U ’ nnn
z z ’ aoo
25,000
22,000
8,000
4,000

838,000 1.881,000
9.000
20,000
391.000
422.000
277.000
198.000
3.000
4,000
19.000
46.000
71.000
17.000
21.000
21.000

791,000
728,000
829,000
545,000
1,238,000 2,094,000 1,566,000 2 , 122 , 00 a
236,000
108,000
149,000
173,000
India cotton afloat for E urope—
253,763
249,953
339,451
Amer. cotton afloat for E urope. . 204,239
36,000
34,000
37,000
11,000
E gypt,Brazil,& c.,aflt.for Europe.
124,000
173,000
186,000
105,000
795,000
569.000
431,000
745,000
497,159
377,357
507,350
Stock In U. S. p o r t s ------------------- 479,532
321.423
292,781
339,578
Stock In U . S. Interior tow ns------ 272,779
6,644
551
10,159
9,706
U . S. exports to -d a y ------------------Total Continental stocks----------

T otal visible sup p ly___________ 3,238,256 4,093,538 3,399,284 4,363,347
Of the above, totals of American and other descriptions are as follow s:
Liverpool stock ____________ bales.
Manchester stock ------------------------Continental s t o c k - . . . ----------------American afloat for Europe-------U . S. port stocks---------------U. S. Interior s to c k s ...............

Stock in B om bay,

638,000 1,089,000
63,000
80,000
710,000
646,000
253,763
249,953
497,159
377,357
292,781
321,423
6,644
551

3,114,538 2,296,284 2,929,347"

East Indian, Brazil, &c.—
Manchester stock .

549,000 1,073,000
65,000
44,000
780,000
494,000
339,451
204,239
507,350
479,532
339,578
272,779
10,159

.
.
.
.
.
.
.

87,000
4,000
9,000
51,000
173,000
11,000

105,000
745,000

107,000
8,000
12,000

49,000
149,000
37,000
186,000
431,000

121,000
8,000
8,000

82,000
108,000
34,000
173,000
569,000

137,000
9,000
16,000
81,000
236,000
36,000
124,000
795,000

979,000 1,103,000 1,434,000
1,185,000
.2,053,256 3,114,538 2,296,284 2,929,347
8.04d.
Middling Upland. Liverpco o l_____.
Middling Upland, New Y ork ____. 15.25c.
. 15 l-16d .
1 ll.OOd.
.
7 H d.
7d.
Tinnevelly A Good ^ L iv e rp o o l------.

4,093.538 3,399,284 4,363,347
7.10d.
5.85d.
6.35d.
12.35c.
11.75c.
1 1 . 10 c.
9 l-16 d .
8 9-10d.
10 m .
11.15d.
7.75d.
9.50d.
6 d.
5K d.
5H d.
[5 7-16d. 3 i 5 5-16d. t fc T 5 H d .

C o n tin e n ta l im p o r t s fo r th e ^ p a s t w e e k

7 ,051

©I

to to
co©

T h e o f f i c i a l q u o t a t i o n f o r m i d d l i n g u p l a n d c o t t o n in t h e
N e w Y o r k m a r k e t ea ch d a y fo r th e p a s t w e e k h a s b e e n :

14
20—
Sat.
Middling uplands_____________ 15.00

coco
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I©

May

o f 8 0 p o in ts.

iQ jef!

$* g*1** g* gf ifs g*1!* P ’P P I*

o n ly .
a c r e a g e a n d c a r e f u l c u l t i v a t i o n , a n d t h a t w i t h a la r g e c r o p
lo w e r p r ic e s s h o u l d b e r e c o r d e d l a t e r in t h e y e a r , a t a n y
r a t e , if n o t s o o n e r .
T h e M a y - J u l y d e a l is d e p r e c a t e d b y
c o m m i s s i o n h o u s e s a s s o m e t h i n g w h ic h in t e r f e r e s w it h t h e
o r d in a r y ru n o f b u s in e s s .
L e a d in g b u lls , h o w e v e r , m a n i­
f e s t a d i s p o s i t i o n t o a d h e r e t o t h e p o s i t i o n w h ic h t h e y h a v e
so te n a c io u s ly h e ld fo r m o n t h s p a s t .
T o - d a y p r i c e s d e c lin e d
e a r l y o n f u r t h e r b e n e fi c ia l r a i n s , b e a r h a m m e r i n g , l i q u i ­
d a tio n s a n d r u m o r s o f d is s e n s io n s a m o n g le a d in g b u lls .
L a t e r t h e r e w a s a n a d v a n c e o n s u p p o r t f r o m N e w O r le a n s
b u ll l e a d e r s , b u y i n g a t t r i b u t e d t o C h ic a g o b u l l s a n d c o v e r i n g
o f sh o rts.
M a y n o t ic e s f o r a b o u t 1 0 , 0 0 0 b a l e s w e r e i s s u e d ,
b u t h a d no e ffe c t.
S p o t co tto n h ere h a s b e e n m o re a c tiv e .
M i d d l i n g u p l a n d s c lo s e d a t 1 5 . 2 5 c . , a d e c lin e f o r t h e w e e k

£

S.

have

been

4 0 ,0 0 0

' T h e a b o v e rfig u r e s f o r 1 9 1 0 s h o w a d e c r e a s e f r o m l a s f w e e k
o f 1 3 2 ,2 2 7 b a le s a n d a lo s s o f
8 5 5 ,2 8 2 b a le s f r o m ’ 1 9 0 9 ,
a d e c r e a s e o f 1 6 1 ,0 2 8 b a le s fr o m 1 9 0 8 a n d k lo s s o f 1 ,1 2 5 ,0 9 1 '
b a le s ’ f r o m j 1 9 0 7 .

1372

THE CHRONICLE

A T T IIE IN T E R IO R T O W N S the movement— that is,
the receipts for the week and Since Sept. I, 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.

M onday.| Tuesday. Wed'day, Thursd'y, Friday,

,*S2 9 112 £ 131^ 2 ^ H o o o ffl^ o is r t N N w t ' © *o r- cmr- 50r!2^!S2?I?Sv,2 <aT?!2 2 CCl“,,’-' 00^,''c,T,' ,Ht~lf5t%,e^t^eM'to36O'M'r-«MT-

Ot^OlOcO * KDtOd'd'-HOrttOI

N E W O R L E A N S O PTIO N M A R K E T .— -Tlio highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:

e-3 «

*3 « H t o 'f PI O h 50 0 0 * 0 o O W O i-n o c je ^ c n o o e o o
^ °0 °0 M t -

CO CML- -T GO COO *f5 t?

rf rH ® < 0 00 00 OO'tf iO

L- * 0 O M CMCMO »-* C5

05 cc

h- M OC O

iN O r

1
2S i:'1i£TH"'0 ^ T!i!,0’ f *1'DOi'Nt' Ocswo<,^,Q'
0 O’_'iN
s':105
v ieOrH«Oi-H *0 *n *-! to n *0
O lO rih .T:::'f«
O
-

.

.

.

. ’T H O O

50 O "d* oO 5 0

>oo«s
n jiH it

M to IOih o COT-* oO O O COCOto 5 0 0 1 0 0 * 0 COOC

lO M O iO r t O H
lM t lO CMt>

i i C l f l e o if l h"iH h t '
I lO fflH
T-l PMrH

lio^f

ie 0 0 > 0
IGOCMCO

N H O O O c O iflM H in O fflO 'fO 'tO O t'O O O O O
Q c C flO N
• - ' O C 5 f]» f'? t'C 'l5 < i3 C O '- ’ M '- 'O i O O T
CMt-* CM'T r t
0 0 3 * 0 e v jc i* 0
50
X O O N N X I'*r< iH

eo eo com

to

t-T

r^M

M O’fTHrtC3ClOClOOC
OCltoOMr-it>,90o O*f5rfOTfOHHMC
O0>
N l ’ i.'J r C cC O r .ifJ 'r J iT O O O r-iO H rr O H M O O Q C H 'rO O X H O iO O O

r-OO r -< «O C O r -r r O JO COOGOOr^-cf COOOOOf-ilO M t ^ O t^cc c o i o o

© t - to

,'‘
° 2 l2£, f , i2cC’-,:OW'~‘ r^’_' i'ar3C5t>' rr'1' ’-' :^ !^{'>*^‘:>Crt3CeOc0005 0.
-H C JiO h .flO M fliO iO l' CJcOcOt-COT-trj.TfOr->COr-*Tn-H PI 1.0PJCO00

T*

^

iH f-CO

t-

O

H L O O r - l O C C r t O t - r - O O O O O r , _________
„ t O _____
lO O C O M
OO
-< eoO O
'T'-'OOLO
0C *O 'T *O C 0 i O n t—
h -*
o 05
o eo
c o
00
rHJO
O O ’f N
CO
~ *tf T}*
O

!fl SI:
H ill

3*2 w
: £Cj-i2 w
“:
°%z>

o

. ra

5- o - ,5 **2

«®*»aSS5n ->&£>S.SS2

g-S,SBs.aa!3:>

w ^ M 2 3 j^ ^ < < < lo 2 P iJ m o O 0 a t5 > > < m K o 0 a ^ ;«5 0 W K (2

The above totals show that the interior stocks have de­
crea sed during the week 44,811 bales and are to-night 66,799
bales less than at the same time last year. The receipts
at all the towns have been 12,995 bales less than the same
week last year.
O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
SINCE SE P T. 1.— W e 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:
1909-10------M a y 20Since
5 hipped—
Week.
Sept. 1.
Via St. L ou is
_____ ____________ 7,750
v la C a iro ____________________
168,604
V ia R ock Island____________
39
20,239
Via L ou isv ille_____________
- 2,119
105,319
Via Cincinnati
______
426
44,108
Via Virginia points_____ ______
2,498
126,032
Via other routes, & c............. .. _
8 7 1 142,350
T otal gross overlan d ________ ..1 7 ,0 3 0
Deduct shipments—
Overland to N . Y ., Boston, &c. . . . 6,530
Between Interior tow ns__
Inland, & c., from S ou th ____
4,328
T otal to be deducted____

-.1 4 ,2 3 2

993,177

1908-09------Since
Sept. 1.

Week.
9,912
1,724
827
594
3,248
3,026

296,200
30,067
75,659
44,973
171,080
255,545

19,331 1,477,097

101,080
19,332
53,974

2,329
547

40|453

207,386

3,074

217,055

Leaving total net overland *
- - 2,798
785,791
* Including m ovem ent by rail to Canada.

133,641

16,257 1,259,142

The foregoing shows the week's net overland movement
has been 2,798 bales, against 10,257 bales for the week
last year, and that for the season to date the aggregate net
overland exhibits a decrease from a year ago of 473,351 bales.
---------1909-10In Sight and Spinners'
Since
Takings.
Week.
Sept. 1.
R eceip ts at ports to May 20____ 75,376 6,901,186
N et overland to May 20_________ 2,798
785,791
Southern consum ption to May 20- 43,000
1,885,000
T otal m arketed___________
Interior stocks In excess____

.121,174
-*44,811

9,571,977
189,616

Came Into sight during week . _ 76,363
T otal In sight May 2 0 __________

9,761,593

N orth, spinners’ takings to May 20

* Decrease during week.

4,454

1,948,322

1908-09
W eek.
86,430
16,257
52,000

Since
Sept. 1.
9,393,830
1,259,142
1,810,000

154,687 12,468,072
*34,572
225,563
120,115
12,601,535
35,193

2.508,687

Movement into sight in previous years:
Bales. | Since Sept. 1Bales.
70,225 1007-08— May 2 3 - ...............10.531,318
2 3 ..........
24_______________ 78,441 1906-07— May 2 4 _________ 12,716,626
25..........
109,175 1005-06— May 2 5 _________ 10,172,527
2 6 ........
153,676 1904-05— May 2 0 .................11,970,712

Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S . — B e l o w a r e t h e c lo s i n g q u o t a t i o n s o f m i d d l i n g
c o t t o n a t S o u t h e r n a n d o t h e r p r i n c ip a l c o t t o n m a r k e t s f o r
e a c h d a y o f th e w e e k .




15 X
15 X

MX
15 X
15 X
15 1-16
15 1-16
15
15
15
15
15 X
15 X
15.90
15.90
IS**
15 %
16.15
16.00
% 15 X @ H 15 X
15 X
15 X
15
15
15%
15 X
14 X
MX

15
15
15
15 1-16

15
15
14 Yi
14%

14 Yx
MX
15.75
15%
15.65
15
15

15%
15.40
15%
15.45
15

15
15.20
15 %
15.50
15
15

14%

1 4%

15
14%

U %
14%

Sat'day, Monday, Tuesday, Wed'day, 7'hursd’ u, F riday,
M a y 14. M a y 16. M a y 17. M a y 18. M a y 19. M a y 20.

M M Q O N O X O C C O f iO c C flM 'l'C O tC iO O N C t iO H ’tr H f
t^C0_C5 W -H T f N o j f j q t ^
CO CO O *0 OS COCC M n n o c t r - r
O
t'- O
X -T T *-* T-< CO t o
T" t-’ -- CMO rr 50* rr H
r-TT-

Is"

15 %
15M
15 %
15%
15
15
15H
16.05
15 H
16.15
15
15
15
15 M
14 X

TfrHCO IO r-t

i1K5OOrtifl!fiN(0O!0C0Or<!0t, OONMt0*0!0OOOMr

Week—
1808— May
1007— May
1006— May
1905— May

Closing Quotations Jor M iddling Cotton on
Sat’dav.

G a lv e s to n _____
New Orleans. _
M o b ile _______
Savannah . .
Charleston_____
W ilm ington____
N orfolk ________
Boston ____ . .
B a ltim o r e _____
P h ilad elp h ia__
Augusta.
Memphis _____
St. L ouis______
H o u s t o n _____
Little R o ck ____

N f t r l 'f l3 i n c O O N O O C O O n 'O H M O O O N c O l f lo 0 0 5 f 'O O O M r > O J

“3E1=

Week ending
May 20.

[V O L . L X X X X .

M a y—
R a n g e ______
Closing______
June—
R a n g e ____
Closing______
July—
R a n g e ______
Closing______
August—
R a n g e ______
Closing......... ..
September—
R a n g e ______
Closing______
October—
R a n g e ............
C losin g ..........
November—
R a n g e _____
Closing______
December—■
R a n g e ______
Closing______
January—
R a n g e ______
Closing______
Tone—
Spot _______
Options . __
• Nominal.

15.10-.16 15.10-.20 15.14-.22 14.79-.01 14.7l-.82
15.17 — 15 21-.23 14.98
14.73-.75 14.79 —
15.20-.23 — @ — — @ — — @ .97,14.80-.82
15.23-. 25 15.30-.31 15.02 * 14.77-.79 14.83-.85
15.35-.49 15.36-. 52 15.24-.47 14.95-.26 14.70-.00
14.44-.45 15.50-.51 15.25-.26 14.95-.96 14.99-.00
14.81-.00 14.97-.05 14.83-.00 14.61-.86; 14.32-.G9
14.9l-.02 15.02-.04 14.83-.85 14.61-.62 14.65-.66
13.68-.83 13.75-.86 13,62-. 8 2 13.40-.60! 13.34-.53
13.74-.75 13.84-.85jl3.62-.64 13.43-.44 13.51-.52
12.85-. 94 12.85-.99 12.77-.04 12.67-.8l! 12.57-.77
12.89-.90 12.98-.99 12.80-.81 12.67-.68 12,75-.76

H O L I­
DAY.

— @ —
12.82-. 84 12.92-.94 12.72-.74 12.60-.62 12.67-.69
12.76-.82 12.75-,85 12.68-.83 12.50-.69112 40-.G5
12.76-.77 12.86-.88 12.69-.70 12.56-.57i 12.03-.64
12.7 5-.84 12.8 3-. 90 12.67-.82 12.58-.66 12.52-.65
12.79-.80,12.8 9-. 91 12.70-.71 12.57-.58| 12.65-.67
Firm . | Steady, i Easy.
Steady. ! Steady. 1 Steady.

E asy. | Easy.
Steady. 1 Steady.

W E A T H E R R EP O R TS B Y T E L E G R A P H .— Our tele­
graphic reports this evening from the South denote the
weather has been much more favorable on the whole during
the week. Needed and beneficial rain has been quite gen­
eral and the temperature has been higher as a rule.
G alveston , T e x a s . — Good rains and showers have fallen
throughout the State, improving crop prospects very much.
It lias rained on two days of the week, the precipitation
reaching thirty-seven hundredths of an inch. The ther­
mometer has ranged from 70 to 80, averaging 75.
A b ile n e , T e x a s .— W e have had rain on four days the past
week, the rainfall being one inch and ten hundredths. Aver­
age thermometer 6 6 , highest 82, lowest 50.
B ren lia m , T e x a s .- —There lias been rain on three days dur­
ing the week, the precipitation being one inch and eightyeight hundredths. The thermometer has averaged 75, the
highest being 89 and the lowest 60.
C u ero, T e x a s . — There lias been rain on two days of the
week, to the extent of one inch and fifty-two hundredths.
The thermometer has averaged 73, ranging from 56 to 90.
D a lla s, T e x a s . — W e have had rain on five days during the
week. The rainfall reached three inches and eleven hun­
dredths. The thermometer has ranged from 50 to 87, aver­
aging 71.
F o r t W orth , T e x a s . — It has rained on four days during the
week, the rainfall being two inches and fifty-nine hundredths.
Average thermometer 71, highest S7 , lowest 56.
H e n r ie tta , T e x a s . — There has been rain on four days dur­
ing the week, the precipitation being one inch and fifty-four
hundredths. The thermomteer has averaged 6 6 , the highest
being 91 and the lowest 41.
H u n ts v ille , T e x a s . — W e have had rain on two days dur­
ing the week, the rainfall being one inch and ninety-eight
hundredths. The thermometer has averaged 72, ranging
from 53 to 90.
K e r r m lle , T e x a s . — It has rained on three days during the
week, the precipitation being two inches and forty-one hun­
dredths. The thermometer has ranged from 63 to 87, aver­
aging 75.
L a m p a s a s , T e x a s . — It has rained on three days during the
week, to the extent of one inch and seventeen hundredths.
Average thermometer 72, highest 91, lowest 52.
L o n g v ie w , T e x a s .— There has been rain on six days during
the week, the precipitation being four inches and eighty-seven
hundredths. The thermometer has averaged 7 3 , the highest
being 89 and the lowest 56.
L u lin g , T e x a s . — W e have had rain on three days during
the week, the rainfall being one inch and ninety-two hun­
dredths. The thermometer has averaged 74, ranging from
58 to 90.
N a co g d o ch es, T e x a s . — W e have had rain on five days dur­
ing the week, the rainfall being five inches and sixty-five
hundredths. The thermometer has ranged from 53 to 8 6 ,
averaging 70.
P a le s tin e , T e x a s . — W e have had rain on five days during
the week, the precipitation being four inches and twelve
hundredths. The thermometer has averaged 71, highest
8 6 , lowest 56.

May 21 1910.

P a r is , T e x a s . — The week’s rainfall has been two inches
and twenty-seven hundredths, on three days. The thermo­
meter has averaged 6 8 , the highest being 87 and the lowest 49.
S a n A n to n io , T e x a s . — W e have had rain on three days dur­
ing the week, the precipitation being fifty-six hundredths of
an inch. The thermometer has averaged 74, ranging from
60 to 8 8 .
T a y lo r , T e x a s . — There has been rain on four days the past
week, the rainfall being one inch and ninety-seven hun­
dredths. The thermometer has ranged from 56 to 92, aver­
aging 74.
.
W ea th erfo rd , T e x a s . — Rain has fallen on four days during
the week to the extent of five inches and fifty-nine hundredths
Average thermometer 67, highest 85, lowest 48.
A rd m o re, O k la h o m a . — There has been rain on four days
during the week, the precipitation being one inch and sixtyseven hundredths. The thermometer has averaged 6 8 , the
highest being 85 and the lowest 50.
H o ld en v ille, O k la h o m a . — We have had rain on four days
during the week, the rainfall being two inches and six hun­
dredths. The thermometer has averaged 64, ranging from
50 to 77.
_
M a rlo w , Oklahoma.— W e have had rain on four days dur­
ing the week, the precipitation reaching one inch and fortyfour hundredths. The thermometer has ranged from 49 to
8 6 , averaging 6 8 .
O kla hom a, O k la h om a . — Rain has fallen on six days during
the week to the extent of one inch and eighty-nine hun­
dredths. Average thermometer 65, highest 79, lowest 50.
A le x a n d r ia , L o u is ia n a . — W e have had rain on four days
during the week, the rainfall being been six inches and
thirty hundredths. The thermometer has averaged 69, the
highest being 87 and the lowest 51.
A m ite , L o u is ia n a . — W e have had rain on three days dur­
ing the week, the precipitation being two inches and fortyseven hundredths. The thermometer has averaged 6 8 ,
ranging from 51 to 85.
N ew O rlea n s, L o u is ia n a . — There has been rain on two days
the past week, the rainfall being one inch and fifty-six hun­
dredths. The thermometer has ranged from 61 to 87, aver­
aging 74.
S h rev ep o rt, L o u is ia n a . — Rain has fallen on four days of
the week, the rainfall being two inches and seventy-nine
hundredths. Average thermometer 70, highest 8 6 , lowest
54.
. . . .
.
C olu m b u s, M i s s i s s i p p i . — W e have had rain on one day
during the week, the precipitation being twenty hundredths
of an inch. The thermometer has ranged from 38 to 82,
averaging 60.
M e r id ia n , M i s s i s s i p p i . — There has been rain on two days
of the week, to the extent of eight hundredths of an inch.
The thermometer has averaged 64, the highest being 84 and
the lowest 44.
V ic k s b u r g , M i s s i s s i p p i . — It has rained on three days of
the week, the precipitation being seventy-four hundredths of
an inch. The thermometer has ranged from 52 to 85, aver­
aging 69.
E ld o ra d o , A r k a n s a s . — W e have had rain on three days of
the past week, the rainfall being one inch and twenty-one
hundredths. Average thermometer 65, highest 85 and low­
est 44.
F o r t S m ith , A r k a n s a s . — It has rained on three days of the
week, ‘the rainfall reaching one inch and thirty-two hun­
dredths. The thermometer has averaged 61, the highest
being 72 and the lowest 50.
H ele n a , A r k a n s a s . — There has been rain on four days the
past week, the rainfall being two inches and forty-five hun­
dredths. Indication more rain. The thermometer lias aver­
aged 64, ranging from 44 to 78.
L ittle R o ck , A r k a n s a s . — Seasonable rains and temperature
have prevailed over the State, but cotton is still backward.
W e have had rain on four days during the week, the pre­
cipitation reaching three inches and fifty-two hundredths.
The thermometer has ranged from 49 to 76, averaging 63.
D y ersb u rg , T e n n e s s e e . — There has been rain on four days
during the week, to the extent of one inch and thirty-eight
•hundredths. The thermometer has ranged from 45 to 69,
averaging 58.
,
M e m p h is , T e n n e s s e e . — Weather more favorable for grow­
ing crops. W e have had rain on four days during the week,
the rainfall being one inch and seventy-eight hundredths.
The thermometer has ranged from 49.4 to 74.5, averaging
61.9.
N a s h v ille, T e n n e s s e e . — It has rained on four days of the
week, the rainfall being two inches and eighty-two hun­
dredths. The thermometer has averaged 60, the highest
being 77 and the lowest 42.
M o b ile , A la b a m a . — The early part of the week was too
cool and dry for cotton, preventing germination of seed
and checking growth of plant.
The latter portion, however,
has been more favorable— warmer with beneficial rains in
most sections. W e have had rain on one day the past
week, the rainfall being seventy-one hundredths of an inch.
The thermometer has ranged from 57 to 80, averaging 70.
M o n tg o m e r y , A la b a m a . — Crops are improving but more
rain is needed. W e have had rain on one day during the
week, the rainfall being tw enty-eight hundredths of an inch.
Thermometer has averaged 6 8 , ranging from 49 to 8 6 .
S elm a , A la b a m a . — Rainfall has not been sufficient to
bring up cotton in stiff lands. Sandy land cotton is doing




1373

THE CHRONICLE

very well. There has been rain on three days the past week,
the rainfall being forty-two hundredths of an inch. Aver­
age thermometer 71, highest 87 and lowest 47.
T h o m a sv ille, A la b a m a .— There has been rain on two days
of the week, to the extent of thirty-two hundredths of an
inch. The thermometer has averaged 66, the highest be­
ing 86 and the lowest 46.
M a d is o n , F lo r id a . —Dry all the week. Average thermo­
meter 70, highest 85, lowest 63.
T a lla h a ssee, F lo r id a . —The week’s rainfall has been ninety
hundredths of an inch, on one day. The thermometer has
averaged 70, highest being 84 and lowest 56.
A tla n ta , G e o r g ia . —Rainfall for the week one inch and
eighty-four hundredths on four days. The thermometer
has averaged 62, ranging from 46 to 78.
A u g u s ta , G e o r g ia . —We have had a rainfall of twelve hun­
dredths of an inch during the week, on four days. Average
thermometer 68, highest 86, lowest 50.
S a v a n n a h , G e o r g ia . —-We have had rain on three days of the
past week, the rainfall reaching four hundredths of an inch.
The thermometer has averaged 68, the highest being 83
and the lowest 54.
W a sh in g to n , G e o r g ia . —Rainfall for the week, one inch and
fifteen hundredths, on three days. The thermometer has
averaged 67, ranging from 46 to 88.
C h a rleston , S ou th C a r o lin a . —We have had rain on one day
the past week, the rainfall being fifty hundredths of an inch.
Average thermometer 68, highest 80, lowest 56.
G reen ville, S ou th C a r o lin a . —There has been rain on three
days during the week, to the extent of one inch and twentyone hundredths. The thermometer has averaged 62, the
highest being 80 and the lowest 43.
G reen w ood , S ou th C a r o lin a . —Rain has fallen on three days
of the week, the rainfall being ninety-five hundredths of an
inch. The thermometer has averaged 69, ranging from 44
to 88.
'
S p a rta n b u rg , S ou th C a r o lin a . —There has been rain on
three days of the week, the precipitation being fifty-five
hundredths of an inch. Average thermometer 62, highest
85, lowest 40.
C h arlotte, N orth C a r o lin a . —Sunshine and warm nights are
needed. There has been rain on two days during the week,
the rainfall being fifty hundredths of an inch. The thermo­
meter has averaged 59, the highest being 80 and the lowest 41.
G reen sb oro, N o rth C a r o lin a . —We have had rain on one
day during the week, the rainfall being twenty hundredths
of an inch. Thermometer lias averaged 60, ranging from
37 to 83.
R a leig h , N o rth C a r o lin a . —Week’s rainfall twenty-four
hundredths of an inch, on one day. Average thermometer
61, highest 80, lowest 42.
IN D IA COTTON MOVEMENT FROM ALL PORTS.
May 19.

1909-10.

Receipts at—

Week.

I Since
Week. | Sept. 1.

Since September 1.

For the Week.

Bombay—
1909-10..
1908-09..
1907-08..
Calcutta—
1909-10..
1908-09-1907-08..
Madras—
1909-10..
1908-09.,
1907-08..
All others—
1909-10..
1908-09-1907-08..
Total all —
1909-10..
1908-09..
1907-08..

Since
Sept. 1.

Week.

49,000 2.S74.000 41.00C 11,869,000 37,000 1,736,000

B o m b a y ,..

from—

1907-08.

190S-09.

Since
Sept. 1.

Great ! Conti- Japan
Britain.1 nent. dkChina Total.

Great
Britain.

l.OOOi 19,000 2,000 22,000
___ 17,000 19.000 30,000
___ ! 18,000 4,000 22,000

Continent.

86,000
21,000
20,000

.822,000
520,00(1
517.000

___
1,000
___ 2,000
___
1,000

1,000

2,000
2,000
1,000

3,000
4,000
3.000

34,000
34,000
18,000

___ 1,666
....
---.

....

1,000

4,000
3,000
5,000

19,000
25,000

23,000
15,000
13,000

235,000
193.000
174,000

1,000 10,000

S .000
___ ! 9,000
1,000. 7,000

1,000

2 ,000 , 28.000

___ 29.000

1,0001 26,000

4,000 13,000
8,000

4,000 34,000
23,000 52,000
4,000 31,000

Japan
t China.

11,000

116,000 1, 102,000
43,000 766,000
41,000 734,000

Total.

755.000 1,663,000
566,000 1,107,000
287,000 824,000
41,000
29,000
14,000

78,000
67,000
35,000

4,000
5,000

1,000

16,000
26,000
35,000

3,000
38,000
23,000

261,000
246,000
210,000

800,000 2 ,018,000
637,00011,446,000
329,000 1,104,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
M a y 18.
Receipts (cantars)—

Since Sept, i-_,_______
Exports (bales)—
To
To
To
To

L iverpool— ................
M anchester__________
C o n tin e n t....... .............
Am erica---------------------

T otal exp orts------------A cantar Is 99 lbs.

1909-10.

1908-09.

1907-08.

4 ,500
4 ,8 81, 483

18,000
6 ,6 18,340

7,00 9,4 95

This
Since
W eek. Sept. 1.

This
Since
Week. Sept. 1.

This
Since
Week. Sept. 1.

600 143,731
____114,876
3 ,7 50 271 .037
200 58,604

2,5 00 173,860
6,000 186,102
4,2 50 307,142
800 74,029

4 ,2 50
___
4 ,0 0 0
2 ,7 5 0

21,000

206,094
182,034
3 13,6 70
60,711

4 ,5 5 0 588,248 1 3,550 741 ,133 1 1,000 7 62,5 09

Egyptian bales weigh abou t 750 lbs.

MANCHESTER MARKET.—Our report received by
cable to-night from Manchester states that the market is
steady for yarns and firm for shirtings. The demand for
both yarn and cloth is improving. We give the prices for
to-day below and leave those for previous weeks of this and
last year for comparison:

1374

THE CHRONICLE
1910.

32s Cop
Twist.
Mch
25
Apr.
1
8
15
22
29
May
6
13
20

(1. s. (1.

(1.
10%

@

<H>
10% ('4
10 9-16®
1051, @
10 % (a?

1909.

8% lbs. Shirt- Cot'n
Ings, common Mid.
to finest.
Upl’s

11% 5
11%
11%
11%
11%
11%

5
5
5
5
5

s. <1.

d.

8% lbs. Shirt- Cot’ n
ings, common Mid.
to finest.
Upl’s

32s Con
Twist.

d. s. d.

(1.

6% @ 10 1%

8.15 7%

@

7 @ 10
7% @10
7% @ 10
7% @ 10
7% @ 10

7.96
7.92
7.81
7.87
7.94

@ 8%
@ 8%
O
8%
CD
8%
8%
@

1%
3
3
3
3

1011-16 © 117-10 5 8 @10 4%
10% @ 11% 5 9 @10 6
10% @
11% 5 8% @ 10 6

7 3-16
7%
7%
7%
7%

8

S. <1.

d.

@8

4%

4.94

4 6% @8
4 7% @8
4 8 @8
4 8 @8
4 7 @8

5
6
7%
7%
7%

5.13
5.27
5.54
5.49
5.53

7 % @ 8 7%
8% @8 9
8 % @ S 10

5.54
5.78
5.85

4

6

@ 8 8% 4
«4
8% 4
8% 4

7.95 7%
8.18 7%
8.04 7%

W O R L D ’S SU P P L Y A N D T A K IN G S OF COTTON .
1909-10.

Cotton Takings.
Week and Season.

Week.
3,370,483

American In sight to May 20__
Bom bay receipts to May 19 __
Other India shlp’ts to May 19 . _
Alexandria receipts to May 1 8 ..
Other supply to May 18 *____

1908-09.

Season.

76,363
49.000
12.000
1,000
2,000

1,931,022
9,761,593
2,874,000
355.000
651.000
210.000

Week.

Season.

4,238,442
1,714,982
120,115 12,694,535
41.000 1,869,000
16.000
339.000
2,000
882.000
3,000
161,000

T otal supply_________________ 3,510,846 15,782,615 4,420,557 17,660,517

Total bales •
B A L T IM O R E — T o H avre— May 12— Inkula, 633__________ ________
633
TACO M A— T o Japan— May 18— Protesllaus, 150___________________
150
S3 T o t a l .................................................................................................................. 55,939

^ L I V E R P O O L .— B y cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, & c ., at that port:
A pril 29.
M a y 6.
Sales of the w eek_______ b ales. 54,000
52,000
Of which speculators t o o k .. 2,000
1,000
Of which exporters to o k ____________ 1,000 1,000
Sales, Am erican_______________ 52,000
50,000
4,000
Actual e xp ort_________________
3,000
F o rw a rd e d ___________________ 64,000
79,000
T otal stock— Estim ated_______696,000
678,000
Of which American— E st___ 625,000
609,000
Total Imports of the w eek____ 34,000
63,000
Of whfch Am erican_________ 18,000
59,000
Am ount alloat________________ 135,000
125,000
Of which American_________ 93,000
81,000
* Includes 3,000 bales of called American cotton.

3,238,256 4,093,538

4,093,538

Total takings to May 20_______
272.590 12,544,359 327.019 13.566.979
Of which American__________
225.590 9,162,359
255.019 11.556.979
Of which other. ____________
47,000 3,382,000
72,000 3,010,000
* Embraces receipts la Europe from Brazil, Sm yrna, W est Indies, &c.

O U R COTTON A C R E A G E R E P O R T .— Our cotton acre­
age report will probably be ready about the 1st of June.
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.
.
E U R O P E A N COTTON C O N SU M P TIO N TO M A Y 1.—
By cable to-day we have Mr. Ellison’s cotton figures brought
down to May 1. W e give also revised totals for last year
that comparison may be made. The spinners’ takings in
actu a l bales and pounds have been as follows:
Oct. 1 to M ay 1.

Great Britain.

Continent.

Total.

For 1909-10.

3,625,000
Takings by spinners______ bales
2,085,000
5,710,000
493
472
Average weight of bales__ lbs.
479.7
Takings In pounds_____________ 1,027,905,000 1,711,000,000 2,738,905,000

For 1908-09.

2,329,000
3,899,000
Takings by spinners_______bales
6,228,000
510
488
Average weight of bales-------lbs.
496.2
Takings In poun ds_____ _____ — 1,187,790,000 1,902,812,000 3,090,602,000

According to the above, the average weight of the de­
liveries in Great Britain is 493 pounds per bale this season,
against 510 pounds during the same time last season. The
Continental deliveries average 472 pounds, against 488
pounds last year, and for the whole of Europe the deliveries
average 479.7 pounds per bale, against 496.2 pounds last
season. Our dispatch also gives the full movement for this
year and last year in bales of 500 pounds
Oct. 1 to M a y 1.
Bales of 500 lbs. each.
000s omitted.

1909-10.
Great Conti­
Britain nent.

1908-09.
Great Conti­
Total. Britain nent.

Total.

Spinners’ stock O ct. 1_______
Takings to May 1____________

234
2,056

1,218
3,422

1,452
5,478

308
2,375

1,046
3,806

1,354
6,181

Supply ---------- ----------------Consum ption, 30 weeks.
—

2,290
1,950

4,640
3,150

6,930
5,100

2,683
2,110

4,852
3,300

7,535
5,410

Spinners’ stock May 1--------

340

1,490

1,830

573

1,552

2,125

Weekly Consumption.
000s omitted.
O c t o b e r __________________
N o v e m b e r_____ _________
D ecem ber_________________
January
_______________
F e b ru a ry _________________
March _____________ ____
April _____________________

65
65
65
65
65
65
65

105
105
105
105
105
105
105

170
170
170
170
170
170
170

*30
60
78
80
80
80
80

110
110
110
110
110
110
110

140
170
188
190
190
190
190

In
In
In
In
In
In
In

* Small consum ption due to lockout In Lancashire.

SH IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 55,939 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
N E W Y O R K — T o Liverpool— May 13— Baltic, 9,977 upland, 106 Sea
Island: Caronla, 3,446__________________________________________13,589
T o Manchester— May 13— Calderon, 50_________________________
50
T o Havre— May 14— Caroline, 2,266 upland, 198 foreign_______ 2,464
T o Bremen— May 18— Kurfurst 3,984___________________________ 5,984
T o Genoa— May 13— Konlg A lbert, 100________________________
100
T o Naples— May 13— Konlg Albert, 100______________________ _
100
T o Trieste— May 17— Argentine, 100
May 18— Carpathla, 204 304
G A L V E STO N — T o Liverpool— May 19— Justin, 5,995_____________ 5,995
N E W O R L E A N S — T o Liverpool— May 14— Student, 4,3 2 4 _________4,324
T o Havre— May 16—-Texas, 909________________________________
909
T o Bremen— May 14— Mercian, 4,5 0 6 ____________________________ 4,506
T o Ham burg— May 19— Hellas, 1,569___________________________ 1,569
T o Barcelona— May 14— Barenguer el Grande, 350
May 19—
Tonbridge, 1,053.................................................
T o Venice— May 19— Tonbridge, 1,450___________ ______________ 1,450
S A V A N N A H — T o Liverpool— May 19— Montauk Point, 1,509_____ 1,509
T o Bremen— May 14— Pola, 3,263___________ ___________________3,263
T o Hamburg— May 14— Pennsylvania, 2,796__________________ 2,706
T o R otterdam — May 18— Singapore, 326_____ ____ _____ _______
326
T o Antwerp— May 14— St. Egbert, 53________________ _____ ___
53
T o N orrkoping— May 14— St. Egbert. 200........................................
200
T o Chlrstlana— May 14— Pola, 100_____________________________
100
T o Barcelona— May 18— San Nicola, 2 ,0 2 5 ..................................... 2,025
T o Flume— May 18— San Nicola, 200...........^_________________
200
T o Mestre— May IS— San Nicola, 100________
100
T o Trieste— May 18— San Nicola, 210__________
210
BOSTON — T o Liverpool— May 17— Cym ric, 1 , 4 7 0 . . . _____ ________ _ 1,470
T o Yarm outh— May 12— B oston, 157.................................................
157




M a y 13.
50,000
1,000
800
48,000
5,000
60,000
658,000
585,000
44,000
29,000
103,000
68,000
.

M a y 20.
*36,000
300
300
*34,000
7,000
54,000
636,000
549,000
39,000
17,000
99,000
74,000

The tone of the Liverpool market for spqts and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.

Saturday.

Monday.

Tuesday.

Wednesday. Thursday.

l
>
J

Good
demand.
8.10

8.04
10,000
500
1,000

Futures.
Market
1
opened
/

Easy at
8 ® 11 pts.
decline.

Quiet at
3% @ 5
pts. dec.

Market
4
P. M.

Easy at Very st’dy
14® 16% at 1@7 pts.
pts. dec.
advance.

Spec.&exp.
Called___

nonDAY.

HOLIDAY.

HOLIDAY.

1
J

Friday.

£224

Good
demand.

12,000
500
2,000

Mld.Upl’ds

Deduct—
3,238,256

[V O L . L X X X X

HOLIDAY.

The prices of 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.
May 14
to
May 20.
M a y ____
May-June
June-July
July-A ug.
A u g.-S ep .
S cp.-O ct .
Oct.-Nov_
N ov.-D ee.
D ec.-Jan..
Jan.-F eb..
Feb.-M ch.
M ch.-A pr.

Sat.

Mon.

Thus, 7.84 means 7.84-100d.

Tucs.

W ed.

1 2 ^ 12H 12H
4 12-M 4
p.m. p.m. p.m. p.m. p.m. p.m .
d.

d.

H O L IDAY.

</.

d.

H O LIDAY.

a.

d.

IIO L IDAY.

12 X
p.m.
7
7
7
7
7
7
6
6
6
6
6
6

d.
84
79%
75%
70%
45%
00%
80
71
69
67 %
66
65

Thurs.

Fri.

4 12X
4 12M 4
p.m. p.m . p.m. p.m . p.m.
d.
80
74 %
7 0%
66%
41
95%
75 %
66 %
64 %
63
62
61

d.
78
72 %
69
64
38
94
74
65
63
61 %
60
58%

d.
87
81 %
77 %
7 2%
47
02
80%
71 %
69
67 %
66
65

a.

a.

IIO L IDAY.

BREADSTUFFS.
F r id a y , M a y 20 1910.
Prices for wheat flour have as a rule been steady during
the week, despite the decline in wheat. The lower prices for
wheat have apparently made consumers more than ever in­
clined to hold aloof from the market for flour. Some re­
sales of spring grades by recent buyers have been reported.
Trade reports from most parts of the West and the South­
west have been pessimistic. At the Northwest business has
been moderately active. The output of the mills there has
increased of late.
Rye flour and corn meal have been quiet
and firm.
Wheat has declined, mainly owing to beneficial rains and
an improvement in the crop outlook. The cash demand has
been dull, the receipts liberal and the idea has prevailed
among many that the recent advance was due more to manip­
ulation by powerful interests than anything else. The springwheat crop is said to be looking better. In Texas harvesting
will commence in a few days. The Chicago stock is being in­
creased by arrivals from the Northwest.
From Kansas the
most favorable reports for some time have been received.
Beneficial rains have fallen in Russia and Australia. The
European markets have on the whole been quite depressed
in anticipation of good crops in Russia and elsewhere in,
Europe, and also owing to some improvement in this country.
India and Australia from present appearances seem likely
to have bountiful harvests. The belief is quite general that
only aggressive manipulation will prevent prices from
gradually reaching a lower leVel. As near as can now be
made out, the world’s crops will be liberal with the exception
of those of Argentina. Meantime trade for export in this
country is still in abeyance. Not only that, but the domestic
cash demand is also slow. Speculation has been largely pro­
fessional, many fearing to touch the market, owing to its
highly manipulative character. Y et, on the other hand,
there are still some persistent advocates of higher prices.
They include powerful men who have been successful in the
past. Large Chicago interests are believed to control the1,403
September delivery, and Albany people are understood to
have a pretty firm grip on the May option. There have been
some complaints, too, of Hessian fly in Indiana and Illinois,
as well as in Ohio ami Missouri. At times the temperatures
at the Northwest have been too low. Some plowing up of
fields in parts of the Southwest is reported. A prominent
Chicago bull insists that the winter-wheat crop is at least
50,000,000 bushels smaller than the last one, and he is under­
stood to be bulling both September wheat and July cotton.
There is a widespread conviction, however, that the price of

1375

THE CHRONICLE

May 21 1910.

wheat is unwarrantably high. To-day quotations declined
early on favorable weather and crop news, large receipts,
dulness on the spot and liquidation, but rallied later on bull
support and covering.

THE DRY GOODS TRADE.

N ew Y o r k , F r id a y N ig h t, M a y 20 1910.
Demand for cotton goods was a little broader and more
active during the past week, the total business done showing
D A IL Y CLOSING P ltlC E S OF W H E A T FU T U R E S IN N EW T O lyC
a moderate increase, although individual orders for finished
Sat. M on . Tues.
llr l.
merchandise were still mostly of a filling-in character. In
No 2 red
....... ..................... .1 1 7 % 116% 116% 110
115% l l o ^
certain lines, however, buyers appeared to give more atten­
May delivery In elevator............. . 1 1 7
110
110
l l o H llfj
115
109
54
109%
July delivery In elevator.................. 11154 11054 110% 10J
tion to their requirements for the future, as was indicated
d ,J 7 y ^ S s S < 7 p d ic e s o f
by the larger number of inquiries and by the placing of some
M a y d e liv e r y In elevator..............-113 54 113 54 112% 112 54 112
111 54 orders for forward delivery.
Converters, especially, con­
Julv ( e very in elevator_________ 10454 103 54 10354 102 /4 *02/4 J
September delivery In elevator------102
101 54 101 54 100/4 100 5a 100 54 tinued to operate steadily on gray goods, taking a fair amount
in the aggregate for deliveries during the next four or five
Indian corn futures here have been nominal. A t the West,
months; prices have gradually worked up to a basis on which
the market has been active at times, with the drift of prices
mills are willing to accept contracts running into October,
in the main downward, owing chiefly to more favorable
but there are apparently few that will book beyond that
weather of late for planting. This has also had the effect
month. Sellers displayed more confidence in the future,
of making farmers more disposed to part with the actual corn,
and prices for forward shipment were firmly held. A sig­
and it is believed by many that country selling, with the com­
nificant development was the action of a leading producer
pletion of planting, will increase very materially.
I lie cash
of staple ginghams in increasing discounts slightly and
demand of late has fallen off, with prices easier. Cash in­
tendering deliveries up to Sept. 1 at the old base price, with
terests, which recently made purchases, have been selling
a guaranty that no further downward revision would be
within the last few days, and there has been general com­
made prior to that date. This announcement not only re­
mission-house liquidation. To-day prices declined on gen­
moved doubts as to the future course of this line of staples,
erally favorable weather and crop reports, free country
so far as prices are concerned, but also served to impress
offerings, selling by elevator concerns and liquidation.
upon buyers the fact that manufacturers do not look for
DATT V CI OSING PR ICES OF NO. 2 M IX E D CORN IN NEW YORK. cheap cotton from the current crop.
The week furnished
DAILiY l l u s
Sa(
Tues. Wed. Thurs. I n .
„ nrn
70 70
70
69
68 54
6854 additional evidences of depleted stocks in many lines, and,
70
70
69
68 54 69
M av delivery In”elevator.___________ 70
while a large buying movement is not expected, the opinion
J u l y delivery In elevator------------------- 72
5472
54
72
54
70 5470 546954
prevails
among
many sellers that large users of goods will
D A IR Y CLOSING PR IC E S OF CORN FU T U R E S IN CHICAGO.
be
obliged
to enter the market shortly. Jobbers have not
Sat. M on . Tues. Wed. Thurs. l<n.
done much in the way of covering future needs and are not
6054 60 54 59 54 39 54 59
May delivery In elevator---------------- 60 54
July delivery In elevator---------------- 62 54
6254 62 54 61 54 6154 60 54 expected to until next month.
Meanwhile production is
61 54
September delivery In elevator........ 63 54
6354 63 54 62 54 62
being steadily curtailed, with present indications that several
Oats for future delivery in the Western market have de­ of the large Eastern mills will shut down early next week
clined, owing to improved weather and crop reports and the and remain closed until after Memorial Day. The cotton
weakness in other cereals. Moreover, the cash sales have yarn market ruled steadier than for some time past, reflecting
been very small at easier quotations. The country has of­ to a large extent the continued restriction of output and the
fered more freely. Some of the crop news has been unfavora­ unwillingness of most producers to book advance business
ble, noting the necessity of replanting in certain sections. except on a basis that is reasonably certain to afford some
In the main, however, the crop advices have been favorable profit. The men’s wear market continued quiet and un­
and the indications point to an enlarged area. To-day settled, owing to free offerings of stock goods at sharp con­
prices were easier on favorable weather, a dull and heavy spot cessions. In dress goods little activity was noted outside of
market and liquidation.
the demand for sample pieces; uncertainty as to what fabrics
D A IL Y CLOSING P R IC E S OF OATS IN NEW YORK.
will be most popular for the fall is still holding business in check.
Sat.
M on.
Tues.
Wed.
Thurs.
Bn.
MnHn-nl Yvlilti*
4(5-48 54 46-48 54 46-48 54 46-48 54 46 -48 45 54-47 54
D OM ESTIC COTTON GOODS.— The exports of cotton
W h i t e d i p p e d " ::" 4 7 - 5 2 54 47-52 54 47-52 54 47-52 54 46 54-52 46 -51 54 goods from this port for the week ending May 14 were 3,014
D A IL Y CLOSING PR IC E S OF OA TS F U TU R E S IN CHICAGO,
packages, valued at $262,210.
Sat.
M on. Tues. Wed. Thurs. I<ri.
M ay delivery In elevator_________ 4 2 54
Tulv delivery In elevator_________ 40 54
September delivery In elevator_____ 39 54

4 2 54
4 0%
39 54

42 54 42
40 54 40 54
39 54 38 54

4 1%
39 54
38 54

41%
3954
38/4

The following arc closing quotations:
FLOU R.
W inter, low grades____$3 0 0@ $ 3 75 Kansas straights, s a c k .85 0 0 (
W inter patents_________ 5 6 0@ 5 90 Kansas clears, sacks___ 4 0 0 (
W inter straights_______ 4 8 0 @ 5 20 City patents------------------- 6 900
W inter clears__________ 4 4 0 @ 4 60 R ye llour_______________ 3 90(
Spring patents_________ 5 5 0 @ 5 85 Graham flour----------------- 4 15(
Spring straigh ts............. 5 0 0 @ 5 30 Corn meal, kiln d r ie d .. 3 00(
Spring clears___________ 4 2 5 @ 4 65
G R A IN .
Corn, per bushel—
Cents , ,
W heat, per bushel—
No. 2 m ix e d ______ elev.
68 54
N. Duluth, N o. 1 - - ........... $1 1954
N o. 2 y e l l o w ..........f.o .b . Nominal
N. Duluth, N o. 2 . ............. 1 17 54
No. 2 w hite..............f.o .b . Nominal
R ed winter. N o. 2 — f.o .b . 1 15 54
Hard winter. N o. 2 ------------ Nom. R ye, per bushel—
No. 2 W estern____f.o .b .
84
Oats, per bushel—
Cents.
State and Jersey___
Nominal
Natural w hite________ 45 54 @ 4 7 54
63 54 @ 6 8
W hite clipped-------------46 @5154 Barley— M alting_____
Feeding, c .l.L .N .Y .
N om ina
M ixed............................... Nominal

For other tables usually given here, sec page 1342.

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports May 14 1910, was as follows:

New York...................
B oston........ .............. Philadelphia................
Baltimore____________
New Orleans___ ..........
Galveston...................
B u ffa lo ........................
T o led o______________
Detroit_______
Chicago........ ................
Milwaukee...... .............
Duluth..........................
Minneapolis..................
St. Louis.................
Kansas City..................
Peoria............................
Indianapolis..................
On Lakes....................-

AMERICAN GRAIN STOCKS.
Oats,
Corn,
Wheal,
bush.
bush.
bush.
439.000
466.000
600,000
5,000
270.000
177,000
92,000
32.000
<168,000
238.000
461.000
610,000
140.000
133.000
10,000
11.000
100,000
536.000
356.000
1,613,000
156.000
111.000
308.000
20,000
105.000
238,000
1,181,000
2.509.000
1,934,000
338.000
414.000
506,000
2.079.000
4,720,000
26,000
8,486,000
875.000
100.000
183.000
608.000
188,000
285.000
1,589,000
1.652.000
7,000
171.000
29,000
148,000
103.000
309.000
750,000
435.000
608.000

Total May 14 1910- .22,872,000
Total May 7 1910. .24,584,000
Total May 15 1909- .24,160,000
CANADIAN
Wheat,
bush.
.
828,000
Montrcal............
. 2,624,000
Fort William.-. 2,555,000
Port Arthur----. 1,127,000
Other Canadlan.
Total May 14 1910- . 7,134,000
Total May 7 1910. . 7,143,000
Total May 15 1909- . 6,700,000
Wheat,
bush.
Amcrlcan.................. .22,872,000
Canadian
___ . 7,134,000
Total May 14 1910- .30,006,000
Total May 7 1910- .31,727,000
Total May 15 1909. .30,800,000




,780,000
7.276.000
,300,000
8.118.000
,618,000
7,373,000
GRAIN STOCKS.
Corn,
Oats,
bush.
bush.
207,000
438.000

207,000
138,000
57,000
SUMMARY.
Corn,
bush.
7,780,000
207,000
7,987,000
9,438,000
1,705,000

Rye,
bush.
24,000

Harley,
bush.
246,000

1,000

30,666
14.000
9.000
Vs’,666
24.000
160,000
214,000
5.000

95,000

200,000

247.000
896.000
94,000

’ 7,666

21,000

256,000

559.000
585.000
313.000

2,035,000
2,151,000
1,951,000

Rye,
bush.

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

438,000
368,000
155,000

Harley
bush.

102,000

102,000
73,000
112,000

Oats,
buhs.
7,270,000
438,000 ’

Rye,
bush.
559,000

Barley,
bush.
2,035,000
102.000

7,714,000
8,486,000
7,528,000

559,000
585,000
313,000

2,137,000
2,227,000
2,063,000

-1910Since
Week. Jan. 1.
New York to M a y 14.
859
4
Great B ritain_____________________
508
3
Other E urope_____________________
15,018
China....... .............................................
5,518
India ____________________________
4,768
Arabia____________________________
30
1,460
A fr ic a ____________________________
504 10,898
W est Indies______________________
663
90
M e x i c o ___________________________
3,056
226
Central Am erica________________________
734 19,172
South Am erica___________________
Other countries________________________ 1,423 17,069
T otal ______________

. 3,014

78,989

1909--------Since
Week. Jan. 1.
473
21
529
14
15,473 76,969
6,679
405
1,646 13,699
5,009
513
692 15,601
676
59
5,832
430
704 18,503
337
7,156
20,294

The value of these New York exports since Jan. 1 has been
$5,585,244 in 1910, against $8,058,270 in 1909.
Buyers operated on staple ginghams with more confidence,
following the Amoskeag Manufacturing Co’s revision, already
mentioned, and Southern ginghams improved in sympathy.
Drills and sheets were somewhat steadier, but continued
generally inactive. Staple prints were also quiet; buyers
seemed to be holding off in expectation of a downward re­
vision in prices, but printers apparently see nothing in the
situation to warrant such a move. Bleached goods were
dull, only small scattered sales being reported, notwithstand­
ing the improvement in gray goods. More interest was
shown in colored cottons for working suits and shirts, al­
though orders were principally for spot or near-by delivery.
Export trade remained dull. The print cloth market was
moderately active, fair-sized orders having been placed,
chiefly by converters, for shipment during the next few
months; regulars are quoted unchanged at 4c. nominal,
while standard wide goods are firmer at 53^c.
W O O L E N GOO DS.— The men’s wear market was inactive
on fall lines, no material increase being reported in the
volume of duplicate business placed during the week.
Opinions differ as to what fabrics will be most desirable for
the coming season
This fact, together with expectations
in some quarters that more favorable prices will prevail later
on, has made clothiers conservative in placing re-orders.
In the worsted division the liberal offering of stock goods
at substantial reductions has unsettled the market; in many
quarters this development is looked upon as an indication
that values to be named on new lines for spring 1911 will be
comparatively low. The situation in the dress goods market
remained practically unchanged; spot business was light and
trade in fall lines was almost at a standstill pending a clearer
outlook as to what fabrics will be in vogue.
F O R E IG N
DRY
GOO DS.— Imported woolens and
worsteds ruled quiet in common with domestic lines. In the
linen market a moderate demand was in evidence for season­
able merchandise available for prompt shipment; for distant
deliveries very little business was accomplished, buyers and
sellers being apart on prices. Burlaps were quiet, with prices
I firm and unchanged.

1376

THE CHRONICLE

S t a t e ,4 tie
IVews Items.
Atlanta, G a. — A c t E x te n d in g C ity L im its D ecla red C on sti­
tu tio n a l. — In a decision rendered May 11 the Supreme Court
upheld the Act of the Legislature approved Aug. 14 1909,
extending the city limits so as to incorporate the suburbs
of Battle Hill and Oakland City. The higher court upholds
the action of Judge Ellis of the Fulton Superior Court, who
denied an application for an injunction made by certain citi­
zens of the incorporated territory.
Chicago, 111.— V o te o n A n n e x a tio n o f S u b u rb s. — W e are
advised that the vote in Chicago on April 5 on the question
of annexing the municipalities of Edison Park, Oak Park
and Morgan Park was as follows:
Edison Park...................
Oak P a r k . . . _____ ________
Morgan P ark.........................................

F or
Adm ission.
129,852
128,972
126,745

Against
Admission.
95,608
92,095
92,282

The vote in the suburbs, according to local papers, was as
follows:
Edison P ark_______________________________________
Oak P ark__________________________________________
Morgan P ark_______________________________________

F or
Admission.
52
739
319

Against
Admission.
71
2,296
412

Denver, Colo.— C ity V otes A g a in s t G ra n tin g N ew W a ter
F r a n c h is e . — Partial returns are said to indicate the defeat,
by probably 2 ,0 0 0 votes, of the proposition to grant a new
20-year franchise to the Denver Union Water Co. See
V . 90, p. 1313.
Helena, Mont.— C ity O ffers to P u r c h a s e W id er P la n t. — It is
said that the City Council has adopted a resolution offering
to purchase the plant of the Helena Water-Works Co. for
$250,000.
.
Kansas City, M o.— B o n d C a se to B e H ea rd by S u p r e m e
C ou rt in O ctob er. — The Supreme Court at Jefferson City on
May 13 ordered a temporary writ of mandamus, returnable
the first day in the October term, in the proceedings to test
the validity of the $4,175,000 bonds voted at the election
April 5. As stated last week, the city officials had expected
an early decision in the matter, and in view of the delay
caused by the Court’s action there is talk of dismissing the
suit and re-submitting the bond propositions to the voters.
Louisiana.— P r o p o s e d “ B a b y B o n d ” P la n . — The New Or­
leans “ Times-Democrat” of May 12 prints the following
regarding a proposed plan to refund outstanding “ Baby
Bonds” of this State with an issue of certificates bearing no
rate of interest and no specified date of maturity:
H IBaton R ouge, May 11.— In response to the Insistent demand of the
flnanclal Interests of the country, the Governor, as the result of a conference
with Representative Thom as of Caddo on the subject of State llnances,
authorized the announcem ent that he would sign a bill to meet the situation
created by the recent ruling of the Attorney-General of New Y ork, that
Louisiana bonds were not legal Investments for savings banks of that State
on account of the default In the paym ent of the Interest and principal upon
what are known as “ baby bonds” of Louisiana. The conference was held In
the executive office, E x-G ov . Heard, who was State Auditor for eight years,
and an authority on State llnances, being present by Invitation of Gov.
Sanders. G ov. Sanders made It plain at this conference that he did not
wish to Initiate legislation on this subject, and had purposely om itted
referring to the matter In his message to the Legislature. He expressed
his willingness, how ever, to sign a bill which, when drafted, would be In
accordance with the plan outlined by State Treasurer Steele In his biennial
report.
Representative Thom as stated last night that he had agreed to consult
with R . E . Milling In framing a bill which would be somewhat along the lines
suggested by State Treasurer Steele In his report. The proposed bill would
provide for the surrender and exam ination o f all valid outstanding “ baby
bonds” In exchange for certificates of Indebtedness, the certificates to bear
no rate of Interest and no specified date o f m aturity.
The exchange would also be made In accordance with the agreement
entered Into by 90% of the holders of these bonds when the Legislature
passed A ct No. 150 of 1894, authorizing the Board of Liquidation to use
the surplus general fund for the purpose of retiring the "b a b y bonds” at
not more than fifty cents on the dollar. During G ov. Foster’s administra­
tion $364,295 worth of these bonds were bought In at less than fifty cents
on the dollar, while $106,275 of the bonds were redeemed In taxes. A ccord ­
ing to the report of State Treasurer Steele, there are now outstanding
$910,727 63 worth of the “ baby bonds,” of which some arc believed to be
duplicates fraudulently Issued by a defaulting State Treasurer.
None of these bonds have been redeemed in the past ten years, the excuse
given by the State of Its failure to continue the redem ption of these bonds
being that there has been no surplus general fund that could be used for
this purpose.
Under the proposed Thom as bill, the status of the “ baby bonds” situation
would not be changed In the least degree except as to the recognition on
the part of the State of the validity of the Indebtedness on all sides. It Is
recognized that the clearing up of this unpleasant llnanclal situation Is the
first essential step to the refunding of the State debt.
The State debt amounts to over $11,000,000, bears 4 % Interest, and
matures In 1914. W hile this matter could be perm itted to lie over until
the next Legislature, Gov. Sanders, during his cam paign, promised to
reduce both the principal and the rate of Interest.

S e n a te C o m m ittee V o te s a g a in st In c o m e T a x . — On May 19
the Senate Committee on Federal Relations adopted a reso­
lution rejecting the proposed Income Tax Amendment.

Massachusetts.— S a vin g s B a n k s A u th o rize d to M a k e L o a n s
w ith L i f e I n s u r a n c e P o lic ie s as C olla tera l. — The Legislature

[ VOL. L X X X X .

o f responsible borrowers In such form as the Bank Commissioner m ay
approve, with a pledge as collateral o f policies Issued by life Insurance
companies approved by the Bank Commissioner and properly assigned
to the bank, but not exceeding ninety per cent of the cash surrender value
of the policies assigned as security fo r the paym ent of any such loan;
but the aggregate of such loans made by any savings bank shall not
exceed one per cent of Its deposits.
SECTION 2. This A ct shall take effect upon Its passage. [Approved
A p ril 8 1910.]

L e g isla tu re
D e fe a ts R esolu tion
R a tify in g
com e T a x A m e n d m e n t. — By. a vote of 11

P rop osed

In ­

“ yeas” to 23
“ nays” a resolution ratifying the proposed Income Tax
Amendment was defeated in the Senate on May 19. As
stated in V . 90, p. 1252, the House on May 4 defeated a
motion to substitute a resolution favoring the tax for the
adverse report of the Committee on Federal Relations, by
a vote of 1 0 1 “ yeas” to 126 “ nays.”
Michigan.— N o V ote T a k en on C on stitu tion a l A m e n d m e n t .—
The proposed constitutional amendment relating to the bond­
ing power of counties (V . 89, p. 424) was not submitted to
the voters at the election held the first Monday in April, as
provided in Concurrent Resolution No. 4 of the Legislature
of 1909.
We are advised that the amendment was with­
drawn upon the advice of the Attorney-General, who was of
the opinion that the question could not be properly sub­
mitted at such a time, as all districts in the State, particu­
larly such cities as Saginaw and Detroit, did not hold elec­
tions.
Milwaukee, W is .— C ity to B u y and S ell R ea l E sta te. — Mayor
Seidel, elected April.5 on the Socialistic ticket, has announced
a plan providing for the purchase by the city of acreage in
the outlying districts and the conversion of the same into
factory sites and residence property. The Mayor would
have the city plot the land in accordance with his plans for
increasing railroad facilities and re-sell it for factory sites at
a comfortable margin of profit.
New Jersey.— F ed era l G ov ern m en t W ith d raw s f r o m S u it in
P a s s a ic V a lley S ew er C a s e . — The United States Supreme
Court on May 16 granted the application of the Federal
Government for leave to withdraw from the suit brought by
the State of New York to enjoin the State of New Jersey from
constructing the Passaic Valley sewer, and in which suit the
United States had intervened. The withdrawal was because
of the adjustment of the points at issue through the stipula­
tion recently signed by the parties interested. See V . 90,
p. 1252.
New York City.— F r a n c h is e T a x C a ses in M a n h a tta n P r a c ­
tica lly all S ettled . — With the settlement this week of a number
of special franchise tax cases on trial before Justice O ’Gor­
man, it was announced that all the cases running from 1900
to the present time, with the exception of the Manhattan
Elevated and the New York Central, had been disposed of.
As a result of the settlement of these cases, which have been
on trial since the first Monday in January, Attorney-Gen­
eral O’Malley states that upward of .$20,000,000 in tax pay­
ments have either been actually made or are about to be
made into the city treasury. Mr. O’Malley also says:
“ In Brooklyn an extraordinary term Is now pending, with Mr. Justice
Marcan presiding. Very substantial progress has been made In Kings
County In the settlement of cases, and It looks as If most o f them there
will be settled without trial.
“ In the Ninth Judicial District, comprising the counties of W estchester,
Orange, R ockland, & c., more than 200 cases were disposed of before
Mr. Justice Morschauser, and all the litigation there cleaned up and the
taxes paid to the localities.
“ Extraordinary terms were also convened In the Sixth, Seventh and
Eighth judicial districts, with practically like results. U p-State the only
cases now remaining unsettled are the steam surface street crossing cases.
Owing to a decision made by a referee In Buffalo, to the effect that the
special franchise tax law does not apply to steam service crossings, the
settlement of those cases Is necessarily delayed until that question Is deter­
mined In the Court of A ppeals.”

New York State.— S en a te A d o p ts In c o m e T a x R e s o lu tio n .—
The Davenport resolution, ratifying the proposed income
tax amendment to the Federal Constitution, was adopted in
the Senate on May 17, the vote being 26 to 20. As already
stated, the Assembly has twice defeated a resolution favor­
ing the proposed tax. See V. 90, p. 1252.
B ill P la c in g T elep h o n e an d T eleg ra p h C o m p a n ie s U n d er
J u r is d ic tio n o f P u b lic S e rv ice C om m issio n A d o p te d by Assem b ly . — By a vote of 88 to 16, the Assembly on May 17

adopted Assemblyman Merritt’s bill placing telephone and
telegraph companies under the jurisdiction of the Public
Service Commission, Second District.
Porto Rico.— B o n d O ffe r in g . — Proposals will be received
until 2 p. m . July 7 by the Bureau of Insular Affairs, Wash­
ington, D. C ., for $425,000 4 % gold registered bonds issued
under an Act of the Porto Rico Legislature approved
March 1 0 1910.
Denomination $5,000. Date Jan. 1 1910. Interest semi-annually at
the United States Treasury. Maturity Jan. 1 1927, redeemable at the
pleasure of the Government of Forto R ico after Jan. 1 1920. Certlilcd
check for 2% of bid Is required. Delivery July 14 1910, probably by
Interim certificates, which will be replaced by the bonds as soon as they are
com pleted. Purchaser to pay accrued Interest. The A ct of the Porto
R ico Legislature under which the bonds are Issued exem pts them from the
paym ent of taxes of any kind of the Government of P orto R ico, or of any
local authority therein. The United States Treasury Department author­
izes the statement that It will accept theso bonds at par as security for
public deposits should further deposits be made. These bonds will also bo
accepted Dy the Government of P orto R ico as security for deposits of funds
of that Governm ent.

has passed an Act authorizing savings banks to loan not
exceeding one per cent of their deposits on notes with a
pledge as collateral of life insurance policies approved by
the Bank Commissioner and properly assigned to the banks.
It is provided that the loan shall not exceed 9 0 % of the
cash surrender value of the policy assigned as security.
W e print the law in full below:

Rhode Island.— A m en d m en ts to S a vin g s B a n k In vestm en t
L a w . — The Legislature of this State, at the session which

[Chap. 358.]
An A ct to Authorize Savings Banks to Mako Loans on L ife Insurance
Policies.
B e it enacted, A c ., as ] allows:
SECTION 1. In addition to the loans authorized by the eighth clause
of Section Sixty-eight of Chapter Five hundred and ninety of the A cts
o f the year nineteen hundred and eight, savings banks m ay loan on notes

ended April 29, passed two amendments to Chapter 232 of
the General Laws of 1909 relating to investments of savings
banks. The first of these, approved April 20, will be known
as Chapter 552 of the Laws of 1910 and changes that portion
of the law having to do with investment in the bonds of




THE CHRONICLE

May 21 1910. |

steam railroad companies. The amendment is to Clause
Second (a) of Section One, under which savings banks may
invest in the bonds of any steam railroad company incor­
porated in Rhode Island, Massachusetts or Connecticut
whose railroad is located wholly or in part in said States, and
which owns not less than one hundred miles of road, ex­
clusive of sidings, whether such company operates its own
road or has leased it to another railroad corporation, and for
three years preceding such investment shall have earned,
after payment of all operating expenses, maintenance charges
rentals, taxes and all interest and dividends guaranteed by it,
not less than twice the current annual interest on all its
outstanding indebtedness secu red by the m ortgaye u n d er w hich
sa id bonds are issu ed or by a n y p r io r lie n .
The Act just
adopted eliminates the words we have printed in italics.
The other amendment was approved April 26 and will
appear as Chapter 563 of the Laws of 1910. In this case
an addition is made to Clause Third (b) of Section One which
deals with investment in mortgage bonds of electric railroads,
street railways, gas, electric light or power companies.
B y this amendment the banks are given power also to invest
in such bonds as are guaranteed as to principal and interest
by another company under certain limitations. Clause
Third (b) as amended is printed below, the new portion being
in italics:
“ (b) In the mortgage bonds of any electric railroad, street railway, gas,
electric light or power com pany organized under the laws o f any of the
United States, other than the State of R hode Island, and which has, for
three years last preceding such Investment, after paym ent of all operating
expenses, maintenance charges, rentals, taxes and all Interest and dividends
guaranteed by It on the bonds, notes or stock of any other corporation,
earned not less than twice the current annual Interest on all Its Indebtedness
outstanding secured b y the m ortgage under which said bonds are Issued
or by any prior lien, and which has not, during the same period, defaulted
In the paym ent of the matured principal or Interest of any debt Incurred
b y It and secured by a mortagge or deed of trust, or In the paym ent of any
art of the matured principal or Interest of any bonds guaranteed or assumed
y It: Provided, that the bonds of any such electric railroad or street rail­
w ay com pany shall be a legal Investment for such deposits only In case
such com pany shall have had, for said period of three years, average gross
earnings of not less than four hundred thousand dollars a year; and If such
railroad or railway com pany shall also carry on the business of a gas,
electric light or power com pany, or of any two or more of them, then In
case It shall have had, for said three years, gross earnings of not less than
six hundred thousand dollars a year; and the bonds of any such gas, electric
light or power com pany, or of any com pany com bining the business of a
gas, electric light and power com pany, or of any two or more such com ­
panies, shall be a legal Investment oid y In case It shall have had average
gross earnings of not less than two hundred thousand dollars a year for
said period of three years. Also, in the Jirst mortgage bonds oj aim such
electric railroad, street railway, oas, electric light or power company as are
guaranteed, both as to principal and interest, by another electric railroad,
street railway, gas, electric light or power company; First, which has, }o r the
three years last preceding such investment, alter payment oj all operating
expenses, maintenance charges, rentals, taxes, and all interest and dividends
guaranteed by it on the bonds, notes or stock, o) any other corporation, earned
not less than three times the current annual interest an all its indebtedness out­
standing; and. Second, which has, or the guaranteed company has, in the judg­
ment oj the Bank Commissioner, provided a sinking land adequate to secure
the payment oj the principal oj such bonds;and. Third, the net assets oj which,
exclusive oj any stock o] the guaranteed company, are worth, at their Jair market
value, twice the total amount oj all bonds, notes or stock oj all corporations
guaranteed by such company. Such investments shall remain legal investments
only while the bonds, notes and stock so guaranteed shall not exceed such
am ount."

San Francisco, Cal.— G ea ry S treet R a ilro a d C ase to b e H ea rd
b y S u p r e m e C ou rt o n J u n e 6.— The Supreme Court of Cali­
fornia on May 12 denied the petition of Horace G. Platt for
an injunction to restrain the sale of $2 6 0 ,0 0 0 Geary Street
Railroad bonds, which were to have been olTered on May 16.
At the same time the Court set June 6 for a hearing of Mr.
Platt’s appeal from the Superior Court of Tehama County.
See V. 90, p. 1188. In view of this the Board of Supervisors
has postponed the bond sale to June 27, as stated on a sub­
sequent page.
Tulsa County (P. O. Tulsa), Okla.— B o n d s D ecla red L eg a l
by S u p r e m e C o u r t. — The Dallas “ News” states that the Su­
preme Court has sustained Judge L. M. Poe of the District
Court in his opinion that the $700,000 bonds voted last No­
vember (V . 89, p. 1240) are legal.

Bond Proposals and Negotiations this week
Inmn as follows
Alvord

School District,

Riverside County, Cal.— B on d
May 25, it is
stated, for $15,000 school bonds.
Andover, M ass.— B o n d S a le . — According to dispatches,
$16,000 16-year water and $10,000 9-year sewer 4 % bonds,
dated April 1 1910, have been sold to E . II. Rollins & Sons
of Boston at 101.0777.
Anniston, Calhoun County, A la.— B o n d O ffe r in g . — Propos­
als will be received until 12 m. May 25 by the City Clerk for
$60,000 5 % school and funding bonds.
O ffe r in g .— Proposals will be received until

Denomination $500. M aturity 30 years.
bid Is required. J. L . W lkle Is Mayor.

Certified check for 2 %

of

Antelope School District, Los Angeles County, Cal.— B o n d
O ffe r in g . — Proposals will be received until 2 p. m. May 23,
by the County Supervisor (P. O. Los Angeles) for $2,500
^A
l % bonds.
Denomination $250. Maturity $250 yearly
from 1911 to 1920 inclusive.
Ashland, Ashland County, Ohio.— B o n d O ffe r in g . — Pro­
posals will be received until 12 m . May 23 by Edgar Koehl,
City Clerk, for $8,000 4 y 2% coupon refunding sewer and
city-hall bonds.
A uthority Sections 3010, 3017, 3918, Revised Statutes. Denomination
$1,000. Date April 4 1010. Interest annually on March 1 at the Farmers"
Bank In Ashland. Maturity $1,000 yearly on March 1 from 1015 to 1022
Inclusive. Ronds are exem pt from taxes. Certified check for $400, pay­
able to Nelt Barr, City Treasurer. Is required. Purchaser to pay accrued
Interest.




1377

Ashland County (P. O. Ashland), Ohio.— B o n d O ffe r in g . —
Proposals will be received until 12 m. May 23 by J. F. W elty,
County Auditor, for $40,000 4 Y i % Jerome Fork improve­
ment bonds.

A uthority Section 4501a, 4510-31, 4510-34, Revised Statutes. Denom i­
nation $500. Date June 1 1910. Interest semi-annual. M aturity as
follows:
$3,500
on June
1
1911|$5,000 on
Dec.
1
1912|$4
5.000 on Dec.
1
1911
4,500 on
June
1
1913
5.000 on
June
1
19121 4,500 on
Dec.
1
19131
Certified check for $500, payable
to the County Treasurer, Is required.
Purchaser to p ay accrued Interest.

Atlanta, Georgia.— B o n d O ffe r in g . — Further details are at
hand relative to the offering on June 1 of the $625,000 4 j ^ %
coupon (with privilage of registration) bonds mentioned in
V . 90, p. 1314. Proposals will be received until 12 m . on
that day by John W . Grant, Chairman Finance Committee,
at the City Comptroller’s office. The securities answer the
following description:
$100,000 hospital bonds due Jan. 1 1940.
50,000 crem atory bonds due Jan. 1 1940.
225.000 sewer bonds due $45,000 yearly on Jan. 1 from 1936 to 1940
Inclusive.
150.000 water-works bonds due $30,000 yearly on Jan. 1 from 1936 to
1940 inclusive.
100.000 school bonds due $20,000 yearly on Jan. 1 from 1936 to 1940
Inclusive.
The above bonds are In denominations of $1,000 each and are dated
Jan. 1 1910. Interest semi-annually at the City Treasurer’s office or the
city fiscal agency In New Y ork. Rid must be on a form furnished b y the
city and be accom panied b y a certified check for 2% of bonds bid for, drawn
on a national bank and made payable to the “ City of A tlanta.” The bonds
will be delivered July 1 1910. T hey are exem pt from State, city and cou nty
taxation.

Aurora, Kane County, 111.— B o n d O ffe r in g . — Proposals
will be received until 2 p . m . May 23 by the Finance Commit­
tee for the $50,000 4 A % water-main-extension bonds voted
on April 19. V . 90, p. 1189.
Date June 1 1910. Interest semi-annually at the City Treasurer’s office.
Maturity $2,500 yearly on June 1 from 1911 to 1930 Inclusive. Certified
check for $1,000 Is required. Purchaser to furnish blank bonds at his
own expense. Official notice states that there has been no default In the
paym ent of any obligation o f the city o f Aurora. W . C. Flannlgan Is City
Clerk.

Baldwin City, Douglas County, K ans.— B o n d O ffe r in g .—
Proposals will be received until 7:30 p. m. May 24 by H . E .
Downs, City Clerk, for approximately $15,000 6 % 10-year
sewer-improvement bonds and approximately $15,000 5 %
20-year sewer-improvement bonds. The securities are dated
June 1 1910. .Certified check for 5 % is required.
T h e o ffic ia l n otice o f this bond o ffe r in g w ill be f o u n d a m on g
the a d vertisem en ts elsew here in this D ep a rtm en t.

Cape May City, Cape May County, N. J.— B o n d O ffe r in g . —
Proposals will be received until 8 p m. May 23 by W . H .
Church, Chairman of the Finance Committee, for $31,000
30-year and $9,000 2-year 5 % sewer, improvement and in­
vestment bonds.
Interest semi-annual. Certified check for $1,000, payable to I. H .
Smith J r., City Treasurer, Is required. Bids must be made for the entire
$40,000 bonds.

Cazenovia, Madison County, N . Y . — B o n d S a le . — The
Cazenovia National Bank of Cazenovia, offering par, was the
successful bidder on April 15, for $33,000 4 % 1-30-year
(serial) refunding water bonds. Denominations $100 and
$500. Date May 1 1910. Interest semi-annual.
Chestertown, Kent County, M d.— B o n d O ffe r in g . — Pro­
posals will be received until 12 m . May 26 by the Town
Board of Commissioners, Thomas S. Bordley, Clerk, for
$10,000 coupon water-works bonds (Second Series) at not
exceeding 5 % .
Authority, Act of General Assembly approved April 7 1910. Denomina­
tion $500. Interest payable Jan. and July at Chestertown. Maturity
$500 yearly from 1915 to 1931 Inclusive: also subject to call after 10 years.
Ronds are exem pt from municipal and county taxation. Certified check
for 10% of bid Is required. Rondcd debt, Including this Issue, $40,000.
Assessed valuation $1,100,000.

Chicago, 111.— B o n d O ffe r in g . — Proposals will be received
until 11 a. m . May 25 by Walter II. Wilson, City Comptroller,
for $500,000 4 :}^ % coupon or registered funding water bonds.
Denomination $1,000. Date July 1 1910. Interest semi-annual. Ma­
turity July 1 1913. Certified check on a local bank for 2% of bonds bid
for Is required.

Chico, Butte County, Cal.— B o n d E le c tio n . — Reports state
that an ordinance has been passed providing for an election
to be held May 24 in order to vote on the question of issuing
$35,000 bonds for storm sewers, $50,000 for a new city hall,
$55,000 for street improvements and $10,000 for fire appa­
ratus.
Cincinnati, Ohio.— B o n d O ffe r in g . — Proposals will be re­
ceived until 12 m . June 6 by Ernst Von Bargen, City Audi­
tor, for the following 4 % bonds:
$41,000 Marshall A ve. sewer bonds dated April 15 1910. Maturity 30 years.
50.000 park bonds dated April 1 1910. Maturity 40 years.
A uthority, Sections 3939 to 3943 Inclusive, General Code of Ohio. De­
nomination $500. Interest semi-annual. Ronds are non-taxablc. Bid
must be made on each Issue separately on a printed form furnished b y the
City Auditor. Certified check for 5% of bonds, payable to the City Audi­
tor, Is required.

Claremont, Los Angeles County, Cal.— B o n d O ffe r in g . —
Reports state that proposals will be received until June 6 for
the following bonds voted on April 15 (V 90, p. 1190):
$12,500 for streets, $3,500 for city-hall improvements and
$4,000 to purchase new fire apparatus.
Cleveland, Ohio.— B o n d S a le . — The $52,000 6-months and
$92,000 l^ -y e a r 5 % street-improvement bonds, proposals
for which were asked until May 16 (V . 90, p. 1314), were
sold, the former issue to C. E. Denison & Co. of Cleveland at
100.36 and the latter issue to the Tillotson & Wolcott Co. of
Cleveland at 101.183. A list of the bidders follows:

1378
.

THE CHRONICLE

$92,000
bonds.
Tlllotson & W olcott C o., C levelan d .......................... $93,088 36
C. E . Denison & C o., Cleveland_________________ 92,883 46
H ayden, Miller & C o., Cleveland_________________ 93,051 50
Davies & Bertram C o., Cincinnati_______________ 92,829 00
First National Bank, Cleveland__________________ 92,681 00
New First National Bank, Colum bus_____________ 92,666 00
Otis & H ough, Cleveland..... ............................ ........ 92,477 00
W ell, Koth & C o., C in c in n a ti-.................................. 92,469 20
W estern German Bank, Cincinnati_______________ 92,348 92

[V O L . L X X X X .

$52,000
bonds.
$52,119 60
52,187 45
52,100 50
52,007 50
52,000 00
52,103 56
_________
_________
52,068 52

semi-annual. These bonds were offered without success as
4s (V . 90, p. 461) on Feb. 9.
Hood River, Wasco County, Ore.— B on d s R e fu s e d . — John
Nuveen & Co. of Chicago have refused to accept the $90,000
5 % 20-year coupon water-system bonds awarded them
(V . 90, p. 574) on Feb. 15. We are advised that the bonds
will be re-advertised for sale in the near future.
Hutchinson, Reno County, K ans.— B id R e je c te d . — The
Cleveland School District (P. O. Cleveland), Ohio.— B o n d
O ffe r in g . — Proposals will be received until 4 p. m. June 1 only proposal received on April 29 for the $15,000 4 3 ^ %
by W . C. Fisher, Clerk Board of Education, for the $500,000 20-year coupon bridge bonds described in V. 90, p. 1192,
4 % coupon school-building and improvement bonds men­ was one of $14,910 submitted by Seasongood & Mayer of
Cincinnati. This offer was rejected.
tioned in V . 90, p. 1190.
A uthority an A ct ot the General Assem bly passed April 25 1904. De­
Ionia, Ionia County, Mich.— B o n d E le c tio n . — A special
nom ination $1,000. Date June 1 1910. Interest semi-annual. Maturity
20 years. Bid must be made on a form furnished by the district and be election will be held May 23 on the question of issuing $50,000
accom panied by a certified check on a national bank for 5% o f bonds bid bonds for a bonus fund to induce new factories to locate here.
for, made payable to the Treasurer o f the Board of Education.
Jefferson School District, Los Angeles County, Cal.— •
Coeur d’Alene Independent School District N o. 1 (P. O.
Coeur ’d Alene), Idaho.— B o n d O ffe r in g . — Proposals will be B o n d O ffe r in g . — Proposals will be received until 2 p. m.
May 23 by the Board of County Supervisors (P. O. Los
received until 2 p. m. May 23 by F. D. Winn, Clerk Board
Angeles) for $5,900 bonds.
of Trustees, for $55,000 coupon high-school-improvement
Denominations eleven bonds of $500 each and one bond of $400. Ma­
bonds at not exceeding 6 % interest.
turity $400 on May 23 1911 and $500 yearly on May 23 from 1912 to 1922
Denomination $5,000. Date June 1 1910. Interest semi-annually at
the District Treasurer’s office. M aturity June 1 1930, subject to call after
June 1 1920.
Total debt at present, $60,500. Assessed valuation
$1,500,000.

Colorado.— B o n d s A w a rd ed i n P a r t . — A letter received by
us on May 12 stated that $758,000 of the $950,000 3 %
20-year coupon funding bonds, dated July 1 1909, had been
disposed of. This makes a total of $84,200 bonds sold since
our last report. See V . 90, p. 318.
As already reported by us, these bonds are being exchanged at par and
accrued Interest for certain warrants or certificates of Indebtedness, Issued
during the years 1899, 1903 and 1904 for the purpose of suppressing insur­
rection and defending the State.

Conshohocken, Montgomery County, P a.— B o n d S a le . —
It is stated that $50,000 4 % % tax-free street-improvement
bonds offered on May 11 were disposed of to Lawrence Barnum & Co. of Philadelphia.
Dale School District (P. O. Johnstown), Cambria County,
P a.— B o n d O ffe r in g . — Proposals will be received until 6 p. m.
June 7 by W . R . Lohr, Treasurer, for $10,000 5 % coupon
bonds.

Denomination $500. Date June 1 1910. Interest semi-annually In
Johnstown. Maturity June 1 1940, subject to call gutter 1915,. Bonds
are exem pt from taxes. Bonded debt May 18 1910, $11,700. No floating
debt. Assessed valuation 1910, $442,960.

Fountain Hill (P. O. South Bethlehem), Pa.— B on d s
A w a rd ed in P a r t — B o n d O ffe r in g . — Of an issue of $14,500 4 %
10-30-year (optional) bonds offered on May 16, $4,000 was
disposed of privately. Bids for the remaining $10,500 bonds
will be received at any time. Denominations $100 and $500.
Interest April 1 and Oct. 1.
Fulton, Oswego County, N . Y . — B o n d O ffe r in g . — Proposals
will be received until 8 p. m . May 24 by George B . Deuel,
City Chamberlain, for $20,000 4 .3 5 % registered West Side
sewer-system bonds.
A uthority Chapter 63, Laws of 1902, as amended. Denomination $1,000.
Date June 1 1910. Interest on Jan. 1 and July 1 at the United States
Mortgage & Trust Co. In New York City. Maturity $2,000 yearly on Jan. 1
from 1930 to 1939 Inclusive. Certified check on a State or national bank
for $1,000, payable to the City Chamberlain, Is required. Bids must be
made upon blanks furnished by the City Clerk. Purchaser to pay accrued
Interest.

Gouverneur, St. Lawrence County, N . Y .— B o n d O fferin g .
— Proposals will be received until 8 p. m. May 24 by J. O.
Sheldon, Village Treasurer, for the $45,000 4 ) 4 % coupon
refunding water bonds mentioned in V. 90, p. 1191.
A uthority Sections 6 and 8 of Article 2, Chapter 24, Consolidated Laws.
Denomination $1,000. Date July 1 1910. interest semi-annually at a
bank In New York City. Maturity $2,000 yearly on July 1 from 1911 to
1931 Inclusive and $3,000 July 1 1932. Certified check on a bank or trust
com pany for 2% o f bonds bid for, payable to the Village Treasurer, Is
required. Bids must be made upon blanks furnished b y the Village
Treasurer. Bonds will be ready for delivery on July 1 1910

Grand Rapids School District (P. O. Grand Rapids), Kent
County, Mich.— B o n d s A u th o r iz e d . — On April 25 the Board
of Education of this district authorized the issuance, accord­
ing to local papers, of $63,000 4 % high-school-buikling bonds.
Date Sept. 1 1910. Interest semi-annual. Maturity yearly on Sept. 1
as follows: $10,000 In 1915, $13,000 In 1916 and $40,000 In 1917.

Greater Birmingham, A la .— B o n d S a le . — This city has sold
$400,000 5 % 30-year bonds to the Thos. J. Bolger Co. of
Chicago at 103.20— a basis of about 4 .7 9 8 % . The following
bids were received:

Thos. J. Bolger C o., Chic___$412,8001 New York Life Insurance
Spltzer & C o., T oled o_____ 408,363
C o., New Y ork .................. *$205,030
Otto Marx & C o., B lrm ln g .. 406,120| N. W . Halsey & C o., N . Y . .*204,550
* For $200,000 bonds.

Harper School District, Orange County, Cal.— B o n d
O ffe r in g . — According to reports, proposals will be received
until May 24 for $4,000 bonds
Harrisonburg, V a .— B o n d S a le . — This town has sold
$25,000 5 % refunding currency bonds. Maturity 10 years,
subject to call at any time.
Hempstead Union Free School District N o. 15, Nassau
County, N . Y .— B o n d S a l e — On May 17 the $150,000 5 %
4-28-year (serial) registered school bonds described in V . 90,
p. 1315, were awarded to Parkinson & Burr of New York
City at 106.643— a basis of about 4 .4 1 7 % . Following are
the bids:
Parkinson & Burr, N . Y ___ 106.6431Isaac W . Sherrill, Poughkcep.105.975
N. W . Harris & C o., N . Y ___106.3411Edmund Seym our& C o.,N .Y .104.60
Adam s & C o., N . Y ________ 106.066) Kountze B ros., N . Y ------------- 102.793

Hoboken, N . J .— B o n d O ffe r in g . — Reports state that pro­
posals will be received until 4 p. m . June 8 by J. II. Londrigan, City Clerk, for $250,000 4 J ^ % or 4 > £ % 30-year school
bonds. Certified check for $5,000 is required. Interest




Inclusive.

Johnson City, Washington County, Tenn.— B on d s N o t
S o ld . — No satisfactory bids were received for the $375,000
5 % 30-year coupon water-works bonds offered (V . 90, p.
1117) on May 5.
We are advised that negotiations are being
carried on with several parties for the disposal of these bonds
at private sale.
Kalamazoo, Mich.— B o n d S a le . — The Security Trust Co. of
Detroit, offering par and accrued interest, was the successful
bidder on May 2 for the $44,500 1-10-year (serial) streetimprovement and the $9,000 1-9-year (serial) city-improve­
ment 4 % bonds described in V. 90, p. 1192.
Kansas City School District (P. O. Kansas City), Jackson
County, M o.— B o n d E lectio n . — An election will be held
May 28 to vote on the question of issuing $750,000 4 % gold
coupon school-building bonds.
Denomination $1,000. Date July 1 1910.
New Y ork City. Maturity twenty years.

Interest semi-annually In

Laurel, Yellowstone County, M ont.— B o n d O ffe r in g .— This
town, Win. L. Quest, Clerk, will offer at public auction at
2 p. m . May 23 $15,000 sewerage-system and $28,000 watersupply 6 % coupon bonds.
Authority, election held April 4 1910; also Paragraph 64 of Section 3250
and Sections 3454 to 3460, Revised Code of 1907. Denomination $500.
Date June 1 1910. Interest soml-annually In Laurel or New York City, at
the option of the holder. Maturity twenty years, subject to call after fifteen
years. Cash or certified check on some bank In Yellowstone C ounty for
5% of bid Is required. Bid must be made on each Issue separately. Of­
ficial circular states there Is no litigation or controversy pending or threat­
ened concerning the validity of these bonds, the boundaries of the m unici­
pality or the titles of the officials to their respective offices. Purchaser to
furnish lithographed bonds.

Leominster, M ass.— T e m p o r a r y L o a n . — This place on
May 16 awarded, it is stated, the $100,000 temporary loan
mentioned in V. 90, p. 1254, to Bond & Goodwin of Boston
at 4 .1 2 % discount for $50,000 and 4 .1 4 % discount for the
remaining $50,000.
B o n d S a le . — On the same day (May 16) the $10,000 library
bonds also described in V. 90, p. 1254, were awarded to
Blodget & Co. of Boston at 100.342. Maturity $1,000
yearly from 1911 to 1920 inclusive.
Lincoln, Neb.— B o n d O ffe r in g . — Proposals will be received
until 10 a. m . May 23 for $18,350 paving assessment bonds
at not exceeding 5 % interest.
Denomination to be designated b y purchaser. Date May 1 1910. Inter­
est annual. Maturity one-tenth yearly. Certified check for $200 required.

In addition to the above, proposals will also be received
until 10 a. m. June 6 by Roscoe C. Ozman, City Clerk, for
the following assessment bonds, aggregating $19,660:
$15,500 for Paving District No. 49, $2,850 for Paving District
No. 156 and $1,310 for Paving District No. 147.
A uthority Section 8001, C obbey’s Annotated Statutes, 1909 edition.
Denomination to suit purchaser. Date June 1 1910. Interest (rate not
to exceed 5 % ) annually at the Nebraska fiscal agency In New York or the
City Treasurer’s office In L incoln, as the purchaser m ay desire. Maturity
one-tenth of each Issue yearly on June 1 from 1911 to 1920 Inclusive. Certi­
fied check for $200 Is required
Official circular states there Is no litigation
threatening or pending affecting these bonds; also that principal and Inter­
est have always been prom ptly paid at m aturity.

B o n d E lection P r o p o s e d . — A special committee of the City
Council, together with the Park Board, have decided to rec­
ommend to the City Council that an election be held to vote
on the question of issuing $100,000 park-site bonds.
McAlester, Pittsburg County, Okla.— C harter E le c tio n . — An
election will be held in this city May 26 for the purpose of
submitting to the voters a proposed charter providing for a
commission form of government.
Macomb, McDonough County, 111.— B o n d S a le . — On
May 12 the $33,000 4 } ^ % coupon water-works bonds dated
May 1 1910 and described in V . 90, p. 1193, were awarded
to H . T . Holtz & Co. of Chicago at 102.275 and accrued in­
terest. The following proposals were received:
H . T . H oltz & C o., C hic.a$33,751
Harris T r. & S. B k., Chlc.a33,174
Union Nat. B k., M a com b .a 3 3,100
W m .R .C om p ton C o.,S t.L .6 3 3 ,0 93
a And accrued Interest, b Also
bonds.

00 Thos. J. Bolger C o., O h io.$33,012 00
90 S .A . Ifean & C o., Chicago 31,762 50
00 N. W . Halsey & C o., Chto_a31,609 70
00
pay accrued Interest and furnish printed

Mankato, Minn.— C o m m issio n P la n o f G o v ern m en t A d o p te d .
— A proposition to adopt the commission form of govern­
ment was favorably voted upon April 26. The vote was
969 to 671, a four-sevenths majority being necessary to carry.
Mansfield, Richland County, Ohio.— B o n d O ffe r in g . — Pro­
posals will be received until 12 m . May 27 by K . P. Troll,

May 21 1010.|

1379

THE CHRONICLE

City Auditor, for the following coupon street-improvement
bonds:
$23,300 4 % Sturgcs Ave. (city ’s portion) bonds.
3.000 5% Foster St. (assessment) bonds.
3.000 5% Sturgcs Ave. (assessment) bonds.
19,200 5% W est Fourth St. (assessment) bonds.
2,100 5% South Diamond St. (assessment) bonds.
11,300 5% North Franklin St. (assessment) bonds.
A uthority Section 2835, Devised Statutes. Denominations $100 to
$1,000. Date June 3 1910. Interest on March 1 and Sept. 1 at the City
Treasurer’s office. The city ’s portion bonds are due $2,000 yearly on
Sept. 1 from 1911 to 1913 Inclusive, $1,000 yearly from 1914 to 1929
inclusive and $1,300 on Sept. 1 1930; and the assessment bonds are due
part yearly from one to live years, beginning Sept. 1 1911. Bonds are
exem pt from taxes In Ohio. Certllled check on a bank In Mansfield for
10% of bid, payable to the City Treasurer, Is required. Bids must be
unconditional and made on blank forms furnished b y the city .

Maryland.— B o n d S a le . — On May 10 the $500,000
coupon (with privilege of registration) State Roads loan
Series “ B ” bonds described in V. 90, p. 1058, were awarded
to White, Weld & Co. of Chicago at 93.271. Maturity Feb. 1
1924, subject to call after Feb. 1 1919.
B o n d s A w a rd ed in P a r t. — Of the $1,000,000
10-15year (optional) coupon (with privilege of registration) State
ltoads loan Series “ G” bonds, also offered on May 16, $10,000
were disposed of to H . A . Orrick at 95.49.
Massillon, Stark County, Ohio.— B o n d S a le . — The follow­
ing bids were submitted on May 10 for the $10,000 4 ) ^ %
city-hall-furnishing and equipment bonds described in
Y . 90, p. 1255:
W ell, R oth & C o., Cln— $10,160 00 Seasongood & Mayer, C ln .$10,131 00
Citizens’ N.Bk.,NewPhlI.,0. 10,157 00 Tlllotson& W olcottCo.,Clev 10,127 00
First Nat. Bank, Cleve___ 10,156 75 Otis & Hough, Cleveland. 10.127 00
Hayden.Miller & Co.,CIev. 10,154 00 Barto, Scott & C o., Colum 10,117 00
S tacy & Braun, T oled o— 10,151 25 C.E.Denison & C o., Cleve. 10,111 75
Davlcs&Bertram Co.,Cln_ 10,139 00 S. A . Kean & C o., Chicago 10,070 00
Breed & Harrison, Cln___ 10,137 50|Mcrch. N. B k., Massillon. 10.050 00
Maturity $500 each six months from Sept. 1 1910 to March 1 1920
Inclusive. W ith the exception of Kean & C o., all bidders ollcred accrued
Interest In addition to their bids

Merchantville School District (P. O. Merchantville),
N . J .— B o n d E le c tio n . — A school bond election will be held
May 25. The proposed issue was authorized at the annual
school election. Owing to the fact, however, that the
ballot for the bonds and one for another matter were placed
in the same box, the bonds were declared illegal.
Middlesex County (P. O. New Brunswick), N . J.— B o n d
S a le . — The following 4 % bonds offered on May 12 (V . 90,
p. 1255) were disposed of at par and accrued interest as
follows:
$10,000 renewal bonds awarded to the New Brunswick Savings Institu­
tion of New Brunswick. Maturity $1,000 yearly from 1919 to
1928 Inclusive. Bonds arc dated Feb. 1 1910.
97.000 registered road-lm provcm ent bonds awarded as follows; $40,000
to the First National Bank of South A m boy, $10,000 to the First
National Bank of South Itlver, $10,000 to the First National Bank
of Cranbury, $6,000 to the First National Bank of W oodbrldgc,
$10,000 to the Nat. Badk of N. J, In New Brunswick, $7,000 to
the People’s National Bank In New Brunswick, $2,000 to Edward
Tlndell of New Brunswick, $4,000 to Robert W . Helm of New
Brunswick, $1,000 to Thomas II. Ilagerty, as Sinking FundCoinmlssloner, $5,000 to the New Brunswick Mutual Fire Insurance Co.
of New Brunswick and $2,000 to Eleanor H . Florence o f New
Brunswick. Maturity $5,000 yearly from 1920 to 1938 Inclusive
and $2,000 In 1939. Bonds are dated Jan. 1 1910.
The above bonds are In denominations of $1,000 each. Interest semi­
annually at the office of the County Collector.

Nashville, Tenn.— B on d s A u th o r ize d . — O r d i n a n c e s h a v e
p a s s e d t h e i r fir s t r e a d i n g , a c c o r d i n g t o r e p o r t s , p r o v i d i n g f o r
t h e is s u a n c e o f $ 1 2 5 , 0 0 0 b o n d s f o r a “ C o lo r e d S t a t e N o r m a l
S c h o o l” a n d $ 1 3 0 ,0 0 0 “ b la c k b o t t o m ” r e fu n d in g b o n d s .
T h e f o r m e r p r o p o s i t i o n w ill b e s u b m i t t e d t o t h e v o t e r s a t
t h e g e n e r a l e l e c t i o n in N o v e m b e r , w h ile t h e l a t t e r w ill b e
p r e s e n t e d a t a s p e c ia l e l e c t i o n t o b e c a ll e d f o r t h a t p u r p o s e .
New Bedford, M ass.— B o n d O ffe r in g . — P r o p o s a l s w ill b e
r e c e i v e d u n t il 7 : 4 5 p . m . M a y 2 4 b y W m . S . C o o k , C i t y T r e a s ­
u r e r , fo r th e fo llo w in g 4 % b o n d s :
$150,000 coupon water bonds. A uthority Chapter 202, Acts of 1909.
Maturity $5,000 yearly on June 1 from 1911 to 1940 Inclusive.
100.000 registered m unicipal-building bonds. A uthority Chapter 352,
Acts of 1907 as amended. Maturity $5,000 yearly on June 1
from 1911 to 1930 Inclusive.
100.000 registered school bonds. A uthority Chapter 144, A cts of 1909.
Maturity $5,000 yearly on June 1 from 1911 to 1930 Inclusive.
41,000 registered municipal bonds. A uthority order of the City Council
approved May 13 1910. Maturity on June 1 as follows: $5,000
In 1911 and $4,000 yearly from 1912 to 1920 Inclusive.
Interest on June 1 and Dec. 1. Certified check on a national bank or
trust com pany for 2% of bid, payable to the city of New B edford, Is re­
quired. The legality of these Issues will be approved by Storey, Thorn­
dike, Palmer & Dodge of Boston.

Niles, Ohio.— B o n d O ffe r in 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 2 p . m . M a y 2 6 b y H o m e r T h o m a s , C i t y A u d i t o r , f o r
th e fo llo w in g c o u p o n b o n d s :
$2,000 00 4>$% Park Avenue extension bonds. Denomination $500.
Maturity $1,000 on May 1 In 1918 and 1919.
1,467 30 5% Mill Street sewer bonds. Denomination $293 46. Matur­
ity $293 46 yearly on Sept. 15 from 1911 to 1915 Inclusive!
A uthority, Sections 2835, 2836 and 2837, Revised Statutes. Date May 1
1910. Interest semi-annually at the C ity Treasurer’s office. Certified
check for 2 % , payable to the C ity Treasurer, Is required.

North Attleborough, M ass.— N o te S a le . — E . N . F a r n s ­
w o r t h & C o . o f B o s t o n , it is s t a t e d , w e r e a w a r d e d t h e $ 8 0 , 0 0 0
4 % c o u p o n s e w e r n o t e s o f f e r e d o n M a y 1 7 a n d d e s c r i b e d in
V . 9 0 , p . 1 3 1 7 , a t 1 0 2 .3 9 .
N o t e s m a tu r e $ 8 ,0 0 0 y e a r ly o n
N o v . 1 fr o m 1 9 2 4 to 1 9 3 3 in c lu s iv e .
North Carolina.— B o n d O ffe r in g . —

P r o p o sa ls

w ill

be

re­

c e iv e d u n t il 1 2 m . M a y 2 8 b y B . R . L a c y , S t a t e T r e a s u r e r ,
a t R a le ig h , fo r th e $ 3 ,4 3 0 ,0 0 0 4 %

c o u p o n re fu n d in g b o n d s .

T h e s e b o n d s w e re a d v e r tis e d fo r s a le o n M a y

18 (V . 9 0 , p .

1 1 9 4 ) b u t a ll b id s r e c e iv e d o n t h a t d a y w e r e r e j e c t e d .

S in c e

t h e f o r m e r o f f e r i n g t h e S u p r e m e C o u r t o f N o r t h C a r o li n a h a s
h a n d e d d o w n a n o p in io n h o ld in g t h a t th e s e b o n d s m u s t b e
d e d u c t e d in a p p r a i s i n g s h a r e s in b a n k s f o r t a x a t i o n

to th e

e x t e n t t h a t t h e s u r p lu s o f t h e b a n k is i n v e s t e d in t h e s e b o n d s .

Date July 1 1910. Interest seinl-annually at the National Park Bank,
New Y ork City. Maturity July 1 1950. Bid must be made on a form
furnished by the State Treasurer or by H ubbard & Massllch of New York
City. The legality of the bonds has been approved by the aforem entioned
H ubbard & Massllch, whose opinion will be furnished to the purchaser.

T h e o ffic ia l n otic e o f this bond o ffe r in g w ill be f o u n d a m on g
the a d vertisem en ts elsew here in th is D e p a r tm e n t.

North D akota.— B o n d S a les f o r A p r i l . — T h e f o l l o w i n g 4 %
b o n d s , a g g r e g a t in g $ 2 4 ,6 0 0 , w e re d is p o s e d o f d u r in g A p r il to
th e S t a t e o f N o r th D a k o t a a t p a r :

Bcldcn School District N o. 37, Kidder County— $1,500 funding bonds
dated March 1 1910 and due March 1 1925.
Connor School District N o. 21, Billings County— $1,000 refunding bonds
dated Feb. 1 1910 and due Feb. 1 1930.
Ilcnsel School District No. 75, Pembina County— $4,000 school-building
bonds dated April 1 1910 and due April 1 1930.
Holmes School District N o. 18, Williams County— $3,000 school-building
bonds dated April 1 1910 and due April 1 1930.
Iota School District N o. 18, Dunn County— $800 school-building bonsd
$350,000 street-im provem ent bonds. Denominations 340 bonds of $1,000
dated April 1 1910 and due April 1 1920.
each and 20 bonds of $500 each
Knife River School District N o. 87, Mountralll County— $1,600 funding
75,000 public-bath bonds mention of which was made In V . 90, p. 927.
bonds dated April 10 1910 and due April 10 1920.
Denominations 60 bonds of $1,000 each and 20 bonds of $750 Mineral Spring School District N o. 18, Billings County— $1,000 refunding
each.
bonds dated Feb. 1 1910 and due Feb. 1 1930.
100.000 hospital bonds mention of which was made In V . 90, p. 927. Neche Special School District No. 55, Pembina County— $2,500 refunding
Denomination $1,000.
bonds dated April 1 1910 and due April 1 1930.
A uthority Chapters 40b and 41, Wisconsin Statutes of 1898 and Acts Norwich School District No. 31, McHenry County— $8,000 school-building
am endatory thereof and supplemental thereto. Date Jan. 1 1910. In­
bonds dated April 10 1910 and due April 10 1930.
terest semi-annually at the City Treasurer’s office or the Guaranty Trust Walsh County School District No. 67— $1,200 building bonds dated
Co. In New York City. Five per cent of the bonds mature each year.
April 10 1910 and due April 10 1930.

Milwaukee, W is .— B o n d O ffe r in g . — Proposals will be
received until 11 a. m . to-day (May 2 i) by the Commissioners
of the Public Debt at the office of Carl P. Dietz, City Comp­
troller and Secretary ex-officio of the Commissioners of the
Public Debt, for the following 4 % coupon bonds:

Minneapolis, M in n — Rond O ffe r in g .— Proposals will be
received until 2 p. m. June 9 by the W ays and Means Com­
mittee of the City Council at the office of Dan C. Brown, City
Comptroller, for the following 4 % bonds:
$250,000 hlgh-school bonds dated July 1 1910 and due July 1 1940.
200.000 grade-school bonds dated Jan. 1 1910 and due Jan. 1 1940.
200.000 park bonds dated July 1 1909 and due July 1 1939.
Interest semi-annual. Certified check for 2% of bonds bid fo r, made
payable to C. A . Bloom qulst, City Treasurer, Is required.

T h e o ffic ia l n o tic e o f th is bond o ffe r in g w ill be f o u n d a m on g
the ad vertisem en ts elsew here in this D e p a rtm en t.

M t. Vernon School District (P. O. M t. Vernon), In d.—
10-year school-build­
ing bonds has been disposed of, $10,000 to each of the follow­
ing banks of Mt. Vernon: The National Bank, the People’s
Bank & Trust Co. and the First National Bank. The price
paid was $30,356, or 101.186.
Murray School District (P. O. Murray), Salt Lake County,
U tah .— B o n d O fferin g — Proposals will be received until
7:30 p. m. May 25 by G. M. Mumford, Clerk of School Board,
for $35,000 5 % gold coupon school-building bonds.

B o n d S a le . — -An issue of $30,000 4 x/ i%

A uthority, Chapter 17, School Law. Denomination $1,000. Date
Juno 1 1910. Interest January and July In Murray. M aturity 20 years,
subject to call after 10 years. Certified check for 5 % , payable to the Board
of E ducation, Is required. Bonded debt, Including this Issue, $55,000
No limiting debt. Sinking fund, $15,000. Assessed val., 1909, $1,914,924;

Muskegon, Muskegon County, Mich.— B on d s O ffered by
B a n k e r s . — The Harris Trust & Savings Bank of Chicago is
offering for sale $10,000 4 y 2% 20-year refunding bonds.
Denomination $ 1,0 0 0 . Date July 1 1910. Interest semi-annually at
the Harris Trust & Savings Bank of Chicago. Bonds arc tax-exem pt.




Oakland, Alameda County, Cal.— B o n d O ffe r in g . — Further
details are at hand relative to the offering on May 23 of the
$1,760,000 4 x/ i°/0 gold bonds mentioned in last week’s issue.
Proposals will be received until 8 p. m . on that day by
Frank R . Thompson, City Clerk and Clerk of the City
Council. These securities are part of the $3,733,000 bonds
voted on Nov. 15 1909 and mentioned in V . 90, p. 518.
Denomination $1,000. D ateJan . 1 1910. Interest semi-annually at the
City Treasurer's office or the National City Bank In New York City, at the
option of the holder. Maturity 544,000 yearly on Jan. 1 from 1911 to 1950
Inclusive. Certified check (or cash) for 2% of bid, made payable to the
President of the City Council, Is required. Bonds are exem pt from all
taxation. Official circular states there Is no litigation pending or threaten­
ing affecting the legality of the bonds; also that the city has never defaulted
In the paym ent of any obligation. The legality of the Issue has been
approved by Dillon & H ubbard of New York City.

T h e o ffic ia l n otice o f this bond o ffe r in g w ill be f o u n d a m on g
the ad vertisem en ts elsew here in this D ep a rtm en t.

Omaha, N eb .— B o n d O ffe r in g . — Proposals will be received
until 3 p. m. May 26 for the $50,000 4 j ^ % coupon park
bonds voted (V . 89, p. 1297) on Nov. 2 1909:
Denomination $1,000. Date June 1 1910. Interest semi-annually In
New York City. Maturity twenty years. Certified or cashier’s check on a
national bank for $1,000, made payable to the "C ity of O m aha", Is required.
Official circular states there Is no litigation pending or threatened affecting
the legality of the bonds; also that there has never been any default In the
paym ent of principal or Interest on previous issues of bonds. Accrued
interest, If any. to be paid b y purchaser. Frank A . Furay Is City Treasurer.

O ’Neill, Holt County, Neb — B on d s V o ted . — The proposition
to issue the $16,000 5 % 5-20-year (optional) sewer bonds
carried by a vote of 191 to 61 at the election held May 16.
Sec V. 90, p. 1317.

THE CHRONICLE

1380

Oregon City School District (P. 0. Oregon City), Ore.—
B o n d E le c tio n . — W e see it reported that an election will be

held May 24 to vote on the question of issuing $40,000 highschool-building bonds.

Osborn School District (P. O. Phoenix), Maricopa County,
Ariz.— B o n d S a le . — The $17,000 5 % 15-20-year (optional)
school-house bonds voted on March 3 (V . 90, p. 720) have
been sold, according to reports, to the Security Trust Co.
of Detroit at 107.05— a basis of about 4 .3 5 0 % to the optional
date and about 4 .4 0 4 % to full maturity.
Pacific County (P. O. South Bend), W a sh .— B o n d S a le .—
The $150,000 tourt-house and jail-construction bonds, bids
for which were rejected on De \ 0 1909 (V . 89, p. 1015),
were sold on May
to the State of Washington at par for
5 % 1-10-year (optional) bonds. Bids for 7 % bonds were
also received from the Harris Trust & Savings Bank of Chi­
cago, who offered $150,800, an i S. A . Kean & Co. of Chicago.
Denomination $1,000.
Palmyra, Marion County, Mo.—B o n d s V o te d . — The propo­
sition to issue the $35,000 4 ) ^ % water and light bonds men­
tioned in V . 90, p. 1194, carried by a vote of 4 ll to 38 at the
election held May 3.
Denomination *500. M aturity 20 years, 517,500 being subject to call
alter five years and $17,500 after ten years.

Parkville School District No. 16 (P. O. Parkville), Platte
County, Mo.—B o n d O ffe r in g . — Proposals will be received
until 12:30 p. m . May 23 by the President Board of Education
for the $9,200 5 % coupon building bonds voted (V . 90, p.
1194) on April 5.
Denomination $500. Date May 1910. Interest semi-annually In
Kansas City. Maturity 20 years, subject to call after 5 years. Total debt,
this Issue. Assessed valuation $185,000.

Paxville School District No. 19 (P. O. Paxville), Claren­
don County, So. Car.—B o n d s V o te d . — B y a vote of 37 to 4
this district on May 5 authorized the issuance of $12,000
school-building bonds.
Perth Amboy, Middlesex County, N. J.—B o n d S a le . — On
May 10 the $50,000 30-year water and the $41,000 10-year
sewer 4 j ^ % coupon (with privilege of registration) bonds,
describedin V. 90, p. 1256, were sold to R . M. Grant & Co.
of New York City for $92,074 03 (101.18) and accrued inter­
est. A bid of $91,900 was also received from Kountze
Bros, of New York City, while Seasongood & Mayer of Cin­
cinnati offered $50,510 for the $50,000 water bonds.
Philadelphia, Pa. — Bonds Not Sold.— O n M a y 1 6 b id s w e r e
r e c e iv e d f o r o n l y $ 8 2 1 , 0 0 0 o f t h e $ 8 , 0 0 0 , 0 0 0 4 %
3 0 -y e a r
b o n d s o f f e r e d o n t h a t d a y a n d d e s c r i b e d in V . 9 0 , p . 1 1 1 8 .
T h e s e o f f e r s , w h ic h a r e g i v e n b e l o w , w e r e r e j e c t e d .

•
Northern Trust Co.,
T . H . W ilson, H ad_ „
Philadelphia . . .$ 2 5 0 ,0 0 0 .. 101.56
donllcld. N. J ___$10,000,-102.50
Chas 13. Dunn, In-1 2 00 .00 0 ,_ 100.10
T . P. McMenamln,
dependence
Trust 1200,000 100
1.000--102
P h ila d e lp h ia ___
5 .0 0 0 .
-101.70
C o ......................... J 100.000, 100.20
Mellor
& Petry,
5 .0 0 0 .
.101.55
Arnett & C o., Phil­
P h ila d e lp h ia ___ 25,000. 100.26
5 .0 0 0 .
-101.40
adelphia _______
5 .0 0 0 .
-101.25
II. I. Dorr, Girard
Trust C o_______
5 ,0 0 0 ..1 0 0
5 .0 0 0 .
-101.10
5 .0 0 0 .
-100.95

Pioneer, Ohio.— Bond Election Proposed.— L o c a l
s t a t e t h a t a n e le c t i o n w ill b e h e ld s h o r t l y t o v o t e
q u e s t i o n o f is s u in g $ 4 , 5 0 0 e l e c t r i c - l i g h t b o n d s .

p apers
o n th e

Platte Valley Irrigation District, W eld County, Colo.—

Bonds Voted.—
fa v o r

of

a

A r e c e n t e l e c t i o n , it is s t a t e d , r e s u l t e d in
p r o p o s i t i o n t o is s u e $ 6 0 0 , 0 0 0 i r r i g a t i o n - s y s t e m

b on d s.

Plymouth County (P. O. Plym outh), M ass.— Bids Re­

jected.—
th e

I t is r e p o r t e d t h a t a ll b i d s r e c e i v e d o n M a y 1 7 f o r
$ 5 0 ,0 0 0 4 %
n o t e s d e s c r i b e d in V . 9 0 , p . 1 3 1 8 , w e r e

r e je c te d .

Pocatello Independent School District No. 1 (P. 0 . Poca­
tello), Bannock County, Idaho.— B o n d Offering — Proposals
w ill b e r e c e iv e d u n t il 8 p . m . M a y 2 3 f o r $ 1 7 , 0 0 0 improvement
b on d s.

B id s arc r e q u e s te d fo r 4 J ^ %

and 5 %

b on d s.

A uthority Chapter 41. Section 1079, Political Code: also vote of 30 to 2
at election held April 9. Denomination $1,000. Interest A pr. 9 and Oct. 9 at
the First National Bank In New York City or at the County Treasurer s
office. Maturity 20 years, subject to call after 10 years. Bonds are ex­
em pt from taxation. Certified check for $1,700, payable to the Bannock
National Bank In Pocatello, Is required. Official advertisement states that
principal and Interest on all bonds have been prom ptly paid and that there
Is no litigation pending or threatened concerning the validity of these bonds.

Polk School District (P. O. Polk), Venango County, P a.—

Bond Offering.—

[ VOL. L X X X X .

$2,500 5 % water-works bonds mentioned in V. 90, p.$1195.
Proposals will be received until May 25 by Win. Thomas,
Clerk.
Denomination $500. Date July 1 1910. Interest semi-annuallyWln
Portsm outh. Maturity $500 In each o f the years 1913, 1916, 1919, 1922
and 1925. Certllled check for $50, payable to Peter Gubbels, Treasurer,
Is required.

Portsmouth, Scioto County, Ohio.— B o n d S a le . — The
$14,000 4 % coupon street-improvement bonds described in
V . 90, p. 1195, were awarded on May 3 to the Ohio Valley
Bank of Portsmouth at 100.007 and accrued interest. There
were no other bidders. Maturity on May 1 as follows: $3,000
yearly from 1916 to 1919 inclusive and $2,000 in 1920.
Pottstown, Montgomery County, P a.— B o n d O ffe r in g .—
Proposals will be received until 6 p. m. May 26 by the Finance
Committee of the Town Council, C. Edgar Lewis, Chairman,
for $10,000 4 % street-improvement bonds of the series
of 1909.
Denomination $1,000. Interest March 1 and Sept. 1. Maturity $3,000
on Sept. 1 1931 and $7,000 on Sept. 1 1939. Bonds are tax-exem pt.

Raleigh, No. Caro.— B on d O ffe r in g . — Proposals will be re­
ceived until 12 m. June 10 by William W . Willson, City
Clerk, for the $125,000 5 % municipal-building bonds men­
tioned in V . 88, p. 1452.
Date July 1 1909. Interest semi-annually at the Farmers’ & Merchants,
National Bank of Baltimore, M d. Maturity July 1 1939. Bid must be
made on a form furnished by the City Clerk.

Raymond, Kandiyohi County, Minn.— B o n d S a le . —-The
$6,000 4 j ^ % 20-year coupon water-works bonds described
in V . 90, p. 1195, were awarded on May 6 to Kane & Co. of
Minneapolis at par and accrued interest. Date Jan. 1 1910.
Interest semi-annual.
Roanoke, Roanoke County, V a .— B o n d O ffe r in g .— Pro­
posals will be received until 12 m. June 1 by the City Treas­
urer for the following 4 ^ % 30-year coupon bonds,favorably
voted upon March 24 (V . 90, p. 928): $100,000 to build
schools, $40,000 for three fire stations, $75,000 to improve
the sewer system and $285,000 to improve the streets.
Denomination $1,000. Date May 1 1910. Interest semi-annually at
the City Treasurer’s office. Bid must be made on a form furnished by the
city and be accom panied b y a certllled check for 1% of bonds bid for, made
payable to the City Treasurer. The genuineness of the bonds will be cer­
tified to by the United States Mortgage & Trust Co. of New York City and
their legality approved b y Dillon, Thom son & Clay o f New York City, a
cop y of whose opinion will be delivered to the successful bidder. Pur­
chaser to pay accrued Interest. Official circular states there has never been
any default In the paym ent o f obligations. W . L . Craft Is City Clerk.

Rochelle School District (P. O Rochelle), McCulloch
County, Tex.— B on d s V o ted . — This district, it is reported,
authorized the issuance of $12,500 school-building bonds on
April 30 by a vote of 111 to 2.
Rochester, N . Y . — N o te S a le . — On May 18 the $225,000
6-months’ water-works notes described in V . 90, p. 1318,
were sold to Sutro Bros, of New York City for $225,156
(100.069) for 4.50s.
Salem, M ass.— T e m p o r a r y L o a n . — On May 16 this city
borrowed $75,000 from Blake Bros. & Co. of Boston at 4 .0 2 %
discount and a premium of $1 35.
San Anselmo, Marin County, Cal.— B on d O ffe r in g . — Pro­
posals will be received until May 26, it is stated, by the Town
Clerk for $15,000 sewer bonds.
San Diego, San Diego County, Cal.— B o n d E lection P o s t­
p o n e d . — Reports state that the ordinance providing for the
election May 31 to vote on the two propositions to issue bonds
aggregating $1,884,000 (V . 90, p. 1195) has been repealed
and that “ the election will have to go over another m onth.”
Sanford, N . C.— B on d s N o t S o ld . — No sale was made on
May 17 of the $25,000 4 J^% 40-year coupon seweragesystem bonds described in V . 90, p. 1319.
San Francisco, Cal.— B o n d O ffe r in g P o s tp o n e d . — The
offering of the $260,000 Geary Street Railroad bonds, which
was to have taken place May 16 (V . 90, p. 1195), was post­
poned until June 27. See news item on a preceding page.
San Joaquin County (P. O. Stockton), Cal.— B on d s V oted .
— This county, it is stated, recently authorized the issuance
of dam-construction bonds by a vote of 292 “ for” to 70
“ against.”
Santa Barbara, Cal.— B o n d O ffe r in g .— Proposals will be
received until 5 p. m . June 2 by Alfred Davis, City Clerk,
for $39,000 4 j ^ % watcr-works-extcnsion tunnel bonds.

T h e F r a n k lin T r u s t C o . o f F r a n k lin , a c tin g
a s a g e n t f o r t h i s d i s t r i c t , is o f f e r in g f o r s a l e $ 4 , 7 0 0 4 % s c h o o l h o u se b o n d s.
A u t h o r i t y v o t e o f 9 4 t o 2 3 a t a n e l e c t i o n h e ld

Denomination $1,000. Interest semi-annual.
000, payable to the City Treasurer, Is required.

M arch

B o n d s V o t e d — Of a total of 148 votes cast at the election

29

1910.

Pontiac School District (P, O. Pontiac), Oakland County,
Mich.— Bond Election.— T h i s d i s t r i c t w ill h o ld a n e le c t io n
M a y 2 6 fo r th e p u r p o s e o f o b t a in in g th e v o t e r s ’ o p in io n o n
t h e q u e s t i o n o f is s u in g $ 8 0 , 0 0 0 s c h o o l - b u i l d i n g b o n d s .

Portland, Ore.— Bond Offering.— F u r t h e r d e t a i l s a r e a t
h a n d r e l a t i v e t o t h e o f f e r in g o n M a y 2 3 o f t h e $ 2 5 0 , 0 0 0 4 %
g o l d b r i d g e - c o n s t r u c t i o n b o n d s m e n t i o n e d in V . 9 0 , p . 1 1 1 9 .
P r o p o s a l s w ill b e r e c e i v e d u n t il 2 p . m . o n t h a t d a y b y A . L .
B a r b u r , C ity A u d ito r .

Denomination $1,000. Date July 1 1909. Intorest semi-annually at
the City Treasurer’s office. Maturity July 1 1939. Certllled check on a
bank In Portland for 5% of bonds bid for, payable to the M ayor, Is required.

Port of Nehalem (P. O. Nehalem), Tillamook County, Ore.

— Bond Sale.—

T h e $ 5 0 , 0 0 0 6 % 1 - 2 0 - y e a r ( s e r ia l) g o ld c o u p o n
h a r b o r - i m p r o v e m e n t b o n d s o f f e r e d o n A p r i l 1 5 a n d d e s c r ib e d
in ; V . 9 0 , p . 6 5 0 , h a v e b e e n s o l d a t

1 0 1 .6 0 .

Portsmouth, Shelby County, Iow a.— Bond Offering.—
Further details are at hand relative to the offering of the




Santa Paula School District,

Certllled check for $3,­

Ventura County,

Cal.—

held May 9, only 9 were against the issuance of the $20,000
5 % 1-20-year (serial) school-building bonds mentioned in
V. 90, p. 1195. Date of offering not yet determined.
Saratoga Independent School District, T ex .— B id s . — The
following bids were received on May 10 for the $10,000 5 %
5-20-year (optional) coupon school-house bonds dated
Oct. 1 1909 and described in V. 90, p. 1195.
Searcy, White County, A rk.— B id s R e je c te d . — All bids
received on May 16 for the $76,000 6 % Water and Sewer
Improvement Districts No. 1 bonds described in V . 90,
p. 1319, were rejected.
Seattle, W a sh .— B o n d O ffe r in g . — Proposals will be re­
ceived until 12 m. June 4 by W in. J. Bothwcll, City Comp­
troller, for $1,000,000 general park and $500,000 generalmunicipal-water-extension coupon bonds at not exceeding
interest. The park securities arc part of an issue of

May *ji U)10.|

THE CHRONICLE

1381

$2,000,000 bonds and the water securities are part of an

Spokane County School District N o. 81, W a sh .— B on d
20-year refunding bonds
was awarded on May 7 to Mr. Finley of Spokane at 100.524
( V . 9 0 , p . 8 0 1 ) a t t h e e le c t i o n h e ld M a r c h 8 1 9 1 0 .
Denomination $1,000. Date day of delivery. Interest semi-annually and interest— a basis of about 4 .4 6 % .
at the llscal agency of the State of Washington In New York City. Maturity,
Spokane County School District No. 143, W a sh .— B o n d
20 years. Certllled check for 2 M % of each Issue, drawn on some bank In
Seattle and made payable to the City Comptroller, Is required. Official S a le .— An issue of $12,000 1-10-year (optional) bonds was
advertisement states that the city has never defaulted in the paym ent of sold on May 14 to the State of Washington at par for 5s.
principal or interest at m aturity.
A bid of par for oj^s was also received from Cora A . Butler.
T h e o ffic ia l n o tic e o f this bond o ffe r in g w ill be f o u n d a m on g
Denominations $1,000. Date June 1 1910. Interest annual.
the ad vertisem en ts elsew here in th is D ep a rtm en t.
Statesville Township (P. O. Statesville), Iredell County,
B o n d S a le s. — O n
S a tu rd a y (M a y
14)
th e
$ 9 5 5 ,0 0 0
C .— B id s R e je c te d . — W e are advised that all bids for the
g o l d c o u p o n r e f u n d i n g b o n d s d e s c r ib e d in V . 9 0 , p . 1 1 9 5
$50,000 5 % coupon railroad-aid bonds offered on May 16
w e re s o ld to a s y n d ic a t e c o m p o s e d o f E m e r y , P e c k A P o c k and described in V. 90, p. 1258, were rejected.
w o o d o f C h ic a g o a n d B lo d g e t & C o . a n d E s t a b r o o k & C o .,
Stoneham, M ass.— T e m p o r a r y L o a n . — W e see it reported
b o t h o f B o s t o n , a t 1 0 2 .5 7 a n d a c c r u e d in t e r e s t fo r 5 s .
F o l­
that this town has borrowed $20,000 from boring, Tolman
lo w in g a r e th e b id s :
A Tapper of Boston at 4 .0 4 % discount. Maturity $10,000
E m ery,P eck& R ockw ood ,C h i.J
I Harris Trust & Savings Bank.l
on Oct. 19 1910 and $10,000 on Nov. 19 1910.
Blodget & C o., B oston ______ 1102.57
C h ic a g o ___________________ }101.82
Estabrook & C o., B oston
J
First Nat. Bank, Chicago
J
Summit County (P. O. Akron), Ohio.— Pond S a le .— O n
W ell, R oth & C o., Cincinnati!
E. If. Rollins & Sons, Chicago)
Seasongood & Mayer, C in e ._) 102.38 N. W . Halsey & Co , Chicago JT01.58
May 10 the two issues of 5 % coupon Arlington Road im ­
Prov. Sav. Bk. & Tr.C o.,Clnc.j
| A . B. Leach & Co., C h ica go. J
provement bonds, aggregating $16,800, described in V . 90,
Maturity part yearly on July 1 from 1911 to 1930 Inclusive
p 12o8, were awarded to the Central Savings A Trust Co.
R e p o r t s s t a t e t h a t th e $ 5 0 ,0 0 0 2 0 -y e a r c o u p o n b o n d s a ls o
of Akron at 102.801. The following bids were received:
o ffe re d o n M a y 1 4 w e re s o ld to th e S t a t e o f W a s h in g t o n a t
is s u e o f $ 1 , 0 8 0 , 0 0 0

b on d s,

b o tli

o f w h ic h

w ere a u th o r iz e d

p a r fo r 4 j ^ s .

Seneca Township (P. O. Tiffin), Seneca County, Ohio.—
B o n d S a le . — T h e

N e w F ir s t N a tio n a l B a n k o f C o lu m b u s
h a s , a c c o r d in g to r e p o r ts , b e e n a w a r d e d th e $ 1 5 ,0 0 0 4 % %

c o u p o n r o a d -im p r o v e m e n t b o n d s o ffe r e d
d e s c r ib e d in V . 9 0 , p . 1 1 9 0 , a t 1 0 5 . 7 9 3 .

on

M ay

9

and

Somerset School District, Los Angeles County, Cal.—
B o n d O ffe r in g .— T h e S u p e r v i s o r s o f t h i s c o u n t y ( P . O . L o s
A n g e l e s ) a r e a s k i n g f o r b id s u n t il 2 p . m . M a y 2 3 f o r a n is s u e
o f $ 9 ,5 0 0 5 % b o n d s o f th is d is t r ic t .
D e n o m in a tio n $ 5 0 0 .
M a tu r ity $ 5 0 0 y e a r ly o n M a y 2 3 fr o m 1 9 1 1 to 1 9 2 9 in c lu s iv e .

South Am boy,

Middlesex

County, N . J .— B o n d s N o t S old .

— W e a r e a d v i s e d t h a t n o b i d s w e r e r e c e iv e d o n M a y 1 7 f o r
th e $ 3 0 ,0 0 0 4 % c o u p o n o r re g is te r e d s a n it a r y s e w e r b o n d s
o f f e r e d o n t h a t d a y a n d d e s c r ib e d in V . 9 0 , p . 1 2 5 8 .

South Omaha, N eb.— B o n d O ffe r in g . — P r o p o s a l s w ill b e
r e c e i v e d u n t il 8 p . m . M a y 2 3 b y F r a n k H . G o o d , C i t y C l e r k ,
fo r th e fo llo w in g 5 % c o u p o n p a v in g im p r o v e m e n t d is t r ic ts
b on d s:
$22,000 District No. 32 bonds. Denomination $500. Date Jan. 1 1910.
19.500 District N o. 33 bonds. Denomination $500. Date Jan. 1 1910.
8,700 District No. 34 bonds. Denomination $500, except one bond of
$200. Date Jan. 1 1910.
31.000 District No. 35 bonds. Denomination $500. Date Jan. 1 1910
52.000 District N o. 37 bonds. Denomination $500. Date June 1 1910
20,400 District No. 38 bonds. Denomination $500, except one b o n d 'o f
$400. Date Jan. 1 1910
5,100 District No. 39 bonds. Denomination $500, except one bond of
$100. Date Jan. 1 1910.
2.800 District No. 40 bonds. Denomination $500, except one bond of
$300. Date Jan. 1 1910.
13.500 District No. 41 bonds. Denomination $500. Date Jan. 1 1010.
9.800 District N o. 42 bonds. Denomination $500, except one bond of
$300. Date Jan 1 1910.
4,900 District No. 43 bonds. Denomination $500, except one bond of
$400. Date May 1 1910.
5.800 District No. 44 bonds. Denomination $500, except one bond of
$800. Date June 1 1910.
3.800 District No. 45 bonds. Denomination $500, except one bond of
$800. Date June 1 1910.
28.000 District No. 46 bonds. Denomination $500. Date May 1 1910.
22.000 Grading Im provem ent District N o. 101. Denomination $500.
Date Jan. 1 1910.
Interest semi-annually at the State llscal agency In New York Olty. Maturlty 10 years, subject to call on any Interest-paying (late after 5 years.
Certllled check on a State or national bank for 2% of bkl, payable to the
ty of South Omaha, is required. Purchaser to pay accrued interest and
cost of printing bonds.

South Orange Township School District (P. O. South
Orange), Essex County, N . 3 .— B o n d O ffe r in 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 : 1 5 p . m . M a y 2 3 b y t h e F i n a n c e C o m ­
m itte e — W illia m A r t h u r
A r th u r F . E lm e n d o r f a n d
G . C lif fo r d J o n e s — f o r $ 2 4 , 5 5 0 4 % c o u p o n b o n d s .

Babson,

Denomination $500, except one bond of $550. Date July 1 1910
Int­
erest semi-annual. Maturity $15,050 in 22 years and $9,500 In 23’ years
Bid must be made on a form furnished by the Board of Education and be
accom panied by a certllled check on a national bank or trust com pany for
3 % of bonds bid for, made payable to the said Board. The United States
Mortgage & Trust Co. of New York City will certify as to the genuineness
of the bonds. Purchaser to pay accrued Interest.

South River, Middlesex County, N . 3 .— B o n d O ffe r in g .—
P r o p o s a l s w ill b e r e c e i v e d u n t i l 8 p . m . M a y 2 7
b y C h a r le s
A n d e r s o n , B o r o u g h C le r k , fo r t h e fo llo w in g 4 K %
coupon
o r re g is te r e d b o n d s :

$75,000 water bonds. Denomination $1,000.
12,500 electric-light bonds. Denomination $500.
52,000
sewer bonds. Denomination $1,000
„ p a t c M a y 11910
Interest semi-annually at the First National Bank of
PrMnr orr!a
Y,ork exchange, at the request of holder. Maturity
^ } 040. Certified check on a national bank or trust com pany for 2%
of the bonds bid for, payable to George Allgalr, Borough Collector, Is re­
quired. I urchaser to pay accrued Interest. Bids must be made upon
blanks furnished by the Borough Clerk. Bonds will be certllled as to
r”.ppIJ,?iSiS^ yi>l1o,iU5 Si\rAIor\Fa,?e & Trust Co. of New York and the opinion
o f Caldwell & Reed of New York as to their legality will be furnished to
the purchaser.

Sparta, Hancock County, G a.— B o n d s V o te d .—

Th e

issu ­

a n c e o f $ 4 0 ,0 0 0 w a te r -w o r k s b o n d s w a s a u th o r iz e d a t a r e c e n t
e l e c t i o n b y a v o t e o f P 27 t o 1 1 .

Spencer Independent School District N o. 20 (P. O. Spen­
cer), McCook County, So. D ak .— B o n d O ffe r in 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 M a y 2 7 b y W . J . L o u c k s , S c h o o l
T r e a s u r e r , fo r $ 4 ,0 0 0 b u ild in g a n d fu r n is h in g b o n d s .
In t­
e re st s e m i-a n n u a l.

Spencerport, Monroe

County, N . Y . — B o n d

S a le . — O n

M a y 1 0 th e $ 3 8 ,9 8 8 re g iste re d w a te r -w o r k s b o n d s d e s c r ib e d
in V . 9 0 , p . 1 2 5 8 , w e r e a w a r d e d t o G e o r g e M . I l a h n o f N e w
Y o r k C ity a s 4 .7 5 s .
T h is w a s th e o n ly b id r e c e iv e d .
M a­
tu r it y $ 1 ,4 4 4 y e a r ly o n S e p t . 1 fr o m 1 9 1 3 to 1 9 3 9 in c lu s iv e .




S a le . — An issue of $250,000 4 l/ z%

Central Sav.& T r.C o.,A kr_$17,270 70 Otis & H ough, Cleveland.$17,119 00
Hayden,Miller & C o.,C lev. 17,174 00 Breed & Harrison, C ln___*13,783 50
Barto, Scott & C o., Colum. 17,148 00 Seasongood & Mayer. C ln .*13,772 50
Stacy & Braun, T oled o___ 17,144 40 W ell, R o th & C o., Cin____*13,763 25
Tillotson&VVolcottCo.,Clev 17,123 40
* For the $13,500 bonds.
Part of each Issue matures yearly on D ec. 1 from 1911 tp 1914 Inclusive.

Swarthmore School District (P. O. Swarthmore), P a.__
Heyle A Co. of Philadelphia are reported as
having purchased $13,000 school bonds at 104.41.
Talbot County (P. O. Easton), M d .— B on d s N o t S o ld .— No
award was made on May 17 of the $8,000 4 % coupon bridgeconstruction bonds offered on that day and described in
V . 90, p. 1319.
B o n d S a le .

Terrell, Kaufman County, T e x . — B o n d E lectio n .— On May
27 the voters of this city will decide whether or not an issue
of $8,000 bonds shall be issued for a municipal light and
water-works plant.
Thomasville, A la.— B on d s V o ted .— Reports state that a
proposition to issue $8,000 5 % 20-year school-building
bonds carried by a vote of 73 to 28 at an election held May 7.
Trenton School District (P. O. Trenton), Butler County,
Ohio.— B o n d O ffe r in g .— Proposals will be received until
12 m. May 24 by Jacob Brill, Clerk of the Board of Educa­
tion, for $20,000 4 % coupon school bonds.
A uthority, vote of 139 " f o r " to 30 "again st” at election held April 9.
Denomination $500. Date June 1 1910. Interest semi-annual. Ma­
turity on June 1 as follows: $500 yearly from 1912 to 1916 Inclusive, $1,000
yearly from 1917 to 1926 Inclusive and $1,500 yearly from 1927 to i931 In­
clusive. Certified check for 5% o f bid Is required.

Trumbull County (P. O. Warren), Ohio.— B o n d S a le .—
Seasongood A Mayer of Cincinnati, it is stated, were awarded
on May 10 an issue of $14,000 Niles bridge bonds at 102.857.
Turlock School District, Stanislaus County, Cal.— B o n d
S a le .— The State of California on May 10 purchased the $ 6 0 ,­
000 5 % 5-34-year (serial) school bonds described in V . 90,
p. 1259, at 104— a basis of about 4 .6 8 5 % . Denomination
$1,000. Date May 10 1910. Interest annual.
Union, Union County, Ore.— B on d s P r o p o s e d . — Reports
have it that this city has started a movement to issue $125,­
000 bonds to be used for repairs to the present water-works
system and for the building of an electric-light-plant.
Utica, N . Y . — C e rtifica te S a le . — The Columbia Trust Co. of
New York City has purchased $100,000 43 ^ % current-in­
debtedness certificates and $50,000 4 % % orchard-crossing
certificates at 100.01 and 100.02 respectively. The former
issue matures Oct. 1 1910 and the latter issue will be paid
Dec. 1 1910. They are both dated May 13 1910.
Wadesboro, Anson County, No. Caro.— B o n d O ffe r in g .—
Proposals will be received until 4 p. m . May 26 by the Board
of Commissioners, R . T . Bennett Jr., Secretary and Treas­
urer, for the S 10,000 5 % street-improvement bonds voted
(V . 90, p. 1121) on April 4.
_ Date July 1 1910. Interest semi-annual. Maturity twenty-five years.
Certllled check for $2o0, payable to the Secretary and Treasurer, Is re­
quired.

Waterbury, Conn.— B on d s N o t S o ld . — Reports state that
the $100,000 4 % school bonds offered on May 16 and de­
scribed in V . 90, p. 1121, were not sold.
Webster County (P. O. Fort D odge), Iow a.— B o n d S a le .—
An issue of $70,000 5 % refunding court-house bojnds was
awarded on May 7 to Geo. M. Bechtel A Co. of Davenport.
Denomination $1,000. Date May 2 1910.
turity one-seventh yearly on May 1.

Interest semi-annual.

Ma­

Wellesley, M ass.— T e m p o r a r y L o a n . — The State of Massa­
chusetts has been awarded a temporary loan of $30,000 m a­
turing Nov. 17 1910, at 4 % discount.
W est Allis, Milwaukee County, W i s .— B o n d O ffe r in g .—
Proposals will be received until 12 m. May 23 by the Mayor
and Finance Committee for the following 5 % coupon bonds
authorized by the City Council on Feb. 21 (V . 90 n. 651)
and described in V . 90, p. 728.
$ 10,000 sewerage bonds. Denomination $500. Maturity $500 yearlv on
March 1 from 1911 to 1930 Inclusive
y *
ye a n i on
2,500 water-works-system bonds. Denomination $500. Maturity $500
yearly on March 1 from 1911 to 1915 Inclusive
25,000 permanent-street-improvement bonds. Denomination $1 000. Ma­
turity on March 1 as follows: $1,000 yearly from 1911 to 1925 In­
clusive and $2,000 yearly from 1926 to 1930 Inclusive
.
¥?,(ch V 9 ’ 0;,, l n,teV,sf semi-annually at the First National Bank
In W est Allis. L . F . Fish is City Clerk.

fVoii. LXXXX.

THE CHRONICLE

1382

W estfield, Union County, N . J.— B o n d S a le . — On May 16
the $20,000 4 % % 20-year gold coupon (with privilege of
registration) fire-engine-house bonds described in V . 90, p.
1259, were sold to John D . Everitt & Co. of New York City
at 100.03 and accrued interest. There were no other bidders.
W inthrop, M ass.— T e m p o r a r y L o a n . — A loan of $20,000
due in 7 months has been negotiated, it is stated, with
Loring, Tolman & Tupper of Boston at 4 .0 4 % discount and
a premium of $1.
Woodward, Woodward County, O k la — B o n d S a le . — An
issue of $68,000 6 % 25-year sewer bonds, dated May 1 1910,
was recently awarded to Ulen, Sutherlin & Co. of Chicago.
Youngstow n, Ohio.— B o n d O ffe r in g . — Proposals will be
received until 2 p. m . May 23 by W m . I. Davies, City Audi­
tor, for the following 5 % bonds:
526,000

Andrews H ollow bridge bonds. Maturity 55.000 yearly on Oct. 1
Irom 1911 to 1914 Inclusive and 56,000 on Oct. 1 1915.
1,800 Madison A ve. Im provem ent bonds. Maturity 51,000 on O ct. 1
1911 and 5800 on Oct. 1 1912.
_ t . .
4,600 George S t. paving bonds. Maturity 5920 yearly on O ct. 1 from
1911 to 1915 Inclusive.
.
14,080 Shehy S t. paving bonds. Maturity 52,816 yearly on Oct. 1 from
’
1911 to 1915 Inclusive.
,
Date June 1 1910. Interest semi-annually at the City Treasurer s ofUce.
Certlfled check on a national bank for 2% of each Issue bid for, payable to
the C ity A.udltor, Is required. Bids must be made upon each Issue sepa­
rately
Purchaser to be prepared to take the bonds not later than June 1,
the m oney to be delivered at one o f the banks In Youngstown or at the City
Treasurer’s o f f i c e . _________ ^
_________

Canada, its Provinces and Municipalities.
Berlin, O nt .— D eb en tu re S a le . — According to reports,
$1 03,175 roadway, sidewalk and school debentures have been
sold to Messrs. Osborne & Francis, L td ., of Toronto.
Burnaby (P. O. Edmonds), B. C .— P r ic e P a id f o r D eb en ­
tu r e s .— W e are advised that the price paid by Brouse, Mitch­
ell & Co. of Toronto for the $13,000 water-works and $16,500
school 5 % 25-year debentures awarded them on April 21
(V . 90, p. 1259) was $30,777, or 104.329.
Other bids received for the debentures were as follows:
B rent, N oxon & C o., T o r .530,531
C. H. Burgess & C o., T o r . 30,427
Im perial Life A ssurance.. 30,163
General Securities C orp_. 29,839

00 Dominion Securities C orp.529,833 35
00 Aemlllus Jarvis & C o.,T or. 29,668 00
95 Geo. A. S tlm son& C o.,Tor. 29,650 00
00

Bowmanville, Ont .— D eb en tu re E le c tio n . — According to re­
ports, an election will be held May 31 to allow the voters to
determine whether or not $12,000 4 ) ^ % 20-year electric-light
debentures shall be issued.
Dominion of Canada.— D e s c r ip tio n o f S to c k . — The £ 5 , ­
000,000 3J ^% stock recently issued in London (V . 90,
p. 1259) matures in London on July 1 1950, but is subject
to call after July 1 1930 upon six months' notice. Interest
Jan. 1 and July 1. Public subscriptions were received for
only 2 5 % of the loan.
Edmonton, Alberta.— D eb en tu re O fferin g P o s tp o n e d . — The
sale of from $1,250,000 to $1,500,000 4J ^ % debentures
which was to have been held May 10 (V . 90, p. 1199) was
postponed.
Hamilton, Ont.— D eb en tu re O ffe r in g . — Proposals will be
received until 12 m . May 26 by John I. McLaren, Chairman
of the Board of Control, for $76,000 4 % debentures. Inter­
est semi-annual
Maturity 20 years.
Hawkesbury, Ont.— D eb en tu re O ffe r in g . — Proposals will
be received until 7 p. m. June 6 by D . Doyle, Town Clerk,
for $12,000 6 % funding debentures. Interest annual.
Maturity part yearly for 20 years.
Huntsville, Ont.— D eb en tu re O ffe r in g . — Proposals will be
received up to May 30 for $12,000 5 % road-improvement
debentures. T . M. Cullon is Clerk.
Kingsville, Ont.— D eb en tu re
O ffe r in g . — Proposals
are
asked for by this place for an issue of $5,000 4 % 30-year
park debentures. W . A . Smith is Clerk.
Lily vale School District No. 2509 (P. O. Verigin), Sask.—
D eb en tu re S a le . — The Western School Supply Co. of Regina
purchased $1,200 5 % % 10-year school building debentures
last month for $1,216— the price thus being 101.333. Date
day of sale. Interest annual.
London, O nt.— D eb en tu re O ffe r in g . — Proposals will be re­
ceived until 4 p . m . June 3 by James S. Bell, City Treasurer,
for $357,822 64 debentures. Bids must be made on forms
furnished by the City Treasurer and.Chairman of the Finance
Committee.

NEW LOANS.

NEW LOANS.

City of Seattle, Washington
$ 1,000,000

$500,000

General Park Bonds

General M unicipal W ater Extension Bonds

Sealed proposals will be received by the under­
Sealed proposals will be received b y the under­
signed until twelve (12) o ’clock noon of S A T U R ­ signed until twelve o ’clock noon of S A T U R D A Y ,
D A Y , JU N E 4 1910, for the purchase of 51,000,000 JU N E 4 1910, for the purchase of $500,000 nego­
General Park Bonds of The City of Seattle, being tiable bonds of The City of Seattle of the $1,080,­
one-half of the $2,000,000 voted at the general 000 voted at the general election held In The City
election held In the City of Seattle on the 8th day of Seattle on Tuesday, the 8th day of March 1910,
of March 1910 under and b y virtue of Ordinance under and by virtue of Ordinance N o. 23,220.
Said bonds to be Issued In denominations of
N<S auf bonds to be Issued In denom inations of $1,000 each and to bear date as of the date of
$1,000 each and to bear date of their actual Issu­ their actual Issue to the successful bidder.
Said bonds shall be payable twenty (20) years
ance to the successful bidder.
Said bonds shall be payable tw enty (20) years from the date of their Issuance, and shall bear
from the date of their Issuance, and shall bear Interest at a rate not to exceed four and one-half
Interest at a rate not to exceed four and one-ha r (4 y?) per cent per annum, payable semi-annually,
(4 H) per cent per annum, Interest payable semi­ and Interest coupons for the paym ent o f such In­
annually, and Interest coupons for the payment terest semi-annually will be attached to said bonds.
o f such Interest semi-annually will be attached to Both principal and Interest payable at the Fiscal
said bonds. Both principal and Interest payable A gency o f the State o f W ashington In New York
at the Fiscal A gency o f the State, o f Washington
^ Bidders m ay bid for said bonds by offers of
In New Y ork City.
Bidders m ay bid for said bonds b y offers of premium on said bonds at the stated maximum
premium on said bonds at the stated maximum rate, or by offers to take said bonds at a rate
rate, or b y offers to take said bonds at a rate lower than the stated maximum rate, or by offers
lower than the stated maximum rate, or by offers of premium on said bonds at a rate lower than
o f premium on said bonds at a rate lower than the stated maximum rate.
Bids must be accom panied by a certified check
the stated m aximum rate.
,
Bids must be accom panied by a certlfled check on some solvent bank In The City of Seattle, pay­
on some solvent bank In The City of Seattle, pay­ able to the undersigned, for $12,500, which will
able to the undersigned, for $25,000, which will be returned If the bid Is not accepted. If ac­
be returned If the bid Is not accepted. If accepted cepted, the am ount of the check will be applied
the amount of the check will be applied upon the upon the purchase price o f the bonds or If bid
purchase price o f the bonds; or If bid be not com ­ be not com piled with, check shall be forfeited to
plied with check shall be forfeited to The City of The City of Seattle.
All bids will be opened and considered b y the
vS<*.TttlD
All bids will be opened and considered b y the corporate authorities In the office of the City
corporate authorities In the office o f the City Comptroller on Saturday, June 4 1910, at 12
Comptroller on Saturday, June 4 1910, at twelve o ’clock noon.
The right Is reserved to reject any or all
(12) ’clock noon.
„ .,,
bids.
The right Is reserved to reject any or all bids.
Further particulars will be given b y the under­
Further particulars will be given by the under­
signed upon application.
signed upon application.
Dated Seattle, W ash., May 4 1910.
Dated, Seattle, W ash., May 4 1910.
W M . J. B O T H W E L L ,
W M . J. B O T H W E L L ,
City Comptroller and cx-offlclo City Clerk.
City Comptroller and cx -offlclo City Clerk.

M U N IC IP A L AND RAILRO AD

W E OW N AN D O F F E R

MUNICIPAL BONDS

BONDS
L I S T O N A P P L IC A T IO N

T ax-E xem pt Anywhere In the United Stateo

S E A S 0 N G 0 0 D & M A Y ER

W rite lor Particulars

Mercantile Library Building
CINCINNATI

ULEN, SUTHERLIN & CO

R. T. Wilson & Co.

B . W . S tra ssb u rg cr

Bankers & Commission Merchants
33 WALL STREET.




-

-

NEW YORK

617 First Nat. Bank Bldg., CHICAGO, ILL

SOUTHERN INVESTMENT SECURITIES

,

MONTGOMERY ALA.

8 8 5 8 ,0 0 0

City of Norfolk, Virginia
Thirty-Year Four and One-half Per
Cent (4 H % ) Bonds of $ 1,000 each
Dated July I, 1910
Interest Payable January 1st and July 1st
Sealed proposals will be received at the Office
of the City Treasurer o f N orfolk, Virginia, until
12 O’CLOCK M., T H U R S D A Y , JU N E 9TH ,
1910, for $858,000 00 Four and one-half per cent
(4 H % ) Thirty (30) Year Coupon Bonds, Issued
for the following purposes:
For Sewerage, e tc., in Park
Place W ard ______________ $115,000 00
For Im provem ent of certain
Streets and other Im prove­
ments In Berkley W a r d .. 12,000 00
For Im proving Streets, for
New High Schooi Building,
and for various other Per­
manent Im provem ents In
the six Wards of the City:
and for the purchase of
Sites and erection of Build­
ings for Fire and Police
Stations and the Street
Cleaning Department In
the 8th or Berkley W ards. 731,000 00
T o t a l ............................. ..$ 8 5 8 ,0 00 00
Bids m ay be for the whole or part of the said
Bonds, and must state price and accrued Interest.
Bonds Issued In denominations of $1,000 00.
Bonds and Interest payable In Norfolk.
All Bonds to be Issued as Coupon Bonds, but
purchasers to have privilege of having same
^ IM d slh b u ld be marked “ Proposals for B onds.”
Bidders to enclose check for one per cent (1% )
of the par value of the amount bid for. Im m edi­
ately upon notlflcatlon of allotm ent a further
deposit of Four per cent (4 % ) of par value of
amount allotted shall be made.
Four and one-lialf per cent ( 4 ^ % ) Interest will
be allowed successful bidders on the Five per cent
(5% ) paid In from time of receipt of the Four per
cent (4% ) until bonds are ready to be delivered.
It is proposed to deliver the Bonds to purchas­
ers on or before July 1, 1910, but If for any reason
any delivery should be delayed beyond that date
the purchaser will be required to pay accrued
Interest to the time of delivery. The remainder
of the purchase m oney to be paid Immediately
after the purchasers are notlllcd that Bonds are
ready for delivery.
..
„ ,
Checks to be drawn on some State or National
Bank, certlfled and made payable to order of
B. Gray Tunstall, City Treasurer of the City of
N°The'right"Is reserved to reject any or all bids,
and also (unless otherwise expressly stated In the
bid) to allot any portion of the amount of bonds
bld 1ot'th e F IN A N C E C O M M IT T E E ,
R O D T . B . T U N ST A L L , Chairman,
From the Common Council.
TH O S. H . W IL L C O X , Chairman,
From the Board of Aldermen
R . E. S T E E D , City Clerk.

T ste:

May

1 1910. |

THE CHRONICLE

Mariposa, O nt.— D eb en tu res V o ted . — A by-law providing
for the issuance of $3,850 drainage debentures has been voted.
Moose Jaw, Sask.— D eb en tu re S a le . — W ood, Gundy & Co.
of Toronto were the successful bidders on May 9 for $140,000
20-year street-paving and $20,000 10-year boulevard 4J ^%
debentures. A description of the first-mentioned issue was
given in V . 90, p. 1200. Interest semi-annually at the
Canadian Bank of Commerce in Moose Jaw.
Nanaimo, B. C.— D eb en tu re S a le . — This place has awarded
$20,000 5 % 40-year water-works debentures to the Dominion
Securities Corp. of Toronto.
O’Donnell School District No. 2047, Alberta.— D eb en tu re
S a le .-— An issue of $1,500 5 ^ % school-building and furnish­
ing debentures was awarded on March 22 to the Manufac­
turers’ Life Ins. Co. of Toronto for $1,523— the price thus
being 101.533.
Denomination $1,500.
part yearly lor 15 years.

Date May 1 1910.

Interest annual.

1383

St. Vital (P. O. Riel), M an. — D eb en tu re S a le .— The $14,000
5 % 20-year funding debentures, proposals for which were
received until May 5 (V . 90, p. 931) were sold on May 7 to
the Toronto General Trusts Corporation of Toronto at 103.613
and accrued interest— a basis of about 4 .7 1 9 % . A list of
the bids received follows:
T oron to General Trusts
Corporation, T oron to.a$14,506 00
N ay & James. R e g in a .,.
14,505 00
Brouse, Mitchell & C o.,T oral4,444 00
A llow ay & Cham pion___al4,24 9 20
C. H . Burgess & C o., Tor. a l4,20 7 00

J. G. Mackintosh, W in n .a $ 1 4,168 00
James B. N oble_________a l4,16 5 00
J. A . Reid & C o.,L td .,R eg a l4,14 7 00
Brent, N oxon & C o., T or a l4,061 00
Nat. Trust C o .,L td ., Tor. a l3,83 3 40
G. A . Stlmson & C o., Tor. a !3 ,5 8 0 00

a A nd accrued Interest.

Ste. Agathe des Monts, Que.— D eb en tu re S a le .—-Reports
state that this municipality has awarded $70,000 5 % 40-year
water-works and electric-light debentures to the Canada
Investment Co.
Vermilion, Alberta. — D eb en tu re (Safe.— The $10,700 5 ^ %
bonus debentures described in V . 90, p. 1200, have been
awarded, it is stated, to Brent, Noxon & Co. of Toronto.
Maturity part yearly for 10 years.

Maturity

Owen Sound, Ont.— D eben tures V oted . — The proposition to
issue the $20,000 4 j ^ % Imperial Cement Co. aid debentures
submitted to the electors April 30 (V . 90, p. 1123) was ap­
proved by a vote of 1296 “ for” to 133 “ against.” Interest
semi-annual. Maturity May 10 1915.
Pelee Township (P. O. Pelee Island), O nt.— D eb en tu re
S a le .— The $25,271 5 % drainage-improvement debentures,
proposals for which were asked until April 25 (V . 90, p.
1004), were bought by Clarke, Bartlett & Bartlett of Wind­
sor for $25,325— the price thus being 100.213. Maturity
part yearly for twenty years.
Pense, S a sk .— D eb en tu re S a le . — An issue of $7,000 6 %
15-year debentures was disposed of last month. Nay &
James of Regina were the successful bidders.
Port Hope, O nt.— D eb en tu res V o ted . — The election held
April 28 resulted in favor of issuing the $12,000 30-year side­
walk and road debentures mentioned in V . 90, p. 1123.
River School District No. 2111 (P. O. Winnifield), Alberta.
— D eb en tu re S a le . — An issue of $800 school-house debentures
was recently awarded to the Bank of British North America
in Bow Island at 100.875 for 5)^s. Date March 10 1910.
Interest annual. Maturity part yearly for 10 years.

Virden, Man.— D eb en tu re E le c tio n . — A by-law providing
for the issuance of $25,000 5 % school debentures .will be sub­
mitted to a vote of the people, it is stated, to-day (May 21 ).
Waldron, Sask.— D eb en tu re S a le .— The $5,000 5 % de­
bentures offered on May 2 (V . 90, p. 1063), were sold to
J. Addison Reid & Co. , L td ., of Regina at 96.54.
Among
the bids received were the following:
J . Addison Reid & C o., L td .,
Bank o f British North A m erlca$4,775
R e g in a ____________ ________ $4,827 E . J. B o lto n __________________ 4,773
T oron to firms_________________4,810
Nay & James, R egina.............. 4,673
T oronto Arms........................... - - 4,800
M aturity part yearly on May 2 from 1911 to 1925 Inclusive.

Wentworth County (P. O. Ham ilton), O nt.— D e b e n tu r e
E le c tio n .— Reports state that a $40,000 20-year house-ofrefuge debenture election will be held June 6.
W oodstock, O nt. — D eb en tu res V o t e d .— An issue of $10,000
school debentures has been authorized.
W oodville, O nt. — D eb en tu re O ffe r in g . — J. C. Gilchrist,
Clerk, will receive proposals for an issue of $3,000 5 % 20year debentures.

NEW LOANS.

NEW LOANS.

NEW LOANS.

S 3 .4 3 0 .0 0 0
State of North Carolina

$ 6 5 0 ,0 0 0
City of Minneapolis, Minn.,

$ 1,7 6 0 ,0 0 0
City of Oakland, California,

4%

REFUNDING BONDS
Dated July 1, 1910, payable July 1, 1950, without
prior option. Interest four per centum per an­
num, payable semi-annually, January 1 and
July 1. Both principal and Interest payable at
National Park Bank. New York City. The under­
signed, State Treasurer, will receive sealed bids
at his office, Raleigh, North 'arollna, for said
bonds, until 12 O ’CLOCK M.. MAY 28, 1910.
The legality of said bonds has been approved by
Hubbard & Massllch of New York, whose opinion
will be furnished without cost to the purchaser.
Printed circulars giving full Information and blank
forms, on which all bids must be made, will be
furnished on application to the undersigned, or to
said Hubbard & Massllch. These bonds were
advertised for sale on May 18, 1910, and all bids
received on that date rejected. Since the form er
advertisem ent the Supreme Court of North Caro­
lina has handed down an opinion holding that
these bonds must be deducted In appraising
shares In banks for taxation to the extent that the
surplus of the bank Is Invested In these bonds.
This makes the bonds a much more attractive In­
vestment to banks and trust companies than they
were under a form er ruling of the State Tax
Commission.
B . R . L A C Y , State Treasurer.

BONDS

Sealed bids will be received b y the Committee
on W ays and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the undersigned, T H U R S D A Y , JU N E 9T H , 1910,
at 2 o'clock p. m. for the whole or any part o f the
following bonds: $250,000 High-School Bonds,
dated July 1, 1910, payable July 1, 1940; $200,000
Grade School Bonds, dated January 1, 1910, pay­
able January 1, 1940, and $200,000 Park Bonds,
dated July 1, 1909, payable July 1, 1939.
Bonds to bear Interest at the rate of four (4)
per cent per annum, payable semi-annually.
The right to reject any or all bids Is reserved.
A certified check for two (2) per cent of the par
value of the bonds bid for, made to C. A. Bloom qulst, City Treasurer, must accom pany each bid.
Circular containing full particulars will be
mailed upon application.
DAN C. B R O W N ,
City Comptroller.

3 0 ,0 0 0
City of Baldwin City, Kansas,
SE W ER BONDS

$ 6 2 5 ,0 0 0
City of Atlanta, Georgia,

IM PROVEM ENT BONDS
Notice Is hereby given that the C ity Council of
the City of Oakland will sell for cash to the highest
bidder Municipal Im provem ent Bonds of 1909
to the am ount of $1,760,000 on the 23R D D A Y
OF M A Y , 1910. Said bonds bear Interest at the
rate of 4 H % per annum. Sealed proposals or
bids In writing will be received b y the Clerk of
said Council up to the hour of 8 o ’clock P . M. of
said day.
For further Information reference is made to
circulars of Information, which m ay be obtained
from Messrs. Dillon & H ubbard, attorneys-at-law.
No. 195 Broadway, New Y ork, N. Y .
Oakland, California, May 3rd, 1910.
F R A N K R . TH OM PSO N,
City Clerk and Clerk of the Council of the City
o f Oakland, Alameda C ounty, State of California.

JO H N

H. W A T K IN S
MUNICIPAL
AND

RAILROAD

BONDS

SE A LE D bids will be received up to 7:30 p. m.
of the 24TH D A Y OF M A Y . 1910, by the City N o. 2 W A L L STREET, N E W Y O R K
Clerk at Baldwin C ity, Kansas, for approxim ately
$30,000 00 Sewer Im provem ent Bonds. Certified
check of 5% shall accom pany bids. A pproxi­
m ately $15,000 00 o f the Issue to be 5% tw enty4 y 2 % BONDS
year bonds, and approxim ately $15,000 00 to
bear 6% and mature In ten years. Bonds to
•
Sealed bids will be received until noon, W E D ­ bear date o f June 1st, 1910.
For further detailed Information address the
LAWYER
N E S D A Y , JU N E 1, 1910, for all or any part of
$625,000 City of Atlanta, Georgia, 4 H % Donds. City Clerk. The Council reserves the right to
F or full Information and bidding blank, apply to waive Irregularities In bids and to reject any and
Specializing in Examination of
all bids.
J. H . GO LD SM ITH ,
H . E . DO W N S,
City Comptroller,
City Clerk, Baldwin City, Kansas.
Atlanta, Georgia.

F. WM. KRAFT

Municipal and Corporation Bonds
1312 FIRST NATIONAL BANK BLDG..

B L O D G E T & C O .

E ST A B L ISH E D 1885

BAN KERS

H. C. SPEER & SONS CO.

60 S T A T E S T R E E T , B O S T O N

First Nat Bank Bldg., Chicago

30 P I N E S T R E E T , N E W Y O R K

WESTERN

STATE, CITY & R AIL R O A D BONDS

McCOY & COMPANY
Municipal and
Corporation Bords
181

La S a lle S t r e e t , C h ic a g o




M U N IC IPAL

AN D

SCHOOL BONDS

Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST N ATIO N A L B A N K B U IL D IN G
CHICAGO

CHICAGO, IL L .

F O R R R S T Sc C O .
BANKERS
421 Chestnut S t„ PHILADELPHIA, PA.

Municipal and
Corporation Bonds
OTTO JULIUS MERKEL
BROKER
44 AND 46 WALL STREET. NEW YORK
IN V E S T M E N T SECURITIES
Correspondence Invited.

1 384

THE CHRONICLE

[ VOL. L X X X X .

gvxxst ©xrmputtics.

Qvnst (tiompKnizs.

UMteo males Trust company g[ Hew M ,

M a n h a tta n

Chartered 1S53

45 and 47 W A L L S T R E E T

CAPITAL,
SURPLUS AND UNDIVIDED PROFITS

-

-

-

-

$2 , 000,000.00

-

T ru st

$ 1 3 ,7 2 0 ,6 2 2 .4 2

This Company acts as E xecutor, Administrator, Guardian, Trustee, Court Depositary and In
other recognized trust capacities.
It allows Interest at current rates on deposits.
It holds, manages and invests m oney, securities and other property, real or personal, lor estates
corporations and Individuals.

C om pany

E D W A R D W . SHELDON, President
W IL L IA M M. K IN G S L E Y , V .-P res.
H EN R Y E. A H ER N , Secretary.
W IL F R E D J. W O RCESTER, A sst. Sec. CHARLES A . E D W A R D S , 2d Asst.Sec.
TR USTEES.
JO H N A . S T E W A R T , Chairman oi the noara.
Gustav H . Schwab,
Lewis Cass L cdyaid,
Frank Lym an,
Lyman .T. Gage.
James Stillman,
Payne W hitney.
John Claflln,
Edward W . Sheldon,
John J. Phelps.
Chauncey Keep
Egerton L . WInthrop

W . Bayard Cutting,
William Rockefeller,
Alexander E . Orr,
W illiam II. Macy Jr.,
W illiam D . Sloane,

George L. Rives,
Arthur C. James,
William M. Kingsley.
William Stewart T od,
Ogden Mills,

Temporary Offices

J

13

B R O A D W A Y

WAL L S T RE E T
CORNER NASSAU

U N IT E D S TA T E S
M ORTGAGE & T R U S T
CO M PANY
NEW YORK

CAPITAL,

SURPLUS,

$ 2 ,000, 000.00

$ 4 ,000 ,000.00

Invites Personal and Business
Accounts. Acts as Trustee, Ex­
ecutor, Administrator, Guard­
ian and in all Fiduciary
Capacities.
Certifies M uni­
cipal and Corporation Bonds.

CENTRAL TRUST COMPANY
of NEW YORK

SB Cedar St.
B’ way & 73rd St.

54 Wall Street

125th St. & 8th Ave.

ACCOUNTANTS.

Capital and Surplus, $ 1 8 ,0 0 0 ,0 0 0
(of which $ 1 7 ,0 0 0 ,0 0 0 has been earned)

Receives Deposits, subject to check, and allows Interest on Daily Balances.

LYBRAND,
ROSS BROS &
M ONTGOM ERY

Acts as Transfer Agent, Registrar and Trustee under Mortgages.

Certified Public Ac c o u n ta n ts

Authorized to act as Executor, Trustee, Administrator or Guardian.

(Pennsylvania)

NEW YORK,
165 Broadway.
P H IL A D E L P H IA ,
Land Title Bldg.
P IT T S B U R G H ,
Union Bank Bldg.
CH ICAG O, First National Bank Bldg.

Dliii«isTnisl&Savin^s Bank
CHICAGO

J A M E S P A R K & CO.
C E R T IF IE D PU BL IC ACCOU N TANTS

Capital and Surplus

New York, Chicago, Cincinnati, and
London, England.

$ 13,400,000
Pays Interest on Time Deposits, Current and Reserve Accounts.
Deals in Investment Securities and Foreign Exchange.
Transacts a General Trust Business.

A U D IT O R S
FOR
F IN A N C IA L
IN S T IT U ­
TIO N S, IN D U S T R IA L AN D
M INING COMPANIES
Investigations, Financial Statements,
Periodical Audits and A ccounting.

ALFRED ROSE &, CO.
CERTIFIED PUBLIC ACCOUNTANTS

CORRESPONDENCE

EDWIN R. CASE
NEW

JERSEY

Ho better State

SECU RITIES
No better Securities

15 EXCHANGE PLACE
Tela. 366 and 751
JERSEY CITY




56 Pine Street,

INVITED.

W E B B & C O .
INVESTM ENT SECURITIES

74 BROADWAY

-

-

NEW YORK

Telephone 4261 John

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-

NEW YORK

T h e F in a n c ia l R e v ie w
BOUND IN C L O T H . T W O D O L L A R S

Commercial & Financ al Chronicle.
Front, Pine and Depeyster St*.. New York.