Full text of Commercial and Financial Chronicle : May 27, 1911, Vol. 92, No. 2396

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IN C L U D IN G
Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section
VOL. 92.

SATURDAY, M AY 27 1911.

glue

•

1911.

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CLEARING-HOUSE RETURNS.
The following tabic, made up b y telegraph, & c., indicates that the total
bank clearings of all clearing bouses of the United States for week ending
May 27 have been $2,097,706,941, against $3,225,871,346 last week and
$2,060,487,610 the corresponding week last year.
Per
Cent.

Clearings—Returns by Telegraph.
Wee* ending May 27.

1911.

1910.

New Y o r k ...............................................
Boston — ........................................... ..
Philadelphia__ _____ ____________ . . .
Baltimore — ...........................................
C hicago............................ - .....................
St. L ouis.......... .................. - .................
New Orleans.................... - ............... ..

SI.447,152,609
121,148,602
116,621,674
20,423.56!)
215,567,183
56,873,100
19,518,051

$1,468,743,500
115,001,694
112,788,950
22,848,126
220,937,103
60,663,046
13,097,189

— 1.5
+ 5.3
+ 3.4
+ 15.7
—2.4
—5.3
+49.0

Seven cities. 5 days............................
Other cities, 5 d a ys---------------------- —

$2,003,305,688
485,073.019

$2,014,079,608
468,274,187

—0.5
+ 3.6

wotai 11 cities, 5 days........................
All cities. 1 day................................—

$2,488,379,307
500,417,634

$2,482,353,795
487,133,824

+ 0.2
+ 4.0

Total all cities for week-------------------

$2,997,706,041

$2,909,487,019

+ 1.0

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 m ade up b y the
clearing houses at noon on Saturday, and hence In the above the last d a y o f
the week has to bo In all oases estim ated, as we go to press Friday night.
W e present below detailed llgures for the wock ending with S aturday,
noon, May 20, for four years.
.
Wee* ending May 20.
Clearings at—
1911.
New Y o r k ..___
Philadelphia___
Pittsburgh..........
Baltimore..........
Buffalo................
Washington----Albany_____
Rochester —
Scranton . . . .
Syracuse___
It railing-------Wilmington..
Wilkes-Barre
Wheeling --------Trenton ___
Harrisburg . .
Y o r k ............
E rie ..............
Binghamton___
Greensburg . . . .
Chester_______
Altoona_______
Franklin ______
Lancaster........

1910.

Inc. or
Dec.

1909.

1908.

S
$
$
$
%
1.947,124,574 1,669.057,284 + 16.6 1,845,677.448 1.007.027,028
+ 0.9
132.560,674 117,555.970
146,293,085 145.045,290
40,443,343
48,942,498 —2.4
47,762.605
42,545,179
21,828,573
31.834.796
30,249,975
+ 5.2
28,210,013
8,520,932
10,457,294
10,225.237
+2.3
8,767,709
5,924,884
0,980,752
7,139,301
—2.2
6,071,508
5,805,875
6,048,428
6,878,331
6,122,390
—3.0
4,363,426
4.097.352
3,301,834
3,603,751
+ 6.5
2,408.516
2,312,890
2,510,155
— 1.7
2,362,635
2,695.038
2.640,981
1,811,815
+ 2.1
2,085,151
1,020.221
1,275,703
1,565,180
1,434,284
+ 3.9
1,170,852
1,551,977
1,505,338
1,800,403 — 13.8
1.417.716
1,085,805
1,497,990
1,320,764
—5.4
1.748,073
1,474,300
1,587,383 + 10.2
1,600,493
1.498.069
1,168,406
1.487,014
1,465,540
+ 0.8
1,350,271
1,273.856
1,071,198
+ 6.0
1,040,519
867,776
932,323
817,122
608,595
—7.0
883.408
903,880
559,073
—2.2
812,566
509,600
453,600 + 12.3
512,000
454,500
483,040 + 12.4
543.347
475,800
692,545
480,272 + 18.8
570,346
464,405
470,978
499,657
495,292
—0.9
397,727
424,527
250,720 — 4.3
286,454
240.000
248,637
996,733
—0.1
096,117

Total Middle. 2,220,144,174 1,940.767,558 + 14.4 2,089,291,577 1.826,168,738
+ 5.3
150.502,254 147,307.031
153,563,114 145.907,922
Boston ________
8,438.700
— 1.9
5,853,500
7,003,000
8,274,900
Providence . .
3,781,174 + 12.8
2,830,466
3,231,842
4,265,703
Hartford___
2,715.496
+ 0.5
2,121,483
2,557,635
2.728,227
New Haven..
—6.0
2,401,260
1,800,000
2,421,915
2,258.83!!
Springfield__
1,887,561 + 10.2
1,497,535
2,079,351
1,609,642
Portland___
—9.6
2.675.221
1,623,662
1,407,488
2,418,088
Worcester__
917,892
992,974 +28.6
1,023,546
1,270,401
Fall River__
704.583
1,102,847
945, IK + 16.6
907.231
Now Bedford.
473,852
396,53C
496,091 +22.4
607,22C
Lowell..........
402,155
469,760
559,723
468,839 + 19.4
llolyoko........
Total New Eng.

179,135,040

170,710,362

+ 4.9

172,406,917

165,315.985

Note.—For Canadian clearings sec ''Commercial and Miscellaneous News."




NO. 2396.
Wee* ending May 20.

(&\xvo

PUBLISHED W EEK LY.

I*. O . l l o x 9 5 8 .

Electric Railway Section
State and City Section

Adrian ..............
Saginaw......... ...
Tot. Mid.West.
San Francisco__
Los Angeles____
Seattle .......... .
Portland _ ------Salt Lake C ity ...
S nokanc............
Tacom a-----------Oakland.............
San Diego..........
Sacramento........

San Jose..............
North Yakima . .
Reno ..................
Total Pacific. .
Kansas C ity ----Minneapolis........
Omaha...... .........
St. P a u l...........
Dcs Moines........
Wichita ..............
L incoln..............
Davenport..........
Topeka ..............
Cedar R apids__
Fargo ................
Sioux F alls___
Colorado Springs
Fremont _........ Waterloo ..........
Helena ..............
Billings.......... .
Hastings ............
Tot. oth.Wcst.
St. L o u is ..........
New Orleans___
Louisville..........
H ouston............
Galveston_____

Wilmington, N.C

Muskogco..........
Total Soutberr
Total all........
Outside If. Y .

S
269,505,000
23,823,600
18.628.325
22,746,986
12,703,071
7,935,299
5,238,100
4,732,937
2,669,947
2,916,446
2,145,458
2,592,814
796,092
1,086,323
984.899
1,024,052
900,632
1,072,000
1,035,196
956,032
615,958
522,649
584,358
406,928
467,393
391,869
476,246
424,577
384,560
293,187
183,420
49.033
637.756
388.931,143
45.336.226
19,729,418
11,150,880
10,188,690
6,195,304
4,017,007
3,935,416
3,246,214
1,620,000
1,359,522
872,658
675,000
743,523
490,247
451,960
219,800
110,231,865
49,318.797
16,762,856
15,986,659
8,597,795
8,475,875
0,535,837
4,340,775
2,250,511
2.428.859
3,293,140
1,487,329
1,400,927
1,666,785
1,269,359
737,886
905,362
672,074
654,012
269,728
1,110,478
955,830
95,709
394,203
193,800
129,804,586
75,144,154
21,798,637
13,310.264
11,010,574
6,737,500
8,355,855
11,127,328
5,551,460
7,041.334
4,291,578
4,796,053
3,194,075
2,210,088
1.681.34C
2,983,561
1,941,348
1,806,662
1,607,568
1,830,828
2,225,406
1,229,511
2,850,000
3,405,425
216,921
600,000
367,10
309.288
591.24C
818,79!
107,624.535
372257871.341
1,278,746,775

1910.

Inc. or
Dec.

1909.

1908.

8
S
S
%
—0.4 271.341,190 222,743,132
270,638,708
24,503,800
+3.7
21,556,800
22,968,100
14,000,515
—7.5
13,437,028
20,147,649
16,898,385
17,325,691
+3.0
22,089,287
10,440.864
9,162,953
+ 0.7
11,584,560
7,969,354
8,846,970
9,438,016 —15.9
4,134,200
5,429,500
5,818,400 — 11.0
3,757,083
3,621,963
+ 9.1
4,339,190
2,046,395
2,883,177
3,055,587 — 12.6
2,161,811
2,847,367
3,297,908 — 11.6
1,566,683
1,955,080
2,450,216 — 12.5
1,715,807
1,894,707
2,276,866 + 11.5
519,748
660,627
712,679 + 11.7
749,904
732,105
896,279 +21.2
509,293
+4.9
817,433
938,718
682,981
a39.201
908,784 + 12.8
+ 1.4
576,854
782,413
838,316
725,000
600,000
1,100,000 —2.5
620,423
497,915
737,745 + 40.4
748,066
416,327
1,144,200 — 16.4
510,410
—9.7
457,539
681,182
358,152
473,093
— 1.9
532,403
435,463
383,665
516,961 + 13.0
376,096
387,113
+ 9.3
372,387
375,000
359,799
627,949 —25.5
316,058
370,279
+ 8.2
362,072
384,724
+ 7.4
432,095
443,377
301,661
254,051
361.002 + 17.6
250,000
252,358
323,826 + 18.7
170,021
182,259
215,651 +36.0
162,804
—4.8
100.350
192,592
54.871
39,779
64,679 —21.3
555.328 + 14.8
—0.4 374.331.078 314,077,307
390,631,217
30.707.717
35,320,940
—0.0
45,345,028
10,208,805
13.335,157
17,208,322 + 14.7
+ 6.2
10,463,542
7,550,389
10.502.262
—4.6
5,593,191
6,640,380
10,679,648
6,565,252
4,773,483
7,083,055 — 12.5
3,738,682
2,791,415
4,823,267 — 16.9
5,584,986
4,116,874
4,668.022 —15.7
+ 4.6
1,291,990
2,012.751
3,104,643
1,032,000
+ 8.0
750,000
1,500,000
809,866 .
849,386
1,425,385 —4.6
—8.2
950,000
460,190
461.384
+ 5.0
643,040
367,944
386,064
611,012 + 21.5
406,512
428,660
438,797 + 11.7
253,194
350,134
—8.0
491,313
—6.6
235,285
70.121,090
87,130,388
+ 0.5
109,706,979
32.883,180
43,714,610
+ 2.9
47,915,435
16,110,329
—9.6
10,974,464
18,535,694
—6.2
11,183,035
14.674,056
17,035,012
9,533,036
0,021,964
10,237.500 — 16.0
7,609,491
0,104,748
9,900.584 — 14.4
4.756,113
6,020,805
—0.8
6,588,908
3,002,993
+ 5.4
S,589,910
4,119,345
2,357,000
3,694,688 —39.1
1,861,927
2.692,525
3,065,590 —20.8
1,487,722
2,409,434
2,907,949 + 13.2
1,097.644
+ 4.4
1,419.994
1.425.145
1,181,655
056,915
+ 1.7
1.377,338
1,066,526
1,436,245
1,427,996 + 16.7
785,501
1,045,248
1,073,161 + 18.3
444,370
650,925
910,284 — 18.9
452.000
845,000
805,000 + 12.5
700,236
660.069
—9.7
744,248
486,284
578,237
532,737 + 22.8
255,032
24T.032
+ 2.7
262,525
_____
_______
1,000. 00 + 1LL
762,832
045,316
—0.9
964,853
166,045
149,371
193,863 —52.1
481,910 — 18.2
_______
+7.71
180,000
95,830,951
135.385,765 —4.1 119,193,865
66,453,379
-2 .fi
60,728,276
77,164,093
13,960,794
15.990,464!
16.532.076 +31.9
10.788,546
10.422,003
+ 5.8
12,578,276
9,302,675
13,221,020
12,847,222 — 14.3
5,248,500
5,421,000
+ 7.5
6,268,500
5,324,523
6,454,311
7,216,912 + 15.81
3,709,668
0,966,534
9,719,122 + 14.5
4,814,924
6.602.240
6,328,870 —12.3
4,099,776
3,744,285
5,439,024 + 29.5
2,886,458
3.395,664
3,575,642 +20.0
2,918,839
3.263,451
4,198,415 + 14.2
1,925,948
+ 5.6
2,504.182
3.025.485
1,648,135
1,834,289
+ l.C
2,189,646
1,341,394
1,436,855
+0.6
1,671,865
1.321.413
1,686,338
2,333,554 + 27.!
1,340,892
1,435,338
+7.6
1,803,876
1,226,125
1,660,879
+ 4.8
1,723,182
1,101,923
1,498,116
1,866,61! —13.9
1,149,241
1,307,267
1,445,15! + 2 6 .G
1,008,003
—6.3
1,541,010
2,350,0(K
964,833
1,604,282 —23.4
1,209,091
577,561
717,841
837,841 +240.:
442,004
978,171
1,369,09! + 148.:
239.022
—4.
226,031
226,218
295,000
327,25?
632,856 + 12.6
333.001
390,001
—5.1
255,881
362,626 —14.1
Not included in tota
Not Included In tota
133,734,085
162,425,29!
+ 6 ..
185,600,451
2,932,802,337 +io.( 3.00C77(M4' 5.005,248,156
1.263,145,0451 + 1 . 1.159.092,0091 098.221.128

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

139S

THE CHRONICLE
STATE AND CITY SECTION.

With to-day’s issue of the “ Chronicle” we send to
our subscribers a new number of four “ State and City
Section” revised to date.
In the editorial columns of thejpublication will be
found an article reviewing the municipal bond sales for
the calendar year 1910 and also a full-page tabular
analysis of these sales.
THE EINANCIAL SITUATION.
It is quite remarkable that the proposed amend­
ment to the United States Constitution, giving Con­
gress authority to levy an income tax, which has been
ratified by so many of the States, and is now receiv­
ing consideration in this State at the hands of the Ju­
diciary Committee of the Assembly, is being opposed
on every ground except the one which should be most
effective in securing its defeat. The general supposi­
tion is that an income tax will hit only the wealthv
classes— the very rich. But that is clearly a mistake.
In an article in our issue of April 22, entitled “ What the
Wage Earner Has to Fear from the Income Tax,” we
showed that such an income tax will hit every one—
laborers, clerks, wage-earners generally, the profes­
sional man, widows, orphans, in fact all classes of the
population except actual paupers. The amendment
says, “ incomes from whatever source derived,” a phrase
which is all-inclusive and all-embracing, so that, ex­
cept at the pleasure of Congress, no one could escape.
Very likely a limit of exemption would be fixed
high enough at the start to exclude the great bulk of
the wage-earning classes, but as appropriations were
added to (as they invariably would be with such a
handy and flexible source of income at command),
and the necessities of the Government increased, the
limit of exemption would be quickly reduced, while
the rate of the tax would at the same time be raised.
Under the Income Tax Law of 1894 (which was de­
clared unconstitutional by the U. S. Supreme Court on
the ground that the Constitution did not authorize
such a tax), wages or income up to 84,000 per annum
was exempt. If Congress were now given authority
to levy such a tax, we may suppose the limit would
not be fixed any lower; in which event persons whose
income or compensation or wages did not exceed
the sum named would not have to pay any tax. All
experience, however, goes to prove that such a high
limit of exemption would not last long. In Great
Britain, as we showed in the article already referred
to, income is assessed down to as low as £100 (which
is less than 8800 per year), and the rate of the tax is
5 @ 7 }4 % , the lower figure applying in the case of
earned incomes.
But we do not need to go outside the United States
to demonstrate that in practice an income tax would
be made to apply to the very smallest classes of income.
In Wisconsin where there has long been a strong move­
ment in favor of the tax, the legislators have been
wrestling with the problem for a long time and have
now evolved reports and measures which throw a great
deal of light upon the question of the meaning and
significance of an income tax, according to the
standards set up by its friends and advocates.
V isconsin, as is known, has given its assent
to the Federal Income Tax proposal, but the




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

Legislature would also have the State levy an in­
come tax. On Jan. 27 1911 a bill for a State income
tax was reported by the special committee of the Legis­
lature appointed two years ago. On the 28th of last
month a substitute income tax bill proposed by a
special Legislative Joint Committee was reported.
Neither of these bills in their present form has the ap­
proval of the Wisconsin Tax Commission, but the ob­
jections are not to the principle of the measure, with
which no fault is found, but relate to the machinery
for putting it in operation and such matters as the
offsets allowed to persons of large income. We may
take these two legislative bills, therefore, as a clear
indication of what an income tax is going to be like
when its friends have their way and succeed in getting
it established.
The two bills do not differ essentially in their defini­
tion of income or in the rates of taxation proposed.
Taking the latest bill for purposes of illustration, we
find it is provided that the term “ income” shall in­
clude (1) all ivacjes, salaries, or fees derived from ser­
vices; (2) all rent derived from the use of real estate,
(3) all interest derived from money loaned or invested
in notes, mortgages, bonds or other evidences of debt
of any kind whatsoever; (4) all dividends or profits de­
rived from stocks, or from the purchase and sale of any
property or other valuables, or from any business
whatever; (5) all royalties derived from the possession
or use of franchises or legalized privileges of any kind;
(G) and all other income of any kind derived from any
source whatever except such as is specifically exempted
in the Act.
From the foregoing enumeration we get an excellent
illustration of what it means to tax “ incomes, from
whatever source derived.” Now what are the limits
of exemption in the case of this Wisconsin measure?
Is it income up to 85,000 or up to 83,000, or even up to
82,000,that is to enjoy immunity from the tax? Far
from it. I he bill provides that there shall be exempt
from taxation to single persons income up to and in­
cluding no more than 8000. Just think of it! Any
single person earning in excess of 812 a week is to be
taxed on the excess. Where married couples are
concerned the measure is a little bit more liberal. In
the case of husband and wife it is provided that income
up to 8800 shall be exempt; and 8200 additional ex­
emption is allowed for each child under the age of
18 years.
In order to emphasize that it is really intended to
reach small incomes, it is pointed out in marginal notes
to the bill that “ the exemption is higher than that
allowed in foreign countries,” and in corroboration of
the statement it is added: “ For illustration, the
exemption allowed in England is one hundred and
sixty pounds (8778); Prussia, nine hundred marks
(8214); Austria, twelve hundred kroner (8243); Italy,
four hundred lire (877); Spain, fifteen hundred peseta
(8289); Nor way, two hundred to five hundred and fifty
kroner (843 to 8147); Sweden, five hundred kroner
(8131); New South Wales, New Zealand, Queensland
and Tasmania, average two hundred pounds (8973);
Japan, three hundred yen (8150); and British Columbia
and Ontario each allow an exemption of one thousand
dollars.”
It is proper to state that the rate of taxation pro­
posed, which is graded according to the size of the
income, ranges from one to six per cent in the case of

May 27 1911. j

THE CHRONICLE

1399

individuals and from one-half to fifteen per cent in the recent unanimous decision of the Court of Appeals
ease of firms, corporations and associations. Any that Chapter 674 of the two laws of last year on this
person whose income equals or exceeds $500 is required subject are in conflict with the Fourteenth Amendment
to make a return. Corporations must report the name to the Federal Constitution. It is proposed to add
and address of every officer and employee, together to Section 9 of Article 1 of the Constitution of this
with the amount paid to each during the year, while State the following:
individuals engaged in business must in like manner
Nor shall anything in this Constitution prevent the
report the name and address of each employee and the Legislature from making such provision as to it may seem
amount paid to the same. Banking associations must proper for the security and protection of the lives,
report the name and address of each depositor to­ health and safety of workmen, for compensation for
gether with the amount of his deposit and the interest injuries to them caused by accidents or otherwise,
paid to him during the assessment year. All this of arising out of their employment, for insurance against
course is to prevent any possibility of escape from accidents, sickness, invalidity and old age, and for
taxation.
the good and welfare of the State and the people of the
Let the reader clearly understand that this is not State.
a fool suggestion. It is a serious proposition of legis­
Another joint resolution proposed would add to
lation urged by a joint committee of the Wisconsin Article 3 (defining the powers of the Legislature)
Legislature. In the comment injected by the com­ an entirely new section empowering the Legislature
mittee, in part explanation of the reason for the low to "impose such conditions on any contract of employ­
limit of exemption, we find the naive remark: "Both ment” as shall be designed to promote the health or
experience and reason prove that any slight increase safety of workers or to make provision for payment
in the exemption reduces greatly the amount of revenue of compensation to injured persons or their dependents,
derived from the tax.” In the event of a Federal income “ with or without the right of trial by jury and with or
tax, Congress would presumably not go as far as this, withoid regard to fault.”
This provision for payment
but let those, therefore, who have not given much atten­ "b y employers and employees or otherwise” is to be
tion to the subject heretofore understand what possi­ “ in such manner as the Legislature shall prescribe.”
bilities are ahead of them in case the Federal Income
It may be quite within the power of an amendment
Tax Amendment should be ratified by the necessary of the organic law of this State to remove any restric­
number of States. Those engaged in the crusade are tions imposed upon the Legislature by the document
carefully concealing these facts from those in whose as it now stands, but we shall not take any space in
interests they profess to be working. Most of these discussing whether such an amendment can authorize
shouters have probably not looked into the sub­ doing certain things which the Federal Constitution
ject themselves, having become obsessed by a con­ declares that "no State” shall do. As to one of the
suming desire to get ai; the possessions of the rich. clauses we italicize, it is well to remark that trial by
Let them once realize that there is a possibility, even jury is one of the very ancient right which are care­
remote, that they will be hit in their own pockets, and fully affirmed by the constitutions of this and other
their zeal on behalf of the income tax will quickly States and by the Federal Constitution as well.
disappear.
But we mention the matter chiefly to call attention
We grant that it is not intended that the tax shall to the reckless sweep of the powers proposed. The
apply to any but the rich. But there is no such limi­ pending income-tax amendment might be justly
tation in the amendment and we may be sure that paraphrased by saying that it is equivalent to declaring
authority to levy the tax having once been conferred that Congress may do anything it pleases concerning
it would lie given a steadily widening application. taxes on incomes; similarly, the clauses we italicise
Even supposing, however, Congress should not exercise amount to declaring that the Legislature may do
the powers granted in the broad way permitted, why anything it pleases for the purpose of making provision
not shut out the possibility of its so doing by rejecting for workmen. All hindrances, limitations and quali­
the amendment which is to confer the power?
fications, including the question of blame and the
In any event is there not something anomalous in right of a jury trial, are to be brushed aside at one
the anxiety being evinced to grant the Government stroke, for nothing shall stand in the way of a glittering
additional powers for levying taxes upon ourselves? generality, "the good and welfare of the State and
The income of the rich, though it may be large in the the people of the State.”
case of particular individuals, is small in the aggregate
It would be idle to conjecture whether these pro­
as compared with the income of the great masses of the positions can be pushed through two successive
population, and it would be poor compensation to Legislatures; but if they come before the people,
mulct the wealthy classes in a few millions a year only ratification is not improbable, for we already have
to find that the vast bulk of the income tax (which un­ examples of the unhappy facility of getting amend­
doubtedly would yield a large sum each year) was to ments through by a mere majority of the handful of
come out of the slender purses of professional men and votes which may be cast. " I f the people shall approve
of other persons of rather moderate incomes and that and ratify . . . by a majority of the electors voting
eventually even laborers with small pay might have thereon,” that satisfies the requirement. The danger
to contribute their mite.
is a constant one until some limitation is provided.
It seems worth while to call attention to the sweeping
character of two propositions for constitutional
amendments now before the Legislature which
have come from the Wainwright Employers’ Liability
Commission and are intended to break the force of the



Beyond this, the habit of enacting laws of the most
sweeping character, laden with drastic penalties and
without considering anything except to placate a
current popular "want” has become so general that
cool-headed persons ought to begin thinking soberly.

1400

THE CHRONICLE

France is following a more enlightened policy than
Germany in regard to the admission of American
securities. The many formalities called for by the
Government and the Bourse authorities having been
complied with, the shares of the Atchison Topeka &
Santa Fe Ry. are about to be listed on the Paris Par­
quet, the highest division of the stock market. And
the announcement has just been received that negotia­
tions looking towards a similar consummation have
been undertaken by representatives of the Canadian
Pacific Ry. with every promise that the outcome will
be successful. There should be even less difficulty
in introducing the Canadian Pacific securities than
there has been in the case of the few American issues
already accepted, for an influential movement is beingpropagated to bring about much closer financial re­
lations between France and Canada. A strong bond
already exists between the Republic and the Do­
minion, as is peculiarly fitting seeing that so large a
part of Canada’s population is of French origin. It is
unfortunate, as much from the German as from the
American point of view, that the Berlin Government
has adopted so antagonistic an attitude towards our
investments; for so interwoven is international finance
with diplomacy that the influence of the one is potently
felt by the other. The more cordial spirit now beingmanifested by Germany in connection with the over­
tures of the United States for international arbitration
agreements may prove to be an augury for greater
friendliness in other matters. The readiness of British
bankers to purchase American securities has again been
demonstrated this week by the placing of a large block
of new railroad bonds with a well-known London firm.
Another interesting announcement was made yester­
day, namely that $12,500,000 Chinese bonds will be
offered here simultaneously with similar offerings in
London, Paris and Berlin.
Bankers doing a foreign exchange business were
alarmed to read one day this week that the U. S.
Circuit Court in this city had rendered a docision
apparently holding bankers responsible for the genu­
ineness of bills of lading and the validity of the mer­
chandise behind documentary bills handled by them;
but it was quickly ascertained that the facts had not
been lucidly presented by the newspapers. Briefly,
the Court merely overruled a demurrer filed by the
Guaranty Trust Co. in defending a suit brought by
a Liverpool house which had sustained losses through
the illegal practices of Knight, Yancey & Co., the
Southern firm which failed some time ago, after having
involved many innocent parties through falsifying
cotton bills of lading. The case, therefore, has not
been decided. In effect, the Judge has simply held
that the complaint justifies a hearing. We refer to
the matter quite at length on a subsequent page in our
department devoted to banking news. That there is
room for improvement in the old methods of handling
bills of lading has been brought out by the investiga­
tions which have followed the failure referred to, but it
is not astonishing that exchange bankers should un­
compromisingly object to being held responsible in the
manner desired by the complainant in this suit. The
case, it is officially announced, will be carried to the
Supreme Court of the United States should the lower
courts decided against the trust company.




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

’Phe price of progress in the art of aviation is proving
deplorably severe. It was not to be expected that
man would learn to conquer the air without paying
a penalty, since experiments, in the very nature of
the case, must be carried on under a degree of hazard.
Usually the aviation accidents have overtaken those
actively engaged in flying, but the most lamentable
of all the fatalities arising from the “ sport” — a more
serious term cannot yet be properly employed— oc­
curred .this week, not to an aviator who had volun­
teered to accept the risk associated with his actions,
but to spectators. On Sunday some two hundred
thousand persons had assembled in the aviation field
at Issy les Molincux, near Paris, to witness the start
of an important race from Paris to Madrid, when
Emile Train, one of the competitors, lost control of
his monoplane and dashed into a group of Government
officials and other distinguished visitors who had been
granted the privilege of witnessing events from inside
the lines. The French Minister of War, Henri Maurice
Berteaux, was killed; Premier Antoine Monis was very
seriously injured, his son was slightly hurt, andHenri
Deutsch de la Meurthe, a well-known patron of sports,
was also injured. At first it was feared that the
Premier would die; he sustained compound fractures
of two bones in the right leg, his nose was broken and
his face and body cut and bruised. However, he re­
fused to admit that his condition was critical and his
recovery has progressed sufficiently to justify the doc­
tors in declaring that he is now out of danger. The
death of M. Berteaux, a statesman of wide experience
in large affairs, produced a profound impression
throughout France, and the funeral yesterday was con­
ducted with full national honors. His removal at this
critical juncture in the Moroccan situation is doubly
unfortunate for France, as he, in conjunction with
M. Cruppi, Minister of Foreign Affairs, was in charge
of the delicate negotiations with Germany. The acci­
dent has directed attention to the urgent necessity for
protecting onlookers from a repetition of such a mishap.
The whole subject of the relation of the public to
aviators in action is destined to come up for serious
thought within the next few years.
Pierre Yedrine, the French aviator, was yesterday
declared winner of the race. His actual Hying time
from the French to the Spanish capital was 12 hours
and 18 minutes.
Porfirio Diaz, President of the Republic of Mexico
for thirty-one years, resigned on Thursday, and the
troops in Mexico City are under instructions to make
no movement without the consent of the military
representative of Francisco I. Madero, leader of the
revolution which has thus culminated successfully.
Vice-President Corral has also resigned. The Chamber
of Deputies on Thursday accepted both resignations,
and the Minister of Foreign Affairs, Francisco Leon do
la Barra, was chosen to serve as Provisional President
until a general election can be held, when lie will, he
has announced, under no circumstances be a candidate
for the Presidency. The whole Cabinet formally re­
signed. Madero, who will act in conjunction with the
Provisional President, intends to proceed to Mexico
City at the earliest possible moment—probably imme­
diately on the departure of ex-President Diaz, who is
now ill, for Europe, that being his destination, accord­
ing to newspaper dispatches. The passing of Diaz

Ma y 27 1911.j

THE CHRONICLE

was celebrated enthusiastically by the populace, who
on Tuesday and Wednesday indulged in riots and
hostile demonstrations because of delay in receiving
the President’s resignation. Several persons were
shot by the troops and the police during the disturb­
ances, but since the withdrawal of Diaz the crowds
have been more orderly. The most enthusiastic ex­
pressions of loyalty to Madero emanated from the
mobs which paraded the streets—his portrait appeared
on all sides and was carried at the head of many pro­
cessions. Friendliness towards Americans was an­
other feature of the demonstrations; the appearance of
Ambassador Wilson on the streets was the signal for
shouts of “ Long live the American Ambassador ” and
“ Long live the United States.”
President Diaz communicated his resignation to the
President of the Chamber of Deputies in the follow­
ing terms:

1401

Reports have daily come to hand this week that a
new revolution, instigated by the Monarchists and at
least sympathized with by the Catholic Church, has
been planned, the first militant movement to start
from the Spanish border, where, it has been represented
an armed force has been gathered together. Prompt
action, it was explained, was essential to success,
as to-morrow (Sunday) is the date set for the election
of members of the new Assembly, after which the
rebels’ grievances against the present governing body
would, of course, be vitiated; to oppose an unconsti­
tutional, self-elected Cabinet, unrecognized by foreign
Powers, would be one thing; to attempt to demolish
a Parliament duly elected by the people would be
another. Apparently the popular discontent has been
keen in certain sections of the country and the agitation
for a counter-revolution has been fanned by interested
parties still possessing great influence over a large
Sir:— The Mexican people who generously have covered part of the populace. But there would appear to be
me with honors, who proclaimed me as their leader during insufficient grounds for expecting any effective
the international war, who patriotically assisted me in all attempt to turn back the hands of Portugal’s political
works undertaken to develop industry and the commerce of
clock; in other words, the restoration of King Manuel
the republic, establish its credit, gain for it the respect of
Precautions have been
the world, and obtain for it an honorable position in the con­ seems most improbable.
cert of nations, that same people, sir, has revolted in armed taken to combat any invasion from Spanish territory,
military bands, stating that my presence in the exercise of
a large body of Portuguese troops having been sent
the supreme executive power is the cause of this insurrection.
Elsewhere vigilance is exercised, and
I
do not know of any fact imputable to me which couldnorthwards.
have caused this social phenomenon; but permitting, though the Government is confident of its ability to check
not admitting, that I may be unwittingly culpable, such a disorder.
possibility makes me the least able to reason out and decide
Sharp differences of opinion naturally are expressed
my own culpability. Therefore, respecting as I have always
respected, the will of the people, and in accordance with in Portugal and in other countries concerning the
Article 82 of the Federal Constitution, I come before the su­ record of the Provisional Administration formed
preme representatives of the nation in order to resign, unre­ immediately after the uprising in Lisbon and the flight
servedly, the office of Constitutional President of the republic
of the King. . The Government’s own claims are that
with which the national vote honored me, which I do with
all the more reason, since, in order to continue in office, it it has instituted many useful reforms and that it has
would be necessary to shed Mexican blood, endangering the improved the public finances and credit without
credit of the community, dissipating its wealth, exhausting accepting an3r of the financial assistance proffered
its resources and exposing its policy to international com­
by British and French bankers.
plications.
The Government’s program includes the abolition
I hope, gentlemen, that when the passions which are in­
herent to all revolutions have been calmed, a more con­ of the house tax (15%) on rentals below $150, the
scientious and justified study will bring out in the national opening of 100 new schools, advantageous commercial
mind a correct acknowledgment, which will allow me to die,
treaties with France and Italy and the separation of
carrying engraved in my soul a just impression of the esti­
A protest, signed by the Patriarch
mation of my life, which throughout I have devoted and will Church and State.
devote to my countrymen.
W ith all respect,
of Lisbon, three Archbishops and seven Bishops, has
P O R F IR IO D IA Z .
been issued against the Separation Law, and dispatches
Madero is confident of his ability to suppress dis­ from Rome state that an encyclical will be promul­
order throughout the republic. He promises to at once gated by the Pope, denouncing “ the persecution
address himself to the task of paving the way for an of the Church by the Portuguese Government.”
election on liberal lines, and he is apparently confident Portugal, it will thus be gathered, is passing through
of being selected to succeed Diaz. To bring order out a troublesome stage of its history, but should the
of the chaos which the rebellion has strewn throughout establishment of the new Assembly on proper lines
the republic will tax the power of even the most skilful be quietly effected, the European Powers will, no
administrator; but happily there-seems a widespread doubt, formally recognize the Republic, and the way
disposition to accept the new regime and co-operate may then be paved for settling down peacefully to
for its success.
work out helpful Republican laws without fear of
internecine hostilities, though it is scarcely to be
Even the most successful rebellion is apt to bring expected that the Holy See will submit to the Law of
an aftermath of disorder. The overthrow of the Separation without further protest.
Portuguese Monarchy was accomplished with a
minimum of bloodshed, and apparently public senti­
The New York Cotton Exchange again claimed much
ment favored the movement. But tho reformers, on attention at the annual convention of the American
being clothed with all the responsibility and freedom Cotton Manufacturers’ Association, held at Richmond,
of action they craved, quickly found that idealistic Va., on May 18 and 19. The report of the Joint Com­
theories of government could not always and instantly mittee on Cotton Exchanges severely arraigned its
be put into practice in a workaday world. The failure methods. At the two previous conventions of the
of tho Republican Provisional Administration to fulfil Association (those of 1909 and 1910) the Exchange was
all the pre-rebellion pledges has excited dissatisfaction likewise the subject of attack. Mr. Arthur R. Marsh,
which the Loyalists have sought to vitalize into action President of the New York Cotton Exchange, delivered




1402

THE CHRONICLE

a lengthy address in the afternoon of the first day,
answering criticism of its rules and defending its busi­
ness methods, and subsequently there was considera­
ble discussion between him and Mr. Lewis W. Parker,
Chairman of the committee referred to above, in which
other delegates also joined. The address or discussion,
however, did not serve to cause the joint committee to
alter its previously prepared report.
I he report was to the effect that the committee was
forced to conclude that the majority of the members of
the New York Cotton Exchange are more impressed
with the view that it is to their interest to cater to
speculators than to make of their body a legitimate ex­
change. The committee therefore recommended that
it be continued and that the Association once more
express its earnest hope that the cotton exchanges,
and particularly the New York Cotton Exchange, may
alter their rules so as to make a true and proper rela­
tion between contract prices and spot cotton. This
not being done, the committee requests authorization
to memorialize legislative bodies in the matter, with
the view to having them provide for Government
regulation of the cotton exchanges.
For the information of those not familiar with the
facts, it seems proper to say that there is absolutely no
warrant for these pungent criticisms. One might ad­
mit that there are features of the Exchange’s business
methods that could with advantage be modified in
some particulars; but there is certainly no justification
for the wholesale condemnation here indulged in.
As far as there is real occasion for criticism, revision of
methods has been under consideration for some time
and action will come in due course.
A number of very interesting papers engrossed the
attention of those in attendance at the convention.
Mr. W . A. Gilreath of Greenville, S. C., pointed out
the advantage of gin compression, alluding to the con­
siderable saving over cotton ordinarily baled and com­
pressed. In a paper on “ Efficiency and Scientific
Management,” Mr. Harrington Emerson of Boston
advanced the opinion that American cotton mills are
over-equipped and under-developed. The committee
on excess tare and cotton warehousing presented an
interesting report, referring among other things to
the advantage of using rolled steel ties in baling cotton.
The uniform sales contract, as reported by the com­
mittee having the matter in charge, was adopted by
the convention, and members were urged to secure
the benefits that will accrue through its use. A com­
mittee to represent the Association on tariff and other
legislative matters was appointed, and instructed to
co-operate with similar committees from other organ­
izations. Officers for the ensuing year were elected
just before adjournment. Ellison A. Smyth of Green­
ville, S. C., being chosen as President, and W. A.
Erwin of Durham, N. C., Vice-President.
Discount rates have fluctuated more than usual in
London during the current week; the tendency first
was upwards and then downwards. Although the
new South African gold has been allowed to stay in
London, there were shipments, our special London
correspondent advises us bv cable, of £100,000 to Con­
stantinople and £20,000 to South America. Still,
the net gain in bullion holdings for the week was no
less than £630,591. And yesterday £1,000,000 was
engaged for London in Paris. Discounts on Thursday




[ Voh. Lxxxxir.

were on the basis of 2 5-16 to 2V%% for spot bills and
2 3-16% for 90-day and 2 ^ % for 60-day bills to arrive,
figures which stopped all discussion of any possible re­
duction of the Bank rate of 3% ; but yesterday there
was a decline, on the gold engagement in Paris, to
2 3-16% for spot bills and 2 1-16% for bills to arrive.
Call money went to 2y2% at the middle of the
week, but has been lowered since then. In Paris the
usual quotation for bills is 2V$%, though liquidation in
securities has contributed to bring about a very easy
undertone. A marked change has taken place in the
Berlin money market during May, loans having been
made this week at 2}4 % , against 4% a short time ago.
This indicates that heed was paid to a warning issued
by the head of the Reichsbank against the over­
expansion of banking credit. Yesterday the Reichs­
bank reported a gain of nearly 815,000,000 cash for the
week, together with a reduction of 825,000,000 in
loans, discounts and note circulation and an increase
of 817,500,000 in deposits. Discounts close at 2 % %
for spot bills and 3% for bills to arrive. Money has
again been cheap in Amsterdam and Brussels, the
charge for negotiating bills there being a shade under
2
The Bank of England is very strongly situated. Its
stock of bullion, £38,331,578, is the largest for this
season in a series of years with the single exception of
a year ago; the same can be said of the total reserve,
while loans are much below last year, 1907 and 1906.
There was again no competition for the new gold
offered in the open market on Monday, but there have
been shipments to South America. Since the weekly
statement was compiled more than £ 1 ,000,000 has been
received from France and other consignments are
looked for. Besides the gain in bullion of £630,591
for the Bank week, the total increase in reserve was
also substantial—£528,076. Loans showed a de­
crease of only £42,098, the firmness in the open market
having checked the repayment of indebtedness to the
institution. The largest change of all was an increase
in Government deposits of £1,105,080, against a falling
off in ordinary deposits of £623,069. The ratio of re­
serve to liabilities rose from 51.27% last week to
51.77% this week, a proportion some 3 % above the
corresponding average of the last decade. Our corre­
spondent furnishes the following details of the gold
movement in and out of the Bank for the Bank week:
Imports, £406,000 (of which £8,000 from Australia,
£23,000 from France and £375,000 bought in the open
market); exports, £120,000 (of which £100,000 to Con­
stantinople and £20,000 to South America), and re­
ceipts of £345,000 net from the interior of Great
Britain.
Local money rates have this week lost all the ad­
vance recorded a week ago. The Stock Exchange
activity proved short-lived, and as the firmness in
rates was attributed chiefly to the expectations that
speculation would revive, and that general business
would be quickened, by the decision in the Standard
Oil case, the relapse into dulness and the failure of
trade to improve have been responsible for the return
to low terms for accommodation. Institutions which
would not lend six months’ funds below 3 j/j% or
over-the-year maturities below 4% are to-day accept­
ing 3% and 3 % % , respectively. The offerings have
increased, while the inquiry has subsided in marked

May 27 1911.!

THE CHRONICLE

degree. It is now said that the freer borrowing of last
week was stimulated, not by actual needs, but by ex­
pectations that future requirements would be larger
and that rates would advance materially. In financial
circles sentiment is now less cheerful than it was ten
days ago, while the cutting of steel prices has had a
bad effect. The commercial paper market is bare of
attractive supplies. Manufacturers and wholesale
merchants complain that their customers will not place
orders until they are absolutely assured of an outlet
for their purchases, a policy which tends to keep opera­
tions down to a minimum. Fears that the lowering
of steel prices will lead to attempts to reduce wages
and thus precipitate labor troubles are also having a
depressing influence. The quietness in trade through­
out the country is still inducing out-of-town bankers
to send currency to this centre, as was reflected by last
Saturday’s increase of $2,310,400 in cash reported by
the Clearing-House banks. The withdrawal of $4,­
750,000 gold by Canadian banks this week has had no
effect whatever upon the money market, a fact which
is not surprising, seeing that the excess reserve has
risen to $40,838,200—one bank alone disclosed cash
holdings of almost $75,000,000, due largely to its re­
fusal to either lend on collateral or discount paper at
the prevailing minimum quotations.
The detailed range for time money is now as follows:
2 K @ 2 % % for 60 days, 2% % for 90 days, 2 % @ 3 %
for four months, 3% for five months, 3@ 3b£% for six
months and 3% @ 3J^% for over-the-year. The pre­
vailing quotation for call money since Monday has been
2 % % , though loans were made daily until yesterday at
a maximum of 2j/>%. The renewal rate on Monday was
2M % and the minimum 2% , but since then 2 l/ i% has
been the lowest ([notation. Yesterday the range was
2 _bi to 2 % % , with the final loan made at 2 % % .
Commercial paper of the best quality has been willingly
discounted by most institutions at 3 j^ @ 3 % % ,
though certain of the largest banks and trust com­
panies have insisted upon a 4% return. The range
for prime four to six months’ single-name bills and 00
to 90 days’ endorsed bills receivable may be said to be
3>2@,4%, with nearly all the business done below
the latter figure. There are some single-name bills
procurable at 4 ^ % , but these are not in demand.
The week’s extreme fluctuation in foreign rates has
been only 20 points, a condition similar to that of a
week ago, the only difference being that on this oc­
casion the range was 10 points higher, at 4 8630®
4 8645 for demand and 4 8660@4 8670 for cable trans­
fers until yesterday, when there was a relapse to 4 8634
for demand to go by to-day’s steamer, which does
not reach London until W hitmonday; remittances sent
by next Wednesday’s steamer will be delivered prac­
tically as early, therefore higher rates— 4 8635®
4 8640—were paid yesterday for mid-week contracts.
The mild fluctuations in quotations do not mean that
the market has been entirely lifeless, but simply that
the inquiry has corresponded closely with the volume of
bills available. The legitimate exchange operations at
present are more than normally numerous. In addition
to the regular commercial transactions which have to be
provided for, bankers continue to supply wholly un­
precedented quantities of letters of credit; indeed, as
the summer season approaches, the requirements of
our tourists are attracting more and more attention,




L403

so extraordinarily extensive are they, though it does
not follow that, in view of the ultra-rigid regulations
of our customs authorities, the purchases made abroad
will be equally abnormal, and of course no foreign
exchange movement will be necessary in connection
with unused credits. Dealings in securities have like­
wise entailed activity in exchange. On the one hand,
European holders of American stocks have sold on
balance almost daily, while on the other our inter­
national bankers have placed, and are placing, consid­
erable amounts of bonds and notes abroad. Next
week half of a total railroad offering of $25,000,000 is
expected to be awarded in London, and the exchange
will be drawn in due course.
The relative dearness of money in Canada has been
commented upon by us recently. The difference be­
tween interest rates in Montreal and New York has
been sufficiently marked to attract several million
dollars of gold coin from New York. The engagements
this week have totaled $4,750,000, raising the exports
for the month to above $5,650,000 and to about
$7,600,000 to date this year, as contrasted with less
than $1,000,000 a year ago. The Dominion is fortu­
nate in having been free from harassing governmental
interference with railroad rates and pernicious political
hostility to corporations, so that prosperity there is
being enjoyed in a measure not known on this side
of the border for many, many months. The with­
drawal of funds from New York, where interest rates
are very low, will in all probability continue. It
might be here mentioned that the Canadian banks
having branches in New York City are disturbed by a
bill introduced at Albany which would force these
branches out of the State. This proposal is so mani­
festly short-sighted, not to use a stronger term, that
there should be little difficulty in having it withdrawn.
The Canadian banks supply New York with from
$50,000,000 to $100,000,000, and to abrogate rela­
tions which have proved mutually advantageous
would be senseless and unreasonable.
Compared with Friday of last week, sterling ex­
change on Saturday was firmer, with demand quoted
at 4 8635 @ 4 8640, cable transfers at 4 8660@4 8665
and 60 days at 4 8425 @ 4 8435. On Monday demand
went to 4 8645 during the forenoon; later, however,
the market weakened on large offerings of commercial
bills and the placing of bonds abroad, and the close
was practically unchanged at 4 8635@4 8640 for de­
mand and 4 8660 @ 4 8665 for cable transfers; 60 days
declined to 4 8420@4 8430. Demand advanced on
Tuesday, owing to dearer money in London and a
scarcity of-bills here, to 4 8640@4 8645, and cable
transfers to 4 8665@4 8675; 60 days fell to 4 8415®
4 8425. On Wednesday sterling opened very firm
and demand rose to 4 8645 in the forenoon; later there
was a decline of 5 points, the final range being 4 8635®
4 8640 for demand and 4 8665 @ 4 8670 for cable trans­
fers; 60 days was unchanged. On Thursday rates
were weaker on dull trading, demand closing at 4 8630
@ 4 8635 and cable transfers at 4 S660@4 8665; 60
days remained unchanged at 4 8415@4 8425. On
Friday spot bills were 10 points below those for ship­
ment next Wednesday. The close was weak at 4 8415
@ 4 8425 for 60 days, 4 8625@4 8630 for demand and
4 8655@4 8660 for cables. Commercial on banks was
quoted at 4 83M @ 4 84 and documents for payment

1404

THE CHRONICLE

4 84 @ 4 84%. Cotton for payment ranged from 4 83%
@ 4 83% , grain for payment from 4 8 4 @ 4 84%.

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

Roosevelt imagines it. The right of search at s e a supposing so wild a claim to be made by England—
would necessarily go before a court of arbitration; the
The following gives the week’ s movement of money foreign government which may have had in mind the
firing on our coast towns would, by the terms of the
to and from the interior by the New York banks.
case, have bound itself to submit its grievances to
Received by
Net Interior
Shipped by
Week ending May 26 1011.
arbitration before proceeding te such action. In
N . Y. Banks. N. Y. Banks.
Movement.
Currency..................................
short,
these contentions of Mr. Roosevelt seem to us
Gold ........................................
hardly
worth serious discussion; they were pretty
Total gold and legal tenders
$5,564,000 Gain $6,332,000
$11,890,000
convincingly disposed of by ex-Secretary of State
With the Sub-Treasury operations and the gold ex­ John \\ . Foster in his speech to the Peace Conference
ports to Canada the result is as follows:
at Lake Mohonk last Thursday. Mr. Foster showed,
with mingled severity and good nature, how completely
Out of
Into
Net Change in
Week, ending May 26 1911.
Banks.
Banks.
Bank Holdings.
Mr. Roosevelt’s own attitude towards the arbitration
Banks’ Interior movement as above- - SI 1.896.000
$5,564,000 Gain $6,332,000 matter during his Presidential career, was at variance
Sub-Treas. oper. and gold exports..
29.800,000
37,550,000 Loss
7,750,000
with his present contentions. It is fair to say, how­
Total gold and legal tenders______ $41,696,000 S43,114.000 Loss $1,418,000
ever, that his further assertion, to the effect that “ the
The following table indicates the amount of bullion United States ought never specifically to bind itself
in the principal European banks.
to arbitrate questions respecting its honor, independ­
ence and integrity,” contains more serious food for
Mag 25 1911.
May 20 1910.
Banks o f
reflection. That is the attitude always maintained
Gold.
1 Silver. | Total. | Gold.
Silver. | Total.
by the late Lord Salisbury; it is undoubtedly the most
£
£
£
1
£
England.. 38,331,578 1 . . £ ..... 38.331,578 38,689,514
1 38,669,514
France__ 129,605,680 34,164,080 163,769,760 136,638,720 35,375,640 172,014,360 awkward stumbling-block in the way of complete
Germany.. 45,068,850 10,404,350 61,473,200 44,075,850 15.082.000 59,157.850
of the arbitration principle. It will
Russia__ 144,847,000 7,770,000 152,617,000 140,597,000 8.402.000 148,999,000 application
Aus.-IIun. 55.587.000 13.026.000 68.613.000 55.543.000 13.496.000 69.039.000
Spain___ 16.535.000 31.098.000 47.633.000 16.227.000 31.089.000 47.316.000 certainly draw to itself the chief part of legislative
Italy ____ 39.776.000 3,557,000 43.333.000 38.934.000 3.907.000 42.841.000
Noth lands 11.482.000 2,213,900 13,695,900 8.778.000 2,548,900 11,326,9((P discussion over the proposed new treaty.
Nat.Belg..
6,874,667 3,437,333 10.312.000 4,257,333 2,128,667 6.386.000
Sweden . .
4.066.000
Now, in the first place, Secretary Knox’s outline
4.666.000 4.454.000
4.454.000
Swltzerl’d. 6,188,300
6,188.300 5.447.000
5.447.000
Norway . .
2.023.000
2.023.000 1.811.000
1.811.000 of our Government’s proposals for arbitration abund­
Total week 500,985,075 111,670,663 612,655,738 495,432,417 112,029,207 607,461,624 antly covers this general question.
One of two govern­
Prev. week 496,716,660 110,637,917 607,354,577 491,341,079 111,127,643 602,468,722
ments may oppose arbitration in a given case; if so,
a committee of inquiry, composed of the two repre­
THE ARGUMENTS AGAINST ARBITRATION.
sentatives of those governments in the Hague Tribunal,
With the drafting by the Administration of an must agree before the matter is thus submitted.
arbitration treaty embodying the principles laid And even so, a special “ treaty of reference” must be
down by President Taft, and accepted with so drawn up by our administration and approved by the
cordiality at the recent great London meeting on the United States Senate. This, of itself, leaves the
subject, the question of international peace on the “ question of honor” largely open. We are quite
lines of international arbitration enters a somewhat aware that disputes or counterclaims may arise at
new phase. It has passed, as Sir Edward Grey said any time between the nations which might involve
at the London banquet to the Colonial Premiers last these matters of “ national honor” . But the first
Tuesday, from the stage of theoretical discussion into question in the mind of unbiased men must be, Who
the domain of practical politics. It is inevitable, and shall decide whether such considerations are, or are
it is also right, that with this change in the character not, involved? Mr. Roosevelt’s reasoning leads no­
of the debate new views of the general question should where, except to the old assumption that every
appear. Opposition, which has been nearly or nation must be a final judge for itself. Yet even so,
quite silent while arbitration was discussed only on a it is not so certain what is or is not to be regarded as a
philanthropic and non-practical basis, will naturally, “ question of national honor or integrity.” There is
and again rightly, raise its voice in an aggressive way. the case of Venezuela in 1895, when the position of our
This is the basis of all sound and successful public Government, in its communications with Great
discussion of matters of this sort, and no great problem Britain, was certainly such as to have been interpreted,
such as arbitration ever has been or ever will be settled had England chosen, as an invasion of her national
finally, except after thorough and complete considera­ honor. Or, on the other hand, there is the recent
tion of arguments on both sides of the question.
case of readjusting the boundary between our posses­
It must not, moreover, be supposed that because the sions and Northwestern Canada.
general principle of arbitration appeals to thinking
That, in substance, was a dispute on questions of
minds, there are therefore no legitimate obstacles national integrity; half a century ago a similar contro­
which statesmen will take into consideration. We do versy ^gave rise to the popular outburst over the
not refer specifically to Mr. Roosevelt’s recent article, American claim, in the re-alignment of our northern
opposing the full scope of the international arbitra­ boundary, which was voiced in the celebrated shibbo­
tion plan. On the contrary, it seems to us that the leth of “ Fifty-four-forty or fight.” But every
ex-President’s imagined instances, of re-assertion by one knows how the Venezuela dispute and the re­
Great Britain of its old claim to right of search, or cent Canadian boundary dispute were settled
of sudden firing by a foreign fleet -upon an American
the latter under the auspices of President
coast town, are clearly beside the point. Granted Roosevelt—and the fact of their peaceable settlement
that either one of these two supposed provocations throws considerable doubt upon the question whether
would necessarily result in war, there is nothing any one can set up an absolute standard in such mat­
proved by the hypothetical case except what may ters, save a qualified international court with reason,
happen under the existing order of things.
law and precedent behind it. Not less important in
Under the domain of international arbitration, we proportions of this sort is the perfectly well-known
scarcely see how either incident could occur as Mr. fact of history that most wars over questions of this




may

27 1911.)

THE CHRONICLE

1405

sort have been unnecessary, even for the purpose of waged during the previous two centuries—the war of
achieving their avowed purpose. The passion of the the American Revolution and the American Civil War.
moment, or the impulse, founded partly on excite­ To this, we presume, most people nowadays would
the war of Japan against Russia. But the mere
ment and partly on misinformation, was what usually join
j
plunged two nations into war, the result of which was citation of the series of great wars is sufficient to prove
frequently precisely what would have been obtained not only that the notion of the beneficent results of
had a few weeks of peaceful negotiation been pursued. war per se is unfounded, but that the actual history of
Such a check on popular passion would necessarily be war— its causes, motives, incidents and results— is
the surest witness to the need of some international
provided by international arbitration treaties.
Mr. Hudson Maxim, in addressing the Economic agreement which will restrain or stop it altogether.
Such comments as these may profitably be contrasted
Club last Monday on the same general question,
brought up some other and not uninteresting consid­ with Sir Wilfred Laurier’s speech at the London ban­
erations. His first objection is that “ the nations of quet of last Tuesday. Canada and the United States,
the earth will not unite, and cannot unite, for any pur­ said the Canadian Premier, “ show to the world two
pose not prompted by individual self-interest.” We nations with the longest of all international boundaries
doubt if any one will dispute the conclusion. It had, —extending from ocean to ocean—living in peace and
however, been our own impression that self-interest mutual respect without a fortress, a soldier or a gun
of the highest sort— social, political and financial— on either side of that boundary.” If any one thinks
was the force which is driving so many governments that this happy condition of affairs has been possible
into consideration of this very arbitration question. because no controverted questions have arisen in the
Again, Mr. Maxim asks whether arbitration “ will be century past between Canada and this country, he
able to sec that all, even the meanest, get equal rights will have studied to little purpose the history of the
to the enjoyment of property, life, liberty and the United States. What he is likely to learn from such
pursuit of happiness.” If not, arbitration “ is destined study is that a very great part of this immunity from
international collision has been made possible, first
to fail, and wars will still come.”
Unless this question infers that governments, on through constant and habitual recourse to arbitration
the formation of a court of arbitration, will abandon of disputed questions and, second, by the very fact
their previous intervention in behalf of the individual of practical disarmament.
rights of every citizen as against the outside world,
GROWING SAFETY OF MUNICIPAL BONDS.
it is difficult to see what force the objection has.
If it means that every private petitioner in
We have often had inquiries as to the extent of the
matters of this sort must be satisfied with the verdict losses sustained by holders of municipal bonds through
as a condition for continuance of arbitration, then non-payment of the issues by reason of illegality or
manifestly the suggestion is absurd. Precisely the other causes. To these inquiries we have invariably
same impossible condition of further existence might replied that we knew of no compilation on the subject,
as easily bo applied to the ordinary law court or to any but that during the last ten or fifteen years, at least,
settlement of any disputed question on any basis. instances where municipalities had repudiated their
Mr. Maxim’s final argument in the matter was in sub­ bonded obligations or evaded payment of them, with
stance an appeal to the somewhat worn-out catch resulting loss to the holders, had been exceedingly
words of advocates of war during many generations rare. We also ventured the opinion that in the event
past. “ The only rejuVenator of nations,” he alleges
of the most diligent search so as to include every case
—we are quoting the newspaper account of his speech
of the kind, the aggregate of loss would not be found
— “ has been the sword. War alone has swept away
to have been large. We now have conclusive con­
the unfit with their unfit laws and has given place to
firmation of the truth of this statement in an elaborate
new and fitter blood and fitter laws.”
tabulation prepared by an attorney of this city, who
We must confess that such an argument appeals to
us as mere reductio ad absurdum. Is it true that war has worked it out as part of a business proposition
has always been so infallible a “ rejuvenator” I One is for insuring purchasers of new issues of municipal
reminded of the case of Poland; of the Thirty-Years bonds against the last vestige of risk from the trans­
War, which devastated Europe to no purpose whatever, action.
The table and statistics are contained in a Plan for
save the ruin of industry and the establishment of
Guaranteeing
the Legality of Municipal Bonds pro­
border anarchy; of the English War of the Roses, in
which not one principle was involved of any serious posed by Maurice B. Dean, counsellor at law, at
interest to the people at large; of the Hundred-Years 20 Broad Street. Mr. Dean contemplates engaging
War, pursued to establish a claim of the English crown in the business of guaranteeing new issues of bonds,
on France, whose establishment, as all historians now after first examining into their regularity and legality,
admit, would have been the greatest of calamities for and he purposes getting the surety companies to join
both nations; of the wars of Louis X IV ., which were with him in the proposition and back him up in the
mere display of personal ambition; of the War of the guaranty. ’ A fee is to be charged for the service and
Spanish Succession, an episode where the people’s the intention, of course, is to make the business
lives were made the stake of meddlesome secret in­ profitable both to the author of the plan and to the
trigues by diplomatists; of the utterly futile and absurd surety companies who may elect to participate in it.
Crimean War.
The view is that the bonds would command a better
In not one of these affairs— which make up a good
price with such a guaranty, and that the gain in this
part of military history— did the appeal to arms result
way would be more than sufficient to pay the cost of
in the slightest degree in “ rejuvenating.” Their
the guaranty and the contract of suretyship. It is
achievement lay much closer to the purpose of frank
contended, too, that with an unbiased and impartial
and brutal extermination. An eminent publicist,
legal opinion, backed by a contract of suretyship
writing a quarter of a century ago, gave it as his de­
bearing the names of some of the prominent surety
liberate opinion that only two just wars had been




1406

THE CHRONICLE

[V o l . nxxxxn.

companies, many Western and Southern municipal “ reconstruction” period must be kept prominently in
bonds bearing high rates of interest would be attracted view. It should be borne in mind that a large number
to the East and made available for Eastern invest­ of fraudulent and extravagant municipal bonds were
ment.
It is also argued that such a guaranty issued during that time. He finds that “ nearly all the
would broaden the foreign market for American bonds held void since 1891 were issued prior to that
municipal bonds.
time and their fraudulent inception undoubtedly
Whether or not the author of this plan is correct in justified their repudiation upon technical grounds.”
his supposition, and whether or not he may be able
On the bonds put out since 1891 the losses incurred in
to enlist the proper support for his scheme, he has in the case of issues held void foots up only $287,000.
any event succeeded in collecting a mass of useful and And that is the ultimate conclusion arrived at, namely
interesting information on a subject concerning which that the losses on new bond issues during the eighteen
there has always been much public interest. Ilis years to 1909 have been only a little over a quarter
series of tables, which is a most elaborate one, brings of a million dollars. During these eighteen years the
together the instances where issues of municipal bonds aggregate of municipal bonds put out, according to
have been declared void by the courts. He does not, the monthly records kept by ourselves, which the
of course, include cases enjoining the issuance of bonds author uses, was no less than $2,974,914,276. In
and where the bonds never reached the hands of in­ other words, while nearly three billion of new munici­
vestors; but confines himself strictly to cases of issu­ pal obligations were disposed of during this period,
ance and delivery. He states that the tables repre­ the loss has been less than $300,000. On this basis
sent all the decisions in the United States holding the rate of loss upon bonds issued and held void since
municipal bonds void after issuance and delivery. 1891 is the trifling amount of .000096 upon each one
In explaining his method of collecting the statistics, dollar.
he points out that he has taken all the cases cited in
In the last few years, moreover, losses have almost
the American Digests, including the Century and entirely disappeared, even if we take the full amount
Decennial Editions under the topics municipal corpora­ involved in all the decisions announced invalidating
tions, States, school districts, irrigation districts, bonds since 1891, whether issued since that date or
levee districts; and in “ Cyc” under municipal corpora­ before it. As a matter of record we think it desirable
tions. He has also searched other records, including to reproduce here the table we find in Mr. Dean’s
the files of this paper. He gives the year and State report, which furnishes a summary of the bond sales
of each decision, the total amount of each issue held each year and also the aggregate of the losses each
void, and for the years since 1891 he gives also the date year, together with the rate of loss per year and the
loss on each $1,000 bond.
of issue of the bonds involved.
Total M unicipal
Losses per Rate o f Loss
The earliest cases cited are in 1858 and thus it
Bond Sales.
Year.
per Year.
appears that his record covers a period of fifty-two 1000 ................................................... $330,424,560
$16,700
.000040
1008 ...............
313,707,540
6,000
.000018
years (the plan bears date October 15 1910.) In the 1007 _________....................... .......... 227,643,208
N o Loss
' .000000
1006
...........................................
201,743,340
68,800
.000341
whole of this period of half a century what is the aggre­
1005 ...................................................
183,080,023
56,500
.000308
20,000
.000115
gate of losses sustained? The amount is given as 1004 ................................................... 250,754,046
1003 ...................................................
152,281,050
10,000
.000065
$29,598,620 and this includes $9,119,172 of Southern 1002 ................................................... 152,846,335
866,800
.005671
1001 ...................................................
140,408,680
223,001
.001400
State bonds issued during the carpet-bag period, when 1000 ............- .................................... 145,733,062
102,500
.000703
186.025
.001582
there was often actual fraud in the issuance of the 1800 ................................................... 118,113,005
1808 ...................................................
103,084,703
236.500
.002204
bonds, and when the people repudiated the officials 1807 ................................................... 137,084,004
180,270
.001348
...........................................
106,406,060
421.400
.003056
who held the reins of government and denied respon­ 1806
1805 ...............
114,021,633
70,000
.000613
117,167,225
224,000
.001011
sibility for their acts. The author has not undertaken 1804 ......................................
1803 ...................................................
77,421,273
350,500
.004643
83,823,515
288,500
.003441
to obtain figures to show the amount of bonds re­ 1802 ...................................................
T otal.............................................. $2,074,014,276
$3,355,476
pudiated by the States. Cases of that kind were
What more gratifying record could be presented
somewhat prominent during the carpet-bag era, but
they seldom got into the court records; nor does he than is afforded by the foregoing table—what more
consider them important for his calculation, because conclusive demonstration that losses from illegality in
obviously any issues fraudulently put out would never the issuance of bonds have been almost entirely
be submitted for guaranty. The $9,119,172 of State eliminated. In the last seven years combined the
bonds referred to, however, found their way into the amount of losses on bonds held void has been only
table because in these instances the cases did reach $187,000 and this included losses on account of bonds
issued in earlier years. In the same seven years an
the courts.
Deducting the $9,119,172 of State bonds to be found aggregate of no less than $1,668,724,682 of bonds
among the litigated cases, the aggregate of losses for has been put out. In 1909, with sales of $339,000,000,
the fifty-two years sustained on municipal bonds issues the losses amounted to only $10,700, in 1908 with
i3 reduced to $20,479,448. This loss, even though sales of $313,000,000 the loss was but $6,000, and in
covering half a century, could hardly be considered 1907, with an output of $227,000,000 of new bonds,
small if it stood by itself. The fact is, however, the there was no loss whatever.
The author notes that the tendency recently has
bulk of it accrued during the early part of the 52-year
period. Since 1891 the decisions invalidating bonds been to restrain unlawful issues before they reached
have involved an aggregate of only $3,355,486. the market instead of putting the bonds out hastily
Even that, however, does not tell the full story of the and repudiating them afterwards. This is obviously
gradual elimination of losses to the holder of municipal true, but there has been a further safeguarding influ­
bonds. As the author well says, due consideration ence at work. Municipal bond houses bidding for
should be given to the financial history of the country new issues of municipal bonds invariably have the
in computing rate of loss. The “ carpet-bag” or most rigid investigation made as to the legality of the




m ay

27 1911.1

THE CHRONICLE

proposed bonds before offering them to investors.
For this purpose they engage eminent counsel, who
investigate every step in the process and examine
every act leading up to and connected with emission
of the bonds. In all the larger cities there are promin­
ent and capable attorneys specially qualified for the
task, who for many years have made it their special
study and their particular business to investigate
proceedings regarding new bond issues. On the
thoroughness and knowledge of these legal guides the
bond houses have been relying in an increasing degree
in recent periods, and that their judgment has been
sound is evidenced by the figures given above. As a
result, the risk of loss in connection with new issues
of municipal bonds has now become almost nil.
THE PROPER SPIRIT OF REGULATION.
To the current issue of the “ North American Review”
a visiting Englishman, Mr. Sidney Brooks, contributes
some observations on what he calls “ the politics of
American business” . After residing in this country
for the last four years of the past century and making
a very brief visit here in 190G, he is struck again, as
he looks over the country to-day, with “ the sameness
of the questions that engage American attention.”
To him we appear to be thrashing away at the same
old problems; but instead of explaining this by the
newness of the country and the difficulty of the
problems, he thinks it exhibits, “ as nothing else
could, the full magnitude of the contrast between
the immensity of America’s material progress and the
paucity of her achievements in the sphere of con­
structive thought.”
Mr. Brooks discovers, as all of us have discovered,
that great corporations no longer hold the position
they held in the early ’90s. From something like
omnipotence they have been brought to the opposite
excess of severe and perhaps excessive regulation,
he thinks. Very few of the men at their head have
had the prevision to see the inevitableness of regulation,
give it a cordial welcome, “ concede its necessity, and
concentrate on the task of converting it into an instru­
ment of reconciliation between themselves and the
people.” Instead, they have resisted the change
and it has been forced upon them. On the other
hand, still fewer legislators anywhere have addressed
themselves to the subject “ in any spirit but that of
vindictive and unreasoning animosity.” They have
been far too reluctant to confess the power of “ those
economic forces which, let the law say what it will,
must, under the conditions of modern industry and
finance, make consolidations inevitable.”
So they
have treated the railroads as though they were public
enemies; “ the consequence is that almost every step in
this controversy has been an act of war.”
It is not strictly exact, though sufficiently so for
the purpose, to treat as “ war” a condition in which
the hostile movements are all on one side; yet Mr.
Brooks’ characterization of the spirit which has
governed the movement is quite correct. Moreover,
it is the view which all intelligent and candid European
observers take of the contest. The members of the
Inter-State Commission themselves exhibited the
hostile and partisan spirit with which the subject has
been treated when they forgot the hint of the old
judge to the young one and ventured to give “ reasons”
for their recent decision.




1407

But Mr. Brooks ^discovers^clear indications of^a
favorable change of attitude, on'the side of the corpora­
tions at least. .|He*thinks the “ trust-busting” mania
has run its course, that people are beginning to see
that regulation and not (annihilation is the end to
be sought, and that any effective regulation must
square itself with the^basic fact that railroad and
industrial consolidations, “ even though they operate
in restraint of trade, are economic necessities of the
age.” In respect to the attitude of the corporations,
he is particularly struck with some remarks of Mr.
Theodore Vail to the stockholders of the American
Telephone & Telegraph Company in his annual report
of last March. From this he quotes somewhat. A
city where gas, lighting, and transportation is split
up among a half-dozen disagreeing companies Mr.
Brooks considers would be a city of chaos. He finds
Mr. Vail welcoming rather than objecting to super­
vision and control. Public control, “ by quasi­
judicial commissions,” has come to stay, according to
Mr. Vail, who “ indicates a clear and justifiable prefer­
ence for permanent commissions of a quasi-judicial
character over any kind of legislative body or com­
mittee.” As to the latter, Mr. Vail ventures to say
that “ while business will adjust itself to any condition,
if given time and opportunity, sudden change of
conditions will result in disaster to some interest,

,

but not as a rule, to those at which the change was
aimed.”

Hasty and emotional legislators are bad marksmen
and liable to hit wide of their intended target, as
has been often shown. If we are to have regulating
bodies, it is clear that only those can be tolerable
and permanent which are judicial in having breadth
of view, clearness of reasoning, rsepect for facts,
just regard for all rights, and recognition of under­
lying principles that last from generation to generation.
This comment, expressed in our own language, seems
to us to convey the encouraging spirit of the situation
as seen by Mr. Brooks.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— The public sales of bank stocks this week aggregated
182 shares, of which 162 shares were sold at the Stock E x­
change and 20 shares at auction. No trust company stocks
were sold.
Shares. B A N K S — New York.
10 Chemical N at. Bank_______
*40 City Bank. National_______
•112 Commerce. N at. Bank o f . . .
*10 Fourth National Bank_____
10 Reserve Bank, N at_________

Low. High. Close.
Last previous sale.
432
432
432
M ch. 1911— 435
3 9 5 tf 398
3 9 5 K May 1911— 400
215
215M 215
May 1911— 216
206
206
206
May 1911— 206Ji
89
89
89 May 1911— 92

* Sold at the Stock Exchange.

— A New York Stock Exchange membership was posted
for transfer this week, the consideration being $69,000. The
last previous sale was for $70,000.
— A petition to close the Coffee Exchange on Monday next,
in connection with the Memorial Day observance of Tuesday,
was denied this week by the Board of Managers. The Man­
agers of the Cotton Exchange also denied a similar request of
their members early in the month. No petition for the extra
holiday, it is understood, was brought before the Governing
Committee of the New York Stock Exchange.
— Henry L. Stimson, whose nomination as Secretary of
War was confirmed by the United States Senate on the 16th
inst., was sworn into his new office on the 22d inst.
— According to the latest advices from China the negotia­
tions with respect to the $30,000,000 railroad loan have
finally been concluded. William J. Calhoun, American
Minister to China, is said to have advised the State Depart­
ment at Washington, under date of the 20th inst., that the
agreement had been signed by representatives of the Chinese
Government and the four foreign groups which are to
participate in the loan, composed of American, Britis

1408

THE CHRONICLE

French and German bankers. Besides providing for the
original loan of $30,000,000, it is stated that provision is
made in the agreement for an extra $20,000,000 should that
additional amount be required for completing the project.
The New York “ S u n " reports that under the terms of the
contract there will be three chief engineers to construct the
proposed lines to' be financed under the loan— a British
engineer to construct the line from Hankow south to the
border of Kwangtung Province, a German engineer to con­
struct the line from Ichang northeast via Chingmon and
Hsiangyang to Kwangshui on the Pekin-Hankow line, and
an American engineer to build the extensions from Ichang
westward to Kueiff on the Szechuan border. The loan is for
a period of forty years, at 95, bearing interest at 5 % .
An announcement yesterday stated that $12,500,000 of
the $50,000,000 Chinese Government loan will be offered
here simultaneously with a similar tender in London, Paris,
.and Berlin.
— The vacancy in the commission which is to inquire into
the cost of transporting and handling second-class mail
blatter lifts been filled by the appointment of Harry A .
Wheeler as a member. Mr. Wheeler, who is a Vice-President
of the Union Trust Co. of Chicago, succeeds Lawrence Max­
well, resigned. The other members of the commission are:
Associate Justice Charles E . Hughes of the United States
Supreme Court and A . Lawrence Lowell, President of Har­
vard University.
— The applications of seven of the trust companies which
have applied for membership in the New York Clearing­
House Association were approved on Thursday. Those
passed upon are the Manhattan Trust Co., the Bankers’
Trust Co., the Astor Trust Co., the Guaranty Trust Co., the
Columbia Trust Co., the United States Mortgage & Trust
Co. and the Brooklyn Trust Co. The application of the
Fidelity Trust Co. was accepted provisionally,, pending the
carrying out of its plans to increase its capital to $1,000,000.
Action with regard to the other companies which have applied
for entrance to the Association since provision for their ad­
mission to full membership has been made will be taken at a
later meeting. It is stated that the post of Clearing-House
Examiner, which the Association has decided to create, has
been offered to James B. McDougal, the Chief Examiner of
the Chicago Clearing-House Association.
— A statement to the effect that the Attorney-General of
Nebraska had ruled that, under the decision of the United
States Supreme Court with regard to the guaranty law of the
State, the banks would not be held liable for the assessments
during the two years the law was in litigation recently came
to our notice. In response to inquiries which we have
made in the matter, Secretary Royse, of the State Banking
Board, advises us that while Attorney-General Martin
did render an opinion on the question, he did not, in Mr.
Royse’s opinion, state that it would be absolutely legal to
waive these assessments. Mr. Royse adds, however, that
the Legislature has enacted amendments to the law omitting
such assessments, and making provision that they shall begin
on July 1 of this year.
— A decision affecting unclaimed deposits in a national
bank, and upholding the right of the State to the same, was
recently handed down in Oregon. In the action, which was
brought by the State against the First National Bank of
Portland, it was sought to compel the latter to turn over to
the State a sum aggregating $5,865, representing various
deposits left untouched for seven years or more. The bank
resisted the claim of the State on the ground that, as it was
a national institution, it could not be held subject to the laws
of the State in that particular. The demurrer of the bank was
overruled by Judge Gartenbein of the State Circuit Court,
who based his conclusions on a decision of the United States
Supreme Court, which held that Federal agencies are exempt
from the operation of the State laws only when the latter in­
terfere with their functions. He quotes the United States
Supreme Court in National Banks vs. Commonwealth to
the following effect:
The most Im portant agents of the Foderal Governm ent arc Its officers,
and no one will contend that when a man becom es an officer of the Gov­
ernment lie ceases to be subject to the laws of the State. The principle we
arc discussing has Its limitations: a limitation growing out of the necessity
on which the principle Itself is founded. That limitation is that the agencies
of the Federal Governm ent arc only exem pted from State legislation so far
as the legislation may interfere with or Impair their efficiency in performing
the functions b y which they arc designed to serve that Governm ent. A ny
other ride would convert a principle founded alone In the necessity of secur­
ing to the Governm ent o f the United States the means of exercising Its
legitimate powers Into an unauthorized and unjustifiable Invasion of the
rights o f the Statos.




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

In announcing his conclusions, Judge Gartenbein, according
to the “ Oregonian," said:
I am unable to see any probability that a com pliance with the Oregon
law will In a n y manner interfere with or impair the efficiency of the de­
fendant banking association In perform ing the functions b y which it Is
designed to serve the Governm ent. It follows that the demurrer should
be overruled, and It Is so ordered.

The case has been appealed to the State Supreme Court.
— In the latest instructions to his examiners, Comptroller
of the Currency Lawrence O. Murray advises them that here­
after in all cases where the department is in doubt as to the
propriety of approving an application for the organization of
a national bank, the examiner of the particular district in
which it proposes to locate will be asked to visit the place
and make a careful investigation with regard to the applicants
and the existing conditions. Mr. Murray has decided that a
personal visit is absolutely essential in order that an accurate
report on which he may rely may be made, and a recommennation be submitted by the examiner. As the office has no
appropriation from which the examiners might be paid for
making a personal investigation, they have heretofore been
obliged to get such information as was available by corre­
spondence, and this has in many instances been found entirely
unsatisfactory. Under the new arrangement, the examiners
will be allowed $25 a day and hotel and traveling expenses,
to be paid by the applicants. Some of the points which the
examiners are requested to cover in their investigation are
summarized as follows:
(а) The standing of the applicants in the com m unity.
(б) Are the directors, or a m ajority of them, to be local men who will
take an active interest In the bank?
(c) A rc the active executive officers to bo residents o f the place and will
they have the confidence o f the com m unity?
(d) In case the question turns on whether or not there Is need of another
bank you should submit a statement showing the am ount of “ purchased
paper” held by the bank or banks In the place, and state the percentage o f
such “ purchased paper” to the total amount o f loans and discounts of the
bank.
■
(e) In cases where the necessity for another bank Is open to question,
please state whether or not the bank. If established, would obtain entirely
new business or would draw such business from existing Institutions.
(/) A rc the stockholders at the time the examination is made b y you able
financially to respond to a double assessment on the stock?
(y) Ascertain definitely whether or not, In case any of the stock Is not
placed In the hands of a bona fide shareholder. It Is to bo taken b y a syndi­
cate and later on distributed to Individual shareholders.
(/i) State the arrangements which have been made In connection with
the renting or erection of a banking house (the Investment In which must
be kept within prudent limits), the salaries to be paid to the different o f­
ficers and employees, the amount to be expended In tho purchase of sup­
plies, stationery, a safe, vault, furniture and llxturcs, &c.
• (f) As you have heretofore been advised b y circular that the Comptroller
will give no consideration to applications for banks (lied b y a prom oter,
your report should state definitely whether or not the bank is belug organ­
ized b y a prom oter or prom oters, either directly or Indirectly.
(j) In all cases of protest you should sec and personally Interview the
people for and against the proposition, and If you think well of It, reduce
their statements to writing.
(fc) Please forward with your report two copies of your bill, which must
give b y dates and In detail an Itemized list o f your expenses.

— Several lists of new postal savings depositories have
been announced during the past two weeks. In all during
this period 147 now depositories have been named— 47 last
week and 100 this week— bringing the total up to 276. The
full list of those designated the present week has not been
made public, but the 47 previously announced, and which
are expected to be in shape for receiving deposits by June 12,
are as follows:
Tuscaloosa, A la.; Clifton and Prescott, A rlz.; Conway, A rk.: Monterey,
Needles and Petaluma, Cal.: Durango and Grand Junction, Cal.; WI11Im antlc, Conn.; Orlando, Fla.; Gainesville, Ga.; Pocatello, Idaho; Canton,
111.; Sullivan, I tu l.i.R e d Oak, Iow a; Parsons, Kan; Frankfort, ICy.
Jennings, L a.; Biddleford, Me.; Annapolis, Mil.; Ily d e Park, Mass.; Mar­
quette, Mich.; Evcleth, Minn.; Grenada, Miss.; Cape Girardeau, Mo.;
Dillon, M ont.; Columbus, N eb.; Elko and E ly, N ev.; Laconia, N. II.
Dover, N. J .; East Las Vegas and Roswell, N. M .; Herkimer, N. Y .;
Conneaut, Ohio; Ardm ore, Okla.; Pendleton and M edford, Ore.; Home­
stead, Pa.; Georgetown, S. C.; Victoria, T ex.; P roctor, V er.; Suffolk, V a.;
W enatchee, W ash.; Rhinelander, W Is., and Evanston, W yo.

Postmaster-General Hitchcock also announces that de­
positors may on July 1 convert their deposits into United
States bonds to be issued in denominations of $20, $100 and
S500 and bearing 2 j ^ % interest. The rate of interest paid
on the deposits is 2 % . The bonds, it is stated, will be
issued to depositors making proper application before June
15. They are exempt from all taxation, and while issued
only to depositors may be sold or assigned at any time.
— A bill intended to legalize trading in “ pu ts" and “ calls,”
passed by the Illinois Senate on April 6, was defeated in the
House on the 18th inst. through the operation of the rule re­
quiring a two-thirds vote to advance the bill to third reading
out of its turn. The House decided against the suspension of
the rules by a vote of 76 to 44.
— The Inter-Stato Commerce Commission has taken an im­
portant step in the effort to safeguard the issue of bills of
lading. On the 9th inst. a supplemental order with regard

May 27 1911.1

THE CHRONICLE

1409

— George C. Van Tuyl Jr. took the oath of office as New
York State Superintendent of Banks on the 23d inst. Mr.
Van Tuyl resigns as President and director of the Albany
Trust Co., as director of the First National Bank of
Albany, the Niagara Falls Trust Co. and the Albany E x ­
change Savings Bank. Superintendent Van Tuyl is said to
have announced it as his purpose to thoroughly investigate
the affairs of failed banks of Manhattan and Brooklyn, giv­
The bill o f lading contains the contract for transportation to a named
destination. Such contract should be dated as o f the day that It Is actually ing especial attention to the Union Bank of the last-named
made; that is to say, the d ay that such destination is Indicated to the car­ borough.
A conference is to be held by him in New York
rier and the shipment com m itted to It under the contract of transportation
with members of a committee representing the depositors of
thereto. The practice o f misdating bills o f lading in such cases Is not only a
violation of the law against making false entries, but it has been the occa­ the institution relative to its affairs, and it is stated that, as
sion for frauds upon purchasers under time contracts, to which frauds car­ a result of the probe which he plans, a resolution now before
riers should not be accessories.
the Senate Finance Committee calling for an investigation
The Commission also states that possession by compresses of the bank will not be pressed for passage. The institution
having the ordinary contractual relationship to carriers is failed in April 1910, but no payment has as yet been made
not possession by the carriers, and bills of lading in such to depositors.
to the dating of such bills was issued by the Commission.
The matter was the subject of a communication to carriers
last November, in which they were forbidden to issue
bills of lading showing a date prior to that upon which
shipping instructions are fully given and the carrier is finally
authorized to forward the property. The Commission, in a
reiteration of its previous instructions, now says:

cases should not be issued, except upon loading certificates or
other evidence of actual possession by the carrier.
— In a decision handed down on the 23d inst. Judge Noyes
of the U . S. Circuit Court overruled a demurrer filed by the
Guaranty Trust Co. in a suit in which Anthony S. Hannay
of Liverpool seeks to hold the company responsible for the
amount represented by a draft covering spurious cotton bills
of lading. The action is an outgrowth of the failure of Knight,
Yancey & Co. of Birmingham, Ala. A similar action was
brought by the New York Cotton Exchange house of Springs
& Co. against the Hanover National Bank some months ago.
In this case a verdict directed in favor of the firm in December
was set aside by Justice Newburger of the State Supreme
Court in February, and a motion for a new trial was granted.
The suit against the Guaranty Trust Co. is the first of those
brought by foreign claimants to be considered in any way
by the courts. The sole question passed upon by Judge
Noyes concerned the contention of the company that the
complaint upon its face did not set forth facts sufficient to
constitute cause of action. This, Judge Noyes overrules.
The amount involved in the action against the company is
$7,320. The complaint alleges that in February 1910
Knight, Yancey & Co. agreed to sell to Hannay 100 bales of
cotton, for which a draft was drawn upon the Bank of Liver­
pool. The firm attached to the draft what purported to be
a bill of lading, and endorsed the draft and accompanying
papers to the Guaranty Trust Co., which collected the same
from the Bank of Liverpool. With his failure to receive the
cotton Hannay sought to recover from the trust company.
In their demurrer to Hannay’s complaint, the “ Journal of
Commerce” reports, the attorneys for the Guaranty Trust
Co. stated that the indorsement and presentation of the
draft did not constitute a guaranty of the genuineness of
the bill of lading, and that the words in the draft “ charge
the same to account of 100 bales of cotton It. S. M. I ”
(these letters having been used to identify the cotton alleged
to have been sold) simply indicated a particular fund out of
which reimbursement was to be made. The “ Journal” adds
that it was also contended that the acceptance of the draft
was unconditional and consequently bound the acceptor to
pay the full amount named upon the face of the draft. In
deciding against the company Judge Noyes held that the
draft was conditional, and that it was drawn against the
cotton. Max May, Vice-President of the Guaranty Trust
Co. and manager of its foreign exchange department, is
credited with its following comments in the matter:

— The Executive Council of the American Bankers’ Asso­
ciation at its recent meeting at Nashville approved the recom­
mendations of the committee to which was referred the
question of working out the details of a plan for providing
a universal system for numbering all the banks of the
United States. The committee, consisting of W . G. Schroeder of the Continental & Commercial National Bank of Chi­
cago; C. R . M cKay, of the First National Bank of Chicago,
and J . A . Walker, of the Corn Exchange N a t. Bank of Chicago,
was named at a meeting of transit men held in Chicago last
December, when the general scheme was approved by the
Executive Committee of the Clearing-House Section. The
object of the system is to facilitate the work of the banks in
forwarding checks. Numbers will be used in place of the
names of the banks in remittance letters, thus effecting
a saving of time and labor. The committee recommended
that “ numbers from one to forty-nine, inclusive, be used to
designate the reserve cities, each city being provided with
a number of its own to be used as a prefix in numbering the
banks in these cities.” It suggested that Clearing-House
numbers in each of the cities be used to designate the Clear­
ing-House banks and that additional numbers be provided
for banks which have no Clearing-House numbers. The
committee also proposed that numbers from fifty to ninetynine, inclusive, be used to designate the States— the State
numbers to be used as a prefix for numbering banks which
are located outside of the forty-nine cities already provided
for. The report states that the work of numbering the banks
and the publishing of the Numerical Directory was awarded
to Rand-McNally & Co. of Ghicago, as they agreed to
number the remaining banks under the personal supervision
of the members of the committee and publish the Numerical
Directory without cost to the American Bankers’ Associa­
tion. The company will also supply* numbers to all new
banks and mark off numbers held by banks which go out of
business, and publish a supplement to the Numerical Direc­
tory twice a year showing the changes in the numbers.

— Applications for the pardon of John R . Walsh, formerly
President of the failed Chicago National Bank, and Charles
W . Morse, formerly Vice-President of the National Bank of
North America of New York, were denied by President Taft
on the 24th inst. Both began prison terms in January 1910,
ex-President Walsh being sentenced to five years on charges
of misapplying the funds of his institution and Vice-Presi­
dent Morse to fifteen years’ imprisonment on charges of
misapplication and the making of false entries. President
W c have not lost our case b y any means. Our attorneys Interposed a Taft issued a lengthy statement bearing on the petitions,
demurrer to the com plaint of Hannay on the ground that the allegations
and his motives for declining to grant the same, incidentally
did not state facts sufficient to constitute a cause of action. The case has
noting that Mr. Walsh would be able to apply for release
yet to be heard on its merits. W e will appeal from Judge N oyes’ decision;
and if necessary will carry the case to the Supreme Court of the United
under the parole law next September. Permission to renew
States.
the application for clemency in Mr. Morse’s case after Jan. 1
W e are quite confident of winning out; otherwise the present custom of
accepting docum entary bills will have to be discontinued and business In 1913 is accorded by the President.
foreign exchange will com e to a standstill.
— President Taft has consented to address the New York
It is a question o f the liability or imm unity o f the New York bankers in
handling cotton bills, or, in fact, any docum entary bills against shipments State Bankers’ Association at its annual convention to be
of com m odities.
held at Manhattan Beach on June 21 and 22.
That our part in such transactions is purely that o f an Intermediary for
handling the bills, without involving any guaranty as to the validity o f the
merchandise behind them, is strikingly Illustrated In the present instance.
It transpires now, although we did not know it at the tim e, that Knight,
Yancey & Co. and Steele, Miller & Co. were offering to sell cotton in Liver­
pool below the market price. This docs not appear to have raised the
suspicions o f the Liverpool buyers, strange to say, or at least they con­
tinued to buy from them . In the meantime Knight, Y ancey & Co. for­
warded the cotton bills to their agent In New Y ork, which were sold in­
discriminately to the highest bidder, or bidders. The bills in turn were
forwarded to Liverpool and duly accepted b y the Dank o f L iverpool. It
stands to reason that wc cannot be held responsible for the genuineness o f
these bills bought In the open market.
It has been decided time and again in the English courts that the Inter­
mediary bankets in such cases arc not liable. This is probably why the
suit has been brought now against this-office over here Instead of against
our London office, which also handled the bills.
............................................




— The stockholders of the Fidelity Trust Co. of this city
approved on Wednesday the proposition to increase the
capital of their institution from $750,000 to $1,000,000.
The institution is one of those which have applied for ad­
mission to the Clearing-House Association, and the increase
is due in part to the requirement that new members shall
have a capital of at least $1,000,000. As stated in a previous
reference to the matter, the additional stock is to be disposed
of at $200 a share, the surplus thereby being also increased
from $750,000 to $1,000,000.
— An order authorizing the payment of a 2 5 % dividend
to the depositors of the failed Carnegie Trust Co. of this city

1410

THE CHRONICLE

wasTsigned by JusticeJGiegerich ofjtho Supreme Court yes­
terday. •It is statedJthat the claims allowed as preferred
byPorm er SuperintendentJofj(Banks' 0 . H . Cheney will be
paid in full. In a statement filed on April 21 the proved
claims of depositors were given as $5,724,031, while the pre­
ferred claims allowed were set down as $431,220. Algernon
S. Norton has been appointed referee to pass upon the ques­
tion as to whether the claim of the State, whose deposit with
the company amounted to $136,408, should have priority.
— The United States Mortgage & Trust Co. of this city has
for some time past been making appraisals of real estate in
certain cities in the South, the W est and Middle W est, for
some of the largest lenders throughout the country. The in­
auguration of a plan for extending this service to New York
City and vicinity is now announced. Inquiries relative to the
matter at the company’s main office, 55 Cedar Street, and its
branches at 73d Street and Broadway and 125th Street and
Eighth Avenue will receive prompt attention.
— Robert S. Dunton, of Belfast, Me., has been appointed
to succeed William B. Skelton, resigned, as Bank Commis­
sioner of Maine. Mr. Skelton’s resignation takes effect
June 30.
— Interests identified with the American Exchange Na­
tional Bank of this city, it is announced, have purchased a
substantial interest in the Pacific Bank, at 470 Broadway.
Lewis L . Clarke, President of the American Exchange Na­
tional, is to become a director of the Pacific Bank, and the
business relations between the two institutions, which have
for years been cordial, will become closer as a result of the
arrangements just entered into. It is further announced
that plans for the establishment of a branch of the Pacific
Bank in the Fourth Avenue dry goods district are being
considered. A statement made by Mr. Clarke concerning
the acquisition says:
Plans have been com pleted under which a number ot the stockholders
o f tills bank, Including: members of Its board, have m ade an Investment
In a substantial block of the stock of the Pacific Bank, o f which H . B . Brundrett, one o f our m ost conservative and substantial bankers, and an old-tim e
m erchant, Is President. I will sh ortly becom e a member of the board of
directors o f the Pacific Bank b y reason o f th e arrangements just com pleted,
and therefore the business relations betw een the two institutions will be­
com e even closer than they have been In the past.

The Pacific Bank has a capital of $500,000.

[VOL.

LXXXXII.

receivership of the Brooklyn Bank of Brooklyn Borough
were reduced from the original allowance, is upheld by the
Court of Appeals in its dismissal on the 19th inst. of the
appeal of the receivers. The litigation was started by
Charles M. Higgins, co-receiver with Bruyn Hasbrouck,
during the suspension of the institution from Oct. 1907 to
June 1908. Mr. Higgins voluntarily returned what he
considered the excess of his share, namely $4,000. Under the
decision of the Appellate Division, which is sustained by the
Court of Appeals, the fees of Mr. Hasbrouck were reduced
from $23,000 to $16,000, those of Mr. Higgins from $19,000
(less the $4,000 above) to $12,000, and those of J. Edward
Swanstrom and James C. Church, as counsel, from $22,000
to $14,000. Messrs. Swanstrom and Church have died since
the action was instituted.
A new branch of the Corn Exchange Bank of this city
was opened on Academy Street and the Queensboro Bridge
Plaza, Long Island City, on the 15th inst. It is the bank’s
twenty-seventh branch; it is known as the Plaza branch,
and is under the charge of G. H . Oldring, formerly Assistant
Manager of the Pennsylvania Station branch.
John L. Wyckoff, Secretary, and one of the organizers
of the Queens County Trust Co. of Jamaica, L. I ., died on
the 12th inst. He was also a director of the Homestead
Bank of Brooklyn. He was forty-nine years of age.
— To accommodate increasing business, the Fidelity Trust
Co. of Newark, N . J., of which Uzal II. McCarter is the
well-known executive, is enlarging its banking space and
has leased the remainder of the ground-floor space of the
Prudential Building. The savings and bond departments
will be located in the additional quarters, which are also on
the Broad Street side of the Prudential Building, across the
hall from the main banking room. Recently the institution
took half of the ninth floor for its trust department to provide
more room for its banking, safe deposit, title and guaranty
departments. When the changes are complete, the various
branches of its business will occupy the entire ground floor,
half of the ninth floor and the basement of the Prudential
Building. A t the time of the last semi-annual report for
Dec. 31 1910, the company’s surplus and not undivided profits
were $7,775,794, in addition to $2,000,000 capital, the
deposits amounting to $16,028,698 and aggregate resources
to $27,507,118. The market value of its stock and bond in­
vestments was $16,128,496, against a book value of $15,­
728,756. Mr. McCarter’s official associates are: John F .
Dryden, Vice-President; Anthony R . Kuser, Second Vice­
President;
Frederick W . Egner, Third Vice-President;
Jerome Taylor, Trust Officer; Jas. H . Shackleton, Secretary
and Treasurer; Paul C. Downing and Edward A . Pruden,
Assistant Secretaries and Assistant Treasurers.

— The Columbia Trust Co., 135 Broadway, this city,
continues its noteworthy growth. The weekly reports
showing average deposits of trust companies credits the
Columbia with deposits approximating $20,000,000. The
company was organized in 1905 and within a year had
$5,000,000 deposits. The next year its deposits rose to over
$7,000,000, but fell below $5,000,000 during the panic in
1907. The institution at that time, although small, was
strong, and liquid and made large loans to some of the institu­
— Petitions for the parole of Albert C. Twining and D . C.
tions requiring assistance. It then grew rapidly, both in size
and reputation, and its deposits increased to $10,000,000 Cornell, formerly President and Treasurer, respectively of
during 1908, then to $12,000,000 in 1909 and to $13,000,000 the failed Monmouth Trust & Safe Deposit Co. of Asbury
in 1910. This year its growth has been marked. Its report Park, N . J., were dismissed on April 25 by the New Jersey
of Feb. 28 to the State Banking Department showed over Court of Pardons. The sentence of Treasurer Cornell for
$16,000,000 deposits, which have now risen to $20,000,000. four years expires in May 1912, while that of President
The Columbia Trust Co. is one of the few independent Twining (six years) expires in January 1914.
financial institutions in the city and has the reputation
— George H . Hillman has been elected to succeed Edward
of adhering to conservative methods. It has never been Wills, resigned, as President of the Mt. Holly National Bank
known to pay higher rates of interest than any of its conserva­ of Mt. Holly, N . J.
tive competitors. Its dividends are 1 2 % per annum. It
— Frank W . Edwards, President of the Bayonne Trust
has no branches. The company was among the first to apply Co., of Bayonne, N . J., and General Superintendent of the
for membership in the New York Clearing-House Associa­ Tidewater Oil Co.’s plant at Constable Hook, N . J., died on
tion under the recent amendment.
the 13th inst. He was in his sixty-first year.
— The Nassau National Bank of Brooklyn Borough, which
— Abiram Chamberlain, ex-Governor of Connecticut, and
has under consideration the desirability of entering the President of the Homo National Bank of Meriden, Conn.,
Clearing House, has taken steps towards increasing its capital died on the 15th inst. Mr. Chamberlain had held numerous
from $750,000 to $1,000,000. The directors sanctioned the other important posts, having served as a member of the
plans on Tuesday and the matter will be submitted to the Court of Common Council, as a representative in the General
stockholders for ratification on June 26. The new stock Assembly, City Auditor, State Comptroller, President of the
will be offered pro rata to shareholders of record June 23, Connecticut Bankers’ Association, Vice-President of the
at par ($100), from whom subscriptions will be received American Bankers’ Association, &c. He was in
his
up to July 7.
seventy-fourth year.
— The People’s Trust Co. of Brooklyn Borough has ac­
quired property at the corner of Nostrand Ave. and Herki­
mer S t., where it proposes to locate a branch. On the
site a new building will be erected, which it is expected
will be in readiness for occupancy within a year. It is stated
that the movement to establish tne new quarters grows out
of the fact that the branch at Bedford Ave. and Halsey St.
has proved inadequate for the demands upon it.
— The decision last November of the Appellate Division
of the Now York Supreme Court, under which the fees in the




— Burton C. Bryan, Treasurer of the Colonial Trust Co.,
of Waterbury, Conn., died at the Presbyterian Hospital in
New York on the 20th inst. He was sixty-four years of age.
— Charles F . Choate, a vice-president and director of the
New England Trust Co. of Boston, died on the 23d inst.
Mr. Choate was also President of the Massachusetts Hospital
Life Insurance Co., and of the Essex Co. of Lawrence,
and had formerly, up to a few years ago, held the presidency
of the Old Colony R R . for twenty years. He was eightythree years of age.

M

ay

27 1911.

the

c h r o n ic l e

__ A t a meeting of the creditors of Jamison Bros. & Co., of
Philadelphia, on the 22d inst., George D . McCurdy, who was
named as receiver on the 12th inst., was elected trustee in
bankruptcy.
— The proposition to reduce the capital of the Independ­
ence Trust Co. of Philadelphia from $2,000,000 to $1,000,000
was ratified by the stockholders on the 22d inst.
— The question of increasing the capital of the Ridge Ave­
nue Bank of Philadelphia from $150,000 to $300,000 will be
submitted to the stockholders for ratification on July 25.
— The Tradesmen’s National Bank of Philadelphia is a
good money-maker for a bank of its size. The N ov. 1 1910
dividend paid to its shareholders was the 115th consecutive
semi-annual distribution of profits, which have amounted to
$2,593,441. Its capital stock on March 7 1911 was $500,000,
surplus and undivided profits $818,497, deposits $5,759,842,
aggregate resources $7,573,439. The bank has a foreign
exchange department. The executive officers are: August
B. Loeb, President; Geo. H . Earle Jr., Vice-President;
Howard A . Loeb, Second Vice-President; H . D . McCarthy,
Cashier; Edmund Williams, Assistant Cashier, and C. Leh­
man, Manager Foreign Exchange Department.

1411

======»

Exchange National Bank, and in 1866 its capital was in­
creased to $1,500,000 by a stock dividend of $500,000; later it
was raised to $1,700,000, but in 1879 was reduced to $ 1 ,­
200,000, a payment of $500,000 having been made to the
stockholders in the cancellation of the stock. The present
officials of the bank are: Joseph W . Marsh, President; John
Moorhead Jr., Albert H . Childs and Ralph H . Binns, Vice­
Presidents; Alexander Dunbar, Cashier; J. P. McKelvey
and P. D . Beatty, Assistant Cashiers.
— William C .Page, President of the Calvert Bank of Balti­
more, has been elected a director of the National Bank of
Commerce of Baltimore to succeed the late James R . E d­
munds.

— The Baltimore Clearing-House Association on the
2d inst. voted to continue the arrangements under which the
National Union Bank transacts the Clearing-House business.
The establishment of independent quarters had been the
subject of discussion for some weeks, but the plans which
had been worked out to this end are rejected in the decision
to maintain the arrangements heretofore in force. Under
these arrangements, the National Union Bank, for a con­
sideration of about $9,500 a year, transacts the Clearing­
House business, and assumes charge of the funds, giving a
— A t a meeting of the directors of the Ninth National Bank guaranty for the safeguarding of the deposits. It is stated
of Philadelphia on Wednesday John G. Sonncborn was that the declaration of the Comptroller of the Currency that
appointed Cashier to succeed B. T . Walton, resigned. Mr. this guaranty is binding to the full extent of the stock lia­
Walton has been appointed Secretary of the Board of Direc­
bility of the bank, served to influence the Association in
tors. Ira W . Barnes, formerly Cashier of the Union Na­
determining to continue to operate through the bank, inas­
tional Bank of Mahanoy City, P a., has been elected to the
much as the guaranty would be lqst were independent
position of Assistant to the President of the Ninth National.
quarters established.
— H . J. Haas has been appointed an Assistant Cashier
— The deposits of the National Bank of Baltimore since the
of the First National Bank of Philadelphia.
consolidation, which occurred within the last few months,
— The following appointments in the Logan Trust Co. of have increased over two and a quarter millions. In Decem­
Philadelphia are announced: S. Harvey Thomas Jr., Assist­ ber the Third National was consolidated with the National
ant Treasurer; Richard M. Cadwalader Jr., Assistant Secre­ Bank of Baltimore; this was followed the latter part of
tary; and Alfred G. W hite, Assistant Trust Officer.
February by the merger with the latter of the Commercial &
— Sydney W . Waterman, for some years Manager of the Farmers’ National Bank. When the second consolidation
collection department of the Franklin National Bank of was consummated, the Bank of Baltimore, it is stated, had
Philadelphia, has been elected Secretary and Trust and Title total deposits of $6,200,000, while on May 1 they reached
Officer of the Rittenhouse Trust Co. W . C. Fitzgerald, $8,500,000. The National Bank of Baltimore was chartered
heretofore Secretary and Treasurer of the institution, will in 1795, and is not only the oldest bank in Ba tim ore,but is
also the oldest bank in the entire South, having had 116
continue as Treasurer.
years of continuous and successful banking history. T .
— Oscar L. Telling, Chief of the Division of Reports in the
office of the Comptroller of the Currency, was elected Rowland Thomas is President.
President of the First National Bank of Pittsburgh on
Monday. Mr. Telling succeeds James S. Kuhn, who induced
the directors to relieve him from active control of the
management of the affairs of the bank on account of the
attention his other large interests require. Mr. Kuhn has,
accordingly, been made Chairman of the Board of Directors.
In a statement of the directors it is announced that “ the
original plan of the bank was to elect Comptroller of the
Currency Lawrence O. Murray to the position of President.
Negotiations had proceeded so far as to have Mr. Murray
favorably consider the proposition, but it was understood
that the administration was unwilling to accept his resigna­
tion as Comptroller at this time, and Mr. Murray felt that
his duty to his present office came first. Mr. Telling has
been Mr. Murray’s chief assistant and is also his close personal
friend, and his selection has received Mr. Murray’s hearty
approval, as Mr. Murray suggested and recommended Mr.
Telling’s election instead of his own.” A statement was
also given out by Comptroller Murray on Monday in the
matter as follows:
“ The term of office o f the Comptroller Is for five years, and X have
already served more than three. T have positively and finally refused
all oilers to leave the office and will finish out m y term o f office as Comp­
troller. W hen I became Comptroller I had certain definite plans and
policies as to the conduct o f the office. Some o f these have been put Into
effect, and I sincerely hope to make the others effective during the re­
maining two years of m y term of office.”

Mr. Telling had been in the employ of the Government
since 1899, and for the past four years had been in the office
of the Comptroller of the Currency, latterly as Chief of the
Division of Reports and Examiner-at-Large.
...................
— An important event in the history of the Exchange
National Bank of Pittsburgh was reached May 18, that date
having signalized its seventy-fifth anniversary. According
to the Pittsburgh “ Dispatch,” the institution is the oldest
bank of issue in the city which has never been merged or
consolidated, but has maintained its individuality throughout
the long period of its existence. Under its State charter,
secured in 1836, the institution was styled the Exchange
Bank, and its original capital was $1,000,000. On April 8
1865 it ontered the Federal system under the name of the




— One of Baltimore’s most representative institutions is
the Mercantile Trust & Deposit Co., of which A . H . S. Post is
President. As a safeguard to its business operations the
company subjects its finances to examinations by the stock­
holders and at other times by the directors, in addition to the
State Banking Department examination and that of the
certified public accountancy firm of Haskins & Sells. The
last report which came to our notice (Dec. 31 1910) was by
a committee of its stockholders, none of whom is a director.
This statement, when summarized briefly, showed the de­
posits to be $8,809,843, comparing favorably with $8,041,252
Dec. 31 1909 and $7,348,514 Dec. 31 1908, while its surplus
and undivided profits totaled $3,076,308, which is exclusive
of $1,500,000 capital stock. The company was incorporated
in 1884 and its banking house is located on the northeast
corner of Calvert and German streets. Blanchard Ran­
dall is Chairman of the Executive Committee and Gen. John
Gill of R is Chairman of the Board of Directors.
— The 2 0 % dividend, which it was announced in April
would be paid this month to depositors of the Citizens’ State
Bank of Napoleon, Ohio, was declared on the 18th, and
made payable on the 25th inst. W ith the 5 0 % paid in 1909
the total distribution is brought up to 7 0 % .
— The application of Foreman Brothers Banking Co. of
Chicago for admission to membership in the Chicago Clearing­
House Association was approved by the latter on the 12th
inst. The bank has been assigned N o. 27.
— A change in the name of the Peninsular Savings Bank
of Detroit and an increase in the capital of the institution
have been authorized by the stockholders. Approval to the
several propositions was given at a meeting on Monday.
Under the proposed plans the name will become the Penin­
sular State Bank and the capital will be raised from $500,000
to $800,000. Of the new stock, $100,000 will be in the
nature of a stock dividend of 2 0 % , which is to be distribued
out of the surplus and undivided profits to shareholders
of record May 1. The other 2,000 shares will be offered to
the present stockholders at $160 per share, and any unsold
portion will be placed on the market at $170. The premium

1412

THE CHRONICLE

will serve to add at least $120,000 to the surplus and profits.
The institution has in course of construction a new building
on Fort Street near Griswold Street.
— The new $2,500,000 capital of the First National Bank
of Milwaukee, increased from $2,000,000, became operative
on the 10th inst. The additional stock was authorized in
February. Under arrangements consummated during the
last few months the bank has become the owner of all the
stock of the First Savings & Trust Co. The final plans with
respect thereto provide, according to the Milwaukee “ Sen­
tinel,” for the declaration of a special dividend out of the
undivided profits of the First National, and the stock of the
First Trust & Savings Bank will then be lodged with trustees
for the benefit of the stockholders of the First National.
— Leo Cramer, formerly Vice-President of the failed Idaho
State Bank at Hailey, Idaho, was sentenced on April 27 to an
indeterminate term of from six months to two years’ im­
prisonment. He was convicted, it is stated, of having re­
ceived deposits when the institution was known to be in­
solvent. The bank suspended Aug. 30 1910. An appeal
is expected to be taken.

capital of $300,000.
previous item.

[VOL. L X X X X II.

A list of the officers appeared in the

— The capital of the Fulton National Bank of Atlanta, Ga.,
was increased on May 1 from $300,000 to $500,000; the new
stock was placed on a basis of $115 per share, increasing the
surplus to $60,000. The total assets of the institution are
now $1,700,000. Its deposits on April 21 amounted to
$1,013,252. The bank has been in operation less than a
year and a half, having started business on Jan. 25 1910.
William J. Blalock is President and Arthur B . Simms is
Cashier.
— An order authorizing the payment on May 20 of a 1 0 %
dividend to the depositors of the failed Neal Bank of Atlanta,
G a., was signed by Judge Ellis on the 18th ult.
The de­
positors of the bank, whichjsuspended Dec. 23 1907, had
previously received 5 5 % , the present payment thus
making a total of 6 5 % .
— It is reported that the People’s Savings Bank & Trust
Co. of Birmingham, A la., has been merged with the American
Trust & Savings Bank. The consolidation, it is stated,
follows the purchase of the People’s by the American. The
absorbed institution had a capital of $75,000 and deposits
of over $1,000,000. The American has $500,000 capital
and its deposits before being augmented by those of the
People’s amounted to about three and a half million dollars.

— Leonard Imboden and James A . Hill, who were sen­
tenced in 1906 to terms of imprisonment of from nine to
ten years on charges alleging conspiracy to embezzle the
funds of the Denver Savings Bank, of Denver, Colo., have
both been released. Mr. Imboden was paroled last month,
— John M. Hogan, Cashier of the Germania Bank of
while Mr. Hill was paroled in January. Since the suspension
of the bank in 1905 the depositors have received 7 9 % . Mr. Savannah, and Secretary and Treasurer of the Savannah
Imboden, it is stated, has declared his intention to pay out Clearing-House Association, died suddenly on the 8th inst.
of his own resources the 2 1 % still due them, with interest at He was sixty-three years of age, and had held the cashiership
of the bank since its organization twenty-one years ago. His
4% .
brother, Walter F . Hogan, Assistant Cashier, has been made
— The State Exchange Bank of Oklahoma City, Okla.,
Acting Cashier.
opened for business on the 1st inst. with $100,000 capital—
-----John E . Harris and Oscar E . Dooly have become Vice­
the largest, it is understood, of any State bank in the city.
E . B . Cockrell, who was President of the Continental Trust Presidents of the Fourth National Bank of Jacksonville,
Co., which began operations on April 10, has severed his F la., the first-named succeeding W . C. Powell. Mr. Dooly
relations with that institution to become affiliated with the was formerly identified with banking interests of Macon,
newer one— the State Exchange Bank— in which he takes G a., having been Cashier of the American National Bank
the office of Vice-President. The full management of the of that city and Vice-President of the Continental Trust Co.
State Exchange Bank is as follows: I . B . Levy, President; He retires from these interests upon his entrance into the
E . B , Cockrell and Harry L . Gerson, Vice-Presidents; Jacksonville banking field.
— A resolution approving “ the fundamental principles of
the Aldrich plan with such amendments as have been pro­
posed by the Currency Commission of the American Bankers’
Association,” was adopted by the Texas Bankers’ Association
during its annual session at Dallas, held from May 16 to 18.
In a resolution bearing on cotton bills of lading, the Associa­
— Plans to consolidate the State National Bank (capital tion placed itself on record as indorsing the Stevens bill,
$200,000) and the Oklahoma City National Bank (capital covering the liability and fixing the responsibility of railroads
$500,000) of Oklahoma City, Okla., have been perfected. for the acts of their agents, and it was requested that every
The united institution will be known as the State National, its representative in Congress support the bill and urge its
capital being $500,000 and its surplus $100,000. The chief passage. The bill, it may be recalled, was passed by the
officers chosen for the consolidated bank are: President, House last year, but failed to receive consideration in the
H . W . Williams; Vice-Presidents, John M . Hale, Don Lacy Senate. The findings of a committee appointed by the
and C. H . Everest, and Cashier, George L . Cook. Edward Chairman of the Fourth District to co-operate with other
H . Cook, heretofore President of the Sate National Bank, districts in investigating the security afforded banks by
will continue with the succeeding institution as Chairman compress receipts, were presented at the meeting. The
of the Board. Control of the Oklahoma City National was committee reported that ninety per cent of these receipts
taken over by new interests early the present year, when was found non-negotiable and unsafe as collateral, and
stated that although they do not afford a safe collateral,
Mr. Williams succeeded to the presidency. In February the
Central Reserve Bank was merged with the Oklahoma City millions of dollars were advanced on them by the banks last
year. In accordance with its recommendation, a resolution
National.
was passed calling for the appointment of a committee of
— “ Friends in San Rosario,” a sketch by O. Henry, dealing
three members, consisting of O. E . Dunlap, of Waxahachie,
with a national bank examiner’s experience in Texas, is
Nathan Adams, of Dallas, and Oscar Wells, of Houston, to
being distributed in the form of a booklet by Frank O. Hicks,
draft a form of receipt which will be negotiable and which
now Vice-President of the Mechanics-American National
will afford ample protection to the banks for advances made
Bank of St. Louis, but formerly a Federal bank examiner.
upon them.
— The Chouteau Trust Co. of St. Louis, incorporated on
— S. J. H ay, lately Mayor of Dallas, has been elected
March 24, began business on the 1st inst. in the New Drozda
President of the Dallas Trust & Savings Bank, succeeding
Building, at Chouteau and Vandeventer avenues. The insti­
II. A . Kahler, resigned. It is proposed to increase the
tution was organized by William S. Drozda, who is its
capital of the institution from $200,000 to $300,000, and to
President. The management also includes L . W . Hemp,
sell the new stock at $175 per share, thus increasing the
Vice-President; Stephen L . St. Jean, Treasurer; John W .
surplus from $100,000 to $175,000. Mr. Kahler has also
Burian, Secretary, and Gilmore R . Avis, Real Estate Officer.
resigned as President of the United States Bond & Mortgage
The capital is $100,000, in $100 shares.
Co. of Dallas, which is affiliated with the Dallas Trust &
G. M. Smith has resigned as President of the National
Savings Bank, and in that post is succeeded by William
Reserve Bank of Kansas City, M o., having sold a majority
G. Breg. It has been decided to increase the board of the
of his holdings to John T . M. Johnston, Chairman of the
bank from twelve to twenty-five members. S. P. Cochran
Board of Directors. Mr. Smith will continue as a director
has withdrawn as President of the Title & Guaranty Co. of
of the institution.
Dallas, which is also identified with the bank, and Herbert
— The Real Estate Bank & Trust Co. of Nashville, Tenn., D . Ardrey has been chosen to the head of the Title Co.
whose organization was referred to in this department The capital of the latter is to be increased from $100,000 to
April 29, began business on the 1st inst. It has an authorized $200,000. Mr. Kahler becomes Vice-President of the three
J. G. Long, Cashier, and T . G. Taylor, Assistant Cashier.
The bank occupies the quarters in which the trust company
was domiciled, the latter having moved to other offices.
W ith Mr. Cockrell’s withdrawal from the trust company
A . B . Duncan, previously its Secretary and Treasurer, has,
been made President.




Ma y 27 1911.1

THE CHRONICLE

institutions. He is a member of the New York house of
O ’Connor & Kaliler, bankers, and it is understood that that
firm retains its interest in the several organizations.
— Under orders of the State Superintendent of Banks, the
Kern Valley Bank of Bakersfield, Cal., was closed on the
12th inst. It is stated that the immediate cause of its
closing is the depreciation in value of the Sunset Road Oil Co.
bonds, $460,000 of which are held by the bank, the deprecia­
tion, it is reported, having resulted from the institution of a
suit to foreclose on the property of the road because of the
non-payment of interest on the bonds. The bank was
established in 1874. It has a capital of $100,000 and
deposits of $800,000.
— The capital of the Lumbermen’s National Bank of Port­
land, Ore., will be increasedfon July 1 from $500,000 to
$1,000,000. The special meeting of the stockholders
authorizing the new issue was held on April 18, and the
additional stock has been subscribed for by the present
shareholders. In April 1910 the capital was raised from
$250,000 to $500,000.
— Sept. 14, 15 and 16 have been fixed as the dates for the
annual convention of the Washington Bankers’ Association,
which, as noted May 6, is to be held at Wenatchee. P. C.
Kauffman (Second Vice-President of the Fidelity Trust
Co. of Tacoma) is Secretary of the Association.
— John Twohy, of the railroad contracting firm of Twoliy
Bros., of Portland and Spokane, has been elected a director
of the Portland Trust Co. of Portland, Ore. Mr. Twohy,
who is also a member of the board of the Old National Bank
of Spokane, is understood to have purchased a large amount
of stock in the Portland institution, and it is reported that
he will take an active interest in its affairs. L. B. Monefee is
also a newly-elected director of the trust company. The
following have been chosen to serve as its officers during the
ensuing year: H . L. Pittock, President; F. W . Leadbetter,
Vice-President; Emery 01 instead, Vice-President and Man­
ager, and B. Lee Paget, Secretary.

11413

LIABILITIES.
ASSETS.
Trust Fund Holdings—
$
Trust Fund Liabilities—
$
Gold coin........._........... .. 967,232,669 00 Gold certificates............. 967,232,669 00
Silver dollars.................. 472,632,000 00 Silver certificates--------- 472,632,000 00
3,319,000 00
Silver dollars of 1890__
3,319,000 00 Treasury notes of 1890..
Total trust liabilities. 1,443,183.669 00
Total trust fund____ 1,443,183,669 00
Gen. Fund Liabilities—
General Fund Holdings—
Gold coin and bullion.. 37,922,119 93 National bank 5% fund.
24,891,548 25
Gold certificates.- ......... 32,827,160 00 Outstanding checks and
Silver certificates______
6,610,877 00
drafts _____________
12,985,955 54
Silver dollars..................
19,271,105 00 Disbursing officers’ bal­
80,307,964 22
ances ______________
Silver bullion..................
3,852,816 36
United States notes----10,660,527 00 Post Office Department
10,152,324 64
Treasury notes of 1890. .
8,74300 account____________
1,252,711 20
National bank notes------ 30,356,823 71 Miscellaneous Items___
21,278,863 76
Fractional silver coin__
Fractional currency___
77 37 Total gen’l liabilities.-. 129,590,503 85
1,162,994 58
Minor coin____________
Bonds and Interest paid
22,264 80
Tot. in Sub-Treas’les. 163,974.372 51
In Nat. Bank Depositaries—
Credit Treasurer of U. S. 35,596,64 1 42
Credit U. S. dls. officers 10,796,373 25
Total In banks..........
46,393,014 67
In Treas. of Philippine Islands—
Cash balance and reserve—
Credit Treasurer of U. S.
1,904,097 05
Credit U. S. dls. officers
3,024,921,78 Total cash and reserve.. 235,705,902 16
Made up of—
Total In Philippines..
4,929,018 83 Available.. 85,705,902 16
and
Reserve Fund—
Reserve Fund Holdings—
Gold coin and bullion.. 150,000,000 00 Gold&bull. 150,000,000 00
Grand total.................1,808,480,075 01

TREASURY NET HOLDINGS.
Feb. 11911. Mch. 1 1911. Apr. 11911. May 1 1911.
Holdings in Sub-Treasuries—
S
$
S
$
Net gold coin and bullion..............220.261,902 227,178,354 231,726,269 220,749,280
Net silver coin and bullion.......... 24,318,749 21,801,235 27,760,068 29,734,798
12,724
9,749
8,743
Net United States Treasury notes
10,877
5,718,382
5,665,946 10,660,527
Net legal-tender notes.................. 8,532,313
Net national bank notes.............. 37,863,433 31,472.797 27,560,025 30,356,824
Net fractional sliver...................... 19,091,685 20,661,890 20,935,886 21,278,864
1.185,336
1,369,308
1,442,406
899,353
Minor coin, &c.......................... ..
..310,978.312 308,284,813 315,030,226d313,974,372
..150.000,000 150,000,000 150.000,000 150,000,000
Cash In national banks___

DEBT STATEM ENT APRIL 30 1911.

.160,978,312 158,284,813 165,030,226 163,974,372
.. 46,695,234 46,667,651 46,732,832 46,393,015
4,929,019
6,194,992
5,261,144
.. 6,437,830
1.214,111,382 211.147.456 217,024,202 215,296,406
.128.644.553 125,621,748 127,569,676 129,590,504

Available cash balance__

The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued April 30 1911. For statement of MarchSl 1911
see issue of April 8 1911, page 931; that of April 30 1910, see
May 21 1910, page 1341.

Grand total_________ 1,808,480,075 01

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 at the beginning of
business on the first of February, March, April and May 1911.

. 85,466,829

85,525,708

89,454,526

85,705,902

a Chiefly "disbursing officers’ balances.” d Includes §3,852,316 36 silver bullion
and $1,185,336 75 minor coin, &c., not Included in statement "Stock of Money.”

UXcnxctavyl(£ommcxcx atgtxgttsTx^xtis
[From our own correspondent.]

London, Saturday, May 20 1911.
A very cheerful feeling pervades all markets and everybody
here is hoping that we have entered upon a period of pro­
tracted prosperity. The German Emperor has been exceed­
ingly well received, and those who have come into close
communication with him report that he has been greatly
gratified by his reception and is thoroughly enjoying him­
Aggregate Int.-bearing debt. .1,091,990,190 868,239,950 45,077,540 913,317,490 self.
In consequence, the hopes of long-continued peace
Note.—Denominations of bonds are: Of $20, loan of 1908, coupon and registered:
The state of Morocco is such that,
of $50, all Issues except 3s of 1908: of $100. all Issues; of $500, all Issues: of $1,000, have been strengthened.
all Issues: of $5,000, all registered 2s, 3s and 4s; of $10,000, all registered bonds of in spite of all the strong reasons that exist for avoiding
$50,000, registered 2s of 1930.
hostilities, there has unquestionably been not a little anxiety
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Mch. 31.
April 30. lest the suspicion of M. Delcasse which exists in Germany
Funded loan of 1891, continued at 2% , called May 18
Those who have come into close com­
$7,000 00 might flame out.
1900, Interest censed Aug. 18 1900.......................
S7.000 00
23,650 00 munication with the Kaiser are, however, convinced that
Funded loan of 1891, matured Sept. 21891.................
23,650 00
13,450 00
Loan of 1904, matured Feb. 2 1904.............................
13,450 00
942.650 00 he will use all his influence to prevent serious complications.
Funded loan of 1907, matured July 2 1907.................
954,200 00
14,780 00
Refunding certificates, matured July 1 1907.......... .
14,900 00
Apart from Morocco, the impression is general here that
Old debt matured at various dates prior to Jan. 1 1861
and other Items of debt matured at various dates
904,380 26 nothing will be allowed to disturb the peace of Europe.
subsequent to Jan. 1 1861.......................................... 905,515 26
Next to the gratification felt by the German Emperor at
Aggregate debt on which Interest has ceased since
his reception by Londoners comes the good impression
maturity................................................................. .$1,918,715 26 $1,905,910 26
made by the reception throughout the United States of the
DEBT BEARING NO INTEREST.
Mch. 31.
April 30.
decision of the Supreme Court in the Standard Oil case.
United States notes.................................................. $346,681,016 00 $346,681,016 00
Old demand notes____ _______________________
53,282 50
53,28250 The decision had been so long expected and so long post­
National bank notes—Redemption account______ 35.849,623 00
36,462,74050
poned, and it affected such great interests, that there was a
Fractional currency, less $8,375,934 estimated as
lost or destroyed___________________________
6,857,905 93
6,857,90593 good deal of perturbation here lest it might have a very
Aggregate debt bearing no Interest.................... $389,441,827 43 $390,054,944 93
bad effect in New York. There has, accordingly, been all
RECAPITULATION.
the greater relief when it was immediately followed by a
Increase ( + ) or
And the relief felt in London has been
Decrease (—). rise in New York.
Classification—
April .30 1911.
March 31 1911.
Interest-bearing debt.......... - $913,317,490 00
$913,3i7,490 00
—512,805 00 shared by Berlin and Paris.
Debt Interest ceased________
1,905,910 26
1,918,715 26
+ 613,117 50
Debt bearing no Interest____
390,054,944 93
389,441,827 43
Moreover, the Chancellor of the Exchequer’s Budget
Total gross debt................. $1,305,278,345 19 $1,304,678,032 69 +$600,312 50
statement has also made a good impression. The propertied
Cash balance In Treasury*__
235,705,902 16
239,454,526 40 — 3,748,624 24
classes here have hitherto been possessed of a rooted belief
Total net debt.................... $1,069,572,443 03 $ 1,065,223,506 29 +$4,348,936 74
that Mr. Lloyd George was animated by hostility to them.
♦Includes $150,000,000 reserve fund.
Therefore, his present Budget has come to them as a pleasant
The foregoing figures show a gross debt on April 30 of surprise. Indeed, some of their most influential organs
$1,305,278,345 19 and a net debt (gross debt less net cash in congratulate him upon his versatility. Summarizing the
the Treasury) of $1,069,572,443 03.
Budget as briefly as possible, it shows that for the two past
T R E A S U R Y CASH AN D D E M A N D L IA B IL IT IE S .— financial years taken together there was a realized surplus of
The cash holdings of the Government as the items stood £ 5 ,6 0 7 ,0 0 0 . In reality, the surplus was nearly three millions
larger, for about that amount of taxes which ought to have
April 30 are set out in the following:
INTEREST-BEARING DEBT APRIL 30 1911.
Amount
----------- Amount Outstanding----------Interest
Issued.
Registered. Coupon.
Total.
Title o f Loan—
Payable.
?
S
$
$
2s. Consols of 1930............ Q.-J. 646,250,150 641,956,050 4,294,100 646,250,150
3s, Loan of 1908-18..............Q.-F. 198,792,660 43,240,340 20.705,120 63,945,460
3s, Loan of 1925................ ..Q .-F . 162,315,400 98,807,100 19,682,800 118,489,900
4s, Pan. Canal Loan 1906.Q.-N. 54,631.980 54,605,740
26,240 54,631,980
2s, Pan. Canal Loan 1908.Q.-F. 30,000.000 29,630,720
369,280 30,000,000




1414

THE CHRONICLE

come in before the end of March were not collected at that
date. The Chancellor proposes to devote a million and a
half sterling for the construction of sanatariums for con­
sumptives and a quarter of a million in aid of the Uganda
Railway. He will give another million and a half for the
development of national resources. The remainder of the
surplus will go to the Sinking- Fund. The total revenue
for the new year he estimates at £181 ,7 10 ,000 , and the
total expenditure at £181,2 84 ,000 , showing an estimated
surplus of £4 32 ,0 00 .
But he makes a number of small
remissions of taxation, amounting in the aggregate to
£ 9 5 ,0 0 0 , which brings down his estimated surplus to £ 3 3 7 ,­
000. Bearing in mind, however, that the new year will
benefit by about three milllions sterling which was not
collected last year, the probability is that this surplus will
be considerably larger than the estimate.
The Kaiser’s visit, the decision of the Supreme Court, the
Budget and the resignation of President Diaz giving grounds
for hope that the civil war in Mexico is at an end, have all
combined to create an exceedingly hopeful spirit. There has
been a general advance in prices and a decided increase in
business. In addition to all this, money continues cheap and
abundant and is likely to remain so for some months to come.
There is very hopeful feeling, likewise, on all the Continental
bourses. In Germany, where the interest in American se­
curities is very large, the warnings of the President of the
Reichsbank are forgotten, for the moment at all events, and
business has improved. The same is true both of Brussels
and of Amsterdam. Even in Paris, in spite of the complica­
tions in Morocco and the unsatisfactory state of home poli­
tics, there is a much more cheerful feeling and business is
better.
The India Council offered for tender on Wednesday 80 lacs
of its bills, and the applications exceeded 9 4 9 W lacs at prices
ranging from Is. 4 l-32d . to Is. 4 3-32d. per rupee. Appli­
cants for bills at Is. 4 l-3 2 d ., and for telegraphic transfers at
Is. 4 1-1 Od. per rupee were allotted 5 % , while applicants
above those figures were allotted in full.
Messrs. Pixley & Abell write as follows under date of
May 18:
GOLD.—The gold In the open market amounted to £768,000. Indian require­
ments were slightly smaller and absorbed £201,000, and of the balance the Conti­
nent Is expected to take about £150,000, leaving upwards of £400,000 for the Bank.
Turkey has taken £100,000 since our last, while on the other hand the Rank has
received £349,000 In bars, and sovereigns to the value of £24,000 from Australia,
£75,000 from Egypt and £11,000 from France, the cheque standing at 25.30)*—
an unusually high rate for this time of year. Next week we expect £609,000 from
South Africa. Arrivals—South Africa, £679,500; India, £09,000; West Indies,
£19,500; total, £708,000. Shipments—Bombay, £219,500; Calcutta, £1,000;
total, £220,500.
SILVER.—Business has been on a moderate scale and prices show little change.
Cash silver has fluctuated between 21 9-16d. and 24 ll-16d. and forward between
24 1 l-16d. and 24?*d., to-day’s prices of 24}*d. and 24 ll-10d. being the same ns
last week. Business In China Is quiet. There has been some activity In Tientsin
and the tea season In Hankow was expected to open on May 7, but exchanges have
ruled about }*% tinder parity, and on balance China has been a seller of silver during
the week. Some of these sales have been effected In the Bombay market and have
had a weakening effect there, while the up-country demand has fallen to about 90
bars a day since the middle of May, with the result that the amount taken off the
market In London has so far been disappointing, but some purchases for the next
settlement are still anticipated. Stocks In India amount to 15,000 bars Indicating
a consumption during the past week of £ 140,000. Currency returns show an in­
crease In rupees of 47 lacs, the turn In the tide there coinciding almost to a dav
w,th the turn last year. Supplies from America are sllgthly below the average but
not sufficiently so to Indicate that the troubles In Mexico have Interfered to’ anv
important extent with the output. The price In India Is Rs. 62 M per 100 tolahs
Ind,cs’ £ 5 -500: total, £ 182,0M. Shipmcnts£100 000d‘ £3,000, Bombay. -£62,000; Calcutta, £30,000; Colombo, £5,000; total,

ffiammevciat mi cl MZxs cellini cans
F O R E IG N T R A D E OF N E W Y O R K — M O N T H L Y
S T A T E M E N T . In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.

s

________ _ _ _ _ _ ____ _________________

T h e d a ily c lo s in g q u o t a t io n s f o r s e c u r itie s , & c ., a t L o n d o n
a s r e p o r te d b y c a b le , h a v e b e e n as fo llo w s th e p a s t w e e k - ’
London.
Week endlruj May 26.
Sat.
Mon.
Tues.
Wed.
Thurs
Frl
silver peroz
.......... d„ 24%
245*
245* 245*
24 9-16 24 9 16
Consols, new 2)* per cents. - 81}*
81 7-16 81 7-10 81 5-10 81 5-16 81 1-16
Foraccount................ ....... 81 5-16 81)*
81)*
81 5-16 81 5-16 si i in
French Rentes (In Paris).fr. 96.10
96.15
90.10 95 97)*
95 sVl?
Amalgamated Copper Co- 685*
69
69)*
70)*
69
sg *
o '., ,
o il*
American Smelt. & Ref. C o . . ____
ftAnaconda Mining Co--------- 8)*
8)* * 8K ~ ”
85*
su
qi?

\irA &6H \irA #
Canadian Pacific..............
2405*
Chesapeake & O h io ...- I * .. 8 4)f
Chicago Gr-at Western.. 22)*
Chicago Mllw. & St. P a u l... 128)2
Denver & Rio Grande.......... 3 1 $

241
85
22)*
128)4
31)1

p i s s , 88 88
41)*

T„®ec,ond Preferred.............. 41)*
Illinois Central......................143
Louisville A Nashville.......... 152)*
Missouri Kansas & Texas.. . 355*
Preferred............... _..... 69
Missouri Pacific______
_
Nat. RR. ofM ex., IstP ref.. 67)*
Second Preferred------- 325*
N. Y. Central* Hudson R iv .U l)*
5 - Y - Ontario * W estern... 44)*
Norfolk & Western------------- i l l
Preferred
------------------ 92 )*
Northern Pacific-......... ....1 3 1 )*
S
n
yiTen la ----------- 63)*
oRea ling Company-------- 82
“ ^ P r e f e r r e d .......... 46)*
t?nlaliainh Preferred...... 505*
Rock Island............ .............. 33
Southern Pacific........ ........... 1215*
Southern Railway-------- 29)4
Preferred ......................... 70
Union Pacific.............. ......... 188)4
Preferred...................... 971*
U .S . Steel Corporation.. 81)4
Preferred........................... 123)*
W abash. ............................ 17)*
...................... 39
Preferred
Extended 4s................... 71
a Price per shar 1

sterling.




143)*
152)*
35)*
69
_
07
32
111)*
44)*

210^
85
2’>)*
128
31 )*

hI

*
221*
M V,
IfS

The imports and exports of gold and silver for the ten
months have been as follows:
Gold Movement at New York.
Month.

Imports.
1910-11.

143
152)*
36
69

152)*
36)*
69

22
197 . '

159

3054
w

92)*
1315*
63)4
82)*
46)*
50)*
34)*
122)*
30)*

05 "
32)*
1115*
44)*
ill)*
93)*
132H
63 54
82}.*
46)*
50)*
34 %
1215*
30)*

64
305*
111$
44
m
93)*
131$
62 $
82
46)*
50
33
1215*
29$

1895*
98
83)*
123)4
17)*
39
71

189
98
82
123)4
17)*
39)*
71 ^

188)*
97$
79$
122$
m*
38)*
70$

111

70

70

do"
31)*
111 )*
44)*
111 )*
93)*
133)4
03
82)*
46 )|
50)*
33 5*
121$
30$
69$
188$
97)*
80$
123$
17)*
39
___ 71

143
69

09

Silver—New York.

Exports.

1909-10.

1910-11,

S
S
July................. 4,906.440
470,018
August............ 9.335,389
600,503
431,581
September___
481,915
October..........
689,290
085,147
November___
740,321 1,093,967
December___ 1,881,121
515,727
January ____ 1,325,148
421.946
February___
632,423 1,912,799
M arch............ 1,158,724 2,425,420
A p ril________
470,074
470,490

S
177,490
270,000
134,500
132,185
256,900
387,010
871,445
351,125
436.292
591,794

Import's.

Exports,

1909-10.

1910-11.

1910-11.

S
13,405,800
2,847,470
335,020
1,974,125
8,877,100
8,017,750
3,113.570
2,780,542
1.044,417
30,108,300

8
376,817
1,007.193
093.002
482,044
690.077
747,747
875,810
004,107
970,394
873,523

S
4.272,445
3,931,438
424,670
2,684,205
3,779,193
4,393,262
4,858,670
3,585,088
4,764,044
3,742,414

Total............ 20,576.517 9,078,028 3,615,341^79,170,760 7,327,440 30,435,495

G O V E R N M E N T R E V E N U E AN D E X P E N D IT U R E S .—
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
April.
From previous returns we obtain the figures for
previous months, and in that manner complete the statement
for the ten months of the fiscal years 1910-11 and 1909-10.
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
1910-11.

(000.? o m itt e d .)
F eb.

M ch.

A p r.

1909-10.

110

m o s.

F eb.

M ch .

A p r.

S
R eceip ts—
S
S
S
S
S
s
Customs____________ 25,219 30,108 23,059 205,415 27,526 33,723 27.270
Internal /Ordinary__ 21,244 24,117 22,777 239,908 19,460 22.343 21.830
584
388 7,346
229
RevenuetCorp. tax__
Miscellaneous_______ 3,699 3,05(3 4,208 40,422 3,287 4,080 4,045
Total receipts.......... 50,391 58.465 51,092 553,151 50,279 00,152 53,154
Civil & miscellaneous.
W a r ...........................
N a v y ..........................
Indians........................
Pensions......................
Int. on public debt__
Panama Canal______

12,502
11,184
9,560
770
15,208

14,851
14,342
9,729
1,377
13,572
84
1,908
123
2,587 2,803

15,190
13,878
10,039
1,800
11,312

1

147,771 12,228 14,869
137,363 10,224 12,855
100,620 9,321 10,492
1,410 1,230
13,405
131,878 15,345 13,054
382
3,085
3,251 19,234
1,800
151
2,883 31,079 3,047 2,037

110

m os.

282 114
290 01«
W
'r W
37,753
540,785

16,840
11,895
9,801
1,360
11,359

143,103
134,074
103,703
12,480
134,529
1,210 13,496
3,204 19,253
3,020 27,240

Total disbursements 53,719 56,941 58,413 584,501 53,435 55,670 58,764 587,968
Less repayment of tin1,823
1,149 2,036 1.937 3,239
expended balances. 1,081 2,428 2,972
Total................ ..... 52,638 54,513 55,441 582,678 52,280 53,034 56,827 584,729

d

o io l l
7 3

g* 41)*
g» gg
41)*

42

143

20,728.717
19,732,558
17.906,343
19.793,908
17,575,847
16,223,356
17,545,140
18,778,746
21,988.922
16,276,428

lo ta l— 737,481,119 794,519,611 040,491,901532,507,359 173,914,490 186,549,965

D is b u r s e m e n ts —

E n g lis h F in a n c ia l M a r k e t s — P e r C a b le .

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

HT6
o o /l
19?
’ ,y

iff

41)*

143^

3
68)*

Syi*
05 '
303'
in A
43$

93^
131)*
62$
s iv
46)*
50
328'

10
90s '
68$

tgal?
07 A
sod
199$
{ 7$
3S)*
70$

STOCK OF M O N E Y IN T H E C O U N T R Y .— The following
table shows the general stock of money in the country as well
as the holdings by the Treasury, and the amount in circula­
tion, on the dates given. The statementfor May 1 1910 will
he found in our issue of May 28, 1910, page 1404.
Stock o f Money May 1 1911. ---- Money in Circulation___
in United
Held In
May 1
May 2
States.
Treasury.d
1911.
jg jy
S
S
5
c ‘
Gold coin and bullion------ *1,744,588,314 187,922,120 589,433,525 591 814 7ns
Gold certificates.a................................. —
32,827,160
934,405,509 784’ 70fl’249
Standard silver dollars____ 564,958,508 19,271,105
73,055,403
72667’365
Silver certificates.a ...................................
6,610,877 466,021,123 483’85()’ fl45
Subsidiary sliver...................6158,882,981 21,278,804
137,604,117 139 877 015
Treasury notes of 1890____
3,319,000
8,743
3,310,257
374l’410
United States notes............. 346,681,016 10,600,527 330,020,489 339’823’ 720
National bank notes........... 728,144,518 30,350,824
697,787,094 688io65]222
Total .............................. 3,546,574,337 308,936,220 3,237.038.lT7 3,104 547 273
Population of the United States May 1 1911 estimated at 93,705,000' circulation
per capita, $34 55. (See nqte.)_................... ....... .............
*gjj|

appropriate kinds of money Is held In the Treasury, and Is not Included In the ac­
count of money held as assets of the Government.
KH
6
A revised estimate by the Director of the Mint of the stock of subsidiary silver
coin was adopted in the statement of Sept. 1 1910. There was a reduction) of
$9,700,000.
d This statement of money held In the Treasury as assets of the Government does
not Include deposits of public money In National Bank Depositaries to the credit of
the Treasurer of the United States, amounting to S36;596,64 1 42
M
Note.—'The figures representing the population of the United States during] the
past ten years have been estimated upon the basis of the Census of 1900 The
figures for this statement are estimated unon the basis of the Census of 1910 ^repre­
senting the population of continental United States'
jg
— ’
-j

THE CHRONICLE

May 27 1911.]

B A N K N O TE S— C H AN G ES IN T O TA LS OF. A N D IN
D E P O SITE D BO N D S, &c.— W e give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for April 1910
will be found in our issue for May 28 1910, page 1404._______
Donds and Legal Tenders
on Deposit for
1910-11.

April 30
Mch. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31

1911
1911
1911
1911
1910
1910
1910
1910
1910
1910
1910
1910

Circulation Afloat Under—

Donds.

Legal
Tenders.

Bonds.

Legal
Tenders.

Total.

S
695,657,540
097.082.510
697,088,700
696,706,300
695,663,920
696,693,160
694,920,070
691,961,860
689,813,710
688,458,280
686,974,880
685.671.510

$
36,675,998
35,891,130
35,815,326
33,506,185
34,335,925
33,160,390
33,538,403
32,638,029
30,188,728
27,501,375
27,913,720
29,477,138

$
691,468,720
693,201,786
693,119,715
692,939,203
693,370,056
693,695,443
091,335,845
688,157,577
687,132,323
684.468,093
685,517,013
682,705,703

S
36,675,998
35,891,130
35,815,320
33,506,185
34,335,925
33,160,390
33,538,403
32,038,029
30,188,728
27,501,375
27,913,720
29,477,138

$
728,144,718
729,152,910
728,935,041
726,445,388
727,705,981
726.855,833
724,874,308
720.795.606
717.321.051
712.029,468
713,430,733
712.242.841

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on April 30.____________
Bonds on Deposit
April 30 1911.

4% Loan of 1925 ..............................
3% Loan of 1908-1918......................
2% Consols of 1930............................
2% Panama of 1936..........................
2% Panama of 1938..........................
4% Philippine loans______________
4% Porto Rico loans______________
3.65% District of Columbia..............
Various, Territory of Hawaii_______
Various, State, City and Railroad..
T o ta l................................................

U. S. Bonds Held April 30 to Secure—
Bank
Circulation.

Public Deposits
in Banks.

.

7'otal
Held.

S
20,619,600
15,506,780
580,940,000
51,132,180
27,428,980

S
4.571.000
4,328,300
24,751,900
2.781.000
1.505.000
4.417.000
944.000
872.000
063.000
2.080.000

S
25,220.600
19,835,080
605,691,900
53,913,180
28,933,980
4.417.000
944.000
872.000
663.000
2.080.000

695,657,540

40,913,200

742,570,740

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits April 1 and
May 1, and their increase or decrease during the month of
April:

National Dank Notes—Total Afloat—
Amount afloat April 1 1911--------------------------------------------------------------$729,152,916
Net amount retired during April___________________________________
1,008,198
Amount of bank notes afloat May 1 1911................................- ........... $728,144,718
Legal-Tender Notes—
Amount on deposit to redeem national bank notes April 1 1911---------$35,891,130
Net amount of bank notes Issued In April........ - .....................................784,868
Amount on deposit to redeem national bank notes May 1 1911.......... $36,675,998

D IV ID E N D S .
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in. italics\_______
Name of Company.

Per
Cent.

When
Payable.

Books Closed.
Days Inclusive.

Railroads (Steam)
Alabama Great Southern, ordinary..........
2)4 June 27 Holders of rec. May27a
Preferred ...............................................
Aug. 28 Holders of rec. July22a
3
J June 16 to June 30
Albany & Susquehanna.................... .......
4 14 July
Atch. Top. & S. Fe, com. (qu.) (No. 24).
1)4 June 1 Holders of rec. Apr.2Ho
Atlantic Coast Line Co. (quar.)-------------2 K June 10 May 30 to June 9
July 10 June 22 to July 10
3
Atlantic Coast Line HR., common_____
Boston & Albany (quar.)......... - .............
2K June 30 Holders of rec. May31a
July
2 May 28 to Juno 2
4
Boston A Lowell____ _____ - .....................
1
July
1 Holders of rec. June la
Boston A. Maine, common (quar.)..........
Canadian Pacific, com. (quar.) (No. 60).
2 14 June 30 Holders of rec. June la
Chesapeake * Ohio (quar.)......................
IK Juno 30 Holders of rec. June 9a
5 May 21 to June 4
Chestnut Hill (auar.)---------- ---------------IK June
IK July
1 Holders of rec. June 2
Chicago A North Western, com. (gu ar.)...
2
July
1 Holders of rec. June 2
Preferred (quar.)...... ...............................
CIncIn. New Orl. & Texas Pacific, com__
2 K June 15 Holders of rec. June 3a
1 Holders of rec. May24a
Preferred (quar.)........................- .........
l K June
1 Holders of rec. May 10a
Cleveland & Pittsburgh, reg. guar.(quar.)
IK June
Special, guar. (quar.)_........ ....... .........
1
1 Holders of rec. May 10a
June
Cripple Creek Cent., pref.(qu.)(No. 22).
1 Holders of rec. Mayl7a
1
June
Delaware A Hudson Co. (guar.)................
2K June 20 Holders of rec. May27a
Detroit & Mackinac, common....................
1 June 16 to July 2
2 K July
Preferred .......................... ....................
1 Juno 16 to July 2
2 K July
East Mahanoy.............................................
2 K Juno 15 Holders of rec. June 5a
Erie A Pittsburgh (quar.).... .....................
IK June 10 Holders of rec. June la
Greene RR...................................................
Juno 20 Holders of rec. Junel4a
3
Morris A Essex, guaranteed............... .......
3K July 1 Holders of rec. JunelOa
$2 June 30 Holders of rec. JunelSa
N. Y. N. II. & Hartford (quar.)-----------Part paid stock, Issue of Dec. 20 1909.. S1K June 30 Holders of rec. Junel5a
1 Holders of rec. May 15a
6
New York Philadelphia & Norfolk--------June
Norfolk & Western, common (quar.)----IK June 19 Holders of rec. May31a
Pennsylvania (quar.)---------- -----------------1)4 May 31 Holders of rec. May 5a
Phlla. Germantown & Norristown (quar.)
3
Juno
6 May 21 to June 4
Plttsb. Bessemer & Lake Erie, pref------1 Holders of rec. May 15
3
June
Plttsb. Youngst. * Ash., com. & pf. (qu.)
1 Holders of rec. May20a
IK June
Rensselaer & Saratoga_____________ —
4
1 June 16 to June 30
July
Southern Pacific Co. (quar.) (No. 1 9)..
1 Holders of war’t No.19a
1)4 July
1 Holders of rec. June 3a
Union Pacific, common (quar.)-------------2)4 July
1 Holders of rec. June20a
Valley RR. (N . Y .), guar..........................
2 K July
Street and Electric Railways.
American Railways (a u a r.)--............ —
Brooklyn Rapid Transit (quar.)..............
Brooklyn Union Elevated RR.. common.
Preferred ____ _________ ___________
Chicago City Ry. (quar.)............ ................
Chippewa Valley Ry., I,. & P.,pref. (qu.)
Columbus(0.)Ry.,com. (quar.) (No. 32)
Detroit United Ry. (quar.)........ ........... Federal Light & Tract., pref. (quar.) —
Grand Rapids Ry., common (quar.)____
Met. West Side El. Ry.,Chlc., pf. (q u .)..
Northern Ohio Traction * Light (quar.).
North. Tex. Elec. Co., com. (qu.) (No. 7)
Pensacola Electric Co., preferred (No. 9).
Portland (Ore.) lty.. Lt. A P.(qu.)(No.2)
Rochester Ry. & light, preferred (quar.)
St. Joseph(Mo.)Ity.. L.H.&P.,com.(qu.)
Second A Third Streets Pass., Phlla. (gu.) .
United Rys. .fc Elec., Balt., p r e f..............
Washington (D. C.) Ry. & Elec., co m ..
Preferred ................................... - .........
West Penn Traction, com. (quar.)---------




Name of Company.
Trust Companies.
Fidelity____ ______ ___________________
Miscellaneous.
Adams Express (quar.)________________
Amalgamated Copper (quar.)__________

1415
Per
Cent.
3

When
Payable.
July

Books Closed.
Days Inclusive.

1 May 24

to

May 28

1 May 16 to
May 31
$3 June
K May 2G Holders of rec. Apr.29a
A m e r ic a n C a n , p r e f . ( g u a r . ) _____ ______
1 Holders of rcc. Junel6a
IK July
American Caramel, common (quar.)
1 May 11 to May 31
1
June
American Cotton Oil, common________
1 May 17 to June 1
2K June
Preferred..................................
~~ 3
1 May 17 to June 1
June
American Express (quar.)______.IIII1 1
1 Holders of rec. May31a
$3 July
American Gas (quar.)____________ I I II"
1 Holders of rec. May20a
IK June
Am. Iron <fc Steel Mfg., com. & pf.,(spcc.)
1 Holders of rec. May20a
2
June
American Plano, pref. (quar.) (No. 1 3)..
1 June 25 to July 2
IK July
American Radiator, common (quar.)___
2
June 30 June 22 to June 30
Amer. Shipbuilding, com. (quar.)..........
1
1 May 17 to June 1
June
Common (extra)......................................
1
1 May 17 to June 1
June
Am. Smelt. Sec., pref. A (qu.) (No. 2 5 )..
1 May 20 to May 28
IK June
Preferred B (quar.) (No. 24)................
1 May 20 to May 28
IK June
American Stogie, preferred (quar.)______
l
June
1 Holders of rec. Mayl5a
Am. Sugar Refg., com. & pref. (quar.)..
3 Holders of rec. June la
IK July
A m e r ic a n T ele g r a p h A C a b le ___________
1 Holders of rec. May31a
IK June
Amer. Tobacco, common (quar.)_______
1 Holders of rec. Mayl3a
2K June
Common (extra)......................................
1 Holders of rec. Mayl3a
7K June
Associated Merchants, common (quar.)..
IK May 31 Holders of rec. May 25
Common (extra)___ _____ ___________
K May 31 Holders of rcc. May 25
1 May 16 to June 6
2
June
Barney & Smith Car, pref. (quar.)...........
Borden’s Cond. Milk,pref.(qu.)(No. 38).
IK June 15 June 6 to June 15
1 Holders of rcc. May 15
British Columbia Copper Co., Ltd. (qu.).
2K June
1 June 18 to June 30
Brooklyn Union Gas (quar.).............. —
IK July
1 May 17 to June 6
Butte Coalition Mining (quar.)_________ 25c. June
1 Holders of rec. May 15a
Butterlck Company (quar.)................ —
K Juno
1 Holders of rec. June 10
C e n tra l L ea th er , p r e f . ( g u a r . ) ......................
IK July
10
June
June 4 to
June 11
C h ild s C o m p a n y , c o m m o n ( g u a r . ) -------------2K
P r e f e r r e d ( g u a r . ) ___________________
IK June 10 June 4 to June 11
1 Holders of rec. May 20a
Cities Service Co., common (m onthly)..
K June
1 Holders of rec. May20a
Preferred (monthly)________________
K June
June
5 Holders of rcc. June 5
2
C i t y A S u b u r b a n H o m e s ..............................
Consolidated Gas of N. Y. (quar.)--------IK June 15 Holders of rec. May 17a
June 15 Holders of rec. May 31a
Crex Carpet...... ................... .......................
3
Crucible Steel, pref. (quar.) (No. 31)----IK June 30 Holders of rec. June20a
1 Holders of rec. Junel5a
Cuban-Amertcan Sugar, pref. (quar.)----IK July
Detroit Edison (quar.)..............................
IK July 15 Holders of rec. July la
Diamond Match (quar.)............................
IK June 15 Holders of rec. May31a
1 Holders of rcc. Junc20a
du Pont Internat. Powder, pref. (quar.).
IK July
1 Holders of rcc. May 31
K a s tm a n K o d a k , c o m m o n ( g u a r . ) ..............
2K July
1 Holders of rcc. May 31
July
5
C o m m o n ( e x t r a ) ____________________
1 Holders of rcc. May 31
P r e f e r r e d ( g u a r . ) ___________________
IK July
Federal Mining & Smelting, pref. (quar.).
IK June 15 Holders of rcc. May 27
1 Holders of rec. Mayl5a
General Asphalt, pref. (quar.) (No. 16)-IK June
1 Holders of rec. May20a
General Chemical, common (quar.)------IK Juno
1 Holders of rec. June21u
Preferred (quar.)___________________
IK July
2
July 15 Holders of rec. May31a
General Electric (quar.)............... ..........
30c. July 31 Holders of rec. June 30
G o ld fie ld C o n s o l. M i n e s ( g u a r . ) ................
31 Holders of rec. June 30
E x t r a -------------- ----------------------------------------- 20c. July
1 May 24 to June 1
Great Northern Paper (quar.)--------------IK June
1 Holders of rcc. May20a
Harbison-Walker Refract., com. (quar.).
K June
1 Holders of rec. MaylOa
Internat. Harvester, pref. (quar.RNo. 17)
IK June
International Nickel, common (quar.) —
2K June 1 May 13 to June 1
1 May 17 to June 6
June
2
Internat. Smelting & Refining, (quar.)..
1 Holders of rcc. June20a
Internat. Smokeless Pow. & Ch.com.(qu.)
K July
1 May 21 to May 31
June
I n te r n a l. T im e R e c o r d i n g , c o m . (g u a r .) —
3
1 May 21 to May 31
P r e fe r r e d ( g u a r . ) .......... ........................IK June
1 Holders of rec. May 19a
2
Juno
Kings Co. El. Lt. & Pow. (qu.) (No. 45).
Laclede Gas Light, common (quar.)------ . IK June 15 June 2 to June 15
Preferred __________________________
2K June 15 June 2 to June 15
May 31 Holders of rec. Apr.29a
2
Lehigh Coal & Nav. (quar.) (No. 130) —
1 Holders of rec. JunelOa
M a c k a y C o m p a n ie s , c o m . (g u .) ( N o . 2 4 )..
IK July
1 Holders of rec. JunelOa
l
July
P r e f e r r e d (q u a r .) ( N o . 30)........ .............
1 May 16 to May 31
June
Massachusetts Gas Co., pref.................... . 2
1 May 18 to June 1
Michigan State Telephone, com. (quar.).
IK June
1 July 16 to Aug. 1
Preferred (quar.)...................... .............
IK Aug.
National Biscuit, com. (qu.) (No. 5 1)-IK July 15 Holders of rec. June28a
Preferred (quar.) (No. 53)--------------IK May 31 Holders of rcc. Mayl7a
Nat. Lead, common (quar.) (No. 30)-----K June 30 June 10 to June 14
May 23
Preferred (q u a r.)..................................
IK June 15 May 20 to
to June 20
N e v a d a C o n s o l. C o p p e r C o . ( g u a r . ) ............ 37Kc. June 30 June 17
1 Holders of rcc. May26a
1
June
N . V . A Q u ee n s E l e c . L . A P . , p r e f . ( g u . ) .
Nlles-Bement-Pond, com. (quar.)............
IK June 20 June 10 to June 20
1 Holders of rec. Junel5a
North American Co. (auar.)____________
IK July
Philadelphia Electric (quar.).................... 22 Kc. June 15 Holders of rec. Mny23a
1 Holders of rec. May 26
Pittsburgh Steel, preferred (quar.)..........
IK June
1 Holders of rec. May 25
1
June
Plaza Operating Co., common (No. 1)__
1 May 15 to Mav 31
June
2
Pure Oil, common (quar.)................ .........
Quaker Oats, common (quar.)..................
2K July 15 Holders of rcc. July la
Preferred (quar.).................. - ...............
IK Aug. 31 Holders of rec. Aug. la
Quaker Oats, preferred (quar.)-------------IK May 31 Holders of rec. May 16
$1 June 19 May 28 to June 7
Quincy Mining (quar.)..............................
Railway Steel-Spring, pref. (quar.)..........
IK June 20 June 7 to June 20
July 15 Holders of rec. July 5
3
R e a lty A s s o c ia t e s .........................................
1 Holders of rcc. JunelOa
Republic Iron & Steel, prcf.(qu.)(No.38)
IK July
$9 June 15 Holders of rec. Mayl9a
Standard Oil (quar.)............ ....................
1 May 20 to June 1
Stern Brothers, pref. (quar.) (No. 2 )----IK June
1 Holders of rec. May 15
Studebakcr Corp., pref. (qu.) (No. 1)----IK June
1 Holders of rcc. June 20a
1
July
Underwood Typewriter, com. (qu.)(N o.l)
1 Holders of rec. June 20a
Preferred (quar.)_____ _____________
IK July
to May 31
1 May 22
Union Stock Yards, Omaha (quar.).........
IK June
1 June 16 to July 2
U n ited D a n k N o t e C o r p ., p r e f . ( g u a r . ) -----IK July
1 Holders of rcc. May 25a
United Cigar Mfrs., pref. (quar.)..............
IK June
1 Holders of rec. May 26
United Dry Goods, preferred (quar.)----IK June
1 Holders of rcc. May22a
U. S. Cast Iron Pipe & Fdy., pref. (quar.)
IK June
U. S. Steel Corp., com.(quar.)(No. 3 0 )..
IK fune 29 June 2 to June 12
Preferred (quar.) (No. 40)----------------IK May 29 May 2 to Mav 14
75c. June 30 June 17 to June 20
U ta h C o p p e r C o . ( q u a r .) ( N o . 12)..............
1 Holders of rcc. May22a
3
June
W a lt h a m W a tc h , p r e fe r r e d ......................
W c s t ln g h o u s e E l e c . A M f g . , p r e f . ( q u a r . ) .
IK July 15 Holders of rec. June 30
Woman’s Hotel Co. (No. 8) ...... ............. 2K June 15i Holders of rec. June 1
a Transfer books not closed, b Less Income tax. d Correction, e Less State,
city and county taxes.

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S TO C O N VE R T A P P R O V E D .
■ The Deuel County Bank of Oshkosh, N eb., Into “ The FirstJNational
Capital, $25,000.
■
• The Farmers’ & Merchants’ Bank of Oakland. N eb., Into “ The Farmers*
& Merchants’ National Bank of Oakland.” Capital, $50,000.
C H AR TE RS ISSU ED TO N A T IO N A L B AN K S M A Y 11 TO M A Y 15.
10.011—
The Tllden National Bank, Tilden, Neb. Capital, $50,000. L .’ A .
Stuart, Pres.; C. E . Burnham, V tcc-Prcs.; C. A . Smith, Cashier;
C. O. Baker, A sst. Cashier. Conversion Elkhorn Valley Bank
of TIidcn.
• •10.012—
The Tishom ingo National Bank, Tishom ingo. Okla. Capital,
$30,000. W . M. Lucas, Pres.: Jas. R . M cKinney, VIce-Pres.;
\V. IC. Gllstrap, Cashier; L . I,. Caldwell, A sst. Cashier.
. . .
10.013—
The State National Bank of H oldcnvlllc, Okla. C apital,'$50,000
J. A . Chapman, Pres.; W . B. K ey, Vice-Pres.; John W . Gilliland,
Cashier; T . E . Smith, Asst. Cashier.
• •
10.014— The First National Bank o f Yale, Okla. Capital, $25,000. W . A .
Northgravc, Pres.; John Foster, V ice-Pres.; W ill .Lauderdale,
Cashier.
V O L U N T A R Y L IQ U ID A T IO N .
8,622— The First National Bank o f U nlontown, K y ., May 10 1911 ■
D ank of Oshkosh.”

IK
IK
2K
2K
2K
IK
IK
IK
IK
1
K
K
IK
3
$1
IK
K
$3
e2
1
2K
1
3

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

June 1
15
1 Holders of rec. June 9a
7 Holders of rec. May31a
30 Holders of rec. June22a
30 June 14 to June 17
1 Holders of rec. May31a
1 Holders of rec. May 15
1 Holders of rec. Mayl6a
1 May 16 to June 1
1 Holders of rec. May 15
1 Holders of rec. Mayl7a
15 Holders of rec. May31a
1 Holders of rec. May23a
1 Holders of rec. May22a
1 Holders of rec. May 12a
1 Holders of rec. May25a
1 Holders of rec. Mayl5a
1 Holders of rec. June 5
June 1
1
1 May 16 to June 1
1 May 16 to Juno 1
15 June 8 to June 15
1

Canadian Bank Clearings.— The clearings for the week end­
ing May 20 at Canadian cities, in comparison with the same
week of 1910, shows an increase in the aggregate o L 2 9 .4 % .

THE CHRONICLE

1416

Week ending May 20.
Clearings al—
1911.
Canada—■
Montreal _____________
Toronto............................
W innipeg------------ -------Vancouver------------------Ottaw a........................ .
Q uebec............................
H alifax............................
H am ilton........................
St. John..........................
London .........................
Calgary ---------------------Victoria............................
E dm onton____ _____ _
R e gin a ............................
Brandon................ .........
Lethbridge......................
Saskatoon................ .......
Brantford ......................
Moose J a w ....................

S
46.764.171
37,107,396
23,028,418
10,222,265
4,191,293
2,724,411
1.747,441
2,532,290
1,842,266
1,525,723
3,806,946
2,704,240
1,907,911
1,441,416
498,395
499,739
1,201,219
459,270
706,260

1910.

Inc. or
Dec.

$
%
39,318,545 + 18.9
24,993,487 +48.5
16,180,399 +42.3
8,298,142 +23.2
4,589.051
—8.7
2,335,568 + 16.6
1,921,911
—9.1
1,620.684 +56.3
1,565,305 + 17.7
1,343,389 + 13.5
2,888,455 +31.8
1,983,662 +36.3
1,447,935 + 31.8
774,853 + 86.2
+7.2
464,814
Not include d In tot
Not include d In tot
Not Include d In tot
Not Include d In tot

Total Canada............ 142.044,582 109,726,200

+29.4

1909.

1908.

$
$
34,733,845 28,456,576
28,157,066 21,389,735
12,317,561 10,501,730
5,020,521 3,456,500
3,743,666 2,953,445
2,175,894
1,784,601
1,997,655
1,617,466
1,388,207
1,817,165
1,254,287
1,249.742
1,086,837
1,122,293
1,158,049
1,616,967
1,232.763
1.392,182
662,731
859,200
al
al
al
al

____
____

____
........

95,432,275 77,714,409

Auction Sales.— Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction
in New York, Boston and Philadelphia.
By Messrs. Adrian H . Muller & Sons, New York:
Shares.
Per cent.
100 Amer. Ice Co. preferred----- 35H
100 Mine Securities Corp., $5 ca.)
7,500 Trappers’ Flat Mg. & M1U.| S7
Co., $1 each------------ ----------Mot.
1,000 Boston-Mexlcan Mines C o ..j
50 Interboro. Rap. Transit Co. 188
151 American Brass C o...l25)6-125)£
10 National Reserve Bank----- 89
11 Hanover Fire Ins. Co___ 219
10 Chemical Nat. Bank_______432
20 Cons. Fire Alarm Co. com .$10 lot
99 Iron Steamboat Co. of N. J.,
$10 each............ ......... $1.65 per sh
10 People’s Surety Co. of N. Y . 60
20,000 Orphan Cop. Co., $5 ea., $1601ot
200 Broadway Nat. Bank of Chel­
sea, Mass.........................
90
Bonds.
Percent.
$25,000 Va. Anthracite Coal Co. lstl
5s, 1 9 2 3 ................... .......... ....... |
250 Southern Ice Cor;;............. 18200
4 Demand notes of Va. Anth.[ lot.
cite Coal Co., $29,052.54.. J

Bonds.
Per cent.
$4,000 CIn. Ham. & Day. Ry. Co.
66)S
gen. 4Hs, 1939.......
$165,000 Hudson Rlv. El. Pow. Co.
1st 5s, Aug. ’08 coup, attached.$17,000
$5,575 Detached coups, from bonds
of Hud. Rlv. El. Pow. Co. due
Feb. 1908...................
$200
$20,000 Hud. Rlv. Water Pow. Co.]
1st 5s. Nov. TO coup, attached.. 180%
$1,500 Detached coup, from above|
bonds — ..................................... J
$15,000 Louisiana (new consol.) 4s,
1914. J. & J ....................._ 9 9 )i& in t.
$1,000 28th & 29th St. Crosstown
RR. 1st 5s, 1996 (ctf. of d e p .).. 19)6
$75.79 Bramon Estates Co. pref.
scrip voting trust certfs............$10 lot
$500 Knoxville Pow. Co. 1st 6s,1915 91
$25,000 Georgia Coast & Piedmont
RR. Co. 1st 5s, 1946. M. & S.56 & Int.
$4,000 Murray Hill Park 1st 6s,
1920 ($1,000 guar., $3,000 not
guaranteed).............................. 88 -96

By Messrs. R . L. Day & Co., Boston:
%per sh.
Shares.
$ per sh. Shares.
12 Webster & Atlas Nat Bank___ 175 H
8 Cambridge Gas Light Co---------266
3 Powow Rlv. Nat. Bk.,Amesb’y 120)5
1 Regal Shoe Co., pref--------------96
70 West End Land Co___________ 23c.
2 Wamsutta Mills, New Bedford. 133
5 Arlington Mills-------------124
25 Quincy Market Cold Stor. &
19 Bates Mfg. Co----------------- 229-250
Warehouse Co. rights................ 14
1 Manomet Mills, New Bedford. .123
190 American Plano Co., pref........ 86
3 Amoskeag Mfg. Co___________ 324
3 State Street Exchange-...............80
12 Lockwood Co., Watervlllc, Me. 104
2 Boston Wharf Co____________ 110
10 Merrlmac Chemical Co. rights. 4
10 Peterboro (N. H.) RR. Co___ 100)5
11 Ware River R R. C o ................. 174

By Messrs. Francis Henshaw & Co., Boston:
$ per sh.
$ p e r s h . Shares.
25 Springfield Fire & Mar. Ins. Co.250
7 National Shawinut Bank........ .401
1 Columbian Nat. Life Ins. C o .-.112)5
2 Old Boston National Bank___ 126M
8 Merchants’ National Bank___ 271
Bonds.
Per cent.
8 Hamilton Woolen Co................102
1 Amoskeag Mfg.Co.($1,000 par) 325H $1,000 Exchange Club 2d 5s, 1913. 99
25,000 Continent’! Mills 1st 5s, 1913 100
5 Wamsutta Mills........ ............... 133

S h a res.

By Messrs. Samuel T . Freeman & Co., Philadelphia:
$33,500 The Brunswick Street R R. Co. 1st 5s, 1912-------------------------------------- 1
$13,346 67 Desha Lumber & Planting Co. of Arkansas City Income 5s. 1899-.
$60,000 Huntsville Belt Line & Monte Sano RR. Co. (Ala.) 1st 6s, 1908..........
$7,500 Note of Northern Alabama Improvement Co., past due......................
$750 St. Simon Land & Improvement Co. 1st mtge. coupons....................
87,300 The American Fibre Association (Georgia)................. - ............... .........
180 American Flax Fibre Co. (West Va.), $50 each___________ _______
100 American Loan * Trust Co., New York____ ______ _______________
600 The Brunswick Co. (G eorgia )...................................................... .......
11,000 Brunswick Inv. Co. (Georgia).............................................................
162 Columbia Street Ry. Co. (Tennessee)........ ......... ................................. $125
500 Cotton Picker Co. ( M e .).............................- .................................... ..
for
5 First National Bank (Brunswick, Georgia).................... .................... lot.
85 International Cooling Co. (West V a.).................. ..................................
300 Nicaragua Canal Construction Co. ctfs. of deposit...... .......................
100 Nicaragua Canal onstructlon Co. (Colo.)............ - ------------------- -------700 Northern Alabama Improvement Co.................. ..................................
600 North American Invest. Co. (Georgia)------- ---------------------------------2,050 Northwestern Land Association (South Dakota).......................... .......
1,300 Planters’ Cotton Harvester Co. (Iowa), $25 each.................... .............
24,700 Western Fibre Manufacturing Co. (Iowa), $20 e a c h ...____ ______
3,750 Planters’ Compress Co. common stock trust certificates......................
Past-due notes and bills of exchange, amounting to $16,251.20_______________
B on d s.

$1,000
$500
$1,000
$200

P ercen t.

City of Philadelphia 3)5s, 1916........ ............................................... . 98)5
North Springfield Water 1st 5s, 1928.................. ..................................100
Springfield Water Cons. 5s, 1926.......... ......... ............... .......... ......... 100
Sunbury Hazleton & Wilkes-Barre 1st 5s, 1928........ ........................101X

S h ares.

$ p e r sh .

9 Franklin Trust Co., $50 each.....................................- .......................... 60
20 Philadelphia Life Insurance Co., $10 each................ - ........... - ........... ......... 10)4

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
2 Pa. Co. for Ins. on Lives, &C.570
4 Corn Ex. Nat. Bank...........280)4
10 Market St. Nat. Bank____174)5
40 Western Nat. Bank____120-120)4
4 Bank of No. Am........ ............316)5
10 FlrstNat.Bk.of Conshohock’nl55
5 Phi la. Nat. Bank__________385
54 Fidelity Trust Co______950-951)4
22 Franklin Trust Co., $50 ea. . . 60
10 People’s Trust Co., $50 each 50)4
42 Green & Coates Pass. R y___ 122)4
35 Germantown Pass. Ry. C o ..116)4
6 Frankford & Southwark Pass.360)4
10 North Penn. Co., $50 each.. 97)4
12 Penn. Cold Stor. Co., $50 ea 10
10 Phlla. Wareh’g * C. S. C o . . . 150
20 Delaware Insurance Co......... 24
15 Spring House & Hill. Tpk.,
$25 each..................................25
14 Wash.(D.C.)GasLt.,$20 ea. 88H
3 Chrlstlanna River Im p.C o.. . 5)4
4 Phlla. Bourse, com., $50 each 4)4
4 First Nat. Bank of Phlla--- 230
10 Fourth St. Nat. Bank............300)4
4 Girard Trust C o .....................930
5 Girard Nat. Bank..................350
5 Mt. Holly, N. J., Nat. Bank,
$25 each................................ .. 40




Shares.
% per sh.
43 Real Est. Tr.Co.,pref.100)4-101 J4
7 CommonwealthT. I. & T. Co.245
10 Commercial Trust Co-----------368)4
20 Phlla. Life Ins., $10 each----- 10)4
25 Standard Life Ins. Co. of Am,
(Pittsburgh), $10 each--------- io
3 John B. Stetson Co., com.........486
326 Camden, N. J., Fire Ins. Assn.,
$10 each........ ..............
12
5 Scott Transfer Co., pref--------- 20
10 Standard Roller Bearing Co.,
common, $50 each...... ..............14
5 Phlla. City Pass. R y -------------152)4
2.000 Portland (Ore.) Mining C o ..$ l lot
11 Western Car Co. (Del.).......... $1 lot
Bonds.
Per cent.
$2,179.30 AlllanceIns.Co.6% scrip. 102)4
1.000 N. Sp’gfl’d Wat.Co.5s,1928.100
1.000 Spring Wat. Co. 5s, 1926...100
1.000 Barber Asphalt Co. 6s, 1916 97)4
500 Phlla. Sub. Gas & El. 5s, 1960 90)4
10.000 Pac. L. & P. 5s, 1942-----------98)4
500 Casino Co. of Spring Lake 6s,
1949 ...................................... 40)4
5.000 Harrison Bros. 5s............ .. 82
1.000 Phlla. Gtn. & O. H. R R.
4Hs. 1913............................ 101

[VOL. L X X X X I I .

Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending
May 20.
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.
Banks.
00j omitted.

Capital.

S
Bank of N. Y . .
2,000,0
Manhattan Co.
2,050,0
Merchants’ ___
2,000,0
Mech. & Metals 6,000,0
Am erica..........
1,500,0
City ................ 25,000,0
Chemical_____
3,000,0
Merchants’ E x.
600,0
Gallatln_______
1,000,0
Butch. & Drov.
300,0
Greenwlch___
500,0
American Exch.
5,000,0
Commerce____ 25,000,0
Mercantile----3,000,0
Pacific _______
500,0
Chath. & Phoen 2,250,0
People’s ..........
200,0
Hanover_____
3,000,0
Citizens’ Ccnt-.
2,550,0
N assau........ .
500,0
Market* Fulton
1,000,0
Metropolitan . .
2,000,0
Corn Exchange. 3,000,0
Imp. & Traders’
1,500,0
Park ................
5,000,0
East River___
250,0
F ou rth _______
5,000,0
S econ d............
1,000,0
First ................ 10,000,0
Irving E x c h ...
2,000,0
Bowery --------250,0
N .Y . County..
500,0
German-Amer .
750,0
Chase_________
5,000,0
Fifth Avenue. .
100,0
German E xch ..
200,0
Germanla........
200,0
Lincoln ............
1,000,0
Garfield............
1,000,0
Fifth ................
250,0
Metropolis___
1,000,0
West Side____
200,0
Seaboard--------1,000,0
Liberty............
1,000,0
N. Y. Prod. Ex.
1,000,0
State ................
1,000,0
14th Street----1,000.0
Coal & Iron__
1,000,0
Union E x c h ...
1.000,0

Surplus.

Loans.
Average.

Specie. Legals. Deposits. R*
Average. Average. Average. s’ve.

$
$
$
$
$
%
3,638,6 21,398,0 4,301,0
927,0
19,681,0 26.5
4,402,1 32,750,0 7,819,0 1,663,0 36,950,0 25.6
1,900,5 20,589,0
4,106,0 1,413,0 21,178,0 26.8
8,146,7 52,605,9 11,446,6 1,637,3
50,625,7 25.8
6,012,4 25,880,4 4,438,5 2,042,2 25,855,8 25.0
34,131,8 175,349,3 68,049,5 6,866,0 193,523,5 38.7
6,586,7 30,463,0
5,715,2 1,666,2 28,737,0 25.8
567,2
7,459,4
1,683,7
149,3
7,660,7 23.9
2,534,0
9,052,4
490,2
1,419,3
7,422,4 25.7
158,0
2,382,6
647,2
73,8
2,466,2 29.2
856,9
8,092,0
2,180,1
164,6
9,074,1 25.8
4,496,6 42,142,2
7,049,6 3,693,0
42,185,0 25.3
17,005,8 148,700,0 32,440,3 8,794,7 136,501,8 30.3
2,713,1
14,026,0
10,819,4 26.1
1,700,7 1,131,4
932,1
3,890,6
3,355,2 25.6
448,6
412,5
1,074,1
15,430,9 2,639,5 1,272,6
15,757,7 25.0
467,5
1,814,1
442,9
2,246,7 26.3
149,0
12,360,3 74,319,4 16,886,5 4,414,3
84,357,0 25.2
1,803,5 22,162,3
5,441,3
324,8 21,746,2 26.5
532,6
8,850,7
888,1 1,709,4
10.304,6 25.2
8,732,2
1,775,0
1,778,0
8,885,8 28.6
769,8
1,544,6
10,292,5 2,410,8
248,5
10,237,9 25.9
5,438,7 47,212,0
9,043,0 5,169,0 56,205,0 25.2
7,624,6 26,554,0 4,208,0 1,835,0 24,028,0 25.1
12,728,2 86,111,0 21,511,0 1,452,0 90,425,0 25.3
98,8
1,334,2
111,2
498,8
1,686,7 36.1
5,683,3 33,227,0
6,547,0 2,910,0
35,849,0 26.3
2,196,9
13,766,0 3,480,0
144,0
13,915,0 26.0
20.738,3 113,300,7 25,233,4 1,871,6 106,215,7 25.5
1,850,9 24,933,6 5,405,1 1,607,4 27,186,4 25.7
800,5
3,468,0
3,610,0 24.1
813,0
59,0
1,666,5
7,556,0
1,261,2
030,6
7,509,5 25.7
4,272,6 26.0
689,0
4,302,9
920,5
194,5
8,382,9 78,041,0 21,222,0 5,070,0 90,175,0 29.8
2,183,1
12,836,1
2,585,4 1,036,9 ' 14,407,6 25.1
883,4
3,531,0 26.7
3,555,0
320,0
625.0
1,034,7
503,2
6,689,4 25.7
5,670,3
1,219,1
1,598,5
14,149,8 3,979,1 1,068,9 . 16,063,8 31.4
1,238,8
9,064,2 27.4
2,044,4
8,721,7
446,3
523,4
3,407,9
332,8 1 3,808,8 27.9
732,6
2,124,4
13,651,9
14,085,3 24.4
1,575,1 1,873,2
1,027,8
4,142,0
5,026,0 25.9
1,071,0
231,0
21,814,0 4,541,0 2,245,0
25,670,0 26.4
2,025,1
2,744,3 22,405,9 5,092,9 1,338,6 24,566,9 26.1
783,9
8,604,7
2,327,2
339,4
10,317,8 25.8
850,7
15,560,0 4,826,0
345.0 . 20,086,0 25.7
310,6
5,579,6
1,119,2
721.3’
6,795.1 27.0
421,1
6,321,0
0,608,0 25.4
923,0
760,0
9,436,2
945,9
1,050,6 1,385,0 | 9,558,2 25.4

Totals, Average 134,150.0 200,234,4 1332,045,4 317,482,0 74.924,5 1386,927,7 28.3
Actual figures

May 2 0 ..

........

1330,689,6 317,627,1 75,801,6 1386,362,0 28.4

On the basis of averages, circulation amounted to $46,065,600 and United States
deposits (Included-in deposits) to $1,567,600: actual figures May 20, circulation,
$45.964,000; United States deposits, $1,567,800.

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 20.

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

Slate Banks
Trust Cos.
Stale Banks
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater N . Y. Greater N. Y. Greater N. Y.
S
23,975,000

S
63,206,000

38,886,100

$
9,528,000

$
9,525,000

175,811,500

11,274,643

11,328,963

286,968,000 1,129,730,100
—1,356,500 + 26.926,200

95,758,700
+ 127,100

148,815,400
+ 423,800

Specie ______________
Change from last week.

49,280,200
— 134,300

117,181,000
+3,073,800

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

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

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

23,471,200
+268,600

11,784,900
+365,000

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

—

Deposits ______________
Change from last week.

337,533,600 1,232,659.900
— 1,096,200 +22,514,500

102,679,700
+ 133,900

158,622,900
+257,500

Reserve on deposits____
Change from last week.

101,775,500
+ 1,674.100

136,116,100
+3,149,300

22,354,700
— 199,900

24,685,400
—502,200

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

30.9%
30.2%

15.9%
15.7%

22.7%
22.9%

......

16.2%
16.6%

+ Increase over last week. — Decrease from last week.
Note.— "Surplus’’ Includes all undivided profits. "Reserve on deposits” Includes,
for both trust companies and State banks, not only cash Items but amounts due
from reserve agents. Trust companies In New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to loca­
tion as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented bv 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, the reserve being computed on the whole amount of deposits
exclusive of time deposits not payable within thirty days, represented by certificates
(according to the amendment of 1910) and exclusive of deposits secured by bonds
of the State of New York.
— Trust Cos.—
—State Banks—
Reserve Required for Trust Companies
Total
Of Total
O
and State Banks.
Reserve.
which Reserve
which
Location—
Required in Cash.Requircd. in Cash,
Manhattan Borough................................................16%
15%
15%
25%
10%
Brooklyn Borough (withoutbranches in Manhat.) 15%
10%
20%
10%
Other Boroughs (without branches In Manhattan) 15%
7 )5%
15%
Brooklyn Borough, with branches In Manhattan.. 15%
15%
20%
20%
Other Boroughs with branches In Manhattan____15%
15%
15%
15%
Elsewhere In State....................................................10%
6%
15%
D%

The Banking Department also undertakes to present
aeparate figures indicating the totals for the State banks and
trust companies in the Greater New York, not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing­
House banks. In addition, we have combined each cor­
responding item in the two statements, thus affording an
aggregate for the whole of the banks and trust companies in
the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.

W e e k en d ed M a y

C l e a r .- I I o u s e
B anks.
A c tu a ltig u re s

20

fNat. banks

&

C l e a r .- H o u s e
B a n ks.
A vera ge.

S
134,150,000

( March7 . - .
|State banks
Surplus ( Feb. 28 —

Capital

1417

THE CHRONICLE

MAY 27 1911.]

S ta le B a n k s
T r u s t C o s . n ot
in C .-H . A v er.

T o ta l o f all
B anks
T ru st
C os. A vera ge.

S
71,731,000

S
205,881,000

184,355,200

384,580.600

$
134,150,000

200,234,400

200,234,400

Loans and Investments 1,330,689,600 1,332,045,400
Change from last week — 1,227,500
—3,594,300

&

1,209,396,000 2,511,441,400
+26,726,000 +23,131,700

D eposits------------------ 1,386,362,000 1,386,927,700 a l ,171,821,000 2,558,748,700
Change from last week
—3,369,800 +29,062,200 +25,692,400
+562,900
c c l e .................. .......
Change from last week

317,627,100
+295,200

317,482,000
+ 1,278,900

122,901,800
+3,089,700

440,383,800
+4,368,600

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

75,801,600
+2,021,200

74,924,500
—340,800

519,458,800
+347,100

94,383,300
+ 6,300

Aggr’ te money holdings
Change from last week

393,428,700
+2,316,400

392,406.500
+938,100

cl42,360,600
+3,436,800

534,767,100
+4,374,900

B+ 169,500

27,117,600

27,117,600
+ 169.50U
561,884,700
+4,544,400

Money on deposit with

Total reserve________
Change from last week

393,428,700
+ 2,316,400

392,406,500
+938,100

169.478,200
+3,606,300

Percentage to deposits
requiring reserve----Percentage last week.

28.42%
28.25%

28.31%
28.17%

17.7%
17.6%

46,838,200

Boston and Philadelphia Bank3.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia.
(00)

W e o m it Uvo c ip h e r s
C a p it a l
and
S u r p lu s .

B an ks.

Boston.

Apr. 2 9 ..
May 6 ..
May 13 —
May 20 —
Phila.
Apr. 2 9 ..
May 6—
May 13 —
May 20 —

L oan s.

$

%

41,350,0
41,350.0
41,350,0
41,350,0

212,487,0
216,303,0
218,636,0
217,526,0

60,105,0
60,105,0
60,105,0
60,105,0

264,760,0
265,643,0
267,017,0
268,474,0

I n a ll th ese fi g u r e s .

D e p o s it s ,

a

C ircu ­
la tio n .

S p e c ie .

L e g a ls .

$
25,538,0
25,967,0
26,045,0
26,573,0

S
$
$
3,597,0 267,804,0 7,100,0
3,265,0 260,604,0 7,104,0
3,378,0 269,531,0 7,105,0
3.272,0 269,771,0 6,963,0

82,018,0
55,526,0
80,331,0
81,700,0

326,013,0
329,602,0
328,773,0
333,811,0

C lea rin g * .'

3

149,321,7
153,830,»
148,635,4
153,563,1
141,605,2
172,281,1
144,374,7
146,293,1

15.370,0
15,340,0
15,351,0
15,329,0

a Includes Government deposits and the Item “ due to other banks.” At Boston
Government deposits amounted to $3,054,000 on May 20, against $3,063,000 on
May 13.

Imports and Exports for the W eek.— The following are
the imports at New York for the week ending May 20; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
F or

1909.

1910.

1911.

W eek .

Dry Goods........ .......... .........
General Merchandise............

$2,061,972
11,276,023

$2,102,129
14,253,891

1908.

$3,054,145
13,751,380

$1,647,629
10,587,343

$16,356,020 $13,337,995 $16,805,525 $12,234,972

Total____________ ______
S in c e J a n u a r y 1.
Dry Goods.......... ..................
General Merchandise............

$57,638,123 $65,689,674 $68,863,264 $48,740,075
283,666,078 314,565,790 272,174,810 i92,063,960

Total 20 weeks.................. $341,304,201 $380,255,464 $341,038,074 $240,804,035
1

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 20 and from Jan. 1 to date:

45,674,575

+ Increase over tast weeA. — Decrease irom last week.
a These are the deposits alter eliminating the Item "Due Irom reserve depositories
and other banks and trust companies In New York City;” with this Item Included,
deposits amounted to SI,3:1(5,318,000, an Increase ol 322,744,200 over last week.
In the case of the Clearing-House banks, the deposits are "net” both lor the average
and the actual llgurcs. b Includes bank notes, c Of this amount State banks held
$13,394,700 and trust companies $128,965,900.

The averages of the New York City Clearing-House banks

EXPORTS FROM NEW YORK.
1911.

Total 20 weeks.............. .

1910.

1909.

1908.

$15,370,511 $14,154,718 $11,792,882 $11,142,737
280,033,430 238,593,542 233,935.884 259,030,834

For the week_________ _____
Previously reported------------

$305,303,941 $252,748,260 $245,728,760 $270,173,57

combined with those for the State banks and trust companies

In Greater New York outside of the Clearing-House compare
as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

The following table shows the exports and imports of
specie at the port of New York for the week ending May 20
and since Jan. 1 1911, and for the corresponding periods in
1910 and 1909:

W e o m it tw o c ip h e r s I n a ll th ese fi g u r e s .
W eek
E nded.

Mch.
Mch.
April
April
April
April
April
May
May
May

1825-

1—

815222961320—

L o a m and
I n v estm en ts.

D e p o s it s .

$
2,459.710,7
2,462,701,5
2,475,663,0
2,480,883,8
2,496,582,8
2,507,088,1
2,513.422,9
2,514.961,3
2,518,309,7
2,541,441,4

$
2,454,039.2
2.454,014.4
2,467,388,7
2,478,291,3
2,495,710,0
2,514.810,5
2,527,964.5
2,520,363,1
2,533,056,3
2,558,748,7

$
418,825,5
417,454,7
415.377,3
415,915,7
419,947,1
429,951,0
430,120,7
433,695,8
436,015,2
440,383,8

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
T o t. M o n e y E n t ir e R e s .
H o ld in g s . o n D e p o s it .

L e g a ls .

S p e c ie .

8
93,920,0
95,035,9
95,157,5
93,014,0
94,075.5
93.354.9
94,814,3
93,712,0
94,377,0
91,383,3

$
S
512,745,5 536,800,6
512,490,0 535,638,5
510,534,8 533,670,3
508,929,7 533,409,7
514,022,0 538,093.6
523,305.9 547,242,3
530,941,0 555,117,3
527,408,4 553,291.4
630,302,2 557,340,3
534,707,1 501,884,7

Reports of Clearing Non-Member Banks.— The following is

W eek.

Great Britain.................... ........... —

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

the statement of condition of the clearing non-member banks
for the week ending May 20, based on average daily results:
W e o m it tw o cip h e r s

B anks.

C a p i­
ta l.

S u r­
p lu s.

L oan s,
D i s c ’ is
and
I n v est­
m en ts.

(00) I n

Silver.

a ll th e se f i g u r e s .

S p e c ie .

L eg a l
T en d er
and
Bank
N o tes.

S in c e J a n . 1

N et
O th er
B a n k s , D e p o s it s .
tk c.

Total 1911____________ ______
Total 1910.....................................
Total 1900.....................................

W eek.

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

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

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

$100,200

$3,500
1,631,030

‘ ’ $4,424

562,926
128,375

55.482
23,608

S in c e J a n . 1

$45,930
451,670
961,628
172,659
1,149,427
881,168

$100,200 $2,325,831
87,989 43,908,863
6,580,739 53,079,312

S83.574 $3,662,482
177,477 5,342,616
134,552 4,929,626

$875,416 $17,443,392
1,178,700
53,500
16,493
55.341
933

$1,332

19,801
4,566

13,532
2,555

$149,319
5,489
8,601
20,813
1,558,030
722,593
715,899

1,038
766

D e p o s it w ith
C le a r ­
in g
A g e n t.

Im p orts.

E x p o rts .

Gold.

S17.419 $3,180,744
127,794
1,529.562
1,961,633
210,845

$931,653 $18,718,293
1,081,054 16,531,8S7
850,633 18,514,122

N. Y. City
B oroughs o l
M a n .i t U rx.

Wash. Ilgts
Century __
Colonial . . .
Columbia . .
Fidelity
Jefferson—
Mt. Morris
Mutual----23d Ward—
Batt.Pk.Nat
Aetna Nat.

3

100,0
250,0
400,0
300,0
200,0
500,0
250,0
200,0
100,0
200,0
100,0
200,0
200,0
300,0

B orough o f
B r o o k ly n .

Broadway .
200,0
Mfrs.’ Nat.
252,0
Mechanics’ 1,000,0
Nassau Nat.
750,0
300,0
Nat. C it y 200,0
North Side.
300,0
First N at..

Jersey City.

?

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

S
1,215,0
1,472,0
6,403,2
6,506,0
1,106,8
3,819,0
2,566,5
3,655,3
3,952,0
1,978,4
4,507,0
2,229,0
1,444,4
2,130,0

S

144,0
32,4
834,7
680,0
57,2
330,9
491,7
20,2
330.0
168.0
45,8
252,0
242,8
479,6

$
42,0
221,0
422,8
623,0
116,2
384,3
59,3
662,6
401,0
59,2
856,5
84,0
41.2
38,9

$

240,0
161,1
612,0
1,006,0
235,6
245.0
646,5
640,7
1,774.0
258,6
201,3
470,0
62,0
44,9

538,6 3,274,6
843,9 5,476,4
853,1 12,120,1
1,043,5 8,022,0
588,1 3,992,0
150,8 2,157,6
638,7 3,636,0

35,6 484,2
598,4
191,2
219,6 1,472,0
695,0 347,0
70,0 571,0
117,5
135,1
85,0
340,0

288,7
1,271,4
1,685,0
1,071,0
730,0
217,5
446,0

$
16,0
287,0
183,5
65,0
528,1

74,2
.......
434,8
35,0
27,7

3

1,275,0
1,702,0
7,785,1
7,754,0
1,162,3
5,065,2
3,606,3
4,505,0
5,883,0
2,262,4
5,886,7
2,771,0
1,339,7
2,066,0

315,8 3,827,6
170,2 6,535,9
208,0 15,609.9
8,213,0
181,0 5,127,0
106,1 2,483,1
44,0 3,378,0

atxTiiug and financial;
Railroad and Industrial Stocks
Let us send you our circular describing 110 ISSUES of listed R 1)
road and Industrial Stocks.
-

Spencer Trask & Co.

___

Ilud.Co.Nat
Third N a t-

400,0
250,0
200,0

1,260,8
763,5
406,0

5,028,1
2,982.4
2,212,7

297,4
123,4
43,3

234,9
56,0
121,7

3,246,9
329,1
552,1

789,0
364,4
25,3

7,972,9
2,888,1
2,637.0

First Nat —
Second Nat.

220,0
125,0

630,3
255,3

3,583,8
2.883.5

155,6
160,0

33,9
50,7

135,9
89,2

153,2
296,8

3,317,1
3,470,9

Tot. May 20 7.497,0 12,799,7 98,444,7 6,982,7 7,778,0 16,661,4 4,306,0 118743,2
Tot. May 13 7,497,0 12,790.7 98,787,3 6,934,7 7,944,9 15,130,0 4,357,8 117657,2
Tot. May 6 7,497,0 12,799,7 07,787,5 6,861,7 7,639,8 15.844,1 4,945,3 117606,4




Of the above imports for the week in 1911, $13,348 were
American gold coin and S I ,231 American Silver coin.

43 EXCHANGE PLACE.----- NEW YORK.
Chicago, III.
Boston, Mass.,
Albany. N. Y.
Members New York Stock Exchange.

W H I T E ,

W E L D

&

CO.

Members New York Stock Exchange.
5

NASSAU S T R E E T ,
NEW Y O R K

THE R O O K E R Y '
CHICAGO

1418

THE CHRONICLE
iiM x n h z x v

< $ a x e it£ .

Wall Street, Friday Night, May 26 1911.

The Money Market and Financial Situation.— Of the
direct effect of the Supreme Court decision in the Standard
Oil case, which had been awaited so long and which it was
supposed would have a very important influence upon
business generally, and upon security values in particular,
little can be said in addition to last week’s record. In other
words the effect was far more limited, both in scope and
duration than had been looked for, and affairs generally
this week have moved along very much as they probably
would have had no decision been reached or looked for.
The event referred to having passed into history the
business world is turning its attention to live issues, conduct­
ing daily affairs and making future plans with reference to
crop prospects, to money market conditions, to tariff
possibilities and to the political outlook. Of these the
former is undoubtedly, at the moment, the most important
and most promising and is the principal cause of whatever
optimism exists.
A new feature of the financial situation is the transfer of
funds from New York to Canada. This movement, which
began last week, and has been continued by the shipment of
$4,750,000 of gold this week, is attributed to a relatively
greater commercial and industrial activity in Canada than
here and the demand for funds thus created.
The announcement of a cut in the price of steel bars by
one of the outside companies, and later by one of the Steel
Corporation’s subsidiary companies, has attracted consider­
able attention and led to liberal offerings of Steel shares.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2 to 2 % % . To-day’s rates on call were 2 % @ 2 % % .
Commercial paper quoted at 3 % @ 4 % for 00 to 90-day
endorsements, 3 % @ 4 % for prime 4 to 6 months’ single
names and 4 % for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £630,591 and the percentage
of reserve to liabilities was 51.77, against 51.27 last week.
The rate of discount remains unchanged at 3 % , as fixed
March 9. The Bank of France shows a decrease of 775,000
francs gold and an increase of 50,000 francs silver.
NEW YORK PITY CLEARING-HOUSE BANKS.
1911.
Averages for
meek ending
M ay20.
S
134,150,000
200 234 400
1,332,045,400
46,065,000
1,386,927,700
1,567,600
317,482,000
74,924,500

1910.
Averages for
week ending
M a y 21.

Differences
from
previous week.

5

1909.
Averages for
week ending
M a y 22.

S
S
130,350,000 126,350,000
185.325.600 172,318,900
1,183,150,000 1,338,224.100
49,059,000
47,680,600
1,173,546,100 1,400,657,700
1,641,700
2,412,900
248,731,900 292,200,000
68.478,600
77,884,200

Dec.
Inc.
Dec.
Inc.
Inc.
Dec.

..................
3,594,300
40,500
3,369,800
16,900
1,278,900
340,800

Reserve held_________
25% of deposit.............

392,406,500 Inc.
346,731,925 Dec.

938,100
842,450

Surplus reserve.........

45.674,575 Inc.

1,780,550

23,823,975

19,919,775

Surplus, excl. U. S. dep

46,066,475 Inc.

1,784,775

24,234,400

20,523,000

Loans anil discounts__
Circulation ..................
Net deposits__________
U+S. dep. (Incl. above)
Specie ..........................
Legal tenders................

te

317,210,500
293,386,525

370,084,200
350.164,425

!>• Note.—The Clearing House now issues a statement weekly showing the actual
condition ot the hanks on Saturday morning as well as the above averages. These
figures, together with the returns of the separate banks, also the summary Issued by
the State Banking Department, giving the condition of State banks and trust com­
panies not reporting to the Clearing House, appear on the second page preceding.

Foreign Exchange.— The market, after ruling firm during
the week, closed easier.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 85 for sixty days and 4 8 7 % for sight. To-day’s
actual rates for sterling exchange were 4 8 4 l5 @ 4 8425 for
sixty days, 4 8 6 3 0 @ 4 8640 for checks and 4 8G 60@4 8670
for cables. Commercial on banks 4 8 3 % @ 4 84 and docu­
ments for payment 4 84 @ 4 8 4 % . Cotton for payment
4 8 3 % @ 4 83?4 and grain for payment 4 84 @ 4 8 4 % .
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 2 1 % less l - 3 2 @ 5 2 1 % for long and 5 20 less 3 -6 4 @
5 20 less 1-64 for short. Germany bankers’ marks were
94 1 1 -1 6 @ 9 4 % for long and 9 5 % less l - 3 2 @ 9 5 % for short.
Amsterdam bankers’ guilders were 4 0 % less l- 3 2 @ 4 0 %
for short.
The posted rates, as quoted by a representative house,
remained daily at 4 85 for sixty days and 4 8 7 % for sight.
Exchange at Paris on London, 25f. 31c.; week’s range,
25f. 32c. high and 25f. 3 0 % c . low.
Exchange at Berlin on London, 20m . 46pf.; week’s range,
20m . 4 6 % p f. high and 20m . 4 5 % p f. low.
The range of foreign exchange for the week follows:
Sterling. Actual—
sixty Days.
High for the week . . .............. 4 84)3
Low for the week................ ..4 84>1
Paris Bankers' Francs—
High for the wee
............. 5 21)3 less 1-18
Low for the w eek--..........— 5 21)3 less 1-32
Germany Bankers' Marks—
High for the week---------------- 94 )3
Low for the week___________ 94 %
Amsterdam Bankers' Guilders—
High for the week.................. 40 15
Low for the w e e k .................. 40 13

Cheques.
4 8645
4 86)3

Cables.
4 8670
4 86)3

5 20
5 20 less 5-6-4

5 19 % less 3-32
5 20 less 3-64

95 %
95 1-16
40 25
40 22

95 3-16
05 yi
40 29
40 26

The following are the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago, 15c.
per $1,000 premium. Boston, 5c. per $1,000 discount.
San Francisco, 30c. per $1,000 premium. New Orleans,
commercial, 25c. per $1,000 discount, bank, $1 per $1,000




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

premium. St. Louis, 35c. per $1,000 premium. Savannah,
buying,3-16c.per$l,000discount; selling, par. St.P au l,80c.
per $1,000 premium. Montreal, 9 3 % c . per $1,000 discount.
State and Railroad Bonds.— Sales of State bonds at the
Board are limited to $84,000 Virginia 6s deferred trust
receipts at 55 to 5 6 % .
The transactions in railway and intijustrial bonds have
grown smaller day by day throughout the week, and the
trend of prices has been generally towards a lower level.
In most cases, however, declines are fractional.
United States Bonds.— No sales of Government bonds
have been reported at the Board this week. The following
are the daily closing quotations; for yearly range see third

page following.
Interest
Periods
2s,
2s.
3s,
•Is,
4s,
4s,
^s,

1930 ............ - -registered1Q—Jan
1930..............
Q—Jan
1908-18____ ..registered Q—Feb
1908-18 ___ ----- coupon Q—Feb
1925 ............ -.registered Q—Feb
1925________
Q—Feb
i93t)_Fanania Canal regis Q—Feb

May
20

May
22

May
23

May
24

May
25

May
26

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

*100)3
*100 H
* 101 ^
*101Jf
*114)3
*114)3
*100}^

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

*100)3
*100)3
* io i)3
* io i)3
*114)3
*114)3
*100)3

*100)3
*100)3
*101)3
*101)3
*11433
*114)3
*100)3

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

* This Is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.— The stock market
was firmer on Monday than at the close last week and in a
few cases new high prices were reached. Since Monday the
market has been irregular, with a tendency to further
reaction. This tendency was most conspicuous in U . S.
Steel common, which declined over 4 points and was stimu­
lated by a cut in prices by some of the outside steel com­
panies, as noted above. Although quite general, the decline
noted has failed to produce any noticeable liquidation and
prices for a large portion of the active list are only fractionally
lower than last week.
Atchison and Great Northern have been notably strong,
the former selling at the highest figure of the year. Northern
Pacific and Canadian Pacific are among the few railway issues
which show a fractional net gain.
Some of the industrial stocks have been exceptionally
strong. Western Union, when at its highest, was up 4 %
points, General Electric 4 % , Beet Sugar 3 % , Pittsburgh
Coal preferred 6 % and Westinghouse 2 % .
For daily volume of business see page 1428.
The following sales have occurred this week of shares not
roprosontod in our detailed list on the pages which follow:
STOCKS.
Week ending M a y 26.

Sales |
for
Week.\

or

Range for Week.
Loicest.

82
100 104
100 112
14,400 29c.
100 72
400100
190 100
68, 71
300, 96
53 (| 83
252 85
204 107 H
20 87
7 o o ; 6)3
300! 41
100 70
2,200 72)3

Highest.

May 23 82
May 2'.} 104
May 25 112
May 24 34c.
May 26 72
May 25 100
May 25 100
May 22 71
May 23 97
May 26 85
May 25 85
May 23 107)3
May 26 87
May 24 7)3
May 23 42
Slay 26 70
May 23 79)3

May 23
May 23
May 25
May 22
May 26
May 25
May 25
May 22
May 20
May 20
May 25
May 23
May 26
May 24
May 23
May 26
May 26

Comstock Tunnel
Crex Carpet........
Detroit & Mackinac___
Preferred ............
Detroit United Rys
E I du Pont Powd, pref.
Evansville & Terre H’te.
Preferred__________
General Chemical, pref.
Homcstako Mining____
Keokuk & Des Moines..
Preferred_____
Knickerbocker Ice, pref.
May Department Stores.
M St P & S S M sub rets
1st Installment pald..
1001134 May 23 134 May 23
Norfolk Southern
100 50 May 26 50 May 26
Pacific Tel & Tel, pref..
25 99 May 26 99 May 26
Quicksilver Mining
200 2 May 26 2 May 26
May 22 41
Rutland, preferred
400' 41
May 22
Sears, Roebuck & Co, pf
100 120)3 May 22 120)3 May 22
10 84)3 May 25 84)3 May 25
So Porto Rico Sugar___
3241 16)3 May 26 17 May 26
Standard Milling_______
Preferred . ................
100! 51
May 26 51
May 26
United Cigar Mfrs, pref.
100x103 )3May25 xl03)3Mav25
U S Indus Alcohol..........
400 28 May 26 30 May 26
Preferred.................. .. 1,540 91
May 20 97 May 25
Virginia Iron, Coal & C.
400 61 H May 22 62 May 23

Range since Jan.
I x n ee sl.

High

Mch 85)3
May 104
Mch 112
Feb 34c.
Jan 74)3
May 100
May 100
Jar? 74
Jan 97
Feb 85
May 85
Jan 108)3
May 87
OH May 7)3
35)3 Mch 42
70
May 70
70
Apr 79)3

81
104
110
20c.
60
110
100
67)3
82
60
81)3
103)3
84

132
48
95
2
40
119)3
82
16)3
51
io i)3
25
91
52

May 135)3
Apr 00
Jan 99)3
Apr 2)3
Feb 41
Jan xl22
Apr 90
May 17
May 51
Mch 104)3
May 30
May 97
Jan 66

May
May
May
May
Ecb
May
May
May
Apr
May
May
May
May
May
Melt
Mch
Jan
May
Mch
Jan
May
May
May
May
May
Feb

Outside Market.— Trading in bonds and in American To­
bacco common stock gave an active appearance to the “ curb”
market this week, though elsewhere business has fallen off
sharply. Prices show some reaction, though, at the close
more narrowly in most issues. American Tobacco, after
weakening from 493 to 491, sold up to 520, the highest on
record. Thereafter it reacted to 500, while to-day’s business
saw a further drop to 482. Intercontinental Rubber fell
from 28 to 2 6 % and recovered to 27. Standard Oil lost
about 13 points to 662 and closed to-day at 663. Studebaker Corp. com. gained 5 % points to 62 and closed to-day
at 6 1 % . The preferred at first losta point to 1 0 2 % , but sold
up to 104. In bonds Panama 3s, “ w. i.,” were heavily
traded in at from 10 2% up to 1 0 3 % , the close to-day being
at 103. The new Mo. Pac. 5 % notes were traded in for the
first time between 9 8 % and 98 13-16 and at 9 8 % to-day.
Central N . E . 4s weakened from 9 4 % to 9 3 % and recovered
to 94. Internat. & Gt. Nor. 5 % notes (Cent. Tr. Co. ctfs.)
sold off from 9 9 % to 9 8 % . The new Oregon-Washington
R R . & N av. 4s made their initial appearance to-day and sold
down from 9 4 % to 9 3 % and up to 9 3 % .
Western Pacific 5s
advanced from 92 to 9 2 % . In copper stocks Braden sold
between 4 % and 4 % , closing at the high figure to-day.
British Columbia advanced from 5 % to 5 % and reacted to
5 % . Butte Coalition improved over a point to 2 0 % and
finished to-day at 1 9 % . Inspiration gained over half^a
point to 9 % .
Outside quotations will be found on page 1428.

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
STOCKS— H/H EST AND LOWEST SALE PRICES.
Saturday
May 20

Momiiu
May 22

Tuesday
May 23

Wednesday
May 24

Thursday
May 25

Friday
May 26

Sales of
the
Week
Shares.

TW O

PA G E S

STOCKS

N EW Y O R K STOCK
E XC H AN G E

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

Range far Previous
Year 1910.
Highest.

Highest.

Railroads
9034 J ’ly 124% Jan
114% May2i.
112% 112-% 1127g 113% 112% 113% 112% 113% 1123g 1127g I127g 114% 50,200 A tch Topeka & Santa Fe 100% Jan
_
Do p r e f __________ 10084 Jan
104% Mav24 ar97 J ’l.v 104% Jan
600
104 104
104% 10-<% 104 104
104% 104% 104 104
101 101
12;; 12, 3 128 128 *127 128% 127«g 127% 127% 12S3, 1,360j Atlantic Coast Line R R ._ 117 Jan 3 130 May 17 102% J'ly 13v% Jan
*128 129
IOOI4 100% 10,;% 107% 100% 1067g lOO'g 100% 106% 100% 100% 1063g 4,6001 l^altlm ore & Ohio______ 102 Feb L4 109% Jan .,1 100% Sen 119% Jan
94 Jan
87% Sep
87 - Mch21
Do p r e f __________
91 Jan 4
*88% 89% ........ 1 l *
* 88% 89% *88% 89% §8v% 89% 89% 89% 89
89
747g Jan 3 81% May22
823g May
68% Feb
gO80% 81% 80
80% 80g
797g 80% 79% 797g 797g 80% 19,29o Brooklyn Rapid Transit.
233% 234% 9,350 ^ ’ anadlan Paclflo. _____ 195% Jan 3 237% May 1 17634 Feb 2023g N ov
233% 234% 233% 234% 233 23 1 233% 23334 23234 233
62 Mch 3 §69 M avis
70 van
anada Southern
60% J ’ly
72%
72% *07
+02% 72% *62% 72% ♦67
72% *67
72% *67
10 Central of New Jersey___ 270 Mch 10 285 Feb 21 248 J ’ly 312 Jan
*275 284 *275 284 *275 284 *275 282 *275 284 §284 284
77 Apr 24 80% Feb 8
92 Jan
65 Aug
82% 83
82% 83
82% 83
82
82% 82% 82% 82% 827g 12,900 Chesapeake & Ohio_____
25 Apr 7 31% May23
66% Jau
23% J'ly
200 Chicago & Alton R R ____
32%
32
31
31
31% 31% *31% 32
*31
—
*29
*31
32
62 Mch 17 53 Jan iy
64% J ’ne
69 Apr
Do pref______________
* ___
54
65
54
66%,*___
66% *___
65 * ___
20% Apr 19 243g Feb 6
367g Jan
19 J ’lV
690 Chic Gt West trust c t f s ..
* 21% 22i2 217g 22% 1221*4 22% 2134 2134 213g 21% *21% 22
42 Apr 25 49% Feb 6
64% Jan
40 J ’ly
Do pref trust ctfs_____
250
44
44
*43% 44% *43% 44% 43% 43% *43
*47
4V% 44
124% 1253) 124% 124%' 12.i% 124% 122% 123% 12234 123% 51,050 Chicago Mllw & St P a u l.. 117 Apr 18 133% Feb 7 11334 J ’lie 158;% Jan
124% 125
Do pref______________ 147 Jan 3 155% Feb 2 143 Sep 172% Jan
200
152-% 15234
15-fi- *153 155 *163 165
*153 154% *1‘
153 153
900 Chicago & North Western 142% Jan 16 150 Feb 1 137% J ’ ly 182% lan
148 148% *143
147% 148
148 148% *147 148 *147 148
Do pref_______ ______ §200 Jan 4 §209 Jan 7 203 J ’ue 225 Jan
200
201 201
*201 205 *201 206 *201
*201 205
201 201
Chic.St P Minn & Omaha 130% Apr 20 140 Mch 8 140 Apr 162% Feb
*135 145 *135 140 *135
*135 140 *135 140 *135 140
Do pref ____________ 152 Feb 18 §160 Mch27 §160 Apr §170% Feb
*155 165 *155 165 *155
*155 165 *155 105 *155 165
33g Feb 4
53g Jan
2% Dec
2 Apr 7
234 234 *2%
100 Ohio Un Trac ctfs stmpd
*234 3
*2% 3
*2% 3
*2
3
■4% Sep
12% Jan
7% Feb 0
5% Apr 11
Do pref ctfs stm pd__
100
6
*5% 7
*5% 7
612 *5% 6%
*5% 0
*5
61 Nov
60
Jan
18
02
% Mch
66
%
Apr
25
Cleve
Ctn
Chic
&
St
L
___
*59
61
*59
64
*59
64
63
*59
64
*59
*59
63
Sep 104 Jan
96% Mch 18 98 Feb 1
__
Do pref______________
*95% 100
♦92% 100
*92% 100
*95% 100
*95% 100
*95% 100
J ’ly
6534 Feb
61 Apr 18 60 Jan 18
650 Colorado & Southern____
64% 55%
55ii 55% 63% 66
*54
56
*55
50
*55
56
J ’ly
83 Mch
74% Mch27 77 Jan 24
7001 Do 1st preferred
*75
76% 76
76-34 76% *76% 77% *76% 77%
76% *7034 78
Aug
81 Jan
<3% Jan 11 75% Mch 2
.. .I
Do 2d preferred.
*73
75
*72
74% *72% 74% *72
74% *73% 74% *72% 74%
452! Ptelaw are & H udson__ 164% Jan 3 173% May 22 149% J ’ly 185 Jan
170 170
172 172
172% 172% *172 173 *171% 173%!}172 172
020
Mch
490
J
’ly
545
Apr
5
510
Feb
9
-L'claw
are
Lack
&
W
est.
§53934
63934
24
*505 650 *505 650 *505 650 *505 650 §525 625
52 Jan
23% J'ly
685 Denver & R io Grande___ 27% May 2 35 Feb 15
30% 30%
*30
30% 30% 31
*303g 31
31
*30% 31
*30
84 Jan
62% J ’ly
63% May 2 74 Feo 21
Do pref _____________
67% 67% 1,004
67
673| 160% 6(1-% 67
*66
''
67
67
{67
67
18% Jan
10 J'ly
11 Jan 6 15% Mch 30
Duluth So Shore & Atlan
*14% 15% *14% 15% *14% 15% *14% 15% *14% 15% *14% 15%
34% Jan
17 J iy
Do pref
22 Jan 6 30% Mch30
♦24
28
28
*24
*25
*25
28
28
*25
28
28
*26
34% ian
19% J ’iy
27% Jan 11 34% May 17
3278 33% 33% 337S 32% 33% 32% 33% 323g 3234 3134 327g 29,300
5234 Mch
45%Jan 12 61% Feo 20
35 J ’ly
6034 50% 603.| 3,766 E % - 0- 1st preferred___
50% 50% 50% 51% 60
50-% 60-% 51% 50
42 Mch
26% J ’ly
35 Jan 9 41% May22
Do 2d p re fe rr e d ...
40% 40% 2,300
41
40% 40% 41
*39
40% <0% 41% *39% 41
1437g
fan
122
Feb
24
Great
Northern
pref_____
131%
Feb
118
J'ly
129%
24.065
129
128%
129%
128% 129
123% 130% 129% 130% 129% 130%
80% Ian
41 J iy
56 Jan 6 6j 34 Feb 2
Iron Ore p ro p e rtie s...
62
61*4 62% 3,800
63
63% 63
63% 62% 63% 6U4 62% 62
11 Aug
18% Mch
13% May 13 15% Jan 17
6 Green Bay & W .deb ctf B
*13% 14% 14% 14% *13% 14% *13% 14?g *13% 147g *13% 147g
97% Apr
95% Feb 11 10 Feb 17
E lectric______
88% Ja
97%
97% *___
97% * ___
97% * ___
* ----07% *___
07% *___
H avana
99
an
92 May
93% Jan 12 95% M ch28
Do preferred_____
200 Hocking Valley_________ 128 Mch 24 134 Apr 29 112 J ue 140 Oct
128 128 +___ 140 * ___ 140
*123 140 *123 140 *124 130
147
Jan
124
J'ly
132
Jan
3
llinois
Central________
140%
M
ay
2
2
*139
140
140%
139
139
800
*139
140 140% *139 140%
I
140 140
17% Apr 22 20% Feb 10
25% Jan
14% J ’ly
19% 183g 183., 18% 18*4 6,200 nterboro-Metropolltan .
19% 19
19
18% 18% 1834 19
02% fan
411- J ’ly
47*4 A pr 22 55% Jan
Do pref____________
52% 63% 5134 62% §5134 5134 6,510
52% 54
52% 63
63
53
30 Jan
15
May
12
15
J
ne
Iowa
Central____________
19%
Feb
3
18-%
18
18%
18
18
13%
18
1,800
18% *17%
17% 177g 18
54% Jan
J ’ly
28 A pr 24 33% Jan 17
Do preferred
333g 3S% 33% 2,600
*31% 32% 32% 32?g 32% 32% 32% 327g 33
Aug
80 Feb
C Ft S & M tr ctfs,pref 74 A pr 8 76 Mav 4
78
*76
*76
78
78
*76
78
*76
100
76
76
32
May
3
44% /an
J
’ly
357g
May
18
ansas
City
S
outhern..
347g
3434
34%
34%
34%
34%
1,900
*32% 3514 35% 35% 34% 35%
AUg
04% Jan 3 69 May23
71 Jan
Do
preferred......... ..
69
69
* 68% 69
68% 68% 67% 67% *673., 69
300
69
*67
J ll
2534 ian
147g May 19 16% Feb
*15% 19
*15
18
*14% 18
*15% 19
*15% 19
100 L ake Erie & W estern ..
15
15
6234 Jan
37%
Dec
40
Jan
13
35
May
Do
preferred
36*4 3034 *35
*34
40
40
35
35
35
38
220
§35
*33
16834 Apr 24 181% Feb 3 173% Dec 180 N ov
178 17834 178% 170% 34,600 Lehigh Valley____
178% 179% 179% 130% 178% 179% 178 179
70% Apr
60 J ’ly
68 Apr 13 63 Jan 16
02
*57
62
*59
59
69
*57
60
*57
60
100 Long Island_____
*57
62
& N ashville.. 142% Jan 25 1493g May 18 131% J’ly 15934 Jan
14734 1477s 148% 14834 148% 148% 147% 148% *147% 148% 148% 118% 2,100 Louisville
123 J ’ne 146 Oct
anhattan E le v a te d .. 134 Mch 28 141 Jan
100
137 137
*136% 138 *135 139 *135 138 *135 137% *136 139
5334 Jan
23 J ’iy
son -UJ-lnneapolls & St Louis 21% Apr 26 31 Feb 15
30
30
30
30
30
30
*23
32
*28
32
*28
31
40 S cd
80 Feb
35 Mch 13 69 Feb 14
Do .preferred
*44
46
46% *43
425
47
45% 45% *44
46
447g 447g 40
132% Jan
152% M ch30 114 J ’ly 145 Mch
£138% 138% 138% 138% 13/% 138% 137% 137% 136 130% 137% 137% 1,650 Allnn St P & S S Marie___ 14734
144
J
’ne
Jan
160
Mch
30
155%
Mch
’
lOO
Do
preferred_________
*1497g
153
*1497g
153
*1197g
153
152%
152%
*147
153
*147 153
9234 Jan
88% Mch 24 90% Mch 15 z86% Sep
200! Do leased line ctfs ___
*89
90
89% 8934 8934 *89% 90
*89% 8934 893g 8934 *89
31 Feb 24 363g Feb
51% Ian
27 j ’ly
34
34% 9,720 Mo Kansas & Texas
34
35% 34% 35% 34% 3434 34
34% 34’7g 35
74% Jan
63% Jan 16 68% Mch 29
57 J’ly
Do preferred
07% 2)100
67% 66% 66% *66
67% 67% 67% 60-54 673.! *66
*66
73% May
41 J ’ly
45% Apr t9 63 Feo 15
50% 36,450 Missouri Pacific
5134 49% 50% 4934 61% 4934 50% 50
50% 51% 60
140 Nov
J
’ly
140%
Jan
19
152
May
17
125
1Y
J
ash
Chatt
&
St
L
ouis.
*148
155
155
155
*148
*148
*14S
155
*150
155
155
*148
723g Nov
Feb
63
May24
72%
Jan
26
60
■
L
”
at
R
ys
of
Mex
1st
pref
500
*60
65
63
*61
65
63
64
64
66
65% *02
65
37% Nov
30 May 24 38*8 Feb 15
23% J ’ly
Do 2d preferred__
30% 31% 3,000
30% *29% 30%.
31% 3134 30% 31% 30
31
31
108% 1087s 108% 10812 107% 108% 6,600 N Y Central * H u d so n .. 104% Apr lb 115% Feb 3 105% J ’ly 128 Mch
108% 10834 1083.4 109%' 10834 109
687g N ov
55% May
57% Apr 17 65 Jan 19
200 N Y Chic & St Louis____
*58
60
*58
60
*58
60
60
*58
61
60
CO *58
101% Feb 21 101% Mch 20 §101 J ’ly 10934 Jan
Do 1st preferred
*102 107 *102 107 *103 107 *102 107 *102 107 *102 107
S234 Apr
90
Jan
27
S3
Apr
7
93 Jail
Do
2d
p
r
e
f
e
r
r
e
d
.____
100
*84
90
90
*84
00
*84
85
*84
85
*84
85
85
421 N Y N II & H artford____ 142 Apr 25 151% Feb 23 149 Apr 162 Mch
144 144 *143 145% 1437g 144
*144 147 *143 147
145 145
Subscription receipts y . 141 May 10 149% Feb 27 A143 J ne A151 Alch
200
*143 146 *142 146
144 144 *142 145 *141 144 *___ 144
50 Jail
38% Aug
40% Apr 22 44% Feb
3,310 N Y Ontario & W estern.
43% 42% 427g 42»4 43
*43
4314 43
43% 43% 43% 43
& Western
100% Jan " IO934 Mch 28
88% J ’ly 108% Mch
*10734 1083, 10S% 10S34 108 108% 108 108% 1077g 108% 10734 108% 8,900 Norfolk
Do adjustment p r e f..
91% Mch
88 Feb
>-5% Apr 18 91 May2.'
100
+89
92
*89
92
*89
91
91
91
Northern Ohio Trac & Lt 39% Jan
40% Deo
35 Feb
43% Mch 6
*43
44% *43% 44% *43% 44% *43% 44% *43% 44%
*42
44
Pacific____
116 Jan
12934 May23 111% Aug 145% Jan
12734 128
128% 129% 12834 1293., 128% 129% 127*4 128% 128 129% 62,787 Northern
Coast Co____
100 Jan 11 102 Jan 10 100 Oct 11834 Jan
*95 105
*97 104
*96 105
*95 105
*95 105
*98 105
P acific
Do 1st preferred
♦85 103
*85 110
*85 110
*85 110
*35 110
*85 110
Do 2d preferred___ 101 Jan 11 102 Jan 11 105 Feb 118 Jan
100
*95 105
*96 105
*93 104
101% 101% *100 105
*95 105
120% Mayl5 130% Feb 2 122% J’ly 138% Alch
1221,i 122% 122% 122% 122 122% 39,777 Pennsylvania
122% 123% 1227g 123% 122% 123
R
ig
h t s ______
2 Apr 18 2»»i8 May 18
2% 2 19-64 2% 2 5-16 2 7-32 2-% 2 3-16 15-64 2 5-32 2 7-32 2 5-32 213-04 161,847
93% May 13 100 Jan 17
89 J ’ly 104% Mch
100 PIttsb Cln Chic & St L . . .
95% *92
05% *92
94%
94% 94% *92
*92
95% ♦92*4 98
111
May20 112 Feb 17 HO Oct 116 Alch
Do
p
referred
..
100
115
*108
115
*108
115
*108
*108
115
111 111
- - *103 115
149% Apr 24 I 6I 34 Feb
130% J ’ly 172% Feb
158% 159% 15834 159% 467,000 T ) e a d l n g ..............
1603g IOI33 159*8 160% 159 161
159 160
93% Feb
88 Alch 1 91 Feb
x85 Aug
700 JAi 1st preferred
*90
90% 90% 90%
89% 891a 00
89% *8 /
*89
89% *87
94 Jan
2d preferred_______
87 J ’ly 1101- Jan
101 Mav
734 1,300
—
99
♦96% 98% +97% 9
*96
9734 98% *97% 99
“
97% 98
57% Jan
22% J ’ly
2734 Apr 21 337g Feb
32% 43,350 R ock Island Company___
31% 32% 32
33
317g 33% 33% 3334 32% 33% 32
54 J'ly
92% Apr
6734 Apr 24 65% Feb
Do preferred
64
5,760
6234 03
64
6334 61% 05
05% 64% 04% 63% 64
58
Aug
73 Jan
61
Apr
24
68
Feb
t
L
&
San
Fr,
1st
pref.
*64
66
66
*64
66
*64
65
*64
66% *64
*64
06
S Do 2d preferrei
34% Aug
preferred.
60 Jan
38 Apr 22 44 Feb
42% 42%
1,775
42
42% 42% 42% 42% 42
41% 4134 42% 43
34% Jan
18% J’ly
St Louis Southw estern..
24 Jan 13 34 Feb
+31% 32
*31% 32
*31% 32
*31% 32
32% *31% 32
*31
Do
preferred___
69%
Jan
61%
J
’ly
77% Jan
09
Feb
21
400
68%
68%
68
C77g 677g 68
07% *66% 68
*67
68
+67
Paclflo C o......... 1133g Apr 18 121% Feb 2 103% J ’ly zl3S% Jan
118% 119% 119 119% 118% 119% 118% 11834 1177g 118% 118 118% 34,600 Southern
3334 Jan
2934 May22
18 J ’ly
25% Mch
28% 29% 18,800 Southern v tr ctfs stm pd.
28% 29
?87g 29% 29% 293.1 29% 29% 28% 29
Do pref
do
75 Jan
61% Jan 11 68% May22
43 J ’ly
67% 4,500
67
67% 66% 67
0734 67
68% 67
67% 07% 68
36% Jan
25% Jan 3 30% Feb 21
22% J ’ly
28
23% 2,100 rP exas & Pacific_______
28
2S% 27% 273.1 27% 27% 27% 28
*27% 28
19% Jan
6i-> J ’ne
12Sg May22
8% Mch
2,900 JLhlrd Avenue (N Y ) ___
12% *12
12% *11% 12
1134 11% 11% 12% 12% 12% 12
1534 Jan
T
oledo
Railways
&
,
L
t
.
.
.
6%
Mch
27
5
%
J
’ly
8%
Jan
17
400
73.4
*7% 7%
734 *7%
*7% 8
7% 7%
7% 7% *7%
54% Jan
St L & W estern ..
19 Apr 24 2434 Feb 8
19 J’ ly
21% 2134 2134 22% 2134 2134 21% 217g 21% 21% 21% 22% 2,000 Toledo
72%
Jan
Do
preferred________
637g
Jan
6
45
Apr
1'
4234
J
’ly
2,700
51%
51
61%
61
51%
51%
50% 50%.
50% 51% 61% 51%
103 J ’ly 117% Jan
200 Twin City Rapid Transit. 108 Jan 11 111 Feb
1097g 1097g
*109% 110% 110% 110% *110 111 *110% 111 *110 112
I 6934 Jan
185% May22 152% J’ly 20434 Jan
183 184
184% 185% 183%
..... 184% 1827g 184% 18234 183% 183 184 222,550 U nion P a c lflo ...
Do preferred
90% Mch
88% J ’ly 10334 Jan
9534 Apr
95
95
*94% 95% 94% 95% 94% 95% 94% 9434 94% 94% 2,330
2334 J ’ne 42% Jan
49 Feb 20
1,100 Unit Rys In v’ t of San Fr 31% Jan
41
41
*40% 41
41
42
+40
41% 4134 40% 40% 41
"
0034 Jan
7634 Mch 22
723g Jan
Do preferred____
47 J'ne
1,200
72
72
+70
72
71% *71
71
72
72
*71
71
71
45
Apr
24
Virginia
Ry
&
Power
41%
Apr
13
*
___
*
___
42%
*
___
42%
*
___
42%
42%
42%
*___
42%
2734 Jan
183g Feb 23
15% Jan ‘
12% J ’ly
*16% 17
1,700 W a b a sh __________
1634 17% 16% 167g *16% 17
*16% 17
*16% 17
61 Jan
Do preferred.
32'g Jan 11 40-% Feb 23
28% J ’ly
37% 37*4 37% 37% 3,200
33
3.V-.1 37% 38% 37% 38
*37% 38
543g Mch
40
J
’ly
61%
May26
___
Western
Maryland
R
y
48%
Apr
18
7,500
697g
697g
61
61
61%
59
69% 59% 60
59% 69% 59%
Do preferred......... ......
77 Deo
75 Jan 14 81 May 13
67 AUg
100
81
80% 80%
*80
81% *79
81
81% *79% 81% *79
+79
10 Jan
6% Feb
' Wheeling & Lake Erie___
4 Apr 25
3 Apr
+4% 6
*4% 5
*4% 5
*4% 5
*4% 6
5
*4
J'uc
Do
1st
preferred
23 Jan
12%
Apr
26
17%
Feb
8
*14% 16% *14
17
*14% 16%
*14
16
17
♦15
16
*15
4 J ’ne
13% Jan
Do 2d preferred
8 Feb
5 Jan '
7% ♦6%
*8
7% *6% 7%
*6
*614 7% *6
64 N ov
44 J ’ly
72% May 1
100 W isconsin Central........... 1 67 Jan
*68% 71
69
♦68% 7r * ♦68% 71*2 69
*68% 71
* 68% 71

B A N K S A N D T R U ST COM PANIES— B R O K E R S' Q UO TATIO N S.
Hid
Hut Ask
Ask
Banks
Banks
Hid Ask
Hid Ask
Banks
Banks
585
Mt MorrlsU. 250
255
350 Im p & Trad 575
Chat&Phenlx 172
F i l t h .......... 300
178
295
Irving N Ex 212% 217% Mutual 11___ 285
First ______ B25
175
185 Chelsea Exll 200
N
assau____
140
___
300
150
letfcrsonH_
150
’
Chemical
.
.
14th
S
t
f
l
...
140
1432
600
025
220
New N eth’d 210
Liberty------ 600 625
Fourth . . . . f200
250
255 Citizens' Ctl 157
162
NewYorkCo ___ 975
425
3*45 Lincoln____ 400
105
115 City.............. f 395% 1398 Gallatin . . . 335
315
ManhattauU 325
. . . . New Y ork . 305
305
Coal & Iron 150
160 G a rfield ___ 295
135
__
19th W ard . 170
250
Mark’ t&Ful 250
150
Germ-Am 1] 140
409
4*15*" Colonial f l .. 400
240
Mech&Met's 208 7(72 PaclficU____ 230
300
Columbia H- 375
400" Germ’ n Exll 485
H
a
rk
...........
157%
.
.
.
.
385
Mercantile
.
375
550
575
'
1215
190 2 0 T Cotninerce .
1215% Germania 1).
170
People’s H .. 245
Merch Exch 165
....
330 Gotham _ .
150
155
155
100 Corn Ex 1).. 325
182% Plazall......... 625
Merchants’ . 179
....
Greenwich 1; 240
250
13S
145
East R iver. 115
415
Metropolis H 395
Fidelity 1).. 105
175* H anover___ 630
645
150
205
. . . . Metropol ’ nil 198
525
- - - - Fifth AveH- 4100 4350 H arrlm an. . 285
•Bid and asked prices; no sales were made on tnis da y. tEx-rlghts. {Less than 100 shares. IState banks., a Ex-dlvIdend
tSalo at Stock Exchange or at auction this week. /» First Installment paid, n Sold at private salo at this price. 1 2d paid.
Hid

AsK




Banks
Prod Exch 1,
R e s e rv e ___
Seaboard . .
S e co n d ____
Sherman___
State D ____
12th W ard.
23d W a r d ..
Union E xc.
Wash H’ts |
West Side 1|
Yorkville U-

u 3d paid.

Hta
170
T89
415
385
135
250
PO
175
170
27 5
650
500

Ask
175
....
....
400
275
— •
180

New York Stock Record— Concluded— Page

1420
s t o c k s —m

Saturday
May 20

a n sst an d

Monday
May 22

Tuesday
May 23

l o w e s t s a l e p r ic e s .

Wednesday
May 24

Thursday
May 25

Friday
May 26

Sales of
the
Week
Shares.

STOCKS
N E W Y O R K STOCK
EXCHANGE

2

[VOL.

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

LXXXXII*

Range for Previous
Year (191").

Lowest.
Highest.
Highest.
Industrial&Miscellancous
•239 245 +239 245 *241 244 *239 244 *240 246 *241 247
dams Express
235 Jan 20 §245 Apr
8
8
8I4 8I4
§235 Dec §270 Jan
8I4 8I4
8 8
*712 812 *7% 8%
llls-Chalmcrs _
700
7% Apr 18
8% Jan 30
* 30
30
7*2 J ’ly
3012 31
15 Jan
*30
31
3012 3012 29*2 2912 30
31
Do p rcl____
1.300
25 Apr 21 34 Feb
543i Jnh
6633 67*3 667g 67% 6714 683s 67% 68*8 0G3i
27 Aug
6714 66% 67% 78.830 Amalgam ated Copper___
69% Apr 18 68% May23
68-% 59
90*4 Jan
59
59-3s 5834 59
55*8 J ’ly
5812 687s 5S12 5S3i *53*4 58% 2.200 Amer Agricultural Cliem.
46
Jan
6
).2
M
avis
,•102 . . . *102
35 J ’ly
*10234 ___ *100 103
49*2 O c t
103
D o p ref______________ 101% Jan 27 103 Feb
100
102% 102*8
t 473S 49
49
49-34 4812 49*8 48*2 S014 *100
99% Apr 103 Jan
4912 51
39,050 American Beet Sugar____
51
52
39% Jan 12 52 AIa.v26
I 9934 9934 100 100 *9812 10012 100 100
24 J ’ly
47% Jan
600
Do
pref______________
99*2
99*2
99*2
99%
r2%
Jan
l.iO
May
22
89 J ’ly
) *93=8 95% *9312 9512 *9312 9512 *93 *2 9512 *9312 95*2 *93% 95%
95% J’ns
Amer Brake Shoe & FUv.
90 Jan
97 Feb 27
82% Oct
*130 134% *130 13412 *130 13412 133 134*2 *1321o 135 *132 135
91*2 N ov
200
Do pref______________ 128*8 -Tan
138 Feb 23 119 J ’ly 131% N ov
, 1134 11% 1134 1212 11«4 1212 12
123g
12
12
% 15,500 American Can___________
12
12 %
8
%
Jan
6
12%
May
9
67s I ne
! 86
137s Jnn
86 8812 8712 8S% 87*2 88
873.j 88
87%
8
8
16,250
Do
pref_____________
I
77 Jan “ 8873 May 23
62 J ’ly
' 55
557S 557s 57
82*4 N ov
56
5612 56
56
55
5512 55*4 5534 9,600 American Car & Foundry
50*4 Apr 24 57*2 Feb 8
39% J’ ly
' *11712 11934 119-34 11934 1197s 120 *11714 120 *112
727s ,jan
120 *112 1197s
400
Do
pref_______
.
114%
Mch
13
120
May23
109 J ns 120 Mch
6012 5112 4914 5112 4933 5078 497S 5012 5014 5078 50% 50% 10,900 American Cotton Oil____
4 i% M a y.2 62% Feb 28
62% J’ ly
j *100 105 §102 102 §100 101
69*4 Mch
*97 101
100 100
*97 101
190
Do pref_______
100 May26 105% Feb 16 100 Dec 107 Oet
*240 243 *240 243 §242 242 *240 243 *240 242 *240 243
30
American
Express
§224
Jail
11
§255
Jan
27
§230
Dec *320 Jan
1 *41S 412 *418 412 *4% 412 *414 412 *414 412
4% 4%
100
American
Hide
&
Leather
3% Jan 25
4% Jan 31
3*2 Sep
i *23
24U *2312 24% *23
8*8 -Jan
24I4 24*8 24*2 *23
24
23 % 23-%
Do pref_____________
600
20 Jan 10 251= Feb 8
19 Sep
!■ 2234 223. 223g 2234 2212 2212 22-34 2234 2134 2134 *22
4773 jnn
227s 2,700 American Ice Securities.
17% Jan 17 25*2 Mch 14
16% Dec
!' *11
111, 1114 115s *1114 1134 11% 11% 11
29*4 Mch
11
* 10% 11%
800 American Linseed
10% Apr 21
10*3 J ’ly
12% Feb 14
1734 jan
i *30
3212 32
32
*31
33
31*2 31*2 30*2 3134 30% 30% 1,000
Do pref______________
30 Apr
Feb 14
25*2 J ’ne
4U78 Jan
40IS 4212 4214 43I4 4214 4234 4214 4212 41 41
41
41% 5,800 American L ocom otive___ 3534 Apr 21 31
43*4 May22
29 J ’ly
62*2 Jnn
*107 108
10S 108
108 109 *108 109*8 108*4 IO8I4 *108 110
700
Do pref______________ 104 Apr 18 110*2 Jan 13 102% Aug 115
Jan
*4
412 *4
*4
5
5
*4
5
*4
5
*4
5
American Malt Corp____
35s Feb 17
4*» Jan 18
3% Dec
8 Feb
35
35
♦34
35
34
34
♦34
37
*33*2 35
34*2 34*2
300
Do pref______________
31*2 Mch 8 36*2 Jan 25
2S% J ’ne
48 Mch
8812 *8712 88*2 88 % 88%
; *87i2 88l2 88I4 8SI4 *8712 8812 *88
200 Amer Smelters See pref B
86 Mch 8 89 Feb 2
82 J ’ly
907g jnn
7912 8034 80% 813S 7912 8Hg 79I4 81
79
80
79% 80% 50,400 Amer S m elting* Refining
70% Apr 18 81% May22
61% J 'ly lo t Jan
10634 10634 10012 106% 106% 106% 1,240
I 10612 10012 106*4 107 *10612 107
Do pref______________ 103*8 Jan 3 107 May 22
98% J ’lv 112*4 Jan
. . . *270 ___ *268 . . .
*268 325 *268 325
325 325 *280
100 American Snuff__________ 280 Feb 27 325 May 23 245
N ov 285 Apr
*100
*100
. . . *100 106 *100 106 *100 106
*100
Do p ref______________
99 Apr 6 104 May 8
95% Jail 102 Dec
4438 4412 *4312 4412 4334 437S *43 44
*43
44
*43
44
600 Amer Steel Found (new) _ 39% Apr
52% Feb 9
38 J ’ly
66 Jan
t 1197S 1197s I I 934 1207g 120 12012 120 120*2 120 120
120% 120*4 5,100 American Sugar Refining 113 Jan
122*2 Feb 27 111*8 Oct 127% Feb
119*3 119*4 119% 1191» *117% 120
119 119 *117 120
' *JH712 120
Do pref______________ 111 Jan
400
119*2 Feb 14 111% Doc 121 Feb
14834 14912 148% 1491S 1487s 1493s 148*4 1483i 14884 1487a 8.900 American Tcleph * Tcleg 140*4 Jan
>. 1483a 149
12(’
)
3
4
J
’lv
149*2
May22
143*8 Feb
101*2 10134 *101 101% 101% 101% 2,750 American T obac (new ), pf 931= Jan
IOH4 10134 lODg 10178 10112 102
10-' M a yl 8
90*2 J ’ly
9934 Mch
*3312 3412 34
34
34
3412 34
34*4 *3212 34
33
33%
900 American W oolen_______
30*2 Jan
36*2 Mch21
25*8 J ’ly
39% Mch
937? 94
93
94
• $93
93
935S 93=8 *93
94
935s 93=8 1,510
I*o pref______________
86
*2
Mch
29
96
Feb
8
90%
Dee
104 Mch
*30
31
+30
31
, *2912 31
30
30
♦28
31
*30
307S
200 Amer Writing Paper, prf
2
?%
Mch
*7
34*o
Feb
15
+39-3i 403S 4014 4034 40*3 4034 40
1 3934 40
40
40
40
2.900 aAnacondaCopper P a r} 2 $36*8 Apr 18 $41 Feb 6 $33*2 J ’ly 854 ,ian
3314 3334 33U 33% 3234 33
3212 327s 3234 327S 33% 33% 2.625 Ijcthiehem Steel______
20=8 Mch 14 34*4 Apr 6
21 J ’ne
347g Oct
6134 623. *6012 63
‘ 63
6312 61
63% 6H4 62
6234 63*2 2,500 ** Do pref___________
59 Jan 3 64*2 Apr 7
49 Aug
65 Jan
! 143 143
143 14312;*112% 144 *14212 144 ♦ 14284 143*2 1427S 1427s
800 Brooklyn Union Gas____ 135 Jan 3 143*= Mayl7 125 J ’ly 164%
Jan
: *9
10
9I4 9l4 *9
10
+9
10
*9
10
*9
10
100 Brunswick T e rm * R y Sec
9 Jan 6 10-% Feb 16
8 J ’uc
I8*s Jan
i *30
31
+2838 31
*29
31
*29
31
*29
31
*29
31
Butterlck
C
o____
28 Feb 16 31 Mch 30
28 J ’nc
33
Jan
■ 2914 29U 2912 30% 30
30% 30*8 31
30
30% 30% 31
14,715 ( lentral Leather
26 Apr 24 3378 Feb 2
25% ='ly
48% Jan
I 102 102 *101 103
102 102*8 102 IO2I4 *101 103 *101 103
600
Do pref____________
98% Apr 22 105 Feb 10
99% J ’ly 109*4 Mch
2434 25
: 25
25
25
25
2I7S 25*a 2434 2434 24% 25
3,700 dChlno Copper____Par $5 521*2 Apr
$25% MaylO
34l2 333g 3438 3334 34
. 3312 3334 34
33
33% 33% 33% 3,500 Colorado Fuel & Iron ___
28*2 Apr 22 36% Feb 6
22% J ’ly
50 Jan
) 14434 14512 14512 146% 1451.J 14512 145*2 14534 145 145*4 145 145% 8,200 Consolidated Gas (N Y ) .
135*4 Jan 3 146% May22 122*2 J ’ly 160*3 Jan
f Id s 151* I 5I4 1512 *1518 1512 15
I 5I4 *145s 15*4 15
15% 1,600 Corn Products R e fin in g..
13*2 Jan 10 15% May 17
11% J ’ut
*8134 83
23*4
Jan
8212 8212 823( 8234 8234 8234 8234 82% 83
83%
600
Do p ref______________
74*2 Jan 10 83*2 May26
70% J ’ly
363S 37
S0*s J a n
3634 3712 363S 37
36*8 37
36
36% 30% 37
7,550 Distillers’ Securities Corp
32% Jan 11 38% Mch 1
3634 Jnn
25% J ’ly
*27
29
*27
30
*27
30
*28
30
28
28
*27
29
100 Federal Mining & Smelt’g
17*4 Jan 28 36 Feb 16
12 Oet
60 Mch
f; *6112 661s $6512 6512 ♦6.3
66
65
65
65
65
*5934 65
250
Do pref______________
48*2 Jan 11 66*2 MaylO
37 Oct
88 Jan
■ 16934 159-34 I 6OI4 IOH4 160 160I2 169*2 16212 161 162
101% 164% 14,300 General E lectric______ <1 *145% Mch 3 104% May26 134
J ’ly 1607S Jnn
[
678 57S
673 6
57g 6
57? 6
57s 6
6
6%
9,300 Goldfield Con M . Par 510
6*2 Jan 14
77
8
Jan
3
$7%
Oet
! 127 12778 12612 127U 126 12712 126*2 127
89*4
Sop
126 126
126 126% 3,750 nt Harvester stk tr efts 109 Jan 3 129% May 5
s83*8Feb
125 Jan
i *124 127
127 127
126 126 +124 12612 +125 126 *125 120
400 L Do pref stk tr c t f s .. 122*4 Jan 3 128*4 May 4 i l l 7 Aug 129
Jan
434 434 *412 434 +4*2 434 *4
*412 434
434 *4
484
100 Int Mcr Marine stk tr ctfs
4% Apr 20
67g Jan 30
4% J ’ly
7*2 Jan
*1734 18
18
18's *1712 18
*1712 18
♦I7I4 18
17% 17%
Do pref_________
750
15*2 Jan 17 18% May 18
1258 J ’ly
10*4 10S4 1034 IH4 III4 12 *1112 12
24*8 Jan
1134 12
* 11% 12
3,800 International Paper
9% Apr 27 13% Jan 31
9 J ’ly
16
Jan
•48% 49
48
48
49
61
6034 51% 61
62
*50
65% 6,400
Do pref_______________
4 i% M.ayl5
41% J ’ly
66% Jan 17
61% Jan
40
4034 +40
$40
40
41
40
40
*39% 40% 39% 39-%
550 Internat Steam P um p___
38*2 Apr 18 44 Feb 8
* *88
ioQ
36% J ’ly
5 *5s Jan
88*4 8834 8834 +88 887s 8834 90
89% 8934 89
89
Do pref______________
1,420
84%
Jan
26
90
May24
78*2 J ’ly
90*4 Jan
105-34 1057S 100 106*8 1057g 106*4 10012 10634 106 10612 100% 106% 9,865 Laclede Gas (St L) c o m .. 102 Apr IS
114*2 Jan 20
9334 J ’ly 116*2 Jan
' *90
93
90
90
*90
93
♦90
93
90
90
♦88% 93
600 Mackay Companies
90 May 13 95 Feb
79 J ’ly
98 Oct
767s *76
7612 7612 *78
*70
77
77
76% 7OI4 *75
767s
Do pref_________
200
74% Jan 18 77 Mch 7
71 J ’ly
78% Oct
2014 2034 20*2 207g 20*8 2034 20-% 20% 20 % 201
20% 20%
3,375 dMlaml Copper___Par $5 518% Apr 18 S207a May22
136 136 ♦136 13712 136 137 §136 136
1367s 1367s 13678 137
750 N ational Biscuit
117% Jan 16 141 Apr
100 Aug 119% Doo
.*12714 129 *12714 12914 1287g 1287g 12812 128*2 +128 128% 1283s 1283s
300
Do pref___________ 124 Jan 20 130 Feb
11S34
J
’ly
125 Jan
►*1612 1734 ♦1612 1734 *16
*16
18
*16
17% *16
18
17%
Nat Enamei’ g & Stam p'g
167s May 3 18*2 Mch 27
14 Sep
28% Jan
*85
92
*85
92
*85
92
*85
92
♦85
92
*85
92
. Do p r e f .. .
85 Jan 6 90 Feb IS
84 Oot
96*2 Jan
65-33 55-% *55*2 57
6534 56% 6612 563a 55*4 6634 55% 66
2,120 National Lead
60*8
Apr
25
69
Feb
2
40*2 J ’ly
89% Jan
[*10512 109
10912 10912 §109 109 +107 109 *107 109 *108% 109
Do pref_______________ 105% Mch 24 109% May22 101*4 J ’ly
120
110% Jan
193a 19*4 1938 19*8 19*4 19% 19% 7.400 (tNev Cons C opper.P ar $5 *517% Apr 19
“ *19
193a 19ls 1914 19
$20 Feb 6 $17% J ’ly $22% Oot
♦71
73
72
*72
747g 72l8 72lg 72
71% 71% *70
75
300 New York Air Brake____
68
Apr
27
69 J ’ne
74*2 May 18
95% Jan
76
7612 75
76
7612 *76
75
76
*74
75*4 *74
7584 1.400 North American Co (new)
64 Jan 10 70% May 18
60% N ov- 84 Jan
26<s 2714 2714 27U 26*8 2014 *25*2 2612
*25
26% 1.400
acific Mail.................... ..
23% Apr 24 29%Jan 4
2278 J ’ly
43% Jan
50
5012 50
5012 49*2 50
60
50
49% 49% 49
51% 11,270 P aolQo Tciep & T e le g ..
44
Jan
3
64% Jan 31
30 J ’ly
46% Jan
•10412 10512 10518 10512 10512 106*4 10578 106
105*2 105% 105% 10534 2,120 People’s G L & C (Ohio).
11334 H 4I4 11334 11412 114 I I 4I4 11334 HH 4 11334 114% 114 114% 4,250 Philadelphia Co(PIttsb’h) 103 Apr 5 109 Jan 19 103 J ’ly 1163a Jan
100*2 Jan 3 114*2 May22
84 J ’ly 106*2 Jan
20*8 20% 20*2 2H4 213S 2134 21% 217S 217s 22% 21% 223s 13,020 Pittsburgh Coal Co
17*4 Jan 3 22*4 May25
13 J ’ly
27*4 Jan
82
8412 8434 86*2 86
81
83
1 *80 81
88
84
80
Do pref_______
16,476
6734 Jan 4 88 May 25
60% J ’ly
85 Jan
35
363s 3512 3618 3512 35*2 35
' 35 3512
35
*3434 35% 3,000 Pressed Steel Car.
30% Jan 3 30% M ay 22
25 J ’ly
517s Jan
*100 102 *100 102
100 100 §101 101
+99 101 +100 101
Do prei_____ _______
200
92*4 Jan 3 101 Apr 28
90 J ’ly 107*2 Jan
*119 11912 *119 120 *119 119*2 *119 119*2 *119 120 *119 120
Pub Service Corp of N J . 116*8 Jan 31 120 Feb 7
•161 162
162I8 1621s 1623t 1623, 162*4 162% *161% 1623i 101% 161%
711 Pullman Com pany______ 159 Jan 3 103 Jan 30 155 J ’ne 200 Jan
34I4 34% 3512 3534 *3412 3534 3434 35
35
35% 35% 35% 1,100 R a ilw a y Steel Spring___
31 Jan 11 38 Feb 3
28 J’ly
6U8 ja n
*100 10234 §10234 10234 *101 103
102 102*8 *101 102 *100 102
457
92 Jan 3 102i3 May2l 290% Sep 107 Jan
1734 1734 177S 18
1734 18*8 1734 18
17% 18
18
1333 6,381 dR ay ConsCopper Par 510
3134 297s 31% 29% 2973 30*8 30% 6.300 Republic Iron & Steel___ 515% Apr 19 $18*2 MaylS
3U 2 3112 313i 3214 31
29*2 May25 35*4 Feb 6
27 J ’ne
4578 Jan
90
96
96
96% 95*4 9512 9312 95
93
93% * 9 3 % ___
Do pref___________
2,900
92% Apr 26 99% Feb 1
8234 J'ly 104% Jan
*14018 142
140 140*8 *135 141
140*3 141
137*2 137% 136% 140
1,350 S ears, Roebuck & Co
136*2 May 20 192 Feb 6 150 J ’ ne 190 N ov
*52
54
*51
52
*51
53
*5212 55
51*2 51% *50
6U4
125
loss-Sheffleld Steel & Ir 49 Apr 22 56*4 Feb o
48*4 Deo
86% Jan
377S 3778 3712 38
38*3 3884 38% 38% 38% 387g 6,200 ((Tennessee C op p.P a r 525 532 Jan 11
373i 38
$39% Feb 14 $19*4 J ’ly
$12912 129!2 130 132
12912 129*2 12912 129*2 129 129% 129 129
1,700 Texas Co (T he)__________ 125 Apr 25 136*2 Feb 1 134 Oct $40% Jan
144 Oct
72
72
77*2 78*2 7«% 83*2 81% 83
74 7714
827S 83
7,320 U nderwood Typew riter.
63 Mch 29
May24
*106 166 *107 109 *107 109 *108 108 §109% 109% §109% 109%
160
D o pref____________ 103 Mch 31 83*2
10j MaylO
734 73| *7
$778 778
734 *7
734 §7% 7% *7
8
140 Union Bag & P aper_____
7 MaylO
9 Feb 9
6 J ’ly
13% Jan
$57
57
*57
5912 *57
5912 *57
69*2 *57
69*2 68
58
160
Do pref______________
56% Apr 29 59*2 Jan 30
52*8 Dec
73 Jan
IO473 10473 *104% 1051o *10412 105
•101% 105
105 105 *104*2 105
200 United D ry Goods C o s .. 100*2 Jan 27 106% Feb 20
96 Aug 122 Jan.
106 10012 10612 10612 *10512 10634 1065s 1063.1 106% 106% *105 105%
650
Do pref______________ 102*8 Jan 5 107 Feb 18
99% Aug 1137S Jan
1712 1712 1734 1S12 18U I 8I4 1712 18
*17% 18
+17% 18
941 U S Cast I Pipe & Foundr
15 Jan 10 19 Feb 23
14% J ’ly
32 Jan
*57l2 5812 *58
53
*58
6812 57*8 57*8 *5534 57
*5.534 58
210
Do pref______________
60 Jan 16 r 6l Feb 23
49 J ’ne
84 Jau
§993i 9934 *98 100
*97 100
*98 100
+98 100
§98
98
20 Unltod States E xp ress.II
95
Jan
7
§105 Jan 27
Dee 145 Jan
*78
79
78I4 7812
79
79*4 *77*2 78% 78% 79
1.300 U S R ealty & Im provem ’ t 65*8 Jan 25 79*4 May 24 §93l2
6134
J’lv
84% Jan
41
41
4112 42=s 41% 4214 41*2 41% 41% 413i
41% 42% 8,370 United States R ubber___
36 Jan 0 4773 Mch 1
27 J ’ly
52% Jan
11312 113t2 II .373 114
11378 11378 1137j 1137s 113% 1133s
113*2 114
1,400
Do 1st pref___________ 109*2 Jan 18 1147s Apr 10
09 J ’ly 116*2 Jan
773t 7734 *76
*77
78
78
*76
78
*77
78
*77
78
100
Do 2d pref_________II
72*2 Jan 31
79 Mch 1
59*2 J ’ly
84 Jan
; 7934 8038 8038 8H4 79*8 803S 78*4 79% 77% 78*8 7773 78*o 680,244 United States Steel_____
71%Jan
3
82*8
Feb
6
61*8
J
’ly
120 120
91 Jan
120 120U 11934 1197a I I 9I3 11978 119 I I 933 119 119%
5,120
Do p re f______________ 116*4 Jan 3 12078 Feb 4
4634 47I4 47
47I4 46% 47% 47
48*4 47% 477S 4734 48% 36,381 ((Utah Copper___Par 510 S425g Apr 19 $48% May24 110% J ’ly 12538 Jail
{$3933 j ’ne $60*4 Jau
67
58% 571g 581S 5733 59
58
59*8 59
60% 69*2 60
38,425 Virglnla-Carolina C h em ..
57
May
2
0
70%
Feb
28
47 Feb
•121 124 *123 126 *124 126 *125 126 *125 126 *125 126
66*8 Oot
100
Do pref
122% Apr 22 138% Mch 15 117 J ’ly 129%
172 §173
173 §175 *172 175 §17334 174*2 *171% 175 §174 177
1,241 TXTeils Fargo & C o.
150 Jan 18 177 AIay20 144*2 Dee 195 Jan
Jan
7934 79*8 81% 8033 84*2 81% 84
77
777s 78
80*2 82% 78.948 » » estern Union T e le g ..
715s
Apr
18
84%
May24
56 J ’ly
73
7334 74
78*2 Mch
7-H2 73
7312 73
74*2 73
73% 74% 76% 22,400 W cstingh’seEI&Mfg assen 64% Apr 19
76%
May
2
0
•110 117
82%
Jan
49%
J
’ly
117 117 *116 117 *116 117 *116 117
117 117
300
Do 1st pref___________ 116 Jan 14 123 Jan 5 110 May 130 Feb

A

__

__

__

BANKS AND TRUST COMPANIES— BANKERS' QUOTATIONS.
Btd
Banks
Brooklyn
Broadway § 385
loney Isl’d f
First........... 290
glllsld eU ...
o m e s t c a d ’l

lianufao’ rs'
tfechanlcs'T
tlontauk . .
Nassau____

__
__
__

410
225

__

250

Ask
400
155
310
125
115
425
240
150
270

Banks

Bid

Ask

Bid

Brooklyn
Nat City__
North Side \
People’s
Prosp’ctPk’

285
150
158
135

300
170
165
142

142%
1000
305
105
300
507*2

trust Co’ s
N YCU y
15'w ay T r . .
Central T r..
Columbia . .
Commercial
E m p ir e ___
trust Co’ s
Eqult’ble Tr
Farm Lo&'l
N YCUy
F id e lity ___
As t o r ____
347% 3571- F u lto n ____
Bankers’ Tr 650
680

Ast
148
1060
310
115
310

1525
217*2 225
29J
310

Trust C o’ s
Guar’ ty Tr.
Guardian Tr
H u d s o n ___
Knlckerb'kr
Law T I&Tr
Lincoln T r.
Manhattan
Mercantile .
Metropol't’ n
M utual____
Mut APncc-

Bid
810
135
140
285
245
130
390
725
465
132%
125

Ask
820
150
295
25)
140
735
130

t rust Co’ s Bid Ask
N Y Llfe&Ti 1100 1120
N Y Trust.
630
Savoy..........
95
410
400
490
485
345
1230 1250
47.)
-180
u u ii o ui ies 1150 1175
Washington 360
375
Westchester 15)
160
96
100

__

.

Trust Co’ s
Brooklyn
Brooklyn Tr
Citizens’ ___
Flatbush . .
Franklin___
Hamilton . .
H o m o _____
Kings Co . .
L Isl L & Tr
N assau____
People’s __
Queens Co.

'
, auu asiteu prices; no sales on inis day. §Less than 100 snares. IE x-rlghts. b New stock
e F t rfi„ nmi richi« a
v t&alc at Stock Exchango or at auction this week, s E x-stock dividend. iBanks marked with a paragraph' (9 a r e S t n t c ^ n k ^




Bid
440
120
200
185
270
100
505
305
155
300
100

460
130
215
200

285
110
3’ l5"
105
310
120

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
BON DS
N. Y. STOCK E X C H A N G E

.» «■
0
■b*

Price
P naav
May 26

W icek E nding M a y 20

Week’s
Range or
Last A'ale

I Bonds:
1 Sold j

/a n . 11900, the Bxohange method of quoting bonds was changed, and prices are now all—" and Interest” —except for Income and defaulted bonds.
Range
Since
January 1

BON DS
N. Y. STOCK E X C H A N G E
W eek E nding M ay 28

P r ic e
tr id a v

May 26

Low
High Wo :Lotv High Cent of Ga ltR —(C on)
3d pret moomo g 6s stamped.
l o i *s A p r ’ l l
101*8 l o i v
Chatt B it pur mon g 4s. 1951 J-D
101 1013,
101 May’ l l
Mac A N or D ir 1st g 6s. 1040 J-J
102 A p r ’ l l
102 103V
Mid Ga A A tl D iv 5s___1047 J-J
102 V A p r’ l l
102V102V
Mobile b lv l s t g 6s.......19*6 J-J
101V J’l y ’ io
Cen R R A B ot Ga col g 6s 1037 M-N
Q-F 114V 115 115 A p r’ l l .... 115 110
Cont of N J geu’ t gold 6 s .1987 J -J
Q-F 1 1 4 V 115 116 A p r ’ l l
115V 116V
R egistered..................A1987 Q-J
Q-N 100 V 101*, 100 V Aug’10
Am Dock A Imp gu 68..1921 J -J
F oreig n C ovcniiiii-nt
Be A iiu d R g e n g u g 5 s 1920 J -J
Bell A W ilks IS Coal 6 s ..1912 M-N
Argentine—Internal 5a o£ 1009 M-S t 08
08V 08V May’ l l
07V 99
N Y A Bong Br gen g 4a 1941 M-S
Imperial Japanese Governin'!
Sterling loan 4 V8.......... 1925 F-A t 94V Sale
94V
94V 10 93*8 95V Cent Pacific Aee So Pacific Co
2(1 sonea 4 'as................ 1025 J-J t 04 >8 Sale
04
94 V 33 93V 95*4 OentVennont lat gu g 4s.el920 Q-F
Oliaa A sa v Aee A tl Coast Bine
Sterling loan 4 s ............1931 .1 - J \ 88V 80 V 80
80
,2 87V 90
Chea A Ohio gold 0s.........a lO ll A-U
Repub ol Cuba 5a exton debt.. M-S 4101*2 103 103
103
102*8 10-t
Gen funding A nnpt 58.1020 J-J
External loan 4 V s ........ 1040 F-A 4 973, pa
08 V
03*4 15 0734 i()()
1st conaol g 5a................. 1030 M-N
'2 97
San Paulo (Brazil) trust 5s 1010 J-J t 07 *, 08
07 V
07 V
97 V
Registered.....................1030 M-N
U S ol M exico a t g 5s of 1800 Q-J i 06*2 07
1 96
06V
96V
08
General gold 4 Vs............1002 M-S
Gold 4a o£ 1904................ 1954 J -D
11 01
03
04
04 Sale
94 V
Registered.....................1092 M-S
hese a re pr ices 0 n the b asis 0/ $5 to £ .
t
T
S ta te and City S ecu rities
Convertible 4 ‘as ............ 1930 F-A
Big Sandy 1st 4 s ............ 1044 J-D
N Y City—4 I t s ................... 1900 M-S 102V Sale 102V 102V 180 100V 103
Coal R iv R y 1st gu 4s ..1045 J-D
4 >48 recta int fro Jan 24 1000 M-S 104V e*aib 101Q 104V 1911 100V104V
Craig Valley lat g 6 s ....1949 J-J
4% Corporate Stock........ 1950 1V1.N 100 V salt 100
100V 102 98V lOOV
Potts Crook Br 1st 4 s ..1940 J -J
4% Corporate s t o c k ___ 1958 M-N 100 Sale
27 98 V 100 V
09V 100
R A A D iv ls to o n g 4 s ..l0 8 0 J-J
N ow 4 V s ..........................1057 M-N 108 V 109 108V 100
6 106 V 109
2d consol g 4 s ................1989 J-J
1 101V 103
N ow 4 V s ..........................lo l7 M-N *102 V ......... 103
103
Warm Spr Val la t g 5a..1941 M-S
82j 106 V 109 V
4V% Corporate Stock ..1057 M-N 108 V Sale 108V 100
Greenbrier R y la tg u g la ’ 40 M-N
6 102 103
4 V% aaaesaint bonds__ 1917 M-N 102 V ........ 102:>, 102 V
4% Corporate S tock__ 1957 M-N 100 100*6 00 V 100 V 22 98 V 100*8 Cine A A lt R R ref g 3 s ...1949 A-O
Railway 1st lien 3 V s ... 1950 J-J
N Y State—Canal Im pt4s.l900 J -J 105 V ........ 105V A p r’ l l .. . . UI4V 105V
Registered.....................1950 J-J
103 V J ’l y ’ io
So Carolina 4 Vs 20-40........1033 J-J
Ohio
Burl A <4—Deny D 4a 1022 F-A
07
May’
l
l
Tcnu new aettlemout 3 a ..1013 J-J
96
07
06V 08
Illinoia D iv 3 Vs.............. 1949 J -J
Virginia fund debt 2 -3 s ...l0 0 r J-J
86 ........ 80 A p r’ l l
86
86V
Registered.....................1949 J-J
(la deferred Brown Bros etts.
68 V Sale
55
60V 80 40
67 V
Ills Div 4 s ....................... 1040 J-J
R a ilro a d
Iowa D iv oink fund 6a..1010 A-O
Sinking fund 4a............1010 A -0
* luuunia Cent Aee So Ky
Nebraska Extension 4 s.1027 M-N
/x la b a Midi Ace A t Coast .Line
Registered.....................1027 M-N
Albany <fc Suaa Ate Del <fc liua
Southwestern Div 4s___1021 M-S
Allegheny Valley AeePenn UB
Joint bonds Aee Great North
Alleg <fc West Aee Buu it & P
Debenture os...................1913 M-N
Ann Arbor 1st g 4s.........A1006 Q-J
7 787s 85
80 V 81*, 80V
81
General 4s........................1058 M-S
Atoll X <fc S Fe—Geu g 4s. 1005 A-O
08*8
90 120 98
08V Sale
09 V
A E 111 ref A imp g 4s 1966 J -J
Registered........................ 1005 A-O
07 V May’ 11
97*8 983, Chic
1st consol g 0s................. 1934 A-O
Ol3,
!, 1 \
3 00V 02V
Adjustment g 4s.......... A1995 Nov
91
92
General consol 1st 0 s .... 1037 M-N
R egistered................. A1995 Nov *90 ........ 02 J a n ’ 10
Registered.....................1037 M-N
Stamped...................... A1005 11-N
0 i)0V 92V
91 8aie
01V
91V
C lu oA lu d C Ry 1st 6 s .1030 J-J
109 *, M ay'11
Conv 4a issue of 1000...1056 J-D
105 109V
Conv g 4a..........................1956 J-l) 113 V Sale 112 V L13 V *78 105 V 113V Chicago A Krlo Aee Erie
Couy 4s (issue of 1910). 1960 J-D 104 V 3alo 104*, 104V 028 102 V 104 V Chic Gt W estern 1st 4s. ..1959 M-S
114*, 2u6 108V 113V Cine in A Douisv rei Os...1 9 4 / J - J
10-year conv g 6 s ........ 1017 J-D 113 7e Saio U 3V
Refunding gold 5s.......... 1947 J-J
98V J a n ’ 10
Debentures 4a Series J.1912 F-A
R efunding 4a Series O..1017 J-J
09 *, May’ f 1
Series K .........................1913 F-A
99V 99V
Eouisv N AJsUU 1st 03.1911 F-A
i 96V 07V
East Okla D iv lat g 4 s..1928 M S
97*s 07V 07 V
97 V
Short Bine 1st 4s g ........ 1058 J-J
03V 04V 03 V May’ l l
92 V 94V Ohio I n d A Sou 50-yr 4a..1950 J -J
i 109 V 100 V Chic MU A St p term g 6s 1914 J - J
8 Fo Pros
Ph 1st g 58.1942 M-S 100 V Sale 109 V 100 V
General g 4s series A ..«1989 J -J
Atl K nox & N Aee B & N
Registered...................al089 -J
Atlantlo Coast 1st g 48.A1062 M-B
06 V Sale
95 V
95 V 57 93V 90
G eneralg 3 ‘as aeries B .el089 -J
Ala Mid 1st gu gold 6a ..1028 M-N 107 V 109 108 Mat’ l l .... 108 108
25-yr
ileben 4 s .................1934 J-J
Bruns <fe W 1st gu g 4s .. 1038 J-J
95*4
Mar’
l
l
06 V ........
96V 96V
Ohio A B Su Div g 5s___1921 J-J
Charles <fc Sav la t g 7 s ..1030 J-J 136 V ........
Uhio A Mo RlV DlV 5 s ...1920 J-J
B A N coll g 4s..............ol952 M-N
04*, Sale
94
91V 85 02V 98V
Clno A P VV ls t g 5 a .......1921 J-J
S a v F & W 1st gold 0 s.. 1034 A-O 125 V ........ 125 »# May’ l l .... 124 V 125*8
Dak A Gt So g 5a............1910 J-J
1st gold 6s.....................1034 A-O 1 1 0 V ........ 110 V llOV
1 llO ’s 1U V
Far A Sou aaau g 0a.......1924 J-J
S llS p O c a & G g u g 4 s ..1018 J-J
97
V
May’
l
l
....
06*4........
97 V 97 V
BaOroase A D 1st 6a___1919 J-J
Atlantic A Danv Aee South Ry
Wla A Minn D iv g 6a___1921 J-J
Austin A N W Aee Sou Pacific
Mil
A No lat cons 0 s ....1913 J-D
olt
A
Ohio
prior
1
g
3
Vs.
1925
54
02
m
92
V
J-J ........ 02V
92V 93
B Registered................A1026 Q-J
4*28..............1913 J-D
*92 ........ 01V May* 11
9 1 V 91V ChicExtended
A N orth w cons 7a___1915
Gold 4 s ........................... A1948 A-O
08 V Sale
98V
08V 44 98
99 V
Extension
4a.........1880-1920
ltegiatored................. A1048 Q-J ........ 09 V 93
93
2 97
08V
Registered.......... 1830-1020 F-A
Pitts Juno 1st gold 0 s ... 1022 J-J 112V ....... 112 V D o c’ 10
General golu 3 Vs............1087 M-N
P J an A M D iv 1st g 3 Vsl026 M-N
88 V ........ 88s, May’ l l
87V 83V
R egistered................. pl087 Q-F
Ol3
,
02
P B E A W V a S ysref 4»104l M-N
15 01
91V 02
02V
General 4 s ..................... 198 1 M-N
01*,
0 1 V 11 83 V 01V
Southw BIT 1st g 3 V s ...1025 J-J
01 V Sale
Sinking lund 0 s...1879-1029 A-O
R egistered................. A1025 Q-J
88 V ........ 89 V A pr ’ 10
Registered.......... 1879-1029 A-O
Oen Ohio R 1st og 4 V s.. 1030 M-S
08 ........ 103 Mar’ ll]
Sinking lund 5 s . ..1879-1920 A-O
110 D ec’ lO ....
Cl Bor A W con 1st g 6s 1033 A-O
Registered.......... 1870-1020 A-O
Monou R lv 1st gu g 6 s ..1010 F-A 102 V ........ 102>s F ob’ l l
102 V i'02V
Debenture 6s................... 1021 A-O
Ohio R iver R R 1st g 68.1030 J-D 1 0 9 V 112 100 v A p r’ l l
109 V 109 V
Registered.....................1021 A-O
General gold 6s............1037 A-O 106 108V 100 V May’ l 1
107 109 V
Sinking fund deb 5s.......1033 M-N
Pitts Clev A X o l ls t g 0s 1022 A-O 113 V ........ 113 V F ob ’ l 1 .... 113 V 113V
Registered.....................1033 M-N
Pitts A West lBt g 4S...1017 J-J
97 V ........ 07 V F e b ’ l l .... 97V 07a8
MU B S A West 1st g 0s 1021 M-S
80 ........ 100 N ov’04
Stat Isl lly 1st gu g 4 ‘as 1043 J-l)
E xt A Imp sfund g 5a 1020 F-A
Beoch Greek Aee N V C A 11
Ashland lily 1st g 0 s..1026 M-S
Belle v A Cur Aee Illinois Cent
Mich D iv 1st g 0s.........1024 J-J
Bruns A West Aee A tl Coast B
In co m e s ..........
l o l l M-N
Builalo N y A Erie Aee Erie
Ohio Rock ls l A Pac 8 s ...1917 J-J
2 112*8 113
Bullalo R A P gen g 6 s ...1037 M-S 11 2 V ........ 112V 412=,
Registered.....................1017 J-J
Consol »V s ...................... 1057 M-N 100 V ........ 108 V D e c’ 10
General gold 4a................1088 J-J
07 F eb’ l l .... 97
All A West l s t g 4s g u ..1008 A-O
07 V 100
07
Registered.....................1088 J-J
Cl A Mall 1st gu g 6 s ....1043 J-J 1 0 8 V ........ 103 J ’ l y ’08
R efunding g 4 s .............. 1034 A-O
Roch A Pitts 1st g 0 s...1021 F-A 114>»........ 116 J ’ne’ liJ
Cousol 1st g 0s............ 1022 J -D 116 V ........ 116V Mar’ l l
CoU trust Series J 4s___1012 M-N
116 V h o v
M 48................................1016 M-N
But! A Busq 1st ret g 4S.R1061 J-J
72 Mar’ 10
N 4s................................1010 M-N
Bur C R A N Aee O R 1 A P
( fan S o ls t oxt 0 s ............1013 J-J 102V Sale 102 V 192 V 24 102V 103 V
0 48.................................1917 M-N
V_>2d 6a................................ 1013 M-S 101 101V 101
P 4 s................................ 1918 M-N
lo t V 2 1007a 101V
Cliio R I A Pao R R 4 s..2902 M-N
Registered.....................1013 M-S
10034 J a n ’ l l **** l o o v l o o v
R egistered....................2002 M-N
Curb A Slmwu Ace IU con t
R I A rk A Bouis 1st 4 >4s 1034 M-S
Carolina Cent Aee Scab A ir B
Bur C K A N — l s t g 68.1934 A-O
Cartilage A Ad Aee N if C A 11
Registered................. 1034 A-O
Ced R la 1) A N Aee B O R A H
O R IF A N W 1st gu 58.1021 A-O
Cen Branca R y Aee Mo Pao
M A jit B 1st ga g 7 s..1027 J-D
Cont of Ua R R 1st g 6 s..p l04 5 F-A 112 ........ 114V A p r’ l l
112V 114V
Choc Ok A G gen g os .olUlO J-J
Cousol gold 5s..................1045 M-N l o a v 109 108
lo a v
107V 100
Consol gold 5s.............. 1052 M-N
Registered.....................1045 M-N ........ 108
113 A p r’OG
Keok A Dos M 1st 5s. ...1023 A-O
1st prof incomo g 6 s ....p l0 4 6 OOt 100 V 109 106 V 107
6 ibii 5"da
Stam ped.....................
2 l o o v 106V Ohio St B A N O Aee III Cent
106 V 109 106V 106V
2u prof income g 6 s....p l0 4 0 Oct 100 102 102 May’ l l .... 06 106V Cliio St B A Pitts Aee Penn Co
100
Ohio St P M A O con 0 s ...1030 J-D
2d ptet income g 5s stamped
1 100 100
100 102 100
03 May’ l l .... ' 85 102
Cons 0s reduced to 3 >28.1030 J-D
3u prei income g 6 s ....p io 4 5 Got
95
08
l . 8 . <JovcnniMMii
U S 2s conaol registered.iil930
U S 2s conaol co u p o n ....<11930
U S 3a registered.............£1018
tl S 38 coupon................... fcll)18
U S 3a con small bonds.. A:1918
U S 4a registered................1925
U S 4a cou p on .....................1925
U 8 Pan Can 10-30 yr 2s./cl93U

Q-J
Q-J
Q-lf
Q-F
Q-F

Rid
Ask
100 V 101V
100 V ........
101V 102 V
1 0 1 V .......

u

Week’s
N-g
Range or Ig-g
Last A'ale |=q

R ange
S in c e
J a n u ary 1

H igh A’o Low -High
Rid
AsIc Low
100 102
85 V Oct ’ 10 .
88*8 00
87^ F eb’ l 1
b738 873s
1057g
105 *2 106 V
10GV Mar’ l l
1055g
115 Nov’ 05
109V no** 1093, M.iv’ l l ...J 1o g '4 10934
IOI3, 104 :101V A p r’ l l . . . . 101 >2102
122 I 11.122 123ia
1221a 122 >a 122
122
122 7e 122 May 11 . .. . 122 123*2
106V 10712 1071s Mar’ l l . . . . ’ 107*8 108*4
103 Q
100 in
1100*2 A p r ’ l l ___ 100*2 100*2
100
I 99 V D e c ’10 ___
8 9 7g 9 0 V

9 0 7a

00V

1

87*2 92*4

......... 100
N ov’ 10
104*2 105*2 105 Q May’ l l . . . . ll)Z*n 108*2
112*4
112Q 1127s 8,!111V
11134 May’ l l . . . . l l 11 3, 1113,
1011a 10l«4 62 10«*V *02
io iv
*101
]00 May’ l l ....100 100
98
06*4 102 04
08 Sale
07*2
H7
80
80
87 >2 87 May’ l 1
85
85
85
85
84
86
10234 103
1U234
IO284 A p r’ l l
90 Jan ’09
80*a ” 85
05 V
05
05*8 90
95 V
00
91*2 91*2
00*2 92 Q 01*2 J a n ’ l l
100 i O S i a H ^ t e b ’05
Oct ’ 10
85
7334
72 V 73V
73a4 733*
69
68*2 71V
60*4
70
75 Oct ’00
99
99 7»
09V 99*8 00*4
09*4
88
88*4
87*8 88V
88 V 88
88 Sep ’ 10
OF*,
99 V 99 7e O038
90 V 100*8
IO434
IO434 D e c’ lo
0‘J38 99*8 99*2 May’ l l
00*4 90*1
08 V 99 V
May’
l
l
09*2
08V 99
08 ‘g Mar’ l 1
98 *a 98*i
90 F e b ’l l
99
99
99 m
101*2 101V| 3
97*«
97 V. 140
Sale
82*4
82Q 81a4
129 127 J a n ’ l l
Sale lio^a U 1 V
10834 M ar’l l
iosiv " " T l 109V May’ l l

10112 102

07*«
81*4
125*»
111*8

85
8334
S3 *2 sale
1283,
127*2 12834 128
107*4111 111 A p r’ l l
03 ......... 05 8g A p r’ l l
10U*, May’ l 1
92*% 02 *2Mar’ 11
102*2 A p r’ l l
104
983,
09
99
Sate
99*8 J a n ’ l l
8*7*a " 00" 88 May’ l l
92*4 93
03
93
108*2 107 V 108 V May’ 11
109*4.......! 10834 A p r’ l l
107*4 108 107*4 107*2
103*4 104 <*» 103 *2May’ l 1
118*2........ 1117 *4J a n ’ l l
105*6 D ec ’ 10
105V
108V ” ” ” 106V A p r’ l l
1 0 3 V ........ 10334 F e b ’ l l
JOOV........
110
110 Sale 110
97V 09*4 U034A p r ’ l l
99 May’ l l
8U7a
87*2
86 V Sale
9 3 'a A p r’09
68V
98*2 98V 98V
111*8......... 112 J a n ’ l l
110*2 ......... 111V N ov’09
107 V Sale 107*2 107 V
107 ......... 106 Mar'10
105 106*a 106 F o b ’ l l
106*2 F eb’ 10
109*2........ , 100 A .p r’ l l
108*2........ Il0734 A p r’ l l
11 434

101

101*2

9634 98
81
83
127 127
109V H I V
108V 198V
109V 1191*

84V 86*2
127 128*4
111

111

95
05 V
100*8 100*4
02*2 03*2
102*4 102 V
98*2 99**
99*8 09*8

86*4 88*8

02
03 *8
106*2 107
108V 109
106V 107*a
103*4 103*2
117*4 117*4
106 V 107*2
103V 103 V
109*4
08
97
86V

112
09V
98*2

88*2

08V 90 V
112 112
106

107V

i o o ” io i}”
1 0 8 V 109
107*2 108*2
115 115 *2
109V 111

1157. 116*2 M a r ’ l l

109 6« ........ :111 May’ l l
1 17 V ........ 142*2 F e b ’02
-----ills Jan’ l l
117 V
1100»4 D ec’ 10
109** n o v
109 Aug’ 10
109 V
08
97
97*8 07
07 V 98*4 F eb ’ 10
8034
89V
89 V Sale
97 V J ’l y ’ io
97*4 A p r’ l l
U7 V
08 V 06V 94 D eo’00
04V May’ 10
05V
94V
94V May’ l l
76
76V
76V Sale
74V F eb’ l l
03V Mar’ l l
04
112
112
111V
'120*aMar’03
l06 .........106*2 F e b ’ l l
1
___
102V 103 1102*2 Mar’ l l
108 108V 109 V F eb’ l l
101 103 1100Q May’ l l

118

118

ioo v i ’i o "
98

*J8V

88 V " 9 0 "
97*4 " 07*4

0134 0434
72V 77
74*4 74V
93*4 94
1 1 1 V 112V
106V 108V
102 V 102 *2
100 V 109 V
100 100*4

124V 125V 124V May’ l l
86V ........ 03 D ee’ 03

124

125V

iH lsC U bliA N IiO IJS BONDS—Continued on N ext 1‘a ge.
S treet R a ilw a y
Brooklyn Rap T r g Os....... 1045 A-O
1st refund conv g 4s— 2002 J-J
BkCity ls tc o n 6s .1016.1041 J.J
Bk q Co <13S c o n g u g 68.1041 M-N
Bklyn Uu El l s t g 4-68.1050 F-A
Stamped guar 4-5S....1050 F-A
Kings Co El 1st g 4 s ....1040 F-A
Stamped guar 4 s ......... 1040 F-A
Nassau Elec gu g 4s ....1051 J-J
Conn Ry & B ls t & r c f g 4 V s ’ 61 J-J
Stamped f;u ar 4>23 ......... 1951 J-J
Dot United 1st con g 4*28.1032 J-J
Havana Eloc consol g 6s. 1052 F-A
Inier-Met coll 4 Vs.............1056 A-O
lutor Rap T 3-yr conv 6s. 1011 M-N
45-year 6s Series A .......1962 M-N
Internat Trno coil tr 4s.. 1040 J-J
Manila Elco 1st <55 coll 6 s .1053 M-S
* No price Friday; latest this week.




S treet R a ilw a y
4 102 104
19 73 V 78V
Met St Ry gen col tr g o s .1997 F-A
75
74V 78V 74
10334 Salo 103V 104
Ref g 4 s............................2002 A-O
48
6 40 V 48
48 ........ 45V
86*4 147 82*8 80V
86 V Sale 85 V
102 102 V
BwayJfe 7th A v ls t o g 5 s 1043 J-D ........ 102 v 102 V May’ 11
........ 102 V 102V May’ l l . . . . 102 103
100 101
Col& Oth A v 1st gu g 68.1003 M-S
LOO Jan ’ l l
98 D oc’ ll)
99 V 100
12 100V 102V
Bex A v * P F Is tg u g S s 1903 M-S
102
99V 101 100 A p r’ l l
i o i ' ib a v i o i v
61
60
Third A vo R R cou gu 4s 2000 J-J
61 Mar’ l l
10(P4 102 \ 102 M a y'll .... 100V 102
........ 85 Uj 84 V D ec ’ 10
C entT r Co certfs stm pd...
08 *4 Sale
63*8
69*4 1527 58V
Third A ve Ry 1st g 5 s..1037 J-J 109 V 110 109 May’ l l .... 109 111
84 V 11 82 V 84 V
84
81V 84
85*4
10 84
85
N Orl lty & Bt gen 4 Vs ..1035 J-J
85
84
87
78
81
79V 80V 80 May’ l l
N ov’OS
IOI3, 1(1*2?. 10IV A p r’ l l .. .. 101V101V St Jos R y B tH <&P l s t g o s ‘ 37 M-N
106 106*4
KM3, ........ 101 V A p r i l
St Paul City Cab con g 5 s.1037 j - j 106*4........ 106*4 A p r’ l l
101 102
93 V
1 97 V 99
82 Vi Sale
82
82 V 13 80 V 82V Trt-City Ry & lit 1st s f 58.1923 A-O
98*4 93V 98*4
1)8 Am-’09
97 Mar’ l l
94V 97 V Underground of Bon 5 s ... 1020 M-N
94*4 04*b 04V May’l l
00*4 95
79 V Sale
4 V s ...................................193.1 j - j
70 V
79 V 27 i 78:V 80
63
100 l(i()»b
03
3 38*4 63
Income 6 s........................1048
100 A p r’ l l
62
64
84 Oct ’08
104 V Sale 103«a 104 V 306 103 V 104 V Union El (Chic) l s t g 5 s ..1045 A-O
81A 80
........ 80
United Rys St B lo t g 4 s.1034
07*8 Mar’ 10
69
69 V 21 09
69*4 Bale
90 ........ 98 Muy’06
United lilts San Frs f 43.1927 A-O
72V
11Flat. aDueJan it Due Apr « Due May <7Due J’ uq- AD ue j ’iy feDue Aug oDue Oct j) Due Nov s Option Sale

_

1422
BON U S
N. Y. STOCK E X C H A N G E
W kkk entuno m a y 20

N ew York Bond Record— Continued— Page 2
*0
So

Price
Friday
May 26

Week?*
Range or
Last Sale

s«

Ranae
Since
Jan u ary 7

«"•
ASA Low
H iqti
Ohio St P Al A O—( Con)
f.oip Utah
Cli St P & Minn l s t g Os 1913 M-N 123*8........ 124*8 May’ l l
124 125b
; N or Wisconsin 1st 63...1930 J-.J 123*8 120 120*8 May’09
' s t P A S City 1st g 0 s ...1919 A O 112*8 112*4 112 >8 A p r’ 11
111*8 m b
O h io * V V estln d gen g0 s9 l93 2 Q-M 109 . . . . . . 109 Mav’ l l
109 109b
Consol 50-year 4s...........1952 J. J
93
93*4 9 3 b
93*4
92 b 93 b
C lu e * W Mich Nee Pero Marq
Choc O A Gulf See C 111 & P
C h i l l * U 2d gold 4 b s . ..1937
101 101b
101b 101*» 101*4 101b
Cin L> A 1 1st gu g 5a...1941
lU2b 104*4
104 105 m3 Star’ l l
88
88
88 Mar’ 11
r-7 *8 90
C Find A Ft W 1st gu 4s g.'aS
83
88
88 M ay’l l
Cin 1 & \V 1st gu g 43.1959
83
89
103 105
100 . . . . 105 May’ l l
Ind Dec A VV 1st g 6 s ...1935
107 b Deo 02
1st guar gold 5s........... 1935
0 I St L A C Nee C C U * St L
Oln S A C Nee C O C St 1<
Olearlleld A Mali Nee 15 R A P
9 3 b 95
Clov Cm U A St L gon a 4s 1993
94*8 94*8 9 4b May’ l l
92
92
92’ t ........ 92 F ob’ l l
Cairo Div 1st gold 4s___1939
91 03 *« 931* l .e c ’ io
Clii VV & M D ir 1st g 4a. 1991
92 b 94
91 93 b 9 2 b A p r’ 11
! St L Div lat col tr g4a..L99U
91 Oct ’07
90 . . .
Registered..................... 1990
96 D ec’09
Spr * Col Div 1st g 4a ..1940
1 W W Val Div l s t g 4 3 ... 1940
91*a 92»t, 91 b D ec’ 10
1 0 6 b ........ 105*4 Feb MO
C 1 St L A C consol Os.. 1920
96
97
96 b ........ 97 M a r'll
1st gold 4s................... fcl930
94 b ........ 98 Aug’ 10
:
R egistered................/cl930
107 ........ 106*4 Jan’ l l
100 106*4
; Cin S A Cl con 1st g 5a. .1923
107*4......... 107’ a May’ l l
107 b 107*8
: 0 C C * 1 C0UB0173..........1914
Consol sink fund 7 s ....1914
125*4 F eb’ l
122
General consol gold Os.1934
125 b 125 b
Registered.................. 1934
■94" j ’i y ’08
! Ind ill A W 1st pret 48.1940
O I u d A VV 1st p t6 s ...(tl9 3 8
93
’ i>eo & Cast 1st con 4 s ...1940
50 May’ l l . . . .
10
49
;
ln c o iu o 4 s .................1 9 9 0
01b
Clov * Mariotta Nee Penn Bl<
Clev A Pitts Nee Penn Co
0 02
62
64 b
i Col Midland 1st g 4s.........1947
01 b 3als
09
90 V 2-1 94*8 97 b
■Colorait J A Sou 1st g 4 s ...1929
9 6 b 96*6 90
Reiund A ext 4 b s ........ 1935
98 b Bale
98b
93»6 44 97-b 98*4
Ft W A Den C 1st g Os..1921
112*» 113
112*8 112*8 112 b May’ l l —
Colum A Ureeuv Nee s o Ry
Col A liocn VaL Nee ilock Vai
Col A To! Nee llo ck Val
Col Conn A Perm Nee N A W
Conn A Pas Rivs 1st g 43.1943 A- 0
100 May’ 10
Cuba R R 1st 60-yr 5 g ___1952 J -J
A Gt So Nee C M A St P
D ak
alias A Waco Nee Al K A T
Del l^ack A Western—
108 May’ l l
M orris* Essex I s t 7 s .,.1 9 l4 M-N 108 ...
103 108*4
110*8 111*4
1st consol guar 7a....... 1915 J-D 110*4 111b 110*8 May’ l l
111*9 D eo’ 10
Registered................. 1915 J-D
91
J
a
n
’
l
l
91
01
1st ref gu g 3 "as.......... 2000 J-D " 96" . ' ! !
N Y Laok A W lat Os...1921 J-J 115b 115b 115*4 H o
115b 116*4
107 b 107 b
Construction 5s.......... 1923 F-A 107*8 110 107b M»y’ H
Term A improve 4 s ....1923 M-N
99
99*, 99 May’ l l
90
99b
Warren 1st ref gu g 3 bs.2U0U F-A
8 7*s........ 102 b Feb’03
; Del A llu d 1st Pa Div 7 s .1917 M -S 116*8 116 110*8 May’ l 1
115b HO
1
Registered.................... 1917 M-S
99*4 8alb 99*4 lUO
10-yr oonv deb 4s.......... 1916 J-D
98 b 100
101 102
lat lion equip g 4 4s ....1 9 2 2 J-J 101b 3aie t o i b i d i 1'
98*4
99
1st Aref 4 s .......................1943 M-N
98*8 Sale
9 8b 100 b
83*6
A lb A Sua conv 3 b s ....... 1940 A-0
93 b 94 b
9 3 b 93*8 93 b
Rens A Saratoga 1st 7 s .1021 M-N 122 ........ 124 May’ l l
123*4 124 b
Del Rlv R R Bridge Nee Pa RR
92*8
93
92
94
93 Sale
D e n v A R Gr 1st cou g 48.1030 J-J
Consol gold 4 *23.............. 1930 J-J
99 b ........ 101 b D eo’ 10
1U0*8 101
, Improvement gold 5 s ...1928 J-D 100 101 100b May’ l l
01
91 b 15 90
93b
9 1 b Sale
[ 1st A retunding 5s........ 1955 F-A
104*4 Mar’ l l
104*4 104*4
i Rio Gr Juno 1st gu g 5 s .1930 J-D
01b ADr ’ 1 1
61b 01b
j Rio Gr So 1st gold 4s. ..1940 J-J ......... 76
85 Mar’ 08
•
Guaranteed................... 1940 J-J ......... 85
92 May’ l l
90*8 92*4
r Rio Gr W est 1st g 48___ 1930 J-J ........ 91
b May’ l l
83 b 85b
M ge and col trust 4sA.1949 A-0 ........ 84 b 83
Utah Cent 1st g u g 4s al917 A-0 '100 ........ 97 J a n ’ug
! Des M 01A Ft D Nee M A St L
HO S o p ’04
Des M 01 Uu Ry 1st g 6 s ..1917 M-N
94 S o p ’ Hi
) Dot A Mack 1st lion g 4 s .1996 J-D
93
93
; Gold 4 s . . . . .. . . . . . . . . . . . . . 1 9 9 5 J-D
93
94
83 b 93
74 O c t ’ 10
; Det So—U B DIV 1st g 48.1041 M-S ......... 75
|Dul A iron Range 1st 5 s..1937 A-O 108 b 109 108b IhSb
108 b 109*
lOObM
ar’Oe
Registered........................ 1937 A -0
104
io i" ib ’
2d Os..................................1910 J-J
Dul Short bine Nee N or Pao
103 108
l Dal So Shore A A tl g 6 s..1937 J-J IOC** 109 108 J a n ’ l l
L 'a stot Minn Nee St P M A M
'■ AJastTeu Va A Ga Nee So K
108 b 1' 0^!*!
> Elgin Jol A bast 1st g 6 s.194 M-N 111 b .
Elm Oort A Ho Nee beh A N Y
118b 120b
; Erie 1st consol gold 7 a ....1920 M-S 119b . . . . 1 19b May’ l l
N Y A E rie 1 sto x t g 4 s 1947 M-N 101 102 101•b. M a y'll
100b 101*8
7„ May’ l l
:
2(1 ext gold 6s................ 1919 M-S 106b . . . . 103*8
1 0 4 b 108
*»
May’
l
l
103*8
8(1 ext gold 4 b s .............1923 M -S 103** . . . .
101b 103*8
i
4th ext gold 6s.............. 1920 A-O 106 b 107 b iug *4 106*4
105 106b
99 F eb’ 10
99 ..
s
5th ext gold 4s.............. 1928 J-D
( N Y b E A W ls t g fd 78.1920 M-S ........... 120 *« 118 Cot ’ 10
87
u,
87b
; Erie 1st con g 4s p rio r..1990 J-J
34*8 87 b
87 b Sale
Registered..................1990 J-J
82 b 83 b
84*4 « 5 b 8 3 b M o y ’ l l
70
""*«
77
i
1st consol gen lien g 4sl9oo J-J
7 3 b 77
76*4 Sale
85 b Feb’07
!.
Registered................. 1990 J-J
b
88
b
88
80
88*6
Penn coil tr g 4 s......... 1951 F-A
87 b 8 8b
84
83
73
84
83 Sale
60-year conv 4 i A ___ 1953 A -O
75
69
75 b
73*4 sale 73*4
do
S enes B.1953 A-0
110*4 110*4
’ BuffH Y A Erie 1 s t7 s..1910 J-D 1 1 1 *8 ....... 110*4 Jan ’ l l
l l l b 113
’ Ohio A Erie 1st gold 5 b. .1982 M-N 111*4 112 112 M a y 'll
111 111 %
' Clev A Mahon Val g 6s. 1938 J-J 110*8 ....... 111 A p r’ l 1
124*4 125
Long Dock consol g Os..1936 A-O 1 2 4 b ....... 124*4 May’ l l
t Coal A R R Is tcu r gu Os.1922 M-N 105b 107 114 A p r ’ 10
100*8 100*8
Dock A _mp 1st cur Os..1913 J-J l U l b ....... 100*8 Jan ’ l l
99 b, Hov’ lO
r N Y A Green b gu g 6s.l940 M-N 100 .......
ib"i»4 i'oTb
[ N Y Bus A W 1st ref 6s. 1937 J-J 101b 106 104 b May’ l l
b D eo’06
f
2d gold 4 b » .....................1937 F-A
80 ....... LOOb
87 b F ob ’ l l
I General gold 6s.............. 1940 F-A
8 5 b 87b
80
84
no no
110
• T erm U -illst gold 5 s ...1943 M-N H O b H O b n o
-- b
b„ 110
110b U 0b
: Mid of N J 1st ext 5s ..1940 A -0 110 .........
May l 1
99 b 101
WULkA b a 1st g u g 5 s...1942 J-D
9 9 b 101b 99*8 May’
OCO ’09
Ev A Ind 1st cou gu g Os.. 1920 J-J 110b l i ‘J b 114 ------

4

110

BONDS
N. Y. STOCK EXC H AN G E
VVKKK ENDINO M ay 20
Erie A Pitts Nee Penn c o
Evans A T H 1st cons Os.1921 J .
1st general gold 5s.........1942 A
Mt Vernon 1st gold 6 s ..1923 ASull Co Branch 1st g 5s. 1930 Ab ’argo A s o Nee Cli M A St P
t lint A Pore M »S’ce Pere Mar
Fla C A Penin Nee Sea Air bine
Florida E Coast 1st 4 b s ..l9 5 9 j .
b o n s t U D Co 1st g 4 bs. 1941 j .
Ft VV A Rio Gr 1st g 4 s ...1928 Jj 'a l Har A S A Nee So Due Co
' ’ al H A H of 1882 1st os.1913 AGeorgia A Ala Nee Sea A bine
Ga Car A N or Nee sea A tin e
Georgia Pacitio Nee So Ry
Gila V G A Nor Nee 80 Pao Co
Gouv A Oswegat Nee N Y Cent
Grand Rap A Ind as* Penn RR
Gray’ s Pt Term Nee 8t b S W
Gt Nor—C B A y coll tr4s 1921 j
R e g istered .*................... 1921 q
St Paul M A Man 4s___1933 j .
IstdonsolgoldO s.........1933 j
Registered................. 1933 j
Reduced to gold 4 b s 1933 j
Registered.............. 1933 j .
Mont ext 1st gold i s . . 1937 j
Registered................. 1937 j
E Minn Nor Div lat g 4s 1948 A
Minn Union l s t g Os..1922 J
M outC 1st gu g O s ....1937 J
Registered................. 1937 j
1st guar gold 5s....... 1937 J
WlU A S F 1st gold os 1938 J
Greenbrier Ry Nee Chcs A O
Gulf A S 11st ref A t g 5s 61952 J.
Nee N Y N H A U
H ousatonic
ock Val 1st cons g4 b s .1999 J.
Registered........................ 1999 J.
Col A 11 V 1st ext g 4 s..1948 ACol A Tol 1st ex 4 s ....... 1955 p.
Houst K A VV T ex Nee So Pac
Mount A Tex Con Nee So Pao Co
IIous Belt A Term 1st 5s. 1937 JCentral 1st g 4 s .. 1951 j .
i llmois
Registered.....................1951 J.
1st gold 3 b s .....................1951 J.
Registered.....................1951 J.
Extended l s t g 3 b s ....... 1951 A1st gold 3a sterling.........1951 MCoLt Trust gold 4s.......... 1952 ARegist 6red.....................1962 Als t ref 4 s ..........................1955 MPurchased lines 3 b s .. . . 19521 J b N U A T ex gold 4s ...1 95 3 M­
Registered.....................1953 MCairo Bridge gold 4s___1960 JlkiUiavDi vATerm g3 bs. 1953 JMiddle D iv r e g o s .......... 1921 FOmaha Div 1st g 3s.......1961 FSt bouis DivAterm g 3s. 1951 JR egistered.................... 1961 JG o ld 3 b s ...................... 1951 JRegistered................. 1951
Spring Div 1st g 3 b s . . . 1951 J
Western bines 1st g 4 s ..1951
Bellev A Car 1st Os....... 1923
Carb A Sliaw 1st g 4 s ...1932
Ohio St b A N O g 5 a ...1951
Registered.....................1951
Gold 3 b s ........................ 1951
Memph Div 1st g4 s..,1 9 5 1
St b Sou lat gu g 4s___1931
lud Bi A West NeeC O C A St b
Ind XU A Xa 1st g 4s.........I960
in i A Great N or l s t g Os.. 1919
2d gold 5s..........................1909
Trust Co certfs.....................
od gold 4s..........................1921
Iowa Central 1st gold 6 s ..1938
Gold 4s...............................1951
James F A Clear 1st 4 s ... 1959
j. al A A G R Nee b 8 A M s
I v a n A Mich Nee Tol A D O
K O F t S A M Nee St b A S F
K O A M R A B Nee St b A S F
Kan O A Pacillo Nee M K A T
Kan City Sou 1st gold 3 s..1950
Registered........................ i960
Ref A impt 5 s ........ A p r 1950
Kansas City Terrnl 1st 4s I960
nentuoky Cent Nee b A N
Keok A Des Mo /S e e O K IA P
KuoxviUo A Ohio Nee So Ry
b rio A W 1st g 5 s ..1937
L ake
2d gold os...................... 1941
N orth Ohio 1st gu g 6 s.. 1945
Li Sho A Mich 8 Nee N Y Cent
bell Val N Y I s t g u g 4 b s .l9 4 0
Registered........................ 1940
behigli Val (Pa) cons g4s.2003
ben V T er Ry 1st gu g 58.1941
Registered........................ 1941
boh V Coal Co 1st gu g 58.1933
beh A N Y 1st guar g 4 s..1945
Registered........................ 1945
El C A N 1st pf O s .......1914
Gold guar os..................1914
beh A Hud R Nee Cent of N J
beh A VVilkesb Nee Cent of N J
beroy A Oauey Val Nee Mo P
Liong Dock Nee b rie
bong Isl’d—1st con g 5s.*1931
1st consol gold 4s......... *1931
General gold 4s................1938
Ferry g o ld 4 b s ................1922
Gold 4 s . .;..........................1932
Unified gold 4 s ................1949

[V O L . L X X X X I I . *
Price
Fridaii
Mai, 26

Range
Since
January l

Week's
Ranae or
Last Nate

Ask Low

r Hi a/l

Hiu’l

112b l 13

112 b 112*8 1 12*8 Mav’ l l
101 May’ ll
........ 102
107b 112b 114
95

97*4 sale
90
83

05
83«,

96*8........

A p i ’05
J ’ne’08

97*4
9 8 b 140
92 Aug’ 10
83
84

95

97 b A p r’ 11

97 b

9C*8
96*s
96*8
96*8
99 b Uav’ l l
12 6 »8 A p r’ 11
132 A p r’U9
1057e May 11
105*4
108*4 .1’ne’09
95 b May’ 11
9 5b .. .
95 .. .
100^4 u ct ’00
99*4 Jan ’ 1o
9i5b ...
115'-. A p r’ l 1
114 ...
128 129 b 128*8 M a y l 1
130 b .da)’06
125b ...
112 b A pi ’ l l
112 b 11
112*4 Fob’ l l
112 b ...
06*8 Sale
97

99*8 .
126*8

89b

9 0b

101

90b

90b

103 103*8 103*8 103*»
............ l o o b Sep ’ 98
94*8.......... 95 May’ l l
95
90F o b ’ l l

102

9S*s

82 b * 84 b
98 b

03 b 97
95»s 90*4
98 b 99 b
120 127 b

105” i o i '*
95 b

98 b

115b 110*4
127 128b
112b 112 b
112*4 112*4
88b

91*4

IOI*, 103*8
95
90

100 101b 101b F ob’ l l
100b Sale 109 b 100 s
100 ........ 107 ‘b A pr’ 07
89 ........ 89*4 Mar’ l l
89 A p r’ l l
83
93 b May’ 09
80 J ’ly ’09
98 b
98 b ........ 98 b
90 ......... 99 J ’no’09
96*8
97 b
90*8 97
8 0 b 86*4 87 F ob ’ l l
98 ........ 98 b May 11
95 b ........ 94*, J a n ’ l l
97 b F e b ’ ll.
96*4 98
86 b May’ 11
123 May’99
102
’ 7 5 b May’ l l
7 5 b 77
7 5 b Jan ’ l l
7 6 b 77

.J 1 0 lb 1 0 lb
6 100 b 193

87 b
86"a 87 b 87 b
l O lb O c t ’99
87 . . . . 100 N ov’OO

87 b

....

95*„ A p r’ l 1
93b ....
117 b May’ 10
........ 117
95 b Oct ’ 10
94 .. . .
117
115 117b 117
111 F e b ’ l l
1 1 4 b ...
81*8 8 3b 90 Oct ’09
97 b Mar’ 10
93
98
98 J ’l y ’08
94b .. ..

90
00 V 9 6 b A p r’ l l
108 b 109 108b May’ l l

120b 122b 12U b

120b
122 b May 11
2 1*8 May’ 11
........ 19
101 b 101*4 101 May’ l l
08 Sale
67 b
68
93
93 b 95 b May’ l l

7 3 b 74
73b
73 b
03 Oct ’00
100 b Sale 100*» 101
9 8 b 9U*s 98 A p e’ l l

80 b 90 b
89
89
98

93*8

90b
80
97 b
94*4
90
85 b

98
87
98b
94*4
97 b
80 b

7 5 ‘a 75 b
75 b 75 b

9 5 b 95*8
1 15b 117
113 115

95
90 b
107 b 109
112 121b
105 b 122 b
15
24
101 103
63
69
94 b 95 b

73b

74b

100*8 102
96** 93

109*4 111 109*4 110
104 b lU o b 1 0 1 b M ay’ 11
10‘J b ......... H 0*4 M ay’ l l

108b l l l b
104b 104b
108 b 110*4

105 b May’ l l
104b Jan ’ l l
06*4 May’ l l
114 May’ l l
113 M a r'll
108 N ov’09
93 b
93 b

105b 10Gb
101b 104b
90*4 97 b
113 114*4
113 113

105 b 100*4
104 b ........
> 9 0*«........
1 1 3 b ........
l l l b ........
107 b ........
93*4........
102 .
100b.

110*8112
90
92 b
97
92
.........

93 b 93 b

101b F o b ’ 10
101b Sep ’ 09

H O b F eb ’l l
........
........ 90 F eb ’ 11
100
98 b A p r’ l l
95
99 b Oct ’00
93*4 93 May’ l l

110bH 2b
90
9 6b
9 8 b 9 8b
93

9 54

M IS C E L L A N E O U S BONDS—-Continued on N ext P a g o .
tin s and E lectric Eight
i Atlanta G L Co 1st g 5s. .1947
Bklyn U Gas 1st con g 03. 1945
1Buffalo Gas 1st g os .......... 1947
Columbus Gas 1st g 6 s ...ll9 3 2
■Detroit City Gas g 5s.........1923
D et Gas Co con 1st g 6 s...191s
; Eq G L N Y 1st con g 6s.,193V
Gas A Elec Berg Co c g 5 s .1949
i Gr Rap G b Co 1st g 6 s ...1915
: Hudson Co Gas 1st g o s ..1949
: Kan City (M o) Gas 1st g 5s 1922
K ings Co b l L A P g 6 s ... 1937
| Paroiiase money 6s.........A997
; Ed b l H BKU 1st con g 4s 1939
Lac Gas Lot St L 1st g 5 s .e l91 y
i Ref and ext 1st g os ....... 1934
MUwaukee Gas L 1st 4 s ..1927
N ewark Con Gas g 63....... 1948

G ns and E lectrio Light
N Y G E L H A P g 5 s ...1948 J-D 104 b Sale 101
104b 32 102 104 b
Purchase money g 4s. ..1949 F-A
89 b Sale
89
89 b 49 87
89 b
Ed El IU 1st cons g 63..1995 J-J 111*8 ........ 11 l b May’ l l
111 l l l b
NYACJE1LAP lstco n gosl9 30 F-A
1 0 1 Mar’ l 1
100 101b
6
N Y A Rich Gas 1st g 5s.l921 M-N
100 i o i
97 b J’l y ’09
100b 102 b 100 b 100 b
95*8 Sop ’ 08
Pacific G A Elec Co Cal G A E
100b ...
106*4 May’ l l
Corp unifying A ref 5s 1937 M-N
105 b ib o *4
95
95
96 Sale
105b ...
12 91*4 06b
Peo Gas A C 1st con g Os.1943 A-O 116 b U 9 b 112 b May’ l l
l o t 103b 01b Get ’01
110b 110b
Refunding gold 5s.......... 1947 M-S 102 102b IOI*, 101*8 10 LOlb 102b
99 101 100 Oct ’09
ii>3 i o i b
104 ........ 103 b A p r ’ l l
C h G -L A C k e ls t g u g o s 1937 J-J 103 b 103 b 103
103
1 102*4 103*4
97*, 99 *4 9 9 b Mar’ l l
Con G Co of Ch l s t g u g o s .’30 J -D 101b 102b 101*8 101*8
99 b 99 b
1 101 i o i b
100 “ ’i HUb 106
100 Sale 100
Ind Nat Gas A 0(1 3O-yr5s’30 M-N ......... 90
90 M a r l 1
01*1
90
Mu Fuel Gas 1st gu r o s .1947 M-N 100*4........ 100\ A p r’ l l
113*4 116b
1 1 4 b ........ l l o b May’ l 1
100b 100^
89 ........ 89 May’ l l
Philadelphia Co conv os ..1919 F-A ’• Ill .
87 b 90
110 May’ ll
104 110
102b 104 102*8 102*8 "2 102 103b Syracuse Righting 1st g 5 s.’51 J-D
98 ........
1 100 101 *.j Union Elec L A P lstgC s.1932 M-S 93
101 ........ 101b 101b
90 J a n ’08
90
91
Ref A ext 68....................1933 d-N
9 0 b 9 1b 90®» May’ l 1
93
95
97 b 93 A p r ’ l l
90b
104 ........ 100b J a n ’ l l
100b 1 0 0 b W estchester Light’ g g 5s. 1960 J-D 10o b ........ 105 May’l l
104 105 ,
; * No prloe Frldayj latest bid and asked this week, a Due Jan b Due Feb d Due Apr «Due May A Due J’ly (6Due Aug q Due Deo i Option Sal* _.J




102 b ...
lC8b 108b
108b ...
62*4 64 b 0 1 b May’ l l

2 105*4 ill'sb
5 9 b 6 1b

Ma y 27 1911.]
BOND.**
N . Y . STOCK KXOH A M flB
W kkk Kn ih m . M a y -26

New York Bond Record—Continued:—Page 3
y C
ij h.
Si

Long Island—(Con)
Debenture sold 5s.......... 1934 J.D
! Gnar rot gold 4s...............0*40 V - S
t. t i Y B<& M B 1st con g5a 1006 A-O
; N Y * 1* B 1st e o s .......1027 M-S
; N or Sh B 1st con a truSs ol932 Q-J
L ouisian a* Ark 1st g 58.1027 M-S
Louiav * Nasliv Ken g Os. 1930 J-l)
; Gold 5s...............................1007 M-N
; Unilled gold 4s................1040 J-J
;
Registered.....................1040 J-J
i Coll trust gold 6s.............1031 M-N
■ E H * Nash 1st k Os....1010 J-D
: L C ln & Eox irold4 4s-..1031 M-N
N O & M 1st KOld Os....1 03 0 J-J
N O * M 2d KOld Os.......1030 J-J
. Paducah * Mom dlv 4s.. 1040 F-A
Pensacola Div soul da. ..1020 M-S
' St E Div 1st gold 6s....... 1021 M-S
2d golil 3s.......................1980 M-S
A tl Knox & (Jin div 4s.. 1065 M-N
. A tl Knox * Nor 1st u6al040 J 0
Hender B d g e le ts tg O s . 1031 M-S
Kentucky cen t gold 4 s.. 1087 J-J
L * N * M * M l s t g 4 4 s 1045 M-S
L * N -S o u th A1 joint 4 s .1052 j j
N t fla * 8 1st gn g 6 s ... 1037 F-A
N & O B d g egon gu g 4 4 s 1045 J-J
Pens * Atl 1st gu g Os..1021 F-A
S * N A la con gu g 5s.. 1030 F-A
L * Jett lldge Uo gu g 4 s.. 1045 M-S
LNA&Ch M U L
Coal Nee L 8 * 51 8
M ahon
anhattan Ky consol 4s. 1990 A-O
.Registered..................1000
Stmpil tax exem pt.. 1000 A O
Manila KB—Sou linos 4s. 1030
MoK’ p t * a v Nee A 4. Cent
Mex Cent cons g 4s.......... 1011 J-J
le t cons ino g 3s........ «1030
2(1 cons ino « 3s trust recta..
Mex luteruut 1st con g 4s. 1077 M-S
Stamped guaranteed... .1977
M idi (Jent Nee N i Cent
Mid ot N J Nee Erie
Mil E S <fe W Nee Chic * N \Y
MU * North Nee Ch M & St i’
Minn * St E 1st gold 7 s ..1027 J-D
Pacilio Ex 1st gold 0 s...1021
1st consol gold 6s.............1034 M-N
1st and refund gold 4 s ..1040 M-S
Dos M & Ft D 1st gu 4 s... ’35 J-J
Minn * St E gu Nee B C K * N
M 8 t P A S S M c o n g 4 in t g u ’38 J-J
M S 8 M & A 1st g 4 tut gu 1020 J - J
Minn Un Nee s t l ’ M &M
Mississippi Cont 1st 5 s ... 1919 J-J
Mo nun oc Tex 1st g 4 s ...l o o o J-D
2d gold 4s....................... p i000 F-A
le t ext gold 6s..................1044 M-N
le t & refund 4e................2004 Jl-S
Geu e f 4 4 s ................... 1030 J-J
8t E Dlv 1st ref g 4s___2001 A-O
F-A
A-O
M-N
M-S
J-D
M-S
M-N
M-S
M-S
F-A
M-S
M-N
le t & ref conv 6 s .............1050 M S
Cent lir Ky le t gu g 4B.1010 ^ A

2d extended gold 5 s ...1 0 3 3
Bt L Ir M & Sgou con g 6sl031
Gen eon stamp gtdg 5 s 1031
Unilled * ret gold 4 s ..1020
K lv & G Dlv 1st g 4 s .. 1033
Verdi V 1 & VV l s t g 5s. 1020
Mob A Ohio now gold 6 s ..1027
le t extension gold Os..A1027

F-A
J-J
A-O

J-J
M-N
(VI-S
J-D
y-J
,\l-s
Moutgom D iv 1st g 6 s ..104' F-A
St L * Cairo coU g 4 s ..e l0 3 0 Q-F
Guaranteed g 4s............1031 J-J
M A G coll 4s Nee Southern
Mohawk A Mai Nee Li Y C A 11
Mouougahela Klv Nee B A G
Mont Cent Nee Bt P M A M
Morgan's Ea A X Nee S P Co
Morris A Esaox Nee Doi E<& VV
ash Chat A St E 1st 7s. 1013 J-J
A-O
1 st oonsol gold 5 s . .. ..
J-J
Jaapor Branch l s t g Os.__
M o il M VV A A1 1st Os..1017 J.J
T A P Branch 1st Os....1 0 1 7 .1 - J
Nash Flor A Shot Nee E A N
N at liys of M exp r 14 >48 1057 J .J
Guar gen 4 s........................1077 A-O
N atof Alex prior lien 4 4 s . 1020 J.J
1st consol 4s.......................1061 A-O
Now 11 A D Nee N Y N 11 A 11
N J Juno lilt Nee N Y Cent
N Y Bkln A Man Belt Nee E 1
N X Cent A 11 R lv g 3 4s.lU 97 J-J
;
Registered....................... 1097 J-J
; Deben g 4 s.........................1034 M-N
Lake Shore coll g 3 4 s . . .1998 F-A
iv, Registered....................... 100b F-A
. Mich Cent coll g 3 4 s ___ 1008 F-A
Registered........... ........... 1008 F-A

N

P rice
Priilav
M ay 26
tUu
A k
104 10 5 4
’*54 6 0 4
D1 3 4 .......
K)27a .........
loo .........
94
90 4
114 Suae
1 1 2 4 .........
9 8 4 saio

Week's
k a n g e or
Last Sale

3
R ange
s a
Since
So
^ *0 J a n u a ry

Low
H igh No Low tiig ti
104 4 tier *08
9 0 4 May’ l l . . . . 95*4 97
1 10*4 ISov’tJU

106 M ay 'll
97 4 May’ t 1
lit
114
112 4 A p r ’11
93*8
984
97*4 Nov’ 10
109 ......... 109*4 F o b 'll
1 1 1 4 ......... 111 4 Mar’ l l
1 0 5 4 ......... 105*4 M a y 'll
122 ......... 118*4 May’ l l
118 ......... 1 1 8 4 Feb’ l 1
9 5 4 00 4 9 0 4 A p r’ l l
106 109 106*4 Jlar’ i 1
114 ......... 113 S e p ’ 10
7 1 4 7 3 4 7 1 4 Feu ’ 11
......... 93*11 93 4
934
112 ......... 112 Deo’ 10
10 5 4 ......... 100 Anr’ l l
95 May 11
95 4 90
lUJ7* ......... 103 Dec *10
......... 89 4 89 May’ l l
109 ......... 1 0 8 4 ^lay 11
1001^.........
1 1 0 4 ......... ill) Jan ’ l l
1 1 1 4 ......... 1 1 2 4 May’ l l
92*4 .May’ l l
9 2 4 93
97

974

9 7 4 8ule
80 .........

97
104
97

10 0 4 100
3 IE
25 4
■•.••a _____ 77

100

120
no
10 4 4
09
07

......... 130
......... 118
1054
106
Sale
09
80
Sale

■

97
Apr 0 5
97*4

103 4 100
. . . . 04 4 97 4
3 114 1104
11241124
35 98 4 99
.........
....
100 109*4
___ III
112
104*8 105 4
118*4 118*4
118*8 n s k
..77 9 0 4 9 6 4
105*4 105*4

....

..
lb

....
....

714
02
100
04

714
93*4
... .
100
90

___ 88
91
. . . . 1084 112*8
no
no
. . . . 11 1 4 112 4
92
04
1
58

May’ l l
May’ Hi
A p r’OO
Mar’ 10

06

08*s

004

084

9 5 4 ......... 0 3 4 Mar’ l l
90 4 97
90*4
67
18
84 4 Sale
6
84 4
84 4
102 103 1 0 3 4 May’ l l ___
80** Sale
80 4
80 *u 8
87*4
8 (4
V
87 4 83
7 0 4 ......... 78 Mar 11
1 0 5 4 ......... 105 J’no’ lO
89 4 16
89
89*4 89 4
110 A p r’ l l
1094 n o
107 May’ l l
100*4 n o
102 1004 104 4 A p r’ l l
5
10 2 4 10 4 4 103 n l o 3 4
« ......... loO
106 4 May’ l l
109 4 15
1 0 8 4 1 0 9 4 109
100 4 IUO7* 1 0 0 4
10 0 4 12
00 Mar’ l l
10 1
10
101 101*8 101
78
78 4 5.1
78
79
5
904
96 4
......... 97
93
03*4 132
U 34 Sale
93*4 Fob’ l l
92
94
82ilg . .
K7 4 ila y ’ lo
Mar’05
. . 10‘2 j j o
9 0 7* A p r’ l l ___
90
97
1
108 4 109 4 1 0 8 4 1 O8 3
108 si 108*4 103*8 108 4 36
111 Sep ’09
85
85'« 85*8
3
86*8
80 Sale
86 7s
80*» 42
102 4 J a n ’ lii
i'2(]*4 121
120*4 120*4
1
1 1 4 4 1154 115<4 116*8 10
87
80
87*4 87
1
10 9 4 n o 4 110 A p r’ l l
81 Alar’ l l
......... 85
93 4 Mar’ l l

....

05*4

98

93 4 93 4
90 4 98
8 3 4 80
101 4 103 4
78 >4 81
86*4 88
78
78
89 4
109
1004
102*4
103 4
103
109
100 4

90 4
110 Hi
108
1044
106 4
10 5 4
11L
102 4

10 0 4 102
70 4 82
90 4 00 4
9 1 4 90*8
92
93*4
9 0 4 98*4
108 4 108 4
100 4 108*8
83 4
84 4

874
83*8

120 122
116 Hi 110*4
80 4 87
no
110 4
81
81
93 4 04 4

J
J
J

Registered................... 1030
2d gu gold 5s...............1030

Beech Cr Ext 1 s t« 3 4s 61051
o
Cart A Ad 1st gu g 4 s ...1981
o
Gouv A Gswe ls t g u g 5 s 1042
D
Moll A Mai 1st gu a 4 s ..1901 M S
N J J unc K gu 1st 4 s ...1 0 8 0
N X A Harlem g 3 4 s ...2 0 0 U
N Y A North 1st g 5 s ...1 0 2 7
N Y A On 1st con g u g 4 s 1003
Nor A Mont 1st gu g 5 s .1010
Bine Creek reg guar 0s. 1032
R \V A G con I s t e x t S s .61022
Gswe A R 2d gu g 5 s ...« 1 0 1 5
R W A G T R 1st gu g 5s. 19IS
llutlaud 1st con g 4 4 s . . 1941
OgAECliain l s t g u 4 s g l9 4 8
Rut-Canad 1st g u g 4 s .l 0 4 0
St Law A Adir 1st g os. 1000
2d gold 0 s . . . . . . .............1000
Utica A Blk R iv g u g 4 s .l9 2 2
bake Shore gold 3 4 s . ...1 9 9 7
Registered................... 1907 .
Debenture g 4 s............. 1028 jj.
25-year g 4 s ................... 1031 MKa A A G R ls t g u 0 5 s .1038 j
Mabou C’ l RR 1st 5 s .. 1034 j
Pitts A E Erie 2d g 5 s .a l0 2 8 \
Pitts M cK A Y l s t g u 0 s .1032 j
2d guards.........................1034' j
M cK ees A B V IstgO s 1918 J
Mich Gent 6s.......................1031 m
Registered................... 1031. o

4s..................................... 1040 J
Registered................... 1040 j
J E A S 1st g 3 4 s ........1951 M
1st k 3 ’28 .........................1052 m

20-year deb 4s.............. 1920

1

P rice
F rid ay
M a y '-'6

N Y Cent A H it—(C o n )
leech Creek 1st gu g 4 s .1936

0 9 \ 100

Jan’l l
130 130
J a n ’Oi
A p r’ ll
1054 109
5 06
('0
74
A p r’ l l . . . . 80
814

97
97
98 4 Jan T o

BONDS
N. Y. STOCK E X C H A N G E
W kkk E nding M a y 23

1423

a

ASk Lou’

99*3

Range
Since
January 1

W eek's
R ange or
Last Kale

Hintl

Low High

!*8\ D ec’ 10
99 M ay 'll

93

09

99

09 4

l« 7 4 .
84 *a .
07

9834 .......
95 >4 100

00

100 4

95 4

.......

....
97

07 4 A p r'09
99 4
105
00 6,
108
97(4

Mar’ l l
' >ct '02
Fob’ l l
Get ’00
F eb’ l l

9 0 4 '*9 04
974

■Ian ’ 09
May’ 11
Jan T)
J ’ne’ iO
102 Hi F eb’ 10
89 4
89 Hi
92 J’ ue’09
115 J’ne’09
125 Feb’08

.....................131 Hi
107 Hi l l l ^ 110
100 105 '105
104
1 0 3 4 ....

U08a ___

89 Hi 00

108

110
1191* . . . .
99*4 100
887* 89 Hil
88 •* SO
04-4 94 Hi
94 Sale

9
On
88

974

107 4 n o

864

904

MnvMl ... 100 100
8 8 4 90
88 8 8 4
94*,
93
95
9 4 14
943*
94
9 2 4 944
M ay'll

A io” lI

1 1 0 4 .........1...........

l l l ° s ........ IlllH i .Mar’ l l
Deo ’ 09
107 4 ....... TOO
122*«........1 30 4 Jan ’09
120 . . . . . J .........
107
110
109 4
08
90
804

88
92

____
115 111
___
119
99
99
....
98
8 8 4 00

....

Sale

88
02

I I 04 1114

111

A p r’ l l

. ut’OO

Jan ’ l l
Dec '09
J’ ne os
May’l l

111

87
83
9 1 4 93

02

Bat C A Slur ls t g u g 38.1080 j
N Y Glue A St E 1st g 4s 1037 A
99 4
«9 4
9 9 4 1004
9 9 4 100
Registered.......................1037 a
......... 9 9 4 100 D e c’09
Debentures 4 s................1031 m
9 1 4 92
914
« i 34
904 924
W est Shore 1st 4s g u .. . 2301 j
101 ....... 1014 1<J14
I0 0 4 1014
Registered.......................2301 j
0d 4 Sale
9 34
90
084 1004
N Y A Greeuw bake Nee Erie
N Y A Har Nee N Y G A Hud
N Y back A VV Nee D E A VV
N Y E E A VV Nee Erie
N Y A Eoug Br Nee Cent of N J
0 3 4 Sale
934
S31!!
N Y N i l A H —Non con 4 s .’50 m -N
0 3 4 9 1k
Conv deben 3*48.............. 1660 j . j
05
07
95 1 0 0 4
90 4
934
Conv deben Os..................1048 j . j
30 132 4 1 3 4 4
132 4 Sale 132 Hi 133
112 4 Oct TO
llousalouic R con g 5 s .. 1037 m -N 1124
N 11 A Derby con oy 5S.1018 m -N 1 0 1 4 .........107 Aug’ 09
85 4 8 04 87 May’ l l
Providence sec deb 4 s .. 1057 m -N
8 4 4 87
N Y A N orm Nee N Y C A i i I
95
97
07 Sale
964
97
N Y G A VV ret l s t g 4 s ..g l0 0 2 M-S
014
F
o
b
’
l
l
Regia 85,000 only......... ^1002 M-S
944 944
N Y A Put Nee N Y C A H
N Y A R B Nee Eoug Island
N Y S A VV Nee Erie
N Y Tex A M Nee So Pac Co
Nor A South 1st g 6 s ......... 1041 m -N 102 103 103 4 J a n ’ l l . . . . 1 0 3 4 1 0 3 4
Norl A W est gen g Os........1031 m -N 1 2 4 4 1 2 5 4 1244 A p r’ l l .... 1 2 1 4 1 2 4 4
Improvem’ t A ext g Os..1034 f . a 120 4 Sale 120*4 120 4
1 120 1204
New River I s t g O s ........1032 a -0
1 2 3 4 ......... 126 May 11 . . . . 125 ‘125‘
N A W Ry 1st con g 4s. 1000 A-O
9 8 4 45 j 98
99 4
08
0 84 98
98 J a n ’ l l
Registered.......................1000 a -O
98
08
D i v T l 8 t lA g e n g 4 s ...l0 4 4 j . j
04
0 2 4 9 3 4 924
93
15 92
10-25 year conv 4 s___ 1032 j . d
07*4 107 Hi 107 4 193
PoOah C A C Joint 4 s . . 1041 J - d
UU
12 8 8 4 90 4
89 *4 00 4 00
C C A X I s t g u g S s ......... 1022 J.J
105 4 ........ 105 N ov’ 10
Scio V A N E 1st gu g 4s 1080 M-N
91
9 74 97 May’ l l ..
.... 904 974
North Illinois Nee Chi A N VVl
N oriii Gluo Nee E Erie A VV |
9 9 4 100
40 99 4 1004
Nor Pac— Prior lien g 4 s .. 1007 q j
9 9 4 Sale
98*4
•Registered.......................1097 y . j
2 9 84 9 9 4
98*4
9 8 4 90
71*4 20 7 0 4 7 1 4
General lieu gold 3s___ a2047 y -F
71
71 Sale
R egistered................... a2047 y -F ♦70 ......... 09 ij Mar’ l l
09 4 6 94
St Paul-Dul D iv g 4 s ....1 0 0 0 j . d
934
97
98
90*4 May 11 .... 90
D ul short E 1st gu 5 s ..1010 M-S
0 9 4 ........ 99 FebTO
C B A y coll tr 4s Nee Gt Nor
1 10 4 May 11 .... 1164 1164
Bt P A N P geu g Os___ 1023 f -A 1 10 4117
1 U F e o ’ io
Registered cerUhc’s ..l 0 2 3 y .F
St Paul A Dul 1st 5s___ 1031 F-A
1 0 7 4 ........ HO J ’no’ 10
2d 6 s ..................................1017 A-O 102 4 ......... 102*4 F ob’ l l ....
... 1024 1024
1st consol gold4s......... 1008 J-D
90 H: A p r’ 10
W ash Cent 1st g 4 s ......... 1048 y-M
01
914 01 4 A p r’ l l .... 9 1 4 9 1 4
Nor Pac Ter Co 1st g Os..1033 J-J 1 1 1 4 ........ 1114 J a n ’ l l
.. . 1114 1114
Nor Ry Cal Nee So Pac
Nor VVis Nee U St P M A G
Nor A .Mont Nee N Y cent
Ind A W Nee O G C A St E
iuo Riv RR Nee Bait A G
Ore A Gai Nee So Pao Co
Gre Short bine Nee Un Pao
Gawego A Rome Nee N Y G
I_>ac Ooast Co 1st g Os___ 1040
105 4 10 7 4 108 May’ l l . . .. 1054 108
A. ao ol Missouri Nee Mo Pac |
Ponn R R 1st real est g 4s. 1023 m -N 101 102 102 M a y'll
1014 102
Consul gold 5a.............................1010 M-S
......... 108 4 109 4 Jau ’ 09
Consol gold 4 s ....................1043 M-N 102 4 103 4 103 4 May’ l l . . .. 1034 1034
Convertible g 3 4 s ............1012 M-N
09 Hi 11 9 3 4 99 4
99 4 Sale 99 4
97
Convertible g 3 4 s ............ 1015 J.D
91 90** 9 74
97 Sale
UO7*
Consol gold 4 s ................. 1048 M N 104 Sale 101
104- 4. 20 103 1014
Alleg Val geu gu g 4 s . . . 1042 M-S
0 9 4 100
99 7( A p r ’l l .. . . 0 9 4 1 0 0 4
D R R R A B g e l s t g u 4 8 g .’30 F-A 100 ...................
Plnla Bat A W l s t g 4s. .10 1 3 M-N 102
ll
*" it) 2" i"024
102May’
4
Sod Bay A So 1st g 5 s ...1 0 2 4 J - j
......... 102 4 102 Jan ’03
U N J RR A Can geu 4s. 1044 M-S 1 0 0 4 ..........103 4 May’ 10
101 I 6 103 4 104 4
Penn Co—Guar l s t g 4 4 s . 1921 j . j
1 0 3 4 .......... 104
Registered........................1021 j . j
102 4 Mar’l l 1 .. 1024 1024
■ Guai 3 *113 0011 trust reg. 1037 M-S
87 4 ....... 90 Aug’ U . . . .
Guar3*a3C0U tr ser B ...1 0 4 1 F-A
88 May 11 . . . . 88
88
884
Tr Co certii’s gu g 3 *118.1010 M-N
074
97 4 ....... 974 May’ l l . . . . 07
Uu 3 4 s tr ctfs C .................1942 J-D
8 7 4 90 ! 87 A ug’ 1 0 .............
G u 3 4 s tr c tfa D .................1944 J-D
8 8 4 ....... ! 91 D eo*09 . . . . ___

J

_ ............

O

106*4 106
1104 1114
1 1 6 4 .........
1 0 0 4 .........
1 0 6 4 .........

106 A p r ’ l l
110 4 May’ l l
1157. N ov’ lO
1 0 8 4 D eo’ lO
113 J’l y ’04

—

100 1 0 0 4
1 0 9 4 1104

914 924 024
93
22 92 4 95 4
86
89*4
85 4 87*4 8 0 4 May’ l 1
......... 102 4 100*4 Fob’ l l ___ 100*4 100*4
70*4 8 1 4 8 0 4 May’ l l
804 834

88 S&R
88
88 4
03*4 94
80 Sale
78 4 78*4
7 8 4 .........
......... 78

88
88 4 20
87 A p r’ l l
93*8
0 i ‘» n
70*4
«0 4 20
3
784
78 4
78 4
78 4 12
78 Apr ’ 1 1

....

87*4
bO*.
92 4
79
784
78
76

90
89 4
94 4
804
794
79*»
78

....

iU lS C E liL VS EG US BON DM—Continued on N ext P a g o
C oal and Iron
JDnR A Susq Iron 8 1 6 s ....1032
Debenture 6s...............a 1920
Got 1) A 1 Co geu s t g 6 s.. 1943
, Convertible deb g o s ....1911
Col Indu 1st* coU os g u .. 1934
lOontln’ tal 0 1st s t gu 5s g .1062
Gr Riv Coal A C 1st g Os..1919
J elf A Clear O A 1 1st g 6s. 1920
Kan A 11 C A C 1st s f g6 s.lO ol
Pocah Con Collier le ts f 6s.’57
Sunday CreoK Co g 5s . ...1944
Tonn Coal gen 6 s .. . . . . . . . 1951
i Penn Div 1st g Os....... al917
B lnn D iv lstco n so l Os..1917
; Cah O M Co 1st gu g Os.1922
• Do Bar C A 1 Co gu g Os. 1910
V lotor Fuel 1st s I 6s........ 1953
Y a lro n Coal A C o ls t g 6 s .1949

....

.Hanuinctui'ing Se Industrial
AlUs-Chalmers 1st 5s....... 1936 J -J
7 8 4 Sale
7 84 387 76
7 74
Ain A g Uliem 1st c 5s....... 1928 A-O lOl** sale 101*8 101*4 07| 1014
Aui Got GU ext 4 4 8 .......... 1916 O-F
9 8 4 May’ l l
97 4
9 8 4 99
Am iild e <fc E 1st s f g 6 s..1919 M-S
5 904
99
74 4 3ule
734
75 ' 92
9 84 Sait
9 84
00 4
Amor Ice Sccur deb g Os.. 1925 A-O
1074 Deo ’04
75 4 14 05
70
7 04 75 4
00 ....... 1024 A p r’OO
Am Smelt 81ouritles s f Os. 192 b F-A 1034 Sale 103
103 4 141 1004
3 100
101
Am Spirits Mtg I s t g O s ..1915 M-S .........101
101
107 May’ 97
J .J
99 101», 105 4 D oc’06
Am t hread 1st col tr 4 s ..1919 J-J
03 4 ........ 93 *8 May’ 11
92 4
J.J
Am Tobacco 40-yrg O s.... 1944 A-O 108 u Sale 108 4 HO 117 1044
8 2 4 ....... . 85 A p r’ l l
84
86
48....................................... 1951 F A
854 372 7 9 4
J J
73 F ob ’07
84*4 Sait
84*8
........
101
*
.
91
14
90 4
J-J
89 4
1014 1014
1 103*4 104 4 Am W rltg Paper 1st 3f 5s. 1919 J-J
00*4 91
03 4 370 86 4
07 Salb
A-O 106 4 Salt 105 4 105 H 8 105 105 4 Seth Steel 1st ext st o s .. 1920 J-J
034
J.J 108 S a lt 100
lent Leather 20-year g 58.1920 A-O
100
9 9 4 *ale
99 4
994 47 0 84
l 1044106
84 7e Sale
8 1 ’*
’ons'T Tobacco g 4s.......... 1951 F-A
81 Te 0 8 1 4
J-D 107 ....... 110 J a n ’09
100 Jan TO
Goru Prod Ref s f g 5s___1931 M-N
9 04
F-A
00*4 97
96 4 10 96
88
96 4 Sale
1 96 4
1st ‘2 6-year s l 6s............. 1934 M-N
964
90 4
J-J
1 87
88 4
874
8 74
04
9 6 4 sale
2 95 4
03
06 4
93 4
93 4 27 9 1 4 96 4 Cuban-Amer Sugar coll tr Os T 8 A-G
064
M-S
( /*N«prlo« Friday; latest bid and asked. aDuoJaa 6 Dus Fob « Due May g D u a j’ns ADueJ’ly JsDue Aug e Dae Oct pDne N ot 3 Due Dec /F lat.




J-D
M-S
F-A
FA
F-A
F-A
A-O
J-D

0 7 4 .—
88
00

07
89

F ob ’ l l
89

994100
90 4 May’ 11
100 1004 100 A p r ’ l l

....

....

9 64
89
97 4
90*4
734

97
00
99 4
100
7 94

784
1024
98 4
100
78
1034
101
934
1104
864
91
984
100
86
97
97
97

New York Bond Record—Concluded— Page 4

HO NO.'S
N. Y . STOCK E X C H A N G E
W kkk E nding M a y 26

Int’st 1
Period

1424

Pennsylvania Co—(Con)
Guar 15-25 year g 4 s ...
Cl A Mar 1st gu g 4 *28.

AO
M-N
J-J
A-O
M-N
F-A
J J
J-J
J-J
J-J
2i17s.
J-J
A-O
Pitts YA Asli 1st con 68.192' M-N
A-O
A-O

Series I) 4s guar...........1046 M-N
Series E 3*9 guar g ___ 1941* F-A
Series G 4s guar......... 1557 AIN
O St LiiSi P 1st con g 68.1932 A-O
Pensacola <fc A tl bee L A jNusii
Peo<fcEast bee C O C A St L
Peo Pek Uu 1st g Os....1921 Q. F
2d gold 4*08.................... 51921 M-N
J -J
J -J
UllCb W Ai 6 s .................. 1921
A-O
M-N
A-O
8agTus«S> 11 ls t g u g 4 s.1931 F-A
Pill! B & \Y bee Penn KB
j.j
Philippine B y 1st 30-yr s 14
Pitts Cin <fc St L See Peni
Pitts Clove A T o! bee B A
Pitts Ft W & Cli bee Pen*

Pitts & W est

.See B A O

A-O
J-J

Price
I'Yidav
M ay 26
lua
Ast\
98*a 9 8 ’t
102 ____
1 0 6 's ........
106*8........
90 ........
90
95
90
93
90
93
104*2........
103*8........
103 ........
1 0 2 *,........
107 ........
105 Ta 106*4
........ 108

Week's
Range or
Last Bale

«0^

Range
Since
January 1

Low
High Ko Low High
98*4 May’ l l
97*4 93*4
110 J a n ’05
110*, J a n ’ 09
109*4 J’l y ’09
90 May’08
90*2 A p r’ l l

109
1
108 ......... 109
93 *2Jan ’ l l
91
99
73*2
7 3 ’a 2
........ 75
......... 73*2 74*, A p r ’ l 1 . . . .
100*4........ 100*4 A p r’ l 1
109 *i 110*4 110 *8 110*8 9
100L 103 103 Mar’ l l
102** 103 >» 102 May’ l l
......... 90

66*2 87*4 87»4 May’ l l . . . .

112 7»
93L J’l v ’97

109 109
93*2 93*4
06
76*4
68*2 70*8

110

110*4

100 103
101*4 103*8

86*4 88

Southern—1st con g 6s ..

Mortgage gold 4s........ 1945
Bioh<&Ban con g Os___1915
Deb 5s stamped............1927
Blob A Meek 1st g 4 s ...1948
Wo Car & Ga 1st g 5s___1919
Virginia Mid ser C Os...1910
Series B 4-5s................ 1921
Series hi 5s.....................1920
General 5s.....................1930
Guar stamped.......... 1930
V a A So’ w’ t 1st. gu 58.2003
1st cons 50-year 5 s.. 1953
W O A W 1st cy gu 4 s ..1924
W est N c 1st eon g 0 s ..l9 l4
S A N Ala bee L As AJ
S p o k a u e lu te rn a tlstg 5s 1956
A of St L 1st g 4 “a s..1939
i or
1st con gold 5s___189i..........

1 112*4 11276

J-J
9734 Sale 97*4
98*8 227 90*4 98*4
t v Begistered.................... 1997 J-J
97*4 A p r’ l 1
07*8 98
97*4 97*4
Jersey Cent coil g 4 s ...1961 A O ........ 98*2 96 Mar’ l l
96
97*4
Kensseiaer A Sar bee JJ A 11
Bioh <fe Ban bee South By
Blob & Meok bee Southern
Bio Gr VVest bee Bon & Bio Gr
ttocii A Pitts bee B B A P
Bonie Wat A Og bee N if Cent
Butlaml bee N Y Cent
o*ag Tus & 11 bee Pere Mara
O t Jo A Gr Isl 1st g 4 s...1947 J-J
88*«........ 88*4 A p r’ l l . . . . 88*2 88*4
St B & Cairo bee Mob
Ulno
St L & Iron Mount bee Al P
8t L M Br bee T B B A of St L
3t .Louis & S F— 8 en g Os.1931 J-J 118 118*1 118 May’l l
118 119
General gold 6s...............193 1 J-J 1073* 108*8 107*2 107*4
V 107 108
St L A S if B B cons g 4 s.. ’ 90 J -J
90 ** 02
91 May’ l l
90
91
Gen 16-20 yr os ..........1927 M-N
89»» 90
33 86*2 90
89*4
90
.
South w B iv 1st g 6 s ..1947 A-O
98 101 100*4 M ar’ l l
100*4 101*1
Befundiug g 4s...... 1961
82 ** sale
J-J
82
32*8 110 80*8 83
K O ift S A Al cou g 08..1926 M-N 116-2 118»» 116*4 May’ l l
116 116*8
K C Ft S & M By ret g 4s 1930 A-O
80*2 bale 80*4
80*2 23 77*a 80*2
KCiSs At U& B ls t g u 68.1929 A-O 10U S ........ 100*4 D ec-09
Oz’ rk<& Oil U 1st gu 5s g.1913 A-O
OOMa 90s* 90 *2May’ l l
07*2 OO^b
St Louis So bee Illinois Cent
St L S W 1st g 4s bd ctfs.1089 M-N
01 *2Sale
27 897a 92*4
91*2
92
83 May’ l l
81
83
2d g 4s ino bond o t fs ...2)1989 J -J
78
83
80*4 Side 80*4
Consol gold 4s........... 1932
80*4 21 75*8 81*2
J-D
........ 101*8 A p r’07
Gray’s P tT e r Istg u gO s 1947 J -D
St Paul A Bui bee N or Pacific
St P Minn <& Man A eeG tN or
W tP & N o rP a o bee L o r Pao
St P & S’x City bee C St P Al AD
87^ Sale
87*2
87*4 16 86*s 83*4
8 A & A Pass 1st g u g 4 s ... 1943 j . j
8 F & N P 1st sink I g 68.1919 j j 100 ........ 104 Oot ’ 09
Sav F & W est bee A ll Coast 1.
8eioto Val <fe N E bee Nor & W
8eaboard A L g 4s stamped ’ 50 A-O
87*2 873, 877s
10 84*4 88
88
79s, Salo 79*8
Adjustment 6 s ............. ol949 F-A
79*4 30 75
80
86 ........ 87 May’ l l . . . . 85*4 87
Ati-Blrm 30-yrlst g 4s.el933 M-S
923* 03
Car Cent 1st con g 4 s . ..1949 J-J
91*4 A p r’ l 1
91*4 91*4
Ifla Ceu A Pen 1st g os.1918 J-J 10 . *«........ 103 May’l l
102 103
............
1st laud gr ext g 6# ...1 93 0 J-J 103*8........
Consol gold os.............. 1943 J-J 103 ®a........ 105*4 A p r’ l l . . . . 105*4 106*8
Ga A A la B y 1st con 6s o 1945 J-J 104*1 105 101*4 Mur’ l l .... 104*4 104*2
Ga Car & A(o 1st gu g 6s 1929 J-J 1 0 4 ....... 106
106
1 1U4 105
Seab A Boa 1st 6s...........1920 J-J 105 *2 110 109 May’ l l . . . . 109 109
Slier Shr A So bee Al K & T
Sll Sp Oca A G bee A tl Coast L
Southern Pacific Co­
Gold 48 (Cent Pao co ll).fcl949 J-D
6 91*4 937g
93*i Sale
93*8
93*2
20-year conv 4s............ j/1929 M-S
US'tj t&aJo 98*2
98 7g 342 96*u 99*4
Cent Pao 1st ref gu g 4s 1949 F-A
07
97 *, 26 96
97 *4Sale
07*2
F-A * ........ 07
97 Fob 10 ___
J -D
91*2 10 01 ii 92
91*2 91*4 91*2
A-O
92*2 93
92*8
92*2 12 02
93*4
9 H i M AJliSiP 1st 5 s.. 1931 M-N 107 108*4 107 A p r’ l l
106*4 108*4
Glia V G«foN ls t g u g 6 a .1924 M-N 103 ......... 103 May’ l l
103 103
M-N 105*8 105s, 105 ‘4 May’ 09
M-N 10534........ 105 Alar’11 . . . . 105 i05
U A T O 1 s tg 6sin t g u ..l9 3 7 J-J 109*8 111 109*4 May’ l l
109*4 UO
Consol g Os int gu a r...1912 A-O 108*2 110*8 109-4 Mar’ ] 1 ___ 109*4 109*4
Gen gold 4s Int g u a r ..1921 A-O
04*4........ 94*4 May 11 ___ 03*4 95 >4
W aco A N W d lv ls t g Os ’30 M-N 116 ........ 1 19*4 M a i’ lo
A A AT W 1st gu g 6 s ....1941 J-J 104*8........ 107 *2Jan -09
Morgan’s La A T 1st 7 s .1918 A O 114 ........ 115 >2Mar’ l l
116*4 115*2
1st gold Os.................... 1920 J-J I l l ........ 111 M a r 'll
111 111
A-O
112 F eb ’07l___
Oro A Cal 1st guar g 6 s.1927 j - j 101 v ........ 100 J’ne’ 10
So Pao of Cal—Os E.........1912 A-O 101*2........ 103 J a n ’ l l " " 102 102*8
1st gold Os F ............... 1912 A-O 10m
1st con guar g 5s.........1937 M-N 108**___ IlO * May’ 07 . . . .
So Pao Coast ls t g u 4s g.1937 J -J
88*s 93
90 J ’l y ’ OO
San Fran T ennl 1st 4 s..1960 A-O
92 Sale
92*4
92*4 10 92*4 93*4
Tex& AiOSahBivlst gOs.1912 M-S 1016b ........ 101 ^ M a y’ l l . . . . 101»» 10 l 7i
J-J 101 105 101«» 101»»
101<^ 103

Co

TS
to O

Price
Friday
M ay 26

W eek E nding M a y 26

90*2 91

104*4 Mar’ l l
i b l i i 104*4
103S. 104
103*2 Mar’ l l
1037« F eb ’ l l
1037s 1037g
107 Oct ’08
109 May’ 10
i07*2 Feb’ l l
107*8 107*4
106«» 107*4
100\ May’ l l
107*8 B ee’ 1C
97 7a ........ 98«« D ec’ 10
91*, A p r ’ l 1
91*4 93
02*, 04
8
97*8........ 98*8 May’ l l .... 98*8 99 ®
113 113
112*4........ 113 F o b ’ l l

112’ * ........ 1127,

BONUS
N. Y. STOCK E X C H A N G E

T ex A AT O <Vea So Pac Co

Si't

Week’ s
Range or
Last bale

Range
So
Since
3HC<3 January
I

High Ao
0578 245
1087s 113
110 May’Oli .. ..
79*4
80*4 409
2
867g
87
1
69*4 109\,
3
88
88
10776 Nov'10
90*2
00*2 40
82*2 Oct *10

Ask Low

95*4 Sale 95*8
108*2 Sale 108*2

j -j
j .j

j-j
797a Sale
A-O
M-S
86*4 90
J-J 109*4 Sale
89
89
J-J
107*4
108*,
J-J
J-J
89h>........
82*4 82*,
J-J
80*2........
A-O
J-J 106*8.......
J-J 1077e ........
M-N I l l 111*4
M-S 100 .........
........ 67
J.J 113*4........
J-J 1 15*4 116
J.J 1 0 5 . . . . . .
J-J
7 3 ' ........
J-J 105*2108
A-O 10.178105*8
M-N
71 ........
M-N 101*4 Sale
M-fe

Low H igh
04*2 96
106*8l09*a
76

86

80*4

88

108*4 109*4
86
S3

0(i*2 90*2

. ib c '2 it>7
107 A p r’ l l
107*8 A p r’ l l .. . . 107*a 107*8
111
ill
3 10978 1 U *8
105*8 May’ l l
105 105*8

J-J

108*2........
9-6*4 97*2
91 ........
101*1, 105*8

113*8 May’ l l
V13*« 1U
i 115*a 116
115*2 115*9
105 >2Nov’ 10 ...J
I
82 N ov’OS
105*8 dan ’ 11 ___ 105»b i ’05*8
105 Afar’ 11 .... 104*8 105
71 Mar’ l l
71
71
6 103*8 104*2
104*4 104*2
112 O c t ’06
|
108*2 D eo’06
106 M a r l l
106 106
! 107 107*8
107*8 May’ l l
i
108 A p r ’ l l
108 110
97
97
3 94*2 97*2
91 F o b ’ 10 . . . j
10'4®8 Api ’ 11
104*2 105

J -J
A-O
F-A
J-J
A-O

102 105
105*2 106*4
112*2 US
........ 97*4
107*4........

102*2 A p r’ l l
105*2 A p r’ l l
112*8 Mar’ l l
97*4 A p r ’ l l
108*2 F eb ’ l l .. . .

J-D

110*4 111*4 110*8 May’ l l . . . j 110 111*8
70 Mui ’10
99*2 A p r 'l l
99*2 99*a
106*2 Nov’04
109*2 Sale 109*4 1097»
7( 108*4 110*8
107 ........ 112 Sep *09
I 08 ......... 101 *2 Alar’ l l -T 1 101*2 103*2
917i
90*2........ 9178 Alay’ l 1 ....I 90
97*a 98*2 98 M a y'll -■»»»* 96*2 98
90*8
90*8
9 0^
00*2 92
5 90
89
5 89
89*2
8 9 * ,........ 69
70*2
71
71 bale
35 68
74V
78 May’ l l ---J 78
81*2
76
80
90
89 ........ 87 M a i’ l l ■•»»»* 87
105*2
Mar’
l
l
T--ri 105*2 106
106 .........
«11, 37 *>f 86 Oct ’ 09
10l*» 57 ib o io i '- i
101*4 Sale 101
100 H; May’ 11
io o 78 101
09*4 100*2
1067» Sale 106*2 107*4 183 103*2 107*4
971, Sale 97*2
98
18 90*4 96*4
90*2 12 95
97V»
06*4 sale 90*8
5 114*8 115*4
114*4114*4 114*2 114*2
1 111*2 113*2
112*2 l l ‘J 78 112*2 112*9
94*4 116 U'J*, 96
943, Sale 04*8

100 ^ ........
107**8........

M-S
M-N
M-N
j .j
A-O

La B iv B L 1st g 6s.......1931 J -J
W Min W 42 Af W ls t g u 6s ’JO F-A
Tol <& U U 1st g 6s.............. 1936 j - j
Western. B iv 1st g 6 s ...1935 A-O
General gold 5s................1935 J-D
Kan <52 Al 1st gu g 4S....1990 A-O
2d 20-yoar 5 s ................ 1927 J -J
T ol P A W 1st gold 4 s....1917 J-J
TolWtL<& W p r lie n g 3*23.1925 J-J
60-year gold 4s................1950 A-O
Coll tr 4s g Ser A .......... 1917 F-A
Tor H a m * Buff 1st g 4s./tl940 J-D
t e r * Bel 1st con g 5s 1928 J-D
U lsle
t refund g 4s.......... 1952 A-O
Un Pao B B A 1 gr g 4s ...1947 j . j
Begistered.....................1947 j - j
20.yr conv 4 s...................1927 j . j
lst<S> ref 4s.................... 02008 Af-S
Oro B y * Nav con g 4 s .1940 J-D
Oro Short Line Ie t g 0 s ..l9 2 2 F-A
1st consol g 6s.............. 1940 J-J
Guar rotund 4s............1929 J-D
ltegistered................. 1920 J-D
U ta h * Afor gold 5 s ..1920 j - j
Uni A! J B B * C Co bee Pa B it
Utah Central bee Bio Gr Wes
U ta h * North bee Un Pacitio
U tic a * Black K bee SS Y Cent
i andalia consol g 4 s ___1955 F A
Consol 4s Series B ...19 5 7 M-N
Vera C r u z * P lstgu4*2S 1934 J -J
Ver Val Ind * W bee Mo P
Virginia Mid bee South By
1st gold 6s.......1939 M-N
W abash
2d gold 5s................. 1939 F-A
Debenture series B ....... 1939 J-J
1st lien equip s id g 5 s.. 1921 M-S
1st lieu 50 yr g term 4s. 1954 J-J
1st ref and ext g 4s ___I960 J -J
Bet * Ch Ext 1st g 6 s..1941 J-J
B esM oin Biv le t g 4 s ..1939 J - J
Cm B iv le t g 3*23........... 1941 A-O
Tol * Ch B iv 1st g 4 s ... 1941 M-S
Wab Pitts Term 1st g 4s. 1954 J-D
Cent * o ld Col T r Co certts.
2u gold 4 s......................... 1951 J-D
Trust Co certts.....................
Warren bee Dot l>ac * West
Wash Cent bee Afor Pac
W a s h O * W bee Southern
Wash Term ! ls t g u 3 *28. .1945 F-A
West Maryland 1st g 4 s ... 1952 A-O
W Va C e n t * P 1st g 0s 1911 J-J
WostAf V * Pa 1st g 6 s..1 9 3 / J-J
Gen gold 4s.................... ,1943 A-O
incom e 6s...................... <il943
W est N o Car bee South By
Whoel’g * L E le t g o s ...1920 A-O
Wheel B iv le t gold 5 s ..1928 J-J
E x t o u * Imp gold o s ...1930 F-A
B B 1st consol 4e..............1949 Ai-S
20-year equip a f 6s ...1 92 2 J-J
Wilkes A East bee Erie
VVil * Sioux F bee St P Al * M
\Via Cent 50-yr 1st gen 4s 1949 J-J
S u p * D u ld iv * torm 1st4s’ 30 M-N
T e le g ra p h and T elep h on e
Am Telep * Tel coll tr 4s 1929 J .J
Convertible 4s..................1936 M-S
M ich Stato Telep 1st 5s ..1924 F-A
N Y T e le p 1 s t * gen s t 4*as.’ 89 M-N
Pao T e l * T ol 1st 5 s ........ 1937 J-J
West Union col tr cur 6 s .1938 J-J
Ed and real est g 4*23...I960 M-N
Conv 4s> Series A . . .....1 9 3 6 M-N

V

[VOL. L X X X X II.

102 102<%
105*8 105H,
112*8 112*4
97
93
10S 108*11

100*«........

108

Sale

108

103

1 108

108

98 N ov’08
8 ....... 97
96*a 97*s 96*4 Mar’ l l ___1 96*4 97 *i
* 903* ........ 96 A p r’ 10
ICS*, Sale
99 *t 100
........ 98
100 ........
.. . 85
63*8 Salo
107 >2........
81*8........
70
71
81*2 83*4
........ 4 *L
40 teuib
. . ..
6

!|
108*2 108*8 20 108 110
100 Afay’ i j
98*2101
93 A p r’ l l . . . . l 98
98
104
104
22 100 104
|
68*8
69*4 237 03 7a 71*8
,1 107** 108*4
1o7*4 May’ l 1
81 >2 8l L
2 81
81*2
75*4 F o b ’ l l i f 1 74
75*4
85 May’ l l
85
85
41 *4Apr ’ l l
4 1*4 48
39*2
40 >2264 3b ‘•J 48*2
6 May’ l l
6*2 7*2

8

83*2 Mar’l l
88*2 00
8S*» 89
87*8
38 i ‘iu 86
88*2
87 7* Sale
........ 100*8 Alay’ 11
100 *6 100*8
109*4 HO 109*4 A p r’ l l -t-n, 100*4 110*8
88', AiarTl
88*s 88*4
34 F e b ’07
...........

100

__

104*8 105
........ 1U'1*4
10414
84
85

9 3^ Sale

103*4
104 *2 May’ 11 _
104
104
1 103*2
102 J’ne’ tO
84
84
7
98*2 F o b ’ l l .. .. 98*2

101*4
8t>

99*2

93 *a

93*8 12 02*2 93*2
93
92*2 10 92

91*2

92

02*2 92*4 92*2
9 l 7s Sale
110*8 Sale
99 ........
100*4 Sale
09*8 Sale
101*4 Sale
97*4 98*4
104*4 Sale

105

182

89*a 92
1 10*4
09*4
08*8 100*8
97
99 *a
00*8 101*4
05
98*4
103 104*4

110
110*8 373 10j
99*b M a y'll . . . . 98

100
99

101
07*2
104*4

lilO'b 42
90*2 121

101*4

6

98*4 75
104*4 28

IHlSOELLANEOUiS BON U S—O onoludod.
ManiilttCturing *fc Industrial
Distil Sec Cor conv 1st g 5 s.’27 A-O
U S Steel Corp— i coup .d l9 6 3 M-N
80 966 70*2 80
79
79*4 Sale
E I duPont Powder 4 *<is.. 1930 J-D
SI 10-00 yr 5s. f reg ,.d l9 0 3 M-N
84*2 21 82
84L
86
84*2
84*8
Gen Electric deb g 3*as..l942 if-A
Va-Oar Cliem 1st 15-yr 6s 1923 J -D
82
H2 May’ l l .... 81
82
10-yTg deb 5s..... ............ 1917 J-D 162*2
Sale 168*2 16‘J7e n o 1 4 5 1 G 2 Vg W'est Electrlo 1st 6s Dec 1922 J -J
Int Paper Co 1st con g 0s.l91y F-A 102 103*4 103*2 103*2
i 101 104*2 vVoatiughouse K & Ms t 5s ’31 J.J
Consol conv s f g 6s....... 1935 J-J
lU iscellaiioous
85
1 83*2 87
84*2 8(i7f, 05
Int St Pump 1st s f 6s___1929 11. S
Adams E x col tr g 4 s .........194^ M-S
10 91a* 05
95
95
95 Sale
Eackaw Steel 1st g 0s___1923 A-O
98*4
7
Arm
our&Co
Istreale3t4*s8’39 J-D
98*a
99
*
3
Sale
08*2
98*2
Nat Knarn * Stpg 1st 6 s.. 1929 J-D
95
03*8 n 94*2 95*2 t lU 3 h Terminal 1st 4s. ... 1952 A-O
94*2 00
Af 1' A ir Brake 1st conv 0s ’28 M-N 103 Sale 103
Consol 5 s .................. ' ‘ ..1955 J-J
103*4
4 102 105
By Steel Spgs 1st a i 6 s ...1921 J-J
99
Dot AX * AXId gr incomes 191 1 A-O
6 97** 99
99
08*2
Bopub I * S 1 s t * coltr 6s. 1934 A O 10278
103*2 103ij instit for Irrlg W k sA ^ s 1943 ■M-N
103*2 F eb’ l l
Union Bug * P 1st si 6s..193b J-J
95
96*4 1)5 A p r’ l l __ 90*2 95*2 Int Alercan Alarina 4>2S 1922 A-O
Stam ped....................................
U0
10 92
Int Navigation 1st s t 5s". 1929 F-A
95
83
95
U b Death Co e fd o b g 0 s ..l9 1 3 M-N 102L 103*2 104 Alay’ 11
103*4 105
M o r r is * Co 1st s f 4*28. .1939 J-J
U s K e a lt y * I c o n v d e b g 5 s ’ 24 J-J
91
N Y Bock 50-yr 1st g 4 s ..1951 F-A
90*4 16 89
90*8 00*2 90
U S Bed * Kef 1st 8 f g 6s. 1931 J-J
70
88
Pub Serv Corn N J goa 5s. 1959 A-O
74
70 A p r ’ l 1
U S Bubber 10-yrcoU tr 0s.’ i8 J-D 104*, Sale 10-4*8 I 0 4 7» 5'i 103 105
Wash Water Bow 1st 5 s.. 1939 J .J
*N o Dries Friday; latest bid and asked this week, b Due Feb d Due Anr e Due Al ay a Due J ’ne A Due j ’ly A:Doe
lU m u iia c t illin g So I n d u s tr ia l




106'* Sale
........ 106*8
101*8 Sale
102*4 102*6
01*2 Sale

105 7s 106*8 220 103*4 100 Vt
106 7„AI ay’ l l
L03*, 106*4
100*4 102*4 30 100*4 102*4
102*4 102*8 17 100*4 102^8
91
04'-. 00 01*8 04*«

87
89*4 87 May’ l l
80*4 01
U27b Sale
02 7g
93*8 60 02*2 93*«
93 Sate
26 90
93
93
03Vt
97 Alay’ 11
......... 99
07 100*2
35 A p r’ l l
35
......... 40
36
03 ........ 06 *9N ov’ 1C)
67*8 Sale
07*8
077J 76 64
68*«
82*4 51 78
82*8
82
8'2*s 82*«
02
91
91*2 91*4 AlayTl
01
00
00 Mar’ l l
90
........ 89
94*4 oi 03 >2 9 6 M
04
94*4 94
102*8........ 102*2 Mar’ 11 . . . . 102*8 102*2
.vug oDae Oot » Due Nov sOutlon Sola 1

CHICAGO STOCK EXCHANGE—Stock Record— Daily, Weekly and Yearly
Sales
of the
Week
Shares

STOCKS— 71IOHEST AND LOWEST SALE PRICES
Saturday
May 20
190

186

2
0

*1

*4
*75

*21
*8

*5
*412

♦___
49
*24
♦70
2512
♦64
747g
*93}
♦45

82

22

Tuesday
May 23

Monday
May 22

*1
*4
*75

*21

* 8%
9
6I4 *5
43, * 1%
18 * __
*48
50
2434
25
71
71
28
20
*04%
67
74%
75
93}
10
45
47

2
6

82

22
9%,
5%
4%
19
50
243}
71
26%
67
75
9%
45

*180

190

*1
*4

*75
* 21%
* 8%
’ *5
*4%
*15
*48
25
70%
*26
*64%
74%
*9%
*45

1178 117S 1178 12% 12
86 8SI0 83%
80
86
*265
*265
*265
♦1271} __ *127% ___ *12714
*00 671a *66
67
07
♦111 11212 ♦111 112% *111

2
6

82

221a
9%
5%
4%
19
50
25
71%
27
67
74%

10

50

Wednesday
May 24
*188

*1

*5
*75
* 2Ua
* 8%
*5
* 1%
*15
497s
25
71
263S
*65
74%
*9%
*45

190

2

7
82

221a
91a
5%
4%
19
50
25
71%
261a
67
711a

10

50

Thursday
May 25

Friday
May 26

Last Sale 190 Apr’ l l
Last Sale 1% July’ 10
Mch’ l l
Last Sale 6
May’ l l
Last Sate 80
22% 22% * 21% 22%
May’ ll
Last Sale 8
May’ ll
Last Sale 5%
4%
4%
4% 4%
May'll
/MSt Sale 20
50
493} 4978 *48
*24% 25ia 25% 26
73
71% 71% 72
26% 27
26% 27%
May’ ll
ImsI Sale 63
76% 773}
75
75
9%
9%
*9% 10
*45
50
*45
50

___ C

___c

—

63%
60
46
*92
♦135
*127
*11912
*117
♦105

03% *63
50
46
40
93
93
*136
*127
*119%
120% *117
105% 105%

137
129

64

*03

46
93%
137
129

64

*136
*127
*119
120" *117%
105% 105%

129"
121
120
100%

64

64

46% 461a
93% 94
*130
*128
120
*117
106

138
130
120
120
1061}

140% 140% 1393} 110%
141L 14U2 140% 141
♦120 12012 1201a 120% 120% 120% *120 120%
1017J 102
102 102
1017» 102
101% 102
177 177 *176 178 *177 178 ♦177
♦105 1061; *105% 106% *105% 106% 106
37S 4
378 37;
373
3% 3%
783}
*22 24 *20 22 *20 22 *20

178
106
3%
79%

22

__ (
20 (
... - I
.100
Do p ref.
280
.100
3,010 ! !etropol W
.100
Do prcf_
3,455
1,653 r
Do Dref ___________ 100
—
1,881 S
160 8
Do p rcf___________ 100
80

InterJSt
Period

Pries
Friday
May 26

Range for Previous Year
(1910)
Highest

Highest
185

Jan 11

4 Feb 1
80 A or-29
2034 May 13
8 May 13
4% Meh 1
3% Feb 2
183} Alav 5
45 Mayl9
19% Feb 1
65 Feb 1
20% Apr 27
60 Jan 11
08 Jan 9
9 Jan 16
45 Apr 6

190

Apr 28

6 Meh 23
93 Jan 21
25l4 Feb 3
10 Jan 28,
51} May 17
6 Meh 1
25 Feb 23
72*2 F eb 25
26 May26
71% May24
27“> May26
67 Mcll30
773} M ay 26
131} Feb 23
50 Jan 9

160 Oet 185 Meh
3*2 Jan
1*2 J ’ly
4 J ’ly
7*2 Jan
6038 Sep 100 Jan
36 Jan
111} Sep
16 Jan
8 Mav
9ig Jan
3 May
6i4 Aug
2is J’ ne
39 Jan
20 Aug
773} Meh
Feb
25 J no
16 -Ian
72 J’E.9
51 Feb
23 J no
15 Apr
66 J no
53 May
.5% J ’ly
72i2 J no
543g Jan
7 J ’ly
40 J ’ly 104 Jan

12
88

J

Week's
Range or
Last Sals

1353 Jan
12 Jan
261 Dec
135 Apr
84is May
112 Jan
142is Meh
43 Dec
41 Dec
74 J an
i 5 Feb
1 Feb
3 Sep
47 Deo
137 Jan
163 Meh
I 2U2 Jan
2 Jan
223} Jan
82 Feb
127 Jan
.21 Dec
91 Meh
46 Jan
67*-> Dec
1023J Apr
119 Dec
125 Jan
145 Oct
123 N ov
1153} Jan
1863} N ov
122 Meh
1095s Jan
180 Feb
106 Jan
1538 Jan
263aDec

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHAN G E
Week ending M a g 26

Do p rcf___________ 100

Range for Year 1911

Miscellaneous
6% J 'ne
12I2 May 9
83} Jan 3
3,505 1
6212 J ’ly
Do pref___________ 100 76's Jan 7 883} May23
1,805
merlcan
R a d ia to r.. 100 265 Jan 9 265 Jan 9 240 Apr
___i"
126
J ’ly
Do pref___________ 100 12612 Meh 9 130 Jan 14
----72 Feb
7t Feb 6
65 May20
85 7 mer Shipbuilding___ 100
107
Aug
113
May
18
1101}
Jan
6
Do
^ret___________
100
—
141% Jan 7 149*8 May 8 1311} J'ly
___
31 J ’ ne
35 Apr 28 591} Men 8
__
29 Aug
3UI2Jan 19 573} Men 9
Voting trust c t f .
56 J ’ne
C8 Jan 14 82 Meh 21
12 Do pref_______
46 Dec
49*2 Apr 24 52 Feb 2
___
1 F?b
U8
Meh
29
1%
Meh
29
___
3 Sep
518 May 1
3i2 Meh 27
Do pref.
___
25l2 J ’ly
41 Jan 3 55io Feb 23
346
115 Jan 26 124 Meh 27 110 May134
160 May 19 142 Aug
151*2 Jan
25
113 Jan 19 130U Meh 15 108l2 J ’ly
2.452
1*4 Inn
Do rights_________
147g Feb 11
13i2 J'ly
133} Jan 11
___ orn Prod R ef Co co r n ..
791}
Apr
78
Jan
18
78
Jan
18
Do
do
pref____
82i2 Sep
92i2 Feb 10 01 May 2
1,134 Diamond M atch_____ 100
.02 Dec
04 Jan 3
.01 Jan '
Do rights_________
53 J ’ ly
70 Jan 20
60 May
63% 64
95
04
64
43% Men
47 Jan 18 50 May 19
100
*49
51
*49
51
40 Mcb
45 Meh 3 67 Jan 3
330
47
46% 46% 47
93 J ’ne
92 Meh 3 98 Feb 2
Do pref.
933}
540
93% 93% 933}
2% June’07
Do pref___________
20
Nov’09
National Biscuit_____ 100 117i4 Jan 17 140 Apr 7 101 Aug
Inst Sale 137% May’ ll
11S J ’ly
130 Meh 31
Do p rcf___________ 100 123 Jan
___
Last Sale 128% May’ ll
100 National Carbon_____ 100 114 A pr 27 120 Meh 14 104 Feb
*119 120 *119
120
Do pref___________ 100 118 Jan 18 120 Meh 23 112 Feb
Last Sale 120 Apr’ 11 __
10838 Jan 19 103 J ’ly
560 People’s Gas L&Coke.lOO 103% Apr
105% 1053} 1053} 1053i
Do rights------------------Last Sale 11-10 Mch’01
148 Feb
137 110
13G% 139% 3,722 Sears-Roebuck c o m ..100 cl3G% Ma> 26 1923} Jan 31
Do pref___________ 100 119 Jan 11 122 Meh 11 11612 Aug
430
120% 120% 120% 120%
1017s 102
1.022 Swift & Co..................... 100 10018 Meh 13 102is Meh 7 100 Dec
101% 102
10 Jan 16
1 Feb "
Do rights____________
Feb’ l l
Last Sale 4
177 May 16 155 J ’ly
45 The Quaker Oats C o . .100 165 Meh
178
*177 178 *177
106 May 17 101 J’ly
Do pref___________ 100 10212 Feb
65
* 1053} 106% 106
106
7 Jan
5'} Apr
3 May 10
37g 37s
37g
41{ 1,025 Unit B ox Bd & 1 C o .100
817s Feb 6
721} Jan
972 United States Steel co m .
7S1}
78‘
77% 78
15
J ’ne
25
Jan
27
19%
Apr
12
Western
S
tone______
100
—
21%
May’
l
l
Last Sale

12
123s 12
873} 88
88
Last
*275
Last
*127%
*66
*G6
67
67
Last
112% *111 1121}

46
40%
93% 93%

Railroads

___ C
100 c

1178 12%
873} 873,
Fob’ ll
Sale 265
Sale 129 Apr’ l l
G5
65
67
Sale 112% May’ ll
149% May’ ll
*
__
43
May’
ll
*41
Last Sale
43
43 *43
43 ♦ _
51
Apr’ l l
*70
72
*70
72
73 * __
73
74
*72
74 * ___ 74
May’ l l
Last Sale 51
51
51 * __
51
Last Sale 1% M ay'll
*1
1%
118 *1
1% *1
1% *1
Last Sale 5
May’ l l
5%
*5
St,
GU *5
*5
fll" *5
__ __
51% 62
51% 51%
5212 523} 527g 527j *52% 53
123
122 122 *122 123 *122
*122 124
122 122
123 123
161
♦158 160
160 160 *160 164 *159 161 *159 161 *159
1283} 1283} 128% 128% 128% 128% 1283} 129%
127% 1271a 1273} 129
Feb’ 10
Last Sale 13s
Last Sale 14% May’ ll
Jan’ 11
Last Sale 78
100 10034 100 100
100
100
99*4 9912 903} 993} 9978 101

121a
883j

STOCKS
CHICAGO STOCK
E XC H AN G E

ll'ds
Sold

Range
Jot

High
Bit
Ask Low
High No. L
- A
100i2 100*2
Amor Strawb’d 1st 6 s .1911
100% Jan’ 11 ___
923g 9333
Armour & Co 4 15s — 1939 1 - b
9278 May’ l l
90*8 100
Booth Fish Co D cbG 3s’ l 7 J - J ___ _ ____ 100 Meh'11 ___
90 100
100
MC llll
Deb g 5 s__________1924 J - J
98% Apr’ l l ___
98*8 99
Sink Fd D c b 6s tr r c o . . A - O ; ___ 98
102 J’ue’09 ___
V
1 983} 99
Oal A So Oh Ry 1st 5s ‘
1011} Oct'00
Cass Av A F U (St L) 5s '12 J - .1
___
100
May’07
Chic Board o£ Trade 4s 1927 J - b
1023j
9 1021s 1027g
Chicago City Ry 5s___1927 F - A X1023} Sale 102%
103
Apr’04 ___
Chic Consol Hr A M lt 6s __ J - J
50
Apr’09 —
Chic Consol Trao 4 443 1939 / - h .................
963} Jan’00
Chic Auditorium Ist5sl929
94% Dee’Of . . . .
Ohio Jo lilt 1st M g 53.1945 >1 - 8 .................
87
Feb’0..
Chic No Shore Elec 63.191 2 \ - O
873g 91
90% May’ l l ___
Ohlc Pile Tool 1st 5 s.al9 2 l J • J t- .- L 90
9733100
99%
99-s 38
F - A 993} Sale
93*8 943}
93% Apr’ l l ___
93
----Ohio Rys 4-5s series "A* A - 0
82% 88%
87
87% 31
Chlo Rys 4-3s series "B* J - b 1 87% Sale
90
■
'
Mch’
l
l
F
A
Chic Rys 4-53 series ” 0 ’
1 ‘ 9953 1003}
1C0%
Chic Rys coll Os___1911 F - A (100% 1007s 10u%
100 100
100
Jan’ ll
Chic Rys Fund 6 s ..1911 F - A
5
_____ t 99-% Sale
99%
99%
97% 'J9%
M- N
661a Aug’0> ___
66% July’Ot ___
Collat trust g 5s___191, M - $
102
10312
7
103
1033S
r - 1; 103 Sale
71 - $> 102% Silo lOUs
102% 21 100*2 10218
1007s NOV’ 10 ___
j - J
100 100
100
Fob’ l l ___
A •U
1st g 5s__
100% Aug’09 ___
11 • &
4 1003} 1013}
1013}
tl - 8 1101% ----- 101%
G 1031} 106
1 ........ 1105% Sale 105% 105 s
SO Dec'OS —
J - L> .................
Kan City Ry A Light
963s 973}
973} May’ l l ___
Co 6 s _____________ 1
\\ - N 1 97% 93
973} 100
A - (1 i 101 ___ ICO May’ l l . . . .
77
82
81 May’ l l ___
Lako St lil— 1st 5 s..
J - J 1 82
85
16 May’05 —
Feb
.................
Metr W Side El82*8 85
F - A 1 84% 85% 85 May’ l l . . . .
J - J 82 Sale
817s
82% 13
78*8 8212
Extenslon g
903} 913}
91% May’ 11 — .
J - J I 91
91%
Morris A Co. 4
134 06ls 100
M - S 1 99% Sale
993}
100
_
_
'
___
Q - M
99% May’ l l
09*2 100
H - N 1 94
91% M ay'll . . . .
92*2 941}
943}
Ogden Gas 5 s .—
J • 1) 9 8 1 a ___ 100% Mcu'O'c
961a Mch’ lC ___
95
___
4 .4 0 s ......... ..
M - N 96
___
97
Feb’ 1C ___
4.00s Scries E .
M- N
98% Mch’ lC ___
9 7 % ___
4.80s Series F.
1 A - O __ _
1213} May’Ov ___
1013} 1021}
7 M - S 1102 102% 1021} May’ ll
io 102% 103*2
? J - J 1102% . . .
1027s
103
6 J - 1) 1101% 1013, 101%
101S)
5 10U2 1013s
10U2 lOl^s
101% May’ l ___
Mut’l Fuel Gas Ist5sl94 7 M - N ___
25
93
95*}
4 J • J 95% Sale
95%
951
100 101%
1 J - J 110014 ___ 100% May’ l ___
5 A - 0 ___ - __
8S
Apr’ ll ___
70
Apr’ h ___
6 ......... . . . . . . . .
_ __
65
60
60 Mch’ l ___
Uenorat aitgo 6 s ___ . J - .
1003} 1011}
r*sfcern Eleo Co 5s___1 2 J - J (1017s 1021} 101% Apr’ l ___
Note.— Aooruod Into
t1 must be added tc all Chicago 1 ond prices.

NAME

Outstand­
ing
Sloe's
r

Dividend Record

Surplus
Profits
T

In
1909

In
1910

PtrOd.

Last Paid
%

$45,838
0
6
An Jan ’ l l , 0
10
J-J (an '11, 5
243,513
10
Q-J Apr ’ 11,2%
.0,259,443
12
Q-J Apr ’ l l , 4
5.666.407
10
J
8
35.938
Q-J Apr ’ l l , 1%
10
435.900
19
Q-J Apr ’ 11,2%
G
Q-J Apr ’ l l . 1%
6
43.496
12>
11,263,810
12s Q-M Mch31’ ll,3u
Q-M \lch31Tl,2%
187,559 10
10
Prlv ate Ba nk
543,440
8
8
479,664
Q-J Apr ’ l l , 2
1+2
8
1.030.239
Q-J Apr ’ l l , 2
10 10 + 15 J-J Jan ’ l l , 5 1
180,830
252,715 Beg. b us. Ma y TO V.90. p.1277
537,632
10
10 Q-M Mcb31’ H,2%
4
65.980
4
Q-8 May ’ l l , 1
Monroe National______
8
Q-J Meh 31.’ l l , 2
1.328.008
8
Nat Bank of R epublic.
Q-J Men ’ l l , 1%
6
488.554
6
National C ity_________
4
87.026
3
Q-J Apr ’ l l , 1%
National Produce_____
6)4 Q-J Apr '11. 1%
69,432
5)4
North Avenue S ta te ..
Q-J Mch3Vll.Hi
6
6
32,030
4
200.000
North West State
25,197
Q-J Apr '11, 1%
O-l Apr '11 2%
110,632
7
300,000
People’s StU yds State.
Q-M Apr ’ 11. l i 2
6
0
500,000
74.571
300,000
207,49-1
* X Q-J Apr '11, 1%
1)4
200,000
6
94,000
South Chicago Savings
7)4 Q-J Apr '11.2
QQ Apr '11, 1%
200,000
11.5Gb
6
IX
12
12
1,500,000 1.922,279
Q-J Apr ’ l l , 3
8 Q-M Meh 31*11,2
8
250,000
193.197
0 \1-N May '11, 3
6
100,000
43,113
Union Bank of Chlcago.
1 100,006
8.494 See V. 90, p. 159
50,000
11,015 None None Q-li Dcc31’ 08,l%
Wcndell State...............
7
945.794
7)4 Q-J Apr ’ 11,2
Central Trust Co of 111.. 2.000,000
0
6
IC500.000 tcll2,237
Q-J Apr ’ 11,1%
Chicago Sav Bk A T r . ..
6
7)4 Q-J Apr ’ 11,2
Chicago Title A Trust.. 5,000,000 l 1,627.998
4
10,053
6
50,00’
Q-J Apr ’l l , 2%
Citizens Trust A Saving!
473,133 8 + 2 8 + 2 Q-J Apr ’ l l . 2%
OOU.OOu
Colonial Trust A Savings
460,951
Cont A Comm Tr A Sav. 3,000.000
200,006
8
134.902
8
Drovers’ T’rust ASavlngs
Q-J Apr '11, 2
Q-J Apr '11. 1%
3
6
223,720
Farwcll Trust Co--------- 1,500,006
12 Q-M Meh 31 11.4
2,500,006 3.420,105
16
250.00C
Beg. d us. Apr 3*11 V. 92, p. 929
200,000
26,611 Incorp orated 19u8 V.87, p.1138
Guarantee Trust A Sav.
1,250,000 1,636.301
9)4 11 + 5 Q-J Apr ’ 11,3
* 6,000,000 8,976,802 16 + 4 16+4
? May 20’ l l , 1
6)4 7 + 1 X Q J Apr’ 11, 13}
65,39.r
S
200,006
5)4 Q-J Apr '11. 1%
5
49.34S
*
200,806
12
12
Q-J Apr ’ l l , 4
8 3,000,006 6,110.397
6
6
229,801
V
750,006
Q-J Meh 'l l , 1%
60,421 Beg. b us. Oc 29’ 1 OVUl.p.1221
.
200.00C
Michigan Avo T :
8
8
Northern Trust Co------ - 1.500,001 2,525.351
Q-J Meh 31’ 11.2
1/200,00C
73,761
6
6
J-J Jan ’ 11,4
.
600,001
149.758 Beg. t us.Dec I ’ ll V. 92, p. 98
.
300,001
8
1227,99!
8
Q-J Mcli31’ ll,2
i
200,oor
20.97; Beg 1 us. J lj 12’0 9 V.89.P.141
. 1,000,001
263.53 Comir enced bus. Sept 6 1910
v
200,001
6
5)4 J-J July TO. 3
36.98-!
8 + 2 Q-M Mch31Tl,2
. 1,200.00! 1,225,97-' *8+2
Union Trust Co6
ys 1,250,00 1
6
Q-J Apr ’ l l , 1%
187,85"
6 Q-M Meh31’ l l , 2
<
200,00 1
129.03: ___
6
U
200.00
64,74
7X Q-J Apr T l . :o

Calumet National-------Chicago C ity----------------Cohtl’ tal A Comm Nat
Corn Exohango National
Drexel State----------------Drovers’ Dcp NatloualEnglcwood State---------First National________
First Nat Englewood___
Foreman Bros B 'k’g Co.
Fort Dearborn National
Hibernian B ’ k’g Ass’n . .
Kaspar State B a n k ..
T o Qalln Q4* ATa4Inn nl

$100,U0o
500.001
20.000.00U
3,000,000
200.00U
000,000
200.00c
10,000.000
150.000
1,000,000
cl,500,00o
i . 500,000
200.0UO
1,000,000
1,250.000
300,000
2,000,000
rl.500.000
250.000
200,000
oU.000

*Bld and asked prices; no sales were mado on this day. T March 7 (close of business) for national banks and March 8 (openlng of
irico Friday; latest price this week, a Due Dec. 31. 6 Duo June, c Ex-stock dividend of 33*3%. * Also 20% In stock. g Dividends are paid Q-J. with extra pay
aents Q-F. r Proposition to Increase capital to $2,000,000 rntltled Jan. 10. See V. 92. p. 98. * In addition the equivalent of 4% more camefromFlrst T r u s t A S a v l n g *
lank. t Dec. 31 1910. u In addition the equivalent of 1% came from First Trust A Savings Bank, o Proposal to Increase w p l ^ t o ^MOOOOratlfled, V. 9 2 . p . l 004.
1Capital Increased to *1.000,000 and surplus to *200,000; V. 92. p. 1004. x March 31 1911. v Proposal to Increase capital to *250.000 ratflled. V. 92. p. 1352.




BOSTON STOCK EXCH ANG E—Stock Record, Daily, Weekly and Yearly
SHARE PRICES—NOT PER CENTUM PRICES
Saturday
May 20.

Tuesday
May 23.

Morul v
May 22.

Wednesday
May 24.

Thursday
May 25

Friday
May 26

1121$ 1123$ 113*4 113*4 *113-3$ 1133$ 1123$ 1123, 112L 112L 113-14 113-1,
>101 1041? *101 10112 *1U4 104*2 *104 101*2 103-14 10334 *103-14 104*4
220*- 221
2201., 220*4 *220 —
22012 22012 220*2 220*1 221
22114
128 128 *127*2 123
127*2 128
123 128
127*2 128 *1271- 128
>216 ___ *215 220 *215 218 * _
218 *210 ___ 216
216
105 105
105 IO0I4 105*2 105*2 105*2 10512 105*2 1057$
105 105
2951- 29512 *295 —
zyoi2 ^J51o *29512
*295 ___ *295
*13
15
♦13
15
*13
15
*13
15
131- May’ ll
*72
*72
75
75
75
75
*72
*74
75
75
*72
75
10
*8
*8
49
49
*48
49 *48
49
4912 *48
4912 *48
4912 *4S
►160 — *160 ___ *160
158
May’
ll
*160
Last Sale
__ _ ___ 109 n o *108*2 111
112
110 110 *110 112 *110

►270
►
127
►
134t2
*92

___ *270
123
126*2
136
135
___ *92

___ *270
126*2 127-14 123
135 *1341- 135
95
*92

*270
127
135
*92

1934 197$ 1934 201$ 20
201, 20-1$
89-1$ 893$ 89*4 894,
89
89*2 89l2
145 145
14412 115
144*- 145
144*2
►
141
*141

► 210

*120

►
185 1871? *185
*401,- 42
411,
►
10S12
*10812
10012 100*- * 100*2
1831., 183*2 1841*91*2 9512 95
►160
*160
*90
90*2
91
103*2 103*2 103*-

*210

1871, *186
111- *39
109
135"
95

*212

1871? *185*2
40
42
109 *109

*101
*101
IS3I4 184*4 1831.,

*94*2
161
90-1.,
91
103*2 103

951? *91*161 *160
91
90-1.1
103
103*$

Last Sale 271 May’ ll
128
123
* 127*2 128
___
135 135 *135
M ay'll
Last Sale 92
200 May’ ll
20-1, 20-1, 213$ 2034 '21*4
8912 *89
89*2
891- 89
14-1-lj 145
144*2 115
145
Ijist Sa’e 145 May’ ll
Last Sale 14 U, May’ ll
Last Sale 212 Apr’ 11
187
41
41
*40
42
40
___ *109 110
1091? 1091?
_ _ _ _ *101
___ *101
1013$
183'$ 183 1831? I 8.3I4 18312
*94*2 95
95
*9412 95
*160
___ ♦160
90**4 90*2 901j 9012 90*?
103*$ 103*$ 10312 103
103*$

127
135

Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
353 Atch T op & Santa F c.100
Do
pref__________100
7
316 Boston & A lb a n y____100
107 Boston E levated_____ 100
7 Boston & Dowell_____ 100
173 Boston & M aine_____ 100
22 Boston & P rovidence. 100
Boston Suburban El Cos.
10 Do pref_____________
Boston & W ore Elec Cos.
10 Do prcf______
___ Chic June R y & U SY.100
29
Do
p rcf________
___ Connecticut R iver___100
188 Fitchburg, pref______ 100
101 Ga R y & Electric____100
___
Do p r e f . . . ............100
Maine Central________ 100
6,850 Mass Electric Cos____100
384
Ho p rcf........... ....... 100
436 N Y N 1 1 & H artford. 100
Northern N H ............100
Norwich & W or p r c f .100
___ Old Colony__________ 100
27 Rutland pref_________ 100
27 Seattle Electric______ 100
Do
pref__________100
5
802 Union Pacific_______ 100
pref__________ 100
10 Do
2 Vermont & Mass____100
278 West End S t__________ 50
Do
p ref___________50
205
Miscellaneous
1,009 Amcr Agrlcul Chem._100
337
Do
pref__________100
104 Amcr Pneu Service_50
Do
pref___________50
257
1,287
ncr Sugar R eiln___ 1
221
Do
p rcf__________100
3,147 Amcr Telep & Teleg.100

Range since January 1.
On basis of 100-share lots.
L o w e st.

102*$ Jan 5
10U$ Jan
219 Apr 21
127 Apr 26
207 Feb 1
101 Maylo
292 Mch 2
13i2 May 3
72 Jan 6
6 Feb 15
38i2 Jan 3
156 Apr 29
107 Mch 17
265 Jan 31
125 Apr 10
117i2 Jan 23
88 Feb 20
200 May 2
16 Apr 20
83-14 Jan 9
141*2 Apr 24
139 Jan 13
210 Jan 26
183 Mch 15
32 Jan 26
105!2 Apr 18
£97*2 Mch 13
171 Jan 3
90 Mch 9
158 Mch 21
89 Apr 26
102 Feb 27

__

i”




Highest.

Highest.
1131, May26
103*4 May .0
226 Feb 15
1297$ Feb 1
216*$ May 2
1223$ Feb 15
oOJ Mch 6
16 Mch 15
75 Mch 9
9 Feb 16
49 May 11
161 Feb 27
113 Feb 20
271 May 19
130 Jan
135 May 15
93 Mch 7
215 Jan IS
21-1$ May25
89-1, May22
1511$ Feb 23
142 Mch 6
212 Apr 29
189 Jan 3
43 Feb 21
112 Feb 27
10234 Jan 9
185 May 22
95>$ May 12
161 May 23
93 Men 22
105 Jan 10

59
581$ 5S34 5812 633., 6SI- 58146l2 Jan 3 60*2 MaylS
103
103 103
10234 10234
103 103
99 Jan 6 105', Mch 1
5*4
5
5
*5
515
4i2 Jan
5
6*2 Jan 20
17
17
17L
1714 17U 17L
14 Jan 3 19*4 Jan 31
17*4
120*2 *120 121
12012 1201- 120L 120L
II .334Jan 5 122 Feb 27
1101
1191,
119-74 110 1191- 1191$ 119-13
lll3 4 Jan 5 120*$ M aylo
1487$ 1493$ 1431$ 149 " 1483., 148-34
149
140 Jan 3 1493$ Mavl7
341? *33*2 341? 34
34
*33
10
31 Jan 4 36‘4 Meh 20
3312
94
9312 91
93*- 9.37$ 931- 9334
Do pref__________ ]
071
3:86 Mch 29 9534 Feb 8
___ *10
1012 * 10i, 11
475 tl Gulf & W I SS L_1
8*4 Jan 17 105$ May22
* 10*2 11 ‘
*22
22*2 22*4 22*4 2214 22L __ _
160
221$ 221$ *22
Do pref__________ 100 21 Mch 11 26 Jan 31
23
*8
81- *8
8*2 *8
8*2
S
100 Boston L aud__________ 10
s'
5*2 Jan 13
8*4 Apr 29
*152-1$ ___ *152*2 ___ *153!., ___ +154*4
145*4 Jan 10 153*4 MaylS
Last Sale 153L May’ l l
* 10-1$ 101? 10*2 10*2 10'-$ 10*8 10
7*4 Jan 18 12 May 1
560 East Boston Land____
10
10 10
IOI4
*___ 287*4 287 287
287 287
274 Edison Elec Ilium ___100 282 Apr 3 292*2 Feb 3
286 287
286 286 *28-1
287
160 I 6OI4 1607$ I 6U4 160*4 160-34 160 162
1,102 General Electric_____ 100 3:145*$ Mch 3 165 May26
162
161 162
165
9M4 0134 9112 911? 9U2 911? 91
91
91L
91
91
9U4 1,130 Massachusetts Gas Cos 100 873., Jan 3 94 Jan 20
97
OS’*! 96
97
350
96
Do pref__________ 100 95 Jan 3 98 Mch 25
96
96*$ 9034
96
96
90
96
♦__ _ 225
22434 224-l4 *225 228
20 Mergenthaler L ino . ..100 211 Jan 4 225 May 17
*225 226*2 224*2 225
♦4
41? *4
41? + 1
3*2 M ch20
Mexican T elep h on e.. 10
412
May’ 11
47$ Jan 31
Last Sale 4
4*2 *1
*112 115
115 115 *11212 115 *112 115 * 1121- ___ *112
1121?
40 N E Cotton Y arn____ 100 110 Jan 3 119 Mch 14
*109 112 *109 111 *110 112 *110 112
Last Sale 110 May’ l l
Do pref__________ 100 106 Jan 3 116*2 Mohlo
*145 146
146 146
146 146
145*4 146
140
140 148
140
289 N E Telephone_______100 137 Jan 14 148 May 25
* 1021103
+102*2
06 Jan 9 103 Mch 28
1617$ 1617$ 162 16214 1621., 1627$ 16212 1623, *162 16312 16212 l6234
556
158 Mch G 163 Jan 30
♦
143$
143$
15
145$
145$
143$
113$
* ----3:12 Jan 5 15 May 1
35
102 102*4 102 102*4 102 102L 102 1021$ 102
102 102
1021$
592
100 Jan 26 102*4 Mch 6
*30
31
*30
31
3012 301? *30*2 31
.31
31
*301? 31
30 Feb 1 36 Jan 3
19
*28
*28
29
29
*28*2 29
*28
29
27 Mch 23 29 Jan 17
20 Do pref.
2S12 2812 *2812 29
188 18812 188*,, 1837$ 188 I 8SI4 188 1881$ 183 18812 189
180 Mch 13 192*2 Jan 19
190*2 1,758
62^4 52^4 53*2 531? 537$ 54
53*4 5334 52I4 53
52-14 5234
61*2 Apr 25 587$ Feb 18
781
28*4 28*4 ♦28*4 281? 2.8 281? 28
Do pref.
281,
444
28*4 28*4 28
28
. 25 28 May 16 29*4 Jan 31
797$ 8014 8012 81
713$ Jan 3 82*$ Feb 6
S Steel Ce
79*$ 801,
78
.100
78*2 79*- 771- 78
78*2 20,808
120U 120U 120 120L 119*2 120 119*2 1197$ 1183., 1183,, 1187$ 119*4
Do p ref.
233
.100 11U34 Jan 3 120*2 Feb 2
10t2 Jan 17 23*4 Feb 6
19
19
19
19
285
*19
191?
19
19
*1812 19*2 *18*2 1912
Do pref_____
89 Jan 23 97 Feb 3
96
*94
25
96
96
*94
*94
90
00
96
96
96
96
Mining
180
7
4*2 Apr 24
7
612 6*? *612 7
7
7
* 6*2 7I4
612
7 Jan 5
0*2
85$
85$ 1,215
9
9
812 9*$
6 Jan 24
8-14 91,
9
9
8*2 9
9*4 May22
3014 31
3112
880
30 Apr 25 39 Jan 4
31*2 311? 31*2 3U? 31*4 3U? 31*2 3U 2 *31
67
67
6
O
I
4
67-1$
68*$
66-I4 67*$ 66-1, 673$ 67*4 681,
671- 10,700
59-I4 Apr 13 68*4 May23
27*4 273, 27*2 273$ *2714 273, 27*4 271? 27*2 2S14 2814 287$ 4,745
23 Jan 27 287$ May2j
17*2 IS
1712 18*$ 1734 177$ 177$ 18
17
1712 1712 1712 4,045
1 l-i4 Apr 24 18*$ MaylO
6
6
6
6
6
0
*0
6
6
6
6
3 Apr 12
6*2 615
6 May 19
1
.75 .75 *.75 .85 *.65 .80 +.60
*.65
.75 +.55
.75
100
.50 Jan ' .75 May22
1434 15
143.1 1434 15
*13-34 14*2 141., 1434 1434 15
1,985 Bos&CorbCop&SllMg
_ 11*2 Jan 13 15*4 May26
4
3
4
43$
♦■134 5I4
*43,
5U
47$
47
47$ 6*4 413io 4 1Ji
245 Buttc-Balaldava C op . 10
4*2 Jan 30
6*2 Jan 14
20I4 20 2OI4 2014 2012 193$ 20
19*2 1912 19
I 9I4 191 3,536 Butte C o a l i t io n ..___15
16*$ Apr 24 20*2 May21
52
5212 5212 5314 5314 60i2 56
57
46 Jan 19 57 May 24
5512 563., 56l2 56*4 7,742 Calumet & A r izo n a .. 10
475 475
470 476 *461 475
475 475
465
474 475 *461
455 May 11 545 Jan
59 Calumet & H ecla____ 25
13
14
14
14
*13
14
I 3I4 13U 1212 12I2 *12l2 13
11*2 Jan 30 15*2 Jan
545 Centennial____________ 25
*.05 .08 *.05
*.07 . . .
.08 *.05 .08
___ Cons Mercur Gold
1 .05 Jan
Last Sale .07 May’ l l
.08 Apr 20
631., 63t2 63
63
63
63
63i4 63i2 63
6234 03
63
816 Copper Range Con Co 100 58*4 Apr 22 693, Feb 2
558 558 *51$ 512 *51$ 5I2 *51$ 53$ *5
51$
5i2
6 i\layl8
3 Feb 8
250 Daly-W est......... ............. 20
5*$
1234 13*$ 13
I 3I4 127$ 131$ 12-34 13
1212 1234 123$ 1212 6,004 East Butte Cop M in .. 10 10*2 Apr 22 13*4 Feb 2
.15 .15 *.10 .15 *.20 . . . *.20
* 20
200 Elm R iver____________ 12 .10 May 6 .20 Jan 6
1034 107$ 103$ 103,
ilof;, T l
105$ 105$ * 10t2 11
10t2 Toii
11 Mayl9
7 Jan 21
2S0 F ra n k lin _____________ 25
6I4 6 5-16
6I4 63$ 5-10 6 7-16
6I4 “
6 5-16 03$
8*3 Feb 6
5*4 Mch 10
6*4
6*4 1,705 Giroux Consolidated. 5
34
34
35
35
35
33
3412 33*2 3312 34
"■
35
34
375 Granby C onsolidated.100 30 Jan 26 40*2 Jan ‘
67$ 7
7
7
71$ 6 15-10 7 6 15-16 7
7
7*8
7
65$ Mch 10
3,224 Greene Cananea_____ 20
7*4 Mayl7
♦24
243.1 *24*- 25
24
2112 23*4 2334 2312 24
*2314 2412
550 Hancock Consolidated 25 18 Jan 24 25*2 May 17
U4 13$
1 7-16 1 7-16
114 1I2
U4 114 *114 15$
1*2
2 Feb 4
.99 Apr 22
385 Helvetia Copper_____ 25
14
143)1 I 4I4 1134 141.1 1434 1|14 1434 14
147
14
14l2 1,074 Indiana Mining______ 25
10-l4 Apr 24 15 M a yl 8
36
3634 36
3514 38
37
37
“371
“ 2 3712 38
38
3814 7,044 Island Creek Coal____ 1 29*4 May 9 38*4 May26
*8814 8834 88-84 8834 8812 8914 89
9012 8912 90
90
90L 2,379
Do pref__________ 1 87 Feb 3 90*2 May24
15
1612 I 6I4 17
I 6I4 103.1 16
I 6I4 16
16
16
16
2,105 Islo Royale C o p p e r .. 25 121$ Apr 8 17 May 22
612 012
612 fr'!s 6 7-10 6 9-16
63$ 6l2
6I4 6l2
6
0 Apr 17
3,391 Kerr Lake___________
5
77$ Jan 21
6*4
*1 15-16 21$
214
2I2
2
214
214 214 2*4 23$
13, May lu
2*4 1,390 Keweenaw Copper___25
2*4
3*2 Jan 3
37
371.1 373$ 3814 37
373$ 37
3712 3634 37*$ 37
37
3,258 Lake Copper Co_____ 25
26i2 Apr 22 38*4 May22
4
4
4
*37$
4
*4
4I4
414 *334 41.,
4
155 La Salle Copper_____ 25
3*2 May 5
6 Jan 3
5
5U 63$
63$ 63$ *5
512 1,615 Mass Consol___________ 25
5l2 *5
''
5*2
5 M aylo
8 Jan 3
2
212
23$ 3,025 M ayflow er____________ 25 .20 Feb IS
17$ 17$ *134 2
2
2*4_
3 M ayi 8
2*2
Mch’ l l
Last Sale .01
.01 Mch27 .25 Jan 16
----- Mexico Cons M & S ._ 10
2012 2012 203$ 20-3$ 2034 2034 2012 2034 20 20
201a 2012 900 Miami Copper_______ 5 18*4 Apr 0 2034 May23
*214 238 * 21$ 23$ *21$ 23$ *2
23$
23$
23$ *214 2l2
l-i4 Apr 7
100 M ichigan______________25
3*2 Jan 4
41
41
40
4212 4212 43
44
45
4312 4312 43*$ 45
336 Mohawk_______________25 36 Apr 18 45*2 Jan 7
*19
I 9I4 191., 193$ 193$ 193$ 191$ 193$ 19*$ 1912 19*4
I9I4
881 Nevada Consolidated. 5 173$ Apr 21 1934 Feb 6
*37$ 4I4
41$ 41$
41$ 41$
4
41$
4*$
3l2 4
2
*4
Apr
24
4*4
342 New Arcadian Copper 25
4I4 A or 28
10-34 107$ 1012 10S4
105$ 10'>$ 1034 1034 105$ 10-3.,
165$ 1034
833 Nlplsslng M in e s ..____ 5 103$ Apr 25 113$ Feb 17
311$ 323$ 323, 34
331$ 34t4 33l2 3412 33
33l2 3314 33l2 18,065 North B utte__________ 15 25*2 Apr 24 311- May21
77$ 818
8'$ 8I4
75$
8
83$
81$ 8I4
75$ 1,345 North Lake___________ 25
45$ Apr 22
712 8
81$ May24
*712 8
712 8
*714 8
71$ 71$
7*2
330 Ollbway Mining......... 25
7*2
5 Jan 17
73, 77$
8 MaylO
U2 138 U4 1 7-16 *Hg
lt 2 *U$
112 I 3-16 112 1 7-16 1 7-16 2.865 Old C olony.....................25 .50 Jan 5
134 May 18
43
4312 43I3 4312 43U 4312 +4312 44
4314 4314 423., 4312 1.485 Old Dominion Co____ 25
35 Apr 22 44 May 17
103 107
100 106 +105 107 *100 105
IO434 10I34
120 O s ce o la _______________25 95 Apr 24 124 Jan 3
12-34 1234 13
13
13
13
*1212
13
13
13
* l 2f2 "i3
120 Parrot Silver & C op . 10 11 Jan 26
13 May 22
72
7012 70I2 72
7U2 72
703,
*7112 72
7U2 7134 4:763i
151 Q uincy________________ 25 65 Jan 25 72 May22
173.1 18
181$ 181$ 177$ 18
*173.1 18
I 8I4 1,820 Ray Consol C o p p e r.. 10 16*2 Apr 21
171$ 181$ 18
185$ Jan 4
112 H2
114
II4
*1*4
*U 4 112
H2 112
*U 4
11
1*2 1,365 Santa Fe Gold & C o p . 10
3, Apr 26
1*2 Jan 5
IU4 113$ IH 4 1112 IH 4 IH 4 II
11
11
*1 1
11*2 1,199 S h a n n o n ______________10
11
934 Apr 11 12‘ i Feb 2
*.95 1 1-16 *.90 1 1-16 1 1-10 1 1-10 *.99 1 1-16 .99
.97
120 South Utah M & S ___ 5 •75 Apr 18 l ‘ u> MaylS
.99 *.90
3H4 347$ *3334 341., *3312 3412 *3312 3412 *3312 34
34
31
458 Superior_______________25 30 Apr 24
42*2 Jan 3
6
03$
5I2 512
512 012
6
0
OI4
6
3.866 Superior & Boston Min 10 2**19 Apr 7
6
6
612 Mny22
15U 16
15
15
15
15
16
16
16
16
783 Superlor&Pitts C op p. 10 13*2 Jan 3 16 May23
16
16
37
30
30
3012 37i2 37
37
37
38
*36
315 T a m a ra ck ____________ 25 34 Apr 24 52 Jan 3
36
36
4I4 414
•1*2 412
412 412
414 4I2 *4
920
T
rinity.............................
25
4*4*4
4*4
3*2 Apr 22
5 Jan 3
3514 357$ 357$ 30
357$ 357$ 35 >$ 35-3.| 355$ 357$ 36
361, 1,452 U S Smelt Ref & M in. 50 3314 Apr 7 37*2 Feb 4
46I4 47
463.i 47
47
47
471., 47U 47I2 47*- 47
47
940 D ) pref__________ so
45*2 Apr 4 43 Mch 1
23., 234 ,23$ 23$
27$ 27$
234 27$
520
Utah-Apex
Mining___
5
27$ 27$
2 15-16
2 Mch 10
3 Jan 5
1534 1534 10
181$ 15-34 1534 16
16
*1514 1534 1 6 * 4 163.,
617 Utah Consolidated___ 5
9*4 Jan 20 16*4 Mayig
4678 4078 471$ 471$ 47 4712 4712 4814 4712 477$ 48
980 Utah Copper Co_____ 10
48*$
425$ Apr 18 48*4 May 14
* 112
2
*ll2
2
15$ 15$ *133 2
*U 2
2
* 1.34 2
60 V ictoria _______________25
1*2 M ch23
21- Feb 1
834 834
83$ 834
8
83$
81$ 834
1,925 W in o n a ___________ ~. 25
8
8I4
8
8 *$
6 Apr 18
91- Feb 6
112 112
*110 112
110 110 1113, 112
110 110
120 W olverlno____________ 25 107 Apr 26 122 Feb 10
111
111
134 1S4 *13,
17$ *H 2__ W, * 1*2 M4 * 1*2
134 13.,
465 W y a n d o tt____________ 25
2
1*4 Jan 25
2 Feb 6
• Bid and asXad price s, d Naw stock. « AssR paid, a Ex-stock div. h Ex-rlguts. a Ex-dlv. and rights.
59-1$ 5S1$
59
5812 59
103 1031,, 103 103*? 103
51?
5
*5*4 5-14 *5*4
17*4 17*4 17
18
18
120 120*4 120 120-1, 120
119-14 119-1, 119*4 119-4 119*2
149 149-1$ 14SI,
1483$ 149
___ ___ *3312 3412 *33*2
93
9312 93*2
92*2 93
105$ 101$ 10*2 10*2 * 10*2

Range for Previous
Year (1910).

9U2 J’ly
97*2 Aug
218 J ’ne
xl22 Aug
200 J ’ly
/;118 Dec
285 Oct
14 J ’ne
70 J ’ly
8 Mch
35 Aug
139 Sep
109 Oct
260 Oct
124i4 Sep
104 tan
85 Apr
202 Fen
1414 J ’ly
75 J ’ly
149 Apr
139 Dec
210 May
I8U4 Sep
25 May
103 Aug
y8-74 Aug
153*4 J ’ly
89*4 J ’ly
154 Oct
83 Sep
99 J ’ly
36 J ’ly
081- Dec
4 Dec
1314 Dec
111 Oct
11134 Oct
127*4 J ’ly
26 J ’ly
001- Dec
7 Mch
16 May
4i2 J ’ly
13812 J ’ly
7*$ Apr
A239 Ja
135 J ’ly
76*4 Feb
89 May2121- Dec
2-l7 Jan
107 Sep
991- Aug
129*- Aug
93*4 Nov
153 J ’ne
IU 4 Jan
100 Jan
23 Mch
27 Jan
105*2 a *11
40-14 J iy
2514 J,[y
W 3* 3y\ V
y
111
14 Feb
81 Aug
4

J ’ly

7.1. Dec
31 ‘ j;i y

55*4 J, y
191- J iy
12*4 May
5 J no

.50

Mch

10 May
412 N ov

15-$ J no

4434 J ’ly
500

J ’ly

.0-1

J’ly

13*- J ’ly

58 Feb
3*2 ^ P

6*4 J iy
Oet
9 Dee

.05

6
20

J ’*y
J iy

10

J ’ly

. 63$ Sep
1434 j ’ly
134 Oet

80-14 Dec

84*4 Nov
13*2 May
arO Sep
3

J ’ly

28*2 J’ly
61, Dec
41- Mch
.35 Oct
01 N ov
17 J 'y
3*4 Dec

4175
3 $ JJ ’ly
ly
3
l2 J iy
9-14 J a n
18

Jnc

5
.25

Sep
Aug

6*4 Dec

291- J'nc

11 1 “ J ’ly

11
60

Dec
J ’ly

15*4 J'*y
114 Nov
8-i4 J’ly
1 Dec
36 J ’ly
45$ Dec
9 J’ly
45l2 J ’ne
4*2 Dec
30 Dec
45-14 J i y
2 Dec
12*- Dec

*3 9 -1.1 J’ no

1231$ Jan
104*4 Jail
231 Jan
136-i4 Jail
227 Feb
152 Feb
300 Nov
16*s N ov
76 Apr
IOI2 Sep
■18 Jan
160 Deo
118 Jan
270 Mch
133*2 Jan
123 Oct
90 Oct
218 Dec
2U$ Nov
8834 Nov
1043$ Mch
141 Dec
212 Mch
200 Jan
44*2 NOV
110 Jan
103 Mch
2o4i2 Jan
1033$ Jan
168 Jan
95*2 Mch
109 Fob

49*2 Oct
105 Sep
87$ Feb
24 Feb
1273$ Mch
124 Mch
1437$ NOV
39*2 Mch
104*4 Moll
l l i 2 Jan
28 Jan
8*2 Jan
152*2 Mcil
115$ Jan
292i2 Nov
160*2 Jan
913$ Nov
97 Mch
226 Nov
634 May
124 Jan
115 Jan
13834 Dec
100 Jan
200 Feb
14 Oct
109-1, Jan
37 Dec
31 May
200 Sep
7 1*4 Apr
31 Jan
00-5, Jan
125r>$ Jan
19-i4 Sep
94 Jan
10 Feb
143, Sep
58 Feb
9034 Jan
40*2 Jan
50-i4 Jan
1214 Jan
.70 McU
2414 Jan
18*4 May
2812Jan
103 Jan
685 Jan
33 Jan
.16 Jan
85 Jan
95$ McU
14 N ov
2i2 Feb
2212 Mch
12*2 Jan
1IU4 Jan
1178 Jan
38 Jan
67$ Jan
4-134 Mch
33-i4 Oct
90 N ov
28*2 Jan
11 Jan
6-i4 Jan
94i2 Jan
19 Jan
105$ Oct
1?8Jan
5 Jan
29 Jan
812 Jan
75 Jan
27i2 Jan
loss Jan
12 May
50 Jan
257$ Mch
1234 Jan
134 Feb
55 Jan
168 Jan
2134Jan
92 Mch
2434 Mch
234 Jan
18 Jan
334 Jan
68*4 Jan
18 Jan
165$ Jan
78 Jan
ll*s Jan
55 Jan
53*8 Jan
5*4 Jan
46 Jan
60*2 Jan
534Jan
15 J&a
150 Jan
334 Jan

1427

Boston Bond Record

MAY 27 1911.1
3

BUN D »
BOSTON STOCK KXOH’ GE
wkkk Ending M ay 20
3;%

Fries
Friday
May 26

I’S'y
Range
Week’ s
Range or o ? 1 Since
1January 1
hast Sals

I
Hia
High. No I!how H igh
Ask how
103 I o 10 m 102 >4
Am A 2rloul Chem 1st 5S..1928 A-O ....... ........101 %
83 | 89 81 02
k.111 i elee * Toi cou ti 4 s .1929 j . j
91% sale | l)i%
92
Convertible 4 s . . ........... 1936 M-S1 100% 110%T09% May’ l l
' 105% U6»4
00
00
Am Writ l ’auer 1st s 16s g 1919 J . j ........ ........ 1 00
F eb ’ l l
100 115
dm Zinc L & S dob 6 s .... 191.) M-N 115 Bale 110
116
92
driz (Jom Cop 1st conv Os 1920 j . d
oi
84
0 134
01% 01
09 %
03
Aten Toy * a b e gen g 4s.. 1005 a -O, 98% 0834 0834
08%
01
Adjustment g 4s— J'ly 1005 Nov| 01 % 01% 91 A p r’ l l
91%
02
01
S tam ped............... J ’ly 1905 M-N
01% 0 i ;,4 92 May’ l l
60-year con v 4s............. 1955J.D .......... ____ ,109% Mar’ l l
100% 160%
10-year conv 5 s............. 1017 J-D
108% H 6%
........ '110% Mar’ 11
73
Atl Gnlt & W 1 SS Lines 5 s.’ 59 j-J
13 63
71
72
718i' 7] 81
Boston Elect L consol 58.1024 M-S
......... 110
Feb’ 04
B o sto n * Lowell 4s........... 1016 J .J
.........100 <4 Mar’OO
Boston <a> Maine 481s..........1044 J .J
.........104 81 Oct ’08
Boston Terminal 1st 3 “a s.1047 F-A
....... 112 81 J a n ’03
Bar & Alo Kiv cons 6 s ___1018 J - J
J a n ’ l l ___8103 10381
........ 103
B u tte * Boston 1st 6s___1017 A-O
J ’ne’Ol
........ 100
Butto E le c * I’ ow I stg S s . 1051 J-L>
Uedar Bap * Mo B le t 7 s .1016 M-N
........ 11381 May’ 10 .
Dent Verrnl 1st g 4 s.. May 1920 Q-F
00 %l 4jj 87% 90%
00 H» Sale | 00 81
0 1)<tn4 Iowa L)iv 1st 68.1010 A-O
11103 Oct ’ 07'.
Iowa I)iv 1st 4 s ...............1010 A-O
00 F e b ’ l l .
Debenture 6 s....................1013 M-N
100%101%
101 % Mat’ l l .
90% 100
: Denver E xten 4s............ 1022 F-A
09% •May’ l l .
: Nebraska Exten 4 s ........1027 M-N
93% 19%
90% M a y 'll .
00% 00%
B * S W s I 4 s .................. 1021 M-S
00% F eb ’ l l .
87% 83%
Illinois Div 3 81s..............10401J - J
87% Mat’ l l .
Ohio jo By & Stu Yus 6s .1015' j . j 102 Sale 101 % 102 I 4 100 102
Coll trust relunding g4 s l0 4 0 A-O
90% 111 80% 00%
00 % 90% 00%
Oh Mil & 81 P Dub D 6s ..1 0 2 0 'J -J
J a n ’ l l 1. ..J 114 114
.........114
Oh M * Bt T Wis V div 6sl020| J . J
........ 113% Feb’ l l . ...11113% 113%
0hlt<» No Mien 1st gu 5 s .l0 3 i M-N
99% 101 I 09 81A pr 11 . ...j 08% 101
Ohio & W Mich gen os ___1921'J -D 1 102
103 101% M a y 'll . ..J 100 101%
Ooncord & Mont cons 4S..1020' J-D
........ I 91 Deo ’07 i,
112 % J a n ’03 ,
Conn & Pass B let g 4 s ...1 0 4 3 'A-O
1 0 0 % Aug’OOi.
Oudaliy P ack(T he)lst g 6s 1024 M-N
97
07
07 Mat’ l l 1,
Current uiver le t 6s ........ 1026 A-O
87
87
87 F e b ’ l l .
Det Or Bap <fc W 1st 4 s ... 1046 A-O
05% 06%
00% Mar’ l l
Dominion Coal le t s I 6 s ..1040 M-N 97% 98
103 % Apt '06 .
Fitchburg 4 s ......................1016 M-S
06 A p r’03 ,
4 e ..................................... 1027 M-S 1 ...........
127% J a n ’ l l ...1 127% 127%
Promt Elk & Mo V le t 6e..l0 3 3 A-O ..........
140 A p r ’05 .
Unstamped 1st Os..........1033 A.O ............
06% 3 1 1 06% 07
06%
Bt Nor C B * y coll tr 4e 10211 J -J 90%
00% May’ ll], ...!! 05% 06%
Registered 4s.................. 1021|Q.J| 06%

BONDS
BOSTON STOCK E XO IT G E
W eek E nding m a y 23
Illinois Steel deben 5s___1913 A-O
la Failed:Sioux C is t 7s.. 1917 A-O
Kan O Clin * Spr 1st 5 a ... 1925 A O
Kan C Ft S * Gall ext 5 s.. 1911 J-D
Kan C Ft Scott & M 6a....1 9 2 8 M-N
Kan C M & B g e n 4 s .......... 1934 M-S
Assented incom e 5s....... 1934 M- S
Kan C * M By & Br 1st 5sl920 A-O
Maine Cent cons 1st 7 s ...1912 A-O
Cons 1st 4 8 ...................... 1912 A-O
Maro Hough A O n t is t 68.1925 A-O
Mass Gas 4 % s .....................1029 J .J
Mich T elep lst 5s................1917 J- J
Miune Geu Elec con g 5s 1929 J .J
N ew Eng Cot Yarn 6s___1029 F-A
New E ngT elep h 68...........1915 A-O
5s........................................ 1916 A-O
N ew Engiana cons g 6s... 1945 J .J
Boston Term 1st 4s.......1930 A-O
N ew B iver (Tho) conv 5s. 1034 J . j
N Y N H & H c o n deb 3 %8l960l J.J
Conv dob 6s (e t ts ).........104S J .J
Old Colony gold 4 s ............ 1024 F-A
Grog By & Nav con g 4 s..1046 J-D
o re g Sh Bine 1st g 6s....... 1022 F-A
Pere Marquette deb g 6 s.. 1012 J .J
ltepub Valley l e t s I 6 s...1010 J -J
ltutland 1st con gen 4% s.l941 J -J
Butland-Canadian Ist4 sl0 4 0 J-J
Savannah Elec 1st eons 5S.1952 J - J
Seattle Eleo 1st g 5 s ..„ ..1 9 3 o F-A
Shannon.Arm 1st g 6s___1010 M-N
Terre Haute Eleo g o s ___1920 J J
Torrington 1st g&a.......... 1018 M-S
Uniou Pao H U d s lg r g 48.1047 J -J
20-year conv 4s...............1027'J . J
United Fruit gen s 14%8.1923 J .J
U S C o a l* Oil l s t s l 6 s.. 1038 M-N
U S Steel Corp 10-60 yr 5s. 1063 M-N
West End Street By 4s___1016 F-A
Gold 4%s........................... 1014 M-S
Gold deuenturo 4s.......... 1016 M-N
Gold 4s.............................. 1917 F-A
W estern Teleph * Tel 6s.l932| J-J
W isconsin Cent 1st geu 481040, J -J

N ote —Buyer pays accrued interest In addition to tho purchase prloe for all Boston Bonds.

Week’ s
Range or
hast Sale

Fries
Friday
May 25

12
Range
§ o ’) Since
January i

H igh No how Higli
[B ia
100%; 25 100 102%
100% Sale 100%
i\j\>
................... '117 A p r’08
................... I 1*4% F eb ’ l l . . . . ' 04% 94%
100 100% 100 May’ l l . . . . 100 100%
116
116 I 1 115 116%
‘ 1)2*' *93*’ 92
02
31 02
03%
88 A p r’ l l ' . ...1 88
00
102% 103 102 M at’ l l ....1 1 0 2 103
102% F e b ’ l l 1. ..' 102% 102%
191% Sep ’ 0 5 '...." ...................
115 J’ ne’08 . . . . " ...................
ib*0*" Sale*
00% May’ l l 1___1 90% 90%
102% Aua’ 041.. .'!___
192% Salb 192% 192%| 1 109 1U3
191% Mar’ l l ' . . . . 101% 102
100 % sep ’o s j .. I1...................
. .
1
75 O c t ’ 1 0 ..... ...................
06% May’ l l ' . . . . j 06% 90%
: : : : : : :::::* 133% May’ l l . . . . 132% 134%
101 A p r ’OOi....1!...................
98% Sep ’9 0l....'| ...................
1147s F e b ’ l l ' ___1114% l u 7*
08% A p r ’ l 1 . . . . 1 Or % 08%
.......
103 J a n ’ l l 1... .'1 0 3 103
................... 107% .Nov’05
102 Mai’ 02i
70% D e c ’ 10'
103% 105 104% Mar’ l l ' ...'1 0 4 105
91 .......
93 A p r’ l l ' ....' 93
93
97 A p r ’07
100% Mar’ 10
1 100% 101
101
ld l
104% A p r’ l l ...J 104% 104%
2 | 95% 07%
06%
96% U6% 96%
105 Nov 10
106 M a y'll .... 104% 106
00 May’ l l ,...l| 98% 90
100%

99% sale

100%

1 100% 100%

98% A p r’ 10
98% Jan ’ l l
90%
09%I
93% J a n ’ l l

* No prioe F riday; latest bid and asked.

08% 08%
96% 99%
93% 03%

11 Flat price.

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
s h a r e 1’ rlcea—Not I’ or Contuiu P rices
Saturday
May 20

Monday
May 22

90%
90%
*........
27%
27% 27%
60% 60% *60%
18%
18%
*18
00
90%
00% 109

*12
44
46
*12
64
*33
♦7*234

14
44
44
46
46
12% *12
64% ♦51
33%
33%
73%
73

02%
109
L28
28
18%

Tuesday
May 23
62%
92
90% 199
27% 27%
69%
09
18% 18%

12
41%
44
45%
46
12% *12
64 % 63%
33% ♦33
*72%
73

\Sales I

92
92
90% 109
126 ,26
27% 27%
60
69
13% 18%

12
13
44%
44
46%
4o%
12% *12
63%
64%
33% *32%
73% ♦72%

13
44%
40%
12%
64%
33
73

In a ctive S lo c k s
American M illing....... 10
Cambria Iron ................60
Central Coal & Coke. 100
Proterreu.................. lo o
Consol True of N J ...1 0 0
Ft Wayne * W V ....... 100
Germantown Pass.......60
Highlander M i l l * M g ..6
Huntingdon & B X ....6 0
P re fe r re d .................. 50
Indianapolis S t.......... 100
Indiana Union T r___100
Insurance Co ol N A .. 10
Inter Sm Pow Ji Ohein.60
Keystone Telep v t O..50
P referred ................... 60
KeystoneW atchCaso.100
Leh Vail Tran v t C ...50
Preferred v t o .......... 50
Lit Brothers..................lu
Little Schuylkill.......... 50
M ln e h ill* Scliuyi H ..50
Nat Gas Elec L t& P o 100
P re w ire d ................. lou
N lia v c u iron * Steel.6
Northern Central........ 60
North Pennsylvania..50
Pcnnsyl warrants ..(w 1)
Pennsylvania s a lt....... 60
Pennsylvania s t e e l..100
P referred ................. 100
Pliila Co (Pitts) p ref...60
Phil German & N orrls.50
Plula Traction.............. 60
Railways General.......10
Tonopau Belmont D ev. 1
United Cos oi N J ___100
U nit Trao Pitts p rei.,60
W arwick Iro n <6 Steel. 10
W elsbachC o................lot)
W est J e r s e y * SeaSh.60
Westmoreland Coal....50
W ilkes Gas 3h E le c ..100
York Hallway............... 50
P re fe r re d ...................50
*Bld and asked; c o sales




Bid

Ask

1
44%
82
70%

1%
46%

207,

21

0
8%
23
22%
16
17%
60%
20
70
96%
10%

11

106%
43% 43%
160
84
83
6%
49
19
49

6%
42%
10%
42

: : : : : : -----7%
24
on this day.

Range Since
Jan 1 1911

A C T IV E STOCKS*

\°{yJek\ ( i o r Bonds and Inactive
■Shares'
Stocks see below)

howest

Highest

Range tor Freoious
Year (1910)
howest | Highest

B a ltim o re
91% 01%l 01% 91%' 1,316 Con. Gas KL L. A P ow .100 64 Jan 9 93 MarlO 46 Mar 64% Deo
90%
90%'
1,720:
Do
pref..100 89 Jan 9 100 M arl7 80 Mar! 00 J ’ly
00% 00%
127 127 I 6 Northern C entral............... 50 121Jan 11128
A p ria 116 Jan 132 FeO
27%
27% 2,745 Seaboard (new )............. 100 21 Jan 4 28 May22 18% J ’ly I 27 % J an
27% 27%
60%
60%
645
Do
2d pref.100;43% Jan 4 60%May23
40 Oct 47 Jau
60% 66%
18% 18% *18% 18% 1,177 United By * E lectrio.. 50 16% Jan 0 18%Alar28 12% May 16% Deo

*44
44
*1 2
*63
32%
*72%

44%
45
12%
64
32%
73

8%

8%

29%
28% 28% *28% 28%
♦20
2*0
29
20% 20%
87%
81 % 8 1 % 87
87% 87%
87% 87%
87% 87%
80% 80*u 80%
80% 89 n *80
*80% HW% 80% 89%
61
0l3is
61% 61%
61% 6l"ie
61% 61%
Ci% 61%
67
67
66% 67%
67%
67% 67%
67
66% 67
16 % 16%
16% 16%
16% 16% X 16% 16%
16% 16%
17% 17%
18% 18%
17% 17%
18% 18%
♦ 18% 18%
70% 79%
70% ’ Ul5l« 60%« 8U% 7o13n 89% 70%, 80%
6% 6*%,
6%
6
0 ’s 6% 6>%8 6%
6%
d ia
4o% 46
46% 46%
40 % 40%
46% 46%
♦46% 46%
87
87
bo34 80%
87
87
87
&7% 87 % 87
P H IL A D E L P H IA

Friday
M ay 26

Wednesday I
May 24 | May H6'

*12

44
44%
♦la
*63
*82%
73%
*8
*28%
*86%

P H IL A D E L P H IA

80%

61
67
16%
17%
7U*i«
6%
46%
86%

P h iladelph ia
20 American Cement........ 60 12 May23
13
106 American H allw ays.... 50 42 Jan 6
41%
45% 5,55u Cambria S te e l............... 50 42% Jan 3
E lectrio Co of Am erica 10 11% Jan 4
12%
1,436 Eleo Storage B attery.. 100 48% Jan 3
61
226 Gen Asphalt tr c t i s ___100 31% Mar 4
33
1401
Do p r e f t r e t f s . ...100 72 M ario
73%
8%
10 Keystone T elep hone... 60
8% Jan 12
28%
300 cane superior Corp___lo o 27 % A pr 10
624 berngh O & Nav tr ctis. 50 86 May 12
87%
2o2 Lehigh V alley............... 60 84% A pr24
89%
61% 2,205 Pennsylvania B B ......... 50 60% M ayi6
2,680 Plnladelp’aO o(P ittsb ). 50 xbO Jan 3
57
16% 1,804 Philadelphia Electric[|. 26 16 Jan 19
17% 1,720 Pliila Bap T r v o t t r c t t s 50 17 A pr is
79% 10,437 B ead in g......................... 6u 74‘ S;, A p r 24
2,896Touopah Mining ......... 1 6%.May 4
0
46% 2,574 Union T ra ctio n ............ 60 43 Jan 3
8 6 % 1,106 United Gas Im pt.......... 60 86% Jan 3

Bid |A sk

P H IL A D E L P H IA

Bid I Ask

I’ll & Beau 2d 6s '33.A .O
E x Imp M 4s g ’4 7 .A-O
Terminal 5s g 1941.Q-F 117
99%
. . . . . . . . . . . . P W & B col tr 4s ’21. J J
85% Portland B y 1st os 1030.
85
100% 109% Read Trao »st6a 1033 J-J 129 125
Booh
By
O
b
L
cou
os
’54J
-J
00%
94%
94
. . . . . . . . . . . . Spanish-Am 1r 6s ’ 27 J-J 192%
Stau’d Gas & E 6s *25 M-N
109%
. . . . . . •••••• U T’rac Ind gen 6s’ 10.J-J
Uu Bys T r ctis 4s’ 40J&J
77
77%
United B ys Inv 1st coll tr
102% 193
85% 85%
s l o s 1026............... M-N
105
b0 %
W eis bach s 15s 1030. J-D
........ 78
WLks-B U JjE conos’ooJ-J 101% ........
196%
87% 87% York B ys i st 5s 1937.J-D
U4
B A L T IM O R E
93
...... . . . . . .
In a ctive S to ck s
43
A la Cons C oal* Iron. 100
89
66% 57
74
P re t........................... 100
82% 83%
A tla n ta * C h a rlotte..loo
70
Atlau C oastL (C on n )loo 245
100%
194 ....... . Canton Co................... 100 117 i-2U
3%
Cons Cot Duck C orp ...60
109
P referred ...................50
17
Georgia S o u * Fla ...100
i is 129
01%
1st p ref.....................100
72
2d pref...................... 100
147%
G-B-S B rew ing.......... 100
97% 98
B onds
Frices are a ll “ and
192
interest."
97% 109
Auacostia * Pot 5s___
101 101%
A tl Coast L(Ct)ctfs 5 s J-D 192% ........
97%
Ctis of lndebt 4 s ....J -J
........ .........
5-20 yr 4s 1925.........J-J
94 .......
Balt CPass 1st 5s ’ l l M-N 199%
. . . . . . Balt Fundg o s .1916 M-N 194 ......
...... ......
93%
Exchange 3 %s 1930 J-J
93
B o lt * P 1st 6s m l ’ l l A-O
193
06% 97
B S P * C ls t 4 %s ’53F-A
Balt Trao 1st 5 s.. ’20 M-N 107 107%
'*07% 08
N o Balt Div 6s 1042 J-D 199 109%
193% 193%
Cent’l By oonosl932 M-N
78% 70
E x t * Imp 58.1932 M S 107%
109% ......... C haaCityliy ls t 6 s ’ 23 J-J
flE x -d lv .* rights. U$15 paid t $12% paid, t $13% paid. $$35 paid, a Reoeipts.
B onds
Frices are all “ and
iMfemf.”
A lt A L V E loo 4 %s’33.F-A
Am Gaa * E lec6s'07.F-A
Am Bys conv 6s 1011.J-D
Coll tru ,t 68 1017.A-O
A tl C Eleo ref 6s ’ 38.M-S
B erg*E B rw lstO s’21 J-J
Betlilo Steel 6s 1008.tj-F
Ohoo * Mo 1st 6s 1040 J -J
Oh Ok * G gon 6 s ’ 10 J-J
C o n T ra co fN J 1st 6 s.’33
Del CoRys tr ctfa 4s’ 4 1*J-J
E * A 1st M Os 1029 M-N
Elec * Peo Tr stk tr otfs
Geu AspLalt 6sl010.M -S
ludiauapulis R y 4s. 1033
Interstate 4s 1043 ..F -A
Keystone Tel 6s 1035.J-J
Lake Sup Corp ino Os’ 24 O
Lehigh Nav 4%s ’ 14.<4-J
Gen M 4%s g. 1924.Q-F
Leh V 0 1st 6s g '3 3 ..J-J
Leh V ext 4s 1st 1948. J-D
Consol 6s 1923.......J-D
Consol 4 %s 1923...J-D
A nnuity 6s............. J-D
Oon cons 4s 2003.M-N
Leh V Tran oon 4s ’35J-D
ls t s e n e s B 5 s 1936.M-S
N a tL U * P sorB 3 s’ 19J-J
New Con Gas 6s 1948 J -D
N Y P h * No 1st 4s ’39 J-J
Incom e 4s 1939...M -N
NoOhioTrao con5s’ 19.J-J
Penn <fe Mil stool con 68.
Pa * N Y Can 6s >39. A-O
Penu Steel 1st 6s ’ 17 M-N
People’s T r tr certs 4s ’43
p Co 1 st* col tr 5s’ 49 M-S
C on * col tr 6s 1951M-N
Phil Eleo gold trust otfs.
Trust certifa 4s.............
P * E gen M 6 g ’29. A-O
Gen M 4s g 1 9 2 9 ..A * 0

.....

......

17% Jan 4

17

Dec

45% Jan 20 41% J ’ly
18% KeblS 40% J ’ly
12% Jan 14 1 1 % J ’ly

56 Fob 2
34% Jan 10
83% Jan 30
0% Jan 10
32 Feb 6
08 Jan 14
90% Feb 3
65 Feb 2
67% May2 2
16% Feb 1
2 1% Jan 20
80% Fob 10
8 %Jan 17
48% Jau20
8 9 % Jan 0

42 J ’ne
19% J ’ly
64 J ’ly
7 J ’ly
15% J ’ne
86 J’ne
62% J ’ly
61“ is J ’ly
42 J ’ne
|13% Feo
15 Apr
65% J ’ly
0% Jan
38 Oct
70 J ’ly

B A L T IM O R E
Chas By U * El 6s ’00 M-S
Chari C & A 2d 7s’ 10 A-O
C it y * Sub 1st O s..’22 J-D
C it y * S u b (W a s)lst6s’48
C o a l* 1 By 1st o s ’ 20F-A
Col A U ruv 1st 6s. 1016 J-J
Consol Gas 5 s ..1030 J-D
Gen 4 %s 1054........ A-O
Cons G E & P 4 %s ’36. J -J
F a ir* 01 T r is t 5s ’ 38.A-0
Ga * A la 1st con 5s ’46J -J
G a C a r * N 1st 6s g ”20 J-J
Georgia P 1st 6 s . ..’22 J -J
G a S o * Fla 1st 6s 1945J-J
G-B-S Brew 3-4s I951M-S
2d income 6s 1061 M-N
Knoxv Trao 1st 6s ’ 28A-G
LakeB El 1st gu5s’ 42M-S
M a co n H y * L llst5 s’53J-J
Memphis St 1st 6s’ 45 J -J
M etSt(W ash)lst5s’26F A
Mt Ver Cot D uck 1st 5s.
N pt N * U P 1st 5s’38 M-N
N or& P orT r ls t5 s ’ 36J-D
Nortoik St 1st o s ’4 4 ..J-J
North Cent 4 %s 1025 A-O
series A 6s 1 0 2 6 ....J-J
Series B 6s 1926___J-J
Pitt Un Trao 5s 1097-J J
Poto Vai 1st 5a 1041..J-J
Sav F la * W est o s ’34 A-O
Seab & Boan 5s 1926. J J
South Bound 1st 6S..A-U
U El L * P 1st 4%s’ 20 M-N
Un By * El 1st 4s ’49 M-S
Income 4s 1040....... J -D
Funding 6s 1036...J-D
Va Mid 2d ser 6s ’ ll.M -S
3d series 6s 1916..M-S
4th ser 3-4-5s 1921. M-S
6th series 6s 1926.M-S
Va (State) 3s new ’32. J J
Fund debt 2-3s 1001 .J -J
W est N C con 6s 1014 J J
W es Va O * P 1st 6g’ l 1 J J
WU * Weld &S..1035.J-J

28 Jan
50 Jan
53% Jau
12 % Jan
64% Mar
34% Deo
84% Jan
13 oan
20% Deo
i23 Jan
121% Mar
69%, Mar
63% Jan
16% Mar
28 % J an
86 Feb
yiisM ay
62% Jan
95% Jan
B id | Ask

195
192
191%
196
1987*
07%
87%
199%
195%
195%
112
196%
42
5
194
190%

196%
193
192%
198
199
97%
87%
199%
195%
195%
114
198
42%
5%
105
110

*97% 97%
76%
03
83%

76%
07
89%

196
195
92
85%
65%
87%

108
107
93
85%
65%
87%

ioe% 107%
85
194%
100%
110

86
105%
100%
112

6$25 paid. c$30 paid. tf$12% paid.

1428

THE CHRONICLE

Volume of Business at Stock Exchanges

[VOL.

L X X X X II

Bid Ask
Bid Ask
Industrial and Aliscel
’ h cago list
-J 85
86
133S 135*
e Crucible Steel.............. 10C
)0 124 126
TRANSACTION'S AT THE NEW YORK STOCK EXCHANGE
811 82
e Preferred.... .............10(
50 *9U 93*j Davts-Daly Copper Co__ 11
*13
DAILY, WEEKLY AND YEARLY.
I*a
X) 55
65
e Diamond Match Co__ IOC
99* 100*2
0 75 82
duPont (E I) do Nem Po 10C 160 165
Stocks.
United Electric o ( N J ..
•JO
0 85
Railroad,
96* 97*1
e Preferred................ .106
f
Week ending
D 781, 79
&c..
State
U. S.
843 85
e Gold 4 J^s 1936___ J-D
<
May 26 1911.
Shares.
Par value.
0 331, 34
Bonds.
Bonds.
Bonds.
Electric Boat..................100
10
15
0 61
6212
40
50
Preferred....................100
Saturday___________
226,616 S28,954,800 81,580,000,
S70.500
10
15
Empire Steel..................lot
Monday____________
565,829 48,314,850
553.000
e
3,587,5001
CO
Preferred.................. . 1()(
55
Tuesday____________
583,249 52.023.500
317.000
0 81
2,656,500
86
e General Chemical____ 100 132 140
Wednesday ________
616,769 54.883.750
128.000
K) 119 120*,
2,347.000'
e Preferred...... ........... 100 1071 108
Thursday______. . . . .
415,944 37.006.500
208,000
5 108 ___ Gold 11111 Copper_____ . 1 *71
2,317,000'
V
Friday-------------------327,041 28.500.750
252,000
*7
0 (5
2,461,000|
70
Greenc-Cananea.............. 20
7*4
0 40
45
Guggenheim Explor'n..l00 200 205
0 110 115
e Hackensack Water Co—
0 111 116
Ref g 4s ’52 op 1912 __J-.
83
5 65
75
Sales at
Hall Signal Co com____ 106
0
8
Jan. 1 to May 26.
Week ending May 26.
0 94
90
4
New York Stock
Havana Tobacco Co___ 106
7
5 87
95
8
Preferred....................106
Exchange.
15
1911.
1011.
1910.
1910.
1st g 5s June 1 1922 J-D / 00
65
Ferry Companies
Hecker-Joncs-Jewell Milling
Stocks—No. shares__
42,563,750
2,735,448
2,342,880
80,783,275
J 92
98
1st 6s 1922.......... . M-fc 101 104
Par v a l u e ..____ $249,684,150 S205,28S,000 $3,766,485,550 $7,285,186,900
0 10
20
Herring-IIall-Mar n e w ..UK 20
Bank shares, par____
30
$951,800
3151,800
$16,200
$606,000
N 50
60
Hoboken Land A Im p..l0(
Bonds.
J 99 100
103 105
1st 5s Nov 1930______
Government bonds__
$1,000
$126,500
$192,500
4 105 10612 Houston O il..................100
8
State bonds_________
289,500
58,763,500
$1,528,500
8*4
24,182,700
J 97
99
Preferred....................100
5712 58*3
7,237,000
310,450,000
RR. and mlsc. bonds..
14,949.000
293,430,500
9 25
35
Hudson Realty.............. 100
j.
D 65
75
90
e Ingersoll-Rand com__ 100
Total bonds_______ $16,477,500l S7.527.5001 $369.340,OOOl $317,805,700
e Union Perry stook__
3 25
27
04
e Preferred_________ 100
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
N 98 - - -- Intercontinental Rubber 100 27
27*4
EXCHANGES.
lntcrnat’1 Banking C o.. 100
95
Short-Term Notes
International Nickel___ 100 197 205
Amal Cop 5s Apr 1 191; . 100*4 100I2
Preferred.......... . ..100
93*2 90
Philadelphia.
American Cigar—
1st g 5s 1932..............A-O
95*2 97
Week ending
s 100 100*8 International Salt.......... 100
0
8
Listed Unlisted
Bond
Listed
May 26 1911.
Unlisted
Bond
J looig 100*4
1st g 5s 1951.......... A-O 7 48
52
shares. sharei.
sales.
shares.
shares.
sales.
N 10034 101
International Silver___ 100
60
80
9 9912 99341
Preferred.................. 100 113 115
9,252
Saturday___________ 11,408
$25,000
4.028
4,016
$14,642
1st 6s 1948_______ J-D
111) 1111]
S 995s 997S
16,460
Monday____________ 27,269
88,000
7,433
11,260
131,703
J 99
99*4 Internat Smelt A Ilefg.. 100 122 130
Tuesday___________ 20,277
15,116
33,000
5,019
14,576
47,252
3
1003
4
101
Internat
Time
Record
100
250
300
Wednesday_________ 22,977
10,750
32,500
8,479
19,731
46,000 Hudson Companies— '
Preferred ....................100 115 120
Thursday__________ 19,177
10,271
56,000
6,626
11,872
83,725
6s Oct 15 1911...
O 100t2 101
Jones A Laughlln Steel Co
F rid a y ...__ _______ 11,626
15,384
61,000
5,522
6,551
61,800
6s Feb 1 1913........ .
A 98
1st s f g 5s 1939____ M-N 102 103
98*2
42
.
98*2 9834 e Lackawanna Steel___ 100
40
T otal__ ____. . . . . 112,7341 77,233 $295,5001
37,1071
68,006 3385.122
S 99
99*2
e 1st con 5s 1950___ M-S
86 87
V 95
96
eDeb 5s 1015.......... M-S
945g
3 9>jl; 9934 Lanston Monotype. . _ 100 9534 06*2
2 5412% 4*4% Lawyers’ Mtgo Co_____ 100 260 265
4^3 Jan 1912-1925.
. 5412% 4*4% Loll A Wllkes-B Coal.. 50
All bond prices are now “ and interest1' except where marked “ f.
S IOOI4 1U03S e Lorlllard (P) pref........100 135 150
2 10012 101
Madison Sq Garden........ 100
50
70
S 100*2 10()34
2d 6s 1910___
M-N 95
Bid A 3*
Street Railways
Bid Ask
Street Railways
) 100SS 101
Manhattan Transit___ 20 ♦ 3 V 3Bie
\ IOOI4 100*2 « May Dept Stores. _ __lo<) 78
New York City
Pub Scry Corp N J (Con)—
9912
3 99
e Preferred________ 100 109 111
Bleeck St A Ful 1 y stk. 100 15
21
New'k Pas Ry 5s '30 ..J-« 10734 IOSI4
) 99
99*4 «Mfaml Copper— See Stock Exch list
1st mtge 4s 1950.......... J-J
55
65
Rapid Tran St R y__ .100 230 240
1003g 100*2 Monongahela R Coal........ 50
*9*.i 9*2
B y * 7th Ave stk_____ 100 120 132
102
1st 5s 1921.......... A-O
Tidewater 63, 1913, guar.
10U2 102
Preferred........ ............. 50 *25*, 2534
2d mtge 5s 1914____ . J-J
99 101
96*4 97
Mortgage Bond Co........ 100 110 115 '
Con 5s 1943—See Stock Exc list
4s g 1949............ M-N 771i 78
10012 10()34 Nat Bank of Cuba.......... 100 108 112
B’way Surface 1st 5s gu 1924 101 10234
So J Gas El & Trac.. .100 134 136
1 101*2 102 e National Surety .......... 100 245 260
Cent’l Crosstown stock.. 100
00
Gu g 5s 1953___ -M-S 97I2 98)2
1 94
953g Nev-Utah Min A Sin........ 10
1:,1«
1st mtge 6s 1922___ M-N / 80
85
No Hud Co Ry 63 1914 J-J 104
30
e New Central Coal........ -20
60
Cen Pk N * E Rlv stock. 10C 10
20
5s 1928............
J-J 1030
N Y Air BrakoOs—Nee Stock Exc list
Railroad
Chrlstoph'l 3c 10th St stk 100 100 115
Ext 5s 1924.......... M-N 98
___
Chto
Peor
A
St
L—
a
New
York
Dock........
.100
25
Col A 9th Ave 5s—See Stock Exc list
Tat Ry con 63 1931. .J-D 114
___ 06
/ 88 ___
e Preferred ................ 100
Dry Dock E B A B—
2d 6s opt 1914... .A-O luo 103
N Y Mtge A Security__ 100 217*2 220
1 / — - 50
1st gold 5s 1932.......... J-E
95 100 So Side El (Chic)—See Ch Icago list
*
.
.
.
Income
5s,
July
1930___
10
/
....
N
Y
Transportation........
20
Scrip 5s 1914.............. F-A / 30
40
Syracuso R T 5s 1916 . -M-S 101 103
4
41? NUes-Bcm-Pond com . 100 95
98
Eighth Avenue stock__ 10C 280 320
Trent P Sc H 5s 1943.. .J-D
97 100
Northern Securities Stubs.
100 105
Nlpisslng Mines..................5 * 10*2 1034
Scrip 6s 1914............ F-A / 95 101)
United Rys ot St L—
Pitts Hess A L E ___
J *31
Ohio Copper Co.............. 10 I V 1**19
35
42d & Or St F'y stock.. 10C 200 225
Com vot tr ctls___ .100 10>4 103,
J *60
e Ontario Sliver..............100
70
138 2*4
___
42d St M A St N Ave...IOC
e Preferred _______ .100 38)4 39
e Railroad Securities Co—
Otis Elevator com.......... 100
72
74
1st mtge 6s 1910___ M-S
Gen 4s 1931—See Stock Exc list
111 C stk tr etts ser A__ £
Preferred....................100 102 103
87*2 92*2
60
2d Income 6s 1915___ J-J / 40
Unit Rys San Fran—See Stk Exc list _| Seaboard Company—
Pittsburgh Brewing........ 50 *20*2 21
Wash Ry A El Co___ .100 34!2
Inter-Met—See Stock Exch ange list
86 88
Preferred......................50 *43
43*2
Preferred_________
Lex Av A Pav F 5s—See Stk Exc list
8812 90
1 t Exc list e Pittsburgh Steel pref.. 100 ,rl02
4s 1951..............
843S 8434
Metropol St lty—See Stk Exc list
9214 9212 Popo Mfg Co com.......... 100
55
57
Ninth Avenue stock----- 100 150 175
Preferred.................... 100 75
77
6
Industrial and Aliscel
Pratt & Whitney pref. .100 1021, 105
Consol 5s 1948_____ .F-A / 40
47
/ 87*2 88*2 Producers o n ................ 100 lit) 120
t Sixth Avenue stock__ 100 124 130
r
/6
*sl70
cRay
Consol
Copper—See
S
tk
Ex
list
Sou Boulev os 1945___ J-J
65
75
Cent Un Gas 5s 1927.. J-.I 101*2 103
120 125
Realty Assoc (B klyn )... 100 108 112
80 For 1st 5s 1919.......... A-0
92
so
Con Gas (N Y) —See Stock
160 165
Royal Bak Powd com .. 100 188 195
Third Avenue RR—See Stk Exc list
e Mutual Gas................ .100 176 182
s
12513
I
25
I
4
Preferred.. .............. 100 107*2 108
Tarry W P A M 5s 1928.. / 60
80
New Amsterdam Gas—
240 245
Safety Car Heat A L t.. 100 121 123
Y'kers St RR 5s 1946 A-O 78
85
1st cousol 5s 1948... _J-J 102 103
104 106
Seneca Mining................ 25 *
49
28th A 29th Sts 5s '9 6 ..A-O / 15
22
N Y & E R Gas 1st 5s '44 J-J 103 105
5
10
Singer Mfg C o.. .......... 100 293 297
Twenty-third St stock.. 100 190 215
Consol 5s 1945.......... -J-J 101 10312
25*2 23
South
Iron
A
S
c
o
m
...
100
2
5
Union Ry 1st 5s 1 9 4 2 ...F-A 10U2 103
N Y Sc Richmond Gas. .100 50
60
Amer Hardware.
131*2 133
Preferred.................. 100
5
10
Westchester 1st 5s '43 J-J 65
75
Nor Un 1st 5s 1927___ M-N 99*2 101*2
100 *01*2 Standard Cordage.......... 100
*4
e Standard Gas com__ -100
71)
95 100
1st M g 53’31 red.. .A-O / 14
18
Brooklyn.
e Preferred________ .100
95
tk Ex list
Adjust M 5s Apr 1 1931..
2
3
Atlan Avenue It It—
1st 5s 1930.............. M-N KM34 10634
103*2
10
2*2
Standard
Coupler
com.-lOO
42
45 .
• Con 5s g 1931............A-O 102 103
68 70
Preferred___________ 100 106 115
B B A W E 5s 1933___ A-O
98 102
e Standard Milling C o ... 100 10*2 17
285 290
Brooklyn City Stock____ 10 167 170
Am Gas & Elec com__ -.50 *55
56
*43,
e
Preferred____
_____
100
5*4
50
52
* Con 53—See Stock Exch ange list
Preferred_____
. --50 *44
44*2
e 1st 5s 1930.............. M-N
4S0 485
88
Bklyn Hgts 1st 5s 1941 A-O 98 102
Amer Light A T ra ct... .100 291 295
Standard Oil of N J ........100 660 60S
61*2 54
Bklyn Queens Co A Sub—
Preferred__________ -100 10512 107
61
Studcbakcr
Corp
com
..100
103
100
0134
» 1st g 5s '41 op 1916 .J-J
98 101
*3g
Bay State Gas__
- 50
Preferred............. ...100 103*4 1033j
99 100
■ « 1st con 5s '41 op '16 M-N 97
99
BIngh’ton (N Y) Gas Wks
Exc
Swift
A
Co—See
Boston
Stk
1*2
list
2*4
Bklyn Rap Tran—See Stock Exc list
1st g 5s 1938..........
95
99
1st 5s. See Chicago Stk Exc list
ch’ge list
Coney Is! A Bklyn........ 100
50
65
Brooklyn Un Gas—Nee Stk Exc list
Texas Company—See Stock Exc list
9034 91
• 1st cons g 4s 1948___ J-J
78
83
Buffalo City Ga3 stock 100
3U 414
e
Texas
A Pacific Coal.. 100 98 102
10
1012
Con g 4s 1955............... 1-J 75
80
1st 5s 1947—Nee Stock Exc
22
Title Ins Co of N Y .. . . . 100 125 135
23
Brk C A N 5s 1 939...J-J 98 101
Cities Service C o..
68
69
Tonopah MI11 (Nevada) — 1 *57s 6lj
72
71
Kings Co El 4s—See Stock Exc list
Preferred..............
78
7914
4
Trenton Potteries com .. 100
n20
25
8
Nassau IOleo pref.......... 100
90
Preferred new . ........ 100
50
80
90
55
5s 1944......................A-O 103 105
Consumers’ L II & Pow
25
100
Trow
Directory_______
121
35
125
1st 4s 1951—See Stock Exc list
5s 1938................... .J-D 100
eUndcrw’d Typewriter—See Stk.K X list
121 125
N W’b’g A Flat 1st ex 4>$s 92
95
Denver Gas A Elec___ .100 200
Bond A Mtge Guar..
ePrefcrred— See Stock Ex ch 1is 1 .1
255
Btelnway 1st 6s 1922__ J-J 102 105
Gen g 5s 1949 op___ M-N 9312 0112 Borden’s Com! Milk______ 250
41
Union Typewriter com ..100
123
125
43
Elizabeth Gas Lt Co__ .100 300
1st preferred..............100 110
Preferred.............
100
108
110
»
Other Cities
Essex A Hudson Gas.. .100 140 145
British Col Copper____
5 *5*4 53S
2d preferred........ ....... 100 101 108
Buffalo Street Ry—
Gas & El Bergen Co__ .100 83
85
Butte Coalition Mining. 15 *19
United Bk Note C orp ... 50 *50’, 51*3
20
. 1st consol 5s 1931___ F-A 104 10512 e Gr Rap 1st 5s 1915 . . F-A
99 101
Casein Co ot Am c o m ... 100
Preferred..................- 50 *521, 53*j
23, 314
• Deb 6s 1917.............. A-O 10312 105
Hudson Co Gas............ 10(1 137 140
Preferred...... .............. loo
United Cigar Mfrs-------- 100
£3
00
5714 59 ’
Columbus (O) St Ry___ 100
8334
Indiana Lighting Co__ .100 34
38
Casualty Co of Amer__ 100 125
c Preferred--------------- 100 101 105
40
■ Preferred....................100
4s 1958 op.................. F-A 69I2 71
I0OI4
Celluloid Co...............
loo 130
United Copper........ ....... 100
35
3*4 4
Colum Ry con 5s—See Phi la list
Indianapolis Gas_____ ..5 0
15
Cent
Fireworks
com___
100
Preferred....................100
5
2
13*2 18
• CroS3t’n 1st 5s 1933..J-D 102 I02I4
1st g 5s 1952.............. A-O 78
81
Preferred........ ......... "loo
U
8
Casualty...............
100
15
30
215
4 Conn Ry Jc Ltg com__ 100
74
Jackson Gas 5s g 1937.. A-O f 88
75
92l2 Chesebrough Mfg C o .. I" 100 700
U S Envelope com........ 100
00
59
62
• * Preferred ................100
80
81
e Laclede Gas—See Stock E xch II 3 .
eChino Copper Co— N<?« Stoc k Exc ISlt
Preferred ................ -.100 111 L1G
1st A ref 4Hs—see Stock Exc list
e Preferred................ .100 96
9712 City Investing C o ...
ioc
(j s Finishing..................loo
60
62
92
1)7
Grand Rapids liy pref.. 100 80
Madison Gas 6s 1926... A-O 103 103
85
Preferred....................
loo
Preferred....................loo
00
98
105
« Loulsv St 5s 1930.
J-J 510512 10334 Newark Gas 6s 1944 — .Q-J 126
110
e Clatlin (II B) com_____loo
1st g 5s 1919..............j . j 100 105
95
00
Xynn A Bos 1st 5s 1924 J-D 108 107
Newark Consol Gas___ 100 96
98
e 1st preferred.............100 91
Con g 5s 1929............ J-.l
95
95 100
• New Orl Rys A L g t...l0 0
30L 303„
c Con g 5s 1948........ J-D IO4I4 I05I4
e 2d preferred............. 100 95
e U S Indust Alcohol . . 100 27
e Preferred____
iqq
92
70l8 7038 No Hudson L II A Pow
Col A Hock Coal A I p f.ioo
c Preferred--------------- loo
Gen M g 4>Ss 1935"—See S tk Ex
5s 1938...................... A-O 100
1st g 5a 1917...............J.J / 45
U S Steel Corporation—
75
«Pub Serv Corp of N J— See Stk E xllst Pacific Gas A E, com .. .100 6312 641?
Col
tr
6s
Oct
1950____J-J
Col
tr
s
1
53
1951
opt
’
ll
/
45
75
rr ctfs 2% to 0% perpel 10C12
114 1141)
.100 88
90
Consol Car Heating___ 100
54
Col tr s f 5s '51 not opt
50
Col tr g 6% notes '13 A-o 1005$ 101
114 114*1
Pat Sc Pas Gas A Elec. .100 92
94
Consol Rubber Tire___ 100
4I, U S Tit Gu A rndem.
100 00
4
North Jersey St Ry_.l00
60 __
e Con g 5s 1949........ M-S 102 103
Preferred.....................ioc
30
Westchester
Bronx
Title
27*2
1st 43 1948............ M-N
7712 781? St Joseph Gas 5s 1937. .J-J
01
94
Debenture 43 1951..A-O 1 IH2 46
A Mtgo Guar.......... ioc 160 166
Cons Tract of N J----- 100
77
78
Westlngh’se Air Brake.. 50 149*2 1504
l3t 53 1933............ J-D 104I2 loair 1
Worthlngt n Tump pref. 100 106 110
* Per share. b Basis, a Sells on Stoc^ Exchange, but not very active. / Flat price.
n No.-moat, s Sale price, s New stock, i Kx-tUv.
t Ex-rights'




Outside Securities

_

_

electric Companies

1429

THE CHRONICLE

MAY 27 1911.]
Im r e s ln x m t

a n d

RAILROAD

^ a i l r

GROSS

0a

d

I n te llig e n c e *

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. W e add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earntnas.
Week or
Month.

Current
Year.

Previous
Year.

latest Gross Earnings.

July 1 to Latest Date.
Current
Year.

Previous
Year.

R O A D S.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

3
$
5
S
Ala N O ft Tex P a c744,783 720,601 7,008 578 6,302,525
N Y Ont ft Western March .
N O ft Nor E ast. 1st wk May
60,000 3,102,435 2,090,880
62.000
352,412 329,990 2,868.666 2,619,779
Ala fc V lcksburg. 1st wk May
29.000 1,542,590 1,457,083 N Y Susq ft W e s t .. March .
25.000
290,683
260,504 2,177,617 1,970,007
Vlclts Spr ft P a c. 1st wk May
23.000 1,302,016 1,243,080 Norfolk S outhern.. March ,
19.000
8,885,340 3,154,285 26,874,080 25,923 927
02,905 Norfolk ft W estern. March ,
91,282
Ala Term ft N orth. M arch____
7,438
10,265
4.959,769 5.719,140 49,751 768 55,005,200
Northern Pacific___ Mar oh .
Ann A rbor________ 2d wk May
33,214 1,749,963 1,069,501
41,048
539,835 575,848 5.896,713 5,926,951
Pacific Coast C o__ Alarch .
Atch Topeka f t S Fc A p r il......... 8,007,748 9,386,031 90,440,659 87,442,681
12999492 13924573 118454191 121393951
Atlanta Blrrn & Atl d wk May
46,072 2,477,7.03 2,273,740 Pennsylvania R R ._ Alarch .
47,915
200,456
17,615
15,730
195,074
Balt Ches & A t l .. March .
Atlantic Coast Line M arch____ 3,290,556 3,136,235 23,806,570 22,386,196
236,260 2,311,134 2,158,452
228,109
Cumberland V ail. Alarch .
g Baltimore & O hio. M arch____ 6,953,914 7,813,360 00,277,040 65,692,947
699 707 679,556 7 359,243 6,827,252
Long Island_____ Alarch .
949,603
1! f t O Ch Ter R li M a rch ____
126,547 1,114,182
117,579
102,115
7.644
96.887
8,002
Aid Del ft V a ____ March .
Bangor & Aroostook M arch____
316,462 340,086 2,374,723 2,266,027
265,194 264,773 2,508,751 2,399,708
N Y Plilla ft Norf March ,
Boston & Maine___ M arch____ 3,579,369 3,622,954 33.507.579 32,542,463
1,081,368 1,065,193 9,057,826 9.619,430
Northern Central Alarch .
38,985
Bridgeton f t Saco H M arch____
40,035
4,518
4,053
1,506,887 1,505,716 14,231,885 13,261,020
Phlla Balt ft W _ . March .
Bult R och & PIttsb 3d wk May
194,788 8,239,318 7,945,178
171,938
400,020 436,875 4,591,201 4,197,440
W est Jersey & S - Alarch .
Buffalo & Susq____ M arch____
171,943 1,772,080 I , 715,516
218,756
3,747,078 4,217,789 38.774,175 39,727,856
Canadian Northern. 3d wk May 303,700 286,000 13,296,700 11,233,300 Pennsylvania C o__ Alarch .
444,630 451.455 3,946,381 3,859,059
Grand Rap ft Ind Alarch .
Canadian Pacific__ 3d wk May ,041,000 1,812,000 91,149,076 83,109,327
3,061,569 3.549,579 29,793,104 29,865,057
Pitts Cln C ft St L March .
182,500 11,503,098 10,741,051
Central of G eorgia.. 2d wk May 203,000
847,709 877.508 8,076,385 7,440,138
V a n d a lla _______ March .
Central of New Jer. M a rch ____ 2,390,912 2,163,321 21,707,381 20,833,386
Total
lines—
2,833,045
2,950,805
345.184 329,075
Central V erm ont___ M arch____
18063654 19014265
East Pitts ft E March
597,000 28.320.580 27,322,850
595,687
Cites f t Ohio Lines. 2d wk May
8,480,516 9,464,395
W est Pitts ft E Alarch
Chicago f t A lton ___ 2d wk May 296.185 226.996 12,647,028 11,744,358
26544170 28478660
All East & Wes Alarch
Chic Burl & Quincy M arch____ 6,863,027 7,910,770 67,904,906 67,147,796
1,242,662 1,353,013 13,362,968 13,373,900
V Chlo Great W est. 2d wk May 277,612 248,894 11,020,822 10,504,446 Perc Alarquette____ April .
17,420
20,000
120,272
129,198
Raleigh & Southport March
121,421 5,475,914 5,318,761
Chic Ind & Louisv 3d wk May
120,021
Reading Company
Chic Mlhv f t St Paul M arch____ 5,238,607 5,793,837 49,981,290 48,494,369
3,802, 186 3,663, 668 33,798 636 33,228,009
Phlla & R eading. Alarch
Cb Mil & P u g S d . M a rch ____ 1,355,846 1,004,595 10,950,185
1,976 529 1,526, 597 24,466. 194 23,822,804
Coal ft Iron C o. Alarch
Cldc f t North w est March
5,884,170 6,280,609 57,042,005 55,734^554
5,778 715 5,190 265 58,264, 829 57,050,813
Total both c o s .. Alarch
416,173
Chic St P M f t O . . . M arch____ 1,259,560 1,300,000 12,557,625 I I ,
22 2 854
220 939 1, 6 8 6 424 1,616,215
Rich Fred ft Potom March
180,431 1,578,062 1,400,327
145,787
Cldc T H & South E M a rch ___
799,842
748 379
84 918
71 ,009
R io Grande June___ Alarch
774,433 7,172,895 7,074,300
761,794
Cln llatn f t Dayton M a rch ___
461,102
493 004
9
10 319
804
2d
wk
Alay
Rio
Grande
S
outh.
169,809 1,500,041 1,787,360
125,506
Colorado Midland. M aroli____
5,427 770 5,520 993 52,137 255 50,214,139
Colorado f t S o u th .. 3d wk May 258,055 311,448 14,396,515 14,963,490 R ock Island L in e s .. Alarch
2,379,533
013
,088
2,564
247
252
,857
R
u
tla
n
d
_____
March
48.770
490,968
406,070
49,053
February
.
Copper R ange_____
137 660 140 994 1,306 ,090 1,256,522
12,739
153,444 St J 03 ft Giand Isl. March
19,151
121,827
C o rn w a ll__________ M arch____
3.665 501 3,691 232 33,368 098 31,660,413
35,230
333,844 St Louis & San Fran March
24,446
253,417
Cornwall <So L e b a n .. M aroli____
927 1,223 060 9,538 722 9,292,569
956
Alarch
Clilc
ft
East
111_
334,366
291,480
1,822,143
2,228,000
M
arch____
Cuba Railroad____
217 266 228 671 2,041 288 1,883,619
y Evansv & Ter II March
Delaware f t Hudson M arch____ 1,812,489 1,700,252 15,629,460 14,829,339
4,839 753 142 964 44,948 108 42,8 '6,601
Total all lines____ March
808,184 2,741,084 26,098,292 26,616,110
Del Lack f t W e s t.. M a rch ____
185, 488 1,610. 844 1,444,346
153, 732
St L R ocky Mt & P . March
419,400 20,833,903 20,854,271
Denv f t R io Grande 3d wk May 433,400
178, 470 10,766, 994 9,870,366
841,050 St Louis Southwcst. 3d wk Alay 193 547
17,954
912,521
17,941
Denver N W f t Pac. 2d wk May
595, 798 289, 401 5,933, 624 5.004.505
20,083 1,607,357 1,378,619 San Ped L A & S L . Maroh
29,108
Detroit Tot & Iront 2d wk May
21,432 1,051,762 1,089,173 Seaboard Air L in e .. 2d wk May 420, 442 392, 981 19,124, 179 17,583,521
19,619
Detroit f t Mackinac 3d wk May
10130 221 10833 201 111529 780 112269 067
125,602 5,530,170 6,809,623 Southern Pacific Co April .
170,371
Dul f t Iron R a n g e .. M arch____
67,551 2,703,551 2,833,3)8 Southern R a ilw a y .. 3d wk Alay 1,086, 595 1,061, 237 54,071, 053 51,245,898
61,615
Did Sou Shore & Atl 2d wk May
224, 896 2 0 2 , 935 9,734, 117 9,189,452
2d
wk
Alay
Aloblle
ft
O
h
io_
_
5,397,209
600,217
5,458,240
599,792
El Paso f t Sou West M arch____
188 929 7,984, 169 7.827.506
171 714
Cln N O ft T ex P . 2d wk May
M a rch ____ 4,040,863 4,818,69' 42,505,706 41,408,401
E r i c ________
82 804 3,919, 756 3,628,951
74 683
Ala Great S outh. 2d wk May
21,428
19,680
2,676
1,807
Fairchild & N E — April . . .
37 641 2,108, 078 2,064,251
37
021
May
2d
wk
Georgia
Sou&
Fla
663,093
701,441
71,990
72,846
Fonda Johns & Glov March . .
2 ,218
80,534
90,,104
2 280
301,783 275,339 2,519,585 l 2,355‘, 508 Tenn Ala fc Georgia 2d wk May
Georgia R ailroad. M arch____
256
,304
Alay
,940 14,425,,184 14,207,168
240
3d
wk
Texas
ft
Pacific___
37,919,117
38,043,595
849,736
877,194
2d
wk
May
Grand Trunk S y s t..
7 ,218
67,443
8 ,578
72,,603
121,945 5,463,852 5,390,380 Tidewater ft W est. April .
123,437
Grand Trie W est. d wk May
18 ,687 1,124 ,294 1,019,708
22 ,418
39,662 1,791,279 1.739.017 T oledo Peor & West 2d wk May
40,465
Dct Gr Ilav f t Mil 2d wk May
,098
75
922
,368
3,289,811
3,290
2d
wk
81
May
Toledo
St
L
ft
West
1,760,383
42,562|
1,605,803
46,645
2d
wk
May
Canada A tlantic.
8 ,211
66 ,652
8 ,214
63,375
4,394,012 5,197,108 50,505,383 52,699,418 Tom blgbec V a lle y .. March
Great Northern Syst April
6,671 ,606 7,353 335 74,892 ,411 75,183,891
Union Pacific S yst. April .
186,360 1,524,857 1,612,258
176,581
Gulf f t Ship Island. M a rch ____
058
231
99
1,017,930
1,135
101
Virginia
ft
So
W
est.
,259
April
.
5.939.017
5,541,138
748,310
M
a
rch
____
452,75'
H ocking Valley.
533 ,840 ,26,596 013 25,700,546
3d wk Alay 537 ,633
A p r il......... 1,633,279 4,685,230 51,515,605 49.041.786 W a b a sh _____
Illinois Central,
656 ,420 5,396 847 5,188,270
Western Alaryland. Alarch
575 ,70'
152.000 8,241,742: 7,705,259
131.000
lntcrnat f t Gt N or. 3d wk May
,589 5,097 ,268 5,242,606
Wheeling
ft
Lake
E
609
,48.4
Alarch
501
7,420,302
7,732,391
168,478
115,404
a Intcroccanlc Mex 2d wk May
24 305
200,599
848 546
W ichita Falls ft NYV March
67 ,876
55,650 3,108,6871 2,957,140
04,347
Iowa Central......... 2d wk May
23 630
269,386
24 ,138
293 ,037
252,167 2,352,991 2,082,897 W rlghtsv ft Tenn. April .
235,95
Kanawha & M ich. M arch____
768 ,293 774 ,433 9,271 ,131 8,622,685
860,018 8,558,960 7,074,274 Yazoo ft AIIss Valley April .
738,920
Kansas City South April_____
33,800 1,547,061 1,357,418
34,000
K C Mex f t Orient 2d wk Apr
Current
Previous
Lehigh V alley------ A p r il_____ 3,187,411 3,306,136 30,480,157 29,734,691
Year.
Year.
Various Fiscal Years.
329,253
378,341
41,983
48,172
Lexington f t E a s t.. M arch____
123,165 1,005,932
132,509
971,983
Louisiana f t Arkan M arch____
Delaware ft Hudson----------------- Jan 1 to Alch 31 4,867,396 4,528,156
124,008
98,362
928,629
800,506
Louisv Hend f t St L M arch____
s Louisv & N a sh v .. 3d wk May 950,835 1,050,255 48,447,295 40,773.477 e N Y Central ft Hudson R iver. Man 1 to Atch 31 23,147,987 22,501,920
9,605
10,378
Lake Shore ft Allchlgan South Jan 1 to Alch 31 11,117,129 11,711,542
133,209
128,762
Macon f t Blrm’ ham A p r il_____
737,555
774,733 6,769,758 6,703,532
n Lake Erie ft W estern______ Jan 1 to Alch 31 1,289,373 1,324,661
M arch____
Maine Central
914,080 1,103,018
35,876
Chicago Indiana ft Southern. Jan 1 to Alch 31
30.815
326,603
302,731
Maryland f t Penna. M arch____
171,500
108,700 7,522,700 7,049,700
Michigan Central____________ Jan 1 to Alch 31 0,960,326 6,860,917
a Mexican Railway 2d wk May
31
to
Alch
7,132,557
Jan
1
7,186,622
Clevc
Cln
Chicago
ft
St
Louis.
14,176
654,291
13,550
729,210
2d
wk
May
Mineral R ange-------826,147
781,289
90,848 4,519,079 4,294,163
Peoria fc Eastern____________ Jan 1 to Alch 31
92,627
MLnncap f t St Louis 2d wk May
270,017
289,309
Cincinnati N orthern......... ...... Jan 1 to AIcli 31
417,413 19,556,600 21,387,322
Minn St P f t S S Ml 3d wk May 377,607
Pittsburgh ft Lake E rie_____ Jan 1 to Alch 31 3,248,821 4,048,744
Chicago Division]
New York Chicago & St Louis Jan 1 to Alch 31 2,652,093 2,775,397
695,234
660,588
79.545
76,239
Mississippi Central M a rch ____
974,248 1,059,476
Jan 1 to Alch 31
Toledo & Ohio Central____
442,881 26,190,055 23,940,282
« Mo Kan f t T exas. 3d wk May 488,302
Jan 1 to Alch 31 58,562,778 59,642,895
Total
all lines_____________
47,304,523
47,309,990
057.000
1,003,000
3d
wk
May
Missouri Pacific____
Jan 1 to Alch 31 36,545,766 38,982,019
Pennsylvania Railroad______
Nashv Chatt <Se St L M arch____ 1,138,732 1,022,563 9,287,337 8,633,822
41,711
41,069
Baltimore Chesapeake ft A tl. Jan 1 to Alch 31
a Nat R ys of M e x .f. 2d wk May 784,200 1,315,710 54,528,454 52,331,529
074,610
Jan 1 to Atch 31
682,037
Cumberland V alley____
396,389
289,724
7,204
7,191
Ncvada-Cal-Orcgon 2d wk May
Jan X to Mch 31 1,898,128 1,746,865
Long Island_____ _____
47,828
03,404
6,361
446
Nevada Central___ M arch____
20,457
18,817
Maryland Delaware ft V a____ Jan 1 to Mch 31
130,259 1,270,060 1,052.489
154,314
N O Great Northern M arch____
734,713
724,039
N Y Philadelphia ft N orfolk. Jan 1 to Alch 31
32,240 1,584,307 1,453,155
30.771
N O Mobile f t Chic, Wk May 13
Northern Central___________ Jan 1 to Mch 31 2,997,468 3,025,019
c N Y C f t Hud R tv . M arch____ 8.247.122 8,073,533 76,085,066 73,100,010
Philadelphia Balt ft W a s h .. Jan 1 to Alch 31 4,272,747 4,163,019
Lakc Shore & M S M a rch ____ 3,985,898 4,226,539 30,824,211 30,577,430
W est Jersey & Seashore____ Jan 1 to Alch 31 1,034,081 1,029,146
479.717 4,231,810 4,201,310
452,270
n Lake Erie & W . M a rch ____
333,605 408,976 2,757,989 2,899,640 Pennsylvania Company_______ Jan X to Alch 31 10,371,145 11,959,514
Chic Ind & South M a rch ____
Grand Rapids ft In d _______ Jan X to Alch 31 1,220,401 1,190,994
Michigan Central M arch____ 2,410,085 2,572.046 22,607.735 21,680,012
I’ ltts Cincinnati Chlo ft St L ._ Jan X to Alch 31 8,920,492 10,004,570
Clev C C f t St L _. M a rch ____ 2,555,219 2.000,818 23,374,292 22.336,341
Jan X to Mch 31 2,423,938 2,484,587
Vandalla _______________
267,469 277.718 2,770,450 2,471,793
Peoria & Eastern M a rch ____
Total lines— East Pitts ft E ._ Jan X to Alch 31 50,629,48'f 52,897,483
974,328
119,013
Cincinnati N orth. A larch____
942.368
88,613
W est Pitts & E ._ Jan X to Mch 31 23,086,084 26,618,441
Pitts f t Lake Eric M a rch ____ 1,216,952 1,52 4,746 12,017,899 13,105,049
All lines E & W . Jan X to Alch 31 74,615,508 79,515,924
N Y Cldc f t St L . M arch____
933,802 1,020,649 8,441,447 8,180,132
270,248
Dec X to Alch 31
308,617
R io Grande Junction-------351,230 398,065 3,898,546 3,370,494
Toledo f t Ohio C . M a rch ____
Man X to Alch 31
700,598
647,159
T ot all lines above Alarch ____ 20842 283 21801720 140355 619 191003205 R u t la n d -------------------------X to Alay 21 5,480,055 5,864,683
N Y N II f t I la r t f.. M arch____ 4,919,828 4,970,920 46,245,543 44,794,869 Texas ft Pacific__________

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
W eekly Summaries.

Cur’nt Year Prev’s Year Inc. or Dec.

%

Monthly Summaries.

Cur’nt Year Prev’s Year Inc. or Dec.

%

5
S
5
Mileage Curr. Yr. P rev.Y r.
$
$
5
233,203 230,615,>76 217,803,354 + 12,812,422 5.10
J u l y ..............238,109
— 175,015 1.32
1st week Alch (44 roads)____ 13,028,803 13,203,818
239,404 254,005,972 235,726,000 + 18,279,972 7.05
A u g u s t ____238,493
+ 102,234 0.77
2d week Alch (41 roads)____ 13,363,932 13,261,098
S ep tem b er.. 240,678 237,809 256,647,702 246,335,586 + 10,312,116 4.49
— 209,317 1.22
3d week Alch (41 roads)____ 13,657,996 13,927,313
237,835 263,464,605 260,821,546 + 2,643,059 1.0X
O o to b cr____241,215
— 345,599 1.65
4 th week Alch (48 roads)____ 20,624,029 20,909,628
+ 994,050 0.50
237,545 248,559,120 247,564,470
N ovem ber. .2 4 1,272
+ 234,324 1.76
1st week April (45 roads)____ 13,501,355 13,207,031
December ..24 1 .3 6 4 238.080 236,835,304 220.870.151 + 15,965,153 7.23
— 141,183 1.08
2d week April (44 roads)____ 13,172.553 13,313,730
210,808,247
+
4,248,770 2.01
238.860
215,057,017
J
a
n
u
a
r
y
___242,479
13,438,037
0.28
+
37,237
13,400,800
3d week April (45 roads)____
F eb ru a ry___235,483 231,805 197,009,201 200.418,368 — 3,409,167 1.70
4th week April (42 roads)------ 16,302,363 17,827,550 — 1,525,187 8.61
M a r c h _____ 237,735
234.258 225,018,971 236,268,104 — 11,249,133 4.76
— 354,980 2.71
1st week Alay (45 roads)____ 12,740,74.) 13,095,725
86,488 60,981,607 62,220,320 — 1,238,713 1.99
A p r i l ............88.142
— 300,700 2.29
2d week Alay (44 roads)------ 12,804,714 13,105,414
a Alcxlcan currency, o Includes the New York ft Ottawa, the St. Lawrence & Adironuacx ana the Ottawa « a . x . u y ., tno latter ol wuiuu>
belnz a Canadian road, docs not make returns to the Inter-State Commerce Commission. /In clu d e s Evansville ft Indiana R R . g Includes the Cleve­
land Lorain ft Wheeling R y . In both years, n Includes the Northern Ohio R R . p Includes earnings of Mason City & Ft. D odge and Wisconsin Alina©*
iota ft Pacific, s Includes Louisville ft Atlantic from July 1 1909 and the Frankfort ft Cincinnati from N ov. 1 1909. t Includes the Mexican inter*,
national from July 1910. u Includes the Texas Central In 1911.




THE CHRONICLE

1430

Latest Gross Earnings by W eeks.— In the table which
follows we sum up separately the earnings for the second
week of May. The table covers 44 roads and shows 2 .2 9 %
decrease in the aggregate under the same week last year.
Second week o f M a y.

1911.

Alabam a Great Southern.
A nn A rb or_______ !______
BuUalo Rochester & Pittsburgh
Canadian N orthern___________
Canadian Paclllc_____________
Central o f Georgia_________
Chesapeake & O hio___________
Chicago & A lton ________
Chicago Great Western
Chicago Indianapolis & L ou lsv.
Cincinnati New Orl & Tex Pac
Colorado & Southern. . .
Denver & R io Grande.
_____
Denver Northwest & P a c i fi c .._
Detroit & M ackinac____________
Detroit Toledo & Ironton______
Duluth South Shore & A tla n tic.
Georgia Southern & Florida____
Grand Trunk of Canada______
Grand Trunk W estern______
Detroit Grand Hav & MIIw.
Canada A tla n tic_____________,
International & Great Northern
Interoceanic of M exico_________
Iow a Central__________________
Louisville & Nashville__________
Mineral R an ge_________________
Minneapolis & St Louis_________
Minn St Paul & S S M _________ 1
Chicago D ivision___________ j
Missouri Kansas & T exa s______
Missouri Paclllc.................... . ......
Mobile & O h io_________________
National Railways of M exico___
Ncvada-Cnllfornla-Orcgon . _
R io Grande Southern_______
St Louis Southwestern______
Seaboard Air Line___________
Southern R ailw ay___________
Tennessee A labam a & Georgia
Texas & Paclllc_____________
T oledo Peoria & W estern____
T oled o St Louis & W estern ..
W abash______ ________________
Total (44 roads) . . .
Net decrease (2 .2 9 % ).

1910.

$
$
82,804
33,214
7,834
46,072
1,843
191,788
283,600 , 47,900
1,794,000
195,000
182,500
20,500
597,000
226,996
69,189
248,894
28,718
120,185
301
188,929
310,873
434,100
17,911
13
22,697
26,083
3,025
67,551
37,641
280

877,194

849,736

27,458

151.000
115,404
61,347
966,165
14,176
92,627
381,073

156,000
168,478
55,650
1,043,890
13,550
90,848
411,783

430,263
964,000
224,896
784,266
7,191
9,804
185,474
420,442
1,071,669
2,280
243,098
22,418
81,098
529,011

411,982
992,000
202,935
1,315,719
7,204
10,319
185,628
392,981
1,009,394
2,218
265,423
18,687
75,922
509,199

12,804,714 13,105,414

8,697
626
1,779
............
18,281
21,961

Pitts Shaw A Northern—
Jan 1 to Mch 31______
R io Grand Junction____ Mch
Dec 1 to Mch 31............
Ulster A Delaware—
Jan 1 to Mch 3 1 _____
July 1 to Mch 31______

$

8,121
18,621

Companies.
A tlantic City Elec C o___Apr
Canton Electric C o_____ Apr
Muncle Elec Light C o___A pr
R ockford Electric C o___A pr
Scranton Electric C o____Apr

17,215
65,583
5,000

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

1,894

ELECTRIC

5,000
53,074
77,725

515
154

3,731
5,176
19,842
872,652
300,700

$

42dStM SsSNAv tRec)
Galv-IIouston El C o.
Grand Rapids R y C o.
Havana Electric C o.
Honolulu Rapid Tra
& Land C o______
Illinois i ractlon Co
Intcrboro Rap Trans.
Jacksonville Elec C o.
Kan City R y & Lt Co
Lake Shore Elec R y .
Long Island E lectrlc.
Metropolitan S ti Rec)
MIIw El R y & Lt Co
Mllw L t. l i t & Tr CoMontreal Street R y ._
Nashvilie R y & Light
New Orleans R y & Lt
N Y City In tcrb o ro ..
N Y & Long Island Tr
N Y A Queens Co
N orf & Portsm Tr Co
North Texas Elec Co
Northwest Elev C o _ .
Oeean Electric (L I)
Oklahoma City R y .
Paducah Tr & Lt Co
Pensacola Electric Co
Port(Ore) R y.L & P C o.
Puget Sound Elec C o.
R lchm ond Lt A R R .
Rio de Janeiro Tram
Light A Power Co
St Joseph <Mol Rv Lt
Heat A Power Co
Sao Paulo T r, L A P .
Savannah Electric Co
Seattle Electric C o___
Second Avenue (Rec)
Southern B oulevard.
Sou Wisconsin R y Co
Staten Isl M idland__
Tampa Electric C o ..
Third Avenue (R e c ).
Toledo R ys A Lt C o.
T oronto R y C o......... ..
Twin City Rap T ran.
Underground El Ry
of London—
Three tube lines___
Metropolitan D lst.
United Tram ways.
Union ( R e c ) ..
U nlonR y.G A E C oU lij
United R Rs of San Fr
Westches Elec (Rec)
W hatcom Co Ry A Lt
Yonkers R R (R e c ) - .
, Youngst A Ohio R lv .

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
} The com pany now includes the earnings of the A tch. T op . & Santa Fe
R y ., Gulf Colo. & Santa Fe R y ., Eastern R y . of New Mexico System,
Santa Fe Prescott & Phoenix R y ., Southern Kansas R y . o f Texas, Texas
& Gulf R y ., G. & I. R y. of T . and C. S. S. & L. V. R R . In both years.
F or April taxes amounted to $296,858, against $324,155 In 1910; after de­
ducting which, net for April 1911 was $2,638,529, against $2,380,115 last
year. For period from July I to April 30 taxes were $2,891,401 In 1911,
against $3,116,719 in 1910.
n These figures represent 30% of gross earnings.
2 Includes $262 other Income for April 1911, against $90 In 1910 and for
period from July 1 to April 30 Includes $1,019 in 1911, against $927 last year. I

Interest Charges and Surplus.
Roads.

$

Colorado & Southern____A pr
275,667
July 1 to A pr 30............ 2,724,921




3:9,766
17,142
59,252

a: 10,.3 54
13,149
47,742

52,773 :rdef58,741 a:def53,407
3:76,565
170.447
3:47,186

—Int., Rentals, A .—
— Dal. o f Net E arns.—
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
5
$
$
$
5,867
6,679
5,440
11,016
3,550
3,155
11,722
10,380
4,618
3,723
1,596
6,164
5,707
6,719
5,309
6,989
11,406
10,076
19,394
20,257

— Dal. o f Net Earns.—
Current
Previous
Year.
Year.

$
$
$
256 ,112
C128.022
C78.534
2,5 4 9 ,7 8 2 c2, 077,381 c2 , 704 ,843

AN D

TRACTION

Latest Gross Earnings.
Week or
Month.

Current
Year.

$
American R ys C o___ A p r i l _____ 318,954
21,736
Atlantic Shore R y . . . A p r i l _____
A p r i l _____ 130,912
M a rc h ____
43.14C
M a rc h ____
9,188
January
28.49C
Blrm R y , Lt & Pow A p r i l _____ 226,936
Brock & Plym St Ry. M a r c h ____
7,302
Rklyn Rap Tran Sys. December 1804 03(
M a rc h ____
24,191
April _____
22.42C
Cent Pk N & E Rlv December .
50,180
A p r i l____
65,112
A p r i l _____
75,114
Chicago Rys C o -------- January
1432,472
Clev Palnesv A E ast. M a rc h ____
24,075
85,885
Clcve Southw & C ol. . A p r il_____
38,243
M a rc h ____
103,508
Coney Isl <5s B klyn___ December
Dallas Elect Corp — M a rc h ____ 129,528
Detroit United R y ___ 3d wk A pr 181,787
D D E BA Bat (Rec) December
49,712
Duluth-Superior Trac A p r i l_____
89,797
East St Louis & Sub- A p r i l _____ 178,507
El Paso Electric
M a rc h ____
57,090
Fairm & Clarks Tr Co M a rch ____
53,300

531,453

A tcll Top & Santa F c .b Apr 8.907,748 9,386,631 .12,935,387 42,704,270
July 1 to A p r 30______ 90,440,659 87,442,681 431,111,806 420,045,134
8,089
Chesterfield & Lane____Mch
12,005
10,212
5,974
54,551
37,212
26,363
July 1 to Mch 31______
64,971
360,163
315,807
Colorado & S ou th ern .b -A p r 1,082,058 1,291,769
14,054,257 4,722,362 5,104,218
July 1 to A pr 3 0 ______ 13,658,825 14,054,257
110,283
15,750
30,312
Detroit & M a ck in a c.a .-A p r
99,775
232,109
234,065
July 1 to A pr 30______
990,322 1,021,803
2,676
338
Fairchild & No E a s t .b - -A p r
1,807
1,471
21,428 def 11,448
July 1 to A pr 30______
19,680
873
Kansas City Southern.b .A p r
738,920
860,048
237,779
296,436
July 1 to Apr 30______ 8,558,960 7,974,274 3,076,546 2,747,735
Lehigh V a lle y .b ..............A pr 3,187,411
3,306,136 1,381,862 1,502,011
July 1 to A pr 30 ______ 30,480,157 29,734,691 11,023,803 11,755,717
Pitts Shaw & N orthern_b—
Jan 1 to Mch 3 1 ______
304,322
302,689
50,369
53,080
R io Grande Junction___Mch
71,609
84,918
n 2 1,482
«25,475
Dec 1 to Mch 31______
270,249
308,617
« 8 1,075
«92,585
Southern P a cific.a _____ A pr 10,130,221 10,833,201
10,833,201 _2,993,979 3,222,345
July 1 to Apr 30______ 111,529,780 112269,067 36,237,332 39,867.230
Southern R a ilw a y .b _____A pr 4,804,413 4,773,435 1,533,332 1,454,952
July 1 to A pr 3 0 ............... 50,906,012 48,108,961 16,481,856 15,816,507
Ulster & D elaw are.b—
Jan 1 to Mch 3 1 ............
154,338
153,931
def6,186
d cfl,9 0 0
July 1 to Mch 31.............
831,222
798,495
222,450
237,843
Union P a cific.a __________A pr 6,671,606 7,353,335 2,375,834 2,756,794
July 1 to Apr 3 0 .............. 74,892,411 75,183,891 30,086,613 33,591,043
Virginia & Southw est. b -A p r
101,259
99,058
23,028
26,763
July 1 to A pr 30______ 1,135,231
1,017.930
349,886
315,063
W rlghtsv & T e n n llle -b --A p r
£24,138
223,630
6,287
7,986
July 1 to A pr 30............ «293,037
2269,386
116,107
104,724
IN D U S T R IA L COM PAN IES.
Gross EarningsCurrent
Previous
Current
Previous
Year.
Year.
Companies.
Year.
Year.
$
S
$
$
Adams Express C o .b .. .F eb 1,095,893 1,041,996 dcf26,978
22,047
913,477 1,468,428
July 1 to Feb 2 8 ..
10,543,317 10,078,768
17,695
A tlantic City Elec C o .. .A p r
25,881
32,857
11.307
Canton Electric C o____ -A p r
23,664
15,272
25,594
13,535
Eastern Steamship C o. -A p r
89,029 def 10,473 def 18,563
90,399
Jan 1 to Apr 3 0 ..
250,788 dcf65,807 def74,690
243,157
10,782
M unclc Elec Light C o .. -A p r
22,030
22,845
5,319
13,708
R ockford Electric C o .. .A p r
31,898
29,561
11,016
55,568
31,663
Scranton Electric C o___ -A p r
57,731
29,470

■Int., Rentals, A c Current
Previous
Year.
Year.

53,738
183,842

R A IL W A Y

Name o f
Road.

28,000

27,461
62,275
62

8

81,163
8,333
33,333

Previous
Year.
$

c A fter allowing for miscellaneous charges and credits to Incom e.
x A fter allowing for other Income received.

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

$

100,145
8,333
33,333

Current
Year.
$

5,936

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

Previous
Year.
$

IN D U S T R IA L COM PAN IES

13

571,952

Current
Year.
$

Roads.

Increase.

$
74,683
41,048
47,915
176,167
331,500
1,989,000
203,000
595,687
296,185
277,612
120,486
171,714
245,290
429,100
17,954
20,803
29,108
61,615
37,921

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

February .
December
M a rc h ____
A p r il_____
W k May 21

122,094
113,208
116,287
89,967
45,111

Previou
Year.

COMPANIES.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
*
$
302,654 1,228,718 1,109,532
23,896
70,705 • 85,982
120,38 1
487,084
444,275
42,228
130,222
125,019
8,407
27,375
25,001
27,186
28,499
27,180
214,829
009,242
851,122
21,194
7,282
20,753
1086,418 21,867,542 20,002,592
73,725
70,866
23,800
91 ,078
19,925
78,252
637,372
48,145
595,022
259,848
249,801
05,744
70,255
290,307
264,904
1020.013 1,432,172 1,020,613
25 070
68,242
64,856
79,31 l
324,046
293,352
97.714
114,310
33,353
102,124 1,495,543 1,480,910
388,807
338,770
114.849
155,046 2,701,989 2,407,222
624,709
49,597
615,095
326,012
340,845
84,508
712,803
735,321
171,640
103,370
173,709
51,579
44,188
120,111
155,420
111,183
100,008
105,144
80,032
41,325

253,877
1,433,908
327,381
353,576
908,255

234,438
1,339,1 10
291,674
337,603
807,854

M a rc h ____
40,038
37,059
110,783
109,134
M a rc h ____
24,090
27,019
07,913
74,524
A p r l i ......... 385,945 320,188 1,524,342 1,302,84 2
M a rch ____ 549,729 480,490 1,650,099 1,427,320
A p r il_____ 2658,585 2564,772 10,494,792 10,170,042
M a rc h ____
51,900
52,557
151,038
143,127
M a rch ____ 656,061 622,555 1,912,019 1,788,017
M a rc h ____
86,528
85,98 1
247,356
235,855
December
13,211
11,912
209,409
189,545
December 11 16,919 1117,901 14,0 13.020 13,700,930
A p r il_____ 395,571 374,426 1,575,886 1,481,239
A p r i l _____
70.945
71,315
298,824
275,951
A p r il......... 372,309 344,765 1,445,163 1,310,559
A p r il_____ 101,228 147,519
631,374
581,833
February . 559,812 52 1 ,18 l 1,138,870 1,005,203
December
21 452
14,809
232,958
172,929
December
24,795
22,49 1
370,729
343,104
December
85,605
72,772 1,123,153
980,291
A p r i l ......... 172,584 155,338
054,637
005,115
A p r il-------13,043
12,3 10
M a rc h ____ 190,186 173,425
548,871
484,575
M a rch ------ 142,938 128,679
370,035
327,610
A p r il_____ 184,069 182,608
730,010
730,103
3,101
December
3,154
110,988
108,000
47,340
100,101
37,977
February 78.031
20,541
18,399
M a rch ____
03,033
59,911
22.841
21.536
67,530
Marcli . _ .
01,956
526,475 440,560 2,032,114 1,700,298
April . —
418,024
M a rch ------ 143,638 157,779
433,360
23,400
21,400
341,139
December

...... .

A p r i l _____ 1030,111

825,236

3,938,862

3,180,807

84,700
284,038
53,062
458,458
04,015
8,597
14,848
15,789
56,804
291.416
34,229
335,010
143,653

77,990
231 ,521
49,907
461,289
05,739
7,484
13,850
15,272
54,061
273,310
31,010
307,774
138,442

346,542
1,125,110
158,165
1,365,744
844.817
111,145
58,080
261,391
107,303
3,538,470

329,028
907,809
143,935
1,360,003
852,462
91 ,249
53,995
103,706
3,063,089

093,854
2,722,342

032,265
2,574,113

£280,840
£234,430
£115,853
2,227,944
781,500
2,525,035
532,428
00,088

£268,020
£218,733
£117,264
2,017,880
752,005
2,494,860
445,877
101,855

51,000

43,611

A p r i l .........
A p r il_____
M a rch ____
M a rch ____
December
December
A p r il_____
December
M a rc h ____
December
W k May 14
February 2d wk May

W k May 20 £13,470 £15,575
W k May 20 £11,591 £12,580
W k May 20
£0,334 £10,174
December
172,758 155,902
M a r c h ____ 253,439 240,120
A p r il_____ 652,866 648,015
34,671
December
41,941
32,837
M a rc h ____
31,301
52,375
16,406
18,212
M a rch ____

c These figures are for consolidated com pany.

Electric Railway Net Earnings.— The following table gives
the returns of ELE C T R 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 o f
this kind will be found in the issue of May G.

THE CHRONICLE

MAY 27 1911.]

------ Gross Earnings------- -------Net Earnings------Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
5
5
8
5
49,234
130,913
Aurora Elgin & C hic. b . -A p r
52,877
120,384
575,522
599,355
July 1 to A pr 30---------- 1,421,542 1,302,282
8,341
Carolina Pow & L t C o .-A p r
22,426
9,076
19,925
31,215
91,678
Jan 1 to A pr 3 0 ---------37,637
78,252
32,229
Clevc Soutlivv & C o l.b --A p r
85,885
36,511
79,311
104,799
Jan 1 to A pr 3 0 ---------324,046
130,392
293.352
33,093
Duluth-Superior Tr C o .b A pr
89,797
84.568
41,547
122,796
Jan 1 to A pr 30---------340,845
326,012
138,670
Intcrbor R ap Tr C o .a . -A p r 2,658,585 2,564,772 1,420,361 1,471,085
July l to A pr 30----------;24,781,482 24.094,853 12,983,233 13,516.831
153.923
Montreal Street R y .b _ .A p r
372,309
344,765
171,590
929,175
Oct 1 to A pr 30______ 2,575,224 2,330,001 1,004,032
59,526
Nashville R y <So L lg h t.a .A p r
161,228
147,519
66,674
245,542
Jan 1 to A pr 30---------631,374
581,833
258,924
807,304
Philadelphia Co (Pitts) .a -A pr 1,817,713 1,699,996
833,922
397,424
Rio do Janero T rL & P .a .A p r 1,030,111
825,230
518,787
Jan 1 to A pr 3 0 ______ 3,938,862 3,180,807 1,993,797 1,469,545
148,897
Sao Paulo Tram L & P .a .A p r
284,038
231,521
179,760
Jan 1 to A pr 30.
1,125,116
580,388
907,869
717,318
Tri-City R y & L lg h t.a .-A p r
210,755
72,298
85,878
190,053
323,984
Jan 1 to A pr 3 0 ---------89 1,243
797,202
371,585
United R R s of San F ran.A pr
652,866
281,588
648,015
289,836
Jan 1 to A pr 3 0 ______ 2,525,935 2,494.866 1,095,605 1,039,037
91,367
Virginia R y & Power C o-A p r
186,031
171,425
94,974
July 1 to A pr 30______ 1,860,001 1,692,263
835,255
922,270
26,244
Wash Balto & A nnap ___Mch
48,048
17,993
54,426
183,089
199,085
237,274
450,067
Roads.

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

Interest Charges and Surplus.
— Int.,R en tals, & c.—
Current
Previous
Year.
Year.

Roads.

— Dal. o f Net E arns.—
Current
Previous
Year.
Year.

$

$

35,571
Aurora Elgin & Chic____A pr
344,264
July 1 to A pr 30............
Cleveland Southw & C ol.A p r
30,091
Jan. 1 to A p r 30............
120,1 19
22,042
Duluth-Superior Tr C o ..A p r
Jan 1 to A pr 3 0 ______
88,167
Intcrbor R ap Tran C o ..A p r
888,030
July 1 to A pr 30______ 8,874,329
50,338
Montreal Street R y ____ A pr
279,543
Oct 1 to A pr 30______
33,410
Nashville R y & L ig h t..A p r
133,570
Jan 1 to A pr 30---------C61.317
TrI-CIty R y & Light___ A pr
Jan 1 to A pr 30---------- C248.925
55,891
Virginia R y & Pow C o ..A p r
547,853
July 1 to A pr 30............

$

$

15.924
17,306
33,310
268,257
307,265
255,091
£3,127
£7,063
29,794
110,176
£13,108 £def 11,006
13,676
19,505
19,417
45,129
50,503
77,667
£622,399
£558,378
878,356
8,791,071 £4,386,611 £5,075,486
109,330
44,584
121,252
672,005
257,170
724,489
33,264
25,836
33,690
110,782
134,760
125,345
14,452
c57,847
24,561
87,890
C236.088
122,000
£39,502
£42,106
54,896
539,124
£399,690
£322,236

c Includes dividend on preferred stock.
x After allowing for other Income received.

ANNUAL REPORTS,
Annual Reports.— The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since April 29.
This index, which is given monthly, does not include re­
ports in to-day's “ Chronicle.”
Railroads—
Page.
Chicago Kalamazoo & Saginaw Uy.-1178
Grand Trunk Ry. of Canada............. 1237
Pennsylvania Company------------------1238
Toledo & Ohio Central Ry. (6 mos.). 1369
Electric Railways—
Dominion Pow. &Transmls. Co.,Ltdll76
Indiana Union Traction Co............... 1176
Illinois Traction Co.............................1239
Nashville (Tenn.) Ry. & Light Co. ..1370
Pacific Gas & Elec. Co., Cal. (state­
ment covering 5 years)...................1240
United Rys. & Elcc. Co. of B a lto ... 1175
United Rys. Investment C o ..1307-1318
Industrials—
American Beet Sugar Co.....................1308
Anaconda (Mont.) Cop. Mining C o ..1370
Booth Fisheries Co., Chicago (bal.
sheet April 1).................................... 242
Canadian Consol. Rubber Co., L td ..1307
Com Products Refining Co................. 1240
Do Long Hook & Eye C o ............... .1245
Dominion Iron & Steel Co.................1313
General Asphalt Co., Philadelphia.. 1371
Hudson River Electric Co...................1247
Intcmat. Cot. Mills Corp., N. Y ___ 1241
International Harvester C o ..1239, 1248

Industrials, concluded—
International Steam Pump Co. (pre­
liminary statem en t)....................1308
Lanston Monotype Machine Co.,Phil. 1315
Nlplssing Mines C o ..................... — 1181
North Butte Mining Co.......... ........... 1181
Pennsylvania Steel Co............ 1240, 1252
Pennsylvania Water & Power Co...1241
Philadelphia o. of Pittsburgh 1307, 1319
Syracuse Light & Power Co. (appli­
cation to list)................................1183
Tennessee Copper C o ..........................1372
Toronto Electric Light Co................. 1373
Union Oil Co. of California........... ...1 37 3
United Box Board Co.........................1370
United Gas Improvement Co............. 1177
United States Gypsum Co............... 1378
United States Rubber Co_1307, 1310
U. S. Smelting, Uefg. & Mining C o .. 1308
U. S. Steel Corp. (3 mos. end. Mch.
31 1911)...................
1170
Utah Copper Co.................................1372
Vulcan D etlnnin gC o........................1247
Westchester Ltg. Co. (statement for
cal. year.)........................................ 1242

Western New York & Pennsylvania Ry.

(Report for Fiscal Year ending Dec. 31 1910.)
Pres. Jno. P. Green., Phila., April 3, wrote in substance:
The gross revenues show an Increase o f $663,655, or 8 .5 1 % , of which
Increase $579,220 was In the freight traffic.
The operating expenses, excluding taxes, Increased $1,098,716, o f which
$553 888 was In the maintenance o f equipment expenses, $340,000 being
due to locom otive repairs and depreciation and $153,000 to freight car
repairs: and $596,276 In transportation expenses, due to the Increase In
wages granted employees and an Increase from April 1 1910 In the price
paid for coal, as well as the Increase Incident to increased volum e o f traffic.
The Income was Insufficient to meet the fixed charges b y $1,172,588, and
this deficit was further enlarged by the failure o f the com pany to provide for
extraordinary expenditures of $539,556 chargeable to Income, so that the
aggregate deficit for the year was $1,712,144.
The construction and equipment expenditures were principally for the
following Items: Right of way, Hinsdale, N. Y ., to Cadiz: Emporium Junc­
tion to SIzcrvllle, change of line, additional track, &c.; Hinsdale, N. Y ., to
Cadiz, change of line, additional track, &c.: Cadiz to Lime Lake, change of
grade; Keating Summit to Relay, additional track, sidings and interlocking;
Increased weight of rails, fastenings, &c.: replacing bridge material with
iron and concrete; principal of equipment trust certltlcates; re-bulldlng pool
freight cars: rc-bullding locom otives.
*
The aggregate construction, equipment and real estate expenditures for
the year. Including $20,356 on account of principal o f equipment trusts, wero
$854,872, of which $539,556 was charged to incom e and the balance to
capital account.
, ,
,
, ,
The general balance sheet has been prepared In accordance with the
accounting regulations of the Inter-State Commerce Commission, and the
figures for the preceding year have been revised for com parison.




1431

O P E R AT IO N S A N D
1910.
Miles of road o p e ra te d ..
650
Operations—
Passengers ca rr ie d _____
1,949,715
Passengers carried 1 mile 58,852,774
Rate per pass, per m ile. 2.049 cts.
Freight (tons) ca rr ie d .. 11,407,425
Freight (tons) carried lm . 1374663740
Rate per ton per m ile___ 0.500 cts.
442
A vge. train-load (to n s ).
Earns. per pass, train m. 104.2 cts.
Earns, rev. fgt. train m . 221.3 cts.
Gross revenue per m lle.
(MO |U6U
Earnings—
$
1,199,458
P a ssen g er_____________
F r e ig h t ________________ 6,735,415
523,396
Mall, express, & c______

F IS C A L R E SU LTS.
1909.
1908.
650
653

1907.

2,126,775
1,916,336
2,087,969
56,731,189 59,571,769 62,690,385
2.055 cts.
2.001 Cts.
2.063 cts.
10,281,422
9,243,079 12,412,732
1235448777 1170697029 1601857376
0.507 cts.
0.488 cts.
0.476 CtS.
441
460
419
106.0 cts.
95.0 cts.
94.6 cts
223.8 cts.
204.4 cts.
218.8 cts.
(M l

8
1,160,387
6,156,195
478,031

5
1,218,1211
5,624,148 f
397,965 j

9,287,414

$

Total earnings..............
Expenses—
Malnt. of w ay, & c_____
Malnt. of equipm ent___
T r a ffic _________________
Transportation _______
G en era l________________

8,458,269

7,794,613

7,240,234

9,287,414

1,395,284
2,255,542
165,546
3,718,516
166,395

1,481,147
1,701,654
145,795
3,122,241
151,730

1,319,614
1,858,057
134,458
3,299,955
142,627

1,474,103
2,125,750
141,900
3,858,916
132,794

T o t a l ......... .................
Taxes -------------------------P .c. exp. & taxes to earn

7,701,283
184,379
(93.23)

6,602,567
186,138
(87.09)

6,754,711
175,394
(95.72)

7,733,463
139,421
(84.77)

572,606

1,005,908

310,129

1,414,530

899,500
19,685
368,547
20,752
57,308
539,556
379,402

899,500
19,685
303,490
31,099
47,290
45,109
355,772

899,500
19,685
321,567
37,526
69,307
174,689
301,534

899,500
19,685
156,651
43,958
33,208
222,883
278.677

Net e a rn in g s................
Deduct—
Interest on bon d s______
Int. on real estate mtges.
Hire of equipm ent_____
Int. on equipment trusts
Rents _________________
Extraordinary expenses»
Interest, general account

1,823,808
1,701,945
T o t a l ............................. 2,284,750
1,513,679
1,712,144
696,037
D e ficit_________________
BALANCE SHEET DECEMBER 31.
1910.
1910.
1909.
$
Liabilities—
Assets—
S
S
Road & equlp’t..n 57,011,860 56.466,888 Capital stock........ 20 .000.000
Funded debt........ 29 .990,000
Stocks of prop.,&c„
543,779
105,000
105,000 Equipment trusts.
cos. unpledged.
562,428
12 Mortgages............
12
Securities pledged.
3,759
3,759 Working advances. 12 ,833,074
Other Investments
284,275
270,572 Matured Interest..
284,452
Cash...... ...............
422,244 Unmaturcd Interest 100.000
422,244
Securities In treas.
24,598
136.596 Taxes accrued----294,284
Miscellaneous___
D eficit.......... ....... 7,853,518 6,123,721 Approp. surplus. .61 .636,975
T o ta l................ i65,975,129 63,528,792

1,654,562
240,032
1909.
$

20 .000,000

29,990,000
717,035
562,428
10,885,699
270,405
100,000
24,136
979,089

T o ta l................ 65,975,129 63,528,792

a After deducting reserve for accrued depreciation of equipment, $157,688.
6 Appropriated surplus in 1910 Includes additions to property since June 30 1907
through Income, $1,328,196, and car trust principal charged out In advance, 5308,
779.—V. 92, p. 1376, 957.

Grand Rapids & Indiana R y .

(Report for Fiscal Year ending Dec. 31 1910.)
President Joseph W ood, Feb. 25 1911, wrote in substance:
General Results.— The general Income account shows an Increase o f
$290,378 In the operating revenues, Including outside operations, of all
lines, but an Increase o f $547,302 In operating expenses and taxes, and a
decrease In operating Income o f $256,923. The total operating revenues.
Including outside operations, o f all lines were $5,164,159, the largest In
their history; but, by reason o f the Increased cost of operation, the net was
the smallest since 1897.
The principal reasons for the abnorm al Increase In expenses were: (a) E x­
tremely severe weather In five m onths, which added over $100,000; (b) In­
crease In wages aggregating over $109,000; (c) advance in price of 13%
in cost of fuel, $22,000; (d) increased postponed renewals of rails, ties,
ballast, & c.. $39,000; (e) renewal o f 55 miles of telegraph line, replacement
o f three stations destroyed b y fire and expenses In connection with new
work, $35,300; (f) Increase in maintenance o f equipm ent, $97,400; (g) con ­
gestion of traffic due to Insufficient m otive power, siding, &c.; (h) increase
In taxes of $36,100; (1) additional cost o f requirements by legislation o f block
signals, self-cleaning ash pans, & c., over $35,000; (J) Increase In train mlleThe total*tonnage of all lines was 4,502,221, an Increase of 5 .6 7 % , and
the total tonnage mileage was 474,421,355, an increase of 6.10"%. The
com m odities showing the largest increases were bituminous coal, products
of forests, bar and sheet m etal, cem ent, brick and lime. The average rate
per ton per mile was 6.57 mills, the lowest In the history o f the com pany.
The total number o f passengers carried was 2,711,052, an Increase of
3 .9 2 % : passenger mileage, 89,012,824, Increase 6 .4 7 % .
Dividend Om itted— From 1902 to 1909. both Inclusive, shareholders were
paid semi-annual dividends of 1 ^ % , and the usual semi-annual dividend
was paid in April 1910 out of the surplus accumulated to Dee. 31 1909.
The directors met early In October, and the operations for the first eight
months of the year showing the com pany, to be short o f meeting Its charges
for that period by about $100,000, decided not to declare a second dividend.
It was expected that the net earnings for the remainder of the year would
make up this shortage, but this expectation was not realized, the deficit
In Income to meet fixed and other charges for the year being $91,625.
Bonds.— The facilities for handling the Increasing traffic being Inadequate,
$250,000 2d M. bonds were sold to provide for needed Im provem ents.
These Improvements Included: Passing sidings, new running tracks through
Kalamazoo and Grand R apids: coach yard at Grand Rapids; freight house
at Kalam azoo; an extension o f 247 ft. to freight house, new wheel shop,
addition to engine house and new turntable at Grand Rapids; new 12-stall
engine house at Cadillac. The work will all be com pleted early in the spring
and should result in marked economies. The amount expended out of the
fund to Dec. 31 1910 was $177,499.
TE M .
O P E R AT IO N S OF E N T IR E S Y'S
ST
— Operating Income—
— Operating Revenue—
1909.
1910.
A ll Lines Operated—
1910.
1909.
$782,516
$549,134
Grand Rapids & Indiana $4,125,419 $3,918,371
102.995
89,234
Cin. R ich. & Ft. W ayne
729,791
668,639
67,397
63,583
Musk. Gr. R ap. & I n d ..
212,657
193,673
10,396
4,430
81,127
80.769
Traverse City R R ______
T o t a l _________________ $5,148,994 $4,861,452
Other tneome— rents, & c— ---------------------------------

$706,381
41,396

$963,304
36,203

$747,777

$999,507

Deduct—
,
Rentals paid roads operated on basis of net e a rn s ..
Bond interest of Grand Rapids & Indiana R y .........
Other deductions----------------- ---------------- ------------------

$157,247
417,775
264,379

$180,788
412,675
179,569

Total deductions................................. - .....................

<*£9,401

.

£IZ5’925

D ividen ds! ! ! ! ! ! ! ! . ______ ______________ _____ (1 M % )80.865

(3)173,730

B alance...........................................................................def$178,489

sur$52,745

E A R N IN G S , E T C ., OF G R A N D R A P ID S & I N D I A N A R Y . O N L Y .
1908.
1910.
1909.
426
433
433
Miles operated..................
$
Revenues—
, <
1,196,1051
1,280,809
P a sse n g e r_____________
i.3o7,854
2,045,874) 4,149,694
2,404,573
F reight_________________ 2,490,105
256.169J
232,989
Mall, express and m lsc. .
277,460
T o t a l ________________

4,125,419

3,918,371

3,498,148

4,149,694

1433

THE CHRONICLE

1910.
Expenses—
5
Maintenance of cqulp m ’ t
754,237
Maintenance o f way, &c. 525,297
T r a ffic __________
118,686
Transportation ________ 1,793,300
General and taxes_______
382,378

1909.
8
667,230
461,239
101,704
1,557,538
339,124

1908.
*
530,940
395,136
96,433
1,441,231
335,330

1907.
$
755,997
586,087
102,297
1,606,170
320,805

Total _ .......................__
B a la n ce ________________
Outside op er., net d e f ..

3,573,898
551,521
2,387

3,126,835
791,536
9,020

2,799,071
699.077

3,371,356
778,338

( X)

( X)

Operating Incom e.
A dd other Incom e—

549,134
41,396

782,516
36,203

699.077
28,674

778,338
22,961

T o t a l ________________
Deduct—
Interest on b on d s______
A dditions A betterments
Other charges, & c_____

590,530

818,719

727,751

801,299

417,775
92,670
171,709

412,675
40,901
138,668

412,675
52,390
75,595

411,275
65,222
90,108

T o t a l .............................
682,154
592,244
540,660
566,605
B a la n c e ........................... def.91,624 sur.226,475 sur.187,091 sur.234,694
D iv id e n d s ....... .......... I/d M % )8 6 ,865
(3)173,730
(3)173,730
(3) 173,730
B ala n ce---------------------def.178,489

sur.52,745

sur. 13,361

sur.60,961

x Included in other Items In late years, the comparisons being therefore
slightly Inaccurate, y The dividend in the year 1909-10 is shown In com ­
p a n y’s report as deducted from profit and loss, but Is here given for the sake
of sim plicity.
BALANCE SHEET DEC. 31.
1910.
1909.
1910.
1909.
Liabilities—
S
S
Road A equlpm’t . 16,344,736 16,031,749 Capital stock........ 5,791,700 5,791,700
Securs. of prop.,
Bonds..................... 10,125,000 9,875,000
affil., Ac., CO. _
105.220
105,221 Equip, trusts___
362,026
445,702
Other Investments
175,176
145,446 Misc. funded debt.
150,000
150,000
Cash .....................
729,787
792,765 Traffic balances..
323,818
236,888
Traffic, Ac., bal’s
14,605
10,481 Vouchers A wages 543,207
417,042
Agents, A c______
240,086
221,505 Matured int., A c.
120,196
119,038
13,590 Unmatured int., Ac
Loans A bills rec............... .
50,116
47,500
Material A supplies
260,629
199,088 Mlscell. accts........
71,795
125,511
Mlscell. accts____
214,447
166,270 Def. credit items.
2,915
11,453
Temp. advan.,Ae.
22,943
13,498 Add’ns to prop__
215,482
331,118
Oth. def. deb. Items
50,008
221,013 E’rollt and loss__
485,309
285,747
T o ta l........ ....... 18,157,638 17,920,626
—V. 91, I). 1160.

T o ta l................. 18,157,638 17,920,626

Hudson River Electric Power Co.
(.Eighth Report of Receivers, Oct. 1 1910 to April 1 1911.)
Receivers George W . Dunn, Charles W . Andrews and
Milton DeLano, Glens Falls, March 31 1911, wrote in part
(compare V. 88, p. 228; V. 8G, p. 1097; V . 87, p. 290):
Improvements.— W e had hoped that the Im provem ent work at Spier Falls
would be com pleted last fall, but by reason o f severe cold It had to be sus­
pended. The total expense will, we expect, not exceed 560,000.
Agreement with General Electric C o.— The agreement made by the receiv­
ers with the General Electric Co. was approved by Judge R ay on Oct 12
1910. The New England Trust Co. and others have appealed from said
order to the U. S. Circuit Court of Appeals, and this appeal was heard on
March 21 last, but no decision had yet been handed dow n. [Under the

r

, .

----

<
=
>
, ....... , ------*■-'*'**'**

v*.

*»t-vvw »unci

.

ate uppiuvcu.-----L
j U.I

In December tlic steam plant of the Delaware & Hudson Co. at Mechanicville, from which we purchased power In low-water periods, was partially
disabled because of a breakdown. Under the above contract the General
Electric Co. came to our aid with power, without which the result would
have been serious for the power users in T roy and A lbany, and in other
places supplied with power from the Mechanlcvllle plant.
Bonds Surrendered.— Paym ent has been made to the Utica A Mohawk
Valley R y . Co. for a turbine unit amounting to $27,644 and interest, and
the railway com pany has surrendered the 562,000 bonds of the Hudson
River Electric Power Co. held as collateral.
Interest Paym ents.— The Interest on the mortgages on the Freeman prop­
erty and on the Pittsburgh property has been paid as it became due, amount­
ing to 53,437 and to 52,250 semi-annually.
The receivers, pursuant to an order made In N ovem ber last, paid up a
m tge. of 56,000, covering the office building of the Saratoga Gas, E l. Lt &
Power Co. at Saratoga. They have also paid, as directed by an order of the
Court made on Jan. 17 1911, the coupons due Dec. 1 1910 on the bonds is­
sued by the Ballston Spa Light A Power C o., amounting to 51,050, and
the coupons due O ct. 1 1909 and A pr. 1 1910 on the bonds issued b y the
Hudson River Power Transmission C o., amounting to 525,000, and 51 604
Interest. [As regards the Ballston Spa interest, it was agreed, the attor­
n ey’s say, that If lt should eventually turn out that the receivers did not
have sufficient m oneys In their hands with which to pay the interest on
these Ballston bonds, that the bondholders or the trustee would refund the
same to the receivers or that the amount so paid would be a lien ahead of
the bonds. A similar order was made on behalf of holders of the S500 000
1st M. bonds of Hudson River Transmission C o.— Ed.]
The total am ount paid out for Interest on bonds and mortgages from
N ov. 1 1908 to March 31 1911 was 5144,810, namely: (a) Hudson River
W ater Power Co. (V . 88, p. 1132), Interest on bonds, 550,400, and interest
accrued on same, 51,500; interest on m ortgage, 8240. (b) Hudson River
Power Transmission C o., Interest on bonds (sec above and V. 88, p. 104)
$37,500, and Int. accrued on same, $1,604; Interest on bonds paid by re­
ceivers’ certfs., 512,687, and Int. accrued on same, $318. (c) Hudson
River Electric C o., interest on real estate m tges., $1,038. (d) Hudson River
Electric Power C o., interest on Freeman and Pittsburgh m tges., Ac
530,317. (e) Saratoga Gas, Elec. Lt. A Power C o., Int. on bonds, $3,087’
and int. on m tge., $788. (/) Ballston Spa Lt. A Power C o., int. on bonds'
$5,250, and Int. accrued on same, 580.
Customers.— Since the appointm ent of the receivers new customers have
been connected to the systems of the com panies under their con trol— that
Is to say, from N ov. 1 1908 to March 1 1911— as follows: A t Glens Falls
977; Amsterdam, 819; Oneida, 304; Canastota, 231; Saratoga Springs, 305;
Ballston Spa, 68: W atcrvllet, 101.
s i s .
«uo,
Construction o f Sacandaga Dam by State.— The [State] W ater Storage Commlsslon has recomm ended the construction of the dam at Sacandaga, and
it is hoped that their recom m endation will be acted upon. The importance
of such a dam to the com panies under our control has been alluded to In
our previous reports. If these companies were able to make contract for
lirm " power the year around, the Income of the com panies would be
greatly Increased and the companies, also by the building o f the dam, would
be relieved of a great expense to which they have been put in the past for
the purchase of steam. Between N ov. 1 1908 and Jan. 1 1911 the recetv«rs have paid out for steam power 5224,971.
„ W e w*1.1 dUOte briefly from an article that appeared in the Glens Falls
Dally Tim es” on March 28: "M aps and plans for the proposed storage
reservoir on the Sacandaga R iver have been filed in the County Clerk’s
at L,akc George. By the construction of this reservoir the water of
tne hacandaga will be held back from the Hudson In the times of high flow
i „ ) li,relcasetl ln tlle Periods of low water. The reservoir will be constructed
“ } oorSST'iP.X
of tllc Hudson at Conkllngvlllc. It will have a capacity
.,’ 000’? 00 euble feet of water, creating a lake with a surface area of
®tl almost exactly the same as that of Lake George. The extreme
depth of the water will be Just above the dam , where it will be about 70 ft ."
The entire cost is estimated at $4,661,000. (V . 88, p . 228; V . 91, p. 467.)
. v ? 5? on, deposit. On Jan. 30 1911 the receivers had on hand on deposit
In 21 banks and trust companies 5410,413 In cash. This am ount has since
Increased to upwards of $485,000.
A d d i t i o n s The expenditures for property and permanent Improvements
made by the receivers from N ov. 1 1908 to Dec. 31 1910, outside o f operat­
ing expenses, have aggregated $197,530, notably: Completing dam , canal,
A c., at Epler halls, $51,273; distribution lines, electric, new, $21,577; line
transformers and meters installed, $39,142; new turbine at Utica, $33,174;
N o. 7 generator at Spier I'alls, $18,000. (There was added to property
account In 1910 $111,12o, of which $62,900 for Hudson River W ater P . Co.)




[VOL.

LXXXXII

Condensed Statement by Gen. Man. Elmer J. West, March 31 1911.
The general condition of business is good , showing a steady growth. The
gross earnings for 1910 exceeded those of 1909 by nearly $41,000, while
the net incom e increased $114,000. W ater conditions for 1910 were so
much better than In 1909 that we were able to decrease our expenditure for
steam-generated power about $38,000. It Is evident that If our hopes for
water storage could be realized, or If sale o f our surplus power during high
o r good water conditions could be made, it would take but a short time
for the business as a whole to earn Its way clear of all embarrassment.
Reinforcem ent with concrete of the poles in the high-tension lines would
add m any years to their life and solve the perplexing problem of rebuilding
A transmission line from Ballston Sub-station to the junction tw o miles wes
of Mechanlcvllle power plant ,as originally planned, would add materially to
the efficiency to the entire system. The transmission line from Schoharie
r ails to Amsterdam should be com pleted to the permanent Church St. sub­
station in that city; the abandonment o f Minavflle sub-station would thus
oe accom plished, and the service in Amsterdam greatly Im proved, both as to
quality and efficiency. A t Saratoga the gas mains should be thoroughly
overhauled that the loss of gas b y leakage may be stopped. The light and
power business of the Madison County Gas A Electric Co. can be greatly
Increased by adding to the capacity of the generating station.
Condensed Extracts from Report of Attorneys.
[The report mentions the various pending suits with much detail.— Ed.]
Claims o f Creditors.— All the claims except those presented on behalf of
the trustee ln bankruptcy of E. H . Gay A Co. and 4 or 5 others, and those
claims between the companies, have been submitted to the Master for his
decision. All the claims not submitted were adjourned to A p r. 4, when it
was hoped that all the proof would be put In.]
Eoreclosure.— The foreclosure proceedings against Saratoga Gas, E l. L t. A
I o\ver Co. and Madison Co. Gas A El. Co. have hecn closed, all the cvklence
having been put In.
Suits were brought to foreclose the 53,000,000 m tge. given b y Hudson
River Electric; also the $3,000,000 collateral m tge. given b y the W ater
Power Go. to secure the bond issue of the Electric C o., the Hudson
River Power Transmission Co. refunding m tge., the $5,000,000 m tge. of the
Hudson R iver Elec. Power Co. and the collateral m tge. o f $5,000,000 given
b y the Water Power Co. Henry L. Beach was appointed Special Master
to take the proof in the above suits.
Suits were also brought to foreclose the 1st M. of 52,000,000 given by the
V\ ater Power Co. Hubert L. Brown was appointed Special Master to take
the proof ln this proceeding. A motion was to be heard In the U. S. Circuit
Court at Syracuse on April 4 to consolidate all of said cases.
The appeal from the order of the Circuit Court denying the application
of the New York Trust Co. to foreclose the m tge. by advertisem ent was
heard in the Circuit Court of Appeals and the order of the Circuit Court was
reversed and the proper steps have been taken to make the judgm ent o f
the Circuit Court of Appeals the judgm ent of Hie Circuit Court.
Bankruptcy Cases.— In the bankruptcy cases, a judgm ent was entered
In the Circuit Court making the judgm ent of the Circuit Court of Appeals
the judgm ent of the Circuit Court. The bankruptcy proceedings have been
closed. [Compare V. 91, p. 1713.— Ed.]
Statistics as o December 31 1910 and December 31 1909.
1909
1910.
1909.
Electric consumers__
5,743
5,199 jTransformcr load (k.w.) 13,947
12,914
Gas consumers______
2,495
2,382
“
innected load (16Electric meters..........
5,600
5,067
C. P. equivalent)... 279,675 259,971
Gas meters.... .............
2,540
2,427 Cash balance........ ._x$428,854 $259,013
Miles w ire ..................
947
898
x "The ownership of this $428,854 is as follows: H. R. W. Pr. Co. equity $87,200,
foreclosure 878,622; II. R. Power Tr. C'o. equity $12,772, foreclosure 832,976;
H. R. Electric Co. equity $10,475, foreclosure $61,432; Bar. G. E. L. A P. Co.

For the money value of such Increase, see report of income.”
Combined Maximum Peak Loads of Spier Falls, Mechanicvillc and Schoharie.
[This table will reflect, to a certain extent, the water conditions during these
years—see "energy purchased" below.]
1910.
1909
1910. 1909.
1910.
1909.
January ...20,073 23,915 May ............. 14,895 13,095 September 17,573 14,401
February ...19,668 18,142 June ........... 16,290 14,460 O ctober__ 21,480 18,206
March......... 15,717 15,117 J u ly .............14,635 14,716 November . 20,344 18,911
A p ril.......... 14,700 16,302 A u g u st----- 14,466 15,423 December ..21,540 19,822
ENERGY PURCHASED B Y RECEIVERS (TOTAL 1910, 8102,195; 1909, $139,946)
1910.
1909.
1910.
1909.
United Traction Co____ $11,827 $30,038 Utica A Mohawk Val. Ry. $2,956 $4,372
Del. A Hudson Co_____ 51,724 82,340 Municipal Gas Co............... .......
2,638
Troy Gas Co----------------- 3,717
1,502 Kanes Falls Elec. Co____19,880
18,593
Albany Elec. Ilium. C o .. 5,303
4631General Electric Co........ 6,788
INCOME ACCOUNT OF HUDSON RIVER COMPANIES FOR CAL. YR. 1910
Total
Net
—Interest on—
Balance.
Company—
Revenue. Revenue. Bonds.
Mips. Sur. nr Def.
Hudson Rlv. Wat. Pow. Co___ $291,565 $ ISO,507 $99,000
$96 sur.$81,411
Ilud. Riv. Pow. Trans. Co........ 96,141
42,032
60,100
def. 17,468
Hudson River Electric Co____ 642,498
107,631 150,000
434 def. 42,803
Saratoga G., El. Lt. A P. C o .. . 129,463
42,823
6,175
262 sur. 36,386
Ballston Spa Lt. A Power C o .. 37,463
7,854
2,100
sur. 5,754
Empire State Power Co............ 95,628
870
10,500
def. 9,630
Hudson River El. Power Co____________ 65,758
38,021 211,100 1L375 def.l184,454
Madison County G. A El. Co___________59,9451.981
12,500
1,595 def. 12,114
COMBINED INCOME ACCOUNT (.DUPLICATIONS EXCLUDED).
1910.
1909.
Operating rev., elec. .5782,753 $752,688 Electric exp. (above).$390,806 $462,133
Operating rev., g a s..
79,593
75,020 Gas expenses.............. 52,410
51,978
Non-oper. revenue.. - 51.492
45,174 T axes...............
35,604
34,832
Uncollectible bills___
1,144
548
Total revenue___ .$913,838 $872,882 Non-oper. expenses..
11,254 14,317

__

lgl0

Expenses —Electric.
Production expenses.
Energy purchased__
Transmission _____
Distribution.............
Utilization _______
Commercial.......... ...
General......................

564.974
102.195
42,312
24,999
13,669
13,244
129,413

Total expenses____ $491,218
$56,129
139,946
Net revenue.............$422,620
40,180
Deductions—
'
22,595 Interest on bonds___ $551,775
14,600 Interest on mortgages. 13,763
14,602
174,081
Total deductions...$565,538

loog

$563,808
$309,074
$551,745
13,111
$564,856

Total electric........ .5390,806 5462.133 D eficit........................ $142,918 $255,782
COMBINED BALANCE SHEET OF THE HUDSON RIVER COS. DEC. 31 1910.
(Duplications Excluded.)
Assets ($20,351,476).
Liabilities (S20,351,476).
Total fixed ca p ita l................$10,480,778 Capital stock all cos., held by
Investments............................
225,961
public .............................685,446,600
Bonus stock Issued...................a6,564,885 First mortgage bonds.............elO,270,500
Collateral bonds.
849,000 Refunding bonds...................
737,000
Cash........ ................. .............
428,854 Bonds up as collateral............................. 849,000
Materials and supplies..........
103,245 Real estate mortgages..............................237,050
Accounts receivable........ .....
27S.248 Matured bond Interest________________ 1,288,962
Unadjusted energy accounts.
776,985 Receivers' certfs. (Mad. Co.
Notes receivable....................
80,030
Gas A Electric Co.)..........
30,463
Miscellaneous____ _________
33,706 Interest and taxes accrued...
188,141
D eficit.................... ..............
757,614
529,784 Notes payable.....................
Accounts payable..................
505,831
' ...
, .
..
Miscellaneous..... .................
40,315
,cfriA/fo V n m llc ,
, °; 615, being the difference between value of owned stook
bonds as guaranty, SL000?000aIUC
St° Ck ° f a" ‘C<1 COmpan,es (35,178,885), less
b 1 he capital stock owned and outstanding was as follows:
tt , , . , , . , .,
Owned. Outstand’(j.
Owned. Outstand'g.
II.R.W.P.Co.,com$4,794,700 $205 300 B.8.L.AP.Co.,com. $35,000
.............
H.lt.P.T.Co.,com.
750,000
E. S. Pow.Co.,com. 671,400 $328,600
II.R.El.Co..corn.. 3,000,000
M.C.G. AE.Co..corn. 182,000
18,000
II.It.El.P.Co..com .1,000.000 4.794,700
100,000
do do
pref..................
S.G.E.L.AP.Co.,com. 30,400
do do
pref.
180.400
T o ta l............ .$10,643,900 $5,446,600
c First mtge. bonds Include II. R. Water Power Co.," $1,980,000; II. It. Power

MAY

THE CHRONICLE

27 1911.1

United States Realty & Improvement Co., New York.
(Report for Fiscal Year ending April 29 1911.)
Pres. H . S. Black, N . Y .,M a y 24 1 9 1 1 ,said in substance:
General Results— Good-will Account Eliminated.— The earnings for the
year were equal to 0.30% on the capital stock. The surplus, after dividends
was *705,400, which, added to the surplus o f April 30 1010, made a total of
SI 583,506. Out of this total, $717,280 was used to entirely eliminate the
eood-wIU account, leaving a surplus o f accumulated profits at this tim e
of $800,307. On April 20 1005 good-will was carried at $6,302,272 and
April 30 1010 at $5,034,181. On the latter date $4,034,182 was charged
off, leaving the balance $1,000,000, which has now been wiped out. In
addition, the com pany has since organization paid dividends amounting
to $3,353,781.
Bonds.— There was purchased and canceled during the year $70,000
debenture bonds, reducing the amount outstanding to $11,030,000.
Status.— The com pany and its subsidiary com pany on A pril 20 had ex­
cess assets over all liabilities of $17,538,484. This balance, less the reserves,
$500,377, represents the value of the $16,162,800 capital stock outstanding.
Mortgages Receivable.— W ith one exception, all the mortgages are on
real estate In the city of New Y ork. During the year new mortgages were
taken to the amount o f $607,333 and mortgages were paid oir to the amount
o f $1,277,878, leaving In force April 20 1011 $3,346,046.
Real Estate.— All o f the com pany's real estate Is In N. Y . City, except one
small parcel, and Is exceptionally well situated. A bou t 06% of It Is Im­
proved and on an Incom e-paying basis. It Is all carried on the books at
Its original cost. During the year the com pany has sold the three garages
located at the southwest corner o f Broadway and 62d S t., and Its Interest
In the James estate property at Broadway and 56th St.
The large addition to the Whitehall Building hqs been com pleted, making
this the largest office building In the world. The superior location an 1-the
light offices, as well as the m oderate rent the com pany Is able to accept for
the space In this building, make It very attractive to tenants and there Is
every Indication that the property will becom e one of the m ost profitable
real estate Investments which the com pany owns. (V . 00, p. 633.)
Construction Department.— The results from this department for the past
year have been highly satisfactory. The unfinished contracts on the books
o f the George A . Fuller Co. arc 48% in excess of what they were at April 30
1010. The Indications are that the profits for the ensuing year will exceed
those of the past year. A t this time it has contracts In the follow ing cities:
New Y ork, Chicago, Kansas City, Philadelphia, W ashington, Baltimore,
R ichm ond, Chattanooga, Atlanta, Youngstown, B oston, Ottawa, Montreal
and Klneo, Me.
.
,,, ,
^
,
Stocks and Bonds.— The Income from this source will bo materially In­
creased during the com ing year. The Plaza Operating C o., which owns
and operates the Plaza Hotel and of which this com pany owns a controlling
interest, has declared Its initial dividend of 1% on Its com m on stock, pay­
able June 1 next. It has accumulated a substantial surplus account after
deducting a liberal amount for depreciation, and It will be able to pay at
least 4 % per annum on Its com m on stock in addition to 6% on Its pref.
St°The Chestnut Street R ealty Co., owner of the Morris Building, Philadel­
phia will pay Its first dividend on June 1 next at the rate of 4 % per annum.
This building has been In operation less than a year.
Regular Incom e.— The regular Income from llxed Investments Is ample
to meet all charges, including Interest on the debenture bonds and leave a
surplus to apply to dividends on the stock.
General.— T he:com p an y’s earnings during the past few years have been
much In excess of Its dividend requirements, but It was not thought ad­
visable to Increase the dividend rate. As previously stated, the good-will
has now been entirely charged off, and the com pany still has a substantial
surplus. It has a strong cash reserve and Is In every way prepared to carry
on a prosperous business.
STO CKS A N D B O N D S APRIL, 20 1011— AGGREGATING $6,575,100.
Description—Quantity. Carried at.
Am ount.
R ealty Companies (total $6,166,550) —
100 $1,648,200
16,482 shares
Plaza Operating Co. p referred-------1,668.400
16,684 shares
100
do
do
com m on ______
483,960
120
Alliance R ealty C o. ............................... , 4,033 shares
100
700,000
7,000 pf. sh.
Broad Exchange C o ----------- ------------150,000
60
N o. 68 William Street---------------------100,000
100
Park R ealty C o------------------------------- . 1,000 pf. sh.
37,500
50
750 com .
do
____________________
235,300
100
.
2,353
shares
Monks Building T ru st---------------------100,000
100
1,000 shares
43d Street R ealty C o-----------------------1,000
464,000
464 bonds
do
_______________
100
500
5 shares
Greenwich & Cortland C o ---------------300
100
3 shares
Jerome Barnard A ssociation----------- .
400,000
50
8,000 shares
Chestnut Street R ealty C o--------------24,840
108
230 shares
Chescbrough R ealty C o-------------------- .
1,000
100
10 shares
Kips Bay R ealty C o-----------------------25,000
100
250 shares
Beaver Building C o------------------------24,950
4 shares
Broad A Beaver Street C o--------------20,600
.
6 shares
Everett Investing C o _______________
82,000
1,000
82 bonds
Consolidated Stock Exchange Bldg. Co..
Other companies (total, $408,640) —
25
183,750
. 7,350 p f. sh.
National Fireproofing Co . . . ---------2,000 com .sh.
5H
11.000
do
do
------------100
5 bonds
500
Building Trade A ss o cia tio n ---------100
30 shares
3,000
Coplcy-PIaza Operating C o ---------1,000
200 bonds
200,000
do
do
do
---------10,300
Miscellaneous ______________________

_

1909-10.
$256,164

1908-09.
$205,023

1007-08.
5312,070

1,417,088
441,785
41,761

1,354,864
334,430
71,063

1,414,432
264,714
90,935

445,621

321,204

435,813

959,841

803,411

605,455

59,470

407,374

282,333

$3,621,730

$3,498,350

$3,406,682

$654,086

$638,647
168,737

$849,550

$947,108

24,026
35,186
609,543

10,458
37,766
558,922

10,046
32,104
456,269

23,171
38,259
477,322

1010 - 1 1 .

Interest receivable_____
$280,864
Incom e from Investments—
Real estate__________
1,380,001
200,840
Security of realty c o s .
17,536
Other stocks & bon d s.
Profit on bldg, con tract—
546,404
On bldgs, com pleted.
On bldgs. In progress
703,422
(proportion a ccr’d ) .
Profit on realization of
118,224
real estate & securities
Deductions—
In t. paid and a ccru e d ..
Loss on sale of securities
Expenses o f unproduc­
tive real e s t a t e .........
Depreciation __________
General and corp. exp . .

$1,414,530 $1,347,969 $1,485,860
Total deductions____$1,323,741
Net Incom e____________ $2,113,549 $2,207,200 $2,150,300 $1,920,822
$664,200
$642,800
$664,200
Interest on deb. b o n d s ..
$600,000
Divs. on outstand’g st’k
---------8,386
of subsidiary c o s -------------------------(4 )64 6 ,5 1 2(5 ^ )8 88 ,0 5 4
D iv id en d s_____________ (5)808,140(4 ^ )767,733
S u rp lu s _____________
$705,409
$796,667
$839,678
$359,282
CONSOLIDATED BALANCE SHEET APRIL 30.
1911.
1910.
1911.
1910.
Liabilities—
S
$
Assets —
S
S
Heal estate.......... 35,120,970 32.030,435 S tock ................ ..16,162,800 16,162,800
Debenture bonds. 11,930,000 12,000,000
Less underlying
77,619
mortgages........ 18,325,600 16,620,000 Current accounts.
60,113
Int. A taxes accr’d
and rents rcc’d
Equity _______ 16,795,370 15,410,435
In advance........
694,187
612,175
Loans on m tges... 3,346,046 4,016,591
202,035
202,035
Sccur. of realty cos. 6,108,550 6,311, lo l Dividends............
Other securities.. 408,610
249,926 Adv. pay’ ts on bldg.
contracts ........
365,265
Plant, A o.................
172,766 196,383
5,213
7,404
Acc'ts receivable.. 1,257,355 1,151,006 Rent deposits___
509|377
407,441
Unexp'd Ins., &c.
34,460
29,225 Reserves..............
Cash .................... 2,266,351 2,396,475 Unrealized profits
account ...............................
Good-will...................
x 1,000,000
65.771
Surplus................ *866,307
878,187
T o ta l.................30.447,538 30,761,192
T o ta l................ 30,447,538 30,761.192
x Entirely charged off (see text above) as follows: Saving on purchase and retire­
ment »f company's bonds during the year, $7,925; amount transferred from un-




1433

realized profits account, $274,786; amount transferred from surplus account, $717,­
289; total, $1,000,000.
* After deducting $717,289 charged oft In reduction of good-will.—V. 92, p. 1378,
799.

Cudahy Packing Co., Chicago.

(Report for Fiscal Year ending Oct. 29 1910.)
TOTAL SALES FOR PAST SEVEN YEARS.
1910................ $93,315,6961 1907 ................ $79,886,4791 1905
........... $62,722,755
1909 ................ 84,420,766 1906 ------------- 69.319,158 1904 _________ 50,828,638
1908 ........ ....... 71.988,2131
INCOME ACCOUNT YEAR ENDING OCT. 29
1909-10. 1908-09.
Deduct—
s
s
Pref. dividend (6 % ).
Profits, before re­
pairs, A c.......... ..1,464,952 2,699,556 Com. dividends (7% )
Ordinary repairs----- 252,337 250,264 Extra com. dlv. (3% )
Extraor. repairs (Improv’ ts A Govt. In­
spects requlrem’ts) 193,498
187,823

Profits for year...1,019,117 2,261,469

Balance, surplus..

1910.
1909-10.
S
120,000
700,000

1908-00.
S
120,000
700,000
300,000

199,117 1,141,469

BALANCE SHEET OCT. 29 1910.
1910.
1909.
1910.
1909.
Liabilities—
S
$
Assets—
S
S
Preferred stock__ 2,000,000 2 , 000,000
Plants, property,
equipment, &c.x9 762,088 8,742,622 Common s to c k ... 10,000,000 10 ,000,000
Cash ................ . 1 538,455 1,113,717 First mtge. bonds. 4,525,000 4,000,000
CltyAc’ntry accts. 4 ,022,230 3,143,398 Bills payable____ 6,253,931 4,706,871
75,939 Due for sundry
62,054
Bills receivable.. .
purchases........
172,482
183,394
General accts. (per­
537.742 General accounts
492,986
sonal, RU., &c.)
(personal, rail­
161,789
Unexp. lnsur., Ac.
161,209
498,132
roads, wages, &c.) 637,428
149,718
Advances on purch. 273,490
112,507
Employees’ depos.
152,649
Consigned mdse.
unsold (n e t)__ yZ ,103,556 2/3,421,425 Surplus_________ 3,328,808 2,187,429
Product & supplies 7 ,228,497 7,331,352 Profit for year----- *494,117 *1,736,469
669,940
497,100
Stocks and bonds.
250,000
Advertising Invest. 250,000
T o ta l................ 27,564,505 25,424.802

T o ta l.................27,564,505 25,424,802

x Plants, property, Ac., In 1910 incl. South Omaha plant, Ac., $1,928,416; Kansas
City plant, Ac., SI,981,973; Sioux City plant, Ac., $1,342,786; Wichita plant, Ac.,
81,068,873; Los Angeles plant, Ac., $466,010; Calumet property, $141,184; sales
branches, real estate and buildings, $1,357,220; sales branches, equipment, $215,428;
farm land, $62,357; car and refrigerator line, $1,197,840.
y After deducting $320,364 for advances In 1910, against $472,054 In 1909.
* After deducting In each year 3 quarterly dlvs. on the common stock amounting
to S525.000, but before deducting the fourth quarterly dividend of 1% % ($175,000)
and dividends of 6% on the pref. stock calling for $120,000 yearly, and In 1909 also
an extra dividend of 3% ($300,000) on the common stock. The combined accumu­
lated surplus In 1910 as shown In the balance sheet, and surplus for the year (see
Income account above), after making the deductions specified, amount to $3,528,015,
against a corresponding total of. $3,328,898 In 1909.—V. 91. p. 1576.

Dominion Iron & Steel Co., L td.

(Report for Ten Months ending March 31 1911.)
A t the annual meeting May 19 1911, President J. H . Plum­
mer said in part:
Change in Y ear.— In order that the annual meetings of the Dom inion
Steel C orp ora tion ..L td ., and Its subsidiaries m ay be held sim ultaneously,
your board has changed the financial year so that It ends on March 31
Instead o f May 31.
Business.— The expectations that the new coke ovens would be ready last
autum n were not fulfilled, and the additions to the plant generally have
been m uch delayed b y various causes. For the 10 m onths just closed we
have therefore only maintained the proportionate output o f the previous
year. The figures are as follows: pig Iron, 205,865 tons; steel ingots,
250,462 tons: rails, 109,534 tons; wire rods. 68,602 tons; billets and
bloom s sold, 28,040 tons.
•
In the year beginning April 1 1911 the plant now in operation should
produce 290,000 tons of pig iron, an Increase of about 50,000 tons, with a
corresponding Increase In finished products.
The bounties on pig Iron and steel Ingots received during the year were
$316,045, being $228,366 less than In the previous 12 m onths, and they
ceased altogether on Dec. 31 last. The bounty on wire rods for the 10
months amounted to $459,817 (V . 92, p. 121).
E xtensions.— T o Increase the annual production o f your plant, to which
we must look for such a reduction o f costs and Increase in earnings as will
com pensate us for the lapsing of the bounties, and to meet the demands of
our custom ers, the directors have authorized the erection of another blast
furnace, which will m axe six in all. The erection will be gone on with as
soon as possible. The new work should all be com pleted within 18 months,
Increasing the capacity o f the plant from 250,000 tons per annum of finished
steel to over 400,000 tons. Y our directors have no reason to doubt that
the clfect will be satisfactory.
Bounty on W ire R ods.— Under the proposed reciprocal trade agreement
with the U . S ., wire rods will enter free into both countries. W hile they
would not minimize the loss which the com pany must suffer If the bounty is
not extended, your directors have every confidence that the effect will be
ultim ately overcom e when the plant Is com pleted.
IN C O M E AC C O U N T.
10 mos. end. -----------Years ending M ay 31------------1910.
1909.
1008.
M ch. 31 ' l l .
$2,735,591 $2,634,127 $2,613,826
Net after repairs, A c __ $2,201,186
498,101
408,292
69,713
Sink, fd ., dep’n & renew.
419,866
Total net Incom e____$1,781,320
Deduct—
Interest on b on d s______
$538,602
Int. on current loans___
139,901
Pref. dividends______ (5 5-6)291,667

$2,237,490

$2,225,834

$2,544,113

$545,051
84,478
*(7)350,000

$469,979
184,443
(7)350,000

$489,922
206,891

Total d e d u ctio n s ____
Balance, surplus_______

$979,529
$1,257,961

$1,004,423
$1,221,411

$696,813
$1,847,300

$970,170
$811,150

* There was also paid out $1,575,000 (31 M % ) in dividends In 1909-10 to
settle arrears, Including z y i % paid O ct. 1909 and 28% April 1910 (V . 90,
P N ote.— In accordance with the plan o f amalgamation with the Dominion
Steel Corporation, that com pany paid a dividend o f 4 % on the $20,000,000
com m oh stock of the Dominion Iron & Steel Co. In quarterly Installments
of 1% each, beginning July 1 1910; but no deduction therefor Is made from
the com pany’s Income account.
BALANCE SHEET M A Y 31.
Mch.Z\‘ \l. May 31'10
McIi.ZV 11. May 31’ 10.
Liabilities—
$
$
Assets—
$
S
Common s t o c k ...20,000,000 20,000,000
Property and In­
vestments .........43,000,896 41,296,928 Preferred stock.. . 5,000,000 5,000,000
Cash on hand, A c.
512,369
261,510 First mtge. bonds. 7,332,000 7,414,000
Accts. receivable. 1,820,478 1,659,824 Consol, mtge. bds. 6,813,333 5,840,000
7,500
15,833
1,399,903 C. B. real est. bds.
Inventories.......... 2,148,140
Special loan Dom.
Advance work at
Coal stock........ 1,753,021 3,179,100
mines, unexplred
271,939 Bond Int. accrued.
120,039
227,458
insurance. A c ..
185,081
Pref. stk. dlv. accr. 175,000
58,333
Cash proceeds of
743,048
605,689
bond sales........
374,819 1,691,741 Accounts payable.
Bills payable........
605,363
----------Reserves...............*3,123,104 2,183,206
Profit and loss___ z2,369,375 2,058,226
T o ta l................ 48.041,783 46,581,845

T o ta l.................48.041,783 46,581,84*

* Includes $2,367,484 for depreciation and renewals. $121,787 for refining blast
furnaces, $224,105 for exhaustion of minerals and $409,728 for contingencies.
x After deducting 5500.0M far speolal appropriation to reserve for depreciation;
A c.—Y. 92, p. 1313.

1434

THE CHRONICLE
Dominion Coal Co., Ltd.

{Report for 15 Months ending March 31 1911.)
President J. H . Plummer, at the annual meeting May 19
1911, said in brief:
Y ear.— The financial year has been changed so that it ends with March 3 1 .
This report, therefore, covers the period from Jan. 1 1910 to March 31 1911.
B usiness.— The strike was abandoned at the end of April 1910, and as
soon as possible thereafter full operations were resumed at the collieries.
The output was as follow s: For the 12 mos. ending Dec. 31 1910, 3 , 526,754
tons: for the 15 m os. ending March 31 1911, 4,412,639 tons. The output
In the calendar year 1909 was 2,734,774 tons and in 1908 3,555,068 tons.
E arnings.— This report Includes four months of the strike, and even when
the strike ended It was m any months before the disorganization ceased to
be felt. A n extra winter period— Dec. 1910 to March 1911— is also Included
during which earnings arc necessarily small. The net result under these
conditions Is reasonably satisfactory.
. -? T °P eZty — The capital expenditure during the 15 m onths am ounted to
$784,367, chiefly for work on the new collieries In the LIngan district, and
for additional railway equipm ent. It has been thought well to transfer
$500,000 from profit and loss account as a general appropriation in reduction
o f the property account. The plant Is In good con dition, and your directors
look for an Increased production in the current financial year.
Cumberland Railway & Coal C o.— During the year the Dom inion Steel
Corporation, L td ., purchased the entire capital stock of the Cumberland
R y . & Coal Co., and Its collieries are now being operated under lease b y your
com p any. Their output is not included in the tonnage reported above.
[See report o f Dom inion Steel Corporation above.]
IN C O M E A C C O U N T .
------- Years ending B ee. 31— ——15 M os.end.
1909.
1908.
1907.
M ch . 31 ’ l l .

Net earns. after expenses
and current repairs___$2,118,687
Deprec’n and renewals.
500,000

$1,113,091 *$2,686,202 *$2,094,539
350,000

B a la n ce ............................ $1,618,687
Less—
$386,682
Interest on bon d s_______
Preferred divid end___ y ( 8M )262,500
Comm on divid end______ 3(1)150,000
Miscellaneous in teres t..
51,152

$763,091

$2,686,202

$2,094,539

$281,653
(7)210,000
(4)600,000
30,912

$250,000
(7)210,000
(4)600,000
26,040

$250,000
(7)210,000
(4)600,000
32,171

$850,334 $1,122,565 $1,086,040 $1,092,171
Total - ...........................
Balance for year........... .. S.$768,353 D.$359,474 S .$1,600,162S.$1,002,368
x N ote.— As to actual (readjusted) earnings In 1908 and 1907, see V . 92.
p . 1043.— E d.
V The pref. dividend for the 15 months includes 2 half-yearly paym ents
o f 3 )4 % each and $52,500 reserved for pref. stock dividend, or one-half
o f a semi-annual paym ent.
« This Is the com m on dividend paid April 1 1910. Under the amalga­
m ation plan, the Dominion Steel Corporation paid dividends o f 4 % on the
com m on stock In quarterly Installments o f 1% each, beginning July 1 1910,
but these are not deducted from the com pany's Income.
BALANCE SHEET.
Mcft.31 '11. Dec.31 '09.
Afeft .31’ 11. Dec.31’09.
Assets—
$
$
Liabilities—
S
S
Property and In­
Common stock ...15,000,000 15,000,000
v e s t m e n t s .......... 24.359,132 24,562,611 Preferred stock__ 3,000,000 3,000,000
Inventories............ 1,035.184
660,558 Bonds* mortgages 6,486,416 6,492,648
Accounts recelvCurrent liabilities. a819,859
385,752
* a b le ....................
699.542
568,041 Reserve accounts. 6242,697
189,304
Cash .....................
10.60 1
450,749 D. I. & S. Co..bal­
Insurance, taxes,
ance of claim__
_______
800,000
&c.. prepaid___
113,044
20,165 Profit and loss___ c668,531
394,419
T o ta l................ 26,217.503 26,262,124
T o ta l................ 26,217,503 26,262.124
a Current liabilities In 1910 Include accounts payable, royalty on coal, &c., $688 609. and bond Interest accrued, $131,250.
1
6 Reserve accounts Include accrued dividend on pref. stock, $35,000. and sundry
reserves, S207.697.
c After adding $26,759 received from Steel Co. for adjusted price of coal, November
and December 1909, and deducting $500,000 written off property account and
$21,000 payments to capital fund of Miners’ Relief Society.—V. 92, p. 1313, 1181.

.

Dominion Steel Corporation, Ltd.
{Report for Fiscal Year ending March 31 1911.)

Pres. J. H . Plummer, at the annual meeting May 19 1911,
said in substance:
Shares H eld.— Since our last meeting some further shares In the Dom inion
Iron & Steel C o., L td ., and of the Dom inion Coal C o., L td ., and a small
am ount o f other stock, have been acquired. Of the com panies mentioned
our holdings now consist of: 146.895 shares o f com m on stock of Coal Co.
out o f 150,000 shares Issued, leaving 3,105 shares outstanding; and 199 091
shares of the com m on stock of the Iron & Steel Co. out of 200,000 shares
Issued, leaving 909 shares outstanding. Some of these outstanding shares
will be exchanged shortly.
Debentures.— The moneys required for the cash paym ent of these shares
were obtained by the sale of 5% 5-year debentures to the am ount of
$1,500,000. This was m ade a tem porary loan, in order that, if possible,
the am ount m ay be paid out of earnings, and not m ade a permanent addi­
tion to our capital (V . 91, p. 1330).
Purchase.— Your directors have agreed to purchase the entire 20,000
shares o f com m on stock of the Cumberland R y . & Coal Co. In exchange for
6,000 shares o f the stock of the Corporation. The valuation placed upon
said p roperty by your officers as o f D ec. 31 1910 was as follow s: 2 collieries
at Sprlnghill, with shops, water-works, electric-light and telephone systems,
180 tenements and houses, & c., with 179 square miles of coal areas In Cum­
berland C ounty, $1,233,000; 20 square miles o f coal areas In Cape Breton,
leased to D om . I. & S. Co., L td ., 1907, at minimum royalty o f $20,000 per
annum, $350,000; Sprlnghill & Parrsboro’ R y ., 32 miles of standard road
and equipm ent, other railway property, barges, tugs, docks, & c., $1,350,­
000; 52,000 acres tim ber lands at $6 per acre, $312,000; active assets,
$82,437; total, $3,327,437. Deduct total liabilities, bonds, floating debt
and accrued Interest, $1,477,726; balance, surplus, $1,849,711. (As to
new m ortgage, & c., see V . 92, p. 186; V. 91, p. 1514, 1772.)
D O M IN IO N STEEL C O R P ., L T D ., B A L . SH E E T M A R C H 31 1911.
Assets ($36,643,836)—
Liabilities ($36,643,836)—
Cost of stocks owned by
Capital s to c k ------------------$34,598,600
the Corporation______ $36,245,544 5% 5-year debentures___ 1,500,000
Cash on ha n d ___________
336 860 Bal. due on shares bought
345,986
Organ’n exp ., int., & c-_
61,432 Loans, accrued lnt., & c.
199,250
N ote.— Pending the approval of the shareholders as to the Issue of stock
in exchange for shares of the Cumberland R y . & Coal C o., no entries have
been m ade respecting the contract for their purchase.— V . 92, p . 325.

Lanston Monotype Machine Co., Philadelphia.
{Report for Fiscal Year ending Feb. 28 1911.)
Pres. J. Maury Dove,May 4 1911,wrote in substance:
The net profits for the year were $605,069, showing an increase in net
earnings over 1909 of $99,601.
The Issue of $1,000,000 capital stock authorized at the last annual meeting
was fully subscribed for b y the stockholders and the entire indebtedness
o f the com pany was wiped out.
The English Corporation reports a decided Increase In their business for
the past year and their demand on us for increased shipments, both of cast­
ing machines and keyboards. Is evidence thereof.
The general increase In our business having outgrown our present factory
the directors felt that a fireproof factory should be erected, and, with that
in view , purchased a plot of ground 191 ft. b y 267 f t ., a total area of 51,000
sq. ft. Plans are being prepared for a reinforced concrete building, which
we expect to erect at a cost of not to exceed $250,000 to $275,000, without
assistance from the stockholders, the available assets being ample to care




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

fo r the entire am ount. The lease upon the present fa ctory building does
not expire until Jan. 1 1913. The new building should be com pleted
b y July 1 1912.
Numerous Improvements have been m ade during the year and patents
for the same either granted or applications are pending.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
„T
,
1910-11.
1909-10.
1908-09.
------------$1,358,678 $1,036,430
Net sales . - ------ ----------Net profit after d eprec$605,069
505,468
309,961
Deduct—
Dividends on stock
(6)329,699 (1 ^ )7 5 .0 0 0
Paid W ood & Nathan,
sales agents, In taking
over sales con tract...................
Balance, surplus--------

$275,370

$430,468

1907-08.
$1,024,594
258,473

_________

(2)99,468

$ 309,964

$84,005

7j

oqo

B A L A N C E SH E E T M A R C H 1.
1911.
1910.
1911.
1910.
Assets—
$
3
Liabilities—
$
s
Cash ........................ 150,172
81,764 Capital stock.............6.000,000 5,000,000
Bills receivable........ 887,780 *367,823 Accounts p ayable...
44,195
54,748
Accounts receivable. 529,975 515,688 Profit and loss........ *1,499,218 1,653,641
Stocks and b o n d s... 722,113 722,113
Inventory (cost)----- 526,735 459,527
P lant........................ 667,479 580,315
19,984
16 672
Miscellaneous..........
Rights, fran. & lmp.4,039,175 3.964,487
T o ta l.................... 7,543,413 6,708,389

T o ta l.....................7,543,413 6,708,389

* After deducting bills receivable discounted, $425,000 In 1010.
■?
deducting $400,000 for difference between the par value and the
P<rr share at which $1,000,000 was sold to stockholders and
$29,794 for discarded obsolete m achines, parts, & c., written o ff.— V .
o2, p. 1314.

GENERAL INVESTMENT NEWS
R AIL R O A D S, IN C LU D IN G ELECTRIC RO AD S.
Akron Canton & Youngstown R y .— Old Project Revived—
Bonds Offered Abroad.— Subscriptions were invited recently
in London (N at. Bank, L td .), at Brussels, and at Can­
ton, O. (City N at. Bk.) for an issue of $1,500,000 1st M. 6 %
gold bonds at par less int. from May 25 to June 30 1911.
The proceeds it is proposed to expend in the construction
and equipment of a standard-gauge steam railway from Main
St., Akron, to Mogadore, 0 . , a distance of 1 8 % miles, being
part of the old projected line from Akron via Canton to
Youngstown, O ., 125 miles. Cap. stk. $1,500,000, par $100.
The bonds b y their terms are due July 1 1930, but the coihpany reserved
the right to redeem them at 105% on any Interest day after Jan. 1 1915, on
60 days’ notice, and the stockholders March 13 1911 voted to redeem the
issue at 105 not later than July 1 1916; this resolution has been superscribed
on each b ond. Par $1,000, equal to £ 20 12s., or 518 fres. Coupons pay­
able J. & J . The Interest Is guaranteed b y the contractor (Z. W . Davis)
during the period o f construction and for five years thereafter. First six
m onths' Interest payable on Jan. 1 1912. Trustee, Cleveland Trust Co.
Directors: H . B . Stewart (P resident), Canton, O ., director of Ashland
& Western R y . Co.; H on. J. Connon M iddleton (V ice-P ros.), London; R . M.
R ail (Treas.), W m . Simpson (S ec.), I. H . Taylor, II. D Raff and Jay
Taylor, all o f Canton, O.; F. E . BIssel, A kron. Compare V . 85, p. 220.

American Cities Railway & Light Co.— Plan for New
Holding Company.— A printed summary now at hand gives
further particulars regarding the plan outlined last week
(p. 1373) by which Bertron, Griscom & Jenks and Ford,
Bacon & Davis, both of N . Y ., and associates, contemplate
the formation of a new holding company, which will, if the
plan goes through, take over the entire stock holdings of
the American Cities R y . & Light Co., (paying tho share­
holders of that company as consideration 7 7 % flat (i. e. 75
and accrued dividend at 5 % to July 1 for their $10,761,165
common stock and par and int. for their $6,906,178 pref.
stock) and also 66 2 -3 % or more of the $20,000,000 common
and $10,000,000 non-cumulative pref. stock of the New
Orleans R y . & Light Co.
The holders of a m ajority o f the stock of the last-named com pany have
assented to the terms Indicated last week. In case the reports o f the ex­
perts who are examining the properties o f the American Co. are satisfactory,
and at least two-thirds of the stock o f the New Orleans R ailw ay & Light
Co. assents, the stockholders o f the A m erican Cities R y . & Light Co. will
be asked to ratify the sale.
Companies Controlled by Am erican Cities Railway <6. Light Co.
— Outst’g Securities M ch. 1 1911-------A m . Cities OwnsPre/erred Common
Bonded
Preferred Common
Stock.
Stock.
Debt.
Slock.
Stock.
$
$
$
$
$
B I r m .R y ., Lt. & P . -3,500,000 3,500,000 11,365,000 2,750,700 3,080,200
Memphis Street R y . . 2 , 500,000 2,500,000 c8 ,975,000 2 ,208,700 2,153,500
L ittle R ’k R y . & E L . 750,000 1,500,000 d2.500,000
600,900 1,213,100
K n oxv . R y. & L t . . . 500,000 1,491,900 e2,756,000
405.000 1,491,000
H ous. L t. & P . C o . . . 500,000 1,000.000
738,000
458,300 1,000,000
T otal -------------------7,750,000 9,991,900 26,334,00(1 0,514,200 8,947,700
c Includes $25,000 In s .f d . d ln c l. $31,000 in s .f d . c ln c l.$ 14,000in s. fd.
The collateral trust bonds and the pref. and com m on stock o f the new
com pany, over and above so much thereof as shall be reserved for cxchango
for preferred and com m on stock of the New Orleans R y . & Light C o., will
be issued for the acquisition from the Am erican Cities R y . & Light Co. of
the stocks of the above-m entioned subsidiary com panies, together with tho
sum of approxim ately $1,500,000 In cash, which Is to be used by the new
com pany for working capital after the paym ent of certain organization
expenses as provided In the agreement.
In addition to 6% cum ulative dividends, the holders o f the pref. stock
o f the new com pany will be entitled to be paid the par am ount o f their
shares and unpaid dividends accrued thereon In the event of liquidation.
The pref. stock will be subject to redem ption at 110 and accumulated divi­
dends. N o additional stock, com m on or preferred, can be issued except
for cash or additional property, and then only upon due authorization of
the directors.
.
If the sale is effected, any American Cities R y . & Light Co. stockholders
who d o not desire to take cash for their holdings m ay purchase from Isidore
Newman & Co. part o f the Immediate Issue o f $10,000,000 8-ycar collateral
trust bonds o f the new holding com pany
Said collateral trust bonds will bear date July 1 1911 or thereabouts, will
mature 8 years thereafter (provided that $2,500,000 par value thereof,
to be selected by lot, must be paid at par and lnt. at the expiration of«5
years), will bear interest at 5% per annum for the first six years and at 6%
per annum thereafter, and will be secured b y a pledge of all of the said
stocks to be acquired b y the new com p any, subject to the provisions of an
indenture to be hcrefater prepared. An additional $1,000,000 of said
collateral trust bonds m ay be Issued In the future for the acquisition of ad­
ditional property, as provided In the agreement. These collateral trust
bonds will be redeemable as a whole on any interest day at par and lnt.
Unless the agreement Is declared effective within 45 days from May 15
1911, the deposited stock will be returned to the owners. A m on g the
assenting m ajority holders o f N .O .R y . & L igh t Co. stock arc stated to bo

may

27 1911.]

THE CHRONICLE

C. C. Cordlll, John J. Gannon, Frank B. H ayne, Fernand Laypere, Lehm an,
Stern & C o., L td ., R . M. YValmcsly, Charles G odchaux, Frank B. Williams,
II. Dc L. Vincent, C. E Allgeyer, E . Allgeyer & C o., C. IL Ellis, E . II.
Bright, It. W . W llm ot, J. B. Levert, W alter R. Stauffer, Charles Janvier,
O. L. Putnam , S . R . Bcrtron, Marshall J. D odge, Bcrtron, Grlscom &
Jenks, Lynn II. Dinkins, J. Leberm uth, W m . Blumenthal, Clervillc Illm el.
Bcrtron, Grlscom & Jenks say: “ There will be added strength to the se­
curities of the new com pany, due to Its properties being distributed over a
number of cities, any possible local adverse conditions In one being offset
b y probable favbrlng conditions In the others. A large and financially
strong corporation, such as Is now contem plated, will be of material ad­
vantage In financing the future capital requirements needed for the growth
of the New Orleans R y . & Light Co. and the other subsidiaries. It Is
contem plated that the new stock will be listed In several o f the Important
cities o f this cou ntry, and also In foreign markets.
George II. Davis (of Ford, Bacon & Davis) has agreed to act as operating
head, with main headquarters located In New Orleans, provided this ar­
rangement will be satisfactory to the directors of the new com pany, a
m ajority of whom will be selected from the stockholders of the new com ­
pany residing In New Orleans. As the new com pany will not be an oper­
ating com pany, there can be no change In the legal status or operation o f
the New Orleans R y . & Light Co. or any o f the other subsidiaries.
Estimated Earnings o f the Properties to B e Controlled hy New Company.
Years ending July 1—
1910-11.
1911-12.
1912-13.
Gross earnings, all sources------------------ $13,583,445 $14,683,110 $15,843,168
Net earnings (after tax es)...................
$5,055,826 $6,188,657 $6,641,786
Surplus for new c o .'s securities............. $2,437,611 $2,760,450 $3,024,693
This surplus Is shown after deducting Interest and miscellaneous charges
and surplus to m inority stocks.
A bove estimate, m ade by Ford, Bacon & Davis, assumes— (1) T hat no
abnormal conditions arise: (2) that sufficient capital Is available for addi­
tions and Improvements: (3) that expenditures for maintenance are un­
abated; (4) that firm’s recomm endations as to construction and operation
arc m ade effective. Compare reports In V . 92, .p 1102, 1374.

American Railways, Philadelphia.— Report.—
Treasurer’s Statement fo r H alf-Y ear ending Dec. 31 1910.
Incom e and net earnings of the subsidiary com panies___________ $443,805
Gen. e xp ., $2,569: taxes, $6,000; Int. on funded debt, $ 2 1 2 ,7 6 5 .. 221,334
Dividend paid (3 % on $6,363,075 s to c k )--------------------------------------- 190,892
Balance, surplus, for half-year__________________________________$31,579
Surplus June 30 1910, $515,924; total surplus, $547,503.
■ See also Lynchburg Traction & Light Co. below.

Acquisition— New Bonds.— Philadelphia papers announce
the closing of the deal for the purchase of the Ohio Valley
Electric R y. The A m . R y s., it is stated, will issue $2,000,000
5 % coll, trust bonds, of which S l,700 ,000 will be given in
exchange for the stock of the Ohio company ($2,000,000) and
$300,000 will be retained for extensions and improvements
of the lines acquired. Negotiations, it is reported, have also
been reopened to acquire the Joplin & Pittsburgh R y ., cer­
tain obstacles in the way of giving a clear title to the prop­
erties having been removed.— V . 92, p. 1242.
Bangor & Aroostook R R .— Extension.— W e are advised
that the company has a charter to build the Allegash Exten­
sion of about 157 miles from W est Sebois to St. Francis, Me.,
but that it is doubtful at the present time if any work will be
done on the same during the present year.— V . 91, p. 1155.
Boston & Maine R R .— Proposed Acquisition.— See Worces­
ter Nashua & Rochester R R , below.— V . 92, p . 1309, 1108.
Canadian Northern R y .— Construction— Montreal and Tor­
onto Terminals.— Vice-President Sir Donald Mann says that
the $35,000,000 guaranty of bonds for the Montreal-Port
Arthur line, according to the estimates of the engineer
(V . 92, p .1 3 0 9 ), would fall short of the cost, not including
the terminals. The estimates indicate an expenditure of
$49,000 a mile, or a total of $49,000,000, $10,000 a mile addi­
tional for terminals, or $10,000,000. The ultimate outlay
for the Montreal terminals is expected to be about $30,000,­
000 or more and for the Toronto terminals 5 or 6 or possibly
9 or 10 million dollars.
The plans, It Is stated, Include for the Montreal terminals a bridge across
the St. Lawrence to join with the Intercolonial. The Toronto terminal
calls for a large station to the north of the city with a M-mlle viaduct
from Rosedale to Todm ordcn, cutting off about 20 minutes In entering city.
The exclusion of the terminals from the Government guaranty. It Is said,
was done expressly for the purpose o f enabling the com pany to finance the
same readily, a terminal bond secured by a second mortgage being d if­
ficult to dispose of.
■ The Canadian House of Commons on May 18 passed the bill providing
for the Government guaranty of the bonds on the new lino between Mon­
treal and Port Arthur, and early action b y the Senate was expected.
It Is proposed to call at once for contracts for the construction of the lino
from Port Arthur to Sliver Junction, about 30 miles north of Sudbury, a
distance o f 550 miles. Contracts have been awarded for the com pletion of
the T oronto-O ttaw a line, about 250 miles, which Is to be com pleted within
a year, the first section between Toronto and Belleville to be operated this
sum mer.— V . 02, p. 1309, 1242.

Carolina Power & Light Co.— Earnings.— For year Apr.30:
Gross earnings, $261,352; operating expenses and taxes, $155,196; net
earnings, $106,156; Interest, $67,388; preferred dividend, $4,987; balance,
surplus, $33,781.— V. 92. p. 1177, 185.

Chicago Burlington & Quincy R R .— Bonds Called.— Eleven
Tarkio Valley R R . and 10 Nodaway Valley R R . 1st M. 7 %
bonds have been drawn for payment at par on June 1 at the
Second National Bank, Boston, trustee.— V . 92, p. 1374,525.
Chicago City R y .— Listed.— The Chicago Stock Exchange
has listed $500,000 additional 1st M. 5 % bonds, making the
total amount listed $23,300,000.— V . 92, p. 792, 724.
Chicago & Eastern Illinois R R .— Increase of Stock for
Merger, <fee.— The increase in stock to be voted on July 19 is
officially announced as follows:
The increase of the authorized capital stock from $25,000,000 to $30,000,­
000 b y authorizing an additional $5,000,000 pref. stock, of which not ex­
ceeding $4,500,000 m ay be Issued for acquiring the railroads, properties,
rights and franchises of the Evansville & Terre Haute R R . and Evansville
Belt R y . (which are to be consolidated) and the outstanding stock o f the
Evansville & Indianapolis R R .; the remainder to be Issued from time to
time at the rate of not exceeding $10,000 for each mile of road, hereafter
constructed or acquired, or at the time owned b y any railroad com pany
whose stock m ay be hereafter acquired b y purchase, consolidation or other­
wise. Compare V . 92. p. 1374.

Chicago Elevated Railways,— Merger— Sale of Notes and
Pref. Stock.— The long-pending merger of the elevated rail­
roads of Chicago has finally been financed through the efforts
of Henry A . Blair of Chicago. The new company is to bo
known as the Chicago Elevated Railways Co., and the Na­
tional City Bank of New York has contracted to supply the
necessary funds to finance the merger, the refunding of




1435

maturing bonds and the payment of floating debt, through
the purchase of $30,000,000 3-year 5 % mortgage notes and
$16,000,000 6 % cumulative pref. stock, said purchase being
conditioned upon the acceptance of the terms of merger by
a large majority of the stock. New com. stock, $25,000,000.
Announcement Made May 23.
The Chicago Elevated Railways has been organized to acquire all the
elevated properties In Chicago. The purchase of the $30,000,000 notes
Is subject to agreement b y a large m ajority o f the stockholders o f the
Northwestern Elevated R y . Co. (which controls the Chicago & Oak Park
Elevated R y . and the Union Consolidated Elevated (Loop) R R . com panies],
the Metropolitan W est Side Elevated R y . Co. and the South Side Elevated
R y . Co. agreeing to the merger and to their depositing their stock. The
present stockholders of the various elevated railways will be offered cash for
their holdings, or part cash and part participation In the new organization.
The Chicago Elevated Railways has sold, in addition to the $30,000,000
of notes, $16,000,000 6% cum . pref. stock, at par, and will refund the
$18,000,000 Northwestern Elevated 1st M. 4s maturing in September,
pay the floating debts of all the companies and provide ample working
capital. These notes will be a mortgage on all the elevated properties
subject to about $32,000,000 underlying liens. T hey will be a first m ort­
gage on the Northwestern Elevated. The physical properties covered are
valued at about $90,000,000.
It Is believed that the com bination of the elevated properties Is but a step
towards what will ultimately be a general merger of all the traction proper­
ties in Chicago. The present consolidation, however. Is expected to effect
m any econom ics and with an eventual change In routing the cars to relieve
congestion on the loop. The capacity o f the loop structure will be greatly
increased and the operating expenses correspondingly decreased.
The elevated roads of Chicago have about 172 miles o f track.
•
Purchase Price Offered.
•
Option N o. 1— Cash— Result i f A ll Accept Sam e.
Capital Stock o f—
Outstanding.
F or Cash.
M etropol. W est Side Elev. R R . pref. s tk . $9,000,000
7 5 % — $6,750,000
7,500,000 27 M % — 2,062,500
Comm on s to ck ________________________
7 0 % — 3,500,000
Northwestern Elev. R R . pref. stock ------ 5,000,000
Common sto ck ________________________
5,000,000
3 0 % — 1,500,000
South Side Elevated R R . stock _________ 10,231,400
7 5 % — 7,673,500
Total _____ ___________________________ $36,231,400
$21,486,000
Option N o. 2— Part Stock— Result I f A ll Accept Same.
Amount — ---------------------- May he E x c h a n g e d for-------------------------Outstanding.
Cash.
Pref. Stock.
Common Stock.
Met. pref. stk.$9,000,000 52}*%-$4,725.0Q0 22}*%-82,025,000 18.0%-$1,620,000
Com. stock 7,500,000 1 9 }i% - 1,443,750 8 K % 618.750 6 .6 % - 495,000
N. W. pf. stk. 5,000,000
4 9% - 2,450,000
2 1% - 1,050,000 16.8% - 840,000
Com. stock 5,000,000
2 1% - 1,050,000
9% 450,000 7 .2 % - 360,000
So. Side Stock 10,231,400 5 2 }* % - 5,371,485 2 2 }* % - 2,302,065
18% - 1,841,654
T o ta l___ 836,231,400
815,040,235
86,445,815
$5,156,654
Option N o. 2 In each case consists In the right offered the Individual
shareholder of accepting in lieu o f the amount of cash tendered him b y
option No. 1 the following percentages thereof In cash and new stock com ­
bined, namely: Cash, 7 0 % ; pref. stock, 3 0 % ; com m on stock, 2 4 % . The
South Side E lev., It Is said, m ay also pay a special dividend o f $4 per share.
The last obstacle In the way of the merger, we are Informed, was rem oved
Thursday, when the directors o f the South Side Elevated voted to accept the
offer of Mr. Blair for the property. All four roads are now In line and Mr.
Blair expects to leave for New York to-m orrow to arrange final details. The
price accepted for the South Side Is $75 a share, and the com pany will pay
all outstanding obligations as o f a date to be agreed upon, leave sufficient
working capital In the treasury and divide surplus.
The directors o f the several companies will ask the stockholders to deposit
their stock b y June 15. Illinois Trust & Savings Bank depository in Chi­
cago and National City Bank In New Y ork.

Chicago & Oak Park Elevated R y .— Control.— See Chicago
Elevated Rys. above.— V . 86, p. 336.
Chicago Southern R y .— Sale of Collateral.— The sale of the
$11,000,000 Southern Indiana R y. common stock deposited
under the Chicago Southern notes will take place at Room
228, Grand Central Station, Chicago, on June 21. Compare

V. 92, p. 1242.
Columbus (O.) R y .— New Stock.— The shareholders will
vote June 26 on increasing the capital stock from $7,000,000,
all outstanding (one-half being pref.), to $10,000,000, of
which $5,000,000 will be com. and $5,000,000 5 % cum. pref.
The new stock will be issued from time to time to the lessee, the Col. R y .
& L t. C o., In settlement o f advances for capital outlays, there being now
due on this accou nt, lt Is stated, the sum of $113,390.— V . 90, p. 559.

County Traction Co., Chicago.— Demand of Suburbs for
Through Service to Chicago Business District.— Pres. George
B. Blanchard has made substantially the following statement
to the “ Chicago Economist” :
There are suits pending against the village o f Forest Park to enjoin the
m unicipality from Interfering with our cars. The overhead wires there
have been cu t, and there Is no operation at present. In Cicero rails have
been torn up.
The entire proposition has been put up to the M ayor of Chicago and he has
stated that hfs Influence will be used to prevent the making o f any arrange­
ment under which the city will have Its share o f the earnings o f the Chicago
Railways Co.reduced.
W hat the com pany hopes to d o Is to get ordinances from the various
municipalities to permit operation with a 5-cent fare In the com pany’s own
territory outside the city limits. A plan could then be worked out to turn
our cars directly over at the city line to the Chicago Hallways Co. to operate
with their own crews and to collect another 5 cents for the fare to the
central part o f the city. This would clear up any entanglement over the
two fares and would give the western suburbs a high-grade service through
w ithout a change to the loop district.
It the western suburbs want a 5-ccnt fare they must vo te for annexation
to Chicago. The ordinance of Feb. 11 1907 would permit a 5-cent fare to
the Chicago Railways C o., which would extend Its lines Into the annexed
territory.— V . 92, p. 186, 117.

Cumberland Railway & Coal Co,, Nova Scotia.— Sale, &c
— Sec Dominion Steel Corporation, L td ., under “ Annual
Reports.” — V . 92, p. 186.
Denver Northwestern & Pacific R y .— New Directors, &c.—
Col, D . C. Dodge, John F . Campion and Charles Boettcher
have been added to the directorate, the first named being
made V.-Pres. and Gen. Man. in charge of operations.
Fund Subscribed.— It was also announced that a number
of the citizens of Denver had made subscriptions aggregating
a large amount to make the road permanently a Denver
enterprise, it being the desire of the executors of the Moffat
estate to carry out the original plans of the builder and main­
tain the independence of the road.— V . 92, p. 1310, 1242.
Denver & Rio Grande R R .— Stock Pledged.— See Missouri
Pacific R y . below.— V . 92, p. 794.
Detroit Toledo & Ironton R y .— Foreclosure Ordered.—
Judge Sater in the Federal Court at Columbus, O ., on
May 22, on application of the New York Trust Co., as trustee
of the general lien and divisional (Bannard committee)

1436

THE CHRONICLE

mortgage entered a decree of foreclosure. This with similar
dec fees {formerly entered in the Federal Courts at Detroit
and in the Northern District of Ohio at Toledo completes the
entry of the decrees necessary to bring about foreclosure of
the road.— 'V. 92, p. 1374, 1242.
Grand Trunk W estern R y .— Guaranty.— The Grand Trunk
Act of 1911 has, we are informed, been amended by a supple­
mental Act empowering the Grand Trunk shareholders to
guarantee both principal and interest of the $30,000,000 gen.
cons. M. bonds, as stated by Chairman Smithers to share­
holders at the half-yearly meeting, was the intention of the
company. See V . 92, p. 1242.
Hudson Companies, New York City.— Sale of Bonds.—
Pres. W . G. Oakman announced this week that Mr. Pliny
Fisk, of Harvey Fisk & Sons, had sold in London Hudson &
Manhattan R R . Co. 1st M. 4 Yi% bonds, in amount sufficient
to complete all work in progress, including the connection
with the Pennsylvania R R . Co. for joint service to Newark,
and to pay Hudson Companies notes [$2,817,500] maturing
Oct. 15 1911. Compare V. 92, p. 1242, 881.
Kansas City Railway & Light Co.— Explanation.— Re­
garding the decision not to make the usual quarterly distri­
bution on June 1 on the pi’ef. stock, announced last week,
Chairman R. J. Dunham says:
It Is thought that the ultimate Interests o f stockholders will be best
subserved b y this course. The 6% notes ($5,500,000) mature in Sept.
1912, when som e arrangement must be m ade to meet or refund them. In
the meantime It Is Impossible to obtain new m oney for extensions and addi­
tions without giving security upon the new property acquired therewith.
This security can only be given with the consent o f the city, which, appar­
ently, cannot be obtained. All resources must, at the present time, be
conserved so that the present franchise requirements m ay, as far as possible,
be m et from earnings w ithout any Increase In the floating indebtedness.
The Kansas City bankers will not Increase that Indebtedness, but Insist upon
Its reduction. The Interests of stockholders are, of course, subordinate to
the demands of creditors and rights o f the public.— V . 92, p. 1375, 595.

•Kentucky Securities Corporation.— Payment of Loans.—
The company announces the payment in full of $850,000
secured loans, taken over from the Lexington & Interurban
Rys. Of these loans, $750,000 were extended for one year
from May 20, but, owing to the rapid sale of the new Kentucky
Traction & Terminal bonds, the holding company was en­
abled to anticipate the payment of the same. This leaves the
Securities Co. with no bonded or floating debt, secured or
unsecured. A cash balance of $700,000 is also available for
its subsidiary company, the Kentucky Traction & Terminal
Co., for betterments and improvements. See also Kentucky
Traction & Terminal Co. below.— V. 92, p. 461, 322.
Kentucky Traction & Terminal Co., Lexington, K y .—
Incorporation— Mortgage.— The certificate of incorporation
of the company with $2,500,000 auth. stock was filed at
Lexington, K y ., on May 17, when the new company formally
took possession of the Lexington R y ., Bluegrass Trac. Co.
and Central Kentucky Trac. Co., per plan V. 92, p. 461,
under caption of Lexington & Interurban Rys. The follow­
ing directors and officers have been elected:
Directors: R . C. Stoll, J. E . Bassett, Desha Breckinridge, C. N. Man­
ning, F. W . Bacon, Lexington: Senator B. M. A rnett, Nlcholaslvllle: Colonel
Charles E . Iloge, Frankfort; Johnson N. Camden. Versailles: John R,
Downing, Georgetown; Percy M. Chandler, Howard A . Loeb, .i. Levering
Jones, John A . McCarthy, John B . M cAfee, Gustavus W . Cook, Phlla.
Officers: Pres., Percy M. Chandler, Philadelphia; V lce-Pres., F. W .
B acon, Lexington; S ec., T . D. Murray, Lexington; Asst. Sec., James K .
T rim ble, Philadelphia; Treas., J. W ill Stoll, Lexington; A sst. Treas., James
W . McMcekln, Lexington; Gen. M gr., I. I,. Oppenhelmcr, Lexington; Gcn’l
Counsel, R . C. Stoll, Lexington; Gen’l S olicitor, Col. John R . Allen.

Mortgage.— The company has filed its new first and ref. M.
dated May 18, to the Commercial Trust Co., of Philadelphia,
as trustee, to secure an auth. issue of $7,500,000 30-year 5 %
bonds, a block of which was recently sold. See also Ken­
tucky Securities,Corporation above.— V . 92, p. 1178.
Lynchburg (V a.) Traction & Light Co.— Earnings.—•
Results for Year ending Dec. 31 1910.
Gross earnings, $381,369; miscellaneous, $6,972; tota l-----------------$388,341
Net earnings (after operating expenses, $200,256)------------------------ $188,085
Taxes, Interest, & c., $100,944; rental, sinking fund, & c., $19,867. 120,811
• Balance, surplus for dividends----------------------------------------------------- $67,274
The fiscal year ends June 30 and a dividend o f 3 % was declared for the
six months ending June 30 1910. The entire $750,000 is owned b y the
American Railways C o.— V . 92, p. 1243.

Metropolitan W est Side Elevated R y ., Chicago.— Merger.
— See Chicago Elevated R ys. above.— V . 92, p. 456, 396.
Missouri Pacific R y .— $20,000,000 Notes Over-Subscribed—
$10,000,000 Cash Available for Improvements, cfee.— It was
announced on May 24 that Speyer & Co. had sold the entire
$20,000,000 3-year 5 % secured gold notes offered by them at
9 8 ^ and int., deliverable June 20, yielding 5 ^ % income.
These notes are dated June 1 1911 and due June 1 1914, but
are redeemable, all or any part, at any time, at par and int.,
on 60 days’ notice. Total issue limited to $25,000,000. Par
$1,000 (c). Principal and interest (J. &. D .) payable in
N . Y . in U . S. gold coin. Union Trust Co. of N . Y . , trustee.
This sale will enable the company to pay its floating debt
of approximately $9,000,000 and give it about $10,000,000
for improvements, &c.
Condensed Extracts from I.etter of Pres. B. F. Bush, Dated May 231911.
The notes are to be secured b y deposit with the trustee of:
Missouri Pacific R y . Co. first and refunding M. 50-year 5%
gold bonds, series " B , ” (non -convertible), due Sept. 1 1959-.$10,000,000
St. Louis Iron Mt. & Southern R y . Co. 3-year 6% gold note,
due June 1 1914_____ _____ ___________________________________ 8,500,000
Den. & R io Gr. R R . Co. pref. stock, 98,000 shares of $100 each- 9,800,000
do
do
com m on stock, 150,000 shares o f $100 each 15,000,000
Texas & Pacific R y . Co. com m on stock, 50,000 shares of $10 each 5,000,000
The collateral trust agreement securing the notes will provide that the
collateral m ay be withdrawn against deposit of cash, at fixed valuations
for tho securities withdrawn; also that the collateral m ay be changed with
tho written consent of Speyer & Co.
,
• W hile any of tho said notes remains unpaid, the S t. Louis Iron Mountain
& Southern R y . Co. will not Issue any additional bonds, notes or evidence
•f debt of any kind or nature w ithout the approval of Speyer & Co.




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

Upon the sale of these $20,000,000 notes, the entire floating d ebt of the
Missouri Pacific R y . C o., am ounting to approxim ately $9,000,000, will be
paid, and there will then be In the hands of the trustee o f the “ first and
refunding m ortgage” about $10,000,000 In cash available for im provem ents,
betterm ents, & c.; and the com pany will also have about $5,000,000 cash
for current requirements.
The remaining $5,000,000 notes are reserved for Issue against the deposit
or pledge as additional security for the entire $25,000,000 notes of a further
am ount of “ first and refunding m ortgage bonds” at least equal at face
value to one-half of any additional notes tssued and such additional collateral
security as m ay be approved b y Speyer & Co.
The Missouri Pacific R y . Co. (including-the St. Louis Iron Mountain <S»
Southern) reports that its surplus for the fiscal year ended June 30 1910,
after providing for all fixed charges, taxes, rentals, & c., amounts to $2,­
759 ,41 1. For the nine months ended March 31 1911 the com pany (Includ­
ing the St. L Iron Mt. & So. R y.) reports total operating revenue of $40,­
269,998, an increase o f $67,474, and after deducting operating expenses a
net operating revenue of $10,119,148, a decrease of $1,879,519, com pared
with the nine months ended March 31 1910.
The Issue of the above notes arc subject to the approval of the R R .
Commissions o f Kansas and Nebraska. (In addition, the Gould estate,
It is understood, has pledged itself to advance $3,000,000 whenever the
bankers shall request it. As part of the new rehabilitation po.icy the board
has authorized the purchase of 40,000 tons o f rall3 and 12 locom otives.1

No More Financing in Near Future— Importance of Mr.
Miller’s Services.— An authoritative statement given out
yesterday says in substance:
W hile the sale of these $20,000,000 notes represents the first step In a
com prehensive financial plan for the upbuilding o f the property, this step
should not be taken as Indicating that additional securities are to be Issued
in the near future. N othing of that kind will be done.
On or about June 1 H . I. Miller, who ha3 been elected a V ice-President
and a member of the executive com m ittee, will subm it his report on the
physical condition o f the system . This report will probably be taken as
the basis for further financing o f the needs o f those two roads. Mr. Miller
now has an office at N o. 165 B roadway, and will give m uch of his time to
the Gould roads, but he will not. It is learned, sever his connection with the
various other properties with which he has been actively Identified for some
m onths. (See New Orleans Great Northern R R . below.)
Mr. Miller, as receiver o f the Buflaio & Susquehanna H R . C o., has In­
creased the earnings from $30 a day to $1,000 a day. and the results on the
Buffalo & Susquehanna Coal Co. from a loss of $200,000 a year to a profit
o f $100,000. Very recently he ha3 been exam ining the A tlanta Birmingham
& A tlantic R R . and acting In an advisory ca p a city for the controlling
Interests, and has also m ade an exam ination of the Columbus & H ocking
Coal & Iron Co. and the Lack. & W yom . Vail. R R .— V . 92, p. 1375, 1179.

New Orleans Great Northern R R .— New President.—-H. I.
Miller, the new Vice-President of the Missouri Pacific, has
been elected President of the company and also of the Great
Southern Lumber Co., in place of the late Charles W . Good­
year.— V . 92, p. 183.
New York Central & Hudson River RR,.— Favorable Deci­
sion.—-The Court of Appeals on May 19 affirmed the judg­
ments of the lower courts granting an injunction, on the
report of referee D Cady Herrick, made in March 1910, re­
straining the City of New York from removing the company’s
tracks on Tenth and Eleventh avenues and other streets of
the city. Compare V . 92, p. 595; V . 90, p. 627.
Veto.— Mayor Gaynor on May 24 vetoed the so-called
McManus-Boylan bill passed by the Legislature, providing
for the removal of the tracks unless an agreement was reached
with the city by N ov. 1 as to method of operating the road.
T he M ayor favors the passage of another bill pending before the Legisla­
ture, which was drawn under the supervision o f theC om m lssloncrof Docks
and the Mayor, providing for either overhead or underground tracks, and
which, he says, the com pany has agreed to accept when enacted.

Merger.— See Penn. Coal & Coke Co. under “ Industrials.”
— V . 92, p. 1109, 956.
New York New Haven & Hartford R R .— Proceeds of Bond
Sale.— Of the money received out of the proceeds of the sale
of the $11,927,000 Central New England 4 % bonds (prob­
ably about $10,000,000 or more), $6,700,000, it is stated,
will be held in the New Haven treasury to pay off tho 5-year
5 % notes maturing in January 1912, and the balance will be
used for general purposes.— V . 92, p. 1375, 1311.
Norfolk & Portsmouth Traction Co.— Merger.— See Vir­
ginia Railway & Power Co. below.— V . 92, p. 1375, 1243.
Northwestern Elevated R R ., Chicago.— Merger.— See Chi­
cago Elevated Rys. above.— V . 92, p. 262.
Northwestern Pennsylvania (Electric) R y .— Bonds Offered.
— F. J. Lisman & Co., New York, &c., are offering at 94 and
int. 1st M. 30-year 5 % gold bonds, due March 1 1941, but
redeemable on any coupon date at 105 and int. Authorized,
$1,250,000; outstanding, $550,000. Tax-exempt in Penn­
sylvania. The property is believed to have “ strong strategic
value,” since affording the Pennsylvania R R . System a
connection with Meadville.
Abstract of Letter from Pres. 11. VV. Thornton, Meadville, Pa.. May 10 1911.

These bonds arc (a) a 1st M. on equipm ent, power-houses and ^.8 miles
of electric railway, com prising 11J3 miles In city o f Meadville, I a ., with
franchise till 1944, and 16 'A miles of Interurban line, with perpetual fran­
chise (rails 85-lb. and 70-lb.) extending from Meadville to Llnesvllle, con­
necting there with the Penn. U R. System . Included In the Interurban
division Is a branch of 2 miles to E xposition Park, Conneaut Lake, the
largest lake In Pennsylvania and Ohio, and a popular summer resort.
(b) B y deposit of all stock of the Oakwood Park Co., which owns the famous
Oakw ood Park, a day and evening resort of 32 acres, well patronized by
residents of Meadville. (c) By pledge of the entire stock o f the P eop les
Incandescent Light Co. of Meadville, a com pany with $ lo0,000 outstanding
bonds, a perpetual franchise In Meadville and a favorable franchise (recently
obtained) In Llnesvllle. where It is expected to sell current within 60 days.
O f the $700,000 unissued bonds, $150,000 arc reserved to retire said
Light Co. bonds; $150,000 for Improvements and acquisitions at not to
exceed $50,000 a year; and $400,000 for extensions and im provem ents, but
on ly when the net earnings during the preceding fiscal year arc 1 ^ times
the Interest charges. Including the bonds to be Issued. The annual accum u­
lative sinking fund, amounting from N ov. 1 1914 to 1% of the bonds out­
standing, should retire at least 60% of the entire Issue by m aturity.
The capital stock consists of $500,000 pret. stock and $1,000,000 com m on.
The bonds represent cash lately expended for Improvements and for the
paym ent of receivers' obligations, a floating debt and a small prior lien
Issue. In brief, the bonded debt represents less than 50% of the actual
valuation of the property; In the reorganization $650,000 bonds were
exchanged for preferred and com m on stock and $300,000 were paid oil.
Earnings.— Years ending Oct. 31— Present Int. Charge, $35,000.
1909-10.
1908-09.
1907-08.
.$149,267
$131,331
$122,115
G r o s s ...............................
N e t -------------------------$44,124
$53,073
$56,008
T he operating expenses for 1910 includo extraordinary rehabilitation
The new com pany should easily earn at least double tho present Int. charges.
Directors: Henry W . Thornton, Pres.; Thom as D. Rhodes, V .-P .:
Charles Fahr (Pres, of First N at. Bank of Meadvlllo. P a .), Treas.: George
A . Gaston, Cleveland; F. J. Lisman and William G oodm an, of F. J , Lisman
& C o., New Yerk City.

MAY 27 1911.1

THE CHRONICLE

1437

M eadvlllc Is a city o f about 16,000 Inhabitants, a retail distributing point
o f considerable Importance, doing a large business with the farming popula­
tion for miles about, and the site of Allegheny College, with 2,000 students
enrolled.— V . 1)2, p . 1036.

join t rates far In excess o f the relative value o f the services rendered b y It.
A n accounting Is asked for, and an Injunction against the New York Central
preventing It from , restraining com petition and continuing the wrongs
alleged, and from votin g any o f the Rutland stock.— V . 92, p. 1311, 874.

Ohio Valley Electric R y ., Huntington, W . V a .— Sale.—
See Amor. Itys. Co. above.— V . 86, p. 603.
Oregon Short Line R R .— Merger.— The company has taken
dver the following branch lines in Idaho and Wyoming, aggre­
gating 314.97 miles in length, which were built by separate
companies, but whose securities were practically all owned:

St. Louis Iron Mountain & Southern R y .— Note Pledged—
Limitation on Security Issues.— See Missouri Pacific Ry*

Yellowstone R R ., 70 miles; ,St. A nthony R R ., 32.95 miles; Salmon River
R R ., 85.90 miles; W yom ing Western R R ., 22.74 miles; Minidoka & South­
western R R ., 74.28 miles; Boise City R y . & Terminal C o., 8.38 miles.
— V. 02, p. 1179.

Oregon-Washington R R . & Navigation Co.— Sale of
Guaranteed Bonds.— The Union Pacific R R . Co. sold this week
to Kuhn, Loeb & Co. and Baring Bros. & Co., Ltd., of
London, $25,000,000 “ first and refunding mortgage” 4 %
gold bonds, unconditionally guaranteed as to principal and
interest by Union Pacific R R . Co. There will be simul­
taneous public offering of the bonds here and abroad next
week, but it is understood that the advance subscriptions,
at 93 and int., already exceed the amount offered.
The proceeds of the sale will go, toward replenishing the
funds of the Union Pacific treasury, which have been used
in part to develop the Oregon-Washington road.
Data From Authoritative Statement.
The com pany was Incorporated In Oregon In N ov. 1910 and has acquired
the lines of railroad heretofore; owned by the Oregon R R . & Navigation C o.,
aggregating about 1,133 miles; also llnesof other cos, aggregatlngabout 567
miles of owned railroads, 67 miles o f railroads join tly owned and 139
miles o f trackage, the entire system comprising a mileage o f about 1,906
miles of first track In the States o f Oregon, Washington and Idaho. These
linos arc a part o f the Union Pacific R R . Com pany’s System and embrace
Its lines to Portland, Tacom a, Seattle and Spokane.
The m ortgage securing these bonds Is to be a first lien on about 567 miles
of railroad owned, on undivided Interests In about 67 miles of railroad
Jointly owned, and on trackage rights on about 139 miles, while on about
I , 133 miles of railroad owned It will be subject only to the $23,380,000
Oregon R R . & Navigation Co. 4% consol. M. gold bonds, which arc not to
be extended and for the refunding of which an equal am ount of the new
bonds Is to be reserved.
The bonds will mature Jan. 1 1961, and will be Issuable In scries, bearing
Interest at not exceeding 5% per annum. Scries “ A ” will bo dollar bonds,
denominations $1,000 and $500 each; Series “ B” sterling bonds, denomina­
tions £200 and £100 each. Scries " A ” and scries “ B ” will each be re­
deemable (but not part o f either series) at option o f com pany at 105% and
int. on any Interest date on 90 days’ notice. Interest on both Series,
J. & J ., sterling bonds will be exchangeable for dollar bonds on and after
Jan. 1 1913 at a fixed exchange of $4 85, i. c., upon paym ent o f $30 per
£200 bond, or $15 per £100 bond, with adjustment of interest.
Total authorized Issue $175,000,000, o f which $23,380,000 Is reserved
for underlying bonds.— V . 01, p. 1768.

Pennsylvania RR .— Listed.— The New York Stock E x ­
change has authorized to be listed the $41,261,600 stock
authorized April 12 1911 under the 10 % allotment to share­
holders on notice of issuance and payment in full and $1,850
for the conversion of outstanding dividend scrip issued
May 31 1893, making the total amount to be listed
$519,068,000. (V . 92, p. 1033, 882.)
“ The proceeds of the stock allotment will be used for substantial addi­
tions, betterments and Improvements to and In the com pany’s railroads,
equipment, property and facilities to meet the following maturing obliga­
tions: N ote given by the com pany covering temporary loan, $3,937,500;
oar trust certificates, $10,300,000; water-supply trust certificates, $1,000,­
090; and for other corporate purposes, $15,237,500.” — V .9 2,p. 1243, 1033.

above.— V . 92, p. 528.
Santa Fe Liberal & Englewood R R .— Reorganization.— See
Yankee Fuel Co. under “ Industrials” below.— Y . 90, p. 373.
Santa Fe Raton & Des Moines R R .— Reorganization.— See
Yankee Fuel Co. under “ Industrials” below.— V . 90, p. 373.
Santa Fe Raton & Eastern R R .— Reorganization.— See
Yankee Fuel Co. under “ Industrials” below.— V . 90, p. 373.
South Side Elevated R R ., Chicago.— Merger.— See Chicago
Elevated Rys. above.— V . 92, p. 597, 320.
Springfield (Mo.) Railway & Light Co.— Sale of First Lien
Bonds.— The company has sold to Lee, Iligginson & Co.,
Boston, New York and Chicago, a new issue of $2,000,000
first lien 15-year 5 % sinking fund gold bonds.
These bonds are secured through collateral trust b y substantially a first
lien upon all the properties o f the Springfield T raction Co. and the Spring­
field Gas & E lec. C o., com prising all the street railway, gas and electric
light and power business of Springfield, Mo. All underlying bonds have
either been called for paym ent or cash has been deposited with the trustee
sufficient to pay them In full wfth interest to their m aturity. These prop­
erties are stated to be earning m ore than double all Interest charges, Includ­
ing interest on the $2,000,000 bonds now Issued.

Bonds Called.— All of the $766,000 first lien refunding 5 %
gold bonds of 1906 have been called for redemption at 105 and
int. on July 1 1911 at the N . Y . Trust Co., N . Y . City.
Compare Y . 92, p. 1244, 120.
Texas Central R R .— Additional Bonds Registered.— The
Texas Company has arranged to register with the Secretary
of State of Texas $798,000 1st M. 5 % bonds due April 1 1923,
as authorized by the Railroad Commissioners, on account of
the extension from Leon to Cross Plains, 41 miles, which has
been completed, and for improvements on existing lines.—
V . 92, p. 1120.
Texas & Pacific R y .— Block of Stock Pledged.— See Missouri
Pacific R y . above.— V . 92, p. 1311, 796.
Union Pacific R R .— Guaranteed Bonds.— See OregonWashington R R . & N av. Co. above.— V . 92, p . 1180.
United Public Utilities Co., New Orleans.— Further Data.
— This company, successor of the defunct Southern Electric
Securities C o., has its capital stock divided into $250,000
common stock and $1,007,600 5 % cum. pref. par, $100.
T he preferred dividends arc cum ulative from Oct. 1 1909 (the com pany
was not Incorporated till April 28 1911), and both principal and accrued
dividends have preference In case o f liquidation. The pref. will elect six
and the com m on three of the nine directors. These at Incorporation were:
J.ynn II. Dinkins. Silas I. H ym an, Jonas tt. L evy, Max Schwabacher, S. B.
Sneath, A. C. W uerpel, Sol. W exler, P. If. Saunders, Charles Payne
Fenner. No funded debt m entioned.

United Railways & Electric Co. of Baltimore.— Payments
on Income Bonds and Pref. Stock.— The company on May 25

declared out of the net earnings from Dec. 1 1910 to May 31
1911 the full payment of 2 % interest on the $13,946,000 in­
come bonds (represented by coupon No. 24), and also a divi­
Philadelphia Baltimore & Washington R R .— Listed.— The dend of 2 % on the outstanding $54,000 pref. stock, the cou­
New York Stock Exchange has listed $3,000,000 additional pons to be paid on presentation on and after June 1 at Alex­
1st M. 4 % bonds due 1943, with authority to add $1,500,000 l ander Brown & Sons.
on notice of issuance in exchange for Baltimore & Potomac
Checks for the dividends on the pref. stock— less a proportion o f State,
1st M. tunnel bonds due July 1, making the total authorized city and county taxes not exceeding M of 1% —are to be mailed to holders
o f record May 3 1 1911. No cash payments have been made since D ec. 1903,
to be listed $15,070,000. Compare V . 92, p. 795.— V . 92, the subsequent coupons to D ec. 1910 Inclusive having been fun ded .—
V . 02, p. 1175, 1033.
p. 873, 795.
Virginia Railway & Power Co.— Plan of Merger.— The
Phoenix (Ariz.) Railway Co.— Re-incorporated.— This com­
pany has been incorporated with $2,000,000 “ capitaliza­ shareholders will vote June 22 (1) on absorbing by consoli­
tion” to take over and improve the street railway system of dation, effective July 1 1911, the Norfolk & Portsmouth
Phoenix, consisting of 16 miles of trolley, on which there Traction Co. (V . 90, p. 1425, 1421; V . 91, p. 94, 1328, 1630;.
were outstanding at last accounts $100,000 stock and $50,000 V. 92, p. 595, 1243), and for that purpose (2) the increase of
the authorized capital stock," now consisting of $7,500,000
(of $100,000 auth.) 1st M. 5s.— V. 69, p. 334.
common and $5,000,000 preferred (of which issues $7,450,500
Portland (Ore.) Railway, Light & Power Co.— Listed.—
and $4,700,000, respectively, are outstanding) to $12,000,000
The New York Stock Exchange has listed $7,486,000 General
common and $8,000,000 preferred. This increase is neces­
Electric Co. 1st M. 4 % bonds due 1935.
sary in order to give $150 of new common stock for each $100

Purposes for which $7,486,000 Bonds Have Been Issued.
T o retire old ls t M . bonds dated Sept. 1 1893 (m tge. satisfied)
.$2,500,000
For Improvements prior to July 1 1905--------------------------------------- 1,500,000
For Improvements, additions and extensions since July 1 1 9 0 5 .. 3,486,000
— V. 92, p. 396, 323.

Reading Co.— Payment of Bonds.— Notice is given to the
holders of the consolidated mortgage 6 and 7 % bonds of
the Philadelphia & Reading R R . maturing June 1 1911
that the Reading Company will redeem the same in cash
on presentation at the office of Drexel & Co., Chestnut and
Fifth streets, Philadelphia, on and after June 1.

of the $3,000,000 common stock of the Norfolk & Ports­
mouth Traction, and to exchange the $3,000,000 pref. stock
of that company for new preferred, share for share. The
Va. lty. & Power Co. pref. stock is entitled to non-cumulative
dividends of 5 % up to Jan. 1 1914, and thereafter to non­
cumulative dividends up to 6 % .
The directors (and officers) of the consolidated co. will be:

000, 000, It Is stated, arc still outstanding, the remainder having been ex-

Com-

Chairman of the board, Frank J. Gould; President, William Northrop;
Vlcc-J’ residcnts, Fritz SIttcrdIng, Henry W . Anderson and R . Lancastcf
Williams; Secretary and Treasurer, Guy Phillips; Percy N . Chandler, Na­
thaniel A . Campbell, George II. Taylor, Frank O. Briggs, F. W . Roebllng
J r., Caldwell H ardy, Scrgus Reid and James L . Fellman. Principal office;
in R ichm ond.— V . 92. p. 1375. 1311.

■Rutland R R .— Suits.— As the result of the investigation
of the Delavan minority stockholders’ committee, the follow­
ing two suits have been brought, Samuel Untermyer appear­
ing for the complainants in each case:

W e st End Street R y ., Boston.— Proposed New Lease.— The
Legislative Committee on Street Railways expects within a
few days to be able to submit to the Legislature its proposed
bill providing for a new 50-year lease to the Boston Elevated
R y. in place of the present lease, expiring 1922.

Of the $18,811,000 consolidated M. bonds originally Issued, abou t $11,­

exchanged for Reading gen. M. 4s under option given In Feb. last.
paro V. 92, p. 323, 263.— V. 92, p. 1110, 660.

(1) A suit In the U. S. Circuit Court for Verm ont b y A . C. Spring, a resi­
dent of Massachusetts, a stockholder, against the former directors to com ­
pel them to account for alleged personal profits derived from the sale to the
com pany o f properties In which they wero Interested and In other wroug(2) Aii action In the U . S . Circuit Court for the Southern District of New
Y ork b y James N. llunnew cll, a resident of Massachusetts, against the New
Y ork Central & Hudson R iver R R .
It Is alleged that the purchase of control o f the R utland In Jan. 18 1905
Is In contravention of the Sherman law, the two roads being parallel and
com peting; that the New York Central Im properly diverted large quantities
o f freight and passenger traffic belonging to the Rutland to its own lines
and received the Income which should have gone to the R utland, and that
the latter has been Injured In the sum o f m ore than $2,000,000 thereby; also
that the New York Central In • I’m.-.-..) 'nequltablc and unfair traffic arrange­
ments on the R utland, whereby the New Y ork Central takes a share In all




The new lease will provide for 7 K % dividends on the com m on stock.
Instead of 7% ns at present, and also for modifications In the present lease
so as to permit of the capitalization of certain permanent improvements
which arc now charged to operating expenses and for the sale of property
of the W est End com pany not required for street railway purposes. A num­
ber of provisions, It Is stated, will also be made so as to result In a material
saving to the Boston Elevated. The shareholders' protective com m ittee
has requested a hearing in the m atter.— V . 92, p. 660.

W estern Maryland R y .— Refunding.— The company has
sold to a syndicate headed by Blair & Co. $4,100,000 1st M.
4 % bonds, to provide for the redemption of the $3,250,000
W est Virginia Central & Pittsburgh 6 % bonds due July 1
1911 |and $650,000 Piedmont & Cumberland R y. le t'M . 5 %

1438

THE

C H R O N IC LE

bonds due Aug. 1 1911. The auth. issue of 1st M. 4s is
.$50,000,000, of which $46,618,000 will now be outstanding,
the remainder, $3,381,300, being reserved under the 1st M.
to retire other underlying subsidiary liens. Compare V 92
p. 120.
.
'
Wilm ington & Philadelphia Traction Co .—Guaranteed
Bonds.— See Wilmington City Electric Co. under “ Indus­
trials” below.— V . 91, p. 1513.

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

Consumers' Power Co., Michigan.— Bonds— Earnings
Harris, Forbes & Co., New York; the Harris Trust & Savings
Bank, Chicago, the trustee; N . W . Harris & Co., In c., Bos­
ton. and Perry, Coffin & Burr, Boston, are placing an addi­
tional amount of “ first lien and refunding” 5 % gold bonds
dated Jan. 1 1911. The company is controlled by the Com­
monwealth Power, R y. & Light Co. See “ El. R y . Sec.”
„The flrst bloc!; ™ brought out last F ebfn n rip fs fnr s Sienmn™ n i$2’l o0,00,) o f t,lc underlying bonds have been reo r t f e U b l i e ^ leo 7 ^ r i yi9ai l Ut 93>M° ’000 “ f l y i n g bonds In the hands

Worcester Nashua & Rochester R R .— Proposed Sale.— Vhe
stockholders will vote on June 6 on selling the road to the
Boston & Maine.

Condensed Extracts from Statement by Pres. W. A. Poote, Jackson, May 8.
510,135.000, Including the Bonds Now Offered.
nnm li nf
5! ‘ auth- 535,000.000; outstanding_____ $0,064,000
BT ^ 3,o0i , t„'}.tice 9?nstituC!lt cos., to retire which 1st lieu & ref. 5s
? ’ Commonwealth Power Co. 5s, due 1921, $1,703,a7« ’ nona^ L R?iPy S'¥ .Uskesorl Power Co. 5s- due 1931, $1,rran°H
apk^ Edison Co. r>s, due 1916, $972,000;
Gland Rapids Edison C o., $13,000 (but see a b o v e )___________ 4,071,000
Earnings fo r Year ended March 31 1911— Present Interest Charges.
----------- $2, 136,844 11nterest charge............ ........ $506,750
Net earns, after taxes— $1,035,8731B a la n c e ____________ ____ $529,123
™ en hhyd^ l ebf.rl?, g a t i n g plants have a total rated capacity of a b o u t
12 000 h n'.’ of c u d ^ Vlc inItlal developm ent on the Au Sable R iv er o f
tlo’i?v0n w nVthn
Plants, 42,000 h. p.; total, 92,000 h. p. The dupllcafbe properties (appraisal made for Michigan R R . Comm ission
CXCCi''s
tbe *10,13.),000 bonds outstanding. Bonds o f
companies to the mrther amount of $6,248,000, approved b y
deposited with the trustee as collateral. C om pd.ru V . U-, p. D2o, 40i).

m xnfrih ni TrnP ti aSt ow£ ed * ‘771.100 o f the $3,099,800 stock and
In March 1911 ollered to purchase the remaining shares at $145 per share,
a large am ount of the minority stock having been secured.— V . 92, p 001!

Yonkers R R .— The Public Service Commission on May 25
approved the terms of an agreement between Receiver
Sutherland and Receiver Whitridge of the Union R y ., under
which cars of the company will be run over the Union tracks
to the terminal of the Broadway branch of the subway at
242d S t., also to the Third Ave. Elevated terminal at 198th
St. and to Ninth Ave. elevated at 155th St.
This will enable passengers to ride from Yonkers for 5 cents to any one
of the 3 terminals named. R ecently there has been an informal ^arrange­
ment by which the 5-cent fare system was put Into eifect on the Broadway
line, but only as far south as 242d S t.; but aside from that arrangement
passengers have had to pay 5 cents to the Yonkers com pany to get to the
city line and an additional 5 cents to the Union R y .t o reach a terminal of
the subway or elevated road.
This reduces from 15 to 10 cents the fare
from Yonkers to lower Manhattan, restoring the price to the same as before
the breaking up of the M etropolitan Street R y . system .— V. 92, p. 1245

Corporation of United Cigar Stores.— Earnings.—-The
earnings for the year ending April 1 1911 were:
ssfinn!Lonodftor-c<kctvSd
subsidiary com panies, $1,562,529; Interest on
l r 2«° 3aod° 0 11 bonds, $216,000; dividends paid (8 % ), $720,080; balance,
*623.449. previous surplus, $93,827; total accumulated surplus, $720,276.
1 he American T ob a cco Co. holds $6,000,000 of the $9,000,000 outstand­
ing stock
The main subsidiary Is the United Cigar Stores Co. or New
Jersey, which in turn controls the United Cigar Stores Co. of Illinois, R hode
Island and other distributing agencies. The present gross sales of the sys­
tem are. it Is reported, believed to be about $30,000,000.— V . 89, p. 922.

IN D U S T R IA L , GAS A N D MISCELLANEOUS.
Alabama Consolidated Coal & Iron Co.— Consolidation
Prospects.— Press despatches state that consolidation with
the Southern Iron & Steel Co. “ has been practically consum­
Denver Union W ater Co — Favorable Decision.— The
m ated.” Appraisements of both properties, it is stated, opinion of the U . S. Circuit Court of Appeals, referred to last
have been made, and found satisfactory, and the terms of the week, announcing the decision affirming the temporary in­
merger will be made public shortly.— V . 92, p. 957, 464.
junction granted by the lower Court restraining the city from
American Agricultural Chemical Co — Potash Agreement.— issuing bonds or constructing a new system of water-works,
Cable advices state that an agreement was reached on May 18 holds in effect that the electors, by adopting Section 264-A ,
with the German potash syndicate under which prices are to amending the charter, in May 1910, renewed the Patteson
be regulated for a period of 5
years, the agreement being in franchise of 1890.
The latter, it Is held, Is self-renewing on violation o f its terms b y the city,
process of being drafted.— V. 92, p. 324, 264.
notice o f which was given b y the charter amendment referred to. The re­
decision, It is understood, Is that the city will have to elect either
American Gas & Electric Co.— Bonds of Controlled Com­ sult/e onfe the
w -th e franchise or purchase the plant at the appraised valuation,
pany.— See Wheeling Elec. Co. below.— V. 92, p. 397, 1034. $14,400,000, plus the amount expended since the same was m ade. The
opinion b y Judge H ook was given at length in the Denver “ R ep ublican'’ of
American Power & Light Co.— Slock, &c — See Kansas M ay 20.— V. 92, p. 1376, 1313.
Gas & Electric Co. below.— Y . 91, p. 718, 465.
Des Moines (la.) Water Co .— Possible Sale to City.— See
American Rolling Mill Co., M iddletown,O.— New Stock.— “ Des Moines” in “ State and City” department.— V . 8 7 ,p .169.
The company, it is reported, is considering the issue of
General Motors Co.— Sinking Fund Payment.— The com­
$1,000,000 additional common stock.
pany has paid to the Central Trust Co., trustee of the 6 %
The new stock, It Is stated, will be ottered pro rata to the holders of the first lien 5-year notes, $500,000 in cash, on account of the
present $4,200,000 com m on and $840,000 pref. stock, the com m on stock­
$1,500,000 sinking fund payment, due Oct. 1 1911, which
holders to pay par and the pref. stockholders 200 for the new stock. This
will raise $1,160,000 for working capital. The new plant is about ready for
will be used in buying notes in the market.

operation, trebling the capacity of the works and enabling the com pany to
add to Its products plates, thin sheets, bars, rods, & c.— V . 91, p. 1329.

W ater-W orks Co.— Suit to Set Aside
Valuation by Commission.— The company has brought suit in
the Circuit Court at Madison, W is., to vacate and set aside
the order of the Railroad Commission, dated Dec. 7 1910,
fixing the price at which the company shall sell the plant to
the city at $225,000, in accordance with the vote of the elec­
tors on Aug. 23 1910. Compare item under “ Appleton” in
“ State and City” department. Y . 91, p. 599.
Appleton

The business of the com pany, it Is stated, continues up to the expectation
of the management, the cash position being strong.— V . 92, p. 728, 264.

(W is.)

The com pany questions the authority of the Commission and alleges the
price fixed Is much less than a true and fair valuation and that it never
consented to the sale.— V . 91, p. 591.

Associated Oil Co.— Report.— For calendar year:
Cal.
Total
Expenses Unci. in t. on
Deprec’n
Sinking
Balance,
Year
Revenue.
M is c .I n t .). Bonds.
Reserve.
Fund.
Surplus.
1 9 1 0 ..
$22,963,155 $18,277,051 $138,558 $1,215,294
$578,039 $2,454,213
1 9 0 9 .. 15,420,831
12,402,185 139,029
717,221 ----------2,102,396
— V. 92, p. 797, 264.

Ballston Spa (N. Y .) Light & Power Co.— Recent Coupon
Payment.— See Hudson River Electric Power Co. under

Great Western Power Co., New York and California.—

Underwriting of Securities on Account of Purchase of City
Electric Co. of San Francisco.— E . H . Rollins & Sons, Boston,
New York, Chicago and San Francisco, have placed in a few
blocks, in California, Chicago and New York, the under­
writing of the following securities issued on account of the
purchase of the City Electric Co. of San Francisco (V . 92,
p. 959, 884): $3,000,000 Great Western Power Co. 1st M.
5 % gold bonds, due July 1 1946; $1,000,000 California Elec­
tric Generating Co. (V . 88, p. 688; Y. 89, p. 472) 6 % pref.
stock, dividends cumulative from Jan. 1 1912, and guar­
anteed by the Great Western Power Co.; $2,670,000 Western
Power Co. of New Jersey common stock ( Y. 83, p. 499). The
underwriting was on the basis of $1,000 Great Western
Power 5 % bonds, $333 1-3 Cal. E l. Generating Co. pref.
stock and $890 Western Power Co. common stock for $1,335.
.^

..

,

Abstract of Prospectus.

A t Big Bend, 18 miles above Oroville, ana 169 miles northeast o f Oakland,

“ Annual Reports.” — V . 89, p. 955.
the com pany has in successful operation a hydro-electric plant with a total
of 55.000 (electrical) h.p . This plant Includes a masonry dam
Canadian Light & Power Co., Montreal.— The company capacity
85 ft. high and a concrete-lined tunnel through solid rock for 15 000 ft
has purchased the Central Light, Heat & Power Co. at a the water being utilized under a head o f 455 ft. When the flow of the river
Increased to 2,500 cubic ft. per second by the developm ent of the Big
price reported as about $500,000, thus enabling it to dis­ is
Meadows storage, this plant can be increased to 110,000 (electrical) h p.
tribute power in the centre of Montreal.— V. 91, p. 1712.
by merely adding generating units. Tne power from Big Bend Is trans­
m itted at 100,000 volts 169 miles to Oakland over two circuits (each of
Chickasha (Okla.) H eat, Light & Power Co.— Receivership. three copper cables on steel towers set In con crete), and is reduced for com ­
— Judge Campbell in the Federal Court at Muskogee, Okla., mercial use in sub-stations at Sacramento, Brighton, A ntioch, Cowell and
Oakland, each sub-station supplying customers within a radius of 25 miles
on May 19, on application of the Central Trust Co. of Illinois’
Between the Big Meadows and Big Bend the north ford of the Feather
River has a fall of 3,400 ft., practically all controlled by the co m p a n y tills,
mortgage trustee, appointed C. G. Johnson as receiver.
with the water to be made available b y the Big Meadows storage should
City Electric Co. of San Francisco.— Sale, Bonds, &c.— permit developm ent of 500,000 h.p.
The California Electric Generating Co. has erected at Oakland for emerg­
See Great Western Power Co. below.— V . 92, p. 883.
ency service a concrete and steel power plant with three steam turbines,
Clearfield Bituminous Coal Corporation.— Acquisition— each connected to electric generators, com bined capacity 15,000 elec li o
The steam plant of the City Electric Co. in San Francisco consists of a
New Bonds.— See Pennsylvania Coal & Coke Co. below.
steel and concrete building on the water front, water-tube boilers (20 000
h .p .), steam turbines connected to electric generators, capacity 28’000
Consolidation Coal Co., Baltimore.— Listed.— The New electrical
h.p . By means of conduits in the business district, and over­
York Stock Exchange has listed $10,375,000 “ first and re­ head lines in the residence sections, the com pany supplies a large amount
funding” M. 40-year 5 % sinking fund bonds, due 1950, with of current for lighting and power in San Francisco. In a few months cables
)rlng to San Francisco the low cost hydro-electric cur­
authority to adcl $2,625,000 bonds on notice of issuance, rr?nlenftt\?(> ^ r n ^t w
Western Power C o., effecting a substantial saving In cost
U rLr^ !' ) ru\ 11 stt;am Plant available as a reserve for the entire system .
making the total amount listed $13,000,000.
The $13,090,000 bonds include the $9,000,000 recently offered and sold
(V . 9~, p. 4 6 i, 529) and $4,000,000 reserved to retire underlying bonds
held in the treasury of the com pany, viz.: $311,000 Southern Coal & Trans­
portation Co. 1st 5s, $281,000 Clarksburg Fuel Co. 1st 63 and $1,968,000
1st os, $1,272,000 Pittsburgh & Fairmont Fuel Co. 1st 5s, $69,000 Somerset
Coal 1st 30-year 5s and $9<\000 Fairmont Coal Co. 1st 30-year 5s.
•
Gross
Net (.after Other
Interest, Dlvs.
Bal.,
.
Earnings. D eprec.). Inc.
Taxes, &c. (6 % ).
Sur.
Year ending—
$
$
$
$
$
$
M ch. 31 1911-12,033,278 2.720,371 321,052 1,664,858 1,155,045 22L 520
Dec. 31 1910.12.712,256 3,215,226 197,848 1,700,408 1,141,552 571,024
D ec. 31 1909-10,223,087 2,803,382 277,815 1,589,239 1,009,882 482,076




Combined capacity of the plants now lit operation Is 90,000 (clco.) h. p.
Hw n? w?
n. Incl. Securities to Acquire Entire City Elec. Stock.
[W dl be proportionately less if entire City Elec, stock <s not acquired.]
V
V
Po we r Co. of N. J. (H olding com pany) owning entire
?,r 7' ? ° ,L '9 ^ ^ T c °* Great Western Power Co.—
Stock (56.000,000 Is pref. 6% cum ulative from Jan. 1 1912) $20,670,000
Gr/ at W ^ tcr n Dower Co. of Calif. (Owns $5,000,000 com m on
stock of Cal Elec. Gen. Co. and has deposited It under the
1st M ., will also acquire the $5,000,000 stock of City Elec.
Co of San fra n cisco and similarly deposit It) —
l s L n 'eV-nb™Alsv.au th-, $25,000,000. Certified, $16,538,o °o . $7j»o,000 bearing no int., pledged under m tge. of
Calif. Eire. Generating Co.; $611,000 in treasury of Great
W estern Power Co.; In hands o f public (V 89, p. 1283) ...$ 1 5 ,1 7 7 ,0 0 0

0

m ay

THE CHRONICLE

2 7 1 9 1 1 .]

California Electric Generating Co. (Leased to Great Western
Power C o., which owns the 55,000,000 com m on stock)—
Pref. stock auth., 52,500,000; 5900,000 Is trusteed and may
he used only for benellt of Great Western Power Co. sys­
tem. In hands of public (dlvs. cum ulative at 6% from Jan.
1 1912 and guaranteed by Great Western Power C o .)___ 51 , 000,000
1st M. 5% bonds (V. 88, p. 688). A u th ., 55,000,000. Is­
1,200,000
sued, guaranteed b y Great Western Power C o ___________
City Electric Co. of San Franolsco 1st M. 5% bonds (V. 92,
p. 883). A uthorized, 55,000,000; Issued_________________ 51,700,000
Combined Earnings— Actual for Year ending March 31 1911— Estimated
for Calendar Years 1911 'and 1912.
A ct. 1910-1. E sf.19 1 1.
Est. 1912.
Gross earnings_____________
51,932,000
52,175,000 52,750,000
Net earnings (after taxes)-------------------- 51,188,000 51,425,000 51,850,000
Fixed charges — --------705,000
837,500
975,000
Surplus_____________________________ 5483,000
5587,500
5875,000
After 1911 dividends on pref. stocks will call for $456,000 per annum.
T h e managements of the several properties will not be consolidated until
Juiy l 1911 and physical union of properties cannot be effected until fall.
Fixed charges here as shown for 1912 Include Interest on nearly $1,500,000
o f capital for additions and extensions.
The business field In which the system operates Is one of the most attrac­
tive for the electrical business In the TJ. S. No coal Is found within the
territory. Within the district are located San Francisco (population,
416,912); Alameda County (pop. 246,131), Including Oakland, Alameda
and Berkeley; Contra Costa Co. (p o p . 31.674); Sacramento City (44.696).
In considering the results which the com panies m ay expect for the next
few years, the following circumstances must be considered: (1) The opening
of the Panama Canal In 1914 or 1915. (2) The W orld’s Fair to be held at
San Francisco in 1915. (3) The natural fertility of the soli, which Is being
enormously enhanced by reclamation and Irrigation. (4) The fact that
flerbert and Mortimer Flelsh hacker will now be In direct charge of the
operation of the property in California, while Edwin Hawley, A . C. Bedford
and A . W . Burchard (of the General Electric Co.) remain am ong those
heavily interested and active In the m anagem ent.— V. 92, p. 959, 884.

Hart, Schaffnor & Marx (Inc.), Chicago, Wholesale Manu­
facturers of Men’s Clothing.— Pref. Stock Oversubscribed.—
Ladenburg, Thalmann & Co., N. Y ., and A. G. Becker & Co.,
Chicago, announced on Monday that the applications for the
7 % pref. stock had been manv times oversubscribed. See
V. 92, p. 1376.

Hudson River Power Transmission Co.— Recent Coupon
Payment, &c.— See Hudson River Electric Bovver Co. under
“ Annual Reports.” — V . 88, p. 101.

Inland Lines, Ltd.— Sale of Control.— See Richelieu &
Ontario Navigation Co. below.

International Paper Co., New York.— Effect of Reciprocity.
— President Burbank, in a recent circular, said in substance:
Under the Dlngley tariff the duty on print papers for newspapers was $6
per ton. Under the Payne t.arlff It is only 53 75 per ton, or about 8 % ,
which Is less than the tariff board finds we are entitled to. The bill provid­
ing for reciprocity with Canada not only removes tills duty entirely, but It
places about 75% of the Industry on a free trade basis, the Inevitable tend­
ency of which will be to check developm ent In tills country and prom ote
developm ent in Canada. The agent of the newspaper publishers has mis­
represented the Industry and this com pany before Congress with allega­
tions of com bination, extortions, & c., which arc absolutely ungrounded .—
V . 92. p. 326.

Kansas Gas & Electric Co.— Acquisition.— The company
lias acquired all the property and franchises of the Independ­
ence (K an.) Electric Co., which does the entire electric busi­
ness of Independence (population 12,372 in 1910) under fran­
chises extending to 192(3; no bonded debt.
The Kansas Gas <fc Electric Co. was Incorporated In 1909 to acquire by
consolidation the United Gas C o., Edison Light & Power C o., Gas & Elec­
trical Appliance Co. of W ichita, K an., and the Hom e Light, Heat & Power
Co. of Pittsburgh and Frontcnac, K an. The com pany Is controlled,
through ownership of Its entire $3,000,000 com m on stock [pref. 7% stock
outstanding, 51,100,0001, by the American Power & Light C o., which has
outstanding 52,920,500 0",', pref. stock and 55,616,400 com m on stock, and
Is itself controlled by the Electric Bond & Share Co. and affiliated Interests.

Ronds— Earnings.— -Win. A . Read & Co., Now York, A c.,
offer 1st M. 5s at 97 and int. Amount now out, 81,939,000.
Earnings fo r Years ending A p ril 30.
Gross.
Net.
Ilond Int. PI. Div. B al.,S ur.
1 9 1 0 -1 1 ......................... $874,271 $290,742 $106,600 $77,000 $107,142
1909-10 ______________ 753,868
251,835
............
.................................
Sec further particulars In V. 90, p. 1046, 1557; V . 92, p. 326.

Montgomery (Ala.) Light & W ater Power Co.— Earnings.
Year ending
Gross
A p ril SO—
Earnings.
1 9 1 1 ____________ $364,612
1 9 1 0 ____________ 335,815
— V. 91, p. 399.

Net
Earnings.
5191,663
172,956

— Interest on Bonds—
Balance,
Underlying. 1st Consols. Surplus.
$38,640
$65,327 $87,695
40,620
62,700
69,636

Montreal Light, Heat & Power Co.— New Director.— lion.
Narcisse Perodeau, a member of the Quebec Legislative
Council, has been elected a director to succeed Senator L. J.
Forget, deceased.
Report.— For the year ending April 30:
Fiscal
Gross
Net
Int. on
Dividends
Balance
Year—
Earnings. Earnings. Bonds, &c.
Paid.
Surplus.
1910-11......... $4,404,120 $2,570,340 $472,051 (7 >£% )$1,275,000 $829,289
1909-10, - — 4,240,945 2,392,067 480.806
(7 % ) 1,190,000 721,200
From the balance as above In 1910-11; 8829,289, there was deducted
5476,011 for depreciation, renewals, & c., against 5400,000 in 1909-10,
leaving a surplus of 5353,278 In 1910-11, against $321,200.— V. 92, p. 192.

National Supply Co., Toledo.— Extra Dividend— New Stock.
— A cash dividend of 160% is to be paid on the 82,000,000
common stock on July 6. The capital stock is also to be
increased from 84,000,000 to $7,000,000, by the addition of
$3,000,000 common stock, holders of the $2,000,000 each of
the present common and pref. stock to have the right to
subscribe for the same pro rata at par.
Subscriptions for the new stock must be made with the Bankers’ Trust Co.
on June 30, the holders of the com m on stock to have the option to use a
portion of their cash dividend In payment for the new stock. The 8%
non-cum ulatlve pref. stock was distributed early In 1907 as a 100% stock
dividend on the com m on stock, since which regular distributions at the
rate of 4 % and 8% have been made on the com m on and pref. stock, re­
spectively. Compare V. 84, p. 224.

New York & Queens County Electric Light & Power Co.—

Dividend Reduced.— A quarterly dividend of 1 % has been
declared on the $ 1,250,000 5 % non-cumulative pref. stock,
payable June l to stock of record May 26. This is at the
annual rate of 4 % , comparing with 5 % as paid from 1907
to Mch. 1911, inclusive, a semi-annual distribution of 2 Yi%
having also been paid in Dec. 1904.




1430

An officer says; In view of the large floating debt of $350,000, It was
decided that conservative action would place the dividend on a 4 % per
annum basis.— V . 92, p. 730.

Northern California Power Co.— Consolidated Bonds Sold.
— The company has sold to N . W . Halsey & Co., 81,000,000
“ refunding and consolidated” M. bonds, making the amount
outstanding, it is understood, 83,345,000.
Supplemental Mortgage.— A supplemental mortgage was
made on May 18 to secure the issue.
The supplement provides chiefly for changes of conditions under which
additional bonds can be issued and establishes a maintenance and depre­
ciation fund calling for payments o f 15°,', of the gross earnings In addition
to operating expenses, interest and taxes before any dividends can be paid
on the capital stock. The proceeds of the $1,000,000 bonds Just sold will
be used to com plete the new Coleman power plant, now nearly finished.
This will increase the generating capacity by 20,000 h. p ., making the total
capacity 67,000 h. p.

The negotiations for the sale of the bonds, it is said, has
no relation to the reported negotiations which have been
under way for the sale of the company’s stock at $80 per
share.— V . 91, p. 1764.
Northern Navigation Co.— Sale of Control.— See Richelieu
& Ontario Navigation Co. below.— V . 92, p. 666.
Omaha (Neb.) W ater Co.— Citji Bond Election June 27.— ■
See “ Omaha” in “ State & City” department.— V . 92,
p .

1 1 8 2 ,

6 6 6 .

Pennsylvania Coal & Coke Co.— Plan Dated May 16 1911.
— A plan of reorganization has been prepared by the com­
mittee representing 8 7 % the “ consolidated first and collateral
trust m ort.” bonds of 1903 (total outstanding $5,854,500),
under which the property, if purchased by the committee at
foreclosure sale, will be sold by it to the Clearfield Bituminous
Coal Corporation, a company with bonded debt of about
81.000 . 000 and $825,000 capital stock, the latter all owned
by or in the interest of the N. Y . Central & Hudson River
R R . As consideration, the committee will receive $2,500 ,­
000 4
Clearfield Co. mortgage bonds (of a new issue of
85.000 . 000), less some $660,000 for discharge of indebtedness
to the said railroad.
A new company will be formed
with some $7,500,000 stock and $1,000,000 cash working
capital, and holders of the aforesaid old consolidated bonds
who, on or before June 10, shall have deposited their bonds
with the Guaranty Trust Co. of N . Y ., and shall pay an as­
sessment of 12J/o% as prescribed, will receive par in the new
stock in exchange for the principal of their bonds, and par,
also in stock, for the amount of the assessment. The new
company will then lease from the Clearfield Company cer­
tain of the coal properties in question on the terms below
mentioned. The plan will become operative unless at least
one-third of the deposited bonds dissent by June 10.
The com m ittee arc: A lexander J. Hemphill, Chairman; Clarence D. Sim p­
son, William A . Lathrop, S tacy C. Richm ond and John Carstensen, with
Lewis B. Franklin as Secretary, 28 Nassau S t., New York City.
Digest of Plan Prepared for “ Chronicle.”
New Company— Capital Stock Probably 57,500,000.
(1) Proceedings have been taken for a foreclosure of the consolidated
mortgage and, coincident with the foreclosure sale, there is to be a sale of
the properties which arc not subject to the lien of said m ortgage. A new
com pany will then lie organized with 57,500,000 of authorized capital stock
(or such other amount as com m ittee shall decide) to effectuate the plan.
Agreement to Sell the Coal Properties to Clearfield Bituminous Coal Corporation
Subject to 56,823,000 underlying Bonds.
(2) An agreement has been entered Into between the com m ittee and the
Clearfield Bituminous Coal Corporation, providing that in the event the
said properties are acquired by the com m ittee, there shall then be sold to
the Clearfield Company all the coal lands and mines of the Pennsylvania
Company now held by it in fee, together with all equipment appertaining
thereto and all railway cars of the Pennsylvania Company; also all surface
lands owned b y said Pennsylvania Com pany in fee, with the buildings,
tracks and im provem ents thereon and all leasehold interests o f said com ­
pany; also all stocks and certain of the bonds of subsidiary com panies owned
bv the Pennsylvania Company. The properties so to be transferred will
be subject to the lien of the underlying mortgages, aggregating approxi­
m ately 56,823,000, and car-purchase indebtedness amounting as of June 1
1911 to approxim ately $122,841
[The aforesaid $6,823,000 undisturbed bonds, as reduced b y sinking
fund, Include:
Date. Interest. Outstanding. W hen Due.
$2,929,000 Mch.
1942
W ebster C. & C. 1st con . M _1902 5 g M-S
1,140,000 July 1 1932
Penn. C. & C. 1st M ., Ser. A . _ 1902 5 g J-J
168,000
O ct. 1 1924
Chest. Creek Ld. & Im p. 1st M.1898 4 A-O
5 g J-D
2,563,000 June 1 1944
Beech Crk. C. & G. 1st M ...... .1904
______
23,000.[— Ed.]
Purchase m oney mortgages __ __
Consideration 52,500,000 Clearfield Bonds. I.ess Some $660,000.
In consideration of such transfer, the com m ittee is to receive 52,500,000
1 /o gold bonds of the Clearfield Company (Interest payable semi-annually,
principal due not later than Jan. 1 1932). less a face amount thereof equal to
the Indebtedness of the receiver to the N. V . Central <5: Hudson River R R .
C o., estim ated as of June 1 1911 to be approxim ately S660.137, which
amount is Inclusive of $100,000 of receiver’s certificates. Said bonds are to
bo part of a total authorized issue of $5,000,000, to be secured by a m ortgage
to the Guaranty Trust Co. o f N. Y ., as trustee, upon all the real property so
to be transferred as aforesaid, and upon substantially all other real property
of the Clearfield Com pany. [The Clearfield Company on Dec. 31 1909 had
outstanding 5721,500 4% 1st M. s. f. gold bonds dated 1891 and due Jan. 1
1940, Interest guaranteed b y the Beech Creek R R . C o., also 5290.000
purchase-m oney sink. fd. gold 3 J4s. dated 1902 and d u eO ct. 1 1951.— E d.]
The bonds so to be receive I by the com m ittee arc to be subject to sale
by the com m ittee upon such terms as com m ittee shall determine.
Clearfield Co. to Lease Properties to New Co. Formed by Committee.
As further consideration, the Clearfield Company Is to lease to the new
com pany from the premises so acquired all the coal underlying approxi­
m ately 47,000 acres of fee p.-cmlse3, upon a rental basis of 10 cts. per ton,
and the coal underlying approxim ately 12,000 acres of leasehold premises
upon a rental basis b j wiiich the new com pany is to pay the rentals, royal­
ties, & c., required under the leasehold instruments, and a further sum o f 2
cts. per ton for each ton of coal mined from said leasehold premises In any
one year In excess of 1,500,000 tons. This lease to the new com pany will
com prise all of the lands of the Pennsylvania Company thus far developed,
as well as those most easily accessible for future developm ent; and will carry
with it all buildings, machinery and railway and mine cars. The new com ­
pany will also be entitled to the earnings from the stocks and the interest
on the bonds of the subsidiary companies acquired by the Clearfield Com­
pany from the Pennsylvania Company, together with the voting powers
on said stocks during the continuance of the lease.
The lease Is to take effect as of Jan. 1 1911, and inasmuch as the same will
not be actually consum m ated until a later date, provision has been made
fo r an adjustm ent upon the basis that the Clearfield Com pany, on the one
hand, shall pay to the new com pany the amounts of Interest, sinking fund
and installment payments pertaining to the underlying mortgages and carpurchase agreement agreed to be paid by the Clearfield Com pany, but which
shaii have been paid by the Pennsylvania Com pany, the receiver, the com ­
m ittee or the new com pany, and that, on the other hand, the obligation o f
the new com pany with respect to rental shall be com puted from Jan. 1 1911.

1440

THE CHRONICLE

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

Said agreement Is dependent upon the com m ittee being able to give good
title free from all liens except those of the underlying mortgages and carpurchase agreement; and also upon the com m ittee being able to have c o v ­
ered Into the treasury o f the new com pany as working capital approxi­
m ately $1,000,000 in cash.
(3) The foreclosure sale under the consolidated mortgage Is to be m ade
subject to the lien of the underlying mortgages and car-purchase agreement
and the receiver’s certificates; and the com m ittee out of the m oneys re­
ceived by it under the plan are to pay all indebtedness and charges of the
receiver,the expenses of the sale, and all necessary Interest, sinking fund and
installment paym ents upon the underlying mortgages and car-purchase
agreem ent o f the Pennsylvania Company. & c.; the balance not so used to
be paid over to the new com pany for working capital.
Assessment of 12 '/•1% on Consols Payable in Installments.
Each assenting depositor shall pay to the depositary an amount equal in
the aggregate to 12
of the face value of his consolidated bonds in in­
stallments as follows: 2<A% June 15 1011; 5% June 30 1011. and the re­
maining 5% at the time thereafter specified b y the com m ittee.
Stock for Consols anil Assessment— Underwriting Syndicate Proposed.
Depositors who com ply with the plan will receive stock of the new com ­
pany equal in par value to the face value of their bonds, without Interest,
together with further stock at par for the assessment.
It is contem plated that a syndicate shall be form ed to underwrite the
aforesaid assessments of 12 K % upon approxim ately the entire am ount of
consolidated bonds outstanding.— V. h i, p. 522.

to perndt outside bidders to have the properties and so hasten liquidation.
The receiver has on hand in cash and accounts collectible about $370,000
and merchandise, & c., worth about $45,000. Outside of the claims of the
holders of 1st M. bonds and adjustment bonds, there are said to be no
charges save unsecured claims of about $1,400 and receiver's expenses.
The net m oneys so held will be distributed, after an accounting b y the re­
ceiver, pro rata among those having valid claims. W hat claims the ad­
justm ent bondholders possess will probably have to be determined in the
law, with them and their com m ittee. All m oneys received by your com ­
m ittee from such source, on account of bonds deposited, will be used to
pay on obligations Incurred under the accom panying plan, and any balance
will be turned over to the new com pany.
’Ihe plan requires no contribution in cash from depositing bondholders.
A 4!,c f)<?s
I s*'
bonds will receive pro rata shares, evidenced by
certificates of stock of the real estate com pany, in whatever properties are
bought by the com m ittee, and all proceeds of the sale of such properties
will be divided in like proportions. This will prevent the sacrifice of the
properties at foreclosure salo. Bondholders who have deposited their
bonds will bo entitled to the benefits of tlie plan without further action,
unless holders representing 40% of the deposited 1st M. bonds shall file
notice of dissent from the plan. There are now deposited $ 2, 500,000
bonds out of an Issue of $2,800,000. The remaining 1st M. bonds m ay be
deposited with the Title Guarantee & Trust Co. of N . Y ., depositary, on
or before June 15 1911, but after that date only as perm itted by the com ­
m ittee and upon such terms as it m ay prescribe.— V . 02, p. 601, 467.

Raton W ater Works Co., New York .— Reorganization.—
See Yankee Fuel Co. below.— Y . 90, p. 377.

Standard Milling Co.— Listed.— The New York Stock E x­
change has listed $2,926,000 5 % 1st M. bonds due 1930,
$6,900,000 non-cumulative 5 % pref. and $4,600,000 ceinmon stock.
Earnings.— Of holding company for 6 nibs.end. Feb. 28 ' l l :

Republic Iron & Steel Co.— Price of Bars Cut.— The com­
pany on May 24 announced that, in pursuance of a “ more
aggressive sales p o licy,"it had determined to cut the price
of iron and steel bars, of which it is a large producer.
Doubt Is expressed in trade circles as to whether this action will extend
to other finished lines, since It has been considered that steel bar prices
have been out of line with other steel products. A general meeting o f steel
manufacturers is expected to be held in New York on Monday.
The price of steel bars, nominally $1 40 per 100 lbs., Pittsburgh, has been
reduced by the R epublic com pany to §1 25 to jobbers until O ct. 1 and to
general consumers until Jan. I 1912, while in the case of agricultural Imple­
ment makers It will apply until July 1 1912. The cut has been met by most
o f the other companies. In the case of the United States Steel Corporation
the new price on bars applies only on business for immediate shipment.
Chairman Topping states that on account of the low prices o f Iron and
steel bars made by some of the smaller manufacturers, the Republic com ­
pany has been unable to secure what It regarded as a fair proportion of
current tonnage and unable to maintain an economical operation on that
account, and that the board had, therefore, determined on a more aggressive
sales p olicy. (Compare U. S. Steel Corp., V. 92, p. 1315.)— V. 92, p. 1182

Richelieu & Ontario Navigation Co.— Acquisitions— In­
crease of Stock.— The company has arranged to purchase
the Northern Navigation Co. and the Inland Lines.
The controlling Interest is being taken over from a syndicate acting
through the Canada Securities Co. The syndicate holds abou t 92% of the
shares of [he $1,000,000 Northern N av. Co. stock and about 80% of the
$2,300,000 pret. and $505,000 com m on stock of the Inland Lines, L td.
The vendors will accept shares In the R . & O. Co. in exchange for their
con trol. The Northern shares will be exchanged at par and the Inland will
take R . & O. shares at 120, or about market price, or 5 shares of R . & O. Co.
for 0 Inland shares. The Richelieu & Ontario Co. will Increase its capital
stock to $10,000,000.
The Inland Co. owns 18 steamers, while the Northern owns 9, and has
given out a con tract for one, to co s ta b o u t $600,000.— V . 9 2 ,p. 1246, 1182.

San Antonio Water Supply Co.— Bonds All Sold.— The
$1,000,000 first refunding sinking fund 5 % 25-year bonds
offered last week by A . G. Edwards & Sons and William A .
Read & Co. have all been sold.— V. 92, p. 1378.
Sheffield Farms, Slawson-Decker Co. of New York.—
Preferred Stock Offered.— O’Connor & Kahlcr, Chicago and
N . Y ., are offering at 97)^ and accrued div., paying 0 .1 5 % ,
a block of 6 % cum. pref. stock, callable after 5 years at 1 0 7 ^
and accrued divs. Dividends Q .-M . A circular reports:
Capitalization: Common stock, authorized and outstanding, $1,000,000;
pref. stock, auth., $500,000: outstanding, $400,000. This Issue of pref.
stock furnishes additional working capital for rapidly increasing business.
Organized In 1902 and acquired the milk and cream ery products business
of Thomas VV. Decker & Sons, Slawson Brothers and the Sheffield Farms.
Has shown a steady growth In volum e of business and net earnings. For
the year 1910 a total of $100,182 was charged oU against plants, & c., leav­
ing a balance of net earnings after depreciation of over i2 times the sum
needed to pay the 0% dividends on the pref. stock [now] Issued, in addi­
tion to equipment, accounts receivable, A c., the com pany owns real estate
In N. Y . City and elsewhere, Including warehouses, stores, creameries, &c.,
to an Inventoried value of approxim ately $1,400,000, all free and clear
Dec. 31 1910, except for mortgages amounting to about $338,000.
Hereafter no additional mortgage Indebtedness or arty bonded debt may
be created without the consent of two-thirds In Interest of the preferred
and com m on stockholders. The management Is in the hands of practical
men who have grown up with the business, all the officers and directors
being active In the conduct of the com pany.
Earnings for Calendar Years.
Cal.
Cross
Net
ueprecia- Divid's
Balance,
Total
Year—
Sales.
Earnings, tlon, &c.
Paid.
Surplus.
Surplus.
1 9 1 0 .. . $ 5 , 391,072 $150,806 $150,330 $78,369 $222,101 $1,170,396
1909 - - . 4.450.948
126,620
147,453 122.440
156,727
954,295

Southern Iron & Steel Co.- -Consolidation
See Alabama
Consolidated Coal & Iron Co. above.— V . 92, p. 1247, 960.
Standard Cordage Co. — Liquidation Plan.— The committee
of holders of 1st M . 5 % 25-year gold bonds has issued a pro­
tective plan dated May 24 1911 which authorizes the forma­
tion of a real estate company for the purpose of marketing
the several properties, if bid in by the committee at fore­
closure, as authorized, for not exceeding $700,000. The
capital stock of the new company will be divided pro rata
among the holders of certificates of deposit representing the
1st M. bonds, and the net proceeds of the properties sold
from time to time will be used in reducing the stock or the
shares. The new oompany may borrow on bonds and m®rtgage the amount needed to pay off the undeposited bonds.
The committee is:
Horace L. Hotchkiss, Chairman; Charles E . Orvis, Frank Hailey, W . J.
B . Mills and Albert N. Parlln, with James G. Hurty as Secretary, 27
William S t., N . Y ., and Decker, Alien & Storm as Counsel.

Substance of Committee’ s Circular.

Previous to January 1910 the directors concluded that the com pany could
no longer con du ct a profitable business. Your com m ittee has com e to the
same conclusion.
The W aterbury and Morgan Avenue mills In Brooklyn will probably be
dismantled, the machinery sold and the buildings razed. The Ellzabethport property Is also practically a real estate proposition. The Sewell &
D ay Mill at Brighton, Mass., has been kept in good oondltion and (though
not now operated) it Is an up-to-date rope factory. The Pearson Mill at
R oxb u ry , Mass., while no longer adapted for the manufacture o f ropo, is
a good factory proposition.
Your com m ittee believes that if a sum in gross In excess o f $700,000
should be bid for all the properties subject to foreclosure, it would be best




Interest and rentals received $42,716 Deduct— Salaries & gen.exp. $33,942
85,000 Rent and t a x e s ............. ......
W heat departm ent_____
14,250
Sundries _____ .
n o Syracuse branch___________
3,063
Total receipts.................... $127,832 Net incom e..........
— V . 91, p. 1714.

$76,577

Steel & Radiation, L td ., Toronto.— Bonds Offered.—
Pellatt & Pellatt, Toronto, recently offered at par and in t.,
with a bonus of 6 0 % in common stock, $750,000 of the auth.
issue of $1,500,000 1st M. 6 % gold bonds, dated April 1 1911,
due April 1 1931. Par $1,000 (c*). Int. A . & O. Trustee,
Montreal Trust Co.
.
Incorporated [in August 1910] under Ontario Companies A ct. A uth.
capital stock, $2,000,000 7% cum ulative pref. and $3,000,000 com m on .
Issued, $362,300 pref. and $1,110,900 com m on. Began business O ct. 1
1910, consolidating the businesses of the King Radiator C o., L td ., and the
E xpanded Metal A Fireproofing C o., L td ., both of T oron to. The radiator
plant covers about 3 acres and manufactures a full line of hot-water boilers
and hot-water and steam radiators; the output has m ore than doubled,
and the demand for the com pany’s new hot-water boiler Is taxing to the
utm ost the com p a n y’s present capacity, making it necessary to acquire 35
acres of land at St. Catharines, O ut., for the immediate erection o f the
largest boiler and radiator plant in the Dominion.
The other (concrete) plant, covering about two acres, is used fo r the
manufacture of expanded metal, metal lath, reinforcement rods and fenestra
sash. The com pany owns the exclusive right for Canada for the manu­
facture of “ fenestra steel sash” and “ casements;” also for a metal lath, all
for fireproof construction, and has acquired an interest In the A keley cem ent
gun for m ixing and placing cement and concrete, the material being driven
by compressed air to the point of application.
The net earnings as certified for the three m onths ending Dec. 31 1910
would average for the year almost three times the interest charges on the
bonds now offered without allowance for the increasing business.
The issue of $750,000 bonds is for the extension of the business, the erec­
tion of tile new plant at St. Catharines, Out., and the purchase o f other
plants In kindred lines. The plant at St. Catharines wifi have a capacity
for 5,000,000 ft. of radiation and 5,000 boilers annually, and with the busi­
ness in other material for the plum bing and heating trade and for heavy
com m ercial castings will give a dally output of about 150 tons of iron.
h urther issues o f bonds are limited to 75% of actual expenditures for the
acquisition of additional properties.
Balance Sheet Dec. 31 1910.
Assets ($1,848,729)
Liabilities ($1,848,729) —
Real estate and plant_____ $527,680 Pref. stock Issued__________ $279,600
Patents, trade-marks, good­
Common stock Is s u e d .___ 1,068,900
will, & c--------------------------- 1,026,452 Bonds to be exchanged for
Materials, & c . . ......... ........... 109,682
new bonds. $ for $ ______ 301,250
A ccts. A bills reo.(less res.) 167,098 Current liabilities. .............
173,536
Cash -------------------------------11,819 Net profit (3 months oper.)
25,443
Miscellaneous ...............
5,907
Directors.— Grant Hugh Browne (P res.), N. Y . and London; Col. Sir
Henry M. Pellatt, 1st V .-P res., Thom as W . H orn, 2d V.-Pres.; II. II. Mac­
rae, R obert J. ClulT, Gen. Mgr.; Tom as W . Southw orth, all o l T oron to;
G. L evy , Ham ilton, Ont.

Suburban Gas & Fuel Co. of York County, Pa. (Dallastown, Red Lion, Windsor and Y o e).— Bonds Offered.— O. B .
Lansinger & Co., Real Estate Trust Bldg., Phila., are offering
at 97 and int. $70,000 1st M. 5 % gold bonds, dated Oct. 1
1910 and due Oct. 1 1940, but callable after 1915 at 105 and
int. Security Trust Co., Harrisburg, trustee. Par $500 (o*)
Tax-free in Pennsylvania. Int. A. & O. Total authorized,
$80,000. A circular says:
The com p a n y’s charter rights cover the townships of York and W indsor,
in which are located the boroughs of Dallastown, Red Lion, W indsor and
Y oe, all within 2 miles of the gas works. The population of the boroughs
and adjacent to the connecting mains is approxim ately 8,000. Eventually
the mains will extend to Blttersvillc, East Yoe and other near-by towns.
The generating plant was manufactured and installed by the United Gas
Im provem ent Co. of Phila.; capacity 150,000 cu. ft. of gas per day. .Steel
gas holder and tank, storage capacity 30,000 cu. ft., or sufficient for a
population of 15,000. Twelve miles of heavy high-pressure gas mains.
Steel oil-tank, capacity 10,000 gals., Convenient to the railway. Gross
receipts for first year of com plete operation arc estimated at $17,000; net,
after interest charges, $5,000.

Syracuse Lighting Co.— Additional Bonds.— The Public
Service Commission on May 25 authorized the company to
issue $456,000 additional “ extension and improvement''
6 % 10-year gold bonds to be sold at not less than 98. The
proceeds are to be used for extensions and improvements.
The bonds will no doubt be acquired by the Syracuse Light & Power Co.
and deposited under Its collateral trust m tge.— V. 91, p. 324.

(The) le x a s Co., Houston, Tex.— Increase of Stock.— The
company on May 20 filed an amendment to its charter in­
creasing authorized stock from $36,000,000 to $50,000,000.
• !ile stockholders on March 4 last authorized the Increase at the discretion
of the board. Compare V . 92, p. 467.— V . 92, p. 066, 597.

Thompson-Starrett

(Construction)

Co.,

New

York.—

Stock.

The shareholders will vote June 5 on increasing the
common stock from $1,000,000 to $1 ,500,000.— V. 92, p. 887.
Waltham Watch Co.— New Director.— E . A . Marsh is a
director, succeeding H . P. Robbins.— V. 90, p. 1683.

Wells, Fargo & Co. (Express).— Company to Operate Lines.
It was announced on May 19 that, beginning July 1, the

THE CHRONICLE

May 27 1911. i

company will operate over the Missouri Pacific, the St. Louis
Iron Mtn. & Southern, the Texas & Pacific and the Wabash.
The Pacific Express C o.} It is stated, will probably be liquidated. Of the
Sfl 000,000 stock. It Is said, the Missouri Pacific owns $2,400,000, the W a­
bash $1,200,000 and the Gould estate $2,400,000.— V . 92, p. 398.
•

Wheeling (W . V a.) Electric Co .— Bonds Offered.— W in. A.
Read & Co., New York, Boston, Chicago and London,
and Warner, Tucker & Co. and Tucker, Anthony &
Co., of Boston, sold this week at 94 and interest, net­
ting 5 .4 0 % income, the entire present issue of $500,000 1st
30-year 5 % gold bonds. Dated May 1 1911 and due May 1
1941, but callable on any interest date prior to 1937 at 105
and int., and thereafter on approximately a 4 % income basis.
Int M. & N. Knickerbocker Trust Co., New York, trustee.
Par $1,000, $500 (c*). Authorized, $12,000,000.
Digest of Bankers' Circular.

The com pany furnishes without com petition electricity for com m ercial
light and power In W heeling, W . V a., and B ridgeport, O ., serving a popu­
lation of about 50,000. It Is estimated that there Is a population of 125,000
within five mllc3 of the centre of W heeling, affording an unusual oppor­
tunity for growth In the com pany’s business. These bonds arc a 1st M. on
the entire property of the com pany, which has an estimated replacement
value considerably In excess of the face value of the ($500,000) outstanding
bonds. Additional bonds m ay be Issued for not to exceed 80% of the cost
■of new property, betterments and securities, but only when net earnings
for 12 consecutive months have been at least double the Interest charge on
bonds outstanding and applied for.
Earnings as Officially Reported for Years ending F eb . 28.
1907-08.
1908-09.
1909-10.
1910-11.
Gross earnings__________________ $132,949
$142,892 $157,122 $178,975
Net earnings (after taxes)
_ $56,407
$59,717
$83,507
$98,620
In t. on bonds at present outstanding (the $500,000 now o ffered )-- $25,000
[For the 12 mos. ending April 30 the gross earnings were In 1910-11
$182,055 and the net (after taxes) $100,501, contrasting with $161,086
and
$88,759
for
1909-10.— Ed. ]
The growth In earnings should be still more marked In the future, as
additions and Improvements now being made will more than double the
capacity of the property. The franchise In W heeling runs until 1960: In
Bridgeport is unlimited In point of time.
.
,,
Im provem ent fund, com m encing in 1916, an amount equal to 1% annually
o f bonds outstanding, Increasing H of 1% each fifth year up to 3 % per
annum, and after 1930, In such years as tho earnings are three times the
bond Interest, 2 % ; to be expended either for extensions, im provem ents,
&c.. or Invested In bonds of this Issue at not to exceed 105 and lilt.
The American Gas & Electric Co. (V . 92, p. 397, 1034), closely Identified
with General Electric Co. Interests, owns the entire $1,000,000 com m on
stock of the W heeling Electric Co. [The Consumers' Electric Co. and the
Wheeling Electrical Co. were consolidated on or about April 25 1911 under
the name of the Wheeling Electric Co. Stock auth., $1,000,000 each of
co m . and prof.; outstanding only the com m on. Par of shares $100.— Ed.]
W heeling Is not only one of the leading centres In the Iron and steel In­
dustry, but also the home of widely diversified manufactures. The Board
o f Trade lists 117 products, having a total annual value of over $35,000,000.

Wilmington City (Del.) Electric Co.— Refunding — Guar­
anteed First Mortgage Bonds Offered.— Parkinson & Burr,
Boston, Hartford and New York, offered on May 22 at 98 and
int., yielding about 5 J ^ % , $500,000 1st M. 5 % gold bonds,
dated May 1 1911 and due May 1 1951, but redeemable on
and after May 1 1921. Int. M. & N . at U. S. Mtge. & Tr. Co.,
trustee, N . Y . Par $1,000 (c*). Guaranted, prin. and int.,
by the Wilmington & Philadelphia Traction Co. Total auth.
issue, $1,000,000; remaining $500,000 reserved for future
extensions and improvements at 8 0 % of cost, and net earn­
ings of double int. charges. The bankers say in substance:
The com pany does 70% of the electric-lighting and power business In the
city. The property Is leased for 999 years to the W ilm ington & Philadel­
phia Traction Co., which controls the only other com pany (W ilm ington
Light, Power & Telephone C o., V . 83. p. 1234) supplying electricity in this
city . Under management of J. G. W hite & C o., Inc.

Digest of Letter from J.

tl. Pardee, V.-P. Wil. & Ph. Tr. Co., May 10 1911.

Incorporated in 1895 in Delaware to conduct an electric-lighting and power
business In W ilm ington. After the proposed additions have been m ade,
the electric generating stations (operated by steam) will have an Installed
capacity of approxim ately 11,000 h. p ., and the distributing lines will then
cover adequately the business and residential portions of the city. J . G.
W hite & C o., Inc., report the replacement value of the solely physical
property as In excess of $800,000, exclusive of the aforesaid additions which
will be made Immediately with the proceeds of the present Issue of bonds.
In 1910 the property was leased for 999 years to the W ilm ington & Phila­
delphia T rac. C o., the latter assuming all Interest and fixed charges of the
W ilm ington City Electric Co.
The W llin. & Phlla. T rac. Co. was form ed In 1910 for the purpose of ac­
quiring and operating, under com bined management, 15 lighting and rail­
way properties In and about W ilm ington, Del., and Chester, Pa., and has
no bonded debt; it has outstanding $500,000 prqf. stock, on which dividends
arc being paid at the rate of 6% per annum, and $4,000,000 com m on stock.
The directors of the Traction Co. arc: .1. G. W hite, J . II. Pardee and Oscar
T . Croshy, all directors of J. G. W hite & C o., Inc.; Geon?c R . W ebb, Balti­
more: Henry P. Scott, of Scott & C o., bankers.; Alfred I. du P ont and
Pierre S. (luPont, of d uPont dc Nemours Powder C o., and Charles C. Kurtz,
all of W ilm ington.
.
,
.
,
. .
,
Of these $500,000 bonds. $1 50,000 have been Issued to refund an outstand­
ing bond Issue, and the proceeds o f the remaining $350,000 arc to be devoted
solely to the cost of new property. The new bonds are, In opinion of cou n­
sel, an absolute first lien upon the entire property. 'I he remaining $500,000
bonds are to be issued only for 80% of cash cost o f future extensions and Im­
provements. and provided that the net earnings for the preceding 12 months
leave been at ieast double the Int. charge, Including the bonds to be Issued.
Earnings o f \rilm . City E l. C o. (Est. Year end. June 19U : Int. C/t£7«.$25,000.)
Year ending—
June 30 ’ 10. Feb. 28 ’ l l ■
June 30 ’ l l .
Gross earnings-----------------------.$197,128
$217,758
E st.$ -2 6 ,000
Net earnings (after taxes) _ . ___ $35,669
$60,970
Est. $74,000
• Franchise unlimited in time and favorable from a business standpoint.
W ilm ington has a population of 87,411, numerous diversified Industries and
12 banking Institutions with com bined capital and surp. of over $7,625,000,

Wilmington (Del.) Light, Power & Telephone C o.— Con­
trol.— See Wilmington City Elec. Co. above.— V . 83, p. 1234.
Yankee Fuel Co. (of Colorado).— Plan Operative.— The
plan of reorganization dated July 21 1910 has been declared
operative. After July 1 1911 deposits of the 1st M. 5 %
bonds and of the stock of the several companies will, it is
announced, be received, if at all, only upon payment of a
penalty of $5 on each bond and $2 on each 100 shares of
.stock or proportion thereof. The committee under agree­
ment of March 15 1909 now includes:

1441

Co. Issued under mortgage dated May 18 1910 (and thus a first lien on 8,000
acres); $230,250 com m on stock o f R aton W ater W orks Co. o f New M exico;
$473,000 1st M. bonds of the Yankee Fuel Co.
(b) Second Collateral Trust, authorized Issue, $2,500,000 5% 50-year
bonds, par $ l,0 00 c*, callable at par and int. Interest for first three years
payable only to the extent that It Is earned and declared. T o be secured
by $2,027,000 1st M. bonds of Yankee Fuel C o., which constitute a first
lien on about 10,000 acres of land of the said com pany, and b y $293,000
bonds having a first lien on the railroad property and franchises o f the
Santa Fe R aton & Eastern R R . C o.; also by a second lien on the assets
pledged for the first collateral trust bonds as a bove.
(c) Income 30-year 4% bonds, authorized Issue, $1,500,000; Interest p ay­
able only out of Income after paym ent of all interest on the 1st and 2d
collateral trust bonds.
(d) Stock, authorized Issue, $2,500,000, In shares of $100 each.
It Is Intended to use the first collateral trust bonds for the purpose of
raising capital with which to carry on the business of mining of coal. Includ­
ing the opening and developing of new mines, extension o f the railroad,
liquidation of the lloating debt, the paym ent of expenses of reorganization,
&o. The com m ittee has arranged to procure underwriting for not m ore
than $500,000 of said bonds, and all present bondholders will be perm itted
to subscribe pro rata at the price to b _■ fixed b y the com m ittee.
Terms o f Exchange.
Amount
— To be Exchanged fo r—
Each Existing S I,000 Bond o f— Outstand'g. 2d Col. Tr. Incom es. Stock.
Yankee Fuel C o__________________ $2,027,000
$1,000
____
$500
Santa Fe R aton & Eastern R R —
293,000
1,000
-----500
Santa Fe R aton & Des Moines R R .
905,000
$750
250
Santa Fe Liberal & Englewood R R .
780,000
750
250
Raton Water W orks Co. of N . Y ._
256,000
750
250
Each $100 Stock—
Of the above com panies_______ (See below)
--------------$2a
[Note.— In addition to the amounts of bonds held by Investors as shown

& Des M’. R R . ’ stock', $765,700 (of $1,000,000 issued), bonds, $95,000:
S. Fe Liberal & Engiewood R R . stock, $7,000,800 (of $8,000,000 issued),
bonds, $7,196,000; R aton Water W orks Co. of N . Y ., stock, $240,300 (of
$300,000 issued), bonds. $44,000; R aton W ater W orks Co. of New M exico
stock, $230,250 (of $300,000 issued); investors hold all the $300,000 bonds;
also all the stock and bonds of the Canadian River R R . and all the stock
o f the Yankee Mercantile C o., R aton Fuel C o., & c., and $99,100 of the
$150,000 stock of the Northeastern-Coal Co. of New Mexico.]
All stock of the new com pany (except shares necessary to qualify direc­
tors) will for the first five years be vested in the com m ittee or their suc­
cessors as voting trustees.
The new com pany within at least tw o years after the equipm ent shall
have been Installed, It is believed, will earn the Interest on both Issues of
collateral trust bonds. During the reorganization the reorganization com ­
mittee has been mining coal (in a small and uneconom ical way) in order to
pay expenses and test the earning capacity. From Sept. 1 1909 to May 31
1910 there were mined 11,101 tons of coal whlch realized an average price
of $1 70 per ton, wlthnet profit estimated at 62c. per ton after providing for
all expenses except the salaries of officers. There Is now (July 21 1910) a
market for a dally output of 1,500 tons of coal, which. If netting 40c. a ton,
would yield a net profit of $180,000 per year. As soon as possible a plant
will be erected to accom plish that result. Meanwhile a hoisting apparatus
Is being negotiated which will enable us, as we believe, to mine 600 tons
of coal dally.
_
[Of the several bond issues mentioned In the foregoing table the com m ittee
on May 17 represented (Including the amounts owned by It as well as the
amounts deposited by Investors): $1,824,000, $224,000, $624,000, $7,662,­
000 and $ 143,000, respectively: and similarly of the stocks $4.497,9.)0, $251,­
600, $842,150, $7,021,150 and $245,150, respectively.— E d.]— V. 90, g.
398, 1495.

— George E . Hardy, B . C. Cobb and W . M. Eaton of
Ilodenpyl, Hardy & Co., New York, and William B. Kurtz
and George C. Kendrick 3d of E . W . Clark & Co., Philadel­
phia, are conducting a party interested in the Commonwealth
Power, Railway & Light Co., which is under the manage­
ment of the two firms named, on an inspection trip to Grand
Rapids, Kalamazoo, Battle Creek, Jackson, Saginaw, Bay
City and Flint. The Commonwealth Company controls rail­
way, gas and electric properties and, through a subsidiary,
the Consumers’ Power Co., is completing the first of a series
of hydro-electric developments on the Au Sable River.
Besides those named, the party includes W . E . Bull of
Swartwout & Appenzellar, Waldo S. Reed of Edward Sweet
& Co., Paul E . La Marche of La Marche & Coady, Karl R.
Miner of Weadock & Miner, New York; Henning Chambers
of Louisville, Earl S. Colman and A . Chester Snow of Rich­
ardson & Clark, Providence; George D. Eustis, Cincinnati;
W . A . Foote and J. B. Foote, Jackson, Mich.; Albert Hale of
Tainter, Hale & Co., Boston; H . M. Horton, Providence;
Franz R . Huntington, Columbus, Ohio; John McKeon of
Charles W . Scranton Co., New Haven; Frank Sullivan, Phila­
delphia; Jesse Metcalf, Providence, and H . H . Crowell,
Grand Rapids.
— Westling, Emmett & Co., bankers, 437 Chestnut S t.,
Philadelphia, are to-day advertising and publicly offering to
investors the unsold balance of $700,000 Wenatchee Valley
Gas & Electric Co. of Wenatchee, W ash ., general 1st M. 6 %
bonds, due 1930. Principal and interest is payable April 1
and Oct. 1 at the Spokane & Eastern Trust Co., Spokane,
or the Guaranty Trust Co. of New York City. Westling,
Em m ett & Co. state that the company’s net earnings are
more than 1 Yg. times the interest charges and are steadily
increasing. Price par and accrued interest. Special cir­
cular on request. See to-day’s advertisement and full par­
ticulars of this offering, which appeared in the “ General In­
vestment News Department” of the May 13 issue of the
“ Chronicle,” page 1315.
— A . E . Fitkin & Co., of 25 Broad S t., N . Y . , have recently
appointed Frederick E . Parmly as Manager of their Chicago
bond office, 206 South I>a Salle St. Mr. Parmly has had
many years of experience as a bond salesman, both in New
York and Chicago, with houses of excellent repute.

Charles II . Lee, Chairman: Manton B. Metcalf, A . B. Farquhar, W .A .

— Clark, Dodge & Co., bankers, 51 Wall Street, are offering
for investment on another page Public Service Corporation
of New Jersey 6 % perpetual interest-bearing certificates.
Price and full detailed description will be furnished upon
application.

lea, 37 W all S t.. N. Y . City.
Outline of Plan dated July 21 1010 (Compare V . 90, p. 378).
Authorized Capitalization o f New Holding Company.
(a) First collateral trust bonds, authorized issue, $750,000 5% 20-yoar
bonds, par $1,000 c*. callable at 105, and amount to be Issued Immediately,
$500,000, to be secured b y $500,000 1st M. (class B) bonds of Yankee Fuel

— Attention is called to the list of investment securities
advertised on another page by Kissel, Kinnicutt & Co.
I he
securities offered are all well-known issues offered at attrac­
tive prices.




1442

THE CHRONICLE

T he

© m m n e v c ia l

C O T T O N

LX X X X I I .

.

Friday Night, May 20 1911.

C O M M E R C IA L E P IT O M E .
f .
Friday Night, May 26 1910.
A disturbing factor was the “ cut” in steel prices, but other­
wise the trend of trade seems to be rather towards a better
state of things, at least in the East. Conservatism, how­
ever, is still at the helm. Crop prospects continue good.
_
advanced; prime Western here 8.50c.; City
7 '7 j ® ? - 8 7 / f c -> ,re*mecl for the Continent 8.70c., South Amer­
ica J. 70c., Brazil in kegs 10.70c. The speculation has been
rather brisk, especially in July lard and ribs, with Milwaukee
packers reported good buyers and also certain grain opera­
tors. Shorts have covered under the bullish manipulation,
despite liberal receipts of hogs and lower prices for them of
late. Prices of all provisions are decidedly lower than those
ox a year ago— 4 to 4*^c. per lb. on lard and 88 to $8 50 per
bbl. on pork. This fact accounts for some of the buying.
D A IL Y CLOSING PR IC E S OF L A R D F U T U R E S IN NEW Y O R K .
,
Sal.
M on . Tues.
Wed. Thurs.
F rt.
May d elivery--------------- 8.05
8.12
8.23
8.24
8.28
8 25
July delivery--------------- 8.10
8.18
8.27
8.25
8.30
8.25
D A IL Y CLOSING P R IC E S OF L A R D F U TU R E S IN CHICAGO
,,
,
Sat.
M on . Tues.
Wed. Thurs.
F rt.
8.00
8.10
8.10
8.15
8 20
M ay d e liv e r y ................ 7.97
July delivery....... ...........8 .0 2 B
8-05
8.15
8.15
8 .2 2 ^
8 .2 2 B

k'; P O R K on the spot has been firm in response to bull specu­
lation at the W est. May pork in Chicago, however, has
dropped of late to 814 75. Mess here 817 7 5 @ 8 1 8 25, clear
810 5 0 @ 8 1 8 and family S 1 9@ 819 50. Cut meats in fair de­
mand. Pickled hams l l @ 1 2 c ., pickled bellies, clear, 1 1 U ®
U J^c. and pickled ribs l l @ 1 2 j ^ c .
Beef has been quiet;
^ i J 512,5 0 ® ® 13’ Packet 813 5 0 @ 8 1 4 , family 813 5 0 ®
f 14 50 and extra India mess 82 0 @ 8 2 0 50. Tallow 5 15-10c.
toi City. Stearines 8c. for oleo and 9 % @ 1 0 J 4 c . for New
York Aird
Butter higher; receipts light; creamery extras
•
C"’ ir,s^s 2 0 ]/£ @ 2 1 c . Cheese lower and quiet, with the
offerings large; State, new, whole milk, colored, fancy,
10j^c. Eggs easier; Western firsts 16 @ 1 8c .
O IL. -Domestic linseed has been in moderate demand at
lower prices; City, raw, American seed, 9 0 @ 9 1 c .; boiled,
9 1 @ 9 2 c .; Calcutta, raw, 81. Cotton seed has advanced on
a better cash demand and covering of speculative shorts;
winter 6 .6 0 @ 7 c .; summer white 6 .7 0 @ 7 .5 0 c ., crude 5 .5 4 ®
5.74c. Cocoanut has been firm but quiet; Cochin 8 3 4 @ 8 % c .,
Ceylon 8 ]/s @ 8 % c . Corn G .10@ 6.15c. Olive still quiet
at 8 8 @ 9 0 c . Lard has continued quiet, though sympa­
thizing slightly with the higher prices for the raw material;
prime 7 5 @ 9 0 c .; No. 1 extra 6 3 © 7 0 c .; Newfoundland cod
5 7 @ 5 8 c .; domestic 5 4 @ 5 6 c .
COFFEE on the spot has been firm, but not at all active;
Rio No. 7 1 2 @ 1 2 ^ c ., Santos N o. 4, 1 2 % @ 1 3 c . Futures
advanced for a time and then reacted somewhat. The fors

T IIE M O VEM EN T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
38,300 bales, against 04,970 bales last week and 00,325
bales the previous week, making the total receipts since
h op !. 1 1J10 8,258,103 bales, against 0,955,242 bales
f? r the same period of 1909-10, showing an increase since
Sept. 1 1910 of 1,302,861 bales.
Receipts at-

978

M on.

Tues.

2,000

Wed.

1,485

3,803

514
—

22
•

1,406

408

L .Iio

466

L i 65

519

59
40
164

3", 184

17,485

" 62

1,174

—

"772

_

-

—

—

__

__

74

68

44
118

89
874

7
12

56
322

” "4
174

"250
1,540

""56
11

115
37

6
18

197
138
727

1,042
503
727

3,027

6,656

074
135

—
—

6.060

0,481

551

—

—

__

29

—

798

—
—

1,368

139

---

250

—

3,850

Total.

F ri.

609

—

2,847

—

Thurs.

1,099 ’

—

2,433

Totals this w cek.

—
—

8,071

7,784'

—
—

6,762

985
850
85

5,922
850
2,377

—

—

38,360

The following shows the week’s total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
last year:
1910-11.

1909-10.

This Since Sep
W eek. 1 1910.

This Since Sep
Week.
1 1909.

Baltim ore_____
P h ila d e lp h ia ____

6,481 2,720,473
206,943
360,053
17,485 1,524,824
_____
34,239
1,174
249,030
119,210
24,035
5,922 1,398,508
850 222,434
2,377 281,604
1,424
259 407,152
1,540
545,330
3,924
1,042
12,398
503
36,833
727
109,324
—
365

12,905 2,438,066
142,281
73,758
18,105 1,213,379
8,264
958 237,499
867
136,985
39,682
7,375 1,302,936
557 223,029
453 207,838
1,376
907 308,209
8,002
496,256
17,677
2,485
19,179
44
1.3,320
1,398
73,812
1,696

T o ta l_______

38,360 8,258,103

54,056 6,955,242

Receipts to
M ag 2 6.
Galveston_______
Port A rthur. . .
Texas City, & c._
New Orleans____
Gulfport _______
M o b ile __________
P ensacola_______
Jacksonville, & c.
S avannah_______
B run sw ick______
C harleston______
Georgetown _
W ilm ington ____
N orfolk___ .
N’ port News, &c_
New Y o r k ..

Stock.
1910.

1911.
37,497

49,981

109,689
7,738

90,197
446
5,463

21,275
1 ’032
10,558

27,690
845
7,513

2,825
7,356

16,258
15,630

134,228
10,357
3,242
2,982

276,489
5,471
8,401
1,704

348,779

506,088

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

1911.

G a lv e s to n ___
Pt. Arthur,& c.
I New Orleans.
M a y --------- 10.70® 10.75 Septem ber. 10.60® 10.67 January . . 10.47@ 10.48
M o b ile ___
J u n e --------- 10.70® 10.75 O c to b e r..,1 0 .5 0 ® 10.51 February . 1 0.47® 10.48 Savannah __
J u l y --------- 10.70® 10.80 N ovem ber 10.49® 10.50 M a rc h ____10.48® 10.49
Brunswick___
August .. ,1 0 . 7 2 ® 10.74 Decem ber.. 10.47® 10.48 A p r il--------10.48 @ 10.50 1 Charleston, <Scc
W ilm in g ton ..
S U G A R .— Raw has been quiet with the tone a trifle weak, N o r fo lk _____
though the cables after being depressed have latterly been N’ port N ., &c
Ali others____

rather firmer. Centrifugal, 96-degrees test, 3.80c.; musco­
vado, 89-degrees test, 3.36c.; molasses, 89-degrees test,
3.11c. Refined, quiet. Granulated 4.90c.
Teas steady
but rather slow. Spices firm on pepper and otherwise
steady with a moderate demand.
P E T R O L E U M .— Export demand still brisk. Refined,
barrels, 7.25c.; bulk, 3.75c. and cases 8.75c. Gasoline,
86-degrees, in 100-gallon drums, 18 % c.; drums 88 50 extra.
Naphtha, 73@76-degrees, in 100-gallon drums, 16% c.;
drums 88 50 extra. Spirits of turpentine 0 2 K c . Rosin
80 90 for strained, common to good. Hops still quiet but
firm. At Portland, Oregon, prices have just advanced 3c.,
owing to reported scarcity. Crop backward in that State.
TOBACCO.— Trade continues slow. Prices show no gen­
eral or marked change. Packers are doing little. Nothing
seems to be able to lift the trade out of the rut into which
it has fallen. Desirable binder tobacco is in unusually small
supply, but on the other hand there is a liberal stock of filler,
resulting from the last abundant crop in Ohio. Sales are
noticeably slow according to cigar manufacturers, and this
fact is reflected in the difficulty in disposing of leaf tobacco.
Sumatra tobacco, too, is not easy to sell; the price is too
high to suit the generality of buyers.
COPPER has been firm under the stimulus of rising prices
for standard grades in London, but latterly the tone has
been rather less buoyant here. Lake 12j^c. nominal, elec­
trolytic I 2 i^ @ 1 2 j^ c ., standard 12c. Tin has been more
or less strengthened here by advancing prices in London, but
trade has been slow. Efforts to fight the London corner are
being made by increasing the list of the kinds' of tin which
may be delivered. Spelter 5.40c. Iron has sold more
freely for the second half of the year at lower prices. No. 1
Northern 815 2 5 @ 8 1 5 50, nominally, No. 2 Southern 814 75
@ $ 1 5 25. Important “ cuts” in steel quotations other than
for rails, it is understood, have been made by the Republic
Iron & Steel Co., but have been met by the Carnegie Steel
Co. and other companies.

Sat.

G a lveston ____
Port A rthur____
Texas City, & c. _
New Orleans,
G u lfp o r t____
Mobile ______
P ensacola______
Jacksonville. &c.
Savannah ______
B ru n sw ick _____
C h a rleston _____
G e o rge to w n ____
W ilm in g to n ___
N o rfo lk ________
N ’ port News, &c.
New Y ork ______
B o s t o n ________
B altim ore______
Philadelphia____

000,000 to 12,000,000 bags,
however, but 8,000,000 bags.




[Vol.

T otal this w k .

1910.

6,481

12,905

17,485
1,174
5,922
850
2,377
259
1,540

18,105
958
7,375
557
453
907
8,002

1909.

1908.

"2,272

4",794

26,841
8,409
25,024
5,854
11,244
1,575
658
1,836
8,886
248
10,619

38,360

54,056

101,194

16,049
19,626
1,358
9,940
247
1,014
4,861
4,881
" 6,186

1906.

1907.

16,330
1,278
16,520
3,382
21,834
1,718
333
3,972
5,736
378
6,305

13,902
146
11,994
1,757
10,724
145
220
505
6,261
127
1,732

64,102
47,51.‘l!
77,786
Since Sept. 1 _ 8,258,103 6,955,242 9,495,024 7,832,439 9.490.514 7,426,99

The exports for the week ending this evening reach a tota
of 04,963 bales, of which 22,115 were to Great Britain
1,219 to France and 41,029 to the rest of the Continent
Below are the exports for the week and since Sept. 1 1910:

Exports
from—
Galveston___
Port Arthur__
Texas City, &c.
New Orleans..
Mobile............
Pensacola___
Gulfport........
Savannah ___
Brunswick___
Charleston___
Wilmington__
N orfolk_____
Newport News
New York___
Boston ........ ..
Baltimore___
Philadelphia . .
Portland, M e..
San Francisco.
Seattle _____
Tacom a____ I
Portland. Ore
Pembina........
Detroit.......... "

Week ending M ai 26 1911.
Exported to—
: Great I
ConllBrttaln. Frnce. nent.
8,845;
2,081 1,219

7", 192

864
169
1,662
1,302

Total.

17,527 26,372
3,006 6,306
4,874 4,874
— 2,177; 2,177
0,475 13,667

6,789
97

7,653
266
1,662
1,702

From Sept. 1 1910 to Mag 26 1911.
Exported to—
Great I
ContiBritain. France.] nent.

Total.

952,033 300, 933 1,012 ,807 2 ,295.773
44,898 54, 969 107 ,076, 206,943
212,816 56, 933! 33 ,424' 303.173
834,600130 515 408 ,263 1 ,373,378
66,467 41 ,00:),
71 .398 178,874
51,612 30 ,595
37 ,103 119,310
34,239
8 630
6,271 19,,338
320,677 111, 600 451 ,203 886,480
78 ,325 182,458
104,133
.
97 ,351 126,083
18,832 9,
213 ,226! 383,112
137,871 32,
4 ,719
10,SOP
15,520
285^351! 86,591
98,699
20,708 8,270
18,433
669

260,688,
8,474!
68,862;
14,704
82^740
44,234
11,843
500

2,525
22,115 1.2

I

632~630
107.173
97,840
63,137
669
82,740
44,234
11,843
500
' 2^525

41,629 64,963 3,217,396 885,6083,015,570 7,148,634

an 007I 2,348
o a
Total 1909-10. 30,927!
11,7771 45,052 2,144,221862,467 2J51L572 5^524 760

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.

Ma y 27 1911.]

T H E C H R O N IC L E

On Shipboard, Not Cleared for—
Man 26 at—

Great
Britain. France
7,779

New O rleans..
G a lv e s to n -----Savannah -----Charleston-----Mobile — . N o r f o lk --------New Y o r k -----Other p orts—

Ger­
Other Coast­
many. Foreign wise.

Total.

1,402
12,377

230
1,488

26,949
18,601

351
5,250

5,140
5,250
5,000
. 2,000

8,260

9,272
4,730

______
______

______

1,510

1,407

1,812

500

1,800
500

1,300

17.891
24,510
24,183

15,308
12,453
26,808

______

2,000
1,500

T otal 191l ... 12,780
Total 1910. _ 23,357
26,436
T otal 1909

—

10,233
678
11.246

—

—

7,319
10,837
10,863

Leaving
Stock.

63,540
71,835
99,626

82,740
18,896
21,275
10,558
2,598
1,106
128,628
18,438
285,239
434,253
433,072

Speculation in cotton for future delivery has fallen off
very noticeably, and latterly prices have been declining.
The depression of values was due to generally favorable crop
reports, continued dulness of the spot trade in Liverpool
and persistent liquidation in the old-crop months, notably
July and August, by interests prominently identified with
the bull side, as well as their following. It seems, too, that
American operators have been largo sellers of July and
August in Liverpool. Leading spot interests have also been
selling those months here. In addition, there has been more
or less selling for short account. The spot sales in Liverpool
have been only 4,000 to 0,000 bales a day. The Continent
has been selling there. Good rains have recently fallen in
Tennessee, Mississippi and Alabama. The acreage is concededly larger than last year’s. The tendency seems to be
rather to increase than to reduce the curtailment of goods
in this country, for, whatever may be said about a somewhat
more cheerful tone in the cotton goods market, the fact re­
mains that trade is still quiet. The disposition to adhere to
conservatism in general business in this country is nowhere
more clearly reflected than in the textile industries. Stop
orders have been caught in both the old and ncw-crop months
on the declines. Many of (he followers of leading bulls have
dropped out. The upshot is that the old crop months are
considered more dangerous than ever, and the disposition
among the generality of the people is to lot them alone and
confine their trading to the new-crop deliveries. The idea of
some close observers is that, although in some sections the
crop is one to two weeks late, the prospects on the whole arc
distinctly favorable. On the other hand, the receipts both at
the ports and the interior towns have been so small as to excite
general comment. The certificated stock here, too, is steadily
dwindling, and for the first time in a good while it has fallen
below 100,000 bales. In fact it has dropped to 94,411 bales,
against 128,288 bales on May 1st and 234,399 bales a year
ago. The world’s supply is disappearing with noticeably
greater rapidity than a year ago. The spinners’ takings are
relatively large. Lancashire’s trade is still reported to be
good and some revival of business appears to be under way in
Germany. Cotton goods in this country arc firmer, with
rather more demand. The smallness of the receipts may be a
reflection of a greatly reduced demand for the actual cotton.
It is intimated that some such state of things really exists.
The export demand has apparently fallen off and spot dealers
have shown greater anxiety to sell. To-day prices declined
under persistent liquidation in the old-crop months and
favorable crop reports from various States. May notices for
G,000 bales had a rather depressing elfcct; that is, they wore
not promptly stopped. Spot cotton has declined to 15.80c.
for middling uplands, a drop for the week of 35 points, with
little business.
The rates on and off middling, as established Nov. 10 1910
by the Revision Committee, at which grades other than
mddling may be delivered on contract, are as follows:
F a ir................ - . c . l .50 on
Strict mid. fair-------1.30 on
Middling fair............1.10 on
Strict good mid____ 0.60 on
Goon middling____ 0.44 on
Strict middling____0.22 on

|Middling---------- c. Basis
! Strict low. mid------0.25 off
Low middling.........0.75 off
Strict good ord____ 1.20 oil
Good ordinary......... 2.00 off
Strict g’d mid. tgd.0.35 on

Good mid. tinged.c Even
Strict mid. tinged_.0.15 off
Middling tinged...0 .2 5 off
Strict Iow.MId.tlng_0.75 off
Low mid. tingl'd__ 1.75 off
Middling stained. . . 1.00 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
20 t0 M ay 26—
Sat.
Middling uplands_____________ 10.10

Mon.
16.10

'l ues.
16.10

W ed. Thurs.
16.00
15.00

Fri.
15.80

N E W Y O R K Q U O TATIO N S FO R 32 Y E A R S .
The quotations for middling upland at New York on
May 26 for each of the past 32 years have been as follows:
10LI.C____.15.80
1010______ I 5.25
1900________11.65
1908_______ 11.50
1 0 0 7 -___ .12.35
1006________11.00
1 0 0 5 - . . _____ 8.50
1004________ 13.05

1903. c _____ 11.70
1002_______ 9.56
1901_________8.25
1900_________ 0.31
1899_________ 6.25
1898_________ 6.50
1807_________ 7.75
1806_________ 8.06

1895. c ._ . . . 7.38
1894____ . . . 7.25
1 8 9 3 --. - . 7.69
1892____ . . . 7.38
1891....... . . 8.94
1890____ . ..1 2 .4 4
1889. . - ..11 .1 2
1888____ .-.1 0 .0 0

1 887. C_____ 11.12
1886_________ 0.25
1885_____ .11.00
1884________11.62
1883________10.94
1882________ 12.12
1881________ 10.81
1880________ 11.75

M A R K E T A N D SALES AT N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
S aturday__ Quiet, 5 pts. d e c ____
M on d a y. . . Quiet ----------------T u e s d a y __ Quiet ______________
W ednesday. Quiet, 10 pts. d e c ..
Thursday _. Quiet, 10 pts. d e c . .
F rid a y _____Quiet, 10 pts. dec .
T o t a l.......... ...............................




Futures
Market
Closed .
Barely stea d y. _
S tea d y . . -------Barely steady
S tead y________
Quiet _______
S tea d y________

SA LES
Spot.
io o

Contr’ct Total.

” 16
99

MOO
100
100
1,000
1,000

MOO
100
100
1,010
1,099

209

3,500

3.700

1443

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

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T H E V IS IB L E S U P P L Y OF COTTON to-night, as
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week’s returns and
consequently all foreign figures are brought down to Thurs­
day evening. But to make the total the complete figures
for to-night (Friday), wo add the item of exports from the
United States, including in it the exports of Friday only.
1910.
1909.
M ay 26 — 11
1911.
1908.
638,000 1,169,000
826,000
704,000

Stock at L iverpool________ bales.
Stock at London .............................
Stock at Manchester .................... ..

5,000
82,000

T otal Great Britain stock .
Stock at H am burg_______
Stock at Bremen ________________
.Stock at H avre. .
Stock at Marseilles__________
Stock at Barcelona _ ___________
Stock at G enoa______ _____ _
Stock at T rie s te ................. .........
T otal Continental stocks------- --

5,000
80,000

9.000
69,000

013,000
9,000
183,000
236,000
2,000
21,000
27,000
11,000

636,000 1,254,000
11,000
10,000
435,000
223,000
305,000
243,000
4,000
2,000
11,000
49,000
22,000
29,000
8,000
4,000

782,000
20,000
437,000
188,000
4,000
46,000
17,000
21,000

489,000

526,000

733,000

5,000
53,000

821,000

T otal European stocks________ 1,402,000 1,222,000 2,075,000 1,515,000
115,000
142,000
111 .000
India cotton all oat for E urope. . 180,000
147,186
272,018
178,726
A m cr. cotton afloat for E u r o p e .. 109,733
46,000
32,000
11,000
35,000
Egypt,Brazil, A c.,allt.for E urope.
163,000
172,000
Stock In Alexandria, E g y p t_____ 137.000
99,000
574,000
435,000
635,000
749,000
Stock In B om bay, India________
374,303
Stock In U. S. ports ...................... 348,779
506,088
532,698
288,581
Stock In U. S. Interior tow ns____ 214.820
249.814
303,580
9,376
28,018
U. S. exports to -d a y .................. ..
6,933
16,602
Tota[ visible su p p ly_______ . . . 3,156,265 3,142,690 3.964,314 3,263.986
Of the above, totals of American and other descriptions are as follow s:
American—
588.000
Liverpool s to c k ____________ bales. 097.000
552.000 1,066,000
62,000
Manchester s to ck ____________ ___
66,000
44,000
67,000
654.000
Continental s to ck ........... ................. 413.000
477.000
772,000
178,726
272,018
147,186
American afloat for E u rop e_____ 199,733
371,303
U. S. port stock s_______________
318,779
506,088
532,698
288,581
240,814
303,580
U . S. Interior stocks_____ _______ 214,820
9,376
0,933
16,602
28,018
U. S. exports to -d a y______ _____
T otal A m e rica n ______________ 1,976,265 1,992,690 3,041,314 2,154,986
East Indian, Brazil, & c.—
116,000
103,000
Liverpool sto ck . _____
_______
129,000
86,000
9,000
5.000
5,000
London stock ...................... ..........
5,000
7,000
13,000
16,000
9,000
Manchester s to ck ------------------- .
79,000
49,000
46,000
49,000
Continental stock . _____________
111,000
142,000
115,000
India afloat for E urop e--------------- 180,000
11,000
35,000
46,000
E gypt, Brazil, A c., afloat_______
32,000
99.000
Stock in Alexandria, E g y p t_____ 137,000
172,000
163,000
749,000
Stock In B om bay, India. ______ 635,000
435,000
574,000
T otal East India, A c __________ 1,180.000 1,150,000
023,000 1.109,000
T otal A m e r ic a n ______________ 1,976,265 1.992,690 3.041,314 2.154,986
T otal visible su p p ly__ ______ 3,156,265 3,142.690 3,961,314 3,263,986
f>.88d.
Middling Upland, L iverpool_____
8.28d,
6.52d.
8.6 Id.
11.40C.
11.40c.
Middling Upland, New Y o r k ____ 15.80c.
15.30c.
E gypt, Good Brown, Liverpool.
11 M d. 15 1-16d. 9 1-1 Cd. 8 9-16d.
7.75d.
ll.OOd.
9.59d.
Peruvian, R ough Good, Liverpool 11.25d.
Broach, Fine. Liverpool ___ ___
7 Hd.
7 Kd .
5 $*d.
OKU.
Tlnnevelly, Good, L iverpool____
7d.
5 7-16d.
5 7-16d.
7 Kd.

Continental imports for the past week have been 74,000
bales.
The above figures for 1911 show a decrease from last week,
of 100,117 bales, a gain of 13,575 bales over 1910, a de­
crease of 808,049 bales from 1909, and a loss of 107,721
bales from 1908.

1444

THE

C H R O N IC L E

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T otal, 3 3 tow ns __________________

________________
“

T exas _______ ____

“
.................. ..
M is so u r i ______ __
North Carolina ____
O h io _______
_
South Carolina. .
Tenn essee ______

______
“

K en tu cky, n et.
L o u is ia n a ____
M ississip p i ___

A r k a n s a s ______
“
______
Georgia
_________

17,146
124,361
92,959
59,035
.205,297
21,657
104,911
183,804
328,533
62,969
44,728
42,535
7,195
105,429
32,173
66,363
93,103
92,258
11,819
44,066
49,292
506,133
12,864
213,365
13,506
900,838
5,305
9,051
36,370
101,359
32,776
2,206,865
113,994

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A labam a ___________
“
....... ............

Ship- i Stocks
M ay
meats.
27.
Week.
■ Season.

Receipts.

Stocks
M ay
26.
( Ship­
ments.
I Season. | W eek.
$

MO*fOhOOOiCOOi.OOO^OOOHNMr,coONOHMO itO MO i
HifJr-MDiOb'Oa)f50)aoOOOJONOC5COC50MCflOOlOHH iO ilO i
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■ CVJ
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Eufaula,
Montgome try,
Selma,
Helena,
Little Roc ■te,
Albany,
Athens,
Atlanta,
Augusta,
Columbus,
Macon,
R om e,
Louisville,
Shrevepor t,
Columbus.
Greenville
Greenwooti,
Meridian,
Natchez,
Vicksburg
Yazoo Cit:y.
St. Louis,
Raleigh,
Cincinnati ,
GreenwootI,
Memphis,
Nashville,
Brenham,
Clarksville
Dallas,
Honey GnDve,
Houston,
Paris,

£

R eceipts.

Movement to M a y 26 1911.

Movement to M ay 27 1910.

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year— is set
out in detail below.

The above totals show that the interior stocks have de­
creased during the week 25,298 bales and arc to-night 34,994

[VO L. L X X X X 1 I .
ations fo r Middling Cotton on—

Week ending
M ay 26.
G a lv e s to n ____
New Orleans - ­
M o b ile _______
Savannah ____
Charleston____
W ilm ington___
N o r fo lk ______
B a ltim o r e -----Philadelphia - ­
A ugu sta----------M e m p h is _____
S t. Louis-------H o u s t o n -------Little R o c k —

Tuesday. Wed' day. Thursd'y. Friday
15%
15 11-16
15%
15%
15%
15 5-16
15%
16
16.35
13 %
15%
15%
15%
14%

15%
15 11-16
15%
15%
15%
15%
15%
16
16.35
15%
15%
15%
15%
15

15%
15 11-16
15%
15%
15%
15%
15%
16
16.35
15%
15%
15%
15%
15

15%
15 11-16
15%
15%
15%
15%
15%
16
16.25
15 %
15%
15%
15%
15

15 %
15 %
15 %
15 %
15 %
15 q
15 %
16
16 .15
15 %
15 %
15 %
15 %
15

15 %
15 9-16
15 %
15 %
15 %
15 %
•
15 %
16
16 05
15 % ■
15 % ■
15 %
15 5-16
15

N E W O R L E A N S O PTIO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sal’day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
M ay 20. M ay 22. M ay 23. M ay 24. M ay 25. M ay 26.
M ay—
Range ______
Closing______
June—
Range ______
Closing______
July—
Range ______
Closing______
August—
Range ______
Closing______
September—
R a n g e ______
Closing______
October—
R a n g e ______
Closing______
November—
R a n g e ___. . .
Closing______
December—
R a n g e ______
Closing______
January—
Range ______
Closing______
February—
Range ______
Closing______
March—
Range ............
Closing......... ..
Tone—
S p o t _________
O p tio n s _____

— 15.75 15.63-.70 15.63-.69 15.52-.61 15.36-.41 15.31-.39
15.65-.67 15.68-.71 15.61-.63 15.47-.49 15.40-.41 15.27-.29
— @ — — @ — — ® — — @ — — @ — — ® —
15.65 — 15.70 — 15.63-.65 15.51-.53 15.42-.44 15.29-.31
15.83-.94 15.83-.93 15.82-.90 15.71-.82 15.55-.67 15.49-.65
15.8 5-.8 6 15.90-.91 15.83-.84 15.71-.72 15.62-.63 15.49-.50
14.80-.88 14.79-.88 14.81-.86 14.73-.81 14.01-.68 14.58-.72
14.82-.83 14.86-.87 14.82-.83 14.73-.74 14.67 — 14.58-.59
13.52-. 58 13.50-.53 13.53 — 13.47-.50 13.45 — 13.47-.50
13.52-.54 13.53-.54 13.51-.53 13.49-.50 13.46-.47 13.43-.45
13.07-.16 13.05-. 14 13.09-.14 13.06-.12 13.02-.08 13.02-.10
13.09 — 13.12-. 13 13.09-.10 13.07-.08 33.05-.06 13.02-.03
— @ — — @ — — ® — — @ — — @ — — ® —
13.03-.05 13.07-.09 13.04-.06 13.02-.04 13.00-.02 12.99-.01
13.00-.08 12.96-.07 13.02-.07 13.01-.06 12.96-.02 12.96-.03
13.02-.03 13.06-.07 13.03-.04 13.01-.02 12.99-.00 12.96-. 97
13.05-.08 13.00-.08 13.08-.10 — @ — 13.01 — 13.04-.05
13.05-.07 1 3 .1 0 -.il 13.06-.08 13.04-.05 13.02-.0 1 12.99-.00
— @ — — ® — — @ — — @ — — @ — — @ —
1 3 .0 9 -.il 13.13-. 15 13.10-.12 13.08-.10 13.06-.08 13.03-.05
— ® — — @ — — @ — — ® — 13.20 —
13.17-.19 13.23-.25 13.20-.22 13.16-. 16 13.15 — 13.12-. 14
Steady.
Steady.

Quiet.
Steady.

Steady.
Steady.

E asy.
Steady.

Quiet.
Steady.

Quiet.
S tea d y.

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.

W E A T H E R REP O RTS B Y T E L E G R A P H .— Advices to
us by telegraph from the South this evening arc as a rule
of a favorable tenor. In some districts, especially in the
Atlantic section, it is claimed that moisture is needed; but
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 elsewhere rain has been quite general and, although in the
SIN C E SEPT 1.— W e give below a statement showing the main moderate or light, has been of benefit to the plant.
overland movement for the week and since Sept. 1, as made On the whole the crop is doing quite well.
Galveston, Tex.— W e have had rain on one day the past
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows: week, the rainfall being sixty-eight hundredths of an inch.
-------1UIuu-iu------- The thermometer has ranged from G6 to 84, averaging 75.
M a y 20—
Since
Since
Brenham, Tex.— W eek’s rainfall sixty-seven hundredths of
Shipped—
Week.
Sept. 1.
Week.
Sept. 1.
an inch, on one day. Average thermometer 73, highest 87,
Via St. L o u is ...................... .............
495,329
6,757
Via C a iro ______________ ______ - 2,220
202,571
1,842 1,704,446 lowest 58.
Via R ock Island
____ _________
25,957
20,239
Cuero, Tex.— W e have had rain on one day during the
Via L o u is v ille __________ ______ . 2,513
126,974
108,133
2,814
578
Via Cincinnati _________ ________ .
76,918
979
45,087 week, the rainfall being forty-five hundredths of an inch.
Via Virginia p oin ts_____________
169,906
129,040 Thermometer has averaged 72, ranging from 53 to 90.
2,108
Via other routes, &c ................ .
973
163,876
1,876
144,226
Dallas, Tex.— W e have had rain on one day during the
Total gross overlan d__________ .12,030 1,261,531
16,376 1,009,553 week, the rainfall being twenty-seven hundredths of an inch.
Deduct Shipments—
Overland to N. Y ., B oston, Ac . 2,272
158,920
3,927
108,007 The thermometer has ranged from 50 to 90, averaging 73.
Between Interior t o w n s . ______ .
498
59,624
3,018
52,350
Henrietta, Tex.— There has been no rain during the week.
Inland, & c., from S outh_______ . 1,689
46,353
3,287
57,261
The thermometer has averaged 72, the highest being 98 and
T otal to be d ed u cted ________ . 4,459
264,897
10,232
217,618 the lowest 45.
Huntsville, Tex.— Rain has fallen on one day of the week,
L eaving total net overlan d*__ ___ . 7,571
996,634
6,144
791,935
the rainfall being ninety hundredths of an inch. The ther­
* Including m ovem ent b y rail to Canada.
mometer has averaged 73, ranging from 54 to 92.
The foregoing shows the week's net overland movement
Longview, Tex.— There has been rain on one day of the
has been 7,571 bales, against 6,144 bales for the week last week, to the extent of twenty-eight hundredths of an inch.
year, and that for the season to date the aggregate net over­ The thermometer has averaged 77, the highest being 97 and
land exhibits an increase over a year ago of 201,699 bales.
the lowest 56.
Luling, Tex .— Dry all the week. The thermometer has
---------1910-11--------- ------------ 1909-10--------In Sight and Spinners’
Since
Since averaged 73, ranging from 56 to 89.
Takings.
Week.
Sept. 1.
Week.
Sept. 1.
Nacogdoches, Tex.— There has been rain on one clay during
R eceipts at ports to May 2 6 .......... 38,360 8,258,103
5-1,056 6,955 242
Net overland to May 2 6 _________ 7,571
996,634
6,144
791,935 the week, to the extent of nine hundredths of an inch.
The
Southern consum ption to May 26- 49,000
1,809,000
42,000 1 927,000
thermometer has ranged from 51 to 90, averaging 71.
T otal m arketed________________ 94,931 11,063,737 102,200 9,674,177
Paris, Tex.— W e have had a rainfall of one inch and eightyInterior stocks In excess_________ *25,298
164,042 *22,965
166,651
eight hundredths during the week, on two days. Average
Came Into sight during w e e k .. 69,633
_________
79,235
____
thermometer 73, highest 94, lowest 52.
T otal In sight May 2 6 ..... ................ ........ 11,227,779
_____ 9,840,828
Palestine, Tex.— W e have had rain on one day during the
Northern splnn’s takings to M ay 26 12,868 1,995,323
31,505 1,079,827 past week, the rainfall reaching ten hundredths of an inch.
The thermometer has averaged 71, the highest being 88
Movement into sight in previous years:
and the lowest 54.
Week—
Bales.
Bales.
Since Sept. 1—
1909— May 28
W atherford, Tex.— There has been no rain the past week.
12,829,686
135.151 1908-00— May 28.
1908— May 30
10,614,352 Average thermometer 74, highest 96 and lowest 51.
83,004 1907-08— M ay 30.
1907— May 30
12.807,325
81,840 1906-07— May 31.
1906— June 1
Ardmore, Okla.— The week's rainfall has been ninety-two
10,285.306
112,779 1905-06— June 1
hundredths of an inch, on two days. The thermometer has
Q U O TA TIO N S FO R M ID D L IN G COTTON A T O T H E R averaged 72, the highest being 96 and lowest 47✓
M A R K E T S .— Below are the closing quotations of middling
Holdenville, Okla.— Rainfall for the week two inches and
-cotton at Southern and other principal cotton markets for thirty-three hundredths, on two days. The thermometer
nch day of the week.
has averaged 72, ranging from 52 to 92.
bales less than at the same time last year.
The receipts
at all the towns have been 15,756 bales less than the same
week last year.




May

Alexandria, La.— It has rained on one day of the week,
the rainfall reaching two inches and twenty-seven hun­
dredths. The thermometer has averaged 74, the highest be­
ing 94 and the lowest 55.
New Orleans, La.— We have had rain on two days during
the week, the precipitation being forty-one hundredths of an
inch. Thermometer has ranged from 66 to 91, averaging 79.
Shreveport, La.— We have had rain on two days of the past
week, the rainfall being forty hundredths of an inch. Aver­
age thermometer 75, highest 92 and lowest 59.
Columbus, Miss.— It has rained on three days of the week,
the rainfall being one inch and eighteen hundredths. The
thermometer has averaged 77, the highest being 93 and the
lowest 61.
Vicksburg, Miss.— We have had rain on one day during the
week, the precipitation reaching thirty-four hundredths of
an inch. The thermometer has ranged from 62 to 94, aver­
aging 77.
'
Eldorado, Ark.— Rain has fallen on two days of the week,
the rainfall being one inch and forty-three hundredths.
Average thermometer 72, highest 93, lowest 51.
Helena, Ark.— There has been rain on one day the past
week, the rainfall being twelve hundredths of an inch. The
thermometer has averaged 75.1, ranging from 56 to 91.
Little Ilock, Ark.— YVeathcr continues very favorable for
crops, which continue to improve. There has been rain on
three days the past week, the rainfall being eighty-two hun­
dredths of an inch. The thermometer has ranged from 58
to 92, averaging 75.
Memphis, Tenn.— The cotton crop is progressing well.
We have had rain on two days during the week, the rainfall
being twenty hundredths of an inch. The thermometer has
averaged 77, the highest being 92 and the lowest 65.
Mobile, Ala.— Beneficial rains in the interior early part of
week. Crop reports are very favorable. There has been
rain on four days the past week, the rainfall being three
inches and ninety-seven hundredths. The thermometer has
ranged from 67 to 93, averaging 77.
Montgomery, Ala.— The cotton crop is doing nicely. Rain
has fallen on three days during the week, to the extent of one
inch and fifty-one hundredths. Average thermometer 77,
highest 93. lowest 66.
Selma, Ala.— There has been rain on five days during the
week, the precipitation being seventy-seven hundredths of an
inch. The thermometer has averaged 77, the highest being
94 and the lowest 66.
Madison, Fla.— We have had rain on three days during the
week, the rainfall being two inches and forty-four hundredths.
The thermometer has ranged from 69 to 89, averaging 75.
Atlanta, Ga.— The week’s rainfall has been one inch and
thirty-eight hundredths, on five days. The thermometer
has averaged 76, the highest being 90 and the lowest 63.
Augusta, Ga.— We have had rain on one day during the
week, the precipitation being eleven hundredths of an inch.
The thermometer has averaged 79, ranging from 66 to 94.
Savannah, Ga.— It has rained on one day during the week,
the precipitation being four hundredths of an inch. The
thermometer has ranged from 67 to 90, averaging 76.
Charleston, S. C .— There has been no rain during the week.
The thermometer has averaged 80, the highest being 90 and
the lowest 70.
Greenwood, S. C.— It has rained on one day of the week,
the precipitation reaching one inch and fifty-two hundredths.
The thermometer has ranged from 56 to 91, averaging 73.
Charlotte, N . C.— Moisture is badly needed; not half the
cotton is up yet. There has been rain on one day during the
week, the precipitation being forty-seven hundredths of an
inch. The thermometer has averaged 77, the highest being
90 and the lowest 65.
IN D IA COTTON M O VEM EN T FROM A LL PO RTS.

1 Since

Week. | Sept. 1.

Bombay.................. .............
Exports
from—
Bombay—
1910-1l .1909-10..
1908-01)..
Calcutta—
1910-11-.
1009-10.1908-09..
Madras—
1910-11-.
1909-10..
1908-09..
All others—
1910-1l _.
1909-10..
1908-09..
Total all. . .
1910-11
1009-10..
1908-09..

Week.

5,000 35,000
40,000
4,000 14,000 27,000 45,000
_____
8,000 17,000 25,000

_____

.

—

3,000
9,00(1
10,000

Week.

Since
Sept. 1.

Since September 1.

For the Week.
Great
Britain.
48.000
90,000
21,000

1

3,000
3,000
4,000

1
31,000
35,000
36,000
18,000
11,000
19.000^
209,000
244,000
203,000

1,000

1,000
3,009

....

. . . .

1 .6 6 6

i,6oa

8,000
4,000
3,000

3,000
____
9,00(1
2,000 12,000

32,000
23,00(1
15.000

43,000
5,000 38,00(1
4,000 24,000 27,66c 55,000
20,000 21,000 41,000

Conti- 1 Japan 1
nent. & China.' Total.
754,000
836,000
528,000

1

91,000 1,012,000
120,090 1,126,000
43,000 786,000

1
475,000 1,277,000
782,000 1,708,000
583,000 1,132,000
I8.0001
41.000
30,000.

52.000
79,000
70,000

200
1,000
5.000,

26,200
16,000
27,000

12,000, 253,000
3,000, 270,000
40,000! 258.000

1

I
503,200 1,608,200
827,000 2,073,000
658,000 1,487,000

COTTON CONSUM PTION A N D O V E R L A N D M O VE­
M ENT TO M A Y 1.— Below we present a synopsis of the
crop movement for the month of April and the eight months
ended April 30 for three years.




1910-11.
Gross overland for A p r i l . .......... ...... bales
Gross overland for 8 m onths____________
Net overland for A p r i l . ._____ __________
Net overland for 8 m onths________ ______
Port receipts In A p ril___________________
Port receipts In 8 m onths________________
Exports In A pril________________________
Exports In 8 m onths_____________________
Port stocks on April 3 0 __________________
Northern spinners’ takings to May 1____
Southern consum ption to May 1_________
Overland to Canada for 8 months (In­
cluded in net overlan d)_______________
Burnt North and South In 8 m onths____
Stock at Northern Interior markets May 1
Came In sight during A p ril----------------------Am ount of crop In sight May 1 --------------Came In sight balance of season_________
Total c r o p ----------------------------------------------Average gross weight of bales___________
Average net weight o f bales---------------------

1909-10. I 1908-09.

72,637
,213,382
56,131
961,930
184,117
,037,699
245,141
,888,435
431,236
,917,087
,625,000

77,717
941,600
58,996
764,502
339,119
6.730,379
340,928
5.297,251
548,851
1,905,355
1,760,000

73,809
1,417,891
58,169
1,209,625
506,356
9,083,113
435,088
7,448,304
622,169
2,390,129
2,660,000

99,788
96,098
1,915
19,471
13,747
606,086
457,115
9,536,881 12,309,299
1,114,080 1,519,547
10,650,961 13,828.846
514.10
510.50
506.23
490.10
486.50
482.23

124,080

22

21,055
330,631
,938,629

W O R L D ’S SU P P L Y A N D T A K IN G S OF C O TTO N .
1910-11.

Cotton Takings.
Week and Season.

Week.

1909-10.
Week.

| Season.

Season.

Visible supply May 19__________ 3,262,3821 -------------- 3,238,256
Visible supply Sept. 1 __________ ............. 1 1,495,514
69,933 11,227,779 " 79,235
American in sight to May 26 —
54.000
49.000 2,141,000
B om bay receipts to May 25-----10.000
3.000
331,200
Other India shlp’ ts to May 2 5 ..
500
2.000 1,002,000
Alexandria receipts to May 2 4 ..
1,000
10.000
256,000
Other supply to May 2 4 * ----------

1,831,022
9,840,828
2,928,000
365.000
651,500
211.000

T otal su p p ly--------- ---------------- 3,396,015 16,453,493 3,382,991 15,927,350
He duct—
Visible supply May 2 6 --------------- 3,156,265 3,156,265 3,142,690 3,142,690
240,301 12,784,660
139,801 9,302,160
100,500 3,482,500
W est Indies, &C.

239.750 13,297,228 1
T otal takings to May 2 6 ..............
177.750 10,045,028
Of which A m erican__________
■ Of which oth er__
_________
62,000 3,252,200 l
Embraces receipts In Europe from Brazil, Sm yrna,

A L E X A N D R IA REC EIPTS A N D S H IP M E N T S.
Alexandria, Egypt,
M ay 24.

1910-11.

1909-10.

1908-09.

Receipts (cantars) —
This week _. _________
Since Sept. 1 -------------------

13,000
7,513,069

6.000
4,887,483

15,000
6.633,210

Exports (bales) —

Since
This
Week. Sept. 1.

Since
This
Week. Sept. 1.

This
Since
Week. Sept. 1.

T o Liverpool ____________
T o M anchester____ ____
T o Continent . ______
T o A m erica_______ _____

2.250
4.250
3,500
3,000

201.861
205,743
362,634
112,884

143,731
1,750 116,626
2,500 273,537
58,604

4.500 178,370
186,102
2,250 309,551
2.500 76,480

T otal e x p o r ts .. _____ 13,000 883,122 4,250 592,498 0,250 750,503
A can tar Is 99 lbs. Egyptian bales weigh about 750 lbs.

M A N C H E STE R M A R K E T .— Our report received by cable
to-night from Manchester states that the market continues
quiet for both yarns and shirtings. Manufacturers are
generally well under contract.
We give the prices for to­
day bdow and leave those for previous weeks of this and
last year for comparison.

32* Cop
Twist.

8% lbs. Shirt- Cot'n
tngs. common Mid.
to finest.
VpVs

<9.
d.
Apr.
7 10 9-16'(t 11 9-16 5
14 10 9-16 @11 9-16 5
21 10 V* <n. 11% 6
28 10 K @ H U 6
May
5 10 13-160 11% 6
12 10 15-16@ 11% 6
19 10 15-16® 11^ 6
@ 11% !6
26 10 %

d.

s

11
11

@11
@11

0

@11

1

@11

1K@11
l% ln ll
1% @H
1 H » 11

32* Con
Twist.

8% lbs. Shirt- Cot'n
trigs, common •Mid.
to finest.
UplJ
s. d.i d.

d.
7.83 10 % @
7.96 10 9-16®
8.10 10% @
8.27 i10 5-^ @
8.23 (10 u io @ H
8.42 10% @
8.40! 10H @
8.28 10% ■;»

ll% '5
U%5
11% 5
7-10
11%
11%
11%

7 @ 10
7H @ 10
10
7>$@10

5 8 @10
b 9 @10
5 8H @ 10
5 8% * 10

3
3
3
3

7.92
7.81
7.87
7.94

4 Hi 7.95
6 I 8.12
6
8.04
6 1 8.04

S H I P P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , t h e
e x p o r t s o f c o t t o n fr o m th e U n ite d S ta te s th e p a s t w e e k h a v e
r e a c h e d 6 4 ,9 6 3 b a le s .
T h e s h i p m e n t s in d e t a i l , a s m a d e
u p f r o m m a il a n d t e le g r a p h i c r e t u r n s , a r e a s f o l l o w s :
T o ta l b a le s .

Since
Sept. 1.

49,000 2,141,000 54,000 2,928,000 46,000 1,915.000

Great Conti­ Japan
liritain. nent. dtChina Total.

1,000
2,000

19(18-09.

19t 9-10.

1910-11.
May 25.
Receipts at—

1445

THE CHRONICLE

2 7 1 9 1 1 .)

564
N E W Y O R K — T o Liverpool— May 19— Arabic, 564.............................
T o London— May 19— Minnetonka, 300________________________
300
T o Bremen— May 24— Barbarossa, 4,443_______________________ 4,443
T o Antwerp— May 19— Lapland, 800___________________________
800
T o Barcelona— May 19— Venezia, 413_____ ____________________
413
T o Genoa— May 19— Friedrich, 375 — May 23— H amburg, 8 2 .
457
T o Naples— May 19— Friedrich, 494__________________________ _
494
To Japan— May 20— W ray Castle, 182_________________________
182'
G A LV ESTO N — T o Manchester— May 18— Ansclma de Larrinaga,
8,845 ................................................................. ...... ............ - ............... 8,845T o Bremen— May 19— R io Jano, 7,717----------------------------------------7,717
T o H amburg— May 19— Rio Jano, 50----------------------------------------50
T o Barcelona— May 19— Teresa, 6,8 0 0--------------------------------------- 6,800
T o V enice— May 19— Teresa, 1,000--------------------------------------------- 1,000
T o Trieste— May 19— Teresa, 1 0 0 - .......... ............ ...........................
100
T o Genoa— May 23— Dclphine. 1 ,8 6 0 ._________________________ 1,860
N E W O R L E A N S —T o Liverpool— May 22— Dictator. 2,081.............. 2,081
T o H avre— May 19— Bordeaux, 1,219----------------------------------------- 1,219
T o Trieste— May 24— Giulia. 2 00.........................................................
200
T o Barcelona— May 2 4 —Giulia, 2,250----------------------------------------- 2,250
T o Venice— May 24— Giulia, 256----------------- ------------------------------256
T o Port Barrios— May 24— Preston, 300-------------------------------------300
G U L F P O R T — T o Bremen— May 20— H ydra, 2,177-------------------------2,177
M O B IL E —T o Bremen— May 19— Black Prince, 4.874 _______
_ 4,874
S A V A N N A H — T o L iverpool— May 23— Navarro, 3,3 3 6______ ______3,335
To Manchester— May 23— Navarro, 3 ,856______________________ 3,855
T o Bremen— May 25— Glenacn, 5,9 0 0 _________________________ 5 900
T o St. Petersburg— May 25— Glenacn, 2 00......... .......... ...................
200
T o Gothenburg— May 23— Eretza Mendl, 275---------------------------275
T o Christiania— May 23— Eretza Mendl, 100-----------------------------10O
BOSTON— To L iverpool— May 20— Devonian, 2 0 — May 23— Zeef*'1
land, 149...................
169
T o Yarm outh— May 11— Boston, 9 7 ____________________________
97
B AL T IM O R E —T o Liverpool— May 20— Ulstermore, 1 ,6 6 2 ............... 1,662
P H IL A D E L P H IA — T o Liverpool— May 19— Merlon, 1,302_________ 1,303
T o Genoa— May 24— Taormina, 400---------------------------------400
SAN FRAN CISCO— T o Japan— May 24— Chiyo Maru, 284................
284
T otal _____________________________________________________________ 64,693

1446

THE CHRONICLE

L IV E R P O O L .— By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that port
M
” a y 5.
“
Sales o f the w eek ______ bales. 50,000
Of which speculators t o o k -- 8,000
Of which exporters to o k ------ 3,000
Sales, A m erican..... .................... 43,000
A ctual exp ort---------------------- 14,000
F o rw a r d e d ______________
76,000
T otal stock— E stim ated_______ 962,000
Of which A m erican---------------837,000
T otal Imports of the w eek------ 16,000
Of which A m erican------------- 11,000
A m ou nt a flo a t-. ------------------- 86,000
Of which A m erican-------------- 42.000

M at/12.
42,000
3,000
2,000
34,000
11,000
76 000
923 000
794 000
4 o ’ooo
21,000
104,000
45 000

M ay 19.
34.000

M ay 26
30.000

i~665
27.000
9.000
74.000
865.000
733.000
24.000

25.000
11.000
70.000
826,000
697.000
40.000

8 .000

125.000
77.000

1,000
1,000

2 2 .0 0 0

129.000
78,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.

J

Saturday.

Monday.

Tuesday.

Quiet.

Dull.

Dull.

Wednesday. Thursday.
Quiet.

Quiet.

Friday.
Quiet.

Mid.Upl’ds.

8.40

8.33

8.36

8.36

8.28

8.28

Sales........
Spec.&exp.

4,000
300

5,000
300

4,000
300

6,000
300

6,000
. 300

6,000
300

Futures. Quiet unch. Quiet at
Market
1 to 2 points 4@ 6 pts.
opened
j decline.
decline.
Market,
P. M.

Quiet unch. Steady at
to 144 pts. 1@2 pts.
advance.
decline.

Quiet at Quiet unch
1@2 pts. to 1 point
decline.
decline.

1 Steady at Steady at Quiet unch. Easy at
Irrcg. at
Quiet at
1@2 44 pts. 4 pts.dec.to to 2 points 1 @ 1 A pts. 3@7 44 Pts. 2@244 Pts
| decline. A pt. adv. advance.
decline.
decline.
advance.

The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.

May 20
Sat.
to
May 26. 1 2 K 12H
p.m .

M ay ____
M ay-June
Junc-July
July-Aug-.
A u g .-S ep .
S ept.-O ct.
O c t.-N o v .
N ov.-D ec.
D e c.-J a n .
J a n .-F e b .
Feb.-M ch.
Moh .-A pr.

p.m.

Tues.

W ed.

Thurs.

Frl.

12 Yx 4 12 M 4 12 M 4 12 A
4 12 A
4
p.m . p.m. p.m . p.m . p.m. p.m. p.m. p.m. p.m . p.m.

13
07
11 H 05
96 X
96
91
67
62
20
15 Vi
00 H 96
94
90
0 2 'A 88
92 K 88
93
88
93
88 H

02

0
6
6
6
6

Mon.

Thus: 8 13 means 8 13-100d.

09 M 07
09
10K 11
08 A 09 H 1 0 « 0 8 ^ 06
01 02 00 H 98
94
95
96 94 A 92
65 y2 66
67
65
63 a
20
2 1 A 21
20 18 a
00 y2 02
01 A 01 00
95
96
95 A 95
94
93
94
92
05 A 93
93
94
93 A 93
92
93 ^ 94 H 9 3 A 9 3 A 92 A
93 H 94 V, 94 '94
93

00

02
99 yj 02 44 0144
o i yj 99
02 44 0144
93
93
90 H 94
87 A 85
88 44 87 44
59 A 57
60
59 44
16
15
1744 17
98
97
99 44 99
92
91
93 44 93
90 H 89
9144 91
90
89
9144 93
90 H 89 44 92
91 A
91
90
92 44 92

BREADSTUFFS.
Friday Night, May 26th, 1911.
H our, while it has not met with any greatly increased
demand, has sold a little more freely and has been generally
about steady, though now and then some irregularity in
prices has been observable. It is also a fact beyond con­
troversy that trade at the W est and Northwest is dull,
though at St. Louis there are some slight indications of a
better demand for export. Nowhere in this country is there
any great confidence apparently in the stability of present
prices.
Wheat has advanced sharply on the May option, which at
one time was l l ^ c . over July, but other months have de­
clined. The reasons for the rise in May are, of course, not
far to seek. They are, briefly, two: first, bullish manipula­
tion, and, second, the covering by belated shorts, who had so
to speak, waited in vain for the storm to blow over. The
later months have declined, owing to the generally favorable
outlook for the crop. The Northwest has recently had
abundant moisture. Glowing reports have come not only
from Minnesota and the Dakotas, but also from Kansas,
Illinois, Tennessee, Kentucky, as well as from other parts
of the belt. Southwestern Russia appears to have
had
beneficial
rains.
The
Canadian
crop,
it
is
estimated,
will be larger
than
last
year’s
by
60,000,000 to 75,000,000 bushels. Roumania has had some
rain, which was needed. The world's shipments were large,
being 16,280,000 bushels, against 14,832,000 last week
and 10,048,000 last year. The amount on passage increased
3,880,000 bushels, to 58,578,000, against 49,680,000 last
year. The Northwest has been selling July and September
heavily in Chicago. On the other hand, Oklahoma’s crop
it is said, will show a falling off from 25,000,000 bushels last
year, to 6,000,000 this year. The American visible supply
is decreasing much more rapidly than it was a year ago.
Complaints of dry weather have come from the Southwest
and also from parts of Russia. Argentina's shipments this
week are expected to show a decrease. The crop in Texas is
estimated by some to be only one-third to one-half of last
year’s. Prices in this country are generally 7 to 12c. lower
than those of a year ago, with the possibility at least, if not
the probability, that the foreign crops of wheat will be
smaller than last year’s, and that America will be called upon
by Europe for more wheat than for some years past. The
export demand for Manitoba wheat has latterly increased,
the sales on Thursday being 320,000 bushels. To-day,
prices advanced slightly, with the cables higher, some
export business and reports of dry weather at the Southwest.
D A IL Y CLOSIN G P R IC E S OF W H E A T F U T U R E S
Sat. M on . Tues.
N o. 2 re d _________________________ ___
98
98
96 44
M ay delivery In elevator__________os98
97 44 96 41
J u ly delivery In elevator__________ 95 ■
94 44 ■ 9 5 A -




IN NEW YORK.
Wed. Thurs. F ri.
96
97
97
95 H ■ 96 54 96 44
94 41 • 964i 96 44

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

D A IL Y C LOSIN G P R IC E S OF W H E A T F U T U R E S IN CHICAGO.
,,
, „
,
,
Sat. M on. Tues. Wed. Thurs. F rl.
Alay delivery In elevator------------94
95^ gg
99
99^
991.3
July delivery in elevator---------- 88
K 87 41 88 44 87 44 8944
89 44
Septem ber delivery In e le v a t o r --.- 87 44 86 44 87 44 86 44 88 44 88 44

Indian corn has advanced on light receipts, and a better
export and speculative demand. Sales of about half a mil­
lion bushels to arive here for export were announced a few
days ago. Shorts have bought freely. The country dis­
tricts have shown no particular inclination to sell, possibly
for the reason that farmers are too much occupied with field
work. On the other hand, the world’s shipments were large
— 3,978,000 bushels, against 3,335,000 last week and 2 ,5 98,­
000 last year. The amount on passage increased 663,000
bushels, to 9,559,000, against 6,979,000 last year.
The
Panubian shipments were 2,482,000 bushels, against 1,­
683,000 last week and 1,241,000 last year. The visible sup­
ply decreased only 668,000 bushels, against 1,239,000 last
y?ar- Moreover, the weather has been on the whole favora­
ble. There is some expectation of larger receipts in the
near future. To-day prices were higher, with light offerings,
small Argentina shipments, higher cables and complaints
that rams are needed at the W est to assist germination.
D A IL Y CLOSIN G P R IC E S OF NO. 2 M IX E D CORN IN NEW YORK.
Cash pnrn
Sat’ M ° n - Tues- Wecl- ThUTS. F H .
5 ® , , ------ - - - - - - .......................... nom . nom . nom , nom . nom . nom .
May delivery In elevator--------------- 59 44 60
60 44 61
6144 62
D A IL Y C LOSIN G P R IC E S OF CORN F U T U R E S IN CHICAGO.
,
Sat. M on . Tiies. Wed. Thurs. F rl.
52 44 53 44 54 44 54 44
May de very n e eva tor--------------- 51 % 5141
July delivery In elevator--------------- 51 44 51 44 52 44 52 44 53 44 54 44
September delivery In elevator____52 A
52 54 53
53 n
54 n 54

Oats have advanced to some extent on some unfavorable
crop reports from parts of the Southwest, together with
speculative buying for both sides of the account. In other
words, shorts have covered and commission houses have
bought for a rise. The country offerings have been small.
Some further export business in Manitoba oats has taken
place. The advance in prices has not been marked, partly
for the reason that many of the crop reports have been very
favorable. To-day prices advanced. Complaints are made
of hot, dry weather in parts of the West.
D A IL Y CLOSIN G P R IC E S OF
o.
. .
Sat.
S ta n d a rd s ------------------------------------- 40
N o. 2 w hite------------------------------------ 4044

OATS IN NEW YORK
M on. Tues. Wed. Thurs. F rl.
3944 40
4044 4144 4244
40
4044 41
42
43

D A IL Y CLOSIN G P R IC E S OF OATS F U T U R E S IN CHICAGO.
„
,
,
Sat. M on . Tues. Wed. Thurs. F rl.
3 3 44 3 4 44 3 4 % 35 A 35 44
M ay de very n c evat° r --------------- 33 M
July delivery In elevator--------------- 33 41 33 44 34
34 44 35 44 36
September delivery In elevator------ 33 44 33 44 33 41 33 44 35 44 35 A

The following are closing quotations:
FLOUR.
W inter, low grades____ S3 75
Kansas straights, oaok.54 20(j
Winter patents..... ............. 4 60
Kansas clears, sacks___ 3 80(
Winter stra ig h ts________ 4 10
City patents..............
0 00(
Winter clears___________ 3 45
R ye Hour..............................4 65(
Spring patents................ 5 05
Graham Hour.....................3 900
Sprl g straights_________ 4 40
Corn meal kiln dried._
3 00
Sprlngclears.................... 3 9 0@ 4 25|
G R A IN
W heat, per bushel— f.o .b ,
Corn, per bushel—
Cents
N. Spring, N o. 1 . ............... $1 07 44
No. 2 ...................f.o .b .
62
N. Spring, N o. 2 .................. 1 05 44
Steam er--------- elevator
Nominal
Red winter. No. 2 ................
97 44 „ No. 3 ........... elevator
Nominal
Hard winter, N o. 3 .............. Nom. R ye. per bushel—
Oats, per bushel, new—
Cents.
No. 2 W estern..............
Nominal
Standards____________
4244
State and Pennsylvania
Nominal
No. 2 white......... _ ...............
43
Barley— Malting................t i o @ l 14
No. 3 w h i t e .. .................
42

The statements of the movement of|breadstuffs to market
indicated below are' prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at—

Flour.

'

Wheat.

Com.

Oats.

| Barley.

\ Rye.

bbls,106lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. 'bushASlbs. bu. 56 lbs
Chicago___
110,180
1,868,400
891,700 1,074,400
315,100
17,500
Milwaukee-.
65,400
89,270
220,700
177,110
200,200
24,480
Duluth........
10,160
12,604
202,171
34,288
1,332
767
Minneapolis.
160,450
87,200
1,020,800
174,480
30,100
T oledo------24,000
35,400
15,000
Detroit------5,608
45,774
12,600
11,733
Cleveland . .
118,612
620
12,600
68,320
"” 460
St. Louis__
42,970
271,325
401,170
156,690
4,228
18
Peoria____
30,800,
239,450
25,475
284,150
34,8001
1,000
Kansas City.
49,300
285,600
196,800
...........!
Total wk. ’ l l
265,738 2,799,179 2,283,598 3,010,615;
730,540
73,865
Same wk. ’ 10
303,432 2,732,261
3,007,844
1,978,781
860,429
72,072
Same wk. ’09
362,888
1,574,797 j 2,236,865 2,524,398!
677.639
33,440

___ ;
__

Since Aug. 1
1
1
1
1910-11-.. 13,084,747 190,251,586 234,663.112 158.297,963 59,922.428 4.892.089
1909-10.-- 17,309,535 224,936,421 153,001.058 66,602,135 71,877,118 6,261,751
1908-09... 16,933.176 202,167.420 122,151.894 140,550,235 75,055,748 5,890,735

Total receipts of flour and grain at the seaboard ports for
Receipts at—

New Orleans * ___
Newport News----Norfolk..................
Galveston..............
Mobile....................

Flour,
bbls.
167,817
31,260
43,261
44,332
26.381
1.250
2,381

___

3.000
76,772

Wheat,
bush.
606,000
469,702
349,235
297,336
7,200

Corn,
bush.
511,875
129,288
56,917
97,019
178,800

19,000

1,000
6,000
203,110

955,222

Oats,
bush.
564,250
78,400
197,904
72,492
114,600

Barley,
bush.
248,772
145

Rye,
bush.
' ” 257
1,002

-----

374,922
33,876
Total week 1911 - - 398,454 2,703,695 1,184,009 1,402,508 282,793
.201,926 23.241.331 38,992,664 18,145,950 2262,734
287,307 1,979,727
487,682 1,084,910
30,275
,673,830 27,305,360 18,870,303 16,724,348 1464,610

1,259
276,743
10,350
354.748

♦ Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

THE CHRONICLE

May 27 1911.)

1447

steadily hardened, moderate advances being paid in some
quarters. Converters, printers and the manufacturing
Peas, trades operated on a larger scale than last week, and the
Corn, Flour,
Oats,
Rye, Barley,
Wheat,
bush. volume of business done on goods of print cloth yarn con­
bush.
bbls.
bush.
bush.
bush.
bush.
Exports from—
802
154,302 89,926
6,065
New Y o r k --------- 674,300
struction, as well as fine combed yarn goods was substan­
197,385 24,217
410
Boston-------------- 238,307
15.000
Philadelphia----- 364,000
COO
tially better. There was no rush on the part of buyers, but
73,707 29,066
72,000
Baltimore---------an encouraging and perhaps significant feature was that
17,500
7,529
2,000
"lOO
New Orleans----orders were in most instances for contract delivery; whereas
1,250
Newport N ews.-- —
_________
6,566
Galveston.-........
heretofore demand was almost entirely for spot and nearby
6,000
3,000
Mobile.................. _________
shipment. In other words, buyers seem to be abandoning
166,000 41.000 262,000
........ 11,000
Montreal-............ 623,000
2,381
Norfolk................
their hand-to-mouth policy so long in evidence, and sellers
feel confident that business will continue to expand. In the
Total week___ 1,973,607 014,894 219,965
2 69,205
......... 11,000
1,117
Week 1909_____ 2,189,900 408,564 143,629
272,016
____
40,903
1,178 primary market prices were very firmly held and secondary
The destination of these exports for the week and since distributers were less disposed to grant concessions, espec­
ially in view of limited stocks and increased curtailment of
July 1 1910 is as below:
production by mills. The Fall River Iron Works mills were
---------Flour----- ---------------- Wheal--------— ----------- Corn---------Since
Since
Since closed this week and will shut down alternate weeks for an
Week
July 1
Week
July 1
Week
July 1 indefinite period; the movement to curtail appears to be
Exports for week and May 20.
1910. May 20.
1910. May 20.
1910.
Since July 1 to—
bbls.
bbls.
bush.
bush.
bush.
bush. spreading throughout New England, additional mills having
United Kingdom...113,217 3,905,930 1,019,345 31,891,296 415,235 19 736,790 decided, it is understood, to go on short time immediately,
C on tin en t.---........ 34,316 1,754,771
943,062 18,050,087
164,006 22 182,773
Sou. * Cent. Amer. 42,801 970,406
11,200
343,488
6,140 2 363,840 while Southern mills contemplate similar action during the
West Indies............ 24,605 1,141,902
______
8,212 29,177 1, 421,691 summer. This restriction of output is reaching large pro­
Brit. Nor. Am. Cols. 4,598
78,145
______
14,404
Other Countries----425 234,157
...........
336
53,109 portions through individual rather than any concerted
'25*666
action, and it is plain that mills are more determined than
614,894 45,772,607
Total................... 219.965 8,085,311 1,973,607 50,318,083
408,564 27,384,506 ever to curtail until cloth prices reach levels commensurate
Total 1909-10..........200,629 8,607,556 2,189,900 78,005,328
with staple and manufacturing costs. Some Southern mills
The world's shipments of wheat and corn for the week have already signified their intention of closing or running on
ending May 20 1911 and since July 1 1910 and 1909 are shown short time during the summer, unless conditions improve, and
in the following:
at the same time have instructed their agents to advance
prices. Improvement in demand for finished goods was not
Com.
Wheat.
so conspicuous as in other directions; still there was some
1909-10.
1910-11.
expansion in trading in prints, ginghams and other staples
1909-10.
Exports.
191 0-11.
for fall delivery. Retail distribution, according to reports
Since
Week I Since
Since
Since
Week
from various sections, was stimulated by the advent of hot
July 1.
May 20.1 July 1.
July 1.
May 20.
July 1.
weather, but this resulted in a freer movement of stocks
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amcr. 3.688.000 115.699.000 128.038.000 544.000 41.489.000 27.084.000 accumulated for the spring and summer trade rather than in
16.253.000
Russia........ 6.696.000 198.176.000 197.272.000 952.000 20.192.000
any fresh buying from retailers for future needs. More
Danube----- 1.104.000 83.706.000 18.234.000 2,482,000 67.981.000 22.633.000 activity was noted in other lines of textiles, especially in the
55.499.000 61.515.000
Argentina . . 2.720.000 77.754.000 53.356.000
underwear and hosiery division, where lightweight goods of
808,000 51.704.000 37.380.000
Australia . .
In d ia .......... 1.144.000 42.636.000 140.624.000 / ............
the better qualities were in urgent request for prompt de­
i ............
Oth. countr’ s 120,000 7,376,000 /
livery and in limited supply. Cotton yarns ruled generally
T o ta l----- 16280 nno 577.051.000 474.904.000 3,978,000 185,161,000 127,485,000 firm on contracts, but quiet.
Woolen and worsted markets
The quantity of wheat and corn afloat for Europe on dates displayed a little more life in the shape of duplicate orders for
fall dress goods and an increased call for certain seasonable
mentioned was as follows:
lines of men's wear fabrics for immediate shipment.
The exports from the several seaboard ports for the week
ending May 20 1911 arc shown in the annexed statement:

Wheat.

Corn,

United
1
Kingdom. Continent.' Total.
May
May
May
May
May

20
13
21
22
24

1911. 1911 ..
1910-1909-1908--

Bushels. 1 Bushels.
Bushels.
23,712,000 34,864,000 58,576,000
23,384,000,31,312,000 54,696,000
33,520.000 15,520,000 49,040,000
27,520,000 15,200,000 42,720,000
23,920,000' 14,960,000 38 880,000

Untied
Kingdom. Continent.
Bsuhels.
3,902,000
3,638,000
3,315,000
9,435,000
6,545,000

Bushels.
5,457,000
5,058,000
2,295,000
8,245,000
8,330,000

Total.
Bushels.
9,359,000
8,696,000
5,610,000
1,768,000
14,875,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports May 20 1911 was as follows:
AMERICAN GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
431,000
New Y o rk ........
.
561,000
520.000
172,000
308.000
2,000
32,000
.
215,000
Philadelphia__
94,000
108,000
.
.332,000
Baltimore..........
142,000
125,000
.
19,000
New Orleans__
3,000
.
81,000
Galveston..........
634,000
_ 1,334,000
1,481,000
Buffalo ............
216,000
21,000
,
354,000
T o le d o________
9,000
220,000
.
205,000
Detroit ............
3,677,000
626,000
. 5.331,000
hiengo_______
145,000
21,000
.
122,000
Milwaukee........
492,000
5,000
. 3,053,000
Duluth..............
700,000
21,000
.10,060,000
Minneapolis __
61,000
23,000
1,015,000
St. L ouis..........
119,000
176,000
.. 1,095,000
Kansas City----1,345,000
30,000
Peoria ..............
150,000
95,000
_ 180,000
Indianapolis__
100,000
678,000
.
681,000
On Lakes_____
273,000
9,000
.
124,000
On Canal and River..

4,478,000
8,620,000
1911- .24.934,000
8,988,000
5,146,000
1911- .25,449,000
6,541.000
7,416,000
1910 .22,030,000
1,492,000
7,370,000
1909- .22,420,000
CANADIAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush.
bush.
bush.
Montreal ...................... 1,152.000
297,000
556,000
Fort W illiam -............ 2,713,000
2,995,000
Port Arthur.................. 1,932,000
2,592,000
Other Canadian............ 1,717,000
845,000
Total
Total
Total
Total

Total
Total
Total
Total

May
May
May
May

May
May
May
May

20
13
21
22

20
13
21
22

19111911.
19101909-

Wheat,
bush.
.24,934,000
. 7,514,000

Amerlcan
Canadian .
Total
Total
Total
Total

May
May
May
May

7.514.000
8.370.000
7.883.000
5.900.000

20
13
21
22

1911.
1911.
1910
1909.

.32.448,000
.33,819,000
.29,913,000
.28,320,000

297.000
339.000
128.000
14,000
SUMMARY.
Corn,
bush.
4,478,000
297,000
4.775.000
5.485.000
6.669.000
1.506.000

Rye,
bush.
3,000

Barley,
bush.

1,000

10,000

20,000

1,000

614,000

’ 5*666
*3,666

50.000

17*666

209,000
57.000

2,000

3,000
104,000
29.000
37.000
573.000
265.000

1.070.000
961,000
2.152.000
1.557.000

Rye.
bush.

Barley,
bush.
56,000

56.000
74.000
105,000
85.000

0,988,000
6.898.000
533.000
246.000
Oats,
bush.
8.620.000
6,988,000

Rye,
bush.
29,000
_____

Barley,
bush.
1,070,000
56,000

15.608.000
15.886.000
7.949.000
7.610.000

29.000
37.000
573.000
265.000

1,126,000
1,035,000
2,257,000
1,642,000

T H E DRY GOODS T R A D E .
New York, Friday Night, May 26 1911.
Further improvement in cotton goods markets, particu­
larly in the primary division, was noted this week. There
was a material broadening in demand, especially for gray
goods; buyers displayed increasing confidence and prices




D OM ESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending May 20 were 10,934
packages, valued at $836,510.
---------1911--------Since
Jan. 1.
335
442
30,202
13,188
8,512
2,817
15,903
969
7,548
25,964
16,142

W eek.
Nett) York to M ay 20.
12
Great B ritain_________________ ______
35
Other E urope_____ ____________ ______
............5,506
India ..............................................
A rabia________________________
............
129
...........
550
52
M exico-------- ----------------- --------- ............
801
Central A m e rica .- ___________ ______
.South Am erica________________ ............2,118
Other countries _______________ ______ 1,731

___

_
_

T o t a l_______________________ ______ 10,934

122,022

---------1910--------Since
W eek. Jan. 1.
877
18
509
1
28,212
13,194
5,518
___
4,768
1,180
20
11,270
372
723
60
3,382
326
20,102
930
17,548
479
15,400

94,389

The value of these New York exports since Jan. 1 has been
$9,004,171 in 1911, against $6,344,579 in 1910.
Bleached cottons, especially those used by shirting and
underwear manufacturers, were called for more freely, and
unbranded bleached cottons were taken in larger quantities
for forward delivery by cutters and jobbers. Drills displayed
a firmer tendency and were more active. Sheetings were
comparatively quiet but well held at the recent advances;
brown sheetings are slightly higher than a week ago. Prints,
ginghams and other staples for fall were ordered steadily in
moderate quantities, but jobbers generally showed a dispo­
sition to proceed conservatively in making commitments
until the outlook for retail distribution is clearer. The
market for coarse, colored cottons showed a stronger tone,
but with trading light, except on the best known descriptions;
mills making certain lines of the latter are said to be well sold
ahead. Export trade continued quiet. Print cloths were
active and generally firmer; gray goods, 383^-inch standard,
are higher at 5 ^ e . to 5 3 -16c.
W O O L E N G OO DS.— In the men’s wear division the most
noteworthy feature was the brisk demand for staple serges
and light-weight fancy worsted suitings for quick shipment;
owing to curtailed production for several months past, sup­
plies in first hands are reported as unusually light, and buyers
have experienced some difficulty in fully covering their
present needs. Prices are firmly held. Additional re­
orders on woolen suitings came forward, but fall dupli­
cating was irregular and not large in the aggregate. The
dress goods market was generally quiet, most of the initial
business for fall apparently having been placed.
F O R E IG N D R Y GOODS.— Light-weight woolens and
worsteds were in fairly active demand for prompt and
near by shipment, but business for forward delivery was
generally quiet outside of a continued good call for broad­
cloths. Spot dress linens, where available, were readily
taken by retailers and suit makers, and damasks, towels and
other housekeeping linens were purchased in fair volume,
especially for summer hotel and railroad use. Burlaps ruled
about steady and moderately active, with prices practically
unchanged.
............................................................................... ,

1448

State

THE CHRONICLE

au®

City 33etabtivietjt.

STATE AND CITY SECTION.
A new number of our “ State and City Section” ,
revised to date, is issued to-day, and all readers of the
paper who are subscribers should receive a copy of it.
In the editorial department of that publication will
be found an elaborate analysis of the municipal bond
sales in the United States during the calendar year
1910.

News items.
Arizona-New Mexico .— Statehood Bill Passed by House of
Representatives.— By a vote of 214 to 57 the House of Repre­

[V O L . L X X X X I 1 .

“ A railroad corporation, unless expressly authorized b y its charter ol
b y special law, shall not issue bonds, coupon notes or other evidences o r
Indebtedness payable at periods of more than twelve months after the date
thereof to an am ount which. Including the am ount o f all such securities
previously issued and outstanding, exceeds in the whole the am ount o f its
capital stock at the time actually paid In."
As the New Y ork New Haven A Hartford Railroad Co. Is a Massachusetts
railroad corporation, It is the opinion o f the Attorney-General that,under
either the old or the new savings bank law, only those of Us Issues of bonds,
cou pon notes and other evidences o f indebtedness which, taken In the order
of their issue, do not exceed the amount of the capital stock of the com pany
actually paid in, are legal Investments for Massachusetts savings banks.
B A L T IM O R E AN D OH IO SYST E M .
Baltimore A Ohio R R .—
IBaltimore A Ohio R R .—
Extension 4s, 1935.
First mtge. 4s, 1948.
Prior lien 3 Ms, 1925.
I S. W . Div. 3 Ms, 1925.
C E N T R A L OF N E W J E R S E Y SYSTEM .
Central R R . of N. J. general 5s, 1987.
CHICAGO A N OR TH
Chicago A North Western R y .—
General 3 Ms, 1987.
Madison E xt. 1st 7s, 1911.
Menominee E xt. 1st 7s, 1911.
Sinking fund cons. 7s, 1915.
Extension 4s, 1926.
Sinking fund m tge. 5s, 1929.
Sinking fund m tge. 6s, 1929.
Cedar Rapids A Missouri R iv. R R .
mortgage 7s, 1916.
Northwestern Union R y . 1st 7s,
1917.
Milw. Lake Shore A W estern R y .—
Consolidated 6s, 1921.
Marshfield E x t. 1st 5s, 1922.
Michigan D iv. 1st 6s, 1924.
Ashland D iv. 1st 6s, 1925.
E xt. A Impt. m tge. 5s, 1929.
W ise. N or. R y . 1st 4s, 1931.

W E S T E R N SYSTEM .
W inona A St. Peter R R . 1st 7s *
1916.
Boyer Valley R R . * ls t 3 M s , 1923.
Minn. A la . R y . 1st 3 Ms, 1924.
Southern Iowa R y. *lst 3 Ms, 1925.
Princeton A Northwestern R y . 1st
3 Ms, 1926.
’
Peoria A Northwestern R y. * lst 3 Ms,
1926.
Mankato A New Ulm R y. * lst 3 Ms,
1929.
Frem ont Elkhorn A Missouri Valley
R R . cons. 6s, 1933.
M innesota A South Dakota R y. * 1st
3 MS, 1935.
Iowa M. A N. W . R y . 1st 3 Ms. 1935.
Sioux City A Paelllo R R . 1st 3 Ms,
1936.
M anitowoc Green Bay A N . W . R y .
1st 3 Ms, 1941.

sentatives on May 23 adopted the joint resolution admitting
these Territories to Statehood. The resolution as passed,
however, proposes amendments to both constitutions.
Arizona is to vote on an amendment to provide that the
judiciary of the new State shall not be subject to recall by
popular vote and New Mexico will vote on i proposition to
make its proposed constitution easier of amendment. See
V . 92, p. 673.
M assachusetts .— Legal Investments for Savings Banks.—
W e reprint below a list, taken from the Report of the Bank
Commissioner for 1910, showing the bonds and notes of
CHICAGO B U R L IN G T O N A Q U IN C Y SYSTEM .
railroad, street railway and telephone companies which are
Burlington A Quincy R R .— (B url. A M o. R iver R R . In Nebraska
considered legal investments for Massachusetts savings Chicago
General 4s, 1958.
j consol. 6s, 1918.
Illinois D iv. mortgage 3 Ms, 1949. Republican Valley R R . m ortgage
banks under the provision of clauses third, fourth, fifth and
Mortgage 4s, 1949.
6s, 1919.
sixth of Section 68, Chapter 590, Acts of 1908. It is ex­
Iow a Div. mortgage 4s, 1919.
Hannibal A St. Joseph R R . m ortgage
M ortgage 5s, 1919.
plained that. clause fourth provides that bonds which com­
6s. 1911.
Denver Extension 4s, 1922.
Tarklo Valley R R . 1st 7s, 1920.
plied with the law prior to its being amended in 1908 shall
Nebraska E xt. m tge. 4s, 1927.
No.'.away V al. R R . 1st 7s, 1920.
continue, under certain conditions, to be legal investments.
CHICAGO M IL W A U K E E A ST. P A U L SYSTEM .
The bonds which do not comply with clause third of the Act
Mllw. A St. Paul R y .—
Chic. Mllw. A St. Paul R y .—
but continue to be legal through clause fourth are printed in Chic.
General 3 Ms, 1989.
WIs. A Minn. D iv . 1st 5s, 1921.
italics, the reason being in all instances given in foot-notes.
General 4s, 1989.
Chicago A Lake Superior Div
La Crosse A Davenport D iv. 1st
1st 5s, 1921.
5s, 1919.
Chic. A M o. R iv . Div. 1st 5s, 1926 .
Dubuque Div. 1st 6s, 1920.
Terminal 1st 5s, 1914.
W ise. Vail. Div. 1st 6s, 1920.
Dak. A Gt. S o. R y . 1st 5s, 1916.
Chicago A P a d lie, W estern D iv., Fargo A So. R y . 1st Os, 1924.
1st 5s, 1921.
Milw. A N or. R lt . ext. 4 Ms, 1913.

R A IL R O A D B O N D S.
IiA N G O Ii A A R O O S T O O K S Y S TE M , a e
Aroos. N or. R R ., a, e, 1st 5s, 1947.
B . A A . HR., a, e, 1st 5s, 1043.
North M aine Seaport R R ., a, e.
Ptscat. D iv., a, e, 1st 5s, 1943.
R R . and term. 1st 5s, 1935.
Van Buren E x ., a, e, 1st 5s, 1943.
Medford E x ., a, e, 1st 5s, 1937.
BOSTON & M.A I N E S Y S T E M .
Boston & Maine R R .—
Connecticut River R R .—
Plain, 3 H s, 1931.
Plain, 3 Ms, 1923.
Plain, 3 Ms, 1923.
Plain, 4s, 1943.
Plain, 3 Ms, 1925.
Plain, 3 Ms, 1921.
Plain, 4s, 1926.
W ore. Nashua A R och. R R .—
Plain, 4 Ms, 1929.
First, 4s, 1913.
Plain, 4s, 1937.
First, 4s, 1930.
Plain, 4s, 1942.
First, 4s, 1934.
Plain, 4 Ms, 1944.
First. 4s, 1935.
Plain, 3s, 1950.
Concord & Claremont R R . 1st,
Portsm outh Great Falls & Conway
4 Ms, 1914.
R R . 1st 4 Ms, 1937.
Peterborough & Hillsborough R R .
Boston A Lowell R R .—
1st, 4 Ms. 1917.
Plain, 4s, 1913.
Fitchburg H R .—
Plain, 4s, 1915.
Plain, 4 Ms. 1914.
•
Plain, 4s, 1916.
Plain, 4s, 1915.
Plain, 4s, 1917.
Plain, 4s, 1916.
Plain, 4s, 1918.
Plain, 3 Ms. 1920.
Plain, 3 ^ s , 1919.
Plain, 4s, 1920.
Plain, 3 Ms, 1921.
Plain, 3 Ms, 1921.
Plain, 3 Ms, 1923.
Plain, 4s, 1925.
Plain, 3 Ms, 1925.
Plain, 4s, 1927.
Plain, 4s, 1926.
Plain. 4s, 1928.
Plain, 4s, 1927.
Plain. 4 Ms, 1928.
Plain, 4s, 1929.
Plain. 4s. 1937.
Plain, 4s, 1932.
T roy & Bos. H R . 1st, 7s, 1924.
Connecticut & Passumpslo Rivers Brookline & Peppcrell R R . plain,
R R . 1st 4s, 1943.
5s, 1911.
Concord A Montreal R R . cons. m tg. Verm ont & Massachusetts R R . plain
4s. 1920.
3 Ms. 1923.
Boston Concord & Montreal R R . St. Johnsbury & Lake Champlain
m ortgage, 6s, 1911.
R R . 1st, 5s. 1944.
Sullivan Co. R R . 1st 4s, 1924.
Verm ont Valley R R . 1st 4 Ms, 1940.
M A IN E C E N T R A L SYSTE M .
Maine Central R R .—
Dexter A Piscataquis R R . 1st 4s>
Consolidated 4s, 1912.
1929.
Consolidated 4 Ms, 1912.
European A North A m erican R y .
Consolidated 5s, 1912.
1st 4s, 1933.
Consolidated 7s, 1912.
Upper Coos R R .—
Collateral trust 5s, 1923.
Mortgage 4s, 1930.
Penobscot Shore Line R R . 1st 4s,
Extension m tge. 4 Ms. 1930.
1920.
W ash. Co. R y . 1st 3 Ms, 1954.
Maine Shore Line R R . 1st 6s, 1923. Portland A R um ford Falls R y . con ­
Belfast & Moosehcad Lake R R .
solidated 4s, 1926.
1st 4s, 1920.
Portland A Ogdensburg R R . 1st
Dexter A Newport R R . 1st 4s, 1917.
4 Ms. 1928.
N E W Y O R K N E W H A V E N A H A R T F O R D SYSTEM (See N ote).
N . Y . New Haven A H artf. R R .—
New Haven A Derby R R . consoli­
Debenture 4s, 1914.
dated 5s, 1918.
Debenture 4s, 1947.
Providence A Springfield R R . 1st
Debenture 3 Ms, 1947.
5s, 1922.
Debenture 3 Ms, 1954.
Providence Terminal Co. 1st 4s,
Debenture 4s, 1955.
1956.
C onv. debenture 3 Ms, 1956.
Boston A Providence R R . plain, 4s,
Harlem River A Port Chester 1st
1918.
4s, 1954.
H olyoke A Westfield R R . 1st 4s,
H ousatonic R R .—
1911.
Consol. 5s, 1937.
New E ng. R R . cons. 4s. 1945.
N . Y . Providence A Boston R R .
Consolidated 5s, 1915.
general 4s, 1942.
N . Y . A New England R R ., Boston
Boston A N. Y . A ir Line R R . 1st 4s,
Term., i., 1st 4s, 1939.
1955.
Norwich A W orcester R R . debenture
Danbury A Norwalk R R .—
4s, 1927.
Consolidated 5s, 1920
Old Colony R R .—
Consolidated 6s, 1920
Plain, 4s. 1924.
General 5s, 1925.
Plain, 4s, 1925.
R efunding 4s, 1955.
Plain, 4s, 1938.
N augatuck R R . 1st 4s, 1954
Plain, 3 Ms, 1932.
Debenture 3 Ms, 1930.
Prov. A VVorc. R R . 1st 4s, 1947.
I f ole.— Chapter 463 of the A cts o f 1906, entitled " A n A c t relative to
railroad corporations and street railway com p anies," provides, In sectloo 66
...................... .
..................
.
f Part II, t h a t : ......................




C.

CHICAGO R OCK ISLA N D A P A C IF IC SYST E M .
R . I. A P. R R . m tge. 6s, 1917. |C. R . I. A P. R y . gen. 4s, 1988.

CHICAGO ST. PAUL M IN N E A P O L IS A O M AH A SYST E M .
Chic. St. Pam Minn. A Omaha R y .tC h lc. St. P. A M R y . 1st 6s, 1918.
Consol. 3 Ms, 1930.
INor. W ise. R y . 1st 6s,1930.
Consol. 6s, 1930.
|St. Paul A Sioux 0 . R R . 1st 6s, 1919.
D E L A W A R E A H U DSON S Y S T E M .
r c f' 4s- 19*3 ISchencctady A Duancsburg R R .
D A II Canal Co 1st 7s, 1917.
1 1st 6s. 1924.
Adirondack R y . 1st 4 Ms, 1942.
|Alb. A Susq. R R . con v. 3 Ms, 1946.
D E L A W A R E L A C K A W A N N A A W E S T E R N SYST E M .
N .Y .I.a ck a w a n n a A Western R y ., cA V a lley R R ., *c 1st 5s, 1911.
1st 6s, 1921.
G R E A T N O R T H E R N SYST E M .
St. Paul Min. A Man. R y .—
|Montana Central R y .—
Consolidated 4s, 1933.
| First 5s, 1937.
Consolidated 4 Ms, 1933.
j First 6s, 1937.
Consolidated 6s, 1933.
IWillmar A Sioux Falls R y .—
Montana ext. 4s, 1937.
| First 5s, 1938.
Paclllc ext. 4s, 1940.
‘ Spokane Falls A Northern R y .—
Eastern R y . o f Minn.—
l First 6s, 1939.
Northern D iv. 4s, 1948.
IL L IN O IS CENT'R A L SYSTEM .
Illinois Central R R .—
Illinois Central R R .—
Refunding m tge. 4s, 1955.
Cairo Bridge 1st 4s, 1950.
Sterling Extended 4s, 1951.
St. Louis Dtv. 1st 3 r, 1951.
Gold Extended 3 Ms, 1950.
do
do 1st 3 Ms, 1951.
Sterling 3s, 1951.
Purchased lines, 1st 3 Ms, 1952.
Gold Is, 1951.
Collateral trust 1st 3 Ms," 1950.
Gold 3 Ms. 1951.
Western Lines, b, 1st 4s, 1951,
G o d Extended 3 Ms, 1951.
Louisville Div., 1), 1st 3 Ms, 1953.
Sprlngtleld Div. 1st 3 Ms. 1951.
Omaha Dio., b, 1st 3s, 1951.
■
Kankakee A South Western R R .
T.itch icld Div., * 1st 3s, 1951. ■
• 1st 5s, 1921.
Collateral trust, d, 4s, 1952
•
L A K E S H O R E A M ICH IGAN SO U T H E R N SYSTEM .
Lake Shore A Michigan Southern Mahoning Coal R l l . * 1st 5s,11934.
R y . 1st general 3 Ms, 1997.
Pittsburgh M cKeesport A YoughicKalamazoo Allegan. A Grand Rapids
gheny R R . * 1st 6s, 1932.
R R . • 1st 5s. 1938.
L O U IS V IL L E A N A S H V IL L E SYSTEM .
Louisville A Nashville R R .—
iL ou lsv. Cln. A L ex. R y . general
Unified 4s, 1940.
4.Ms, 1931.
General 6s, 1930.
|Southeast A St. Louis ____
Div. _6s, ____
1921.
First 5s, 1937.
’ Mobile A Montgomery 4 Ms 1945
Trust 5s, 1931.
:N . O. A Mobile D iv. 35 000 000
Evansville I I .A N . Div. s . f . 6s, 1919.!
1st 6s, 1930.
* 1 U’
Mich. Cent. R R .
M. C.-Mich. A ir
, , 1 r ^ fw iv n r «.
M. C.-Detroit A
5s> l 031-

M ICH IGAN C E N T R A L SYST E M .
1st 3 Ms,1952.
|M. C.-Jackson Lansing A Saginaw
Lino R R . 1st 4s, 1 R R . 1st 3 Ms, 1951.
n
m , nr,
i ■ O.-.Iollct A Northern Indiana
Bay City R R . 1st I RR. * 1st 4s, 1957.
.
|M . C .-Kalamazoo A South Haven
| RIC. * 1st 5s, 1939.

N EW Y O R K CE N T R A L SYSTEM .
Oswego R R . Bridge, c, 1st 6s, 1915.
N 3 M 8 ,C199&7 .H - R> U R - mort*a* C Syracuse Phoenix A Oswego R R ., c,
Beech Creek R R . 1st 4s, 1936.
1st 6s, 1915.
Mohawk A Malone R y. 1st Is, 1991. Carthage Watertown A Snckett’s Har­
bor
R ., c. cons. 5s, 1931.
•
3 Ms. % W ) inem R R ■' C’ m° rtKagC Utica R
A Black R . R R ., c, 1st 4s, 1922 .
Rome Watertown A Ogdensburg RR., Boston A Albany R R .—
c, consol. 5s, 1922
Plain, 3 Ms. 1952.
Consol. 3 Ms, 1922.
Plain, 4s, 1913.
Watertown A Ogdensburg Term.
Plain, 3 Ms. 1951.
R R .. c 1st 5s. 1918.
Plain, 4s, 1933.
• •
Norwood A Montreal R R ., c, 1st 5s
Plain, 4s, 1931.
• 1 9 1 6 ...................................................
Plain, 4s, 1935.

THE CHRONICLE

MAY 27 191J.

P E N N S Y L V A N IA R A IL R O A D SYSTEM .
Philadelphia & Erie R R .—
General 6s, 1920.
General 5s, 1C20.
General 4s, 1920.
Harrisburg Portsmouth M l. Jog <x
Lancaster RR * 1st 4s, 1913.
River Front R R . 1st 4 yjs , 1912
1st 4s, United N. J. R R . & Canal C o.—
3 uubury & I.ewislown Iiu
General 4s, 1923.
General 4s, 1929.
Sunburn Hazleton A W ilkesHlarreRg.
General 4s, 1944.
* 1st 5s. 1928
General 4s. 1948.
West Chester HR.
1st os, 1919.
General 3J4s, 1951.
W . Penn. HU. cons. 4s, 1928.
Pittsburgh Virginia & Charleston Cleveland & Pittsburgh R R .—
General 4 ^ s , 1942.
Hu. * 1st 4s, 1943.
General 3 H s, 1942.
South W est Pennsylvania H R . 1st
General 3 !^s 1948.
7s 1917.
General 3 H s, 1950.
junction HR. * sen. 3 ^ s . 1930.
Del Riv. HR - * Hr. Co. ‘ 1st 4s, 1030. Pitts. Ft. W. & C .R u -, C, 1st 7s, 1912.
Allegheny Val. R y . gen. 4s, 1942.
Erie & Pitts. HR. * gen. 3 his. 1940.
M ISCE LLA N EO U S.
Vow London Northern R R .—
I Kennebec Central R R .—
First 4s 1940.
First ext. 4s, 1911.
Boston Term. Co., i, 1st 3 t4s, 1947.
I First ext. 5s, 1911.
Boston Revere Beach & Lynn R R ., aANarragansett Pier R R ., a, 1st 4s,
1st 43.3s, 1927.
I 1916.
Brldg. & Saco R lv. R R . cons. 4s, 1928 |

Pennsylvania U R .—
Consolidated 5s, 1919.
Consolidated 4s, 1943.
Consolidated 3>*s, 1945.
Consolidated 4s. 1948.

Bond Proposals and Negotiations this week
have been as follows:

* Secured on less than 100 miles of railroad
n Dividends paid for Insufficient number of years.
/> Bonds do not cover 75% of the railroad owned In fee at the date of the
m ortgage by the railroad corporation on the railroad of which the mortgage
Vs a Hen.
, ,
,
.
c Not guaranteed b y endorsement.
, ,
,
.
, ,
ct Railroad covered by one of the Issues pledged as collateral Is not
oncrated by Illinois Central U R.
,, , „
.
,,, , .
.
« A m ount paid in dividends less than onc-thlrd of amount paid in 1 Revest
i Legalized by special A ct of General Court.

S T R E E T R A IL W A Y BONDS
Boston Elevated R y .—
Plain, 4s, 1935.
Plain, 4*<s, 1937.
Boston &, R ev. E l.St. R y. 1st 5s, 1928.
Bos.& North St. Ry., ref. 1st 4s, 1954.
Citizens’ Elec. St. R y. 1st 5s. 1920.
East Middlesex Street R y .—
Plain, 5s, 1918.
Plain, 4s, 1922.
Fitchburg & Leominster Street R y.
1st 5s, 1917.
Cons. m tge. 4 K>s»
H olyoke Street R y .—
Debenture 5s, 191 •>.
Debenture 5s, 1920.
Debenture 5s, 1923.

1449

Lynn & Bost. R R . Co. 1st 5s, 1924.
Springfield St. R y . 1st 4s, 1923.
Union St. R y . cons. m tge. 5s, 1914.
West End St. R y .—
Debenture 4 H s, 1914.
Debenture 4s, 1915.
Debenture 4s, 1916.
Debenture 4s, 1917.
Debenture 4 t$s, 1923.
Debenture 4)^8, 1930.
Debenture 4s, 1932.
W orcester Consolidated St. R y .—
Debenture 4 H s, 1920.
Debenture 5s, 1927.
First & ref. mtge. 4 H s. 1930.

T E L E P H O N E C O M PAN Y B O ND S.
Amor. Tel. & Tcleg. Co. collateral trust 4s, 1929.

Aberdeen, Monroe County, Miss.— Bond Offering.— Pro­
posals will be received until 8:30 p. m . June 7 by J. M.
Archer, Mayor, for the following 5 % coupon bonds:
$20,000 city-hall bonds. Denomination 20 bonds of $100 each and 18
bonds of $1,000 each. Maturity $100 yearly on July 1 from 1912
to 1930 and $18,100 July 1 1931.
5,000 negro-school-house bonds. Denominations 20 bonds of $100 each
and 3 bonds of $1,000 each. M aturity $100 yearly on July 1 from
1912 to 1930 Inclusive and $3,100 July 1 1931.
Date July 1 1911. Interest semi-annually at the H anover National Bank
In New York City. Bonds are exem pt from all taxation. Certified check
for 10% of bid, payable to the M ayor, Is required. Official circular states
that there Is no litigation pending or threatened as to the validity of said
bonds: also that the city has never defaulted In the paym ent o f its debts.

Abilene, Dickinson County, Kan.— Bonds Offered by
Bankers.— The H . C. Speer & Sons Co. of Chicago is offering
to investors $15,000 5 % 20-year sewer bonds. Denomina­
tion $500. Date April 1 1911. Interest semi-annual.
Anaheim, Orange County, Cal.— Bond Sale.— The State
Board of Examiners, it is stated, were awarded the $70,000
5 % high-school bonds at 104.035 and the $30,000 5 % gram­
mar-school issue at 103.25. See V . 92, p. 1263.
Ansonia, Conn .— Bond Offering.— Proposals will be re­
ceived, it is stated, until 8 p. m. June 27 by l1. M. Drew, City
Treasurer, for $40,000 4 % 24-year sewer bonds. Interest
semi-annual.
Arcadia, De Soto County, Fla.— Bonds Voted.— On May 16
this city, according to reports, voted to issue $20,000 water­
works, $20,000 sewer and $10,000 street bonds.

Arkansas City School District (P. O. Arkansas City),
Cowley County, Kan.— Bond Sale.— On May 22 the $50,000
5 % 20-ycar high-school bonds voted on April 14 (V . 92,
p. 1050) were sold to the H . C. Speer & Sons Co. of Chicago
at 103.45 and interest— a basis of about 4 .7 3 2 % . The bonds
are dated June l 1911 and interest is payable semi-annually
at the State Treasurer’s office in Topeka.

Ashley County Drainage District No. 1 (P. O. Wi mot),
Ark.— Bond Offering.— Further details arc at hand relative
to the offering on June 1 of the $90,000 6 % drainage bonds
mentioned in V. 92, p. 1050. These securities will be sold
at public auction at 12 m . on that day by W . B. de Yampert,
Secretary Board of Drainage Commissioners.

Boston— Hyde Park, M ass.— Annexation Bill Signed.—
Denomination $1,000. Date June 1 1911. Interest semi-annually
Newspaper dispatches state that Governor Foss has signed
at place bidder may desire. M aturity one-twentieth yearly from 1915 to
the bill providing for the annexation of the town of Ilyde 1936. Certified check for 510,000, payable to W . lL de'Y a m p ert,,1 s re­
Park to Boston. Before the bill can become effective, it quired. No debt at present. Assessed valuation for 1910, $417,614.
must be accepted by a majority of the voters of the town at
Asheville, Buncombe County, No. Caro.— Bonds Defeated.
— W e see it stated that the proposition to issue the $50,000
the annual State election next Fall.
Missoula.— Commission Form of Government Approved.— e/*iinni linnHs mon tinned in V . 92. n. 407. was defeated at an
The voters on May 10 approved the commission form of election held May ,2.
government. Under the new form the city will be governed
Bond Sale.— On May 22 the $430,000 30-year coupon re­
funding bonds described in V . 92, p. 1264, were awarded to
by a Mayor and two commissioners.
Pennsylvania.— Legislature Adjourns.—-The Legislature of Ilambleton & Co. and Baker, W atts & Co. of Baltimore at
this State adjourned at noon May 25. The proposed Income 100.168 and accrued interest for 5s.
Tax Amendment to the Federal Constitution was ratified by
Baker City, Baker County, Ore.— Bond Offering.— Propos­
the House on May 10, as previously reported, but was not als will be received until 5 p. m. on May 29 by A . B. Sterns,
City Clerk, for $90,000 water, $25,000 reservoir and $25,000
acted upon by the Senate.
.
The Governor has announced that he will not call a special street-intersection 5 % gold coupon bonds.
session for renewed consideration of the public utilities bill
Denomination $500. Date July 1 1911. Interest semi-annually at the
office of the Commissioners of Finance In Baker City. Maturity 20 years.
recently defeated in the Senate.
Bonds are exem pt from all taxation. Certified check for 5% of bid, pay­
South Carolina.— Vote on Constitutional Amendments.— able to O. L. Palmer, Mayor, Is required.
W c have just been advised that the vote on the nine pro­
Baker County School District No. 5 (P. O. Baker City), Ore.
posed Constitutional amendments submitted in November — Bond Sale.— On May 20 $45,000 5 % 10-20-year (optional)
1910 was as follows:
refunding bonds were awarded to Woodin, McNear & Moore
Amendment to Section 7, Article V I II ., concerning town of Darlington—
of Chicago at 101.57,-a basis of about 4 .8 0 % to the optional
4,394 ’ ’for” to 2,741 "ag a in st.”
,
,
.
_
Amendment to Section 7, Article V I II ., concerning town of Aiken, Cam­ date and 4 .8 7 7 % to the full maturity.
The following bids
den, & c.— 4,939 " fo r " to 3,330 "ag a in st.”
Am endm ent to Section 7, Article V I I I .» concerning city of Aiken 4,^47 were received:
^Amendment ^ S e c t i o n 12, Article V ., relating to Associate Justices
5,860 " fo r ” to 3,150 “ against.”
,
.
, ,
Amendment to Section 7. A rticle V I II ., concerning bonds issued b y any
m unicipal corporation for water works, sewer system s or light plants
4 ’ A m endm ent u^Socthm V? Artlc|c V I II ., concerning town o f St. Matthews
_ A m e n d m e n t ^ S e c t io n ’’2 ,' Article V ., relating to Associate Justices—
6,567 “ for” to 4,446 "ag a in st.”
„ . „ .
Amendment to Article X ., adding section 14 o,347 for to 3,11Am endm ent to Section 6, A rticle X . — 4,900

foi

to 2,9 5 /

against.

For details of thes amendments see V . 91, p. 599.
Tacoma, W a sh .— Vote Cast at Recall Election.— Later re­
turns from the recall election held May 1C, the result of which
we reported last week, indicate that only about 17,500 votes
were cast out of an eligible number of 27,000, showing that
fully one-third the voters did not take the pains to go to the
polls. The final count in 78 out of 79 precincts was as fol­
lows, according to local papers’
Commissioner of Public Safety— 1'. H . Pettit, 10, 668; ' L .W . R ays, 7,025
O. W oods, 11,615
do
Public W orks— W . E . Clayton, 5,636; w.
do Pub. Lt. & W ater— II. J. W eeks, 8,966; *N. Lawson, 8,504
do
Finance
— F. M. Lam boin, 6,518; *It. Freeland, 0,941
'P resent Incumbent.

Bond Galls and Redem ptions.
Powell County (P. 0 . Deer Lodge), Mont.— Bond Call.—
Payment will be made on July 1 1911 at the County Treas­
urer’s office of bonds numbered from 1 to 32, inclusive, of the
issue of July 1 1901.

The official notice of this bond call will be found among the
advertisements elsewhere in this Department.




W oodin , McNear & Moore,
Chicago _______________$45,706 50
Morris B ros., Portland
45,457 50
R . K lcy b oltcC o.,In c.,C ln - 45,457 00
Denomination $1,000. Date June

S. A . Kean & C o., Chicago $45,393 75
J. N. W right & C o., Den­
ver ___________________ 45,225 00
E . If. Rollins & Sons, Chic.45,157 50
1 1911. Interest semi-annual.

Batavia, Kane County, 111,— Bond Offering.— Proposals
will be received until 5 p. m . May 29 by W . H . Reaney,
C ty Clerk, for the $28,000 4 y2% bridge bonds voted on
Feb. 28 (V . 92, p. 674).
A uthority Chapter 24 of Revised Statutes. Denomination $500. Date
April 1 1911. Interest semi-annually at the- Harris Trust & Savings Bank
In Chicago. Maturity $1,000 yearly from 1913 to 1918 inclusive, S I,500
yearly from 1916 to 1926 Inclusive and $2,000 yearly from 1927 to 1931
inclusive
Proposals are requested as follows: 1st, for $28,000 bonds and
accrued interest from April 1 to May 29. purchaser to provide for printing
of bonds and, 2d, as to rate of Interest bidder will pay city on m onthly
balances should the city deposit purchase price with said bidder, such
am ount to be subject to warrants drawn m onthly In favor of the contractor
building the bridge.

Baton Rouge, La. — Bond Sale.— According to New Orleans
papers, this city has accepted a bid of par from the Hibernia
Bank & Trust Co. of New Orleans for an issue of $143,000
4 ) ^ % public improvement bonds. These bonds are sold
subject to an election to be held to vote upon the issuance
of the same.
.
Bonds Proposed.— It is further reported that an issue of
$257,000 bonds is also being contemplated by this city.
Beeville Independent School District (P. O. Beeville), Bee
County, Tex. — Bond Sale.— The State School Fund on May 20
was awarded the $30,000 5 % 10-40-year (optional) bonds,
registered on March 23 (V . 92, p. 895).

Beliefontaine, Logan County, Ohio.— Bond Offering.—
Proposals will be received until 12 m. May 31 by U . L.
Kennedy, City Auditor, for the $28,500 5 % coupon seweragedisposal-construction bonds mentioned in V. 92, p. 1128. .

1450

THE

C H R O N IC L E

• A uthority, Section 3939 of General Code. Denomination $500
Date
March 1 1911. Interest semi-annually at the City Treasurer’s office
\fn
turity March 1 1930, subject to call after Mqrch 1 1921. Bonds to 'b e \ lc livered and paid for within 10 days from time of award. Certified cheek
for 10% of bonds bid for, payable to the City Treasurer, is required
Pur­
chaser to pay accrued Interest.
1

Belleville Township School District (P. 0 . Belleville)
Essex County, N . J .— Bond Offering.— Proposals will be re­
ceived until 8:30 p m May 20 by James J. Turner, District
Clerk, for $24,900 ±y 2% coupon school bonds.
o f Bellevnicy ‘ Maturity S ' o n

J u ly '“

i i Y n V s ? S a n l R ational Bank

The tarn nine ness of
Purchaser to pay accrued interest.
Trust Co of n ™ V n ^ b r !
i
certified to by the U. S. Mortgage &
A t to vn ey -(Jen?
n Hie
L
dwthC lr leSalR y will be approved b y the
an d o f S Irl T n n m i V . ..Sk m f ,Ncvy Jersey. A cop y of the proceedings
Trust Co
m X to h
c fllcc! ,f or ' nsPection with flic U. S. Mortgage &
tru st Co. Bids to be made on blank forms furnished b y district.

Y

Beltrami County (P. O. Bemidji), Minn. — Bond Sale.—
lh e security Trust Co. of St. Paul advises us that it was
awarded on May 16 an issue of $150,000 5 % 133^-year
average bonds. Denomination $1,000.
Date July 1 1911.
Interest semi-annual.
Beltrami County Independent School District No. I l l
(P. O. Burdette), Minn.— Bond Offering.— Proposals will be
received until 2 p. m. May 29 by C. 11. Micecsleton, District
Clerk, for $12,000 school-building bonds.
A uthority, Chapter 10,Revised Laws o f 1905, and Acts and parts of Acts
am endatory thereof; also vote of 53 to 0 at an election held on Mav r> f o i l '
Denomination $1,000
Date on day o f issue. Interest semi-annually at
the Chicago Savings Bank & Trust Co. Bonds are exem pt from taxation
n Minnesota
Maturity lo years. Certfled check for 5% of bid Is requiied. Official advertisement states that there is no controversy or
litigation pending or threatened atrectlng the corporate existence or boun­
daries o f said school district, or the title of Its present officials to their re­
spective offices or the validity o f these bonds. Bonded debt $14 000
Assessed valuation for 1910, $139,634.
* ’

Bemidji, Minn,— Bond Election.— An election will be held
May 31, it is reported, to allow the voters to determine
whether or not $20,000 paving bonds shall be issued.
ri Birmingham, Ala. Temporary Loan.— The Birmingham
Trust & Savings Bank of Birmingham has loaned this citv
it is stated, $500,000 at 3 M % discount.
Bonds / roposed. It is stated in local papers that a propo­
sition to issue $1,500,000 bonds is being considered bv
this city.
J
Bismarck, Burleigh County, N o. D ak .— Bonds Authorized.
— Ine Board of Commissioners, it is stated, passed an ordi­
nance providing for the issuance of $15,000 city-hall-con­
struction bonds.
Blackberry, Itasca County, Minn.— Bond Offering.— Pro­
posals will be received until 1 p. m. June 2 by the Board of
Supervisors for $8,000 6 % coupon road-construction and
bridge-building bonds.
w D'pn°T?lliI3atl<?rl,?,500- M aturity $500 yearly from 1913 to 1928, inclusive.
W . T . Fulton is Tow n Clerk (P. O. Grand R apids).
Blacksburg, Montgomery County, Va. -Bonds Voted
, u^u, —

The issuance of $12,000 6 % 15-30-ycar (optional) water­
works and sewerage-system bonds was authorized by a vote
of 78 to 5, it is stated, at an election held May 16.

Bluffton School District (P. 0 . Bluffton), Allen County,
Ohio.— Bond Offering.— Proposals will be received until
7 p. m . May 29 by D . S. Beeshy, Clerk, for the $35,000 4 %
coupon high-school bonds mentioned in V. 92, p. 974.
s'inrw aS hty ? eptI£ n .7 -625 .G e n e ra l Code. Denomination 10 bonds of
$500 each and 40 bonds of $7a0 each. Date May 1 1911
Interest sem lfrom M a v l Vif, Plo^Nn
° ( flcie ’ Maturity $500 each six m onths
irons May 1 lO lo to N ov. 1 1919, in clu sive,an d $750 each six months from
i192*}
1 1939 Inclusive. Certified check on a local bank for
are °Lx-°exemp^ f° r’ payab c to thc vlUag0 Treasurer, is required. Bonds

Boone County (P. 0. Columbia), Mo.— Bond Election.—
Reports state that an election will be held to vote on a propo­
sition to issue $2,000,000 road-improvement bonds.
Bonham, Fannin County, Te x — Bonds Voted.— An elec­
tion held May 15 resulted in favor of the question of issuin'*
the following 5 % bonds:
$100,000 strcetjim proycm ent bonds by a vote of 243 " fo r ” to 25 "aga in st.”

VOL. LXXXXII.

Buffalo, N. Y. Bond Offering.— Proposals will be received
until 12 m . June 5 by William G. Justice, City Comptroller,
for the following registered bonds:
51v l ’ nnn on
? 0(K}S- A uthority, Chapter 108, Laws o f 1911.
1 nn’nnn no
n)im L b nads’ i Authority, Chapter 109, Laws of 1911. •
100,000 00 refunding railroad bonds. A uthority, Section 8, General Munlnnn nn
beln? Chapter 24, Consolidated Laws.
oO.OOO 00 refunding water bonds. A uthority, Scoton 8, General Munici0.
PM L aw, being Chapter 24, Consolidated Laws.
®nan??A f,,bAn J11)?, dated July 1 1911 and arc non-taxable. Interest
S t K ™
vn l
ComPtrailer s office or at the Gallatin National
tw entiito o f each Issue yearly on J u fy 'l from 19 f j t o T a 31
v l °A n
cltv?Cdom D?rolf?rtlnrtd f?hCCk for 2 % ,oC bonds bid for. made payable to the
Is r e q u i r e d ! 1
d d
n 0,1 au Incorporated bank or trust com pany,

Cache County (P. O. Logan), Utah .— Bond Offering.—
lroposals will be received until 2 p. m. June 1 for $150,000
4 H % school-building bonds.
annua?01
r
e
011 A ,p r11 U ’ Date July 1 1911. Interest sena­
t o r n f m h i X a y ?ars- ?ubA Y t0 c,a11 after 10 years. Certified check
Clerk%B o a T o f Education
Education, Is required. A rthur Jensen is

Caledonia, Houston County, M inn .— Bonds Voted.— An
issue of $15,000 town-hall bonds was authorized by the voters,
it is stated, on May 9. The vote is given as 98 to 55.
Co ? ^ ? n/ i ^ den GountyJ *— Bond Sale.— An issue of
4)417° 30-year refunding bonds was disposed of on
~4 to James It. Magoffin & Co. of New York City at
106.12— a basis of about 4 .1 4 % .
Denomination $1,000.
Date June 1 1911. Interest semi-annual.
The above securities take the place of the $ 2 IS,000 bonds
a wauled on March 27 (V . 92, p. 896), which sale was never
consummated.
Champlain, Clinton County, N. Y .— Bond Offering — Pro­
posals will be received until May 31 (to be opened at 2 p. m.
June 1) by John W . Clark. Village Treasurer, for $8,000 5 %
coupon street-improvement bonds.
D atpV lm i1^ foCiCitlonT f56 aPd 129;, Village Laws.
S K S

Denomination $500.

v J i & t f i 5 2 4 2 B,960Od ‘" ,b l' lr,° " J" " ,e t" ' “ lrauc-

Chandler, Lincoln County, Okla .— Bond Election.— Reports
state that an election will be held May 31 to vote on a propo­
sition to issue $10,000 artesian-well bonds.
Charlotte County (P. O. Charlotte Court House), V a .—
Bond Offering.— Proposals will be received until 12 m. June 1
by P. Is. Morgan, J. C. Carrington and A . B. Rice, Committee
of Board of County Supervisors, for $60,000 4 ) ^ % coupon
public-road-improvement bonds.
tt™ U8?°nimy

v130.!1? )Y L at eicctlon held Jan. 14 1909. DenominaA p r il,1 1999. Interest annually at the County Trcas? ff c<.c0'rn iY <Uui t,y 4,° years’ subject to call after 20 years. Certified
tmnC
^ .required. Official circular states that there Is no lltigam entP? f p r lU p a l o?e inrerCed tn0r haS th e C0UUty cver d efau lted 1,1 tb c P*Y~

Charter Oak School District, Los Angeles County, Cal.—

Bond Offering.— Proposals will be received until 2 p. m.
),lJncn V )y ithe ,B°sard ° i Supervisors, J. J. Leland, Clerk
(P. O. Los Angeles), for $3,500 5 % gold school bonds.
... Denomination $500. D a te J u n e l 1911. Interest annually at the Countv
Treasury. M aturity $500 yearly on June 1 from i S l S t o l i m
i
^
Certified or cashier's check for 5% of bonds bid for. payable to the Chair­
man Board o f Supervisors, is required. Purchaser to pay accrued Interest
No debt at present. Assessed valuation for 1910, $951,725.
’

Chicago, 111.— W est Park District .— Bond Offering.— Pro­
posals will bo received until 4 p. m. June 13 by the West
Chicago Park Commissioners, Union Park, Chicago, for the
$1,000,000 4 % coupon small park bonds mentioned in V . 92,
p. 1264.
., Denomination $1,000. Date July 1 1911. Interest semi-annually at
thc Treasurer s office. Maturity $50,000 yearly on July l from 1912 to
1931 Inclusive. Certified
the "W e st Chid check for 2% of bid,
bid. payable
navahln to tho
cago Park Commissioners,” is required

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Chicago, 111.— Bond Sale— On May 24 the $500,000 1 0 K -

water-works-im provem ent bonds by a vote of 263 " fo r ” to in ycar (average) general corporate and the $900,090 11-year
"again st.” Date June 1 1911.
u (average) funding 4 % bonds described in V. 92, p. 1390
Denomination $1,000. Interest semi-annually at the State Treasurer’s were sold to a syndicate composed of N . W . Halsey & Co.’
office. Maturity 40 years, subject to call after 20 years.
treasurers
30,000

Boston, Mass.— Municipal Light Loan Approved.__ On
May 22 the City Council passed a loan order for $300,000 to
purchase equipment for street lighting.
Bremen School District (P. O. Bremen), Fairfield County,
Omo. Bond Offering.—Proposals will be received until
12 m. May 29 by the Board of Education, J. H . Leonard,
Clerk, for $30,000 5 % coupon school-building and site-pur­
chase bonds.
hoiHUnn0A*tJii ?5 c,u ° n.s 7G~5 ' 7G- G and 7627 of General Code, also an election
? * /d <?„?V,Vpr11 15„ 1 9 U - Denomination $1,000. Date June 1 1911. I n t o "
V at
Treasurer’s office. M aturity $ 1,000
lr,u ?e I from 1913 to 19 12, Inclusive. Bonds to ho delivered and
t h a n t h „ ‘n n 5 ,ll.ays from time of award.
Certified check on a bank other
Treasurer?Is rcqu!r i J ^ ’ f° r 5% ° f bonds bUl fo r’ Payable to the District

Brewster, Nobles County, Minn.— Bond Election.— This
town ]is to hold an election shortly, it is stated, to vote on the
reportsn
lssmn^ ®7>500 water-system bonds, according to

Butte School District No. 1 (P. O. Butte), Silver Bow
County, M o n t . Bond Offering.— Proposals will be received
until May 2J for So0,000 school bonds at not exceeding 5 %
nterest.

l9.4

, n^.uth0^ f y> v o tc ° f
t0 64 at au election held on April 1
E ducation 60* l ° ° aU aftCr 1021- Tllolna3 Richards is Clerk




M aturity
Board of

A . B. Leach & Co., the First Trust & Savings Bank and the
Merchants’ Loan & Trust Co., all of Chicago, at their joint
bid of 99.71— a basis of about 4 .0 3 3 6 % . The other bidders
were:

E.
II. Rollins & Sons, C. F.
Childs & Co., State B k., Chic.99.64
W m . R . Compton C o., C hlcago.99.52
Continental & Comm. Trust &
Savings Bank, Illinois Trust
& Savings Bank, Chicago_99 42
Harris Tr. * Sav. Bk., Chic
9 9 ’40
N at. City B k., W m . A . Read &
C o., Northern T r. Co., W m
Solom on & C o., Chic., and
R . L. D ay & C o., B os...... .99.38
Part of each issue matures yearly on

Estabrook & C o., Chicago;
W hite, Weld & C o., Chic 99 31
Lee, Higglnson & C o., C hlc.09.207
Western Trust C o., Cldcago
($500,000 b on d s)------------ 99.63125
Farweli Trust C o., Chicago
($360,000 bon d s).............. .99.53125

Jan. 1 from 1914 to 1931 Inclusive.

Chino, San Bernardino County, Cal.— Bonds Voted.— Tho
1 7 Q «?n m? l i f f i / ay 17 *s sa‘4 to have resulted in a vote of
i i s tor to 40 against” the proposition to issue tho $40,000
water-system and fire-hydrant bonds mentioned in V. 92
p. 824.

Churchill County (P. O. Fallon), N e v .-B o n d Offering.—
Reports state that proposals will be received until 10 a. m
une o by C. L. Noble, County Clerk, for the following bonds
(averaee) 7rna"d
(avciage) road bonds.

telcSraph and telephone and $10,000 6 M-year
Interest (not to exceed 6 % ) semi-annual.

Chnton, Laurens County, So. Caro.— Bonds Not Sold.—
No satisfactory bids were received on May 17 for the $45,000

THE CHRONICLE

May 27 1911.

sewerage and the $20,000 water-works-extension 5 % 30-year
coupon bonds described in V . 92, p. 1264.
Cohoes, Albany County, N . Y .— Bond Sale.— On May 22
the following 4J/£% registered bonds, mentioned in V . 92,
p. 1264, were awarded to E . II. Rollins & Sons of New York
at 103.597.
$40,000 water-supply-improvem ent bonds. Date A ug. 1 1910. Maturity
$10,000 on A ug. 1 In 1919, 1922, 1921 and 1925.
10,000 flre-departm ent-equlpm ent bonds. Dai A ug. 15 1910. Maturlty $5,000 A ug. 15 1917, $5,000 A
. 15 1918 and $6,000
A ug. 15 1928.

Other bids received were as follows:
$16,000
$40,000
Issue.
Issue.
R . M. Grant & C o., New Y o r k ________________________
103.30
103.00
. . .103.30
John J. Hart, A lb a n y ----------------------------------------------------- 102.95
W . N. Color & C o., New Y o r k _________________________
102.91
102.90
___102.91
Adams & C o., New Y ork _______________________________
102.89
102.89
_ ..10
2 .8 9
Harris, Forbes & C o., New Y o r k ____________________
102.56
...1102.84
0 2 .8 4
Isaac W . Sherrill, Poughkeepsie_______________________
102.62
...1 102.85
0 2 .8 5
Kissel, Klnnlcutt & C o., New Y o r k __________________
102.46
...1102.775
0 2 .7 7 5
C. E . Denison & C o., Iloston _________________________
102.7545
102.53
. ..102.75415
Parson, Son & C o., New Y o r k ______________
_ _ 102.055
102.655
Denomination $1,000. Interest Jan. 1 and July 1 at the U. S. M ort­
gage & Trust Co. In New York.

1451

Emma School District (P. O. Em m a), Crosby County, Tex.
— Bonds Voted.— The question of issuing $15,000 5 % 30-year
school-building bonds carried on May 9 by a vote of 54 to 2.
Evanston School District N o. 75 (P. O. Evanston), 111.—
Bond Offering.— Proposals will be received until 10 a. m.
June 3 by Frank P. Crandon, Chairman Finance Committee
(P. O. Room 902, N o. 226-228 West Jackson Boulevard,
Chicago) for $50,000 i lA % bonds.
Denomination $500. Date July 1 1911. Interest semi-annual. Ma­
turity on July 1 as follows: $1,000 in 1922, 1923, 1924 and 1925, $3,000 In
1926 and 1927 and $10,000 In 1928, 1929, 1930 and 1931. Certified check
for $1,000 Is required. Purchaser to furnish blank bonds.

Fairfield, Henrico County, V a .— Bond Election.— The
Board of County Supervisors on May 27 authorized the
School Board of this place to call an election to vote on the
question of issuing $35,000 building bonds.
Fergus County School District No. 57 (P. O. Moccasin),
M ont.— Bond SaL.— On May 12 the $2,000 6 % school-build­
ing bonds described in V. 92, p. 1265, were awarded to the
State of Montana at par. Maturity 1921, subject to call
after 5 years.
Collegeport School District (P. O. Collegeport), Mata­
Floydada Independent School District (P. O. Floydada),
gorda County, T exas .— Bonds Voted.— The election held on
Floyd County, Texas.— Bonds Registered and Sold.— The
May 12 resulted in a vote of 30 “ for” to none “ against” the
State Comptroller on May 19 registered the $20,000 5 %
proposition to issue the $12,000 5 % school-building bonds
5-40-year (optional) bonds mentioned in V . 92, p. 749.
mentioned in V . 92, p. 1129.
The issue was awarded on May 20 to the State School Fund
Colorado Independent School District (P. O. Colorado), at par and accrued interest.
Mitchell County, T exas .— Bonds Registered and Sold.— On
Ford City (P. O. Detroit), Mich.— Bonds Voted.— The
May 19 the State Comptroller registered $10,000 5 % 10-20year (optional) bonds which were awarded on May 20 to the question of issuing $31,400 site-purchase and school-building
bonds carried, it is stated, at an election held on May 20.
State School Fund at par and accrued interest.
Freeport, Stephenson County, 111.— Bond Election.— A
Columbiana County (P. O. East Liverpool), Ohio .— Bond
Offering.— Proposals will be received until 1 1 a . m. May 31 proposition to issue $15,000 fire-department-improvement
by I. Ivan rial, H . C. McCamon and L . Walker, County Com­ bonds, it is stated, will be put to vote in the near future.
Garfield, Whitm an County, W a sh .— Bond Election.—
missioners, for $14,000 5 % tuberculosis-hospital-construction
According to reports an election to vote on the question of
and site-purchase (county’s share) bonds.
issuing $10,000 sewer bond will be held May 27.
A uthority, Sections 3141 and 3152, General Code. Denomination $500.
Date June 1 1911. Interest annual. Maturity June 1 1912. Certified
Gibson County (P. O. Princeton), In d .— Bond Sale.— On
check for 5% of bonds bid for, payable to the County Treasurer, Is required.
Wabash Township free-gravelCortlandt Township School District (P. O. Mina), Ed­ May 15 the $21,000 4
munds County, So. D ak .— Bond Sale.— The following bids road bonds described in V. 92, p. 1329, were awarded to
were received on May 15 for the $3,000 7 % building bonds Rudolph Kleybolte & Co., Inc., Cincinnati, at 102 and ac­
crued interest. Maturity $525 each six months from May 15
oft'ered on that day.
1912 to Nov. 15 1931, inclusive.
II. C. Speer <Sc Sons C o., Chlc_102.00| First Nat. Bank, Barnesvlllc. 100.50
Glendale, Los Angeles County, Cal.— Bond Sale.— The
Custer County (P. O. Challis), Idaho .— Bond Sale.— On
May 6 the $15,000 coupon bridge-building bonds described State Board of Examiners was awarded on May 15 the
in V. 92, p. 1265, were awarded to James N . Wright & Co. $18,000 5 % city-hall and public-library bonds mentioned in
V . 92, p. 1266, for $18,550— the price thus being 103.055.
of Denver for $15,325, the price thus being 102.166.
Grafton Township (P. O. Belden), Lorain County, Ohio.—
Cuyahoga County (P. O. Cleveland), Ohio .— Bond Sale.—
The bids received on May 17 for the $10,300 assessment and Bond Offering.— Proposals will be received until 2 p. m.
$53,200 county’s portion 4 )^ % coupon Irish lload N o. 2 May 29 by J. B. Kroesen, Township Clerk, for $20,000 5 %
coupon road-improvement bonds.
bonds described in V. 92, p. 1328, were as follows:
Premium
Oil
$53,200
County's pt.
•$1,403 75
. 1,389 00
_ 1,223 60
. 1,367 24
1,255 50
. 1,090 60
J. S. & W . S. Kuhn, Pittsburgh, Pa
Hayden, Miller & C o., Cleveland__
Tlllotson & W olcott C o., C levelan d-.

•Successful bidders.

.
.
.
.
.
.

966
1,298
1,276
1,268
1,336
1,349

64
00
80
00
80
75

Premium
on
$10,300
A sst. p t.
$261 19
•269 00
236 90
264 74
216
245
173
248
246
247
258
260

30
50
76
00
17
00
00
75

Bond Offering.— Proposals will be received until 1 1 a . m.
June 3 by the Board of County Commissioners, John F.
Goldenbogen, Clerk, for $300,000 4 % coupon public-building
bonds voted on Nov. 5 1901.
A uthority Sections 2234, 2235 and 2438, General Code. Date O ct. 1
1911. Interest April 1 and O ct. 1 at the County Treasurer’s office. Ma­
turity $15,000 yearly on O ct. 1 from 1911 to 1930 Inclusive. Bid must be
accom panied by an unconditional certified check for 1% of bonds bid for.

Dakota School District No. 1 (P. O. Dakota), Dakota
County, N eb. — Bond Election.— An election to vote on the
question of issuing $12,000 5 % 10-20-year (optional) school­
building and site-purchase bonds will be held on May 31,
according to local papers.
Dickson City School District (P. O. Dickson City), Lacka­
wanna County, P a . — Bond Sale.— The $40,000 5 % coupon
bonds described in V. 92, p. 1390, were sold on May 23 to
the First National Bank of Olyphant at par and interest.
Maturity $20,000 on May 1 in each of the years 1921 and 1931.
Easton, Talbot County, M d . — Bonds Not Sold.— No award
was made on May 20 of the $35,000 4 % 1-35-year (serial)
street-improvement bonds offered on that day. V . 92, p.
1390. They arc now being offered over the counter. De­
nominations $1,000, $500 and $100. Date July 1 1910. In­
terest semi-annual.
Bond Sale.— William C. Crawford of Baltimore has been
awarded at par and accrued interest, it is stated, the $40,000
4 % 1-40-year (serial) coupon sanitary-sewer bonds offered
but not sold on April 15 (V . 92, p. 1130).
Ellensburg, Kittitas County, W a sh .— Bo?id Sale.— The
following bids were received on May 15 for the $44,000 elec­
tric-light and the $26,000 sewer 20-year coupon refunding
bonds described in Y . 92, p. 1265.
For 5s.
Harris Tr.& Sav.Bk.,C hlc_$72,408
E .II.R ollin s & SOhs, C hic. 70,400
Geo.H .Tllden& Co.,Seattle 70,027
For 5 J^s.
H ochlcr & Cummings, T ol. 71,059




|Thos. J. Bolgcr C o., C h ic.$71,025100
00 John Nuvecn & C o., Chic. 70,800,00
00 A . J. H ood & C o., Detroit 70,775 00
oo Well, R oth & C o., Chicago 70,100,00
For 6s.
■
50 W ell, Roth & C o., Chicago 73,500 00

Denominations 4 bonds of $500 each and 18 bonds of $1,000 each. Date
June 1 1911. Interest semi-annually at the Savings Deposit & Trust Co.
In Elyria. Bonds are tax-exem pt. Maturity $500 yearly on June 1 from
1916 to 1919 Inclusive and $1,000 each six months from June 1 1920 to
Dec. 1 1928 Inclusive. Total debt. Including this Issue, $38,000.
•

Graham, Tazewell County, V a .— Bond Offering.— Pro­
posals will be received until 8 p. m . June 1 for the $50,000
5 % school-building bonds voted on April 18 (V . 92, p. 1193).
Maturity 30 years.
Grants Pass, Josephine County, Ore.— Bond Offering.—
Proposals will be received, it is stated, until 4 p. m . June 1
by M. L. Opdycke, City Auditor, for $13,274 street-improve­
ment bonds. Certified check for 5 % is required.
Grapeland School District (P. O. Grapeland), Houston
County, T ex .— Bond Election.— An election will be held, it is
stated, to vote on the question of issuing $10,000 school­
building bonds.
Greeneville, Greene County, Tenn.— Bond Election.— This
place on June 5 will submit to the voters, it is reported, the
question of issuing $65,000 electric-light and water-plant
bonds.
Grove City, Franklin County, Ohio.— Bond Sale.— The
successful and only bid received on May 22 for the $1,763 20
5 % 5-year sewer-construction bonds offered on that day (V .
92, p. 1391) was one of par and interest submitted by the
First National Bank of Grove City.
Groveport, Franklin County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m. June 1 by Henry J.
llostofer, Village Clerk, for $5,500
Main Street im­
provement (village’s portion) bonds.
Denomination, $500. Date June 1 1911. Interest semi-annual.
turity Sept. 1 1921. Purchaser to pay accrued Interest.

Ma­

Groveton Independent School District (P. O. Groveton),
Trinity County, Texas.— Bond Sale.— On May 20 $20,000
5 % 10-40-year (optional) bonds were awarded to the State
School Fund at par and accrued interest.
Hall County Common School District No. 25, Texas.—
Bonds Registered and Sold.— The State Comptroller on May 16
registered $2,400 5 % 20-ycar bonds. They were purchased
on May 20 by the State School Fund at par and accrued
interest.
Hamilton County (P. O. Chattanooga), Tenn.— Bond Sale.
— On May 20 the $135,000 school-building and the $100,000
Rossville road-improvement 4J ^% 30-year coupon bonds
described in V . 92, p. 1329, were awarded to the W m . R .
Compton Co. of St. Louis for $239,065 (101.729) and accrued
interest— a basis of about 4 .3 9 6 % . Other bids received
were as follows:
•
N. \V. Ilalsey & C o., C h ic.. $235,9161Chattanooga Clearing-House
•
Seasongood & Mayer, C In .. 235,4231 A ss o cia tio n ______ _______$235,000

-

14 52

THE CHRONICLE

[VOL.

LXXXXII

Hereford School District No. 3 (P. O. Hereford), Cochise
County, Ariz.— Bond Offering.— Proposals will be received

Denomination $1,000. Interest semi-annual. M aturity $2,000 yearly.
Certified check for 2 % o f bid Is required. Jesse Johnson is District Clerk.

until 1 p. m. June 1 by Guy C. Welch, Clerk Board of Trus­
tees, for $1,500 6 % school bonds.

Lauderdale County (P. O. Meridian), Miss.— Bond Offer­
ing.— W . R . Pistole, Chancery Clerk, will offer at public

M aturity $500 In 5 years and $1,000 In 10 years, the entire Issue being
subject to call, how ever, after 5 years. Bidders must deposit 10% o f bid
with O. W . H icks, C ounty Treasurer (P. O. Tom bstone).

auction at 2 p. m . June 1 $150,000 of an issue of $200,000
5 % Road District No. 1 improvement bonds.

Holyoke,

Hampden County, Mass .—Bond Sale.— The

$85,000 school-building and the $190,000 municipal 4 % gold
coupon bonds offered on May 25 and described in V. 92,
* p. 1391, were awarded, to Merrill, Oldham & Co. of Boston
at 102.279. The former issue matures $5,000 yearly on
April 1 from 1912 to 1928 inclusive and the latter issue
$19,000 yearly on April 1 from 1912 to 1921 inclusive.
The following bids were also received:
B . H . Rollins & S ons________102.168 Adam s & C o----Blodget & C o________________ 102.149 Curtis & Sanger.
Old Colony Trust C o________102.097 Estabrook & Co.
G. A . Fernald & C o_________ 102.'05 R . L . Day & Co.
Perry, Coffin & Burr________ 102.022
The above bidders are all o f Boston.

101.92
101.911
101.91
101.819

Hornell, Steuben County, N. Y .— Bond Sale.— On May 24
the $34,000 4J/£% 15-year (average) coupon grade-crossing
bonds described in V . 92, p. 1391, were sold to Harris, Forbes
& Co. of New York City at 103.786 and interest— a basis of
about 4 .1 5 9 % . Other bidders were:
Farson, Son & C o., N. Y ____103.529 IR . M. Grant & C o., N. Y ___ 102.948
E . H . Rollins & Sons, N. Y...103.526|Parkinson & Burr, N. Y ___102.8413
A . B. Leach & C o., N . Y ------ 103.377]Ferris & W hite, New Y o r k .102.811
A bid was also received from James R . .Magoffin o f New Y ork . We are
advised, how ever, that It was not accom panied b y the required certllled
check. M aturity $17,000 on April 1 in 1921 and 1931.

Hudson, St. Croix County, W is.— Bond Offering.— Propos­
als will be received until 8 p. m. to-day (.May 27) for $20,000
4 j ^ % coupon street and highway bonds.
A uthority vote of 499 to 85 at an election held on April 4. Denomination
$1,000. Interest annually on Feb. 1 at the City Treasurer’s office. Ma­
turity $1,000 yearly on Feb. 1 from 1912 to 1931, Inclusive. E . E . Dennlston is City Clerk.

Indianapolis, Ind. — Bond Offering.— Proposals will be re­
ceived until 12 m. May 29 (not June 1 as at first reported) by
Harry R . Wallace, City Comptroller, for $110,000 city-hos­
pital-building bonds and $200,000 fire-department-improve­
ment 4% coupon bonds.
Denomination $1,000. Date June 1 1911. Interest Jan. 1 and July 1
at the Capital National Bank o f Indianapolis. M aturity June 1 1941.
Bids must be m ade on form s furnished by the city and be accom panied b y a
certified check for 2 y2% o f bonds bid for, payable to F . S. Fishback, City
Treasurer.

Iron County (P. O. Crystal Falls), Mich.— Bond Sale.—
The $150,000 15-year good-road-construction bonds voted on
April 19 V . 92, p. 1193) were sold on May 11 to the Iron
County National Bank of Crystal Falls at 105.007 and inter­
est for 5s— a basis of about 4 .5 3 7 % . A bid of 99.515 and
interest for 4J ^% 15-year bonds and also one of 103.33 and
interest for 5 % 10-15-year (optional, bonds were received
jointly from E . H Rollins & Sons, A . B. Leach & Co. and
Woodin, McNear & Moore, all of Chicago. There were nine
offers received in all.
Irvington, Essex County, N. J.— Bond Offering.— Pro­
posals will be received until 8 p. m. June 5 by M. Stockman,
Town Clerk, for $10,000 5 % coupon or registered improve­
ment bonds.
Denom ination $1,000. Date July 1 1911. Interest semi-annual.
turity $1,000 yearly on July 1 from 1912 to 1921 inclusive.

Ma­

Jackson, Jackson County, Mich.— Bond Offering.— Pro­
posals will be received until 5 p . m . June 5 by Jode Harring­
ton, City Recorder, for the following bonds at not exceeding
4 % interest:
$26,500 sewcr-lm provem cnt bonds. Maturity 20 years, subject to call after
10 years.
38,500 paving-im provem ent bonds. Maturity 20 years, subject to call
after 15 years.
Denomination $1,000, except one bond o f $500. Date July 15 1911.
Interest semi-annual. Certified check for $500, payable to the "C ity of
Jackson,” is required. Purchaser must pay any accrued interest.

Johnson County (P. O. Franklin), Ind. — Bond Sale.— On
May 15 $5,825 5 % 10-year highway-improvement bonds
were awarded to J. A . Thompson, of Edinburg, at par.
Denomination $291 25.

Date May 15 1911.

Interest semi-annual.

Kadoka, Stanley County, So. Dak.—-Bonds Voted.— This
town has voted to issue $6,700 7 % gold coupon water-works
bonds.
A uthority Section 2732 Political Code. Denomination $100. Date
March 1 1911. Interest annually In K adoka. Maturity $5,000 in 10 years
and $1,700 In 15 years. Bonus arc tax-exem pt. No debt at present.
Assessed valuation 1910, $74,000.

Kingsley Independent School District, Plymouth County,
Iow a. — Bonds Voted.— According to reports, an election held
on May 15 resulted in a vote of 183 to 16 in favor of a propo­
sition to issue $29,000 school-building bonds.
Lakewood, Ohio.— Bond Sale.— The bids received on
May 15 for the six issues of bonds offered on that day (Y . 92,
p. 1131) as follows:
$16,100 $17,200 $15,770 $2,443 $18,706 $15,000
5% A n d ’s 5%IIop~ 5% W in- 5% A'y. 5%*S«n- 4J4%
,,
. ,, „
Paving. kinsPav. ch.Pav. S'walks drySwks M .Site.
Mansfield Sav.Bk.,M ans$725 00 $775 00 $725 00 $30 00 $234 00 $450 00
First Nat. Ilk., C le v c -.. 759 50 810 25 744 75 10 25 180 50 579 25
HaydemMUler&Co., Cln. 741 00 791 00 725 50 14 00 157 50 615 00
Otis‘ & H ough. C' l e v c . 703 00 751 00 690 00
95 00 543 00
9 00
T lllo ts o n * W olcott, Cle__ 695 52 743 04 681 26 23 21 177 71 414 00
New First N at. B k., Col 644 00 691 00 630 00
61 00 465 00
5 00
P rovident Savings Bank
_
____ 537 75
& Trust C o.. Clnn____. . .
In addition to the premiums above, alfbidders"offered accrued interest.

Lakewood Township School District (P. O. Lakewood),
Ocean County, N. J.— Bond Offering.— Proposals will be re­
ceived until 8 p . m . May 29 by the Board of Education for
$60,000 4 % coupon site-purchase and school-building bonds.




Denomination $500. Date Sept. 1 1910. Interest semi-annually at the
Continental & Commercial National Bank in Chicago. Maturity $14,000
in 1925, $6,000 in 1926, $14,000 yearly from 1927 to 1934, Inclusive, and
$18,000 In 1935. Bonds are exem pt from taxation. Certified check for
$1,500, payable to the County Treasurer, is required.

Lawrence, Mass.— Temporary Loan.— This town has nego­
tiated a temporary loan of $200,000, it is stated, with Bond
& Goodwin of Boston at 3 .4 1 % discount. Loan matures
Jan. 24 1912.
Lewistown School District (P. O. Lewistown), Fergus
County, Mont.— Bond Election Postponed.— The election
which was to have been held May 13 to vote on the proposi­
tion to issue $75,000 school-building bonds (Y . 92, p. 1267)
was postponed until June 1 and the amount of bonds was
reduced to $67,000.

Lexington, Rockbridge County, Va.— Bond Offering.—
Proposals will be received until 12 m . June 1 by A . P. Wade,
Clerk of the Mayor and Council, for $65,000 of the $75,000
4 % coupon water bonds, voted on Jan. 31 (Y . 92, p. 336)
Denominations
30 years.

$1,000

and

$500.

Interest

semi-annual.

Maturity

Liberty County (P. O. Liberty), Texas.— Bonds Voted.—
Local papers state that a favorable vote was cast on May 16
on the proposition to issue the $250,000 Liberty Precinct
road-improvement bonds mentioned in V . 92, p. 1330.
There were 351 votes “ for” and 126 “ against.”

Lincoln, Lancaster County, Neb.— Bond Sale.— On May 11
the $50,700 paving-district bonds described in V. 92, p. 1131,
were awarded to Spitzer, Rorick & Co. of Toledo at 100.83.
Other bids received were as follows:
First Nat. B k., C leveland.$50,717 2 5 1W ell, R oth & C o., C hicago. .$50,706
M aturity one-tenth yearly from one to ten years.

Lorain County Road District No. 1 (P. O. Elyria), Ohio.—
Bond Offering.— Proposals will be received until 11 a. m.
June 3 by the Road Commissioner, Frank R. Fauver, Secre­
tary, 415 Masonic Temple, for $20,000 4 j^ % coupon roadimprovement bonds.
A uthority, election held on N ov. 5 1907. Denomination $1,000. Date
May 1 1911. Interest on March 1 and Sept. 1 at the County Treasurer’s
office. Maturity $10,000 on March 1 In 1922 and 1923. Certified check
on a national bank for $1,000, payable to theC ounty Treasurer, Is required.
Bids must bo made on blanks furnished by the Secretary R oad Commis­
sioners. Abstract of proceedings will be furnished the successful bidder.

Lumberport, Harrison County, W . V a. — No Bonds to be
Issued.— It has been decided, we arc advised, not to issue
this year the $10,000 street bonds mention of which was
made in Y . 92, p. 1132.
Lyme, N. Y .— Bond Offering.— Proposals will be received
until 4 p. m. June 6 by Walter N . Van Doren, Town Super­
visor (P. O. Chaumont), for $25,000 4 % coupon bridgeimprovement bonds.'
Denomination $1,000. Date July 1 1911. Interest annual. Maturity
$1,000 yearly, beginning July 1 1913. Certfled check for 2% of bid Is
required.

Maben,

Okitibbeha

County,

Miss.— Bond

Offering

—

Proposals will be received until 10 a. m . May 30 by Geo. \V.
Cooke, Mayor, for $10,000 6 % coupon school-building bonds.
Authority Chapter 99, A cts of 1906 and
C o d e o f 1906. Denomination $500. Date
In February at Maben. Maturity Feb. I
taxation. No debt at present. Assessed

Sections 3,416, 3,419 and 3,420
May 30 1911. Interest annually
1932. Bonds arc exem pt from
valuation for 1910, $250,000.

McKinley School District, Santa Clara County, Cal.—
Bond Sale.— The following bids were received on May 8 for
the $10,000 5 % 5-14-year (serial) gold coupon school bonds
described in V. 92, p. 1267.
Oak Hill Im provem ent C o .$10,231 5 0 1E . M cLaughlin----------...$ 1 0 ,0 0 0 00

Macon, Ga.— Bond Offering.— Proposals will be received
until Sept. 5 for the $900,000 4 } ^ % gold coupon water-workspurchase bonds voted on March 18. V. 92, p. 826.
Denomination $1,000. Date July 1 1911. Interest semi-annually at
the City Treasurer’s office. Maturity on Jan. 1 as follows: $20,000 yearly
from 1916 to 1920, Inclusive, $30,000 yearly from 1921 to 1925, Inclusive,
$40,000 yearly from 1926 to 1935, Inclusive and $50,000 yearly from 1936
to 1940, inclusive.

Malden, Worcester County, Mass.— Temporary Loan.— A
loan of $150,000, due N ov. 22 1911, it is stated, has been
negotiated with the First National Bank in Boston at 3 .1 0 %
discount.

Marble Road District (P. O. Marble), Cherokee County,
No. Caro.— Bond Offering.— Proposals will be received until
June 1 for $12,000 5 % 30-year road bonds.
patrick is Secretary of Highway Commission.

J. M. Kil­

Marion, Osceola County, Mich.— Bond Election.— An elec­
tion to vote on the question of issuing $1,500 improvement
bonds, according to reports, will be held on May 29.
Massillon, Stark County, Ohio.— Bond Sale.— On May 19
the six issues of 4 } ^ % coupon paving bonds aggregating
$27,630, described in V. 92, p. 1330, were sold to Barto,
Scott & Co. of Columbus at 101.10. The following bids
were received:
Premium.
Barto. S cott & C o., C olu m b .$304.00 Tillotson <& W olcott C o.,
l'lrst Nat. Bank, Massillon
301.00
Cleveland ________________$190.64
H ayden, Miller & C o.. C levc. 258.00 Merchants’ National Bank,
First Nat. Bank, Cleveland 232 75
Massillon........... .................... 100.00
SecurltySav.B k.& Tr.C o.,Tol. 225.00 Seasongood & Mayer, Cine... 8.00
|W ell, R oth & C o.. Cincinnati *142.70
* Did not bid on the full Issue.

Medford, Middlesex County, M a ss— Temporary Loan —
Blake Bros. & Co. of Boston on May 25 were awarded, it is
stated, a temporary loan of $50,000 at 3 .3 8 % discount. In e
loan matures Feb. 1 1912.

Melrose, Middlesex County, Mass.— Bond Sale.— On
May 23 $5,000 20-year sewerage loan, Act of 1905, $5,000
1-5-year (serial) water loan, Act of 1909 and $5,000 5-year
surface-drainage loan, Act of 1909, 4 % coupon bonds were
awarded to Lee, Higginson & Co. of Boston at 102.935.
There were twelve bidders.
In te rest se m i-a n n u a lly a t
D enom ination $ 1 ,0 0 0 .
D a te M a y 1 1 9 1 1 .
B ond s are ta x -e x e m p t in M a s s a the S econd N a tio n a l B ank In B o sto n ,
ch u setts.

A u t h o r it y elec tion h eld A p ril 29 1 9 1 1 .
D e n o m in a tio n $ 1 ,0 0 0 .
D a te
Ju n e 1 1 9 1 1 .
In te rest se m i-a n n u a lly in N e w Y o r k or C h icago.
M a tu r ity
p art y e a r ly fro m 5 to 3 0 y e a rs.
C ertified check for $ 1 ,0 0 0 , p a y a b le to th e
M a y o r an d B o a r d of A ld e r m e n , Is req u ired .
P resen t o u tsta n d in g d eb t
$ 8 ,0 0 0 .
A ssessed v a lu a tio n $ 6 0 5 ,0 0 0 .
R e a l v a lu a tio n (estim ated ) $ 1 ,­
2 0 0 ,0 0 0 .
O fficial circu lar sta te s th e re h a s n ever been a n y d e fa u lt in th e
p a y m e n t o f p r in c ip a l or in te re st.

New Trier Township, Cook County, 111.— Bonds Voted.—
An election held on May 13 in Kenilworth, in this township,
papers state, resulted in favor of the question of issuing
$170,000 school-building bonds. The vote was 211 to 69.

Niagara Falls, N. Y . — Bonds Voted.— A proposition to
issue $360,000 water-extension bonds was carried by a vote
of 805 to 48 at an election held on May 16.

Meridian, Lauderdale County, Miss.— Bonds Voted.— At
a recent election the voters authorized the issuance of bonds,
it is stated, for the purpose of buying the terminal arid right
of way for a railroad to run from this city to the Tombigbee River.
Merrick County (P. O. Central City), Neb.— Bond Election.
— On May 31 an election will be held to vote on a proposition
to issue $100,000 4 % court-house-construction bonds.

Miami, Ottawa County, Okla.— Bonds Voted.— A favorable
vote was cast recently on a proposition to issue $75,000
school-building bonds, according to reports.

Middlesex County (P. O. Lowell), Mass.— Temporary
Loan— On May 23 the loan of $100,000, due N ov. 3 1911,
mentioned in V . 92, p. 1391, was negotiated with boring,
Tolman & Tupper, of Boston, at 3 .2 1 % discount.

Minneapolis, Minn.— Bonds Refused.— Local papers state
that Blake Bros. & Co. of Boston have refused to accept the
$150,000 4 1 4 % park bonds awarded to them on May 4 until
the courts decide their validity. rihe bidders, it is said,
contend that the Act of 1907 authorizing the issuance of cer­
tain park bonds had been superseded by a similar Act passed
in 1909, and that the Park Board has already sold all bonds
it is entitled to sell under that Act.
Morgantown, Monongahela County, W . Va.— Bond Elec­
tion.— A proposition to issue $100,000 sewer and paving
bonds, it is stated, will be submitted to a vote in June.

Mount Pleasant, Titus County, Texas.— Bond Election.—
An election to vote on the question of issuing $10,000 sewer
age-system bonds will be held June 2, according to reports.

Mt Union School District (P. O. Mt. Union), Henry
County, Iow a.— Bonds Voted.— Reports state that a proposi­
tion to issue $2,500 school-building bonds carried by a vote
of 51 to 19 at an election held on May 9.

National City, San Diego County, Cal.— Bonds Voted —
The proposition to issue the $7,500 4 ^ % fire-department
bonds mentioned in V . 92, p. 015, carried by a vote of 184 to
79 at an election held on April 4. Date July 1 1911. Ma­
turity 30 years. W e are advised that these bonds are likely
to be offered for sale in July.

Nevada School District, Nevada County,

Board of Supervisors (P. O. Nevada City) for $30,000 5 %
school bonds, according to reports.
Newark, Essex County, N. J.— Bond Offering.— Public
bids will be received by Tyler Parmly, City Comptroller, at
12 m. June 1 for $350,000 4 % registered or coupon fire and
policc-department-building and site-purchase bonds.
D e n o m in a tio n $ 1 ,0 0 0 to $ 1 0 ,0 0 0 , a t o p tio n of p u rch ase r.
D a te M a y 1
In te rest sem i-a n n u a lly b y th e C om m issio n ers o f S in k in g F u n d , b u t
check s for Interest w ill b e m ailed to registered h old e r.
M a tu r ity 3 0 y e a rs.
B o n d s arc e x e m p t from t a x a tio n .
C ertified ch eck for 2 yt/o o f b on d s bid
for Is req u ired .
P urchaser to p a y accru ed In terest.

ion

New Bremen School District (P. O. New Bremen), Au­
glaize County, Ohio.— Bond Offering.— Proposals will be
received until 12 m. June 3 by the Board of Lducation, II. A
Schragc, Clerk, for the $5,000 5 % coupon school-building
improvement bonds mentioned in V. 92, p. 10oG.
A u t h o r it y S ection s 7 6 2 5 an d 7 6 2 0 o f G eneral C o d e.
D e n o m in a tio n $ 5 0 0 .
D a te Jun e 3 1 9 1 1 .
In te rest on Ju n e 1 an d D e c . 1 a t th e D istrict Ir e a s u r c r s
o ffic e. ' M a tu r ity $ 5 0 0 each six m o n th s from D e c . 1 1911 to J u n e 1 1 9 1 6 ,
In clusive.
B ids m u st be u n c o n d itio n a l, th e bid der h a v in g satisfied h im self
o f th e le gality of th e bon d s b efore su b m ittin g o ffer.
A cash d ep osit of
$ 1 0 0 Is req u ired .
P urchaser to p a y accru ed In terest.

New Brunswick, Middlesex County, N. J. Bond Sale.
On May 24 $15,000 4 % 30-year registered repaving bonds
were awarded to John N . Carpender, Commissioner of oinking
Fund, at par.
D a te J u ly 1 1 9 1 1 .

In terest se m i-a n n u a l.

Newburyport, Mass.— Bond Sale.— An issue of $30,000
4 % 1-15-year (serial) coupon police-building bonds was sold
on May 22 to Parkinson & Burr, of Boston, at 102.077 and
interest— a basis of about 3 .6 1 2 % . The following bids were
submitted
Parkinson & B urr, B o s t o n .. 1 0 2 .6 7 7 Curtis & S an ger, B o s t o n ------- J9 5 - 5 J
E sta b r o o k & C o ., B o sto n — 1 0 2 .3 1
E ,M .Farnsw orth & C o .,B o s . 1 0 - .67
H a y d e n , S to n e & C o ., B o s . . 1 0 2 .086 K . L . D a y & C o ., B o s to n ------- 1 0 2 .2 9 9
M errill, O ld h a m & C o ., B o s . . 1 0 2 .2 7
A d a m s & C o ., B o s t o n .. . —
C . E . Denison & C o ., B o s to n . 1 0 2 .4 7 7 In stitu tio n for S a v in g s, N e w b u r y p o r t ......................................
O ld C olon y T ru st C o ., B o s . . 1 0 2 .4 6
N . VV. H arris & C o ., B o s to n . 1 0 2 .2 0
P erry, Coffin & B urr, B o s . . . 1 0 2 .4 K u h n , Fisher & C o ., B o s t o n .1 0 2 .3 l l B lo d g et & C o ., B o s to n ------------1 0 2 .0 2 8
In terest sem i-a n n u a lly a t
D en om in ation $ 1 ,0 0 0 .
D a te M ay 1 1 9 1 1 .
th e O ld C olon y T r u st C o . in B oston

Newport, Cocke County, Tenn .— Bond Offering .— Further
details are at hand relative to the offering on May 29 of the
$40,000 water-works and the $10,000 sewer 5 % bonds
mentioned in V . 92, p. 1331. •Proposals for these bonds will
be received until 8 p. m.£on th at'd ay by the Mayor and
Aldermen.




Noblesville, Hamilton County, Ind.— Bond Offering.—
John Banchert, City Treasurer, will offer at public auction
on May 29 the $20,000 4 % coupon library-site and city-build­
ing bonds mentioned in V . 92, p. 1057.
D e n o m in a tio n $ 5 0 0 .
C ity T re a su rer’ s o ffic e .
B o n d s are e x e m p t from
floatin g d e b t.
A ssesse d

D a te M a y 1 1 9 1 1 .
In te r e st J a n . an d J u ly a t th e
M a tu r ity 10 ye ars, su b je c t t 0 cal]
all ta x e s .
B o n d ed d e b t a t p resen t $ 1 5 ,0 0 0 .
No
v a lu a tio n 1 9 1 0 , $ 2 ,2 8 0 .

Norfolk County (P. O. Dedham), Mass.— Temporary Loan.
— This county recently awarded a temporary loan, maturing
Dec. 15 1911, to the Boston Safe Deposit & Trust Co. of
Boston at 3 .3 4 % discount, according to reports.
Northampton, Mass.— Temporary Loan.— On May 26 a
6-months' loan of $75,000, dated May 29 1911, was negotiated
with Blake Bros. & Co. of Boston at 3 ) ^ % interest, plus
$2.85 premium.
North Bend, Coos County, Ore.— Bond Offering.— This
city, according to reports, will receive proposals for $35,000
6 % 20-year bonds.
Nowata, Nowata County, Okla.— Bond Offering.— Pro­
posals will be received until 8 p . m . May 29 by the Mayor for
the $75,000 5 J^% water-works-system-construction bonds
mentioned in V . 92, p. 902.
D a te S e p t. 1 1 9 1 1 .
In te r e st se m i-a n n u a l.
B ids to b e m a d e on form s furn ished b y b id d e r.
C lerk .

M a tu r ity S e p t. 1 1 9 3 1 .
P . C . T h o m p s o n Is C ity

Oakdale Irrigation District (P. O. Oakdale), Stanislaus
County, Cal.— Bonds Not Sold.— No award was made on
May 12 of the $1,000,000 5 % gold coupon water-worksconstruction bonds offered on that day. V. 92, p. 1269.
D e n o m in a tio n $ 5 0 0 .
D a te J u ly 1 1 9 1 0 .
In te rest se m i-a n n u a lly a t th e
C ity T re a su rer’s o ffic e .
M a tu r ity p a rt y e a rly on J u ly 1 from 1931 to 1 9 4 0 ,
In clusive.
T h e b o n d s are t a x -e x e m p t in C alifornia.

Oakland, Cal.— Bonds Voted.— The voters of this city on
May 16 authorized the issuance, it is stated, of the $2,993,900
(not $2,493,900, as was previously reported) school building
and site-purchase bonds and the $500,000 auditorium bonds
mentioned in V . 92, p. 752. The vote was as follows:
$ 1 ,7 5 5 ,9 0 0 g r a m m a r an d p r im a r y school b o n d s.
V o t e , 7 ,0 2 9 " f o r ” to 2 ,6 1 6
“ a g a in s t.’ *
•
,,
7 3 8 .0 0 0 h lg h -sch o o l b o n d s.
V o t e , 7 ,2 2 2 " f o r '’ to 2 ,5 9 4 “ a g a in s t.”
5 0 0 .0 0 0 au d ito riu m b o n d s.
V o t e , 7 ,1 1 9 “ fo r ” to 2 ,7 3 4
a g a in st.

Oakwood, Oakland County, Mich.— Description of Bonds.
Cal .— Bond — The $31,000 4 ^ % 30-year coupon water-works bonds

Offering.— Proposals will be received until June 2 by the

D en om in ation $ 1 ,0 0 0 .

1453

T H E C H R O N IC L E

May 27 1911.|

awarded last February to the Security ffrust Co. of Detroit
(Y . 92, p. 752) are in denominations of $1,000 each and are
dated March 15 1911.
In te rest sem i-a n n u a lly a t th e S ecu rity T r u st C o . In D e tr o it.
this
Issue.
A ssessed
v a lu a tio n ,
$ 6 3 1 ,4 3 2 .
R e a l va lu e
$ 1 ,2 0 0 ,0 0 0 .

T o ta l d e b t,
(e s tim a te d ),

Ocean City, Cape May County, N. J.— Bonds Defeated.—
The election held May 9 resulted in a vote of 103 “ for” to
148 “ against” the proposition to issue the $75,000 surfacedrainage and gutter bonds mentioned in V . 92, p. 1134.

Okmulgee,

Okmulgee

County,

Okla.— Bond

Sale.—

Spitzcr, ltorick & Co. of Toledo have been awarded $60,000
6 % water-extension bonds.

Olyphant, Lackawanna County, Pa .— Bonds Offered by
Bankers.— C. E . Denison & Co. of Cleveland and Boston are
offering to investors, at a price yielding 4 ) 4 %
$47,000 4J ^ % public-building bonds.

interest,

D e n o m in a tio n $ 1 ,0 0 0 .
D a te F e b . 1 19 1 1 .
In te rest se m i-a n n u a lly a t
O ly p h a n t .
M a tu r ity $ 7 ,0 0 0 on F e b . 1 1921 an d $ 1 0 ,0 0 0 on F e b . 1 in each
o f th e years 1 9 2 6 , 1 9 3 1 , 1 9 3 6 an d 1 9 4 1 .
T h e bon d s are t a x -e x e m p t In
P e n n sy lv a n ia .

Omaha, Neb.— Water Bond Election.— The Water Board
on May 22 fixed June 27 as the date for holding an election
to vote on the propositions to issue the $7,250,000 bonds to
pay for the plant of the Omaha Water Co. and $1,000,000
bonds to improve the property. See V . 92, p. 1194. The
bonds are to be 30-year bonds of $1,000 each and to bear
not exceeding 4 ) ^ % interest.
On the same day (June 27) a vote will be taken, it is stated,
on a proposition to issue $100,000 engine-house bonds.
Oneida County (P. O. Utica), N. Y .— Bond Offering.—
Proposals will be received until 11 a. m. June 5 by J. H .
Carroll, County Comptroller, for $150,000 4 % registered
funding bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te M a y 1 1 9 1 1 .
In te rest se m i-a n n u a lly a t
th e C o u n ty T re a su rer’s office In N e w Y o r k e x c h a n g e .
M a tu r ity $ 1 5 ,0 0 0
y e a rly on M a y 1 from 1913 to 19 22 In clu sive .
B on d s are e x e m p t fro m t a x a ­
tio n .
C ertllled ch eck for 1 % o f b on d s b id fo r . p a y a b le to J am e s T . S om ers
C o u n ty T re asu rer, Is req u ired .
P urchaser t o p a y accru ed in te re st.
B ids
to b e m a d e on b la n k form s furn ished b y th e C ity C om p troller

Orange Township, Cuyahoga County, Ohio.— Bond Sale.—
On May 6 the $6,000 4 ^ % 6H -year (average) coupon
highway-improvement bonds described in V . 92, p. 1057,
were awarded to Geo. March for $6,136 70 (102.278) and
accrued interest— a basis of about 4 .0 9 % . Other bids
received were as follows:

1454

THE

H a y d e n , M iller & C o ., C le v .$ 6 ,1 3 5
S eason good & M a y e r, C In . 6 ,1 2 2
F irst N a t . H a n k _______
_ 6 ,1 1 5
R o d gers & S on ,C h ag rin Falls 6 ,1 0 7

C H R O N IC L E

00
00
75
00

S ta c y & B ra u n , T o le d o ___ $ 8 ,0 9 4
T lllo tso n & W o lc o t t Co., Cl.
6 ,0 8 8
O tis & H o u g h . C le v e la n d . 6 ,0 8 0
C . E . D enison & C o .. C leve . 6 ,0 7 8
M a tu r ity $ 5 0 0 y e a rly on A p r il 1 from 1912 to 1923 in c lu siv e .

80
3
00
80

Radford, Montgomery County, V a .—

Orland, Glenn County, Cal.— Bonds Voted.— The election
held May 2 resulted in favor of the question of issuing the
$25,000 water-works and $25,000 sewer-system 6 % (not 5 %
as at first reported) bonds mentioned in V. 92 p 1134
The vote was 123 ‘ ‘for” to 3 “ against.” Interest semi­
annual. Maturity “ beginning Jan. 1 19 1 5 ."
Ottawa County (P. O. Port Clinton), Ohio .— Bond Offering.
— Proposals will be received until 11 a. m. June 5 by W H
Mylander, County Auditor, for $46,000 5 % coupon publichigh way-improvement bonds.
A u t h o r it y S ection 9 4 , p age 9 6 , O h io L a w s
D e n om in ation * 5 nn
Ju n e 10 1 9 1 1 .
In terest on M arch 1 an d S e p t . 1 a t th e C o u n ty Treksu ror’s
® h lc e .
M a tu r ity $ 4 ,o 0 0 each six m o n th s from M arch 1 1 9 1 2 to s<>nt 1
1 9 1 6 an d $ 1 ,0 0 0 on M arch 1 1 9 1 7 .
Certified check for Si non
V.1,
chaser^ ln P ° rt C “ Ilt0 n ’ ls s q u i r e d .

T e e m e d I n t e n t f o ’b e ° p a W

Parkman Irrigation District (P. O. Sheridan), Sheridan
County, W yo. — Bond Offering.— Proposals will be received
until 2 p. m. June 5 by W . H . Wallace, Secretary, for $150 000 6 % coupon first mortgage bonds. Official circula’r
states that the securities cannot be sold for less than 90.
A u t h o r it y , C h a p ter 7 2 , Session L aw s o f 1 9 0 7 , an d C h ap ter 31 Session
Law s of l u l l .
D e n o m in a tio n $ 5 0 0 .
D a te Jun e 1 1911
In te rest s e m i
a n n u a lly a t th e C o u n ty T re a su rer's office or a t th e C h em ical N a tio n a l B ank
In N e w Y o r k C ity , to su it p u rch ase r.
T o t a l d e b t, this Issue
A ssessed
v a lu a tio n fo r 1 9 0 9 , $ 1 9 4 ,9 1 1 .
A ssessed

at par and accrued interest $12,000 5 % 20-40-year (optional)
bonds.

Pasadena, Cal. Result of Bond Election.— An election held
April 2$ resulted, according to reports, in favor of the
question of issuing city-hall-annex, bridge-construction and
bor!ds’ . For the first two purposes $23,000
b0nds
be issuecL The Proposition to issue
$121,000 playground bonds submitted on the same dav
was defeated.
J
Cal.—

Bond Sale.

On May lo the $475,000 2 1 ^ -y e a r (average)
high-school and the $75,000 13-year (average) grammarschool 4 )^ % bonds described in V. 92, p. 1134, were awarded
to E . H . Rollins & Sons and the Continenal & Commercial
Trust & Savings Bank, both of Chicago, at their joint bids of
101-70 and 101.10, respectively— a basis of about 4 % % .
The $475,000 bonds mature part yearly on May 1 from 1919
to 1942, inclusive, and the $75,000 bonds mature part yearly
on May 1 from 1917 to 1931, inclusive.
„ Pennington County, Minn.— Rond Sale.— On May 16
$150,000 5 % 1 3 ^ -y e a r (average) bonds were awarded to the
Security Trust Co. of St. Paul at a premium. Denomination
$1,000. Date June 1 1911. Interest semi-annual.

Pennsauken Township School District, Camden County,
N . J .— Bond Sale.— The $61,900 4 j ^ % 20-26-year school
bonds offered on May 19 (V . 92, p. 1269) were sold to A B.
Leach & Co. of New York City at 100.67 and interest. The
bonds are dated Jan. 1 1911. Interest semi-annual.
Philadelphia, Pa.— Loan Voted.— Local papers state that
the election held May 23 resulted in a vote of 86,293 to 26 756
in favor of the $11,500,000 loan mentioned in V . 92, p T l269.
Pine River, Cass County, Minn.— Bonds Not Sold — The
Village Clerk advises us that $4,000 bonds offered on May 16
were not sold.
J

Plymouth School District (P. O. Plymouth), Luzerne
County, Pa.— Bond Offering.— Proposals will be received
until 7 p. m. May 31 by J. A . Opp, Secretary Board of Edu­
cation, for $12,000 5 % coupon school-building and furnish­
ing bonds.
D e n o m in a tio n $ 5 0 0 .
D a te Jun e 1 1 9 1 1 .
In te rest se m l-a n n u a llv a t the
T re asu rer’s o fflc e - M a tu r ity $ 1 ,0 0 0 y e a rly on Jun e 1 from 1 9 1 5
to 1 9 - 6 In clusive.
N o d ep osit req u ired .
B o n d ed d e b t. Including this
Issue, $ o 6 ,0 0 0 .
N o floating d e b t.
A ssessed v a lu a tio n for 1 9 1 1 , $3 7 ->i _
17 4 .
I n c d istric t, w e are a d v ise d , has n ever d efa u lte d In th e p a y m e n t of
p rincipal an d Interest o f a n y d e b t, an d e v er y d e b t.

Pontiac, Oakland County, Mich.— Bonds Voted.— The elec­
tion held on May 22 resulted in favor of the question of issuing
$100,000 4:^2% improvement and refunding bonds mentioned
in V. 92, p. 1269. The vote was 906 to 69. Interest semi­
annual. Maturity $5,000 yearly after June 1916.
Portland, Me.— Note Sale.— The Casco National Bank of
1 ortland was awarded the $100,000 notes described in V. 92
p. 1392, and offered on May 22 at a discount of 3 .1 0 % .
Notes mature Oct. 1 1911. The following bids were received:
_

D is c o u n t.

C asco N a t . B a n k , P o r t l a n d .. 3 . 1 0 %
F irst N a tio n a l B a n k , B o s t o n .. 3 . 1 2 %
L o r ln g .T o lm a n & T u p p e r , B o s . . 3 . 1 8 %
B la k e B r o s. & C o ., B o s to n ___ 3 . 2 0 %

D isc o u n t.

B on d & G o o d w in , B o s to n _____3 . 3 3 %
B row n B ros. & C o ., B o s t o n . . * 3 .5 0 %
W o r c e ste r N o rth E n d S av in g s
In stitu tio n , W o r c e s te r ............3 . 6 0 %

* A n d $ 1 1 0 p r em iu m .

Port Townsend, Jefferson County, Wash.— Bond Offering.
— Proposals will be received until 2 p. m . June 2 (date
changed from May 15) by the city authorities at the City
Treasurer's office for $75,000 refunding bonds at not exceed­
ing 6 % interest.




B ond

11

O ffe rin g .—

A u t h o r it y an election held O c t.

2

1906

D e n om in ation

non

not#*

S X 1 J u . y '1 IinotSoC8t«
Iinuallir'a t “he C lt y T S r e r '!1® .
Maclrcifar states that the $21^000 lsslfe hal been solT h u f n T ° 7 lcn ‘
that purchasers will allow^hem to b^Included wIt^tL^ale'1 ‘S
Rich wood, Union County, O h io .— B o n d O ffe r in g .— Pro£ T . i V Vr , bh rf eiT d r . V 1 12 m - June 3 by R iy L. Jordan,
Jssisfment bonds":
fo,lowlnS
street-improvement$ 2 5 ,° ° °

Maturity 5500
S

i v ° Th°

& S 2 L S ? t o °p a y accrued

Rochester, N. Y .—

N o te S a le .— On May 19 $100,000 water-

works-improvement renewal notes, due Jan. 23 1912, were
awarded to the Bank for Savings in New York at 3 % %
f A bI) at,
interest and $1 premium was also
received from Bond & Goodwin of New York.

Rockville Centre, Nassau County, N. Y .—

B o n d O f fe r i n a __

Proposals will be received until 7:30 p. m. June 2 by George
V. Rorer, Village Clerk, for the following bonds at not
exceeding 5 % interest.
$ 1 1 ,0 0 0 gw | rjo-}U rb t b o n d s.

M a tu r ity $ 1 ,0 0 0 ye a rly on A u g . 1 from 1 9 15

6 ,0 0 0 m T S s f v e 0 n a S - M a U lr lty 5 5 0 0 y c a r ly on A u * - 1 fro m 1 9 15 to .
D e n o m in a tio n $ 5 0 0 .
D a te Ju n e 1 1911
In te rest Feh 1 «nri a .... i

Parmer County Common School District No. 2, Tex.—
Bond Sale.— The State School Fund on May 20 was awarded

LXXXX

Proposals will be received by H . P. Anderson, Clerk of City
Council, for the following 5 % bonds, $35,000 for public
school improvements, $25,000 for street and court-house
improvements $17,000 for refunding bonds of the old town
of Radford and $21,000 school-property bonds.

p u /

Palestine, Anderson County, Texas.— Bonds Voted.— The
election held May 16 resulted in favor of the question of
issuing the $20,000 5 % 10-40-year (optional) school-building
bonds mentioned in V. 92, p. 1134. The vote was 122 “ for”
to 43 “ against.”

Pasadena School Districts, Los Angeles County

v Ol,

M

w

&

S

S

S

! 1 “ "* * "•

° » < "-

O e r ,m S V .o “

St. Bernard (P. O. Cincinnati), Ohio.— B o n d

l o t “ e0 % ' 3

S a le .— On

May 18 the $6 000 4 % 30-year coupon park-improvement
bonds described in V . 92, p. 1135, were awarded to the
Davies-Bertram Co. of Cincinnati at 101.80 and accrued
interest— a basis of about 3 .8 9 7 % . Other bids received
were as follows:
£ may^ r’ CA ? - - 5M 65 ° ° | R - K leybolte C o.. In c .,C ln .$6,020 8 0
w m T' tV f i' % £ r ' ^ 2 ; ’ ^*n - 6 >0 6 ‘* 80 Citizens’ Bank, St. Bernard 6 008 0 0
W n m 5 . ° ! & P ° " C ln ------- o 0 4 6 20 |C o lu m b Ia B k .& S a v .C o .,C ln 6,0 00 00
S t .B e r n a r d
t a x -e x e m p t .
In te rest p a y a b le a t th e C itize n s’ B an k In

St. Cloud, Stearns County, Minn .— B o n d S a le .— Regarding
the issuance of the $20,000 permanent-improvement-fund
bonds mentioned in V. 92, p. 210, the Clerk informs us that
the city has borrowed the money from the State.
St Johnsville, Montgomery County, N. Y .—

B o n d S a le .—

On May 20 the $36,000 6-29-year (serial) paving bonds de­
scribed m V. 92 p. 1332, were awarded to W . N. Coler &
S ° - ? f MN^ v York City for $36,057 57 (100.159) for 4.30s.
f he following bids were also submitted:
H arris, F orb es & C o ., N ew Y o r k
Isa a c W . S herrill, P oug hk eensle
----------- i or
A d a m s & C o ., N e w Y o r k ,
---------------- ---------- Jor
J ohn J. H a r t , A lb a n y
............£or
R . M . G ran t & C o ., N ew Y ^ k C ; : ------------------ ---------- -------------i o o * t ? a f o r
L a rso n , Son & C o .. N ew Y o r k - - ,
--------- n o 'i ?
for
D o u g la s Fenw ick & C o ., N e w Y o r k ..............
~
in n
; 01 P , i 0s
F irst N a tio n a l B a n k , S t . J o h n s v ille : 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 Ip ® ? 0 5 0 for 4 U s

San Jose, Santa Clara County, Cal.— Rond E le c tio n .—
Repoits state that an election will be held June 1 to vote on
the Questionl of issuing $110,000 Alum Rock Park; $100,000
« s m n ? , OuOfire and police department; $50,000 incinerator,
n d g e, and creek improvement and $2,000 station
4 lA % 40-year bonds.
San Partricio County (P. O. Sinton), Texas .—

B onds

R eg istered .— On April 27

the State Comptroller registered
the $100,000 5 % 10-40-year (optional) road and bridge
bonds mentioned in V . 91, p. 1663.

Sapulpa School District (P. O. Sapulpa), Creek County,
Okla. B o n d s V o ted . — Local papers report that the issuance
of $40,000 school bonds was recently authorized by the
voters.

„ Saratoga^ Springs, N. Y .— B o n d S a le .— On May 19 the
$150,000 17-year (average) registered municipal bonds de­
scribed in V. 92, p. 1332, were awarded to Isaac \V. Sherrill
of Poughkeepsie at 100.29 for 4 j<£s. Other bids were received
from Estabrook & Co., Adams & Co., Kissel, Kinnicutt &
Co. and Parson, Son & Co. of New York. Maturity $6,000
yearly on April 1 from 1916 to 1940, inclusive.
Saratoga Springs Union Free School District (P O
Saratoga Springs), Saratoga County, N. Y .— N ote O fferin g —
Proposals will be received until 8 p. m. June 5 by Thos. R
Kneil, Secretary, for $48,000 notes at not exceeding 5 %
interest.
/
riif^e^ 0 ? Q ^ tl0nrnforooftes o f $ 3 ,0 0 0 each and 6 n otes o f $ 1 ,0 0 0 e a c h .
D ate
Q o i?♦ ^
*, In terest sem i-an n u ally a t the C itiz e n s’ N a tio n a l lia n k In
S a ratog a S p rin gs.
A fatu rlty $ 3 ,0 0 0 yearly on J u l y l from 1 9 1 3 to in °o
In clusive, an d $ 4 ,0 0 0 yearly on J u ly 1 from 1921 to 1 9 2 0 , Inclusive
CertN
b ia forTs^requIred ! UP° n a natIonal bank or tru3t c o m p a n y for 3 % o f notes

Schuylkill County (P. O. Pottsville), Pa .— B o n d S a le .— On
May 19 the $500,000 4 % 10-30-year (optional) coupon insanehospital and sewage-disposal bonds, dated July 1 1911 and
described in V . 92, p. 1270, were sold to Montgomery, Clo­
thier & Tyler of Philadelphia at 100.261 and interest. The
other bidders were:
N W r e s t 1' ? / n
n
1J S & W . S . K u h n ,In c.,P itts. 100.0276
exem pt from State0 t a x 1 th° County Treasurer’s office. The bonds are

Seneca Township (P. O. McCutchenville), Seneca County,
Ohio.— Bond Sale.— On May 15 the $15,000
coupon
road-improvement bonds described in V . 92, p. 1135, were
awarded to the Tiffin National Bank in Tiffin at 104.505
and accrued interest. Other bids received were as follows:
D av lcs-H crtra in C o ., C t n .$ 1 5 ,6 4 5 0 0 IS c a so n g o o d & M a y c r , C i n . . $ 1 5 ,5 0 5 00
It . K le y b o lte C o ., In c .,C in 1 5 ,5 0 8 50 W e ll, R o th & C o ., C in c ln - 1 5 ,4 3 5 00

M a tu r ity ”$ 5 0 0 each six m o n th s from ' M arch
In clusive.

14.35

T H E C H R O N IC L E

Ma y 27 1911.]

1 1 0 1 5 to S e p t.

1 1029

Shreveport, Caddo Parish, La.— Bond Election Proposed.—
There is talk of calling an election to allow the voters to
determine whether or not $100,000 fair-ground bonds shall
be issued.
Bids.— The following bids were received on May 9 for the
$250,000 4 * ^ % gold public-improvement bonds awarded to
the Commercial National Bank in Shreveport for $250,166 66
(100.066) and accrued interest. The bank also agrees to
pay the city 4 % interest on deposits.
F irst N a tio n a l H an k , S h re v ep o rt— $ 2 5 5 ,0 0 0 , or par and. p ay 2 % Interest
on d ep osits.
P rovid en t S a v in g s H ank & T r u st C o ., C in cin n ati— p ar, less $ 6 ,8 8 5 for
a tto r n e y ’s le e s.

Silver Bow County School District No. 1 (P. O. Butte),
Mont.— Bond Offering.— Proposals will be received until
5 p. m . May 29 by the Board of Trustees for $50,000 gold
coupon school-building and site-purchase bonds at not
exceeding 5 % interest.
A u t h o r it y election held A p r il 1 1 9 1 1 .
D e n o m in a tio n $ 1 ,0 0 0 .
D a te
Jun e 1 1 0 1 1 .
In te rest se m i-a n n u a lly a t th e C o u n ty T re asu rer’s offic e
M a tu r ity 2 0 y e a r, su b je c t to call after 10 y e a rs.
IJonds to b e d elivered
an d paid for w ithin 60 d a y s from d a y o f p u rch ase .
Certified c h e ck , or Its
e q u iv a le n t, for $ 1 ,0 0 0 , p a y a b le to C . R . H o p k in s, C hairm an H oard of
T ru ste es, Is req u ired .
P urchaser m u st furnish b lan k b o n d s.

Silverton School District No. 1, San Juan County, Colo.—
Bond Offering.— Proposals will be received until May 29
by D . Sheahan, President (P. O. Silverton) for $60,000 5 %
school-building bonds.
A u th o r ity C h ap ter 2 0 5 , Session L aw s o f 1 9 0 9 .
D e n o m in a tio n $ 1 ,0 0 0 .
D a te lu n e 1 1911
In terest se m i-a n n u a l.
M a tu r ity 2 0 ye ars, s u b je c t to
call after 10 y e a rs.
Ccrtllled check for 5 % o f bon d s b id fo r, Is req u ired .

Sioux Township School District (P. O. Spencer), Clay
County, Iow a. — Bond Sale.— On May 4 the $8,000 5J^%
10-year coupon school-building bonds described in V . 92,
p. 1136, were awarded to Geo. M. Bechtel & Co. of Daven­
port at par for 5s. Other bids received were as follows:
C u tte r, M a y & C o ., C h ic a g o .. $ 8 , 051 |C. H . C o ffin , C h ic a g o ....................$ 8 ,0 0 0

Smith Township, Mahoning County, Ohio.— Bond Offering.
— Proposals will be received until 10 a. m . June 1 by R . C.
Young, Township Clerk (P. O. Beloit), for $33,000 4 }/%%
coupon road-improvement bonds.
A u t h o r it y S ection s 0 9 7 0 to 7 0 1 8 G eneral C o d e.
D e n o m in a tio n $ 5 0 0
D a te Jun e 1 1 9 1 1 .
In terest se m i-a n n u a lly a t th e T ow n sh ip T reasurer
o ffic e .
M a tu r ity on Ju n e 1 as follow s:
$ 5 0 0 fro m 1912 to 1921 in clu sive
$ 1 ,5 0 0 in 1 9 2 2 , $ 2 ,0 0 0 from 1923 to 1 9 34 in clu sive an d $ 2 ,5 0 0 in 1 9 3 5 .
Ilond s are ta x -e x e m p t .
C crtllled check on a ban k In M ah on in g C o u n ty
for $ 5 0 0 , p a y a b le to E . L . S ta n le y , T ow n sh ip T reasurer, Is req u ired .
T o ta l d e b t, in clu d ing this Issue, $ 5 0 ,0 0 0 .
A ssessed va lu a tio n 1 9 1 0 ,
$ 3 ,4 0 8 ,3 4 2 .

Snake River Irrigation District, Malheur County, Ore.—

Texarkana Special School District (P. O. Texarkana),
Miller County, Ark.— Bond Offering.— Further details are
at hand relative to the offering on May 29 of the $100,000 5 %
coupon high-school-building bonds mentioned in V . 92, p.
1271. Proposals for these bonds will be received until 1:30
p. m . on that day by the Board of Education. A . B. Little
is Secretary.
D e n o m in a tio n $ 5 0 0 .
D a te J u ly 1 1 9 1 1 .
In te rest se m i-a n n u a lly a t
T exarkan a.
M a tu r ity $ 1 ,0 0 0 ye a rly from 1 9 13 to 1 9 17 in clu sive. $ 2 ,0 0 0
ye a rly fr o m 19 18 to 19 22 in clu sive, $ 3 ,0 0 0 y e a rly from 1 9 23 to 1 9 2 6 in­
clu siv e , $ 4 ,0 0 0 y e a rly from 1 9 27 to 1 9 3 0 In clusive, $ 5 ,0 0 0 ye a rly from 1931
to 1933 In clusive, $ 6 ,0 0 0 In 19 34 an d $ 9 ,0 0 0 y e a rly from 1 9 35 to 1 9 3 8 ,
In c lu siv e . C ertllled check for $ 1 ,0 0 0 , p a y a b le to th e P resid en t o f S ch ool
B o a r d , Is r eq u ired .

Texas City Independent School District (P. O. Texas City),
Galveston County, Tex. — Bond Sale.— On May 16 the $20,000
5 % 10-40-year (optional) school-building bonds offered on
May 1 and mentioned in V. 92, p. 1136, were awarded to the
Texas City State Bank in Texas City for $20,167, the price
thus being 100.833. Denomination $500. Date Sept. 1
1910. Interest semi-annual.
Trenton, N. J. — Bond Sale.— On May 23 the two issues of
4) 4 % 30-ycar coupon or registered bonds, aggregating
$105,000, described in V . 92, p. 1332, were awarded to W in.
107.876— ~
a 'basis o f
A . Read & Co. of New York City
re received:
about 4 .0 4 5 % . The following bid:
$ 5 5 ,0 0 0

$ 5 0 ,0 0 0

Harbor
Bonds.

School
Bonds.

.1 0 7 .8 7 6
W i n . A . R e a d & C o ., N e w Y o r k --------- . . .
...1 0 7 .6 6 9
E . I I . R o llin s & S o n , N ew Y o r k
..1 0 7 .2 9 2
E sta b r o o k & C o ., N e w Y o r k .........
...........
..1 0 7 .0 5 1 3
R h o a d e s & C o ., N ew Y o r k ------- —
. . .1 0 7 .0 5
C hish olm & C h a p m a n , N ew Y o r k .
.
_ _ .1 0 7 .0 1 8
R . M . G ran t & C o ., N e w Y o r k .
...1 0 6 .8 7 6
W e ed & G w yn ne. N ew Y ork
. .1 0 6 .8 1 3 5 3
P ark inson & B u rr, N ew Y o r k
— . .
. . 1 0 6 .6 9 3
K issel, K ln n lc u tt & C o .. N ew Y o r k . .
. .1 0 6 .6 7 8
B lo d g et & C o ., N ew Y o r k .
-----.1 0 6 .6 7
J ohn D . E v e r ltt & C o ., N ew Y o r k . _
.1 0 6 .5 3
N . VV. H a lse y & C o ., N ew Y o r k
....
...
. .. -1
.5 3
A d a m s & C o ., N ew Y o r k --------------._
— . .110066.5
-..1 0 6 .4 1 1
R . L . D a y & C o ., N e w Y o r k . .
.
-- .1 0 6 .3 4
O ’ C onn or & K a h le r, N ew Y o r k . .
--------_ -10066.2
.29977
K o u n tz c B r o s ., N ew Y o r k -------------------------------------------------1
- .1 0 6 .2 3
W . N . Color & C o ., N ew Y o r k . .
. . .
-.. - 1
1 99 4
H a rris, F orb es & C o ., N ew Y o r k ..............- - - - - . 10066..1
. _ .110
0 66.0
A . B . L e a ch & C o ., N ew Y o r k
—
. --------.09 1
H a y d e n , S to n e & C o ., N ew Y o r k ------- —
. . . 1 0 5 .4 4 7
F a rso n , S on & C o ., N e w Y o r k . .
—
—

1 0 7 .8 7 6
1 0 7 .6 6 9
1 0 7 .2 9 2
1 0 7 .0 5 1 3
1 0 7 .0 5
1 0 7 .0 1 8
1 0 6 .8 7 6
1 0 6 .8 1 3 5 3
1 0 6 .6 9 3
1 0 6 .0 7 8
1 0 0 .6 7
1 0 6 .5 3
1 0 6 .5 3
1 0 6 .4 1 1
1 0 6 .3 4
1 0 6 .2 9 7
1 0 6 .2 3
1 0 6 .1 9 4
10 6 .0 9 1
1 0 5 .5 2 6
1 0 5 .4 4 5

Bonds Authorized.— An ordinance has been passed provid­
ing for the issuance of $63,200 coupon or registered Princeton
Avenue and Hancock Street paving bonds at not exceeding
4 }/2% interest. Denomination $100 or multiple thereof.
Interest semi-annually at the City Treasurer’s office. Ma­
turity 10 years.

Tuscarawas Township School District (P. O. Coshocton),
Coshocton County, Ohio.— Bond Offering.— Proposals will be
received until 3 p. m . June 3 by the Board of Education,
Glen Tish, Clerk, for $4,000 4 > ^ % school bonds.
A u t h o r it y Section s 7 6 2 6 an d 7 6 2 7 o f R e v ised S ta t u t e s .
$500.
In te rest se m i-a n n u a l.
M a tu r ity $ 5 0 0 y e a rly from
In clusive.

D e n o m in a tio n
1 to 8 ye ars.

Vale School District (P. O. Vale), Malheur County, Ore.—
Bonds Voted.— Local papers state that the question of issuing

Bond Offering.— Proposals will be received until 2 p. m.

$25,000 school-building bonds carried by a large majority
at an election held recently.

May 30 by B . M. Joseph, Secretary (P . O. Weiser, Id a.),
for $325,000 6 % coupon bonds.

Warren School District (P. O. Warren), Trumbull County,
Ohio.— Bond Sale.— On May 22 the $15,000 4 % coupon pub­

In te rest se m i-a n n u a l.
M a tu r ity p art ye a rly begin nin g a t the ex p iration
o f th e 11th y e a r.
P urchaser to furnish b lan k b o n d s.

lic-school-improvement bonds described in V . 92, p. 1394,
were awarded to Hayden, Miller & Co. of Cleveland at 101.40
and interest. The following bids were received:

Springfield, Sangamon County, 111.— Bonds Voted.— The
election held on May 16 resulted in favor of the proposition
to issue the $40,000 4 % Mildred Park purchase bonds men­
tioned in V . 92, p. 1136. The vote was 2,174 to 1,917.
Denomination $500. Maturity $2,000 yearly for 20 years.

Sterling County Common School District No. 1, Texas.—
Bond Sale.— On May 20 the State School Fund was awarded
at par and accrued interest $4,500 5 % 10-20-year (optional)
bonds.

Steubenville School District (P. O. Steubenville), Jefferson
County, Ohio.— Bond Offering.— Proposals will be received
until 1 p. m. June 1 by W . S. McCauslcn, Clerk Board of
Education, for the $80,000 4 % school-building bonds voted
on April 22. (V . 92, p. 1195.)
D e n o m in a tio n s $ 5 0 0 an d $ 1 ,0 0 0 .
In terest
21 y e a rs.
C ertllled check for $ 3 0 0 Is requ ired .

se m i-a n n u a l.

M a tu r ity

Summerville, Richmond County, Ga.— Bond Offering.—
Proposals will be received at or before 12 m . June 1 by O. B.
Palmer, Village Treasurer (P. O. The Hill, Augusta), for the
$30,000 sewerage and water-works-extension and $45,000
street-improvement 5 % coupon bonds voted on March 30
(V . 92, p. 1136).
D en om in ation $ 1 ,0 0 0 .
In te rest on J a n . 1 an d J u ly 1 .
1941.
A d ep osit o f 1 % Is requ ired .

M a tu rity J u ly 1

Superior Township, Lawrence County, Ohio — Bond Offer­
ing.— Proposals will be received until June 1, reports state,
by the Township Trustees for $2,500 4
Riverside Ceme­
tery improvement bonds. Maturity from May 1912 to
May 1916.

Tallmadge Township School District (P. O. Tallmadge),
Summit County, Ohio.— Boiid Offering.— Proposals will be
received until 6 p. m . June 1 by Henry Bierce, Clerk Board
of Education, for $2,000 5 % coupon school-building bonds.
A u th o r ity S ection s 7 ,6 2 5 , 7 ,6 2 6 an d 7 ,6 2 7 of G eneral C od e,
D en om in a­
tion $ 5 0 0 .
D a te Jun e 1 1 9 1 1 .
In te rest on A p ril 1 and O c t. 1 beginning
O c t. 1 1911 a t the Central S avin gs & T r u st C o. In A k r o n .
M a tu rity $ 5 0 0
ye arly on A p ril l from 1913 to 1916 In clusive.
C ertllled ch eck on a bank
other than the one m ak in g the b id , for n ot less than 5 % of b id , p a y a b le to
th e T reasurer B oard o f E d u c a tio n , is req u ired .
Purchaser to p a y accrued
i n t e r e s t . ..............................................................................................
. . . .




H a y d e n , M iller & C o ., C le .$ 1 5 ,2 1 0 O O lS tacy & B ra u n , T o l c d o . - _ $ 1 5 , 0 8 5 15
C . E . D enison & C o . , C l e . . 1 5 ,1 6 7 8 0 ! Breed & H a rriso n , C i n . . . 1 5 ,0 2 2 00
P r o v .S a v .I lk .& T r .C o ., C in . 1 5 ,1 6 0 50 |N ew F irst N a t . B k ., Col _ 1 5 ,0 6 9 00
S eason good & M a y e r, C in _ 1 5 ,1 2 2 0 0 O tis & H o u g h , C le v e la n d . 1 5 ,0 5 0 00
W e ll, R o th & C o ., C in c ln . 1 5 ,1 1 2 5 0 1U n ion N a t . B a n k , W a rren 1 5 ,0 5 0 00
A ll b idders oHered accrued Interest In a d d ition to their b id s.
M a tu r ity
$ 3 ,0 0 0 y e a rly on J a n . 1 fro m 1 9 37 to 1941 In clusive.

Wellsburg Independent School District (P. O. Wellsburg),
Brooke County, W . Va.— Bonds to Be Offered Shortly.— W e
are advised that the $85,000 4
school-building bonds
voted on April 11 (V . 92, p. 1060) will soon be placed on the
market. Maturity part yearly from 10 to 34 years, inclusive.
Interest annual.
West Orange, N. J.— Bond Sale.— On May 16 the $100,000
4 ]/2 % 30-year gold coupon funding bonds described in V . 92,
p. 1333, were sold to W . N . Coler & Co. of New York at
105.30 and interest— a basis of about 4 .1 8 7 % . The other
bidders were:
A . B . Leach & C o ., N . Y _____1 0 4 .5 9
J . D . E v e r ltt & C o ., N . Y . . . 1 0 4 .50
N . W . H a lse y & C o ., N . Y . .1 0 4 . 2 7
J . S . R ip p le , N e w a r k _________1 0 3 .8 7 9

R . M . G ran t & C o ., N . Y _____1 0 3 .5 5
W e s t O ran ge N a t . B a n k _____1 0 3 .1 3
F a rso n , S o n & C o ., N . Y _____1 0 2 .5 0
H arris. Forb es & C o ., N . Y . . 1 0 1 .5 9 2

Wexford County (P. O. Cadillac), Mich.— Bond Offering.—
Proposals will be received until l p . m. May 31 by Felix H . H .
Flynn, County Clerk, for the $50,000 4 % coupon court-houseconstruction bonds mentioned in \ . 92, p. 1137.
D e n om in ation $ 1 ,0 0 0 .
D a te A p ril 1 1 9 1 1 .
In terest an n u ally a t the
P eo p le’s S av in g s B ank In C ad illac.
M a tu rity $ 5 ,0 9 0 ye a rly on A p r il 1
from 1912 to 1921 in clu sive.
B on d s are e x e m p t from all ta x a tio n .
C erti­
fied check for $ 1 ,0 0 0 , p ayab le to th e C o u n ty C lerk. Is requ ired.

Willamina, Yamhill County, Ore.— Bond Sale.— The $15,­
000 6 % 10-‘2 0-year (optional) coupon water-works-system
bonds offered on April 10 and described in \ . 92, p. 829,
have been awarded to Jacobson Bade Co. of Portland.
Willmar, Kandiyohi County, Minn.— Bond Offering.—
Proposals will be received until 8 p. m. May 29 by II. Gunder­
son, City Clerk, for $30,000 (or as much more as the city
may require, but in no event to exceed $40,000) sewer bonds.
A u t h o r it y , election held A p ril 2 5 .
In terest n ot to exccetl 5 %
sem i­
a n n u a lly a t th e C ity T reasu rer’ s o ffic e. D e n o m in a tio n $ 1 ,0 0 0 or m u ltip le .

1456

THE

C H R O N IC L E

D a te J un e 1 1 9 1 1 . - M a tu r ity J u n e 1 1 9 3 1 .
B on d s are e x e m p t fro m all
ta x e s .
Certified ch eck for $ 3 ,0 0 0 , p a y a b le to the C ity T re asu rer, Is required

Canada, its Provinces and M unicipalities.

Winters Independent School District (P. O. W inters), Runnells County, Tex. — B o n d S a le . — On May 20 the $18,000 5 %

Arthur, Ont. D eben tu re O ffe rin g . — Proposals will be re­
ceived until 12 m. May 29 by D. T . Small, Village Clerk, for
So,000 4 V2 /o debentures, payable in 20 annual installments.

5-40-year optional) bonds registered on March 27 (V . 92,
p. 983) were awarded to the State School Fund at par and’
accrued nterest.

Yonkers, N. Y .

Biggar, Sask.

D eben tu re S a le . — Nay & James of Regina,
have been recently awarded an issue of $1 5,­
000 6 % 15-year debentures.

B o n d S a le . — The following bids were re­

ceived on May 23 for the four issues of 4 ^ % registered bonds,
aggregating $160,000, described in V. 92, p. 1394:
$ 2 0 ,0 0 0

$ 8 0 ,0 0 0

building
bonds.

$ 2 0 ,0 0 0

school
bonds.

‘ 1 0 3 .1 3
P e o p le ’s S a v in g s B a n k , Y on k ers
b R .fM .IG r a n t & C o ., N e w Y o r k . .1 0 3 .5 8 9
b R h o a d e s A C o ., N ew Y o r k ____ .1 0 3 .5 7 1 3
b E . I I . R ollin s & S o n s, N . Y ____ .1 0 3 .2 8 9
b H a rris, Forb es & C o ., N . Y ___ .1 0 3 .2 4
E s ta b r o o k & C o ., N ew Y o r k ____ .1 0 3 .0 1 5
A . B . L e ach & C o ., N e w Y o r k - . 10 3 .0 1 1
K isse l, K In n icu tt & C o ., N . Y _ _ .1 0 2 .7 6 3
.1 0 2 .7 1
F e r r ls l& lW h tt e , N
.1 0 2 .5 3
O ’ C onn or & K a h le
.1 0 2 .2 8
F a rso n , S o n & C o.
1 0 2 .3 5 9

improvem'l
bonds.

* 1 0 3 .1 3

* 1 0 3 .1 3

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

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

Black Lake, Que.—

water
bonds.

Investment & Trust Co. of Montreal. Maturity 1945.

1 0 4 .5 6 6
* 1 0 5 .2 2 6
1 0 3 .5 8 9
1 0 3 .5 7 1 3
1 0 3 .2 8 9
1 0 3 .2 4
1 0 4 .8 1 1
1 0 4 .8 1 1
1 0 4 .2 6 3
1 0 4.91
1 0 4 .1 5 3
1 0 4 .0 4
1 0 3 .8 2 1

Brandon, Man. D eben tu re O ffe r in g . — Proposals will be
received until 4 p. m. June 2 by Harry Brown, City Clerk,
for the following 5 % debentures:
Z ;year 1°c a l-lm p r o v e m e n t b ou lev a rd d eb en tu res,
in ia a a X „ X 'year o c a -Im p r o v e m e n t sid ew alk d eb en tu res.
i 9 a a a 2 2 2 2 ‘ year • ooal-Im p rovem ent sew erage d eb en tu res.
1 2 -2 2 2 2 2 2 2 'ycar c ity -s ta b lln g d eb en tu res.
3 0 -y e a r flre-hall d eb en tu res.
oO.OOO 0 0 3 0 -y e a r w a ter-w o rk s d eb en tu res.

? a ’222

Broadview School District No. 2290 (P. O. Wiste), Alta —
D ebenture S a le .— An issue of $2,000 6 ^ %

school-buildingand-furnishing debentures were recently awarded to Nay &
James ot Regina at 100.055. Interest annually in February
Maturity Feb. 24 1921.

Youngstow n, Ohio.— Bond Sale.— The following bids were
received on May 1 for the six issues of 5 % street and parkimprovement bonds described in V. 92, p. 984:
*12 ,500

bonds.

$

$1,225

bonds.

$

$6,375

bonds.

s

$2,950

bonds.

$

$12,510

bonds.

$

x

$

Conditional upon their receiving at least one of the larger

Maturity ono-flfth of each Issue yearly on Oct. 1 from 1912 to 1916 Inclusive
All bids lncludo accrued Interest.

NEW LOANS.

$ 1,000,000

West Chicago
Park Commissioners
SMALL P A R K BONDS
Under Vote of November 8, 1910

S ealed p roposa ls will be received u n til FOUR
O’CLOCK P. M., ON TUESDAY. THE THIR­
TEENTH DAY OF JUNE. A. D. 1911, a t th e
offic e o f th e W e s t C hicago P ark C om m issio n ers,
U n io n P a r k , C h icago, Illin o is, for th e purchase of
co rp o ra te b o n d s o f th e W e s t C hicago Park C om ­
m ission ers, a m o u n tin g to th e su m of O n e M illion
D ollars ( $ 1 ,0 0 0 ,0 0 0 ) , for th e a c q u isition an d Im­
p r o v e m e n t o t a d d itio n a l S m a ll P ark s an d Pleas­
u re G r o u n d s, w ith th e accru ed Interest thereon
to d a te o f sa le .
T h e Issue Is tw e n ty -y e a r serial
b on d s In d en o m in a tio n s o f O n e T h o u sa n d D ollars
($ 1 ,0 0 0 ) e a ch , w ith in terest a t th e r a te o f fo u r (4)
per cen t per a n n u m , p a y a b le se m i-a n n u a lly , on
th e first d a y s o f J a n u a ry an d J u ly o f each ye ar,
an d th e p rincipal o f each Issue p a y a b le a t the rate
o f F if t y T h o u sa n d D ollars ($ 5 0 ,0 0 0 ) a n n u a lly ,
b egin n in g w ith th e first d a y o f J u ly , 19 1 2 ; both
p rincipal an d Interest are p a y a b le a t th e office of
th e T reasu rer o f th e W e s t C hicago P ark C om ­
m ission ers, C h icago, Illin ois.
S aid O n e M illion
D ollars ( $ 1 ,0 0 0 ,0 0 0 ) o f bon d s for th e acqu isition
an d Im p ro v e m e n t o f a d d itio n a l S m a ll P ark s and
P leasu re G rou nd s arc Issued b y th e W e s t C hicago
P ark C om m issio n ers In p ursu ance o f an d su b jec t
to th e p rovision s o f a n A c t o f th e G eneral A s s e m b ly
o f th e S ta t e o f Illin o is, en title d “ A n A c t to en ab le
p ark c om m ission ers to Issue b on d s to raise fu n d s
for th e a cq u isition an d im p r o v e m e n t o f a d d itio n a l
sm all p arks an d p leasu re gro u n d s, an d to p rovid e
a ta x for th e p a y m e n t o f th e s a m e ,” a p p ro v ed
Jun e 10 1 9 0 9 .
S aid Issue o f b o n d s. In cluding th e ex istin g in­
d eb ted n ess o f th e W e s t C hicago P ark C o m m is­
sioners an d th e W e s t P ark D istr ict, d oes n o t e x ­
ceed th e c o n stitu tio n a l lim it o f In d eb ted ness o f
said P ark D istr ic t.
F u rth er particulars will b e furn ished u pon a p ­
p lication to th e S ec reta ry o f th e W e s t C hicago
P ark C om m issio n ers, a t U n io n P a r k , C h icago,
Illin o is.
P rop osals m u st b e addressed to “ W e s t
C hicago P ark C om m issio n ers, U n ion P a rk , C hi­
c a g o , Illin o is,” an d be en dorsed “ P rop osals for
S m a ll Park. B o n d s ,” an d m u st be acco m p a n ied b y
certified check for tw o (2) per cen t o f th e a m o u n t
o f th e b id , p a y a b le to th e order o f th e W e s t C hi­
c a g o P ark C om m issio n ers.
S aid b on d s to b e paid
fo r a n d delivered a t th e office o f th e W e s t C hicago
P a r k C om m issio n ers.
N o bid of less th an p ar an d
a ccru ed in terest will be consid ered, an d th e W e s t
C h icago P ark C om m issioners reserve th e righ t
to r ejec t a n y an d all b id s,
W EST

C H IC A G O P A R K C O M M IS S IO N E R S
B y W I L L I A M K O L A C E K , P resid en t.
G E O R G E A . M U G L E R , S ec reta ry .

C h icago, M a y 10 , 1 9 1 1 .




Estevan, Sask .— D eben tu re E le c tio n . — A by-law will be
submitted to the voters, it is stated, on June 2 providing for
the issuance of $5,000 water-extension and $18,000 cementsidewalk debentures.

$14,310

bonds.

Seasongood&Mayer, Cln*12,855 00
.............«6,552 0 0 *3,03 2 00* 12,866 00 14,714 00
DavIes-Bertram Co.,Cin. 12,842 00*1,251 00 6,547 00 3,027 00 12,852 00 14,705 00
W ell, Roth & C o., C lQ .-1 2 .8 3 8 00
............. 6,545 00
........ 12,848 00 *14 .7 22 00
Breed & Harrison, C ln .. 12,852 50
12,860 00 14,703 50
Stacy A Braun. T o le d o .12,841 12 1,241.08
6,538 99 3,007 81 12,851 42 14,700 54
First N at. Bank, C lere. 12.835 75 1,249 75
6,538 25 3,021 50 12,840 25 14,693 75
8 ec.Sav.B k.&Tr.C o.,Tol. 12,835 10 1,243 50 6,536 50 ...........................................
P rov.3av.B k.& Tr.C o.,C inl2,817 62
...........................................................................
O. E . Dcnlson&Co., C lc. 12,814 80 ...........................................................................
"
New First N at. B k ., Col. 12,813 00 1,240 00
6,505 00 2,985 00 12,824 00 14,670 00
Tlllotson&WolcottCo..Cl 12,803 75x1,255 26
6,532 46 3,022 87 12,819 00 14,063 48
Otis A Hough, Clevelandl2.787 50
.............
................................. 12,797 50 14,640 00
Firemen’s P e n .F d .,Y o ’n ________ 1,243 98
..................................................... ..
...........
♦Successful bids,
ssues.

D ebenture S a le . — An issue of $30,000

o /o debentures has been sold, it is stated, to the Montreal

$ 4 0 ,0 0 0

b B id for all or n o n e .

* S uccessful b id d e r,

[VOL. L X X X X II.

Labree School District No. 2309 (P. O. St. Edouard), Alta
— D ebenture S a le .— On March

15 $800 6 %
debentures were awarded to O'Hara & Co.
$807— the price thus being 100.875. Date
Interest annually beginning April 1 1912.
yearly for 10 years.

school-building
of Toronto for
April 1 1911.
Maturity part

Lachino, Que.— D eben tu re O ffe r in g . — Proposals will be re­
ceived until 5 p. m. May 30 by II. Robert, Secretary-Treas­
urer, for $145,000 4 ^ % debentures. Denomination $1,000.
Interest semi-annual. Maturity 40 years. Certified check
for $2,000 is required.

NEW LOANS.

NEW LOANS

$ 9 1 6 ,7 0 0
$ 8 2 5 ,0 0 0
City of Minneapolis, M inn., City of Minneapolis, M inn.,
SCHOOL BONDS.

BONDS

S ealed bid s w ill bo received b y th e C o m m ittee
on W a y s an d M ean s o f th e C ity C ouncil o f the
C ity o f M in n e ap olis, M in n ., a t th e office o f the
C ity C om p troller of said c ity u ntil THURSDAY,
JUNE 8, 1911, a t 2 o ’clock p . m ., for th e w hole
or a n y p a rt o f $ 9 1 6 ,7 0 0 S ch ool B o n d s, to b e
d ate d M a y 1, 1 9 1 1 , p a y a b le iMay 1, 1 9 4 1 .
O f the a b o v e b o n d s, $ 2 5 0 ,3 0 0 w ill b ear in terest
a t th e rate o f fou r an d on e-q u arte r ( 4 ) 4 % ) per
c e n t, p a y a b le se m i-a n n u a lly , an d no bid or
p roposa l will b e en tertain ed for a su m less than
th e par v a lu e o f said b on d s an d accrued Interest
to d a te o f d e liv e r y , an d $ 6 6 6 ,4 0 0 o f said bonds
will bear Interest a t th e rate o f fou r ( 4 % ) per
c e n t, p a y a b le se m i-a n n u a lly an d n o bid or pro­
posal w ill be en tertain ed for a su m less than
n in e ty -liv e ( 9 5 % ) per cen t o f th e par valu e of
said bond s an d accru ed Interest to d ate o f d elive ry,
an d all o f said bon d s are T a x -E x e m p t In the
S ta te o f M in n e so ta .
T h e right to rejec t a n y or all bids Is reserved.
A certified check for tw o ( 2 % ) per cen t o f the
p ar valu e o f th e b on d s b id fo r , m ad e to C . A .
B lo o m q u tst, C ity T reasu rer, m u st a c com p an y
each b id .
C ircular co n ta in in g fu ll p articulars w ill be
m ailed u pon ap p lica tio n .
B y order o f th e C o m m itte e on W a y s an d M eans
a t a m eeting held M a y 11 , 1 9 1 1 .
D A N C. B R O W N .
C ity C om p troller.

S ealed bids will b e received b y the C o m m ittee
on W a y s an d M eans ot the C ity C ouncil o f th e
C ty o f M in neapolis, M in n ., a t th e office o f th e

?
JUNE
13, 1911,

c,lty unt11 TUESDAY,

a t 2 o clock p . m . , for the w hole
or a n y p art o f $ 2 5 0 ,0 0 0 P ark B o n d s, $ 2 2 5 ,0 0 0
Im p r o v e m e n t R e v o lv in g F u n d B o n d s,
5 7 5 ,0 0 0 P erm a n en t Im p r o v e m e n t F u n d B on d s and
$ 2 7 5 ,0 0 0 Alain S ew er B o n d s, to be d a te d M a y 1,
1 9 1 1 , p a y a b le M a y 1, 1 9 4 1 .
S aid b ond s arc to bear Interest a t th e rate of
fou r ( 4 % ) per cen t per a n n u m , p a y a b le sem i­
a n n u a lly , are T a x -E x e m p t in the S ta te o f M inne­
s o ta , an d n o bid or proposal w ill be en tertained
for a su m less than n in e ty -liv e ( 9 5 % ) per cen t
o f th e par valu e o f said bon d s an d accrued Interest
to d a te of d eliv e ry .
T h e right to reject a n y or all bids Is reserved .
A certified check for tw o ( 2 % ) p er cen t o f the
p a r valu e o f th e b ond s bid fo r, m a d e to C . A .
B lo o m q u ls t, C ity T reasu rer, m u st a c co m p a n y
each b id .
Circular c o n tain in g full particulars w ill bo
m ailed u pon a p p lication .
B y order o f th e C o m m ittee on W a y s an d M eans
a t a m e etin g h eld M a y 11 , 191.1
D A N C. B R O W N ,
C ity C om p troller.

BLODGET & CO.
MUNICIPAL AND RAILROAD

BONDS

BONDS

60 S T A T E S T R E E T , B O S T O N

L IS T ON AJPPLIOATIOH

80 P I N E S T R E E T , N E W Y O R K .

SEAS0NG00D & MAYER

STATE, CITY & RAILROAD BONDS

Mercantile Library Building
CINCINNATI

H 0D E N P Y L, H A R D Y & CO.

Thomas J.

Bolger Co.

7 Wall S t .. New Y o rk

M U N IC IP A L B O N D S

Railroad, Street Ry., Gas & Elec. Light

Legal for Sayings Banks,
Postal Savings and Trust Funds

S E C U R IT IE S

3 K N D FOR LIS T

19 South La Salle St.,

CHICAGO

MUNICIPAL BONDS
ufMt Investment
A Q L tft
known. Yielding from * * 7 0
O '#

ULEN
BANKERS

&

Writs for
circular

CO.
CHICAGO

C h arles M . Sm ith & Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANE BUILDING
CHICAGO

may

THE

27 1911.

1457

C H R O N IC L E

Montreal, Que.— Temporary Loan.— Local papers state
that at a meeting of the City Council on May 22 the sum of
£5 00,000 ($2,500,000) was authorized to be borrowed from
the Bank of Montreal for 6 months at 3 % per annum.

Shell River Municipality, Man.— Debenture Sale.— It is
reported that the $30,000 5 % 20-year debentures mentioned
in V . 92, p. 1273, have been awarded to G. A . Stimson & Co.
of Toronto. . . . . . . . . . . .

North Bay, Ont.— Debenture Election.— Papers state that
an election will be held May 29 to vote on a by-law providing
for a loan of $45,000 for sewerage purposes, and one of
$100,000 for water-works.

Spruce Creek School District No. 723 (P. O. Spruce Creek),
Man.— Debenture Offering.— Proposals will be received until
June 1 for $2,000 6 % school-building debentures, payable on

Peachland, B. C.— Debenture Sale.— On May 1 the $3,000
electric-light-system and $1,000 local-improvement 5 % 20year debentures mentioned in V . 92, p. 1138, were awarded
to Brent, Noxon & Co. of Toronto.
Pickering Township

(P. O. Altona),

Ont.— Debenture

Offering.— Proposals will be received until May 29 for $3,000
5 % school bonds. Interest annual. A . Reesor is Secre­
tary-Treasurer.

Portage la Prairie, Man.— Debenture Sale.— W ood, Gundy
& Co. of Toronto are reported as being the successful bidders
for $23,262 25 5 % debentures due $15,000 in 40 years and
the balance in 10 years.

Port Arthur, Ont.— Loan Election.— An election will be
held May 29, it is stated, to vote on the following loans:
$25,000 for street-railway purposes and $15,000 to pay off
the floating debt.
Port Hope, Ont.— Debenture Sale.— According to reports,
the following debentures were recently awarded to the On­
tario Securities Co. of Toronto:
$13,000 4 H % debentures. Maturity part yearly for 30 years.
5,000 4 % water-works debentures. Maturity 1033.

Prince Rupert, B. 0 . — Debentures Not Sold.— No award
has yet been made of the 12 issues of 5 % 4-year coupon plankroad debentures, aggregating $79,560 and the $40,000
4 U % 20-year coupon telephone debentures offered on
March 2 and described in V . 92, p. 71. The following bids
were received:
C II Burgess & C o., T oron to— $113,500.
Campbell, Thom pson & Co. T oron to— $77,144 for $79,560 debentures
and $39,010 for $40,000 debentures.
R oyal Financial Corporation, Vancouver— $36,894 for$40,000 debentures.
All bidders olfered accrued Interest In addition to their bids.

June 1 each year in 20 installments of principal and interest
at the Bank of Ottawa in Dauphin. A . J. Henderson is
Secretary-Treasurer.

Starbuck Consolidated School District (P. O. Starbuck),
Man .— Debenture Sale.— On May 15 the $4,000 5 U % 20installment school debentures mentioned in V . 92, p. 1334,
were awarded to J. G. Mackintosh & Co. of Winnipeg at
100.55 and accrued interest. Other bids received were as
follows:
C. H . Burgess & C o., T oron to.54,011 Cam pbcll,Thom pson& Co.,Tor.$3,919
W ood , Gundy & C o., T oron to 3,906
Nay & James, R egina----------- 3,981
R . C. Matthews & C o., T o r ___3,600

Stirling, Ont.— Debenture Sale.— The Ontario Securities Co.
of Toronto was recently awarded $12,000 5 % debentures,
according to reports. Maturity part yearly for 30 years.
Stettler, Alta.— Debenture Offering— Proposals will be re­
ceived on or before June 1 by David Mitchell, SecretaryTreasurer, for the following 5}4% debentures:
$17,000 clectrlc-light debentures. M aturity 20 years.
6.000 local-im provem ent debentures. M aturity 10 years.
2.000 chcm lcal-enginc and hose debentures. Maturity 20 years.
3,500 m unicipal-building debentures. M aturity 20 years.

Tillsonburg, Ont.— Debenture Sale.— On May 23 the $25,­
000 4J ^ % 30-installment hydro-electric-light debentures
mentioned in V . 92, p. 1395, were awarded to V . A . Sinclair
at 96.20. Other bids received were as follows:
C. H . Burgess & C o., T oron to $23 ,93 7 1Acm lllus Jarvis & C o., T o r . . $23,695
Brent, N oxon & C o., T o r ____ 23,831 W ood , Gundy & C o., T o r ___ 23,628
Ontario Sec. C o., L td ., T o r . . 23,7 07 1Canadian D eb. C orp .,L td .,T or2 3 ,5 25
Date A ug. 29 1910.

Wetaskiwin, Alta.— Debenture Offering.— Proposals^wlil
be received until 5 p. m . May 29 by E . Roberts, SecretaryTreasurer, for $58,136 78 5 %
local-improvement-sewer
debentures. They will be dated Dec. 31 1910 and bejrepayable in 50 annual installments of principal and interest.

ENGINEERS.

BOND CALL.

NEW LOANS.

NOTICE OF RED EM P TIO N OF B ONDS.
$ 4 1 5 ,0 0 0
J. G. W H I T E & C O .
Powell County, Montana
Engineers, C o n tra cto rs
C ITY OF SPOKANE, W A SH ., The Board o f County Commissioners o f Powell

Bridge Construction Gold Bonds.
Sealed proposals will bo received b y the Sinking
Fund Commission of the City o f Spokane, Wash­
ington, a t the office of the City Auditor, of said
city, up to 12 o ’clock noon of the 16TH D A Y
OF J U N E , 1911. for the purchase of all or any
portion o f a $415,000 bond issue o f said city,
except that no bid will be considered that Is for
less than $25,000, or multiple thereof, except
that the $15,000 overplus, which m ay be bid
for separately, or added to any other bid.
Said bonds are Issued b y said city to pay for
the construction of two concrete bridges across
Latah Creek, In the City of Spokane, and bear
date of July 1, 1911, and payable 20 years after
date, and draw Interest at a rate not to exceed
4 X % annually, payable semi-annually.
Said Commission reserves the right to reject
any and all bids, and each oiler must be accom ­
panied b y a certified check for 2 % of the amount
of the bid, and must be for at least par and
accrued Interest.
.
JAM ES M cGOUGAN,
City A uditor.

N A T IO N A L L IG H T ,
H E A T A, P O W E R C O M P A N Y

County, Montana, to All Whom This Notice
M ay Concern. G R E E T IN G :
N otice Is hereby given that the Treasurer of
Powell County, Montana, will upon July 1st,
1911, redeem all bonds numbered from one (1)
to thirty-tw o (32), Inclusive, o f the bond Issue
o f said County o f July 1st, 1901. All holders
or owners of any o f the aforesaid bonds are
required to present the same to the Treasurer
o f said County upon July 1st, 1911, at his office
at Deer Lodge, In said County, for paym ent.
Upon presentation o f the said bonds to the said
County Treasurer upon said day the same will be
redeemed and paid In full with Interest due
thereon up to that date, but such bonds shall not
draw Interest on or after that date, and all owners
or holders of said bonds, or any thereof, are
hereby notified that Interest upon the same will
cease upon the date aforesaid.
A L B E R T BIEN ,
County Treasurer,
Powell County, Montana.
Dated May 19th, 1911.

T I S T E P H E N S & CO
BANKERS

43-49 Exchange Place, NEW Y O R K
San Francisco, Cal.

Chicago, Ills.

luvestlgatiens and Reporta on Electric
Railway, (laa. Electric Light and Pewaf
Properties, Irrigation System s, & c., far
Financial Institutions and Investors.

Electric Railways, Electric Light and Power

Plants, Ga* Plants, Financed,
Designed and Built.
L o*4 e* Correspondents :

/ . O. tY H IT K A CO., Limited,
9

Cloak Lane, Canaan S t.. B . C .

C. G. YOUNG
Engineering and Construction
Plans, Methods, Operation
Public Utilities and Industrials

SIX T Y
W A L L ST.,
N EW Y O R K

Reports for Financing

2 W ALL STREET, NEW YORK.
M em . A m . Soc. C . E.

GUbAo

nT
d sD

ah

INVESTMENT BONDS

H. U. W A LLA C E & CO.

Interest allowed on accounts el
Individuals and Corporations

Exam inations, R eports, Surveys, Supervision of
construction and operation of Electric and Steam
Railroads, Power Plants, Transmission lines.
Central Stations and Irrigation projects, &c.
E x-S upt. Illinois Central R R .; Chief Engineer
Illinois Central R R .. and Gen’l Manager Chicago
Lake Shore & South Bend Electric Railway.

ENGINEERS

A. H . Bickmorc & Co.,
BANKERS
30 Pin® Street,

Now York

Marquette Bldg.

E STA B L ISH E D 1885

H. C SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS

Adrian H . Muller & Son,
AUCTIONEERS.

R e gu lar W eekly Sa le s

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

Specializing In Examination of

Municipal and Corporation Bond*
1312 FIR ST N A T IO N A L B A N K B L D d ..

CHICAGO, ILL.




®y

C H IC AG O , IL L .

Frederick H. Lewis
Civil and'JMechanlcal Engineer

Consulting Engineer
ncowB-Marx B ld g.

Birmingham, Ala.

EMabBshed 1889

A. L. R E G I S T E R &. CO .

STOCKS and BONDS

E N G IN E E R S— CONTRACTORS
Philadelphia

E V E R Y W E D N E SD A Y

R. T. Wilson & Co.

I.

No. 8S W IL L IA M STREET.
Corner Pine Street.

33 W A L L STREET
N E W YO R K

1458

T H E C H R O N IC L E

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

Qxn&t(Jvjompantcjs.

Q xn& t

united states Trust (Snipy at few lori,
Chartered 1853
* 5 and 47 W A L L S T R E E T

CAPITAL,
.
.
.
.
SURPLUS AND UNDIVIDED PROFITS

.
-

.

.

$2,000,000.00
$13,772,667.70

.

*cap8aJutee8CUt0r’ Admlnlstrator- Guardian. Trustee. Court Depositary and In
It allows Interest at ourrent rates on deposits.
eaapOTaU^ns’ and°nd?ylduaig.nVeSt8 m one7, 9eourItles and other property, real or personal, for estates

Manhattan
Trvst
Company
all Street Corner Nassav

EDWARD W . SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pres.
HENRY E AHERN Secretary
WILFRED J. WORCESTER, Asst. Sec. CHARLES A ^ V A R D S 2 d A s s t.S e c .

Designated Depositary for State,
City and Court Funds.
Accepts Deposits subject to Cheque
Payable through New York Clear'
ing House.
Allows interest on Balances.

TRUSTEES.
™ ^ J E W A R T ‘ Chairm an o f the B oard

W.

B a y a r d C u ttin g ,
W illia m R o ck efeller,
A le x a n d e r E . O rr,
W illia m H . M a c y Jr
W illia m D . S loan e,
G u sta v H . S o h w a b .

Frank Lym an,

Payne W hitney,
Edward W . Sheldon,
TnhS 9
Chauncey Keep,
^ ^ helps,
George L . Rives,
Twrrf,! Gaas Ledyard,
Arthur C. James,
Lym an J. Gage,____________ William M. Kingsley.

F id e l it y

W illia m S te w art T o d ,
O gd en M ills,
E gerton L . W ln th r o p
Cornelius N . B liss. Jr

Issues Certificates of Deposit
able as desired.

T ru st C om pa n y

Temporary Offices

113

N E W A R K , N. J.

Resources Over $29,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
Acts aa Executor, Trustee, Administrator and in all fiduciary capacities.
Takei entire charge of Real and Personal Estates. Guarantees Titles of
Seal Sstate throughout New Jersey.
General Banking and Savings Departments. Bond Department l o t
purchase and sale of municipal and public utility securities. Safe Deposit
Department.

CEN TR AL TRUST COMPANY
of NEW YORK

54 Wall Street
Capital and Surplus, $18,000,000
(of which $1 7 ,0 0 0 ,0 0 0 has "been earned)
Authorized to act as Executor, Trustee, Administrator or Guardians

pay*

B R O A D W A Y

Mississippi Valley Trust Co
Fourth & Pine Sts., St. Louis.
SURPLUS I c q K 4 n n n n
and PROFITS /•5<>»04U,UO O

C A P IT A L ,
A

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

D IR E C T O R S .
H en ry S em ple A m e s , V ice-P resid en t.
W illia m B agn e ll. P residen t Bagnell T im b e r Co.
J ohn I. B c g g s , P resid en t & G e n . M an ager S t .
L ou is Car C o.
E u g e n e H . B en oist.
J a m e s E . B rock , S ecretary.
M u rray C arleton , P resid en t C&rleton D r y G ood s ©e
C harles C lark .
H oratio N . D a v is , P residen t S m lt h & D a v ls M fg.O a.
J ohn D . D a v is , V lco-P resld e n t.
D a v id R . F ran cis, F ran cis, U ro. A C o.
S. E . H o ffm a n , V ico-P resid en t.
B reckin ridge J o n e s. P resid en t.
W m . G . L a c k e y , V ice-P resid e n t and B o n d O f fle w .
W . J . M c B rid e . V .-P r c s . H a sk ell <& B arker Car C o .
Nelson
W . A lc L eo d , V ic e-P resid e n t G ray m b *
M c L e o d L u m b er C o.
S aun ders N orve ll, P residen t S to v e s & H ard w are
P ub lish ing C o.
R obert J . (V R c illy , M .D .
W m . D . O rth w e in , P residen t W m . D . O rth w e i*
Grain C o.
H en ry W . P eters, P residen t P eters S h oe C o.
H . C . P ierce, C hairm an B oard W aters-PIerceiOUIOo.
H en ry S. P riest, Priest & B e y le .
A u g u s t S c h la fly , A u g u st S ch lafly & S o n s.
R . M . S to c k to n , P residen t M aje stic M fg . Co.
MU,.l.u s , ? - . . VVa,sh> C hairm an o f the B oard .
Rolla W e lls.

Industrial Trust Company

Receives Deposits, subject to check, and allows Interest on Daily Balance:'.

P r o v id e n c e , R. I.

Acts as Transfer Agent, Registrar and Trustee under Mortgages,

C A PITAL................................................$3,000,000
S U R PLU S-------------------------------------- 3,000,006

-

—
C H A R T E R E D 1861

Union Trust Company of NewYork
MAIN O F F IC E : 80 BROADWAY.
Uptown O ffice: 425 Fifth Avenue, corner 38th S treet.’
W ith Modern Safe Deposit Vaults

Capital $1,000,000

Surplus (earned) $7,800,000

ALLOWS INTEREST ON DEPOSITS.
A cts as Executor, Guardian, Trustee, Adm inistrator and In all Fiduciary Capacities
on behalf of Individuals, Institutions or Corporations.

O F F IC E R S .
C yrus P . B row n , P resident
A rth u r L . K e lle y . V ice-P resid e n t
H . M artin B ro w n , V ice-P resid e n t
O tis E v e r e tt, V ice-P resid e n t
J oshu a M . A d d le m a n , V ice-P resid e n t
W a r d E . S m ith , Treasurer
C h as. H . M an ch ester, S ecretary
H . H o w a r d P ep p er, A s s t. T reaa,
Frederick B . W ilc o x , A u d ita *
B O A R D O F D IR E C T O R S .
S am u el P . C olt. Chairman E ngleh art C . O stb y
O ln ey T . In m a n
J . M ilton P ayn e
R ichard A . R obertson
E b en N . Littlefield
Joshua M . A d d e m a n
O tis E v ere tt
J am es M . S c o tt
C . P rescott Iin lr h t
W illia m H . P erry
Jesse H . M etcalf
A rth u r L . K elley
John J . W a ts o n Jr.
H . M artin Brow n
Charles H . A llen
G eorge F . B aker
J ohn B . Branch
G eorge M . T h orn ton
W illia m P . C hapin
C yrus P . Brow n
A n g u s M cL eod
C n as. C . H arrington
E z ra D ixon
L ou is H . C om stock
H o w a rd O . Sturgis
H erb e rt N . Fenner
E d w a rd D . Pearee

THE A M ER IC A N MFG. CO.

SUtnofe ismretp Company

MANILA SISAL AND JUTE

H o m o O f f i c e , 206 L a S a l l e S t r e e t
C H IC A G O

CORDAGE

W R ITES A L L CLASSES S U R E T Y BONDS
Court Fidelity— Contract— Miscellaneous

85 Wall Street

-

New York

dank and Trust Company Stock*
T7ie m otto o f the I l l i n o i s S u r e ty C o m p a n y Is “ P r o m p t S ervice*'
both I n the h a n d lin g o f Its b u s in e s s a n d th e a d ju s tm e n t o f Ita loaves




NEW YORK AND BROOKLYN
BOUGHT AND SOLD

CLINTON

G ILB ERT

2 WALL ST.. NEW YORK.