Full text of Commercial and Financial Chronicle : May 7, 1910, Vol. 90, No. 2341 [Copy 2]

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VOL. 90.

M AY 7, 1910.

NO. 2341.

Published every Saturday by W ILLIAM B. D AN A COM PANY, Front, Pine and
Depeyster Sts., N . Y . C. WUllam B. Dana Prest.; Jacob Seibert Jr., Vlce-Preat.
and Sec.; Arnold Q. Dana. Treas. Addresses of all, Office of the Company.

CLEARINGS—FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 30.

1910.

1909.

$
•S
8,341,062,172 8.614,728,077
582.015,429
007.011,012
198,945,821
230,789,950
115,110,722
128,097,405
36,504,511
11,125,045
27,719,711
30,711,150
22,078,530
27,030,054
15,877,207
17.741,123
10,511,112
12,414,088
10,020,010
8,881,050
8,240.285
7.541,898
5,646,134
Wilmington................
0,730,725
5,150,193
0,224,207
W ilkes-B arre...........
0,079,428
8,245,272
Wheeling ________
Harrisburg _______
0,115,247
5,747,091
4,704,995
5,474,227
7)600,276
3,705,794
E r i e ....... .....................
2,785,101
Bingh am ton_______
2,251,500
2,010,300
G reensburg................
2,834,211
1,919,671
2,588,210
C h e s te r ......................
1,977,011
1,917,896
F ran k lin _____ _____
1,108,008
i:o i2 :§ 8 4
Frederick___________ _
1,300,801
1,398,100
Total M iddle.........
9,577,085,254 9,680,947,493
Boston ......................
087,052,0S3
758,189,924
P roviden ce......... ......
31,239,500
33,544,300
H a r tfo r d ....................
16,654,069
19,295,887
12,456,421
12,911,541
10,182,005
9,040,370
6,845,421
7,859,406
10,202,582
0,997,239
4,747,477
4,709.856
4.158,954
5,410,679
2,209,240
1,987,344
2.017.380
2,490,040
H o ly o k e -....................
855.011.121
795,100,009
Total New England
1,229,975,901 1,110,755,410
C h ic a g o ____________
114,325,750
109,684,650
C incinnati............. ..
67.889.968
80,5.34,128
C le v e la n d ..................
70,000,000
56,947,029
D etroit........................
45,779,870
54,588,550
Milwaukee..................
35,888,900
32,590,217
Indianapolis_______
27,513,900
20.988,000
C olu m b u s ..................
20,534,670
16,923,240
T o le d o ........................
12.504,3.31
11,030,420
P e o r ia ------- -----------1 1,707,700
9,773,292
Grand Itaplds...........
9,822,479
8,459,408
K ala m a zoo................
Sprlngllcld. Ill_____
Fort W a y n e ..............
Rockford - .............

0,187,078
4,305,233
4,859,087
3.798,104
i 480 580
2,943)709

5,230,450
3.923.648
3,984,082
2,954,809
3 316,198
2,777,221

Canton ......................

4.589’,926

3 .800U 73

Q u in c y .-....................
Springfield. O h io __
Decatur ........... ........
Mansfield....................
Ja ck son ........... ..........
South Bond................

2,848,279
2,220,910
2,120,278
1,999,259
1,954,698
2,480,735
3,220,507
1,212,257
791,386
147,347
1,646,940
2,640.013
1,750,950.703
100,058,796
74,041,104
54,767,344
46,275,084
28,238,013
21,431,310
22,424.745
13,147,818
4,034,234
5,530,552
6,314,474
2.508.002
'
3,008,105
1,983,012
2,076,384
1.010,523
3,960,575
477.449.500
on page 1217.
591,197,099
317,480.258
73,841,572
02.220,008
51,905,020
20,010,000
32,107.04.3
29,079,333
42,839,705

Ann Arbor. .!________
M in a ..........................
S ag in a w .......... ..........
Total Middle W est.
Seattle ____________
P o rtla n d ......... ..........
Salt Lake City.........
Spokane......................
I'acom a............. ........
O akland......................
Helena ......................
S to c k to n ......... ............
F resn o _____
San J ose..................
North Y a k im a .........
B illin g s_____
Pasadena ............. .. _
Total Pacific_____
Details or other w est
Total other W est.
St. L ouis__________ _
New Orleans.............
L o u is v ille ................Houston ___________
G a lv e s to n _________ Richmond ................ .
Fort W orth..... ..........
A tla n ta ......................

Dec.

1909.

1910.

$
•s
%
— 3.2 30.788,001,827 31,873,571.810
2,151,050,030
+ 11.7
2,010,718,430
713,492,230
+ 19.0
859,899,575
450,400,839
+ 11.3
519,795,703
+ 13.3
144,480,817
165,745,406
107,399,001
+ 10.8
122,020,791
+ 22.5
87,180, 105
97,437,027
+ 11.7
70,798,250
01,550,500
+ 18.1
41,863,105
40,351,285
+ 12.9
39,787,080
34,454,518
+ 9.4
27,008,233
24,649,479
+ 19.3
21,030,005
26,881,321
+ 20.5
19,978,718
22,916,937
+ 23.4
24,737.802
30,924,275
+ 6.4
20,443,219
21,403,908
- f 16.4
+
+
+
+

35.2
12.0
47.7
30.9

+ 9.5
— 2.7
— 1.1
— 9.4
+ 7.4
+ 15.9
— 3.5
+ 12.0
+ 14.8
+ 45.8
— 0.8
+ 30.1
— 10.0
+ 23.4
— 7.6
+ 10.1
+ 4.2
+ 27.5
+ 33.5
+ 19.2
+ 10.1
+ 1.9
+ 21.3
+ 7.5
+ 19.8
+ 10.1
4-14 9
+ 18.2
+ 9.7
+ 22.0
+ 29.0
+ 17.4
+ 6.0
+ 52.6
+ 20.6

2,432.271 + 17.1
1.973,298 + 12.5
1,005,409 + 27.7
1,028,894 + 22.7
1,541,148 + 20.8
2.127.844 + 16.6
1,486,260 + 116.7
— 1.8
1,233,950
000,739 + 18.7
106,576 + 38.3
1,283,329 + 2 8 .0
1.828,970 + 44.3
1,561,804,098 + 12.1
159,814,593 + 18.9
50,703,423 + 30.6
43,850,787 + 24.9
33,560,307 + 3 7 .9
— 0.0
30,048,007
15,291,222 + 40.2
18,187.220 + 23.3
7,528,114 + 74.0
+ 7.7
3.745,233
4,427,147 + 24.9
5,397,202 + 17.0
2,192,804 + 14.5
2,180,089
+ 7 .8
1,840,867
1,735,048 + 19.7
858,233 + 17.7
N ot Included In total
387,302,482 + 23.3
498,074,082 + 18.7
271,903,493 + 10.8
66.238,534 + 11.5
51.709,803 + 20.2
59,523,861 — 12.8
+ 4.0
25,570,500
27,233,990 + 17.9
28,521,025
+ 2.0
21,087,103 + 103.2

10,954,583
8,100,000
7,927,837
7,800,534
6,278,494
4^290,540
4,249!108
4,396,133
4,363,791
41,551,279,005 35,871,754,220
2.850,317,843
2,987,730,701
123,725,900
138,400,500
02.258,074
78.940,475
45,997.700
48,607,375
34,750,020
38,705,495
27,753,351
31,091,520
27.218,797
38,640,094
20.408,321
19,980,049
14,709,583
20,199,030
8,101,102
7,965.310
8.137,353
9,807,809
3,223,309,470
3,420,336,810
4,440,185,215
4,792,434,087
455,030,500
431,733,250
204,406,904
321,504,076
289,495,030
222,117,138
219,877,002
194,650,107
132.424,426
151,587,410
97,313.800
104.747,200
08,107,911
76,167,310
49,540,609
53,556,002
37.704,010
45.190,572
31,122,219
37,002.329
33,055,801
19,478.792
23,708,234
17.232,120
18,450,414
15,089,060
18,055,784
11.400,231
13,898,040
13,572,121
18,158,013
11,130,404
10,522,415
11,515,450
15,583,000
13,049,576
10,431,085
9,801,495
10.000,047
12.313,901
8,019,153
9,179,395
0.924,900
8,999,305
5,954,709
7.153.401
5.710,405
7,265,188
7,182,224
8,814,500
6,384,194
0,252,013
5,002.400
5 694 121
2.604.731
3,332,522
425,082
573,590
4,738,770
5,729.801
8,295.904
10,127,941
6,227,337,092
6,801.883.143
609,020,402
748,844.171
210,365,000
208,249,110
158,508,086
203!589!108
118,080,031
160,270,342
99,565,004
107,070,805
58.080,521
78,066,521
76,374,019
91,890,212
30,133,981
49,770,063
14,197,741
15,044,170
15,099,895
21,051,741
10,563,419
21,419,301
7,770,570
9,194.072
8,209,934
11,977,633
7,237,238
8,028,873
7,732,052
5,920,528
3,022,904
3,209,901
15,147,050
N ot Included
1,440,023,223
1,812,614,801
14,588,054
7,975,493
9,558,278
9,725,909

1910.

1909.

Inc. or
Dec.

1908.

1907.

S
. S
S
$
%
%
+ 15.4 1,926,904,200 1,906,130,271
+ 1.1 1,600.641,384 1,838,044,691
+ 21.4
146,953 851
128,058,242 + 14.2
117,309,230
158,783,502
54,552,103
+ 20.5
42,904,044 + 27.1
42,918,552
57,430.370
28,830,062
+ 13.9
27,231,054
+ 5.9
22,380,702
29,830,159
9,742,533
0,954,094
+ 14.7
9,519,991
8,112,373 + 20.1
+ 13.0
5,922,511
+ 0.6
0,312,689
5,165,026
6,770,377
+ 11.8
6.245.731
4,961,301 + 25.9
8,540,639
5,527,360
+ 15.0
34,149,935
3,39,970 + 10.5
3,154,039
4,974,684
2,740,983
2.470,876
2,297,805 + 19.3
+ 10.7
2,397,217
2,154,010
+ 15.5
2,047,910
1,755,463
1,669,327 + 22.0
1,500,142
1,000,180
1,210,650
+ 12.0
Jl,327,871 + 21.0
1,408,336
1,253,499
+ 24.3
1,464,003
1,234,713 + 18.7
1,045,201
1,328,727
1,425,918
1,118,258 + 27.4
+ 14.7
1,137,031
1,419,500
1,876,044
+ 25.0
1,480,908 + 20.7
+ 7.1
980,428
125,250
1,177,120
1,099,403
+ 5.0
+ 18.4
787,571
912,598
870,456
1,183,546 + 28.3
1,518)219
+
58.7
612,728
685,858
578,396
+ 33.2
917,847
524,300
401,200
383,100 + 15.6
443,000
— 1.5
553,481
571,227
393,367 + 64.5
+ 20.0
046,907
420,271
575,244
409,830 + 40.3
574,993
+ 24.7
+ 0.4
302,072
396,916
+ 13.4
422,433
+ 9.2
193,621
227,437
263,763
211,347
— 1.0
—
—
--------------------— 0.7
--------+ 2.8 1,876,328,734 2,128,239,183
+ 15.8 2.201,042.732 2,141,097,889
176,890.096 — 17.2
+ 4.8
140,435,068
150,392,693
191,385,906
6,302,000
— 2.3
+ 11.9
0,215,000
0,190,000
8,103,300
3,458,423 + 14.8
+ 20.8
3,971,973
4,093,367
3,150,046
--- 1.1
2,308,079
2,282,489
2,619,078
2,121,853
+ 5.7
2,180,044 — 11.9
+ 11.4
1,920,614
1,928,111
2,537,835
1.541,478
1,783,042
+ 12.0
1,508,117
1,907,770
“h i . /
1,740,042 + 31.8
2,301,779
1,990,681
+ 42.0
1,451,350
— 2.4
1,157,436
1,079,412
— 6.7
1,000,818
750,451
— 5.2
1,034,932
+ 36.8
1,020,055
795,901
900,820
520,185 — 11.8
520,125
+ 1.7
479,253
463,970
434,334
+ 21.3
574,774
587.615
489,095 + 17.3
109,478,234
+ 6.1
167,780,022
197,680,733 — 15.1
215,908,027
+ 7.3
251,206,783 275,175,735
+ 7.7
270.891,078
252,736,058
— 5.2
20.492.800
— 7.9
22,528,550
22,802.850
24,812,650
17,552,141
12,831,884
+ 21.0
10,732,852
13,194,743 + 20.8
14,555,932
+ 30.3
13,354,028
10,500,000
12,318,877 + 3 3 .9
+ 13.0
9.375,254 + 14.0
9,147,565
10.920.009
10,739,221
+ 14.5
+ 5 .2
6,370.782
8,110.736
7,773,062
8,175,704
+ 7.0
5,212,400
5,085,200 + 21.1
4.328,500
0.156,300
+ 9.9
3.805,941
+ 11.7
3,830.894
2,950,175
4.208,000
+ 8.1
2,088,312
2,282,640 + 17.8
2.531,813
3.297,439
+ 3.2
+ 19.7
2.404.875
2,729,231
2,540.448
2,461,283
+ 19.1
1.975,301
1.744,133 + 13.2
1,795,656
1,182,011
+ 10.6
1 71 8 647
. 2,151,102
-f-20.9
+ 21.7
1,084,994
1,221,148
1,101,298 + 10.9
849,740
+ 7.1
781,943 + 10.5
695,630
804,001
881,657
+ 19.7
777,398 + 34.2
949,223
1,043,020
782,595
+ 20.4
907.719
656,030 + 47.1
591,980
632,147
+ 3 3 .8
785,297 + 19.0
539,350
938,256
827,606
+ 48.4
—0.9
459,774
563.183
558,227
547.444
+ 3 5 .3
418,35Q
610,000 + 62.9
993.400
649.000
+ 25.9
620,000 + 63.3
1,000,000
400,000
672,037
+ 22.4
— 7.8
541,048
594.391
498,839
573.459
+ 23.1
601,896
532,670 + 13.0
406,741
467,204
+ 6.5
475,000
318.911
423,077 + 12.1
464,094
+ 3 0 .0
450,177
412,878
350,581 + 28.4
340,916
+ 20.0
345,758
311,498 + 10.4
260,120
315,897
+ 27.2
400,000
310,300 + 28.9
306,154
342,121
528,524
+ 22.7
528,418 + 0.02
438,095
649,460
358,244 + 22.1
+ 44.9
437,580
309,184
+ 13.8
220,167
290,256 — 24.1
414,769
484,221
156,594
170,635
+ 9.0
+ 25.1
140,121
191,394
23,096 + 41.8
25,904
+ 8 4.9
32,762
28,000
300,000 + 3 0 .0
+ 20.9
390,000
260,000
330.000
_
...........
_______
_______
_____
+ 22.1
+ 8.7
+ 9.2
377.759,003 347,417,696
339,413.397 382,058.296
+ 9.2
35,697,685
38,906,810
31,698,348
+ 22.8
47,467.867
12,492,147 + 29.7
+ 27.5
10,204,308
10,400,143
12,716,169
+ 28.4
13,180,753
9,489.339 + 3 8 .9
8,331,144
6,596,986
5,942,229 + 00.6
5.184,595
9,900,000
7,104,406
+ 40.1
—50
5,974,699
5,495.760
5.078,430
4,525,742
+ 8.1
3,376.323
4,283,228
3,309,331 + 29.4
2,749,507
+ 3 4 .0
+
13.4
+ 2 0 .3
4,589,228
4,047,168
3.810,630
4,769.195
+ 65.2
1,691,000 + 53.0
2,588.171
1,331,081
3,236.050
+ 0.0
902,203
548,100
923,330
625,147 + 44.3
+ 39.4
1,430,027
964,585 + 48.4
739,327
+ 29.3
1,500,000
1,250,000 + 20.0
700,000
+ 18.3
024,331
449,055 + 3 9 .0
356,085
589,894
+ 44.8
457.656 + 28.9
392,150
+ 10.9
475,000
467,500
+ 1.8
425,000
548.724
+ 30.1
468,000
390,000 + 20.0
202,879
+ 0.2
233,447
144,636 + 61.4
147,710
In total
800,418 Not Included In total
101,014,550
83,392,483 + 21.8
+ 25.9
09,868,289
93,968.968
128,140,829
07.841,207
15,512,049
14,199,802
13,450,000
0,732,000
7,070.147
0,429,748
7.709,071

111.351,105 + 15.1
+ 7.9
02,858.955
13,922,121 + 11.4
10,039,713 + 41.4
12.822,690
+ 4.9
5,546,000 + 21.4
6,038,064 + 17.2
5,902,833
+ 7.8
3,845,054 + 102.1

95.117,666
50.050.893
13,510,024
11,247,954
9,400,986
6,319,000
5,137.884
4,200,015
3.094.824

100,323,475
58,701.679
18.247,060
13,047,840
12,107,462
6,319.000
6,125,263
3,220.223
5.020,708

03,746,204 +I'2!o
2,743.007
3,496,139 — 2L 5
2,521,933
3.835,009
05,749,873
3,980,244
3.708,489
+ 5.8
2.284.237
3,980,031
+ 4.5
2.044,095
2.G24.343
+0 8
1.708,002
44,534,078 + 10.1
2,748,607
34,290.713 + 20.1
2.260.351
1.*698,897 + 3 3 .0
1.483,927
2,493,010
30,120.497 + 3 9 .0
2.121.325
1.515,043 + 40.0
1.500,000
1,791,014
25,074,933 + 10.1
1,500,000
1,350,000 + 11.1
1,335,807
1,280,000
1,278,224 + 26.0
26,501,923
1.610,888
1.353,437
1,677,430
+ 8.0
1,430,244
1,567,052
— 8.3
27,750,731
+ 7.0
1,172,001
1,392,908
1,100,60S
22,988,173
1,265,000 — 13.0
1 146,789
— 4.6
1,541,821
1,616,219
30,845,978 + 15.2
1,187,112
1,293,585
1,325,000
24,382,385 + 25.8
1,159.130 + 14.3
997,402
1,203,000
2.325,000
1,329,969 + 7 4 .8
24,805,104 + 57.8
821,185
900,000
14,003,401 + 3 0 .9
715,000
564,871 + 26.7
777,563
400,000
12,485,423 -f-20.8
449,765 4-22 3
10,156.626
667,470
1,094,971
556,331 + 9 6 .8
11,461,735 4-146 4
386,632
0,213,570
+ 3.1
400.468
6,133,041 + 49.1
280,185 + 45.1
210,000
338,491
240,110
6,172,951
— 7.3
222,918
+ 7.7
227,899
398,000
7;480,220 + 10.7
263,000 + 51.3
5,070.121 4-23.1
2,616,167 4- 10.8
263,120
2,356,563
289,250
— 9.0
2,887,699,075 + 15.2
172,178,020
151,204,733 + 13.9
126,742,382 154,150,190
51,619,594,802 + 14.8 3,148,522,950 3.032,744,639
+ 3 .8 2,076,948,702 3,474,620,739
19,746,023,086 + 13.8 1,221,558,756 1,126,614,368
+ 8.4 1,016,307,318 1,235,876,048

Tnbta Clearing* by Telegraph and Canadian Clearings on Page 1217.




Inc. or
Dec.

1.969,411,210 + 19.0
1,108,771,533 + 10.9
287,551,950 + 22.8
235,979,023
232,422,334
— 5.0
111,080.000
113,530.011 + 19.2
110,148,812
+ 4.3
88,793,199 + 113.9

2,350,152,608
1,229.909,043
353,058,707
248,101,012
220,809,985
113,735,000
135,163,092
114,884,381
189,882,385

16,601,040
10.479.393
+ 0.1
71,810,071
17,970,329
15,758,291 + 14.1
68,722,903
11,970,090
11,505,165
+ 3.5
49,047,411
10.300,234
8,250,410 + 25.5
43.243,938
7.524.085 4" 4 / .?$
11,122,205
42,049,438
0,420,300
7,025,599
+ 9.3
29,797,540
7,018,829
0,248,429 + 21.9
28.077,083
7.088,891
— 0.8
7,035,315
29.684.732
5,714,873
+ 6.0
0,055,512
25,281 308
7,908,576
+
1.5
Augusta......................
8.024,260
35,522,181
5,699,454 + 23.3
Charleston_________
7,028.470
30,084,203
6,062,546 + 57.3
O kla h om a..................
10.482,158
39.152,284
3,739,934
+ 5.0
Macon ........................
3,927,491
18,337,991
4*9.1
3.170,448
C olu m bia...................
3,458,308
15,082,822
2,321,981 + 25.8
2 911),317
11,266 789
3,291,310 + 129.7
A u s tin ___
_____
7.558,932
28,237.280
1,008,768
— 6.0
Columbus. G a ...........
1,511,521
0,408,121
1,413,324 + 69.8
W ilmington, N. C . .
2,399,030
9,142,785
Vicksburg . .
_
+ 3.5
1,130,041
1,109,012
5,721,224
Jackson, Miss______
1,530,400 + 28.4
1,904,593
8,725,654
Guthrie ...............
1.206,203 + 16.4
1,404,098
0,250,974
Valdo t -................
— 2.9
587,407
570,187
3,013.212
M eridian *...........
1,208,435
— 6.0
1,135,398
5,134,399
Total Southern__
699,860.915 + 15.6
3,326,836,541
808,014,607
Total all.................. - 14,001,387,832 13,689,120,791
+ 2.3 59,269,103.568
O utside N. Y ..............
- 5,059.725.060 5,074,392, i i4 + 1 1 .3 22.481,041,741
Savannah ..................
Nashville ..................
N o r fo lk ......................
Birm ingham _______ 2
J ack son v ille.............
Chattanooga ...........
K n o x v ille ......... ..
Little R ock ________

Week ending A pril 30.

Four Months.

April.

Clearings at—

* Not Included in total; comparison incomplete.

THE CHRONICLE

1202

THE FINANCIAL SITUATION.
After failing at first to reflect improving conditions,
our financial markets the latter part of the week be­
came clearly responsive thereto. As a result, the
severe further declines on the Stock Exchange at the
beginning of the week, bringing many stocks to the
lowest level of the year, were in considerable measure
recovered. Yesterday a new influence in affairs ap­
peared in the news regarding King Edward, and prices
again reacted to a certain extent. The death of the
King did not occur until several hours after the close
of business here, and caused much sorrow. Barring
this depressing intelligence, the developments have
been generally and widely favorable. Improving condi­
tions have certainly been observed in many directions,
and it is not surprising that cumulative evidence of
this kind has contributed in no unimportant degree to
buoy up hopes and revive confidence. First of all,
crop news has been of a much more assuring charac­
ter. Reports now pretty well agree that the damage
to winter wheat from last week’s frosts has been rela­
tively slight. Furthermore, since the beginning of
the present month rain has fallen in Kansas and also
in Nebraska, Missouri and Iowa, which are all very
important grain-producing States, and in some sec­
tions of which there had been absence of rain for sixty
days or more. This will not only be helpful to the
growing wheat crop but will also improve the pros­
pects for corn, planting of which has now been nearly
completed. The rain will put the ground in proper
condition, insuring a good start for the crop.
There have been other favorable developments.
The announcement which came on Friday of last week,
but was at first ignored, that Western roads had filed
new tariffs with the Inter-State Commerce Commission
providing for advances in freight rates to go into ef­
fect June 1, has since been confirmed. The advances
do not extend, it appears, to all classes of tonnage,
but apply to a considerable portion of the same. East­
ern roads, too, have under consideration the matter of
raising rates, but no definite or general action to that
end has yet been taken. Here in the East passenger
rates are also being raised, the New York New Haven
& Hartford and the Boston & Maine being conspicu­
ous instances of roads which have taken the initiative
in that respect. Of course, the traveling and shipping
public are not entirely pleased with this move, but
the roads had no alternative. They have been obliged
to grant increases in wages in all directions. This
they had to do in order to avert strikes which would
have greatly inconvenienced the patrons of the roads,
while entailing serious losses to the companies and
their employees, and in fact to the whole community.
It has been estimated that the addition to the expenses
of the roads of the whole United States as a result of
the marking up of wages will'aggregate over $150,000,­
000. By raising freight and passenger rates, it will be
possible to counterbalance to some extent the higher
cost of labor. And certainly the carrying interest
should not be shut out from adopting, in self-preserva­
tion, the course pursued by other producers when the
cost of manufacturing and handling their goods is in­
creased from one cause or another. When the manu­
facturer or the producer of an article finds that the
cost of providing that article is increasing, he seeks
compensation for his added outlay in charging a



[V O L . L X X X X .

higher price. The thing the railroads have to sell is
transportation, and as the cost of the transportation
work advances, so the compensation asked for the
same must also be allowed to go up, since the only al­
ternative is bankruptcy. It is an encouraging sign
that railroad managers have at last reached the point
where they no longer hesitate to do their duty towards
the interests intrusted to their care by the security
holders, out of a fear of incurring the displeasure of
the Inter-State Commerce Commission, but are going
ahead and moving rates up.
To the other developments of the week of an assur­
ing nature must also be added a revival in the demand
for our securities in Europe, a great improvement in
the monetary situation abroad, a cessation in gold
exports from this side, a sharp break in our foreign
exchange rates and easier conditions in our money
market. We discuss these matters more at length
further below. In industrial affairs, also, there has
been progress in certain directions. Speaking of
trade generally, activity, it would appear, is not so
pronounced as it was a few months ago; but the sig­
nificance of this can be easily exaggerated. Iron pro­
duction, for instance, according to the monthly state­
ment of the “ Iron Age” published the present week,
has sharply declined, but iron production, it is only
fair to say, had been greatly overdone. Prior to the
panic of 1907 the highest monthly output of pig iron
had been in the month of the panic itself, namely
2,336,972 tons in October 1907. From this there was
a speedy drop to only 1,045,250 tons in January 1908.
There were several other months in 1908 in which the
production was not much higher than this, or only
about one-half the maximum per month reached in
1907.
But under the trade revival of last year the output
of the metal steadily increased month by month until
it reached 2,635,680 tons in December 1909, this being
300,000 tons in excess of the maximum monthly
product prior to the panic. It should be noted, too,
that the December 1909 output was at the rate of
nearly 32,000,000 tons a year. Yet this high rate was
maintained in both January and March of the present
year, in the one of which months the make of iron
reached 2,608,605 tons and in the other 2,617,949 tons.
Under these circumstances a decrease now in the prod­
uct for April to 2,483,763 tons seems only a natural
and healthy reaction. The further curtailment which
has occurred since the beginning of the present month
must be looked upon in the same way; that is, it must
be regarded as tending to restore the equilibrium.
The “ Iron Age” reports that in April twenty-four
furnaces were blown out or banked, and since the close
of that month ten others have gone out or are scheduled
for early closing down.
We should judge, too, that the suspension of coal
mining in the bituminous regions of the Middle and
Western States must have had some part in restricting
iron production. So far as this has been the case, it
is pleasing to note that in this particular, also, matters
are now tending in the right direction. We referred
last week to the return of 40,000 miners to work in
Central and Western Pennsylvania. Since then miners
and operators have likewise come together in the
States further West. Illinois miners are not expected
to resume work until the first of June, and some riotous

May 7 1910.]

THE CHRONICLE

proceedings have been reported this week in con­
nection with attempts of the miners to drive out the
comparatively few men in that State who have con­
tinued at work since the strike began, hast of the
Illinois line, however, differences have been practically
all adjusted. The Indiana miners began taking out
coal again this week, the settlement having been on
the basis of an advance of somewhat over 5% in wagesIn Ohio, too, mining has been resumed.
As it happens, Congressional action on the Railroad
Rate Bill has also been of a nature tending to revive
confidence, or, at least, to allay fears, though it is
not well to be too confident on that point, since the
experience with the tariff bill last summer is proof
that President Taft will not fail to avail of his great
powers to force through his legislative schemes at the
critical moment. Both Houses have this week been
tearing the Administration Rate Bill to pieces in a
fashion that has suggested that that measure may go
to smash, and with it perhaps also the whole Taft
program of legislation. The amendments have been
in the direction of making the bill more radical, rather
than less so. Clauses with some redeeming features in
them have been stricken out and other sections of
a most objectionable type have been inserted. Phis,
of course, would be discouraging, except on the
theory that it must tend to the inevitable defeat of
the bill.
In the Senate those in charge of the measure agreed
on Monday, after conversing with President Taft at Pitts­
burgh over the long-distance telephone, to eliminate
Sections7 and 12. This program was faithfully carried
out the next day. Section 7 proposed to let the roads
enter into traffic agreements among themselves under
the supervision of the Inter-State Commerce Com­
mission and Section 12 would have allowed the roads
where they already own 50% of the stock of another
road to buy the remainder of the same. The House
of Representatives, in its consideration of the bill,
also struck out Section 7 and yesterday eliminated
likewise Section 12. Moreover, the House by the
decisive vote of 172 to 48 decided to retain the longand-short-haul provision as incorporated in the bill
by the House Committee on Inter-State and Foreign
Commerce before reporting the bill favorably. This is
perhaps the most objectionable feature in the whole
bill. The existing law provides that a carrier shall
not charge greater compensation “ under substantially
similar circumstances and conditions” for a shorter
than for a longer distance over the same line and in
the same direction. The amendment proposes to
eliminate the words we have put in quotation marks.
The effect would be to prohibit absolutely the charging
of a greater compensation for a shorter than for a
longer distance over the same line and in the same
direction.
The provision referred to is not contained in the
draft of the bill as reported by the Senate Committee
on Inter-State Commerce, though an attempt is being
made to commit that body in favor of it. It would
force the railroads to put interior points on the same
basis with the seaport centers, which enjoy the benefit
of water transportation. It would absolutely revolu­
tionize rate-making in this country and might work
havoc, too, with commercial interests, by forcing the
railroads in adjusting rates to the new requirements



1203

to raise their tariff charges on goods to the important
centres and on long-distance shipments generally.
On Friday of last week the House also adopted an
amendment directing the Inter-State Commerce Com­
mission to proceed forthwith to make a physical
valuation of every railroad in the United States.
This provision was inserted by a vote of 130 to 67.
This week it also added an amendment providing that
when a railroad, while in competition with a water
carrier, once lowers its rates, such rates can not be
increased again except with the consent of the Inter­
State Commerce Commission. As already stated, the
only comfort to be drawn from all this is that through
the various changes the bill will be left in a shape so
palpably vicious and destructive that no one will care
to stand sponsor for it, and all legislation on the
subject consequently fail. But let no one neglect
to be watchful, nevertheless, lest the bill be forced
through, notwithstanding its destructive character.
Anxiety regarding the condition of King Edward
yesterday dominated everything else, and the news
last night that he had passed away occasioned
deep regret.
No intimation that His Majesty
was sick was received until late on Thursday, and
the first announcement was couched in guarded
terms. Yesterday morning, however, an official
bulletin announced that “ the symptoms have not
improved and His Majesty’s condition gives rise
to grave anxiety.” The subsequent messages from
Buckingham Palace were even more alarming, and the
summoning of all the members of the royal family to
the King’s bedside prepared the nation for the worst.
Since he ascended the throne on Jan. 22 1901 no
monarch has exercised a more beneficent influence for
the preservation of the peace of the world. He spared
no efforts to cultivate for the good of his kingdom
friendly relations with all other European sovereigns,
while during his reign the relations between Great
Britain and the United States have become especially
cordial and amicable. His announced ambition when
he succeeded to the throne on the death of his mother,
Queen Victoria, was to follow in her footsteps, and this
ambition he has worthily fulfilled. The financial com­
munity has always regarded His Majesty as a tower of
strength in promoting the welfare, national and inter­
national, of his vast empire. The heir to the throne
lacks the matured experience his father possessed
on his accession. However, the Prince of Wales (who
now becomes King) has sought to fit himself for rulership by traveling extensively among the British Colo­
nies, making a favorable impression in so doing.
The European bourses as well as our own security
market reflected yesterday the anxiety felt over the
King’s critical condition; but international bankers
here expressed the opinion last evening that the King’s
death would not have more than a passing depressing
effect.
New York could not share the disappointment felt
and expressed in London over this week’s Bank of
England statement and over the failure of the Gover­
nors to lower the minimum discount rate. The feeling
here among bankers is that London’s banking position
has improved with all reasonable celerity and that no
harm can come of maintaining the 4% official rate for
the present in view of the volatile state of the stock

1304

THE CHRONICLE

[VOL. L X X X X .

market and the important transfers of cash now in
progress. What has been accomplished during the last
month—that is to say, from April 7 to May 5? On
the former date the ratio of reserve to liabilities stood
at 39% % ; it is now within a very small fraction
of 5 2% % , a gain of fully 13% in four weeks— surely a
satisfactory rate of rehabilitation. Coin and bullion
a month ago amounted to $166,235,000; the total re­
ported on hand this week was $194,415,000, an in­
crease of $28,180,000, or at the rate of one million
dollars per diem. The total reserve is now $143,505,­
000, against $113,820,000 at the end of the first week in
April, showing an addition of $29,685,000. Not since
1896 has the Bank of England at this season carried
so large an amount of specie, so ample a total reserve
or so high a percentage of reserve to liabilities. An­
other favorable consideration deserves to be men­
tioned; there is every reason to believe that the leading
joint-stock banks are now retaining in their vaults a
greater supply of bullion than at any previous time in
their history, for not only do we know, that consign­
ments of the precious metal were sent from New York
to these institutions, but it is to be noted that the in­
crease in the Central Bank’s metallic reserve ($28,­
180,000) is two or three million dollars less than the
gold shipments from this centre alone— and London
has latterly drawn more gold from the Continent and
other points than it has exported to South America
or elsewhere.

over the advance of socialism or the insistent demands
for a reformed franchise. The experience of Germany
in placing socialists in administrative and other posi­
tions of responsibility has been similar to that of Great
Britain, France and other nations, where enlightened
government is enjoyed; the revolutionaries, when
confronted with facts instead of theories, usually dis­
cover that they cannot with profit or impunity over­
throw the existing order of things, but that reforms
must come gradually and by orderly processes.
When “ Burns of Battersea” was placed at the head
of an important department of the British Govern­
ment his radical colleagues in and out of Parliament
rejoiced to contemplate the sweeping changes he would
essay to secure a panacea for all the ills of labor; but
he proved conservative enough and found it best to
work along established lines. So, too, when John
Morley was made Secretary of State for India there
was a widespread feeling that he would work wonders
for the poor natives whose lot, many Britons conscien­
tiously believed, had been rendered unnecessarily hard
by the rule of Downing Street; yet the venerable
statesman found himself compelled to resort to armed
force, to introduce stricter laws governing sedition,
and to strive after social improvement through the
most unspectacular, conservative channels. There is
in all this perhaps a modicum of encouragement for
those who fear that far-reaching political changes are
pending in this country.

The reinforcement of the Bank of England’s position
has been reflected by the fall in private discount
rates, by the reduction in the price offered for American
coin, by a renewal (after a rather long interval)
of American borrowing in London, with a consequent
decline in sterling here, and by a resumption on a
fairly large scale of over-sea buying of our securities—
stocks as well as bonds. Less than two months ago
our bankers could not have bills discounted in London
at 4% ; during the current week as low as 3 % % has
been quoted, although there was an advance to 3 % %
yesterday, when the gravity of King Edward’s condi­
tion was realized. It is perhaps significant of London’s
expectation of still easier money that 90 days’ bills were
accepted at lower rates than those running for only 60
days. How long the Bank rate will remain at 4% can­
not be predicted; indeed, the authorities will no doubt
be governed by the course of events in the immediate
future. But already a reduction to 3 % % is being
actively discussed in London now that the bullion and
total reserve are in excess of what they were when (at
the beginning of February) there was a reduction from
3 % % to 3% . If next week the payment of over-due
taxes has no more effect than heretofore upon the
money market, and if bullion movements continue
along present lines, the Bank management’s hands
may be forced. However, New York is not keenly
concerned over this matter; suffice it to know that
our ready shipments of gold have so fortified the
monetary position abroad that all anxiety has passed
and that European investors are again looking with
favor upon our offerings of securities.

In no small measure was the cheerfulness mani­
fested on the New York Stock Exchange on Wednes­
day due to a plethora of reports that extensive blocks
of new American securities had been disposed of by
our leading bankers to financial syndicates in France,
Germany and Great Britain. These first reports em­
braced a wide variety of railroads, notably Chicago
Milwaukee & St. Paul, Cleveland Cincinnati Chicago &
St. Louis, Missouri Kansas & Texas, Union Pacific
and Southern Pacific, while the total amount involved
was placed at not less than $100,000,000, inclusive of
sales of “ $5,000,000 to $10,000,000” New York City
revenue warrants. Immediate confirmation could not
be obtained here of these transactions; hence Thurs­
day forenoon brought a feeling of hesitancy that was
not dispelled until an authoritative statement was
made by a prominent director of the St. Paul to the
effect that that railroad had negotiated successfully
for the sale of $50,000,000 debenture bonds in Paris.
On the same afternoon more or less trustworthy assur­
ances were given that the “ Big Four” and Missouri
Kansas & Texas bankers had practically completed
arrangements to secure new capital in Europe; but
the Harriman roads were then eliminated from the
list of borrowers. Part of the $40,000,000 notes au­
thorized this week by the Baltimore & Ohio will also
go to Europe. That a substantial amount of city
revenue warrants had been placed abroad was defi­
nitely learned. Furthermore, international bankers
admitted that they hoped to complete other transac­
tions now in hand for the sale of American securities
on the other side of the Atlantic, although they prefer
to withhold detailed information until their plans
have fully matured.
J. P. Morgan and several other American financiers
are now abroad and they are understood to have
exerted themselves to interest bankers and investors

It is pleasing to learn, from a prominent German
banker and financier who has been visiting this coun­
try, that Germany is not only in a sound state economi­
cally and financially, but that capital is not perturbed



May 7 1910.]

THE CHRONICLE

there in new offerings of securities now that purchases
can be recommended without hesitation. The yield
on even gilt-edged issues of railroad bonds is highly
attractive in comparison with the market value of
money at the principal foreign centres; for example,
discounts were quoted at 3 % % in London, 2 % % in
Paris, 3% in Berlin and 3 % % in Brussels during the
week, although there were advances yesterday, owing
to the grave news regarding the condition of King
Edward. Particulars concerning the terms on which
new flotations have been arranged are not yet in
every case available, but there can be no question,
in view of the quotations current for outstanding
bonds and stocks, that the returns offered for new
capital look very generous in comparison with these
rates for money. It is also encouraging to learn
that Paris has for the first time in history opened
her zealously guarded official list (the “ Parquet
Department” ) for a stock traded in upon the
New York Exchange, namely the $125,000,000 Na­
tional Railways of Mexico second preferred. This
stock, of course, enjoys the endorsement of the Mexi­
can Government, whose influence was naturally used
in gaining for it admission to the highest section of
the Paris Bourse. Hitherto stocks listed in America
have not been able to get further than the “ Coulisse,”
where trust certificates representing the shares are
dealt in. It may not be amiss to add that advices
from the French capital say that another effort is to be
put forth to have the common stock of the United
States Steel Corporation (or certificates representing
the same) listed there, and that recent events, including
the amicable settlement of the tariff negotiations,
have brightened the prospects of success in the not
distant future. Meanwhile, enough progress has al­
ready been made in interesting Europeans in our
securities to cause a very severe break in foreign ex­
change rates here; demand sterling this week fell about
l% c . per pound from the year’s maximum, to 4 86%,
which is so far below the gold-export level as to en­
courage the conclusion that no more gold will leave
New York this season.
In a separate article on another page we discuss
the failure of the Federal Income Tax Amendment in
Massachusetts and this State and also in Rhode
.Island. Virginia recorded itself in opposition some­
what earlier and this gives interest to the reasons
assigned for its rejection in that State. The Speaker
of the House of Delegates writes to the “ Sun” of this
city to explain those reasons. A majority of the State
Senate (elected in 1907) voted to ratify, but the House
of Delegates (elected in 1909) voted to reject. The
very broad language of the amendment “ seems to
confer power liable to abuse,” and no sufficient reason
was advanced for handing over to the General Govern­
ment such “ a legitimate and customary source of State
revenue.” But these objections are said not to have
been the dominant ones,which were that “ the Amend­
ment is a grant of power and to the extent of that
grant a diminution of the reserved rights of the States.”
Certain events following the Civil War and growing
out of it have done much to curtail what were once
deemed rights of the States, but Virginia could not
avoid those things. Now this Amendment (proceeds
the Virginia Speaker) would go beyond the Fourteenth
and Fifteenth. It would bring the Federal Governmen^



1205

into direct contact with citizens in daily life and
business. A hand would stretch from Washington
and rest on every man’s shoulder. A Federal inspector
would peer into every counting-house.
Inquisition
and spies would beset every business. If administra­
tion of existing revenue laws can be taken as a guide,,
citizens would be cited to distant and unfamiliartribunals, where they would find it hard to invoke
effectual protection of law. So, says this explanation,
the House of Delegates “ felt that these objections are
more potent than the argument that rich men would
by the proposed method be compelled to pay greater
taxes than they are paying now.”
This letter closes by bringing into light the real
motive underlying the emotional rush towards this
Amendment, namely the notion that others (not our­
selves) would pay the tax and that it would fall par­
ticularly upon rich men and upon sections where
capital is concentrated, thus relieving all others, and
incidentally benefiting all others, because of the
Government’s having more money to spend. But the
chief interest is that the letter projects the reserved
rights of the States somewhat into the foreground.
It is almost a truism to say that centralization and
obliteration of State lines in any effectual sense are
convertible expressions for the same process; and it is
undeniable that, very gradually, and therefore, at­
tracting less notice and protest, this process has been
going on for some years past. We have even seen
the very strange doctrine advanced that since certain
powers have not been specifically turned over to the
States those powers must be with Congress, because
they must exist somewhere, and if the States do not
possess them they must be possessed by Congress. This
doctrine, which would once have merely provoked a
smile, goes counter to the Tenth Amendment, which
expressly reserves to the States or the people all powers
not delegated to the United States or prohibited to the
States. It has always seemed to us that those who
assume that all regard for State rights has died out
have been premature; and the arguments adduced by
the Speaker of the Virginia House of Delegates are
evidence of the correctness of this view.
The railroads recently have adopted a new form of
advertising. For example, a quarter-page advertise­
ment of the New York Central tells the reader, in type
so large as to catch the eye, that the Central lines
directly serve one-half the population of the country,
and carried last year nearly 78 million passengers,
representing probably two million different persons.
Further, they handled 188% million tons of freight;
they paid over 95% millions in wages, to 135,211 em­
ployees. They purchased 75 millions’ worth of
supplies, covering “ steel and advertising, eggs and
ties,” and a thousand other articles as widely dis­
similar as those. It would be safe to say that hardly
a single article or service which is ever bought with
money can be named that does not fall within the list
of railway purchases; not only are the railways among
the largest consumers in the world, but are among the
most varied. It is for this reason that the “ supply”
concerns organized themselves into an association
some time ago; they disclaimed intent to intervene in
any public questions, but felt bound, as a matter of
business interest, to stand between public hostility
and their own best customers.

1206

THE CHRONICLE

This advertisement says there are over 200,000
holders of stock and bonds of these lines, and that
these persons receive, in interest and dividends, only
a little more than a savings-bank rate. So it suggests
that these facts and figures may perhaps present “ a
new view-point from which to examine some of the
so-called railroad problems of the day.” Any person
who will stop and think must agree with this sugges­
tion. For besides the fact that nearly all financial
and public institutions in the country rest on railway
property as a foundation, railways are “ public service”
corporations in a large sense, which people are almost
forgetting at present. Because the service is rendered
to the public (the argument runs), the public may
dictate terms without restraint, and it is no abuse of
words to say that the attitude of lawmakers towards
railways is one of hostility; hostility not recognized and
not intended, perhaps, yet hostility in effect. Forty
years ago completion of a line to the Pacific was
thought almost vital to the prosperity of the country;
even after all the development since, it is reasonable
to doubt whether railway betterment and extension
are not quite as vital to the national prosperity now
as then. But unless we are to d o railway building
and equipping with public funds, the conditions must
positively be kept attractive to private funds— there
is no middle course. And because railway service is
a public service, rendered to and indispensable to the
entire public, it is time we began revising our ideas
so that we may be friendly instead of hostile to these
utilities which serve us so intimately that without
them we could not exist.
Erratic fluctuations have characterized the specula­
tion in shares of rubber companies in London this week
and for the first time since the boom set in prices for
crude rubber have suffered a sharp decline. Mild con­
sternation was caused when buyers refused to bid for
the offerings at the regular auction sales of rubber
early in the week and only a few lots were sold, at a
reduction of about 10% from the quotations of the
previous week. The Stock Exchange was thrown into
a state of alarm, and hurried liquidation forced prices
down quite sharply. However, the better stocks were
confidently supported, and on Wednesday a substan­
tial recoveiy was brought about. The total output
of new securities in London from Jan. 1 to the last
week in April was $620,000,000, contrasted with only
$370,000,000 during the corresponding period in
1909; in other words, the offerings to date this year
have exceeded the grand total for such years as 1907,
1906, 1904 and 1902. This week’s relapse in money
rates, combined with the recovery in the market value
of rubber shares, may stimulate a revival in the flota­
tion of ventures whose intrinsic worth may prove dis­
appointing. It should be said, however, that the
speculation has been maintained longer than was
originally anticipated and that the appreciation in the
price of rubber has justified high quotations for the
shares of many of the producing companies.
War, it has been said, usually springs from national
misunderstandings arising from a lack of knowledge.
Two incidents of the current week, therefore, possess
pleasing possibilities, namely the flattering hospitality
extended by New York to Prince Tsai-Tao, brother
of the Prince Regent of China and uncle of the infant



[V O L . L X X X X .

Emperor, and the visit to this country of a large party
of influential Japanese bankers, merchants and other
business men who are desirous of broadening their
knowledge of Occidental civilization and industry.
The exchange of courtesies at this time is peculiarly
welcome in view of the attempts made to stir-up
friction between the United States and the Orient over
such matters as the administration of Manchuria’s
railroads, the long-delayed Chinese railroad loan and
that inconcrete but inflammable thing described as “ the
command of the Pacific.” At dinners given by the
Asiatic Association and by Mayor Gaynor felicitous
speeches were delivered by prominent Americans and in
response by Prince Tsai-Tao, who expressed warm
appreciation of the many acts of genuine kindness
extended to his country by the United States and to
himself personally during his brief stay here. The
bonds of friendship and mutual understanding between
the two nations, he hoped and believed, will be greatly
strengthened by the arrangement, made possible by
our Government’s generosity in remitting part of the
Boxer indemnity, whereby hundreds of Chinese stud­
ents are being sent to America for a thorough Western
education.
Bank clearings continue to furnish evidence of quite
general activity in our industrial and commercial
affairs, notwithstanding the fact that at one or two
leading points the figures for April this year make a
less favorable comparison with the same period of
1909 than had been witnessed in earlier months.
That, for instance, was the situation at New York,
where a small decline in clearings is reported, but due
wholly to an important decrease in the volume of stock
and bond transactions. A like cause wap largely re­
sponsible for a similar result at Boston, and at that
point the somewhat unsatisfactory condition in the
cotton goods industry is also doubtless to some extent
reflected. Furthermore, at the South the smaller
movement of cotton would naturally tend to curtail
the volume of exchanges; but we find no special evi­
dence of its effect except at Houston. On the con­
trary, at many cities in the cotton belt very large per­
centages of increase are being recorded denoting a con­
siderable increase in the aggregate of commercial
transactions. Moreover, it is to be noted that the
totals of clearings at all but a comparatively few of the
133 cities included in our .statement are records for
either the month or four months.
For the month of April this year the aggregate of
clearings at the 133 cities is $14,001,387,832, a gain
of 2.3% over the month of 1909, in which all but 13
municipalities share. Compared with 1908 the in­
crease reaches 43%, and contrasted with 1906, when
heavy stock transactions were an important element
in the making of exchanges, there is a substantial
augmentation. For the four months of 1910 the gain
over 1909 is 14.8% and compared with 1908 is 49.1%.
At New York, due, as stated above, to lessened activ­
ity at the Stock Exchange, the loss from 1909 for the
month reaches 3.2% but for the four months there is
a gain of 15.4%; contrasted with 1908 the increases
are 52% and 62.5%, respectively. Outside of this city
there is disclosed the same generally favorable situa­
tion that has been noted for many months past. The
augmentation in,the total, as compared with 1909, is
11.3% for April and 13.8% for the four months, with

May 7 1910.]

THE CHRONICLE

the increases over 1908 reaching 31.6% and 31.3%,
respectively. With this said, any extended reference
to groups or individual cities does not seem to be re­
quired. Locally operating causes, as we have already
inferred, account for the few losses recorded, and nota­
ble gains are too numerous to mention.
As regards stock and bond transactions, it is to be
stated that they were of smaller volume in April than
in March, noticeably less than in the month of 1909
and very much below the totals for a number of earlier
years. Towards the close of the month, however, the
market became more active, but at the expense of
values, many leading stock issues scoring important
declines. At the New York Stock Exchange the
April dealings in stocks aggregated 14,089,639 shares
and for the four months were 69,629,093 shares, these
contrasting with 19,055,618 shares for the month of
1909 and 62,318,912 for the longer period. In 1908
operations were less than in the current year, but in
1907 and 1906 were considerably larger. Moreover,
the April transactions in 1905 and 1902 more than
doubled those of 1910. The April record was made in
1901— 41,719,086 shares, or nearly treble that of this
year. Bond dealings were very much smaller in April
this year than last, and for the four months reached
only 277 millions of dollars, against 472 millions.
Boston share transactions were also less this year than
last, and the aggregate of bonds was phenomenally
small.
Clearings returns for the Dominion of Canada make
a very satisfactory exhibit all along the line, with the
percentages of increase abnormally heavy in some
instances. Needless to say, the total for each city
for the month, and for the period since Jan. 1 as well,
establishes a new record. The aggregate for the 13
cities for April at $486,713,043 exhibits an increase of
26.8% over the corresponding period of 1909 and for
the four months the excess reaches 25.2%. Con­
trasted with 1908 the gains are, respectively, 58%
and 52.6%.

1201

American manufacturer acts and points out the direc­
tion in which improvement could be made. “ The manu­
facturer must not only offer to the foreign market what is
wanted there,” says Mr. Ayres, “ but must make it a little
better or a little cheaper than what is sent from other
countries, if he is trying to introduce his goods.”
Northern China he believes to be the market from
which for the future greatest growth can be expected.
Mr. Henry L. Gantt’s (New York) remarks on “ Pro­
duction-Increasing Methods” also appealed directly
to the attention of his hearers. Averring that there
are only two ways of increasing profits, one by ad­
vancing the selling price, the other by reducing cost
of production, he argues in favor of the latter, and be­
lieves it can be best accomplished by increasing the
efficiency of the workman. And in this connection
he cites that Germany was the first to realize the
supreme importance of efficiency as an economic
factor. And it is this fact, he says, that has enabled
that country to bring its industrial condition up to the
first place in Europe, if not in the world. Many other
papers were presented which we have not space to
touch upon. Among them may be mentioned “ Ab­
original American Weaving,” by Miss Mary L. Kissell,
of the American Museum of Natural History, New
York City; a second installment of “ Bibliography of
Cotton Manufacture,” by Dr. C. J. H. Woodbury,
Secretary of the Association, and a third report of the
Committee on Standard Specifications.
Before adjournment a large number of new members
were elected, bringing the total membership well above
the 1,000 mark.

While some poor returns of earnings have come to
hand the present .week for the month of March, the
statement of the Pennsylvania Railroad for the month
in question is not of that class. The roads with un­
satisfactory exhibits have suffered mainly by reason of
the great augmentation in expenses, in which unfav­
orable weather conditions no doubt played no small
part. Thus the Atchison with $965,172 gain in gross
The eighty-eighth semi-annual meeting of the has for March $474,471 loss in net. The Northern
National Association of Cotton Manufacturers, held in Pacific, with $241,304 increase in gross, has $540,055
Talbot Hall, Boston, April 27 and 28, was a truly repre­ decrease in net. The Union Pacific, with $985,303
sentative gathering; fully one-quarter of upwards of 1,000 gain in gross, has $390,380 loss in net, and the Rock
members were present. The proceedings were of the same Island, though having added $406,576 to gross earn­
wide scope as characterized those that have recently ings, falls $393,774 behind in net. The Burlington
preceded it; many matters brought up for considera­ & Quincy, with $1,049,273 increase in gross, has
tion had no direct connection with cotton or its manu­ added only $20,644 to net, and the Southern Pacific,
facture. They appealed to those in attendance as while having enlarged gross by $902,478, saved only
business men and possessed no little interest. The $133,391 for the net. The anthracite coal roads also
remarks of Governor Draper of Massachusetts on the quite generally make unfavorable comparisons, but
high cost of living could not fail to claim wide atten­ in this case the loss follows from a diminished output
tion, as well as the general remarks of President of anthracite. The Central of New Jersey reports
Charles F. Plunkett in his address opening the con­ $196,005 decrease in net, the Delaware Lackawanna
vention. Moreover, it is not too much to say that j & Western $252,134 decrease and the Philadelphia &
the review of the salient features of that portion of Reading $269,231 decrease, besides which there has
the tariff law known as the “ Corporation Tax,” pre­ been a loss on the coal operations of the latter of
sented by Mr. Walter S. Newhouse, a prominent New $385,852. The Lehigh Valley is one of the anthracite
carriers that is able to show improved results, it having
York attorney, was closely followed by his auditors.
It is not feasible for us to refer at any length to the added $238,492 to gross and $106,593 to net.
The Pennsylvania Railroad, as already stated,
various papers presented at the meeting, but some of
stands
out prominently for its good comparisons, and
them seem to demand brief mention. This is true
of the able address of Mr. Howard Ayres, Secretary of it may be said that east of the Mississippi the roads
the Cotton Goods Export Association of New York, have quite generally done well. On the lines directly
on “ Certain Aspects of the Export Trade.” He clearly operated east of Pittsburgh, the Pennsylvania shows
elucidated some of the disadvantages under which the $2,086,100 increase in gross and $1,213,900 increase




1308

THE CHRONICLE

in net, while on the lines directly operated west of
Pittsburgh the result is equally striking, there being
a gain of $1,772,800 in gross and of $428,400 in net.
For the combined lines, therefore, the improvement
has been $3,858,900 in gross and $1,642,300 in net.
In the months immediately preceding the gains were
of like magnitude. The present improvement follows
$1,648,600 gain in gross and $264,900 gain in net on
the combined lines in the same month of last year.
In March 1908, however, there was a loss of $3,530,000
in gross and of $639,800 in net. In the following we
furnish a six-year comparison of the earnings of the
Eastern lines— being the only portion of the system
for which we have the data for such a comparison.
Lines East o f
Pittsburgh.

1910.

1909.

1908.

1907.

1906.

1905.

March.
S
S
3
S
$
$
Gross earn in gs... 14,205,869 12,119,769 10,997,169 13,166,969 12,531,269 10,484,469
Oper. expenses-. 10,079,260 9,207,060 8,387,860 10,013,160 8,913,060 7,958,860
Net earnings..

4,126,609 2,912,709 2,609,309 3,153,809 3,618,209 2,525,609

Jan. 1 to Mch. 31.
Gross earn in gs... 39,848,741 33,654,741 31,375,441 37,203,541 35,357,841 28,355,341
Oper. expenses.. 29,680,824 26,223,424 24,851,224 29,118,224 26.305,624 22,968,824
Net earnings__ 10,167,917 7,431,317 6,524,217 8,085,317 9,052,217 5,386,517

Foreign discount rates have weakened at all centres.
London up till yesterday quoted 3)4 @ 3 3-16% for 90
days and 3)4 @ 3 % % for 60 days, but the uneasiness
caused by events at Buckingham Palace brought
about an advance of % of 1% for all bills. At Paris
the charge has declined to 2 )4 % , money there being
in superabundant supply. Berlin had relaxed to
3 @ 3 )4 % , but is now 3 % % ) a change in the official
rate at London would therefore be quickly followed, in
all probability, by a similar reduction by the Ileichsbank, which is now on a 4% level. Brussels quotes
3 )4 % . Amsterdam is still out of line with other im­
portant Continental cities for reasons we have explained
in previous issues; the range there is 4 % @ 5 % .
The Bank of England obtained about $3,000,000
of the new South African gold offered this week, India
and the Continent getting the rest, at the unchanged
price of 77s. 9d. per ounce. After the compilation of
Thursday’s weekly returns, the Bank on that day
bought $1,130,000 bar gold in the open market,
while it secured $1,000,000 more yesterday. Ac­
cording to our special cable from London, the pro­
portion of reserve to liabilities rose from 50.69%
last week to 52.68% this week; the Bank gained
£2,742,721 bullion during the week and held £38,­
883,684 at the close of the week. Our correspond­
ent further advises us that there were very large pur­
chases in the open market, mainly of United States
gold coin. Other imports were very light. Exports
were largely to the Continent. The details of the
movement into and out of the Bank were as follows:
Imports, £4,658,000 (of which £27,000 from Australia
and £4,631,000 bought in the open market, including
£4,009,000 United States gold coin); exports, £543,000
(of which £190,000 to South America, £350,000 to the
Continent and £3,000 earmarked Straits Settlements)
and shipments of £1,372,000 net to the interior of
Great Britain.
The money market, as was confidently expected a
week ago, has gradually returned towards normal levels
after the sharp flurry that carried rates to 7% on Thurs­
day of last week. The descent during the current
week has been steady and almost unbroken. Thus,
the first loan was made at 6% and the ruling charge



[V O L . L X X X X .

on Monday was the same; on Tuesday the maximum
was 5)4% , while 4)4 % was the ruling quotation; on
Wednesday 4)4% was the highest rate and on Thurs­
day no loans on call were made above 4% , some
renewals being made at a fraction under that level:
Yesterday the range was 3)4 % to 4% , the closing
quotation being 3 )4 % . The average for the week has
been 4)4% . A curious feature during the whole period
of tightness was the extent to which private firms who
do not ordinarily appear as lenders took advantage
of the opportunity to release temporarily their excess
supplies of cash at remunerative rates; it frequently
happened that one Stock Exchange house would find
that its money broker had secured for it accommoda­
tion from another Stock Exchange house perhaps
situated next door. Banks and trust companies ap­
peared to be short of loanable funds early in the week,
but later, as the extensive May 2 payments began to
return, they offered money more freely, and this natur­
ally accelerated the return to ordinary levels.
Time money has also declined. Early in the week
the range for all periods up to six months was 4)4 @
4 )4 % ; with 5% paid for over-the-year facilities. Bor­
rowing at these figures was light. The rates were
marked down on Thursday to 4% for 60 days, 4 @ 4 )4 %
for 90 days and four, five and six months, and 4 % @ 5 %
for longer periods. Yesterday most of the business
was done at the bid rates, the undertone having weak­
ened very appreciably. A somewhat better weekly
bank statement is looked for to-day in the absence of
gold exports and the other extraordinary demands that
had to be faced a week ago. Commercial paper is not
being drawn with freedom by those whose bills are in
keenest demand, with the result that rates have
moved in favor of borrowers. During the last few
days very choice names have been negotiated at
4 )4 % ; although 4 % % is the usual minimum, with
buyers at other centres insisting as a rule upon 5% .
The market is not active, owing quite as much to the
paucity of high-grade offerings as to a lack of inquiry.
The range is 4)4 @ 5 % for the best four to six months’
single-name bills and 5 @ 5 )4 % for others. Sixty to
ninety days’ endorsed bills receivable are quoted
4)4 @ 5% .
Four ways of correcting our foreign trade balance
were open, and the foreign exchange market has been
closely watching the course of events to determine
which would be followed. At first it was thought
that our national and individual extravagance,
resulting in unprecedentedly heavy imports, including
a generous quantity of luxuries, would subside, and
that a readjustment in merchandise and commodity
prices would bring about an increase in exports
sufficient to not only counterbalance our purchases
abroad, but to meet our constantly maturing indebted­
ness in Europe. However, the adverse trade balance
has continued. Would New York financiers resort
to the issuance of large amounts of bills to secure
credits in Europe and thus prevent the wholesale
shipment of gold? Or would European investors be
induced, through a decline in quotations here, to
make extensive purchases? Or, as a last resort,
would we be compelled to go on shipping consignment
after consignment of the precious metal?
The answer has been supplied, at least in part, this
week. Europeans have consented to invest on a large

May 7 1910.

i'HE CHRONICLE

Compared with Friday of last week, sterling ex­
change on Saturday was slightly easier, the range
being 4 8435@4 8445 for 60 days, 4 8760@4 8770
for demand and 4 8805@4 8815 for cable transfers.
On Monday demand declined to 4 87% bid and cable
transfers to 4 88 asked. On Tuesday most of the
business was done on the basis of 4 8440@4 8445 for
60 days, 4 8740@4 8745 for demand and 4 8780@
4 8790 for cable transfers, but there was a sharp break
after the official close. Demoralization prevailed at
the opening on Wednesday, due to the reported sale
of an enormous quantity of new securities to Europe;
60 days closed at 4 8405@4 8415, demand at 4 87
asked and cable transfers at 4 8730@4 8735. Similar
conditions existed on Thursday forenoon, demand
dropping to 4 8665; but there was a partial recovery,
the close being at 4 84 for 60 days, 4 86% bid for
demand and 4 8715@4 87‘20 for cable transfers. On
Friday there was an advance of about 10 points, due
to the rise in money at London caused by the illness
of King Edward.
The following shows the daily posted rates for
sterling exchange by some of the leading drawers:



M on.,
F rl.,
Apr. 29 M ay 2.
Brown
J60 das^
Bros. & Co
..S ig h t ..
KUlder,
/6 0 days
Peabody <fc C o .
- 1S igh t..
Bank of British
j GO days
North America . . - . /S ig h t..
Bank of
/ GO days
M ontreal____
- .I S lg h t ..
Canadian Bank
/ 60 days
o f Commerce____ --I S lg h t ..
Ileldelbach, Ickel/GO days
liclmer & C o ___ - .I S lg h t ..
hazard
1GO days
F re r e s ___________ - . / Sight. Merchants’ Bank
JGO days
of Canada......... .. _ --I S lg h t ..

4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4

85
88 y
85
8 8 'A
85
88 A
85

88
85
88A
85
88A

85
8 8 'A
85
88 y

If

scale in new offerings of American bonds, and exchange
rates have fallen far below the gold-export point, thus
inducing the belief that New York will not lose any
more coin to London this spring. Next to a trans­
formation in our merchandise imports and exports,
this development is the best that could have arisen.
Borrowing by means of finance bills is more or less
of a makeshift, and liable to produce trouble at any
time; hence it is well that the drawing of these bills
has been on only a limited scale notwithstanding the
fall in discount rates abroad. Of course, the placing
of huge blocks' of our securities in European countries
also entails responsibilities and gives Europeans great
power over our security markets. But this phase
of the new movement need not be elaborated upon.
It is extremely gratifying to find that Europe, and
more particularly France, again shows a disposition
to invest in American securities, and that there is
every prospect of distributing many millions of
dollars over-sea.
Foreign exchange rates fell precipitately when it
was learned that an important foreign investment
demand had been created. Less than a week ago
deinand sterling sold at 4 87% and cable transfers
at 4 88%; on Wednesday demand sold as low as
4 86% and cable transfers at 4 87%, while on the
following day demand again weakened to 4 8665
and cable transfers to within a few points of 4 87,
although there was a recovery before the close.
Curiously enough, the actual offerings of security
bills were not abnormally large on these days, a fact
that created the impression that the demoralization in
exchange had been, at least partly, brought about by
speculation. Yesterday bearishness on exchange was
less pronounced. Rates, however, are about l% c.
below the year’s maximum, and unless something
very unusual happens the flow of gold from New York
to Europe should be over. Already London is dis­
cussing the probable extent of the reverse movement—
that is, from London to New York— next autumn.
But that is looking pretty far ahead; New York is
satisfied to think that it has been able to send London
all the gold it needed without having upset our money
market or brought about a deficit in bank reserves.

1209
Thurs.,
M ay 5.

F ri.,
M ay G.

85

84 y
87 y
85
87 y
84 y

84 y
87 y
85
87 y
84 y

Tuns.,
M ay 3.
85
H
85
88 y
85
A
85
88
85
88 y
85

88
88
85
88y
85
88
85
88y

85
A
85
88 A
85
t<
85

88

88

88
88

88

85
88 y
85

88
85
88y
85
88y

88

85
88 y
85
y

88

85

88
85
88
85
88>-:
85
87 y

85
87 y
84 y
87 y
84 y

87 y
84 y
83

88

88
85
88
85
88y

85
87 y
84 y
87 y
84 y

88

The market closed on Friday at 4 8380@4 8395 for
60 days, 4 8685@4 S695 for demand and 4 8725@
4 8735 for cables. Commercial on banks was quoted
at 4 8340@4 8350 and documents for payment at
4 82% @ 4 83% . Cotton for payment ranged from
4 82%@,4 83 and grain for payment from 4 8 3 % @
4 83%.
The following gives the week’s movement of money
to and from the interior by the New York banks.

Gold

Net Interior
Movement.

Received by
Shipped by
.V. Y . Ranks. .V. 1'. Ranks.

Week ending M ay G 1910.
...................... . . .

Total gold and legal tenders...........

$10,729,000
2,640,000

$3,584,000 Gain $7,145,000
600.000 Gain
2,040,000

$13,369,000

$4,184,000 Gain $9,185,000

With the Sub-Treasury operations the result is as
follows:
Into
Ranks.

Week ending M ay 6 1910.
Banks’ Interior movement, as above.
Sub-Treasury operations___________

Out o f
Ranks.

Net Change in
Rank Holdings.

S13.309,000
31,100,000

$4,184,000 Gain $9,185,000
33,800.000 Loss
2,700,000

$44,469,000

$37,9S4,000 Gain $6,485,000

The following table indicates the amount of bullion
in the principal European banks.
M ay 5 1910.

M ay 6 1909.

Ranks o f

England. France . - .
Germany .
R u ssia __
A us.-Ilun.
S p a ln ___
Italy ____
Neth’lands
Nat.Belg..
Sweden _.
Sw ltz’lan.
N o rw a y . .

Gold.

Silver.

Total.

Gold.

£
38.8S3.6S4
136,466,400
40,059.250
140,597,000
55.569.000
16.212.000
38,884,000
8.199.000
4,200,067
4.459.000
5.302.000
1.838.000

£

£
38,883,684
171,600,80C
52.900.000
148,999,000
68.990.000
47.375.000
42.872.000
10,882,500
6.301.000
4.459.000
5.302.000
1.838.000

£
38,462,100
145,199,120
39,524,050
123,441,000
53.875.000
15.911.000
38.232.000
9,583,400
4,181,333
4.342.000
4,742,100
1.587.000

35,140,400
12.840,750
8.402.000
13.421.000
31.163.000
3.958.000
2,083,500
2,100,333

Silver.

Total.

£
38,462,100
35,768,4801 180,967,600
13,401,300 52.925,350
8.650.000 132,091,000
12.745.000 66,620,000
32.468.000 48.379.000
4.703.000 42.935.000
3,826,100 13,409,500
6.272.000
2,090,067
________
4.342.000
4,742,100
1.587.000
£

Total week 490,670,001 109,738,983 600,408,984 479,080,103 113,652,547 592,732,650
I’ rev .week 491,147,016 111,956,227 603,103,243 480,950,052 113,046,497 593,996,549

AN

E P IS O D E

IN

IN T E R N A T IO N A L

F IN A N C E .

The news from London yesterday as to the serious
illness of King Edward, and the perturbation immedi­
ately displayed on the London Stock Exchange, came
on a market which had unconsciously done all that
could be done to prepare for any ill results from a turn
for the worst in the King’s condition. Intelligence of
the King’s death came last night. The salient fact
about this week, before the news from King Edward
had become known, was the relief displayed on all the
world’s great markets at the relaxation in London
money rates, the strong position of the Bank of Eng­
land, the fall in foreign exchange in New York City,
and the news of the placing of large blocks of our rail­
way bonds with the Paris market. It may . be said,
indeed, that the developments of the past few weeks
have illustrated in a peculiarly striking way the solidar­
ity of the world’s great financial markets. During the
period when New York was shipping its $30,000,000
gold to London, between the end of March and the open
ing of the present month, a more or less general doubt
existed as to whether, even with the benefits which

1210

THE CHRONICLE

London’s market would derive from the movement,
our own market might not fail to find compensation
for its loss of gold. This week’s occurrences have
certainly suggested that indirect influences may some­
times operate even more favorably than direct in­
fluences. It is quite possible, for instance, that the
large gold remittances from this country to Europe
had a very distinct bearing on the willingness since
displayed by Europe to subscribe for our new securi­
ties. Such considerations make timely a little exami­
nation into the situation which has existed abroad,
both before and after the arrival at London of the
American gold consignments.
In the first place, it is to be said that the position
of the Bank of England’s reserve at the opening of
April was not such as to encourage equanimity, when
discussing the various problems surrounding the Lon­
don money market. In its report for the first week of
April, the Bank showed gold holdings of £6,200,000
below the same date in 1909. Not only so, but its
reserve was the lowest reported at the opening of
April in any year since 1899, and the ratio of reserve
to liabilities had fallen below the traditional minimum
of 40% , touching 393^%, which again was the lowest
ratio reached in that week during any of the ten past
years.
Since that time, however, with the arrivals of Amer­
ican gold consignments, the Bank of England’s gold
holdings have increased no less than $28,000,000.
Last Thursday’s statement showed them to be at the
highest level reported in the opening week of May
since 1896. Furthermore, the ratio of reserve to
liabilities, which we have seen to have stood at so
uncomfortably low a level a month ago, was reported
on Thursday at 5 2 ^ % , which compares with 49% a
year ago this week, and which is, in fact, a higher
ratio than in any corresponding week since 1896.
So much for the direct and tangible results of the
American gold exports. It will naturally be asked,
however, whether there were not other reasons for
taking measures to strengthen the London Bank
position aside from the mere fact that reserves were
below the normal level a month ago. As a matter of
fact, the operations of the Bank during the past
four or five weeks, and especially its raising of its bid
for American gold coin, can hardly have failed to
take in view three aspects of the London situation—
the possible complications resultant from collection of
back taxes after enactment of the Budget; the excited
speculation in rubber and oil company shares and the
enormous volume to which the output of new securities
in London has this year risen.
As for the collections of arrears of taxes, deferred
while the Budget was under controversy, there was a
twofold possibility which financial London naturally
had in mind. Since a good part of the money, de­
signed to pay the income taxes of 1909, lay on deposit
with the London banks, collection of the taxes would
involve withdrawal of much of this money from the
market. Transferred to the Bank of England, these
credits would re-appear as public deposits, thereby
incerasing the liability side of the Bank’s accounts
and requiring increased reserves. Last Thursday’s
statement shows, in fact, an increase of £1,880,000 in
such Government deposits. There will presumably
be a further increase during the next few weeks; for
the statement of a week ago showed Government



[VOL. L X X X X .

deposits in the Bank to be less by £4,300,000 than in
the corresponding week of 1909, and even with the
past week’s increase the account still stands £1,600,­
000 under that of a year ago, while cable dispatches
have estimated that the total payments due against
the arrears of income and property tax will range
between £12,000,000 and £14,000,000. On the other
hand, this week’s events in London show very clearly
that the fear of a serious squeeze in the London money
market as a result of these heavy tax collections, if not
exaggerated all along, has at any rate been provided
for by the increase in the Bank of England’s reserves.
The salient incident of the week at London had been
the fall in private discount rates from 4% to 33^%.
This is so natural a response to the Bank’s increased
reserves that people have rather generally overlooked
the fact that it occurred at the very moment of the
much-dreaded recall of the tax money which was
supposed to have been so important a resource in the
Stock Exchange movement of the day.
As for the London Bank’s position regarding the
rubber speculation, all that can be said is that wisdom
and prudence dictated maintenance of a strong bank
position in view of existing uncertainties in that
market. That rubber share speculation has reached
heights of excitement not witnessed in London since
the celebrated Kaffir mania of 1895, and that serious
financiers were regarding it with much misgiving, has
for some weeks been the common talk of the markets.
The opinion of serious critics in financial London does
not seem to have been that an early and serious col­
lapse of the speculation was to be anticipated. Yet
stock market speculations on such a scale as the rubber
boom are so peculiarly subject to unexpected acci­
dents that prediction can never be absolutely confi­
dent. Two weeks ago the rubber share market
wavered, and it had a momentary shock again this
week, when the price of crude rubber, whose spectacular
advance has had much to do with the London com­
pany speculation, declined nearly 10% at the fort­
nightly London auction sales. The rubber-share mar­
ket recovered from each of these temporary reverses,
and has unquestionably shown more staying power
than most people had ascribed to it. But the Bank
of England can hardly have left out of its calculations
the possibility of a culmination of the craze.
It remains, in discussing the special motives for the
strengthening of the London bank position, to say that
the huge output of new securities on the London mar­
ket since the opening of the year is a consideration
which must inevitably influence financial judgment.
What proportions this output of new securities has
reached may be judged from the fact that in a single
week of April, £11,140,000 in new securities were
offered on that market, of which £3,700,000 were
shares of rubber companies and £2,250,000 shares of
oil-producing concerns. Since the opening of 1910,
the recorded offers of all new securities to the London
public have reached a total, wholly unprecedented for
the period, of £123,815,816, which compares with
£74,074,006 for the same four months in 1909 and with
£55,002,364 even in the corresponding period of such
a year as 1906. Not only has this output of new
securities to date surpassed all precedent for the
period, but the amount thus offered in the four past
months actually exceeds the total new issues of either
1907 or 1906 or 1904.

May 7 1910.]

THE CHRONICLE

It does not follow that so large applications for capi­
tal are necessarily a sign of danger; from one point of
view they may doubtless be interpreted as a reflection
of real prosperity. But it must be remembered that
the system of payment for subscriptions in installments
at widely separated intervals, while it eases the strain
which otherwise might exist at the moment of flota­
tion, serves nevertheless to make that strain recurrent.
This is particularly true where the volume of such
emissions is progressively increased. At any rate, it
must be obvious that such a record of new security
issues imposes on capital supplies a large and con­
tinuous demand which bankers will naturally meet by
reinforcing the general position and resources of the
money market. All these considerations lend great
interest to the course of events in the foreign money
market during the remainder of the year. They cer­
tainly do not make any less interesting this week’s
announcement of the successful placing in European
markets of so great a sum of new American securities.
But the fact of immediate interest is that a situation
which might easily have become very troublesome this
week to financial London has been met and alleviated
by the prompt remittance of gold from New York
City. The announcement last night of the death of
the King of England gave additional cause for gratifi­
cation that provision had been so abundantly made for
meeting any possible shock to the markets from that
quarter.
THE

FEDERAL

IN C O M E

TAX

AM ENDMENT.

It is gratifying to find that at last the Income Tax
Amendment to the Federal Constitution is meeting
with effective opposition. The proposition, as is
well known, is the outgrowth of last year’s tariff legis­
lation. The President succeeded in grafting a pro­
vision on the tariff bill levying a tax upon the net
incomes of corporations, with the understanding that
this was to be preliminary to a general income tax,
to be levied when an amendment to the Constitution
had been passed removing doubt as to the authority
of Congress to impose such a tax. The Federal Con­
stitution, as it now stands, provides by Paragraph 4
of Section 9 of Article 1 that “ No capitation or other
direct tax shall be laid, unless in proportion to the
census or enumeration hereinbefore directed to be
taken.” It was mainly on the ground that an income
tax was a direct tax, and therefore must be appor­
tioned according to population, that the Income Tax
Law of 1894 was in 1895 declared by the U. S. Supreme
Court to be unconstitutional.
The President was unwilling to risk a repetition of
such an experience at the hands of the Supreme Court
and hence devised the tax on corporation incomes as
separate and distinct from a general income tax. At
the same time he suggested to Congress that it secure
for itself the larger power desired by submitting to
the States for adoption a new Amendment to the
Constitution, wide enough in scope to accomplish the
end sought. Congress readily acquiesced and the
Amendment is now before the States for adoption or
rejection. The Amendment is very simple, but also
very sweeping. It provides that “ The Congress shall
have power to lay and collect taxes on incomes, fro m
whatever source derived, without apportionment among
the several States, and without regard to any census
or enumeration.” Should the proposal find accep­



1311

tance by the requisite number of States, it would be­
come the Sixteenth Amendment to the Constitution,
and be known as Article X V I.
Until within the last few weeks it seemed as if the
Amendment were going through with a rush. Ap­
parently it was meeting with overwhelming favor
everywhere. The U. S. Senate had on July 5 last
adopted the joint resolution proposing the Amendment
by an absolutely unanimous vote, 77 Senators voting',while in the House of Representatives, where the
resolution was passed a week later (July 12), there
was almost equal unanimity, the vote standing 318
to 14. Alabama was the first State to ratify the
Amendment, taking action on it almost immediately
after it had been offered. At a special session of the
Legislature held in August last year, both Houses of
the Legislature unanimously accepted the Amendment.
In Georgia, on the other hand, at a special legislative
session held in the same month of last year the
Senate decided not to take up the question of the
adoption of the resolution at that session. But this
last proved only a temporary setback. The present
year, as one State after another took up the matter,
and sentiment everywhere appeared to be unquali­
fiedly in favor of the measure, it looked as if it was to
be only a question of time when the Amendment
would become a part of the fundamental law of the
country.
During the last few weeks, however, as already
stated, the prospects of the defeat of the proposition
have greatly improved. In this State the Assembly
voted April 20 on the resolution proposing ratification
and it failed, for though the vote was 74 in favor
with 66 against, this fell short of an absolute majority
of all the members elected. A reconsideration having
been ordered, the resolution was again voted on the
present week (May 3), when the vote was 75 to 67.
—still insufficient. The New York Senate will not take
action until next Wednesday, but that body is con­
sidered inimical to the measure, and the vote of the
Assembly is considered as settling the matter as far
as this State is concerned. As it happens, too, the
Amendment was rejected on Friday of last week
(April 29) by both Houses of the Rhode Island Legis­
lature. Furthermore, this week (May 4) the lower
house of the Massachusetts Legislature, after a lengthy
debate, defeated the proposal—voting down by 126
to 101 a motion to substitute a favorable resolve
for the adverse report of the Committee on Federal
Legislation. It should be added that there is a fourth
State that must also be included in the list, for on
March 7 the House of Delegates in Virginia rejected the
proposition by a vote of 50 to 33, though two days
later (March 9) the Senate adopted the resolution by a
vote of 19 to 5. The vote of both branches of a legis­
lative body is, of course, necessary to adoption.
It is to be noted as a further encouraging feature
that several of the States have deferred action on the
proposition or allowed it to go over to the next session.
Obviously, if there were a strong sentiment in favor of
the measure in those States the legislator would hardly
dare to brook delay. We have already referred to the
fact that in Georgia the Senate last August decided
not to take up consideration of the subject at that time.
The Georgia Legislature, however, meets annually
and will again be in session the latter part of next
month. The New Jersey Legislature has recently

1212

THE CHRONICLE

adjourned, also without taking action upon the
Amendment, but that body, likewise, meets annually
and will be in session again next January. In Ohio
it does not appear likely that a formal vote will be
had the present year, though the Legislature has not
yet concluded its work and is still in session. Con­
necticut is another State where consideration has been
postponed, the Senate of that State having on Aug. 12
last by a unanimous vote accepted the report of its
Committee on United States Relations, referring the
proposed Amendment to the next Legislature. The
latter will begin its work next January.
These developments, while encouraging as far as they
go, should not lead the public into a false sense of
security. In all the other States where consideration
has been given to the subject the Amendment has been
ratified by an overwhelming majority. Take such
an important State as Illinois. The Senatejof that State
gave approval with absolute unanimity as early as
Feb. 9 last, and the House concurred on March 1 by
a vote of 80 to 8. Maryland has also accepted the
Amendment— the Lower House on March 15 by a
vote of 89 to 2 and the Senate on April 4 by a vote
of 17 to 9. In Kentucky a resolution ratifying the
Amendment was passed by the Legislature the present
year on two different occasions. The Governor
claimed that the resolution was technically defective.
He again sent the resolution back on a technicality,
but during the third attempt at passage the Legislature
adjourned. The Governor nevertheless finally certi­
fied to the adoption of the resolution.
Mississippi is another State which has gone on
record in support of the proposal, the House having
adopted a resolution to that effect on Jan. 29 and the
Senate on March 7. South Carolina has likewise
ratified the Amendment; the House signified accept­
ance Feb. 15 by a vote of 100 to 3; in the Senate the
resolution was passed Feb. 19, the vote on third reading
having been 24 to 15. It is almost superfluous to say
that the Oklahoma Legislature was only too glad to
embrace the principle of an income tax. Both Houses
adopted the Amendment March 3, the vote in the
Senate being absolutely unanimous, while in the House
only two “ nays” were registered out of a membership
of 109.
Summing up, it appears that fifteen States alto­
gether have had opportunity to declare themselves on
the proposal thus far, (of course, where the legislatures
meet only in odd years, as is the case in most of the
States, time for action will not come until 1911), and
of these fifteen, seven States have definitely ratified
the proposal, four States (Connecticut, Georgia, New
Jersey and Ohio) have either neglected action or
deferred consideration until the future, while three
States may be said to have formally rejected the
Amendment, these three being Massachusetts, Rhode
Island and Virginia; and in New York the proposition
has failed through inability to get a clear majority
of the members elected to the Assembly. There is in
this situation no conclusive reason for thinking that
the Amendment will be defeated without further effort
on the part of those opposed to the principle of a
Federal income tax.
To make the Amendment a part of the Constitution
it must be ratified by the legislatures of three-fourths
of the several States. As there are forty-six States in
the Union, this means that thirty-five States must
give assent to the Amendment before it will become a



[VOL. L X X X X .

part of the Constitution. If the remaining eleven
States should be recorded in dissent the proposal would
nevertheless be carried. In other words, no less than
twelve States will suffice to defeat the proposition.
How and whence can twelve dissentient States be
obtained? Judging from the discussions and from the
action taken thus far, the Western and Southern
States favor the idea of a Federal income tax because
of a belief that the burden of the tax will fall on the
rich communities of the East . It would seem, there­
fore, that the twelve declarations in opposition to the
Amendment will have to be obtained in New England
and from among the Middle and the Central Western
States. New England consists of six States; the
Middle Section adds five more, namely New York,
Pennsylvania, New' Jersey, Delaware and Maryland,
making eleven together, and to these we should have
been inclined to add Ohio, Indiana and Illinois, except
that the last-mentioned State has already gone on
record in favor of the Amendment. Thus we have
only thirteen States altogether to draw on, though
doubtless a few other States may be found elsewhere
—such as Georgia, perhaps.
Thus, on the assumption that the Western and
Southern States will yield to the demagogic appeal that
an income tax will be borne by the populous sections
of the East, defeat of the Amendment is by no means
a foregone conclusion. Hence, efforts in opposition
should be in no way relaxed. There are many
different reasons for objecting to a Federal income tax.
For one reason, it is un-American and inquisitorial.
It is none of the Government’s business what a man’s
income is. Under an income tax, however, everyone
would have to declare his or her income—supposing,
of course, that the law were honestly administered
and religiously observed by everyone. But here arises
another objection. It would not be religiouslyobserved
and could not be so administered as to compel com­
plete observance. There would be evasion and fraud
and false swearing, just as there now is with the
personal property tax of this State, of which the
community is trying to get rid. No one would have
any compunction about evading the tax because
everyone would feel morally sure that his neighbor
was doing that very thing.
A Federal tax is also to be opposed because it is an
interference with an important prerogative of the
States. We discuss this point more at length in some
remarks on a previous page, and will say here only
that the situation in that respect may be likened to
the collateral inheritance tax which has been adopted
as a source of revenue by so many of the States. If
the Federal Government should also levy an inheri­
tance tax as an enduring feature of its fiscal system,
the ability of the States to continue the collection of
the tax would be measurably weakened. When last
year it was seriously suggested by President Taft that
the Federal Government should for itself levy an in­
heritance tax, several of the States at once registered
opposition to the idea through their legislatures,
influenced by a fear of the possible impairment of that
source of revenue for the States. Similarly, if author­
ity be given to the Federal Government to levy an in­
come tax, the ability of the States to collect such a
tax, should occasion arise for resorting to it, would be
seriou^y jeopardized.
But it must be admitted that these are .not consid­
erations that are likely to appeal with much force to

May 7 1910. |

THE CHRONICLE

the great body of the people. To enlist their opposi­
tion it must be shown that the tax is one that concerns
every citizen in the community— those in moderate
circumstances and the well-to-do as well as the very
rich. Such support as the scheme is getting now is
due entirely to a belief that the tax will fall only on
the very rich— the men and women with tremendous
incomes, who, it is argued, are not now contributing
their proper share of the expenses of government.
But that is a wholly mistaken idea. The corporation
tax, which forms part of the tariff law of last year,
was allowed to go on the statute book because of the
same erroneous notion. The great mass of those con­
cerned did not take pains to inform themselves as to
what it meant, and were guileless enough to suppose
that the corporation tax would fall only on the rail­
roads and the large industrial concerns. They have
since learned that this corporation tax is a levy on all
corporate income of whatever description running
above $5,000 per year.
In like manner, in the event that power should be
granted to levy a Federal income tax, there would
eventually come a rude awakening. Governor Hughes
in his special message last January directed attention
to ^ ie fact that this Amendment authorizes the levy­
ing of taxes on “ incomes fro m whatever source derived ,”
and argued that this meant that the income from State
and municipal bonds could be taxed. It undoubtedly
means that, and a great deal more. When the Amend­
ment says “ incomes from whatever source derived,”
it gives a grant of power so broad that absolutely noth­
ing can escape, and we may say that it was the purpose
of the framers and advocates of the amendment that
nothing escape. “ Income from whatever course derived”
means the income of the poor as well as the income of
the rich. It means the pay of the laborer, the earn­
ings of work people of all classes, the compensation of
the professional man, the fees of lawyers, engineers and
other experts, j is well as the profits and earnings of the
wealthy classes. It means, in short, just what it
says:— income from whatever source derived.
This is a view of the matter that is being entirely
ignored. In all the discussions of the subject we have
seen no reference to it. The general assumption is
that only those with large incomes will be hit by such a
tax. The real truth is that eventually everyone earn­
ing enough to keep him out of the poorhouse will be
mulcted. Undoubtedly, at first Congress would fix
a limit of income high enough to shut out the great
majority of the people—say, as in the case of the cor­
poration tax, $5,000 per year. But as Government
expenses rose and Government necessities increased,
the limit would be gradually lowered (and it should be
remembered that the possession of this power to levy
an income tax would be a direct incentive to legisla­
tive extravagance), the amount of exemption being
dropped first to $3,000, then to $2,000 and finally to
$1,000. With each reduction more and more people
would be brought within the sweep and range of the
tax, until eventually the whole population would have
to share in the burden—barring only the indigent
classes. This fact ought to be brought home to every
citizen. With opposition to the scheme based on
such broad and general grounds, we are sure a public
sentiment against it would quickly develop and assume
such dimensions as to doom the proposal arid place
it beyond the hope of ever again being resurrected.



B E S S E M E R S T E E L P R O D U C T IO N I N

1213
1909.

The American Iron & Steel Association, through
Mr. James M. Swank, has made public the statistics
giving the output of Bessemer steel ingots during
the calendar year 1909. The results are of the same
character as those noted in the case of the Bessemer
rail production, and show that Bessemer steel is in a
measure being supplanted by open-hearth steel. In­
deed, it may be said that the one follows from the
other—in other words, that as the rail-makers are
turning to open-hearth steel, the consumption of Bes­
semer steel is also to some extent falling off. As was
pointed out by us in our issue of March 5, when review­
ing the rail figures, there is no absolute agreement
among railroad operating officials as to the relative
merits of the two kinds of rails; but it is admitted that
the open-hearth rail possesses at least the advantage
arising out of the fact that open-hearth steel contains
a smaller percentage of phosphorous than Bessemer
steel. It is argued from this that, as a consequence,
rail breakages due to brittleness are reduced. Of
course there are other factors to be taken into con­
sideration, and the open-hearth rail has not been in
use long enough to make it possible to arrive at definite
conclusions with reference to the claim of superiority
made for it. The fact remains, however, that rail­
road officials are showing a decided preference for the
open-hearth rail.
The distinctive feature of the rail statistics was that,
while they showed the output of Bessemer rails to have
been larger than for 1908, the 1909 total nevertheless
fell below the Bessemer rail product of 1907. In the
case of the production of steel the comparison is much
the same—that is, more Bessemer steel was produced
than in 1908, but not as much, by a great, deal as in
1907 and still less than in 190G. In brief, the make of
Bessemer steel ingots and castings in 1909 was 9,330,­
783 tons, against only 6,116,755 tons in 1908. This is
an increase of 50%, but it must be remembered that
1908 was a period of unparalleled industrial depression,
and the output of Bessemer steel in that year was the
smallest of any year since 1897. Comparing with
1907, we find that the output of Bessemer ingots then
was 11,667,549 tons, while in 1906 the product was
12,275,830 tons. Contrasted with this last-mentioned
year, therefore, there has been a decrease of almost
3,000,000 tons, or about 25%. Turning now to the
rail figures, we find that the Bessemer product of
these in 1909 was 1,806,621 tons, against 1,354,236
tons in 1908; but comparing with 3,380,025 tons in
1907 and 3,791,459 tons in 1906. Thus the make of
Bessemer rails in 1909 was 1,984,838 tons less than
in 1906. Allowing for the loss through conversion,
the decrease in Bessemer rails between 1906 and 1909
accounts for almost the whole of the decrease in the
same interval in the production of Bessemer steel.
As has been noted many times in these columns,
owing to the expansion in the production of open-hearth
steel, figures regarding the Bessemer steel product
no longer furnish any indication of the country's total
steel production. A dozen years ago the Bessemer
product constituted the bulk of our entire steel pro­
duction, but all this has now been changed. The openhearth steel product has been advancing by leaps and
bounds. To be sure, in 1908 a setback was experienced
because of the intense business depression prevailing,

1214

THE CHRONICLE

so that for the time being the upward course of the
open-hearth output was reversed. As it happened,
though, open-hearth steel suffered a very much smaller
decrease than the Bessemer steel output. The result
was that for the first time in the history of the steel
trade in the United States, Bessemer steel had to yield
first place to open-hearth steel. Putting the situation
in a nutshell, the United States in 1908 had a product
of 7,780,872 tons of open-hearth steel, against only
6,116,755 tons of Bessemer steel. Besides this, 120,­
000 tons of miscellaneous steel was produced in that
year, making the total steel production for 1908
14,017,627 tons. How small this was will appear
when we say that in 1907 aggregate steel production
had been 23,362,594 tons and in 1906 23,398,136 tons.
For 1909, we should judge, total steel production
must have been close to the previous maximum.
Statistics regarding open-hearth steel for that period
of twelve months have not yet been given out. The
Bessemer product, we have already seen, did not equal
that of either 1907 or 1906. But the open-hearth
product, it would not be surprising to find— seeing
the increased amount of open-hearth steel converted
into rails—had run in excess of the previous maximum.
The actual figures in that regard will be awaited with
much interest.
•
ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— The public sales of bank stocks this week aggregated
525 shares, of which 120 shares were sold at the Stock
Exchange and 405 shares at auction. The transactions in
trust company stocks reach a total of 118 shares. The table
below, given in our usual form, shows the actual sales of
New York City bank stocks made during the week at auction
and at the Stock Exchange. Extensive tables showing the
bid and asked quotations, deposits, surplus, &c., of banks
and trust companies in all important cities in the United
States are published monthly in the “ Bank and Quotation”
Section, the May issue of which accompanies to-day’s
“ Chronicle” . Bid and asked quotations for all New YorkCity
bank and trust company stocks are also published weekly in
another department of the paper, and will be found to-day
on pages 1223 and 1224.
S h ares. B A N K S — N ew Y ork .
L o w . H ig h . C lose.
240 'A 240 ys
100 A m e r . E x c h . N a t B a n k ___ . 240
206
*110 C om m erce. N a t. B a n k o f . _ 201
205
150
50 F o u rteen th S treet B a n k . . . 150
150
*10 F ou rth N ation a l B a n k ___ . 107
197
107
150 M ercantile N a t. B a n k ____ . 160 yx 106M
G6H
105 N orth ern B a n k ___________ - 100
T R U S T C O M P A N I E S —■New Y o rk .
150
25 C arneglo T ru st C o ..........
. 150
150
885
1 G u a ra n ty T ru st C o _______ . 885
885
25 K n ic k e r b o c k e r T ru s t C o . . . 324 'A 324 A 324 'A
131
131
0 L in co ln T ru st C o . . ............. . 131
75
75
. 75
7 T ru s t C o. o f A m e r ic a ______ - 348 M 348 M 348 H
1226
1 U n ited States T ru s t C o ___

100

.1220 1220

1
100

Last previous
A p ril 1910—
A p ril 1910—
D e c. 1908—
A p ril 1910—
J a n . 1910—
A p ril 1910—

sale.
244
203
150
198
171

A p ril
A p ril
A p ril
M ch .

1910—
1910—
1910—
1010—

150
864
340 A
140

Jan.
Jan.

1910— 351
1910— 1236

100

* S old a t th e S to c k E x ch a n g e .

— Two New York Stock Exchange memberships were sold
this week for $75,000 each. The last previous transaction
was in April, when two memberships sold for $78,000 each.
— The nomination of Governor Charles E . Hughes as Asso­
ciate Justice of the United States Supreme Court, to succeed
the late David J. Brower, was confirmed by the United States
Senate on the 2d inst. Mr. Hughes will not assume his new
office until October.
— In a movement to minimize frauds in cotton bills of
lading, the Galveston Cotton Exchange on the 4th inst.
transmitted to the bill of lading conference in London a reso­
lution urging all bankers and importers to refuse to accept
any bills of lading from any port after Aug. 21 1910 which
are not signed by authorized ship agents after the cotton
has been delivered into their custody on their wharves.
— W . J. Yancey of the failed cotton firm of Knight, Y an ­
cey & Co. of Decatur, Ala., declares his intention to turn over
his personal fortune in the interest of the creditors of the
firm. Mr. Yancey in his announcement states that “ the
firm of Knight, Yancey, Crockett & C o.of Memphis” (asepa­
rate concern), “ which has been conducted personally by




[ V O L .L X X X X .

N . A . Crockett and myself, is entirely solvent and is being
liquidated, and my interest therein, as well as all other
individual property of mine, will be turned over to the bank­
ruptcy court for the benefit of my creditors.”
— The telegraphic reports of the alleged bankruptcy of the
cotton firm of Steele, Miller & Co., with headquarters at
Corinth, Miss., received in this city on April 29, were vigor­
ously denied by a representative of the firm on the following
day. A . L. Jones, manager of the Columbus (Miss.) branch
of the firm, was quoted as saying that there was not the
slightest foundation for the report, and it was stated that its
offices at that point and elsewhere were doing business as
usual. A further statement in the dispatches from Columbus
on the 30th ult. said: “ A report that proceedings asking the
appointment of a receiver for the firm had been filed by a
Bremen cotton concern on Wednesday probably gave rise
to the rumor, but the officials of the Mississippi company
say they know of no such proceedings except what they have
learned from newspaper reports.” Telegraphic advices re­
ceived in this city yesterday afternoon stated that attorneys
representing European firms had filed a petition at Jackson,
Miss., the previous day seeking a bankruptcy order against
Steele, Miller & Co.
— The Federal Government is said to have extended its
inquiry into the alleged cotton pool by the institution of a
new proceeding in which James A . Patten is named as the
principal defendant. The latest action is styled “ The United
States against James A . Patten and Others.” The subpoenas
direct those served to produce on May 9 all “ records, books,
papers, telegrams, cablegrams, contracts, agreement?, no­
tices and memoranda, or copies thereof, including a nth o r a ­
tions and directions to purchase and sell raw cotton, relating
to and showing as follows: First, the aggregate number of
bales in legal possession o f ----------------------- (the one cited to
appear), his brokers, or agents, or any of them, at the close
of business Nov. 30 1909, for the account of C. W . Johnston,
Charlotte, N . C ., or any firm, corporation, copartnership,
pool, syndicate or association of any nature whatsoever of
which C. W . Johnston is a member, officer or director, or
acts as agent.” Practically every broker and dealer be­
lieved to have accepted cotton on May contracts is said to
have been served with subpoenas. Those specifically named
in the suit brought by the Government several weeks ago,
and which is still pending, are Frank B. Hayne and William
P. Brown.
— In the May number of the “ Bank and Quotation” Sec­
tion, accompanying to-day’s issue of the “ Chronicle,” we
present on pages 21 and 22 several interesting tables show­
ing the comparative condition of the trust companies in the
city and State of New York at the date of the last bank call,
March 25, and of various calls since Aug. 22 1907, the antepanic period. The totals of all the items constituting the
resources and liabilities of the trust companies are given for
the whole State of New York, and separately for the three
boroughs which compose the Greater City of New York.
Exceeding this, perhaps, in general interest is our comparison
of the aggregate deposits of each trust company of the City
of New York before and after the 1907 panic for these dates:
Anu. 22 1907, Dec. 31 1907, Aug. 31 1908, Jan. 1 1909,
Sept. 14 1909, N ov. 16 1909, Jan. 1 1910, and the last bank
call, March 25 1910.
— A bill providing forthe issuanceby corporations of stock
without a nominal or par value was passed by the New York
State Assembly on April 27 and is now pending before the
Senate Judiciary Committee. The organizations not affected
by the proposed measure are moneyed corporations, or those
provided for by the banking or insurance laws, or educational
institutions. The bill was introduced by Assemblyman
Jesse S. Phillips. A similar bill was passed by the Legisla­
ture last year, but was vetoed by Governor Hughes.
— In a decision handed down on April 29, the Appellate
Division, Second Department, of the Supreme Court in
Brooklyn, sustains Supreme Court Justice Frederick E .
Crane in upholding the right of the New York Stock Exchange
to enforce its resolution forbidding business intercourse
between its members and those of the Consolidated E x ­
change. The case involved was that brought by Marcus
Heim, a member of the Consolidated Exchange, his action
being based on the refusal of Albert Loeb & Co., members of
the New York Stock Exchange, to deal with him, following
the enactment of the resolution of the latter Exchange,
adopted on May 19 1909. Mr. Heim, through his attorneys,
obtained a temporary injunction restraining Messrs. Loeb

May 7 1910.)

THE CHRONICLE

& Co. from discontinuing the account of their client and
Justice Crane’s decision, given last September, was on the
motion to continue the injunction on the ground that the
resolution constituted an illegal combination in restraint of
trade. In denying the injunction, Justice Crane contended
that where injury follows as an incident from action sought
to protect, increase and strengthen the business of associates,
it is as legitimate as other forms of combination which the
law leaves parties and combinations free to indulge in. The
opinion of the Appellate Division, affirming Justice Crane’s
decision, is concurred in by all the members of the Court.
— The Executive Council of the American Bankers’
Association held its spring meeting this week at Atlantic
City. The principal discussion appears to have concerned
a proposal for the segregation of savings accounts, a bill to
that end being presented for consideration. Contrary to
the belief which is said to have existed in some quarters that
the proposal would be endorsed, inasmuch as it might serve
as a means of forestalling the establishment of postal savings
banks, the measure seems to have met considerable oppo­
sition. No authoritative information has been given out
with regard to the action of the Council, but according to the
Philadelphia papers it (the Council) failed to commit itself
on the question, deciding finally to report the matter without
recommendation to the annual convention of the Association
in Los Angeles next October. The bill, it is understood,
proposes to place savings bank restrictions on all savings
accounts in State and national banks, and trust companies.
Frederick E . Farnsworth, Secretary of the Association,
reported the present membership to be 10,950, the largest
on record.
W ith regard to the coming convention in
Los Angeles, he stated that never in the history of the
association has there been such great interest manifested so
long in advance of the event. Already, lie stated, special
trains have been arranged, and a large number of reserva­
tions made. That Los Angeles will more than meet the
expectation of the visitors, he added, is a foregone conclusion.
Charles II. Huttlg, President of the Third National Bank
of St. Louis was elected a member of the Executive Council
of the Association at this week’s meeting. He fills the
vacancy caused by the removal from Missouri to Illinois
of J. Fletcher Farrell.
— The annual report of the American Bankers’ Association,
embodying the proceedings of last year’s convention, includ­
ing the Trust Company, Savings Bank and Clearing-House
sections, has been issued. Because of the inclusion of these
various sections, the volume is considerably larger than in
other years, the custom heretofore having been to publish
separately the details for the Trust Company and Savings
Bank sections. Another new feature of the present volume
is the account which is given of the history of the association
from its inception in 1875 to Sept. 1 1909. Over 700
pages are contained in the volume, which sets out in full
the deliberations at Chicago. The present officials of the
Association are: President, Lewis E . Pierson, President
of the Irving National Exchange Bank of New York;
First Vice-President, F. O. W atts, President of the First Na­
tional Bank of Nashville; Chairman of the Executive Coun­
cil, William Livingstone, President of the Dime Savings
Bank of Detroit; Secretary, Fred. E . Farnsworth, 11 Pine
Street, New York City; Treasurer, P. C. Kauffman, Second
Vice-President of the Fidelity Trust Co. of Tacoma, and
Assistant Secretary, William G. Fitzwilson, 11 Pine Street,
New York.
— William Woodward, a Vice-President of the Hanover
National Bank of this city since 1904, has been chosen to
succeed his uncle, the late James T . Woodward, as President
of the institution. His election to the office occurred on
Tuesday, when James M. Donald, who has been associated
with the bank for thirty-seven years, and has officiated as
Vice-President since 1895, was elected Chairman of the
board of directors, a new office created by the board. Under
the direction of the board the title of First Vice-President is
conferred upon E . Hayward Ferry and that of Second Vice­
President upon Henry R . Carse, both of whom have been
Vice-Presidents for some time past.
Mr. Carse and Edwin
G. Merrill, President of the Union Trust Company, were
elected directors of the Hanover to fill existing vacancies.
Mr. Woodward, the newly elected President of the Hanover,
is but thirty-four years of age. He was born on April 7
1876. He was graduated from Harvard University in 1898
and from the Harvard Law School in 1901. He is a trustee
of the Union Trust Co., Vice-President and director of the
Hanover Safe Deposit Co., a director of the Colonial Bank of




1215

the city, the Mechanics’ Trust Co. of Bayonne, N . J., the
Birmingham Realty Co. of Birmingham, A la., and the
United Shoe Machinery Corporation.
— The settlement of litigation in which the Equitable Life
Assurance Society of this city has been involved for some
years is provided in an agreement between the Society and
the other interests concerned that has been approved by
State Superintendent of Insurance W . II. Hotchkiss and
State Attorney General O’Malley. One of the results of the
settlement is the discontinuance of the suit instituted in
1905 against certain directors of the Society for the alleged
waste of its resources. The settlement, it is understood,
involves the payment of §4,025,000 by the Equitable Life,
to the Mercantile Trust Co., the Mercantile Safe Deposit Co.
and the Security Safe Deposit Co.; in return, the formal
report made to the State Superintendent shows that the
Equitable will receive total benefits of S5,043,000, makinganet
gain to the Society of $1,018,000.
It is stated that the ar­
rangement provides for the payment by the Equitable to the
Mercantile Trust Co. of $2,750,000 in settlement of the socalled “ Turner” loans, which it is said is $650,000 less than
at first claimed. In return it will receive bonds and securities
representing lands in Colorado and Kentucky supposed to
be worth at least the sum to be paid over. For the release
to it of the Mercantile Safe Deposit Company’s lease on the
Equitable Building, at 120 Broadway, New York, the
Equitable is to pay $1,050,000. The real estate department
of the Equitable estimates that such release will increase the
value of its building by $2,000,000. The Equitable will
likewise pay $225,000 to the Security Safe Deposit Co. of
Boston for the release of the latter’s lease on the Boston
building of the Equitable. This release is estimated to be
worth to the Equitable $430,000. Both leases had one
hundred years to run. The settlement was effected by a
special committee of the policy-holders’ directors. The
committee which conducted the negotiations and investi­
gated all the matters connected with the settlement was
composed of Thomas Spratt, of Ogdensburg; J. Edward
Swanstrom of New York; Charles H . Zelinder, formerly of
Philadelphia and now of New York, and \Y. A . Day of
Counsel to the Society. The committee had been at work
for over two years, and had the assistance of two firms of
chartered accountants, Price, Waterhouse & Co., and
Haskins & Sells. Their report was considered by Deputy
Attorney-General Edward H . Letchworth, Alfred Hurrell,
counsel to the Insurance Department, and Nelson B. Hadley,
chief examiner of life companies, who in a memorandum to
the Attorney-General and Superintendent of Insurance
stated in conclusion that:
“ W h en on e considers th a t this se ttle m e n t w ill en d c o s t ly a n d tr o u b les om e
litig a tio n , m u c h o f w h ich w o u ld result u n fa v o r a b ly t o th o S o c ie t y , allow s
the S o c ie ty to Im p rove Its buildin gs In N ew Y o r k an d B o s to n , an d thus tak e
a d v a n ta g e o f th e s te a d ily Increasing valu es o f this real e sta te , all w ith o u t
c o s t t o the S o c ie ty , an d a t the sam e tim e puts' it In p o s itio n t o p r o b a b ly
gain m illion s b y reason o f the re a d ju s tm e n t, th ere ca n be b u t on e c o n c lu ­
s io n , an d th a t Is th a t o ffic ia l a p p ro v a l sh ou ld be g iv e n t o th e s e ttle m e n t an d
th e sam e co n s u m m a te d at o n c e . W h e n the q u e stio n o f In ju n ctio n in the
case o f H y d e v s. T h e E q u ita b le w as d e cid e d b y J u d g e B ls clio lf, th e law
g o v e rn in g th e case w as set fo rth , w h ich p r a c tic a lly ch a rged th e d e fen d a n t
w ith the T u rn e r loan lia b ility o f o v e r $ 3 ,0 0 0 ,0 0 0 . T h e s ta tu te o f lim ita ­
tion s had a lre a d y run against th e d ire cto rs , w h o had co llu s lv c ly fa ste n ed on
th e S o c ie ty the bu rd e n so m e leases, w hen the a c t io n w as c o m m e n ce d b y the
S ta te . T h ere w as n o e scap e fro m th e m , a n d at th e sam e tim e n o a ffirm a ­
tiv e relief again st th o s e w h o cau sed th em can n o w be o b ta in e d . T h is b ein g
s o , th e sane cou rse t o pursue Is to p e rm it th e S o c ie ty t o e ffe ct this settle­
m e n t, w h e re b y th ose liab ilities can be a v o id e d a n d p ra c tic a lly a c c o m p lis h
all th a t co u ld be gain ed In the su it b y th e S ta te , If It w ere m ain ta in a b le.
“ U nder all o f th e fa cts and circu m sta n ce s, w c th e re fo re re c o m m e n d t o
th e A tto rn e y -G e n e ra l th e d isco n tin u a n ce o f th e su it o f th e P e o p le o f the
S ta te o f N ew Y o r k again st t h e ,E q u ita b le et al and to the S u p erin ten d en t
o f in s u ra n ce th a t his a p p ro v a l be given t o th e p ro p o se d s e ttle m e n t, as
o u t lin e d .”

— Ernest W . Davenport has become an Assistant Cashier
of the Fourth National Bank of this city.
— The old-time bankers and Wall Street firm of Edward
Sweet & Co., 17 Nassau S t., N. Y ., announce that they have
removed to new banking offices at 34 Pine St. The firm are
noted for their conservatism and for their high-class clientele
in this country and abroad and their important connections
with many large railroad and mining corporations. They Were
established in 1854 by Edward Sweet and became known as
Edward Sweet & Co. when William Lanman Bull, the present
senior member of the firm, entered as a partner in 1864.
He was President of the Stock Exchange from 1888 to 1890,
and was formerly Chairman of the board of the Wisconsin
Central R y ., a director of the Northern Pacific R y.
Co., Baltimore & Southwestern R y ., Louisville Evansville
& St. Louis lty ., New York Susquehanna & Western and
other corporations. The membership of Edward Sweet &
Co. at present consists of William L. Bull, Frederic Bull,

1316

THE CHRONICLE

Henry W . Bull, Waldo S. Reed, Lewis E . Waring and Louis
Livingston. For five years Edward Sweet & Co. have had
offices at 17 Nassau St. (Equitable Life Building), for 28
years the firm was at 38 Broad St., and prior to that time
in the building which was on the southwest corner of Wall and
Broad streets, and in the early years of the firm’s establish­
ment at 10 Wall St. In nearly all cases the removals have
been occasioned by building operations.
— The Mechanics & Metals National Bank of this city
has declared a quarterly dividend of 3 % , payable May 10
to holders of record May G. This is the first payment to be
made, the institution having been formed in January last
by a consolidation of the Mechanics National and the National
Copper banks. The old Mechanics National Bank paid
dividends for many years, of late at the rate of 12% per
annum— 3 % quarterly— while the National Copper Bank
paid 2 % at each quarterly period beginning with March 1909.
— Charles K atz, President of the Eastern Brewing Co.,
was convicted in the Supreme Court on the 2nd inst. of grand
larceny in the first degree for complicity in the Joyce loan
transaction, under which Heinze copper stocks, deposited
as collateral by Mr. Joyce for a loan of $50,000, were placed
upon the market last year shortly after the loan had been
effected through Sterling Birmingham, formerly with the
Windsor Trust Co. of this city. A sentence of not less than
three years nor more than seven years was imposed on Katz
by Justice Marcus, who at the same time granted a certificate
of reasonable doubt, which acts as a stay, and the accused
was released under bonds of $35,000.
— An order confirming the composition offer made by
Ennis & Stoppani, the failed Consolidated Exchange house,
with its creditors was signed by Judge Hough of the United
States District Court on the 4th inst. The arrangement
thereunder calls for the settlement of the claims as follows:
15 % in cash and 8 5 % in notes payable in six, twelve, eighteen
and twenty-four months. Lindsay Russell, the trustee, is
directed to deposit $150,000 with the Trust Company of
America to carry out the offer, and to turn over all property
and assets in his possession except the cash to the bankrupts.
The trustee is, however, it is stated, to reserve sufficient
funds to pay claims of 2G3 creditors, the amounts of which
are either undetermined or unliquidated. The firm failed
on April 13 1909.
— The agreement under which an option on the stock of
the Williamsburgh Trust Co. of Brooklyn Borough was
given to interests in the Metropolitan Trust Co. of this city
has been extended for another year. The original agreement
was entered into at the time the reorganization of the W ill­
iamsburgh Trust Co. was effected. It was dated May 5 1908
and had two years to run. Through it the company was
enabled to reopen its doors and to pay all its depositors in
full. The Brooklyn “ Eagle” states that, according to the
terms of the agreement, shareholders representing approxi­
mately 8 0 % of the entire stock issued gave options upon
their holdings, to be purchased at par, to General Brayton
Ives, President of the Metropolitan Trust Co., and to the
company itself, and deposited their shares with the Brook­
lyn Trust Co. to the order of the voting trust created under
the agreement, consisting of Gen. Ives, J. Edward Simmons
and William N . Dykman, as voting trustees. Its renewal
for a further period of one year to May 5 1911, which has
just been effected, was recommended to the shareholders
by the directors of the institution because of their belief in
the value of the continuance of the relations thereby estab­
lished. The Williamsburgh Trust has a capital of $700,000.
— Henry R. Mallory, President of the Mallory Steamship
Co. and other lines, was this week elected a trustee of the
Franklin Trust Co. of Manhattan and Brooklyn Boroughs,
to succeed Edward S. Harkness, resigned.
— Howell M. Reeve has disposed of his holdings in the
Riverhead Bank of Riverhead, Long Island, and resigned
from the presidency. The institution is shortly to be con­
verted into a trust company.
The Jersey City “ Journal” reports that the interest in
the l'irst National Bank of Bayonne, N. J., held by interests
in the Mechanics’ Trust Co. of Bayonne has changed hands.
George Carragan, President of the bank, is the purchaser
of the stock in question, which is relinquished by De W itt Van
Buskirk, President of the Mechanics’ Trust, and others iden­
tified with the company. With the change, Mr. Van Bus­
kirk retires from the board of the First National, together
with Charles S. Noe, F. C. Earl, C. B. Zabriskie and It. R.
Maffett. Mr. Carragan resigns from the board of the Me­




[ VOL. L X X X X .

chanics’ . Edwin II. Bennett, of the Singer Sewing Ma­
chine Company, has been elected to fill one of the vacancies
in the board of the First National. The First National was
originally the Bayonne Bank. It began business in April
1903, its conversion having occurred in 1907. It has a capi­
tal of $100,000.
— The North Avenue Bank of New Rochelle, N . Y ., which
recently obtained a charter from the State Banking Depart­
ment, opened for business on Monday the 2nd inst. The
bank is located in the northern section of the city, whose
rapid development has demonstrated the need for additional
and convenient banking facilities. The bank has been or­
ganized with a capital of $50,000 and a surplus of $25,000,
the entire amount of which, it is announced, has been paid in.
It occupies premises at 41 North Avenue, in the new fivestory building recently erected.
All of the directors of the in­
stitution are old residents of New Rochelle, and arc repre­
sentative of its substantial business interests. The officers
are Alonzo Guest, President; John J. Crennan, Vice-Presi­
dent, and J. W . Spalding, Cashier.
— The formation of an organization to be known as the
Massachusetts Trust Company Association was perfected
at a meeting of representatives of the trust companies of
the various cities of the State held at Boston on April 28.
The organization is along the lines of the Massachusetts
Bankers’ Association, except that instead of embracing all
thefinancial institutions of the Commonwealth,it is intended
to bring together the trust company interests only. The
officers of the new association are: President, Philip Stock­
ton, President of the Old Colony Trust Co. of Boston; Vice­
Presidents, J. G. Mackintosh, President of the Springfield
Safe Deposit & Trust Co. of Springfield; Allan Forbes, Vice­
President of the State Street Trust Co. of Boston, and
Secretary and Treasurer, A. C. Ratshesky, President of
the United States Trust Co. of Boston.
— Boston’s newest financial institution, the Paul Revere
Trust Co., started its career on Monday, the 2nd inst., with
its opening at 80 Washington St. The company has a capi­
tal of $200,000 and a surplus of $25,000. Charles L. Burrill is at the head ot the institution and he is associated with
J. Rottenberg as Vice-President, W . E . Moreland as Treas­
urer and W . H . Pratt as Secretary.
Mr. Burrill was for­
merly Vice-President and Treasurer of the Adams Trust Co.
of Boston, which was consolidated with the American Trust
in 1906. Mr. Pratt was lately Assistant Secretary of the
United States Trust Company of Boston.
— John II. Converse, President of the Baldwin Locomo­
tive Works of Philadelphia, who died on the 3d inst., was a
director of several financial institutions of that city, includ­
ing the Philadelphia National Bank, the Philadelphia Trust,
Safe Deposit & Insurance Co., the Real Estate Trust Co. and
the Philadelphia Savings Fund Society. lie was also promi­
nent in civic affairs. Mr. Converse was seventy years of age.
— The question of increasing the capital of the American
Bank of Philadelphia from $100,000 to $200,000 will be sub­
mitted to the stockholders for ratification at their annual
meeting on June 6. The new stock will be offered to the pres­
ent shareholders at par, $50 per share. The stock is now
said to be commanding $91 per share. The institution be­
gan business in June 1908 with a capital of $50,000 and a
surplus of $10,000. In March 1909 the capital was increased
to $100,000, which amount it is now proposed to double.
— The Fidelity Trust Company of Philadelphia has de­
clared a quarterly dividend of 8 % , as against 5 % heretofore,
the yearly rate thus being increased from 2 0 % to 3 2 % . It
is stated that the President, in recommending the increase,
pointed out that the company’s yearly net earnings for the
past ten years had been over 5 0 % , and that, with $10,303,641
surplus and undivided profits, all of which has been earned,
the board is justified in placing the stock on the new basis.
— Daniel P. Berg has been elected President of the Manu­
facturers’ Bank of Pittsburgh, to succeed the late John C.
Stevenson. Mr. Berg had been Cashier of the bank since
its organization in 1889. John C. Rudolph is hie successor
in the cashiership.
— Emil Winter, President of the Workingmen’s Savings
Bank & Trust Co. of Allegheny, P a., who recently pleaded
no defence to the charge of bribery in connection with the
naming of his bank as a city depositary, filed a petition in the
Criminal Court this week asking that he be excused from ap­
pearing for sentence on the 14th inst. The furthor request
was made that he be permitted to leave the jurisdiction of
the Court until September to go to Carlsbad, Germany, for

May 7 1910.

THE CHRONICLE

treatment for congestion of the brain, from which he alleged
he is suffering. The Court granted the request and he was
released under $50,000 bail.
— The Ohio Valley Bank & Trust Co. of Cincinnati has
been incorporated with $250,000 capital. The organization
of the proposed institution, engineered by George W . Platt,
has been under way since January. It is scheduled to open
in June under the presidency of O. L. Ballinger, now Vice­
President of the Lancaster National Bank of Lancaster,
Ohio. The stock of the Ohio Valley Bank & Trust (par $100)
will be sold at $120 per share, creating a surplus of $50,000.
It is stated that it is the purpose to increase the capital later
to $500,000.
— Charles H . Kellogg, President of the Third National
Bank of Cincinnati, at the time of its consolidation with the
Fifth National in 1908, died on the 29th ult. With the for­
mation of the Fifth-Third National Bank Mr. Kellogg be­
came a director of the enlarged institution, but had since
retired from the board. He was sixty-five years of age.
— The two new Chicago institutions in which Senator William
Lorimer is interested— the La Salle Street National Bank
and the La Salle Street Trust Company— are to begin busi­
ness on Monday next, May 9. At a meeting of the stock­
holders of the bank this week, Senator Lorimer was elected
President; C. B . Munday was chosen First Vice-President;
J. M. Appel, Second Vice-President; C. Claven, Cashier;
Charles G. Fox, First Assistant Cashier; Thomas B . McDon­
ald, Auditor; William Lorimer Jr., Secretary; Leonard Lori­
mer, Assistant Secretary. Both institutions have a capital
of $1,000,000 each.
— The banking house of McCornick & Co. of Salt Lake
City, Utah, conducted for the past thirty-seven years as a
private bank, was incorporated on April 1, a number of
wealthy and prominent men having purchased an interest
in the business. The bank continues under the name of
McCornick & Co., bankers, and as an incorporated institu­
tion starts with a paid-up capital of $600,000 and a surplus
of $100,000. The officers and directors are W . S. McCor­
nick, President; D. C. Jackling, Vice-President and General
Manager of the Utah Copper Co., Vice-President; S. A . W hit­
ney, Cashier; L. B . McCornick and It. L. Conely, Assistant
Cashiers; C. M. MacNeill, President of the Utah Copper Co.;
James A . Pollock, banker, Salt Lake City; Charles Hayden,
banker, New York City; Spencer Penrose, Secretary Ray
Consolidated Copper Co.; It. W . Salisbury, capitalist, Salt
Lake City; It. J. Hagenbarth, capitalist, Salt Lake City;
T . It. Cutler, Vice-President and General Manager UtahIdaho Sugar Co., and Lyttleton Price, capitalist, Salt Lake
City.
— J. It. B . Carraway, former teller of the National Bank
of Newbcrn, at Newborn, N . C ., was sentenced on the 30th
ult. to five years in the Atlanta penitentiary, following his
conviction on charges of false entries and the misappropriation of funds of the bank.
— An application to convert the Broadway Bank & Trust
Co. of Nashville, Tenn., into the Broadway National Bank
was approved by the Comptroller of the Currency on April 21.
With the conversion of the institution, its capital, now $100,■000, will be increased to $200,000.
— We are favored with the following information relative
to the Gulf Land & Trust Co. of Beaumont, T ex., which was
reported some months ago to have been formed as a reorgan­
ization of the Park Bank & Trust Co. of that city.
B e a u m o n t, T e x a s . A p ril 26 1910.
“ R eferrin g t o y ou rs 15th Inst, w ith in , y o u are a d v is e d th a t the G u lf L and
& T ru st C o. w as n ever o rg a n iz e d . T h e d e v e lo p m e n t w en t fa r e n o u g h as
to h ave co m e o u t In the new spapers, b u t later th e w o rk w as tu rn e d Into
a land c o m p a n y pure a n d sim p le — th a t o f the U ca u m o n t L a n d & B u ild in g
C o. n ow In o p e r a tio n In this c it y , w ith a p a id -u p ca p ita l o f 530 0,00 0; an d
all the assets o f the Park B a n k & T ru st C o ., an In stitu tion o u t o f w h ich the
G ulf L a n d & T ru st C o. w as e x p e c te d to take b e g in n in g , w ere tran sferred
t o the new lan d c o m p a n y , an d the P a rk B ank & T ru st C o. Is now all b u t
lega lly o u t or e x is te n c e .’ ’

— The Mississippi Bankers’ Association will convene in an­
nual session next week, on the 10th and 11th inst., at Nat­
chez. Leslie M. Shaw, ex-Sccretary of the Treasury, is
expected to address the meeting.
— The eleventh annual meeting of the stockholders of the
Mercantile Trust Company of San Francisco took place on
April 27. As has previously been noted in these columns,
the banking business of the institution was transferred on
March 5 last to the new Mercantile National Bank. At the
company’s annual meeting net earnings for the year, after
the payment of all expenses and taxes, were reported to be
in’ excess'of $300,000. The sum of $200,000 was applied in
two_dividends, declared respectively in September 1909 and




1317

March 1910. The combined capital and surplus of the two
institutions (March 31 1910) stands at $4,118,414. The
officers of the trust company have been re-elected as follows:
W . G. Irwin, President; Henry T . Scott, Vice-President;
John D . McKee, Vice-President and Cashier; W . F . Berry,
Assistant Cashier and Assistant Secretary; O. Ellinghouse,
Assistant Cashier and Secretary, and R . M. Sims, Trust
Officer.
Canadian Bank Clearings.— The clearings of the Canadian
banks for the month of April 1910 show an increase over the
same month of 1909 of 2 6 .8 % , and for the four months the
gain reaches 2 5 .2 % .
April.

Clearings at
1910.

Four Months.
Inc. or
Dec.

1909.

Canada—
S
s
%
M ontreal------ 165.685,174 135,180,233 + 22.6
Toronto ____ 131,380,131 111.289,680 + 18.1
Winnipeg____ 70,540,417 54,395,883 + 2 9 .7
V ancouver-. . 36,731,598 20,057,652 + 83.1
O tt a w a ......... 17,612,895 14,841,326 + 18.7
Q uebec...........
9,298,355
8,494,393
+ 9 .5
H a lifa x _____
8,216,218
6,859,163 + 19.8
8,278,313
Hamilton-----6,250,931 + 32.4
6,252,644
St. John------5,546,313 + 12.7
London .........
6,026,630
4,981,400 + 2 1 .0
C a lga ry-------- 14,075,142
6,400,258 + 119.9
7,239,383
Victoria ____
5,529,870 + 3 0 .9
5,370,143
4,044,054 + 3 2 .8
E d m on ton -. .
3.387,005 Not lncl. In total,
Iteglna .........
B ra n d o n ____
2.075.157 Not lncl. In total.
T ot. Canada 486,713,043 383,871,156

1910.

Inc. or
D ec.

1909.

8
S
655,961,413
521,818.356
506,975,317 439,523,472
252,994,967
197.044,713
130,955,728
74.031.863
62,697,214
54,165.995
37.206.829
34,096,708
31,804,355
27,978,906
31,439.231
23,963,230
24.164,664
21,504,303
21.956,203
19,804,137
44,190.661
24,465.272
28,204,808
19,026,994
19,202,980
15,017,184
12,833,340 N ot lncl. In
2,075,157 Not lncl. In

%
+ 2 5 .7
+ 15.3
+ 28.4
+ 76.9
+ 15.8
+ 9.1
+ 13.7
+ 3 1 .2
+ 12.4
+ 10.9
+ 8 0 .6
+ 4 8 .2
+ 2 7 .9
total,
total.

+ 2 6 .8 1,847,754,400 1,472,441,133 + 2 5 .2

The clearings for the week ending April 30 make a satis­
factory comparison with the same week of 1909, the increase
in the aggregate having been 3 1 .5 % .
Week ending A pril 30.
1909.

Inc. or
Dec.

S
30.243,907
25,522,268
11,969,510
4,812,159
3,179,179
1,887,327
1,488,682
1,320,007
1,373,582
987,376
1,416,332
1,139,367
979,555
Not Include
Not include

%
+ 56.8
+ 1.9
+ 29.0
+ 6 1 .6
+ 16.1
+ 12.1
+ 10.7
+ 2 1 .2
— 5.1
+ 9 .9
+ 86.0
+ 3 4 .9
+ 16.7
d In to
d In to

1910.
Canada—
Montreal ______ _________
T oronto......... .......... ............
W in n ip eg................... ........
V a n cou ver..... ................ ..
O tta w a .................................
Q u e b e c....... .....................
H alifax.................................
H a m ilton ............................
St. John..................... ........
London ...............................
Calgary ..............................
Victoria........... .....................
E d m o n to n .................... ..
R e g in a .................................
Brandon ............................
Total Canada_________

$
47,428,341
26,000,000
15.435,204
7.774,472
3,691,047
2,116.358
1,647.682
1,600,000
1,303,783
1,085,175
2,634,160
1,537,914
1,142,970
792,196
394.558
113,397,106

86,319,251 + 3 1 .5

m as

1908.

1907.

$
S
25,561,203 27,011,126
20,808.413 24,217,387
11,309,355 12,278,692
3,296,757
3,169,983
3,305,599
2,344,993
1,821,281
1,852,600
1,510,904
1,642,356
1,332,4451
1,731,804
1,113,294
1,190,526
1,315,184
1.080,758
1,013,951
1,384,531
944,475
1.209,713
650,079
882.195
tal.
tal.
73.057.824

80.921.780

Clearings by Telegraph— Sales of Stocks, Bonds, & c.—
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tames is crowded out once a month.
The figures are received by telegraph from other leading
cities. It will be observed that, as compared with the cor­
responding week of 1909, there is an increase in the aggregate
of 8 .1 % .
Per
Cent.

Clearings— Returns by Telegraph.
Week ending M ay 7.

1910.

1909.

New Y ork ...............
B o s to n ........................
P h iladelphia........... . .
Baltim ore........................
Chicago ..................
St. L o u is ................ - ..................................
New Orleans__

S I,967,512,007
147,114,168
150,954,068
26,838,507
250,395,117
69,846,712
13,192,049

$1,835,239,219
148,066,909
118.195,596
28,187,539
257,092,437
55,885.970
13.270,608

+ 7.2
— 0.6
+ 2 7 .7
— 4.8
—0.3
+ 2 5 .0
— 0.6

Seven cities, five days.
Other cities, live d a y s ............................

$2,631,852,628
485,796,247

$2,455,938,278
447,632,816

+ 7 .2
+ 8 .5

Total all cities, five days______ _____
All cities, one d a y .. .

$3,117,648,875
562,103.219

$2,903,571,094
500,675,893

+ 7.4
+ 12.3

Total all cities for week............... ........

$3,679,752,094

$3,404,246,987

+ 8.1

Other Western Clearings brought forward from first page.
Week ending A pril 30.
Clearings at—
1910.

1909.

Inc. or
Dec.

1908.

1907.

Kansas C i t y ____
Minneapolis.........
O m aha........... ......
St. Paul________
Denver..................
St. Joseph--------Des Moines.........
Sioux City...........
W ich ita ................
Lincoln ------------Davenport...........
Topeka ................
Cedar R a p id s .. .
Colorado Springs
Pueblo ------------F r e m o n t.............
Fargo .................
Sioux Falls_____
D uluth_________

S
48,616,326
17,688,171
15,913,088
10,088,247
8,463,615
6,300,000
3,552,799
3,003,492
2,785,992
1,388,846
1,698,938
1,335.741
1,119,291
475,000
443,243
208,626
837.207
825,000
3,457,207

S
43.045.245
15,893,827
13,710,543
7,653,368
7,291,169
5,653,150
3,359,110
2,390,645
2,472,300
1,381,525
1,336,166
1,091,482
1,071,033
449,592
371,696
320.566
567,688
775,000
2.517,000

%
+ 12.9
+ 11.3
+ 16.1
+ 3 1 .8
+ 16.1
+ 11.3
+ 5.7
+ 25.6
+ 12.7
+ 0.5
+ 2 7 .1
+ 21.3
+ 4.5
+ 5.7
+ 19.2
— 34.9
+ 47.3
+ 6.5
+ 3 5 .2

$
34,084,189
17,810,261
10,816,378
8,775,0SC
7,109,554
4,476,371
2,758,643
1.932,164
1,194,964
1,150,701
921.22E
867,45'j
798,82£
750,000
401,58(
305,06S
440,19C
525.000

$
29,956,555
22,067,262
11.462,656
9,786,068
7,940,511
5,696,111
3,106,311
2,289,730
1,353,983
1,384,672
1,492.085
837,969
673,138
780,051
596,867
287,849
412,757
383.900
................

Tpt- oth. West.

128,146.829

111,351,105

+ 15.1

95,117.666

100,323,475

---

THE CHRONICLE

1218

Four Months.

April.
Clearings at—

Inc. or
Dec.

1909.

1910.

•S
%
195,609,993 + 18.3
Kansas C i t y ____
Minneapolis_____ 83,814,799 70,359,839 + 19.1
O m aha................. 71,329,238 60,759,295 + 17.4
St. Paul________ 46,711,371 36,106,909 + 29.4
D enver_________ 40,358,184 36.918.728 + 9.3
St. Joseph--------- 31,851,366 25,628,933 + 24 .3
Des M oines_____ 18,655,461 16.191.729 + 15.2
Sioux C ity______ 13,608,870 10,820,972 + 25 .8
12,827,056 11,212,638 + 14.4
W ich ita ________
6,558,013
6,515,340 + 0.7
L in c o ln ________
7,138,972
6,027,174 + 18.4
D avenport--------0,051,186
opeka ------------5,399,744 + 12.1
6,017,750 4,747,227 + 2 6 .7
C el r R a p id s .. .
Colorado Springs 3,091,649 2,898,596 + 6,7
2,464,183
Pueblo
--------2,226,168 + 10.7
F r e m o n t_______
1,301,450
1,247,362 + 4.2
Fargo ..................
3,912,888 2,894,319 + 35.2
Sioux Falls_____
4,094,299
2,509,716 + 63.2
D ulu th_________ 13,916,286 Not incl. In total.
S

1910.

Inc. or
Dec.

1909.

$
$
889,808,508 762,873,654
360,045,243 277,444,327
291,411,676 237.685.099
180.396.098 152,331,998
162.685.099 150.495.100
129,039,549 109,138,450
70,425,721
61,592,627
53,445,752
44,133,409
48,038,006
35,517,576
25,681,808
28,481,0SS
27,690,291
22,841,837
22,749,279
22,895,143
25,115,402
17,989,146
11,868,515
12,158,5S4
10,020,370
9,237,909
6,895,915
6,319,195
10,62S,327
14,945,676
16,104,351
10,737,000
54, 249,045 Not lncl. In

%
+ 16.0
+ 29.8
+ 2 2 .6
+ 18.4
+ 8.0
+ 18.2
+ 24.1
+ 21.1
+ 3 5 .3
+ 10.9
+ 21.2
— 0.6
+ 3 9 .8
+ 2.4
+ 15.0
+ 9.1
+ 40.6
+ 50.0
total.

T ot oth. West. 591,197,099 198,074,682 + 18.7 2,356,152,068 1,969,411,216 + 19.6

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the four months of 1910 and 1909 are given below.
Four Months, 1910.
Descrip­
tion.

Par Value
or Quanlty.

Aver.
Pr ice

Par Value
or Quantity.

Actual
Value.

Aver.
Price

S tock/S h s.
09,629,093
62,318,912
\Val. $6,295,181,451 >6,228,350,885 98.9 $5,711,521,975 35,455,897,905 95.5
RR . bonds $250,020,000 $247,08$,54,‘ 96.5 $456,768,500 $436,825,139 95.7
$165,849 107.7
G ov't bds.
$154,001
$184,701
$187,472 101.5
State bds_.
$21,874,201
$15,372,601
*21,764,043 99.5
$15,041,338 101.8
$10,601
Bank st’ks
$485,600
$1,086,524 223.8
$18,704 176.5
Total

FO R E IG N T R A D E M OVEM ENT O F T H E U N ITE D STATES.
(In the following tables three ciphers (000) arc In all cases om itted.)
-1908-09
-1 9 0 9 -1 0 Exports. Imports.
Exports. Imports.
Excess.
Excess.
$
Merchandise.
$
S
$
8
$
352,970
276,047 + 76,923
Ju ly-S ep t_____ . - - 373,052
350,597 + 22,455
317,875 + 204,193
522,068
406,927 + 160,247
O ct.-D ec______ - -_ 567,174
156,713
103,577 + 53,136
January ______ - . 144,401
133,670 + 10,791
118,654
February _____ . . .
126,052
+ 7,398
130,123
124,558
— 5,565
132,871
+ 6,417
March _______ - . 143,700
162,955 — 19,255
139,291
T o ta l_______ . . _ 1,352,945 1,184,272 + 168,673
Oold and Gold in Ore.
Ju ly-S ep t-------- - - .
33,439
10,970 + 22,469
35,608
I2.9S2 + 22,626
O ct.-D e c______
6,163
January _______. . .
2,131
+ 4,0 32
2,937
February ......... . - 3,063
— 126
4,492
March .............
1,815
— 2,677
79,962
T o ta l.............
Silver and Silver in Ore.
13,930
Ju ly-S ep t......... . . .
14,303
O ct.-D ec______ . . .
4,498
J a n u a ry ........... .. - F eb ru ary......... .. . .
4,588
March ________ . . .
4,553

$0,573,721,250 36,498,455,849 98.9 SO, 183,858,375 35,908,570,018 95.5

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1910
and 1909 is indicated in the following:

65,676

36,027

+ 29,649

+ 3,561
+ 1,356
+ 250
+ 1,433
+ 680

13,207
13,056
4,542
4,853
5,079

9,651
11,431
3,064
3,509
3,280

+ 3,616
+ 1,624
+ 878
+ 1,344
+ 1,799

T o ta l________. - 41,872
34,592
+ 7,280
+ Excess of exports. — Excess of Imports.

40,797

31,530

+ 9,2 61

W e subjoin the totals for merchandise, gold and silver for
nine months since July 1 for six years:
Nine
Months.

The following compilation covers the clearings by months
since Jan. 1:
M O N TH LY CLEA RIN GS.

__________

Clearings Outside New York.

Clearings, Total All.
Month.
1910.

1909.

1909.

1910.

%

S
S
Jan - ­ 17,141,348,295 14,050,390,538 + 22.0
Feb _ - 13,108,985,258 11,258,311,084 + 16.4
M c h .. 15,017,382,183 12,621,772,489 + 19.0

$
5,892,272,314
4,957,845,197
5,971,198,670

%

S
5,166,090,843 + 14.0
4,370,605,760 + 13.4
5,134,934,369 + 16.3

1st q r. 45,267,715,736 37,930,474,111 + 19.3 16,821,315.081 14,671,630.972 + 14.7
April . 14,001,337,832 13,689,120,791

+ 2.3

5,659,725,660

5,074,392,114 + 11.3

The course of bank clearings at leading cities of the coun­
try for the month of April and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
HANK CLEA RIN GS A T LE AD IN G CITIES.
-------— ------ A pril---------------------------------- Jan. I to April 30---------1910.
000,000s
1910. 1909. 1908. 1907.
1909.
1908.
1907.
omit led.
$
8
S
S
$
S
$
$
New Y ork ............... 8,342 8,615 5,488 7,668 36,788 31,874 22,635 34,199
4,792
1,230 1,117
3,827
Chicago --------992 1,027
4,446
4,061
2,988
728
Boston - . - ...........
687
758
579
2,850
2,323
3,055
P h iladelph ia.........
642
582
487
2,611
2,151
668
1,911
2,484
272
St. L ou is------------ 244
258
1.230
1,001
317
1,109
1,062
251
Pittsburgh ............. .
178
860
713
237
199
698
948
198
749
190
160
140
610
San F ran cisco.__ .
550
797
101
110
125
432
114
Cincinnati______
456
416
484
122
520
95
Baltimore - ...........
128
115
456
392
501
154
134
Kansas C ity...........
196
890
763
231
573
529
C leveland________
59
76
322
68
264
87
244
294
353
74
60
288
New Orleans...........
74
66
285
350
360
Minneapolis .........
84
70
77
87
277
327
318
62
46
56
248
52
Louisville
...........
236
194
233
76.
55
222
D e tr o it....................
57
56
213
289
227
42
44
220
195
Milwaukee - ______
55
46
175
186
74
Los Angeles-------57
43
50
268
210
159
224
34
31
Providence ...........
26
33
138
124
108
437
O m a h a ........... ........
61
48
238
198
71
46
291
187
41
B u ffa lo ....................
33
166
144
131
37
38
111
47
152
St. P a u l___
36
36
39
180
154
145
132
Indianapolis . . .
36
33
29
33
117
152
127
D e n v e r ...................
33
121
to
37
33
150
163
131
Richm ond________
32
27
23
26
114
97
135
108
Memphis ................
23
19
93
24
20
115
89
88
S eattle.......... ........ ..
33
55
44
42
159
204
123
156
H a r t fo r d _____ __
19
14
17
17
79
62
56
65
Salt Lake City____
28
30
19
108
100
26
70
100
Total _________ 13,083 12,916
Other c itie s .. _____
918
773

9,173 11,955
682
616

55,651
3,618

48,588
2,561

37,190
2,561

51,350
2,746

Total all______ _ 14,001 13,689
Outside New York. 5,659 5,074

9,789 12,637
4,301 4,969

59,269
22,481

51,619
19,745

39,751
17,116

51,090
19,897

IM P O R T S

A N D

EXPO R TS FOR

M AR CH .

The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for March’, and from
it and previous statements we have prepared the following
interesting summaries:




S
7,280
9,261
10,015
10,253
18,154
17,533

Similar totals for three months since January 1 for six
years make the following exhibit:
Gold.

1910
1909
1908
1907
1906
1905

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

E x­
ports.

Im­
ports.

Excess
E x­
of
Exports ports.

$
412,720
422,056
515,460
510,499
457,880
367,446

$
426,749
355,104
258,864
382,703
324,352
311,858

$
$
714,029 10,915
66,952 37,978
256,596 3,859
127,790 5,703
133,528 20,116
55,588 34,015

Silver.

Excess
Im­
E x­
of
ports. Exports ports.
$
9,686
12,159
17,295
11,017
10,316
9,223

S
$
1,229 13,639
25,819 14,474
/13,436 12,580
/5,944 11,660
9,830 19,167
24,792 12,593

Excess
Im­
of
ports. Exports
$
11,276
10,453
10,831
11,385
12,077
6,515

8
2,363
4,021
1,758
3,284
6,488
6,07*

/E x c e s s o f Imports.

In these tables of totals, gold and silver in ore for all years
are given under the heads respectively of gold and silver.
The following shows the merchandise balance for each year
back to 1875:

EXCESS OF M ERCH AN DISE IM PO RTS O R E X P O R T S .
9 months ending March 31 —
3 months ending March 31—
Exports
$530,917 1875.
1875 ............
.
Exports $1,695,57*
1876 ........
Exports 00,200,205 1876.
.................................................
Exports 30,62
1877 ___
Exports 151,775,992 1877
________Exports 41,520,311
1878 ......
Exports 203,114,701 1878
Exports 101,155,003
1879 ______________ Exports 229,272,061 1879
________Exports 72,647,006
________Exports 22,561,873
Exports 159,082,291 1880
1880 ....
1881 ....
Exports 234,840,790 1881
________Exports 73,128,038
1882 ......
Exports 65,094,2 18 1882
...............Exports
245,495
.
Exports 50,834,993
18.83. ...........................Exports 105,410,462 1 8 8 3 ..
1884 ........
Exports 83,222,414 1 8 8 4 ..
.
Exports 21,162,333
1885 ....
Exports 157,994,850 1885
Exports 48,040,123
1886 ------Exports 44,513,454 1886
...............Exports
553,978
________ Exports 17,626,656
1887..................... . .E xports 6$,5S0,226 1887
1888 .................
Exports 15,647,454 1888
Imports 17,925,209
Exports 5,623,324
1889 .......................... Exports 33,548,303 1889
IS90----------------Exports 111,902,104 1890
...
Exports 24,002,466
_
Exports 20,905,566
1891_________
.E xports 79,731,751 1891
...
. . Exports 53,932,822
1892..................
Exports 209,383,006 1892
Imports 37,454,80*
1893.......................
Exports
9,652,488 1893
Exports 50,951,614
1894-...................
Exports 228,457,354 1894
....
..E x p o r ts
7,215,171
1895..........
Exports 87,518,406 1895
Exports 42,664,737
1890 ..........................Exports 70,590,561 i860...........
_ . . . -Exports 74,112,377
1897 ...............
Exports 323,413,622 1897
.............. E xports 150,500,077
1898 ....
Exports 470,651,994 1898
Exports 122,669,317
1899 .......................... Exports 447,970,376 1808
1900. - .................
Exports 411,854,666 1900_____ _____ - Exports 139,927,859
Exports 164,000,645
1901 ........................ .E xports 5 10,2 11,953 1901................
..
Exports 105,748,547
1902 ........
Exports 402,292,975 1902
.............. Exports 127,644,766
1903 ___
Exports 337,159,810 1903
_
Exports 117,773,627
1904.......................... Exports 422,124,982 1904
...... - ..E x p o r ts 55,588,113
1905 ........
Exports 305,609,123 1905
...............Exports 133,528,338
1906 .................
Exports 430,346,993 1906
1907 ......
Exports 385,055,070 1907
Exports 127.706,006
1908 ...............
Exports 567,681,323 1908
...
Exports 256,596,127
1909 ..................... Exports 348,066,992 1909
...............Exports 00,951,990
1910. - .........................Exports 168,673,237 1910
Imports 14,028,780
.

April 14,0S9,639 1,279,487,675 1,250,488,974 19,055,618 1,719,193,800 1,647,943,217

$
34,592
31,536
34,348
31,936
33,443
18,827

_

ls tq r 55,539,454 5,015,693,775 1,971,861,911 43,263,294 3,992,328,175 3,807,954,748

$
41,872
40,797
44,993
42,189
51,597
36,360

_ .

S
S
$
$
Jan . 24,538,649 2,255,816,775 2.236,641,564 17,275,500 1,609,551,575 1,550,409,801
Feb _ 16,012,026 1,423,073,275 1,407,743,928 12,337,199 1,142,192,700 1,082,075,181
M ch- 14,988,179 1.330,803.725 1,327,476,419 13,650,595 1,240,583,900 1,175,469,766

Excess
Im­
of
ports. Exports

S
S
$
$
$
$
1,352,945 1,184,272 168,673 79,962 33,638 46,324
1,297,094 949,027 348,067 65,676 36,027 29,649
1,498,436 930,755 567,681 22,774 139,225 7116451
1,450,900 1,065,845 385,055 20,802 104,648 783,886
1,343,902 913,555 430,347 27,109 44,000 716,891
1,145,039 839,430 305,009 86,778 46,262 40,516

Merchandise.

Actual.

Silver.

Excess
Im­
E x­
of
ports. Exports ports.

/ Excess of Imports.

Values.
Par.

Cold.

_ .

Actual.

Im­
ports.

E xports.
1909-1C
1908-09
1907-08
1906-07
1905-06
1904-05

Excess
E x­
of
Exports ports.

.

Number
of
Shares.

Values.
Par.

+ 3,400
+ 430
+ 4,444
+ 5,285
+ 16,090

_

M ’th. Number
of
Shares.

12,020
11,848
3,421
3,576
5,162

+ 46,321

Three
Months.

1909.

919027 + 3,48,067

15,420
12,278
7,865
8,861
2 1,252

10,369
12,947
4,248
3,155
3,873

SA LE S O F STOCK A T T H E N EW Y O R K STOCK EX C H A N G E .
1910.

1,297,091

33,038

Merchandise.

Four Months, 1909.

Actual
Value.

[V O L . L X XX X

JlTonctiivyl (Co m m cr ct a t g u g li s RJVcmo
[F ro m o u r o w n co rre s p o n d e n t.]
L o n d o n , S a t u r d a y , A p r i l 30 1910.
The stock markets have been rather neglected this week.
The fortnightly settlement which began on Tuesday morning
and ended last evening showed that the liquidation had
shaken out a large number of weak “ bulls” and that in con­
sequence the account open for the rise had been brought
within manageable proportions. Nevertheless, there has
not been a resumption of the eager buying of rubber and oil
shares which had gone on almost uninterruptedly for so
long a time. Partly this is due to an exaggerated fear of
the effect upon the money market of the collection of the
taxes which ought to have been paid last year. The collec­
tion of taxes is now beginning. The probability is that,
while a few people may have locked up the money, the great
majority have known all along that the money would-be
called upon somewhere about this time and therefore! are

May 7 1910. i

THE CHRONICLE

prepared. Probably the liquidation last week and the
hesitation this week are the result of the efforts being made
both by bankers and by investors to get ready for the taxgatherers next week.
In addition to this, the cablegrams describing the havoc
done to the cotton, the grain and the fruit crops in the
United States have naturally had a depressing effect upon
markets.
People hope that the reports arc greatly exag­
gerated and that the reality will turn out to be much better
than it is now painted. Still, nobody doubts that some
damage has been done, and therefore the news has had a
depressing effect. In Paris, again, preparations are being
made for a great Japanese loan amounting to 18 millions
sterling, bearing 4 % interest, and as all the great bankers
arc interested there is very little else doing in the market.
Furthermore, Paris is so largely interested in copper shares
that the depression in copper checks business on the Paris
Bourse.
In Germany, business is depressed by the strike in the
building trade. Happily, the strike is not as general as
was feared. But it is still bad enough and in consequence
business onjthe bourses is very slack.
All these various causes have had their influence upon the
London Stock Exchange, but probably we shall very soon
see a recovery. The Bank of England is growing exceed­
ingly strong. All the gold that it lost earlier in the year has
now been got back again, and as there are very large amounts
of gold on the way, the expectation is that in a week or so
it will be as strong in gold as it was at this time last year.
Money is decidedly cheaper in Germany than in London,
and the German exchange upon London is very nearly at
the gold point. If, therefore, the discount rate does not
fall away in London, the probability is that gold will come
from Berlin. Paris has already sent some gold and is ex­
pected to send more. And from other quarters small
amounts are looked for.
The best opinion in London is that the Brazilian demand
for gold is now satisfied and consequently that we have to
consider only, for some months at all events, the possible
demands of Russia and India. Russia has been exceedingly
moderate in her demands all this year, and, according to all
reasonable probability, will continue so. India has got a
very great deal of gold from Egypt and Australia, and
probably will not need to take much from the Bank of Eng­
land. The belief, hence, is that, provided the 4 % rate is
kept effective, the Bank of England will be strong enough
for all reasonable purposes in the course of the coming week.
The India Council offered for tender on Wednesday 90
lacs of its bills, and the applications exceeded 589 lacs at
prices ranging from Is. 3 l-32d . to Is. 3-32d. per rupee.
Applicants for bills at Is. 4 l-32d . and for telegraphic trans­
fers at Is. 3 1-lGd. per rupee were allotted about 9 .7 % of
the amounts applied for, and above in full.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
&c., compared with the last four years:
1910
April 27.

e

1909.
April 28.
£
29,976,230
12,795,097
44,690,917
15,368,812
30,881,916
28.955,379
39,481,609

190S.
April 29.

1907.
M ay 1.
£
29.165,705
0,327,889
46,005,103
15,321.023
32,844,079
25,042,269
35,757,974

1906.
M ay 2.
£
29,082,450
8,328.908
48,081,460
15,977,281
36,394,370
21.892,270
32.504.720

28.235.585
Circulation___
28,016.005
Public deposits.
8,444,064
9.992,770
Other deposits. - 43,508,134
43,132,633
Governm’ t securities 13,819,432
14,314,906
Other securities — 29,526,659
29,478,998
Reserve,notesAcoln 26,355,378
27,154,435
Coln& bull.,both dep 31,140,903
37,300,440
Prop, reserve to 11a51
50 5-16
hllttles..
p. e.
56 11-10
38 %
45%
3
Bank r a t e ....... p. •.
4
■
4
2Vi
3%
84 15-16
80 0-10
Consols, 2% p. c
SI 3-10
85 7-16
S9 11-16
21 (id .
24 11-lOd.
30 (id .
S ilv e r ......................
24 % d.
30 9-166.
246,990,000
Clear.-house returns 345,252.000 205,118,000
282,292,000 281,140,000

The rates for money have been as follows:
Bank of.England rate___ Open Market rate —
llauk bills— 00 d a y s ___
— 3 months
— 4 months.
.
—6 m onths___
Trade bills—3 months _
— 4 moil tli*
Interest allowed fo r deposits—
Hy Joint-stock batiks_____
Hy discount houses;
At call ...........
.........
7 to 14 d a y s ...... ...............

April 29.
4
3%
3%
3%
3%
4 (<i) 4
4@ 4%

.A pril 22.
4

April 15.
4

April 9.
4

3 13-16
3%
3 13-16
3 13-16
3% @ 3 15-16
3 13-10
3 13-10(43K 3 % @ 3 13-16 ;:! 11-16@ 3K
3 9-18@ 3
35i
3 0-16
4(44%
404 K
■IK
4@ 4 %
4K
■IK

2 'A

- /2

O Ivj

2%

2%

2 'A
2%

2 'A
2%

2%
m

2%

Miissrs. Pixley A Abell write as follows under date of
April 28:
G OLD .—The arrivals this week amounted to £838,000, and of these India has
taken about £200,000 and the Continent about £140.000, leavin'? the balance for
the Hank of England. The latter has received In addition £616,000 In eagles from
New York, and upwards of £3,000,000 are on the way, and they have now reduced
their buying price to 76s. 5d. On the present movement New York has so far sent
£6,400,000 to London and £600,000 to Brazil. £411,000 has arrived at the Ilank
to-day from Paris In eagles. In addition to the above, the Bank has received dur­
ing the week £320,000 In bars, £8,000 In French gold coin and £5,000 from Australia
In sovereigns, while £300,000 has been withdrawn for South Africa, £12,000 for
Argentina and £5,000 for Trinidad, and £5,000 has been set aside for the Straits
Settlements notes and gold reserve. The India Council has purchased £360,000 In
sovereigns due to arrive from Egypt on May 7 and £50,000 from Australia on May 21.
The Brazilian exchange has risen to I5 % d ., but this has so far led to no withdrawals
from here, an 1 It Is considered probable that, owing to the saving of time, all present
requirements will be satisfied from Argentina. Between now and the middle o f May
this will probably mean a total of £3,000,000. Brazil will then have accumulated
£20,000,000 In gold, which was the amount originally fixed as the limit for the issue
of notes on the basis of 10 mllrels. Next week we expect £878,000 from Sohth Africa
and £ 102,000 from India. Arrivals—South Africa, £772,000: West Africa, £50.000;
Australia. £10,000; total. £838,000. Shipments— Bom bay, £208,500; Colombo,
£22,600; total, £231,000.
S IL V E R .— Tho market continues (lrm and the price has risen %d. during the
week to 24 15-lfhl. Much of the recent buying has been for India, and although a
great portion of this Is believe I to he speculative, still It Is no doubt Inspired by
knowledge of the strong position In India, and unless there Is a complete failure of the
crops the resumption of purchases by the Indian Government becomes more proba­
ble every day. Currency reserves show a reduction of 1 crore on the week and stand
no higher than 26 >4 eror, s. The buying has made Itself more felt this week as China




1319

has been loss ready to sell; the margin between exchange and sliver Is too narrow
to make shipments profitable and sales have been confined to amounts falling due
for delivery and to one or two amounts shipped to India. Stocks in B om ba y show
no change and amount to £600,000, Including 2,000 bars In bond; the offtake Is re­
ported to be smaller. The price In India Is Rs. 83% per 100 tolnhs. At the close
the market Is dull but the undertone Is still good and higher prices are anticipated.
Arrivals New York, £200.000. Shipments— Bom bay, £25,000; Calcutta, £65,000;
Colombo, £2,500; Madras, £5,000; total, £97,500.

Ih e quotations for bullion are reported as follows:
GOLD.
Apr. 28. Apr. 21.1
S IL V E R .
A pr. 2S. A pr. 21.
London Standard.
s. d.
.9. d.
(
London Standard.
d.
d.
Bar gold, fine, o z -------- 77 9
77 9 (Bar sliver, line, o z ____ 24 15-16 24 9-16
U. o. gold coin, o z ------ 76 5
70 5 ( “ 2 m o. delivery, o z . 21 15-16 24 9-16
German gold coin, o z . . 76
5
76 5 [Cake silver, o z _______ 26 15-16
26%
French gold coin, oz__ 76
5
76 5 (Mexican dollars______ nom .
nom.
Japanese yen __________70
4
76 4 (
.
-

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
,
IM PO RTS.
Thirty-four weeks—
1909-10.
1908-09.
1907-08.
1906-07.
Im ports of w heat---------------- -CWt.64,946,140
58,272,400 62,564,400 55,078,200
17,371,800
16,357.800 17,038,800 16,248,300
Barley -----------O ats----------------------- ---------- ---------- 12.620,200
8,971,500
7,855,700
7,062,200
Peas----------------------1,676,433
931,010
1,164,980
1,251,880
B e a n s -----------1,849,141
934,560
829,170
637,630
Indian corn....... .............. . . .......... -.21,848,400 23,422,400 27.518,700 32,824,900
Flour -----------8,040,800
8,070,000 10,241,900
9,068,300

Supplies available for consumption (exclusive of stock on
September 1):
1009-10.
1908-09.
1907-0S.
Wheat Imported--------- -------- c w t .64,946,140
68,272,400 62,564,400
Im ports of f lo u r ............................. - . 8,040,800
8,070,000 10,241,900
Sales o f hom e-grow n.......................20,813,741
23,101,261 20,489,105

1906-07.
55,07S,200
9,068,300
19,641,713

Total
---------------93,800,681
Average price of wheat, w eek-----33s. 7d.
Average price, season............... —
33s. Id.

83,788,213
26s. 8d.
20s. 5d.

89,443,661
41s. 4d.
33s. 4d.

99,295,405
30s. lOd.
33s. 4d.

The following shows the quantities of wheat, flour and
maize alloat to the United Kingdom:
This week. Last week.
4,150,000
W h e a t . . ........... ......................... qrs. 4,210,000
Flour, equal t o _______________ krs.
150,000
110.000
Maize ..............
q rs,
170,000
180,000

1909.
3,035,000
110,000
405,000

1908.
3,310,000
185,000
335,000

English Financial Markets— Per Cable.
The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week:
London,
Week cndlny M ay 6.
M on .
Tuts.
Sal
Sliver, per o z ___ . . .
d 24 15 1G 24 15-10 24 %
Consols, new, 2 'A per cents 81 %
...
81K
For a ccou n t_________
81 3- 10 . . . . . .
81%
French rentes (In P aris).. fr 98.72 A 98 70
93.75
Amalgamated Copper C o__ 72 M
68 %
h Anaconda Mining Co.
.
8 5s
Atch. Top. A Santa P'c.
111%
109%
Preferred ______ ____ _. 105
105
Baltimore & O hio_______ .. . i U K
110 K
Preferred ________ _______ 91%
93
Canadian Pacific___ ________ 187 K
188K
Ches tpeake
Ohio
___ 865 s
84 ?4
Chicago Mlhv. & St. Paul
142 ,
140
Chicago Great Western
27 K
28 K
Denver & Klo Grande.
40 ?i
39 K
Preferred _____ . . . ___ 80
80
w
E r i e ........... .............................
27 K
285-s
O
£
First preferred_______ _
44%
45%
<
Second preferred_______
35 %
35K
Illinois Central............... ..
138
139
Louisville & Nashville
148
150
X
Missouri Kansas it Texas
42 K
41 K
w
Preferred ---------------------- 70 %
71
Nat. H R. o f Mex., 1st pref. 64 %
w
65
tv
Second preferred
...
29 K
20 A
N. Y. Central & Hudson Hlv 123
121 (J
N. Y . Ontario & Western
44%
43 K
X
Norfolk it W estern.
. 103
102
A
92
Preferred ___
91 %
Northern Pacific................... 133 K
130,K
a Pennsylvania______
. 68K
67
<
a Reading Co
. .
80 K
81K
46%
a First preferred ___ .
46 'A
50%
a Second p re fe rre d ........... 50 A
3
43%
Rock Is la n d ............... .......
45 Js
52
123
Southern P a c ific ..____ ____ 125
Southern Railway.
25 K
26 %
62
61%
Preferred — __________
183
Union Pacific__________ . . . 185%
Preferred _______________ 97 %
97%
83 J,
82
U. H. Steel Corporation.
Preferred ------------------ ..
120%
12 IK
Wabash ................................
20
1954
Preferred ...................... .... 44 K
43
70
Extended 4s........... ..........
69

c

%

a Price per share.

Wed.
24%
SI 9-16
81%
98.72%
67
8%
1105 s
105
U 1K
92%
189%
84 %
139%
27
39%
79%
28%
45
36%
147%
41
71
65
29K
121%
43 K
103
92%
J30
67
79
46%
51
43 K
124 K
26%
61%
183%
97
S3
121
19
42
69

Thurs
Fri.
24%
24 1380%
SI A
81 11- 16 81
98.57
08 K
67%
8%
S5i
112%
111%
104
105
112%
111%
93
92%.
190%
18956
87
87
142
142
28%
27 %
40%
41
80%
80
29
28%
46
45%
38
37%
138
137
148
148%
42%
42%
70
71
05
65
30
30%
122%
123
44%
43%
104%
104%
92 %
92%
132
131%
68
68
80%
80%
40%
46%
51%
51
45%
44%
127
127%
26%
27
62
62
185%
185%
97
97
84%
84%
121
122%
20
19%
45
69%
69%

44%

l>£ sterling.

iBcellancmrs Jltnus

(C om m ercial and B

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 T O C O N V E R T IN T O N A T IO N A L B A N K S
APPROVED.
T h e F a rm ers’ & M erch an ts’ B a n k o f F a lrv le w , O k la . C a pital, $ 2 5 ,0 0 0 ,
Into “ T h e F a rm ers’ & M erch an ts’ N a tio n a l B a n k o f F a lr v le w ."
T h e B r o a d w a y B ank & T ru st C o ., N a sh ville, T e n n ., Into “ T h e B r o a d w a y
N a tio n a l B a n k o f N a sh v ille .”
C a pital, $20 0 ,0 0 0 .
N A T IO N A L B A N K S O R G A N IZ E D .
A p r il 20 to A p r il 27.
9 .7 3 4 —
T h e B r a d fo r d N a tio n a l B a n k o f G reen ville, 111. C a pital, $10 0 ,0 0 0 .
Jo h n S. B r a d fo r d , P re s.; J o se p h M . D an iels, V lc c -P r e s .; H erm an
W . R le d e m a n n , Cashier.
9 .7 3 5 —
T h e F irst N ation a l B a n k o f R ic h m o n d , Cal. C a p ital, $ 1 0 0 ,0 0 0 .
C lin to n E . W o r d e n , P ie s .; E . A . G o w e , V lc e -P r e s .; Charles J . C rary,
Cashier.
9 .730—
T h e First N ation a l B a n k o f M a sco u ta h , 111. C a pital. $50 ,0 0 0 .
E rnst R . I la g ls t, P res.; H e n ry I lu c k e , V lc e -P r e s .; G ust J . S c h ev e,
Cashier; L ou is J . S c h e v e , A s s t. Cashier.
0 ,737— T h e First N ation a l B ank o f G rand R iv e r , l a .
C apital, $ 2 5 ,0 0 0 .
A . L . A c k e r ly , P res.; P a trick G riffin , V lc e -P r e s .; J . C. B ro th ers,
C ashier; J . E . F ie rce , A sst. Cashier.
9 ,7 3 8 — T h e First N ation a l B a n k o f M alta, M on t. C a pital, $25 ,0 0 0 . F . P .
S h e ld o n , P re s.; J . E . A r n o t. V lc e -P r e s .; J . D L a rso n , Cashier.
9 .7 3 0 —
T h e F irst N ation a l B a n k o f C oa lda le, P a . C a pital, $ 2 5 ,0 0 0 . J n o .
R . B o y le , P re s.; E v a n G . E v a n s a n d W . H . K o h le r, V lc e -P r e s .;
H . F . B la n cy , Cashier.
0 ,7 4 0 — T h e M erch an ts’ N a tion a l B a n k o f M o n tg o m e r y , W . V o . C a p ita l,
$ 2 5 ,0 0 0 . J . S . II111, P re s .;
P . C a m p be! . V lce -P re s .; B . E . C la y p o o i. Cashier.
A

s.

1220

THE CHRONICLE
DIVIDENDS.

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

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

Railroads (Steam).
Atch. Top. & S. Fe, com . (ciu.) (No. 20).
Atlantic Coast Line K R ., preferred______
Cleveland & Pittsburgh, reg. guar. (qu.)_
Special guaranteed (quar.)____________
Cripple Creek Central, pref.(qu.) (No. 18)
Ga. Sou. & Florida, 1st and 2d p r e f...
M exican Northern________ ____________
Missouri Kansas & Texas, preferred.
N orfolk Sc Western, com m on................
Preferred (qu ar.).................................
Pennsylvania (quar.)________ _____
Reading Company, second preferred____
Rom e Watertown Sc Ogdensburg (quar.)
Vandalla (q u a r .)......... ...........................
Street and Electric Railways.
Connecticut Ry. & L tg., com .A pref.(q u .)
Hartford. & Springfield St. R y ., pref_____
Havana Electric R y ., com . (quar.)(N o. 6)
Preferred (quar.) (N o. 17)___________
Met. West Side E lev., Chicago (q u a r .)..
Northern Texas Elec. C o., com. (qu.) (No. 3)
P a cific Gas A Elec. Co., pref. (q u a r.)..
Tampa Electric Co. (No. 2 1 )...............
Washington (D .C .) Ry. A Elec., com_____
P referred ...................... ...........................
Ranks.
Mechanics’ A Metals’ National (quar.).
Miscellaneous.
Amalgamated Copper (quar.)................
American Chicle, com m on (m onthly)____
Common (e x tra )............... ...................
American Colton Oil, common................
P referred __________________________
American District Telegraph of New York
Amer. Lt. A T rac., com m on (stock d lv .).
American Radiator, com m on (quar.)____
Preferred (q u a r .).......... ...........................
American Smellers’ Securities, pref. A (qu)
Preferred n (quar.) (N o. 2 0 )___________
American Steel Foundries (qu ar.)..............
American Telegraph A Cable, guar, (qu.)
American Tobacco, common (q u a r .)...
Common (extra)_________ __________
Rond & Mortgage Guarantee (qu ar.)____
British Columbia Packers' Ass’n, p r e f..
Butte Coalition (qu ar.)..........................
Butterick Company (quar.)......................
Cambria Steel (qu ar.)......... ...................
Casein Co., preferred (quar.) (No. 4 0 )__
Chicago Telephone (quar.)_____________
Consolidated Gas of New York (quar.)
Crex Carpet............................................. ..
Diamond Match (quar.)_______________
Electric Properties, pref. (quar.) (No. 14)
General Chemical, com m on (quar.)-------Gorham Manufacturing, com mon (quar.)
Great Lakes Towing, com m on___________
Internat. Harvester, pref. (quar.) (N o. 13)
International Nickel, com m on (qu ar.)___
Common (extra )_______________________
Internat. Smokeless I’ow . & Chem., pref.
Lehigh Coal A Navigation (N o. 120)____
Massachusetts Gas Cos., prc/.----------------Michigan State Telephone, com . (q u a r .)..
Preferred (qu ar.)........................ ..............
Mobile Electric C o., pref. (quar.)--------Montreal Light, Heat & Pow er.(q u a r .)..
National Lead, preferred (q u a r .)..........
Niles-Bemenl-Pond, com. (quar.)________
Preferred (quar.)......... ...... .......................
People’s Gas Light & Coke (qu ar.)...........
Pratt & Whitney C o., pref. (quar.)_______
Pressed Steel Car, pref. (quar.) (No. 45).
Procter Sc Gamble, com mon (qu ar.)-------Pullman Company (quar.) (No. 173)-----Quaker Oats, pref. (quar.)..........................
Sears, Roebuck & Co., com . (qu ar.)____
Silversmiths Com pany (qu ar.)....................
United Bank Note Corp., com. (qu ar.)___
U. S. Express (No 153)..............................
U. S. Steel Corp., com . (quar.) (No. 26).
Preferred (quar.) (No. 3 6 )......................
Waltham W atch, preferred..........................
Warwick Iron Sc Steel....... .......... .................

IK
2 K2
in
■1

Books Closed.
Days Inclusive.

When
Payable.
June
May
June
June
J une

1
10
1
1

Holders o f rec.
April 30
to
Holders of rec.
Holders of rec.

April
May
May
May

29
10
10
10

2n
2
2
May
l H June
1
1 y 2 May
2
May
May
in
May
in

10 May 1
to
May 10
2
16
17
18
31 Holders of rec. May 5
10 Holders of rec. April22a
16
25

1

14
2
14
14
1
1
16
16 Holders of rec. May
1
1

i

May
May

1H
in
n
m
m
4
1
2n

June
May
May

3

May

n
1
1
2n
3
1
62 n

May
May
May
June
June
May
May
June
May
June
June
May
June
June
June
May
May
tune
June
May
May
■June
June
June

30 Holders of rec. April 30
20 May 15
to
May 20
20 May 15
to
May 20
1 May 17 to
June 1
1 May 17
to
June 1
15 Holders of rec. May la
16 April 17
to
May
1
30 June 23
to
June 30
16 May 8
to
M ayl6d
1 May 21
to
May 31
1 May 21
to
May 31
14 May 8
to
May 15
1 Holders of rec. May 31
1 Hodlers of rec. May 14
1 Holders of rec. May 14
14 Holders of rec. May 7
20 May 10 to
May 20
1 May 18 to
June 7
1 Holders of rec. May 16
14 Holders of rec. April 30a
10 May 1 to
May 9
30 Holders of rec. Juno 27
15 Holdersof rec. May 18a
15 Holders of rec. May 31

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

10 May 3
to
May 10
Holders of rec. May20a
10 Holders of rcc. May 9a
1 May 17
to
June I
Holders of rec. May 10
May 14
to
June 1
May 14
to
June 1
Holders of rec. April 30
Holders of rec. April 30
May 15 to
May 31
May 18 to
June 1
July 17 to
Aug. 2
May 1 to
___
May 10.
Holders of rec. April 30
May 21 to
May 24
Juno 12 to
June 20
May 8 to
May 16
Holders of rec May 3
May 8 to
May 16
May 5 to
May. 24
Holders of rec Aprll30a
Holders of rec. April 30
Holders of rec. May 2a
Holders of rec. April 30
Holders of rec. May 10
May 3 to
May 16
May 2 to
May 16
June 10 to
June 29
May 6 to
May 31
Holders of rec. May 10a
May 1 to
May 16

2

in
in
m
m
in
2n
m
3
3n
25c
n
m
2
2
i
2n
w
m
2n

2

May

2

10

_

Name o f Company.

lVOL. L X X X X

Statement of New York City Clearing-House Banks,— The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending April 30.
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,” Y . 85, p. 836.

Banks.
00s omitted.

Capital.

Surplus.

S
Bank of N. Y__
2,000,0
Manhattan Co.
2,050,0
2,000,0
Merchants’ ____
6,000,0
Mech. A Metals
1,500,0
America
-----1,000,0
P h e n lx ........... ..
City .................. 25,000,0
3,000,0
Chemical . . .
600,0
Merchants’ E x .
1,000,0
Gallatin_______
300,0.
Butch. A D r o v .
500,0
G reen w ich ____
5,000,0
Amer. E x c h ...
Commerce_____ 25,000,0
3,000,0
M erca n tile-----500,0
Pacific _______
450,0
Chatham______
200,0
People's - -----3,000,0
H an over--------2,550,0
Citizens’ Central
500,0
N a s s a u _______
1,000,0
Market A Fulton
2,000,0
Metropolitan _.
3,000,0
Corn Exchange
1,500,0
Im p. A Traders’
3,000,0
P a r k ......... ........
250,0
East R iv e r ____
5,000,0
F o u r t h .............
1,000,0
Second ......... .
10,000,0
F i r s t ............. ..
2,000,0
Irving E x c h .- Bowery ...........
250,0
500,0
N. Y . C o u n ty ..
750,0
German-Amcr .
5,000,0
Chase........... ..
100,0
Fifth A v en u e..
200,0
German E x c h ..
200,0
G erm an ia_____
1,000,0
L in co ln _____ .
Garfield ______
1,000,0
F i f t h _________
250,(1
M e tro p o lis____
1,000,0
West Side.........
200,0
Seab oard.. __
1,000,0
Liberty _______
1,000.0
N. Y . Prod. Ex.
1,000,0
State _________
1.000,0
14th Street___
1,000.0
Coal A I r o n .. . .
1,000,0

$
3,494,1
4,222,0
1,770,6
7,796,6
5,931,1
713,0
30,897,3
6,295,2
566,0
2,507,0
157,7
813,4
5,366,2
16,381,0
2,627,2
905,5
1,050,7
468,7
11,581.1
1,600,9
502,9
1,692,5
1,444,6
5,395,3
7,539,5
10,290,4
108,4
5,614,5
1,998,6
20,302,4
1,619,1
823,1
1,043,7
673,9
7,606,8
2,207,4
911,9
1,021,8
1,472,6
1,178,2
489,9
2,067,6
1,057,4
1,900,2
2,705,9
762,2
830,5
325,2
349,6

6 Payable In com mon stock,

d Correction.

$
18,935,0
32,550,0
18,061,0
56,431,9
23,621,5
7,267,0
168,824,8
28,316,3
6,844,9
8,060,9
2,342,5
7,722,2
28,727,2
139,930,5
13,948,6
3,923,3
7,425,5
2,019,0
61,832,0
22,863,4
0,985,0
8,753,1
11,203,8
42,259,C
25,684,0
78,456,0
1,413,4
24,226,0
13,402,0
97,179,0
22,S06,4
3,466,2
7,971,8
4,012,0
73,215,9
13,126,0
3,871,6
5,051,1
16,260,2
8,090,0
3,542,1
11,395,7
4,414,0
18,772,0
17,992,7
8,177,5
14,606,0
5,870,3
5,714,0

Specie.
Legals. Deposits. Re­
Average. Average. Average. s’ve.
$
3,079,0
8,833,0
3,145,0
12,240,2
4,547,9
1,278,0
36,087,8
4,620,0
1,583,1
1,204,7
550,4
1,927,3
3,277,7
20,591,1
1,671,4
690,8
811,9
588,2
9,336,2
5,415,8
1,016,5
1,287,4
2,642,5
7,123,6
3,491,0
20,589,0
433,0
3,748,0
3,099.0
18,147,8
5,103,2
843,0
1,326,0
784,0
17,210,4
2,582,0
530,9
924,6
3,715.1
1,700,0
622,0
640,0
1,066,0
3,989,0
3,450,9
2,233,0
4,400,0
1,126,6
949,0

S
%
$
16,301,0 25.4
1,076,0
37,950,0 27.4
1,576,0
17,791,0 25.1
1,325,0
1,253,2
55,422,6 24.3
1,791,4
23,715,0 26.7
319,0
0,222,0 26.3
5,060,0 156,129,2 26.3
26,187,3 25.8
2,110,3
6,949,8 25.0
158,7
6,220,7 26.4
443,4
2,508,5 25.2
83,6
8,676,4 24.3
181,1
21,139,3 25.5
2,084,0
8,553,1 115,218,0 25.3
10,286,3 25.5
957,0
3,780,1 29.8
430,0
7,923,7 25.2
1,186,8
2,329,6 30.9
132,0
68,472,8 24.9
7,691,0
322.0
22,559,1 25.5
7,894,2 25.9
1,028,3
1,107,4
8,633,4 27.7
238,4
11,108,6 25.9
49,167,0 24.6
5,027,0
2,329,0
23,101,0 25.1
86,910,0 25.5
1,013,0
1,684,3 30.9
88,2
22,507,0 25.5
2,000,0
13,255,0 25.1
240,0
83,169,2 24.9
2,570,8
24,544,9 25.2
1,022,3
3,611,0 24.8
54,0
8,018,5 25.2
602,9
3,852,5 26.1
222,1
80,856,9 26.1
3,944,2
14,678,6 25.1
1,104,0
4,300/J 26.5
610,8
5,800,2 24.7
511,1
17,079,2 25.0
709.4
8,005,0 25.2
318,3
«{, / / 4,5
333,0
11,246,4 25.1
2,181,0
5,059,0 25.6
231,0
21,439,0 25.8
1,551,0
18,060,0 23.8
856,6
9,798,4 25.7
285,1
18,201,0 25.8
314,0
6,928,6 26.8
731,9
5,647,0 25.7
507,0

Totals, average 130,350,0 185,325,6 1217,637,5 2,36,319,0 69,141,3 1194,756,6 25.5
Actual figures

1213,104,0 2.11,598,2 69,012,0 1 185,710,6 25.3

April .30

On the basis of averages, circulation amounted to $48,180,200 and United States
deposits (Included In deposits) to $1,613,200; actual figures April 30, circulation, $48,­
173,000; United States deposits, $1,622,400.

The State Banking Department also now furnishes weekl
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 s<
j 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 BA N KS AND TR U ST COM PANIES.

Week ended April 30.

Trust Cos.
State Banks
Slate Banks
Trust Cos.
outside of
outside o f
in
in
Greater N . Y . Greater N . Y. Greater N . Y. Greater N . Y .

Loans and Investm ents..
Change from last week.

$
*7,975,000

$
26,225,000

$
64,625,000

$
*8,758,000

38,980,900

174,728,300

*10,719,76G

♦10,052,956

294,579,400 1.099,429,900
+ 9,162,900
+ 3,698,200

91,680,400
+ 207,400

136,466,300
+ 273,600

......... .......... ;

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

Capital as of March 2 5 . ..
Surplus as of March 2 5 . . .

a Transfer books not closed.

Loans.
Average.

Auction Sales.— Among other securities, the following, no

Specie ................................
Change from last week.

48,954,200
+ 304,900

121,863,300
+ 1,160,300

regularly dealt in at the Board, were recently sold at auction
By Messrs. Adrian H . Muller
Son:

Legal tenders A bk. notes
Change from last week.

25,489,800
+ 290,800

12,427,800
— 60,100

..........*
..........-

Stocks.
168 City Investing Co., co m ........... 69 H
7 Trust Co. o f Am erica..................348If
50 Atlan. Gulf & W. I. SS. L ln es,pf.l6 H
25 Atlan.G ulfAW .I.SS.Lines, com . 7%
50 Savoy Trust C o......... ...................75
25 F. J. Mann Tool A App. C o .S i l l lot
9 Lincoln Trust Co.............................131
6 Havana Tobacco Co., pref------ 8 '4
25 Carnegie Trust Co____________ 150
75 Schneider A Herter Bldg. &
Construction C o— ...........$50 lot

Deposits _______ _ _____
Change from last week.

342,244,800 1,142,311,000
+ 6,086,500
+ 4,252,500

95,555,700
— 211,700

142,478,100
+ 120,900

Stocks.
Guaranty Trust C o................... 885
Amer. Horse E xch ., L td ............$6
United States Trust C o ______ 1226
Human Instantaneous Water
Heater Co., $1 each.................. 35
40’ Saratoga Assoc, for the Imp. of
W| the Breed of Horses........... .. 43
67-Standard Cordage C o........... $6 lot
80]Det. Tol. & Ironton R y . Co.
2d preferred......................$25 lot
12 Old Pt. Comfort Im p. C o_____$10
18 Monmouth Co. Horse Show As-.
soclatlon, $50 e a c h ..$15 per share
20 Russell-MIUer Milling Co.,
com m on........................ $80 per share
66 Russell-MIUer Milling Co.,
preferred.................... $100 per share
88 Wells Sc Dickey C o------ $100 pershare
100 Registrar A Transfer Co. of N. J.25
10 Bond A Mtge. Quar. C o..........250
25 Knickerbocker Tr. C o................324 $3
50 14th Street B a n k . .. ...................[50
100 New Amsterdam Nat. Bank,
N. Y ., 40% paid In llq.$ l per sh.
300 Nat. Bank of North A m erica.. 60
150 Mercantile Nat. B ank................ 166$f
198 Hudson Navigation C o................ 20
100 Amer. Exch. Nat. B a n k ..210-240M
500 E. R. Squibb A Sons, com .$l persh.
250 Cutler Mall Chute Co. pref------70
250 Cutler M"!i Chute Co., c o m .$610 lot
105 Northern Bank of N. Y ........... 100
1
1
l
100




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

Reserve on deposits. . .
Change from last week.

95,294,200
+ 584,300

139,883,400
+ 1,227,000

19,092,100
— 179,000

18,576.000
— 238,000

P. C. reserve to de p o sits..
Percentage last w eek ..

28.3%
28.3%

15.4%
15.6%

20.6%
20.8%

13.7%
13.9%

+ Increase over last week.

— Decrease from last week.

* As of N ov. 16 1909.

Note.— "Surplus” Includes all undivided profits. "R eserve on deposits” In­
cludes, for both trust companies and State banks, not only cash Items, but amounts
due from reserve agents. Trust companies In Now York State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below
The percentage of reserve required Is computed on
the aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclsulve of time deposits not payable within 30 days, repre­
sented by certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, but in this case the reserve Is computed on the whole amount
of deposits, exclusive of deposits secured by bonds of the State of New York.
— Trust Cos.—
— State Banks—
Total
Of
Total
of
Reserve Required for Trust Companies
and State Banks.
Reserve
which Reserve
which
Location—
Required in Cash.Required. I C sh.

Bonds.
$1,000 D et. Tol. A Iron. R y . Co.
cons. l ^ s . 1980. Feb. 1908,
coupon attached......... ............ ...... 16K
$800 Old Pt. Comfort Imp. Co. 2d 6s,
income, 1926...................................$96
$420 Public Service Corp. of N. J.
perpetual int.-bearing certf------102
$1,000 Winona A Southwestern R y.
Co. 1st 6s, 1928. O ct. 1894 cou­
pon attached (stmpd $16 2,000­
10,000 paid) A $500 do s c r ip ... )$5
18 Winona A Southwest. R y . Co.J
$10,000 Northern Westchester Ltg.
Co. 1st cons. 5s, 1955. J. A D.SOAint.
Manhattan Borough .
.15%
$30,000 Del. A East. R y . Co.5s, '57.$1075
Brooklyn Borough(w!thout branches In Manhat.) 15%
34.000 Atlan. Gulf A W. I. SS. Co.
Coll. 5s, 1959..............................
64VsOther Borouglis (without branches In Manhattan) 15%
$2,000 Pennsyl. Knitting Mills Co.
Any Borough with branches In Manhattan............. 15%
of Reading 1st 5s, 1952........... 50Alnt.
Elsewhere In State.................. .................................... 10%

15%
10%
10%
15%
5%

25%
20%
15%
25%
15%

15%
10%
m %
15% <1
« % i .1

THE CHRONICLE

May 7 1910.

The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York n o t i n the C l e a r i n g
H ou se.
These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing­
House banks. In addition, we have combined each corre­
sponding item in the two statements, thus affording an aggre­
gate for the whole of the banks and trust companies in the
Greater New York.

1221
We omit two ciphers (00) in all these figures.

Capital
and
Surplus.

Banks.
B oston,
Apr. 9 . .
Apr. 1 6 ..
Apr. 2 3 . .
Apr. 3 0 ..
Pb lla.
Apr. 9 . .
Apr. 1 6 ..
Apr. 2 3 ..
Apr. 3 0 . .

Loans.

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

S
211,367,0
211,019,0
212,715,0
211,922,0

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

264,302,0
262,973,0
260,017,0
261,086,0

Legals.

$
23,470,0
24,047,0
24,275,0
23,060,0

S
4,093,0
4,591,0
4,530,0
4,637,0

68,524,0
67,906,0
69,784,0
66,598,0

N E W Y O R K C IT Y BA N K S AND T R U ST COM PANIES.__________
Clear .-House
Banks.
ActualFigures

Week ended A pril 30.

Clear.-House State Banks cl- Total o f all
Trust Cos. not Banks & Trust
Banks.
in C .-H . Aver. Cos. Average.
Average.

s
$
130,350,000
130.350,000
Capital fN at. banks )
| March 2 f
185,325,600
185.325,600
Surplus -(State Banks!
I March 25.)
Loans and Investments 1,213,104,000 1,217,637,500
+ 317,800
Change from last week — 7,767,700

S

$
71,900,000

205,250,000

183,344,700

30S,670,300

1,189,727,900 2,407,365,400
+ 9,682,900 + 10,000,700

Deposits, a Circulation.

Specie.

$
255.0S5.0
259,272,0
258,985,0
252,159,0

S
7,135,0
7,126,0
7,111,0
7,115,0

S
160,955,3
163,596,1
144,033,1
146,435,1.

307,811,0
307,382,0
305,006,0
301,934,0

16,348,0
16,340,0
16,324,0
16,305,0

155,506,2
152,914,7
148,810,0
146,953,9

a Including Government deposits and the Item “ due to other banks.” At Boston
Government deposits amounted to $3,030,000 on April 30, against S3,036,000
on April 23.

Imports and Exports for the Week.— The following are
the imports at New York for the week ending April 30;
also totals since the beginning of the first week in January:
FO RE IG N IM PO RTS A T N EW Y O R K .
For Week.

1910.

1909.

1908.

Deposits - ......... - .......... 1,185,710,600 1,194,756,600 a l, 152,516,300 2,347,272,900
— 9,903,700
+ 14,480,200
+ 4,576,500
Change from last week — 20,844,600

Dry G oods______ ________
General M erchandise............

$2,618,187
13,842,644

$2,508,111
12,542,911

T o t a l .....................................
Since January 1.
D ry G oods............. .. ..............
General Merchandise.............

$16,400,831
$58,256,797
274,970,659

231,598,200
S p e c ie -----------------------Change from last week — 14,291,800

236,319,000
— 12,679,800

128,351,300
+ 1,207,500

364,670,300
— 11,472,300

09,012,000
+ 875,300

69,141,300
+ 1,959,400

621,163,500
+ 99,600

90,304,800
+ 2,059,000

Aggr’ to money holdings 300,010,200
Change from last week — 13,416,500

305,460,300
— 10,720,400

cl49,514,800
+ 1,307,100

454,975,100
— 9,413,300

23,222,000
— 259,400

23,222,000
— 259,100

172,736,800
+ 1,047,700

478,197,100
— 9,672,700

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

Money on deposit with
other bks. A trust eos.
Change from last week
300,610,200
Total reserve.
Change from bust week — 13,416,500

305,460,300
— 10,720,400

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

25.37%
26.06%

25.59%
26.27%

Surplus reserve_______

4,182,550

6,771,150

+ Increase over last week.

— Decrease from last week.

deposits amounted to 51,255,170,900, an Increase of 56,509,200 over last week. In
the case of the Clearing-House banks, the deposits are "n et” both for the average
and the actual figures. 6 Includes bank notes, c Of this amount State banks held
$15,223,700 and trust companies 5134,291,100.

The averages of the New York Clearing-House banks
c o m b i n e d 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:

Week
Ended.

Loans and
Investments.

$
Mch. 5 . . 2,391,964,9
Mcb. 1 2 .. 2.400.819.5
Mch. 1 9 .. 2,403,002,1
Mch. 2 6 .. 2.408.505.6
April 2 . . 2.427.633.6
April 9 . . 2,419,123,5
April 1 6 .- 2.401.027.7
April 2 3 .. 2.397.364.7
April 3 0 .. 2,407,365.4

Deposits.
$
2.353.110.9
2.360.577.2
2.360.803.1
2.366.456.3
2.388.538.1
2.360.347.3
2,348,100,0
2.342.090.4
2.347.272.9

Specie.

Legals.

$
386.325.8
385,409,1
383.205.5
385.423.9
382.307.5
373,442,8
375,067,7
370.142.6
364,070,3

$
85,917,9
84,186,8
84.005.7
85.002.2
87.242.2
87.125.7
87.417.3
88.245.8
90.304.8

S
472.243.7
469,655,9
407,214,2
470,426,1
469.549.7
400,568,5
462.485.0
464,388,4
454.975.1

490?517,7
494.387.6
490.676.7
494.531.6
494.252.7
485.728.8
486,051,5
487.869.8
478,197,1

the statement of condition of the clearing non-member banks
for the week ending April 30, based on average daily results:

$11,465,662

319,139,117

359,887,003
230,633,194

$44,259,152
160,849,828

S67,015,780
246,331,634

E X P O R T S FROM N EW Y O R K FO R T IIE W E E K .
1910.

1909.

1908.

1907.

$11,448,018
201,749,820

$10,460,044
199,558,872

$12,420,373
223,882,221

311,557,606
213,022,381

|

$210,018,916 $236,302,597 $224,579,987

The following table shows the exports and imports of
specie at the port of New York for the week ending April 30
and since Jan. 1 1910, and for the corresponding periods in
1909 and 1908:
E X P O R T S AND IM PO RTS OF SPECIE AT N EW Y O R K ,
Imports.

Exports.

Clolil.

Week.

Since Jan. 1

Week.

S
17,000,000

S
31,150,000

S

4,200

4,455
3,240,987

82,800
900

Total 1910........................ ................. 17,087,900
Total 1909........... ................ ............ 2,578,100
Total 1908....... .................................. 4,053,103
Silver.
813,345
38,300
600
Germany ........... ..................................
4,124

South A m erica................................. ..

Total 1 9 1 0 _______ ______________
Total 1 9 0 9 -..
Total 1908_______ _______________

Since Jan. 1

859
9,59S

$
7,974
3,354,973

8,274,652
26,400

16,394
855
23,700
63,521

114,361
62,907
993,779
450,219

42,096,491
44,114,180
12,514,807

114,927
219,370
112,191

4,984,213
4,613,186
9,200,846

12,931,908
758,450
421,915
36,540

2,300
90

600

14,805
2,050

1,695
4,038
49,200
73,652

11,759
734
6,535
23,558
341,004
480,115
447,739

856,969
1,064,420
832,846

14,165,698
15,713,297
14,109,618

130,975
220,092
28,022

1,311,444
1,657,441
1,069,618

>

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

$15,051,022

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending April 30 and from Jan. 1 to date:

COM BINED RESU LTS O F BAN KS AND TR U S T COM PANIES IN
G R E A T E R N EW Y O R K .
__________ We omit iwo ciphers in all these figures._________________
Tot. M oney Entire lies,
Holdings. on Deposit.

$3,878,837
15,260,280

J

Total 17 weeks______ ____$213,197,838

a These are the deposits after eliminating the item “ Due from reserve depositories
9
and other banks and trust companies In New York C ity;” with this item Included,

1907.

$1,729,334
9,736,328

Total 17 w eeks................... $333,227,456 $290,520,197 $205,108,980 $313,347,420

For the week. ________ ____
Previously reported------ ____

17.0%
17.1%

Clearings.

We omit two ciphers (00) in all these figures.

Banks.

N. Y. CUy
Boroughs oj
M an .A Brx.
Wash, tlgts
Century __
Colonial
Columbia ..
Fidelity . . .
J efferson ...
Mt. Morris.

Capi­
tal.

$
100,0
200,0
400,0
300,0
200,0
500,0
250,0
200,0
100,0
Plaza _____
200,0
23d W ard..
U n.E x.N at. 1,000,0
100,0
Yorkvillc .
200,0
New Neth’d
200,0
Batt Pk.Nat
300,0
Aetna N at.
Borowjh o f
Brooklyn.
200,0
252,0
M frs.’ N at.
1,000,0
750,0
300,0
Nat C ity ..
200,0
300,0
First N at. .
Jersey City.
400,0
250,0
Hud.Co.Nat
200,0
Third N a t ..
Hoboken.
220,0
Second Nat.
125,0

Sur­
plus.

%
259,6
154,3
334,3
417,5
168,0
510,2
307,7
353,4
433,2
109,0
936,4
445,7
257,5
149,8
319,1

Loans,
Disc'ls
and
Invest­
ments.

Legal
Tender
Specie.
and
Bank
Notes.

$
S
$
138,0
1,364,0
74,0
28,8
1,497,9
217,7
5,909,3
749,5
499,2
636,0
5,769,0
596,0
111,5
1,107,0
08,0
2.3,6
3,670,5
511,S
2,883,2
532,7
31,1
27,3
3,837,7
635,5
3,940,0
322,0
452,0
1,829,4
154,1
53,2
8,472,0 1,098,0 1,000,0
4,163,5
39,6
734,2
2,404,0
262,0
87,0
1,210,2
231,0
42,4
414,1
1,907,8
28,3

542,4 3,209,9
807,3 5,777,3
887,9 10,943,8
985,0 0,823,0
004,0 .3,801,0
140,6 1,837,0
591,3 3,410,0

Deposit with
Clear­
ing
Agent.

$
207,0
100,5
651,0
1,007,0
150,6
435,0
371,3
022,9
749,5
228,3
276,0
328,8
304,0
112,1
119,4

Other
Net
Banks, Deposits.
etc.

$
139,5
215,9
202,8
90,3
5,3

255,4
20,0
27,1

$
1,382,0
1,700,0
7,410,7
7,442,0
1,163,0
3,898,3
3,693,6
4,632,4
4,911,0
2,068,2
8,460,4
5,350,9
2,655,0
1,255,2
1,700,8

28,6
456,8
485,5
247,5
246,0 1,252,4
591,0
297,0
107,0
560,0
127,1
107,6
340,0
70,0

322,1
678,0
1,352,6
943,0
710,0
297,4
401,0

297,8 3,753,5
114,8 0,171,0
225,6 13,861,4
0,763,0
127,0 4,878,0
101,8 2,210,8
38,0 3,141,0

Of the above imports for the week in 1910, $1,825
were American gold coin and $1,597 American silver coin.
Of the exports during the same time, $17,078,100 were
American gold coin and $1,400 were American silver coin.

gatiMtifl mid l* m atidal.
INVESTMENT SECURITIES
O ur e ig h t-p a g e circu la r N o . 687 d e scrib e s several Issues o f
In vestm en t b o n d s y ie ld in g a b o u t 4 Vi t o 5 V i% -

sound

Spencer T ra sk & Co*
43 EXCHANGE PLACE, - - - NEW YORK
Branch offices; Chicago. III’.. Boston, Mass.. Albany. N. Y.

WHITE,

W E L D & CO.

Members New York Stock Exchange
5 N ASSAU S T R E E T ,
NEW YO RK

THE RO O K E RY.
C H IC A G O

1,249,2
740,3
389,7

4,851,8
2,085,5
1,878,2

317,4
130,6
44,1

445,7
36,7
117,1

1,980,1
176,1
383,5

390,4
155,7
20,2

6,060,3
2,346,6
2,086,4

B A N K I N G an d E X C H A N G E o f e v e r y d e s c r ip tio n In c o n n e c tio n w ith

630,5
243,9

2,821,1
2,614,9

109,9
92,6

22,3
93,0

114,2
92,3

85,6
186,1

2,116,1
2,889,3

I n tern atio n al B a n k in g Corporation

T ot. Apr. 30 8.447.0 12,997,8 100619,0 7,393,2 8,737,1 13,119,7 2,705,3 114373,5
Tot. Apr. 231 8.417.0 12,997,8 100832,8 7,125,8 8,480,0 13,303,7 2,510,3 1 14686,9
T ot. Apr. 10 8,447,0 12,997,8 100141,2 7,461,1 8,560,7 13,791,3 2,587,3 114551,7

EXPORTS & IMPORTS
60 Wall St.. New York.
BRANCHES

an d

THE

CAPITAL & SURPLUS. $6,500,000
A G E N C IE S

th r o u g h o u t

IN T E R N A T IO N A L

th e

W ORLD.

BANK

Boston and Philadelphia Banks.— Below is a summary of ! Organized under the Laws o f N. Y. State.
60 Wall St.. New York
the weekly totals of the Clearing-House banks of Boston and i
A cco u n ts In v ite d .
In te re s t p a id on T e rm D e p o sits.
Philadelphia.
I
THOMAS H. HUBBARD. President.




1222

THE CHRONICLE

© a s e tte .

m xnk& x^
i

W a l l S t r e e t , F r i d a y N i g h t , M a y 6 1910.
The Money Market and Financial Situation.— Sentiment in
Wall Street has been more optimistic this week than for some
time past, so much so, indeed, that it found expression in a
substantial recovery of security values. The change referred
to is the logical result of a cessation of gold exports, of
■easier money-market conditions, at home and abroad, of a
more hopeful crop outlook, and last, but perhaps not least,
the sale of a large amount of our railway bonds in Paris.
The latter, is of course, not so permanently beneficial, as
is a trade balance of equal proportions; but it temporarily
serves in the place of such balance, creates exchange,and,
as is well known, prevents gold exports.
The wheat crop in the Southwest has been benefltted
by abundant rains and the Ohio State monthly report shows
the average conditions of the grain in that State to be sub­
stantially higher than a month ago. As noted above, the
money market is easier, call loan rates having been from
1 to 3 % lower than last week.
All other matters were, however, greatly overshadowed by
the news to-day, first of the serious illness of the British
Sovereign, and later (after the close of business) of his death.
The American people join with their friends across the sea
in sorrow over the occasion.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 3 to 6 % . To-day's rates on call were 3 K @ 4 % Commercial paper quoted at 4 j /£ ® 5 % for 60 to 90-day en­
dorsements, 4 j ^ @ 5 % for prime 4 to G months’ single names
and 5 @ 5 J ^ % for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £2 ,742 ,72 1 and the percent­
age of reserve to liabilities was 52.68, against 50.70 last week.
The l’ate of discount remains unchanged at 4 % , as fixed
March 17. The Bank of France shows a decrease of 2,8 50,­
000 francs gold and an increase of 2,575,000 francs silver.
N EW Y O R K C IT Y CLE A R IN G HOUSE HANKS.
1910.
A verages fo r
week ending
April 30.

Differences
from
previous iccek.

1909.
A verages for
week ending
M ag 1 .

1908.
Averages for
iveek ending
M ag 2.

S
i
«S
S
•S
130,350,000.
. . . _______
Capital .............................
126,350,000
121.350.000
185,325,600
....................
168,697,400
Surplus............. ..............
159.984.000
317,800 1,337,357,500 1.190.455.200
Loans and discounts.. . 1,217,637,500 Inc.
48,180,200 D ec.
14 1,700
Circulation....................
49,216,300
58,248,600
Net deposits................... 1,194,756,600 Dec. 9,903,700 l,3S6,958,800 1.257.759.200
1,613,200 Inc.
49,700
U. S. dep. (lncl. above)
2,352,800
41,407,800
236,319,000 Dec. 12,679,800 280.507.700 308.015.000
Specie -----------------------69,141,300 Inc.
1,959,400
Legal tenders_________
77,439,200
68,747,700
1
305,460,300 Dec. 10,720,400 357,946,900 376,792,700
Reserve held_________
298,689,150 Dec. 2,475,925 340.739.700 314,439,800
25% of deposits.............
Surplus reserve_____

6,771,150 D ec.

8,244,475

11,207,200

62,352,900

Surplus, excl. U. S. dep

7,174,450 Dec.

8,232,050

11,795,400

72,704,850

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

LVol. lxxxx .

State and Railroad Bonds.— No sales of State bonds have
been reported at the Board this week.
The market for railway and industrial bonds has been rela­
tively steady throughout the week. The volume of business
has been unusually uniform, varying only from §2,200,000,
par value, to §2,360,000, and included the issues which have
been active in the recent past. Of a list of 20 active bonds,
10 show a fractional advance, 5 are unchanged and 5 are
slightly lower.
Among the relatively strong features are Atchison, Den­
ver & Rio Grande, Norfolk & Western, Wabash, Union Pa­
cific, Southern Pacific, U . S. Steel, Central Leather, Ameri­
can Tobacco and Interboro Metropolitan.
United States B onds.— Sales of Government bonds at the
Board include §6,0 0 0 4s coup., 1925, at 1 1 4 % , §2,500 3s
coup, at 1 0 2 % to 1 0 2 % and §500 2s reg., 1930, at 1 0 0 % .
The following are the daily closing quotations. F o r y e a r l y
r a n g e s e e th ir d p a g e f o l l o w i n g .

2s,
2s,
3s,
3s,
4s,
4s,
2s,
2a.

1930 ......... . . . registered
1930______ ........... coupon
190 8-1 8... — registered
1908-18 . . --------- coupon
1925 __ __ — registered
1925........... ------- coupon
1936.Panama Canal regts
1938.Panama Caanl regls

Interest
Periods

April
30

M ag

M ay
3

M ag
4

M ag

Mag

Q —Jan
Q— Jan
Q — Feb
Q— Feb
()— Feb
Q— Feb
Q— Feb
Q— N ov

*100%
*100%
* 102 >3
*102 %
*114%
*114%
*100%
*100%

*100%
*100%
*102%
102%
*114 %
*114%
*100%
*100%

*100%
*100%
*102%
*102%
*114%
*114%
*100%
*100%

*100%
*100%
*102%
*102%
*114%
*1 14%
*100%
*100%

*100%
*100%
*102%
*102%
*114%
114%
*100%
*100%

*100%
*100%
*102%
*102%
*114%
*114%
*100%
*100%

fi

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

Railroad and Miscellaneous Stocks.— The stock market has
been decidedly irregular throughout the weok. The re­
covery noted at the close of our record last week was of short
duration. On Saturday and again on Monday a renewal of
the previous downward movement carried prices generally
below the lowest of last week and therefore to a new low
record for the year. Tuesday’s market was quite erratic,
and on Wednesday a reaction set in which continued through
Thursday and resulted in a recovery of from 2 to 7 points in
parctically all the active shares. *
To-day’s market has been greatly disturbed by the start­
ling news mentioned above and although there was no
general selling movement and the volume of business was
the smallest of the week, there was little disposition to buy
stocks, and prices naturally receded. The latter are, how­
ever, well above the lowest of the week. Stocks which for
some time past have been leaders of the market have
fluctuated most widely, but otherwise there have been no
exceptional features worthy of note in cither the railway
or industrial list.
F o r d a i l y v o lu m e o f b u s i n e s s s e e p a g e 1232.
The following sales have occurred this week of shares not
represented in our detaled list on the pages which follow:
STOCKS.
W eek ending M ag 6.

Sales i
Week.\

Range fo r Week.
Lowest.

Highest.

Range since Jan 1.
Lowest.

Atch Top & S Fc, rights. 2,000 1-16 May 5 1-16 May 5 1-32 Apr
Hatopllas Mining.............
200 S2% Apr 30 S3
May 3 32% Meh
Cent & Sou Amer Teleg.
100 115
May 4 115
May 4 115
Jan
Colorado Fuel & I, prof.
100l 115
May 6 115
May 6 110
Feb
Duluth-Supcrlor T r a c .. .
100; 70% May 2 70% May 2 70% May
II H ClaOln C o............. ..
20 110
May 6 110
May 6 n o
May
Hocking Valley____
200 120
May 5 120
May
May f) 124
Kanawha & Michigan .
284 90
May 6 96
May 6 90
Apr
Keokuk
Des M oines..
20 7
May 3 7
May 3
7
May
Laclede Gas, preferred .
100! 95
May 3 95
Afay 3 93
Mcii
N Y N 11 & 11 subscrip
receipts first paid . .
200 115% May 6 146
May 5 145
Jan
Ontario Silver Mining .
175' 2
May 4 2% May 6
2
May
Rome Watert & Ogdens
100121% Mav
121% May
121% Mav
Sears, Roebuck & Co . .
May
c 155% Apr
400157
May 3 158
Texas C en tral____
May 4. 60
May 4 60
100; 60
May
United Cigar Mfrs., pref.
May 2 106
May 2 106
May
ioo :io 3

Highest.
%
S3 %
120
116
72%
116%
124
96
9
95

Meh
Jan
Jan
Jan
Apr
Jan
May
May
Jan
May

Foreign Exchange.— The placing of large amounts of new
railroad bonds in Europe caused a radical break in foreign
exchange rates this week. All question of sending more gold
to London at this time has been removed.
151
Melt
3% Feb
To-day’s (Friday's) nominal rates for sterling enchange
ft
ft
121% May
ft
were 4 84 j/j for sixty day and 4 8 7 Y z for sight. To-day’s
166% Apr
May
60
actual rates for sterling exchange were 4 8 3 8 0 @ 4 8395 for
109% Feb
sixty days, 4 8 6 8 5 @ 4 8695 for checks and 4 8 7 2 5 @ 4 S735
for cables. Commercial on banks 4 8 3 4 0 @ 4 8350 and
Outside Market.— Renewed liquidation in “ curb” securi­
documents for payment 4 8 3 @ 4 8 3 % .
Cotton for payment
ties, with considerable activity at the beginning of the week,
4 8 2 % @ 4 83 and grain for payment 4 8 3 % @ 4 8 3 % .
To-day’s (Friday’s) actual rates for Baris bankers’ francs brought about a further loss in values. Thereafter activity
were 5 2 0 @ 5 1 9 % for long and 5 1 8 % less l- 3 2 @ 5 1 8 % for diminished, and though there was some irregularity, the mar­
short. Germany bankers’ marks 9 4 % @ 9 4 % for long and ket showed signs of decided improvement. Butte Coalition
9 5 % less 1-32 @ 9 5 %
for short. Amsterdam bankers’ lost about 3 % points to 17 % and rallied to 1 9 % , the close
to-day being at 19. Chino Copper dropped from 1 1 % to
guilders were 40 29(3)40 31 for short.
Exchange at Paris on London, 25f. 2 4 % c .; week's range 9 % , rose to 10 % and closed to-day at 1 0 % . First National
went down from 2 % to 1 5-16, moved back to 2 % and ends
25f. 2 6 % c . high and 25f. 24c. low.
Greene Cananea fell about a point to 7 % ,
Exchange at Berlin on London 20m . 29pf.; week's range, the week at 2 % .
improved to 8 % and finished to-day at 8 % .
Miami Copper
20m . 5 0 % p f. high and 20m . 4 8 % p f. low.
sank from 2 1 % to 20, ran up to 22 and eased off finally to
The range of foreign exchange for the week follows:
2 1 % . Nevada Consolidated lost over a point to 1 8 % ,
Cheques.
Cables.
Sterling, Actual—
S in g Dags.
4 8810
4 8760
High for the w e e k .................... 4 84%
moved up to 1 9 % and ends the week tit 19. Ohio Copper
4 8705
Low for the week...................... 4 81
4 8660
furnished a sensation by dropping from 3 % to 1 % on heavy
Paris Hankers' Francs—
transactions. It improved later to 2 % and ended the week
5 16% less 1-16
5 17 %
High for the w e e k ------ --------5 18% less 1-16
Low for the week____________ 5 20
5 ISM less 1-32 5 18 %
at 2 % .
United Copper common was also conspicuosuly
German’/ Hankers’ M arks—
weak, declining from 6 to 4, the close to-day being at 4 % .
95% less 1-32
95% les3 1-32
High for the w eek .................... 94 %
95 % less 1-32
Low for the week......... ........ .. _ 91%
95 3-16 less 1-32
Trading in industrials was very dull. American Tobacco,
Amsterdam Hankers' Guilders—
•
after a loss of 8 points to 422, ran up to 439 and sold to-day at
40 43
High for the w e e k .................... 40 1-18
40 36
Low for the week____________ 40
437. The usual quarterly dividend of 2 % % and 7 % % ex­
The following arc the rates for domestic exchange at the tra was declared. Guggenheim Exploration sold down from
undermentioned cities at the close of the week; Boston, 165 to 160 and up to 175. Intercontinental Rubber fell
7 % c . per 81,000 discount. Chicago, 30c. per §1,000 premium. from 2 2 % to 2 1 % , then sold up to 2 3 % and closed to-day at
San Francisco, par.
New Orleans, commercial, 25c. per 23. Standard Oil dropped from 634 to 619 and sold up sub­
§1,000 discount; bank, §1 per 1,000 premium. St. Paul, sequently to 620. United Cigar Mfrs. common declined from
65c. per §1,000 premium. Savannah, buying, 3-16 dis­ 68 to 6 6 % and advanced to 68. In bonds, N . Y . Telephone
count; selling, par. St. Louis, 30c. per §1,000 premium. 4 % s sold at 9 6 % and Western Pacific 5s from 95 down to 94
Charleston, buying, par; selling, 1-10 premium. Montreal, and up finally to 9 4 % .
par.
Outside quotations will be found on page 1232.




New York Stock Exchange— Stock Record, Dally, Weekly and Yearly
O C C U P Y IN G

ST O C K -----HlGHliXT A N I) DOW it ST SACK HRICBS
Saturday
April 30

Mnnday
M ay 2

Tuesday
M ay 3

Wednesday
M ayA

Thursday
M ay 5.

Frida /
M ay 6.

•'ales ol
the
Week
"hares.

TW O

H AIJKS

STOC KS
N E W Y O R K STOCK
EXCHANGE

Uange Since January 1
On hosts 0/ VVUthart to>s

uange tar n e tto u s
V a i '19091

R a ilro a d s'
.5 M ch
0 M -ti
3a M ch
25 F e b ' 5
nn A r b o r ___ ____ _ ___
100
48*2 F e b 23
72*2 M ch
llo n re f.........................
250
=0*8 O ct
/g J an
95,750 itch T o o c k a & Santa Fe 105*i M a y 2 124*8 Jan
PIG*, J ’n c
I00*j Jan
1011" A p r 29 10414 Jan In
Do n re l_______ „ _______
2,260
14312 A u g
107*" Jan
3,100 A tlan tic Coast Line K I L . 120 M a y 2 13713 Jan .
15.042 J a 'tlm o r e & O h io_______ 106 A p r 28 119*8 Jan * 103*" F e b j 22*i J ’ly
<>1 N o v
96 A p r
94 Jan «
90 F e b 4
» D o n re f_____________
500
82?g J ’ne
07 Jan
82 A p r 1
68*" F e b 7
75,300 B rooklyn R a pid T r a n s 't .
1761 F e b 8 186 M ay 4 1165 M ch 189*s O ct
Canadian P a cific________
16,955
70*4 N o v
60*4 Jan
70 Jail
65 A p r 25
anada S o u th e rn _______
100
100 Central o f N ew J ersey___ 275 M ay 2 312 Jan < 215 F e b 323*" Sep
91*1 D ec
55*« Jan
92 Jan ;
7/ 1* F e b
46,850 C hesapeake & O h io ______
74*j A pr '
57 7g F e o
56*4 Jan
45 M a y 4
1,000 C hicago & A lton R R ____
/S i" M ch
70 N o v
69 A p r 1
69 A p r
Do n re f_______________a
a il" D ec
3678 Jan i
37*s D ec
: 6 M ay 2
3,876 Chic O t W es trust o tis __
64*- D ec
4978 M ay
64*8 Jan li
58*1 D ec
Do pret trust c t f s ____
2,120
105*8 Sep
141 F eb
66,253 C h icago M 'lw & St Pau<-_ 134 > M a y 2 158*8 Jan 0
17214 Jan 3
158*7 Mch H I A u g
156 A p r
D o pref
1,100
I74lg Feb
198*" A u g
5,960 C hicago & N orth W estern 146*4 A p r 18 182*2 Jan 3
225 Jan c
■'08 Men '23* A u g
205 A p r '
Do pret
1(17 A u g
148 A p i
" " ’ lOO C hic St P Ulnn & O m aha 140 A p r 28 162*; F e b . o
1170*4 F e b ;
100*2 Jan
is * J ’ ly
•16* A p r
Do pref
41" D ec
7 Jan
5*8 Jan
35S M a y 4
400 Chic Un T r a c ctfs stinpil
7*4 D ec
IS*.] 'a n
12*4 Jan 4
7m F e b i
Do pret ctfs s tm p d ____
1,050
83*4 D ec
68 Jan
77 Jan 20
92*4 M ch it
1,000 Cleve Cln Chic & St L ___
104 Jan 15 100 Jan
105 M ch
D o pref
10012 F e b
51 O ct
68*4 Jan
05*4 Feh
54I" Feb
17,240 C olorado & S o u th e rn ____
86 Alay
7(il" Jau
83 Alcn 1
75 A p r 30
D o 1 t preferred
1,050
841" Jan
81 Jan 73*i Jaa
D o 2d preferred
75 A n r 30
600
200
A*ay
185
167*4
Feb
M
a
y
2
Jan
5
e 'a w a re & H u d s o n ___ 107
2,000
680 A p r
53> Feb
e aw are Lack & W e s t. ’ 60 M a y 2 620 M o h 'T
370
51 A p r
37ag Jau
36 F e b > 52 Jan 3
8,730 D enver & R io O rande —
90 F eb
84 Jan 3
7t)*2 Jan
76'" F e b
Do pret____
1,115
50 Jan
71*j A u g
66 Jan 27
59*2 A p r 23
D etroit U nited
21 Jan
14U
N
o
v
18*4
Jan
14
l
e
b
D
u
'u
tb
So
Shore
&
Atlan
500
345g Jan
28 Feb
36I2 Jai*
23*" M ay 2
Do p re t________________
710
39 “ J ’ no
34‘>8 Jan
•22»» M ch
25*4 F eb >
14,110 l A r l e ......................................
36i" Men
56*4 A u g
52*4 M ch
41*4 F e b 7
D o 1st p re f_________
2,600 u
46 A u g
42 M ch
•281" Mch
323g F e b 8
D o 2d p r e f_________
2,500
136sg F eb
1577* A u g
27,410 G reat N orthern pret______ *130*4 J .11 19 1437g Jan
801" Jan
61 A p r 28
65*» Mch
881" A u g
Iron O re p r o p e rtie s ___
6,933
131" N o v
21 D eo
18lg M r h :.
14 A p r 28
34 Green B a y & W d eb c tfli
39 ' Feb
88*2 J a a 20
103 D eo
9712 A p r 14
avan a E le ctric----------100
99 Jan
83*g F eb
100 D e c
Do p re t____________
941" Jan 25
97 M ay 126 A u g
H ock Val J P M & Co rets 102 “ F eb 7 133 M ch
*
________________ 120
94I" J ’no
S3 Apr
H ock in g V alley p r e f . ____
86 F e b t 10HS A p r I f
*90 100
*90 100
*90 100
................... *90
*P0*4 100
147
Jan
i
132
A
lay
0
137
F eb
llinois
C
en
tral_________
102** A u g
2,200
133
133*4
133 1337s 133 133*4
132 134
133*8 13378 134*2 1341
1lig M ch
25i; Jan 11
18 F e b 3
2o7g DCC
20*g 207g 31,700 h te rb o ro -M e tro p o llta n .
20*4 21 *g
197s
19*2 20*8
19
19
027g Jan 12
36*i Alch
45W F e b 8
63*8 D eo
Do p r e t_______________
32,600
53*4 55
53
55
513i 53»s
53
51
50*4 52*8
52
53
26*4 N o v
30 Jan '
18*2 M a y 2
36 A p r
3,200 Iow a C en tra l-------------------19*2 20's
1912 20*i
197g 197g
197j 19/8
1812 191"
20
20
48 Sep
62 A p r
Do p re t
37 A p r 30
54U Jan
2,570
3834 387g
39*4
3734 377g 38
38
*36
38
*36
38
"
n
1
."*
o
37
82 Sep
80 F e b 18
C Ft S & M tr cfs, pref
74*4 F eb
75*2 M ay 3
300
*75
80
*77
.
78
78
75*2 75*2
78
*75
78
*7-1
4414 Jan
37 F e b
ansas C ity S o u t h e r n ..
50U A u g
31 M ay 2
5,410
33*8 34
32*8 33*4
31*4 327g
321.t 3 3 'j
31
31*2 31*2 32*"
677g F e b
Do p re f.
71 Jan
03U M ay 2
75*2 A u g
900
65
65
66
66
65
64*4 *62
64
64l4 0414
031.1 03*4
ake Erie & W estern ___
25*4 Jan ■
15*4 A p r 2
17
17
2912 A**g
17
17
19*2 F eb
925
16
{16
16
10
16
16
17
17
62*4 Jan 3
48 Jan
D o p re f_____________
04?8 J ’ *»8
55 F e b 8
GO
*50
60
{48
48
60
*40
60
*45
*45
00
*17
00
7U 2 D eo
62 F e b 3
7014 A p r 14
59 Jan
760 Lon g Isla n d _______________
*64
60
6412 65
66
64
63*4 63*4
64*3 *04
*0412 65
Jan
16212 A u g
145 145*8
9.400 Lou isville & N ash ville___ 141)4 F e b J 159*4 Jan ‘ r l2 l
142 1437g 142~8 144*2 145 140
145 145*,i 142*2 145
anh attan E le v a te d ___ 132 M a y 2 139 Alch
137 D e c
675
153*2 Jan
132 132 *130 133 *130 132*2 133*8 133*8 133 133*4
{131 134
ctro p o llta n S tre e t___
42 Jan
25 Jan 14
15 M cb 2
18 J’iy
53*4 Jan
32 A p r 15
65 J a n .
51 S ep
34
3512 *1*200 M inneapolis &. St L o u is ..
*33*4 33*4
3412
*32
33*2 3312 i *30" 3*5*’ *32* 3*4”
D o p r e f________________
SI M ch
80 F e b 24
65'1 M a y 5
90 J a n
710
65I4 67l4
68
68
*63
70
*63
70
*64
70
70
*01
I 4DI2 J a n
137 137*8 135 13612 135*4 136*2 135*8 136*. 137 13712 135U 13612 3,050 Minn St P & S S M arie. . . 13014 Jan 19 145 M en 3 132*2 Jan
D o p r e t________________ 145 M ay 2 155l2 M ch
147 A p r 1641" Autf
100
145 145 *145 150 *142 147*" *142 148 **143 148
*148 150
D o leased line c t ls ____
92*4 Jan
94 " D ec
861" M a y 5
100
89 J iy
89
*86*2 89ig *86*2 89
*86l2 8834 8612 86N *86
*807s 89
35*2 F e b
501" O ct
38 F e b 8
S i's Jan
34.450 Mo K ansas & T e x a s ______
41
4058 42
38*2 391? 30*s 40*2
42lg
40*8 40*4
39*2 40%
D o p r e f________________
71 F e b
74*s Jan 5
78*4 O ct
6SI2 M a y 5
210
681" 6812 *6812 71
{60
09
60
69
*68*2 71*2 *08*2 72
65 F e b
6514 F e b 3
73 M ch 9
4.400 Missouri P a cific_________
77*2 A u g
677g 68I4
677g
67
68
68*4
O6I4 67
67*2
66*2 07l2 66
ash C h att & St L o u is , 130 Jan 25 139 Jan 8 1221" Jan
142 D eo
*132 137 *132 135 *130 137 *130 137 *130 137 *130 137
a t R ys ot M cx 1st pref
44*5 A p r
6512 Mch 24
60 F e b 3
64 D ec
800
63*4 64'4 *63
65
64
63
63
63*4 63*4 *61*2 64
*62
21 D e c
D o 2d p r e f_________
297g M a y 6
24% Jan 15
26*8 M ay
28*2 2973 26,860
28
29ls 29*.i
28*8
27*1 28*j
28*4 29*2
2712 28lg
N Y Central & H u d s o n .. 1147s F e o
12s M ch 9 1201" F eb
147*4 A u g
118*4 120*8 117 I I 8I4 117*8 HS/g 118 119*2 119*8 120*3 118*4 120's 48,825 N Y C hic & St L o u is ------G5i2 Jail 4
48*2 Alch
69 N o v
•
r5 '" M a y 4
200
58
*55
58i2
*55
60
55*2 55*2 *55
*56
GO
50
56
D o 1st p r e f_________
100 “ F e b
109*4 J a n 21 109*1 Jan 21
100 F e b
*100 n o
*100 n o
*100 110 *100 n o
*100 110 *100 n o
98
Jan
19
95
N ov
D
o
2d
p
r
e
f__________
82*4
A
p
r
28
70*4
A
p
r
230
86
*85
87
*82*»
87
87
85T
{847g 84*8
*82*2
*82*2 87
149 A p r 28 162 M ch 14 ,154 N o v 17434 J ’ ne
550 N Y N H & H a rtfo rd ____
151 151
152 152l2
149 149*4 *147 151 *148 151
♦147 150
42i4 F eb
50 Jan 5
55*8 J ’ne
4 i ss M ay 3
4,260 N Y O ntario & W e ste rn .
43
43
43*8
42
421"
421" 43
43T
41*8 42*"
4212 43
8**4 Jan
102 D ec
95 Jan 25 !08>s M ch 21
997g 100*2 100*4 101*2 102 102"g 10U2 102*4 21,150 N orfolk & W estern ______
98*4 100*4
100*2 101
85*g M ch
D o a d ju stm e n t p r e f . . .
OH4 Alch 10
88 F e b
92<2 J ’ ly
____ ____ +90
239
93
*90
93
93
90
90
*90
*90
93
126 A lay 2 145:>a Jan 3 133*4 F e b
159*2 A u g
127 127*8 12.8*8 129*4 12734 12912 40,460 N orthern P a cllic_________
128*8 130*2 120 128*4 126 128
118*.
Jan
12
76
M
ch
_____
acific
C
oast
C
o
110*2
D ec
107
F
e
b
15
*106
*105
n
o
*101
n
o
110
*104
n
o
*108*2 112
*107*2 110
100 M ch 5106 " S e p
D o 1st p re f______
*90 108
98
*93 108
*90 105
*90 n o
*93
*90 n o
Do 2d p r e l_________
88 M ch 115 D ec
105 F e b 14 118 Jan 3
200
*104 115
no
no
*108 114 *107 114 *105 n o
*100 114
13812 Af<-h 9 TlO'g F e b
151*4 Sep
131*1 133*8 12978 1317g 130*4 131*4 131*4 132*2 Z13H4 132l2 130*4 132 128,495 P e n n s y lv a n ia ____________ 123*4 Feb
86*" Jan
997g D ec
104 5SM ch 2 2
98*4 99*4
95 F e b
3,000 P ittsb Cln Chic & St L _ .
9834 9914
99"g 100*4
99*2 99*4
99*8 100*4
99*4 100
D o p re f_____________
114 M ch 10 110 Alch 1 104 F eb
110*4 Sep
*105 115 *105 115 *105 116 *105 115 *105 106 *105 106
e a d in g ______________
173“»g Sep
153*8 M ay 3 172*4 F e b 18 118 F e b
156l3 1591g 154*4 15612 153*g 15678 155 157*4 1507g 153*., 155*8 15Sl2 076,150
89 M ch
1 1st pret__________
9312 F e b 17
96 A u g
200
£0*4 M a y 2
91*2 *8812 o u 2 *88*2 91*2
*90*4 92
90Q 9014 *887g 9112 *89
2d p r e f................. .......
90 F e b
99 100
1171" D e c
98 M a y 2 11013 Jan '
1.400
99 100
98
100*8 1001s *99*4 101
98*s 98r>g 98
57>4Jan 20fg F e b
81 " D ec
42*4 44*2
3S5s J a n 20
42*4 4478 103,450 R ock Island C o m p a n y —
43*4 45*s
43
44*2
41IS 42<2 41*4 43*8
D o p re f________________
57=8 F e b
87
81 Jan 25
87
89
94*4 D ec
U2i3 A p r 9
1,700
*85
86*8 87
*87
89
87
*85
86
86
64t» 66
t L <Se San Fr. 1st pref__
73 Jan "
74 D ec
G4*2 Alay 5
65*4 Alch
1,344
65
06
70
60
66
*65
70
*66
*67
70
46
D o 2d p r e f___________
36 F e b
47
60*4 Sep
44*4 46
60 Jan
44 Alay 2
5,050
40
46*8
41144*2 45*4
45
44
40
29
2914
3,40: St Louis S ou th w estern ___
27*4 29
341" Jan
20*2 F eb
29
29*4
24 *« F e b
27
27*2
35*s D e c
27*i 27*4
20*4 26*4
•1/ 1" J an
72*4 72*.,
82 D e c
72*2
D o p r e f________________
72
90
693] F e b
77*2 Jan
72
72*.|
71-*i 72 ‘
711" 711-. *71*4 72
123*8 125ig 1225g 125 308,500 Southern P a cific C o _____
139'* A ug
ilJSti Jan
I l l ’s F'eb
117*4 M ay
120*8 122*8 118 ' 1201; 117*4 l20*s 120*4 123
26
22 F eb
33*4 Jan
9,910 Southern v tr cfs s t m p d .
25*"
34 A u g
24 M a y 2
25
I f 4 25*2 26
24
25*2 28
251.1 24*4 25*4
60 Jan
6OI4 61
Do pref
do
4,100
69*4 60
751" D ec
60 '
75 Jan
59
59 M a y 2
00
G1
59*i 59*2
59
60 '
30 F e b
7.400 ' I ’ exas & P a cific_________
3U " 31*4
56*4 Jan
3 H4 31?4
4012 A u g
: f.i" F e b 7
30*2 31
30
30*8 30*.| 30*2 31
3014
1 !• D ec
*0
7
42*" Jan
1,200 1 bird A v e n u e <N Y ) . . .
0*2
6 ' Alch 10
l9 i2 Jan •
6
0*2
0*4
*0
9*4
*5*2
6*2
; M ay
10
*9
Toledo R ailw ays & Light
*9
10*4
.15*8 Jau
10
15*4 Jan J'9 Apr 2,
*8
'*8**4 T o*2 *8
*8
10
10
38
38
*1*200 Toledo St L & W e s t e r n ..
43 F eb
547g O ct
39*8 391g
40
40
33 M a y 6
54*8 Jan 4
38*. 3914
39*4 39*8
39*4 39*4
64
041S 2.400
Do p r e f________________
6434 F eb
CH2 64*4
72*4 Jan ■*
6212 E e b 4
7**4 Jan
64*4 64*8
03*2 03*4
63
63*4
64
04*1
493 Twin C ltv R apid Transit r i l l Jan 25 117*2 Jan 3
97 J an
I I U 2 111*2
♦112 113
112'e 113 *112 113
110*4 D e c
1111" 1121" *110 112
177*.i 189*4 17014 178U 175*8 178*s 177*8 179*4 179 18U2 I7S*g 181*1 550,840 I Talon P a cific ___________ 175*s M ay 3 204*4 Jan 3 172*2 F eb 219 A u g
5.400 vJ
D o p r e f_____ ______ _
94*2 94*2
9334 M a y 4 103*4 Jan < *94 M ch n s '2 A u g
94*8 95
93*4 9512.
95*2 95*4
94
93*4 94U
95
200 U nit R y s I n v 't o f San Fr
30 F eb
33
4214 J an 3
47 Sep
33 j an 25
33
D o p r e f____________
200
641" 641"
72*8 Jan 8
50*4 F e b
77 Sep
5612 J a n 25
63
63
a b a s h ____________
7,300
18*4 19*o
27*4 Jan 3
'i n f . *10*78
15 F e b
18*4 19*s
19*2 197g
27?g D eo
I 8I4 A p r 8
1878 187S 195S 20
Do p r e f.............
01 Jan 3
41 l*eb
41*.| 43*2
40*s 42*s
42*2 44*4 28,800
61*4 J ’ n c
39*4 F e b
40*2 42*4
4318 44*8
41*2 43*8
W est Aid rects 4th p a id .
121
O
ct
54*8 M ch 12
56 D e c
45 F e b
3,200 W est M aryland R y ______
421.1 44*4
64*sMch 12
45
4412 44*2
*44
44
44
42'4 M a y 3
42*4 4434
44U 45
300 W heelin g & L ake E r i e ..
*3
4
10 Jr.n 3
4
3*2
3 A p r 28
6 J ly
4
*3
3*2 *3*4
*312 4
3*2
3*4
127g Jan
81;
250
D
o
1st
p
r
e
f________
23 Jan 3
257g Jan.
8I4
0
8U
8*2
♦8
8I4 A p r 26
*8
9I2 {81S 8*8
*8*4 10
15*4 J ’ly
*4
400
D o 2d p r e f.......... .........
5
4*4 M a y 2
13*2 Jan 3
434
4*4
*4*3
5
6i2 J ’ *y
*4*8
5
4'.|
4*4
15*8 Jan
4*3
4*8
47I" 471" *47
300 W isconsin C en tral_______
50
50
45i" F eb
637g A p r
50
*47
51
*47
52*1
357» Jan
561 "M ch 7
*47*? 53

*32
36
33
33
30
*31
36
*30
30
*30
36
*30
72
70
70'" *70
72
*70
72
*70
*70
72
72
*70
107*4 10S*4 I05*j 1077g 105'g 107*4 107*8 108*1 108*8 109*4 108*s 109*8
10l7g 102
102 102
102 102*8 102 102
102*8 102*- 102 102
123*2 123*2 123 123*2
12H* 123
121*1 122
1241.1 1241" 120 122
108*8 1087s 108*4 109*2 108*4 109
107*s 10SU 1061g 107*8 107*8 109
*89
91
*90
91
91
91
91
*89
91
01
*90
91
77*4 791i
70*4 78*8
75*4 76*4
74*4 7611 73*4 76*4
70
775s
182*g 1847s
184*2 185*2 185*4 180
182*4 183b 131*4 182*4 183 184
*65
69
*65
69
*G5
69
*64*4 69
6512 651" *84*4 07
275 275 *270 290 *■270 295 *270 285 *270 280
*275 290
84*2 86*i
84*2 86
82*4 84*2
8H2 83*
82I4 84*"
81*8 82*4
45
46*4
46*4 46*j
45
46
46
4S*.i
50
50 * ____ 50
*06
69 * ____ 69
♦
*____
70 * ____ 70
70
2G*g 27
27*2 27*2
26*8 271;
261"
27
27*8
20
2G*-> 26
50*4 51
51*2 52
50
51*i
49A 5OI4
♦52
54
61
51*4
136 138*8 137*4 1397s 137*2 139*"
13012 1381" 1341" 137*4 135*4 137
15634 156*.
158 158 *157 158 *158 159
156*2 158
158 153
149 1497g 1481« 150
147 1' 7*4 147*2 148*4 148*4 149
148 149
____ *200 219
*200 210 *200 210 *200 210 *200 210 *200
142*2 14212 *140 150
*110 155 *140 150 *140 150 *139 142
*160 177
*1G0
175
*160
107
167
*100
*160 175 *160 167
*4
4*4
4
4
3*8 3*r
4 '
4
4
*3*4
5
4
*9
9*
9
9*2
912
9
9*s
*S
*7*2 10
10
*8
82
82
81*2
81*
81
81
81
81
80
80
80*4 81
*100 110 *100 110 *100 110 *100 110 *100 110 *100 110
61
62*2
57*4 60*2
60*4 62
57*4 58*2
6678 57*2
57*8 58'8
*75
77
*76
77
*75
77
76*
75
78
75
77'i *70
*75
77
*75
77
*75
76
75
75
70
76
75
7G's
169 170
169*2 170
167 1677s 168 168*2 168 168
168*4 109
560 560 *555 565 *555 565 *555 565
560 565
*565 575
39*2 40" i
377, 38*8
39
40
38*4 39*4
37*2 38*4
38*2 30’j
79
*78
80
78
78*2 78* ■> 79
77
77*2 7712
§77*2 77*2
62
60
*58
*58
“ " * ____ 61
64
*58
*60
64
14
14
14
*14
14*4
14
14
14*s 14*«
*14*8 15
25
25
__
24
*25
26* _
25
24*4
23*2 23*2
*24
26
28
285s
27*4 28*2
27*8 28*8
26*8 27I4
26*4 27*2
27*3 27*
44U 45
45*2 45*4
44
43*4 45
43*8 43*s
44
44* l 43
36
36*4
33*i 34*8
35*4 35*4
34*2 35
36*2 37
34*i 34*2
131 1337* 132*4 133*1 133*8 134*., 132*4 134*8
132 133*2 130*4 132*
62*4 03*2
63
64*4
61*4 62*4
61
62*4
62
63*2
61*2 62
15
15
14*2 14*8
*1412 16*4
14*2 14*2 *14*4 15
*92*2 95 *1111 ”95"
92
92
95
■------ 92
*91
92
*
!____ 9734
*
_____________
97*4 9734 * ____ 97*4 *____ 97*4 ____ 9734

A

D

H

I

K

L

M

N

P

R

S

W

BAN KS A N D T R U ST COM PANIES— B RO KERS' Q UO TATIO N S.
but
Ask
Ask
Banks
bid
Banks
Chatham . . 325
335
N ew York
____
Chelsea ExTJ 200
180
A e t n a ______ 170
Chem ical . . 445
455
A m erica I I .. 620
Citizens’
Ctl
160
105
A m er l ix c h . t240 f 1*4*0'"
C ity ............... 390
400
A u d u b o n . . 105
116
Coal & Iron 150
165
130
B a tte ry P k . 120
Colonial 1|. . 350
B ow ery V___ 375
340
C olum bia
320
B ron x lib r o t ;;00
100
2*l*li" C om m erce . f ’201 t‘206
B ron x N at
325
B rya n t P k H 155
160 Corn E x 1I-. 320
East R iv e r . 115
125
B u tch & Dr 140
150
175
C en tu ry l|._ 170
175
Fidelity H -. 165
Chase
F ilth A veil. 4:00 4500
430
465
•B id and a- ked pr ces: uo sa.es were m ade on this
1 Sale at Stool: E xchange o r at au ction this w eek




__

b id
Ask
Ask
B anks
bid
but
Ask
Banks
Banks
B anks
F i l t h ........... 300
Irvin g N Ex 205
210
P rod E x cb 1j
350
M utual It___ 280
290
First _______ 900
J ellerson H ..
R e s e r v e ___
175
Nassau 1|___ 240
925
14th StH___ f 150
L ib e r ty ____ 625”
N ew N e th ’d 210
23J* S eab oard __
F o u r t h ____ f I 97
L i n c o l n . . . . 400
S e c o n d ___
4*23* N e w Y o rk C o ij00
G allatin . . . 350
340
N ew Y o r k . 320
3*6*5*" M anhattan^ 325
3*2*5** S h erm an ___
M ark’ t& F ul 255
G arfield . . . 290
State H ____
300
265
N’ ht &Day1! 225
G erm -A m ]] 140
M cch & M ct’s 205
270
150
19th W a r d .
3*7*5*’ 12th w a r d .
M ercantile . U 66I4
G erm ’ n Exit 4 35
23d W a r d ..
tlOO*
G erm ania U. 550
2*4*0* U nion E x c .
170
5*7*5'" Merch E xcii 160
PaclflcH____ 230
M erchants . 175
G o t h a m ___ 150
W ash H ’ ts U
450
Park _______ 440
ls l
G reen w ich 1| 255
20*5 " M etropolis V 390
W est Side t
P e o p le ’s U_. 270
290
410
M e tro p o l’ nij 200
H a n o v e r ___ 630
P b e n l x ____ 200
Y o rk v illa If.
645
210
Mt M orrlslf. 200
Im p & T rad 560
PiazaTJ........... 625
673
d a y . tE x -r ig n ts. 4Less than 100 shares. 1]State banks, a E x -d lv ld e n d and rights, b N ew
h First Installm ent paid
n Sold a t private sale a t this price,
s 2d paid.
tr 3d paid.

__

b id
170
105
390
400
135
275
140
180
275
650
500

Ask
180
116

290*"
140
190 ”

1224

New York Stock Record— Concluded— Page

STOCKS— HIGH ItST A N D LO W S ST SALK PKICKS
Saturday
April 30

Monday
M ay 2

*243
978
978
35
35
66I2 70%
42<2 42%
*97 105
38
36U
*91
95 "
91o
!'
V212 73
58
59
*115 116
60
6OI9

Tuesday
M ay 3

Wednesday
M ay 4

Thursaay
M ay 5

yt'rtday
m ay 6

Sales 0)
itte
Week
Shares

ST O C K S
N E W Y O R K ST O C K
EXCHANGE

2

[V O L . L X X X X .

Hanot Since January I
On basts of loo-s/iar? ton

Kanqe lor previous
Y v a (1009)

*248

. . . *248
. . . *248
J? U,V*‘ rir l £ 'n 's c c lla .ic o i,.
____ *248
. . . *260
A (lams Express
5250 Jan
10
10
§270 Jan
190 Jan >250 N o v
*9% 10
9%
978
10
10
10
10%
600 Txllls-C h alm ers _
9% AIch24
33% 33'
15 Jan
12% F e b
32
32
167g A u g
33
33
*33
38
*35
39U
D o p re i___
500
32 M ay 3
64% 66%
64% Jan
63% 66%
38 F e b
64% 66%
67% N o v
64% 6678 64% 66% 397.000 A m algam ated C o p p e r " "
63% M ay 3
41% 42%
90% Jan
41% 41%
65 F e b
42% 42%
06% N o v
42% 42%
43
43
1.400
A
m
er
A
gricu
ltu
ra
l
Ch
em
"
40%
F
e
b
*97 105
49 Jan lu
33% Jati
*90 105
50 A u g
*99% 101
*95 105
*99 105
Do pret____
99% A p r 8 103 Jan lo
35
35%
35
351
95% Jan
103 A u g
35
36%
3638 36%
36
36%
7,400 A m erican lle e t S u g a r " " "
31% F e b 8
*90% 90% *91
47% Jan lo
95
20% Jan
49% A u g
*90
95
*92% 94% *92
94%
20
Do
p
re
l___________
89%
Jan
25
9%
9%
15 A lch lb
82 Jan
9%
97,
98 O ct
9% 10%
10
10%
958 10
3.100 A m erican Can_______
"
8% A p r 28
l37s Jan 3
71
71%
7% F e b
71% 71%
16% NOV
71% 72
72
72%
71% 71%
3,190
D o p re f...............
*
71 M ay 2
81% Jan ^
55% 5734
555g 57%
71% F eb
86 J ’ne
56% 58%
58% 59%
5838 58% 12.600 A m erican Car & F oundry
55% M ay 2
727g J an 3
115 115 *113 115 *113 115 *113 1151
44%
F
eb
76i» N o v
115 115
206
D o pret________
115 F e b / 120 M ch 0 107% F e b
59
61
62
64%
1243! A u g
64
6434
65
6538
64% 65
8.940 Am erican C otton On
57 F e b 8
69% M ch
*101 104% *101 1041' 102% 1021 o *101 103 *101 104%
42% Jan
79% N o v
100
D
o
p
r
e
f...............
101 F e b 1 106 A p r 19
*260 280 *260 280 *255 280 *255 28 0 " *255
98 Jan
107% N o v
____ *255 280
A m erican E xpress
" 270 A p r 13 320 Jan 4 §205 F eb
*6%
6%
*6%
61
534
6%
6%
6%
joo
D ec
6%
6%
♦6
6%
900 Am erican H ide & Leather
5% M ay 3
31
32
31
3155
8% Jan 5
32
32
6% F eb
31% 32
3238 32%
10 Sep
31%
32%
3.430
D
o
p
re
f________________
2312 24%
29% A p r 28
23
24
4778 Jan 3
34 F e b
24
24%
24% 24%
24% 25
61% A u g
24
24%
3.000 A m erican Ic e S e c u r it ie s "
*12% 14
2u
F
e
b
1234 1234 *12% 13
1873
Jan
29%
Alch
8
♦12% 13% *13
42% A p r
14
*13
1334
100 A m erican Linseed
35
35
12% A p r 28
32
33
17% Jan 3
12 F e b
33
34%
33% 34
20 J no
34
34%
33% 33%
2,700
D o pret________________
47
48%
32 M ay 2
46
47
467g Jan 3
45% 47%
29 Jan
46
48
4734 J ’no
47% 48
47
47%
8.000 Am erican L o c o m o tiv e ”
45% F e b a
* . . . . I ll
*108 111 * ____ 110% *105 110 *107 111 *107 111
62% Jan 3
49 F eb
69% A u g
D
o
p
re
f_______
*5i2 6%
110
F
e
b
/
5%
6
115 Jan 7 109% F eb
6%
5%
5%
6
122
Aug
*5%
6
*5%
6
600
A m erican Malt Corn ~
. 36
36%
6% M a y 3
36
36
8 F e b .8
35% 35%
5% J ’ ly
35% 35%
11% J ’no
35% 36
35% 36%
1,950
D o pret_________
*87% 88% *87
33 Jan 2u
88%
87
87
48 Alch 21
38 N o v
*86
88
59 Sep
*86% 87
*87% 88%
100
A
m
er
Sm
elters
Sec
p'ret’
B
76% 78%
86%
F
e
b
8
75
76%
9078 Jan 3
72% 76%
80 Jan
923g AUg
74% 76%
74% 76%
75
77 233,150 A m er S m e lt in g * Heliulng
103 103
72% M ay 3 104 Jan 3
103 103% 103 103% 103 103 *103 104
77% F e b
105% N o v
103% 103%
1,220
D o pret___________
*250 300 *250 310 *250 310 *250 300 *250 310
102% A p r 29 112% Jan 3 101 Jan
11634 A u g
*250 310
A
m
erican
Snutf
"
*97 102
277 A p r 4 2*5 A p r 27 22
*97 102
100 100
M ch 1285 N o v
*97 100
*97 100
♦97
99
100
D o p r e f______. ! ! ! ! ! "
05% Jan 13 100 M ay 3
58% 69%
56% 69
57% 57%
95 M ch 105 M ay
56% 57
58
58
64% F e b 4
121 121% 120 120 ! ' 120% 121% 12134 12334 123% 124% 256% 56% 2,700 A m er Steel Found (new)
36 Jan 1j
347* F e b
6638 N o v
*123
125
4,550
A
m
erican
Sugar
R
etlnin!
*119% 120
118% F e b 7 1287g F eb is
119% 119% 119% 119% 119 119% *119% 123 *120 124
115% N o v
500
D o p re f______________
119 Alay 4 124 F e b 28 11* N o v 136% Sep
133% 135
133% 133% 133% 134% 133% 13434 13434 1351­ 13434 135% 11,902
131 A p r
A
m
erican
T
eieph
&
Teieg
133%
Alay
2
94
94
*93% 96
143% F e b 2
*95
95
125 Feb
94% 94%
145% Sep
95% 95% 595% 95%
620 A m erican T o b a c (new) ,pf
01 F e b 3
32
32%
3H , 31%
0934 M ch 1
OOi 2 F eb
32% 32%
33
34
104 Alay
33
33
34
36
1,800 A m erican W oolen
31 F e b 8
97% 9734 973S 973S 977g 97%
39% Alch 18
26 F eb
97% 98%
40% A u g
98% 9S34 §99% 99%
1,020
D
o
pret________________
97%
A
p
r
30
40% 42
39% 40%
104 Alch
9334 J an
38
40%
10784 J ’no
39% 40%
40
41%
40%
41
16,100
d A n acon d aC op p er F a r ? 25 138 Alay 3 $54 Jan
*29
31
28
28
$37% F e b $543* D eo
*27% 29U *27% 30
29% 291­ §27% 27%
310 IJ cth le h e m S teel_____
26% F e b 3
55
59 * - - - . 56 * ------ 55 ‘ 1------ 55 * -----34
Jan
18% M ch
36% Sep
55 “ * ------ 55
300 §> D o pret.............
139 142 *138 140
53 F e b «
65 Jan
133 136
47 F e b
134 134
09% Sep
138 138 *137 140
914 B rook lyn U nion G a s . ! .
133 M ay 3 164% Jan
*11
13
*10
13
* 11% 12
118 Jan
164% D eo
*11
12
12
12
*11
13
100 B run sw ick T erm & K y Sec
*30% 35
12
A
p
r
20
*30% 35
*30% 35
18%
Jan
17 7g D ec
*30% 35
19% D eo
*30% 35
*30% 35
B
u
tterlck
Co
41% 42%
39
41%
30*4 F e b 8
237s ja n
39% 40%
33 Jan
40
4138 41% 42%
37 “ N o v
41% 42% 49,663
ientral L e a t h e r " ! " "
*106 103
35% F e b „
105% 105% 5105% 105% 106% 106~8 106 106 *106 107
4834 Jan 3
26% Men
6134 O ct
480
' D o p r e f____________ " 105% F e b 7
36% 37
35% 367);
5% 36%
36
3634 37% 38%
0934 A p r
109% M ch 8
111 Sep
38
38
4,700 C olorado Fuel & iro n . .
32% F e b /
*8% 1434 *8% 14%
50 Jan
8-% 8%
29 F e b
*8% 14
*10
12
63 D eo
10
10
200 Col & H o ck Coal & I r o n .
7 A p r 27
92% Jan
21% FeD
30c. 30c.
91% D e c
100 C om stock T u n n e i.P a r $2
26c.
F
e
b
1
133% 135% 130% 133% 130% 133
36o.
Jan
21c A p r
131% 133% 13334 135% 133% 136% 29,360 C on solidated Gas (N Y)
37c O ct
130%
M
ay
3
14% 15%
14% 15
16038 Jan 3 114% F e b
14% 14%
15
15%
15% 15%
165%
Jan
15
1534
3,533
Corn P rod u cts K e lln in g ..
14% A p r 28
*74
76
23% Jan
*74
*74% 74%
18% F e b
74% 74% *74
26% J ’ne
78
*74% 78
100
D o p r e f.
*53
74 A p r 28
60
8638 Jan 3
*53
*53
60
73% F eb
*53
60
93% J ’ne
*53
60
*55
60
Crex
C
a
rp
e
t.
_
*29
55 A p r 20
29%
28% 28%
29
62% F e b 25
45 Jan
63 D ec
2934 29% 30
30
30%
2934 2934 2,760 D istillers’ Securities Corn
27 F e b j
*30
41
*30
41
36*4 Jan lo
*30
32% F e b
41
*30
41
41% Jan
*30
41
*30
41
Federal Alining & S m elt’ g
*60
40 M ch 22
70
*60
70
*60
60 Alch 8
65 M ch
70
*61
70-% *65
95% Alay
707,
*60
70?4
D
o
pref_________
146 146
53 A p r 6
145% 146% 146 146% 146% 147 *147 148
88
Jan
3
80
F
e
b
94
Aug
146% 147
1.700 G eneral E le ctric_____ "
145% M a y 2 1607s Jan 6 150% F e b
40
40
17234 A u g
*41 100
100 G ra n by Cons M ,S & P ”
9033 91%
40 A p r
89% 90%
8978 90%' 91
112% Jan 5
91 Alcn 110% D ec
91
92
92%
91%
92
6,310
I
nt
H
arvester
stk
tr
ctfs
122 122 *— - 122
s83% F e b 8
122 122
62 Jan
122 122 *122 125 *122 125
11834 D e c
600 J- D o pret stk tr e t t s . . . 120 F e b 17 12578 Jan 10
5%
5%
*5%
6
129 Jan
*5
6
109% Jan
5
5
128 D eo
5
5
*5%
6
400 In t Aler M arine stk tr etts
17% 17%
5 M ay 4
17
17
16% 17
7% Jan
16% 16%
5% J ’ly
17% 17%
9 O ct ’
17%
17%
1,600
D
o
pret_________
*11
12%
16% A p r 28
24% Jan _
10% 11%
11
11%
18% J ’ly
11% 11%
11% 1158 * 11% 12% 3,150 In ternation al P a per
27% Jan
10%
M
ay
3
60% 50%
50
50
16
Jan
3
48% 491»
9% M ch
48
48
*48
50
19% Jan
48%
49
1,850
D
o
pret____________
48
M
ay
4
42% 42% *42% 441­
42% 42%
61% Jan 3
42% 43%
47% M ch
44
443„
C934 A ug
44% 46
1.700 In tern at Steam P u m p . . .
42 M ch 2y
*81
84
83% 83% *83
83
6458 j a n 7
33% F e b
*83
85%
84U 84%
64% N o v
85% 85%
315
D o p r e f________________
82% F e b 7
*100 100t'> 99% 99%
90% Jan 17
9978 100% 100 100
82% Jan
100% 100%
91 Sep
9934100%
800
Laclede
Gas
(St
L)
c
o
m
.
.
07 F e b 7 116% Jan 10 104 J ’ne 11338 D eo
*85
88
♦85
87
*35
88
86
86
*85
88
*85
88
100
Alackay C om panies
85 Jan 17
*75
77
76% 76% *75% 77
91% Jan 6
75% 7534 *75% 77
70 Jan
95% N o v
*75% 77
292
D o p re f_________
75% A p r 29
* 100% 106 *103 103 *100% 106 *100% 109 *100% 109 *100%
78% Jan 10
69% Jan
775c D eo
109
10
ational B iscuit .
lOt F e b 4 115 Jan 5
* 122% 123% 122% 122% 122 122 *122% 122% *122 12334 *122% 1233j
96% Jan
120 Sep
205
Do p r e t ____________ 121 F e b 23
20% 20% *20
22% *19% 21
125
Jan
17
118%
Jan
*19% 21
21
21
130 Sep
*19% 21%
200 N at E n a m el'g & s t a m p ’g
20% F e b 8
*84
90
*82
90
28% Jan 3
12% F eb
*80
90
*80
90
*80
90
30% D ec
+84
90
D o pret____ ____ _
9o% F e b 5
•
96% Jan 18
82 Jan
73% 75
74
76%
99% Sep
74 % 78
19,425 N ational L e a d . . ___
72% M ay 3
§109 109
107% 107% 107 107
89%
Jan
4
71%
F
e
b
106% 107 §107% 107% §10734 10734
94 AUg
850
D
o
p
re
f_______
"■
106%
Alay
4
73% 7434
72
74
71
71
110% Jan 17 10234 A p r 11334 A u g
71
71%
73
73
72% 72%
1,970
.
N
ew
Y
o
rk
A
ir
Brake
"
"
71 M ay 3
70% 70%
70% 7034
05% Jan 3
80 F e b
70*4 71%
70% 71%
71% 717g *71
97% N o v
72
2,600 N orth A m erican Co. ne’ w
70% A p r 28
25% 26
84 Jan '
25% 26%
72 Jan
26% 26%
2 f 4 2534
26% 263,| 26
87% J ’no
26
3,900 p a c i f i c M all.............
24 A p r 28
35
34
35%
43% Jan
34
34
34
29% F eb
*33
35
48% N o v
35
35% *33
35
600
i
.
a
clflc
T
elep
&
T
e
i
e
g
"
33 Jan 26
108% 108% 107% 108 rl053j 107
46% Jan
45% N o v
106 107
107 108
64 O ct
107% 10734
7,420 P e o p le ’s G L & C (Chic)
105% Feu 3 llO ’ g j a n 3 101% Jan
♦98 100
*98 100
*98
99
*98
99
*98 100
120 A u g
98
98
100 P h iladelphia Co (P lttsb 'h )
97 F e b 8 106% Jan 8
18% 18%
173., 18
17% 18%
18
1838
99% D ec
18% 18%
J03 D ec
18% 1834 2.400 P ittsburgh Coat Co
17% Alay 3
69% 69%
69
69% 70
69
27% Jan 5
68
68
10 A p r
70
70
29% NOV
68
71
1,300
D o p r e f . _____
66% F e b 8
38
38
37
37
361. 373s
85 Jan 3
36% 37
40 F eb
38
38
38
38
87% D eo
1,810 Pressed Steel C a r . ! !
*99% 101
36% F e b 8
99
99 §100% 100% *97% 97% *97 100
517gJan 3
3012 F e b
98% 98%
56 A u g
410
D
o
p
re
f________
162 162
g97% M ay 3 107% Jan 6
162 162
16134 161% 162 162
160% 162
96 F e b
161 161
111*4 A u g
955 P ullm an C om pa n y
*3
4
a;
156%
A
p
r
29
3%
3%
*3
4
*3
4
200 Jan 11 169 Jan
*3
4
*3
4
200 A u g
200 Q uicksilver Alining
25s Jan 0
*4%
47g
5
*3
378 A p r 6
5
5
4%
5-%
1% Jan
*4%
6%
9% J ’ly
*4%
5%
600
Do p r e f...............
+373t 39
3% A p r 7
37% 37%
3734 373“
3778 38%
6 M ay 2
3 Alch
40
40
lo Alay
*38
40
700 O a ll w a y Steel S p r in g !.
*100% 104% *100% 1047c 103 103 *100 104% *100 1047g *100
35
F
e
b
7
5178 Jan 3
32% M ch
641' A u g
10478
100
LU
Do
p
re
t_____
33
33%
100% A p r 29 107 Jan 17
32
32%
32
32%
32% 33
97% F eb
32'8 33%
109 “ A u g
33% 33%
5,950 R e p u b lic Iro n & S t e e l . . .
07
32 A p r 28
98
96% 07
457g Jan 3
96% 96% 596% 963,
16% F eb
9778 98
49% Sep
97
97%
1,980
D o p r e f_____________
96% M ay 2 104% Jan 3
72
73%
71
72
72
72%
67% Feb
71% 72%
110% J ’ly
72% 73
72% 73
3.400 Q loss-S h etfleh l Steel *&"lr
71 M ay 2
86% Jan 3
68 F eb
94»S O ct
*115 120
L? D o p r e f_____________ 115 Jan 19
27
2534 28
118%
F
e
b
1
25
27*8
27
26%
120 Sep
26
28
+20
27
3,800 dTennesseeO opper K a r l 25 625 A p r 29 54058 j an 3 1073g F eb
+84
88
*83
8678 867g
57
$33% O ct
86% 867g *86
$49
Jau
88
♦85%
867g
600
T exa s P a cific L and Trust
8%
*8
83 F e b 8
8%
9
*8
80% F e b
9
02 Alch 0
8%
8%
93% J ly
*8
9
*8
9
200 I f nlon B a g & P a p e r____
§60
60
*59
7% A p r 28
60
*59
9% F’ eb
13% J an 10
60
153g J ’no
*59
60
*55
60
*55
60
70
U
D
o
pref
*103% 110 *103% 110
60 A p r 25
106 106 <"104% 110 *106 110% ■106
73 Jan 17
66 Jan
81% J ’no
100 U nited D ry G oods C o s . . 104% A p r 28 122
*108 109
108% 10S34 *108 109 |il'9 % 1091. *108 109% 109 110%
Jan 3 116 O ct
125U D eo
109
395
D o p r e f________________ 108% A p r 8 1137s j a n 4 zlOO Sep
20J2 20% §20% 21
"0% 20% , 21% 21%
114 ‘ Dec
21
21
*20
22
620
U
S
Cast
I
P
ip
e
&
Fou
ndr
69% 6934
70% 70% *69
20% A p r 26
32 Jan 3
243g F e b
73
*69
72
35% J ’ne
*70
72
*70
72
325
D o p r e f . . _____________
*104 112 *104 112 *104 112 (<104 112
69% A p r 30
84 Jan 10
70 M ch
87% A u g
105 105 *104 110
100 U nited States E x p r e s s .. 105 M ay 5 145 Jan 10
73
73%
72% 73%
73
82 F e b §111 D ec
73
72% 73
73
73
73%
73%
1,050
U
S
R
e
a
lty
&
Im
p
r
o
v
e
m
’
t
5
5
*4
S34
84% Jan 4
72 F e b 8
534
534
Feb
*5
534
634 *5%
*5
«7
Sep
5%
400
U S R e d u ctio n & ReOnlng
*18
6 A p r 30
251.1 *18
11 Jan 14
25% *18
25% *18
M ch
25
*18
25
17% J ne
*18
25
D o p r e f______________
21 M ch 1
39
39
38
29% Jan 3
39
38
39%
F eb
38% 3938 40% 40%
39% A u g
40%
41
8,700
United
States
R
u
b
b
e
r
..
"
110%. 110% 10934 110% 109% 1093s 110 110% 111% 112
35 F e b 7
52% Jan 3
F eb
575g A u g
1113g 111%
2,580
D o 1st p r e f___ . . . ____* 108 F e b 5 116% Jan 10
*76
80 " *75
80
*71
79
Jan
77
77
123% A u g
*71
80
100
D o 2d p r e f____ __
"
80
82
78% S03g "78% 803!
76 F e b 7
84 Jail 3
80% 817g
67% F eb
81% 83
80%
8234
89%
Aug
1,023350
U
nited
S
tates
S
teel___
"
11734 118U 116*4 118
76 F e b 8
91 Jan 3
117% 1183» 118 119 x ll7 % 11734 1167g 118
41% F eb
0478 O ct
21.110
D o p r e f . . . . . . . . . . ! ! 115% A p r 28 125% Jan 3
40% 42%
41% 43%
4034 42%
42
42%; 42% 43%
107 F eb
42% 41
111 O ct
22,885
dU
tah
C
o
p
p
e
r___
P
a
r
i
15
56 lg 58
55% 56%
$40% A p r 28 $60% Jan 6 $39% Feb $67% N o v
55% 57
56% 573g
57% 58%
567g 58
22,125 Vlrgln.a-C aroH na Chem
*120 126 *122 123% *122% 123% 122% 122% *121 124
47 F e b 3
01i8 A lch 22
40% F eb
5638 D e c
123% 123%
200
D o p re t________
+ ._ ‘ 59 *
121 F e b 11 129% Jan 4 114 Jan
60 * - . .
58
58
60
§58
58 * -----128 D ec
60
150
Virginia
Iron
Coal
&*Coke
*15" 21
68 A p r 22
*15" 21
73 Jan 8
*15
21
§17%
17%
*15
21
67
F
e
b
18
18
7578
Sep
137 V ulcan D e tln n ln g _____
*
15 F e b 4 §25 Jan 15
70 *
70 *
70 ♦------ 70 * -----6 F ob
70 * ------ 70
37% N o v
D o p r e f____________ ___
*165" 174 *165 174 +165" 174 +160 178 *168 178 +168
60 F e b 4
80 j a n 6
45 Jan
9134 N ov
178
ells
Fargo
&
C
o
______
152 Feb 8 al05 Jan 4 300 Jan §670 D eo
63
68
6734
67
67
67%
67% 67%
6734 68%
68 % 68%
2.400
estern U nion T e i e g . .
*61% 63
617s 62%
67 M ay 2
62
62%
78% M ch 4
61
62%
64 F eb
62% 63%
85% N o v
62% 63%
4.400 W estlngh’s o E l& M fg assen
*105 115 *105 125
61 A p r 28
110 110 * 105 125 *105 118 *110 125
82% Jan 3
74 F eb
90 A u g
200
Do 1st o r e f _____
110 Alay 3 130 F e b 24 110 M ch 145 Sen

C

N

W

B AN K S AND T R U ST COM PANIES— B A N K E R S ' QUO TATIO N S.
Banks
B rooklyn
B roa d w a y J
B ro o k ly n ft.
C on ey Is l’dV
F i r s t _____
H llls I d e H ...
H om estead^
M a n u fa c’ rs'
M e ch a n ics ’ll
M on tau k . .

Nassau___

375
150
295
415
240
246

145
155
125
115
250"
160
270

Banks
Brooklyn
Nat C ity ___
N orth Side f
P eo p le ’s ___
P rosp ’c t P k ’ i
Term inal If.

295
150
158
150

305
180
160
100

Trust Co’ s

N Y C ity
A - . t o r _____
Bankers' Tt
B’ w ay T r . .

690
147

375
710
152

lr u s t C o 's
N Y C it y
Carnegie . .
Central T r .
C olum bia . .
Com m ercial
Com wealth
E m p i r e ___
E q u lt’ ble Tr
Farm L o& T
F i d e l i t y ___
F u l t o n ____

Bid
f 150
1030
290
120
150
300
490
1776
20 )
290

1040
305
12/1;
310'
500
1825
210

lru st Co's
O u a r'ty T r .
G uardian Tr
H u d s o n ___
K n lck erb 'k r
Law T l& T r
L incoln T r.
M anhattan
M ercantile .
Aletropol’ t’ n
M u t u a l____
Alut A l'n ce
N Y L ife AT.'

Bid
t885
175
175
1 \t Ho
285
f 131
39J
740
....
130
—
100

Ask
lr u s t C o 's
____ N Y T r u s t.
185
S a v o y ...........
185
Standard Tr
T ItleG u A Tr
2*90 " T r Co o f Am
. . . . U nion Trust
410
US AltgA Tr
___ U nit S ta tes.
535
Van N orden
____ W ashington
132% W estchester
1120
W indsor . .

Bid
650
t75
400

Ask

lr u s t C o 's
Brooklyn
B rook lyn Tr
4"fo" C it iz e n s '___
Flatbush . .
525
Fran k iln ___
13*48%
1350 13*76* H am ilton . .
H o m o _____
175
485
K ings Co . .
U220
2"4o" L Isl L & 'Tr
230
375
N a ssa u ____
150
P e o p le ’s . . .
125
I35"
Queens C o .
W UUam sh’ i!

t S a lo \ t^ s t o c k ^ l^ c n ^ n ^ 0oT {R au ctio n t h u ’ wVek33 t^ C x -^ o c l| 1dir^ ’end^X'i| u a^ k s6iim T k e^ w U h C{^ p a ra grap h tflf'a re S ta t^ b a n iu ^ 11




Bid
415
135
200
220
270
10.3
600
305
175
305
115
80

435
145
215
230

317
185
125
100

per share,

New York Stock Exchange— Bond Record, Friday, VYeekly and Yearly
Jan. 11901), th e m o h a n g e method, o f qu otin g bond s was ch an ged , a n d p rices a re n ow a l l —“ a n d in t e r e s t " —ex cep t fo r Incom e a n d d e fa u lte d bonds.

BONDS

W eek's
R ange or
Last s a le

P rice
fr id a ii
M ay (i

N . Y. ST O C K E X C H A N G E
W bkk e n d in g M a y 0
L'. S . ( . o v e rim ieiii
u 8 2s con sol r e g iste r e d .(71930
U 8 28 001)801 coution___ (71930
y 8 3s r e g is t e r e d ..............A:llJ t 8
U 8 3s co u p o n ..................... /cl916
U 8 3s c o u 8iu:ill b o n d s ../d 0 1 8
U 8 4s re g iste re d ................. 1926
U 8 4s c o u p o n .......................1925
U 8 Pan Cun 10-30 y r 2 s .fcl9 3 0
H oreiitn (< ovei'iu n cn t
A rg e n tin e — I n t e r n a l6s o t 1909
Im perial Jap an ese G overn in 'i
s t e r lin g loan H a s ........... 1926
2d s e n e s 4*38..................1926
S terlin g loan 4 s .............. 1931
R epub of C uba 6s e x ie n d e b t..
San P a u lo(B razil) tr u s t5 s 1919
U S ot M e x ico a 1 g us ol 1899
G old 4 b ot 1904..................1954

Q-J
Q-J
Q-F
Q-F
Q-F'
' ~
Q-N
M-S
F-A
J -J
J -J
M-S
J-J
Q-J
J-D
tT

S t a t e a n d C ity S e c u r it ie s
N Y C ity— 4 '4s r e e t s .........I960
4% C orporate S to c k ..........loot) M-N
4% C orporate s t o c k ....1 9 5 8 M-N
N ew 4 4 s ............................. 1957 Al-N
N ew 4 % s ............................. 1917 M-N
4% % C orporate S tock ..1 9 6 7 M-N
4 %'% nssessm t b o n d s .... 1917 M-N
4% C orporate S t o c k ....1 9 5 7 M-N
N Y State— H igh w ay 4 s .. 1958 M-S
So C arolina 4 ‘as 2 0-40........ 1933 J-J
1'onu new setllein eu t 3 s . . 1913 J -J
V irgin ia tund dent 2 - 3 s .. . 1991 J -J
6s deferred D row n Bros otts
K u llr o n d
* luuauia C ent s e e 80 liy
iX la b a M id l s e e A t C oast Line
A l b a n y * Susa s e e D e l * 11 uu
A llegheny V alley See Penn HU
A tleg * W est s e e B u n H * P
Ann A r b o r 1st g 4 s ......... A1996 Q-J
Atoll T <& S Fe—G en g 4s. 1996 A -0
U egistered...........................1995 A -0
A d ju stm en t g 4 s ........... A1U95 Nov
U e g is te r e d ................... A1U95 Nov
8 tam ped.........................A1995 M-N
C on v 4s issu e ot 1 9 0 9 ...1 9 5 5 J -C
C ou v g 4 s ............................ 1956 J-U
C on v 4s (w h en lss) 1)____1900 J-D
10-year c o n v g u » ......... I u l7 J -C
D eben tu res 4 s S eries J .1 9 1 2 F-A
S eries K ........................... 1913 F-A
E a st O kla l li v 1st g 4 s ..1 9 2 8 M -8
S h ort C in e 1st 4s g ......... 1958 J -J
8 Eo P res A Pli 1st g 6s . 1942 M-S
A tl K n o x A N See C A N
A tlan tic Coast 1st a 4S.A195 M
A la M id 1st gu gold 5s ..1 9 2 8 M-N
B run s A W l s t g u g 4s ..1 9 3 8 J-J
Charles A 8 a v 1st g 7 s .. 1930 J-J
L A N C o l l s 4 s ............... 01962 M-N
8av E A W 1st g old Os..1934 A -0
1st gold 6s ....................... 1934 A -0
811 Bp O ca A G g u g 4s ..1 9 1 8 J -J
A tlan tic A C a n v s e e South Uy
Au stin A N W See Sou P acitio
alt A O hio p rior 1g 3 >38.1926 J -J
U eg is tered ..................A1925 Q-J
G old 4 s ..............................A1948 A -0
U e g is t e r e d ................... A1948 Q-J
Pitts J u n o 1st g old O s... 1922 J -J
P J u n A M C iv 1st g 3 *asl926 M-N
P L I & W V a S y s r e f 4 sl9 4 1 M-N
8outliw C iv 1st g 3 * a s ...1925 J -J
U e g is te r e d ................... A1926 Q-J
Oen O hio B 1st e g 4 % 8 ..1 9 3 0 M-S
Cl C or A W con 1st g 6s 193 o !a -0
Motion U lv 1st gu g 5 s ..1 9 1 9 F-A
O hio H iver UK 1st g 6S .193 01J -C
G eneral gold 6s ............ 1937 A -0
P itts C lev A T o l 1st g Os 1922 A-O
P itts A W est 1st g 4 s . . . 1017 J -J
Stat Is l Uy 1st gu g 4 *38 1943 J-C
Beech C reek s e e N V C A 11
Bellov A Car See Illin ois Cent
Dklyu A M ou tau k See Eoug 1
Bruns A W est s e e A tl Coast C
Uuttalo N Y A E rie s e e E rie
Uullalo it A P gen g 5 s ...1 9 3 7 M-S
C on sol 4*38 ....................... 1067 M-N
A ll A W o s l l s t g 4s g u . . 1998 A-O
Cl A M ali 1st g u g 6 s . ...1 9 4 3 J-J
Uooli A P itts 1st g O s... 1021 F-A
C on sol 1st g Os............. 1922 J-D
Bull A Sus<i 1st ret g 4S.U1961 J -J
Bur C It A N See C It I A P
/ inn So 1st ext O s .............1013 J-J
v^2d 6a.................................11013 (VI- 8
ite g is ie r e d .................
1013 M -8
Garb A Shaw n See ill Cent
Carolina C om Nee S cab A ir C
Carthage A A d See N Y c A 11
Ced It l a 9 <& N s e e is c lt<& N
Cen B ra n ch Uy See M o Pao
Cent oi Ua UU 1st g 6s . . p i 945 F-A
C on sol gold 6s ................. 1946 M-N
U eg istered .................."1 1 9 4 5 M-N
1st prot in com e g 6 s___ p l 946 Oct
S ta m p e d ...................................
2u proi in com e g 6s ___ p l9 4 0 Oct
2d pi el in com e g 6 s stam ped
3d prci incom e g 0 s . .. .p i o 4 6
ot
3d prof in com e g 6s stum ped. ....

-8

B

5

!
\O o

R ange
s in ce
J a n u a ry 1

BONDS
N. Y. S T O C K E X C H A N G E
W kkk E nding m a y 6

e
J
5
-1

P rice
F rid a y
M ay 6

W eekfs
R an ge or
L a st s a le

•9
I«

R an ge
Since
J a n u a ry 1

C e n t o ! (la l i l t —f C on ;
H id
A sic Low
F figl Nc L ow H ig h
Chatt C iv p u r m o u g 48.1951
0o% Sep '0* 1. . .
.* ......... 92
M ac A N o r C i v 1st g u s .1940
1 103
....... 104% J ’ ne'Ui . . .
. . . . 1 01 34 1 02 34
M id (ia A A t l C iv us___ 1947
104 ........ 116 N o v ’ 0 £
1 101 34 103
M ob ile C iv 1st g 5 s ........1046
1 109
........ 110 J a n ’ lt . . . 116 i l l )
. . . . 102*3 102*3 Cen It It A B ot (ia co l g 6s 1937
4 ......... 105
103 J a n ’ l '
103 103
. . . . 114*3 115*4 C e n to t N J g e u ’ l gold 6 s . 1987
1 123*4 124*. 123% A p r ’ K . . . 128% 125%
U e g is te r e d ................... A1987
0 114 *3 11 o 34
......... 1 2 2 H 122% 122% It 122% 125
A m C o c k A Im p gu 5 s ..1921
1 ......... 110*3 108*4 M ar’ Hj
108 108%
L e A H u d it g e n g u g d s 1920
1 100 .........
Bell & W ilk s B Coal 5 s ..1912
1 9 9 % ........ 101*4 A p r ’ K
i
bi
i b i *4
96% 16 9534 97
96%
Con e x t gu ar 4 % s___ ylO iO
♦ 96% Sale
[
0 9 % ......... 100
100
26n o o
io u %
N Y A D ong B r geu g 4s 1941
.........
lo o
..................
94%
04%
i 94% 95
94% U0*.j Cent Pacitio s e e So P a cillc Co
94% 22 93% 95% C e n tV e rm o u t 1st gu g 4 s .e l9 2 0 Q-F
94%
t 94% Sale
84
80% 86
85
1 I 85
87
91 %
1 88*8 95
91% 9 1 %
Olias A b a v s e e A tl c o a s t L in e
102*4 102*4 10
t 02 103
Cliestte O hio gold 6s..........a l9 1 1
1 0 0 % .........
97
07 % 07
4
X 97
G e n lu m l i u g A im p t5 s .lU 2 9
103% Sale '03*3 103%
f a 103 % 106%
99 % 98% A p r TO
97% 99%
t 98
1st c o n so l g us................... 1939
i l l % 1 1 2 % 111% 1 1 2 %
75 n i % 114%
96*4
90*4 A p r ’ 10
91*4 97*e
Ite g is ie r e d ....................... 1939
. . . . . . 113 ^2 112 % Jan ’ lu
112% 112%
hese a re p r ices 0 n the b asis
G eneral gold 4 %a..............1992
lo o
Salt
99
101
35 99 103%
U egistered ....................... 1992
......... 102% 105 A p r ’04
101 *« Sale 101
101 %'428 J
% C o n v e rtib le 4 %s (w li is ). 19b0
93°8fcaifc
93%
93% 396 4 93% 95 %
99 *3 Sale
99
99*3 349
l»% ( in sunny rsi i.-............... 1941
)
04
86% 89 A p r ’ ltj . . . f 87
89
99 *3 bait90*4
«9
Coal Jtiv l i y 1st „U 4S ..1 9 4 5
a ?l 98% 100%
1 80
b 0 % 83 A p r T l
• SB
83
108 *, Sale 108% ll> S % | 41
% % C lalg Valloy i s l g o s . . . . 1040
106 ......... 110 lUay’00
102,*4........ 103% A p r ’ l o
P o tts C reek B r 1st 4 s . . 1946
......... 90
90 J a n ’ Of
108 *3 ball 108*4 108 -3
tt ite A U1V IsL COU g 4 s ..1989
97% 08% 97%
97%
2j
yy
103>e Sale 103
1 0 3 ‘h
2d Consol g 4 s ..................1989
88% 04
93 KoO’ H
as
99 1U0
U9*s A p r ’ 10
W arm S pr Val i s l g u s ..1941
101 ......... 113% b e b ’ oS
113% J ’ ue’o o '
G reen b rier Uy l s t g u g i s ’ 40
90 ......... 01 % M ar’ l o
4 01
y 1%
i'0 3 %
I 02 ‘4 J an ’09
Clue A A ll U lt rel g 3 s . . .1949
*74 ......... 74
74
6 72*3 77
90
9 6 3< 94% M ar’ 10
% % R a ilw a y 1st Hen 3 *38. . . 1960 J . j VO 71 70*4 72
0 7 0 s 75
00% Jau ’ 10
00% 00%
ite g is le r e il.......................1960 J .J *70
7u O ct ’ Ob'
*4(5” "45"
Apr TO
9 8 % ......... 09 A p r ’ l o
Clue Burl A Q— lieu V C 4s 1922
08% i o b
Illin o is C iv 3 *3S...............1949 J .J
86 % sale
86*3
60%
i 86% 8 9 %
01% Ee-o’ o d
U e gistered ......................1949 J .J
......... 88
i ll s C iv 4 s .........................1949 J .J
08% 90% 99
0 0 *4,
0 u8% ib u %
Iow a C iv sin k lum l o s . .1919
104 ......... 108% Oet ’ 00
S in k in g tuna 4 s ..............1919
93% 09% 09 A p i ’ lol . . . . 99 ib u
N eb ra sk a e-xloiiaiou 4s.192V
98% 99*4 98%
U8% . 8 08% 100 *4
ite g is ie r e d ....................... 1927
101 % M ar’00
73
77
77
4 77
77
83%
South w estern C iv 4a___ 1921
97 % ......... 09 M ar T o . . . . 08% 99
98% 102 08 *8 101
98% Sale
98%
J o in t bonds See G rea t N orth
......... 99
100 M ar TO
99 % 100
C e o e u tu re 6 s ..................... 1913
101 101*4 101
101 *4 19 101 102%
69 " 3
89
95
......... 9 0 3s 89
G en eral 4 s ...................... 1958
98% bale
08
0 3 % 60 97% 100
92
02
92 Jan TO
lla n 3s Si J os con sol 6 s ..1911
l o 1 *4......... 101% A p r ’ 10 . . . . 101 102
89
%
*23
89
69
94% Cine A E ill ref 3e im p g 4s 1965
89*3 Sale
83
81
6
113*3117
109*4 109*3 ___ . .
1st c o n so l g 6 s ................... 1934
122 123% 127 A p r ’ lO
1 2 / 127 °
109*3 sale 107% 1 0 0 ’s 184 107% 122%
G enoral con sol i s l us___ 1937
1 0 9 % _____ 110
11O
l 100 *3 113
102% sale IO2 3 102-., 134 102% 104%
ito g is te r e d ...................... 1937
114 M tti’ 00
1 90 l o 0 ‘4 122%
112 Sale 10J% 112
Clue a i u u c ity 1st o s .1 9 3 6
llo
......... 112 M ar’ l o . . . . 113 112
0 8 % Jan T O ___ 98% 98% C h icago A E rie See Erie
yfj
3 Ir 'e
cub ’ lO
iu l.. .. . | 90% 9 8 3 Clue i u A H0 UI8V rei " - . . .1 9 4 7 J08%
......... 127
A p r TO . . . . 136 120%
Apr’l o __ 97 97*4 ite fu u d iu g g o ld S s ........... 1947 J- J ......... 1 1 1 126
111 C t e ’ oo ....1 .................. .
U3 ^ 03 *3 A p r ’ 10 . . . . 1 92
94a.
D ou ia vN A Ch Ch i s l 6 s .1910
100
J l o o 100% 100
4 100 iob"*.
109% lo u *3 Clue I ml A S ou 5 0-yr 4 s ..1 0 5 0
......... 1 1 2 % 109 *3 A p r ’ 10
J ......... 93 % 04 A p r TO
03*3 04
II
V 103 103%
103
oM U ite s i P term g os 1914 j - j 102% 1U4 103
94% 72 , 03% 96% ciu
01*3 Salt
93%
00% sale
G eneral g 4s series A ..e l9 8 9 J -J
yi378
32 08% 100%
107%
109 Sop ’ 09
.....................e
l9
8
9
R
e
g
is
te
r
e
d
103%
O
ct
06
Q-J
03
96*4 J ’ ue’ 09
G eneral g 3 *38 s e n e s B .e l9 6 0 J -J
3d
88% 86% A p r ’ iO
86% 89
130
25-yr ilouen is ................. 1931 J -J
02% Sale
02 ‘4
02%
3 01% 03%
90% Sale 'o<>”
o f
77 90
95%
Clue <te C Sll C iv g 6 s___ 1921 J -J
......... 107% L07*4 M a r i o
107% 108
122
127 J hio’00
C h ic 3a 31 o ItIV C iv 08...1 9 2 6 J -J 1 0 8 % ......... L08% A y r TO
108% 110%
109 112% 112 M ar’ 10 . . . . 112 112
C h ic 3a P W 1st g o s ........1921 J.J ......... 108% 108 % A pr 10
108 108%
96% 98
07% M ar’ lU
97% 9 7 's
C a k 3a G l SO g 6 s..............1910 J-J 102 ......... L03% A p l ’ lU
103% 103%
Ear 3a Sou assu g 6 s . . . I I 1924 J-J *110 ......... L37 % J i y ’ 00
1.a,Crosse A C 1st 6 s ___ 1919 J .J
......... 100
L07 Oct, ’ 00
90% Sale
90
90 %
99
92%
lo o
......... 100% E e b ’ lU
M ineral Point C iv o s ___ 1910 J .J
i b o ’% '1 0 0 %
01*4 O ct '09
So 31iun C iv 1st 6 s ......... 1910 J-J
1Gil N o v ’ u0 ” *l
9d Sale
97 *4
98
97*4 100*4
W ls A M inn C iv g o s ___ 1921 J -J * 1U0 T ......... Lo7 7s Aiar’ iO . . 1 1 0 7 % io 8
96% 98% 90 A p r ’ 10
99
90
l o u % ......... IOu % 100%
MU A N o 1st 31 C 6s___ 1910 J
2' 1 0 0 % 100%
111%
120 G et ’ o l
.I1. . .
1 0 4 % ......... l o o
1st con sol 6 s................... 1913 J
lo o
1! 104% lOQlS
......... 88 % 89 *8 M ar 10
89% 69*8 Clue A N o rth w con s Vs___ 1916 Q
111 % 113
111*4 111%
3; 11 1 % 1 1 3
90
90% 90%
90%
93
90%
E x te n sio n 4 s ......... 1880-1926 E-A
09
9 6 % ......... 90
89% 90
2 99 101
69*3
00%
80 *3 91
U e g iste re d ........... 1886-1926 E-A
94 ......... 100% J ’ly 09
89
90 1 89 *9 A p r ’ l o
89*3 90%
G eneral g olu 3*38..............19a7 31-N
87
87 % 87
87% 32' 87
89%
9d 103 103 J ’ ue'09
U e g is te r e d ................... ji 1U87 Q-E
i
03% A p i ’ 09
110 111
112% M ar’l o
112% 113 *3
S in k in g lum l 6 a .-.18 79-1929 A-O 1 1 0 % ......... 110%
110%
110% h i %
lbO
106% E e b ’ oV
Ite g is ie r e d ........... 1879-1929 A-O 1 0 9 % ......... L11 *4 N o v ’ uo
106 114
112 C c o ’ 09
S in k in g lum l o s . ..1 8 7 9 -1 9 2 9 A-O iOu % ......... 107% A p r ’ 10
105 110 112 N o v ’OU
R e g is te r e d ........... 1879-1929 A-O 1U6 100
.06 M ar’ l o
106 106
111
1 1 0 *3 .Mai’ 04
G e b e u tu re 6 s ..................... 1921 A-O ......... 107% .06 M a r’ 10 . .. J lo u
105
98
......... 08% Sop ’ 09
ite g is ie r e d .......................1921 A-O
.0 6 % b e o T o . . . 1 0 6 % 106%
100 N o v ’ 0 4 ’
S in k in g lunu ueb o s ........1933 M-N 100 110
10
no
2 109% 111%
U e g iste re d ....................... 1933 M-N ......... 1 1 0 % .00 J i y *08
1
MU E S A W est 1st g 6s 1921 M-8 1 1 4 % ......... .14% 114%
if 1 1 4 % I l7 %
E x t A Im p s lu u d g 5s 1929 F-A 110 113
.12% M ar T o . . . 112% 112%
f
A sh lan d C iv 1st g 6 s .. 1925 M-S (1 0 ......... .42% P t 0 ’ 02
H7
......... 123% A p r ’09
M id i C iv 1st g 6 s......... 1924 J -J
115 % 114*4 Feb TO .. 113 % 114 *4
i n c o m e s .......................... 1911 M-N 1 0 0 % ......... 03% .uuy’00 “ 'll
109
109% Jau T o . .. 1 0 0 % 1 0 0 %
109% 111% io*3 A pr TO
Clue lto c k is l da Pac 6 8 . . . 1917 J -J
110% i '12
99
Jau T o
..I 0 0 % U0 %
U eg iste re d .......................1917 J -J 108*4 *12*4 .13% A u g ’00
110
103 J iy ’ u8
96 % sale
G en eral gold 4 s ................. 1988 J.J
U5Si
7, 96 % 00
117 A p r T o . . .. 116% 117
118
U e g is te re d .......................1088 J-J
U8% Feb T o
0 8 % 9 3 a.
117
1 16*4 A p r T o
.. 116*4116*4
Ite lu n d m g g 4 9 ................1034 A-O
83 Sale
88
80
02
117 83
70
72 M ar’ 10 .. -.1 72
72
07 J i y ’ 01
C oll tru s t S e n e s 11 4s -.1 9 1 0 M-N ...............
07 J ’ u e’ 09
J 43................................... 1912 M-N
3 104*4 105%
104 104*4 104*4 104%
04 % Jau TO . . . 94% 04%
* » ................................... 1915 M-N
1 1 0 1 % 101%
101*3 bale 101*3 101*3
94 D e o ’ 00
48....................................1910 M-N
101*4 100% M ttj’ 0 7 '___ !|.....................
04 *S......... 94*3 E e b ’ 10
9 48.................................... 1917 M-N
'94*3 04%
.
.
.
.
.
.
.
.
.
.
.
.
M-N
U3 % A u g’ o9
Chio It 1 3a P a o itit 4 s ..2 0 0 2 M-N
77 Sale
76 %
78
337 76% 83 %
U e g is te r e d ......................2002 M-N ..................... 80% Feb TO
80% 80 %
113% . 13 % M ar’ lU
Bur C it A N — 1st g os.1 9 3 4 A-O I U
113*3 111%
U eg iste re d ................... 1934 A -0
20*3M ar’ 03
%
Apr TO . L % %
C B I E A N W ls tg u 6 s .1 U 2 1 A-O 104*4......... 111 N o v ’ Oo
— .....................
%bale
% UJ
iOl*
M A St E 1st g u g 7 s .. 1927 J -J)
Apr
C h oc O k A G ge u g os ,o l9 1 9 J -J i o 4 sale
04
104
2 ' L04 i b i
Apr’lo .
C on sol gold o s ................ 1952 M-N ____ _ 108% 08 M ar’ 10
lo8
no
Apr TO.
lte o k 3a c e s 3118168___ 1923 A-O 100 ......... 01 E e b ’ 10
103% 104
I
% h u e St n, 3a N O s e e i l l Cent,
H
Apr’io .
% lin o St E 3e P itts s e e Penn Co
Apr’ .
Jluo St P 31 A G COU O s ...1 9 3 0 J-D 122% 126
25 A p r ’ 10
125 127%
i
Mar’io
il
C ons Os redu ced to 3 % s .l0 3 o J -C
88 Hi......... 93 JJeO’ 0 3 1
Hid
100%
100%
102*3
102*3

A sic
101*4
....
103*3
103

Low
Jl igh
101 *4 M a i’ 10
100*4 E e b ’ i o
I02*s M ar’ 10
102% 1**2%
102*3 M ar’ 10
14 '15 114 *3 M ar’ 10
114*3 115 1, 114*3 114*3
101 M ar’ 09
100 % 101

N o L ow H igh
. . . . 100*4 101*4
. . . . 100*4 10(1*4

i' %i

_

01 101
99 10
107 109
103*4103'3
108 110
102*3101
99 100*3
94 94
43 60

46

97

113
104
82
82
77
77
75
76

1
86
86
80
80
60
80

13 113
113*3
104 1
1048
113
’06 3
82
82 88
85
84 88
80 60 1 79 84
70
79 83
78
10
75 82
80*4
80 81

JH b t/h b liAXhOUS BONDS—Continued on Next Page.
■Street R a il w a y
B rooklyn B ap T r g o s ........1945 A -0 103 103*3
1st refu n d c o n v g 4 s ___ 2002 J .J
84% Sale
B k C ity i s t c o i i 6 s . 1910.1941 J -J ......... 103
B k Q Co A S cou g u g 68.1941 M-N ......... 102
B k lyn U11 El 1st g 4-68.1050 F-A .............. 1 0 0 %
Stam ped gu ar 4 -5 S ....1 9 5 0 F-A ...... 1 0 0 %
K in g s Co El 1st g 4 s ___ 1949 E-A ......... 84%
Stam ped gu ar 4 s ......... 1940 F-A
84
84 .
N assau E le c g u g 4 s ___ 1961 J-J
77
77%
Conn Uy A E 1st A r o l g 4 % s ’ 51 j .j * 1 0 2
Stam ped gu ar 4 *38.......... 1951 j .j 101*4
D ot U nited 1st con g 4 *38.1932 J-J
81% 82
H avan a E lec c o n s o l g 6s . 1962 F-A
9 4 % .......
In ter-M et c oll 4 %s............. 1956 A -0
80% Salt
In te r ita p T 3-yr c o n v 6 s . 1911 M-N 101% 8am
4u-year 6s S eries A ........1962 M-N 101% Salt
ntierxiuc T.Ta° coll tr 4 s ..1049 J -J
......... 67
tantla E leo 1st A coll 6 s. 1963 M-S

L

N o p rice Friday! latest this w eek.




S t r e e t R a il w a y
31et S t Ity ge n co l tr g u s .1997 F-A
ltc t g 4 s ...............................2002 A-O
B w a y A 7th A v l g t c g o s 1943 I -D
Col A 9 111 A v 1st gu g 68.1993 M-S
11)0% 103
E ex A v A P E l s t g u g 5s 1993 M-S
101 103
T h ird A v e U lt cou gu 4s 2000 J-J
84
85
C e n t T r Co ce rtfs s t m p d ...
83% 85%
T h ird A v e U y 1st g 5 s ..1937 j - J
77
82
N Orl ity A Et g e u 4% s ..1 9 3 5 J -J
102% 102% St J o s Ity E t II A P 1st g 5s ’ 37 M-N
101*4 102
St P aul C ity Cab co u g 6s . 1937 J.J
82
82% T ri-C ity Ity A E t 1st s f 68.1923 A -0
.03
04
(J m lergroun d ot E on o s . . . 192b M-N
78% 83%
4 % s ........................................1933 J-J
101% 104
In co m e 6s ........................... 1948
101% 103% U nion K1 (C hic) 1st g o s . .1945 A -0
07 *8 07 Ha U nited Itys S t E 1st g 4 s . 1934 j . j
U nited l i l t s San K t s f 4 s . 1927 A -0
d D ue A p r e D ue May y D u e J ’ ne A D u e j 'l y
feDue Aug

_

82%
8 4 3. 568
103 M ar’ ll _
09% Alar’Ot .
101 A p r ’ c ....
101 A p r T ( _
84% A p r ’ K __
84%
8 tv, 10
77
77 s
8
102*gM arT o
lo i%
101%
7
82 A p r T o ....
94 A p r TO
79%
80% 498
101% 102
75
101%
102
16
07 % M a r’ i o ....
98 Muy’ OO

IIFlat. a C u e Jan

102
82
103

104%
87
104

75% 82%
81% A p r ’ 10
48
61
47
48% 48% A p r ’ lo
09 102
98% 103 100 A p r ’ 10
96
t'6%
96 100
3 96 102
99
97 A p r 10
96
06*3 09
61 A p r TO
64
69*3
63
63% 18 03
*64%
68%
105% i o f % 105% A p r ’ 10
165*3 108%
87% 87 M a i’ i t
87
87
io b "
98 X o v ’Os
105 108
107% D e o ’ 09
95% 98
97*4 A p r ’ 10
07
90
100
08 A p r ’ 09
85
86
83%
84
2fe 83% 86
36% 38
30^
37
37 31*3 40
90
84 O ct ’08
82
81 % M ar’ lu
81% 83
69% 09% 69%
69%
0 60% 74

_

oD uo ou t

p D u e N ov

a O p tio n S a l* ,

1226
BONUS
K . T . STOCK E X C H A N G E
W ber KNDWn MAT 8

New York Bond Secord—
Frio*
F rid a y
M ay6

BONDS
N. Y . STOCK E X C H A N G E
W kkk end inu M a t 0

WMKft
R ange
S3
Bange or
Since
Lari Sale '$ 3 January 1

High No Low High
Bin
A t Low
O hio S t P M A O - f C OHJ
126*, 127
Oh S t P * M m n 1st g 6s 1918 M-N 123 ........ 127 F e b ’ 1 0 . .
129®i
M
ay’ 09 ..
123
........
J-J
N o r W iscon sin 1st 6 s ...1 9 9 0
113 A p r ’ 10 . . . . 113 114*6
S t P A B C ity 1st g 6 s . . .1 9 1 9 A -0 112S, 114
I ll
M ar’ 10 . . . . 111 111
C h ic A W est Inti g en g 68 91032 Q-M 103 *8 112
90=8 A p r ’ 10
U0«» 93*a
C on sol 50-year 4 s .............1952 J . J .......... 92
C h i c * W A lien se e P o r e Atari)
C h oc O A C u ll bee C It I A P
113 Oct. ’00
Oln H A D 2d gold 4 t j s . . .l 9 3 7 J - J
C ln D A 1 1st gtt g 5 s . ..1 9 4 1 M-N 101 105 *-i 108 M ar’ 10 . . . . 106*3 108
35
C F in d A B’ t W 1 st s u 4s '-'.’ 23 M-N
S f T Jan ” .0 . . . . 87
36
87'
31
C ln 1 A VV 1st ku si 4 8 .1 9 5 3 J-J
107 M a r’ 10’. . . . 105 107
107
In d D ec A W 1st sr 5 s . . .1 9 3 5 J -J
107*3 D eo 02
1st g u ar g o ld 5 s ............. 1935 J -J
0 1 a t L A c see C C C A a t L
Oln a A c s m c c c a t l,
O learneld A Alah See B K A P
95 A p r ’ 1 0 . . . . 94*3 96*3
O lev Cln 0 & a t l i se n a 4s 1993 J - O
94*3 A u g ’uU
C airo u iv 1st sold 4 s___ 1939 J-J
94
TO . . . . 94-3 04 *-.
Gin W A .M D iv 1st g 48.1991 J •J
933, 9 3 >3 A p r ’ 10 . . . . 93 *a 96*4
91
St L D tv 1st cot tr « 4 s .. 1990 M-N
91 ‘Jet ’07l___
90
R e g is te r e d ....................... 1990 M-N
l o o s 96 D e c ’09 . . . .
Spr A C ol D iv 1st a 4 s . .1940 M S
89
91
98 S e p ’0 6 . . . .
W W Val D iv 1st g 4 s . .. 1940 J •J
C 1 S t L A C con sol O s..1921) M-N lo 4 * a ......... 106*4 F e b ’ 1 0 ___ 105 m 106*4
IB s
98 *3 A p r ’ 10 . . . . 98
96
9
8
\
1st gold 4 s ..................... <1936 <<-B
98 Beb 1 0 ___ 9 8
93
R e g is t e r e d ................<1936 Q-B"
109*8 ^ep * 0 9 ___
Clil a A Cl c o n 1st v 5s. .19 2 3 J-J
103
m
D
e
c
’
09
.
.
.
.
l
o
t
t
i
.........
O C U d s i c o n s o l7 s ..........1914 J-1)
C onsol sin k t u n d 7 s ___ 1914 J -D
125 N ov ’ 09 . . . .
G eneral c o n s o l goto 6a. 1934 J - J ..........123
R e g is tered ....................1934 J-J
* “ J*’iy*’ '"!I
ln u HI A VV 1st prel 4s . 1 9 4 0 'A-O
O I n 11 A VV 1st [d 5 s ...t il 9 3 8 !y - J
9 4 -a
93 Hi
2
93,4 93*3 90
Peo A Cast 1st con 4 s . .. 19401A-O
67
50
55
64 M a i’ ll)
in c o m e I s .........................1990 A p r
C lev A .Marietta See P en n KB
C lev A P ills s e e Penn Co
76«a
3 75*3 81*6
70
70H) 76<*»
Col .Midland 1st g 4 s ......... 1947 J J
96
VI 9634 9 7 '
Vti btiiC
96
Colorad j A Sou 1st it IS ...1 9 2 9 F A
9 7 '4 31 97
9a
97 *4 sale
97
K etu ud A e x t 4 HiS..........19.(5 M-N
i l ’JHi 114
Jj’t W A D en C 1st g 6 s ..19 2 1 J -D 112 112*4 113 A p r TO —
Coluin A u r e e u v s e e a s tly
U01 A Hoctt Vai See D o ck Val
Col A T ot s e e H o c k Vai
Col Conn A T erm s e e N A VV
Conn A Pas K ivs 1st g 4s. 1943 A-O
95 J u n ’ 09
C u ba U K 1st 50-yr 5 g . . . . l 0 5 2 J - J
ak A G l » o s e e C Al A a t Pi
alias A W aco s e e Al K a 11
D el lkiek A W estern —
I ll
M ar’ 10 . . . . 110*2111*4
M o r r is A Css ex I s i7 s...l9 1 -1 :M -N lO O H illl
1st c on s ol guar 7 s ........1915 J-D 1 1 2 - j ......... 112*3 A p i lO •••• 112-1 111-8
_____
1547 0 ao kjo
U e g is le r e d ................... 1915 J-D
94 Bep ’ 0 j
1st ref g u g 3His........... 2000 J -D
113
110*3
i u'*4 120*8 114*4 A p r ’ 10 _
N Y Lack A W 1st 6 s . . .19211 J-J
__ IL0 H1 110 *3
C on stru ction Os........... 1923 B’ -A 107 .......... i l u •. F e o ’ ti)
9038 A p r TO . . . . 99*e lO l
T erm A im p rov e 4 s___ 1923 M-N .......... 99
102 *8 * e u ’u3
W arren 1 st ref g u g 3'-18.2000 B'-A
120 120'8
D el A H u d 1st Pa D iv 7s.l917|M -S 115-3 120 I 20 M ar TO
140 A u g’ Ol
....
K e g ls te r e d .......................1917 M-S
46 98*4 IU2
9j
Sale
0534
99
10-yr c o n v »leb 4 s ...........1 9 1 6 'J-D
103
101
*4
A
p
r
TO
101
‘4
.........
101*8
1st lieu eq u ip g 4 HiS . . . . 1 9 2 2 'J - J
97 *#
90 Hi 97 9 1*8 100*3
9 1*4 Bale
1st A r e f 4 s .........................1943 M-N
92
91
92 H. 9) *3
92-4 A p r 10
A lb A a u s c o n v 3*38.........1946 A-U
126° b 130U
12a=8 A p r ’ ro
K ens A S aratoga 1st 78.1921 M-N
.........
D e l U iv K K B rid ge See Pa KK
94 H. 11 94
91
95*4 94
97*4
D e n v A K ( ir 1st con g 48.1936 J -J
103*4 104*3
......... 104 *3 104*3 M a r i o
C on sol gold 4 His...............1936 J-J
102
3 102 J.U6
Im p ro v e m e n t gold 5 s . . . 1923 J-D ......... 103*4 102
91
92
76 91
94*3
92 Bare
1st A re tu n d m g Os......... 1955 B'-A
98 B’ e h ’ o s
U io Hr J uno 1st gu g O s.1939 J -D
78 D e c ’ 09 . . . j ......... .........
B io gr So 1st gold 4 s ___ 1940 J - J .......... 79
85 M ar’ oa
G u a ra n teed ..................... 1940 J - J
9u*a 94T
9lHi
8dHi 91*8 90*3
B io G r W est 1st g 4 s ___ 1939 J - J
84 A p r ’ l o
83
84*4
M g e and co l trust 4s A . 1949 A O
97
J
u
u
’
u2
U tah C en t 1st g u g 4s a l9 1 7 A-O
D e s Aloi A Bt D See Al A St L
110 Hep ’ 04
D e s Aloi Uu B y 1st g 6 s ..1917 M-N
95
97 78
94 ......... 95 A p r ’ 10
D o t A A lack 1st hen g 4 s ,1 9 9 5 J-D
91
88
Ho
5 88
87
92
G old 4 s ..................................1995 J-D
74
7 4 F e b TO
72
70*a 75
D et s o — o a DlV 1st g 4 s . 1941 M-S
H I J uu ” u . . . . 111 111
D lU A ir o n B a n g e 1 s t O a..1937 A-O
1 ....
106 Hi Mar*0b
B o g is tered ............... : ........ 1937 A-O
2d 6 s ..................................... 1916 J-J
D u l S h ort L in e Aee N o t I’ ao
D a l S o S hore A A t l g a s . . 1937 J-J 106*a 108 110 O ct ’09
L 'a s t o t M in n See S t P Al A Al
l i a s t T e n Va A Ga See s o By
E lg in J o l A L ast 1st g 6 s. 1941 M-N 110 112 113 D e c ’ 09
Elm O ort A N o s e e Leli A N Y
120 122*3
E r ie i st c o n s o l g old 7 8 ....1 9 2 0 M-S 118*3 ....... 120*3 M a r’ 10
TOO 100
N Y A E r ie l s t o x t g 4 s 1947 M-N 100 *3......... 100 A p r 10
Ai-a
.................
..
,
----------2U o x l gold 5 s ................. 1919
103 103
3d e x t g old 4*23..............1923 M-S 102 ..........'lO J A iat’ 10
106*4 1U6*4
4th e x t g old 5 s ................1920 A-O 1 0 5 * 1 ......... l o o t ) Jan '10
99*4 99*4
0
8
-T
.........
1
99*4
B
’
e
b
’
io
5th e x t g old 4 s ................1923 J-D
K Y L E A W 1st g id 78.1920 M-S ......... 120*4 124 A u g ’ 00
81
87 H.
81
«1
Erie 1st c on g 4s p r io r ..19 9 6 J -J ......... 33
81 N o v ’ 00
B eg ia tered ................... 1996 J-J
......... 76
72 Hi
73 Hi 1 14 72*3 7 6 7s
1st con sol gen lieu g 4sl9U 6 J -J
85 '■j B’e b ’ O /i
B eg ia tered ................... 1996 J-J
84
84 | 6’ 83 *a 86*4
P en n coll tr g 4 s ......... 1951 F-A '8 3 * 4 ‘ a s ’
83
76
6 75
7 4 g 78 i 7 6 * ,
60-year c o n v 4^ A ___ 1903 A-O
73 Hj
60
TO*!1
___
67
68 I 57 , 67
__
A-O
do
S e n e s B .195 3
113 H
B u B N Y A Bine 1st 7 s . . 1916 J-D ......... l l o ®8 113*. M ar’ 101. . . . " U 3
Chic A l’.rie 1st gold O s.. 1932 M-N 110 ’a 112 Hi 112 A p r ’ 1 0 . . . . 112 115
C lev A Alahou Val g 5 s . 1933 J-J 1 11 *4......... 121 D e * * u 8 ............................
L on g D ock c on s ol g 6 s ..19 3 5 A-O ......... 126 1127 M ar’ l u ! . . . . ' 136 127
112*3 114 A p r ; i 0 . . . . 114
“114•
Coal A B B 1st c u r gu 68.1922 M-N
luO ..........1 0 3 H) D o t ’ 09
D o ck A Im p 1st cu r 63. . 1913 J -J
JAM ....
*
N Y A G reen L g u g 63.19 4 6 M.N ......
Mar ....
.1 0 6
N Y a us A VV 1st r ef o s.1 9 3 7 J -J
100*4 D e c ’ 06, . ..................
2d g old 4 *28..................... 1937 F-A
G eneral g o ld 6a..............1940 B’ -A ......... 90
T e r w im u ls r . gold o s . ..1 9 4 3 M-N 106 ____ IO H
B egin 3 6 ,0 0 0 e a c h ...1 9 4 3 M-N
’ ..........ib o * i M ar’ 10! . . . . 100*4 lo i* e
*u H
i ) oVI
iOV ^
U sO.1910
.tl' IV A-O
” V
M id
B it
t 11
NO
J 1st
gO
100*3 101*3 M ar’ 10!___ 1 0 1 *3101*3
W i lk A Ku 1st g u g 63.19421 j - u

94

08

D

_

lU lS sC E L L A N E O L ia

....

J -D 102
Vl-N 100 Hale 106*3 106
6
A-O
0434 66*3 65*3 A p r ’ 10
J -J
101 A p r ’ l o
........ 101
J-J
96°a Sep ’ 08
F-A
97 ........
105 *3 M ur’ 10
M-S
01 Hi C ot ’ 01
J-D 100 ____
F-A
100 t
98 101
M-N 1 0 2 * 4 ....
10334 J
....
•. . . .
A-O
97 1
07 . . . .
I
A-O 101 103
164 *3)
A-O 110*3114
113 1
) ....
J-J ......... 8 9 78 90 i
) ....
y -F 102*8 102*4 102'a
B 8
) ___
A-O
99 100 *9 100 j
M-N ......... 90
91 t
) ....
J -D 105 108

* N o p r ice B'riilay; la tes t bid and asked this w eek ,




a D u e Jan

Fries
Friday
M ay a

Weak?*
R ange or
L a st SaU

f3 .
§1

R ang*
Sine*
J an u ary 1

Low
R igS A o Low M igli
Hia
114 O c t ’09
Ay A Ind 1st con g u g 6 s ..1 9 2 6 J -J 107
E rie A P itts s e e Penn Co
115 D e c '09
E v a n s A T H 1st co n s 0 s .l9 2 l J - J 110
io i" io i"
101 A p r TO
100
1st gen eral gold 5s..........1942 A-O
114 rt pi 05 .... ...................
M t V e r n o n 1st gold 6s . . 1923 A-O
95
J
’
n
e
’
08
atui C o Branch 1st g 5 s . 1930, A-O
L 'a r g o a Bo s e e Ch M A a t P
* lin t A P ore 51 s e e P ere .Vlar
Fla C A P e n m s e e Sea A ir L in e 1
106 aiar’ Ub
90*4
F o rt 81 U D Co 1st sr 4 Hss.19411J -J
86
87
86 M at’ l o
80
87'
B t W A B io G r 1st g 4 s . . . 1928, J ■J
1 - a i H a r A S A a e e S o i ’a cC o !
97 J ’l y ’ 09
95 *4 100
' T ai H A H o i l 8 8 ‘2 1st 5 s . 1913 A-O
G eorgia A A la s e e aea A L in e
G a Car A N o r s e e sea A L ine
G eorgia Paci.lio s e e s o By
GUa V G A N or See So P ao Co
G ou v A o s w e g a i s e e N Y Ceut
G rand Bap A lint s e e Pen n BB|
G ra y’ s P t T erm s e e a t L 8 W
04*4
95 *-1 17o 94*4 97*8
95*3 Sale
G l N o r—C B A (J coll tr4S 1921 J J
2 94*4 9 b 78
96
95
K eglstered . n .................... 1921 W-J
00
H
i
99
H)
4] 99*3 100
”
9
8*4
«
*4
S Paul M A ,\lau 4 , ____1933 J - J
! 126*4 A p x 'iO ...J 126*4 128*4
1st c on sol gold 6s .......... 1933 J -J
!. . . . . . . . . . . .
1122 A p t ’ o .'
B eiristered....................1933 J - J
104*4 i'" * i lUl*4 107*8
Reduce,! to so ld 4 'as 1933 J - J 1 0 4 ‘s 105 IO I'#
..1 ...... ......
ilu rf<4 J ’n e’ 09
K eglstered................1933 J -J
4 lo ll *3, 281 1U0*3 101*8
Dakota e xt gold 6s ___ 1910 M-N lo O S s a l, 11Oli —
P8 A p r l u ....! 90 100*4
9 j 100
viout e x t 1st gold 4s..l*.l37 J-D
........... .
10U-4 u c t ’00
R e g iste re d ................... 1937 J-D
1 U1)J4 J a u ’ 1,1
99*4 99*4
E Al mu N or Div 1st g 4 s l 9 l 3 A-O
i(
^
J
li3
114-x
|l
14
r
e
o
’
J0
113
.
.
MiuU U nion 1st g O s.. 1922 J •J
1129 B’ e b ’ lU
129 120
126*3 U
•Viout C 1st gu g 6 s ___ 1937 J -J
......... ' L56*4 ... ’0 6 *___ '.......................
K e glstered ...................1937 J -J
111 1 13*a'l l 3 7g A p r ’ 10 . . . . 113*e 113'*
1st guar go, 11 5S........ 1937 J -J
W ill A a b’ 1st g o ld 5 s 1933 J ' 1* 111 1 1 4 s, 116 J ’u e 'o b . . . . ' l .....................
G re e n b rie r Ky See Clie.s A o |
89 A p r TO
87*4 9 4 7a
02
G a ll a .-5 1 i s t ret a t g 6s 01952 J -J
■ I an A a t J o See C B A (4
I
1 * ou satoiu o See U Y N H A H '
i
OO
100
H o ck Vai 1st c o n s o l #4*38.1999 J - J
lUuHlBep ’ i)8
K e g ls te re d .......................... 1U99 J -J
96 A p r TO . . . .
95
95
Col A H V 1st e x t g 4 s . . 1948 A ‘ °
93
9u*4
Col A T 01 1st ox 4 s .........1955 B'-A
H o u s l L A VV l e x s e e a o Pac,
H o u s iA r e x Cen N’e e a o P u c C o
105*4 Jan T _
10534 10634
I Lliuois C entral 1st g 4 s . .1951 J-J 106*4
107 •«, 'i d '07 .
l K e g lste re d ...................... 1951 J-J
B’ o b ’ l j
92
92
1st gout 3*88...................... 1951 J-J
04
Sep
’
dt)
KegiStfereu......................l u o i J-J
03*a Alay'Oi)
E x ten d ed 1st g 3 His........1951 A-O
30 J 'iy '00
1st gold 6s s te r lin g ..........1951
100 A p r TO
09 *4 100*4
c o l l T r u s t gold 4 s ........... 1952 A-O
09 e ue’ oo
K e glste re d .......................1952 A-O
97*4 9 9 °.
07*4
o7
1st ret 4 s ............................ 1U65 M-N ......... 08
08 « 100**i
9V7s .......... OB^ A p r TO
L N U A l e x gold 4s ...1 9 5 3 M-N
K e g lste re d .......................1963 M-N ......... 00*3 97 Aiay’ 07
loO A p r ’ 00
Cairo B ridge gold 4 s ___ 1960 J * D
37*8 92
37«4 Apt TO
87*4 B8H»
i.o u is v D iv A -T e r m g 3 *38.1963 J -J
123 -u a j’09
106 .
M iddle D iv reg 6s ........... 1921
*77*4
*78*» 77*4 Alar’ l o
Omalia D iv l s t g 3 s .. ...1 9 6 1 B'-A
79-4 D e c ’ uB
Bt L ou is D iv A le r u i g 3 s .l9 6 1 J - J
K o giste re u ............... .. .. 1 9 6 1 J " J
87*3 88*3 80 B’e b ’ i o
G old 3Has........................ 1951 J - J
11o l *8 o u t ’ 00
K e g lste re d ...................1961 J - J
30*4 100 A u v ’ UU
a p n n g D iv 1st g 3 * 3 S ...1951 J -J
98 A p r ’ 10
06
W estern L in e s l s t g 4 s ..19 6 1 b - a
B ellev A Car 1st 6s ........1923 J-U 117 *3.......... 121 FeU ’ OO
09 x’ ou’ 10
99
99
CarO A Bhaw 1st g 4 s . . .1 9 3 2 M'8
116
116*4 sale 1161
116*4 119
CI11C b t Li &
U g o a . . . 11)51 ^
112
118 M a r'lo i
118 118
R eg id tereti.......................l y o l
90 O ct ’09
G old 3*28 ...........................1U5197 Hi M ar T o
*o7% " 07**3
M em ph D iv 1st g 4 s . . . 1961 J * g ......... 9 / 98 J ’l y ’ o s
9 6 'a 93
a t L 8 ou 1st g u g 4 s ___ 1 9 3 1 M -3
In d B 1 A W est See O O O A 8 t l.|
,
05
07 M ar’ 10
97
98
I n d 1U A l a 1st g 4 s ......... 1960 J - J
109*2 A p r ’ 10 . . . . 109H» 110
l u t A G rea t N o r 1 st g 6 s ..1 9 1 9 M-N ...... 100
x ll
1 1 1 *3 i n
‘ '2 106*4 11JV
2d gold 5 s ............................ 1909 M-S I l l
111
12 10 o 34 ll2 * a
T r u s t Co c e r t fs ....................... ' ----- 111 111*3 i l l
25
30 I 23
35
25
7 23
oil gold 4 s ........................... 1921 M-S
104 106*4
I o w a C en tral 1st gold 5 s ..1 9 3 8 J-U . . . . . . 103 104*4 A p r 10
77*3
7 6 7a 70 A p r TO .... 74
G old 4 s .................................1951 M 'S
al A A G U See L a A Al a
an A Alien See T o l A O U
K O F I S * Al See S t L J fc S F
K C A M U A U See s t L & S F
L a n C A P a cific See M K A T
72
74
7aSalt 7 2 7s 7 2 7s
L a n C ity a o u 1st g o ld 3 s ..1 9 5 0 A-O
63 O ct '00'
K e glstered .......................... 1950 A-O
100 102
lOlHil" ' *al
B e f A im p t Os A p r 195 0......... A-O
K e n tu ck y G ent s e e L A N
L o o k A D es Alo s e e U B I A P
K n o x v ille A O hio See Bo B y
1 1110*4 1120a
ako E rie A W I s t g 6 s . . l 9 3 7 ' J -J 11034 H l 34 111H, 111*-J
......... io 7 ilOOHiMnr 101____ " 106*3 107 Ha
J 2d gold 6s .........................1941 J - J
1 0 9 H» 109 A lar’ 10 ... ." 1 0 8 *3 112
N o rth O hio 1st g u g 5 s ..1 9 4 5 A-O
I
L a lio A A lich 8 See N Y Cen t
107*8 108*3
Leli V a iN Y 1st g u g4*3S .1940 J - J .......... 107*3 107*4 M ar’ 10
.......................107 A u g ’02
R e g is te r e d .......................... 1940 J - J
96 Hi 97 *3
L eh igh Val (P a ) c o n s g 4 s .2003 M-N ......... 07*a! 97 *3 A p r TO
115*8116*4
Len V T e r B y 1st g u g 6 s .1941 A-O ......... 1 15 |116 Hi n o *3
......... 114
109 Hi (Jet ’ 09
B e g ia te re d ..........................1941 A -O
L eh V Coal C o 1st g u g 6 s .1933 J -J lOU Hi ........... 103 N o v ’OU
Leh A N Y 1st gu ar g 4 s ..1 9 4 5 M-S ......... 96*3' 93*4 M a r’ 10 . . . . 93*4 96
R e g is te re d .......................... 1945 M -S .......... U6*a......................... I ....!
101*3 L0 1 *a
E l C A N 1st pt 6s ........1914 A-O 102 *4......... 101 Hi B'eb’ 10'
G old g u ar 5 s ................... 1914 A-O 100H)......... TO 1 *4 o e p *09
Leh A H ud B s e e C en t of N J
L eh A W U kesb See (Jentot N J
L eroy A C auey Val See M o P
u o u g D o ck s e e E rie
112 112
L.ong I s l’ d— 1st co n g 5s./)1931 Q-J 111*3..........T 1 2 E e b ’ 10
..........100*4 . . . .
1st c o n s o l gold 4 s ........../il9 3 1 (J-J
G eneral g o ld 4 s ................. 1938 J-D ......... 97 I 96*3 A p r TO . . . . 96*3 97*4
96 101*8 l o o *8 Feb T o 1___ 1 0 0 ‘a 100*4
F e rry gold 4 *38................. 1922 M-8
92
94 I 99*4 D el ’ 06 . . . .
G old 4 s ................................. 1932 J-D
95 Hi! 93 Hi Alar’ 10 . . . . 93 *4 95
U uilicil g o ld 4 s ................. 1949 M-S
D e b e n tu re g o l d 5 s ........... 1934 J - d ! .......... 109*4 1 0 4 Hi U e c’ 0 8 1. . . .

.....

k

72

101*3

2 101 03

A

105 1103*3 19 1033103*3
104
’10 103*8104*3
90 00 21 89*3 93
8 1 108*3 10 108*3108*4

H u s m id E le c t r ic L ig h t
A tla n ta G L C o 1st g 5 s ...1 9 4 7
B k ly u U G as 1st con g 5 s . 1945
Bu ltalo G as l s t g 5 s ...........194,
C olu m bu s G as 1st g 5 s ___ 1932
D etroit L ity G as g o s .........1923
D e t G as Co c o n 1st g 0 s . . . l 9 l 6
E q G L N Y 1st c o u g o s . .1932
G a s A L le o B erg Co c g 63.1949
G r Bap G L C o 1st g 5 s ...1 9 1 6
H u d son C o G as 1st g 5 s . . 1949
K ali C ity (M o ) Gas 1st g 5s 1922
K in g s C o LI L A P g 5 s . . .1931
P u rc h a se m on ey 6 s . .. .. .r 9 9 7
E d El 11 B kn 1 st eon g 4s 1939
L a c Gas L o t a t L 1st g 5 s .« 1 9 l9
K ef am i e x t 1st g o s ........1934
M ilw a u k e e G as L 1st 4 s . . 1921
N e w a r k C on G as g 5e........1948

|Yol. lxxxx.

Continued— Page 2

B O N D S —C o n tin u e d uu N e x t P a g e .

t in s a n d E l e c t r ic L ig h t
N Y G K L H A P g 5 s . . .10 4 8 J-D
P
u roh ase m on ey g 4 s . . .1949 F-A
105*9 107*4
Ed E l Hi 1st c o n v g 6 s . . 1910 M-S
64
07
1st c o n s o l gold 5s..........1995 J -J
i o i i o i -. N Y A y K l L & P I s t c o n g 5 s l9 3 0 F -A
N Y A R ic h G as 1st g 68.1921 M-N
- 06**3 io a * s Pat A P a a G A E con g 6 s . 1949 M-S
P eo G as A C 1st co n g 6s. 1943 A-O
R e fu n d in g gold o s ........... 1947 M-S
Ch G -L A C ko 1st g u g os 1937 J -J
103*4 l03*4
C on G Co of Ch l s t g u g 5 8 . ’ 36 J-D
07
07
I n d N at Gas A O U 30-y r 5s ’ 36 M-N
.Uu Fuel Gas la t gu g o s . 1941 M-N
112 115
P h iladelph ia Co c o n v os ..1 9 1 9 F-A
87*3 00
S yra cu se L ig h tin g 1st g o s . ’ 51 J-D
100*3 105
T re n to n G A E l 1st g o s . .1949 M-a
90*4 101
01
02*8 U n ion K lee L A P l s t g 6 s . 1932 M-S
W e s tch e s te r L ig h t’ g g 03.1950 J-D

6 D u e ’b'eb

k D ue A p r

e D u# .VIay

/ t D u a j ’ ly

100*3 Sale
83 *3 Sale

100*3
83

101
83*3

100 Feb’ tu

110*3 1 1 1H. 110*3 110*3
..........100 H> l u o *4 M ar’ 10
97 Hi J ’l y ’ ou
100 .......... 104*4 N ov’ Oo
......... 118 *•! 118*4 M ar’ 10
102 *» 102*3 102*8 A p r ’ i o
103.....1 0 4 S L027a A p r ’ 10
100*4 Sale 100*4 i00*4
64 Hi A ug’ 09
......... 90
......... l o l *4 101 M a i’ 10
......... 102*3 102*3 A p r ’ 10
100 M ar TO
99 ...
110 M ay’06
103 ...
90 J a n ’ 08
93 . .
..........101*3 102*3 M ar'09
kD usA u g

g D ue D eo

100*3 103*4
83
87
100 100*4
110 111*3
1 0 0 *4101*4
118 119
102 »e 104
li)2 7a 104*4
100*4 102
i o i " i ’o T *
102 105
100 100

i O p tio n Hale

New York Bond Record ...Continued

Mat 71910.
BONDS
N. Y. STOCK E X C H A N G E
W kkk hNIUW. MAV 6

"3
■*s» O

W eek's
hjxs
H anye
h a n g e or
Since
Last Nate cq s J a n u a r y 1

P r ic e
F r id a y
M a y fi

1227

-Page

BONDS
N. Y . S T O C K E X C H A N G E
W rki? E noinu 61 a t 6

P rice
tr id a y
M ay 0

W eek's
R ange or
Last Nate

15-3 1 R an ge
o'Sil
Sinc6
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liia
Ns<t Lose
H inti A o boui H i a*A
Ilia
Asfi Low
Jiiqtl S o Low H igti N Y C en t A U k —(C o n )
L on g Isla n d —(C o n )
......... 80 I 78 A p r ’ 10
97 Sale
94 *2
97 1 18 94*2 100
xlich Cent coll g 3 *2s ___ 1998
G uar rot void 4 s . . . ......... 1949 M-S
7P3, 7 9 ia
......... 80*2 70*2 -Mat’ l
R e a iste re d ....................... 1008
B k ly n A M on t l a t e 6 s . .1911 M-S l d O V .................................... ' ..............................
0834 0 8 34
08*2 ......... 1 08*4 A p r ’ l
Beech C reek 1st gu g4"s,1035
1s t 5 s ..................................1011
.....................
102
61
to
’
04
R
e
g
is
te
re
d
.......................
1035
102
..........110*4
Is
o
v
’00
A-O
N X 1I& M B 1st eon 2 5s 19115
107 .....................................
2d gu gold 5 s ..................1035
105 A p r ’ 07
N Y & K B 1st 2 5 s ........1927 M-S 103
85 .....................................
........... 100 N o v ’ 05
B e e ch C r E x t 1st*-- 3 *2 8 t*l'.<5 ]
lu l
N o r S h B 1st con 2 <ru5sol932
.....................* 07 *2 A p r ’ Oi
......... 05
07 N o v ’ OO
Cart A Ad 1st gu g 4 s . ..108 1
L ou isian a A A rk 1st g 5 s . 1027 l i
1 112*4 l 16 a4
G ouv A Os w e 1 st gu g 5s 1042
11 ‘2 14
L o m s v * N aahv con a 5s. 10150 j -it 112 113 112U
0 00*8 9 9 ’ s
Moll A Mai 1st gu g 4 s ..1001
..................... 90
90 V
G old 5 s.................
.11*117 M-N .......................114 A p r ’ 101___ 114 114
..................... 105 n et 'u ?
N J J u n e R c u 1st 4 s . ..1 0 8 5
O bV S a lo
05
9SV 44 07 78 lOU1-.!
U ntiled aoid 4s ..................1945, J - J
.......................100 M ay'50
X ......... 03*2 05*4 O ot ’ O ' . .. .'I .
N V A H arlem g 3 *2S . . . ‘2 0U0
R e g is te r e d ....................... 11*40 J -J
................... 105 V D e o ’09
o 108*4 113*2 108 O ct ’ 00;
N Y A N orth 1st g o s . ..1 0 2 7
S in k fund cold 5 s ..............101*) A-O
Oa *u 98*2
o ......... 98*2 08*2 Fob 10
F o b ’ 10 .... uo no
N V A Pu 1st eon gu g 4 s 1003
Coll tru st cold 5 s.............. 10111 m - n 107 ‘a 111 110
O'
N o r A .Mont l s t g u g 5 s . 1015
E H A N ash 1st u 5 s . ...1 0 1 0 J-D 111 ......... 111S. Cot '00
3
103
105
t
-Jan
D
12.’
131
152
105
103
103
|
Pm
e
C
reek
reg
guar
(>8.1032
J
M-N
L C tn * Lex g o ld 4 VS---1931
B W A (1 coil Ist e x 15 s ./i 1022 A O 107 150*2 110 A p r ’ lO ...»
N O & J1 1st cold 5 s . ...11*110 J J 122 i24**e 124 M ar’ 10 .. 124 125*4
J ob 'o
O sw o A R 2d gu g 5 s ...? 1 0 1 5 " A ......... 105*2 105
N O A .M 2d cold 5 s ........1000 J-J
157j4
M
ar’
10
..
..
1573
4
1
15
*
4
.........
I
l
l
R
W A ( I T R 1st gu g o a .1 0 1 8 M-N 155 *8 156
■vi-s
P onsacoln I)lv gold o s . ..1 0 2 0
......... 153
Rutland 1st con g 4 *2S.. 104 1 J - J
*i(12 V F a b T .i .. 101*6 102*8
1J4V 110 1LY .May'57 ..
St L 111v 1st c o ld 5s .........1021
71 Muy’OO ..
2 85*2 91*4
08
75
85
87 j &6 *3
*■t> S,
O gA L C liam I s t g u 4 s g l 0 4 8 J-J
2d cold 5 s .........................1985
94
94 | 1 03 *4 05 V
......... 91
......... 89 I na J ’ uo’ Ob
ltut-C anad 1st g u g 48.1040 J-J
A t l K n ox A Oin d iv 4 s .. 1065
108 115 115 J ’ ly 9 5 . .
115 J ’ neNW
St Law A A d ir 1st g 5s. 1005 J -J
A tl K nox A N or 1st r j s l l *45
UO J a n ’ 0 0 . .
1005 A-O
125 F e n ’ 58
2d gold 5 s .............
ile u d o r B d g e l s t a 1 cO s.lO H l
07
97 I l 06
97 'S a t b
J -J
00 7s ........ 102 A m ’ lu . . . . 100 102
07*4
K en tu ck y C ent cold 4 s .. 1057
101 1**6 *8 10XV M ar TO .. . l 5 4 \ 105 *-1
05*2 01
00*4 A p r ' 10' . . . 90
92*2
Lake Sh ore gold 3 *2S___ 1007 J
L & N A .11 A M l s t g 4 Him 1045
......... 9 0 78 9 0 7s A p r 15 . . 9 » 78 02
88
0 0 I 02 A p r TO
. . 69
00*4
R eg isteretl................... 1007 J
L A N - s o u t h .11 |0in t4s.ll*52
110 ......... ] 15*2 A p r ’ 10 .. .. n o
03 -Sale
3d P2*V 95 **4
111
D eben tu re g 4 s ............. 1028 M
N D'la A s 1st ifu it o s . ..10157
................
1UO .........
OViVi
isuie
, 02 S,
03
25-year g 4 s ................. 1031 M
75 02*8 0 o 34
N A C lld c e ce u an ir 4 Vs 11*45
III
.........
110 *2......... 1 io*a M ar 15 .. . . 1*9*2 115*2
Ka A A G R 1st g u e 5s. 1038 *1
P ou s A A tl 1st an c 5 s ..1 0 2 1
lo o
ill
I ll
114 I l l
M ai T O . . . . n o
109 lMil ’ *>7
111
M ahon C’ l R lt 1st 5 s . .1 0 3 4 J
S A N A in c o n gu it 6s .. 1035
04 N o v ’ uO ^
103 ......... xoo D eo 'oO
Pitts A L Erie 3u g 5 s .a l0 2 » A
LA- Jell B dge Co g u a 4 s ..1045
P itts M cK A V 1st gu 5 s . 1032 J J 122 .......... 130*2 Jan ’ 00
L N A A CU Hee C I A L
2*1 g u a r d s .........................1034 J J
ahon Coai ties L S A M 5
M c K e e s A li V 1st g 5s 1018 J J ' 111*2
anhattan Ry con sol 4 s. 1090 A-O ......... 97*3 07 A p r T O . . . . 0 6 3i 08*4
1 0 0 ‘s 115 115 O ct 'UO
A pr 56 .
M ich C e n t o s .......................1031 M
R eg istered .....................1000 A
108
1 L0
07
ue’ 05 .
A
p
r
TO
.
v6
07
"
I
"
o"o"4
o
o
’
b
R e g is te re d ................... 1031 Q
Stm pd ta x e x e m p t .. 1000 A
Jan T ,
00
09
09
4 s .........................................1040 J
M c K ’ pt A 11 V ties N V Cent
Dec ,
04 *4 93*2 99*4
98*4| 0 9 5 a4 ' 08*4
R e g iste re d ................... 1040
M ox C en t c o n s g 4 s.............1011
J ’ ue v*8..............................
00
3 L^ 5>tUO 31
3 I V 15 27 V 3 ft.
J L A S 1st g 3 *2S........ 11*51
1st con s m o « 3 s ..........<*1030
’ ; o ’—
a7
00
86
80*
87 A .i m
---------------------------­
27
25 V A p r uO
1st g 3 *2S ...................... .1 0 5 2 m
2d c o n s m o c 3s tr u s t rooks..
00*2 01
9 1 *5 .u a r T u 1----- 1 01*8 02*2
Mat TO ,
77
75
77
20-year deb 4 s ................l .*20 A
M ex In te r n a l l s t c o n g 4k. 1077
b e b ’ ob
80
B a t C A S lu r 1st g u g 3 s . 1080 >1
Stam ped g u a ra n teed ___ 1077
00*4
00 *2 9 0 34 09*4
105 ......... 100*8
N 1’ Cine A St u 1st g 4 s 1037 A
M ox N orth 1st gold 5 s . ...1 0 1 5
08 ........ lOo D ec ’ 50
R e g is te re d ....................... 1037 -A
M ich C en t ties N V Cent
.......... 90 I 01 l i a r ' l l . . . 05 *8 02
Iieb eu tu res 4 s ................1031 M
Mltl ol N J See l i n t
105 *6 101 100
loo
100*2
W est Sh ore xst 4s g u ...2 3 5 1 J
51il L y A W Sea C h ic A N \\
00 *2 5a*o
1 00 100*2
0 »*v
00*2
R e g is te re d ....................... 2351 0
MU & N orth S te Oh M & a t P
131
132*2 J ’n e ’Oi*
N V A G reen w Lane s e e Erie,
M inn <6 St 1. 1st gold 7 s .. 1027
Jan ’ 07
158 *-2......... 118
N V A H ar See N V C A Hudj
P a oilio Lx 1st gold 5 s . . . 1021
F e b 10 . . . . 101 151
N Y L ack A VV See D L A W
1 0 0 ‘s .........101
South W est E x 1st g 7 s . 1015
Au4 | Xu 154 150
IUJ l o t ’s 104
N V L E A VV See E rie
1st c on sol gold 5 s ............. 1034
7.)
1 75
81 >-j •N Y A L on g Br See C en t o f N j|
_____ 77
75
1st and refu nd gold 4 s . .1045*
...
Ol3, N Y N H A H —C o n v 5 s .. 1048 J -J 131*4 Sals *130»4 181*2 40 130*4 135*4
83
01*8 8V Mario1
lie s M ife F t 1> 1st au 4 8 ... ’35
08
08*4 07 34
06*4 7-7 0 (*>4 103*4
O on v d e b e n 3*28.............. 1055 J -J
611 nn A S t l cu Nee H C luts N
00
974, A p r TO . . ' 074, 100
ilo u s a to m c Li con g 5 s .. 1037 -M-N 113 *2........... 115 Jan TO . . . . 115 115
M S t P A S S M c on g 4 m t g u ’ 38
00 *8----------L07 A u g ’ uO
81 ......... 98 V J a u T o 1, . 08 T 08 *g
N H A D erb y 0011 c y 58.1018
M S B M A A 1st g 4 lilt gu 1025
II
i|
N V A N orth Nee N Y C A R I
M inn Un Nee S t P M A M
97 V
97 V
07 V, 98*2 97
97 *2
2 1 05*2 08
L 97 V 100
9 7 v Side
N Y O A W rel l s t g 4 s ... i/1002 M-S
M o Knn A T e x 1st g 4 s . ..1 0 0 0
86
85 *2 A p r T O '.
84
Regia 85,000 o n ly ......... a l9 9 2 M-S ..................... 1 0 1 *2 J 'n e ’o o
2d gold 4 s ..........................g xOOU
l
o
l
*2
s
a
le
101 *2
101
N V A Pu t Nee N Y C A l i
1st e x t gold 5 s ................... 1044
53 *
82 .H, ca lc
82
N Y A xt B See L o u g islan d
1st & refu nd 4 s ................. 2054
88
88 sa le
88
N V S A W See E rie
G en s t 4 "as..................... 1035
83 1 88 A p r 50
N Y T e x A 61 See So P a c Co
St L D iv 1st ref u 4 s ....2 0 0 1
105 O ct ’ l>s . . . .
io o "
N o r A Sou th l s t g 5 s ..........1041 M' N 100 101 TOO A p r TO . . . . 100 10 1 V
Dal A W a 1st gu g 5 s . .. 1040
A
p
r
TO
0
2
*
"
02
123*4 ............ 123 A p r ’ 10 . . . . 123 1 2 4 °,
88*4
*
N o rl A W est geu g 5 s ........1031
K an C A Pao 1st g 4 s . . .1000
128 126 M ar’ i o . . . . 126 12 0 V
108L 1x2 108 *2 XU)
iniprovouxT A e x t g 0 s . . l 0 3 4 F--A- *__ _
M o K A E 1st gu g 5 s . .. 1042
123 124*4 F e b ’ 10 . . . . 124 124*4
107
105
>
2
100*2
103
N
ew
R
iv
e
r
1st
g
5
s
........1032
^
0
M K A O k 1st. gu 5 s........1042
J0 4 3x 1043b A p r ’ l o
0834 00 1 08*2
100
N A W R y 1st con g 4s. 1005 A-O
ua V 33 ‘j 8 l o o
M K A T ol T 1st gu g 5s. 1042
105
l l U ’i A p r ’ ii
97 A p r ’ l o . . . .
07
97
R e g is te r e d ....................... 1005 A -O ......
Slier Sh A s o 1st gu g Os. 1043
02 >< 02
3 01*2 9 3 V
02
02*4
105
105
M
ar’
10
*
!
D
iv
’
l
1st
1A
geu
g
4s
...
1044
J
J
92
T e x A O kla 1st g u g o s . . . 1943
102 Sale 151
lu ^ V 400 09 108*2
loO s8 1U‘J*V A p r 10
10-25 y e a r c o n v 4 s ___ 1032 J -D 102
Mo P a cific l s t c o n c 5s ...1 0 2 0
60 1 80 V A pr T o . . . . 89
xOU>4
P oca h C A C Joint 4 s .. 1041 J -D
oov
1U0J4 Sale lo U v
T r u s t gold 5s sta m p ed .«1 0 1 7
154 2 . . . . . 156 A p r TO . . . . 10134 106
yb°q yy
l o u J4 00*8 M ar 10
R e g is t e r e d ................... a l0 1 7
02 V 05 i 06 A p r TO —
bo
06 V
V
10 l **4 102*8 1 0 l34 ***2
1st c oll g o ld d s ................... 1020
7<3x
V8S
78*8 8ale
*, bl7s N o rth Illin o is See Chi A N W|
40-year gold loan 4 s ........1045
......... 0 5 “, N o v ’OO
N o rx n O liio . V e e L E r i e A W
I
3d 7s ex til at 4 % ................1038
100*2
0 3 34
04
99*4 1 0 2 **
03 >4 Sale
N or Pao—P rio r lieu g 4 s .. 1007 Q J 100*8 Sale 100
1st A r e f c o n v 5s fu ilp d . I95i*
......... 011*8 09*2 A p r TO
03*i 04 *8 31 ax TO . ..
09*2 101
R e g is te r e d ...................... 1997 Q-J
C ent Ur Ry 1st gu g i s . 1010
71*2 74
" s i* " 87*2 85 Jan TO . . . .
G eneral lien gold 3s ___ a2047 W-F
_
,
Cen lirau cli U P 1 st g 4 s , 194s
M ar’05
R e g is t e r e d .................. a‘2 047 T -F ..................... 72 Si FeU ’ iO
72*2 72*2
......... 110
L eroy A C V A L i s t g 5s 1020
00
00 , 08
08
95*2 97*a
V St P a ul-D ul D iv g 4 S ....1 9 9 5 J -D ..................... 97 M a n iO 1
Pao 11 ol M o 1st ex g 4s. 1038
113 F o b '.
Feb TO .... 99 99
D ul S h ort L 1st g u 5s . . 1015 M -S
l o o *2 111
0"0' * 8 ..........
2d exten d ed gold 5 s . ..1 0 3 8
XOJ
LOO 109
no
n
C B A o c o l l t r 4 s A e e G tN o r
8 ti< lr M A S gen con g os 1031
110*4 111 Sep 'UO
Feb ... 118*4 118*4
S t P A N P geu _________
g 5 s . . ..1 0 2 3 F -A 115 117
G en c o n stam p g t d g 5s 1031
54
8 4 *4 fc4
117 117
U ntiled * rot gold 4 s .. 1020
R egistered" c e r tiiic ’s ” 1023 y -F 1 1 4 * 2 ...........I l f
F e o ’ 10 . . .
Saxe
fe5
. If
St Paul A D ul 1st 5 s . .. 1031 1*'-A 107
..........117*4 J ’ ly ’ 07 . . . . .......................
ltiv A G DIV 1st g 4 s .. 1033
......... 102 *2 J an T o . . ..
2d 5 s ...................................1017 A -O .......................103 *6 M ar 10 . . . . 103 V lO S3*
V erdi V 1 A W 1st g 5 s . 1025
_____
08
D
ee
*05
1st co n s o l gold 4 s ......... 1058 J-D .......... 05*2 05 *2 A p r ’ l o . . . . 05*2 0/*2
6lo b J A K C 1st conn g Os. 105.!
H 110 1 16*2 A p r ’ lO
01 .......... 02 *2 J alX '50
M ob A O hio new gold 5 s ..1027
W ash C en t 1st g 4 a ......... 1048 T-M
115*2 117*i M ur’ lO
113 D e o ’ 00\
*
1st e x ten sion gold 5S..A1027
N o r Pao T e r C o 1st g 5 s ..1 0 3 3 J -J 110
00 . 80 s. Feb 10
**87”
uO N o r R y Cal See So Pao
G en eral gold 4 s................ 193a
100 105*2 6 la r T o . . . .
M outgoni D iv 1st g 5 s ..1047
N or W is See C St P 51 A O
......... 75 Alay’08
St L & Cairo coll g 4 s ..e l 93b
N o r A M on t See X Y C ent
00
05 A p r ’ lu .. .
G uaranteed u 4 s........... 1031
in d A W See C C C A S t L
h io R iv R R See Bait A O
M A O c oll 4s See Southern
M ohaw k A M ai See N V C A H
Ore A Cai See So P ac Co
M oiiongalieln ltiv See B A G
o r e S h ort L in e s e e Un Pao
61 ou t c e n t See St P M & 51
O sw ego A R om e See W l 'O
.
ac C oast Co 1st g 5 s . ...1 0 4 5 J-D 101 106*8 104*2 101*2
5 104*2 108 7e
M organ ’ s La A T See S P Co
ao o l .M issouri See M o Pao I
1
M orris A E ssex See. Del LA- \\
J-J
\
Apr
TO
Penn R R 1st real e s t g 4 s . 1023 M-N
. . . . . . 102 1 0 3 ‘4
103 V
1 103*4 103*2
asli Ciiat A S t L 1 s t 7811913
C on sol g o l d d s ................... 1010 M-S
110 ..........l o O T J a u ’ O u ......... ......................
1st con sol gold Os......... 102c A-O ......... 100*8 lO .'T A p r ’ lu
H 5 ° 8 ........115*2 xMuy’ o i
C onsol gold 4 s .................... 1043 M-N 100 *4 ..........199 F e b ’ 1 0 _105
105
J a s p er B ran ch 1st g 8 s ..1023 J-J
******
J
-J
100*2........117
*4
M
ar’o
6
C o n v e rtib le g 3 T s .............1012 M-N 105
sa le 105
lu u V 72 100 102
31 cM M W A A l 1st 5 s .. 1 0 1 1
100*2........113
J ’l y ’ 04
C o n v e rtib le g 3 *as............ 1015 J -D u5 7gS a le
06*2
9 5 7b 200 05*2 07*2
T A P Branch 1st 5 s ___ lO li J -J
i
N ash b'lor A Shot See 1. A N
C on sol g o ld 4 s ..................1048 M-N 103
sale 103
103*2 68 1 0 2 '*8 I 017g
04*4 8ale
04*4
0 4 34
N a t ttys o f M e x p r L4Vs 1057 1 - J
A lle g Val gen g u g 4 S ...1 0 4 2 1V1-S ............ .
IU2 34 A p i ’ lO . . . . 1U23* 1 0 2 '4
8 0 * 8 ......... 80*8
80*2
G uar gen 4 s ........................1077 A O
D R R li A B g e 1st gu 4s g .'3 5 F -A
05 ........................................
................... .
........ 102*4 M a r’ 15 - - - , luiv
J
N utot .Mox prior non 4 V s .1025
Plilia Bat A W 1st g 4 S ..1 9 4 3 M-N
....................103 *s U e0’0 9 ................................
O ......... 84
81*4 A p u ' 10 . . . .
1st con sol 4 s .......................1051
Sod B ay A So 1st g 6 s . ..1 0 2 4 J - J
100 ......... Ion J a n ’ 0 3 ................................
N ow 11 A 11 See N if N 11 A 11
U N J R R A Can geu 4 s . 1044 M- 8
ll*3 *s . . . . . . 1U3 *2 M ar’ 10 . . . . 103*2103*2
N J .June U R See N V' C ent
Peun Co—G uar 1st g 4 *28.1921 J - J
104*2 Sale 1 0 i *4
104*2
3 104 106
N i B k lu A M an Belt See L 1
R e g is te r e d ..............
1921 J - J
............. .
10334 F e b TO . . . . 103*4 103*4
Sale
N V C en t A 11 R l v g 3 V s .l 9 9 7 J-J
......
J’ne .
G uai 3*28 c o ll tru st r e g . 1937 M-S
L-3g
Mar* ....
R e g is te re d ....................... 1007 J-J ......
89V *k*!e
80V
8 o V 16 80*a 01*2
G uar 3*28colx tr ser B . . . 1041 F -A
sale
*,
D oben g 4 s......................... 1034 M-N
......
Apr ....
T r Co e p rtif’s g u g 3*28.1016 M-N
7a
Lake S hore c oll g 3 V s ... 1008 F-A
8 y *2 00 | 00 Jan T o . . . 00
90
H
G u 3*28 tr c tls C ...............1042 J -D
*a
R e g is te r e d ....................... 1008 F-A ......
b*»
‘s G u 3 Vs tr c tls D ...............1JJ44 J -D ..................... 91 D e c ’0 9 ..............................

78 82*4

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

10838110

1 0234 032

.

1 125

M

07 104

....
08*11 93

’03

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

4 99 100*2

45

102*4

87

5 82 85*4
4 88 00*4

i

.7

N

90 03*2
5 105*2113
1 106*8107*8
153 105*2
106 1052
100 111
11 155*2102*4
4 101*4 102
13 77
53 03*4 06
04*8 05
86 86
8 100
2 10
13 113
100
4 86
5034 6 8
85 8734
102*2102*2
118*2121*2
1178117*8
80
108*2108*2
06 00 U

108 108*2108

108*4110*4
108*2110*2

71*2 72*4 71*2 72
09
118*4

’10

F

4 0334 05*4
18 85*4 10
02
2**4
8
82 85

89*4
80*8
8 80
03
03
80*4 80 70*2
1
82*21 78

89*4 79 80 02
10
80 00*4
03
3 0534
80 46 0
70*2 82*2
80*2 1 7
80

89*2
00

00*2
07

’06
’10

07 07*8

lU lS O K L l. 1 N G O U 8 U O N D 8 — C o n tin u e d o il N 'oxt l* a g o
C on I m id Ir o n
B u ll A S usq Ir o n 8 1 0 8 ....1 3 3 2 J-D
D eb en tu re 6 s ................a 1 9 .0 M-S
Cox x* a x c o g en s l g 68..104.) F-A
C o n v e rtib le deb g 5 s . . . . 1011 F A
C o l I u d u l s t A c o ll 5s g u . . l ’J 34 F-A
Con tin ’ t a l c l e t s i g u 5 s g . l o 5 i F-A
G r ltiv Coal A C l s t g 5 s .. 1910 A-O
Jell A Clear C A l l s t g 5 s . 1926 J - 1)
K ail A R C A C 1st 8 1g 6 s .l9 o l J -J
P oca h C on C ollier l s t s 1 5s.’ 57 J-J
S u n day c r e e k Co g o s ___ 1044 J J
T en n Coai gon 5 s ............ 1951
J -J
l ’enii D iv 1st g Os....... al'J17 A-O
B irm D iv 1st c on sol O s ..1017 J-J
Cali C M Co 1st g u g Os. 1022 J -D
D o liarC tfe l (Jo ku . g oa. 11)10 F-A
V ic to r F u el 1st s 1 5 s ......... 1053 J -J
V a lr o n Coal A C o l s t g 68.1040 M-S

09*2 N o v ’OO
94 D e c ’ OD
OUT
06 s
93*2 M ar’ i o
78
7b
107*8 D e e ’ 04
102*8 A p r ’ 05
107 M ay’ 07
00*4 190
105*2 D o c ’ 00
88 Sep ’ ln>
81
86
78 F e o ’ 57
10 2 *a l9 3
102*2 A p r TO
104 107
100 A p r ’ 10
IU0 61at’ iu
105 . . . .
156 ........ 110 Jan ’09
100 Jan lo
00
87
06
98
05 100
05*2 97
78
70*4

05

•N o p rice Friday; latest bid a n d askod. a D u e J a n S D u e F e b




1
'*2

....
....

H n n u fn c t u r in g «V In d u s t r ia l
A llis-O h alm ers 1st 6 s ........1936 J - J
79
77V
77*2 78
A m A g c lie n t 1st c 5 s ........1028 A-O
151*4 bale 10U*>4 1 0 1 V
A m C ot O il e x t 4*28........... 1015 tp F
97 3« A p r ’ 1e
06 V 07
Am H ide A L l s t s f g 6 s . . 1010 M-8 100 Saib 1U0
150 V
A m e r I c e S o cu r deb g 6 s . . 1026 A-O
72
73-.
73*2 73
90 101
95 M ar’ lO
A m S p irits M fg 1st g 6 s ..1 0 1 6 M-S
91
Ain in r o a d 1st col tr 4 s . .1019 J-J
90 V A p r T u
A m T o b a c co 40-yr g 6 s . . . . 1944 A-O
106V 106
X56 V
77V
4s............................................ 1951 B’ -A
7 8 V Sale
78 V
..................... Beth Steel 1st e x t s t 5 s .. 1026 J-J
Sale
87
87
87 V
99
093* Sale
99 V
len t Leather 20-year g 6s. 1025 A-O
102*2 104*2
b‘2
7 9 34 A p r 'l u
Cons 1 T o b a c co g 4 s ........... 1951 F -A
1557» 107
94
Corn P rod Rex s l g 5 s ___1 0 3 . Wl-N
96V 94<V A p r 'l u
106 157
04
94
1st 26-year s i 5s................1934 M-N
94
70
n s u l 5 e o C or c o n v 1st g 6 s .’27 A O
70*,
100 100
70V Sale
89
88
87
E I d u P o n t P o w d e r i *..s.. 193b J-D
88
96 100
90
98
93
03*2
77*2 82*4

....
e D u e M ay flrDua J ’ n e fiD u e J ’iy ZeDue A u g

o D u e O ot

oD ueN ov

14 77V
J,' 10034
96 V
10 100
2 70
05
90
45 104 V
O
76 V
72 86 V
7b 98V
76V
94
93V
li
28 70
6 87

<; D u o D eo

/F l a t .

84 V
103
98
102
73V
96*4
93
109 V
85'V
89
102
83V
97
96 V
74V
88

1228

New York Bond Record— Concluded— Page 4

BONDS
N. Y. STO C K E X C H A N G E
W eek E nding m a y 6

P rice
F rid a y
N ay 6

Week?*
R ange or
L a st Sale

Range
£ 5 I Since
J an u ary 1

A i k L 010
H igh
Bia
Low H ig h
P e n n e y Ivauia C o—(C o n )
97 4 99
9 7 4 984 97^
G uur 15*25 y ea r g 4 s — 1931 A O
9734
110 J a n '05
Cl So M ar 1st g u g 4 4 s . .1935 M-N 105 S •
11034 Jan ’ 09
Cl So P gen g u g 4 4 s aer A . ’ 42 J -J 105 Hi .
1 0 9 4 J ’l y ’ OD
S eries B ............................ 1942 A O 105 Hi.
96 A u g ’ 09
S eries C 3 4 s ................... 1948 M-N
90 M ay’08
S eries D 3 4 s ....................1950 F-A
92 A p r ’ 07
E r i e * P itts g u g 3 4 s B .194 0 J J
9 8 34 A p r '04
Series C ............................ 1940 J -J
104 Hi O ct ’ 09
G r K So 1 e x 1st gu g 4 4 s l 9 4 1 J -J 103 . . .
106 106
106 A p r ’ 10
P itts Ft W & C 1st 7 s . . . 1912 J -J 1 0 5 * * ...
106 4 1 0 5 4
10o
*8
.
.
.
105 4 Jan T o
2 (17 s ................................... 1912 J -J
3d 7 s ................................A1912 A O 105 Hi......... 107 O ct ’ 08
P itts Y<fe A sh 1st con 5s. 1927 M-N 109 ____ 110 F e b ’ 09
lOT1^ Jan TO
1074 1074
P C C t fe S t L g U 4 4 s A .. .1 9 4 0 A -0 ......... 108
106 4 107 34
S eries B g u a r ..................1942 A -0 ......... 1 0 6 4 IU6 H1 A p r ’ 10
112 Hi J ne’06
S eries C g u a r ..................1942 M-N
98
M
ar'
10
93
98
s e r ie s D 4s g u a r............ 1945 M-N
94
94
94 M ar’ 10
S e n e s E 3 4 gu ar g . . . . l 9 4 9 F-A
S e n e s F 4s g u a r ......... 1953 J -D
1114112
U lH iA prT o
C S t L So P 1st con g 5 s . 1932 A-O
P en sa cola So A t l tiee L & N ash
P eo So E ast tiee C O G So S t L
112 F e b ’ 10
112 112
P eo Sn P e k U11 1st g O s....1 9 2 1 Q- F
9 0 4 100 10034 D e o ’ 05
2u gold 4 4 s ...................... 51921 M-N
75 4 79
P e r o M arqu ette—R e f 4 s . . 1955 J -J .......... 75 4 7 5 H2 A p r ’ 10
101 4 M a r’ l u
10134
Oli 1So W M O s .................... 1921 J -O
. 112S 111 Hi A p r ’ 10
111 4 1124
F lin t & P M g 6s . . . . .. .. 1 9 2 0 A-O
. 105 105 D ec'O'1st co n s o l g old 5 s ..........1 9 3 9 'M-N
! i05*“ ib‘5 “
. 101 Hi 105 A p r TO
P t H u ron D iv l s t g 5 s . 1939 A -0
8 agTua<£> 11 l a t g u g 4 a .1931 F-A
P h il B & W tiee P en n K it
9 1 4 D ec ’09
P h ilip p in e R y 1st 30-yr s t 4 s ’ 37
P itts Cin & S t L S ee P eu n Co
P itts O leve So T o l tiee UtfcO
P itts Ft W So C h tiee P en n Co
Pitts M c K e e s So Y tiee N Y C en
115 D e o ’ 09
P itts Sli So La E 1st g 6 s . . . 1940 A-O
9 3 *8 J 'l y ’ 97
1 s t co n s o l g old 5 s .............. 1943 J -J
P itts So W est tiee B So O
97 4 100
97H»
984
9 7 4 Sale
1 ) eading Co g e n g 4 s ........1997 J-J
97 4 A p r TO
97 4 100
I V R e g is te r e d ...................... 1997 J-J
95 4 974
9 5 ‘a
96 4
J e r s e y C en t coll g 4 s . ..1 9 5 1 A 0
R en sselaer
Sar See D So 11
R ich So Dan tiee South Ry
R ich So M eek see Southern
B io G r W est tiee Den & R io Gi
B ocli So P itts tiee B it & P
Borne Wut<& U g tiee N Y Cent
R u tland tiee N Y Cen t
C a g T u s So 11 tiee P ere Mara
90
90
94
89
O t J o So G r l 8l 1st g 4 s . ..1 9 4 7
St L So C airo tiee M ob So Ohio
St L Jo Iron M ou n t tiee M P
S t J L M B r tiee T R R A of S t L
120 124
120 A p r TO
St L o tu s <&S F — along 6s . 1931 J -J ......... 119
106
105 1 0 8 4
G en era l g o ld 5 s .................1931 J -J 104 10a 4 105
90
9 14
St L & S F B it c o n s g 4 s . . ’ 96 J -J ..................... I 90 M a r i :
87 4 90
88 ......... 88
88 4
G en 15-29 yr os ...........1927 M-N
1004 1004
S outliw D iY l s t g 5 a ..1947 A-O 100 4 ......... 1100 4 A p r TO
82 bale I 8 1 4
82
8 1 4 85
R e fu n d in g g 4 s .............1 9 5 1 J -J
115 4 117 4
K C F t S & M con g 68. . 1928 M-N I 1 6 4 ............. 116 A p r TO
78 bale I 7 7 4
78
774 824
K C F t S So M R y ret g 4s 1936 A-O
98 ......... 1 0 0 4 I> e C '0 9
KC
M It <& B 1st g u 5s. 1929 A-O
97
9 8 V 97
F e b TO
97
97
O z’ r k & C h C l s t g u 5 s g.1913 A - 0
dt L o u is So tiee IlL n ois Cent
884 904 884
88 4
884 934
St L S W 1 s t g 4s bd otfs .1 9 8 9 M-N
80 *•» 82
81
83 4 8 1 4
814
2d g 4s ino bond 0 t f a ...p l9 8 9 J -J
76
77
764
77
7 6 4 7 9 ",
C onsol gold 4 s....................1932 J-D
1 0 1 4 A p r ’ 07
95
G ra y’ s P t T e r 1st g u g 6s 1947 J -D
d t P a u l So D ul tiee N or Pacitic
S t P M in u So M an tiee G t N or
d t P So N or P a o tiee N o r Pac
S t P So S ’ x City tie e u S t P M SoO
17 8 6 4 8 8 4
87 Sale
864
87
8 A So A Pass 1st g u g 4 s . . .1943
104 O ct ’ 09
984
S F So N i * 1st s in k I g o s .1 9 1 9
Say F So W est tiee A t l Coast L
S cioto Val So N K tiee N o r & W
8 3 4 86
83 4 ......... 8 3 4 A p r ’ 10
Seaboard A ir L in e g 4s ...I 9 5 u A O
9 9 4 1U0 4
9 9 4 100
994
994
Coll tr refu n d g 5 s ......... 1911 M-N
71
714
7 1 4 bale
7 0 4 714
A d ju s tm e n t 5s ............ o l9 4 9 F -A
87
80 4 61 M ar’ 10 . . . . 84
80
A U -B in n 3 u -y r l8 t g 4 s .61933 M-S
9 14 M a r T O ___ 91
93
914
89
Car Cen t 1st con g 4 s . ..1 9 4 9 J-J
103 A p r ’ lO1
103 103
Fla Cen So P en 1st g 6s . 1918 J -J 100
100
1st land gr e x t g os ...1 9 3 0 J-J
104 F eb TO
104 104
C on sol g old 5 s ................ 1943 J-J l o o
104 4 M a r’ 10
104 104 4
Ga So A la R y 1st con 6s 0 1945 J J 102
1U 44 A p r ’ 10
1044 1044
G a Car So N o 1st g u g 5a 1929 J -J
106 A p r ’ i o
106 106
Seab«fc Roa 1st 5 s ........... 1926 J -J
Slier Slir So s o tiee M k & T
S ll Sp Oca So G tiee A t l Coast I
S ou th ern P acitio C o 9 0 4 95
89
904 904
904
G old 4s (C en t P ao c o ll ) ./c l 949 J -D
90 M a r ’ lu
00
90
R e g is t e r e d ..................../cl949 J -D ......... 88
99 4
l o l 4 l ‘2<J0 99 4 1 0 6 4
20-year c o u v 4 h........ y 1929 M-S 100 Hi bale
9 5 4 9 0 4 96
96 4 40
96
974
Cen t P a c 1st r el gu g 4s 1949 F-A
97
97
R e g is te r e d .......................1949 F-A ......... ........... 97 F e b ’ 10
88
89
88
68
88
94
M ort g u a r g old 3 4 s . . / c l 929 J -D
92 4 94
T h rou g h S t L 1st g u 4 s ’ 54 A -0 .......... 93 4 93 4 B 'e b ’ 10
G H & S A M & P 1st o s .. 1931 M-N 105 108 1 1 1 4 A p r 4>9
G ila V G So N 1st gu g 5s. 1924 M-N ........ .............1 0 4 4 bep ’ 09
i 0 6 4 M » y ’09
H ou s E So \V T 1st g 5 s . 1933 M-N 102
105 196 4
1 s t g u a r 5s r e d ........... 1933 M-N ..........1 0 5 4 105 4 a a n ’ 10
1 1 0 4 ......... 1 1 0 4
n o 4
109 4 110 4
H So T C' 1st
l s t g 6s ln t g u .,1 9 3 7 J - J
C on sol g 6s in t g u a r ...1 9 1 2 A-O 109 ......... 109 4 N o v ’ OU
94
96
94
9 6 4 9 4 4 A p r ’ 10
G on gold 4s in t g u a r ..1921 A -0
119 4 1194
W a co So N W d iv 1st g 6s ’ 30 M-N .........1 1 6 4 1 1 9 4 M a r’ l o
A A N W 1st g u g 6 s . ...1 9 4 1 J -J 100 .......... 1 0 7 4 Ja n 09
M org a n ’ s lva So T 1st 7 s . 1918 A O ..................... 112 24 A u g ’ 08
110 ..........116 N ov 06
1st gold 6s ....................... 1920 J - J
N o ot Cal gu ar g 5 s..........1 938 A -O ..................... 112 F e b ’ 07
......... 104 M ar'09
O re So Cal 1st g u a r g 6 s . 1927 J - J
S o P a c o l Cal—6s E So F .1 9 1 2 A-O i b b * 4 i o 3 4 i o i 4 J ’ u<>,Ob
1st gold 6s .......................1912 A-O 1 U 0 4 ......... 1 1 4 4 D e c ’ 04
M »y'0 7 _ _ ._
1st co n g u a r g 5 s ........ 1937.M-N 108 ......... 116
S P a c o f N M e x l s t g 6 s . . 1 9 1 1 'J -J j 1 0 0 4 ......... 101 M ar’ 10 . . . . 101 101
84
93 | 90 J ’ ly'09|
S o P a c Coast 1st g u 4s g . 1937 J - J
T ex tfcN O S a b D iv lstg G s. 1912 M -S l o l * , ......... 1 0 2 4 * r« 0 10 . . . ib ‘24 1*02*4
C on g old 6 s.................... 1943 J -J I 100 .......... 102 N or'U U !...,

1024

.I l l S C f c li l .A N E O l l S
iH n iin ln c t iir iiig A In d u s tr ia l
G en E le c tr ic deb g 3 4 s . . 1942
10-yr g dob 5 s .................... 1917
I n t P a p er Co 1st con g 63.1918
C on sol c o u v s l g 5 s........1935
I n t St I’ um p 1st s f o s . ...1 9 2 9
L a ck aw Steel 1st g 5 s . ...1 9 2 3
N a t E n am & S tpg 1st 5 s .. 192
N i A ir n ra k o i s t c o n v 6 s ’ 28
R y S teel Spga I s t s 1 5 s . ..192 1
R u p u b l i& s ls t» fc co ltr 5 3 .1 9 3 4
U n io n B a g So P 1 s t 8L 5 s .. 1930
S ta m p e d .......................................
U » D eath C o s t d eb g 6 s .. 1913
U s R ea lty So I c o n v deb g 5 s ’ 24
U S R ed So R e f 1st a f g 6 s . 1931
U S R u b b e r 10-yr c o ll tr O s .T S
U s s t e e l C orp — j cou p .<21963
SI 10-60 y r 6 s. ( r e g ..<11963

BONDS
N . Y. S T O C K E X C H A N G E
W kbk E nding MAY 6

-va Q

P rice
EYidav
A! a y 6

£4

So P a c R R 1st r e f 4 s ..........1955
S ou th ern —1st con g 6 s — 1994
R e g is te r e d .......................1994
D e v e lo p & gen 4s S e r A . 1956
Mob<fc O hio c o ll tr g 4 s . .1 9 3 8
M em D iv 1 s t g 4 4 - 5 s . .. 1996
S t L o u is d iv 1st g 4 s . ...1 9 5 1
j!
A la Ceu R 1st g 6 s ......... 1918
Jj
A t l So D anv 1st g 4 s ........1948
J
2d 4 a ..................................1948
A t l A Yad 1st g gu ar 43.1949
Col & G re e n v 1st 6 s........1916
J
E T V a <fo G a D iv g 5 s .. 1930
J;
N
C on 1st gold 5 s ..............1956
E T e n re o r lien g 5 s ........1938
o
Ga M id lan d 1st 3 s........... 1946
J
Ga P a c R y 1st g 6 s ......... 1922
K n o x So O hio 1st g 6s. ..1 9 2 5
J
J
aiobtfe B ir p rior lien g 5s 1945
J
M o rtg a g e g o ld 4 s ......... 1945
R ioh & D an co n g 6 s___ 1915
J
o
D e b 5s stam p ed ............. 1927
N
R ich So M eek 1st g 4 s . ..1 9 4 8
N
So Oar So Ga 1st g 5 s ___ 1919
8
V ir g in ia M id ser C 6 s . . . 1916
S
Series D 4 -5 s .................1921
8
Series E 5a....................... 1926
N
G en eral 5 s....................... 1936
N
G uar stam p ed ........... 1936
A
W O So W 1st c y g u 4 s .. 1924
J
W e s t N C 1st c o n g 6 s . . 1914
_ So N A la tiee L So N
S pok ane I n t e r n a t l s t g 5s 1955
I e r A o l S t L 1st g 4 4 s . .1989
I 1st co n g o ld 6 a ....1 8 9 4 -1 9 4 4
G en refu n d a I g a s ..........1953
S t L M B g o T e r gu g 5 s. 1930
T e x d e .N O tiee So P a c Co
T e x So Fao 1st g o ld 5 s........2000
2d g o ld in c 5a................... o2000
L a D iv B L l s t g 5 s ........1931
W M ill W So N W 1st gu 5s *30
T o l «fcO U 1st g 5 s ................1935
W e ste rn D iv 1st g 5 s ...1 9 3 5
G eu era l g o ld 5 s................. 1935
K an So M 1st g u g 4 s . ...1 9 9 0
T o l P So W 1st g o ld I s . . ..1 9 1 7
T o l St Life W p r lie u g 3 4 s . 1925
60-year gold 4 s ..................I960
C o lit r 4s g S e r A ........... 1917
T o r H am So B u ll l s t g 4 s ./t l9 4 0
lste r So D el 1st con g 5a 1928
1st refu n d g 4 s........... 1952
Uu P ao R R So 1 g r g 4s ...1 9 4 7
R e g is te re d ....................... 1947
20-yr c o n v 4 s .....................1927
1st & ror 4 s ...................... ^2008
Ore R y So N a v co n g 4 s . 1946
Ore Short L in o l s t g 6 a .. 1922
1st co n so l g o s ................1946
G uar return! la ............. 1929
R e g is te r e d ................... 1929
U ta iiii N o r gold 5 s .. 1926
UniiN J H U So O Co tiee P a R R
Utah C en tral tiee R io G r W es
U tali So N o rth tiee Un Pacitic
U tica So B lack R tiee N Y Cent
unualia co n so l g 4s ....1 9 5 5 F-A
era C ruz A P la t g u 4 4 s 1931 J - J
V er V al In d So W tiee M o P
V ir g iu ia M id See S outh Ry
Va a* S o u th w ’ t 1st g u 5 s .2003 J -J
1st co n s 50-year 5 s ......... 1958 A - 0
V\y abash 1st go ld 5 s ........1939 M-N
VV
2d gold 6 s ................... 1939 F-A
D e b e n tu re s eries B ........1930 J -J
1st lien e qu ip s f d g 5 s .. 1921 M-S
1st lien 50 y r g term 4 s . 195 1 J J
1st ret and e x t g 4 s ____1956 J - J
D ot So Ch E xt 1st g 5 s . . 1941 J -J
D es M oiu D iv l s t g 4 s .. 1939 J -J
Oin D iv 1st g 3 4 s ........... 1941 A-O
T o l So Ch D iv 1st g 4 s . .. 1941 M-S
W ab P itts T e rm 1st g 4a. 195 4 J-D
T r u s t c o c e r tt s ..............
2d gold 4 s ............................1954 J-D
T r u s t Co ce r tts ......................
W arren See D ei L a c So W est
W ash C en t tiee N o r Pao
W ash U So W See s o u th e r n
W a s h T e rm l l s t g u 3 4 s . . 1945 F-A
W est M aryland 1st g 4 s . ..1 9 5 2 A -O
G en So c o n v g 4 s .............. 1962 A-O
T r u s t C o c e r tfs ...........
W Va Cen t So 1* 1st g 6s 1 9 1 1 J - J
W est N Y So Pa l s t g 5 s . .1937 J-J
G en gold 4a.........................1943 A - 0
In c o m e o s .........................<11943 Nov
W e st N o Car tiee South Ry
W h oel’ g So L E 1 s t g 5 s . ..1 9 2 6 A-O
W h eel D iv 1st g o ld 6 s .. 1928 J -J
E x te n So Im p g o ld 6 s . . . 1930 F-A
R R 1st co n so l 4 s ............... 1949 M-S
20-year e qu ip a t 5s ...1 9 2 2 J-J
W ilk es «fe East tiee E rie
W ii So S io u x F tiee S t P M A M
W is C e n t 50-yr 1st gen 4s 1949 J -J
Sup& DuldiviSj term la t la ’ 36 M-N

o!
s:

U

W eek's
R ange or
Last tiale

^

R ange
Stnc$
,j J a n u a r y l

H igh Ho Low H ig h
B id
A S IC L ow
95*8
94
9 4 4 152 | 94
94 4 Sale
36 104 1 1 1 4
106 Sale 1 0 4 4 106
110 M uy’ 09
7 6 34
7 7 3<
7 6 4 81*«
7 7 4 Sale
88 A p r 10
88
90 4
8 7 4 88
n o
no
103 4 1 0 7 4 110 A p r TO
82
80 4 87
84
8 1 4 A p r ’ 10
106
108 S e p ’ 08
92 4 O ct '09
. . . . . . . . . . 91
92 J ’n o ’ 06
.........
104 4
.
.
1064
.
10534
105
103
102 4
1074
1044
1064
105 4
*89*‘
104-4

.
1093*
1124
67
114

109
no

......... 108=4
......... 1 1 6 4
95
98 H
109 .........

112

1 0 6 4 S ep ’Ob
1 0 7 4 A p r ’ 10
115
116
97 4 A p r TO
109
109

..........1 1 0 4
60
70
99 ..........
9 8 4 .........
I ll
.........
105 ..........
1 0 4 4 .........

1104
70
103
1064
109
112
104
944
93
9 1 :4 93
......... 90-4 90
79
.......... 80
.......... 8 4 4 8 3 4
90 4
8 7 4 ...
106
102 . . .
86
1 0 1 4 Sale
994
......... 9 8 4 9 8 4
106 4 bale 1014
964
9 6 4 bale
96
95 oale
114 sate 114
........ 112
112 4
92 sale
92
94
107 4
1054

V

T e l e g r a p h a n d T e le p h o n e
,Am. T e le p So T e l co ll tr 4s 1929 J - J
C o n v e rtib le 4s...................1936 M- S
M ic h S tate T e le p 1st o s . . 19 2 4 1F-A
^ Y T e le p l s t & g e n s f 4 4 s . ’39M -N
P a c Tel<& T e l i s t 5 s ......... 19.17 J . J
W est U nion c o l tr cu r 5 s . 1938 J -J
Fd an d real e st g 4 4 a . . . 1950 M-N
C o n v 4s, S e n e s A . . . . . . . 1 9 3 6 M-N

J ’n e’ 09
F e b ’ 10

-Jn o
no
112
1 :1 1 1 4 1 1 4 4
106 F e b ’ ^o - .'1 0 6
106
II.....................
65 N o v ’ 09
11 2 34 A p r ’ 10 : : i i i 2 4 11*34
F
e
b
’
:
o
1144
-1 1 4 4 1 1 4 4
116*4 A p r ’ 06
.
82 N oy ’ 08
A
p
r
’
10
1106 4 107 4
1064
105 A p r TO
105 10 7 4
75 G ot ’ 08
1 0 3 4 Alar’ 1 0 ....| :1 0 3 4 104
112 O ct ’ 06
: : : ..................
108 4 D e o ’06
j r
107 4 107; . Dce'OD
'107 4 1 0 7 4
107 4 M ar’ lo
io?5; 107 l )c e ’ 09
J 'b T * ‘ o f
91 F eb TO
J 1 0 5 4 106
iooH 1 0 5 4 A p r 10

.........100

! 107*4107 4
1 1 4 4 115 4
97
93
109 109 4

1104 1124
HI
70
70
M arTO
Sep ’ 09
N o v ’ 04
Apr T o
10741104
S e p ’ 09
M ar’ 10
99 4 104
M arTu
9 0 4 94 4
92
A p r ’ 10
93 4
89
A p r TO
90
79*2
78*8 81
A p r TO
834 864
90
91
M arT O
106 106
Jan TO
O ot ’ 09
1 0 1 4 187 0 9 4 102
5 9841014
98 .
106 4 1091 1 0 4 4 1 1 6 4
37, U 64 9 8 4
96;
984
95 4 16 96
114 117
li4*-*
A p r TO
1 1 2 4 1 1 3 *8
49 92
91*»
93
Jail ’ 09
D e o ’ 09

9 7 4 ^ e b ’ 10
96 A p r TO

9 2*,-

974
96

O ct ’09
A p r ’ 10
... 07
1 0 8 4 19 108
1UL4 1 0 2 '1 0 0
D e c *09
F e b TO
1U1
M arTO
t'U
bale
66 4
69 4 8 0 1 66 4
........ l u 7 4 M a r lO . . . J 1 0 7 4
83 D e c ’ 09|___ I
7 64 76
....
75
00
....
90
66
........
39
Sale
32 37
37 4
6
6 A p r TO
4
12
04
44
4
44

105

no
in
95
9 8 4 97
108 4 bale 108
101 sale 100
J00
86 105
102
102

....

68 4
106 4

75
804
37
38
4
44

.......... 93 ^
84 4 bale

884
8 8 4 lo j
36
84 4
85
7 1 4 F o b TO
73 *2 A p r T O ,.
100 4 N o v ’ o9i f !

. 104
. Iu4
85

984
1134
103 4

102

90
774
1074

89
84
71
684

764
90
62 4
64
124

90 4
864
73
74 4

iiu
1104
90 4 92

61V

81

974
96

1014 1044
....J jl0 4
104
82
99

9 0 4 Sale
90
914

20
....

90
92 4

96
94

90 4 Sale
100 4 ^aie

90
18 90
91
93
100
1 0 1 4 374 100 1 0 0 4
9 8 4 Apr TO . . . J 9 8 4 99
......... 96 -j 9 6 4
9?
9 6 4 99
96*8 bale
97
97
994
90*8
99
99 100 4
99 4
99 4
95
95
974
96
96
1 0 0 4 1 0 1 4 1 0 1 A p r T O . . . . 100 4 1 0 2 4

B O N U S —C o n clu ile il.

M anu factu ring ifc In d ustrial

Ya-Car Cliem 1st 16-yr 6s 1923 J-D
82
82
82 J a n ’ 10
83
139
138 Sale 1 3 6 4
0 1 3 6 4 U 7 4 vV estinghouse E So M s t 5 s ’ 31 J .J
M is c e lla n e o u s
102
102 Sale 102
16 102 105
85 A prT O
84
8 9 4 A d am s E x c o l tr g 4 s ........,19 4 b M-S
8 4 4 87
9 3 4 U.i\
934
1 93 4 96*, A rm ou r So Co l s t i e a l o s t 4 4 » ’ 39 J -l)
B u sh T erm in al 1st 4 s . ___1952 A -0
2 97 100
974
974 9 /4
C on sol o s ...........................1955
J-J
96 4
2 964 9 7 4
95 4 97 4 95 4
102
105
9 102 1 1 4 4 C hic J o & t Yard c o l g 5 s . 1915 J -J
103
DetM<fc
M
ld
g
r
in
c
o
m
e
s
..1911
A-O
A
p
rT
O
97
4
96
4
9
8
4
97 4
t n s t it t o r I r r ig W k s 4 4 s 1943 M-N
104 M ar TO
104
1 0 3 4 104
93
93
93
96
9 6 4 In t M erca n M arin o 4 4 s . . 1922 A - 0
93
93
93
1 93
9 6 4 i n t N a v ig a tio n l s t s f 5a.l9 2 P F-A
M-N 1 0 4 4 105 4 1 0 4 4 A p r TC
104 4 1 0 1 4 N e w p N e S hip «fo D D 6s <£1990 J -J
90
94 4 N Y D o ck oO-yr 1st g 4 s .. 1951 F-A
90
J -J
90
i 88
88
90 4 P ro v id e n c e S ec deb 4 s . . . . 1957 M-N
87
88 4 A p r ’ lC
J .J
102*8 Salt 102 4
J -D
1034 o i 1 0 2 4 104 4 P ro v id e n t Loan Soo 4 4 s . 1921 M -S
101 423 103 106 4 S YTiba W at Co oou g 6 s .. 1923 J - J
M-N 104 Sale 103
2 103 4 1U03! W ash W ater P o w 1st 5 s .. 1939 J . J
M-N 104 4 Sale 1 0 3 4 1 0 4 4
• N o p r ic e F riday; la test bid anrtasked thU w eek. O D u e F eb <£ D ue A p r a D u e M ay ifD iid J ’n o h D uo J ’ly /cD uo




jV o ii. W CXXX,

F-A
J-D
F-A
J-J
M-S
AO
J-D
M-N
J.J
A-O
J-J

9 8 4 984
89 4 bale

984
89

93 4 93
914
Sale
894 8 8 4
98
98
100
105
40
40
......... 97 4
634
Sale
82
96 ......... 95
......... 93 4 93 4
......... Sli»B 90
96
112
101
ib o ib s

93
92
.........
.........
96 4
36
96
634

964
874

994
93

4 92
93 4
86 9 1 4
92
M ar’ 10
884
A p r TO
964
J a n ’ 08
Jan TO
40
M arTO
964
64
*61 63
A p rT O
814
D e o ’ 09
M ar'10 . . . . 9 3 4
Jan *09
J 'l y ’ 06
J ’ l y ’ 0-1
BW 10
101

934
944
89
97 4

90

45
14

40
974
714
83
94

101

A u g o D u o O ot p D a o N o r s O p tlo n b a lo

CHIOA.GO STOCK EXOHA.TOE— Stock Record— Daily, Weekly and Yearly
STOCKS

STOCKS— HIGHEST A N D LOWEST.' SALE PRICES
Saturday
April 30

M onday
M ay 2
195
234
712
99
28
13
7*2
3
32
78
16
55
18

9
91
731
7114
. . . *240
135 *132
7612
78
11012 110
135l.i 133%

9%
72l2
...
135
77
IIOI4
1333s

34
34
*65
68
*4934 50
*1
Us
*2
3
40
40
120 120'

34
65
♦4934
*1
*2
39U

* ____ 154
113 113

*0912 100
70
77
77' 2
*44
•44
.
68
5812 57
* _____
* _____

*105
*121
109
119
*108

10014

21 * ____
103
106
123 *121
109
109
119 *116
108
1081

16712 15712 15534
12034 12034 *120%
10414 104%
*183’ 185* *1S3
103
*104'2 105
6*4
6
6%
♦ III!

Wednesday
M ay 4

Thursday
M ay 5

Last
*185 195 *185 195
Last
*2i2
234
23.)
*212
Last
*6
7i2 *6
7*2
Last
*98
99
*98
99
28%
28
28
*28% 281"
*113, 13
Last
*12
13
Last
*6%
712 *6%
7'2
Last
*2%
3
*2%
3
*
28
28%
32
*25
Last
*75
78
*75
78
*16
17
*16
16
16
*56
56
56
56
56
15
17
*15
*16
18
Last
*60
. . . . *60
57%
68
68
67
58
56
15
15%
15
1534
15’s 16
Last
90
*85
*85 “ 90
90

•185 195 *185
*212
23,
* 212
*0
*6
712
*9 8
•98
28
281.i 28%
*1 2
• 12
13
*012
*235
*2%
3
* ____ 32 *____
*75"
78
*75
*15
16
*15
55
*54
55
*15
15% *16
____ *60
*60
65% 55%
55'2
I 5I4
15I2 10
*85
90
*85
912
*723.]
•240
*132
77
*10912
*13412

Tuesday
M ay 3

Sale
Sale
Sale
Sale
28%
Sale
Sale
Sale
28%
Sale
17
57
17
Sale
57%
15%
Sale

Week
Shares

Friday
M ay 6

185 Mch'10 ____
Feb’ 10
3
Feb’ 10 —
7
Apr’ 10
99
90
28%
*28
Feb’ 10
10
Apr'10
6%
Apr’ 10
2%
20
28
*26
77% Apr’ 10 —
100
16
*15
48i’
57
*56
111
18
18
70
Allg’09 . —
815
58
58
15% 1,227
14
90
Apr’ 10 —

...1 0 0
"1 " —

Kans C ity R y & L t - -1 0 0
Do p r e l ___________ 100
VIetropot VV S K iev____100
D o p r e f ___________ 100
N orthw estern K iev___ 100
Do
p r e f __________ 100
South Side E le v a t e d ..1 0 0
Streets VV S table C L .1 0 0
Do
p r e f___________ 100

M iscellaneous
295 A m erican C an____ ___ 100
978
0%
10
10% 10%
10
*9*2
Do
p r e f___________ 100
185
71% 7178
72% 721 •> 72% 72%
72
*71
22 A m erican R a d ia t o r .. 100
250
*242 ____ 250
*242
*242
____
Do
p r e f___________100
Apr'10
Last Sale 135
*132 135 *132 135
79%
611 A m er S h ip b u ild in g ___ 100
80
77
79
77
77
77
77
Do
p r e f___________ 100
35
111
no
110 *109 111 *109
no
110
135 A m er T elep & T e le g ______
*1333i 1341j *13334 13414 135% 135% 135% 135L,
____ B ooth (A) & C o______ 100
Last Sale *8
June 09
Do
p re f___________ 100
June’09 ____
Last Sale %
82 B ooth Fisheries c o m ____
36
34%
34%
34% 34% *33
*32
36
34
D o p re f_________________
65
940
66
65
65
65
65
61
65
65
Cal <fc Chic Canal & D .1 0 0
*4934 50
Last Sale 54
Mch’ 10
*4934 50
50
*1
Last Sale 1
Apr’ 10 ____ Chic B rew ’ g & M alt’g ------*1
U
Us
1%
D o p re f_________________
*2
N ov’09 ____
3
Last Sale 2%
*2
3
3
530 Chic P n eu m atic T o o l .1 0 0
40
40
40
40
391* 39l2 39% 40
40
597 C h icago T e le p h o n e — 100
120%
120% 120% 120
12012 12012 *120 121
Do
rig h ts______
Mch’08 ____
2%
22 Chic T itle & T r u s t .. . 1 0 0
150
150 150
150
150 150
*148 150
257 C o m m o n w 'th - E d is o n . 100
113
113% 113% 113
113 113% 113 113
Do
r i g h t s _________
Feb’ 10
1%
92 Corn P ro d R e f Co c o m .
15%
15% 15%
Do
do
p re f------Last Sale 79% Apr’ 10
100% 101
785 D iam on d M atch______100
100 100% 100 101% 100 100
75
7534
75
76
76% 2.819 Illinois B rick ..................100
71
74
73
Last Sale 43% Mch’ 10 _ ___ M asonic T e m p ie ___
*44
*44
358
57
57
57% 57%
67
57
5612 67
Do
p r e f__________
Apr’ 10 . . . .
*
Last Sale 101
1001.1 * ____ 9934
MUw <5c Chic B rew in g.
Junc’07
Last Sale 2%
D o p re f_____________
Last Sale 20
N ov’09 ____
21
21 * _
21 *
105
25
103 *103 105 *103 105 *103 105 *102
100
123
122 122% *121
122% 1221" 122 122
123
225
109
108-3.1 1083. *108 109 *107 109 *107
109
Do
p r e f ..
119
5
119 *116 119 *116 119 *117 119 + 117
170 t o p ic ’s Gas I
107%
103 *10534 1071; *10534 107% *107% 108% 1071
D o rig h ts.
....
Last Sale 11-16 Men0 9
1,131
1573, 158% 158
158
157U 158
156 158
156
Do
p re f.
119
370
121
11012 12010 1101., 1191., 119% 119% 119
10134 1,350 wlft & C o . .
10334 103% 1037* 1043, 104 1043, 104
Do r ig h ts.
Last Sale 7
Feb’OS
183
183
183 183
70
183 184*2 *183 184
185
Do
p r e f.
103% 103% 103% 103%
157
103 103
103 104
103
6
534
61.,
6-%
01,
6%
6*4 2,553
5*8
61;
Do p
__
Last Sale 734
Apr’09 . . . .
W estern
Last Sale 22
Apr' 10
201, * ____
20%
20*1 * ____

BO N DS
C H IC A G O ST O C K
EXCHANGE
Week, ending M ay 6

Inter­
est
Period

Price
Friday
M ay 0

Week’ s
Range or
Last Sate

HiOheS'.

5s A p r 25
64’% J an 3
104 Jan G

180 M ch
1% O ct
5 O ct
97<"8 D ec
3 ) D ec
10% D e c
8 D ec
3 % D ee
30 D ec
78 D ec
15% Sep
47 Jan
17 N o v
63 Jan
60 Jan
29% A p r
97 F e b

190 F eb
4 Jan
15 Jan
119% J 'lv
45% Jan
30 Jan
13% Jan
29% Jan
52 J ’ lv
86% M ay
19% D ec
69 D ec
25 M a y
73 May
61 M ay
541. D ec
10S D ec

13% Jan 10
9 A p r 28
82 Jan 4
71% M a y 2
240 A p r 25 250 M a y 6
130 Jan 26 135 A p r i
72 F e b 7
80% A p r 16
109 A p r i l 112 Jan 11
13338 M a y 2 14JU8 M ch

778 Jan
71% Jan
200 Jan
126 Jan
54% A p r
101 F eb
139 A u g

15%
86
225%
132
81%
112
145

N ov
J ’ne
O ct
J ’lv
D ec
Sep
N ov

10
48
51%
1
2%
20
127

M ay
J ’ ne
Jan
Apr
Apr
M ch
Jan

5
40
75%
68
1
2%
42
140

Jan
D ec
D ec
Apr
Apr
N ov
D ec
Sep

185
2%
7
98
28
in
6i»
2%
28%
69
16
51
15

M ch 7
Jan
Jan 4
Apr 6
M ay 2
F eb 4
A p r 22
A p r 18
M ay 5
F e b 17
Jan 14
Feb 7
Apr 1

50% F e b 9
13% A p r 28
90 F e b 2

33
60
50
1

Feb 4
Feb 7
Jan 11
F eb 4

185
3%
7%
109
36
16
9%
5
39
77%
17
50
18

M ch 7
Jan 26
Jan 7
Jan 3
Jan 3
Jan 10
Jan 6
J an 16
Jan 5
M ch 30
Jan 4
Jan 5
M ay 6

39-% Jan 5
74 Jan 4
55 F e b 17
1 F eb 4

38% Jan 20
1x9 A p r 28

47
137

F e b 11
Jan 3

142% Jan 2i
113 F e b 9
111 Jan 26
15 M ay 2
79% A p r 7
98% M ch 11
70 M ay 2
43% M ch 1

163 M ch 10
121% J an 11

117
107

Jan
Jan

152 O c t
121% J ’ly

22%
82
127
91
46

17%
70%
117
38
43

F eb
Mch
Jan
Jan
Jan

26%
88%
130%
88%
47

99% M ch 31

102% A p r 20

Jan 8
F e b 28
.a n 6
M ch 2*
Jan 7

M ay 2
M ch 28
F e b 24
F e b 10
F eb 3

115 Jan 7
125 Jan 18
116% M ch 23
121 M ch 36
11534 J 11 3

148 F e b 7
119 M ay 6
101% J an 25

1661" A p r 14
122 M ch 14
109% Jan 8

162 Jan 13
103 M ay 2
6% A p r 28

186 F e b .9
106 Jan 6
16% J an 3

103
121
104
112
106%

............
io n J a n

3

227* A p r

1

20 N o v
9778 Jan
118% F eb
82 Jan
110 Jan
102 Jan
% F eb
55 Jan
101 Jan
100% Jan
6 F eb
119 Jan
98% Jan
% F eb
3% Mch
15 F eb

Aug
M ay
Aug
D ec
.Sep

21 J ’ ne
119% Sep
130 Sep
108U D ec
124 N o v
1197* A u g
1 M ch
169'" D ec
12134 O ct
114% A u g
20 Jan
J62 Dec
105 D ec
1% M ch
9% Jan
25 Mch

Chicago Banks and Trust Companies

Chicago Bond Record
r

lla i'ro a d s
prct

Leaves'.

/ / lqties'.

Lottes1
.

Do

Range tor Previous Y ear
(1909.

Range lor
Year 1910

C H IC A G O ST O C K
EXCHANGE

B'ds
Sold

Range
for
Year 1910

l.ow
High
High No
Ask l.uto
Hid
99% 9934
99-% Mch’ 10
F - A
3
91%
94%
Sale
192
9l%
92
A r m o u r & Co 4 V*s— 1939 J - D
. . . . -----....
.... —
A u rora Elgln& Ohlc 6.1941 A - O . . . . . . . .
Cal & So Chic R y Co
..................
102 J’ ne’0 ) . . . .
1st M 5s...................... 1927 F . A
. . . . ____
p a s s A v & F G (St E) 5s ’ 12 J - J ____ ____ 101% O ct’OJ ____
100 Vlay’ 07 . . . .
. . . . ---Chic Board o f T rad e 4sl927 r - 1 )
60 102 103%
102
102%
C h icago C ity R y 5s-----1927 F - A 102 Sale
____ 103 Apr’01 . . . .
.... ....
Chic Consol Hr & Mlt 6s----- J - J ___.
.... ....
50 Apr’09 . . . .
....
C h ic Consol T ra c 4 64s 1939 I - D ___.
9634 Jan'Oi . . . .
.... ....
....
C h ic A u d itoriu m Is t5 s l9 2 9 P - A —
____
.... ....
.... ....
Chic D ock Co 1st 4 S ..1 9 2 9 A - () . . . . . . . .
.... ....
Ohio J c R U 1st M g 53.1945 \I - S . . . . . . . . 94% Dec *09 . . . .
....
. . . . ---87
Feb’06 . . . .
C h ic N o Shore Elec Os.1912 A - O . . . .
88%
1
87
87
84% 87%
C h ic Fne L’ool 1st 5s . a t 921 J - J 87
100
100%
35
100% 101%
F - A 101) Sale
95% Mch’ 10 —
94%
D5%
5.
A - D ---- 82
82
82
J - D ....
2
82
86
901» Mch110 —
....
90
90% 91
F - A
100% 101%
F - A ___- 100%’ I00l5 Apr‘ 10 ____
________ _
F - A . . . . 10o% 10U" July’09 . . . .
1 100% 100-%
.... ....
100%
100%
Chic R vs Tern Ctfs 1st 5s _____
....
66% Aug’08 . . . .
____ ____
C h ic R 1 & R R U i s . .20 0 2 ,\1 - N . . . .
__________
....
66% July'08 . . . .
O ollat trust g 5s— 1913 M - S . . . .
103 103%
103% 103 Apr’ 10
r - 1)
102
102
12 102 102?8
C o m m o n w- Ed Iso n 5s . 19 43 IV - s 101% 102
100 J'ne'08 . . . .
. . . . -----Chic Edison d eb 6S-1913 J - J ____ . . . .
100 100%
'
1st g 5s____ July 1926 A - O U01% . . - - 100 Apr’ 10 . . . .
.... ....
D eben tu re 5s____ 1 020 H - S . . . . ____ 100% Aug'09 . . . .
102% 10234
C om m on w E lect 5s61043 \\- s * - - - - 101% 102% Apr'10 . . . .
.... ....
80
Dec’08 . . . .
....
Illinois Tu nnel 5s____ 1928 I - 1 ) 145
K an C ity R y & Light
96% Dec’ OJ
Co 5 s ........................... 1913 n - n
.... ....
96 Mch'09 ____
K n lc k 'b ’ ker Ice 1st 5 s.1928 A - 0 t — - 100
83D Feb’ 10 ____
80
L a k e St El— 1st 5s___ 1928 J - J
.... ....
.... ....
16 May'05 . . . .
In c o m e 5 s . . . . . . . . 1925 Fet)
M etr W Side El—
80
84
3
81%
1st 4 s . . _______ . . . . 1 9 3 8 F - A
80
80
____
80
80
SO Feb' 1C ____
E x ten sion g 4s-------1038 •J - J . . . .
91% 93%
91-% Apr’ 10 ____
J - J ____ ____
94
93% 96%
Sale
47
93%
J4
N orth W est El 1st 4 s . 191 1 vt - s
99
99
99
A p r'1C ____
Nn W G -L & Coke Co 5s 28 Q - M . . . .
94
95
94
94
92% 96%
2
O gden Gas 5s__. . . . . 1 9 4 5 \\ - N
.
.
.
.
____
99%
I
1)
100%
Mch’09
.... ....
I’ ea rson s-T a ft 5 s . . . . . 1 9 1 6
____
96
M- S
96% 96%
96% Mch’ K . . .
97
97 Fen’ Hi
97
97
4.C0S Series E _______ —
.VI - N
98% ____
08% 08%
98% Mch’ 10 ____
____ _____
121% May’09 ____
A - O .... ....
102%
102%
M - S 1102% Sale
10 10234 103%
—
103 104%
103
Apr'10 —
J - J 103
102 102%
C on sum Gas 1st 5 s . 1936 J - 1) . . . . . . . . 102 M ch'l —
. . . . 101% Dec’09 . . . .
____ . . . .
M- N ....
92%
92%
92
94
10
S ou th Side Kiev 4 1*3-1924 J - .1 92% . . . .
Sale
100
100
10 100 10078
S w ift & Co 1st g 5s___ 1914 J • J 100
88
88
85%
88
Apr’
10
.
.
.
.
A
O
U nion El (Ixjop) 5 s . .1 9 4 5
114 N ov’04 . . . .
. . . . -----U nion Faclllc c o n v 43.1011 U - N . . . . . . . .
70
70
70
Apr'10
75
....
U nited B o x Board col 6s’ 2f
80 N ov‘09 . . . .
70
. . . . -----General m tge 6s________ 1 - J . . . .
____
85% July'08
. . . . -----W estern Stone Co 5 s . _ 1001 A • IN o te .— Accrued interest ■musl lie added to all C h icago b 'o n d prices.

.

8

cc
to

.......

NAME

Calum et N a tio n a l_____
Chicago C ity ____________
C om m ercial N a t lo n a l-.
C on tlnental N a t io n a l..
Corn E xch ange N ational
D rcxel S ta te _________
D rovers' D ep N atton al.
E n glew ood S ta te ____
First N a tio n a l_________
First N at E n g le w o o d ___
Forem an Bros B 'k ’g C o
Fort D earborn N ational
0 H am ilton N ation a l—
H ibernian B 'k ’ g A ss’ n . .
K aspar S tate B a n k .
L ive S to ck E x ch ’ge N at
M onroe N a tio n a l---------Nat Bank o f R e p u b l ic ..
oN atlonal C ity _________
N ational P r o d u ce ----N orth A ven u e S ta te ___
N orth Side S tate S a v ’gs
N orth W est S ta te ____
P eop le's Stk Yds State
Prairie N a tio n a l_______
Prairie S ta te ____________
R a 'lw a y E x ch a n g e___
S e c u r i t y ______________
South C h icago Savings
Sou th Side S ta te _______
S tate Bank o f C h ic a g o ..
S to ck Y ards S av in gs___
Union Bank o f C h lca g o .
W endell S t a t e ___ —
A m erican T ru st & Savs
Central T rust Co o f I I I -.
C h icago Sav B k & T r —
C h icago T itle & T r u s t.
Citizens T ru st & Savings
Colonial T ru st & Savings
D rovers'T rust& S avIngs
Farwell T ru st C o ___ '___
First T ru st <5c S a v in gs.
G uarantee T ru st & S a v .
Harris T ru st & S a v in g s.
Illinois T ru st & Savings
K e n w o o d T ru st <fc Savgs
Lake V iew T rust& S aygs
M erchants’ L oa n & T r Co
M etro p o llta n T ru st& S a v
N orthern T ru st C o --------N orth -W estern T r& S av
Pullm an T ru st & Savgs.
Sheridan T r & Sav Bank
S to c k m e n ’s Trust & Sav
U nion Trust C o -----W estern T r u s ; & Savings
W est Side T r& S avB an k
W oodlaw n T r& S avB an k

lutsianding
Slock
»

Surplus
and,
Profits
t

Dividend Record
In
1903

In
1909

Per­
iod

Las! Paid
%

u
An Dec ’OJ, 6
0
$100,000
S42.487
J-J Ian TO. 5
10
10
206,844
500,000
t ill
Q-J Apr TO, 2
7,000,000 3,639,995 u 12
8
8
Q-J Apr TO, 2%
.1,000,000 5,329,998
12
12
Q-J Apr TO, 4
3,000,000 5.387.064
A-O Apr ’ 10 5
9
6
26,110
200,000
10
Q-J Apr TO 2%
408,157
600,000
9H
6
Q-J Apr TO, 1%
6
200,000
32,826
V2s Q-M .lch3lT0,3t>
12
0,000,000 j 10320200
10
Q-M Vfch31T0,2i*
10
169,998
150,000
Priv ate Ba nk
1,000,000
507,949
8
8
Q-J Apr TO,2
1,000,000
411,718
5
5
J-J Dec31’09,2%
500,000
(w)
Q-J Apr TO, 2
8
8
1,500.000
846.775
J-J Mil TO, 20
10
10
200,000
123,181
Q-M Mch31T0 2%
10
1,250,000
471,992 10 + 2
Q -l May T 0.1
4
4
300,000
64,671
8
8
2,000,000 1.238.632
Q-J Apr TO, 2
Q-J Apr 10. 1%
3
6
1,500,000
354,249
Q-J Apr T0,1
3
250,000
77,268
5H Q-J Apr TO. 1%
69,631
200,000
Q-J Apr TO, 1%
0
6
50,000
23.681
___.
Q-J Apr TO, 1
13,022
200,000
....
...
Q-J Apr TO, 2%
300,000
93,699
____ . . . . . . . . . .
250,000
71,792 . . . .
Q-.M M ch31T 01%
0
8
500,000
66,119
None ____ Jan '08, 2
2
250,000
12.763
300,000
1M ____ M h31’ 10,l%
181.113
6
6
Q-J Apr 10. 2
200,000
83,000
8.144 Beg. b us Sep t.’09 V. 89, p . 817
200,000
Q-J Apr TO, 3
12
11
1,500,000 1,683,075
Q-M Mch 31 TO. 2
8
7
250,000
185,511
M-N May TO, 3
6
6
200,000
42,688
None Q-M IJec31’08,l%
6
50,000
8,138
Q-J July '09, 2
6
8
3,000,000
291,262
Q-J Apr TO, 1%
7
7
2,000,000
918,005
6
n500,000
111,772
Q-J Apr TO, 2
1H
6
6
5,000,000 11,319,160
Q-J Apr TO, 2
A-O A pr9,’1 0 ,3
4
4
50,000
6,224
8 + 2 Q-J Apr TO, 2%
600,000
513,288 8 + 2
8
Q-J Apr TO, 2
200,000
106,342
7>4
Q-J Apr TO, 1%
3
228,900
1,500,000
Q-M MchlllTO, 4
16
2,500,000 02,784,677
200,000
5,245 Incorp orated 1908 V.87.p.1138
6
9J* Q-J Apr TO, 2%
1,250,000 1,070,962
7 Apr TO. 4
5,000,000 8,297,282 16 + 4 16 + 4
6
6H Q-J Apr TO, 1%
58.006
200,000
Q-J Apr TO, 1%
5
4 J*
200,000
41,100
Q-J Apr TO, 3
12
12
7,000,000 5,558,206
6
6
Q-J Apr TO, 1%
750,000
205,991
8
8
1,500,000 2,236,860
Q-J Apr TO, 2
6
6
J-J Jan TO, 3
61,782
200,000
8
220,217
8
500,000
Q-J July TO, 2
200,000
223,571 Beg b us. J’ ly 12 T 9 V.89,p.141
5
5
J-J Jan TO, 2%
31.474
200.00C
*8 + 2 Q-M Mch 3 1 ‘ 10,1
8
1,200,000 1,092,081
6
a
1,000,00(
220.282
Q-J Apr TO, lig
90,052 Began busine ss Se pt 5 1908
200,00(
6
48,248
200,000
Q-J Apr TO, 8

__

6

J

* Bid and asked prices: no sales were m ade on this d a y .. IM eh. 29 (close o f business! tor nation al b a n k s a n d
in stitu tion s.
JN'o price F riday; latest price this w eek, a D ue D e c 31. 1) }>uc J u t l e - * A lso 20 /o m s to c k , n Capital and surp
s a v in g s BanJtT
o A p r .4 ’ 10. q D ivid en d s ar- paid Q -J. w ith e xtra pa ym en ts Q -F .
s In
i^ n - ' *
H a m ilto n N atiotuS
t Doe U 1909.
u S to c k Increased In 1909.
v In a d d itio n the e q u iv a le n t of 1
° a “ e f rom 1 Irst IT u s t & S a v .
a
. . 10. y
H ank a b s orb ed b y th e N ational C ity B ank.
See V . 90, p . 538.
z C apital In creased t o S8.000.000. See V . 90, p . 599.
1 tea . I l«io .




BOSTON STOCK EXCHANGE— Stock Record. Daily. Weekly and Yearly
s HARK PRIC ES— NOT 7"KH CEN'l’ U M PRICES
Sailin' ay
April 30

■M onclay
Matt 2

Tuesday
Man 3

Wednesday
M ay 4

lL’liursday
' May 5

Friday
M ay 6

sates
Hu
Week
S/iares

0

h lO C K h
B O S T O N ST O C K
EXCHANGE

Lowest

R a ilroads
lOtti 10CD *1057, 106's 107I4 IO7I4 IO8I.1 10S*8 109 109
276 A tc h T o p & Santa E c.1 0 0 107'.! M ay 3
10S*8 1033.1
1021, F eb a
Do
p re t....................1 Of
1023.; 102"., *1013, l O f , *10U , 1021, *1021, 103U *1011, 10212
c
223 223 *223
223 224
136 B oston & A lb a n y ____ 100 222 A p r 12
224 225
224 224
224
225
141 B oston E l e v a t e d ____ lOt
125 A p r 12
*12512 12510 1251, 126
126 126
126 126 *126 1263. 12612 12.1.
B oston & L ow ell_____ 10C 216 A p r 3
*210 220 *210 220 *210
Last Sale 216
*210
Apr’ llj
*
140 M ay 5
1 B oston it M aine______106
145
144
140 140 *
145
144
145
Boston & P r o v id e n c e . 106 296 F eb 11
298
16 Jan lo
260 B oston Suburban El C o s .
16
1518 1514 *15
15
15
15
*15
16
*15
16
15
73 F eb 8
7434
7-13.,
Do
pret______________
*72
75
68
*73
73
75
*73
73
*73
*
8 M ch
Last Sale 8
B oston Sc W ore E lec Co .
Apr' 10
101, *
10. * ___
1012
10'2 *
42 F e b 10
44
42
42
♦41
11S
Do
p re f______________
43
46
*42
44
43
*42
44
*42
6 Chic June R y & U S V .1 0 0 145 M ay 2
145 145
110 A p r (2
no
n o t , 1101,
12
no
Do
p r e f l _________ 100
270
Mch’ 10
C o n n e cticu t R iv e r ___ 100 £65 M ch 8
125 A p r l i
____ 125!2 1251,
*125 1251c *
125 125
125 125 *125
42 F itch bu rg, p re f_______ 100
125
104 Jan 3
30 Ga R y & E lectric____ 100
112 112 *11112 115 * 1101, ____ 112
112
*1U12
*11112
*_ _
85 A p r 8
86
Last Sale 5
87 * ___
8 i * __
Do
p r e f___________100
S7
Apr’ 10
£02 Fei) 10
202
Jch’ lO
151| F e b .
17l,|
1678 17
17
17
18
18
17I2
17>4 1734
17
171- 2,940 Mass E lectric C os____ 100
79 Ja.i 3
88 * ___
86
84
84
Do
p r e f___________100
37
87 * ___
84
85
85
84
98
140 150D 1491- 150's 150 ISO'- 150 ISO's 150>2 150'- 151
448 N Y N H 4 H a r tfo r d . 101 149 A p r 28
157 m
139*2 M e h tl
212 M ch 1»
212 M fh’ in
* ___ 192
. . '
100 185 M a y 3
1,85 185
185 185 *185 1871- 18712 187:2
190 190
47 Old C olon y
25 M ay 3
25
25
10
!< _
1133. 1133j *
114
n r * ___ 113 * ____113
15 .■Seattle E le ctric_______ 100 109's A p r 1
113
101 A lch lJ
Do
p re f___________10'
103 103 *
103 * ____ 103
31
105 *
103
103
176 M ay 3
2,4B(‘ Union P a cific ______10'
l7S)>s 1801- 17G3, 177->s 176 1773,, 177l4 179
1793g I 8H4 17»34 180
95 M ay 5
Do
p re f___________10(
160
*9414
95
95
9 o*4
*9012 9Gl2 *93”j 947s *J378 947g *94l8 96'8
V erm on t & M ass_____ ]00
162 A p r 2/
1(>2 162
87 M ay 2
286 W est End S t________ _ 51
8712 88
87
83
88
83
88
87
87
88
*S7i2 88
100 M ch 31
Do
p r e f___________50
130
101 IOH4 101*4 101*2 IOH4 IOII4 i o n . i o n 102 102 *101 102
M iscella neous
41 F eb
911 A m er Agricul C hem __100
4H2 421,
42
4312 4212
43
411, 42
421.1 427»
4212 43
98*4 M ch 31
Do
pret___________100
1001, i o n 2
645
1003., 1003, 100 1001- 100*8 1001, 1001, 101
10012 101
5 M ch *51,
A
m
e
r
Prieu
S
e
rvice
___
5o
£3,
53.,
660
6
6
63,
£3,
51,
531
6*4
t)
5! 2
16 M ch 29
Do
p re f_______. . . 50
17
17"S 171;
1578 17
17*2 1,60.)
17*4
lG's 1714
10*4 17
1,06/ Arner Sugar R efill____ 100 118*2 J ill 25
121
124
121 12114 120 1211- 120*4 121*4 1211., 123*4 16.3I4 124
Do
p re f___________100 11.) Jan 25
120 121
121
623
1191, 121
121
120 12(K, 11912 120
*120 121
13334 135
133 13418 133'2 13434 13434 135'- 13434 1353, 8, (26 A m er T elep & T e 'e g_ _ 1 0 0 133 M ay 3
133U 134
3D - A p r £8
313, 32*s *5212 33t2 34
32
32
32
33
21 ; A m erican VVoo en ____ 100
*31
34
33
97*4 M ay
Do
p r e l___________100
98
9334
S834
97'2 98
971, 08
l,ib 8
9714 98
99
07*4 978,
/ M ch 18
8
8
8
9
8
8
8
8
8
*7
8
8
166 Atl G ulf & VV I S S L .1 0 0
_ _
18 A p r 2i
*
*14
Do
pret___________100
18 ♦
18
Last Sal
20
18 A p r’ 10
6 M ch 15
60 B oston L a n d _________ 10
*512
*G
7
*6
6
6
6
7
*534
6
*b'z
6
145 145
145 145
145 145
147 147
1441, 145
145
46 C u m b T elep & T e le g .1 0 0 143l4 Jau 12
145
64 F eb 4
*673S
D om inion iro n & S tec - .
Last SaL 08
Si,’ - *65
651- *65
’■(16
651Apr'10
7>8 A p r 14
East B oston L a n d _______
83„
*8
*8
8
818
y'.|
81,
>-q
Wf
8'.;
8's
24912 2491- 2491, 249*4 249 249
275 Edison E 'e c IOum ___ 100 1239 Ja i 26
249 249U 24S12 248', 249
249’4
147 147
14 V?1 14;/. 1463, 147
1461, 1471, 14/ 147'i 146
412 General E le ctric_____ 100 145-i4 M ay 2
140
76'4 Feb 8
7834 79
S038 8134 5,481 M assachusettsGasC os 100
7 8',
78
7812 SC^i
7&i8 78*4
7aU 7ui.
91 A p r 14
Do
p re f___________100
(55G
0U2 92
91*2
92
921.1 911, 921.,
9H2 9U ,
91i2 9H ,
91*2
214i4 Jan 4
217 217
61 M crgenthalcr L in o ___ 10'
21G 21G
217 217
216 216 *
217
217
218
2-*4 Jan 3
.r.o 1
&34
ui.
*534
6
1,34:, M exican Telephone__lo
*5
5
5
t 's
11112 112 * __
1113., 112 *1111, 113
112 112
182 N E C otton Y a rn ____ 100 111*2 M ay 5
112 112
nu.
Do
p r e f__________ 100 106 M ay 5
*1073., 109
107 1073.( 103 106 *106
86
10/
108 109 *107*4 109
*
19< N L T e le p h o n e _______ 100 133 M ay 2
134
133 133'2 133 133
133 13378 133 133
133*2 1333
94 M ch 22
*
P acific Coast P o w e r .. 100
Last Salt
Apr11(1
96196' *
97 *
961- *
161 163
601 Pullm an C o___________100 1,0 M ay 3
ie i
162
162 1631- 160 168'- 161 163
1G2 162
11>4 Jan 15
12
12
12
12
12
12
12
21 1 R eece B u t t o n - H o le .. 10
*113.,
12
1211 12*7
10434 105
10414 105
570 Sw ift A C o ____________ 100 100 Jan 3-1
104 104
i04i.i 1041- 1031, 1041, 1031, 101
28 M chJu
10. T orrln gton Class A . . 25
*30
31
*30
31
30
31
30
*30
30
30
*30
311;
27 Jan lb
Do
pret___________25
29
29
81
31
31
30
*29
30
30
30
29
29
30
165'2 Jan 15
,896 U nited B ruit_________ 100
1731, 175
175 1751.1 175 176
174 175
175 176
175*2 17513 .325UU r^hoQ iVlach C o r p . . 25
03'2 Feb 4
es3„ 69
6'J12
70
GS'2 69
6818 «334
60
68*4
69
28'- M ch 29
Do
p re f___________25
29
263
29
29
29
2938 29'8 £9*8 29
29
29
2S*4 20
7711
F o b 14
________
100
U
S
Steel
C
o
r
p
813,,
7,‘Og
go?,
8
H4
62-s
803.,
8228,345
80l8
78-81 80
80>8 817s
Do
p r e f___________100
115's A p r '.
215
1173s U S '- 116*2 118
1177* 1181 *117 1171- 117 1171; 11712 1171c
14 F e b i i
161 *15
161 *15
161, <‘ 15
161205 (Vest T elep & T e l e g . .l 0 0
15>2 I f • 1512 1 0 ? *1»
85
85 * __ _
85 M ch2i
85
Do
prer___________100
$____
87
85
85
7
8 / * ___
87 t*__
Alining
5 M ay 2
6I2 5->
6
5
51.1
6.34
53, 1,080 A d v e n tu re C o n _______ 25
6
5
6
GV
5 ',
3812 M ay 4
40
41
41
391, 40
3 8 ', 40
40
42
40
41'42
788 A llo u e z________________ ? 5
63*4 M ay 3
t'3l4 663t 6438 60*.
64*2 6to8 643,,
66*3 47.715 A m algam ated C opper 109
7011 6414 67
67
23i2 M ay 3
2312 24
23>2 24
24
24
2112 241
24
240
*2312
24'- 1,405 Am Z in c Lead & S i n . . 26
41 A p r
A n a c o n d a ____________ 2..
Last Sale •11
Apr’ lo
12>4 M ay •:
13^4 1412
121., 131,
141.,
16
16
15
16
15
12l2 163.
7,961 A rizona C o m m e rcia l. 25
.75
M ch 31
A
rn
old
_______________
25
t*____
♦___
Last
Sale
*.50
11,.
*.75
1
It
1*4
1*4
5 '8 M ay 4
6l2 6
01-.
6
6
fil.
63.
Sts
6
61- 1,80.. A t l a n t i c _____________ 25
6
6l»
3.) M ch !
.60
,6'i *.55
.60 *.55
40- B onanza (D ev C o ) ___ 10
*.55
.6':
.65
.55 *.5S
__
__
14 Dj May 3
147s 147t *15
20
15l8 15*8
40 B oston Con C & G trcts) £1
5
lo M ay 4
103,
10*| 1114
11
10
11
12
12
10’ 2 12'4
i n , 111,
1,669 J o s & C o rb t op& SU M g
oi l F e b 8
B
u
tte
-B
a
s
k
la
v
a
C
o
p
.
.1
0
91,
9*1
9I2
9I4
O',
9*4
571
9*4
0*2
919*4
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41
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46 Jan
20
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41 M ay i> 60i2 J an
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120 120
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3
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. *1*2
e b e fo r e pay t ota s s e s s 'ts called lu 10(19.
■ Bid an d asued prices. U Wew sto ck , u A ss’ t paid, b E x -s to c k d lv . It Ex righ ts.

in,

Knnrje for Hicvwm Year
1UU4)

Raruje Since Jan. 1

34 Jnn
0 / D eo
14
18i2 M ay
13*8 N o v
12
181, J ’ly
12V8 A pr
10
90 F ob
02 Jh y
5
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3
28 Jan
39*2 N o v
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59 Sep
3
44 s o n
64 O ct
3
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3
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3
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4 Jan
14
a E x -d tv . au d rights.

Boston Bond Record

May 7 1010.1
GOiM»S>
B O ST O N ST O C K E X O H ’ G E
W kkk Kndino M a y 6

3
P rice
P r id a y
M ay d

W eeU s
R ange or
Last Sale

I’S-e

R ange
Since
J a n u a ry 1

1231

RO N l»>
B O S T O N ST O C K E X C U ’ G E
W kkk E mmnu aI a t 6

a
3-2

P rice
F rid a y
M ay 6

W eek's
R ange or
hast kale

H ig h A') h ow H igh,
H in
A s k how
B iu
a s k . how
High,
n itn o is Steel deben 5 s ___ 1913 A-O 1 0 0 V ......... 101 A p r 'lC
A m A g rlo u lC h e r n 1st 5 b. . 1928 A -O 1 0 1 4 * 5 1 6 1 0 1 4 1 0 1 4
8 101 tj 103
A m X e le p * i o i coii ir i s . 1929 j . j
00 V,
90*4 84 9 0 V 93 >4 l a Falls A S io u x C i s t 7 s .. 1917 A -O .....................|117 A p r '08
9 0 S Bale
0 1 0 0 '8 100
K an O Clin A Snr 1st 6 s ...1 9 2 5 A -O
C o n v e rtib le 4 b _____ _____ 1936 M-S 100 % Sale 100 % 100 %
93 4 .
9 8 4 Alai TO
83 M ar’ Ou
A m W rit Paper l a t s I 6s g 1919 j . j
K an C F t S A G u lf e x t 5 s .. 1911 J-D
99V F e b ’ io
A m Z in c L A S deb 6s ___ 1 9 is j . j
150 158
K an C F t S co tt A A1 Os___ 1928 M-N
160 150 J a n ’ 10
116 A p r ’ 10
162 F e b ’ 1 0 162 1 0 7 4 K an C M & B gen 4 s ........... 1934 M-S
A r iz Com Cop 1st c o n v 6s 191 8.M-S
93 4
93 4 A p r TO
A te n T op A S F e g e n g 4 s .. 1995 a -O
' 9 8 4 101*41 A sse n te d in co m e 5 s ........1934 M -8
98 4 99 4 9 8 4
984
014
9 1V
914
8 3 4 94 4 K an C A A1 Ry * B r 1st 6 s l9 2 9 A-O 102
A d ju s tm e n t g 4 s ___ J 'ly 1995 N ov'
8 8 4 91
8 8 7b
884
103 M ar’ l o
94
913,, M aine C ent con s 1st 7 s . ..1 9 1 2 A-O
S t a m p e d ................ J ’ ly 1995 M-N
8 8 4 91
9 1V M ar’ 10
113 V N o v ’ 06
110 D e o '09
C on s 1st 4 s .........................li> i*2 A-O
59-yoar c o n v 4s..............1955 j . D
1 0 1 4 Sep ’ 05
109 ......... 117 4 Feb TO . . . . 1 1 7 4 1 1 7 4 Alaro H ough A O nt i s t Os. 1925 A-O
10-yoar <;onv 6s .............1917 j . d
115 J’ n e’ 1'8
73
M ass Gas 4 4 s .......................C.i29 j J
0 5 4 10,1 05
A t l Q uit A \V 1 SS la n e s 5 s .’ 59 j . j | ......... 65 i 05
98 V
0 s 34
9 8 4 sa lt
AJich T e le p ls t 5 s ................. 1917 J- J
B oston E lect l.C u n soi o s . 1924 M-S ..................... 110 F e b ’ 04
99 4 A p v ’ 10
A lln n e G e u E le c con g 5s 1929 J .J
B oston A C ow ell 4 s ........... 1910 j . j
..................... 100 4 M ar’09
102 4 a..g',04
.....................
1
0
1
4
o
e
t
’08
N
e
w
E
n
g
Cot
Yarn
5
s
___
1929
F-A
B oston
Aluine 4 Hi*......... 1941 J .J
1004 .
lUOV 100V
N e w E n g T e le p h 6 s ........... 1915 A-O
B oston T erm inal 1st J *<28.19 4 7 F-A ..................... 112 4 Jan ’03
102 F e b ’ 09
6s............................................ 1910 A-O
B u r A Alo Itiv eons 8s ___ 1918 J - J .....................103 F o b ’ 10
100 4 s e p ’ 08
N
e
w
E
n
gla
n
d
c
o
n
s
g
5
s
...
1945
J
.
j
B u tte A Boston 1st Os___ 1917 A -0 .....................100 J ’ ne’ 01
Boston T erm 1st 4 s ........1939 A-O
B u tte E lec A B ow I s t g 5 s .l 9 5 1 j - l ) ......... 100
N c w R iv e r (T h e) c o n v 5s. 1934 J - J ......... 80
114 1 1 114 114
C edar R ap &> Alo R 1st 7s. 1910 M-N 114 Sale 114
77 A p r TO
N Y N 11 A li con deb 3 481950 J -J
' 8634 A p r ’ 10 . . . . 80
C en t V eruit 1st g 4 s ..A I a y l9 2 0 y - F
88
IO2 Alar’ 10
C on v deb Os ( e t t s ) ......... 1943 J . J
C B A
Iow a I)iv 1st 68.1919 a -O .....................11103 Uot ’ 07
131** 1*33* 1 3 1 4 Atar’ 10
Old C olon y gold 4 s ..............1924 F-A
Io w a i )i v 1st 4 s ......................... 1919A -O97 ......... 1 99% J ’ ly ’ 09
101 A p r ’09
O reg R y A N av t o n g 4 s ..1 9 4 0 J-I)
..................... 101 *4 M ar’ 10 . .. .'1 0 1 4 101%
D eb en tu re 6s .............................. 1918 M-N
9 8 4 Sep ’ 09
97
: D en ver E x ten 4 s ..............1922 F-A
9 0 4 F ob 10
9 9 4 09V O reg Sh Dine 1st g Os........1922 F-A
1 10V F e b ’ 10
! N ebraska E x ten 4 s ........1927 M-N
99 Alar’ 10 . . . . 99
99V, B e r e A Ia rq u e tto d e b g 6 s .. 1912 J - J
99 -dai T 0
99 O ct M O ___ 11...................... R e p u o Valley 1st s 1 O s...1 9 1 9 J - J
B A S W 8 I 4s.................. 1921 M-8
105 D e c ’ 08
Illin ois D iv 3 4 s ...............1949 J - J !
8 8 V F eb TO
I-8
8 3 V R u tland 1st eon gen 4 4 s . 1941 J -J
107 4 N ov’ uS
Ohio J o R y A Stk Yds 5 s . 1915 J-J I 101 Saib 1 0 0 4 l i u
Rutlaud-Canadtan I s t 4 s l9 4 9 J -J
17 1 0 0 4 1013,
102
M ai’02
C oll tru st roM inding g 481940 A-O
91 A p r ’ 1 0 . . . . 91
9 2 V Savannah E lec 1st e o n s 5s. 1952 J - J
78 4 A p r 'lO
Oh 5111 A St R D ub D O s ..1920 J - J i
1 1 5 4 J a n ’ 10 . . . . 1 1 5 4 1 1 5 4 Seattle E lec 1st g 5 s ......... 1930 F-A 103 ll>5
103 4 -u ar’ 10
Oh M A St 1’ Win V ‘liv 081920 J - J !
S
h
a
n
n
o
n
-A
tiz
co
n
Os
trects)
T
9
J1-N
120 F e o ’0 5 ..............................
99 A p r 10
Chic * N o Alien 1st gu 5 s . l 9 3 i M-N:
o s __ 1929 J -J
1 0 0 4 Alar'10 . . . J 100 4 100 4 T e rre n a m e e.ieo
97 A p i ’0 7
Ohio A W Alich gen ns___ 1921 J -D
T o rriu g to n 1st g 6 s ............ 1918 M-S
101 4 Apt ’ " 0 ___ l o l
101
100V A lar’ 10
C on cord A M ont imus 4 s .. 1920 j - d ;
91 D e e ’0 7 .............................. U nion Bac R R * 1 g r g 4 s . 1947 J - J
9 9 4 A p i TO
Conn A Bass R 1st g 4 s . .. 194
20-ycar c o n v 4 s ................. 1927 J - J
oi
1 1 2 4 Jan '0 3 . . . . 1.....................
108 V A p r ’ lU
1924 M-N
99 100 1 0 0 4 A u g’09 . . . . ..................... U nited F ru it gen s I 4 4 8 .1 9 2 3 J - J
96 4
90
96V 96
.1 9 2 ) A-O
U 8 Coal & O il 1st s t O s.. 1938 M-N 138 148
99 A n r ’ 10 ....|| 99
99
155 M a r 'to
.19 ) A-O
U 8 ste e l C orp 10-0U yr 5 s .1903 M-N
89
90
89 Alar’ 1 0 . . . . 89
103 4
1034
.1949 M-N
97
98
08% W est E nd S treet R y 4 s . . ..1 9 1 6 F-A
08% Alar’ 10 . . . . 1 08
100 4 A p r ’ oti
F iten b u rg 4 s .
.1916 M-S
Gold 4 4 s ..............................1914 M-S
10134 j ue'09
103 4 A p i '06 ................
4 s .................
1927 M-S
G old d e o e n tu ro 4 s ........... 1910 M-N
90 A pr ’ 0 8 ..............................
98 4 Apx TO
.1933 A-O
G old 4 s ..................................1917 F-A
133 M ar’ 0 9 ..............................
93 A p r TO
.1933 A-O
140 Apr ’ 0 5 .............................. W estern T eleph A T e l 6 s. 1932 J-J
05 4 Sale
95
ad •„
1921 J -J
W tsconsin C en t 1st gen 4 s l9 4 9 J .J
95 Sale
044
06 V 13 94V 9* 4
94 V Jan T o
1921 W-J
95 A p r TO ,. . . . i 06
90 4 1
94V
N o t e —B uyer pays accru e d in te re st In a d d itio n to the pu rch ase p rice lo r all B oston Bonds.

* N o p rice F r id a y ; latest bid and asked.

M ange
Since
J a n u ary 1
-Vo 1,0 w High,
101

. . . . 100

. . . . 93 4 97
„ J i 9 9 V 0934
...J 114 4 U S
...J l 93
93 4
6 91
92
. .. . 102 103

97 4
99

99%
09 4

10 10UV 105

77

79 4

102 102
131

135

116V 116V
9 3 4 99

734 784
1034 1044
1*9 110
100V
99 4
. . . lo& V
9 96
... 153
3 1034

1003*
100 V
109 V
964
160
1054

08 4
98
95
94V

994
99
99
94V

U F la t p rice .

PMladeluhia and Baltimore Stook Exolianges- ■ Stook Record, Daily, Weekly, Yearly
S lin r o B r ic e * —N ot B e r C e n tu m B r ic e s
S a tu rd a y
A p r i l 30

M onday
M ay V

T u esd a y
M ay 3

T h u rsd a y
M ay 5

I W ednesday
'
M ay 4

67
60
57
*57
88
87
88
*87 4 86
* .
13o *12 7 130
1 2 0 4 1 2 9 4 120 4 129 4 * __
L2o 4 129 130
*22 .........
23 4 23 4 *22
23
23
24
23 4 2 3 4 •23
♦ _
‘ __ _
...... * j
45
45
*43
45
44
*12
13
*12V
1 2 % 12 °8
12V 12V * ......... 13 4 * 1234 13
•23
45
46
*1 1 V
684
♦77
22V
*93
1113,
66
49 4
15
15%
78V
*78in
43 -j
884

25
46
46%
12
50
30
78

*
♦45
46
*11%
674
28
764

46
46 4
*11%
58
20
774

46
45 4
12
58
29
77 4

44 V
45 V
11%
67 4
29
774

2ki *2
22
21V 22
03 4
92 4 92 4
03 4
1 1 2 4 110
1 12
113
06 66l»»0
66 V
66V
49
49
49
49 4
14 % 16 4
164
16
17 4
16V luV
16 4
7DV8
7 ‘ V 73 m 7 6 ,ai«
7 l4
74
'<
7*18
44
43-v 44%
44V
83
83
83 4
83 4

22
93 4
116%
06
49
15 4
17 4
78 4
7V
45 l4
83 4

20 4
93
116
65V
49
16
104
77 4
74
414
83 V

45 4
46
12
68V
2a
764

P H IL A D E L P H IA

A sk

i n a c t iv e s i o c i i .h
Alle g h e n y Val p r e f ....6 0
Amur A s b e sto s C orp. 100
91
P r e f e r r e d ...................100
.........
A u ie u c a n .M illing........Ill
A m or P ip o M t g ......... 100
B oll T e le p h o n e (Ba).lO O
Cam bria I r o n ................. oO
iti
45
Cen tral Coal A c o k o .lu O
b‘2
81
C on sol T rue oi N J . . . 10U 76 4 76
E aston Con E lectric 0.6O
E lec S tora ge Butt___ 100
*5*8*4 *6*0 *4
P r o t e r ie d ................... iy u
F t W a y n e A \V V ........100
G erm an tow n P a ss....... 50
In dian ap olis S t........... 100
Indiana U nion T r . . . . l o o
In su ra n ce Co ot N A . . 10
In ter Sm Bow * Cliein.50
K eystou o T elep h on e ..5 0
P r e fe r r e d ..................... 50
K ey ston e W atch Case. 100
L it B r o th e r s ................... 10
16
L ittle S c h u y lk ill........... 60
684
M iu eliill A S clm y l H ..5 0
614
N H a v e n ir o n A S t e e l.5
N orth ern C en tra l......... 50
N orth P e n n s y lv a n ia ..5 0
P e n n s y i R R r e c e ip t s . . . .
P en n sy lv a n ia s a l t ........60 107*
P en n sy lv a n ia s i e e l.,1 0 0
P r e t e r t e d .................. 100
Phllh Co (P itts ) p r o f ...5 0
43 4
P h il G erm an A N o r r is .60
83
Phila XruetiOn............... 59
R a ilw a ys G en era l........10
Susq u en Iron A S t e e l..6
T ld ew jiter S te e l..........1 0
Pr.-ii r r e d ..................... 10
U n ion T r ot 1m l......... lo o
U n ited N J R R re c . . 100
248
U nit T rue P itts p r e l..5 0
W a rw ick Ir o u a s t e e l . l o
104
10
53
62
W e s t J e r s o y A S o a S h .6 0
98
W estm orela u d C oa l....5 0
W ilk e s G as a E ieo..lO U
'•‘B u i and askxxli no sales on till* day.




44V
46
n%
684
29
77V

*44%
*114
59
29
77V

22
214
93%
03 4
117
116
66V
66V
40
*49
164
16 4
17
16 V
787,« 7
( '4
7V
44 %
44V
84%
84 4

23
45
44V
12
60
29
77V
22
94
117 4
66 4
49 4
16 4
16%
7V
45 v
84V

Ph il a d e l p h ia
B on d*
P r ic es a re a ll “ an d
in terest."
A l Val E e x t 7s 1910 A-O
A lt A UV Eleo 1 4 s ’ 33 .F -A
A i n R y s c o u v 6s 1 9 1 1 .J -D
A tl Ulty 1st 6s g T 9 . M -N
B o r g & E B r w ls tO s ’ 21 J.J
U etlile Steel 6s 19U8.14.F
Choc A M e 1st 6s 1949 J-J
Ch O k A G ge n 6s T 9 J-J
Col S t R y 1st c o n 6s 1932
Con True ot N J 1st 6s . ’ 33
E A A 1st 61 6s 1920 Al-N
E le c A P e o T r stk tr etts
Eq II Uas-D 1st g 6 s 1928
Indian ap olis R y 4 s . 1933
In te rs ta te 4s 1943 ..F - A
L e h igh N a v 4 4 s T 4 .U .J
R R S 4s g ........1 9 1 4 .14-F
G en 61 4 4 s g .l9 2 4 .(J -F
Loll V O 1st 6s g ’ 3 3 .. J A
Dell V ext 4s 1st 1 9 4 8 .J -D
2d 7s 1910................. M-S
C o n s o le s 192 3........J-D
A n n u ity 6s ............... j . d
G on c o n s 4s 2 0 0 3 .61-N
Deli V T ran con 4 s ’35J-D
N e w Con G as 6s 1948 J -D
N e w a rk Pass c o n os 1930
N Y Ph A N o 1 st 4s ’39 J -J
In co m e 4s 1 9 3 9 ...M -N
N o O lu o T ra c c o u 5 s ’ l9 .J J
P en n gen 6s 1910 . . . V a r
C on sol 6s 1919........Var
P en n A 61d Stool con 63.
P a A N Y Can 6s ’ 39. A-O
Con 4s 193 9............. A-O
P e n n Steel 1st 6s T 7 61-N
P e o p le ’ s T r t r c e r ts 4 s ’43
P Co I s tA co l tr 6s’ 49 Al-S
C o u A col tr 6s 1961A1-N
P lill Eleo gold trust o ils .
T ru s t c e r tiis 4 s ...............
P A E gen. 61 6 g ’ 2 0 . A-O
G en 61 4s g 1 9 2 0 ..A A O
1|E x -riclits.

l| ? lo p a t iL

R an ge S ince
Jan J

I Sales
A C T IV E S T O C K S
0/ the
Week. ( f o r B on d s and in a c tiv e
Stocks see belo w )
'Shares

F rid a y
M ay 6

howest

R iiiliu io r e
4 Con. G as EL U. a B o w .100 46 Alar 21 67 Alay 4 30
75
Do p re l..................... 100 aO A la n l 89 A p r ! I 76
50 N o rth e rn C e n tr a l......... 50 115 Jan
132 b e n 28 100
123 Seaboard ( n e w )................ 100 22
Feb 8 27 4 J an a 1 IV
Do 2d ,p r e f...............l
_________ o o 43 Jan 25 47 Jan h ' 22V
126 U nited R y A E le c t r lo .. 60 l2 V A la y 3 14V Jan
pV

B liiln d e lp lila
7 A m e rica n C e m e n t......... 50 23 M ay 6
186 A m erican R a ilw a y s .... 60 44V Alay 4
2,103 Cam bria S t e e l ................. 50 44s* May 5
•30 E le c t n o Co ol A m e r ic a 10 1 I T F e b 2 3
1,042 E leo Storage B a tte r y .. UiO 56 Feb 8
8a5 G en A sp halt tr e tls ....1 0 U 28 Jan 25
475
Do prel tr c i t s ___ 100 76 4 M ay 2
K e y sto n e T e le p h o n e ... 50
9 4 - eo 7
6,100 Dako s u p e r io r C o r p ....lu u 2 o V A p r 0
3 U Being!) O A N av tr etts. 60 92 4 M ay 2
2 7 ,0 16 EelugU V a lle y ................. 50 93 t o n 4
а,
>3d au ia R R ......... 60 6 4 4 Feb fc
B e u n sylv
217 P ln ladelp’ a C o lP t t t s o ). fib 4 s -. F o b 8
7,364 Ph iladelphia El6ctric||. 25 1 1 3 4 r eO 3
16 ,-6 0 Phi la Rapid T r a n s i t . . . 5u 15 A p r 2 s
4 ,o 3 1 R e a d in g ........................... 5o 77ls i« .u « y 3
1
l,99o T ou op a h A im in g .........
0 4 Jan 2­
^8
46 v 4 6 4 б, 923 U nion t r a c t i o n ............. 5U 42 A p r - s
84 v 84V 5,433 U nited G as im p t ........... 60 8 2 4 A pr 2b

23
44V
45*4
*U 4
6e4
2a ^
77V
*9
214
94
1 15%
Olivia
*49
16
17

23
44 V
46
12
60 V
‘A*s
77 V
10
22
94 4
117
66
49 V
15 V
17 A

I B id | A s k

93
.........
1144
194

89
106
*63**
lu 6
1104

1U6

101
117V 118 4
149
96 4 07
108

........

.........

.........

199 4
io i
064
103
103 V
9 7 4 98
102
70 4 76V

t $12 V paid.

^ R ange lo r P reviou s
year n o 0 9 )

P H I l iA D K I iP li IA
I ’ ll A Read 2U 6s 3 3 . A-O
Con 61 7s 19 1 1 ........J-D
E x Im p 61 4s g ’ 4 7 .A-O
T erm in al 6s g l 9 4 1 . y - F
P W A U co l tr 4s ’ 2 1 .J-J
P o rtla n d R y 1st 6s 1930.
Kocti R y A L c o u 5 s ’ 04J-J
S p a n ish -A w I r 6s ’ 27 J-J
U T rue Jud gen 5s’ 19.J-J
U n R y s T r o ils 4s’ 49J AJ
U nited R ys lu v l s t c o l l t r
s 1.18 1926................. 61-N
U T ra o P it ge n 6s ’ 97 J-J
W elsb aoh s t 6s 1 9 3 0 .J-D
W lks-B U A E c o u 5 s ’5oJ-J
R A I.IT .H U K 1 .
I n a c t iv e S t o c k s
A la C ons C oa lA l i o n . 100
P r e l .............................. 100
A tla n ta A C h a rlo tte .. 100
A tla n Coast L (C o u n )iu o
C anton C o ..................... 100
C ons C ot D u ck C o r p ...5 0
P r o ie r r e d .....................50
G oorgla s o u A F la ...1 0 0
1st p r e l.......................l o o
2d p r e f........................ 100
G -B -S B r e w in g ........... 100
R oods
P r ic es are a ll " a n d
in terest."
A n a c o s u a A P o t 5 s ...........
A tl A Ch e x t 4 4 s TO .J-J
A lla n C L R R 4 s 195261-S
A t l Coast D lC tJctfsSs J-D
Ctts o f lu d e b t 43. ...J -J
6-20 yr 4s 192 5......... J-J
B a lt C P ass 1 s t 6 s ’ l l 61-N
B a lt F u m lg 6 s . 1916 61-N
E x ch a n g e 3 4 s 1930 J-J
Balt A P l s t O s w l ’ l l A-O
B S P A C 1st *1 48 ’ 6 3 F -A
B a lt T rue 1st 5 s .. ’29 61-N
N o B alt D iv 5s 1942 J-D
C e u t’ l R y c o u 5 s l9 3 2 M-N
E x t A Im p 68.1932 61 S
*1^13 4 paid,

i ^35 paid,

; B id

IA s k

10U 4 . . . .
.........117
........ 1U04
984 994
......... 10 LV
93 3,
76 4
82

82 4
104 V
a/ \

87 V
1014

1024

30
08,

32 4
72 4

115
6V
16 4
30
94
76
14

212
120
6
17 4
32
96
80
2

102

1024

03 4 93 V
105
104
100 V
105
96 4
lo l
91V
107 4
112
lu 7
L06

ib b -.
l»5 4
96V
92 V
108 4
114

H ighest

Mar 48
Mar 89
Jan 1 2 1 4
F eb 2 8 4
F ob 48
Feb 14 4

D ec
May
Deo
Deo
Deo
D eo

3!

28 Jam
25 D ec 43 Jan
50 Jan _ 4 1 V J ’ly 48 Deo
53 4 Jan ill 32 4 Fen 49 V Deo
12 4 3 an 14 1 x0 4 Jan
1 2 4 J 'ly
6 4 -, M a r ll 43 J an 63 4 J ’ ly
3 4 4 Jan 29 15 4 J an 33 V Deo
63
Jan
C4 v •■all to!
84 4 D eo
13 » a n u
9 4 Jan 16 A p r
28 *4 3 an 3
14 V Jap 3 3 4 May
123 Jan 7 96 Jan 125 4 D eo
12 1 v M a r ls 67 F>*b 113 Sep
«y310 Mur 9 6 3 4 FeU 75 V Sep
o 3 v J a n 8 4 0 4 FW. 6 1 4 D eo
1 6 v M a r ls 11 V F eb 14 4 D ec
2 s 4 Jan 3 2 4 4 J a n 1 36 4 A p r
86 Feb Is 69 4 Fen 86 ’, Sep
7 4 Alar s
£>V 5ai 7 i» i0 M ar
62V tup 3 6 0 4 Jan 5 8 4 Alay
9 6 4 Jan lu 8 4 eg Ala) 95 4 D eo
U A L T M IO K K

| B ia | A sk

C h a s C ity R y l s i o s ’ 23J-J
Chas R y G A El 6s ’99 61-S
Chari C A A 2d 7»T O A-O
City A Hub 1st 5 s .. ’22 J-D
C ity A b u b i W a s)lslS 3*48
C o a lA 1 R y l s t 6 s ’ 30F -A
Col A G r n v 1st 6.1.1916 J-J
C on sol G as 6 s ...1 9 1 0 J-D
5 s ........................19149 J -D
G a A A la 1st con 5s ’45J -J
G a C a r A N l a t d s g ’ 29J-J
G eorgia P 1st 6s . . . ’22 J -J
G abo A Fla i s t 6s 1945J-J
G -U -S B row 3-4s 195151-S
2d in com e 5s 1951 M-N
K u o x v T rue 1st 6s ’28A-U
D akeR El 1st g u 5 s ’ 4261-S
Macon RyAlMlstO.V53J-J
M em phis s t 1st o s ’ 45 J-J
61etSt( W a s h )ls l5 s ’ 25 F A
61t V er C ot D u ck 1st o s .
N p t N A U P i s t o s ’3b 61-N
N o rfo lk St 1st 6s ’ 4 4 ..J-J
N o rth C en t 4 4 s 1925 A-O
Series A 6s 1 9 2 6 ....J -J
S e n e s B 5s 1 9 2 6 ___ J-J
Pitt Uu T rue 6s 1997.J-J
P o to Val 1st o s 1 9 4 1 ..J-J
Sav Fla A W est o s ’34 A-O
Seaboard A L 4 s l 9 o O A - o
S eao A Roan os 1926.J -J
South B ou nd 1st 6s ..A -O
U El L A P 1st 4 4 s ’ 29 M -N
Uu R y A El l s t 4 s ’49 M -8
111com e 4s 194 9........J.D
F 'undiug os 1 9 3 6 ...J -D
V a 61id 2d ser 6s ’ l l.6 1 - S
3d spries 6s 1 9 1 6 ..61-S
4th ser 3-4-5s 1 9 2 1 .M-S
6 th s e n e s 5s 1 9 2 6 .M-S
Va (S tate) 3s new ’3 2 .J-J
F u m ld e b l2 -3 a 1 99 1.J-J
W e s t 51 C cou 6s 1914 J-J
W e s V a C A P l s t 6g * l l J-J
WU A W eld 6S ..1 9 3 6 .J -J

102 4 104
03 4 96
107
103
101
107
lu o
io 7
103
104V
112
107
40
7
103
112
95
09
107
68 4
96
105
1U6 V
111
111
105
I 06
lu 7
aB
106
104
90
85^
60 4
83
lo o v
106
101

104
101 4
UO
to o 4
207 4
4034
106
U5
lo 7 4
40 V
K
405
113
06
99 4
109
68%
100
1074
1114
112

83%
.0 6
106
92
86
60%
834

106

87
90
87
00
105
1<>3
lu u v i o i v
109
as

a R eceipts. 6 523 paid. c $ 3 0 p a ld . d $ 4 2 * a p a ld .

THE CHRONICLE

1232

[V O L . L X X X X .
B it

A sk
1st
96
20
88*2
60
78
____
79
32
51

Induslria! and Al scei
Con Steam ship Lines—
Coll tr 4s 1957 re ts , j-.l
13
13*2
:
TRAN SACTIONS AT T H E NEW Y O R K STOCK EXCH AN GE
__
84
e P referred ________ 100
85
D A ILY . W E E K L Y AND Y E A R L Y
*10
65
II
178
100 l.j *-1) 1*2
70
e
136 138
75
d
Stocks.
Railroad,
84*2 92
78
c P referred ________ 100
State
U. S
A c .,
Week ending
87
89
28
e G old 4
1936___J-I)
Par value.
Bonds.
Shares.
Bonds.
Bonds.
M ag 6 1910.
50
E
22*2 28
60
70
____ 100
P referred
85,000
S I ,197,C00
$227,000
412,069 338,080,400
Saturday _.
10
7
___ 100
E
1,500 Telegraph anil Telephon e
1,071,245
96,627,500
M onday___
2.029.500
181,50*
77
72
e A m e r T e le g A C a b le . 100
75
P r e f e r r e d ___________ 100
Tuesday—
161,506
791,435
2.412.000
71,883,000
*8*8 *
95
.20
i
e Central A So A m e r ..1 0 0 n o
C h e m ica l___ 100
Wednesday
147.500
780,902
2.083.000
7 1 ,2 8 8 ,f0
e P referred _________100 101 105
7,000 C o m m ’l Un Tel (N Y ) . 25 107
Th ursday..
814,908
2.219.500
135,000
74,246,800
05
8
Em p A B ay S tate T e l . 100
____ G
*71Bio
F r id a y ____
182.500
718,396
2.161.500
64,962,100
40
50
G
*B$
F r a n k l i n _____________ 100
1<2
105
.15
G
8*2
e
G
old
A
S
to
ck
T
e
le
g
.1
0
0
*8*4
$13,500
$12,103,000^
S
I,035,000
Total . . .
■1.583,955 S417,097,2 50
O
170 180
e N orthw estern T e le g . 50 105 115
60
75
e H acken sack W ater Co
Pacific A A tla n tic____ 25
Jan. 1 to M ay 6
Sales a'
Week ending M ay 6.
85
99
85
e l’a c T elep A T e le g pf .1 0 0
R ef g 4s '52 o p '1 2 . .J -J
90 100
H
35
S outhern A A t l a n t i c .. 25
1909.
1010.
Exchange
1910.
1909.
4
8
P r e fe r r e d ___________ 100
C om pa n ies
67,314,729 U A Ferry
73,805,979
5,005,817
Stocks— No. shares__
4,588,955
55
94
1st g 5s June 1 '22 J-D
98
N Y 1st 6s 1 9 1 1 .J-J
36,674,225,500
36,247,024,425 N Y A E R F erry s tk .1 0 0
Par value_________ 5417,097,250 5435,502,150
20
28
1 eck er-J ones-J ew ell Mill
335,000
3498,900
Bank shares, par_____
33,500
312,000
55
65
1st 6s 1922................ Al-S 103
1st 5s 1 9 2 2 . . .......... M-N
Bonds.
40
96
98
t er’ g-H a ll-M a r, n e w .100
N
Y
A
H
o
b
5s
M
ay
’
4
6
.
J-D
3165,000
3189,700
Government bonds__
33,000
313,500
H ob Fy 1st 5s 1940 M-N 100
.04
I o b o k e n Land A Im p 100
15,855,100 N Y A N J 5s 1946____ J-J
22,682,200
482,500
1,035,000
____
9*9*7$
93
e 5s 1910.........
M-N
266,031,500
R R . and rnlse. bonds.
12,103,000
38,127,500
494,896,000 10th A 23d Sts F e r r y .100
6'8
40
____ t o u ston O P ________ . . 1 0 0
72
1st m tge 5s 1 9 1 9 ..J - I )
P r e f e r r e d ____ . . . . . 1 0 0
67
3289,778,700
3510,940,800 e U nion Ferry s t o c k __100
Total b on d s.______ 313,151, -.00 338,613,000
no”
28
30
t
100
e 1st 5s 1920_______ M N
94
98
e
D A IL Y TRAN SACTIONS A T TH E BOSTON AND P H IL A D E L P H IA
97
e P referred
EXCH AN G ES.
2212 23*2
Short-Term Notes
I
983j 9914 1
A m CIg ser A 4s 11..A 1 S
107*2 115
Philadelphia.
tk Ex 1st
Ser ii 4s M ch 15 ’ 12 Al-S
973| 98V, I
9612 98*o I ite rn a tlon al N i c k e l .. 100 148 180
B ethloh Steel (is ’ 1 4 ..M -N
Bond
Unlisted
Bond
Listed
M ay 6 1910*.
Listed Unlisted
91
P r e f e r r e d ___________ 100
Chic A A lto n 5s ’ 1 3 . .M -S
94
98->s 99*4
shares.
sales.
sales.
shares. s hares.
shares.
92
1st g 5s 1932...........A-O
Cln H am A D 4s 1 9 1 3 .J-J
97
97^8
94
C O C A St L 5s. Jun o ’ l l IOOI4 lOO-lj [ ite rn a tlo n a l S a lt____ 100
6
8
$25,622 H udson C om panies—
Saturday____________ 14,617
12,621
12,555
7,911
SI 1,000
1st g 5s 1951..............A-O / 53
56
60
49,110
Monday_____________ 33,487
32,323
9,198
29,577
60,000
I aternational S i l v e r .. 100
90
6s O c l 15 1 9 1 1 ____ A-O
99 100
67,275
T u e sd a y ____________ 31,754
13,246
29,350
22,500
22,306
6s F e b 1 1 9 1 3 .......... F-A
99
100
P r e fe r r e d ___________ 100 111
114
W ednesday_________
10178
19,451
50,200 Inter!) R T g 6s 1911.A1-N
26,765
25,310
29,500
16,935
1st 6s 1948................J-D n o
36,100 K C R y A Light 6s ’ 1 2 . M-S
26,635
21,589
12,075
14,450
T h u rsd ay_______ . . .
120
16,000
14*11
97l2 98*2 1
Friday______________
19,605
15,056
54,500
21,250
49,935 Minn A St L g 5s ’ l l . F - A
991$ 9934 1
82
17,358
95
99 101
e N Y O Lines Eq 5 s ’ 10-27 6412% 1*4%
P r e f e r r e d ___________100
133,503 S202.500
T o ta l........................ 152,863
113,552
86,536 3278.242 N Y N H A H 5s ’ 10-’ 12 100 1015S J >nes A Latighlln Steel Co
98*4 97*2
St L A S F 4 H s ’ 1 2 o p .F -A
1st s f g 5s 1 0 3 9 ..M -N 101*2 102
40
5s M ch 1 1913____ Al-S
96'2 U7i2 Lackaw ann a S te e l___ 100
44
98
86
98*2
South R y g 5s 1 9 1 3 ..F - A
e Tern new 5s 1 9 5 0 .M -S
96
Tidew ater 6s, 1913 guar IOH4 lORg
c Tern d e b 5 s l0 1 5 _ _ M -S
98
01*; 94
W abash 4 H s ..1 9 1 3 .A 1 -N
97*2 L
n M o n o t y p e ___ 100
All bond prices are n o w " a n d in terest’ ' e x c e p t w here m arked " f . "
991$ 99*8 1
245 255
W est T e le p A T .is ’ 1 2 .F -A
20J
W estln gh ’ e EIA M 6s 1910 100*8 10034 e
Bid As*
Bid
Street R a ilw a ys
140
Street Rai’ w a ys
Pub Serv C orp N J (Con)
New York City
35
,\
Railroad
14
Cons T ra ct o f N J ..1 0 0
19
Bleeclc St A Fui F s t k .1 0 0
75
eC h lc G t W co m tr c tfs lS e c Stoo.c E xc
2d 6s 1919............... M-N
V 13"
1st 5s 1933...........J-D 103
60
e 1st m tge 4s 1 9 5 0 .J-J
50
list
!
eP rcfe rre d tr c t f s . . /
N ew ’ k P a s R y 5s '30 J-J 107*2
e B ’ y A 7th A v e s tk _ .1 0 0 124 135
C ldc Peo A St L—
\
1 8
R a p id T ran St R y .-lO O 240
e 2cl m tge 5s 1 9 1 4 ..J -J
92
P rior lien g4 H s ’ 3 0 . Al-S 1 87
OS' 2 99?$
P r e fe r r e d ___________50 * ___ 23*4
1st 5s 1021.......... A-O 101
Coil 5s 1943— See S tock E xc 1st
------ \ lortgage B on d C o ___ 100 115 120
C on m tg g 5s 1 9 3 0 .. J-J / 50
J C H o b A P a te rso n —
B 'w n y Surf 1st 5s gu 1924 103 107
6
A a t Bank o f C u b a ____ 100 101 103
In co m e 5s, J u ly 1 9 3 0 .. / ____
7534
2%
4s g
1949_____ M-N
* C en t’ * O rosst’ n s t k - . 100
260
3
A
C h icago S u b w a y _____ 100
So J Gas El A T r a c .1 0 0 136
e 1st m tge 0s 1 9 2 2 .M-N / 8 J " 85*
*1834 l87g
K ansas C ity Sou 5s A p r t
A
60
Gu g 5s 1953___ Al-S
*34
30
98
c Cen Pic N A I? R s tk .1 0 0
A
1950— See S to ck E xch ange list
7»
90
80
e C h r't’ r & 10th St stlc 100
N o H ud Co R y 6s 14 J-J 104
30
Nat R ys o f M e x ico — See S t E xc list e
60
5s 1928.................... J-J 104
Col A 9th A v e 5s See Stock E x c list
E xc list
N o rtli’ n Securities S tu b s . 103 115
A
D ry D E B A B —
E x t 5s 1924____ M-N 10 J
*33
P itts Bess A L E ___ . . . 5 0
35
A Y Biscuit 6s 1 9 1 1 .M -S 100
99 100
P a t C ity co n 6s '3 1 -J -D 115
e 1st c o ld 5s 1 9 3 2 ._J-I>
P r e fe r r e d ____________ 50 ♦69
29
73 'e N ew Y ork D o ck ____ 100
*3*8*"
50
2d 6s o p t 1 9 1 4 ..A -O 100
e Scrip 5s 1914____ F-A / 40
e R a ilroad Securities C o —
80
e P referred ________ 100
83
So Side El (Chic) — See Ch Icago
E ighth A v en u e s t o c k . 100 250 300
III C stk tr ctfs ser A ’ 52
00
' Y M tgo A S e c u r it y .100 205 210
95
100 Syracuse R T 5s ’ 4 6 . . Al-S 101*2
e Scrip 0s 1914___ F-A / 95
2 S eaboard C o m p a n y —
*6
I Y T r a n s p o r t a t io n .. 20
7
220
T
rent
P
A
H
5s
1
9
1
3
.J
-D
200
95
74
t 42d & Gr St F’ y stk .1 0 0
1st p re fe rre d _______100
7b
160 102
U nited R ys o f St L —
*934 10
42d St M A S t N A v e . 100
C om A 2d pref— See Bal t E xc list
C om v o t tr c t fs ____ 100
16
2 Seaboard A ir L in e—
e 1st m tge Os 1910.A I-S
(
+2li«
2*8
e P referred _________100
66
1
Coll 5s e xt M ay ’ l l . A l - S
2d Incom e 6s 1 9 1 5 .J-J / 50
go’ s 99*2 e
1*2
2*2
Gen 4s 1934— See S tock E xc list
9312 94*2
W est P a c 1st 5s ’3 3 . .M -S
In te r -M e t— See Stic E xch ange
65
tls E levator c o m _____100
57
(JnltR ys San Fran See Stk E xc list
L e x A v A P a v F 5s See Stic E xc
96
P r e fe r r e d ___________ 100
99
W ash R y A El C o ____ 100
36*2 37
Industrial and Alisccl
M etrop ol St R y — See Stk E xc
ittsbu rgh B r e w in g .. 50 *2312 2 II4
P r e fe r r e d ___________ 100
9058 91
A d am s E x p g 4s 1947 J-D / 9312 94*2
N in th A v en u e s t o c k . .1 0 0 160
P r e fe r r e d ____________ 50 * 42
44
4s 1951......................... J-D
E xo list
8534 86
14
A h m eek M in ing________ 25 *160 175
S econ d A v en u e s t o c k . 100
A lliance R e a lt y _______ 100 115 120
e 1st M 5.s’ 09 e x t '10 M-N
99
63
67
Gas Securities
A m erican B o o k _______ 100 152
50
Consol 5s 1948____ F-A
SO
P referred .
86
S ixth A v en u e s t o c k ___ 100 120
A m erican Brass_______ 100 120 125
New York
60
S ou B ou lev 5s 1945___ J-J
A m erican Chicle c o m . 100 221 224
148 152
Cent lln Gas 5s 1927 .J -J 100
So Fer 1st 5s 1919___ A-O
88
2
P r e f e r r e d ___________100 100 103
e a lty A ssoc (B klyn ) .1 0 0 115 119
Con Gas (N Y ) — See Stk Exc list
T h ird A v e n u e — See Stock E xc
A m G ra p h op h on e c o m 100
oyal Bak P o w d c o m . 100 190
612 10
e M utual G as__________ 100 152 158
T a rry \V P & M 5s 1928 / 50
P r e f e r r e d ___________100
18
P r e f e r r e d ___________100 107 1*0*8**
25
N ew A m sterdam G as—
Y k ers S tR R S s 1946 A O
75
A m er H a r d w a r e _____ 100 1)115 120
126 130
1st
con
sol
5s
1
9
4
8
..
J-J
28th & 29th Sts 5s ’ 96 A -O / 15
99 101
A m M alting 6s 1 9 1 4 ..J -D 102 103
N Y A E R G a s 1st 5s '44 J-J 101 104
t T w e n ty -th ir d St s tk .1 0 0 210
A m er Press A sso c’ n . . l 0 0
07 102
5*5*9 570*'
Consol 5s 1945_____ J-J
95 100
U nion R y 1st 5s 1 9 4 2 .F -A 100
A m St F ound new — See S tk Ex list
16
21
N Y A R ich m o n d G a s. 100
50
05
75
40
W estch est 1st 5s ’43 J-J
6s 1935...................... A-(]
100*2 102
42
P r e fe r r e d ___________ 100
48
N Y A W c s tc h e s te r L ’ h t’g —
D e b 4s 1923...............F-A
70
72
standard C o rd a ge____ 100
D eb g 5s 1954 g u a r.J -J 100 102
225 230
B rooklyn
A m erican S u re ty _____ 5C
1st M g 5s ’31 r e d .A -O
N or Un 1st 5s 1 9 2 7 . . M-N
99 101
A tlan A v en u e R R —
A m erican T h rea d pref 5
*4*2
A d ju s t M 5s A p r 1 1931
e Standard Gas c o m . .1 0 0 n 50
C on 5s g 1931.......... A-O 102
Standard C ou pler c o m 100
35
. A m T o b a c c o Co co m ..1 0 C 437 440
e P r e f e r r e d _________100 n 80
P r e fe r r e d _______ . . . 1 0 0 100
B B & VV E 5s 1 9 3 3 .-A -O
97
. A m er T y p e fd e rs c o m . 10C
44
47
15
1st 5s 1930................M-N 102
B ro o k ly n C ity N tock__10 160
P r e fe r r e d ___________10C
Standard M illing C o . .1 0 0
98 102
19
Con 5s— See Stk Exch ange
48
D eb g 6s 1939____ Al-N
93 100
P r e 'c r r e d ___________ 100
52
kln flg ts 1st 5s 1941 A -O
95
Other C ities
A m er W riting P a p er..10C
2
1st 5s 1930............... M N
82
3
85
A m Gas A Elec c o m . . 50 *45
kin Q ueens Co A Sub
22
Standard Oil o f N J ..1 0 0 620 630
P r e fe r r e d ___________10C
25
P r e fe r r e d ____________ 50 *42
e 1st g 5s ‘ 41 o p '1 6 . J-J
Exo list
1st s 1 g 5s ’ 19 o p ’09 J-J
88
80*4 Swift A C o— See B ost !
Con gu ar 5s— See S tock E xc list
A m er Light A l r a c t . .1 0 0 280
8
1st 5s— S ee C h ic S to ck E xc list
AMGf A W ln d S S L 'h e s . 100
7
B k lyn R ap T ra n — See Stk E xc list
P r e fe r r e d ___________ 100 103
15
18
Texas C o m p a n y ______100 190 195
P r e f e r r e d ___________10C
80
C on ey Isl & B k ly n ..1 0 0
70
B ay S tate G a s . . . ____ 50
8
Col tr g 5s 1959____ J J / 62
1 T exa s A P acific Coal 1
65
100 105
82
1st cons g 4s 1 9 4 8 ..J -J
78
B ln gh 'ton (N Y) Gas W ks
B arn ey A S m ith C a r . . 100
35
Title Ins Co o f N Y . . . 1 0 0 140 150
40
85
75
1st g 5s 1938............. A-O
Con g 43 1055_____ J-J
98
P r e fe r r e d ___________100 105 110
To no pah Min (N evada) 1
*7*4
73j
100 B rook lyn Un G as— SeeStk E xc
B rk C A N 5s 1 9 3 9 .J-J
95
B c tb l’ m Steel C orp — See S tk Ex list
Trenton P otteries com 100
4
8
K in gs C El 4s— See S tock E xc 11st
Buffalo C ity Gas s t k . . 100
6
Bliss C o m p a n y c o m . . 5C 125 130
P referred , new _____ 100
60
N assau Elec p r e f_____ lOOl ____
1st 5s 1947— See S tock E xc
P r e fe r r e d _______ . . . 5C 125 135
25“
36
5s 1944...................... A-()| 103
10*5 ......................................
Con Gas o f N J 5s...............
’3 6 . J-J
93
Bon d A Mtge G uar___ 10(
250 257*2 U n derw ood T y p e w p f 100 100 ion*
1st 4s 1951— See Stock ) Exo list ! C onsum ers’ L H A P o w —
B o rd e n ’s Con d M llk ._ 1 0 ( 115 117
U nion T y p e w rite r co m l o o
53
58
N W b g A F lat 1st ex 4 ^s| 90
95
5s 1938..........................J-D 110
.
P r e fe r r e d ___________lo t
103 105
1st p r e fe r r e d _______ 100 108 112
S tein w a y 1st 8s 1 9 2 2 ..J -J ; 102 ,1105
D enver Gas A E lec___ 100 155
*534
British Cot C o p p e r___
6
2d p r e fe r r e d _______ 100 108 112
Gen g 5s 1949 o p . A1-N
94
B u tte C oalition M ining 1C * 181; 19*2 U nited B k N ote C o r p . 50 +45
60
Other Oil ics
E lizabeth Gas L t C o . . 100 275
. Casein Co o f A m c o m . 10C
54
■P‘4 3*4
P r e fe r r e d _____________50 +52
B u ffalo S treet R y —
Essex A H udson G a s. 100 135
P r e f e r r e d ................. .. 10C
60
70
U nited Cigar M frs____ 100
07*2
1st con sol 5s 1 9 3 1 ..F - A 104 103 ]G as A El B ergen C o . . 100
80
C asualty Co o f A m e r . . 10C 125 140
e Preferred . . . _____100 106
D eb 6s 1917.............A -O 104
105 e Gr R ap 1st 5s ’ 1 5 . F-A
4*2
Celluloid C o ....................101
6
98
123 126
U nited C o p p e r_________100
C olum bus (O) St R y . . 100
96*4
10
2
H udson Co G as_______ 100 136
C ent Firew orks c o m ..1 0 C
4
25
P r e fe r r e d _________ .1 0 0
P r e f e r r e d ___________ 100 s 104*4
Indiana L igh tin g C o . .1 0 0
P r e f e r r e d ____ ______10c
32
20
40
U S C a su alty___ . . . — 100 215
C olum R y c o n 5s— See Phi la '1st
..
50
4s 1958 o p ...................F-A / 64
Central F o u n d r y _____ 101
U S E n velop e c o m .. . 100
*5*3**
C rosst’ wn 1st 5s ’33 J-U lo o 103
Indianapolis G as______50
___
113 116
P r e f e r r e d ___________10c
P referred . . . . . - - - - 1 0 0
15
» Conn R y A Ltg c o m . 100
75
75
70
1st g 5s 1952............ A -O
D eb 6s 1919 op ’0 1 . Al-N / 40
U S F in is h in g ................ 100 100 1041*
44
e P referred _________100
79
110
80
Jackson Gas 5s g '3 7 . A-O / 88
P referred . . - . - - - - - 1 0 0
2 C h cscbrou gh M fg C o . . 10( 725 300
115
1st A ref 4 H s— See Stk E xc list e L a cled e G as__________ 100 100
C ity In v e stin g C o____ 101
70
1st g 5s 1919 . . . . . . J-J 100 105
G rand R a p id s R y ____ 1 0 °
. .
e P referred _________100
95 100
85
P r e f e r r e d ___________!0(
C on g 5s 192 9_______ J-J
105 115
P r e f e r r e d ___ ________100
85
$6
M adison Gas 6s 1 9 2 6 . A-O 103
2 Clallin (H B) c o m ,.1 0 ( 110 115 U S Steel C o rp o ra tio n —
e L ou lsv St 5s 1 9 3 0 .. J-J 105 10cJ2 N ew ark Gas 6s 1 9 4 4 .-Q -J 130
Col tr s f 5s ’ 51 o p t ’ l l 114l2 1147,
e 1st p re fe rre d _____ 10(
94 100
L y n n A B os 1st 5s ’ 24 J -D 105 107
98b
N ew ark Consol G a s . . 100
Col tr s f 5s ’ 51 not o p t 114*2 1147,
e 2d p r e fe r r e d _____ lot
96 100
e N c w Orl R v s A L g t.1 0 0
23*2 24I4
e Con g 5s 1948___ J -D 106*2
U S T it Gu A I n d e m . .l 0 0
2 Col A H o ck Coal A I pf 101 ____
115
603j 6.'
e P referred ................ l o o
No H udson L H A P o w —
eU tali C op per C o— See Stk
1st g 5s 1917.............J-, ’ 50
70
list
Gen M g 4 4 s '3 5 — See S tk Ex list
5s 1938...........................A -O n o
.
Col tr 6s O ct 1 9 5 6 ..J -, / 50
W aterbu y Co c o m ___ 100
55
P u b S ctv Corp of N J .1 0 0 US 120
P acific Gas A E, c o m . 100
2 Consol Car H e a tin g ___ 101
P r e fe r r e d ___________ 100
55*2
36
38
T r ctfs 2 % to 6 % p e r p e t 100 103
P r e f e r r e d ...................... 100
89
Cons R y L gt A R e fr lg .lO i
....
■ - - W estch ester A B ron x Tit
N orth Jersey St R y .1 0 0
60
Pat A Pas Gas A E le c . 100
93
Consol R u bber T ir e ._ 1 0 i
A M tgo G u ar______-1 0 0 165 175
3*
5
1st 4s 194 8.......... M-N
77
79
e C o n g 5s 1 9 4 9 .. .M - S
2
P referred . . . _______10c
10012
16
W cstln g n ’sc A ir B r a k e .50 *137
25
St Joseph Gas 5s 1937-J-J
93
D ebenture 4s 1951 .A -c. / 35
vVcst El A M fg 5s— 6’eeStk Exc list
W orth in g P u m p p r e f .l o o 103 107

Volume of Business at Stock Exchanges

H ieclric C om pa n ies
Chic Edison C o— See Ch.
G r’ t W est P o w 5s ’ 46.J-.1
s K ings Co E. L A P Co 100
N arragan (I’ rov) El C o . 50
N Y AQ El L A Pow Co 100
P r e fe r r e d ___________100
United Elec o f N J . . . 1 0 0
1st g 4s 194 9.............J-D
W estern P ow er c o m . 100
P r e f e r r e d ___________100

93
115

Outside Securities

g

r

Z

share _

a E x -r g h is .




0

B a il:.

c Sells on Stk. E x ., but not very a c tiv e

[ Flat prtce

« N om inal

s Sale price

t E x -s to c k 1 yldend*

may

7 1910.1

THE CHRONICLE

1233

Jpnuestn im t and R a ilro a d intelligence.
KAILHOAD

GROSS

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 began with July, but covers some other
period
T h e r e tu r n s o f the elec tric r a i l w a y s a re b rou g h t togeth er s e p a r a t e l y o n a s u b s e q u e n t p a g e .
Latest Gross K a m i nos.
W eek or
M o n th .

Current
Y ear.

July 1 to iMtest Date.

Previous
Y ear

Current
Y ear.

A la N O fe T e x P a c
48.000 2,749,888
60,000
N O & N E a s t_ . 2d w k A p r
28,000
27.000 1,350,308
A la fe V ick sbu rg 2d w k A p r
21.000 1,158,871
23.000
V ick s Shr fe P a c 2d w k A p r
7.400
5,370
55,467
Ala T en n it N o rth . Febru ary .
M a r c h ____ 9,254,450 8,289,278 78,050,050
A tch T o p fe S Fe
44,043
43.400 2,123,337
A tla n ta Ulrm fe Atl 3d w k A p r
A t la n tic Coast Line M a r c h ------- 3,130,235 2,764,609 22,386,190
oB a ltlm ore & O h io . M a r c h ____ 7,043,390 0,037,578 04,302,463
311,059 2,200,027
349,081
B a n g or fe A roostook M a r c h ____
5,112
0.200
52,409
B ellcfon te C en tral. M a r c h ____
3,022,954 3,295,678 32,542,403
B oston & M a in e. . M arch . .
3,929
3,377
B rid geton & S aco It Febru ary .
34,407
200,019
180,110 7,310,959
B u ll K och fe P i t t s . . 4th w k A p r
171,943
199,094 1,715,506
BulTalo fe S u sq ____ M a r c h ____
C a nadian N orthern. 4th w k A p r
193,600 10,307,700
397,600
C anadian P a cific___ 4th w k A p r 2.205.000 1,814,000 77,648,328
C entral o f G corg la . ■id w k A pr
200,000
179,700 10,115,150
Cen tral o£ N ew Jers M a r c h ____ 2,103,321 2,311,421 20,833,380
F eb ru ary .
Central V e r m o n t.
259.45
237,598 2,503,971
C h atta n ooga S ou th . 3 d w k Apr
1,853
1,215
73,725
C hesapeake & O hio. 3d w k Apr
612,559
524,427 25,202,129
C h icago fe A lton R y 4th w k A p r
221,316
227,58 11,286,307
Chic Burl & Q u in cy M a r c h ____ 7,910,776 6,801,503 07,147,796
p C h icago G t W e s t . M a r c h ____ 1,145,452
933,638 8,907,249
C h ic Ind fe L o u ls v . 3d w k Apr
111,338
100,309 4,775,174
Chlc In d & Southern — See N ew Y o rk Cen tral.
Chic M llw fe St Paul M a r c h ____ 5,793,837 5,004,982 48,494,309
Ch Mil fe Pug S d„ M arch . .
1,004,595
C h ic fc N orth W e s t . M arch . .
6,280,609 5,408,063 55.734.554
C h ic S t P M fe O m __ M a r c h ____ 1,306,660 1,140,191 11,416,173
74,079
C h icago Term Tran s F eb ru ary .
107,952
823,055
042,893 7.074.300
Cln Ila m & D ayton M a r c h ____
774.433
Clev Cln Chic fe S t L — See N ew Y o rk Cen tral.
180,020 1.787.300
109,869
C olora d o M id la n d .. M a r c h ____
332,642 14,027,703
415.965
C olora d o fe S o u t h . . 4th w k A p r
25 772
25,898
191,119
Colum N ew b & Lau F eb ru ary .
47,436
49,053
490,908
C op p er R a n g e ____
F ebru ary 19.151
12,208
153,444
M a r c h ____
C o r n w a l l _________
29,794
31,209
bruary .
298,014
Cornw all fe Leban
251,300 1,822,143
291,486
C u ba R a ilr o a d _____ M a r c h ____
D elaw are fe H udson M a r c h ____ 1,760,252 1,540,813 14.829.339
,741,983 2,969,928 2 0 , 010,110
D ei L a ck fe W e s t .. la rch ____
519.000 19,581,671
583,900
D en y fe R io G rande 4th w k A p r
10,947
17,920
D en ver N W fe P a c . 4th w k A p r
808,534
20,510 1,273,090
23,192
D c t T ot fe Iron t Sys 3d w k A pr
2d w k Apr
Ann A r b o r ____
32,380 1,501,008
35,800
30,692 1,018,809
D etroit fe M ackinac 4th w k A p r
32,447
D ul fe Iron H a n g c .. M a r c h ____
100,152 6,809,623
125,662
Dill South Nli fc Atl 3d w k A pr
52,957 2,011,374
65,109
E l P a so fe Sou W est M arch
712,678 5,397,209
600,217
E r ie ___________
M a r c h ___ 4,818,697 4,368,409 41,408,491
F a irch ild fe N or K__ M a r c h ____
1,744
2,518
18,751
F o n d a Joh n s fe GIov M a r c h ____
60,085
71.997
663,093
G eorgia R a ilr o a d . March . .
250,598 2,348,93
274,483
G eorgia South & Fla — See S out hern Rati w ay.
G rand T ru n k Syst 4 th wk A p r 1,103,199
955,171 36,346,410
116,307 4,971,607
133,897
G rand T rk W e s t . 3d w k A p r
29,729 1,614,260
35,340
D ct Gr H av fe MU 3d w k A p r
31,407 1,641,330
C anada A tla n tic 3d w k A p r
37,097
G reat N orthern Syst A p r i l ______ 5,074,217 3,887,371 52,471,399
180,300
G ulf & Ship Isla n d. M a rch ____
103,010 1,012,258
M
a
r
c
h
____
743,472
H o ck in g V a lle y ____
412,219 5.792.219
i r c l i ____ 5,888,352 1.948,472 17,155,900
Illin ois C en tra '____
In tc rn a t fe Gt N o r . 4 th w k A p r
225,000
212.000 7 ,207,070
a I n tcro ce a n lc M e x . 4th w k A p r
232,053
205,335 0,403,800
66,003
52.109 2,836,470
Io w a C en tral_______ 4tli w k A p r
K an a w h a fe M ic h .. M a r c h ____
252,167
158.100 2,082,898
854,877
746.100 7.114.220
K ansas C ity S o u th . M a r c h ____
51.000
39,000 1,483,892
K C M ex fe O r ie n t .. 4th w k A p r
L eh igh V a lle y _____ M a r c h ____ 3,047,406 2,808,914 20.428.555
29,687
33.110
L e x in g to n fe E a s t .. F ebruary .
287,270
I n c .79 998
L o n g Is la n d ________ M a r c h ____
I n c .894,
123,104
105,480
L ou isian a fe A r k a n . M a r c h ____
971.983
83,100
119,123
891,08
L ou lsv tlen d & St L iarch
s L ou ls v & N a s h v .. Ith w k Apr 1,300,175 1,127.746 43.530.339
13,566
13,759
M
a
r
c
h
____
M acon fe B lrm ln g'm
112,724
728,672 6,703,532
774,733
M aine Cen tral_____ M a r c h ____
3,004
2,878
M a n lstlq u c_________ M a r c h ____
28,868
32,002
35,870
M aryland fe I’ e n n a . u a r y h ____
302,731
170,583 7,303,271
245.434
a M exica n In tcrn a t 4th w k A pr
135,000 6.409.300
173,700
a M exica n R a ilw a y . 3d w k A pr
M ichigan Central
— See New Y ork Cen tral.
15,201
12,957
M ineral R a n e e _____ Id w k Apr
080,230
05,171 4,121,176
99.151
M ln neap & St Louis 4 th w k A p r
625,204
M inn St P & S S M l 4th wk A p r
450,223 20,010,193
C h icago D ivision ]
M ississippi C en tral. M a r c h ____
79,548
64 595
660,077
M issouri K an oe Te.\ March ____ 2,261,802 1,900, 188 20,455,508
M o P a o & Iron M tl
C entral B r a n c h .] 4th w k A pr 1.412.000 1,231 000 44,395,652
N ash v C h att fe St L M a r c h ____ 1,022,503
992 970 8,633,822
a N at R y s o f M exico 4th w k A p r 1,777,526 1,340 993 4 2 ,455,365
N cv ada-C al-O regon . id w k Apr
7,013
,037
373,837
N eva d a C en tral____ lan u ary . .
4,568
,482
43,020
N O G reat N orthern M a r c h ____
130,381
.845 1,053.493
N O M obile fe C h ic . W k A p r IG
33,980
,239 1,346,050

Latest Gross F a m in e s .

Previous
Year.

2.459,511
1,258,629
1,117,871
43,000
70,271 ,272
1,691,865
19,647,859
55,828,734
2,201,792
52,425
20,497,866
33,022
5,839,023
1,741,890
8,143,800
G3,218.488
9,389,703
19,185,576
2,317,440
67,921
21,143,802
10,001,804
59,991,514
8,277,014
4,240,794
45,813,300
50,089,788
10.295.907
724,126
5.990,063
1,701,814
12,796,554
191,203
508,014
74,032
220.1 56
1,540,263
13,904,584
25,025,152
17,219,100
545,220
1,260,099
1,397,584
959,673
4,938,127
2,145.439
5 347,061
37,738,539
15,353
662,453
2,197,495
32,435,699
4,476,096
1,357.477
1,448,431
44,631,160
1,428,953
4 .021.840
13,509,828
6,919,910
5,903,241
2,544,529
1,634,204
6.601,055
1.082.841
24.513.907
254,931

212

891,378
770,507
38,250,290
110,637
0,244,091
36,322
270,994
5,743,031
5,057,500
066,119
3,512,651
10.758,944
518.429
19,617.768
39,035,244
8,420,453
4 0 ,032,085
310.429
40,070
430,596
1,251 442

ROADS.

W eek or
M on th .

Current
Y ea r.

e N Y O fe H u d R Iv. F eb ru ary . 6,937,297
Lake Shore fe M S F eb ru ary . 3 611,126
n L ake E & W est F ebru ary _ 420,333
C h ic In d fe South F ebru ary .
369,129
M ichigan Central. F eb ru ary . 2,129.865
Cleve C C fe St L . F eb ru ary _ 2,171,507
P eoria fe Eastern F eb ru ary .
239,770
C incinnati N orth . Febru ary .
8 0 ,7 7 '
P itts fe Lake Erie F ebru ary _ 1,188,220
R u tla n d ________ F ebru ary .
193,637
N Y Chic fc St L . F eb ru ary .
806,339
T o ta l all lin es___ Febru ary . 18148061
N Y O nt <5: W estern M a r c h ___
720,601
N Y N II & H a r t f .. M a r c h ____ 4,970,929
N Y Susq fe W e s t .. M a r c h ___
329,990
N orfolk & Southern M a r c h ____
260,504
N orfolk & W e s te rn . M arch . .
3,154,285
N orth ern C e n tr a l.. M a r c h ____ 1,071,310
N orthern P a cific ___ M a r c h ___ 5,719,140
P a cific Coast C o ___ Febru ary .
548 201
P en n sylva n ia C o ___ M a r c h ____ 4 ,217,789
d P e n n — E o f P fe E M a r c h ____ 14205,869
d W est o f P & E . M a r c h ____
I n c .1,77
P ere M a rq u ette____ M a r c h ____ 1,446,080
P h lla B a lt & W a s h . M arch ..
1,513,907
P itts Cln C h ic fe S tl. M a r c h ____ 3,036,442
R aleigh & S o u th p ’ t M a r c h ____
17,420
R ea d in g C o m p a n y .
P h lla fe R e a d in g . M a r c h ____ 3,663,668
Coal fe Iro n C o . . M a r c h ____ 1,526,597
T o ta l b o th c o s ___ M a r c h ____ 5,190,265
R ich Fred & P o to m F eb ru ary 190,667
R io G rande J u n e___ F eb ru a ry .
71,158
R io G rande S o u t h .. 3d w k Apr
11,222
R o c k Isla n d System M a r c h ____ 5,520,993
St Jos fe G rand Isi’d F ebru ary .
121.597
S t L o u is & San Fran M a r c h ____ 3 .691,232
Chlo fe E ast 111.. M a r c h ___ 1,223,060
J E v a n sv fe T er II M a r c h ___
228,671
T o ta l o f all lin es. M a r c h ___ 5,142,964
St L ou is S o u th w e s t. 4th w k A p r
254,150
San Fed i , A fe S L . Febru ary .
282,182
Seab oard A ir L in e .
A tla n ta & B lr m _ . 3d w k A pr
413,551
F lorid a W Shore .
S outhern I n d i a n a .. February _
106,853
Sou th ern P a cific Co M a r c h ____ 10983273
S outhern R a il w a y .. 4th w k A p r 1,359,326
M obile fe O h io ___ 3d w k Apr
214,881
Cln N O fe T e x P . 3d w k A pr
163,796
A la G reat S o u t h . 3d w k A pr
77,270
G eorgia So & F la . 3d w k Apr
40,063
T exa s C en tral_____ 3d w k Apr
15,659
T e x a s fe P a c ific ____ 4th w k A p r
420,837
T id e w a te r fe W e s t. March ___
7,048
T o le d o & O hio Cent F eb ru ary .
303,743
T o le d o P eor fe W est 4th w k A p r
27,739
T o le d o S t I. fe W est 4th w k A p r
63,883
T o m b lg b c e V a ll e y .. M a r c h ____
8,211
U nion P a cific S y s t . M a r c h ____ 7,142,798
V a n d a l la ___________ M a r c h ____
877.509
V irginia fe S ou W est M a r c h ____
107,735
W a b a s h ____________ 4th w k A p r
643,186
W estern M a ry la n d . F eb ru a ry .
534,940
W Jersey fe S e a s h .. M a r c h ____
468 .510
W h eelin g fe L E rie . M a r c h ____
609,589
W h ite R iv e r ( V t ) . . 3w ksM ch26
2,191
W rlgh tsv fe T e n n .. M a r c h ____
32,642
Y a z o o <Ss Miss V a il. M a r c h ____
909,254
V a rious F isca l Y ears.

Ju ly 1 to la te s t D ale.

P revious
Year.

Current
Year.

P reviou s
Y ear.

6,143,362
2,985,516
328,035
230,890
1,891,207
1,884,705
210,279
74,309
783.784
186,004
644,580
15362671
749,973
4,532,942
329,533
234,305
2.467,958
5,477,830
445,091
3,188,135
12119,709
2,800
t . 300,246
1,459,507
2,377,131
15,578

05,026,478
32,350.890
3,721,591
2,490,670
19,113,069
19,645,521
2,194.044
823,354
11 580,302:
2,132,522
7,150,480
16622891?
0,302,525
44,704,869
2,619,779
1,970,007
25,923,927
0,701,279
55,005,200
351 102
39,727,857
123272,982
I n c .14,732
12,020,88
13,331,001
25,363,658
120,272

58,371,767
27,542.593
3.067 304
1,885,279
10,680,099
17,340,596
1,884,986
734,061
7,915,918
1,903,552
0,108,871
143445026
6 ,2 3 0 ,2 9 7
4 0,000,127
2,4 5 3 ,7 5 2
1,706,721
21,646,711
8 ,6 1 4 ,6 7 9
51,5 8 0 ,2 2 0
4 ,213,547
30,4 2 4 ,4 6 2
105931,182

3.731.143
2,855,542
6,586,685
169,620
55,587
9,162
5,114,417
123.541
3,210,120
876,053
171,964
4.258.143
214,531
555 332

33,228
23,822
57,050
1,395
714
421
50,214
1 115
31 660
9,294
1,883
42,836
9,317
4,715

1,011,010

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
fan
Jan
Jan
Jan
Jan
■fan
D ec
Jan
Jan

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

10,039,765
12,419,201
20,544,286
103,821
,166,076
,658,967
,825,043
,221,934
572,463
472,303
,3 82,492
,109.945
,709,289
.878,366
,6 14.980
,202,636
,788,495
,637,357

347,062 16,153,033 14,347,755
82,118
10080795
1,245,182
191,501
147,398
62,167
38,867
20,007
358,390
6,219
233,376
26,566
65,941
7,208
0,157,495
741,217
86,820
649,419
422,234
378,710
446,666
1,979
30,017
818,762

931,190
101435865
47,986,059
8,454,590
7,209,878
3,324,184
1,930,735
871.716
13,429,383
60,225
2,888,306
981,854
3,128,611
63,375
67,830,550
7,440,140
918,872
24,094,511
4,531 850
4 475 ,270
5,242,605
245,756
7,087,664
Current
Y ear.

P erio d .

B e llcfo n te C en tral_______________
D elaw are fe H u d s o n ____________
M a n ls t io u e ________________ ______
a M exica n R a ilw a y _____________
e N Y Central fe H u d son R iv e r .
L a ke Shore & M ichigan South
n Lake Erie & W e s te rn _______
C h icago In d ian a & S o u th e rn .
M ichigan C en tral_____________
Cleve Cln C h icago fe St L o u is .
P eoria fe E a stern _____________
C incinnati N o rth e r n _________
P itts b u rg h fe Lake E rie..........
R u t l a n d ______________________
N ew Y o r k C h icago <5c St Louis
T o ta l all lin es_________________
N orthern C en tral________________
d P e n n — E ast o f P itts fe E rie___
d W e st o f P itts fe E r i e .’. _____
P h lla B a ltim ore fe W a s h in g to n .
P ltts b Cln C h icago fe St L o u i s . .
R io G rande J u n c tio n ____________
T e x a s fe P a cific...............................
W e s t Jersey fe S eash ore________

,009
,804
,813
,27
,924
,404
,139
69
,413
,569
,619
,601
,808
,104

,100

M ch
M ch
M ch
A p ril
F eb
Feb
F eb
F eb
F eb
F eb
Feb
F eb
Feb
F eb
Feb
Feb
M ch
M ch
M ch
M ch
Mch
F eb
A p ril
M ch

31
516,275
515,267
31 4,528,156 4 ,294,007
31
9,093
10,274
21 2,542,600 2 ,213,000
28 14,428,387 12,755,000
28 7,485,003 6,302,242
28
844,944
662,263
28
694,041
496,494
28 4,287,970 3 ,798,868
28 4,495,804 3,9 0 9 ,0 6 9
28
503.571
419,042
28
170,296
151,448
28 2,523,999 1,621,012
28
381 ,839
400.140
28 1.745,748 1,396,434
28 37,579,908 3 1,894,317
31 3 ,033,625 2,667,025
31 39,848,741 33,654,741
31
I n c .5,44 1,300
31 4 ,175,163 3 .955,063
31 8,594,075 6,599,492
28
223,699
188,823
30 5,080,899 4,5 5 8 ,5 7 9
31 1,107,864
973,764

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
W eek ly Sum m aries.
3d
4 th
1st
2d
3d
4th
1st
2d
3d
4th

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

F eb
F eb
Mch
Mch
Mch
Mch
Apr
A pr
A pr
Apr

(43
(43
(43
(45
(43
(49
(44
(40
(42
(28

’•oads)____
r o a d s )-----ro a d s )____
ro a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____

C u r’ nt Year Prev’ s Year
5
11,051.964
12,106 142
11.839,050
12,145.513
12.423.300
19,450,324
12,373,504
12,201,623
12,220,700
13,099,093

5
10,014,754
10,615,776
10,579,707
10.841,217
10,792,998
16 567,044
11,053,524
10,672,458
10,714,807
11,782,933

In c. or D ec.
+
+
+
+
+
+
+
+
+
+

3
1 ,037,205
1,4 9 0 ,3 6 6
1.259,349
1,304,296
1,632,302
2,8 9 1 ,6 8 0
1,310-,080
1,529,105
1 ,514,983
2 ,2 1 0 ,1 6 0

%
10.35
14.04
11.90
12.03
15.12
17 45
11.94
14.33
14.21
18.81

M on th ly Sum m aries.
M onth
M onth
M onth
M on th
M onth
M onth
M onth
M onth
M onth
M onth

Jun e
J u ly
Aug
Sept
O ct
N ov
D ec
Jan
F eb
M ch

1909
1909
1909
1909
1909
1909
1909
1910
1910
1910

(893
(885
(883
(882
(881
(756
(756
(740
(773
( 53

r o a d s ).
roads) .
r o a d s ).
r o a d s ).
r o a d s ).
roads) .
roads) .
roads) .
roads)
r o a d s ).

C ur'nt Year Prev's Year

3

210,357.226
219,964,739
236,559,877
246 ,065 ,95 6
222,006,184
247,370.054
260 ,613 ,05 3
210 .302 ,21 9
200 ,129 ,08 8
6 5 .155,888

3

183,983,829
195,245,655
206,877,014
219,013,703
205,455,121
211,281,504
232,261,182
182,049,825
172,751.230
56,360,415

In c . or D ec.

i

+ 2 6 .3 7 3 ,3 9 7
+ 2 4 ,7 1 9 ,0 8 4
+ 29,682,803
+ 27.052,253
+ 16,551,063
+ 3 6 ,089,450
+ 28,351,871
+ 27,652,394
+ 27,377,858
+ 8,7 9 5 ,4 7 3

Tg v ° nV,Xlci\n ? u.r n ' n cYC overs Ines d ir e ctly o p e r a te d , o In clu des the N ew Y o r k fe O tta w a , th e S t. L a w ren ce & A d iro n d a ck an d the O ttaw a fc
totter of w h ich , b ein g a Canaclian m u l , do e s n o t m ake returns to the In te r-S ta te C om m erce C om m ission . / I n c l u d e s E v an sville &
In d ia n a bR R
Tnriitana
„ . „Q i____v„
^ b u l„e s the C le v e la n d .L o ra in & W h eelin g R y . In b o th yea rs, n In clu d e s the N o rth e rn O h io R R .
p In clu d e s earnings o f M asonC lty
A F t . D o d g e and W ise. M inn, fc P a cific. s In clu d e s L o u isv ille fe A tla n tic fro m J u ly 1 1909 a n d the F ra n k fo rt fe C incinnati fro m N o v . 1 1909.




12 3 4

THE CHRONICLE

Latest Gross Earnings by W eek s.— In the table which fol­
lows we sum up separately the earnings for the fourth week
of April. The table covers 28 roads and shows 1 8 .8 1 %
increase in the aggregate over the same week last year.
F ou rth W eek o j A p r i l .
B u ffa lo R o c h e s te r & P ittsbu rgh
C a n adian N o rth e r n _____________
C a n adian P a c ific ________________
C h ica g o & A l t o n ________________
C o lo r a d o & S o u th e r n ____________
D en ver & R io G ra n d e ___________
D en v er N orth w est & P a c ific ___
D e tro it & M a c k in a c ____________
G ra n d T ru n k o f C a n a d a _______
G rand T ru n k W e s te rn _______
D etroit G rand H a v en & M U.
C anadian A t la n t ic ___________
I n te rn a tio n a l & G reat N orth e rn
I n te ro ce a n lc o f M e x ic o --------------I o w a C en tra l____________________
K ansas C ity M e x ico & O r i e n t ..
L ou isv ille & N a sh v ille_________
M ex ica n I n t e r n a t io n a l_________
M in n eap olis & St L o u is ________
M in n eap olis St P a u l & S S M . . 1
C h ica g o D iv is io n ____________ /
M issouri P a c ific _________________
N a tion a l R a ilw a y s o f M o x lc o ___
S t L ou is S o u th w e s te rn __________
S ou th ern R a ilw a y _______________
T e x a s & P a c ific _________________
T o le d o P eoria & W e s te rn _______
T o le d o S t L ou is & W e s te rn ____
W a b a s h __________________________

1910.

In crea se. D ecrease.

1909.
S
180,110
193,600
1,814,000
227,582
332,642
519,000
10,947
30,692

$
19,909
204 .000
451 .000

1 ,103,199

955,171

148,028

225,000
232,053
66,063
51,000
1 ,360,175
245 ,434
99,151
525,204

212,000

13.000

265 335
52,109
39,000
1 ,127,746
176,583
65,171
450,223

1 ,412,000
1,777,526
254,150
1,359,326
4 20 ,837
27,739
63,883
643 ,186

1 ,231,000
1,340,993
214,531
1,245,182
358 ,390
26,566
65,941
649,419

200,019
397 ,600
2,265,000;
221,316'
415,965,
583 ,900
17,920
32,447

6,266

83,323
64,900
6,973
1,755

33,282
13/954

12.000

232,429
68,851
33.980
74.981

181,000
436,533
39,619
114,144
62,447
1,173
2,058
6,233
47,8 3 9

1 4 ,0 0 0 ,0 9 3 11,783,933 2,2 6 3 ,9 9 9
2 ,2 1 6 ,1 6 0

T o ta l (28 r o a d s )_____
N et Increase ( 1 8 .8 1 % ).

For the month of April the returns of 26 roads show as
follows:
M on th o f A p r il.

1910.

1909.

I n c r ea se }

G ross earnings (26 r o a d s )........... 4 3 ,3 0 0 ,4 9 3 37,1 1 8 ,4 0 2 0 ,272,091 i

%
16.86

It will be seen that there is a gain on the roads reporting
n the amount of $6,272,091, or 1 6 .8 6 % .
Net Earnings Monthly to Latest D ates.— The table fol­
lowing shows the gross and net earnings of ST E A M railroads
and of industrial companies reported this week:
arn in gs------P rev io u s
Y ear.
5
204,824
A tla n ta B lrm & A t l . b . M c h
1,561,647
J u ly 1 to M ch 3 1 _______
2 ,7 6 4 ,6 6 9
A tla n tic C oast L ln b .a .-M O h 3 ,1 3 6 ,2 3 5
J u ly 1 to M ch 3 1 _______2 2 ,3 8 6 ,1 9 6 19,647,859
3 ,2 9 5 ,6 7 8
x B o s to n & M a in e .b ____ M ch 3,6 2 2 ,9 5 4
J u ly 1 t o M ch 3 1 _____ .3 2 ,5 4 2 ,4 6 3 2299,4,49977,8,86666
2 ,311,421
C en tral o f N ew J e r . b ___M ch 2,1 6 3 ,3 2 1
J u ly 1 t o M ch 3 1 ____ .2 0 ,8 3 3 ,3 8 6 19,185,576
6,896
C h a tta n o o g a S o u th 'n a .M c h
10,201
61,113
J u ly 1 to M ch 3 1 _______
67,822
2,2 4 9 ,0 4 3
C h esapeake & O h i o . b . -M c h 2,8 8 6 ,6 9 8
19,630,252
J u ly 1 to M ch 3 1 ____ .2 3 ,4 7 0 ,9 4 5 19,636,252
1,060,120
C h ica g o & A l t o n . a -------- M ch 1,172,492
9,6 5 4 ,5 2 4
J u ly 1 to M ch 3 1 _______ 10,374,324
6 ,861,503
x Ohio Burl & Q u in c y .b M ch 7,9 1 0 ,7 7 6
J u ly 1 to M ch 3 1 . . .......6 7 ,1 4 7 ,7 9 6 5 9 ,991,514
933,638
C h ica g o G rea t W e s t . b . .M c h 1,145,452
0,5 0 9 ,7 7 6
S ep t 1 t o M ch 3 1 _______ 7,025,971
5 ,0 6 4 ,9 8 2
C h ic M llw & S t P a u l . a . - M c h 5,7 9 3 .8 3 7
J u ly 1 t o M ch 3 1 _______ 4 8 .4 9 4 ,3 6 9 4 5 ,8 1 3 .3 0 0
Ohlc MU & P u g et S d .a M ch 1,0 0 4 ,5 9 5
A u g 1 to M ch 3 1 _______ 6,9 0 3 ,8 0 1
5,4 0 8 ,0 6 3
* C h ic & N o r W e s t .b ___ M ch 6 ,2 8 0 ,6 0 9
J u ly 1 to M ch 3 1 _______ 55,7 3 4 ,5 5 4 50,0 8 9 ,7 8 8
1,146,191
x C h ic S t P M inn & O .b M ch 1 ,366,660
J u ly l t o M ch 3 1 ............ 1 1,416,173 10,295,907
180,020
C o lo r a d o M h lla n d .a _____ M ch
169,809
1,761,814
J u ly 1 t o M ch 3 1 _______ 1 ,7 8 7 ,3 6 0
2,2081
C o r n w a ll,b _____________ M ch
19,151
74,032
J u ly l t o M ch 3 1 _______
153.444
251,306
C u ba H R . . . .......... ............M ch
291 ,486
1,540,263
J u ly 1 t o M ch 3 1 _______ 1,822,143
1,540,813
x D el & H u d son b ______M ch 1,760,252
4 ,2 9 4 ,0 0 7
Jan 1 to M ch 3 1 _______ 4 ,5 2 8 ,1 5 6
1,070,302
D en ver & R io G r a n d e .a M ch 1,955,958
J u ly 1 to M ch 3 1 _______17,731,571 15,545,000
217,138
D ul S o Sh & A tl b _____ M ch
276,893
1,993,584
J u ly 1 to M ch 3 1 ............. 2 ,4 2 1 ,6 6 5
4 ,3 0 8 ,4 0 0
E ric a . ..................- ..............M ch 4 ,8 1 8 ,6 9 7
J u ly 1 to M ch 31
. _ .4 1 ,4 0 8 ,4 9 1 3 7 ,7 3 8 ,5 3 0
R oads.

--------N et Ea
C urrent
Y ear.
S
7 0 ,025
476 ,114
1,283,121
7 ,6 6 5 ,8 0 0
802 ,054
9,308,851
888,539
9,523,951
d e f3 ,l7 2
d e f33,233
1,238,710
9,5 3 2 ,3 7 3
s.307,547
S3,420,143
2,4 0 0 ,4 0 4
2 0 ,3 4 0 ,2 0 6
280 ,319
1,784,104
2 ,086,804
1 3 ,265,285
442 ,530
3,4 3 5 ,0 5 8
2 ,1 7 9 ,0 3 9
1 6 ,633,629
544 ,167
4 ,0 2 8 ,9 1 8
6,274
254,383
9,321
82,194
154,736
751,365
758 ,738
1,615,069
601 ,085
5,006,661
101,845
772 ,735
1 ,577,137
1 1 ,6 8 5 ,4 4 0

m in u s------P revio u s
Y ea r.
8
38,2 1 6
333 ,0 6 0
1,161,848
0 ,2 5 0 ,8 0 2
743,974
8 ,2 2 7 ,0 0 2
1 ,084,544
8 ,2 3 7 ,4 5 0
d c f 7 , 148
d c f .i l , 78 3
88 5,799
7 ,5 0 9 ,3 5 3
s.372.911
S 3,075 ,695
2 ,4 7 5 ,7 6 0
20,6 9 8 ,2 8 3
100,703
1,1 0 1 ,0 5 8
1 ,915,920
15,141,048

1,902,538
1 8 ,131,595
370 ,219
3 ,7 3 0 ,6 2 7
5,424
340,701
5,210
24,456
123,730
664,692
520,983
1 ,428,750
382,352
4 ,3 1 0 ,0 4 8
63,909
536,789
1,380,437
9,823,041

G rand T ru n k o f C a n a d a 799 ,079
2 .,4 2 3 ,0 3 0
679,850
G rand T ru n k R y . . ___ Mch 2,8 8 7 ,2 9 4
5 ,785,104
22,56644,7
,78833
5,7 1 5 ,8 3 9
J u ly 1 t o M ch 3 1 .............2 5 ,2 0 0 ,2 0 5 22,5
182,980
489 ,083
124,582
G rand T ru n k W est’ n .M c h
582 ,520
1,1 7 4 ,7 2 2
4 ,1 2 3 ,7 3 0
1 ,035,036
J u ly 1 t o M ch 3 1 ............. 4 ,6 0 9 ,3 8 2
35,525
16,789
126 042
D et G r H a v & M U w /. M ch
158,161
370,141
1,271,951
283,784
J u ly 1 t o M ch 3 1 _______ 1,527,487
39,905
128,962
1,400
C anada A t la n t ic ______ Moll
164,974
260,473
62,641
1,351,412
J u ly 1 to M ch 3 1 ............. 1 ,544,159
1,7
2
0
,0
9
9
4 ,9 4 8 ,4 7 2
1 ,271,596
Illin os C e n t r a l . a _____ M ch 4 5 ,8 8 2 ,3 5 2
J u ly 1 to M ch 3 1 _______4 7 ,1 5 5 ,9 6 6 4 3 ,5 6 9 ,8 2 8 10,115,373 10,029,048
291 ,220
301,533
760,431
# I n te ro ce a n lc o f M c x . .M ch
769,259
1,984,511
1,7 2 4 ,5 1 5
J u ly 1 to M ch 3 1 _______ 5 ,6 3 7 ,0 1 7
5,1 7 5 ,4 3 5
74,611
22,964
K anaw ha & M i c h . a _____ M ch
2 5 2 ,1 6 7
158,100
5 77 ,015
284,155
J u ly 1 t o Mch 3 1 ____
2 ,0 8 2 ,8 9 8
1,634,264
I n c 30,481
L o n g -I s la n d ______________ M ch
I n c 79,998
I n c 27,133
J a n 1 to M ch 3 1 _______
In c 105,380
48,870
36,705
105,480
L ou isian a & A r k .a . . . . M ch
123,164
3 43 ,475
251 ,217
J u ly 1 to M ch 31
891,378
971,983
1 ,565,184
1,365,984
L o u is v & N a s h v .b
. . M ch 4 ,7 9 0 ,5 3 0 3 ,9 0 7 ,3 9 8
J u ly 1 t o M ch 31 _______3 9 ,2 7 0 ,9 8 9 3 4 ,6 3 0 ,6 3 9 1 4,543,092 12,173,41 1
255,983
x M aine C entral b
. . . Mch
286 ,592
774,733
728 ,672
1,920,720
J u ly 1 t o 1M ch 31
2,2 8 8 ,0 1 3
6 ,703,532
0,244,691
a M exica n In te r n a t’l . . . . Mch
' 310,251
236,641
804 ,318
602,507
2 ,0 4 0 ,9 2 5
J u ly t t o M ch 31
2 ,7 5 3 ,5 2 6
6,544,091
5 ,149,992
10,735
4,3 3 8
M ineral R a n g e .b ------ . . M ch
68,454
70,918
103,415
J u ly 1 to M ch 31
040,124
622,173
80,714
.
.
M
ch
29,553
70,518
3
4
,890
64,595
.Mississippi C e n t r a l.b .
660,077
199,670
518 ,429
269,643
J u ly 1 t o Mch 31

___
___
_...




[VOL. L X X X X

------- G ross E a rn in g s-------N et E a rn in g s------Current
P rev io u s
Current
P rev io u s
Y ear.
Y ea r.
Y ear.
Y ear.
$
5
$
5
485 ,996
1 ,9 6 0 ,1 8 8
M o K a n & T e x a s , b ____ M ch 2 ,2 6 1 ,8 0 2
559,798
6 ,2 8 5 ,2 2 0
J u ly 1 to M ch 3 1 _______ 2 0 ,4 5 5 ,5 0 8 1 9 ,6 1 7 ,7 6 8
5 ,879,658
289 ,569
9 9 2 ,9 7 0
N ash C hat & St L b . . .M c h 1 ,0 2 2 ,5 6 3
256,632
2 ,4 1 5 ,3 9 0
J u ly 1 to M ch 3 1 ______ 8 ,6 3 3 ,8 2 2
2,1 1 5 ,0 7 7
8 ,4 2 0 ,4 5 3
2
,1
0
0
,3
5
0
g N at R y s o f M e x i c o ____M ch 4 ,9 3 6 ,2 6 8
2
,0
9 2 ,8 3 0
4 ,6 3 1 ,8 5 9
3 5 ,5 5 1 ,9 1 2 14,3 7 0 ,9 4 6
N e v a d a -C a l-O rcg o n b . . M ch
32,2 9 7
3 55,920
,9 2 0
15,195
20,100
J u ly 1 to M ch 3 1 _______
3 5 0 ,9 8 5
283
,682
180,106
154,082
186,106
283,682
N ew O rl G t N o r t h e r n .a .M c h
130,381
57,845
52,568
14,291
J u ly 1 to M ch 3 1 _______ 1 ,053,493
430 ,5
90
3
8 4 ,6 5 5
52,872
,590
384
N Y O u t & W e s t e r n .a . .M c h
7 2 0 ,6 0 1
749,973
,973
212,690
,6 9 0
228 ,9 5 0
749
212
J u ly 1 to M ch 3 1 _______ 6 ,3 0 2 ,5 2 5
,23399,2
,29977 1,749,274
1,749,274 1,817,122
66,2
329,533
N Y S u sq & W e st a . . . M c h
3 2 9 ,9 9 0
329 ,533
122,442
130,884
122,442
762,271
7 8 7 ,0 1 9
J u ly 1 to M ch 3 1 _______ 2 ,6 1 9 ,7 7 9 2 ,4 5 3 ,7 5 2
N o rfo lk & W e s t e r n - b . . .M c h
3 ,1 5 4 ,2 8 5 2,4
2 ,46677,9
,95588 11,353,780
,3 5 3 ,7 8 0
959 ,2 0 8
J u ly 1 to M ch 3 1 _______ 2 5 ,9 2 3 ,9 2 7 21,646.71
21,646,7111 10,631,915
1 0 ,631,915 8 ,5 4 0 ,0 6 6
N o rth e rn Central . . . .M c h
1,0 7 1 ,3 1 0 1,011,010
l .O t l.0 1 0
190,690
210 ,396
190,696
4433
J an 1 to M ch .31
3 ,0 3 3 ,6 2 5
3 3,908
,9 0 8
267,908
2 2,6,66 67 7,0,02 25 5
x N orth ern P a c i f ic .b . . .M c h
5,7 1 9 ,1 1 0 55,477,836
,4 7 7 ,8 3 6 22,1,11177,7,71100 2 ,6 5 7 ,7 6 5
2
1
,5
5
3
,9
4
9
5
1
,5
8
0
,2
2
0
J u ly l to M ch 3 1 _______55,00t
x P en n a C o m p a n y , b ____M ch
4 ,2 1 7 ,7 8 9 33,1
,18888,1
,13355 1,0
1 ,09900,0
,06699
860,461
J u ly 1 to M ch 3 1 ............. 3 9 ,7 2 7 ,8 5 7 3 0 ,4 2 4 ,4 0 2“ 1' 4 ,2 4 2 ,8 8 9
P e n n s y lv a n ia — L ines d ir e ctly o p e r a te d .
2 ,119,769
E ast o f P itts & E rie . .M ch 1 4,205,869 1
12,1
1 9 ,7 6 9 4 ,1 2 6 ,6 0 9
2 ,9 1 2 ,7 0 9
J a n 1 to M ch 3 1 _______ 39,8 4 8 ,7 4 1 3 3 ,654,741 1 0 ,167,917 7 ,4 3 1 ,3 1 7
W e s t o f P itts & E r i e ..M c h
I n c 1 ,772,800
In c 4 2 8 ,4 0 0
J a n 1 to M ch 3 1 ______
I n c 5 ,4 4 1 ,3 0 0
In o 1 ,7 5 4 ,3 0 0
P ere M a rq u e tte , b . . . . ..M c h 1 ,446,080
3 9 1 ,5 0 6
1 ,306,246
492 ,340
J u ly 1 to M ch 3 1 . ____ 12,020,887 1 0,639,765
3 ,6 7 1 ,4 8 7
3 ,0 5 2 ,6 1 2
P h lla B alt & W a s h ____ . . Mch 1 ,513,907
3 5 8 ,0 1 8
1,459,507
351 ,4 1 8
Jan 1 to M ch 3 1
4 ,1 7 5 ,1 6 3
3 ,9 5 5 ,0 6 3
776,61 l
699 ,3 1 4
71,158
55,587
R io G rande J e t _______ . . F e b
021 ,3 4 7
n 16,67 6
D e c l to F e b 28
223 ,699
188,823
« 6 7 , l 10
0 5 6 ,6 4 7
R o c k Island L in e s .b . ..M c h 5,520,993
5,11 1,417
1,129,248
l .523,022
J u ly 1 to M ch 31 . _____ 5 0 ,214,139 4 6 ,3 8 2 ,4 0 2 1 4 ,1 7 6 ,4 4 4 1 3 ,722,922
St L & San Fran . b . . . . M ch 3 ,6 9 1 ,2 3 2
3 ,2 1 0 ,1 2 6
1,321,403
1 ,420,298
J u ly 1 to M ch 3 1 . _____ 31,6 6 0 ,4 1 3 2 8 ,7 0 9 ,2 8 9
9 ,6 2 5 ,9 5 4
9 ,4 2 1 ,4 0 3
C h ic & East Illin o is. b M ch 1,2 2 3 ,0 6 0
876,053
430 ,326
3 61 ,228
J u ly 1 to M ch 31
9,2 9 2 ,5 6 9
3 ,068,391
2 ,4 3 3 ,0 4 5
7 ,8 7 8 ,3 6 6
171,961
E v a n s v & T I l ’ te b . . M ch
6 8 ,506
228,671
91,865
J u ly 1 to M ch 31
1,883,619
726 ,395
584,498
1 ,614,980
1,843,595
T o ta l all lin e s_______ . . M c h 5,1 12,961
4,2 5 8 ,1 4 3
1 ,850,032
J u ly 1 to M ch 31 ______ 42,836,601 3 8 ,2 0 2 ,6 3 6 13,420,711 12,4 3 8 ,9 4 7
8 16,1 23
939,982
St L ou is South w estern .a M ch
159,014
143 ,215
2 ,1 7 4 ,3 5 5
1,817,278
J u ly 1 to M ch 31.
8 ,4 8 8 ,4 8 2
8 ,0 4 2 ,2 8 7
S o u th e rn R a ilw a y —
267,974
932 ,387
837,584
259 ,833
M obile & O h i o . b . . . . . M ch
2 ,4 1 5 ,9 2 6
J u ly 1 to M ch 3 1 _______ 7,8 5 8 ,9 4 2
7 ,3 7 9 ,9 1 7
2 ,3 7 8 ,7 7 5
252 ,638
333 ,493
C I n c N O & T P . b _____ M ch
793,924
656 ,139
1,985,468
J u ly 1 to M ch 3 1 ______ 6 ,699,961
2,553,941
5,8 0 2 ,7 5 8
100 ,637
128,313
3 70 ,769
285,050
A la G t S o u t h e r n .b ____ M ch
8 05 ,257
J u ly l to M ch 3 1 ______ 3 ,0 9 4 ,9 5 7 2 ,6 8 8 ,7 6 7
964,072
03,943
G eorgia Sou & F l a .b .M c h
211 ,584
191,996
3 1 ,680
4 3 7 ,5 7 8
441 ,200
J u ly 1 to M ch 3 1 _______ 1,809,180
1,501,841
162,171
324 ,624
T e x a s & P a c i f ic .b _______M ch 1,313,701
1,147,424
703,901
3 ,484,071
Jail 1 to M ch 3 1 ______ 3 ,8 6 0 ,5 1 8
936 ,986
;H 0 2 ,8 5 9
p 9 7 ,477
T o l S t L & W e s t e r n .a -M c h
3 16 ,479
288,901
P 8 43.6 26
J u ly 1 to M ch 3 1 _______ 2 ,8 5 3 ,3 4 7
/»9 13,510
2 ,5 7 5 ,3 4 5
2 ,1 4 7
3,478
8,211
7,208
T o m b lg b e c V a lle y ________M ch
J u ly 1 to M ch 3 1 _______
23,955
2 0 .7 1 7
63,375
60,770
207 ,996
181 ,963
8 77 ,509
741 ,217
x V a n d a lla .b ....................-M c h
5,441,011
4 ,9 5 0 ,5 8 5
J u ly 1 to M ch 3 1 _______ 7 ,4 4 0 ,1 4 0
6 ,640,272
60,118
23.7 1 8
W est Jer & S e a s h o re _____ M ch
4 0 8 ,5 1 0
3 78 ,710
d e f2 ,5 9 4
d e f4 7 ,7 9 1
Jan 1 to M ch 3 1 _______ 1,107,864
973,764
190,090
89,74 5
Y a z o o & Miss V a lley .a .M c h
909,254
818 ,762
990 ,285
1,279,663
J u ly 1 to M ch 3 1 _______ 7,9 8 7 ,6 6 4
7 ,9 1 6 ,5 5 6
R oads.

___

___

I N D U S T R I A L C O M P A N IE S .
-------N et E a rn in g s ------------- Gross E arningsP reviou s
C u rren t
P reviou s
Current
C om pa nies.
Y ear.
Y ear.
Year.
Y ear.
5
$
?
$
A b ln g to n * R o c k la n d E le ct
1,504
5,299
1.784
L ig h t & P ow er C o . b . M ch
6,887
6 ,1 3 9
Jan 1 to M ch 3 1 _______
23,331
8,440
17,325
A tla n tic G ulf & W est Indies SS L ines —
243 ,254
S u b sid iary C o s .......... . F e b 1,320,768
504 ,540
Jan 1 to F e b 2 8 ______ 2 ,6 1 2 ,3 8 7
32,7 6 9
4 1 ,750
72,850
B la ck sto n e V al G as& E l bM ch
81,458
1 19 ,716
138,917
244,857
Jan 1 to M ch 3 1 _______
268,645
B u ffa lo Gas C o—
95,922
8 4 ,134
Jan 1 to M ch 3 1 _______
________
247 ,607
528,737
228,221
C u m b T cl & Tel C o .b ..- M c h
568,336
712 ,739
1,5 8 7 ,0 0 7
669 ,4 1 9
Jan 1 to M ch 3 1 ............. 1 ,6 6 5 .5 9 7
12,565
20,481
8,210
25,524
E d ls o n E lc c C o (B r ’ k’ n) b M ch
6 9 ,900
3 9 , /0 3
31,703
80,218
Jan 1 to M ch 3 1 _______
24,708
1 1.743
0,021
32,1 7 6
Fall R iv e r Gas W o r k s .b .M c h
98,187
43,9 5 5
3 8 ,3 1 0
105,710
Jan 1 to M ch 3 1 _______
19,772.
10,306
8 ,3 0 4
21,700
H o u g h to n Co E lec L t . b .M c h
71,997
41,312
3 7 ,3 9 5
76,158
Jan 1 to M ch 3 1 .......... ..
28,909
15,082
10,437
35,037
L o w e ll E lec L t C o r p . b . - M c h
02,991
47,811
3 8 ,242
106,636
Jan 1 to M ch 3 1 _______
89,040
62,399
4 8 ,6 1 2
103,967
M ln neap Gen E le c C o b Mch
290 ,869
173,272
3 25 ,755
207,002
Jan 1 to M ch 3 1 .............
828 ,216
103,987
070,050
73,533
W ells F a rgo & C o . b ___Jan
1,896,417
7 ,394,211
2 ,0 1 2 ,9 3 7
J u ly 1 to Jan 31 .......... 8,7 6 5 ,5 1 6
a N et earnings here g iv e n arc a fte r d e d u ctin g taxes,
b N et earnings here g iv e n are b efore d e d u ctin g taxes.
g T h ese results arc In M exica n c u rre n cy .
rtF o r M arch m iscella n eou s credits to Incom e sh o w e d a d e ficit o f 8 3,582,
a gain st a deficit o f $10 ,390 In 1909, an d fo r p eriod fro m J u ly 1 t o M ch . 31
there w as a credit o f $375,798 In 1910, again st $34 6,33 7 In 1909.
s A fte r allo w in g fo r m iscella n eou s charges to Incom e fo r the m o n th o f
M arch 1910, to ta l net earnings w ere $ 30 1,13 6, a gain st $ 3 3 4,02 0 last y ea r,
an d fo r p eriod fro m J u ly 1 to M ch. 31 w ere $ 3 ,0 0 6 ,0 7 8 this y e a r , against
$ 3 ,3 7 0 ,7 2 4 .
n T h esa figures represent 3 0 % o f gross earn in gs.
a; T h ese figures are on the basis o f a c c o u n tin g p re s crib e d l>y the In ter­
S ta te C om m erce C om m ission .

Interest Charges and Surplus.
— I n t., R entals, & c .—
— I3al. o f N et E 'n g s .—
C u rrent
C urrent
P revio u s
P reviou s
ear.
Y ear.
Y ea r.
Y ea
r.
Y ear.
$
$
$
338 ,3 1 7
592,981
491 ,563
C entral o f N ew J e r s e y . .M c h
550,221
5 ,0 2 2 ,2 6 8
4 ,6 4 6 ,1 0 0
3 ,5 9 1 ,3 4 4
J u ly 1 to M ch 3 1 _______ 4 ,5 0 1 ,6 8 3
685 ,628
a 5 18,613
337 ,1 8 6
C hesapeake & O h i o .
M ch a55 3,08 2
4 ,8 0 9 ,0 2 1
J u ly 1 to M ch 3 1 ______ a l , 663,152 « 4 , 666 ,304
2 ,8 4 2 ,9 8 9
C h ica go G t W e s t e r n .. . .M c h
218 ,3 1 9
2 9 3 ,2 4 5
.r0 8 ,6 6 8 z d e fl 25,669
2,0 2 4 ,8 2 8
.r3 2 3 , 138.rdcf900,031
S ep t 1 to M ch 3 1 _______ 1,509,049
3 1 ,3 5 0 <»def37,800
Cdefl ,233
C o lo ra d o M id la n d ______ M ch
31,447
282 .1 5 0 edef9.3,705
J u ly 1 to M ch 3 1 _______
2 8 2 ,4 4 0
622,954
R oads.

May 7 1910.]

THE CHRONICLE

1235

— I n t., R entals, A c .—
— H al. o ) N et E 'n g s .—
Electric Railway Net Earnings.— The following table gives
Current
P rev io u s
C u rrent
P rev io u s
the returns of E LE C T R IC railway gross and net earnings
R oads.
Y ea r.
Y ea r.
Y ear.
Y ea r.
C u ba R R .......................
M ch
5 3 0 .6 0 7
5 3 4 ,2 3 9
5 1 1 3,06 9
589,491
reported this week. A full detailed statement, including all
J u ly 1 t o M ch 3 1 ............
3 2 5 ,2 1 0
295 ,358
4 2 0 ,1 5 5
369,334 roads from which monthly returns can be obtained, is given
D en v e r & R io G r a n d e .-M c h 4 5 4 ,9 5 4
3 50 ,818
(1313,749
(1140,187
once a month in these columns, and the latest statement of
J u ly 1 to M ch 3 1 _______ 3 ,9 9 8 ,5 1 2
3 ,0 2 9 ,4 0 5 (12,689,104 (12,188,450
this kind will be found in the issue of April 30 1910. The
D u l So Sh & A tla n tlo ____ M ch
95,6 4 9
90',935
* 9 ,0 3 2 £ d e f2 4 ,8 0 0
J u ly 1 to M ch 3 1 . _____
800 ,252
815,101 £ d e f5 1 ,8 5 5 £ d e f2 3 2 ,6 3 4
next will appear in the issue of May 28 1910.
K an a w h a & M ic h ______ M ch
26,356
23,2 7 5
£ 6 0 ,1 5 7
*8,651
-N e t E a rn in g sUross E a m in o s J u ly 1 to M ch 3 1 _______
237,083
208 ,5 8 9
£ 4 7 1 ,4 4
1£ 1 5 6,26 0
P rev iou s
CU1
C u rrent
Current
P rev io u s
Y ea r.
Y ea r.
Y ea r.
R oads.
Y ea r.
L ou isian a & A r k . . ...............M ch
23,8 4 9
20,736
£ 3 0 ,5 3 0
£23 ,2 1 9
214,743
183,734
£ 2 0 4 ,1 4 6
£ 1 3 4,71 8
J u ly 1 t o M ch 3 1 _______
$41 ,6 2 2
$49 ,2 6 6
A u rora E lgin & C h ic . b> . M ch $ 1 1 8,70 9
$ 1 0 1,97 2
_______
4
8 7 ,7 3 2
J
u
ly
1
t
o
M
ch
3
1
526,288
1,0
7
6
,9
8
9
M ineral R a n g e . ........ ......... Mch
19,521
21,389 * d c f l4 ,0 3 4 £ d e fl0 ,6 3 9
1,1 8 1 ,8 9 8
J u ly 1 to M ch 3 1 . _ . . .
128,263
129,800 £ d c t3 6 ,0 7 9 £deX24,809
B a to n R o u g e El C o . b ___M
1,917
3 ,0 0 7
. . . Mch
ch
7,689
8,4 0 7
J a n 1 t o M ch 3 1_______
.
9,191
M o K an & T e x a s . . ______ M ch
621 ,7 0 3
5 1 5 ,4 8 5 £ d e f5 2 ,791
£53 ,3 8 0
6,346
22,183
25,901
J u ly 1 to Mch 3 1 . .
. . . 5 ,0 7 3 ,8 6 0
4 ,9 9 8 ,4 6 1 £ 1 ,4 0 1 ,5 4 6
£97 9,70 8
B irm R y , L t & P C o . ai. -.M
M cc h
67,614
8 7 ,230
215 ,0 0 8
181 ,818
Jan 1 t o M ch 31
209 ,3 2 8
N cv a d a -C a l-O r e g o n ______ M ch
3,612
3,9 5 4
£ 1 2 ,6 3 6
£17 ,1 8 8
251 ,1 8 4
637 ,104
551,615
3 2 ,8 0 7
3 5 ,7 0 0
£ 1 6 3 ,2 2 2 £ 1 2 8,87 4
J u ly 1 to M ch 3 1 _______
B ro ck & P ly m St R y . b .M c h
1,186
1,492
7,282
7,579
Jan 1 to M ch 31
N ew O rl G t N o r t h e r n .
M ch
46,234
24,168
£21 ,8 1 8
* 8 ,5 8 6
3 ,6 8 7
20,754
2 1 ,395
1,872
J u ly 1 t o M ch 3 1 . .
...
415,864
1 9 5 ,6 8 9
* 1 1 0 ,8 2 3 £ d c f 4 1,610 Cape B re to n E le ct C o . bb. M
h
Mcch
5,320
20,1 3 5
8,5 2 0
10,462
J a n 1 t o M ch 31
N Y O n t & W e s t e r n ______ M ch
102,829
93,148
109,861
135,802
15,893
60,514
50,685
24,413
J u ly 1 to M ch 3 1 . . . . . .
8 6 5 ,4 2 7
8 3 9 ,0 8 5
8 83 ,847
9 (8 ,0 3 7
C o lu m b u s (G a .) E l C o ..b
b ..M
M ch
14,393
3 3 ,3 5 3
10,828
29,495
N o rfo lk & W estern ........ M ch
469 ,2 2 7
4 63 ,427
884 ,553
495,781
D allas E lect C o r p . b ____
M cch
...M
h
114,849
39,671
102,667
37,608
J u ly 1 to M ch 3 1 _______ 4 ,1 9 6 ,2 9 5
3 ,9 8 5 ,7 0 7
6 ,4 3 5 ,6 2 0 4 ,5 5 4 ,3 5 9
J a n 1 t o M ch 31 ------. . .
3 38 ,770
1 1 2 ,7 5 9
2 9 9 ,5 0 7
108,817
P erc M a r q u e t t e __________ M ch
437,481
361,711
£ 5 9 ,5 6 2
£35 ,531
D u lu th -S u p e r T r a c C o ..bb.M
.M cch
h
85,816
25,726
73,942
3 0 ,2 0 9
J u ly 1 t o M ch 3 1 . ........... 3 ,3 2 6 .1 8 4
3 ,2 1 7 ,9 4 9
£ 4 0 2 ,5 6 3
£ 13 ,683
Jan 1 t o M ch 31
241,444
2 1 2 ,5 0 0
89,7 0 3
73,200
R io G ra nde J e t _________ F e b
8,333
8,333
13,014
8,343
El P a so E le c C o . b _____
...M
Mch
ch
51,579
45,602
2 2 ,0 1 5
16,597
D ec 1 to F eb 2 8 _______
2 5 ,000
2 5 ,0 0 0
4 2 ,1 1 0
31,647
J an 1 t o M ch 31
163,376
142 ,487
5 5 ,336
76,570
St L ou is S o u t h w e s t e r n ..M c h
171,423
167,721
£ 2 3 ,0 7 8
£ 1 3 ,0 2 6
F t W a y n e & W a b V al b .M c h
120,048
105
,812
49,6
1
8
41.091
J u ly 1 t o M ch 3 1 . _____ 1 ,550,979
1,5 1 5 ,4 2 4 £ 1 ,0 2 2 ,1 1 1
£ 6 5 0,67 4
J a n 1 t o M ch 31
3 5 4 ,4 8 7
314 ,721
154,273
127 ,437
I N D U S T R I A L C O M P A N IE S .
G a lv -I lo u s E le c C o . b .. . . M ch
105,144
95,611
37,471
3 6 ,5 3 5
— I n t., R entals, A c .—
— H al. o j N et E 'n n s .—
Jan 1 t o M ch 31
291,674
9 8 ,135
209 ,598
94,4 0 9
C u rrent
P revio u s
C u rrent
P reviou s
27,019
H o u g h to n C o T r a c C o . b M ch
13,888
2 5 ,457
10,551
C om pa n ies.
Year'.
Y ea r.
Y ea r.
Y ear.
Jan 1 to M ch 31______
74,523
70,886
32,691
2 4 ,8 9 7
A b in g to n & R o c k la n d E le ct
52,5
5
8
41,0
4
7
2
5
,584
. . . Mch
ch
1 7 ,457
Ja ck so n v ille El C o . b ___M
L ig h t & P o w e r C o ____ M ch
$757
$333
$ 1 ,027
$1,171
68,376
4 6 ,8 8 9
143,128
115,776
J a n l t o M ch 31
2,120
989
6,314
5,150
Jan 1 t o M ch 3 1 .............
275,471
6 2 2 ,5 5 5
561 ,774
246 ,603
K a n C ity R y & L t Co bb. -M
.M c h
A tl G u lf & W est In dies SS L ines —
2 ,3 6 9 ,8 4 7
5 ,5 0 0 ,0 6 7
2 ,6 0 7 ,2 4 7
Ju n e 1 to M ch 3 1 _______
S u b sid ia ry C os .......... F eb
103,972
....
_
79,282
. . ______
J a n 1 t o F eb 2 8 ______
3 2 7 ,7 5 2
. . ..........
176,788
_________
157,108
160,839
333 ,801
M llw E lec R y & L t C o . b .M
.M c h
3 73 ,915
4 69 ,439
489
,9
6
8
Jan 1 to M ch 3 1 _______ 1,106,813
990 ,8 4 5
B lack s ton e V a l G as & E l M ch
2 4 ,1 0 4
24,416
17,646
8,353
Jan 1 t o M ch 3 1 .............
72,513
7 4 ,182
66,404
45,534
28,493
72,158
3 7 ,148
.M c h
58,444
M llw L t , H t & T r C o . b5.. -M
82,914
Jan 1 t o M ch 31L.............
204 ,636
171,659
101 ,345
C u m b T el & T el C o . . . M c h
47,524
4 3 ,1 7 5
200 ,083
185,040
J an 1 t o M ch 3 1 . . .
142,863
130 ,5 4 5
509,870
538,872
237 ,012
N ew O rleans R y & L t CDo
o .M c h
529,023
5 09 ,089
249 ,2 6 9
E d ison E lect C o lB r k t n ).M c h
3 ,9 5 2
3,2 1 9
8,613
4,991
62,674
N o rf & P o rts m T r a c . bb .. .. M
ch
153,932
156,394
63,005
Mch
Jan 1 to M ch 3 1 ...........
12,777
9,201
26,920
25,502
Jan 1 t o M ch 31
198,814
449 ,7 7 7
4 0 8 ,5 5 8
188,464
F a ll R iv e r G as W o r k s ..M c h
3,589
2 ,6 9 0
8 ,1 5 4
3,331
123,679
4 8 ,655
N orth ern T e x E l C o .lb. M ch
109,013
61,389
Jan 1 to M ch 3 1 _______
10,708
7 ,6 0 0
3 3 .2 4 7
30,710
117,619
J a n 1 to M ch 31
140,871
327 ,010
280,611
H o u g h to n Co & E lec L t_M ch
4,2 3 2
4 ,1 2 5
6,0 7 4
4,2 3 9
7,464
P
en
sa
cola
E
lec
Co
.
b
8,888
___M
ch
21,536
19,013
Jan 1 to M ch 3 1 .............
12,935
12,356
28,377
25,039
J a n 1 t o M ch 31____ . .
24,614
57,878
25,424
61,956
L ow ell Elec L t C o r p ____M ch
4,721
4 ,2 2 0
10,361
6,217
4 3 ,1 2 0
P u get S ou n d El C o .b . . . M ch
142,019
32,601
157,779
Jan 1 to M ch 3 1 _______
13,555
12,123
34,2 5 6
26,119
Jan 1 t o M eh 31
101 ,890
433 ,367
3 9 0 ,3 2 5
105,483
M ln neap G en E leo C o . - . M c h
3 1 .427
30,135
30,9 7 2
18,477
I llo de J a n T r .L & P C o .a .M
h
Jan 1 to M ch 3 1 .............
90,308
90,880
110 ,094
8 2 ,3 8 6
281 ,170
. Mcch
031 ,336
590 ,615
2 19 ,582
J a n 1 t o M ch 31.l _______ 1 ,853,818
653 ,626
821,353
1 ,7 5 4 ,8 0 6
a T h ese figures are a fter dedu ctin g, o th e r Incom e.
it T h ese figures arc a fter a llo w in g fo r o th e r Incom e an d fo r d is c o u n t an d
S av an n ah E lect Co b _ M ch
17,599
49,9 0 7
40,814
17,858
Jan 1 t o M ch 3
ex c h a n g e . T h e sum o f $10 ,000 Is d e d u cte d e v e r y m o n th f r o m surplus
52,950
143 ,935
142,655
53,454
an d p la ced to the cred it o f th e renew al fu n d .
S eattle E lec C o. b . . . . . . F e b
4 31 ,075
119,654
168,276
379 ,6 9 2
e A fter a llow in g fo r net m iscella neous ch arges a n d cre d its t o in co m e .
Jan 1 t o F e b 2 8L. ..........
8 9 8 ,7 7 5
782,503
302 ,1 7 2
325 ,586
v A fter a llow in g fo r oth e r Incom e r e ce iv e d .
...M
h
M cch
T a m p a E le ct C o . b _____
54,061
48,176
25,978
2 0 ,475
Jan 1 t o M ch 3 1 .
ELECTRIC R A ILW A Y AND TRACTION COMPANIES.
163,705
152,614
78,0 5 7
6 5 ,110
T w ln C ity R a p T r C o .bb.M
.M c h
508 ,402
541 ,936
262 ,6 2 9
293 ,628
Jan 1
‘ ‘
*
1,7 1 9 ,3 2 0
1,5 5 0 ,6 9 9
8 30 ,296
711,782
Latest Gross E a rn in gs.
J a n . 1 to latest date.
048,203
U nited R R s o f San F r„ b .M c h
606 ,6 1 5
266,431
213 ,553
N am e oj
J a n 1 t o M ch 3 1 .
1 ,846,852
1 ,7 1 6 ,6 2 6
757 ,4 5 0
670 ,883
R oad.
W eek or
Current P revious C u rrent
revous
32,837
W h a tc o m Co R y & L . bb..M
M ch
14,109
32,172
12,416
Y ea r.
M on th .
Y ear.
Year.
Y ear.
101,854
Jan 1 t o M ch 31 . . .
96,262
37,443
39,218
$
$
*
$
a N et earnings here g iv e n are a fte r d e d u ctin g ta x e s ,
8 06 ,585
A m erica n R y s C o ____ M a r c h ____ 304 ,222 264,348
789,459
b N et earnings here given are b e fo re d e d u ctin g ta x e s.
101,972
118,70
c A u r E lgin ttc C h ic R y l i r c u ____
323 ,892
295 ,944
42,229
37,720
125,018
112,394
B a n gor R y & E l C o ._ M a r c h ____
Interest Charges and Surplus.
i bru a ry .
24,001
25,485
52,665
50,354
B in g h a m ton S t R y . .
— I n t., R entals, A c .—
— R al. o j N et E 'n a s .—
637.101
551,615
B ltm R y L t A Po>v r la rch ____ 215,008 181 ,818
C u rrent
P reviou s
C u rrent
P reviou s
7,282
7,579
B r o c k to n A P ly S t R y M a r c h ____
20,754
21,395
Y ear.
R oads.
Y ea r.
Y ear.
Y ea r.
20,135
16,462
Cape B reton E le c t Co M a r c h ____
60,514
50,685
17,026
14,575
C arolina I’ ow & L t Co M a r c h ____
52,252
42.438
$12 ,858
A u rora E lgin & C h ic a g o .M c h
$17 ,003
$32 ,263
$28 ,764
03,884
57,136
C entral Penn T r a c — M a r c h ____
184,117
167,332
252,333
236 ,0 4 0
J u ly 1 t o M ch 3 1 _______
251 ,692
273 ,955
67,314
C hariest Con R y G & E M a r c h ____
60,394
199,914
179,063
B
a
to
n
R
o
u
g
e
E
lect
C
o
.
.M
c
h
246
1,959
1,671
1,048
C h ic& O a k P a rk El Ry . l a r c h ____
74,080
67,570
642,154
583,713
C h icago R a ilw a ys Co rm » ia r y __ 1020.614 945,857 1,020.614
B lrm R y , L t & P o w e r ..M c h
4 5 ,3 3 7
4 4 ,787
22,827
41,892
945.857
C Icvc Pal nesv A E a s t M a r c h ____
25,070
20,345
Jan
1
to
M
ch
3
1
____
__
74,972
136,039
134,356
151 ,145
64,856
55,813
114,849 102,667
D allas E lectrlo C o r p . M arch ____
338 ,770
299 ,507 B ro ck & P ly m St R y ___Mch
d ef 302
d ef 794
1,794
1,980
D etroit U nited R y . . . ,>,l w k A p r 155,058 134.046 2,4 6 7 ,5 0 8 2 ,0 6 9 ,9 7 7
J a n 1 to M ch 3 1 _______
5,377
d e f 2,53 7
6,224
d e f3 ,505
D uluth S u p erlorT r Co l a r c h ____
85,816
73,942
241 ,444
212,500
5,049
Cape B re to n E lect C o ___M ch
5,024
3,471
296
50,427
41,601
E ast P en n a R y s C o . . M arch . . . .
146,594
124,691
J a n 1 to M ch 3 1 _______
13,974
1,919
14,175
10,268
E a st S t L ou is A S u b . M a r c h ____ 200,254 158,537
563,681
460,909
51,579
45,602
E l I’ aso E lectrlo . . - M a r c h ____
163,376
13,234
12,850
3,504
1,548
142,487 C olu m bu s (G a .) E le ct C o. M ch
44,188
33,085
F a lrm A Clarks T r Co M a r c h ____
120,111
93,153
26,347
28,918
D allas E lect C orp . . . . Mc h
10,753
11,261
Ft W a y n e & W abash
29,564
J a n 1 t o Mc h 3 1 _______
75,843
8 3 ,195
32,974
354 ,487
V a liev T r a c tio n Co. • l a r c h ____ 120,018 105,812
314,721
D u lu th -S u p e rio r T r C o . .M c h
7,309
C 1 9 .U 7
C18.417
10,792
95,611
291,674
G a iv -I lo u s E leo Co . M a r c h ........ 105,144
269 ,598
2 7 ,9 5 0
86,211
Jan 1 t o M ch 3 1 _______
CIS,250
C45.250
41,453
76,136
251,031
G rand R a pid s R y C o . M a r c h ____
225,177
40,463
38,237
681,938
H avana E lectrlo R y . V k ivlay l
642,322
8 ,6 8 6
El P aso E le ct C o ________M ch
8,575
13,449
7.911
H on olu lu R a p id T rail
J a n 1 t o M ch 3 1 ____ __
50,876
81,611
25,694
23,725
30,323
36,530
F eb ru ary .
72,075
62,74 0
& L and Co
. .
2,963
F t W a y n e A W a b V ail .M c h
40,811
280
46,6 5 5
25,457
27,019
74,523
H ou g h ton Co T r a c Coi M arch . . . .
70.886
Jan 1 t o M ch 3 1 ____
131,668
19,605
4,563
122,874
828 ,870
■ b i.ary . 391.372 349 ,505
Illin ois T ra ction ('<>
7 ar>,2« i
41,047
21,578
14,391
14,957
52,558
23,080
J a c k s o n v ille E leo C o . M arch ____
143,128
115,776 G a lv -H o u s E le c C o . _ .M c h
Jan 1 to M ch 3 1 _______
27,758
80,1 0 6
i trcri
66,651
62,02#
K ansas i Mty K y <fe I.
622 ,55* 561 .77 ! 1,788.017 1,63 2,442
85,984
76,680
L a k e S h ore E lec R y . M a r c h ____
210,742
235,855
H o u g h to n C o T r a c C o .- M c h
5,797
7,572
6,310
4 ,7 5 4
J a r c u ____ 373,01.
333,801 1,106,813
M llw El R y <5c L t Co
090 ,845
Jan 1 to M ch 3 1 _______
16,390
14,104
18,197
8 ,5 0 7
72,158
M llw l.t H t & T r C o . March . . .
58,444
204 ,636
171,659 J a ck so n v ille E lec C o ____ M ch
9,558
9,469
16,115
7,899
78,629
Vk
A
pr
30
07,751
M ontreal S treet R v
1,288,712 1,158,142
Jan
1
t
o
M
ch
31
_____
20,782
27,286
•11,594
19,603
N ash ville R y & L ight M arch . .
149,276 134,132
434,314
404 ,415
la rch .......
N orth O hio True oc E
173,421 150,681
48 1,575
K a n C ity R y & L i g h t __ M ch
160 ,665
156 ,800
114,806
89,803
435.083
N orth T ex a s E lec C o . M a r c h ____
128,679 109,013
Ju n e 1 t o M ch 3 1 . . . _ _ 1,5 7 6 ,1 7 9
1 ,572,076
707,771
327 ,010
280,611
1 ,0 3 1 ,0 0 8
A pril . . _ 182,608 176,376
N orth w est E lev Co
729 ,078
691,291
M llw E le c R y & L t C o .M c h
110,692
103,981
* 5 7 ,1 2 7
£ 5 9 ,2 3 6
N orf A P ortsm T r Co larch . .
153,932 (156,394
449 ,7 7 7
468 ,558
Jan 1 t o M ch 3 1 ____ .
326,721
*
1
7 2 ,0 9 7
3
0
7
,9
6
6
£17
4,11
8
P a d u ca h T ra c & L tC o F eb ru a ry .
18,771
17,807
41,512
36,855
67,303
6 0 ,085
£ 1 4 ,6 8 7
* 1 3 ,5 0 3
P en sa cola E lectric Co M a r c h ____
21,530
19,013
61,956
57.878 M llw L t. H t & T r a c C o . "M ch
Jan 1 to M ch 3 1 _______
201,112
£35,231
* 3 7 ,9 0 8
180,348
P ortl(O re) R y L & P C o . M a r c h ____ 435,052 370 ,730 1,259,930 1,064,958
P u get S ou n d Eleo C o . M a r c h ____
157,779 142,049
433 ,367
62,988
390 ,325 N ew O rleans R y & L t ___M ch
172,284
70,985
171,024
U lo de Jan eiro T ra m
N o rf A P o rtsm T r a c ____ M ch
d c f.2 ,2 7 8
65,283
67,7 9 0
d e f .5,116
M a r c h ____ 631,336 599 ,615 1,853,818 1 ,754,806
L igh t & P o w e r ..
Jan 1 t o Mch 3 1 ---------(lc f.8 ,5 7 2
d e f .4,811
198,036
2 0 4 ,6 2 5
S t J osep h (M o) R y LC
42,603
N orth ern T e x a s El C o . . Mch
17,173
31,482
82,459
18,786
75,511
H eat A P ow er Co . M a r c h ____
251,038
228,197
91,643
J a n 1 t o M ch 3 1 _______
55,228
51,545
66,074
S ao P a u lo T r , L t & P M a r c h ____ 231,888 201 ,975
608,631
676,348
49,907
46,814
S av an n ah E lectric Co M a r c h ____
143,935
4,3 3 9
3,9 7 4
P e n sa co la E lect C o _____ M ch
4,914
3 ,1 2 5
S eattle E lectric C o . . . F eb ru a ry . 431 ,075 379 ,692
898 ,775
782 ,503
13,112
10,901
Jan 1 to M ch 3 1 _______
14,523
11,502
13,800
12,638
40,1 U)
Sou W iscon sin R v Co laren ____
36.1 18
45,910
50,607
P u ge t S o u n d E l C o _____ M ch
d e f l8 ,0 0 0
d e f2 ,7 9 0
54,001
48,176
163,705
T a m p a E lectric C o . . M a r c h ____
152,614
131,277 d e f4 5 ,5 8 0
151,063
Jan 1 t o M ch 3 1 _______
d e f3 2 ,387
4 9 5 .5 8 7
T o le d o R vs & E ight. r'eD ruary _ 237,368 214,092
439 ,308
17,847
17,512
11
87
T o r o n t o R a ilw a y s . . F eb ru a ry . 305 ,557 275 ,245
632 ,265
563,626 S a v a n n a h E lect C o _____ M ch
50,768
51,750
Jan 1 t o M ch 3 1 _______
1,704
2,182
T w in C ity H ap T ran . 3d wlc A p r 131,571 121,032 2 ,1 2 2 ,1 8 7 1,923,546
U n d ergrou n d El R y
100,253
85,001
S eattle E lect C o ________ F eb
68,023
64,653
o f L ondon—
191,405
171,720
Jan 1 to F e b 2 8 ___ . .
131,181
130,453
T h ree tu b e lines
. W k A p r 30 £13,420 £13,360
£220,525
£221,610
4,566
4,6 0 9
21,412
15,866
M etrop olitan Dlst Wlc A p r 30 5110,782 £10,080
£184,130
£165,260 T a m p a E lect C o _____ . . M ch
12,955
Jan
1
to
M
ch
3
1
_______
13,010
65,102
52,100
£->,819
£5,883
U nited T r a m w a y s . W k A p r 30
£95,393
£88,516
C140.229
U nited R y s o f St L
F eb ru ary . 807 ,439 808,161 1.093,221 1 ,037,197
T w in C ity R a p T r C o ___M ch
0138,963
153,399
123,666
048,203 606 ,015 1,846,852 1 ,7 1 6 ,6 2 6
C420.688
U nited H its o f San Pr M arch ____
C406.889
Jail 1 t o M ch 3 1 ---------4 09 ,608
304 .893
32,837
W h a tc o m C o R y & Lt M a r c h ____
32,172
101,854
96,265
8,369
8,190
W h a tc o m C o R y & L t .M c h
4,0 1 7
3,9 1 9
26,650
Jan 1 to M ch 3 1 ----------25,799
10,793
13,419
t i iivsi: nguren are io r coi
£ A fte r a llo w in g to r o th e r In com e r e c e iv e d ,
(I In clu d e s earn in gs o f
c In clu d es d iv id e n d on preferred s to c k .
th e N o rfo lk C o u n ty ^ F crrlcs .




12 3 6

HIE CHRONICLE
AN N U A L REPO R TS.

A n n u a l R e p o r t s . — An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
n ot include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of April MO. The next will appear in that of May 28.
P u b lic

S e r v ic e

C o r p o r a tio n

of N e w

J ersey.

31 1909.)
The earnings and expenses of the Public Service Corpora­
tion of New Jersey, the Public Service Gas Co., the Public
Service Railway Co. and controlled companies for the calen­
dar year 1909 were: j
(R e p o r t f o r F i s c a l

Y e a r e n d in g

D ec.

Gross earnings of leased and controlled com panies...................§25,103,019
Public Service Corporation of N. J. miscellaneous Income______ 1,457,432
$26,560,451
Operating expenses and taxes________________ _____ __________ 13,331,228
$13,220,223
Bond Interest and rentals of leased and controlled companies.. 10,111,403
Fixed charges of Public Service Corporation of New Jersey____

$3,117,819
1,089,371

Surplus__________________________________________________ $1,428,448
Dividends were paid for the first two quarters of the year at the rate of
4% per annum and for the last two quarters at the rate of 5% per annum.
Dividends at the present rate, 5% , on the $24,999,603 stock outstanding
Dec. 31 1909 call for about $1,250,000. During the year 1909 there was
converted Into stock of the corporation approximately $6,000,000 at par
of an Issue of $6,250,000 of convertible notes falling due Nov. 1 1909, the
balance of the Issue not converted being paid olf at maturity.
GROSS EARNINGS OE TIIE SYSTEM S OPERATED B Y THE COR­
PORATION, THE GAS CO. AND THE RAllAVA Y CO.
-CorporationOperation. Miscellaneous. Gas Co.
Railway Co. W 'Total.
1 9 0 9 .. .$5,117,728
.
$1,457,432 $7,870,879 $12,114,412 $26,560,451
24,267,687
4,584,682
1,246,721
7,349,930
11,086,353
19 0 8 ..
.
4,647,219
1,023,951
7,251,480
10,705,393
23,628,044
19 0 7 ..
.
21,498,826
723,658
6,526,316
19 0 6 ..
.
4,161,918
10,086,934
3,721,632
640,406
19,909,843
6,059,446
9,488,358
19 0 5 ..
.
3,502,812
463,250
8,415,279
17,759,781
5,378,440
1 9 0 4 ..
.
1,776,557
187,404
3,026,993
9,462,199
1903*..
4,471,244
* Seven months only.— V. 90, p. 699, 111.
P e n n s y lv a n ia S te e l C o . (o f N e w J e r s e y ) .
( R e p o r t f o r F i s c a l Y e a r e n d in g A p r i l 30 1910.)
The report, signed by Chairman E . B . Morris and President
E . C. Felton, Philadelphia, May 2 1910, covers the operations
of the mining, manufacturing and railroad companies owned
or controlled for the calendar year 1909, and for New Jersey
(holding) company for its fiscal year ending April 30 1910.

Mining Companies.— The coal properties in Indiana County, Pa., owned
by your subsidiary company, the Penn-Mary Coal Co., produced 890,000
tons of coal In 1909, compared with 590,000 tons In 1908. During the year
33 new miners’ houses were built, besides a Superintendent’s residence and
four houses for foremen and clerks. Development work has been well
kept up and a new mine, which will open a large territory below the drain­
age level of the older mines, was put In operation during December. The
expense of opening and equipping this mine was charged to mining costs.
The old properties owned In Cuba by your subsidiary, the SpanlshAmerican Iron Co., produced during 1909 514,000 tons of iron ore, com­
pared with 452,000 tons in 1908. The usual exploration work was con­
tinued, with the result that the estimated reserves were Increased during
the year, notwithstanding the half-million tons of ore which were takenout.
Three new steam shovels with their complement of locomotives and cars,
new steel ore storage bins, additional houses, &c., cost over $150,000 and
were charged to mining costs.
The Spanish-American Iron Company's new mines at Mayari, on the
north coast of Cuba, were put In operation In a small way on Nov. 24 1909.
A production of 15,000 tons per month has already been reached, and It Is
expected that tills will lie doubled by July 1 1910.
Steel Manufacturing Companies.—The Pennsylvania Steel Co. of Pa., at
Steelton and Lebanon, Pa., and the Maryland Steel Co., at Sparrow’s
Point, Md., together produced in 1909 700,000 tons of pig Iron, compared
with 384,000 tons In 1908, and of steel ingots 797,000 tons in 1909, com­
pared with 438,000 tons 111 1908.
Tlie Pennsylvania Steel Co. made a considerable addition to its steel
foundry department and added equipment for transferring Bessemer steel
to open-hearth, gas-blowing engines for blast furnaces, &c., all at a cost of
$220,000, which was charged to reserve for plant improvement. Improve­
ments made to blast furnace department, consisting of additional boilers
and steam line to connect the same with rolling mills, and Improvements to
Bessemer and open-hearth departments amounted to $244,000 and were
charged to operating costs.
During the year 3 'A shares in the Cornwall Ore Banks were acquired,
bringing the Pennsylvania Steel Company’s Interest In tills mining prop­
erty to more than 54% of the whole. The amount expended for this pur­
chase was charged to capital account (V. 89, p. 1672). The Installation of
plant and equipment to Improve mining operations at the Cornwall Ore
Banks was practically completed; these improvements have cost In excess
of $500,000, and tills entire amount has been taken out of mining profits
as the work progressed.
At the Sparrow’s Point plant the construction of live 50-ton open-hearth
furnaces was begun in June 1909 and the llrst steel was produced from
them In the latter part of February 1910. These furnaces will enable Mary­
land Steel Co. to furnish rails of either Bessemer or open-hearth quality.
The open-hearth plant can be operated either with the Bessemer plant by
the duplex process, or independently.
During 1909 Maryland Steel Co. began the construction of extensive
Iron ore docks equipped with appliances for the rapid discharge of ore from
ships to ears or storage. These docks will be completed about the middle
of 1910. It Is expected that they will handle all iron ore coming by sea
for the Maryland and Pennsylvania Steel companies. The cost of both
open-hearth plant and ore docks Is being charged to the reserve for plantimprovement account.
The marine department of Maryland Steel Co. during 1909 completed
three large colliers for the United States Government and several other
smaller vessels. This department was not fully occupied during the llrst
half of the year, but the close of the year found it well supplied with orders.
Production, etc. —The principal products of your various companies In
gross tons is as follows: Coal, 890,000 tons; coke, 698,000 tons: Iron ore,
1,000,000 tons: pig Iron, 700,000 tons; steel Ingots, 797,000 tons.
■ T h e fluctuation In the prices received during the year for the products
was extreme. A severe break in all prices except those of rails occurred In
February. In July an upward movement began which continued until
the end of the year, when prices were at about the same point as at Its be­
ginning. It was only, however, during the last third of the year that these
higher prices were reflected in increased earnings.
Proposed Improvements.-- extensive Improvements arc In contemplation.
Additional miners’ houses are required at the coal mines and Increased oredrying facilities at the new iron mines In Cuba. It Is Intended to Increase
the by-product coke plants and to extend ami Improve the blast furnaces.
The erection of new rolling mills at Sparrow’s Point Is contemplated,
which will enable Maryland Steel Co. to diversify its lines of products.
The facilities at the Steelton Works for carrying on the duplex process
II
also be simplified and Improved.




[ VO L . L X X X X

New Stock.— To provide the funds required to make these additions to the
plants of your subsidiary companies, your board at its April 1910 meeting
voted to Issue 40,875 shares of tiie pref. stock and to olfer the same pro rata
at par to the holders of your pref. and common stock, thus Increasing your
pref. stock from $16,500,000 to $20,587,500. (Compare V. 90, p. U75.)
Since tiie formation of the company at the beginning of 1901 upwards of
$17,000,000 has been put back by tiie various subsidiary companies into
their plants and properties out of their earnings.
COMBINED STATEMENT OF OPERATING COMPANIES.
Years ending Dec. 31—
1909.
1908.
1907.
1906.
Pig Iron produced (tons).
700,000
384,000
843,000
809,000
Steel produced (tons)___
797,000
450,000
932,000
980,000
Net earnings___________ $3,762,504 $2,510,005 $4,161,319 $5,462,984
Rents, Income from Investments, &c...............
192,520
505,469
204,615
314,305
Gross Incom e.________ $3,955,024
Interest on bonds. ____ 1.120,969

$2,714,620
937,029

$4,475,714
827,297

$5,968,453
821,844

Net Income for y ear.. $2,834,055
Depreciation __________
847,266

$1,777,591
516,737

$3,648,417
1,267,327

$5,146,609
1,513,371

Net profit___
. . . $1,986,789
Dlv. paid Pennsylvania
Steel Co. of New Jersey

$1,260,854

$2,381,090

$3,633,237

1,140,000

1,653,000

Bal. to profit and loss. $1,986,789 $1,260,854 $1,241,090 $1,980,237
PE N NSYLVA N IA STEEL CO. (OF NEW JERSEY).
Years ending A pril SO— 1909-10.
1908-09.
1907-08.
1906-07.
Dlvs. from operating cos.
and mlsc. interest_____ $816,820 $1,057,435 $1,265,377 $1,766,227
Deduct—
Expenses _____________ 1
34,447
30,954
f 35,500
33,248
Adjustment value of s e c ./
\
215,576
Dlv. 7%) preferred stock. 1,155,000
1,155,000
'1,155,000
'
1,155,000
Balance over d lv s ...d e t.$372,627 def.$l28,519 sur.$74,877 sur.$362,403
BALANCE SHEET APRIL 30.
1910.
1909.
1910.
1909.
Assets—
$
$
Liabilities—
$
$
C a s h ... .........
99,919
508,216 Pref. stock ...16,500,000 16,500,000
Loans_______ 2,049,003 2,042,004 Common stockl0,750,000 10,750,000
Stocks & bds.25,198,829 25,182,160 Prollt & loss. .
I ll ,325
483,953
Accrued lnt_.
13,574
1,573
T otal...........27,361,325 27,733,953
— V. 90, p. 1175, 1106.
U n ite d

G as

Total.......... 27,301,325 27,733,953

Im p rov em en t

C o .,

P h ila d e lp h ia .

Ml 1909.)
President Thomas Dolan May 2 wrote in substance:
( R e p o r t f o r F i s c a l Y e a r e n d in g D e c .

The “ new business departments” of all the companies in which we arc
interested have been reorganized and special preparations have been made
for a very active canvass for new business during the spring and summer
of 1910, by the remodeling of old offices or renting new ones, by enlarging
the force of canvassers and demonstrators and by considerable increase In
advertising appropriations. In Philadelphia wc have remodeled the
Spring Garden and Kensington offices and taken new offices at Frankford,
Manayunk and West Philadelphia. We have also secured long lease of
the property at the northeast corner of lltli and Market streets, and
erected a building In which we arc making a display of appliances which
cannot fall to have a marked elfcct In Increasing the sales of gas in this city.
Already this activity shows the following very gratifying results:
Sales Jor the First Three Months o) 1910 Increases Over Same Months in 1909
Properties outside of Philadelphia— Manufactured gas_________ 8 8-10%
Natural gas-----------------16 9-10%
Electricity ----------------------19 8-10%
For Philadelphia__________________________
6 78-100%
Ample provision has been made to meet the requirements of leased works
for construction account and to purchase the securities to be Issued for
construction account by the companies In which the United Gas Improve­
ment Co. Is a shareholder.
INCOME ACCO UNT—-CAI.ENDAR YEARS.
Earnings Jrom—
1909.
1908.
1907.
Leased works and Investments______ $7,398,698 $7,096,272 $0,630,033
169,524
93,916
Interest received (net)_____________
70,860
54,559
Construction contracts.........................
34,452
17,359
Sales of store-room material...............
12,171
9,240
2,700
Rental of offices___________________
2,700
2,700
Rentals of bldg.. Broad and Arch Sts.,
32,015
to cos. In which co. Is a stockholder
31,690
31,840
Deduct Expenses—
Pennsylvania State taxes______
Salaries and traveling expenses.
Cost of litigation_________
General and miscellaneous

Sinking funds to retire Philadelphia
Gas Works Investment.....................

$7,649,235

$7,210,912

$6,830,583

$317,320
470,077
:.
40,668
24,173
134,888

$298,944
427,185
37,086
33,673
93,310

$209,017
433,746
41,086
30,821
108,709

$993,120
$6,656,109
3,790,371

$890,204
$6,326,708
3,670,788

$829,437
$6,001,146
3,663,136

692,500

078,500

Balance to undivided profit account $2,173,237

$1,977,420

$2,338,010

* After deducting lnt. adjustment on cap. stock subscriptions, $58,612.
Note.— There was also paid March 1 1910 a special dividend of 10% In
non-lnterest-bearlng scrip, convertible at par Into stock until June 30 1910.
V. 90, p. 1546, 1600.
BALANCE SHEET DEC. 31,
1909.
1908.
1909.
1908.
Liabilities—■
$
s
Assets—
8
S
Inv’ts at cost price 66,23 1,939 61,218,493 Capital stock....... 50,460,800 45,881,850
309,500
248,529
Constr’n contracts
77,572
23,881 Taxes accrued___
Heal eat.,Phlla.,&c. 1,008,051 1,039,068 Due companies In
which we are
Cash .................. 5,041,498 3,671,625
shareholders... 293,860
413,637
Accts. & bills rec’le 481,261
639,117
57,982
22,503
Int.&gu.dlvs.accr. 816,35S
868,467 Sundry creditors..
Supplies .. ____
110,880
80,048 Undivided prollta*23,610,4 17 21,137,180
Sink. fd. securities 962,000
466,000
Total ...............74,732,559 68,006,699

T o t a l...

.74,732,559 68,006,699

* Since reduced by special 10% scrip dividend— see above.— V .90,p.451
R ubber

G oods

M a n u fa c tu r in g

Co.

Ml 1909.)
President Elisha S. Williams, April 14 1910, wrote:
(R e p o r t f o r F i s c a l

Y e a r e n d in g

D ec.

Your President dkl not come Into office until Jan. 1 19(0, or at the close
of the liscal year. The annual report of the Treasurer shows a large Increase
In sales over all preceding years. This Increase has applied to all lines of
goods manufactured, although much more largely to automobile tires
extraordinary attention having been given to tills branch of the business,
with the view of bringing about a materially Increased demand. This has
been accomplished, but In doing so largely Increased expenses, together with
Increased equipment, have been called for, which has prevented our show­
ing a proportionate Increase In net earnings, but from which we shall derive
much benefit in the future. The Increase In bills and accounts payable Is
the result of high prices for crude rubber and other materials and larger
volume of business.
.

May 7 1910.

THE CHRONICLE

of blinds per day; a planing mill of a capacity of 150,000 ft. of planed lum­
ber per day: a box factory capable of producing 70,000 ft. board measure,
of shooks per day: 12 dry kilns of a capacity of 75,000 ft. of dry lumber per
day; foundry, repair shops, &c.
At Stirling a saw mill Is located, capacity, 200,000 ft. of lumber per day of
ten hours, and a lath and shingle department producing 50,000 ft. of shin­
gles and 10,000 ft. of laths per day. All of the capital stock of the Butte
RR. (operating from Stirling to Chico, 31 Yi miles.— Ed.) Is owned
Total
- - 52,402,921 $2,203,510 County
by your company: the road (except 1 mile trackage) was built by your com­
Expenses of home office
... .
5122,949
*551,176 pany. sold to the Chico & Northern RR. Co. at cost and accrued Interest,
Repairs and maintenance
104,335 and leased by the latter to the Butte County R R . Co. under a favorable
In the vicinity of Stirling there are 13 H miles of standardNet profits
52.360,072 52,048,008 arrangement.
gauge logging road; 9 V% miles of narrow-gauge logging road, and three miles
Dividends
5003,480 51,051,609
under
construction;
6 locomotives, 204 cars and 22 donkey engines.
Sinking fund
........................
73,510
63,425
At Red Blulf, 39 miles north of Chico, on the Southern Paclllc RR ., there
located shook, sash and door, planing and mill-work factories, and a
Surplus for period
___
_ 51,332,073
5032,884 are
lumber yard, capacity 15,000,000 ft., with the usual equipment, railroad
4,168,894
4,446,211 tracks, &e. Red Blulf Is connected by a Hume 35 miles long, having a
P r e v io u s surplus and working ca p ita l.._______
of 100,000 ft. of lumber in ten hours, with the saw mill at Lyons55,501,867 55,370,095 capacity
vllle, which has a capacity of 90,000 ft. of lumber per day. A logging
Amts. chgd. oil tor deprec'n of plants, patents, &c. . . . . ----1,210,200 road extends from Lyonsvtlle 14 miles, equipment, 2 locomotives, 30 Hat
cars, 15 donkey logging engines.
Surplus and working capital Dec. 31-------------- 55,501,867
54,168,804
Ten retail lumber yards, located at different points In the Sacramento
Valley are owned by your cornapny, and controi a large portion of the local
* For 9 months only.
trade. The lumber is Invoiced at current market prices, and on this basis
has made a profit of about 10?,', per annum on the capital employed.
CONSOLIDATED GENERA I. BALANCE SHEET DEC. 31.
“ Pine lands and sturnpage,” $1,281,174, represents the book value of
[Rubber Goods Manufacturing CV). and Subsidiary Companies.
156,921 acres of timber lands located in the counties of Butte, Tehama,
1909.
Plumas and Shasta, on which there Is estimated to be standing 3,100,000,000
1908.
1900.
1908.
Liabilities—
S
ft. of timber, of which approximately 1,000,000,000 ft. Is sugar pine: 1,000,­
S
Assets—
$
-5
Plants & Invest's.24.786,19 I 23,505,178 Preferred stock. . 10,351,400 10, 351,400 000,000 ft. white pine, and 1,100,000,000 ft. Hr and other woods. The
Common stock . . . 16,941,700 16. 041,700 aggregate book value of buildings, machinery and equipment (less reserve
Patents and tradeinks.(less dep’n) 2,311,621 2,360,787 Bonds of Mech’l It.
for depreciation) and of pine lands and sturnpage Is $3,743,938, which rep­
Co. and N. Y.
resents the value of 3,100,000,000 ft. of standing timber and of all plants,
Manufact’d goods
Belt, & Pack.
and materials .12,917,184 6,090,100
Improvements and equipment,which Is at the rate of about $1 20 per 1,000
Co. (less amt.
ft. of sturnpage. The United States Gov’t has recently sold timber to be
Cash ____ . .. 1,121,738
907,365
Bills & accts. rec. 3,611,417 3,322,820
owned)----------- o853,402
930,510 cut from near-by forest reserves on the basis of $4 per 1,000, board measure,
7,822
5,137 Bills * accts. pay. 8,675,780 2, 690,724 for sugar pine; $3 per 1,000 for white pine and $1 50 per 1,000 for Hr.
.Securities owned .
Practically none of your California lumber has been used for matches ex­
Stock In General
Sink, fund for hds. 588,510
515,038
cept at your Chico factory, as it has been possible to sell this lumber at a
Rubber Co . . 1.000,000 1 , 0 0 0,000 Reserves_______ 6546,801 .
202,744
Miscellaneous ...
Fixed sur.(sub.cos.)2,499,219 2, 499,219 higher price than we have had to pay for equally satisfactory lumber in
Surplus___ ____ 5,501,867 4, 168,895 other portions of the country.
While the earnings of the California operation for the past two years have
been unsatisfactory, it must be borne in mind that during 1908 and the
Total...............45,958,720 38,100,486
T otal...... ........ 45,958,720 38,106,486
llrst half of 1909 trade conditions generally throughout the United States
Of the above "surplus” minority stockholders In two companics would be entitled to......................... ..............._.
127,380
109,954 were unfavorable, while during 1909 unusual losses were sustained by Hoods
and a railroad wreck. The lumber business Is now In a healthy condition
The contingent liability for certain guaranties which are offset by corresponding and we anticipate proHts for the current year materially In excess of the
profits for the past two years.
contingent assets are not Included.
Your board believes that, for many reasons, it would bo desirable to
a After deducting sinking fund cash In hands of trustee, 8130,108.
6 Reserves Inch $523,643 for new construction and 823,161 for Federal excise tax. organize a company to take over the California lumber operation, on con­
dition that all of its shares (except such as might be necessary to secure the
— V. 90, p. 113.
Indebtedness to Bryant & May, Ltd.) would be held by your company and
would not be sold, pledged, or otherwise disposed of except under resolu­
Diamond Match Company.
tion of the shareholders of this company.
of Matches.— Sales of matches have Increased each year for the last
(Statement o f President at Annual Meeting May 4 1 9 1 0 . ) tenSales
years, and during 1909 were approximately 53?$ greater than during
1900.
The
profits for 1909, however, excluding profits from California
P re sid e n t E d w a r d R . S t e ttin iu s on M a y 4 , s u p p le m e n tin g
and other Investments, and before deducting Interest on contract and note
t h e a n n u a l r e p o r t ( V . 9 0 , p . 5 0 1 ) , s a id in s u b s t a n c e :
obligations, were approximately 10?$ less than in 1900, computed on the
Profits. —The profits for the year 1909, after deducting repairs and re­ same basis. In other words, the Increased cost of manufacture, and par­
newals at all plants and depreciation of mills In the East and of plants em­ ticularly of distribution and marketing, have more than olfset the profits
ployed In the California lumber operation, were 51.767,647, made up as growing out of the Increased volume. The sums required In the employ­
ment of a large force of solicitors, together with the value of goods furnished
follows:
without charge to stimulate business, have increased from year to year.
General operations_____ 51.607,828 |Income from investments
576,825
California lumber oper.
35,1291Profit on Bryant & May pfd. 47,865 The policy of the company has been to reduce the selling price of matches
Balance Sheet— Properties Owned.— The values at which land, buildings, and to secure a large volume of business with a small margin of profit
machinery and equipment are carried are based on the appraisal of the While many valuable t aunts are owned and applications for patents arc
Audit Co. of N. Y. Dec. 31 1906, to which have been added actual net ad­ from time to time filed, many patents covering Important machinery used
ditions. The Item of 53,940,894 represents the value of match factories In the manufacture of mat li. s have expired.
Extensions, &c.— As emphasizing the necessity of providing out of each
at Barberton, Ohio: Oswego, N Y.; Detroit, Mlcli.; Oshkosh, Wls.; Port­
land, Me., and Chico, Cal.: machine shop and foundry, Barberton, Ohio; year's earnings for Increased working capital and normal extensions and
paper-board mill, Southford, Conn.; warehouses at Philadelphia, Pa., and Improvements, attention is invlt< d to the fact that accounts and notes re­
St. Louis, Mo.; block and shook factories, Athol, Mass., and Blddeford, ceivable, as cf Dec. 31 1 0), to c uslvc of those relating to the California
Me.: miscellaneous properties, tenements, &c., and office furniture etc. lumber operation, showed an increase of 5298,301 as compared with the
preceding year, and that during the past nine years there was expended
The Item of $2,566,531 represents the value of the plants employed In $2,162,432,
or an average of 52 10,270 per year, for additions, construction
the California lumber operation, consisting of saw mill at Stirling; planing and
equipment. This was exclusive of renewals, which were Included n
mill, box, sash, door and blind, veneer factories and power plants at Bar­ the operating
expenses of each year.
ber; logging railroads, equipment, rolling stock; mill ponds, factory sites
Dividends.— In respect to the rate of dividend to be paid In the future,
and warehouses; teams, liumes, retail yard sites and buildings, &c.
your company’s past record, present position and prospects abundantly
The “ foreign and domestic Investments," $1,556,632, Include the follow­ warrant
the belief that the current rate of dividend can be maintained',
ing stocks and securities, all advances to companies In which your company while adequate
provision Is made for depreciation, normal extensions and
has an Interest, and the value of machinery licensed to others.
working capital, and that In time a more liberal distribution of earnings
CA PITA LI 7.ATI ON OE SUBSIDIARIES AND DIAMOND MATCH CO.'S
GENERAL BALANCE SHEET DEC. 31 1909.
HOLDINGS (.TABULATED FOR “CHRONICLE").
Assets (821,877,743).
Def.Shs. Pref.Shs. Dcb.Stk.
Bonds. Carried at.
Bryant * May, Ltd.. Engl’d £400,009 £180,000 £250,000* . . . . . . .
Land, buildings, machinery, equipment, &c. (general, 83,910,894; Cali­
Diamond Match Co. owns£201,000
___ .
. .. .
. . . 8976,860
fornia, $2,566,531)........... - . ..
. . . . __________ _
$6,507,425
.. . . . . M. 420,250
Deutsche Zundholzfabrlken _--- M. 1,900,000 y—
Foreign and domestic Investments (general, SI ,548,082; Callfornla.$8,550) 1.556,632
Diamond Match Co. owns---M. 600,000—. . . M.240,OOO.r 8207,043 Patents, rights, trade marks, &c. ___ _________ ____ ___________ 5,000.000
Fabrlques d’AUumettes.. — Fr. 750,000 y—
__ _______ _____
Pine lands and sturnpage (general, $561,588; California, $1,284 171) . _ 1,845,762
Diamond Match Co. owns.----Fr. 382,500 ..... .........................
861 499 Deferred charges (Insurance and taxes paid In advance) (general, $108,911;
Nat. Match Factory, Bolivia £50,000 £30,000 £36,740*
_____
129,421
California, $20,510)___ ________ ____________ _________ ______
Diamond Match Co. owns
£154
£154 £1,540
.............
81,7 29 Inventories (general, $3,456,470; California, $894.229)_____________ 4,350,699
Peruvian Co. (Fosforos “ El
Notes receivable (general, $884; California, 85,453)___ .. ..................
6,337
.............................
Sol”) ____ _____ _______— -Soles 400,000 y—
Accounts receivable (general, $1,639,125; California, $333,599; total,
Diamond Match Co. owns.---- Soles204,000---- ------------------------ <48150,651
$1.972,724: less reserves for doubtful accounts, A-c., $12,777) ......... . 1,929,947
- .................. ........
Kdson Fitch Co., Quebec------ $70,000 y-----Cash In banks and offices (general, $522,151; California, $29,369) ____
551,520
Diamond Match Co. owns.---- —$15,000 .............................................
890,000
Liabilities ($21,877,743).
...........
.........__.............$16,000,000
Capital
stock..............................................
* 4%. d This represents the stock owned (par value 899,960) and $200,346 due
payments due 1910 to 1923 to Bryant & May, Ltd., onOaltDiamond Match Co. on open account for machinery and materials. *6% . Deferred
fornla purchase (payable S72.900 half-yearly: int., 5% ).................... 1,524,356
x The bonds here Included (carried at 856,780) have recently been sold, bringing Coupon
5?$ notes, due 1910 to 1912________ ___ .. ....................
1,500,000
par (857,120). y "Capital stock.”
Notes payable, banks ___ _____ _____ __________ ______ _____
300,000
In addition to the foregoing, "foreign and domestic Investments” Include Accounts payable (general, $692,119: California, $126,602).
818,721
525,000 6% bonds of Wabash Paper Co., due March 1 1912, carried at par Interest (paid Jan. 1 and 15 1910). ................
...
...
77,10$
($4,000 were paid In 1909); miscellaneous holdings of stocks valued at Accrued taxes (estimated).. . . . .
___ . ..
____
51.845
$17,850, and machinery, leased under royalty, at 526,000.
Pay rolls (paid In January) (general, $41,281; California, $41,410) ...
82,591
Bryant & May, Ltd., after providing for depreciation, showed net profits Reserves: (1) General (general, $250,000: denree! itlon, $215,457; In­
for the year ending March 31 1910 of £119,000, of which £25,000 was ap­
surance, $19,441: U. S. Gov’t excise tax. 817,000: sundry, $18,860),
propriated for reserve account, £67,200 for dividends on the pref. shares
$550,768; (2) California (depreciation), $106,767: total
........
657,535
and £24,000 for dlvs. (6%) on deferred shares, leaving a balance of £2,800. Surplus -----__................... .......................
.................
S65.587
The Deutsche Zundholzfabrlken Aktlcngesellschaft paid dividends at the — V. 00, p. 501.
rate of 3)4% per annum on Its stock out of the profits of 1908, and divi­
dends at the rate of 5% per annum have been received during the current
year out of the profits of the year 1909. After providing for depreciation,
reserve, &c., the earnings for the year ending Oct. 31 1909 were M.142,757.
G E N ER AL IN V E S T M E N T NEWS-.
The operations of Fabrlque D’AUumettes “ Diamond,” Switzerland, prior
to the year 1908, were unprofitable, but during 1908 a small profit was
realized, and for 1909 the profits were Fr. 22,037 ($4,253). The National
RAILROADS, INCLUDING ELECTRIC ROADS.
Match Factory of Bolivia has but recently been organized; the stocks and
securities owned by your company were taken in part payment for ma­
Abbotsford & Northeastern RR.— S a l e . — See Minneapolis
chinery sold. During 1909 your company received from La Companla dc
Fosforos “ El Sol,” In excess of the value of material shipped it during 1909, St. Paul & Sault Ste. Marie R y. below.
528,055 on account of principal and Interest; the earnings of the company
Altoona & Beech Creek RR.— R e c e i v e r ’ s S a l e . — This 18(after paying Interest to your company, on open account, aggregating
5200,346 Dec. 31 1909) were 513,746 for 1908 and $10,375 for 1909. The mile narrow-gauge line was sold at receiver’s sale at Altoona,
Edson Fltcli Co. Quebec, manufactures splints, blocks and shooks for Bry­ Pa., on April 30 to II. A . Davis, an attorney, to satisfy, it
ant & May, Ltd., and during 1909 paid dividends aggregating 14%.
Pine Lands and Sturnpage.— Of the total of $1,845,762, $561,588 repre­ is said, a $30,000 mortgage.— V. 88, p. 1251.
sents the book value of pine lands and sturnpage In the New England States,
Argentine Central Ry.— N e w O f f i c e r . — Vice-President
on which there Is estimated to be standing about 91,000,000 ft.; and $1 ,­
284,174 Is the book value of timber lands In California, on which there Is Chas. M. Heberton has also been elected Treasurer, vice
estimated to be 3,100,000,009 ft. of standing timber of various kinds. W . W . Booth.— V . 89, p. 40.
This account Is charged with the cost of pine lands purchased from time to
time, and Is credited, and operating expenses charged, In an amount to
Atlanta Birmingham & Atlantic RR.—-$8,000,000 J o i n t
cover the value of all timber cut.
California Lumber Operation.— As may be learned from the balance sheet, N o t e s D u e M a y 1 1910, P o r t i o n o f P r i n c i p a l to be P a i d —
the gross amount Invested In the California lumber operation (Including R e m a i n d e r to be R e p r e s e n t e d b y N e w 5 % C o lla te r a l N o t e s P a y ­
buildings, sturnpage. Inventories, notes and accounts receivable, cash,
a ble on or b e fo r e M a y 1 1912, w ith In t e r e s t G u a r a n t e e d .— The
&e.) Is $5,136,816; net. after deducting current liabilities. 54,862,036.
At Barber, o suburb of Chlcq, on the Southern Paclllc HR.., the company committee of holders of the 88,000,000 joint colla teral notes,
owns 240 acres'ijf land,'on which are located lumber yards, a sash, door and
blind factory having a capacity of 1,000 doors, 600 windows and 125 pairs George C. Clark, Chairman, S. L. Schoonmaker, G. Louis
CONSOLIDATED INCOME STATEMENT FOIl YEAR END. DEC. 31.
[Rubber Goods Manufacturing Co. and Subsidiary Companies.]
1009.
1008.
Net sales for year
...
____ ______ $25,620,503 518,491,088
Earnings subsidiary companies for year . ............ 52,332,021 52,203,519
Realized from securities heretofore charged o ( f _
160,000
----- ------




THE CHRONICLE

1238

B o i s s e v a i n a n d R u s s e l l G . F e s s e n d e n ( G e o r g e C . C la r k J r . ,
S e c r e ta r y , 5 1 W a ll S t ., N . Y . ) , m a k e s u n d e r d a te o f A p ril 3 0
s u b s t a n t ia lly th e fo llo w in g a n n o u n c e m e n t:

The collateral trust notes Issued by the Atlantic & Birmingham Construc­
tion Co. and Atlanta Birmingham & Atlantic R R . Co. under a deed of trust
to the Trust Co. of America, dated May 1 1906, will mature on May 1 1910.
Under the noteholders’ protective agreement of Feb. 26 1909, we have
from time to time succeeded In arranging for the payment of the Interest
on these notes: but we have not been able to effect the payment of the
principal In full as yet, owing to the fact that the general committee which
was appointed In the Interest of the holders of all the securities of the rail­
road and Its allied companies has not advanced sufficiently with Its work
to formulate and announce a plan of reorganization.
We have, however, been able to make an arrangement by which the
stockholders of the construction company have raised a fund of $800,000
to be used to pay the Interest (amounting to $194,975) due on May 1 on
the outstanding collateral trust notes, leaving the remainder to be applied
on account of principal. This sum has been raised; but It can be applied
only on condition that the existing notes be surrendered and new notes be
accepted for the remainder of the Indebtedness, payable in two years, or
sooner, at the option of the construction company, secured by the same
collateral as that now In the possession of the trust company for the exist­
ing notes. (See p. 10 of ‘‘Ry. & Ind. Sec.;” also V. 88, p. 503: V. 83, p. 35.)
The stockholders of the construction company who have raised this fund
will also guarantee the payment of the Interest on the extended notes until
their maturity. Including the Interest payable on May 1 1912, If the notes
should not sooner be paid. It has also been agreed, on the part of the
general committee, that the collateral held to secure the new extended
notes shall be deposited with it and that any plan of reorganization of the
railroad properties adopted by that committee shall provide for the pay­
ment of the extended notes In cash. The noteholders on their part waive
whatever claims they may have under the existing deed of trust and agree
that the security for the extended notes shall be confined to the stocks and
bonds which are now actually In the custody of the trust company. A
statement showing the terms of the proposed arrangement has been de­
posited with the trust company, according to the terms of the noteholders’
protective agreement of Feb. 26 1909.
Included among the present collateral are equipment bonds, $666,000,
and $362,000 In cash held by the trust company representing the proceeds
of equipment bonds which have heretofore matured. The cash In the hands
of the trustee can be applied to the further reduction of the notes If the plan
above outlined becomes ellectlve, and we also hope to be able to sell the
remaining equipment bonds on favorable terms and apply the proceeds
to the further reduction of the amount due on the present or extended notes.
The arrangement has already been approved by holders of a large ma­
jority In amount of the outstanding notes. If the arrangement should not
be accepted and If the trust company should In consequence be forced to
sell the collateral, It Is reasonably certain that a sale under existing con­
ditions could be made only at a great sacrifice. It Is highly desirable that
all of the noteholders should give their assent to the plan Immediately.
Noteholders who have not already deposited their notes under the protective
agreement should do so at once.
Ayrtemtnl to be Stoned by Holders oj Joint Collateral Notes.
The sum of $800,000 Is to be raised from the shareholders of the con­
struction company, represented by a syndicate, to be applied to paying
the Interest clue on May 1 1910, and the residue, less expenses, to paying
a portion of the principal. The noteholders arc to take new notes for the
remainder of the principal, payable on or before May 1 1912, carrying In­
terest at 5% per annum, which Interest shall be guaranteed by the share­
holders or the said syndicate In a manner satisfactory to the committee.
The collateral under the notes Is to be deposited by the trustee with the
protective committee (Mr. Marston, Chairman), with the agreement on the
part of that committee that they will Include as a part of their reorganiza­
tion plan, If and when adopted, provision for paying the remaining notes
at par In cash.
The equipment bond* and the steamship bonds are to be sold as soon
as practicable, and the proceeds, with $362,000 now In the hands of the
trustee, applied to the further reduction of the notes.
The claim for undeposlted bonds under the existing trust deed and the
claim against the [Atlanta Birmingham &] Coast Co. (V. 89, p. 40), its
shareholder* and subscriber*, and any other claims are to be released.
T h e c a s h to b e p r o v id e d b y th e c o n s tr u c tio n c o m p a n y a n d
f r o m t h e s a le o f t h e c o l l a t e r a l n a m e d w i l l , i t is e x p e c t e d ,
p e r m it a p ro r a ta p a y m e n t o f a b o u t 2 0 %
on accou n t of
t h e p r i n c ip a l o f t h e j o i n t n o t e s .— V . 9 0 , p . 2 3 5 .

Atlantic Coast Line RR.— B o n d s B e i n g P a i d . — T h e $ 1 , ­
6 0 0 ,0 0 0 1 st m t g e . 6 % b o n d s o f th e W ilm in g t o n C o lu m b ia &
A u g u s t a R R . d u e J u n e 1 1 9 1 0 a re b e in g p a id o ff a t p a r a n d
in t . a t th e S a fe D e p o s it & T r u s t C o . o f B a ltim o r e ,
i n t . w ill
cease J u n e 1 1 9 1 0 .
C o m p a r e V . 8 9 , p . 1 1 4 1 .— V . 9 0 , p . 1 6 6 .
Baltimore & Ohio RR.— S a l e o f N o t e s . — T h e c o m p a n y h a s
d e c i d e d t o is s u e $ 4 0 , 0 0 0 , 0 0 0 t h r e e - y e a r n o t e s t o p a y f o r n e w
e q u ip m e n t c o n s tr u c tio n a n d b e t t e r m e n t s .
I t is t h o u g h t
t h a t t h e n o t e s w ill b e p la c e d t h r o u g h K u h n , L o e b & C o .
a n d s o m e p o r tio n o f th e m

w ill g o a b r o a d .— V . 9 0 , p .

1101,

848.

Brooklyn Rapid Transit Co.— D a m a g e

S u i t s .— T h e

C ou rt

o f A p p e a l s o n M a y 2 in t h r e e d a m a g e s u i t s o f p r o p e r t y o w n e r s in U n i o n S t . b e t w e e n E a s t e r n P a r k w a y a n d 4 t h A v e . ,
w h ic h a r e r e g a r d e d a s t e s t s u i t s , a f f i r m e d j u d g m e n t s in f a v o r
o f t h e p l a i n t i f f s f o r i n ju r i e s t o t h e ir p r o p e r t y b y t h e c o n s t r u c ­
t i o n o f t h e t r o l l e y lin e in t h a t s t r e e t .

similar claims. It Is stated, are pending, the probable amounts to
ftogMany
e paid under which are variously estimated to aggregate from $250,000
$1,000,000.

* In 1901 the company began laying rails for a new line In Union St. In­
junctions held up the work until May 1905, when the line was completed
and cars put In operation. In the meantime. Justice Stover In the Supreme
Court decided the company had no right to condemn property for the pro­
posed line. The Court of Appeals, however, ruled the company had con­
demnation rights but that the owners of abutting property arc entitled
to damages.— V. 90, p. 1044, 976.

Buffalo

& Susquehanna Ry. — D e f a u l t — R e c e i v e r s h i p .— T h e
c o m p a n y d e fa u lte d M a y 1 o n th e s e m i-a n n u a l in te r e s t th e n
d u e o n th e $ 6 ,0 0 0 ,0 0 0 4 j ^ %
1st M . b o n d s of 1 9 0 3 .
The
f o l l o w i n g d a y a t B u f f a l o J u s t ic e W h e e l e r a p p o i n t e d H a r r y I .
M i ll e r , f o r m e r P r e s i d e n t o f t h e C h i c a g o & E a s t e r n I l li n o i s
R R . , a s r e c e iv e r o f t h e p r o p e r t y , o n a p p l i c a t i o n m a d e b y
th e U n ite d S ta t e s T r u s t C o . o f N e w Y o r k , th e m o rtg a g e
t r u s t e e , in a n a c t i o n to f o r e c lo s e t h e m o r t g a g e .
In te r e s t o n th e $ 9 ,5 1 0 ,0 0 0 4 % b o n d s o f th e B u ffa lo
S u s­
q u e h a n n a R a il r o a d C o . , w h ic h is l e a s e d b y t h e B u f f a l o &
S u s q u e h a n n a R a i l w a y C o . , w i l l , i t is u n d e r s t o o d , b e d e f a u l t e d
o n J u ly 1 , a n d th e 4 % g u a r a n te e d d iv id e n d o n th e s t o c k s o f
t h e r a i lr o a d c o m p a n y w ill n o t b e p a i d , t h u s b r e a k i n g t h e
le a s e o f t h e R a i lr o a d t o t h e R a i lw a y c o m p a n y ( s e e b e l o w ) .
B o n d h o l d e r s ’ C o m m i t t e e .— A b o n d h o l d e r s ’ c o m m i t t e e c o n ­
s is t in g o f W illia m
S a lo m o n , C h a ir m a n ; G o r d o n A b b o t t ,
A le x a n d e r B r o w n , H a r v e y E . F is k , B e n ja m in S tr o n g J r. a n d
A s a S . W i n g , w it h G e o r g e G . H e n r y a s S e c r e t a r y ( 2 5 B r o a d
S t . , N . Y . ) , r e q u e s t s t h e h o ld e r s o f t h e 4 3 ^ % b o n d s t o d e ­
p o s it th e ir b o n d s w ith th e B a n k e r s ’ T r u s t C o ., a s d e p o s it a r y ,
u n d e r t h e t e r m s o f a n a g r e e m e n t w h ic h p e r m i t s w i t h d r a w a l




[VOL.LXXXX.

in case the owner disapproves of any reorganization plan that
may be submitted. Sec advertisement on another page.—
V . 90, p. 848.
Buffalo & Susquehanna RR. — B o n d h o l d e r s ’ C o m m i t t e e .—
In view of the appointment of a receiver of the Buffalo &
Susquehanna Railway Co. (see that company above), a
committee consisting of Alvin W . Kroch, Chairman, John
L. Billard, James S. Kuhn, Robert Winsor and Asa S. Wing,
requests the holders of the first refunding 4 % gold bonds,
dated April 1 1901, to deposit their bonds promptly with the
committee’s depositary, the Equitable Trust Co. of New
York, 15 Nassau St. In case the committee shall find it
necessary to recommend a plan of reorganization, any deposi­
tor dissatisfied with such plan will be afforded an opportunity
to withdraw his bonds. See advertisement on another page.
— V . 89, p. 992.
Camden & Trenton Ry. — P r o p e r t y T u r n e d O v e r . — Chan­
cellor Pitney, at Trenton, N . J., on April 29 signed an order
directing that the property of the company be turned over
by Receiver Sadler to the purchasers at the foreclosure sale,
Frysinger Evans, Eugene A . Martin and Charles R . Rens,
who are reported to represent the Publio Service Corpora­
tion.— V . 90, p. 913, 770.

Central New England Ry.—

S e ttle m e n t b y M i n o r i t y G e n e r a l

M o r t g a g e B o n d h o l d e r s .—

The Philadelphia committee for the
minority 5 % general mortgage bondholders (C. S. W . Pack­
ard, Chairman) has made a settlement on the basis of par
in cash for the bonds represented by it. The amount held
is approximately $500,000, being a majority of the minority
interest. The payment is to be made through the Penn. Co.
for Insurance on Lives and Granting Annuities as soon as
certain transfers can be adjusted. Compare V. 89, p. 918,102
Chicago Milwaukee & St. Paul Ry.— S a l e o f D e b e n t u r e s .—
The company has practically concluded negotiations with
Kuhn, Loeb & Co. for the sale of $50,000,000 15-year 4 %
debenture bonds— a new issue. The bonds, it is understood,
will go to Paris.
M a t u r i n g B o n d s . — As already announced, the Milwaukee &
Nor. R R . 1st M. bonds, due June 1 1910, will be extended at
the option of the holders thereof at 4 x/i % for 3 years, or until
June 1 1913, if presented at the office of the company, 42
Broadway, on or before June 10 1910, their first mortgage
lien to remain unimpaired. See adv. on another page.
Holders of these bonds who do not desire to extend them
will present them for payment at the office of White, Weld
& Co., 5 Nassau S t., N . Y . City, on or after June 1. Com­
pare V . 90, p. 771; V . 90, p. 1170, 848.
Cleveland Cincinnati Chicago & St. Louis Ry. — R e t ir e ­
m e n t o f M r . I n g a l l s . — M. E . Ingalls has confirmed the report
that he intends to resign as Chairman of the board, owing to
ill health.— V . 90, p. 1044, 712.
S a l e o f D e b e n t u r e s . — A sale of 50,000,000 francs ($10,­
000,000) of this company’s debenture 4s has been effected
in Paris through J. P. Morgan & C o . — V . 90, p. 1044.
Columbus (O.) Railway & Light Co.— S t r i k e S e t t l e d . — The
strike, which tied up every car line in the city for about a
week, was settled on Thursday through the efforts of Mayor
Marshall, a compromise having been effected on the basis of
an increase of wages of 1 cent an hour, 2 cents having been
demanded.— V . 90, p. 559, 502.
Denver Laramie & Northwestern RR. — D e t a i l s o f M o r t ­
g a g e . —-The company, which has taken over the Denver
Laramie & Northwestern R a i l w a y , and whose projected line
extends from Denver, Col., to coal fields in Carbon County,
W y o ., and thence to Seattle, W ash ., has made a mortgage
to the Manhattan Trust Co. of New York, as trustee, to secure
an authorized issue of $22,500,000 first mortgage 30-year 5 %
gold bonds, dated April 1, to be issued at $30,000 per mile,
to construct the 750 miles of road. Capital stock authorized,
$30,000,000 (par $100).

The D. L. & N. Hallway bonds Issued for the construction of the 56 miles
of road between Denver and Greeley, Col. (V. 89, p 593, 922) are to bo
called for payment at 102 and Interest on July 1. The new bonds (par
$1,000 each) are subject to call In any amount at 108 and Interest; Interest
payable April 1 and Oct. 1 at the Manhattan Trust Co., New York, or com­
pany’s office. Denver. Sinking fund, $250,000 April 1 1925 or any Interest
day thereafter, lhe 56 miles between Denver and Greeley are to be
opened May 15. Pres., C. S. Johnson; V.-P. and Gen. Mgr., Wm. E.
Green; Sec., Zeph Charles Felt: Trcas., W. E. Skinner.— V. 90, p. 502.

Dominion Atlantic Ry. — G u a r a n t y o f D e b e n t u r e s . — The
Nova Scotia Legislature at its present session passed a bill
authorizing the Provincial Government to guarantee £ 1 9 0 ,­
000 debentures to construct the proposed North Mountain
R y ., 15 miles, and for other purposes.— V . 83, p. 1347.
Eastern Ohio Traction Co.— R e c e i v e r ’s S a l e . — The Eastern
division, extending from the intersection of Lee road and
Mayfield road in Cuyahoga County, Oliio, to points within
the villages of Middlefield and Chardon, Geauga County,
Ohio, is advertised to be sold at public auction at the office
of the receiver, Electric Bldg., Cleveland, Oliio, on June 10.
No bid for less than two-thirds of the appraised value,
$1,130,000, will be accepted— V . 90, p. 447, 167.
Fairmont & Clarksburg Traction Co.— S t o c k O f f e r e d . — The
company has offered $400,000 preferred stock at 76)^ to
residents of the towns through which the line passes. The
entire block, it is expected, will be disposed of before May 15,
when the offer ceases. The company wishes to have local
people interested in the development of the enterprise, Bal­
timore people owning the controlling interest.
E x t e n s i o n . — A charter has been issued for an extension of
the line from Clarksburg to Weston, 24 miles, and i t is under-

May

THE CHRONICLE

7 1910.

12 3 9

Missouri Kansas & Texas.— S a l e o f D e b e n t u r e s . — Speyer
stood surveys are being made for the Clarksburg and Salem
& Co. have purchased $10,000,000 of a new issue of 4 % %
extension of about 8 miles.— V . 90, p. 1044, 109.
Grand Trunk Western R y .— I n c o m e B o n d s to be P a i d debenture bonds. The proceeds from the sale will be used
for equipment and betterments.— V . 90, p. 503, 54.
D e c . 1.— The company gives notice by advertisement (see
another page) of its election under the right reserved in the
Missouri Oklahoma & Gulf Ry.— B o n d O f f e r i n g . — An­
second income mortgage of 1900 to redeem these income nouncement was made in Paris on April 23 that the Banque
bonds ($1,500,000 original issue) on Dec. 1 next by paying Franco-Americaine and the Societe Centrale dcs Banques de
8 5 % of the principal and all interest earned and accrued Province would shortly offer, at 470 fr. 35c. (par $100, or
thereon to date of redemption.
Holders are requested to 515 francs), yielding 5 .4 % , $2,500,000 o f the additional 1st
present their bonds with the unpaid interest coupons at the M. 5s recently sold. Compare V . 90, p. 977.
office of the agents of the Bank of Montreal, 81 Pine St.,
National Railways of Mexico.— S t o c k L i s t e d i n P a r i s . —
New York, on or before said date.— V . 89, p. 1410.
Ladenburg, Thalmann & Co. announce that negotiations
Hartford & Springfield Street R y .— D i v i d e n d s R e s u m e d . — have been concluded for the listing of the is.sue of $125,000,­
The company has declared a dividend of 1 % on the prof, 000 second preferred stock on the official list of the Paris
stock, payable May 2 on stock of record April 27. The re­ Bourse (Parquet), and that they are advised that the listing
sumption of dividends, which were suspended in 1907, was will take place on Monday next, May 9 .— V . 90, p. 698, 027.
made possible bv the raising of fares from 5 cents to G cents.
New York Central & Hudson River RR. — A w a r d o f W a g e
— V. 88, p. 100‘.
A r b i t r a t o r s . — The award of E . F . Clarke and P. H . Morrisey,
Hocking Valley R y .— O f fe r W i t h d r a w n P e n d i n g C o n t i n u ­ to whom was referred the wage dispute between the com pany
a n c e o f R e s t r a in in g O r d e r .— J. P. Morgan & Co. last week an­
and its conductors and trainmen, and by whose decision the
nounced that the offer made by them under date of April 7 employees of the Delaware Lackawanna & Western and the
(V . 90, p. 97G) in behalf of the company, to pay par and Delaware & Hudson had agreed to abide, was made public
accrued dividends for any of the $15,000,000 preferred on Thursday and proved to be a general compromise on all
stock presented on or before April 80, would be suspended points. The summary of the award, as given out from
and withdrawn, pending the continuance of a restraining General Manager Smith’s office, says:
order of the Court of Common Pleasof Franklin C ou n ty,O .,
The decision awards on the N. Y. Central $2 40 per 100 miles to Its
through passenger conductors operating on Its main line between New York
issued April 27.
The Injunction referred to Is a temporary one granted by Judge Klnkead
In the Common Ideas Court at Columbus on Wednesday In a new suit begun
by three minority stockholders of the company— Howard D. Mannlngton,
Secretary of the Ohio Association of Coal Operators, and Fred. 11. Sclioedlnger and Ralph K. Westfall, attorneys, of Columbus— asking for the ap­
pointment of a receiver or receivers for the road and an Injunction restrain­
ing the retirement of the $15,000,000 pref. stock or the borrowing of money
for the purpose, as contemplated; the proposed Increase of the common
stock to S26,000,000; the recognition of the ownership of the Chesapeake &
Ohio or Its right to vote the Hocking Valley stock recently acquired, and
the holding of a special meeting of common stockholders on May 11. The
Court, while taking no action on the application for a receiver, granted the
temporary restraining order applied for with bond of $1,000. An appli­
cation for a modification of the restraining order so as to permit of the re­
tirement was taken under advisement by the Court on May 2.
The plaintiffs allege various acts of mismanagement, the evasion of the
order of the Circuit Court In the ouster suit brought by the AttorneyGeneral, entangling alliances with coal companies and other wrongful acts.
— V. 00, p. 070. 840.

Illinois Southern R R .—
officers have been elected:

N ew

O f fi c e r s .—

The

following

K. K. Ilolsot, President, with office at Chicago, 111.; J. W. Walsh, VIccPres.; A. F. Williams, Aud., and F. O. Wetmore, Trcas., all with offices
at St. Louis, Mo.; W. T. Abbott, General Counsel, with office at Chicago.
— V. 00, p. 007.

Indianapolis Traction & Terminal Co.— C h a n g e i n C o n t r o l .
— See Terre Haute Indianapolis & Eastern Traction Co.—
V . 90, p. 1101.
Inter-State Railways, Philadelphia.— P r e f e r r e d S t o c k P l a n
A b a n d o n e d — E a r l e P l a n R e c o m m e n d e d . — On May 4, after a
meeting of the board, President Rigg announced:
The proposed Issue of preferred stock by the company has been found to
be Impracticable because so large a proportion of the bonds Is held by
trustees who cannot legally accept the proposed stock In payment of Interest
on their securities, and the contemplated plan of Issuing the preferred stock
has therefore been abandoned. The company deems It to the best Interest
of all parties concerned to consummate the Earle plan (V. 89, p. 225) and
the holders of bonds outstanding are recommended to deposit their bonds
without further delay In order that the plan may be declared operative.
[The Earle committee represents about $7,000,000 of the bonds.]— V. 90,
p 1170, 977.

Laclede Dallas & Western R R .— M o r t g a g e . — The company
has made a mortgage to the Fidelity Trust Co. of Kansas
City, M o., as trustee, to secure an authorized issue of
$000,000 80-year 6 % bonds at $20,000 per mile, maturing
April 1 1940, but callable at 105 on and after April l 1920.
The company was Incorporated In Missouri Feb. 11 1910 with $800,000
authorized stock In $100 shares. The road Is, It Is stated, under construc­
tion between Phllllpsburg, Laclede County, Mo., and RulTalo, Dallas
County, 22 miles, an extension of 8 miles being projected beyond Bullalo.
Pres., B. B. Jolfee; Sec.. U. F. Farren; Trcas., J. R Kccly, 318 American
Bank Building, Kansas City.

Lima (Peru) Urban R y .— B o n d s C a l le d . — Sixteen G% gold
bonds have been called for redemption on July 1 1910. Cou­
pon sdue that day will be paid after that date at the offices of
W m . Salomon & Co. and W . R. Grace & Co., N . Y . City.—
V . 89, p. 1847.
Memphis Dallas & Gulf R R .— N e w N a m e . — See Memphis
Paris & Gulf R R . below.
Memphis Paris & Gulf RR.— C h a n g e o f N a m e — I n c r e a s e o f
S t o c k — B o n d s .— The stockholders will vote at the annual
meeting on May 17 on increasing the authorized capital stock
from $040,000 to $0,200,000 (all of one class; par of shares,
$100), and on authorizing an issue of $0,200,000 of 5 % 80year gold bonds to provide for the extension of the road
and changing the name of the road to Memphis Dallas &
Gulf lilt.
The road known as the “ Diamond Route,” traversing the Pike County
diamond Uc’lds, now extends from Murfreesboro, Ark., southwest to Ash­
down 41 miles (laid with CO-lb. rail); but extensions are proposed north to
MemnhIs Tcnn 255 miles, and south to Dallas, Tex., 180 miles. Thecom oanv was Incorporated In Arkansas In June 1906. Pres., W. W. Brown,
Camden Ark ' Vlce-Pres. and Gen. Mgr.. C. C. Henderson, Nashville.
Ark • Sec J W lJIshop, Nashville, Ark.; Treas., W. E. Barkman, Arkadelnhla Arlc ’ There arc now outstanding $040,000 20-year 6% gold bonds
of $l 000 each dated Jan. 1 1908 and 1909, subject to call from Jan. 1919
at 103 and interest to next Interest period, of which $420,000 are guaranteed,
principal and Interest, by Nashville (Ark.) Lumber Co.; Interest Jan. 1
and July 1 at Mercantile Trust Co., Little Rock Ark ; Alvin D Goldman,
St. Louis, mortgage trustee. Of the new 5% bonds, $840,000 are to be
reserved to retire the Cs now outstanding.

Minneapolis St. Paul & Sault Ste. Marie Ry. — A c q u i s i t i o n .
— Announcement is made that the line formerly known as the
Abbotsford & Northeastern R R ., extending from Athens,
W is., to Abbotsford, 15 miles, is now operated by the com­
pany as a branch of its Chicago division.— Y . 90, p. 098.




and Buffalo. Present rate $2. On its side lints It gives the II. & O. rate,
$2 68. On the main line division passenger runs the award Is $2 50 (which
Is the same rate the company offered) until Jan. 1 1011, when the B. & O.
rate applies. On freight, the arbitrators awarded the conductors $3 40
on the main line divisions, including the West Shore, until Jan. 1 1911,
when the B. & O. rate applies. Rate now $3. On Us side lines they were
given the B. & O. rate of $3 63. (The award also covers brakemen and
llagmen—see "N . Y. TltaesV of May 6.)
The arbitrators have evidently recognized the higher speed facilities and
favorable conditions under which the New York Central men work in Its
main line operation.

An agreement was reached on May 4 by which the com­
pany’s 3,000 firemen will receive an average increase in
wages of about 7 % .
Advance in transportation rates is con­
templated to recoup the company for its larger payments to
its employees.
D e c i s i o n o n E q u i p m e n t T r u s t C e r t i f i c a t e s . — The Appellate
Division of the Supreme Court at Albany on May 0 rendered
a decision holding that the issue of equipment trust certifi­
cates of a railroad company is subject to the approval of the
Public Service Commission.
The decision was reached In a case agreed upon between the •ompanjr
and the Commission, which was argued In March last. The New York
Central Lines .In 1907 issued $30,000,000 ccrtilicates. The company con­
tended the ccrtilicates are not an obligation of the railroad company,
such as stocks and bonds, &c., within the meaning of the Public Service
Commission Law, Inasmuch as they were issued by the trust company and
not by the railroad company, the railroad company having simply entered
Into a contract of lease.
The decision, It Is said, will not affect the validity of the equipment trust
ccrtilicates Issued, but settles a controversy as to the power of the Com­
mission on a disputed question.— V. 90, p. 910, 850.

Norfolk & Southern RR.— N e w C o m p a n y . — The Corpora­
tion Commission of Virginia on April 28 granted a charter
to the company, which is the successor of the N . & S. R a i l w a y ,
with $10,000,000 authorized stock, in $100 shares, per plan
V. 87, p. 014, 078. Judge Waddill in the Federal Court at
Norfolk on April 28 signed the formal order approving the
sale of the road to the reorganization committee.
Posses­
sion was taken at midnight on May 4.
D ir e c t o r s a n d O f f i c e r s . — The following directors and of­
ficers are announced:
Directors.— George C. Clark, John I. Waterbury, Oaklelgh Thorne, S. L.
Schoonmaker, Marsden ,T. Perry, T. L. Chadbourne Jr., N. W. Runnlon,
Frederick Hoff, G. W. Welffcnbach, A. M. Henry, Aug. Roth, Henry J.
Wolf, New York; Rathbone Gardner, Providence, R. I.; E. T. Lamb, Cas­
well Hardy, Norfolk; C. E. Foy, Newbern, N. C.: Frank L. Knapp, Hacken­
sack, N. J .
Officers.— Pres., E. T. Lamb, Norfolk; See., Morris S. Hawkins, Norfolk;
Asst. Sec., N. W . Runnlon, 30 Pine St., N. Y.; Treas., Matthias .Manly,
Norfolk; General Counsel, Chadbourne & Shores, 30 Pine St., N. Y. Gen­
eral office, Norfolk, Va.

Norfolk & Southern R y. — R e o r g a n i z e d . — See Norfolk
Southern R R . above.— V . 90, p. 1171, 772.

&

Northern Texas Electric Co., Ft. Worth-Dallas, Tex.—
B o n d s O f f e r e d .—

Parkinson <k Burrand Estabrook & Co., both
of Boston and New York, are placing at 90 and interest
yielding over 5 ) 4 % , the unsold portion of $1,100,000 of the
present issue of $1,500,000 collateral trust 5 % gold sinking
fund bonds, dated Jan. 1 1910 and due Jan. 1 1940, but
callable as a whole or in part for sinking fund purposes only
at 105 and int. on any interest date. Int. J. & J. in Boston.
Par c* $1,000; r *$ l,0 0 0 , $5,000, $10,000. Trustee, Com­
monwealth Trust Co., Boston.
Abstract of Letter from Stone & Webster .Management Association,
General Managers, Boston, April 29 1910.
"' Organization.— Organized under the laws of Maine and owns 28,991
shares out of the Issue of 29,000 shares of the Northern Texas Traction Co.,
which company docs an electric railway business In Ft. Worth, Tex., and
operates an Interurban railway over Its own tracks between Ft. Worth
and the centre of Dallas.
Capitalization.
Collateral trust bonds, dated 1910, due 1940, authorized, $10,­
000,000. Bonds certified by trustee: (a) original Issue,
ill
$1 000,000; (b) upon retirement of $500,000 3-year 5% notes
of Northern Texas Traction Co., called for payment on May 1
1910 $500,000; total (Including $400,000 held In the treasury) .$1,500,000
Reserved to retire 1st M. 5% gold bonds of Northern Texas
Traction Co., due Jan. 1 1933----------------------------------------- - 2,500,000
. Reserved for acquisitions, Improvements, exten»u
slons and additions------------------------------------------ $6,000,000
Prcf, stock 6 % ,non-cumulatlve, authorized and Issued................. 2,500,000
Common stock, paying dividends [rate recently 4 % now 5% , Ed.] 2,500,000
As security for the bonds, the company has deposited with the trustee
$2 899,100 stock of the Northern Texas Traction Co., being Its entire out­
standing capital stock except nine directors' shares. The Northern Texas
Traction Co. has recently authorized an Issue of refunding mtge. bonds, j i

1240

THE CHRONICLE

direct lien upon all of its property, subject only to Its §2,500,000 1st M.
bonds due In 19.13. The Northern Texas Electric Co. will, from time to
time, acquire such refunding mtge. bonds or stock of the Northern Texas
Traction Co. when and as Issued for extensions, additions or otherwise,
and Immediately place the same with the trustee as further security for the
bonds of the electric company. No evidences of indebtedness may be
Issued by the traction company except to the electric company, to be
placed with the trustee above named, except that short-time notes for
temporary borrowing may be issued not to exceed §250,000. Until the
traction company's 1st M. 5s due In 1933 shall have been paid, 50% of the
securities issued by that company to the Northern Texas Electric Co. and
deposited with the trustee shall consist of these refunding mtge. bonds.
The §6,000.000 collateral bonds held In reserve may be Issued under
carefully guarded restrictions, to an extent not exceeding 80% of the actual
cost, cither for securities of additional operating companies or for future
permanent Improvements, extensions and additions evidenced by stock,
bonds or notes of the operating companies deposited with the trustee.
The Northern Texas Traction Co. has called for payment on May 1 1910
ts §500,000 6% coupon notes, and these notes will be retired by part of
the proceeds of the bonds now sold, and the amount remaining will be ex­
pended at once on additions to the power plant, rolling stock and track of
the Northern Texas Traction Co.
Annual cash sinking fund, beginning 1911, 1",', of all outstanding bonds.
Oalendar Year learnings oj Northern Texas Traction Co.
1909
1908.
1907.
1906.
1905.
G ross................ .
§1,259,551 §1,080,577 §1,060,954 §854,136 §661,037
Net, after taxes.. . _ 532,654
423,750
437,381 306,984 269,174
The Northern Texas Electric Co. is paying dividends at rate of 6% per
annum on Its §2,500,000 pref. stock and 4% per annum on Its §2,500,000
common stock. The market value of these stocks Is about §1,500,000.
Tho Northern Texas Traction Co. operates approximately 86.7 miles of
equivalent single track composed of 33 miles of interurban lines between
Ft. Worth and Dallas, 8.3 miles of local lines In Oak G111T, Dallas, and 45.4
miles of city lines In Ft. Worth: about 1 mile will be added in the near
future. The city lines have been relaid during the last live years with
60 to 85-lb. rails. The Interurban line Is of steam railroad construction
laid with 70-lb. “ T ” rail and, except In towns, Is entirely on private right
of way, permitting a high speed of cars. Rolling stock now includes 120
passenger and combination cars and 10 miscellaneous cars; 22 passenger cars
and 1 express oar under construction. A modern power station of 2,800
k. w. capacity is located at Handley, and work Is now starting on an exten­
sion thereto and the Installation of a 3,000 k.w. alternating current turbine
unit with steam plant, l’ lans have also been made for Increasing the ca­
pacity of tho sub-stations and the transmission system, Including the con­
struction of a fifth sub-station. At Dallas has a new terminal station.
The principal franchise In Ft. Worth expires in 1973. Minor franchises
expire In 1931. Dallas franchises expire In 1920 and 1945. The population
of Ft. Worth is now conservatively estimated to be 75,000: In addition, the
population served Includes 95,000 In Dallas and 9,000 on the line of the
Interurban. a total of about 179,000. Within a radius of approximately
150 miles there Is a population of over 2,000,000.

[V’OL. L X X X X .

some extent seems likely in the case of a large number, if not
all, of the leading roads of the country.
South Dakota Central R y .— N e w O f f i c e r s . — The following
new officers are announced: *
F. L. Maytag, Pres., vice P. F. Sherman, who resigned: ,1. Kirby, 1st
VIce-Pres., and (1. VV. McArthur, 2d Vlce-Pres. and Gen. Mgr. — V.87,p.98.

Southern Railway.— B o n d s S o l d . — A sale of a block of
development 4s has been made in Germany through J. P.
Morgan & Co.— V. 90, p. 1045.
Terre Haute Indianapolis & Eastern Traction Co,— A c q u i ­
s i t i o n . — The company confirms the report that it has ac­
quired over 8 0 % of the $5,000,000 stock of the Indianapolis
Traction & Terminal Co. under a plan providing for the issue
of SO6/, pref. stock and 8 0 % common stock of the Terre
Haute Indianapolis & Eastern Traction Co. in exchange for
each 100% of stock of the Indianapolis Traction Sc Terminal
Co. Compare V. 90, p. 1103.
The bonds to be issued, we understand, are not under the
mortgage of 1907, but under a new mtge. dated April 1 1910.
Compare V. 90, p. 1103.
Trenton (N. J.) & New Brunswick (Electric) R R .— S o l d .—
The road was sold at foreclosure sale on May 5 at New Bruns­
wick, N . J .,fo r $200,000 to Irwin Shupp Jr.and Charles Sinnickson, of Philadelphia, representing the Finance Co. of
Pennsylvania,trustee u n d erth e$l,000,000 mortgageof 1901
— V . 89, p. 1484.
Union Traction Co., Philadelphia.— S t a t u s . — This com­
pany's shares are now receiving, under the terms of the lease
to the Phila. Rapid Transit Co., the full ultimate dividend
rate of S3 per share per annum. Bioren Sc Co., Phila., in a
circular dated May 7, express the belief that this rate “ is
justified by the present earning power of thesysfccm /'andadd:

The labor troubles of the lessee, n persistent journalistic attack and the
general decline in tne stock market have, from the host information which
we can obtain, been the main causes for the recent fall In the price of these
shares from 52 ?i to 41 H and In Phila. Rapid Transit Co. stock (par value
§50, fully paid in in cash) from 2S'A to 14R.
D i v i d e n d I n c r e a s e o n C o m m o n S t o c k . -Tho common stock,
The actual capital placed in the various street railway properties of the
$2,500,000, received its first dividend, 2 % , Sept. 1 1009, Philadelphia Rapid Transit system during some 60 years of operation,
with
interest thereon when no dividends have been paid, receives an aver­
and dividend No. 2, also 2 % , March 1 1910. On May '■'> age return
of but a fraction over 6% . This fact Is not generally known,
:s - it would seem that attacks based on alleged large returns on Invested
a quarterly dividend of 1 k£% was declared on the common
e.t,
Ital
would
discontinued. Union Traction Co. stock at present prices
shares payable June 1 to holders of record May 10.— V. 90, yi. Ids a returnbe
of over 6
— V. 89. p. 591.

p. 373.
Northwestern Corporation, Walla W alla, W a sh .— C h a n g e
in C o n t r o l . — Rhodes, Sinkier & Co. of Philadelphia announce
the cash sale to II. M. Byllesby & Co. of Chicago of $959,000
5 % bonds and $2,109,000 o f the stock. The offer was to
purchase all of the outstanding stock at $47 50 per share.

Authorized capital stock, §5,000,000, of which §2,109,000 had, we are
Informed, been Issued: of the §5,000,000 "first and consolidated mort­
gage” bonds, §959,000 had been Issued, the balance being reserved for
future requirements and to retire bonds of underlying companies. For
the year ending Nov. 30 1909 the gross earnings, It Is sakl, were §552,616,
an Increase of §75,266; net after oper. exp., §274,428, an Increase of §69,535.
The control has been held In Philadelphia, with Isaac W. Anderson as Presi­
dent. Compare V. 88, p. 1625; V. 89, p. 924, 352.

Northwestern Elevated R R ., Chicago.— P r e l i m i n a r y P l a n .
— Tho preliminary proposal submitted to the representatives
of the elevated lines by llenry A. Blair, Chairman of the
Chicago Railways, providing for their amalgamation, given
at length in the Chicago papers of April 30, provides briefly:
For a cash payment for the preferred and corn non stock of each of ti e
roads at a price to be hereafter agreed upon or, in the alternative, the
deposit of the stocks of those companies under an agreement providing for
a plan under the terms of which new securities will he issued In exchange
therefor. The proposal Is subject to the condition that Mr. Blair, repre­
senting the bankers’ syndicate, Is to have sufficient time to make an exam­
ination Into the condition of the properties and draw up a formal plan, and
that a stipulated time shall he granted within which, upon the deposit of
a sufficient amount of securities, the plan may he d dared operatlvi .

The bankers' syndicate, it is understood, is headed by
the National City Bank of New York and N. W . Harris
& Co.— V. 90, p. 1171; V . 89, p. 1278.
Philadelphia Rapid Transit Co.— I n c o m e R e tu r n on I n ­
v e s t m e n t . — See Union Traction Co. below.
N e w S e c u r i t i e s A u t h o r i z e d b y C i t y C o u n c i l . — On May 5 the
Common Council of Phila., by a vote of 04 to 9, and tho
Select Council by a unanimous vote, authorized the company
to borrow a further $2,500,000 and to issue car-trust certifi­
cates; also, no doubt, to take the other steps mentioned
in our issue of April 9. Under this authorization the com­
pany, it is stated, will be able to make a car trust loan on
account of the purchase of new rolling stock to cost about
$1,079,500. See also V. 90, p. 977, 1102.
The “ Phila. Ledger’’ understands that Mr. Widoner has
agreed to take $500,000 of the $2,500,000 loan.— V . 90, p.
1102, 977.
Pennsylvania R R .— B o n d s C a l l e d . — Sunbury Ilazelton &
Wilkes-Barre R y. first mtge. series A bonds of 1878 to the
amount of $22,500 have been called and will be redeemed at
par and interest on May 31 by the Fidelity Trust Co. of
Philadelphia.— V. 90, p “ 977, 915.
R ates.— N o t i c e o f A d v a n c e . — The Inter-State Commerce
Commission has received notice from a number of leading
trunk lines west of the Mississippi River of their intention to
raise freight rates from 10% to 2 0 % on a large part of their
traffic, exceptions being made in the case of some raw ma­
terials like lumber. The New York New Haven & Hart­
ford, to offset the wage concessions recently granted, gave
notice on May 1 of a considerable increase in passenger
rates, the most noteworthy changes being in the commu­
tation rates for passengers, the 60-trip ticket, for instance,
between New York and New Haven being advanced from
$16 to $22. As the advance in wages is becoming general,
an advance of rates, either freight, passenger, or both, to




United Railways Investment Co.—
C l. Dies. Received
on Stock.
1 ear-—
: O'.)
$1,802,672
1,152,672
fc08. .

Other
Income.
§28,013
106.1 18

R e p o r t .—

Total
Expenses.
$64,421
50,586

For col. years:

Interest an
Iton its. &c.
§1,253,914
1,243,159

Balance,
Surplus.
§512,350
265,045

The stockholders yesterday ratified the proposition to
issue $6,000,000 convertible 6 % bonds and increase the capiii'l stock from $50,660,000 to $56,000,000, and also author­
ized the directors to utilize a portion of the authorized but
unissued pref. stock at par to pay or adjust the arrears of
dividends accrued or to accrue on the outstanding pref. stock
from time to time up to and including Oct. 1 1911, per plan,
V . 90, p. 1103, 378.
Wabash-Pittsburgh Terminal R y .— - N o J o i n t R e o r g a n iz a ­
t i o n .— Kuhn. Loeb & Co. and Blair & Co., who as bankers
in charge of the Wheeling Sc Lake Erie reorganization have
been working on a plan for the reorganization of that
property and the Wabash-Pittsburgh Terminal lty., have
relinquished the idea of a joint reorganization. An authori­
tative announcement on Thursday said:
.
The bankers in charge of the Wheel a ; & Lake Erie reorganization who
have been considering in connection therewith reorganization of the Wabash-Pittsburgh. Terminal Ry. Co. have deoiled to 1 ave the latter task
to the Wabash-Pittsburgh Terminal bondholders' committees. It was
found that the cash requirements for the rehabilitation of the latter prop­
erty were so co rd arable, and the situation generally involved so many
complications, that a proper basis f >•’ the new capital required and a rea­
sonable representation In any new som tiu of the s :eu Itles already outstand­
ing could not be created with sat.sfactlon to all interests concerned.—

V. 90, p. 1103, 504.

Wheeling & Lake Erie RR. J o i n t R e o r g a n iz a ti o n A b a n ­
See Wabash-Pittsburgh Terminal Ry. above.—
V . 90, p. 448, 169.
d o n e d .—

IN D U S T R IA L . GAS A N D M ISCELLANEOUS.
American Brake Shoe Co., New York .— A c q u i s i t i o n s .—
This company has purchased through C. M. Hewitt, who
has been the President of both corporations, the property
of the National Brake Shoe Co., owning brake-shoe patents,
and the Featherstone Foundry A Machine (Jo., the manu­
facturing ally of the former, with one plant located at Mel­
rose Park, Chicago Ave. and Hnlsted S t., Chicago, and the
other at Burnside, described unofficially as “ one of the best
casting plants in the country.” Payment will be made
partly in cash as below stated and partly by the issue of
about $1,000,000 additional common stock, increasing the
outstanding stock (including the $1,008,000 new pret. below
mentioned, to say), $3,600,000 common and $4,008,000
pref.
A circular dated April 29 says in substance:
By the purchase of these properties your company will aequ re new
tangible assets of an appraised value of approximately §6o9.000, together
with Intangible assets tho value of which may he measured by the earnings
of the properties to he acquired, which earnings aro at present about
§260,000 per annum. We conlldcntly believe that the net revenue to your
company from these new properties will average not less than §300,000.
N e w S t o c k .— “ In order to provide the cash consideration
necessary for the acquisition of these properties and in order
to secure additional working capital therefor,” the company
offers to all stockholders of record May 9 the right to sub­
scribe at $105 a share on or before May 25 at the First
Nat. Bank, 2 Wall S t., N . Y ., for $1,008,000, new pref.
stock to an amount equal to 18 % of their respective holdings.

May 7 1910.]

■* Subscription warrants will be mailed May 11 and payment must be made
In full at said bank between May 11 and May 25. the new certificates to
share In all pref. dividends payable after May 25. Pomroy & Co., 25 Pine
St., will buy or sell fractional warrants at the rate of 5120 for the new stock.
On March 29 1910 the shareholders voted to Increase the authorized
capital stock from 56,000,000 (one-half pref.) to 510,000,000, consisting of
55,000,000 common and 55,000,000 pref. Amount now outstanding,
52,600,000 common and 53,000,000 pref. See rights of pref. stock, earn­
ings, &c , In V. 90, p. 238, 561.

Alabama Consolidated Coal & Iron Co.— C o n t r o l

P a s s e s to

B a l t i m o r e .—

At a meeting held in Baltimore April 29, the
board of directors was reorganized as follows, giving the
Baltimore pref. stockholders six out of nine directors:

New directors representing Baltimore Interests— Douglas H. Gordon,
Wm. Ingle, R. Doncaster Williams, J. William MIddendorf and James L.
Sellman of Baltimore; H. F. Meservc, Washington.
Directors said to represent Hoadley Interests—Joseph H. Hoadley, New
York; K. L. McLaren, Jersey City, H. S. Mathews, Birmingham.
[Mr. Meservc, It Is thought, will succeed Air. Hoadley as President.]—
V. 88, p. 1004.

American Cotton Oil Co.— F i r s t S e m i - A n n u a l D i v i d e n d .—
The company has declared a semi-annual dividend of 2J/£%
on the ($20,237,100) common stock, payable June 1 1910
at the banking house of Winslow Lanier & Co., 59 Cedar S t.,
being the first semi-annual disbursement under the resolution
of the directors passed in November last.
Annual dividend Record of Common Slock (Compare V. 89, p. 1225.)
1898. ’99. ’00. ’01. ’02. '03. ’04. ’05. ’06. ’07. ’08. Deo. ’09
P e r c e n t.. 3
4 3
2
*6
«4
1
1
2
(x)
3
5
•Includes 2% paid In the following June, x From the earnings o
1906-07 4% was paid March 4 1908.—V. 90, p. 374.

American Express Co.— N e w D i r e c t o r s . — J. Horace Hard­
ing, of Chas. D. Barney A Co., and Cornelius Vanderbilt
have been elected directors, succeeding the late Edward B.
Judson and Johnston Livingston, who resigned.— V . 89,
p. 374, 304.
American Tobacco Co.— E x t r a D i v i d e n d . — The directors
have declared the usual quarterly dividend of 2 W % and 1 X
A %
extra on the $40,242,400 common stock, payable June 1 to
holders of record May 14. The same “ extra” dividend was
paid in Mch., Dec. and Sept, last, but in Mch. a year ago
and June 1909 the extra disbursement was 5 % .
Extra Dividends on Common Stock in Addition to Regular 10% per Annum.
1908.
1909. — — ---- 1910---------1906.
1905.
1907.
Total.
Total.
Mch.
June.
Dec.
Total.
Total.
25%
10%
12
7 'A%
7'A%
15%
22
— V. 90, p. 1046.

American Zinc, Load & Smelting Co.— N e w B o n d s .— The
directors recently authorized an issue of $750,000 5-year
6 % debenture bonds dated May 1 1910 which were offered
at par, having been underwritten at a commission of 4 %
The bonds arc callable any time after May 1 1913 at 105% and at any
time before the maturity of the bonds, or before the redemption of the
bonds, are convertible at the option of the holder Into stock at par. Stock­
holders of record at the close of business April 15 were olfered the right to
subscribe for the debenture bonds on the basis of one bond (par value
51,000) for each 53,350 capital stock (par 525), payment to be made May 1.
Holders of old bonds were given the right on May 1 to exchange their present
bonds dated Jan. 1 1910 Into new bonds dated May 1 1910, Interest to be
adjusted.
A circular says that during the present fiscal year beginning July 1 1909
the company has greatly Improved Its gas supply, purchased additional
properties near the smelters In Kansas and mines In Allssourl, and largely
mproved those properties, and other Improvement made.
All these expenditures have been paid for out of current earnings or dc
preclatlon funds, and no addition has been made to the property or Invest­
ment accounts. The net earnings for the 8 months ending Feb. 28 1910,
after payment of Interest, &c., were 5194,397.
D i v i d e n d .— A quarterly dividend of 50 cents per share
was paid April 20.

Each bondholder who, on or before April 15 1910, converted his present
bonds Into stock obtained the dividend and also the right to subscribe
for new bonds.— V. 89, p. 920.

Arizona Commercial Copper Co.—

N ew

C o n v ertib le B o n d s

The stockholders on April 29
authorized the issue of $1,000,000 1st M. 10-year convertible
bonds and $1,250,000 additional stock (50,000 shares, par
$25 each) to provide for their conversion. Stockholders of
record May 5 arc offered the right to subscribe for the new
bonds at 95 to the extent of one-third of their holdings on
or before May 10. The bonds have been underwritten by
Boston bankers at the same price.
O f fe r e d — S to c k

I n c r e a s e d .—

Payment Is to be made 5250 per 5500 bond on or before May 16 and the
remainder, 5225, on or before June I, the first installment to draw Interest
at 6% to June 1, the date of the bonds, when the new bonds will be ready
for delivery, and any payment In anticipation of the Installment dates to
draw Interest at 3% .
The American Trust Co. of Boston will be the mortgage trustee. The
bonds will be secured by a first mtge. on all the mining properties and equip­
ment, the smelter and power plant, as well as the standard-gauge railroad
owned, which Is approximately 5 miles In length. Denomination 5500
(c&r). Convertible Into stock at any time after June 1 t o il and until
June 1 1914 nil the basis of 25 shares of stock (5625) for each 5500 bonds.
Redeemable by the company In whole or part on any Interest day after
June 1 1911 at 105 and accrued Interest on 60 days’ notice, either by mall
to the registered holders or by publication In one or more dally papers of the
city of Boston. The right of conversion ceases on the day preceding the
date of redemption.
President Amster In a letter to the stockholders says the company from
Jan. 1 1909 to April 1 1910 expended over 5800,000 In Improvements, and
as a result on April 1 1910 had a net floating debt of about 5390,000, to re­
tire which and provide for future purposes and working capital the new
bonds are offered. The expenditures for additions and Improvements since
the acquisition of the property have, It Is said, aggregated about 52,000,000.— V. 87, p. 616.

Atlantic Gulf & West Indies Steamship Co.

E a rn in g s—

The income account of the sub-companies
given last week (p. 11(56) included a full year’s earnings for
the Clyde and Mallory companies, 11 months’ earnings for
the New York & Porto Rico Co. and but 10 months’ results
for the Ward line. The “ New York News Bureau” says:
N ew

V e s s e l s .—

We have obtained from the management the actual net profits of all four
companies for the full fiscal period, and the results, on the old basis of ac­
counting, show total net profits of 53,300,000, compared with but 52,003,­
389 shown In the annual statement. Deducting llxcd charges, Including
depreciation, there Is left $1,250,000, which Is a trifle more than double
the 5% Interest on the Atlantlc-Gulf bonds. For the first two months of
1910 the sub-companies earned for dividends $176,000. For the full 12
months the management Is confident that net profits will be better than
In 1909 by several hundred thousand dollars.




1241

THE CHRONICLE

The proposed new freight steamships (two for the N. Y. & Porto Rico
t>fc>. Co. and one for the Mallory line) will be paid for out of surplus funds
n?'Yi.ava ablc’ or whlch will become available out of probable net profits
flscal year. The total cost may be estimated at about
$1,000,000.— V. 90, p. 1166.

Borden’s Condensed Milk Co.— C h a n g e o f O f f i c e r s . — S.
Frederick Taylor, Vice-President, has been elected Presi­
dent to succeed William J. Rogers, who resigned on account
of his health. Walter M. Gladding, Secretary, succeeds
Mr. Taylor and Sidney J. Pearson takes the place of Mr.
Gladding.— V . 89, p. 350.
Canadian Cereal & Milling Co., L td ., Toronto.— P r e fe r r e d
S u b s c r i b e d .— The Investment Trust Co., L td., Mon­
treal, announces that the $1,250,000 of 7 % cum. pref. stock
recently offered has been well over-subscribed. Compare
V . 90, p. 1172.

S to ck

Canadian Colored Cotton Mills Co., L td ., Montreal.— Pro­
posed M e r g e r .
Ihis company, already controlling seven
cotton mills (1 at Milllown, N . B .; 3 at Cornwall, Ont • 2 at
Hamilton, O nt., and 1 at Marysville, N . B .), has recently
obtained options for the purchase of the Gibson Cotton Mill
at Marysville, N . B. and on the shares of the Mt. Royal
Spinning Co., the last named also owning mills at Marysville,
N. B.
If the purchase is consummated as proposed, the com
solidated company will be capitalized at $8,000,000 stock
(common and pref.) and $5,000,000 bonds, the present issues
to be as follows:
Capitalization After Merger (Probably Under Title of ’ ’Canadian Cotton
Mills, Ltd.” )
New 5% 30-year mtge. bonds, total auth. $5,000,000. Present Issue to beIssuable In part payment for Alt. Royal Spinning Co_
$1 too 000
Issuable In payment for Gibson Mill_________________
’ 700*000
Issuable to retire by exchange or otherwise the 52,000,00o '6%
’
bonds (due April 2 1912) of Can. Colored Cotton Mills Co. 1. 2,000.000
Total Immediate Issue not to exceed._________________ $3,800 000
Pref. stock 6% non-cumulatlve. Present Issue to be;
Issuable In part payment for Alt. Royal Spinning Co_________ 5550 000
Issuable to retire existing 52,700,000 stock of Canadian Colored
’
Cotton Alllls, Ltd., four old shares for three new (par$100)._ 2,025 000
Now olfered for subscription (on or before May 6), at par In
’
cash, with bonus of 200% In new common to stockholders of
Canadian Colored Cotton Alllls of record April 22__________ 1,000,000
Total Immediate Issue.............................. ............................. $3 575.000
Common stock In $100 shares. Present Issue to be;
Issuable In part payment for Alt. Royal Spinning Co________
5700,000
l o be given as bonus with 51,000,000 new pref. sold for cash 2,000.000
Total Immediate Issue____________________ _______________ $2,700,000
Condensed Extracts from Circular Signed by Secretary A. Bruce
. ,
. Montreal, April 21 1910.
’
(а) I he transfer of shares In the Mt. Royal Spinning Co.. Ltd . to be
made on the basis of 52,357,000 for all the shares, pref. or common, out­
standing on April 4 1910 and paid up In the capital stock of said company!
tbiC numker
shares which the Canadian agency. Ltd., Is
entitled to take In payment of Its loan of $300,000 to the said Mt Royal
Spinning Co., Ltd., which purchase price shall be paid as follows- For
pref. stock (total $1,500,000) of Alt. Royal Co., 73 1-3% of the face value
thereof In 5% 30-year mtge. bonds and 36 2-3% of the faw value thereof
In pref. shares of this company; and for each share of the common stock
paid up (total $1,410,000) of the Alt. Royal Co. one-half share of cmnmon
stock of this company. The above purchase price of $2,357,000 Is based
on the book figures, which are subject to verification.
uastu
(б) The sale of the said Gibson Cotton Mill property and assets to lie
at ??,st J)rLoe t0 sakl D - Morrlce Sr., say, $700,000 to be paid In 5% bonds
• A t of tlf!elnc,',v Pref. shares shall be preferred both as to capital and divi­
dends, which dividends shall be 6% non-cumulatlve. Rending the period
of three months (from April 21) to be given to the present Shareholders
of this company for the exchange of their common stock for preferred the
pref. shares shall e ect a majority of the board of directors, but after the
expiration of the said period they shall elect ono-thlrd only of such board
As the shares of the Alt. Royal Co. shall be purchased, they shall be de­
posited with the Royal Trust Co. and held by them In trust as security"
for the payment of the $5,000,000 bonds above mentioned, and so soon as
all the outstanding shares of the said Alt. Royal Co. shall have been thus
deposited, the real estate of the latter company shall be transferred to this
company and with the other assets be made to secure the said bonds and
the shares deposited may be canceled.
Whenever new bonds shall be Issued by this company, for the purpose of
retiring or paying Its $2,000,000 of bonds now outstanding, such new bonds
shall form part of the $5,000,000 Issue above mentioned. V. 74 , p. 428.

Chicopee (M ass.) Gas Light Co.— S a l e o f C o n t r o l .— The
Tenney companies, which control the Springfield Gas Light
Co., having acquired control, the following officers were
recently elected:
President Charles H . Tenney, of Hartford, Conn.; VIce-Pres., E M Brad-

fcF’ New Haven, Conn.; Sec. and Treas., H. Ii. Wood, Boston, .Mass.—
V. o.», p. 4.5o.

Chicago Pneumatic Tool Co .— E s t im a t e d E a r n i n g s .— Earn­
ings for 3 months ending March 31 1909 (partly est.) were:
,ZM°s.

Gross P r o jits . D ep rec'n .

fnnS --------------- $233,000
1909 --------------- 7a,000
— V. 90. i). 1104. 561.

J n t.& S k .F d . D iv s . ( 1 % ) . B a l .S u r

$45,000
30,000

$42,000
40.000

$64,000
---------

$82,000
nnn
J,uuu

Citizens’ Telephone Co. of Houston.— S a l e . — A decree was
entered on April 8 ordering the foreclosure sale of the prop­
erty under the mortgage to the International Trust Co., as
trustee, dated Jan. 1 1901. The amount found to be due
was $312,217. The plant was closed down April 30 1910
— V. 88, u. 1004.
Cockerill Zinc Co., Pittsburgh, P a.— S a l e . — The com­
pany’s plants have been sold, the Altoona works being
purchased by Beer, Sondhcimer A Co., who are interested
in the National Zinc Company’s plant at Bartlesville, Okla.
and the Gas City and La Harpe works by Vogelstein & C o!’
who are associated with a number of American smelters'
— V . 90, p. 449.
Copper Range Consolidated C o.- - R e p o r t .- For year:
C a l.
Y ea r.

C o p p er
Sales.

1909 ____ $5,340,728
1908......... 5,561,888
— V. 89, p. 1143.

Interest
R eceived.

$12,386
______

M in in g ,
& c .,E x p .

$3,499,128
3,474,577

Taxes
Interest
Net
,
Paid. Projits.
$192,544
$1,661,442
131,395
$179 1,955,737

Crex Carpet Co — C h a n g e o f O f f i c e r s .— Myron W . Robinson
/as recently elected Vice-President and W . A. Pfeil Treas­
urer, both in succession to G. E . Lindley. Maurice Veuve
(IO elected
U iAssistant
lD O lO ia m i U
L
was
Secretary
and Assistant Treasurer.
O
~n R
~ e g u l’ a r 5" %
w B" a s i’s . -A semi-annual dividend (No. 4)

THE CHRONICLE

m s

of 2 ^ 2 % has been declared on the $3,000,000 stock for the
six months ending May 31 1910, payable June 15 to holders
of record May 31, comparing with 2 % and
extra on
Dec. 15 and June 15 1909 and 2 % (dividend No. 1) on Dec. 15
1908.— V . 90, p. 695, 449.
Diamond Match Co.— R e p o r t .— See “ Annual Reports’ ' on
a preceding page.
N e w D i r e c t o r s . — 11. W . Roloson and F. A . Hardy have
been elected directors to succeed F. M. Clough and C. H .
Palmer, respectively.— V . 90, p. 501, 449.
Dominion Coal Co.— S t r i k e D e c la r e d O f f . — The strike,
which for some time past has had little more than a nominal
existence, has been formally declared off. (See V. 90,
p. 1042.)— V . 90, p. 1104, 1046.
Everett (Wash.) Gas Co.— N e w C o m p a n y . — This company
was incorporated under the laws ot Delaware on March 11
1910 with $1,100,000 of issued capital stock, of which $250,­
000 is pref., to take over and extend the existing gas plant at
Everett (see Northwest Light & Power Co., V . 90, p. 632).
II. M. Byllesby & Co., Chicago, who manage and control
the company, give the following particulars:
The Everett Gas Co. serves without competition the city ot Everett,
Wash., the city of Snohomish and Intermediate village populations, aggre­
gating a total of about 38,000.
Bonds— First M. bonds, authorized, 52,000,000: reserved to be
issued under terms of trust deed (for future additions, &c.— Ed.)
$1,650,000: Issued___________________________________________ $350,000
Pref. stock, authorized, $1,000,000; held In treasury for future ex­
tensions, $750,000; Issued----------------------------- - - — ----------------- 250,000
Common stock, authorized, $1,000,000; trusteed for the benefit of
the treasury, outstanding..--------- - - ----------- - - - - — - - - - - - - - - 85,°,’009
The pref. stock Is accumulative at the rate of 4% until l‘ eb. 1 1011: at
the rate of 6% per annum from Feb. 1 1911 to Feb. 1 1912, and accumu­
lative from Feb. 11912 and thereafter at the rate of 7% per annum.

Georgia Power Co.— S u c c e s s o r

C o .—

See North Georgia

Electric Co. below.

Hackensack Water Co., Weehawken, N . J. — N e w S t o c k .—
The board of directors have decided to give to each stock­
holder of record on May 1 1910 the right to subscribe for
$1,000,000 new common stock at par at the office of the
Treasurer, in Weehawken, on or before May 20, to the ex­
tent of one share of new stock for every three shares of old
stock, whether common or pref., held by him on that date.
Every stockholder, whatever his holdings, will be entitled to subscribe
for at least one share, but no rlghtito subscribe will attach to one or two shares
In excess of a multiple of three. Subscriptions must be paid In full at the
Hudson Trust Co., Hoboken, cither In cash or by certllled check, payable
through N. Y. Clearing House, and drawn to the order of G. O. Waterman
Jr Treas on June 1 1910. Checks for the extra dividend of 20%, paya­
ble June l ’to holders of record May l, will be mailed May 31 for convenience
of shareholders who may wish to apply any part of the same to payment for
new stock. Regular semi-annual dlv. 3% Is payable June 1.— V. SO.p.JSS^

Hudson County (N. J.) Water Co.— R e c e i v e r s h i p .— Judge
Lanning in the United States Circuit Court at Trenton, N. J.,
on April 29, on application of Turner A. Beall, President of
the company, as holder of notes and overdue interest coupons
amounting to $95,625, appointed Harry Hubbard and
William N . Leonard, both of New York, as receivers.
The company ’3 troubles, It Is stated, are due to the Impairment of credit
and earning power by reason of the legislation preventing the carrying out
of the contracts with Hew York City to supply water to Richmond Borough,
Staten Island, and with the United States Government for the fortifications
on that Island. The liabilities. It Is stated, consist of $954,000 first mtge.
bonds (of which $920,000 have been sold and $34,000 are held by the trustee
for account of the company), about $410,000 of bills payable and overdue
Interest coupons (all matured or to fall due within 90 days), and an $8,000
purchase money mtge. on lands at Belleville, N. J. The assets. It Is said,
are $540,000 of stocks, bonds and securities of the company and other cor­
porations forming collateral to Its bonds and notes, plant and equipment
of an estimated value of $800,000, land at Belleville with pumping station,
wells, piping and appurtenances not yet completed, and the aforesaid
contracts.— V. 90, p. 079.

Huron (O.) Steel & Iron Co.— R e c e i v e r ’ s S a l e .— The
property is advertised to be sold at public auction at Nor­
walk, O ., on June 25 by E . G. Martin, Special Master, at not
less than two-thirds of the appraised value, viz.:
(1) As a whole at $129,365; (2) all bills and accounts receivable, stocks
and bonds at $941; (3) the property located at Chanute, Kan., at $2,500
(4) plant A at $108,875; (5) plant B at $17,049.— V. 90, p. 306.

Illinois Brick Co.— A c q u i s i t i o n s .— The company, it is an­
nounced, has closed contracts for the purchase of the brick
plant of the Wisconsin Lime & Cement Co. at Dalton, 111.,
and for the Harms plant on the North Side of Chicago.
The price paid for the former Is understood to have been $175,000 In
Illinois Brick Co. capital stock, the consideration tor the Harms concern not
being known. Acquisition of the two plants Is In line with the company’s
policy to enlarge Its capacity. Tho company will probably acquire more
plants In the near future.— V. 90, p. 979, 917.

Independent Telephone Co. of Omaha.— R e c e iv e r s h i p ,
Judge W . II. Munger in the U. S. Circuit Court at Omaha
on April 6, upon application by the Title Insurance & Trust
Co., appointed Lysle I. Abbott of Omaha as receiver pending
foreclosure. The same Judge on April 11 authorized an issue
of $400,000 receivers’ certificates for “ improvements and
maintenance,” $120,000 to be immediately available for the
building of a new two-story exchange, 40x120 feet, in South
Omaha.— Y . 90, p. 979.
International Harvester Co.— A c q u i s i t i o n .— See New York
Air Brake Co. below.— V . 90, p. 1099, 1105, 562.
Jefferson & Clearfield Coal & Iron Co.— B o n d s C a l l e d .—
Thirty ($30,000) first mtge. 5 % gold bonds drawn for the
sinking fund will be purchased by the Guaranty Trust Co.
of New York, trustee, at 105 and interest on June 1 1910,
at which date interest will cease.— V . 89, p. 1284.

Kellogg Switchboard & Supply Co.,

Chicago.— E x t r a

D i v i d e n d .—

Hill, Small & Co., Chicago, whose circular we
quoted April 9 (p. 980), wrote May 2:
Btt"Our prediction of an extra dividend was fulfilled much sooner than we
had anticipated, as we to-day received a 3% dividend. We received 2%
on March 15. We presume the 3% represents the regular 2% quarterly
for the second quarter and 1% extra. At the same time the directors have




[ VOL. L X X X X .

evidently moved up their quarterly payments, as we have actually received
$5 per share In the first four months of this year."
Complete Cash Dividend Record, &c.. Reported by “Chicago Economist."
Dec. 1906. April 1909. July 1909. Dec. 1909. Mch. 1910. May 1910.
50%
35%
2%
15%
2%
2% (see abv)
Orlg. stock 1897, $250,000, Increased to $500,000 Nov. 27 1899, and to
$1,000,000 by 100% stock dividend Jan. 1 1910. Manufacturing plants,
Chicago (2) and Oassopolls, Mich. No bonds. Pres., L. D. Kellogg.
Compare V. 90, p. 980.
Lake Superior Iron & Chemical Co.— Reported Sale.— A

press despatch reports the sale of control to an English syn­
dicate having Canadian interests, the price, it is said, being
about $8,000,000.— V 87, p. 1608.
Lehigh Coal & Navigation Co.— Agreement Operative . —
The voting trust agreement has been declared operative.
On Thursday $13,519,100 of the trust certificates had been
listed on the Philadelphia Stock Exchange; total stock, in­
cluding same, $24,153,150.— V. 90, p. 1174, 1047.
Mankato (Minn.) Gas & Electric Co.— Sale — B onds. — See
Consumers’ Power Co. above and Northern States Power Co.
below.— V . 82, p. 1500.
Manufacturers’ Light & Heat Co. of Pittsburgh.— Report.
— For quarter ending March 31:
3 Months— GrossEarns. Net (over taxes). Int., Disc.,&c. Bal.,surp.
$1,123,008
$160,286
$962,722
1910_________ $1,781,732
1909 ............... 1,539,221
1,088,009
245,287
842,722
Negotiations . — A deal is pending for the sale of the com­

pany’s holdings of West Virginia gas lands to the Standard
Oil Co., the plan involving a contract for a supply of gas
to the Manufacturers’ Co. for 20 years, the gas to be pur­
chased by the latter on a sliding scale at the State line and
carried by its own pipes through Ohio and Western Pennsyl­
vania. The price to be paid, it is said, is in excess of $1 ,­
250,000.
Redemption of B ond s. — The company on May 1 redeemed
$400,000 of its first collateral trust 6 % bonds which matured
on that date. This makes a total of $636,000 redeemed
since January, payments being made out of earnings.—
V . 90, p. 624, 506.
Massachusetts Gas Companies, Boston.— Earnings of Con­
trolled Com panies.— Net earnings of the subsidiary companies
for March and the nine months ending March 31:
------- March.
— 9 Mos. end. Mch. 31­
1908-09.
1909-10.
1910.
1909.
$888,099
$994,620
Boston Consolidated Gas________ $131,012 $113,756
377,762
341,319
56,202 54,825
New England Gas & Coke______
64,371
56,022
4,003
6,348
East Boston Gas______________
65,481
190,585
New Eng Coal & Coke C o ...........
15,979
9,828
5,227 dcf. 1,906
Citizens’ Co. of Quincy__________
999d cf.1,069
44,847
Newton & Watertown Co...........
4,777
---------

Total...........................................$212,974 $183,689 $1,632,621 $1,393,807
Increase in Gas Output o] the Boston Consolidated Gas Cos.
1910. 1909. I
1910.
1909.
6.71% 19 mos. end. Mch. 31.2.26% 4.14%
M arch_____________ 1.55%
* Decrease.— V. 89, p. 1351.

Merchants’ & Miners’ Transportation Co.— N e w

B ond

I s s u e .—

The stockholders will vote on May 17 on authorizing
the issue of $700,000 bonds to build two steamships and se­
cure the same by a mortgage thereon.— V . 87, p. 100.
Montana Coal & Coke Co.— F o r e c l o s u r e S u i t . — The Central
Trust Co. of New York, as trustee under the mortgage of
1900, has brought suit in the United States Circuit Court
at Helena, Mont., to foreclose the mtge. of 1900. The Inter­
national Trust Co. of Boston a short time since began suit
to foreclose the mtge. of 1907, under which $400,000 bonds
are said to be outstanding.— V. 90, p. 113.

National Light, Heat

&

Power Co., New York.— P r e f .

S t o c k O f f e r e d .—

A . H . Bickmore & Co., New York, are offer­
ing at $80 per share and accrued dividend $150,000 5 % cumu­
lative and participating pref. stock; shares $100 par value
(12th regular quarterly dividend paid April 1 1910).
Tills company controls and operates 9 subsidiary gas and electric com­
panies (comprising 15 properties) which furnish light, heat and power to 20
cities and towns. The company’s report of operations for the calendar
year 1909 shows a surplus ot $107,612 available for dividends onthcstock,
being equal to 16 2-3% on the pref. stock outstanding. Of the $1,163,900
Dref stock Issued, $256,800 Is held In the treasury. Common stock Issued,
$2,010,600. For additional statistics see our Issue of April 9, p. 980.

New England (Bell) Telephone & Telegraph Co.— R e p o r t .—
Cal Year__
Revenue.
1909
$12,086,783
inna-------------------- 11.259.130
1907......................... 10 679,626
1 9 0 6 : : : : : : : : : : : : . 9 ,312.999
N e w O f f i c e r s . — The

Expenses.
$9,102,833
8,898,717
8,513,423
7 , 189,349

Dividends (6% ). Ilal.,sur.
$2,191,866
$792,083
2,076,841
283,571
1,872,817
293,386
1 , 672,857
150,793

following changes are announced:

Jasper N Keller, formerly First Vlce-Fresklent, has been elected Presi­
dent, to succeed Thomas Shcrwln, who retired. Henry S. Hyde, who was
First Vice-President up to a few years ago, has again been chosen to Idl
that office, ami F. H. Houston, General Manager, has been made 2d Vice­
President. The board of directors has been Increased from 12 to 15 mem­
bers, but the three additional members have not been named.— V.89,p. 1509.

New York Air Brake Co.— G a s E n g i n e P l a n t S o l d . — The
company has sold for $2,250,000 its gas-engine business and
plant at Moscow, Russia, to the International Harvester
Co., retaining its air-brake patents and rights to do business
in Russia.

The company’s air brakes arc In use on many of the larger Russian sys­
tems and the company Is In position to resume taking orde rsw he tiever the
railroads and the Government are again in the market. V. ou, p. ouu.

New York Telephone Co.— I n c r e a s e o f S t o c k . — The com­
pany on May 2 filed in the office of the Secretary of State at
Albany a certificate of increase of authorized stock from
$100,000,000 (outstanding $85,672,800) to $125,000,000.—
V. 90, p. 917.
Northampton Portland Cement Co., Easton, Pa.— R e c e iv e r ­
s h i p .—

Judge McPherson in the United States District Court
at Philadelphia on April 27, on the application of creditors,
appointed Herbbtt A. Schaeffer receiver.

T h ere are, It is salil, a b o u t 838 0 ,0 0 0 first an d secon d m o rtg a g e b o n d s
o u ts ta n d in g and a b o u t 830 0,00 0 flo a tin g d e b t.
T h e fa ilu re , it is said, Is
ca u s e d b y th e lo w price o f ce m e n t an d in a b ility t o c o m p e te w ith larger
m a n u fa ctu rers.
W illia m J . D lngee is P resid en t — V . 85, p . 164.

North Georgia Electric Co.— S a l e .— The property was sold
at foreclosure sale at Gainesville, G a., on May 3 for §400,000
to Fahs Smith of York, Pa., subject to the mortgages secur­
ing the so-called Dunlap bonds and the Wilson bonds, which
aggregate some §500,000.
T h e pu rch aser, it is u n d e rs to o d , will tu rn th e p r o p e r ty o v e r to th e G e o rg ia
P ow er C o ., a c o m p a n y In corp orated In G eorgia a b o u t O ct. 1908, w hich has
alrea d y o b ta in e d perm ission fro m the R a ilr o a d C om m ission o f G eorgia to
issue $ 4 ,4 5 0 ,0 0 0 first m o rtg a g e g o ld b o n d s, 8 3 ,0 0 0 ,0 0 0 preferred and
$ 1 ,4 5 0 ,0 0 0 c o m m o n s to c k . T h ese secu rities, a fter p a y in g fo r the p r o p e r ty ,
w ill be used to d e v e lo p the sam e a n d to brin g e le ctricity in to A tla n ta .
T h e new c o m p a n y . It is stated a lre a d y has a s u b s id ia r y c o m p a n y w hich
has a d istrib u tin g sy stem Installed In A tla n ta , a n d w h ich Is n o w fu rn ish in g
cu rren t to a n u m ber o f Im p orta n t m a n u fa ctu rin g enterprises In an d a d ja c e n t
to the c it y , an d also to N o rcro ss, B u fo rd a n d G ain esville, a n d all p oin ts
b etw een the t w o c itie s .— V . 90, p . 506.

Northwest Light & Power Co., Everett, Wash.—
G a s C o m p a n y .—

Sco Everett Gas Co. above.

Portland (Me.) Electric C o — B o n d s

S u ccessor

V . 90, p. 032.

O f f e r e d .—

A . B . Leach
Co., New York, Boston, &c., are placing at par and int.
§100,000 5 % 1st M. sinking fund gold bonds, dated 1906,
due Aug. 1 1920, but redeemable at option of company on
any interest date at 110 and int. upon 5 weeks’ notice.
Int. F & A . at Portland Trust Co., trustee. Par, §1,000
(c*& r). Auth. issue, §1,500,000; reserved for improve­
ments, additions, &c., at 8 0 % of cost of same, §154,000;
issued, §1,340,000. A circular says:
&

T h ese b on d s are secu red b y an a b so lu te first m o rtg a g e u p o n a h y d r o -e le c ­
tric plan t h a v in g a c a p a c ity o f 4,0 0 0 h . p ., situ a ted o n th e S a co R iv e r , a b o u t
20 tulles from P ortla n d , to g e th e r w ith transm ission lines, & c., a n d b y d e p o sit
w ith the trustee o f th e entire co m m o n s to c k (830 0 ,0 0 0 ) o f th e P o rtla n d
R igh tin g & P ow er C o. (th ere is also o u ts ta n d in g $ 1 7 7,60 0 5 % c u m . p r e f.—
E d .) an d p r a ctica lly all o f th e c a p ita l s to c k ($500,000) o f th e G on solldated
E lectric R ight C o. o f M aine. T h e P o rtla n d E le ctric C o . has o u t s ta n d in g
$ 1 ,0 0 0 ,0 0 0 co m m o n s to c k [no d iv id e n d s as y e t — E d .] a n d $ 5 0 0 ,0 0 0 (6 %
c u m .) p referred [on w h ich 1
is b ein g paid each q u a rte r.
P a r all shares,
$ 1 0 0 .— E d .]

Abstract of Letter from President Clias. O. Bancroft, Portland, April 21 ’ 10.
In c o r p o r a te d u n d er law s o f M aine J u ly 10 1906 and c o n tro ls th e ele ctric­
ligh tin g anil p ow er situ a tio n In P o rtla n d , M e ., an d c o n tig u o u s te r rito r y .
Bonded Debt o ) Portland E lectric C o . and Its Controlled P ro p erties.
P ortla n d E lec. C o. 1st M. 5s: A u th ., $ 1 ,5 0 0 ,0 0 0 ; o u ts t a n d in g ------ $ 1 ,3 4 6 ,0 0 0
C on sol. E le c. R t. C o. o f M aine b on d s (o f these $ 5 0 0,00 0 are 1st
4 U s o f 1900, d u e Ja n . 1 1925 an d $11 5,00 0 are 6 % d eben tu res
d a te d F eb . 1908; a u th ., $15 0 ,0 0 0 , issued, $13 0 ,0 0 0 , d u e seri­
a lly each F eb . 15, viz; $2,000 1009 an d 813 .0 0 0 1910 (p a id );
$15 ,000 yea rly 1911 to 1917 an d $ 10 ,000 1918 ($ 2 0 ,0 0 0 due
1918 unissued .— E d . V . 82. p. 1214, 1 4 9 9 )------------------------------------ 615 ,000
P ortla n d R tg. & P o w e r C o. b o n d s (1st M. 4 }$s o f 1901, d u e A p r.
1 1921; V . 74, p . 156, 330; V . 8 3 , p. 1 0 0 ).......... - ...........................
500,000
T h e fra n ch ises o f P ortla n d E le c. C o. an d Its c o n tr o lle d p ro p e rtie s are
perpetu al and w ith o u t r e s trictio n . S in k in g fu n d fo r P o r tla n d E le c . C o.
b on d s, begin n in g A u g . 1 1911, an a m o u n t e q u a l to 1 % per an n u m o n to ta l
a m ou n t o f b on d s ou tsta n d in g .
E a rn ings o j Portland E lectric C o . and Its Controlled P ro p erties Jor the 12
M on th s ending M a rch 31 1910.
1910.
1909.
1910.
1909.
F ix e d Charges—
G ross e a rn in g s __ $36 6,77 9 $319,792
O p era tin g e x p
134,336
124,759 P o r tl’ d G tg .& P o w l
C on s. E l. R t. Co_ - J$62 ,124
$60 ,026
57,650
57,650
.N e t e a r n in g s _____ $23 2,44 3 $19 5,03 3 P o r t l’ d E l.C o .b d s .
................................ ..$ 1 1 2 ,6 6 9
$77,357
S u rplu s a v a ila b le fo r d iv id e n d s -------------($62,124)
N o te .— T h e fixed ch arges o f th e c o n tro lle d co m p. a n ie s
Inclu de ch iefly: P ortla n d R igh tin g & P o w e r C o. in t. o n $50 0 ,0 0 0 1st 4 H s ,
$ 2 2 ,0 0 0 , and 5 % on $17 7,60 0 p re f. s to c k . $ 8 ,8 8 0 ; C on sol. E le c . R igh t C o.
Int. on $ 5 0 0,00 0 1st 4 H s , $ 2 2 ,5 0 0 , an d in t. o n $ 1 3 0,00 0 6 % d eb en tu res
Issued, $ 7 ,8 0 0 .— E d .
, w
T h e c o m p a n y has Just co m p le te d a transm ission line to S a n fo r d , M e.,
w here fa v o r a b le co n tr a c ts h a ve been m ad e w h ich sh ou ld m a teria lly Increase
b oth gross an d net Incom e, In a d d itio n to th e n orm al grow th in P o rtla n d .
P rop erties.— (a) Portlam l E lectric C o .— I ly d r o -e le c tr lc pla n t o n S aco
R iv e r at W es t B u x to n , M e ., a b o u t 20 m iles fro m P o r tla n d , co n sistin g o f
c o n c r e te dam 300 feet lo n g and 30 fe e t h igh , brick p o w e r h ouse w ith tu rbin e
g en erators o f co m b in e d c a p a c ity o f 3,0 0 0 k . w .; h igh -te n sio n transm ission
line (2 2 ,0 0 0 v olts) to ou tsk irts o f P o r tla n d , w here v o lt a g e Is re d u ce d to
2 ,3 0 0 , w hence tran sm itted th ro u gh u n d e rg ro u n d sy ste m to sta tio n o f
C on sol. E le c. R igh t C o .; also o w n s a h igh -te n sio n line to S a n fo r d , M e.
(b) Portland L ighting & P ow er C o .— I ly d r o -e le c tr lc pla n t o n P rcs u m p s co t
R iv e r , a b o u t 14 m iles N . W . o f P o rtla n d ; d am 450 feet lo n g an d 22 fe e t
h lg lr b rick p ow er sta tion ; tu rbin e gen erators w ith c o m b in e d c a p a c it y o f
2 000 k w • lines to P ortla n d , w here the c o m p a n y ’s d is trib u tio n system
c o v e r s entire c it y and su bu rba n te r rito r y ,
(c) Consolidated E lectric Light
C o — E ffic ie n t s tea m -p ow e r p r a ctica lly fire -p ro o f s ta tio n in h e a rt o f P o r t ­
la n d ; 12 gen era tors, c o m b in e d c a p a c ity 2,070 k . w .; also th ree m o to r ge n ­
erators, to ta l c a p a c ity 1,500 k . w ., fo r ch a n g in g alte rn a tin g cu rre n t fro m
S aco R iv e r p la n t to d irect cu rren t; d istrib u tio n system o v e rh e a d a n d c o n ­
d u it (In prin cip a l business th o ro u g h fa re ) .— V ..8 7 , p . 10_14; V . 83, p . 382,
lo o .
m.
-sa
■

San Antonio (Tex.) Water Supply Co.— S a l e to B e l g i a n
S y n d i c a t e .— A press dispatch from San Antonio April 27 said:
T h e sale o f the c o m p a n y to B elgian ca pitalists w as co n firm e d at a m eet­
ing o f the b oa rd o f d irectors held y e s te rd a y a fte rn o o n In this c it y .
F o llo w ­
ing th e transfer o f ow n ersh ip will ensue the ex p e n d itu re o f n early $ 1 ,0 0 0 ,0 0 0
In betterm en ts, g iv in g San A n to n io a w ater su p p ly co n siste n t w ith the needs
o f the c it y . T h e B elgian ca p italists pu rchased p r a c tic a lly th e entire h o ld ­
ings o f G eorge J . K o b u s c h o f S t. G ouls, b ein g 7 5 % o f the s t o c k o f a par
valu e o f $ 7 5 0 ,0 0 0 . T h e price p aid w as n o t m ade p u b lic.
A t the m eetin g o f the d irectors held y e s te rd a y , B reck en rld ge Jo n e s, Presi­
d en t o f the M ississippi V a lley T ru st C o. o f S t. R ou is, w h ich ow n s the b on d s
o f the w ater s u p p ly c o m p a n y , w as e le cte d a d ire cto r, and H e n ry S em ple
A m es, e x e c u tiv e o ffic e r o f th e M ississippi V a lle y T ru st C o ., w as e lected
President o f the w ater su p p ly c o m p a n y .
IJotli M r. J on es a n d M r. A m e s
also represent the B elgian Interests.— V . 84, p . 275.
Springfield (Mass.) Gaslight Co.— N e w S t o c k .— The Massa­
chusetts Gas Commissioners have authorized the company
to issue §102,500 new capital stock at §200 per §100 share,
to provide for floating debt and for improvements.
A c q u i s i t i o n .— See Chicopee Gaslight Co. above.— V . 88,
p. 1005.
Standard Cordage Co.— R e c e i v e r s h i p .— Judge Holt in the
United States Circuit Court in this city on May 3, on applica­
tion of three holders of second mortgage income bonds,
aggregating §2,200, in involuntary bankruptcy proceedings,
appointed Lindsay Russell temporary receiver.
T h e cred itors alleg e th a t the c o r p o r a tio n , w hile In solven t, o n A pril 1 last
paid the first m ortg a g e b o n d h o ld e rs th e sum o f $ 70 ,150 in Interest due
O ct. 1 1909, o u t o f Its free assets an d also m a d e th e .la n d lo r d a p referred
c r e d ito r b y p a y in g the rent o f the c o m p a n y ’s o ffic e s ; th at th e c o r p o r a tio n
has liabilities a g g re g a tin g o v e r $2,4 0 0 ,0 0 0 an d th a t its v ariou s p lan ts are
n ot w orth m ore th an $ 1,0 0 0 ,0 0 0 .
T h e c o m p a n y ’s o fficers s ta te d th a t an a p p lic a tio n w o u ld be m a d e to r
h ave the receiversh ip v a c a te d , there bein g n o reason w h y a re ce iv e r sh o u ld




1243

THE CHRONICLE

May 7 1910.]

be a p p o in te d , as th e c o m p a n y d o e s n o t o w e a d o lla r t o a n y on e x c e p t
6 m o n th s ’ In terest o n th e first m o rtg a g e b o n d s w h ich fell due A pril 1 an d
th a t u n d e r the m o rtg a g e th e c o m p a n y has u n til O ct. 1 n ext to p a y sam e
b e fo re th e h olders o f th e said b o n d s c a n c o m m e n c e fo re clo su re pro ce e d in g s,
an d fu rth e r o n th e g ro u n d th a t p ro ce e d in g s f o r the v o lu n ta r y d issolu tion
o f the c o m p a n y h a v e been b e g u n In th e S ta te co u rts . C om pa re V . 90,
p . 1048.
N e w C o m m i t t e e .—

A committee has been formed consisting of

F red erick C. M e ach am o f R . L . B e n e d ic t & C o ., R a y m o n d H . F lero o f
R . II. F lero & C o . a n d F ran k C. L ittle to n o f S m ith , H e ck & C o .

by holders of a large number of the adjustment mortgage
bonds to protect their interests in the dissolution proceedings.
S u it, it is s ta te d , w ill p r o b a b ly be co m m e n ce d b y h o ld e r s o f th e first
m o rtg a g e b o n d s to fo re clo se their lien o n the p la n ts .
In a d d itio n to th e
plants co v e r e d b y th e first m o rtg a g e , the c o m p a n y has a large a m o u n t o f
liqu id assets co v e r e d th e r e b y , som e p o rtio n o f w hich sh o u ld p ro p e rly be lon g
t o the a d ju s tm e n t b o n d h o ld e rs w h en th e m o rtg a g e lie n h a s been fo re c lo s e d .
— V . 90, p . 1048.

Standard Oil Co. of New Jersey.—

D e c is io n in O u ster C a s e .

— The United States Supreme Court on Monday affirmed the
judgment of the Tennessee Supreme Court canceling the
permit of the Standard Oil Co. of Kentucky to do business in
that State because of violation of the Tennessee anti-trust
law. The opinion was written by Justice Holmes.
R e b a te F i n e A f f i r m e d .— The United States Circuit Court
of Appeals in this city on May 3 (opinion by Judge Noyes)
affirmed the fine of §20,000 imposed by a jury in the lower
court at Buffalo.
T h e in d ictm e n t co n ta in e d 40 co u n ts an d ch a rg e d th e a c c e p ta n c e o f
co n ce ssio n s o r rebates fro m th e p u b lish e d tariffs o n s h ip m e n ts b etw een
O lca n , N . Y . , an d R u tla n d an d B ellow s Falls, V t ., o n 40 c a r -lo a d s o f o il
b etw een A u g . 15 1904 a n d M ay 17 1905.— V . 90, p . 104 8, 632 .

Vulcan Detinning Co., New York.— R e p o r t .— For year
ending March 31:
1909-10.
1908-09.
N et p ro fit o v e r d e p r ., &c_ $ 2 0 8,68 5
$ 1 8 2,61 9
D iv id e n d s , p r e f e r r e d . _ . ( 6 % ) 9 0 , 000 (3 M )5 6 ,2 5 0
B a la n ce , s u r p lu s ...........
— V . 90. p . 918, 56.

$ 1 1 8,68 5

$ 1 2 6,36 9

190 7-0 8.
871 ,831
(3 ? i) 5 6 ,2 5 0

190 6-0 7.
$11 7,86 6
(6 ^ )9 7 .5 0 0

$15 ,5 8 1

$ 20 ,366

Warwick Iron & Steel Co.— B o n d s C a l l e d .— Fifteen bonds
have been called for payment and will be redeemed on June 1
1910 at the Real Estate Title Insurance & Trust Co., 523
Chestnut S t., Philadelphia.— V. 90, p. 370.
Westmoreland Lumber Corporation of Richmond, Va.,
and Wiggins, S. C.— B o n d O f f e r i n g . — Clark L. Poole & Co.,
Chicago, are placing at par and interest §1,000,000 first
mortgage 6 % gold bonds, par §1,000 and §500 (c*). Prin­
cipal and interest unconditionally guaranteed by endorse­
ment on each bond by President John R. Paschall and
Vice-President Thomas Gresham of Richmond, V a ., the
principal owners. A circular says in substance:
C a pital and surplus o v e r $ 2 ,5 0 0 ,0 0 0 .
B o n d s d a te d J a n . 1 1910, a u th o r ­
ized Issue, $1 ,5 0 0 ,0 0 0 ; e scro w b o n d s, $50 0,00 0; presen t Issue, $ 1 ,0 0 0 ,­
000 , due serially $40 ,000 ea ch six m o n th s fro m J u ly 1 1910 t o J u ly 1
1922, b o th Inclu sive. P rin cip a l an d Interest (J. & J .) p a y a b le a t F irst
T ru s t & S avin gs B a n k , tru stee, C h ica g o . T h e re m a in in g $50 0 ,0 0 0 b o n d s
m a y be Issued o n ly u n d e r strict p ro v is io n s In p art p a y m e n t fo r sta n d in g
m e rch a n ta b le tim b e r.
P ro ce e d s o f th e $ 1 ,0 0 0 ,0 0 0 b o n d s w ill be used in
liq u id a tin g all th e In debtedness o f th e c o m p a n y .
T h is b o n d Issue Is a first lien on a b o u t 6 6 9 ,0 0 0 ,0 0 0 fe e t, lo g s ca le , o f s ta n d ­
ing m e rch a n ta b le p in e an d cyp ress tim b e r , lo ca te d In B e a u fo r t, H a m p to n
an d C o lle to n c o u n tie s , S. C ., and o n a large m o d e rn lu m b e r m a n u fa ctu rin g
plan t an d railroad a t W ig g in s, S. C ., w h ich co st o v e r $ 4 0 0 ,0 0 0 . W e
app raise the p r o p e r ty a t $ 2 ,8 8 4 ,5 2 0 . S inking fu n d , $3 p er 1,000 fe e t,
lo g scale, o f lu m b e r b e fo r e cu ttin g .
W e are a d v is e d th a t th e n et w o rth
o f the g u aran tors Is m ore th a n $ 2 ,0 0 0 ,0 0 0 .

— Two bank and trust company officials— Harold A.
Davidson, Special Deputy Superintendent of Banks in New
York State, and Charles L. Robinson, former Vice-President
of the Guardian Trust Co. of this city— have organized the
firm of Davidson & Robinson in the Lord’s Court Building,
27 William St. The field of the new concern is unique, as the
members of the partnership will act professionally in the
confidential capacity of financial advisers and reorganizers.
The purpose of the firm is to examine, reorganize and re­
finance the affairs of business houses or personal interests in
need of expert financial advice, make analyses of new propo­
sitions and verify financial statements on practical lines
not now covered by mercantile agency reports or public
accountants, and to investigate the financial condition of
business houses desiring loans or an extension of existing
loans. The firm will represent financial interests, in confi­
dential capacity, as agents, trustees or directors in corpora­
tions and conduct receiverships along constructive lines by
conserving assets and effecting resumptions where possible.
The members of the firm have had commercial and banking
experience in New York City for over twenty-five years,
Mr. Davidson as Secretary of the Home Trust Co. and Presi­
dent of the Lafayette Trust Co., Brooklyn, and Mr. Robin­
son as Cashier of the Western National Bank, Assistant
Cashier of the National Bank of Commerce and Vice-Presi­
dent of the Guardian Trust Co., New York.
— Under the caption of “ Opportunities in the Present
Market,” the banking house of Plympton, Gardiner & Co.
are recommending on another page to investors three classes
of securities, namely railroad and industrial short-term notes
and bonds yielding from 5J4 to 6 } ^ % ; railroad first mortgage
bonds yielding from 5 to 5 % % and railway guaranteed and
preferred stocks yielding from
to G % .
It is pointed
out that in order to meet the demand for a higher rate of in­
come from investments, it is unnecessary to purchase untried
types of securities. The readjustment of prices has now
permitted the conservative investor to acquire well-seasoned
bonds and safe guaranteed and preferred stocks, having a
broad active market, on a 5 % to 6 % basis. Full information
will be furnished upon request..

1244

THE CHRONICLE

— The name of Latham, Alexander & C o., former bankers
and cotton commission merchants, at 16-18 Wall S t., is
again to appear in its old field. The place of business is to
be at 43-49 Exchange Place. On the death of John C.
Latham, Aug. 18 1909, the house discontinued business,
pending the liquidation adjustment necessary to the settle­
ment of Mr. Latham’s estate. The business will now be
carried on by Thomas G. Gaylord, the son-in-law of Mr.
Latham. Latham, Alexander & Co. was organized in 1871
by John C. Latham Jr., H . E . Alexander, R . F . Smith and
R . P. Slater, and was the successor of the older cotton firm
of Lewis Daniel & Co. A t the time of the death of Mr.
Latham, the only other member of the firm was Charles
Fraser. The 36th annual edition of Latham, Alexander &
Co.’s guide on the “ Movement and Fluctuation of Cotton
since 1897” is to be published again this year. The 1909
edition was omitted on account of Mr. Latham ’s death.
— Westinghouse, Church, Kerr & Co., Incorporated,
Engineers and Constructors, general offices 10 Bridge St.,
New Y ork, is an organization which for more than 25 years
has undertaken every type of engineering and construction
work connected with power, industry and transportation.
A booklet of 80 pages, handsomely illustrated, entitled
“ Work Done,” has just been issued to show the character
and scope of a few of the contracts which the company has
brought to a successful conclusion.
— Secor & Bell, Gardner Building, Toledo, O ., have'favored us with a copy of their reference book of Toledo securi­
ties. The booklet should prove interesting, as it contains
a record of the business of the Toledo Stock Exchange since
its organization. Along with this are financial facts re­
garding the various local securities and a full list of officers
and directors of the Toledo banks.
— Five addresses delivered in the Page Lecture Series
1909 before the Sheffield Scientific School, Yale University,
have been published by the Yale University Press under the
title of “ Every-Day Ethics.” The subjects discussed are
Journalism, Accountancy, Lawyer and Client, Transpor­
tation and Speculation. The lecture on the ethics of trans­
portation is by Charles A . Prouty, the Inter-State Commerce
Commissioner.
— W hite, Weld & Co., bankers, successors to the old firm
of Moffat & White, at 5 Nassau S t., this city, are advertising
elsewhere in the “ Chronicle,” for investment, State of New
York highway improvement 4 % bonds, due 1960. These
bonds are tax exempt in New York State and are a legal in­
vestment for savings banks and trustees. Price upon ap­
plication. Chicago address, The Rookery.
— Clarence Charles Minzesheimer, head of the New York
Stock Exchange firm of Charles Minzesheimer & Co., 24
Broad S t., died on the 4th inst. from pneumonia, which de­
veloped after he had undergone two operations. Mr. Minzes­
heimer was in his forty-fourth year. He was a son of
Charles Minzesheimer, founder of the firm, and became its
head with his father’s retirement some years ago.
— Eugene M. Stevens and Edward T . Chapman, co­
partners in the firm of Eugene M. Stevens & Co., with offices
in Minneapolis and St. Paul, announce that, beginning May 2
1910, the style of the firm has been changed (in name only) to
Stevens, Chapman & Co. The firm are extensive dealers in
the Northwest in commercial paper, municipal, railroad and
corporation bonds.
— The old-established banking and brokerage firm of
Sullivan Brothers & Co., 427 Chestnut S t., Philadelphia,
announce that they have opened an uptown branch office in
the Real Estate Trust Building, Broad and Chestnut streets,
that city. The firm are members of the New York and
Philadelphia stock exchanges.
— Edward L. Jacobs, who for the past ten or twelve years
has held responsible positions in the Chicago brokerage houses
of Brewster & Co., E . L. Lobdell & Co. and S. B. Chapin &
Co., has accepted the position of manager of the stocks
department of Clement, Curtis & Co., which he assumed on
the 2d of the month.
— “ The Lehigh Valley Railroad— A Study of Its Physical
and Financial Features,” is the title of a pamphlet, copies of
which are being distributed by Newburgcr, Henderson &
Loeb, 100 B'way and 22 West 33d S t., New York, and 527
Chestnut St. and 125 South Broad S t., Philadelphia.
— The May market letter of Spencer Trask & Co. discusses
present conditions in their bearing upon the future course
of prices for securities. They conclude that if our crops are
up to the average, we may reasonably look forward to con­
siderably better markets during the current year.
— Alan Hudson, son of the senior member of the firm of
C. I. Hudson & Co., 36 Wall St., was admitted to partner­
ship in the firm this week. Alan Hudson is a member of the
Cotton Exchange.
— Arthur B . Griffin, formerly with Kountze Bros, of this
city, and more recently an independent broker, has become
associated with Stone & Webster in their New York office.
— James Coats Auchincloss, member of the New York
Stock Exchange, became a member of the firm of Taylor,
Auchincloss & Joost, 60 Broadway, on the 2nd inst.
— Price, Waterhouse & ’ Co., chartered accountants,
announce the establishment of a branch office in the Jarvis
Building, Bay Street, Toronto, Ont.




2

[VOL. LXXXX

pxje © o w w j e r t M

jin x e s .

COMM ERCIAL EPITO M E.
Friday, May 6 1 9 1 0 .
T h o u g h t h e s i t u a t i o n is n o t w i t h o u t i t s d r a w b a c k s , a l a r g e
t r a d e is in p r o g r e s s a n d i t is r e m a r k e d t h a t W a l l S t r e e t i s
a b o u t t h e o n l y “ b lu e s p o t ” in t h e c o u n t r y .
T h e o u tlo o k
f o r t h e g r a i n c r o p s is f a v o r a b l e .
D a m a g e to c o tto n b y re­
c e n t fro sts w a s se e m in g ly e x a g g e r a te d .
T h e d e a t h la s t
n i g h t o f K i n g E d w a r d is a n u n e x p e c t e d d e v e l o p m e n t .
Stocks o) M erch a n d ise in N ew Y o rk .

Mat/ 1
1910.

A p ril 1
1910.

M ay 1
1909.

C offee, B razil __ _____________________________ 3 ,0 7 1 ,3 0 0 3,08 7 ,5 1 5 3 ,5 5 4 ,5 2 9
_______ ___________ ________
33,663
C offee, J a v a
32,847
3 96 ,878
4 18 ,156
369 .630
C offee, o t h e r __________________________________
3 9 8 ,2 8 2
39,900
N on e
4 2 ,6 6 2
Sugar
_____________
6,683
17,100
H ides .
1 1 ,6 0 0
235 ,475
113,058
122,992
C o t t o n __________________________________________
2,624
8,5 5 0
M anila h e m p _____________________________ ____
3 ,9 8 0
3,645
1,922
298
Sisal h e m p _____________________ ______ _________
75,600
7 2 ,300
F lo u r _________ ________________________________
2 5 ,3 0 0
L A R D h a s a d v a n c e d , o w i n g t o l i g h t e r r e c e i p t s , a ris e in
h o g s a n d b e tte r b u y in g , b o th b y p a ck ers a n d o th e rs.
P rim e
W e s t e r n 1 3 .8 7 3 ^ c ., M id d le W e s t e r n 1 3 .5 0 c .
R e fin e d la r d
h a s b e e n q u ie t; C o n tin e n t 1 5 .5 0 c ., S o u th A m e r ic a 1 4 .5 0 c .,
B r a z i l in k e g s 1 5 . 5 0 c .
T h e s p e c u l a t i o n in la r d a t t h e W e s t
h a s b e e n a c t iv e , th e s tim u lu s c o m in g , a s a lr e a d y in t im a t e d ,
la r g e l y f r o m t h e U n i o n S t o c k Y a r d s .
P o r k h a s b e e n fir m e r .
M e s s $ 2 4 @ $ 2 4 5 0 , c le a r $ 2 5 @ $ 2 7 a n d f a m i l y $ 2 6 @ $ 2 6 5 0 .
B eef ste a d y .
M ess $ 1 6 @ $ 1 7 .
C u t m e a ts h a v e b e e n q u ie t
b u t f ir m ; p ic k le d h a m s , r e g u la r , 1 5 j ^ @ 1 6 c . ; p i c k l e d b e l l i e s ,
c l e a r , 1 6 @ 1 8 ^ c . ; p ic k l e d r i b s 1 5 ^ @ 1 6 j ^ c .
T a llo w 7 ^ c .
fo r c it y .
S te a r in e s , o le o 1 5 J ^ @ 1 6 c . , la r d 1 4 j ^ c .
B u tte r
lo w e r a n d in f a i r d e m a n d ; c r e a m e r y e x t r a s 2 9 c .
C h eese fir m ;
f u ll c r e a m , o l d , S t a t e , f a n c y , 1 7 @ 1 7 j ^ c .
E g g s, W e ste rn
fir s ts 2 0 > £ @ 2 1 c .
D A I L Y C L O S IN G P R I C K S O F L A R D F U T U R E S IN NEW YORK.
S a t.
M on.
T u es.
W ed .
T h urs.
F r i.
M ay d e l iv e r y .1 2 .7 0 -.8 0 1 2 .7 0 -.8 0 13.00 .15 1 3 .15 .25 1 3 .2 0 -.35 13.10 .2 0
J u ly d e liv e r y . 1 2.64-.6 0 12.61-.G 2 1 2 .8 2 -.8 6 1 3 .0 2 -.1 5 13.1 7 -.1 8 12.09 .13
D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN CHICAGO.
Sat.
M on.
T u es.
W ed .
Th urs.
F r i.
M ay d e liv e r y
.......... _12.32>4 12.40
12.7 5
13.1214 13.10
12.80
J u ly d e liv e r y _________ 12.15
12.2214 12.4 5
12.75
12.80
1 2.60
O I L . — L in s e e d 8 4 @ 8 5 c . f o r c i t y .
C o t t o n s e e d f ir m e r in
s y m p a t h y w it h l a r d ; w i n t e r 8 . 3 0 @ 8 . 5 0 c . , s u m m e r w h i t e
8 .1 0 @ 8 .5 9 c .
L a r d le s s a c t i v e ; p r i m e $ 1 2 5 @ $ 1 2 8 .
P a lm
a c tiv e ; L a g o s 7 ^ c .
C o c o a n u t q u i e t ; C o c h in 1 0 % @ 1 0 ^ c . ,
C e y lo n 9 ^ @ 9 % c .
P e a n u t , y e l l o w 6 2 @ 6 7 c . , w h it e 7 2 @
83c.
R a p e s e e d o il 6 8 @ 6 9 c . f o r r e f in e d .
C o d in m o d e r a t e
d e m a n d a n d fir m ; d o m e s tic 3 8 @ 4 0 c .
C O F F E E h a s b e e n q u ie t o n th e s p o t , th o u g h a s o m e w h a t
b e tte r jo b b in g d e m a n d h a s b e e n r e p o rte d .
R io N o . 7 ,
8 % @ 8 ^ c .
S a n t o s N o . 4 , 9 M @ 9 % c . , w ith sa le s o f 7 5 ,0 0 0
b a g s , G o v e r n m e n t v a l o r i z a t i o n , S a n t o s o n t h e b a s i s , i t is s a i d ,
o f 9 j /£ c . f o r N . Y . s t a n d a r d N o . 4 , m a k i n g 2 0 0 , 0 0 0 b a g s
th u s fa r th is y e a r o u t o f th e p r o p o s e d sa le s a llo t t e d fo r 1 9 1 0 ,
i t is s a i d , o f 5 0 0 , 0 0 0 b a g s .
T h e s p e c u l a t i o n in f u t u r e c o n ­
tr a c t s a t th e E x c h a n g e h a s b e e n a s m a ll a ffa ir .
N o s tr ik in g
fe a tu r e s h a v e b e e n n o tic e a b le , n o r h a s th e re b e e n a n y m a r k e d
c h a n g e in q u o t a t i o n s .
C lo s in g p r ic e s w ere a s fo llo w s :
M a y _________ 6.355 >6.401 S e p te m b e r , - 6 . 5 5 ( >6.60 J a n u a r y _____6.68 @ 6 . 7 0
>6.45
O
c
t
o
b e r ______6.605 >6.65 F e b ru a ry . - . 6 . 7 0 ® 6 . 7 2
J u n e ________6.405
J u ly _________ 6 .4 5 @ 6 .5 0 N o v e m b e r . . 6 .6 0 @ 6 .0 5 M a r c h _______ 6.74 @ 6 . 7 5
A u gust ____6 .5 0 @ 6 .5 5 | D e ce m b e r - _ 6 .6 5 @ 0 .7 0 A p r i l _________6 .7 5 @ 6 .7 6
S U G A R . — R a w h a s b e e n in f a ir d e m a n d a n d f ir m , w i t h
E u r o p e a n q u o t a t io n s a b r a c in g f a c t o r ; c e n tr ifu g a l, 9 6 -d e g r e e s
t e s t , 4 . 3 0 c . ; m u s c o v a d o , 8 9 - d c g r e e s t e s t , 3 . 8 0 c . ; m o la s s e s
s u g a r , 8 9 -d e g r e e s t e s t , 3 .5 5 c .
R e fin e d h a s b e e n fir m e r ;
s ta n d a r d g r a n u la te d 5 .2 5 c .
T e a s s te a d y a n d m o d e r a te ly a c ­
t iv e . W o o l fir m , w ith s tr o n g p ric e s a t L o n d o n . C a r p e t w o o l
in t h i s c o u n t r y is in b e t t e r d e m a n d , b u t o t h e r k in d s q u i e t ,
a n d B o s to n s t o c k s , it a p p e a r s , h a v e
H o p s q u ie t a n d n o m in a l.

been

u n d e r e s tim a te d .

P E T R O L E U M .— R e f i n e d in m o d e r a t e d e m a n d .
B ar­
re ls 7 . 7 5 c . , b u l k 4 . 2 5 c . a n d c a s e s 1 0 . 1 5 c .
G a s o l i n e in b r i s k
d e m a n d a n d s t e a d y ; 8 6 - d e g r e e s in 1 0 0 - g a l l o n d r u m s , 1 8 % c . ;
d ru m s $8 5 0 e x tra .
N a p h t h a 7 3 @ 7 0 - d e g r e e s in 1 0 0 - g a l l o n
d r u m s , 1 6 %c.; d r u m s $ 8 5 0 e x t r a .
S p ir its tu r p e n tin e s t e a d y
at 6
2
Ro s i n q u ie t ; c o m m o n to g o o d s tr a in e d $ 4 5 0 .
T O B A C C O . — T h e r e is a b e l i e f t h a t b u s i n e s s m u s t e r e l o n g
im p r o v e , a s m a n u fa c tu r e r s a re s u p p o s e d to b e c a r r y in g
s m a ll s t o c k s .
T h e r e a r e a l r e a d y s a id t o b e s ig n s o f a s o m e ­
w h a t g r e a t e r in t e r e s t o n t h e p a r t o f b u y e r s , t h o u g h n o g r e a t
in c r e a s e in a c t u a l b u s i n e s s r e p o r t e d . D r o u g h t in C u b a c a u s e s
r a th e r m o r e in q u ir y fo r H a v a n a t o b a c c o .
O h io 1 9 0 9 c r o p
i s s t ill in d e m a n d .
P e n n s y l v a n i a is la r g e l y s o l d o u t .
C O P P E R h a s l a t t e r l y b e e n f ir m e r a n d p e o p l e a r e a s k i n g
w h e t h e r t h e t u r n in t h e lo n g la n e h a s c o m e ; p r o d u c e r s s e e m
d is p o s e d to g e t t o g e t h e r .
E u r o p e a n p r ic e s fo r e le c tr o ly tic
h a v e la t t e r ly - a d v a n c e d , a lth o u g h th e g e n e r a l s ta tis tic a l
p o s i t i o n o f c o p p e r is c o n s i d e r e d b e a r i s h ,
S p o t t o J u l y 1 1 .9 0
@ 1 2 .20c.
T i n f ir m e r b u t le s s a c t i v e ; s p o t t o M a y a n d J u n e
o ffe re d a t 3 2 . 8 7 ^ c . ; L o n d o n a d v a n c in g .
L e a d d u ll a n d
l o w e r ; s p o t o f f e r e d a t 4 . 4 0 c . , w it h 4 . 3 0 c . b i d .
S p e lte r d u ll ,
w ith M a y , J u n e a n d J u ly o ffe re d a t 5 .0 5 c . a n d 4 .9 5 c . b id .
P i g ir o n h a s b e e n d u l l .
C u r t a i l m e n t o f t h e p r o d u c t i o n is
r e p o r t e d t o h a v e b e g u n in e a r n e s t ; N o . I N o r t h e r n $ 1 7 2 5 @
$ 1 7 7 5 , N o . 2 S o u th e rn $ 1 5 7 5 @ $ 1 6 2 5 .
M a n y fu r n a c e s
h a v e c lo s e d d o w n .
B a r i r o n is d u ll a n d w e a k a t $ 1 5 0 @
$1 5 5 .
T i n p l a t e s a r e in g o o d d e m a n d .

May 7 1910.]

THE CHRONICLE
C

O

T

T

O

N

O n S h ipb oard , N o t Cleared Jor—

.

F r i d a y N i g h t , M a y 6 1910.
T H E M O V E M E N 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
50,968 bales, against 64,893 bales last week and 83,829
bales the previous week, making the total receipts since
the 1st of September 1909 6,773,338 bales, against 9,1 97,­
942 bales for the same period of 1908-09, showing a decrease
since Sept. 1 1909 of 2,424,604 bales.
S a t.

M on.

Total.

F r l.

Thurs

W ed.

T u es.

1245

M a y 6 at—

Great
B rita in . F ra n ce

N ew O rle a n s. .
G a lv e s t o n ____
S a v a n n a h ____
C h a rle s to n ____
M o b i l e ________
N o r f o l k _______
N ew Y o r k ____
O th er p o r t s ___

2,476
10,589

T o ta l 1 9 1 0 ..
T o ta l 1 9 0 9 ..
T o ta l 1 9 0 8 ..

15,515
40,533
21,530

Ger­
Other
m a n y. F o r e ig n

L eavin g
S to ck .

” 150

5,300

"7 7 3

V ,8 o 6
500

‘

150

V .666
200

"6 0 0
150

<f,873
11,028
3,550
850

6 4 ,589
40,644
37,283
7,771
14,249
8,639
242 ,412
50,578

9,363
23,023
23,351

16,310
28,607
2 3 ,438

2 1 ,800
19,869
13,868

13,678 76,666
10,096 122,628
19,344 101,537

4 46 ,165
4 40 ,784
340 ,732

3,913

1,809
11,239
1,289

C oast- |
w ise. \| Total.

11,136
9.914

2.666
"6 5 0
11,028

19,334
33,742
1,289

Sin ce S e p t. 1 . 6 .7 7 3 ,3 3 8 9 ,1 9 7 ,9 4 2 7 ,6 7 4 ,0 5 6 9,325,641 7 ,1 9 5 .1 5 2 8 ,6 9 0 ,5 9 2

Cotton speculation for future delivery has been moderately
active at some advance. This was due to covering of shorts
coincident with reports that rains were needed in Texas and
a number of other States, and also that a good deal of cotton
will be shipped out of the local stock both to the South and
to. Europe. Considerable ocean freight engagements are
said to have been made for Liverpool, Bremen, and Dunkirk,
France. Some reports, too, are to the effect that the crop
outlook is not altogether favorable in States where it is said
that some re-planting was necessary, owing to the recent
frosts.
As usual, the damag has seemingly been very much
exaggerated, but there is an idea that copious rains are
desirable not only in Texas but over most of the rest of the
Belt, partly because moisture is needed to bring up the re­
planted cotton. Also there are reports to the effect that
the cotton goods trade has latterly improved both in England
and on the Continent notably in Germany.
The Far
East is reported to be buying more freely. In this coun­
try, although cotton goods business is still for the most
part in an unsatisfactory condition, sales of most goods
being light, there is yet some slight improvement noted
and prices are said to be firmer. Advocates of higher prices
insist, too, that the statistical position is strong, and, accord­
ing to their view of the matter, is likely to become more so
as the season advances. The July option has attracted
attention, and buying of it by influential interests is reported.
Rightly or wrongly, there is an impression that the plan of
the leading bulls is to extend the deal to July. Meantime,
however, they have been giving support to the May option,
and since the bull clique has shown its ability to finance
May notices amounting to 202,800 bales, bears as a rule
have been more cautious. The Scott Ariti-option Bill is
supposed to be dead. At any rate, the story is that the bill
is not likely to pass, and that if it should pass it would not
receive Executive approval. On the other hand, spinners
still as a rule complain of poor trade, spot cotton at the
South is quiet and speculation in the presence of the obvious
manipulation is so timid that it is left for the most part to
professional traders. Mr. James A . Patten has been sum­
moned before the Federal Grand Jury. Many consider
present prices dangerously high, especially should the South
raise a big crop this season. Curtailment of production
continues widespread, and there is also a possibility of trou­
ble with labor on both sides of the water, growing out of the
question of wages. The immediate future of prices, it is
believed, will be largely governed by weather news and
manipulation. To-day prices declined at first and later
rallied, mainly owing to increased spinners' takings. Spot
cotton closed at 15.25c. for middling uplands, the same as a
week ago, after touching 15.30c. at one time during the
week, with sales of 14,400 bales.
The rates on and off middling, as established N ov. 17 1909
by the Revision Committee, at which grades other tha*
middling may be delivered on contract, are as follows:

The exports for the week ending this evening reach a total
of 64,151 bales, of which 46,473 were to Great Britain,
5,5 70 to France and 12,108 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1909:

F a ir ....................3 c . 1.50 on |Middling.............. c .
Basis|Good mid. tin ged.c. Even
Strict mid. fair____1.30 onIStrict low. m id____ 0.25 off |Strict mid. tln ged--0.15 off
Middling lair_____ 1.10 o n |Low m iddling______ 0.00 oft| Middling tin ged-- .0.25 off
Strict good m id___ 0.66 on |Strict good o rd -------- 1.05 off 1Strict low mid. tlng.0.60 off
Good middling___ 0.44 on jG ood ordinary_____ 1.75 off|Lod mid. t in g e d ... 1.50 off
Strict middling___ 0.22 onIStrict g ’d mid. tgd.0.3 5 on |Middling stain ed .. .0.75 off

G a lv e s t o n .............
P o r t A r t h u r ____
C o r p . C h r ls t l,&c_
N ew O rle a n s ____
G u l f p o r t ________
M o b ile _________
P e n s a c o l a _______
J a c k s o n v ille , & c.
S a v a n n a h _______
B r u n s w i c k _____
C h a r le s t o n _____
G eorg etow n ____
W i l m i n g t o n ____
N o r f o l k _________
N ’ p o r t N ew s, &c.
N ew Y o r k _______
B o s to n --------------B a lt im o r e _______
P h ila d e lp h ia ____

1,995
300

4,244

2,509

1,203

88

30

30

5
156
1,138

26
____
22
972
____
230
52

50

8 ,009

T o ta ls th is w e e k .

39

147
386

1,250
—

849
____
26
____
166
38
____
262
16

__

124
—
7,7 3 7

__
102
__
__

__

1,347

__
__
3,283
__
59
__
__

1,966

7,306

837

1,245

__

—

—

__

17,115

—

154

__

24
1,111
___ *
1,685
—

5,145

__
__
472
__

. 848

1,405
____
32

—

13,623

13,114
300

626

900

1,720

3,629

8 ,499

____
767
650
100

____
6,450
650
228

230
626
814
578
64
2,489
....

754
4,271
814
2,805
256
3,739
—

7,955

50,968

The following shows the week’s total receipts, the total
since Sept. 1 1909, and the stocks to-night, compared with
last year:
R eceipts to
M ay 6
G a lv e s t o n ..........
P ort A r th u r ..........
C orp . C h ristl, A c.
N ew O rle a n s ____
M obile ................. ..
P en sa co la
____
J a c k s o n v ille , A c .
Savannah
_____
B r u n s w i c k ______
C h a rleston .............
G eorg etow n ____
W ilm in g to n ____
N ow

Y o r k _______

B a lt i m o r e ........... ..
P h ila d e lp h ia ____
T o t a l ___________

190 9-1 0.

1908-09.

T h is S in ce S ep
W eek .
1 1900.

T h is S in ce S ep
1 1908.
W eek .

13,114 2 ,4 0 2 ,6 7 5
300
138,229
73,758
17,115 1,158,149
8,204
233 ,566
472
135,929
39,516
6,450 1,276,331
221 ,457
650
204 ,967
228
1,376
302,301
754
465 ,560
4,271
17,677
814
2,805
12,357
256
12,260
3,7 3 9
67,270
1,696
..........

3 6 ,887 3 ,4 3 0 ,6 6 5
140,578
139,686
1,637
31,537 1,923,781
20,221
354,733
5,052
142,590
11,600
29,073
102
14,786 1,419,197
310,814
1,111
2,213
203,052
2,378
9
3,338
399,258
4,7 2 5
537,466
218
15,630
200
15,261
149
15,416
1,129
92,986
106
5,148

00,968 6 ,7 7 3 ,3 3 8 114,829 9 ,1 97,942

S tock.
1910.

1909.

74,386

100,719

83,923
506
21,122

189,833

___

25,674

38,572
1,262
7,771

70,712
767
10,934

12,050
19,677

17,232
13,858

2 45 ,962
7,114
9,2 3 5
1,261

110,086
4 ,5 3 6
7,405
2,056

522,831

563.712

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

1*10 .

1909.

1907.

1908.

G a lv e s t o n ___
P t. A rth u r, A c .
N ew O rlea n s.
M o b i l e _______
S avannah ___
B ru n s w ick ___
C h a r le s to n ,A c
W i lm i n g t o n ..
N o rfo lk ____
N 'p o r t N ., A c
A lf o th e r s ____

13.114
300
17.115
472
0,450
650
228
754
4.271
814
6,800

3 6 ,837
1,637
31,537
5,052
14,786
1,111
2,222
3,338
4,725
248
13,286

26,713

1,089

T o t a l this w k .

50,968

114,829

59,126

Exports
from —

681
1,081
2,760

! Week ending M ay 0 1010.
Exported to—
Great
Conti­
Britain. Fr’ nce. nent.

G a lv e s to n ____ J 0,235
Port Arthur__
Corp.Chrlstl, Ac
New O rleans.. I 31,898 5,231
M ob ile----------P en sa cola -----G ulfport ----- -.S avann ah___ i 4,244
B ru n sw ick ..
Charleston___
W ilm ington., j
N o r fo lk ........... |
Newport News.
3,197 '339
New Y o rk ____
Boston . .
278
B a ltim ore____
Philadelphia . .
"6 2 1
Portland, Me. .
San Francisco.
Seattle ...........
T a c o m a ...........
Portland, Ore
Pembina . . _ .
D etroit......... .... .........
—

__

__
__ __

T o t a l ...........

16,771
3,713
6,318

1906.

1905.

1,965

19,490
362
17,105
1,466
15,994
1,261
550
2,4 1 0
7,7 1 2
178
2,914

32,909
15,518
33,202
4,038
29,160
2,248
1,026
5,976
14,877
1,729
7,892

60,776

6 9,446

148,575

24,468
2,987
11,032
2,015
9,178
211
233
2,071
6,616

From Sept. 1 1900 to M ay 0 1010.
Exported to—

1 Great
Total. \Britain. France.

6,335> 692,983 375,374
300
25.S83 18,398
1 ...........
5,448 45,577. 505,321 180,029
35,101 73,495
47,391 54,318
1
7,758
118! 4,392 231,346 83,991
87,045 5,496
10,901
100,690 15’,700
4,863
100
300

__

.....

"415

]
' 350j
20

3,95i
278
350
641

2 ,327

2,327

__
__
__

—
—
—
—

.........

...........

101,710 38,738
85,577
17,056 0,120
•14,270
427

___
.....
.....
__
__
.....

Conti­
nent.

Total.

902.935 1,971,292
93,948 138,229
10,975
16,975
329,368 1,014,718
38.56G 147,162
39,914 141,623
7,758
418,9 i i 734,248
95,881
188,422
100,195 117,096
107,029 283,419
1,258
0,121
80,784
9,788
29,754
15,638

_

63,557
23,898
3,951
200
600

290,262
95,305
53[530
59,814
427
53,557
23,898
3,951
200
600

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
A p r i l 30 to M a y 6—
Sat.
M id d lin g u p la n d s _______________15.25

1 9 1 0 .c . .
1 90 9____
190 8____
1 90 7____
1 90 0____
190 5____
190 4____
190 3____

...1 5 .2 5
...1 0 .9 0
...1 0 .4 5
...1 1 .7 0
. . . 11.80
. . . 7.95
...1 3 .9 0
...1 0 .8 5




T h u rs. Frl.
15.25
15.26

1 8 8 6 .c _______ 9 .3 }
1 88 5_________1 0 .8 }
1 8 8 4 . . ........... 11.7®
1 88 3_________11.02
188 2_________12.2®
1 88 1_________10.5®
1880_________1 1 .8 }
187 9................ 12.50

1 9 0 2 .c . . . . . 9.62 1 8 9 4 .C . . . . . . 7.25
1 90 1____ . . . 8.1 9 1893_____ . . . 7.81
1 90 0____ . . . 9.75 189 2_____ . . . 7.31
1 89 0____ . . . 6.10 189 1........... . . 8.88
189 8____ . . . 6.38 1 8 9 0 ......... . .. 1 2 . 0 0
189 7____ . . . 7.62 188 9..........__ 11.19
189 6 ____ . . . 8.38 1 88 8.......... . .1 0 . 0 6
1 89 5____ . . . 6.81 188 7.......... ..1 0 .9 1

M A R K E T A ^ D SA LE S A T 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 grance how the market for spot and futures closed
on same days.
S p ot M arket
Closed.

46,473 5,570 12,1081 64,151 2,067,958 851,659 2,429,050 5,348,067

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.
*

W ed.
15.30

T u e s.
15.30

N E W Y O R K Q U O TATIO N S F O R 32 Y E A R S .
The quotations for middling upland at New York on
May 6 for each of the past 32 years have been as follows:

—

Total 1908-09. 38,887 13,059 96,9771 148,9233,198,813 956,417 3,440,912 5,596,142

M on.
15.25

S a t u r d a y ..
M o n d a y ___
T u e sd a y . .
W edn esda y
T h u rsd ay .
F r id a y ____
T o t a l...

Q u i e t _______________
Q u i e t _______ _______
Q u iet, 5 p ts . a d v ___
Q u i e t ...........................
Q u iet, 5 p ts . d e c . . .
Q u i e t , .................. ...

F u tu res
M a rk et
C losed.

S ales o } S p o t and C on tract.
| C onC on ­
S p o t. 'sum*n. tract.

S te a d y .
100
S t e a d y .............
S t e a d y ............. 13',300
S t e a d y _______
S t e a d y ............. l'.OOO
F ir m ................
1,300
1 6 ,7 0 0

T otal.

100
173900 173900
13,309

i

19",406 2 0 .4 0 0
9,500. 10,800

1 ...J 202800 218 509

THE CHRONICLE

1246

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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1 1 1 I-

1908.
1907.
84 2 ,0 0 0 1,24 6 ,0 0 0
9,0 0 0
8,000
90,000
7 5 .0 0 0

T o t a l G reat B ritain s t o c k ______
S to c k a t H a m b u r g ________________
S to c k a t B r e m e n _________________
S to c k a t H a v r e _____________
S to c k a t M a r s e ille s ............ ..
S to c k a t B a r c e l o n a ________ _ ___
S to c k a t G e n o a ........ ...............
S to c k a t T r i e s t e ___________________

73 5 ,0 0 0 1 ,2 9 6 ,0 0 0
11,000
10,000
281,000
45 8 ,0 0 0
2
8 1 ,000
3 23 ,000
284,000
3,0 0 0
4,0 0 0
9,000
4 0 ,0 0 0
.
25,000
4 2 ,000
5,000
4 ,0 0 0

025 .000 1 ,3 4 5 ,0 0 0
20,000
3,000
43 7 ,0 0 0
4 46 ,000
2 59 ,000
224,000
4,000
3 ,0 0 0
50,000
15,000
3 8,000
86,000
21,000
21,000

617 ,000

80 3 ,0 0 0

824 ,000

T o t a l E u rop ea n s t o c k s -------------- 1 ,3 5 2 ,0 0 0 2 ,1 7 8 ,0 0 0 1,72 8 ,0 0 0 2 ,1 6 9 ,0 0 0
181,000
156,000
124,000
194,000
In d ia c o t to n a flo a t fo r E u r o p e ...
197,581
249,438
361 ,615
330,90!
A m e r . c o t to n a floa t fo r E u r o p e ..
E g y p t , B r a z il,& c .,a lit.fo r E u rop e.
16,000
4 2,000
50,000
29,000
2 1 2 ,0 0 0
144.000
.Stock In A le x a n d r ia , E g y p t -------114.000
199.000
408 ,000
7 40 .000
599 .000
8 04 .000
S to c k In B o m b a y , I n d i a . ..............
522,831
563,712
4 42 ,269
546,364
S to c k In U . S . p o r t s ---------------------343 ,177
419,691
3 46 ,425
S to c k In IT. S . Interior to w n s -----371,818
17,392
36,002
4,584
4,6 6 0
U . S. e x p o r ts t o - d a y _____________
T o t a l visib le s u p p ly _____ ______ 3 ,4 8 3 ,9 8 1 4 ,4 1 7 ,0 2 0 3 ,7 4 7 ,1 0 9 4 ,5 89,351
O f the a b o v e , to ta ls o f A m e r ic a n a n d o th e r de scrip tio n s are as fo llo w s :
A m erica n —
71 2 ,0 0 0 1,118,000
L iv e r p o o l s t o c k ...................... .b a le s . 6 09 ,000 1,090,000
64,000
4 2 ,0 0 0
68,000
7 5 ,000
M an ch ester s t o c k _____ ___________
715 ,000
C on tin en ta l s t o c k _________________
5 74 ,000
8 38 ,000
755 ,000
249,438
A m erica n afloa t fo r E u r o p e .......... 197,581
361 ,615
330,902
442,269
546,361
U . S. p o r t s t o c k s _____________
522,831
563,712
371,818
346 ,425
U . S . Interior s t o c k s _______________ 343 ,177
419,691
4,584
U . S. ex p o r ts t o - d a y _______________
1 /.3 9 2
36,002
4,660
T o t a l A m e r ic a n _________________ 2 ,3 05,981 3 ,3 8 3 ,0 2 0 2 ,5 5 9 ,1 0 9 3,176,351
E a st In d ia n , B ra zil, & c .—
„
L iv e r p o o l s t o c k . __________________
6 9 ,0 0 0
106,000
130,000
128,000
L o n d o n s t o c k . . _____ _____________
4 ,0 0 0
11.000
8,0 0 0
9,000
M an chester s t o c k ___________
11,000
15,000
11,000
15,000
C on tin en ta l s t o c k ____________
4 3 ,0 0 0
4 4 ,0 0 0
8 8 ,000
69,000
In d ia a floa t fo r E u r o p e ___________
181 ,000
156 ,000
124,000
194,000
E g y p t , B razil, & c ., a flo a t_________
16,000
4 2 ,0 0 0
29,000
50,000
S to c k In A le x a n d r ia , E g y p t ............ 114 ,000
212 ,000
199,000
144,000
S to c k In B o m b a y , I n d i a . . . ............ 7 40 ,000
4 4 8 ,0 0 0
599 ,000 804 ,000

: :

Continental imports for the past week have been 104,000
bales.
The above figures for 1909 show a decrease from last week
of 139,370 bales, a loss of 933,039 bales from 1908, a
decrease of 263,128 bales from 1907, and a loss of 1,105,­
370 bales from 1906

IH-

s|I

g& sgg

The above totals show that the interior stocks have d e­
during the week 25,181 bales and are to-night
78,514 bales less than at the same time last year. The
receipts at all the towns have been 17,390 bales less than
the same week last year.
O V E R L A N D M O VEM EN T FOR T H E W E E K AN D
SIN C E SE PT. 1.— W e give below a statement showing
the overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The results
for the week and since Sept. 1 in the last two years are as
follows:
crea sed

M a y 6—
S h ip p ed —
V ia S t. L o u is ------ --------------V ia
V ia
V ia
V ia
V ia

Ito ck Is la n d -----------------------L o u is v ille -------- ------------------C in cin n a ti---------------------------V irgin ia p o in t s -------------------o th e r r o u te s , A c ............ .........

------- 1 0 0 9 -1 0 -------S in ce
S ep t. 1.
W eek .
370 ,476
. 8,895
162,827
.
1,796
20,200
100,890
42,546
..
124
118,948
. . 2,814
._ 2,106
139,492

------- 1 0 0 8 -0 9 -------S in ce
S ep t. 1.
W eek .
582,776
8,771
292 ,155
2,644
29,838
212
7 4 ,0 4 9
2,584
4 2,488
728
1,986 . 165,364
2 50 ,535
2,379

T o ta l gross o v e r la n d ------------ . .1 7 ,8 3 7
D ed uct shipm ents—
O verlan d to N . Y ., B o s to n , &c_ . 6,800
743
B etw een Interior t o w n s ------------ . .
814
In lan d , & c., fro m S o u t h ---------- „ .

955,379

8,357
T o ta l t o be d e d u c t e d ............. - .-. 8,357

183,782

2,431

210 ,697

771,597
9,480
L e a v in g to ta l net o v e rla n d *
* In clu d in g m o v e m e n t b y rail t o C a nada.

16,873

1,226,498

93,583
40,971
49,228

19,304 1,437,1 95
1,584
298
549

128,811
4 3 ,3 0 9
3 8 ,5 7 7

The foregoing shows the week’s net overland movement
has been 9,480 bales, against 16,873 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits a decrease from a year ago of 454,901 bales.
I n Sight and S p in n ers’
T a kin gs.
R e c e ip ts a t p orts to M ay 6 ______
N e t overlan d to M ay 6 ____________
S o u th e rn co n s u m p tio n to M ay 6 . .

--------- 1 9 0 9 -1 0 ---------S in ce
W eek.
S ep t. 1.
50,068 6,77 3 ,3 3 8
9,840
771 ,597
4 4 ,0 0 0 1,798,000

.1 0 4 ,4 4 8
..♦ 25 ,18 1

1 ,1 8 8 ,0 0 0 1,413,000
2 ,5 5 9 ,1 0 9 3,176,351

T o ta l visible s u p p l y . ______ ____3 ,4 8 2 ,9 8 1 4 ,4 1 7 ,0 2 0 3 ,7 4 7 ,1 0 9 4,589,351
M id d lin g U p la n d , L iv e r p o o l______
7 .9 5 d .
5 .5 4 d .
5 .6 9 d .
6.7 5 d
M id d lin g U p la n d , N ew Y o r k ______
1 5 ,2 5 c.
1 0 .9 0 c.
1 1 .5 5 c.
11 .9 0 c.
E g y p t , G ood B r o w n , L i v e r p o o l ..
15^d.
8K d.
8 d ,1 1 1 5 -l« d .
P e ru v ia n , R o u g h G o o d , L iv e r p o o l ll.O O d .
7 .7 5 d .
9 .5 0 d .
ll.O O d .
B r o a c h , F in e, L iv e r p o o l_________ 7 5 -1 6 d .
5 5 -1 6 d .
5 l-1 6 d .
6d.
7d.
5M d.
5d .
5% d.
T ln n e v e lly , G o o d , L iv e r p o o l______




|||

11 11
1 1 11

1909.
1909.
67 8 ,0 0 0 1,20 2 ,0 0 0
4,0
11,000
4
,0 0 0
'"
8 3 ,0 0 0
53,000

T o t a l E a st I n d ia , A c ___________1 ,1 7 8 .0 0 0 1 ,0 3 4 ,0 0 0
T o ta l A m e r i c a n . . . ____ _________ 2,305,981 3 ,3 8 3 ,0 2 0

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S to c k a t L iv e r p o o l..................bales.
S to c k a t L o n d o n .......... ................ . .
S to c k a t M a n c h e s te r _____________

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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 conse­
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the United
States, including in it the exports of Friday only.

T o t a l C on tin en ta l s t o c k s _______

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R ange.
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A u gu st —
R ange.
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R ange.
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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.

peo.—

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[VOL. L X X X X

..

79,267

»_ 59,979

9 ,3 4 2 ,9 3 5
260,014

--------- 1 9 0 8 -0 9 ----------

Since

W eek .
114,829
16,873
5 2,000

S ep t. 1.
9 ,1 9 7 ,0 4 2
1 ,2 2 6 ,4 9 8
1,71 2 ,0 0 0

183,702
•50,885

12,136,440
3 0 5 ,6 7 6

132,817
12,442,116

9 ,6 0 2 ,9 4 9
1,915,777

41,867

2 ,4 3 1 ,9 9 6

D ecrease d u rin g w eek.

Movement into sight in previous years:
W eek —
1 90 8— M ay
1007— M ay
1906— M ay
1905— M ay

9 . ...................
1 0 ......................
1 1 . . .......................
1 2 _______________

Bales
84,253
95,537
95,187
171,628

S in ce S ep t. 1—
B ales.
1007-08— M ay 9 ........... ... 1 0 , 3 8 3 , 7 5 9
1906-07— M ay 1 0 ...................12,545,766
1905-00— M ay 1 1 --------------- 0,94 8 ,4 6 4
100 4-0 5— M ay 12--------------- 1 1 ,6 5 4 ,0 5 0

Q U O TATIO N S F O R M ID D L IN G COTTON AT O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.

THE CHRONICLE

May 7 1910.]

C losing Q uotations Jor M id d lin g C olton on —
W eek ending
A p r il 1.
G a l v e s t o n _____
N ew O rlea n s___
M o b i l e _________
S a v a n n a h _____

S a t’ d a y.

M o n d a y . Tuesday. W ed ’ d a y, Thursd'v, F r id a y ,

14
14
14
14

14 94
14 94
14 94
1494

14
14
14
14

14 94
14 94
15.25
1594
15.50
14 94
1494
14 94
14 94
14 1-16

14 94
14 94
15.25
1594
15.55
14 94
14 94
14 94
14 94
14 1-16

%
%
9*
B

W ilm in g t o n ____ 14 %
14 94
15.25
1594
P h ila d elp h ia - - 15.50
14 94
M em phis . - — 14 9S
S t. L o u is _______ 14 94
1494
L ittle R o c k ------- 14 1-16

94
94
94
94

14
14
14
14

94
94
94
94

14 94
14 %
15.30
1594
15.55
14 94
1494
14 94
14 94
14 1-16

1494
14 94
14 94
14 94
14 94
14 94
14 %
15.30
15 94
15.50
14 94
1494
14 94
14 94
14 1-16

14 94
14 94
14 94
14 94
14 94
14 94
14 94
15.25
1594
15.50
14 94
14 94
14 94
14 94
14 1-16

N E W O R L E A N S O P T IO 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:
S a t’d a y, M on d a y, Tuesday, W ed'd ay, Thursd'v, F r id a y ,
M a y 5.
M a y 6.
M a y 4.
M a y 3.
A p r il 30. M a y 2.
A p ril—R a n ge ____
C lo s in g ____
M ay—
R a n g e ------C lo s in g ------ - J u n e—
R a n g e ____
C lo s in g ------- - J u ly —
Range _ .
C lo s in g .. . - A u g u st—
R a n g e ------C losin g ____ - Septem ber—
Range . .
C losin g ____ - October—
R a n g e ____
C lo s in g .. .
N ovem ber—
R a n g e ____
C losin g ____ - D ecem ber—
R a n ge ____
C lo s in g ____
J a n u a ry —
R a n g e ____
C losin g _______
T o n e—
S p o t ............
__ O p t io n s ___

—

@

— —

@

— —

@

— —

@

— —

©

— —

@ —

14.52-.5 5 14.3!)-.55 14.48-. 55 1 4.45-.5 3 14.5 5 -.5 9 14 .48- .56
14.53-.5 5 14.43 — 1 4 .5 2 .5 4 14 .50- .51 1 4 .5 6 -.5 7 1 4.53-.5 5
— @ — — @ - — © — — © — — © — — @ —
14.57 * 14.51-.5 3 1 4 .6 2 .6 4 14.60- .62 14 .6 4 -.6 6 14.60 *
1 4.64-.7 0 14.6 1 -.6 9 1 4 .6 6 .7 6 14.71-.7 6 14.72-.7 8 14.67-.73
14.67-.6 8 14.61-. 62 14.72-.7 3 1 4 .7 0 .7 2 1 4.75-.7 7 14.70-.71
14.05 — — © — — © — 1 4 .0 3 .0 0 1 4 .0 7 .1 2 04.0 2 -.0 8
1 4.05-.0 6 1 4.02-.0 4 14.07-.1 1 14.01- .03 14.07-.0 0 14.05-.0 7
1 3 .1 0 -.1 5 — @ .15 — @ — — @ .11 13.15 — — @ —
13.13 - . 18 1 3 .1 1-.13 13,14 .16 1 3 .0 8 .1 0 13.15-.1 7 13.11 - . 15
12.6 5 -.7 0 1 2 .6 7 -.7 5 1 2 .6 8 -.7 5 12.66-.7 3 12.68-.74 12.66-.71
1 2.67-.6 8 1 2.67-.6 8 12.70-.7 1 12.66-.6 7 12.7 1 . 72 12.68-.6 9
— © — — @ — — © — — © — — @ — — © —
12.57 • 1 2 .5 0 .6 1 1 2 .6 2 .6 5 1 2.58-.6 0 12.62-.6 4 12.57 *
12.5 5 -.6 0 1 2 .5 7 -.6 5 1 2 .5 7 .6 4 12.55-.5 0 12.57-. 63 12.5 4 -.5 9
1 2 .5 6 .5 7 1 2 .5 6 .5 7 1 2.50-.6 0 1 2 .5 5 -.5 6 12.50-.6 0 1 2.56-.5 7
--- (Q> — — <5.' — 12.58 — 1 2 .5 5 .6 0 12.61 — 12.58 —
12.57 * 1 2.57-. 50 12.60- .62 1 2.55-.5 7 12.62-.6 4 12.57-.50
F irm .
Q u iet.

Q u ie t.
S te a d y .

S te a d y .
S te a d y .

S te a d y .
Q u iet.

Q u iet.
S te a d y .

Q u ie t.
S te a d y .

• N om in a l.

W E A T H E R R E P O R TS B Y T E L E G R A P H — Our ad­
vices by telegraph from the South this evening indicate that
the weather has on the whole been more favorable during
the week. Rainfall, where there has been any, has been
ight as a rule, and in many sections there has been an ab­
sence of moisture. In consequence there are some complaints
that rain is needed. Temperature has been satisfactory in
the main.
G a l v e s t o n , T e x a s . — Beneficial showers have fallen in the
Panhandle and north Texas. Balance of the State needs
rain. There has been no rain during the week. The ther­
mometer has ranged from 60 to 76, averaging 71.
A b i l e n e , T e x a s . — Rain has fallen on two days of the week,
the rainfall being ninety-nine hundredths of an inch. Aver­
age thermometer 69, highest 86 and lowest 46. April rain­
fall 1.31 inches.
B r e n h a m , T e x a s . — -We have had no rain during the week.
The thermometer has averaged 76, the highest being 90 and
the lowest 02.
C u e r o , T e x a s . — W e have had no rain during the week.
The thermometer has ranged from 59 to 90, averaging 75.
D a l l a s , T e x a s . — Dry all the week.
Average thermometer
73, highest 90, lowest 55.
F o r t W o r t h , T e x a s . — There has been no rain during the
week. The thermometer has averaged 71, the highest being
88 and the lowest 54.
H e n r i e t t a , T e x a s . — W e have had light rain on two days
during the week, the precipitation reaching thirty-seven
hundredths of an inch. The thermometer has ranged from
48 to 93, averaging 71.
H u n t s v i l l e , T e x a s . — Dry all the week.
Average thermo­
meter 75, highest 89, lowest 60.
K e r r v i l l c , T e x a s . — We have had no rain during the week.
The thermometer has avefaged 74, highest being 88, lowest

60 .
L a m p a s a s , T e x a s . — W e have had no rain during the week.
The thermometer has ranged from 57 to 94, averaging 76.
L o n g v i e w , T e x a s . — Rain has fallen on one day of the week,
the rainfall being ten hundredths of an inch. Average ther­
mometer 69, highest 89 and lowest 48.
L u l i n g , T e x a s . — There has been no rain during the week.
The thermometer has averaged 76, the highest being 99 and
the lowest 62.
N a c o g d o c h e s , T e x a s . — W e have had no rain during the
week. The thermometer has averaged 70, highest being 86,
lowest 54.
P a l e s t i n e , T e x a s . — We have had no rain during the week.
The thermometer has ranged from 58 to 86, averaging 72.
P a r i s , T e x a s . — W e have had rain on two days the past
week, the rainfall reaching eighty-six hundredths of an inch.
Average thermometer 71, highest 87, lowest 54.
S a n A n t o n i o , T e x a s . — There has been no rain during the
week. The thermometer has averaged 78, the highest being
92 and the lowest 64.
($5
T a y l o r , T e x a s . — There has been no rain during the week.
The thermometer has averaged 74, ranging from 58 to 90.




1247

W e a t h e r f o r d , T e x a s . — It has been dry all the week.
The
thermometer has ranged from 51 to 89, averaging 70.
A r d m o r e , O k la h o m a . — There has been rain on two days
during the week, to the extent of twenty-three hundredths of
an inch. The thermometer has ranged from 50 to 90,- aver­
aging 70.
.
,
Al
H o l d e n v i l l e , O k la h o m a . — W e have had rain on One day the
past week, the rainfall reaching forty-three hundredths of an
inch. Average thermometer 69, highest 87, lowest 51.
M a r l o w , O k l a h o m a . — W e have had rain on one day during
the week, to the extent of seventy-seven hundredths of an
inch. The thermometer has averaged 70, the highest being
92 and the lowest 47.
O k la h o m a , O k l a h o m a . — It has rained on two days of the
week, the precipitation reaching fifty-two hundredths of an
inch. The thermometer has ranged from 46 to 89, averaging
68. April rainfall 4.31 inches.
A l e x a n d r i a , L o u i s i a n a . — W e have had no rain the past
week. Average thermometer 71, highest 90, lowest 52.
A m i t e , L o u i s i a n a . — There has been no rain during the
week. The thermometer has averaged 71, the highest being
89 and the lowest 53.
N e w O r l e a n s , L o u i s i a n a . — W e have had no rain during the
week. The thermometer has averaged 73, ranging from 61
to 86. April rainfall ninety hundredths of an inch.
S h r e v e p o r t , L o u i s i a n a . — W e have had rain on one day of
the week, the rainfall reaching one hundredth of an inch. The
thermometer has averaged 71, the highest being 86 and the
lowest 56. April rainfall 1.61 inches.
C o l u m b u s , M i s s i s s i p p i . — There has been no rain during
the week. The thermometer has averaged 70, ranging from
51 to 89.
M e r i d i a n , M i s s i s s i p p i . — It has been dry all the week.
The thermometer has ranged from 54 to 86, averaging 70.
V i c k s b u r g , M i s s i s s i p p i . — It has rained on one day during
the week, to an inappreciable extent. The thermometer
has averaged 70, ranging from 55 to 84.
E l d o r a d o , A r k a n s a s . — Rain has fallen on two days of the
week, the precipitation being one inch, and thirty-five hun­
dredths. The thermometer has averaged 70, the highest
being 87 and the lowest 52.
F o r t S m i t h , A r k a n s a s . — W e have had rain on one day dur­
ing the week, the precipitation reaching four hundredths of
an inch. The thermometer has averaged 70, the highest be­
ing 86 and the lowest 54.
H e l e n a , A r k a n s a s . — Replanting of damaged cotton is un­
der way. As not much was planted before cold weather, in­
dications are that not much injury resulted. W e have had
light rain on one day of the week, the rainfall reaching thirtyfour hundredths of an inch. The thermometer has averaged
67, ranging from 50 to 85. April rainfall 6.03 inches.
L i t t l e P o c k , A r k a n s a s . — Cotton planting is being completed
and good stands are reported from seed that has come up
since the cold weather ended. It was only necessary to
replant a small acreage. Rain has fallen on one day of the
past week to the extent of eleven hundredths of an inch.
The thermometer has averaged 68, the highest being 86
and the lowest 51. April rainfall 5.73 inches.
D y e r s b u r g , T e n n e s s e e . — There has been no rain during the
week. The thermometer has averaged 65, ranging from
47 to 83.
M e m p h i s , T e n n e s s e e . — The weather has been more season­
able and planting and replanting are progressing. It has
been dry all week. The thermometer lias averaged 66.7,
the highest being 82.4 and the lowest 49.2. April rainfall
6.95 inches.
N a s h v i l l e , T e n n e s s e e . — Weather unseasonable for growing
crops. We have had rain on one day of the week, the rain­
fall reaching ten hundredths of an inch. The thermometer
has averaged 67, ranging from 48 to 85. April rainfall 6.10
inches.
M o b i l e , A l a b a m a . — Weather in the interior warm and dry
and rain is needed. Cotton planting and replanting are
about completed and fair stands are reported in many sec­
tions. There has been no rain during the week. The ther­
mometer has averaged 70, ranging from 55 to 85. April
rainfall 1.54 inches.
M o n t g o m e r y , A l a b a m a . — Crops are spotted.
There has
been no rain during the week. The thermometer has aver­
aged 70, ranging from 57 to 87.
April rainfall 2.67 inches.
S e l m a , A 'l a b a m a . — Crop is making slow progress on ac­
count of cold weather. Rain is needed in some sections.
Corn is doing better. There has been rain on one day during
the week, the rainfall being forty-five hundredths of an inch.
The thermometer has averaged 70, the highest being 91 and
the lowest 49.
T h o m a s v i l l e , A l a b a m a . — There has been no rain during the
week. The thermometer has ranged from 49 to 91, averag­
ing 70.
M a d i s o n , F l o r i d a . — Dry all the week.
Average thermo­
meter 74, highest 90, lowest 54.
T a ll a h a s s e e , F l o r i d a . — W e have had no rain during the
week. The thermometer has averaged 73, ranging from
54 to 91.
'*y
A u g u s t a , G e o r g i a . — It has rained on one day of the week,
the rainfall reaching four hundredths of an inch. The ther­
mometer has ranged from 55 to 89, averaging 72. April
rainfall 1.51 inches.
A t l a n t a , G e o r g i a . — Dry all the week.
Average thermome­
ter 71, highest 88, lowest 55. April rainfall 3.15 inches.

1248

THE CHRONICLE

S a v a n n a h , G e o r g i a . — W e have had rain on two days of the
week, the rainfall reaching six hundredths of an inch. The
thermometer has averaged 72, ranging from 56 to 92.
April rainfall 1.37 inches.
W a s h i n g t o n , G e o r g i a . — It has been dry all the week.
The
thermometer has ranged from 51 to 92, averaging 72.
C h a r le s t o n , S o u t h C a r o l i n a . — Rain has fallen on one day of
the week, the precipitation being sixty-seven hundredths of
an inch. The thermometer has averaged 71, ranging from
55 to 88.
G r e e n v i l l e , S o u t h C a r o l i n a .— It has been dry all the week.
The thermometer has ranged from 49 to 87, averaging 68.
G r e e n w o o d , S o u t h C a r o l i n a . — We have had rain on one day
of the week, the rainfall being one inch and thirty-five hun­
dredths. The thermometer has averaged 73, ranging from
52 to 94.
S p a r t a n b u r g , S o u t h C a r o l i n a .— There has been no rain dur­
ing the week. The thermometer has averaged 72, ranging
from 47 to 96.
C h a r lo tte , N o r t h C a r o l i n a . — Seasonable showers are needed.
W e have had no rain the past week. The thermometer has
averaged 70, ranging from 48 to 89.
G r e e n s b o r o , N o r t h C a r o l i n a .— It has been dry all the week.
The thermometer has averaged 66, the highest being 92 and
the lowest 40.
R a le ig h , N o r t h C a r o l i n a . — No rain the past week.
Aver­
age thermometer 67, highest 90, lowest 44.

W O R L D 'S SU P P L Y AN D
Cotton Takings.
Week and Season.

T A K IN G S OF COTTON.
1008-09.

1909-10.
W eek .

S eason .

V isible s u p p ly A pril 2 9 .
. ____ 3 ,623,351
V isible s u p p ly S e p t, t ________
A m erican in sight t o M ay 6 ____
79,267
61,000
O th er In d ia s h lp ’ts to M ay 5 ___
13,000
A lexa n d ria receip ts t o M a y 4 ___
500
O th er s u p p ly t o M ay 4 * _____
7,000
T o ta l s u p p ly ____ .*................... ..
D educt—
V isible s u p p ly M ay 6 ..............

W eek .

S eason .

4 ,5 4 1 ,0 6 9
1,931,022
9,6 0 2 ,9 4 9
2,7 6 9 ,0 0 0
323 .000
650 .000
205 .000

1,714,982
132,817 13,442,116
47.000 1 ,785,000
25.000
305 .0 0 0
4,000
877 .000
158.000

3,483,981 ,4 417,020

4 ,4 1 7 ,0 2 0

T o ta l tak in gs t o M ay 6 ..... ............
303 ,1 3 7 11,996,990
332 .866 12.865.078
O f w h ich A m e r ic a n ........... .. .
228 ,637 8 ,7 5 0 ,9 9 0
260.866 10.036.078
O f w h ich o t h e r ............... ..........
74,500 3 ,2 4 6 ,0 0 0
72,000 2 ,8 2 9 ,0 0 0
* E m b ra ce s r eceip ts In E u ro p e fro m B ra zil, S m y r n a , W e s t In d ie s, & c.

IN D IA COTTON M O V E M E N T FRO M A L L PORTS.
M ay 5.

1909-10.

Receipts at—
Week.
B om ba y_______ ___________

1908-09.

Since
Sept. 1.

64,000 2,769,000

Bom bay—
1909-10..
1908-09..
1907-08..
Calcutta—
1909-10..
1908-09..
1907-08..
Madras—
1909-10..
1908-09..
1907-08..
All others—
1909-10..
1908-09..
1907-08..
Total all—
1909-10..
1908-09..
1907-08..

1907-08.

1 Since
Week. 1 Sept. 1.

Week.

47,OOOI 1,785.000

39,000 1,663,000

Far the Week.
from —

Since
Sept. 1.

Since September 1.

Great Conti­ Japan
Britain. nent. JcChina Total.

Great
Britain.

2,000 29,000
31,000
14,000 38.000 52,000
24,000
24,000

Conti­
nent.

Japan
ct- China.

779,000
490,000
483.000

1,000
2,000
1,000

3,000
4,000
3,000

33,000
31,000
17,000

36,000
29,000
12,000

72,000
64.000
32,000

1,00C

.
__

i.ooc

4,000
3,000
5,000

10,000
17.00C
25,000

1,000
2,000
3,000

15,000
22,000
33,000

12,000
17,000
1,000 19,000

___
12,000
5,000 22,000
2,000 22,000

20,000
15,000
12,000

214,000
173,000
155,000

2,000
31,000
23,000

236,000
219,000
190,000

,
___

1,000
1,000

1,000
1.000

2.000 42,000
44,000
____ 33,000 44,000 77,000
1.000 43.0001 3,000 47,000

A L E X A N D R IA

110,000 1,036,000
42,000 711,000
38,000 680.000

REC EIPTS

AN D

734,000 1,596,000
539,000 1,049,000
277,000 778,000

773,000 1,919,000
601,000 1,354,100
315.000 1,033,000

SH IP M E N T S.

A lex a n d r ia , E g y p t,
Mat/ 4.

1909-10.

1908-09.

1907-08.

R eceipts (ca n ta r s )—
T h is w e e k _____________
S in ce S e p t. 1__________

5.5 0 0
4 ,8 7 3 ,3 5 1

32,0 0 0
6,5 8 0 ,5 3 6

32,000
6,9 6 0 ,5 5 4

T h is
S in ce
W eek . S ep t. 1.

T h is
S in ce
W eek . S ep t. 1.

T h is 1 S in ce
W eek . S ep t. 1.

100 140,880
113,417
21250 260,382
100 57,902

6.250 169,895
171,286
lO'.OOO 292,979
3.2 5 0 7 0 ,237

2,5 0 0 200,653
____ 172,971
11,500 303 ,796
500 56,384

E xp ort (b a les )—
To
To
To
To

L i v e r p o o l ____________
M an ch ester _________
C on tin en t .......................
A m e r ic a _______ ______

T o t a l e x p o r t s _____
a A c a n ta r Is 90 lb s.

. . 2 ,4 5 0 572,641 19,500 7 04 ,397 14,500 733,804
ft E g y p tia n bales w eigh a b o u t 750 lb s.

Sales o f S p ot C olton in N ew York M a rk et and D eliveries upon Contract in
S a id M a rk et f o r Y ears N am ed .
S p ots.
Con tracts.
Total.
19000 1 ........................
92,384
376 ,900
469 ,284
19010 2 ............................. ...........
114,093
307 ,300
511,393
100 20 3 .............................
..........
122,813
600 ,000
722 ,813
100 30 4 ....................................... " "
287 .500
181,982
469 ,4 8 2
1 90 40 5 . .............................
'
103,886
445 .800
549 ,686
190 5- 0 6 ................................................... I~
225 ,555
478 .5 0 0
7 04 ,055
1 0 0 6 -0 7 ............. ..........................................
118,265
459 ,600
. 577 ,865
1 9 0 7 -0 8 ..............
:
121,035
401 .2 0 0
522 ,235
1 0 0 8 -0 9 .
___________________________
242,805
506 .800
749 ,605
1909-10, S e p t, t o M ay 3 d , Inclusive
187.068
521 .200
708 ,268




1 ,509,886

4 ,4 7 4 ,8 0 0

1909-10.

1908-09.

1907-08.

77,717
941 ,600
58,996
764 ,502
339 ,119
6,7 3 0 ,3 7 9
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
7,4 4 8 ,3 0 4
622 ,169
2,3 9 0 ,1 2 9
2 ,6 6 0 ,0 0 0

72,876
960 ,3 3 6
59,766
751 ,328
319 ,452
7 ,6 0 7 ,5 3 4
358 ,917
6 ,662,851
188,369
1,485,832
1,671,000

99,788
96,098
86.492
1,915
19,471
13,747
13,643
606,086
457 ,115
467 ,218
9,536,881 12,309,299 1 0 ,292,862
1 ,519,547 1 ,288,967
13,828,846 11,581,829
506.23
509.39
514 .10
482.23
491 .10
486 .3 9

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 is
firm for both yarns and for shirtings.
The demand for
yarn
is improving
W e give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.____________

8 % lbs. Shirt­
ings. common
to finest.

32* Cop
Ttoist.
Mch
11
18
25
Apr.
1
8
15
22
29
May
6

d. s. d.

d.
10%
10%
10 %

@
©
©

m i
@
10%
©
10 9-10@
m i
©
to % @
1011-16

11 % 5
11% 5
11% 5
11%
11%
11%
11 %
11%

5
5
5
5
5

117-16 5

C ol’n
MUl.
Upl's

s. d.

d.

8 % lbs. Shirt­
ings. common
to finest.

32s Con
Twist.
d.

d. s . d .

6 @ 10
6 @ 10
0 % @ 1 0 1%

8.05 7%
@
8.17 7 3-16 @
8.15 7%
@

7 @ 10
7% @ 10
7% @ 10
7 % @ 10
7 % @ 10

7.96 7 3-16
7.92 7%
7.81 7%
7.87 7 %
7 .9 1 7 %

@ 8%
@ 8 .i
@
8%
@
8%
@
8%

7.95 7 %

@ 8 8% 4

8

1%
3
3
3
3

@ 1 0 4%

8
8
8

4
4
4

6
6
6

s

Cot’ n
Mid.
Upl’s

d.

d.

@8
@8
@8

4%
4%
4%

5.08
4.97
4.94-

4 6% @ 8
4 7% @ 8
1 8 @8
4 8 @8
4 7 @8

5
6
7%
7%
7%

5.13
5.27
5.54
5.49
5.53

7%

5.54

7% @ 8

SH IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 64,151 bales.
The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
Y O R K — T o L iv e r p o o l— A p ril 29— C ed ric, 2 ,8 0 9
M ay 3—
C a rm an la, 236 u p la n d , 152 fo re ig n ____________________________ _ 3,1 9 7
T o H a v r e — F lo rld e , 70 u p la n d , 269 fo re ig n _______________ .
.
339
T o B rem en — M ay 4— G eorge W a sh in g to n , 100
.
100
T o H a m b u r g — M ay 3— P resid en t G rant, 198 __________________
198
T o G en oa— A p ril 29— F riedrich der G rossc, 1 1 7 ....................
_
117
6,235
G A L V E S T O N — T o L iv e r p o o l— M ay 2— P rofessor, 6 ,2 3 5 _______ I I
T o C h ristiania— A p ril 30— N o ru e ga , 1 0 0 . . . ............. .
100
P O R T A R T H U R — T o H a m b u rg — A p ril 3 0 — A n tw e rp C ity , 3 0 0 ____
300
N E W O R L E A N S — T o L iv e r p o o l— M ay 3— C a nadian, 12,409 . . M a y
6— W a y fa r e r , 1 5 ,0 0 0 _________________ __________ ______ _________
27,409
4,4 8 9
T o M anchester— M ay 2— A lm e rla n . 4 ,4 8 9 ____________
T o H a v r e — A p ril 30— L ou lsla n e, 5 , 2 3 1 _____________________ .
5,231
t,9 4 2
T o H a m b u r g — M ay 6— N lco m e d la , 1 ,9 4 2 ___________ .
T o B rem en — M a y s — K n u ts fo r d , 2,675 ___________ . .
2,675
T o R o tte r d a m — M ay 5— H o lla n d , 7 0 0 ______________________
700
T o A n tw e r p — M ay 2— H o ra ce , 1 ,0 8 1 . _____ _______ _______ ______ 1,081
T o V e n ic e — M ay 3— Clara C am u s, 1 ,5 5 0 ____________ __________ _
1,550
T o T rieste— M ay 3— Clara C am us, 5 0 0 _____________ ______ _____. .
500
S A V A N N A H — T o L iv e r p o o l— A p ril 29— U sher, 4 ,2 4 4 ____ ______ . . 4,244
T o H a m b u r g — A p ril 30— V a lh a lla. 48 ______________
48
T o R o tte r d a m — M ay 5— B y la n d s , 100_______ _______
100
B O S T O N — T o L iv e r p o o l— M ay 3— Z e e la n d , 7 0
M ay 4­ D e v o n ia n ,
2 0 6 ............... ......... ............................................ ..........................
276
2
T o L o n d o n — A p ril 29— C a m b rian . 2 . . ______________
B A L T I M O R E — T o B rem en — M ay 4 — B ra n d e n b u rg , 350
350
P H I L A D E L P H I A — T o L iv e r p o o l— A p ril 2 9 — F rlesia n d, 21
21
600
T o M anchester— A p ril 28— M anchester C o r p o r a tio n , 6 0 0 .
T
n tw
~ o A‘ M
i e rp —- A p ril
r i l 28— IMf an ltou , 2 0 _________________ _____________
20
S A N F R A N C IS C O — T o J a p a n — M ay 3— C h ly o M aru, 2,327 . . .
2,327
T o ta l

N E W Y O R K COTTON E X C H A N G E AS A SPOT
M A R K E T .— The subjoined statement, officially compiled
by the New York Cotton Exchange, indicates the extent
of the spot transactions in recent years:

T o ta l

G ross o v e r la n d fo r A p r il_____ ______ bales
G ross o v e rla n d fo r 8 m o n t h s _____________
N et o v e r la n d fo r A p r i l ____________________
N et o v e rla n d fo r 8 m o n t h s ________________
P o r t re ce ip ts In A p r i l _____________________
P o r t receip ts In 8 m o n t h s _________________
E x p o r ts In A p r il_________________________
E x p o r ts In 8 m o n t h s ______________________
P o r t s to c k s o n A p ril 3 0 _____________ ______
N orth ern sp in n e rs’ tak in gs to M ay 1 ____
S ou th ern co n s u m p tio n to M ay 1 _________
O verlan d to C anada fo r 8 m o n th s (In­
clu d e d In net o v e r la n d )________________
B u rn t N orth an d S outh In 8 m o n t h s _____
S to c k a t N orth ern Interior m arkets M a v 1
C am e In sigh t du rin g A p r i l . _____ _____ .
A m o u n t o f cr o p In sigh t M a y 1 _ . ________
C am e In sigh t b a lan ce o f s e a s o n _________
T o ta l c r o p ________ __________ _______________
A v e ra g e gross w e igh t o f b a le s _______
.
A v e ra g e net w eigh t o f b a le s_____________

NEW

Total.

83,000
20,000
18,000

_

In referring to the above figures, Mr. William V . King, the
Superintendent, says: “ They are a refutation of the charge
that the New York Cotton Exchange is a p a p e r cotton
market. There is, I believe, no cotton market in the w o r ld
where so large a quantity of cotton is delivered upon con­
tracts sold.”
COTTON CO NSUM PTIO N AN D O V E R L A N D M OVE­
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:

3 ,7 8 7 ,1 1 8 15,480,971 4 ,7 4 9 ,8 8 6 17,282,098
. 3,483,981

[V O L . L X X X X

5 ,9 8 4 ,6 8 6

.............................................................................................. ................ ........... 64,151

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great F ren ch G er- — O th .E u rop e— M e t . ,
B rita in , ports, m a n y . N orth. Sou th. & c. J a p a n .
N ew Y o r k ______ 3,197
339
298 . .
117
G a lv e s t o n ........... 6,2 3 5
------------100
____
.'
"
P o r t A r t h u r ------- ------------------300
____
N ew O rlea n s____ 31,898
5,231 4,617 1,781
2,050
S a v a n n a h ______ 4,2 4 4
------48
100
....
___
. ...
B o s to n ________
278
...... .......
........
........
......
......
B a lt i m o r e ______ ____
____
350
..................... ..
..
___
P h i l a d e l p h i a . ..
621
------------20
____
..
. .
San F r a n c i s c o .. ........................
........................
........
...... 2,327
T o t a l ............... 4 6 ,473

5,570

5,313

2,301

2,167

...

2,327

Total.
3,951
6,335
300
45,577
4,3 9 2
278
350
641
2,327
64,151

The exports to Japan since Sept. 1 have been 80,405 bales
from Pacific ports and 766 bales from New York.
Cotton freights at New York the past wet :k have been as
follows, quotations being in cents per 100 lbs.:
L iv e r p o o l ............... ..
M a n c h e s t e r ________
H avre
------------------B rem en ......................
H a m b u rg --------------A n tw e r p -----------------G h en t, v ia A n tw e rp
R e v a l ........ ...................
G o th e n b u rg ----------B a rce lo n a , d ire ct .
G en oa ........................
T r i e s t e -------------------J a p a n ___________ . .

Sat.
14
14
18
16
22 M
20
26
25
34
25
18
28
43

M on.
20
14
18
16
20
20
26
25
26
30
18
26
45

Tues.
20
14
18
16
20
20
26
25
26
30
18
2S
45

Wed.
20
14
18
16
20
20
26
25
26
30
18
26
45

Tliurs.
20
14
18
16
20
20
26
25
26
30
18
26
45

F r l.
20
14
18
16
20
20
26
26
30
18
26
45

May 7 1910.J

THE CHRONICLE

L IV E R P O O L .— B y cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
A p r il 15.
Sales o f th o w e e k _______ bales
55,000
O f w hich sp ecu lators to o k
1,000
O f w hich ex p orters t o o k ___
_____
2,000
Sales, A m e r ic a n _______ _______
51,000
A ctu a l e x p o r t _________________
50,0
30,0 0 0
F o r w a r d e d ____________________
91,000
T o t a l s t o c k — E s t i m a t e d ______ 737 ,000
O f w hich A m e rica n — E st - - 672 ,000
T o t a l Im ports o f the w e e k ____
84,000
O f w h ich A m e r ic a n ________
77,000
A m o u n t a f l o a t ........................... _
183,000
O f w hich A m e r ic a n _________ 130,000
130,000

M a y 6.
* 5 2 ,0 0 0
1,000
1,000
* 5 0 ,0 0 0
3,0 0 0
7 9 ,0 0 0
6 78 ,000
609 ,000
63,000
5 9 ,0 0 0
125 ,000
8 1 ,0 0 0

A p r il 29
54,000
2,000
1,000
52,000
4,0 0 0
64,000
696 ,0 0 0
625 ,0 0 0
34,000
18,000
135,000
93,000

A p r il 22.
46,000
2,000
1,000
44,000
5,000
67,000
729,000
664,000
64,000
50,000
152,000
107,000

* In clu d in g 6,000 bales o f ca lled A m erican c o t to n .

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.

1
}
j

Saturday.

Monday.

Tuesday.

Dull.

Fair
business
doing.

Good
demand.

Wednesday. Thursday.
Fair
business
doing.

Fallbusiness
doing.

Friday.
Moderate
demand.

Mld.upl’ds.

7.95

7.94

7.92

7.96

7.96

7.95

S a le s _____
Spec.&exp.
Called .

4.000
300
1.000

8,000
500

12,000
1,500
2,000

8,000
500
1.000

10,000
500
1,000

6,000
1,000
1,000

Futures. Quiet at 1 Quiet at
Quiet at
Market
1 pt. dec. to l k @ 2 pts. 1 k points
opened
j l pt. adv.
decline.
decline.

Quiet at
1 @ 3 pts.
advance.

Quiet at
2 points
decline.

Market
4
P. M.

Dull at
1@ 3 pts.
decline.

Quiet at
Steady at
2 @ 3 pts. 3 @ 3 k Pts.
decline.
advance.

1
J

Easy at
Steady at Steady at
3 @ 4 pts. 2 k ® 4 pts.
k@ 3k
decline.
advance.
advance.

Quiet,
unchanged.

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

April 30

Sat.

M on,

to

May 6.

A p r i l ____
A p r .-M ay.
M ay-,June
Ju n e-Ju ly
J u ly -A u g .
A u g .-S e p .
Sep .-O ct _
O c t .-N o v .
N o v .-D e e .
D ec.-J a n ..
J a n .-F e b ..
F c b .-M c h .
M ch .-A p r

12k
p .m .

12k
p .m .

d.
_____
_____
_____
_____
—
_____
—

7
7
7
7
7
7
6
6
6
6
6
«
6

d.
73
65
61
57
52
25
88
70
63
61
59
58
57

k
k
k
k

T u e s.

W ed,

T h u rs

Fri.

4
4
4
12k
12k! 4
12 k
12k
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p.m
d.

k

T h us, 7 00 m eans 7 OO-lOOd.

68
63 k
39 k
54 k
28
90 k
72 k
64 k
62 k
61k
60
59

d.
68
63
60
54
28
91
74
67
64
63
61
60

k
k
k
k
k
k
k
k
k

a. | d.
66
62
58
53
27
89
72
64
62
61
60
59

k 71 k
67
k 63
|57k
131
k 92 k
75 k
k 67 k
k 65 k
k 64 k
63
62

d.
70
66
62
56
30
92
75
67
65
64
62
61

k
k
k
k
k

d.
68
64
60
55
29
91
74
66
64
63
61
60

d.

d.

k 70
71
k 65 k 67
k 61 k 63
56
57
30 k 32
k 91 k 93
k 74 k 76
k 66 k 69
64 k 67
63 k 65
64
k 62
k 60 k 63

4
12k
p .m . p .m .
d.

k 69
64
60
k
30
k 92
k 75
67
65
k 64
62
61

k
k

k
k
k
k

d.
68
63
59
54
28
90
73
65
63
62
61
60

k
k
k
k
k
k
k
k
k

O UR COTTON A C R E A G E R E P O R T .— Our cotton acre­
age report will probably be ready about the 1st of June.
Parties desiring the circular in quantities, with their business
cards printed thereon, should send in their orders as soon as
possible, to ensure early delivery.
E G Y P T IA N COTTON CR O P.— Fr. Jac. Andres Inc., of
Boston, have the following under date of Alexandria,
April 15, regarding the new crop:
T h e grow th Is n ow regular, th e p la n ta tio n s are lo o k in g w ell, w ater Is
plen tifu l, an d as th e G o v e rn m e n t has tak en th e business-like sten of
a p p oin tin g E u rop ean Inspectors In n early e v e r y d istrict In th e country- to
su perintend a sch em e fo r th e elim in a tio n o f th e w o rm e v il. It Is hoD cd that
th e dam age d o n e to last y e a r ’s c r o p b y these Insects w ill n o t be rcD tated
W e are o f th e o p in io n th a t th e m a jo r p o r tio n o f the d a m a g e d o n e th e last
•rop was caused b y the o v e r-w a te rin g o f th e plan t.

B R E A D STU F FS.
F r i d a y , M a y 6 1910.
Wheat flour has been more active for export, mostly in
spring clears, and spring patents have latterly been stronger,
while Kansas brands have likewise been steadier; but winterwheat brands have been dull and more or less depressed.
In general the market has been without striking features.
Wheat has advanced, especially on May. Reports of
damage in the Southwest are still current, and it is also said
that germination of the plant at the Northwest is delayed
by cold, dry weather. Such reports have come particularly
from South Dakota and Canada. Meantime, too, the offer­
ings are light, and even believers in lower prices are holding
aloof, awaiting the issuance of the Government report on the
9th inst.
Undoubtedly it is no unusual thing for damage in
the wheat country to be exaggerated. Yet the fact is that
during the past week prices have advanced, partly from the
fear that there may be something in these reports. Also
Liverpool prices have shown decided strength. A sharp
advance there was attributed not only to the strength in
American markets, but also to a rise in Buenos Ayres and
to rumors that Russian shipments in the near future are
likely to decrease materially. Bulls lay a good deal of stress
on the reports of dry, cold weather in the American and
Canadian Northwest, and powerful interests are on the long
side. At the same time Liverpool is fearful of decreased
Russian shipments and a further advance in America and
Argentina. The Continental demand in Liverpool has in­
creased. The recent advance is believed to be largely due,
however, to bull manipulation and more or less exaggeration
of damage to the crop. W hat is termed the technical posi­
tion has been weakened by the heavy covering of shorts.




1249

Cash markets, however, have been stronger, although export
business is still absent. To-day prices receded slightly on
disappointing cables, good rains in the Southwest and profit­
taking; then advanced on bad crop reports and covering.
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN NEW YORK.
Sat.
M o n . T u es. W ed. Th urs. F r i .
.- 1 1 5 k
1 1 5 k 116 H 1 1 6 k 117
118k
_ . 115
115 116
116
1 1 6 k ' 117 k
110?^ 1 1 0 k 112
1 1 1 k 112?*' 1 1 2 k

N o . 2 red f . o . b . ....... .. _
M ay d e liv e ry In ele va to r.
J u ly d e liv e ry In e le v a to r

D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN CHICAGO.
, ,
S a t. M o n . T ttes. W ed . Th urs. F r i.
M ay de v e r y In d e v a t o r .
_ . 1 0 8 k 108
ill
111
112 5g 1 1 3 k
J u ly d e liv e ry in e le v a to r
. . _ l 0 3 k 102 k 1 0 1 - 103 h
1 0 4 4 104 H
S e p te m b e r d e liv e ry in e le v a to r . 1 0 1 k 1 0 1 k 1 0 2 k 1 0 1 k
1 0 2 k 102 k

Corn has advanced partly in sympathy with wheat, partly
owing to lighter receipts and partly by reason of stronger
markets for provisions. Offerings as a rule have been light
and there has been a good deal of covering of shorts. In
spite of the recent advance, however, a good many regard the
market as a two-sided affair. That is, they think that a big
crop will be planted and that so far as it has been planted
it is looking well; that in about ten days or two weeks, with
good weather, planting will be finished, and then farmers
will begin forwarding their old corn to market again. It is
believed that when receipts increase, it will be a difficult
matter to sustain present prices. The cash markets, how­
ever, have been advancing, and the May option has shown
noteworthy strength. The fact is, though, corn has been
acting merely as a sort of tender to wheat, and should wheat
sag noticeably, there can be little doubt that corn would also
decline. To-day the market displayed no new or striking
features, closing higher, however, with wheat.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N IN N E W YORK.
Sat. M o n . T u es. W ed. Thurs. F r i.
Cash c o r n . . . ............... ..............................n o m . n o m .
69k
69
69
69
M ay d e liv e ry In e l e v a t o r .. ______
68 68 k
69
68 k
69
69 k
J u ly d e liv e ry In e le v a to r .. — 7 1 k
72
72 k
71k
71k
72 k
D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S
Sat. M o n . T u es.
M ay d e liv e ry In e le v a to r . _ . . . . 5 8 k 5 9 k
60
J u ly d e liv e ry in e le v a to r
. . . . . . 62 k 62 k
62 k
S e p te m b e r d e liv e ry In e le v a to r
63 k
63 H
63 Vh

IN CHICAGO.
W ed . T hurs. F r i.
59k
60
61
62 k
62 k
63
63 %
63 %
63 V»

Oats have followed other grain upward, although the rise in
prices has not been very marked. Cash houses at the West
have been pretty good buyers and cash prices have advanced.
Some of the crop reports have been favorable and others have
been adverse. Latterly there has been a disposition among
some of the commission houses to buy May and this has had
a rallying effect when prices showed a tendency to recede
under realizing. The receipts have been moderate and the
cash demand fair. A dispassionate view of the crop outlook
is that, although some unfavorable reports are being re­
ceived, the outlook is on the whole promising. To-day cash
prices were in some cases higher J^c. at the West and the
May option advanced rather sharply.
D A I L Y C L O S IN G P R I C E S O F O A T S IN NEW YORK.
Sat.
M on.
T u es.
W ed.
T h urs.
N atu ral w h ite _________ 4 5 k - 4 8 4 5 k - 4 8 4 5 k - 4 8 4 5 k - 4 8 4 5 k - 4 8
W h ite c lip p e d _________ 4 6 k - 5 2 4 6 k - 5 2 46 k - 5 2 4 6 k - 5 2 4 6 K -5 2
D A I L Y C L O S IN G P R I C E S O F O A T S F U T U R E S
S a t. M o n . T u es.
M ay d e liv e ry In e le v a to r _________ .41
41k
41k
J u ly d e liv e ry in e le v a t o r ------ ---------4 0 k 4 0 k
40k
S e p te m b e r d e liv e ry In e le v a to r --------38 k'
38k
38k

F ri.
46-48
47-52

IN CHICAGO.
W ed . T hurs. F r i.
41k
42 k
42k
40k 40k
40 5,
38k 38k
38 k

The following are closing quotations:
FLOUR.
W in te r, low g r a d e s____ S3 0 0 @ J 3 75 K ansas straigh ts, s a c k . $4 9 0 ® $ 5 25
W in te r p a te n ts _________ 5 6 0 ®
590K ansas clears, s a c k s ___ 4 0 0 ® 4 40
w in t e r s tra ig h ts________ 4 0 0 @
520C ity p a te n ts ____________ 6 8 0 ® 7 00
460R y e flo u r ________________ 3 9 0 ® 4 20
W in te r cle a rs___________ 4 6 0 ®
S prin g p a te n ts _________ 5 50 @ 5 75 G raham flo u r ___________4 1 5 ® 4 25
S prin g s tr a ig h ts............... 5 00 @ 5 30 C orn m eal, kiln d r i e d .. 3 0 0 ® 3 10
Spring c le a rs .......... ............ 4 2 5 ®
465
G R A IN .
C orn, per bushel—
W h e a t, per bu sh el—
N . D u lu th , N o . 1 . ............... t l 21
N o . 2 m i x e d _______e le v .
N o . 2 y e llo w _____ f .o . b .
N . D u lu th , N o . 2 _________ 1 19
R e d w in te r. N o . 2 ___f .o . b . 1 18 k
N o . 2 w h ite _______ f .o . b .
N o m . R y e , per bushel—
H ard w in te r. N o . 2 ________
N o . 2 W e s t e r n ........f .o . b .
O ats, per bushel—
Cents.
S tate an d J e r s e y ___
N atural w h ite _________ 46
® 48
B a rle y — M a l t i n g ____
W h ite c lip p e d _________ 47
@ 52
F e e d in g , c .l . L . N . Y .
M ix e d ____________________ N om in al

C ents
69
N om in al
N om in a l
N om in al
N om in al
N om in al
N om in al

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 have been:
Receipts at—

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.im bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA&lbs. bu.56 lbs.
92,400
1,599,400
481,000
462,000
107,925
25,000
C h ica go-----66,670
212.300
42,940
53,840
159,900
19,380
M ilw aukee..
311,156
122,560
19,595
109,762
11,463
D uluth__ __
761,550
’ ‘ 66.000
176,760
205,700
21,900
Minneapolis.
28,500
105,300
60,750
2,000
606
12,744
2,075
34,925
2,695
73,245
697
1,114
128,400
Cleveland . .
66,035
431,215
38,320
300,800
6,000
6,500
St. L o u ts ...
13,000
230,814
48,500
1,100
234.300
P e o r ia _____
32,400
128,100
167,200
Kansas City.
24,000
T ot.w k .’ lO
Same wk. ’09
Same wk. ’08

270,952
329,704
342,115

1,470,712
1,419,972
1,833,576

1,610,458
1,769,564
2,443,693

2,894,195
2,534,880
2,878,702

976,262
875,110
676,946

87,957
63,730
56,570

Since Aug. 1
1909-10 . . 16,445,180 218,861,464 147,781,590 58,089,303 69,267,113 6,029,522
190 8 -0 9 ... 15,822,528 196,643,598 116,031,987 132,856,436 73,033,323 5,740,530
190 7 -0 8 ... 14,121,766 184,408,608 147,323,326 153,441,769 56,041,896 5,956,605

Total receipts of flour and grain at the seaboard ports for
the week ended April 30 1910 follow:

THE CHRONICLE

1250
Wheat,
bush.
584,400
40,830
96,000
455,406
51,087
800

Flour,
bbls.
Receipts at—
New Y o r k ......... . . 155,188
40,612
Boston ................ . .
1,000
Portland, Me— - 46,840
Philadelphia — —
39,184
Baltim ore--------- . .
3,620
R ic h m o n d -------- . .
New Orleans * . . 16,658
Galveston...........
M obile........... .. —
5,465
Montreal........... .. —
2,226
St. John............. . .
13,500

9,000
124,638
127,000

T o al week 191 0.. 281,293
S nee Jan, 1 1910. .5,759,430
Week 1909 ______ 356,772
SlnceJan. 1 190 9-5 ,003 ,65 9

Com ,
bush.
96,750
60,961

Oats,
bush.
292,800
68,380

Barley,
bush.
22,950
3,200

32,759
57,694
43,102
182,300
14.000
30.000
32,653

119,324
39,787
36,718
113,500

1,000

28,625

22,753

R ye,
bush.
1,150
3,000
2,177

1,489,161
550,219
699,134
49,903
6,327
19,297,848 16,896,002 13,082,253 1,168,441 339,388
965,185
451,287
829,032
34,293 10,716
20,304,752 23,744,520 15,516,257 3,244,197 284,006

* Receipts do not Include grain passing through New Orleans tor foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending April 30 1910 are shown in the annexed statement:
Wheat,
bush.
468,009
96,000
149,789
356,000
27,841

Corn,
bush.
115,845

Oats,
bush.
755

___

....

127,000

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

.........

Total week__ .1,224,639
Week 1909......... . 811,707

297,015 120,039
865,106 152,116

2,000
8,937

1,597

17,143
10,000
104,507
5,400
14,120
30,000

Barley,
bush.

Rye,
bush.
1,597

Flour,
bbls.
45,981
1,000
15,891
6,000
14,355
8,590
0,257
5,465
13,500

Exports from —New Y o r k ......... .
.
P h iladelphia__ .
.
New ( r cans . . .
G alveston--------M obile_________
St. John, N. B _. .

Peas,
bush.
569
1,439

1,200
30
15

135
.........

.........
2,143
10,009

The destination of these exports for the week and since
July 1 1909 is as below:
----------Flour----------------------- Wheat---------------------------Corn------------Since
Since
Since
Week
July 1
Week
July 1
Week
July 1
Exports for week and A p r.30.
1909. Apr. 30.
1909. A pr. 30.
1909.
since July l to—
bbls.
bbls.
bush.
bush.
bush.
bush.
United K in g d o m ...
52,465 4,287.341
591,866 48,666,407
146,328 9,811,854
Continent— ........... 23,752 1,646,824
624,396 22,923,459
79,849 13,825,820
Sou. & Cent. Ainer.
15,074 703,324
8,377
328,830
4,400
747,798
West I n d ie s _______ 28,371 1,208,770
- .........
4,690
65,760 1,879,666
Brit. Nor. Am. Cols.
377
96,950
<---------— ..............................
49,170
264,191
---------148,084
678
27,765
Other Countries____ _____
T o t a l .................... 120,039 8,207,400 1,224,639 72,071,470
Total 1908-09............152,116 8,775,997
811,707 97,119,235

297,015 26,342,073
865,106 30,288,236

The world’s shipments of wheat and corn for the week
ending April 30 1910 and since July 1 1909 and 1908 are
shown in the following:______________________________________
Corn.

Wheal.

North Amer.
R u ssian -----Danublan . .
Argentine . .
Australian...
Oth. countr’s

Bushels.
1.609.000
4.288.000
311.000
2.840.000
1.160.000
472.000

Since
July 1.

Since
July 1.

Week
April 30.

1909-10.

1908-09.

1909-10.

Expo. !>•.

Week
April 30.

Bushels.
Bushels.
Bushels.
119.720.000 149,239,700 314.000
154.112.000 59.600.000 833.000
17.250.000 31.128.000 238.000
48.932.000 97.140.000
188.000
35.772.000 30.568.000
39.016.000 15.854.000

1908-09.

Since
July 1.

Since
July 1.

Bushels.
Bushels.
25.963.000 29,611,400
15.122.000 17.247.500
19.198.000 23.492.500
60.135.000 48.972.500

T o t a l ____ 10713000 444.802,000 383,529,700 1,573,000 120,718,000 119,323,900

The quantity of wheat and corn afloat for Europe on dates
___________________
mentioned was as follows:
Corn.

Wheat.

April 28
April 21
Aprll 29
Aprll 30
May 2

1910—
191019091908..
1907—

United
Kingdom.

Continent.

Total.

Bushels.
35.040.000
34.880.000
24.480.000
25.520.000
29.080.000

Bushels.
15.520.000
14.400.000
16.320.000
18.210.000
22,960,000

Bushels.
50.560.000
19.280.000
10.800.000
13.760.000
52.040.000

United,
Kingdom.
Bushels.
1.785.000
1.445.000
5.100.000
3.060.000
4.400.000

Continent.
Bushels.
2,0)0,000
2,210,000
1.420.000
5.355.000
4.880.000

Total.
Bushels.
3.825.000
3.655.000
9.520.000
8.415.000
9.280.000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports April 30 1910, was as follows:
AM ERICAN G R A IN STOCKS.
Corn,
Wheat.
Oats,
bush.
bush.
bush.
470,000
571,000
557,000
New Y o r k ............. ____
12,000
Boston .................... ____
2,000
219,000
217,000
P h iladelph ia_____ ____
19,000
81,000
488,000
680,000
253,000
B altim ore.............. ____
10,000
118,000
112,000
New O rlean s......... ____
.
153,000
10,000
150,000
701,000
B u ffalo.................... ____ 1,568,000
201,000
157,000
322,000
T o l e d o ............... .. ____
123,000
27,000
350.000
D etroit................. .. ____
4,354,000
1,590,000
Chicago.................... ____ 1,634,000
666,000
537,000
437,000
M ilwaukee............. ____
2,799,000
D u lu th ---------------- ____ 6,254,000
1,095,000
159,000
Minneapolis--------- ____ 9,965,000
238,000
359,000
780,000
St. Louis ................ ____
365,000
1,973,000
Kansas City........... ____ 2,125,000
231,000
33,000
Peoria------------------ ____
7,000
79.000
191,000
95,000
Indianapolis--------- ____
319,000
886,000
On Lakes............... ____1,213,000
Total April 30 1910-26,229,000
10,602,000
9,223,000
Total April 23 191 0-29,836,000
11.825,000
9,861,000
Total Mar 1 1909-.29,626,000
3,602,000
8,008,000
CA N AD IA N G R A IN STOCKS.
Wheal.
Corn,
Oats,
bush.
bush.
bush.
Montreal..........................
309,000
72,000
234,000
Fort W illiam .................. 2,478,000
...........
...........
Port Arthur........... ........ 2,957,000
...........
............
Other Canadian.............. 1,601,000
............
............
Total April 30 1 9 1 0 - 7,345,000
Total April 23 1 9 1 0 - 8,976,000
Total May 1 1909-10,012,000
Wheat,
bush.
merlcan ..................... 26,229,000
C a nadian........................
345,000
Total April 30 1910-3 3,57 4,0 00
Total April 23 1910—38.812,000
Total May 1 1909— 39,638,000




Rye,
bush.
...........
24,000

Barley,
bush.
205,000
1,000

40,000
67.000
10.000
-------17.000
31.000
168.000
256.000

346,000
1,000
...........
151,000
363,000
1,098,000

6,000

102,000

______

11,000
1S4.000
630.000
563.000
421.000

2,151,000
2,331,000
2,693,000

Rye,
bush.
---------

Barley,
bush.
66,000

72,000
31,000
29,000
SU M M ARY.
Corn,
bush.
10,602,000
72,000

231,000
246,000
73,000

........

66,000

Oats,
bush.
9,223,000
234,000

Rye,
bush.
630,000
......... ..

Barley,
bush.
2,451,000
6 6 ,000

10,674,000
11,856,000
3,631,000

9,557,000
10,110,000
8,081,000

630.000
563.000
424.000

2,517,000
2,381,000
2,788.000

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

50,000
95,000

[VOL. L X X X X .

T H E D RY GOODS T R A D E .
N e w Y o r k , F r i d a y N i g h t , M a y 6 1910.
The event that attracted most attention in the textile
trade was the large auction sale of carpets and rugs by the
Alexander Smith & Sons Carpet Co., which began on Monday
and was continued throughout the week, merchandise valued,
it is understood, at more than $4,000,000 being offered.
Buyers from all sections of the country were present in large
numbers and the sale was highly successful, the results, in
fact, surpassing the most sanguine expectation of the sellers,
not only as to the quantity sold but also as to prices realized.
Some idea of the freedom with which buyers operated may
be had from the fact that on one day some 30,000 rugs were
sold in an hour and a half. Prices obtained were, generally
speaking, higher than most interests had expected, and the
opening levels were well maintained as a rule throughout
the week; in some cases an advancing tendency was noted
toward the week end. Perhaps the most significant feature
of the sale and one that created much favorable comment
was that the results disclosed more confidence and more re­
serve buying power than most interests thought existed.
This development served to impart a better tone to trade
in certain other textiles, particularly in the cotton goods
division, where demand was somewhat better and broader.
The improvement in that quarter, although not marked,
was more noticeable because of the recent dulness; prices of
cotton goods as a rule showed no appreciation, and are not
expected to until buyers are more firmly convinced regarding
the raw material situation and outlook. In the primary
cotton goods market printers, converters and manufacturers
operated a little more freely at current prices in the way of
covering requirements for the next month or two, and some
jobbers placed moderate duplicate orders on fall merchandise,
such as blankets, &c. House trade with jobbers was re­
ported as improving, though confined for the most part to
immediate shipments. There appears to be no tendency
anywhere to speculate, and large bookings in the shape of
anticipations are still absent. Commission houses whose
road salesmen are out with late fall and new spring lines
report the volume of orders as fairly satisfactory, all things
considered. Cotton yarn markets showed little change;
demand continued light and scattered and prices more or less
irregular. In men’s wear lines fair inquiries were received
for light-weight fabrics available for quick shipment, and
additional duplicates on fall lines came forward. Trading
in dress goods was confined principally to retailers aad
jobbers, the market at first hands remaining quiet pending
the development of business on fall lines; at present there
seems to be considerable uncertainty as to what fabrics
will be popular.
DOM ESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending April 30 were 7,024
packages, valued at $463,152, their destination being to the
points specified in the tablo below:
--------1910-------S in ce
N ew York to A p r il 30—
W eek J a n . 1.
G reat B r ita in __________________
23
846
O th er E u r o p e ........ ..................................
9
494
C h in a ................................................................................
4.758
I n d i a ........................................
2.151
4,738
A r a b ia .................
587
4,718
M r l c a ........................................
3
1,419
W e s t I n d i e s ...........................
532
9,818
M e x ic o _____________________________
41
529
Cen tral A m e r i c a . . ...........................
53
2,594
S o u th A m e r i c a .------------1,181
17,931
O th er c o u n t r ie s ________
2,344
15,347
T o ta l

7.024

63,192

--------1909-------S ince
W eek . J a n . 1.
18
397
11
515
...
* 1 ,496
520
*,274
...
12,051
289
4,305
870
14,184
85
5*«
356
5,140
1,118
16,905
146
6,644
1,4 2 5 128,587

The value of these New York exports since Jan. 1 has beea
$4,088,915 in 1910, against $3,900,763 in 1909.
No important feature or change was noted in domestit
cottons.
Bleached goods were inactive, and drills and sheet­
ings were in light request, with prices irregular. A fair de­
mand was in evidence for ginghams, especially the better
quality staples, which were quito firmly held; lower qualities
were freely offered at low prices. Buyers gave little atten­
tion to staple prints. Denims displayed an improved tone,
largely as a result of substantial sales to Australia; demand
from that quarter during the past week is said to have been
unprecedented and the volume of orders booked excep­
tionally heavy and at comparatively low prices. Export
trade in other directions was quiet. A better demand devel­
oped for print cloths, a fair volume of contracts having been
booked, deliveries running through to September; regulars
are quoted at 4c. nominal and standard wide goods a shade
easier at 5J^c.
W O O L E N G O O D S — The primary dress goods market
continued quiet, new business being practically at a stand­
still. Sample pieces of fall lines are being distributed and
selling agents are awaiting results. In the market for men s
wear some further re-orders, largely for carded woolens,
were received, but demand was irregular and spotty, and
the market as a whole lacked snap.
F O R E IG N
DRY
G O O D S . — Imported
woolens and
worsteds were generally quiet and featureless.
Demand for
housekeeping and dress linens for prompt shipment was of
fair proportions, but conservatism was still noted among
both buyers and sellers for distant deliveries. Burlaps were
in fair request, especially spots; light-weights ruled unchanged
at 3.25c. but lO ^-ounce were slightly easier at 4.25c.

May 7 1910.]

THE CHRONICLE

St a t e

C ity b w i w e n t .

^luePUBL©Ixrcmxdje^
ISHED WEEKLY.
T erm s o f S u b scrip tio n — Payable in A d v a n ce
F o r O no Y e a r ......................................................................................... ................. $10 00
F o r S ix M o n th s .......................................................................................................... 0 00
E u rop ea n S u b s cr ip tio n (in c lu d in g p o s t a g e )................................................. 13 00
E u rop ean S u b s crip tio n s ix m on th s (in c lu d in g p o s ta g e ).......................... 7 50
A n n u a l S u b s crip tion in L on don (in clu d in g p o s ta g e )............................... £ 2 1 4 s .
S ix M on th s S u b s cr ip tio n in L o n d o n (in c lu d in g p o s t a g e )........................£ 1 11 s.
C anadian S u b s cr ip tio n (in c lu d in g p o sta g e ) ................................................. $11 50
S u b scrip tion in clu d es fo llo w in g S u p p lem en ts—

B ank and Quotation (monthly)
I State and City (semi-annually)
Railway and I ndustrial (quarterly) E lectric R ailway (3 times yearly)
R ailway E arnings (monthly)
|bankers ’ convention (yearly)

Term s o f A dvertising— Per Inch Space
T ra n sie n t m atter p e r in ch space (1 4 agate lin o s ).......................................... $ 4
( T w o M onths
(8 tim e s )............................... 22
..
..
. „
. . . . ) T h re e M on th s (13 tim e s )............................... 29
S ta n d in g B u sin ess Cards j a ix M on th s
(2 0 tim e s )..................................50
87
( T w e lv e M onths (52 tim e s )...................
C H I C A G O O F F I C E — P lin y B a rtle tt, 513 M o n a d n o ck B lo ck ; T e l. H a r ris o n
L O N D O N O F F I C E —E d w ard s & Sm ith, 1 D ra p e rs ’ G arden s, E. C.

20
00
00
00
00
401

W I L L U n II. D A N A C O M P A N Y , P u b l i s h e r s ,
1*. O. B ox 9 5 8 .
F ron t, P in e mid D cpcyw tcr S ts.,
N ew Y o rk .

MUNICIPAL BOND SALES IN APRIL.
During the month of April municipal bonds aggregating
$19,272,843 were disposed of. Of this amount 7 millions
was contributed by the States of New York and Connecticut.
The former sold .$5,000,000 4s at 1 0 5 .3 7 6 + , a basis of about
3 .7 6 1 % . Connecticut disposed of $2,000,000 3 ^ s at a
price slightly above par, a premium of $63 60 having been
realized on $10,000 worth.
The number of municipalities emitting bonds and the
number of separate issues made during April 1910 were 208
and 271 respectively. This contrasts with 284 and 401 for
March 1910 and with 284 and 426 for April 1909.
For comparative purposes we add the following table
showing the aggregates for April and the four months for a
series of years:
F o r the
F o u r M onths.
$ 48 ,050 ,27 5
20,0 9 8 ,9 9 2
2 7 ,330,690
4 8 ,0 3 1 ,3 8 5
19.672,118
2 9,496,400
3 5 ,7 1 8 ,2 0 5
20,080,211
28,987,431

.

.

M on th o)
F o r the
M on th Oj
A p r il.
F o u r M onths.
A p r il.
191 0........... $19 ,272 ,84 3 $12 3,8 0 8 ,0 0 5 190 0______ $14 ,1 5 7 ,8 0 9
10 0 9 _______ 37,4 5 2 ,5 5 2
117,402,998 18 9 9 ..........
7 ,4 7 7 ,4 0 6
1908______ 21.4 2 6 ,8 5 9
112 ,100 ,08 4 18 0 8 ..........
3,5 7 0 ,9 0 3
1907........... 10,909,004
7 8 ,2 3 5 ,0 0 7 189 7______ 13,000,323
190 0
8,7 2 5 ,4 3 7
05,7 5 5 ,6 8 0 189 6_____
4 ,5 2 1 ,8 5 0
190 5........... 4 0 ,4 0 9 ,4 2 8
7 0 ,137,234 189 5_____
8 ,469,404
1904........... 11,814,584
5 8 ,333,230 1894........... 11,599,392
1903........... 1 7,620,820
4 8 ,803,588 189 3_____
9 ,175,788
100 2...........
0 ,735,283
3 8 ,2 5 4 ,8 1 0 18 9 2 _____
6 ,723,000
190 1
9 ,298,208
33,1 9 2 ,0 2 2

The total reported above ($19,272,843) represents, as
usual, only sales of long-term bonds issued by States and
municipalities in the United States. In addition we reported
during April the negotiation of $23,675,755 temporary obli­
gations as well as the sales of debentures put out by the
Provinces and minor civil divisions of the Dominion of
Canada, amounting to $11,718,873. The latter total in­
cludes $5,000,000 4s of the city of Montreal and £1 ,000 ,00 0
($4,866,500) 4s of the Province of Manitoba.
In the following table wo give a list of April loans to the
amount of $19,272,843 issued by 208 municipalities. In the
ease of each loan reference is made to the page in the
“ Chronicle” where an account of the sale is given.
APRIL BOND SALES.
Pane.
N a m e.
1 0 5 5 -.A c n u a c k a n o n k T w d . Sch

Rate.

M a tu r ity .

Am ount .

P r ic e.

$11 9,80 0
100.57
_ 5
ty ,
ill 920-1930
11 .000
102.07
1 0 5 5 __A d a S ch . D is t., O k la __
. 5
1930
15,000
111 4 ..
A lleg h en y C o u n ty , P a .. . 4
1,000,000
1 1 8 9 ..
A llia n ce, O h io (0 Issues).
71,700
1 1 8 9 ..
A ltu s, O k la . (3 Issues)_
200 ,000
100
1911-1920
3 4
25,000
100
111 4. .A s h la n d C o u n ty , O hio
1911-1915
- 4 'A
100.950
11,500
1114. .A s h la n d C ou n ty , O hio
1911-1915
- 4A
40,000
101.375
- 4 y<
40,0 0 0
1 1 8 0 ..
A storia S ch . D lst. N o . 1, O
_ re
.) .
1030
75,000
1 28,000
100
1 1 1 4 ..
A th en s S ch . D ls t., O h io ___________
...4
. 4
1015-19341
1,500
100.13
500
l
101
1945
160,000
102.03
4A
1945
175,000
101.50
1945
50.000
101.75
_ 5
25,000
102.50
. .5.
<11929-1949
1 0 5 0 ..
B ea u m on t, T e x . (3 Issues).
100.000
102.400
1 1 8 9 ..
B ea ver Falls S ch . D ls t., P- a4. .A ___________
05,000
101.013
- 4 Yi
12.888
101.459
_4&5
1911-1915
1 1 8 9 ..B e lle Plalne,
2,500
100
. 5
1911-1918
9 9 0 . .B e lm o n t, Oh
1,500
102.00
, 6
1930
35,000
103.015
1015-1939
. 4A
4 00 ,000
103.13
. 5
1920-1920
1 1 8 9 ..B la in e C o u n ty . I d a h o .
12,000
101.600
.
5
1253 . .B lu e T o w n s h ip , K a n .
0,000
100
_ 4
1930
14,000
100
, 6
10,500
100
_ 0
(11020-1930
25,000 1/100
1911-1925
4A
1 1 0 0 -_ B u s s cro n T o w n s h ip , Ind
15,000
1935
. 4A
07,000
101.179
1 1 9 0 .. Canadian C o u n ty S ch .
1915-1930
‘ 5A
33,000
1 1 1 5 ..
C a n ton , 111 .
_
. 4 A (11015-1930
50,000 1/100.02
1 1 1 5 ..
Cedar R a p id s In d . S ch . D lst.,
Io w a (3 Issues).......... ................ .’ 4 A
1020
8 7 ,000
101.508
1 1 0 0 ..
Cen ter T o w n s h ip , Ind
. 5
1011-1925
0,000
9 9 7 . . C en terville I n d . S. D ,. I<
. 4 A (11920-1930
20,000
100.50




SP.’J

1251

Page.

Name.
R ate.
M a tu r ity .
A m o u n t.
P r ic e .
1 1 9 0 ..
C h a tta n o o g a , Tei
$6,222
. 0
01913
1 0 5 6 ..
C h ew elah, W ash
. 6
11,000
103
1930
1 0 5 6 ..
C h eyen n e, W y o _____ __. 5
250 ,000
102.78
1 1 1 5 ..
C h eyen n e W ells H lg h S .D .,C
15,000
». 5o lo
1930-1940
1115
—
''
. 4
101.31
1911-1924
14,000
1056 ..C in c in n a t i,
. 4
1930
288,000
101.779
1115 ..C la r k s v ille
8,000
. 5
1940
1253
. 6
100
1930
8,000
1190
1915-1922
4,0 0 0
100.125
. 4 A
1190
7,000
1911-1920
. 4A
1115
. 5
1940
75,000
1253 ..C o l b y , K a n ________
’ "
20,000
100
4 A
997 ..C o lle g e H ill, O h i o _____________ . 6
1911-1915
22,255
103.909
__
_
997
_
. 4
1940
2,700
101.40
9 9 7 . .C o lu m b u s S c h . D iit.", O h io
. 4
1930
150,000...1 0 1 .4 1 1
1056 -------------------- -4A < 0 9 2 4 -1 9 3 4 / 1,990,000...1 0 0
10,000 _ .1 0 0 .6 3 6
\
1190 .C o n tin e n ta l S c h . D ls t., O h io . 5
10.000
107.255
1115 -C o n v e rse C o. S. D . N o . 1. W y o .. 5
1920-1935
23,000
101.304
1190 .C r e s to n S c h . D ls t., W a s h ____ . 5
(0 9 2 0 -1 9 3 0
5,000
100.10
1115 ..C u m b e r la n d C o u n ty , N . J ____ - 4 A
1919
10,000
102.80
1115 ..C u y a h o g a C o u n ty , O h io ______ - 4 A
41,2 5 0
102.05
997
. 4A
102.18
85,440
997
. 4 A
102.174
15,730
1191
95
- 4 A (O 922-1940
150,000
1056 .D a lla s C o u n ty , T e x . (3 Issu es).. 4
(0 9 1 9 -1 9 4 9
875 ,0 0 0 1/100
1191 -D e lp h o s S c h . D ls t., O h io
. 4A
1911-1945
100.61
100,000
1056
. 5
(0 9 2 0 -1 9 3 0
25,000
101.812
1191
. 4A
01928
51,400
997
. 5
2,300
100
1253
. 4
1932
8,800
12.-3
. 5
1911-1928
3 6 ,0 0 0
100
1116
1912-1921
■ 4A
5,000
102.41
1116 ..E ls in o r e U n . H igh S . D ., C a l . .. 5 1931, 3 2 & ’ 33
3,0 0 0
105.73
1116
. 5
1925-1935
200 ,0 0 0
100.20
1116 .E u p o r a , M i s s . . .......................... ... 0
1930
10,000
100.51
1191 -E x e t e r H igh S c h . D ls t., C a l___ 5
10,000
108.87
1057
. 4
1940
50,000
105.449
1057
. 4
1920
170,000
102.197
1254 -F a rm d a le S c h . D ls t., C a l.
. 5
15,000
104.05
0
1057
1930
5,000
103
1057
4A
35,000
098
. 4
1911-1920
100.151
80,0 0 0
1116 .F r e m o n t C o. S . D . N o . 1, W y o . 6
1920-1924
10,000
908
. 5
1950
150 ,000
105
1101
. 4
1930
50,000
1191
. 4 A (0 9 2 0 -1 0 3 0
85,000
1254
4 A
15,000
100
1254
15,000
100
1057 .G r ld le y , C a l................................
17,500
098 .G r o v e C ity S ch . D lst.. O h io .
5
1911-1926
15,000
107.25
998
4
1930
18,000
102.87
998 .H a m ilt o n , O h io __________
5
1911-1915
2,983
100.542
1116 -H a m ilto n T w p . S. D ., N J . . . 5
1911-1922
12,000
100.333
998
4
1915-1929
45,0 0 0
100
1192
1911-1925
4A
15,000
1057
5
1911-1915
2,400
102.341
1254
5
1950-1963
40,000
101.087
1254.
4
1920
29,200
100
1057
1940
30,0001 103.30
4A
1057. .H o m e s t e a d , P a . . ......................... 4 A
1 5 ,0 0 0 /
1057 .H o m e s t e a d S ch . D ls t., P a ____ 4 A
1940
120,000
999 -I r o n R iv e r S ch . D ls t., M ic h ___ 5
1910-1925
104 312
40,000
1117
5
100,000
1117
5
(0 9 2 0 -1 9 3 0
8,000
101.50
1102
11,500
100.443
4A
1057
5 1 9 1 1 ,'1 2 & ’ 13
36,000
1192 .J o p lin S ch . D ls t., M o _________ 4 A (0 9 2 0 -1 9 3 0
100.7*
75,000
1058 .J o s e p h in e C o. S . I ). N o . 7, O re . 5
1030
45,000
1254
. 5
(0 9 2 0 -1 9 4 0
30,000
103.05
999
. 5
1912-1918
104.914
35,000
1192
5
1920-1930
4 0 ,000
101.275
1058 . L a G rande S. D . N o . 1, O re ___ 5
(0 9 2 0 -1 9 3 0
75,000 1/101.73
099 -L a k e w o o d , O h i o _______________ 5
1920
18,000
107.42
1117 -L a n s ln g b u rg h U n ion Free S ch .
1925-1941
4A
8 5 ,000
103.189
1192
4
125,000
1192 .L im a S ch . D ls t., O h io ________ 5
1911-1920
104.19
10,000
1193. - L o n g B each H igh S . D ., C a l . . 5
1911-1950
240,000
105.109
1103.
4
1930
50,000
100
1058. .L o s A lto s S ch . D ls t., C a l______ ro A
1920-1934
15,000
110.133
1193
1910-1919
4A
22,000
1193.
4
1910-1939
200,000
95.8695
999. .M a d is o n C o ., O h io (14 Issu es). 5
4 2 ,800
102.21
1193.
4
1930
4,0 0 0
100.30
1117.
4
1934
10.000
105.09
1117.
4
1910-1914
5,000
100.207
999 ..M a l o n e , N . Y ___________________ 4.30 1912-1906
220 ,000
100.23
1255
4 A (0 9 2 0 -1 9 3 0
75.000
100
1255
4 A
7,000
100
1058
1911-1913
2,750
100.181
4A
1911-1929
1117
5
170,000
100.137
1255
6
29,000
100
1193
1911-1920
101.202
4A
31,000
1050
5
1912-1931
10,000
100.07
1193
1949
4
50,000 100.053*
1118
15,000
100
4A
1193 -M t . H e a lth y S ch . D ls t., O h io . 4 a
1950
60,000
101.05
1194 _M t. K ls c o , N . Y ........................... 4.45
48.300
100.067
1000 .M t . V e rn o n , N . Y _____________ 4 A
1915
25,000
101.115
1118 -M t . V e rn o n S ch . D ls t., N . Y . _ 4 A
1953-1956
77,700
105.55
1104
5
1935
80,000 1/101.41*
1050
1939
4
150,000
99.189
1059
1911-1930
40,000
102.7*
4A
1194
5
1911-1920
28,000
1194. .N e w P ragu e I n d . S ch . D lst.
N o . 73. M in n ............... ..............
5,000
1118. .N e w W ilm in g to n , S. D ., P a . . 4 A
1920-1934
15,000
100.333
) 255.
1959
3
80,22714:100
1255.
1959
4
2,1001
1118.
4
1960
5,0 0 0 ,0 0 0
105.37*
1194.
4A
5,000
104.07
1059.
5
1911-1930
13,000
102.08
1059.
5
1930
140.000
100 0 . -N o r th Bend S . D . N o. 8, N e b . 5
1020-1930
30,000
100.52
1194. .N o w a t a C o. S . D . N o . 29, O kla . 6
1930
6,000
1059.
5
1911-1920
4,893
103.59
1118 -O k fu sk e e C o u n ty ,
5
1930
100,000
1250. .O n e id a , N . Y ____
5,005
4 14 1911-1920
1118.
1919-1922
7 4 ,000
4A
1256.
5
1926-1950
25,000
i ’ll). 894
1118. .O rla n d S ch o o l D istrict. C a l___ 0
27.000
112.21
1194.
6
1930
15,000
1250 .O s b o r n e , K a n _____________
25,000
100
4A
1059. -P a le to S ch o o l D istrict. C a l.
(0 9 1 5 -1 9 2 0
6
12,000
107.55
1194.
95
4 A (0 9 2 0 -1 9 0 0 / 130,300
13,700
96
1118. .P a r k Creek Irrlg . D ls t., C o l o . . 0
72,000
1 104. -P a u llln a , I o w a _________________
8,0 0 0
1915-1924
1194. .P e lh a m M anor, N . Y _________ 4 A
i o ; o o o i 100.038
1194. .P e lh a m M anor, N . Y _________ 4 A
1915-1922
8 ,0 0 0 /
1194. .P e rris U nion H igh S. D ., C a l. - 5
106
25,000
1118. .P le rce fle ld , N . Y ______________ 4
1911-1015
10,000
100
4
1195.
1911-1929
50,000
100
1 0 0 0 . .P o u g h k e e p s ie , N . Y .
1930
4A
90,000
104.493
4
1257.
V arious
55,000
100.80
6
10 9 2 0 -1 9 3 9
1119.
40,000
1000 . -Q u in c y , M ass__________________ 4
1911-1940
30,000
102.876
1119 .R a c in e , W ls ........ ............................ 4 A
1911-1030
50,000
1195
0
,0 9 1 1 -1 9 2 0
8.900
100
1195
4A
1911-1915
9,000
101
1195
4 A
20,000
102.430
1257 ..R e d la n d s Sch I)Ist., C a l.
5
1915-1935
85,0 0 0
106.90
5
1000
1911-1950
42,500
106.797
1119 ..R e n s s e la e r , N . Y ____
4 A 1912.'13<5c'14
3,000
100.033

,

THE CHRONICLE

1252
P a g e.
1 1 9 5 ..
1 1 1 9 ..
1 0 6 0 ..
1 1 9 5 ..
i-U 9 .
U 19.
1 1 1 9 ..
1 1 1 9 ..
1 1 1 9 ..
1195.
1257
1119.
1 0 6 0 ..
1 1 1 9 ..
1 0 6 0 ..
1 1 9 6 ..

N a m e.

R u th e rfo r d C o u n ty , T e n n ____

S au gu s, M ass____
Sau k C en ter, Min
S ea ttle, W a s h ____

S ilver C ity S c h . D ls t., N . M e x .

1 0 0 1 . . Som erset G ra ded S . D ., K y —

1 0 6 0 . S ou th H u tch in son , K a n ---------1 1 1 9 ..
1119.
1 11 9. .S o u t h O ra n ge, N . J _ .
1119.
1001.
1060.
1 0 6 0 . S p rln gfleld , O h io ---------------------1 0 6 0 . S p rin gfield , O h io (5 Issues)___
1196.
1060.
1196.
1258­
1196.

1120 .
1 19 6.

1120 .
1259
1 19 6.
119 6.
1 19 6.

V irginia S c h . D lst., M inn

W a b a s h , I n d -----------11 21 . W a tk in s , N . Y -------106 1. W a u s e o n , O h io -------1 1 2 1 . .W e b b C ity , M o ---------1196
1197 .
1 12 1

1 19 7.
1122

1003 ..W in c h e s t e r , K y . (2 Issues)
1197
1003
1198
1122

late.
5
5A
5
6
5
5
4 At
4A
4
4
5
6
6
4A
5
5
4A
4 A
4A
4A
4
4
5
5
4A
5
6
5
5
5
5
4A

M a tu r ity .
1911-1918
1915
1935
(11910-1919
<fl 930-1940
1911-1935
1920
1930
1911-1930
1935
(11930-1940
1935
1918
1935
1935
1930 & 1935
1918-1931
1930
1915
1913
1 9 3 1 & 1932
1911-1915
1912-1922
1935
1933 & 1934
1915
1911-1910

6
6
1915-1929
4
1930
4 1- 5
1915
4A
(11920-1930
1915-1939
4A
4
4
1911-1916
4A
1933
4
1930
(11911-1920
. 5
(11911-1930
. 5
(11911-1930
. 5
4A

A m o u n t.
$40 ,000
14.000
14,150
100,000
28.870
200 ,000
30,000
4,000
3,170
25,000
3,000
05,000
7,000
10,000
100,000
25,000
17,500
2,800
14,200
10,000'
2,028
170,000
55,100
47,767
7,984
11,657
17,697
7,643
3,000
5,500
25,000
25,000
5,000
22,876
150,000
5,000
50,000
30,000
33,000
12,658
10,000
50,000
20,000
25.000
11.000
45,000
105,000
30,000
13,000
30,000
63,000

P r ic e
100
101.06
i/102.386
100
100
103.61
100
101.60
100
104.20
y 103.071
101
102.38
103.748
102.285
101 .89
X103.50

_____

100
103.50

107.08
102.804
105.733
1 10.50
105
113.875
100
100
100.833
108.65
115.125
100.25
101.924
102.8175
104.65
101.559
101.731
96.646
100
100
100.000
100.000
107.296

T o t a l b o n d sales fo r A p ril 1910 (208 m u n icip a litie s.
co v e r in g 271 separate Issues)---------------------------------1 9 ,2 7 2 ,8 4 3
a A v e ra g e date o f m a tu r ity ,
cl S u b je c t t o call In an d a fte r the ear;ler
y ea r an d m ature In the later y e a r, k N o t Inclu din g $ 2 3 ,0 7 5 ,7 5 5 o f te m ­
p o ra ry loans r e p o r te d , a n d w h ich d o n o t b e lo n g In th e list; also do e s n o t
Include $ 11,718,873 o f C a n adian loan s. £ T a k e n b y sin kin g fu n d as an
in v e s tm e n t,
v A n d oth er c o n sid e ra tio n s.
H R V IS E D T O T A L S F O R P R E V I O U S M O N T H S .

The following items included in our totals lor previous
months should be eliminated from the same.
We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.
P a ge.
N am e o] M u n ic ip a lity .
1 1 1 4 -.A lt u s , O kla . (th ree Issues— F e b ru a ry lis t )----------------------1116 .G r a n d R a p id s , W ls. (th ree Issues— Ja n . list) — ....................
1 2 5 5 ..
N ew p ort R ea ch , Cal. (F e b r u a r y lis t ).............................

We have also learned of the following
previous months:
R ale.
N a m e.
. 6
1 1 1 5 . .C u e r o , T e x a s (F e b r u a r y )-----1116
H a rlow ton S ch . D ls t., M ont _ 6
1058 . . K ansas (27 Issues)...............
_ 5
1 25 5. L o v in g t o n , 111-----------1 0 5 9 ..
M ilton S c h o o l D istrict,O h io . - 4 A
_ 5
1 2 5 5 ..
N e w p o r t B ea ch , C a l . .
_ 7
1 0 6 0 . .S e a ttle , W a sh . (11 Issue
_ 7
. 5
1 0 6 0 . .S p r in g fie ld , O re .
. 6
1 0 6 0 . . T h e D alles,

P a g e.

a d d itio n a l

M a tu r ity .
1920
<11925-1940
(11915-1930
1935
1943-1944
1911-1950
1915
1920
(11030-1940
1920
(11911-1920

A m ou n t.
$20 0,00 0
6 5 ,0 0 0
40,0 0 0

sales for

A m o u n t.
$19 ,809
17,000
23,000
325 ,000
50,000
1,000
1,400
40,000
187,263
37,560
59,000
10,000
21,500

P r ic e .
100.252
101.25
101.369
100
100
100
103.785
102.50

101
101.50

All the above sales (except as indicated) are for March.
These additional March issues will make the total sales (not
including temporary loans) for that month $69,542,390.
D E B E N T U R E S S O L D B Y C A N A D IA N M U N I C I P A L I T IE S IN A P R I L .
P r ic e .
M a tu rity .
A m o u n t.
P a ge.
N a m e.
Ilate.
1911-1930
$13 ,000
1 1 2 2 .-A rtem e.s la T o w n s h ip ,
O n t ---- —
191 019293.000
1 0 6 2 ..
B lo o m fie ld , O n t --------------------- 4 A
17.000
19111930
1 0 6 2 . _B olssev a ln , M an. (2 Issues)--- 5
29,500
1935
1 2 5 9 . . B u rn a b y , B . C. (2 Issues)...........5
116,000
102.000
1940
1 1 9 8 .. C o a tlc o o k , Q u e ----------------- -----4 A
1, 2 00
100.345
1911-1920
1 1 2 2 .. D eanton S. D. N o. 2410, S a s k . 6 %
5.000
1911-1940
1 1 2 2 .. D u n d a lk , O n t .......... ..................... - 5
1,600
101.125
1920
1 1 2 2 ..
E u rek a S . I ). N o . 2174, S a s k .. 5 A
50.000
101.60
1911-1940
1 1 2 2 ..
F o rt E rie, O n t _______________ 5
733,578
97.50
1920-1950
1 25 9. .F o r t W illia m , O n t ........ ................ 4 A
25.000
1911-1940
1 19 9. .G o d e r le h . O n t........ ........................4 A
29,825
1925& 1950
1 2 6 0 . . G uelp h, O n t. (3 I s s u e s )------- 4 A
10.000
1930
1 2 6 0 ..
G u elp h , O n t ................................ 4 M
10,509
1 0 6 2 ..
11.speler, O n t _______________ 5
6,525
1 0 6 2 ..
H lb b e rt T o w n s h ip , O n t -------5
90.000
1950
1 1 9 9 . . H o ch e la g a , Q u e -------------------- 4 A
800
1920
1 2 6 0 ..
1 .n ls fe l T o w n s h ip , O n t ____ 5
3.000
1911-1930
1 1 2 3 . . L a B roqu erle, M a n _________ 6
101.117
1,700
1920
1 19 9. .L e ice s te r S . D . N o . 2 4 9 1 ,S a s k . 5 A
44,500)
1940
1 19 9. .L e t h b r id g e , A lt a .-_____________ 4 A
1 3 6 ,0 0 0 } 100.05
1940
119 9. .L e t h b r id g e , A l t a ............ ..............4 A
44,701 J
1911-1940
1 1 9 9 ..
L e th b rid g e , A lta — ............... 6
103.166
30.000
1911-1940
1 1 9 9 ..
L e th b rid g e F . P . S . D . N o S l ,A l t a .5
100.30
1 .0 0 0
1 2 6 0 . . L os A n g . S. D . N o . 2476, S a s k . 5 A
103
,866,500
' ” 1 95o" ’
1 1 2 3 .. M a n i t o b a _______________________4
101.30
, 0 0 0 ,0 0 0
1950
1 2 0 0 . . M on treal, Q u e ... ........... ............4
100,000
1960
1 0 0 4 ..
N an aim o, B . C _______________ 5
2,000
1911-1930
1 1 2 3 ..
N eapan T o w n s h ip , O n t ______5
98.2575
20.000
1911-1910
1 0 6 3 . .O u tlo o k , S a s k _________________ 5
98.097
45.0 0 0
1011-1930
1 2 0 0 ..
R eg in a S . D ., S a s k . .............
4A
1,500
1924-1933
1063. .
5 .lis b u r y Parish S . D . N o .l ,N . B . 5
7.000
1911-1930
0 0 0 . -S a ltlle c t T w p ., O n t . . .......... .......5
.22,162
1911-1930
1 1 2 3 ..
5 .n d w ic h , O n t _______________4 A
10.000
1930
1 2 6 0 ..
5 .e r lln g C o n s .S .D .N o .148 8,M an 5 A
10,000
1011-1930
1 0 6 3 ..
5 .ir lin g , O n t ________ ______ _
5
8,298
1920
1 1 2 3 .. 5 . d b u r y , O n t. (2 Issues)____ 5
1.000 101.025
1911-1920
1 20 0- .T r e n t o n S . D . N o . 2512, S a s k . 5 A
1 2 0 0 . . U n ited T w p s . o f N eelson and
5.0 0 0
.............
1925
G arson , O n t _________________ 5
33,1 7 3
.............
1 2 0 0 . . W a t e r lo o , O n t ------------------------ - ___
105,242
.............
1 0 6 3 ..
W e lla n d , O n t ________________ _____
4 1.000
.............
1 2 0 0 , -W e y b u r n , S a s k ______________ 5
2 7 ,500]
1938
1004. .
W o o d s t o c k , O n t -------------------4 A
7 .0 0 0 1 101.493
1939
1 0 0 4 ..
W o o d s t o c k , O n t ____________ 4 A
1949
3 ,0 0 0 j
1 0 0 1 -- W o o d s t o c k , O n t -----------------------4 M
T o ta l A p ril d is p o s a ls __________________________________ $ 1 1 ,718 ,87 3




[VOL. LXXXX

A D D I T I O N A L S A L E S O F D E B E N T U R E S F O R P R E V I O U S M O N T H S ..
M a tu r ity .
A m o u n t.
P r ic e .
P a g e.
N a m e.
Hate.
1915
$500
100.35
1 0 6 2 .. C lear S p g .S .D .N o .1 5 7 8 , S a s k . 6
2,500
102
1920
1 1 2 3 .. J a n se n S D .N o .2 4 2 8 ,S a s k .(F e b ) 5 'A
1,500
1920
102.3331 06 2_ -L a n g h a m S . D . N o . 1461, S ask . 6
1,100
100
1911-1920
1 0 6 3 _ _ L o n g L a k e S .D .N o .2 0 5 7 ,A l t a . 5 A
1 0 6 3 . . R u d y a r d S c h . D lst. N o . 2500,
100
14,000
1911-1930
S ask . ( F e b . ) --------------------------- 5 A
100
200
1 1 2 3 . .W a p a s h o e S . D . N o . 2 10 4,S ask . 5 H 1911-1920
100
1,200
1911-1920
1 1 2 3 ,- W ln t o n S . D . N o . 2438, S a s k ... 5 A

The above sales (except as indicated) are for March.
These additional March sales make the total of debentures
sold that month $7,223;710.

New* Items. *
Japan .— B o n d s O v e r s u b s c r i b e d . — Subscriptions aggregat­
ing 150,060,000 yen were received for the 100,000,000 yen
4 % refunding bonds, the allotment of which was announced
April 19. See V. 90, p. 995, for description of this loan.
Massachusetts .—

Low er

H o u se o f L e g isla tu r e D e fe a ts R e s o ­

lu t io n R a t i f y i n g P r o p o s e d I n c o m e T a x A m e n d m e n t . —

A motion
to substitute a resolution favoring the proposed Income Tax
Amendment for the adverse report of the Committee on
Federal Relations (V . 90, p. 996) was defeated in the House
on May 4 by a vote of 101 “ yeas” to 126 “ nays.”
New York C ity .— D e b t L i m i t B i l l P a s s e d b y L e g i s l a t u r e .—
On May 2 both houses of the Legislature passed the com­
promise bill prepared by the Senate Cities Committee which
will enable the city to take steps for the exclusion, in figuring
the borrowing capacity, of bonds issued for rapid transit and
dock purposes, under the constitutional amendments
adopted by the voters at the last general election.
V. 89,.
p. 1612. The Act just passed provides that the amount of
any bond issue which may be eliminated in computing the
city’s debt limit is to be fixed by the Appellate Division of
the Supreme Court upon application of the Board of Estimate
and Apportionment and after hearing the arguments of
parties interested.
New Jersey.— P a s s a i c V a l le y S e w e r A g r e e m e n t . — On May 3Attorney-General Wickcrsham, acting for the United States,,
signed a stipulation which had previously been signed for
the State,of New Jersey by the Passaic Valley Sewerage Com­
missioners, providing for an adjustment of the points raised
by the Government in its attempt to prevent the discharge
of the sewage of the Passaic Valley into New York Bay.
U nder A c ts passed b y the L e gislatu re In 1902 and 1907 N ew Jersey created
the F assaic V a lley sew er d istrict, h a v in g a p o p u la tio n o f m ore than 600,000,.
an d Inclu din g the entire natu ral d rain age area o f the F assaic R iv e r . T h e
C om m issioners o f this district began a rran gem en ts fo r th e c o n s tru ctio n o f a
great tru n k sew er ca rry in g the sew a ge o f the entire d is tric t Into N ew Y o r k
h a rb o r w ith o u t a n y e ffe ctiv e arran gem en ts fo r the p ro te c tio n o f the harbor
and Its su rrou n d in g c o m m u n itie s.
T h e S ta te o f N ew Y o r k In th e a u tu m n o f 1908 llled a suit In e q u ity In the
U n ited S tates S u p rem e C ou rt to e n jo in the c o n s tr u c tio n o f the sew er. Th e
m a tte r w as also bro u g h t to the a tte n tio n o f th e U n ited S tates authoritiesb ecau se o f the possible d e trim e n t to n a v ig a tio n In N ew Y o r k h a rb or.
T h e re u p o n the U nited S tates llled in the S u p rem e C ou rt an Intervening
c o m p la in t against th e c o n s tru ctio n o f the sew er.
In vie w o f the stip u la tio n ju s t sign ed . It Is th o u g h t p r o b a b le th at a m o t io n
w ill be m ade M ay 16 In the U . S . S u p rem e C ou rt fo r the w ith draw al o f the
G o v e rn m e n t’s part In th e su it bro u g h t b y the N ew Y o r k au th o ritie s. The
cen tral features o f th e agreem en t are the passage o f all th e sew age llrst
th ro u g h coarse screens fo r r e m o v a l o f large llo a tln g m a tte r, the passage o f
th e sew age then th ro u g h grit basins w here th e h e a v y m a tte r w ill be de­
p o s ite d , th e fu rth er passage o f th e sew age n e x t th ro u g h s elf-clea n sin g me­
ch a n ica l screens h a v in g sm all apertu res, th e passage o f the sew age n ext
th rou gh e x te n siv e s e d im e n ta tio n basins. T h is sew age w ill then flow Into a
p u m p w ell, w h en ce It will be p u m p e d u nd er pressure th ro u gh a tu n n el to a

M on tclair, N u tle y , B elleville, H arrison , F assaic C ity , A r lin g to n , Last
N ew ark , N ew ark, an d o th e r c o m m u n itie s , an d w ill c o n d u c t the sam e to a
large sta tio n o n the m ea d ow s sou th o f N ew ark , w here It w ill be subjected ,
t o treatm en t as d e scrib e d a b o v e .

In a statement issued by the Attorney-General the follow­
ing is said regarding the litigation between the United States
and the State of New York with reference to the Bronx
Valley sewer:
“ T h e results re a ch e d In th e N ew Jersey litiga tion arc e x p e c te d to haved lr cc t a n d Im p orta n t bearin g u p on a sim ilar co n tr o v e r s y p e n d in g In th e
U n ited S ta te s S u p rem e C ou rt betw een th e U nited S tates an d the S tate o f
N ew Y o r k in referen ce to th e B ro n x V a lley sew er, n o w under co n s tr u c tio n .
T h e co m m ission ers bu lldtn g th a t sew er are a tte m p tin g to h a ve the sew age
disch arged Into th e H u d son R iv e r , Just a b o v e th e N ew Y o r k C ity line,
w ith o u t a n y arran gem en ts fo r treatm en t o f the sew a ge, an d In Just th e w ay
a b o u t w h ich N ew Y o rk co m p la in e d again st N ew J e r s e y .”
" N e w Y o r k has n o t been a p a rty to the a d ju s tm e n t m ad e b etw een the
U n ited States an d N ew Je rse y , an d th e suit o f the G ov e rn m e n t a gain st New
Y o r k co n ce rn in g th e B ro n x sew er w ill go forw a rd to a co n clu sio n In the
S u p rem e C ou rt, unless the N ew Y o r k a u th orities co n c lu d e to d o as N ew
J ersey has d o n e .”

New York State . — A s s e m b l y A g a i n
A p p r o v i n g I n c o m e T a x A m e n d m e n t . — By

D efea ts

R eso lu tio n

:t vote of 75 to 67,
one less than the required majority, the Income Tax resolu­
tion on May 3 again failed of adoption. As previously stated
(V . 90, p. U 1 4 ), the resolution was defeated in the Assembly
on April 20, the vote at that time being 74 to 66, or two less
than the number required to carry.
A sse m b ly

R e je c t s

I n v e s t i g a t i o n .—

R ep ort

P r o v id in g f o r

S ta te

In com e

Tax

A resolution reported by the Rules Com­
mittee providing for a legislative commission to investigate
and report on the advisability of a graduated income tax
in this State was defeated in the Assembly on May 5 by a
vote of 56 “ yeas” to 54 “ nays.” Seventy-six affirmative
votes were necessary to carry.
Ohio.— S e n a t e D e f e a t s P u b l i c U t i li t ie s B i l l . — By a vote of
22 to 10 the Senate on April 28 defeated the Woods Utilities
Bill, which provided for the creation of “ The Public Utilities
Commission of Ohio” and placed under its control all public
utilities in the State. The bill passed the House on March 3 0
by a vote of 96 to 13.

May 7 1910. j

THE CHRONICLE

Pennsylvania .— S u p r e m e C o u r t \ U p h o l d s A c t i o n o f G o v e r n o r
■in A p p o i n t i n g S t a t e T r e a s u r e r . — The suit brought to deter­
mine the right of the Governor to appoint Charles Fred.
Wright as State Treasurer to fill the vacancy caused by the
■death of J. A . Stobcr, who was elected to that office last
November, was decided by the Supreme Court on May 2.
The Governor's action in making the appointment was de■clared valid. Mr. Stober’s death having occurred before
he could qualify for the office, which he would have assumed
May 2, the former Treasurer, John O. Sheatz, claimed that
’the Governor did not have the power to make the appoint­
ment and therefore started the proceedings which have
just been decided.
Rhode Island.— L e g i s l a t u r e A d j o u r n s U n t i l A u g . 16.— The
General Assembly of this State adjourned shortly after 11
p. m . on April 29 until noon on Aug. 16, when action will be
taken on the report of the committee appointed to re-district
the State’s representative districts.
I n c o m e T a x R e s o l u t i o n R e je c t e d b g L e g i s l a t u r e . — Prior to
■adjournment on April 29 both houses of the Legislature
•defeated a resolution ratifying the proposed Amendment to
the Federal Constitution giving Congress power to lay a
tax on incomes.

Bond Proposals and Negotiations this week
>vl,V6 been as follows
Allegheny County (P. 0 . Pittsburgh), P a.— B o n d s to be
.R e -O f f e r e d S h o r t l y . — The County Comptroller informs us
that he will re-advertise at par and accrued interest the
$600,000 4 % 20-year coupon poor-farm bonds, which failed
to attract any bidders (V . 90, p. 1189) on April 28.
Appalachia, W ise County, V a .— B o n d s N o t S o l d . — W e are
.informed under date of April 80 that no award has yet been
made of two issues of coupon bonds, aggregating $40,000,
•offered on April 19. These bonds were also offered (V . 90,
p. 722), but not sold on April 4.
Athens, Athens County, Ohio.— B o n d S a l e . — The two
issues of bonds, aggregating $6,740, offered on May 2 and
■described in V. 90, p. 996, were awarded to Barto,
■Scott & Co. of Columbus at 104 and accrued interest.
Maturity one bond of each issue yearly on Sept. 1 from
1911 to 1920 inclusive.
The following bids were received:
B a rto , S c o t t <fc C o ., C o lu m .$7,0 0 9 001 W e ll, R o t h & C o ., C ln c _ . $0,9 1 0 00
B reed & H arrison, C i n e . . . 0,992 75 S ta c y & B rau n . T o l e d o . . - 0,892 35
H a y d e n ,M lller& C o.. C le v c . 0 910 581

Bangor, Maine.— T e m p o r a r y L o a n . — This city, it is re­
ported, has borrowed $60,000 from the Eastern Trust &
Linking Co. of Bangor at 2 .9 9 % discount. Loan is payable
in 7 months.
Bellevue Special School District (P. O. Bellevue), Huron
and Sandusky Counties, Ohio.— B o n d s N o t S o l d . — The
$26,000 4 % coupon school-building and improvement bonds
offered on May 2 and described in V. 90, p. 1189, were, it is
stated, not sold.
Blue Township, Pottawatomie County, K an . — B o n d S a l e .
— An issue of $6,000 5 % bridge bonds was disposed of last
month to the State of Kansas at par. Maturity Feb. 25
1920, subject to call at any time.
Date Feb. 25 1910.
Bristol County (P. O. Taunton), M ass.— N o t e S a l e . — On
May 3 the three issues of 4 y 2 % notes aggregating $27,500,
described in V. 90, p. 1189, were awarded to the Bristol
County Savings Bank of Taunton for $28,970. The follow­
ing bids were received:
B ristol C o. S a v . B k .,T a u n t o n 105.3451 R . L . D a y & C o .. B o s t o n ____ 104.079
B lo d g c t & C o ., B o s t o n ------ .1 0 4 .1 9 |B lak e B ro s . & C o ., B o s t o n . . 102.79
M atu rity $10 ,000 on M ay 4 In ea ch o f the years 1917 an d 1918 a n d $7,500
o n M ay 4 1919.

1253

Christiansburg, Montgomery County, V a.— B o n d

O ffe r ­

i n g .—

Proposals will be received until 12 m . May 31 by the
Town Recorder for $40,000 coupon water-works bonds.

In te re st (ra te t o be n a m e d In bid) o n Ju n e 1 a n d D e c. 1 a t th e Im p o r te r s ’
& T ra d e rs’ N a tio n a l B a n k In N ew Y o r k C ity .
M a tu rity 30 years, s u b je c t
t o call a fte r 15 years.

Cleveland, Pawnee County, Okla.— B o n d S a l e . — The
$8,000 6 % funding bonds mentioned in V . 90, p. 1056, were
awarded on April 22 to Dr. G. W . Suitor at par.
D e n o m in a tio n $ 1 ,0 0 0 .
M a tu rity F e b . 15 1930.

1910.

In te re st

Colby, Thomas County, Kan. — B o n d

D a te

Feb.

15

S a l e .—

sem i-a n n u a l.

During the
month of April the State of Kansas was awarded $20,000
4 l/ 2 °/o water and light bonds at par. The securities are dated
March 1 1910 and mature July 1 1935, but are subject to call
at any time.

Columbia County (P. O. Bloomsburg), Pa.— B o n d

O ffe r ­

i n g .—

This county will offer at public auction at 10 a. m.
June 4 $10,000 3 ) ^ % coupon refunding bonds.
D e n o m in a tio n $ 50 0.
D a te Ju n e 20 1910.
In te re st sem i-a n n u a lly a t
th e C o u n ty T rea su rer’s o ffic e .
M a tu rity p a rt In ea ch o f th e years 1934.
1935 an d 1937.
B o n d s are e x e m p t fr o m ta x a t io n .

Columbus, Platte County, Neb.— B o n d s V o t e d . — This city,
according to reports, recently authorized the issuance of
$25,000 bonds by a vote of 881 to 74.
Columbus Township (P. O. Columbus), Platte County,
Neb.— B o n d s V o t e d .— Dispatches state that this township,
by a vote of 192 “ for” to 32 “ against,” recently authorized
the floating of $5,000 bonds.
Corsica, Douglas County, So. Dak.— B o n d s V o t e d .— An
election held April 19 resulted in favor of a proposition to
issue $6,000 5 ) 4 % refunding bonds. Maturity 15 years.
The vote was 63 “ for” to 4 “ against.”

Crawfordsville School City (P. O. Crawfordsville), Mont­
gomery County, Ind.— B o n d s A u t h o r i z e d . — Papers state that
this school city has authorized the issuance of $82,000 4 %
coupon high-school-building bonds.
D e n o m in a tio n S I .000 .
D a te J u ly 1 1910. In te re st s e m i-a n n u a l.
M a­
tu r ity y e a rly on J u ly 1 as fo llo w s: $5,000 In 1911 an d 1912, $ 6 ,0 0 0 in 1913
an d 1914, $7,000 in 1915 an d 1916, $ 1 0 ,0 0 0 In 1917, $ 1 1 ,0 0 0 In 1918,
$12,000 In 1919 a n d $13 ,000 In 1920.

Curtis, Frontier County, Neb.— B o n d s D e f e a t e d .— An
election held April 27 resulted in the defeat of a proposition to
issue $3,000 building bonds.
Dallas School District (P. O. Dallas), Polk County, Ore.—
V o t e d . — At an election held in this district April 25,
high-school-building bonds aggregating $40,000 were author­
ized, according to reports, by a majority vote of 117.

Bonds

Davidson County (P. O. Nashville), Tenn.—

B o n d s V o ted .

— A proposition to issue $150,000 bonds for the purchase of
the State Fair grounds, and which was submitted to the
electors of this county on April 21, was authorized by a vote,
according to local papers, of 1,994 “ for” to 937 “ against.”

Delhi Drainage District (P. O. Santa Ana), Orange County,
Cal.— P r i c e P a i d f o r B o n d s . — W e are advised that the price
paid for the $25,000 5 % coupon ditch-bonds recently dis­
posed of (V . 90, p. 997), was par and accrued interest. The
securities were disposed of to local investors.

Dieterich School District No. 29 (P. O. Dieterich), Effing­
ham County, 111.— B o n d s N o t S o l d . — W e are advised that,
owing to a division of the district, no award was made of the
$6,500 5 % school-building bonds which were to have been
offered at public auction (V . 90, p. 318) on Sunday, May 1.
Our informant states further that it will be necessary to
again vote on the question of issuing the bonds.
Dodge City, Ford County, Kan.— B o n d O f f e r i n g . — Pro­
posals will be received until 8 p. m . May 12 by Pearl Trebilcock, City Clerk, for $80,000 5 % water-works bonds voted
on April 19 1910.

A u th o r it y , C h a p ter 101, L a w s o f 1905.
D e n o m in a tio n s $1,0 0 0 a n d $500
D ate M a y 12 1910.
In terest J a n . 1 an d J u ly 1 a t th e S tate fiscal a g e n c y ,
th e S ta te T re a s u ry In T o p e k a .
B o n d s are free fro m all ta x e s .
M atu rity
30 y e a rs, s u b je c t t o call a fte r 20 yea rs. C ertllled ch eck fo r 2 % o f b id , p a y ­
ab le t o th e C ity C lerk, Is r e q u ire d .
B o n d e d d e b t a t p resen t. $ 5 5 ,0 0 0 ; n o
floatin g d e b t . A ssessed v a lu a tio n 1909, $ 2 ,6 9 1 ,4 3 1 .
O fficial circu lar
.$5,000 00 te m p o r a r y -lo a n b on d s d ated A p ril 1 1910 an d d u e J u ly 1 1911.
sta te s th ere Is n o c o n tr o v e r s y o r litig a tio n p e n d in g o r th reaten ed a ffe ctin g
1,315 14 m on th ly -loca l-v ro rk b o n d s d a te d A p ril 15 1910 an d d u e A p ril 15
th e c o r p o r a te e x is te n ce o r th e b o u n d a rie s o f the c it y , th e title o f Its presen t
1911.
2,0 0 0 00 m o n th ly -lo c a l-w o r k b o n d s d a te d A p ril 15 1910 and d u e A p ril 15 o fficia ls o r th e v a lid it y o f these b o n d s.
1911.
Doylestown, Bucks County, Pa.— B o n d S a l e . — An issue of

Buffalo, N . Y . — B o n d S a l e s . — The following 4 % bonds,
aggregating $8,315 14, were disposed of last month to the
Sinking Fund at par:

Calmar Independent School District (P. 0 . Calmar),
Winneshiek County, Iowa .— B o n d S a l e .— The $2,500 5 %
coupon heating-plant bonds described in V . 90, p . 1190,
were awarded on May 2 to local parties at par. Bids were
also received from Bechtel & Co. of Davenport, Iowa, and
the Cobb State Bank in Cobb, W is. Maturity $500 yearly
on May 1 from 1911 to 1915 inclusive.
Camden, N . J .— B o n d O f f e r i n g . — Proposals will be received
until 8 p . m . May 9 by Geo. A. Frey, City Treasurer, for the
following bonds: $64,000 4 ! ^ % 20-year dock and wharf;
$40,000 4 % 30-year dock and $80,000 4 ^ % 30-year school.
The offering of the latter issue (V . 90, p. 1056) was postponed
from April 25. Bids to be made on each issue separately
and to be accompanied by a certified check for 2 % .
Chateaugay, Franklin County, N . Y . — B o n d O f f e r i n g . —
Proposals will be received until 3 p. m . May 14 by N . G.
Douglas, Town Supervisor, or C. W . Harrica, Town Clerk,
for $13,000 town-hall bonds at not exceeding 5 % interest.
"• ^ ■ yth orlty. S e c tio n 34 0 , T o w n L a w .
D e n o m in a tio n $500
D a te M ay 16
1910. In terest a n n u a lly o n F e b . 1 a t th e First N a tio n a l B a n k o f C h ateau‘■Iat,u rlty $ 1 ,0 0 0 y e a rly o n F e b . 1 fro m 1915 to 1927 Inclu sive. Cer. . . c, ,
fo r 5 % o f b id , p a y a b le to th e T o w n S u p e rv iso r, Is re q u ire d .
B on d ed d e b t . In clu d in g th is Issue, $ 2 3 ,5 0 0 . A ssessed v a lu a tio n $77 1 ,1 2 0 .
T h e b on d s will be deliv ered ot\ M ay 17 1910.




$8,800 4 % 22-year bonds was disposed of on April 1 to local
investors at prices ranging from 103 to 104. Denomination*
$100 and $500. Date 1910. Interest April and October.

East Milwaukee (P. O. Rural Route No. 8, Station E,
Milwaukee), W is.— B o n d S a l e . — An issue of $36,000 5 %
1-18-year (serial) general fund bonds was disposed of on
April 27 to the Milwaukee Trust Co. of Milwaukee at par and
accrued interest. Denomination $1,000. Date May 2 1910.
Interest annual.

East View School District, Cuyahoga County, Ohio.—
S a l e . — On May 3 the $18,000 4 ) ^ % coupon school­
building bonds described in V . 90, p. 1191, were awarded,
it is stated, to Rodgers & Sons of Chagrin Falls at 102.68.
Maturity $1,000 yearly on Oct. 1 from 1912 to 1929 inclusive.
Erie School District (P. O. Erie), Pa.— B o n d S a l e . — The
$145,000 4 % coupon school-building and site-purchase bonds
described in V . 90, p. 1116, were awarded on May 3 to the
Second National Bank in Erie at par and accrued interest.
There were no other bids for the entire issue. Maturity on
Aug. 1 as follows: $5,000 yearly from 1914 to 1924 inclusive,
$10,000 yearly from 1925 to 1928 inclusive and $5,000 yearly
from 1929 to 1938 inclusive.
Bond

THE CHRONICLE

1354

Essex County (P. O. Elizabethtown), N. Y . — B o n d

O ffe r ­

i n g .—

Attention is called to the official advertisement else­
where in this Department of the offering on June 4 of the
$50,000 4 % 1-25-year (serial) gold registered bonds to im­
prove and repair the court-house, Clerk's office, jail and
other county buildings. For other details of bonds and terms
of offering see V . 90, p. 1191.

Etna, Allegheny County, Pa.— B o n d S a l e . — Recently this
borough, it is stated, awarded an issue of $50,000 4 ) ^ %
bonds, dated June 1 1910, to J. S. & W . S. Kuhn of Pitts­
burgh .
Fairview School District, Stanislaus County, Cal.— B o n d
O f f e r i n g .—

Proposals will be received until May 10 by the
Board of County Supervisors (P. O. Modesto) for the $3,000
5 % bonds offered but not sold (V . 90, p. 574) on Feb. 15.
D e n o m in a tio n 5 5 0 0 .

M a tu rity 5500 y e a r ly b e gin n in g F e b . 15 101 1.

Farmdale School District, Los Angeles County, Cal.—
B o n d S a l e .—

Reports state that the $15,000 5 % bonds, pro­
posals for which were asked until April 25 (V . 90, p. 1116),
were disposed of to the American Savings Bank of Los
Angeles at 104.05.
Flint, Mich.— B o n d O f f e r i n g . — Proposals will be received
until 3 p. m. May 9 by D . E . Newcombe, City Clerk, for
$5,000 4 % water-extension bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te M ay 1 1910.
In terest se m i-a n n u a lly at
th e N a tion a l P a rk B a n k o f N ew Y o r k C ity . M a tu rity M ay 1 1915.
B onds
are e x e m p t fro m all ta x e s .
C ertlfled ch e ck fo r 3 % , p a y a b le t o th e C ity
C lerk, Is r e q u ire d .
Fossil, Wheeler County, Ore.— B o n d s N o t S o l d . — Up to

April 12 no award had yet been made of the $8,000 6 % 10year gold coupon refunding water bonds offered on March 25
and described in Y . 90, p. 797.

Frederick,

Frederick

County,

Md,— B o n d

O f f e r i n g .—

Proposals will be received until 8 p. m . May 27 (not May 23
as reported in V . 90, p. 1191), by M. A . McCaffrey, City
Register, for the $64,000 4 J^% coupon funding bonds.
D en om in a tion s: 44 b on d s o f 5 1,000 ea ch a n d 40 b o n d s o f $500 e a c h . D ate
M ay 1 1910.
In terest sem i-an n u al. M a tu rity M ay 1 1950, s u b je c t to
call a fter M ay 1 1930. C ertlfled c h e c k fo r 5 % o f b o n d s b id fo r , p a y a b le
t o th e M a y o r a n d A ld erm e n , Is req u ired .
T h e o f f i c i a l n o t ic e o f th is b o n d o f fe r i n g w ill be f o u n d a m o n g
th e a d v e r t i s e m e n t s else w h e r e i n th is D e p a r t m e n t .

Frederick School District (P. O. Frederick), Tillman
County, Okla.— B o n d S a l e .— The $25,000 5 % 25-year build­
ing bonds described in V . 90, p. 1191, were awarded on May 2
to the Greer Bond & Investment Co. at par, less $900 for
expenses.

Fulton School District (P. O. Fulton), Hanson County,
So. Dak.— B o n d s V o t e d . — An election held here recently
resulted in favor of a proposition to issue $6,700 5 % schoolbuildimr bonds. The vote was 69 “ for” to 11 “ against.”
M a tu rity $ 2 ,0 0 0 In each o f th e years 1915 an d 1920 and $ 2 ,700 In 1925,
$ 2 ,7 0 0 bein g s u b je c t t o call a fte r 1920.

Glen Lake Irrigation District, Lincoln County, Mont.—

[VOL. L X X X X .

a proposition to issue $40,000 sewer-system-construction
bonds.

Hennepin County (P. O. Minneapolis), Minn.— B o n d

S a le.

— An issue of $29,200 4 % 10-year drainage bonds was sold
on April 18 to the County Treasurer at par. Date Jan. 1
1910. Interest semi-annual.

Hernando, De Soto County, Miss.— B o n d s

P r o p o s e d .—

It

is said that this town will issue $10,000 bonds for concrete
sidewalks.
Highgrove, Riverside County, Cal.— B o n d E l e c t i o n . — We
see it stated that an election will be held to vote on the ques­
tion of issuing $3,000 school bonds.
Holland, Ottawa County, Mich.— B o n d O f f e r i n g . — 'Propos­
als will be received until 7:30 p. m. May 18 by Richard
Overweg, City Clerk, for the $50,000 coupon park bonds
mentioned in V . 90, p. 724.
A u th o r it y v o t e o f 1,232 " f o r ” t o 675 " a g a in s t ” a t an e le ctio n h e ld A p ril 4.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate Jun e 1 1910.
In te re st (ra te n o t t o e x ceed
5 % ) a n n u a lly a t th e C ity T reasu rer’ s o ffic e .
M a tu rity $ 2 ,0 0 0 y e a rly on
F e b . 1 fro m 1912 to 1936 Inclu sive. Certlfled c h e c k fo r $50 0, p a y a b le to
the c ity o f H o lla n d , Is req.ulred.

Hood County Road District No. 1, Tex.— B o n d

O f f e r i n g .—

Proposals will be received until 2 p. m . May 9 by W . T . Lyle,
District Commissioner, care of the County Treasurer, at
Granbury, for the $25,000 5 % road-improvement bonds
mentioned in V . 90, p. 319.
A u th o r it y , S e ctio n 1, C h apter 7 , A c ts o f th e L egislatu re o f 1909.
D e­
n o m in a tio n $500.
D ate F e b . 15 1910. In te re st A p ril 10 a n d O c t. 10 at
th e S ta te T reasu rer’ s o ffic e In A u s tin , th e C o u n ty T rea su rer’s o ffic e In
G ra n b u ry o r th e H a n o v e r N ation a l B a n k In N ew Y o r k C ity , a t o p t io n o f
th e h o ld e r. M a tu rity f o r t y years, s u b je c t to call a fter t w e n ty years.
B o n d s are e x e m p t fro m ta x a tio n .
Certlfled c h e c k fo r $50 0, p a y a b le t o th e
C o u n ty T reasu rer, Is req u ired . T h is d istrict has n o d e b t at presen t. Th ose
securities w ere registered b y the S ta te C o m p tro lle r o n M arch 30.

Hudson County (P. O. Jersey City), N. J.— B o n d S a l e .—
On May 5 the following 4 j ^ % coupon (with privilege of regis­
tration) bonds aggregating $900,000, described in V . 90,
p. 1116, were awarded to N . W . Harris & Co. and Kountze
Bros., both of New York City, at their joint bid of 102.318:
$150,000 50-year Newark Plank Road improvement bonds,
$500,000 40-year court-house-construction bonds, $150,000
30-year boulevard-repair bonds and $100,000 20-year New­
ark Plank Road bridge bonds. The following bids were
received:
N . W . H arris & C o . a n d K o u n tz e B r o s , jo in t ly , N ew Y o r k — $92 0,86 2 for
th e fo u r Issues.
,
N ew Y o r k L ife In su ran ce C o .— 102 .27 fo r th e c o u rt-h o u s e b o n d s.
Jo h n D . E v e rltt & C o ., N ew Y o r k — 100 .375 fo r th e N ew ark P la n k R o a d
bridge b o n d s.
A . B . L ea ch & C o. a n d N W . H a lse y & C o ., jo in t ly , N ew Y o r k — 101.10 for
th e N ew ark P la n k R o a d Im p ro v e m e n t b o n d s , 100.77 fo r th e b o u le v a rd repair b o n d s an d 100.58 fo r the N ew ark P la n k R o a d b rid ge b o n d s.
J o s. W a lk e r & S o n s — 103.50 fo r $ 10 ,000 o f th e co u rt-h o u s e b o n d s.
R o b t . S. R o s s — 102 fo r $ 10 ,000 o f th e co u r t-h o u s e b o n d s.
W e ll, R o t h & C o ., C in cin n ati— 101.55 fo r th e b o u le v a r d rep air b o n d s and
101.38 fo r th e N ew ark P la n k R o a d bridge b o n d s.
J . W . W ise o f A lb a n y — par fo r $ 1,000 o f th e N ew ark P la n k R o a d bridge
b o n d s and 100.50 fo r $ 1,000 o f th e co u rt-h o u s e b o n d s.

Jennings Township,

Van Wert

County,

Ohio.— B o n d

O f f e r i n g .—

Proposals will be received until 1 p. m . May 12 by
E . L. Burnett, Township Clerk, for $8,000 4 % road bonds.

Proposals will be received until 12 m . May 15
(this date falls on Sunday, but is so given in the official ad­
vertisement) by L. J. B . Chapman, Secretary Board of
Commissioners, for $112,000 6 % irrigation bonds.

A u th o r ity A c t o f th e G eneral A s s e m b ly passed A p ril 12 1900 an d Section s
7033 an d 705 2, G eneral C o d e .
D e n o m in a tio n $ 50 0. D a te Ju n e 15 1910.
In terest o n M arch 15 an d S e p t. 15 a t th e T o w n s h ip T r e a s u r e r s o ffic e
M atu rity $ 1 ,0 0 0 ye a rly o n S e p t. 15 fro m 1921 t o 1928 Inclu sive. Certlfled
ch e ck fo r $50 0. p a y a b le t o the T o w n s h ip C lerk, Is r e q u ire d . P u rch a ser to
furnish b lan k bo n d s a t his o w n ex p e n se .
.

D e n o m in a tio n s $500 a n d $ 1 ,0 0 0 .
D ate J u ly 1 1910. In te re st sem i­
a n n u a lly a t th e C o u n ty T reasu rer’s o ffic e In L ib b y . M a tu rity $ 5 ,5 0 0 yea rly
o a Jan 1 fro m 1920 t o 1938 Inclu sive a n d $7,500 o n J a n . 1 1940. C ertlfled
c h e c k fo 2 % o f b id Is r eq u ire d .
Gloucester, Mass.— B o n d S a l e . — The following bids were

Jonesboro, Lee County, No. Caro.— B o n d O f f e r i n g . — Pro­
posals will be received until 7:30 p. m . May 9 by W . S. Mur­
chison, Town Clerk, for the $15,000 coupon water-works
bonds mentioned in V . 90, p. 125. Bids are requested for
5 / 4 % and 6 % bonds.

B o n d O f fe r i n g .—

received on May 5 for $20,000 4 % 1-20-year (serial) coupon
water-loan bonds and $40,000 4 % 1-10-year (serial) coupon
municioal and improvement loan bonds offered on that day:
^
$ 20 ,000 $ 40 ,000
$ 20 ,000 $ 40 ,000
bonds,
bonds.
bonds,
bonds.
A Hams & C o
.--1 0 1 .5 1
100.623 E .M .F a r n s w o r th & C o lO l.O l
100.26
P e rry C offin & B u rr ____ 100.982 C ity N ation a l B a n k . 100.67
100.22
F d m u n d s B ros
- .1 0 1 .3 3
100.51
M errill, O ld h a m & C o 100.659 100.659
Cape A n n N a t. B a n k l0 0 .5 5 2 100.252
C rock er & F ish er___ 101.133 100.39
B lo d g e t & C o _______ 101.077 100.31
T h e a b o v e b idders are all o f B o s to n .
T h p *20 000 b on d s are d a te d A p ril 1 1910. an d th e Interest o n th e sam e
ls’ D avable a t th e N ation a l S h a w m u t B a n k o f B o s to n . T h e $4 0 ,0 0 0 b o n d s
are H-itcH M av 1 1910 a n d th e Interest o n the sam e Is p a y a b le a t th e First
N a tion a l B a n k o f B o s to n .
D e n o m in a tio n $ 1 ,0 0 0 .
Interest sem i-an n u al.

Great Bend, Barton County, Kan.— B o n d

S a l e .—

During
April the State of Kansas purchased $15,000 surface-drain­
age and $15,000 sewer 4 ] 4 % bonds at par. The securities
are dated March 1 1910 and mature March 1 1930, but are
subject to call at any time.
Greene County (P. O. Catskill), N . Y . — B o n d S a l e . — An
issue of $9,000 4 % bonds was disposed of on May 2 to two
local investors at par. There were no other bidders.
Hartford, Windsor County, V t .— B i d s R e j e c t e d . — The fol­
lowing bids, all of which were rejected, were received on
May 2 for the $75,000 4 % 10-24-year (serial) coupon (with
privilege of registration) refunding bonds described in Y . 90,
f t ’ W .9IIarrls & C o ., N . Y _____ 9 7 .6 3 I A . B . L e a ch & C o .. N . Y ..............96 01
B . H . R ollin s & S on s, N . Y ..9 7 .1 2 5 I

Hawkins County (P. O. Rogorsville), Tenn.—

B o n d S a l e .—

On April 29 the $40,000 5 % road and bridge bonds described
in V . 90, p. 1192, were awarded to W . H . Gass of Knoxville
at 101.087 and accrued interest. The following bids were
received:
ti G ass, K n o x v ille _____ $40,4351 Jo h n N u veen & C o ., C h ic a g o .$40 ,020
C . ’l l . C o ffin , C h ic a g o ............... 40,801 S. A . K e a n & C o ., C h ic a g o .. 40,008
Spasrinzood & M ayer, C ln ___4 0 ,6 1 0 1
M a tu rity $ 1 ,0 0 0 In 1950 an d $3,000 y e a r ly fro m 1951 t o 1063 Inclu sive.

txt

Healdsburg,

Sonoma County, Cal.— B o n d s

D e f e a t e d .—

According to newspaper reports, the)voters recently defeated




D e n o m in a tio n to su it p u rch a se r. D a te J u ly 1 1910. In te re st sem i
an n u al. M atu rity J u ly 1 1940. Certlfled c h e c k fo r $10 0, p a y a b le t o the
T o w n C lerk, Is re q u ire d . T o w n has n o b o n d e d o r flo a tin g d e b t a t presen t.
Assessed va lu a tio n $ 27 1,53 5 08.

Juniata, Blair County, Pa .— B o n d Safe.— Proposals were
asked for until April 28 for the $30,000 5 % 10-30-year
(optional) coupon water and street-paving bonds mentioned
in V. 90, p. 517. The securities were awarded to Carl Olmes,
of Aitoona, at 103.05 and accrued interest— a basis of about
4 .6 1 7 % to the optional date and about 4 .8 0 7 % to full
maturity. The following bids were received:
Carl O lm es, A lt o o n a ______$ 30 ,915 00 C .E .D e n is o n & C o ., C le v o .$ 3 0 ,3 2 5 25
R .E .R o b in s o n & C o .,N .Y . 3 0 ,996 00 J . L . B ru b a k e r, J u n ia t a .. 30,061 00
O tis & H o u g h , C le v e la n d . 3 0 ,900 00 J . G . L o t z , E ast A lto o n a
(fo r $ 6 ,0 0 0 )-------------------6,0 0 0 00
K u h n & K u h n , C h ic a g o .. 30,834 00
D e n o m in a tio n $500.
D a te A p ril 1 1010.
Interest sem i-an n u ally a t th e
B o r o u g h T reasurer’ 8 o ffic e In J u n ia ta . B o n d s arc e x e m p t fro m S ta te t a x .

Keystone, McDowell County, W . Va.— B o n d O f f e r i n g .—
Proposals will be received until 12 m. May 10 for $28,000
6 % coupon bonds.
A u th o r it y v o t e o f 67 " f o r ” t o n o n e " a g a in s t ,” a t e le ctio n held A p ril 1
D e n o m in a tio n $ 1 ,0 0 0 .
D a te A p ril 7 1910.
In terest an n u al. M a tu rity
A p ril 7 1935. C ertlfled c h e c k fo r 1 % o f th e a m o u n t o f b id Is re q u ired .
R . L . B a ile y Is C h airm an o f th e A d v is o r y C o m m itte e .

Leominster, Mass.— L o a n O f f e r i n g .— Proposals will be
received until May 16 for a temporary loan of $100,000,
maturing $50,000 Dec. 15 1910 and $50,000 Jan. 20 1911
B o n d O f f e r i n g .— It is stated that proposals will also be
received at the same time (May 16) for $10,000 library
bonds dated June 1 1910 and maturing $1,000 yearly from
1911 to 1920 inclusive.
Lee County (P. O. Sanford), No. Caro

— B o n d s N o t S o l d .—

Up to April 30 no sale had yet been made of the $15,000 5 %
coupon Jonesboro Township road-construction bonds offered
on April 18 and described in V . 90, p. 1058.
Lexington, Rockbridge County, Va. — B o n d E l e c t i o n .—
This town on May 12 will vote upon the question of issuing
$30,000 street and road bonds.

May 7 1910.]

1255

THE CHRONICLE

Logan School District (P. O. Logan), Hocking County,
Ohio.— B o n d O f f e r i n g . — Proposals will be received until
12 m . May 10 by John It. ltempel, Clerk of the Board of
Education, for $85,000 4 j^ % coupon school-building bonds.
A u th o r it y S ection s 7025, 7626 an d 762 7, G eneral C od e.
D e n o m in a tio n
$ 1 ,0 0 0 .
D ate M ay 10 1010.
In terest sem i-an n u al.
M a tu rity S 2.000
y e a r ly o n S e p t. 1 fro m 1911 to 1915 Inclu sive and $ 3 ,000 y e a rly on S e p t. 1
fro m 1916 to 1040 Inclu sive. C ertllled ch e ck fo r 5 % o f b o n d s bid fo r,
p a y a b le to th e Clerk o f th e H oard o f E d u c a tio n , Is re q u ire d . P u rch a ser to
p a y a ccru ed Interest.

Loudonville, Ashland County, Ohio.— B o n d S a l e . — The
$9,000 5 % coupon building bonds described in V . 90, p. 1193,
were awarded on May 2 to the First National Bank of Cleve­
land at 102.772 and accrued interest. The bids were as fol­
lows:
F irst N a t. D an k , C le v e la n d .$ 9 .249 50 S ecu r. S . B . & T r . C o ., T o l .$ 9 ,1 8 5 50
B a rto , S c o tt & C o ., C olu m
9,218 70 O tis & H o u g h , C le v e la n d .. 9 ,1 6 5 00
S e a s o n g o o d & M ayer, Cln .
9,1 9 6 20 W e ll, R o t h & C o ., C ln ------- 9,158 50
First N a t. B a n k , C olu m bu s
9.193 50 B reed & H arrison , C ln ------- 9,157 50
S ta c y & B rau n , T o le d o ____ 9,1 8 5 75
,
M a tu rity $600 each six m onths fro m M arch 1 1911 t o S e p t. 1 1916 Inclus­
iv e , $900 on M arch 1 1917 and $900 o n S e p t. 1 1917.

Louisville, K y .— B o n d s P r o p o s e d . — This city is contem­
plating placing upon the market an issue of $1,000,000 city
parks bonds.
Lovington, Moultrie County, 111.— B o n d s A w a r d e d i n P a r t .
— According to the Village Clerk, only $1,000 of the $3,500
5 % bonds were disposed of on March 21 to the Hardware
Bank of Lovington at par. The remaining $2,500 bonds will
not be sold until Aug. 1. W e were at first informed that the
bank purchased the entire issue. Sec V . 90, p. 1058.
Lowell, Mass.— B o n d O f f e r i n g . — Proposals will be re­
ceived until 12 m. May 10 by Andrew G. Stiles, City Treas­
urer, for the following 4 % coupon bonds:

building bonds described in V . 90, p. 1117, were awarded to
S. A . Kean & Co. of Chicago at 100.02. The following pro­
posals were received:
S . A K e a n & C o ., C h ic a g o ..$ 4 3 ,0 0 8 60
T h o s . J . B o lg e r C o ., C h ica g o .$ 4 3 ,0 2 5 less $850 fo r fu rn ish in g b lan k b o n d s .
S e c u r ity T ru s t C o ., D e t r o i t .. 4 3 ,0 0 0 less $50 fo r a tt o r n e y 's fe e s.
S ta te S a v . B a n k , S t a n t o n ____ 4 3 .000 less $500 fo r exp en ses.
A J . H o o d & C o ., D e tr o it ___ 43,0 0 0 less $600 fo r exp e n se s.
M a tu rity $7,0 0 0 y e a r ly o n D e c. 30 fro m 1911 t o 1915 Inclusive a n d $8,0 0 0
on D e c . 30 1916.

Montgomery, Ala.— N o t e A u t h o r i z e d . — The Mayor#has
been authorized to issue to the Fourth National Bank of
Montgomery a $100,000 4 Y ffo funding note due on or before
Aug. 1 1910.
Mountain View School District, Stanislaus County, Cal.— '
O f f e r i n g . — Proposals are asked for by the Supervisors
of this county (P. O. Modesto) until May 10 for $1,000 5 %
bonds.

B ond

D e n o m in a tio n $50 0.
a n d 1920.

M atu rity $500 o n M a y 10 In each o f th e y e a r s 1916

Mt. Penn, Berks County, Pa.— B o n d s

to be S o l d L o c a l l y . —-

W e are informed that the $10,000 4 % bonds mentioned in
V. 89, p. 1025, will be sold locally.

Mt. Vernon, Skagit County, Wash.— B o n d

O f f e r i n g .—

Proposals will be received until May 21 for $40,000 6 % highschool bonds.
M a tu rity 20 y e a rs, s u b je c t t o call a fte r 5 y e a rs.
re q u ir e d . W . R . W ells Is T reasu rer.

C ertified c h e ck fo r $406

Natrona County School District No. 2, W y o.— B i d s .—
The following bids were received for an issue of $35,000
school-building and furnishing bonds:

E . H . R o llin s & S o n s ,D e n a $ 3 5 ,825 00 M cC o y & C o ., C h i c a g o . . *$35 ,281 00
C o ffin & C ra w fo rd . C h ic . £35,613 00 J o h n N u v e e n & C o ., C h ic 35,1 8 2 00
F red G lenn & C o ., D e n v . C35.577 00 W o o d in ,M cN e a r& M o o re .C h 3 5 ,0 1 0 00
$ 5 0 ,0 0 0 sew er b o n d s
D e n o m in a tio n $ 1 ,0 0 0 . M atu rity $5,0 0 0 ye a rly on
S ta te o f W y o m in g _______ * 3 5 ,5 2 5 00 A .
M ay 1 from 1911 to 1920 In clu s've.
J . N . W r ig h t & C o ., D e n . * 3 5 ,4 0 2 00 W y o m in g T r . C o ., C h e y . a 3 5 ,0 0 0 00
68,0 0 0 str e e t-im p ro v e m e n t b o n d s.
D e n o m in a tio n s, 60 b o n d s o f $1,000 W m . E . S w eet & C o .,D e n £35 ,3 6 0 50 T h o s. J . B o lg e r C o ., C h ic 35,0 0 0 00
each an d 10 b o n d s o f $800 e a c h .
M a tu rity $6,8 0 0 y e a rly o n M ay 1 C u tter, M ay & C o ., C h ic . * 3 5 ,3 5 0 00 B en w ell & S teel, D e n v . . * 2 0 ,2 0 0 00
fro m 1911 to 1920 Inclu sive.
S . A . K e a n & C o ., C h i c . . * 3 5 ,5 2 5 00
D a te M ay 1 1910. In terest s e m i-a n n u a lly a t th e O ld C o lo n y T ru st C o.
a ‘ ‘ C h anged d e n o m in a tio n o f b o n d s .”
£ A ls o offe re d a ccru e d Interest,
In B o s to n .
B on d s arc e x e m p t fro m ta x a tio n In M ass. P u rchaser to p a y
b u t “ ch a n g e d d e n o m in a tio n o f b o n d s ."
c A ls o offered a ccru e d Interest,
a c c r u e d Interest.
B on d s w ill be certllled as to genuineness b y th e Old
b u t “ requ ired Im m ed iate a c c e p t a n c e ." * A n d accru e d Interest, v "C h a n g e d
C o lo n y T ru s t C o. In B oston , w hich will fu rth er c e r tify th a t th e le g a lity o f
d e n o m in a tio n o f b o n d s " a n d requ ired “ $340 fo r e x p e n s e s .”
th e Issues h a v e been a p p ro v e d b y S to r e y , T h o rn d ik e , P a lm er & T h a y e r
W ith th e e x c e p tio n o f S. A . K ea n & C o ., w h o Did fo r 6 % b o n d s , th e
o f B o s to n , a c o p y o f w hose o p in io n w ill be deliv e re d to the b u y e r .
B on ds
a b o v e offers w ere all s u b m itte d fo r 5 % b o n d s.
w ill be rea d y fo r deliv e ry a b o u t M ay 11.
Nebraska City, Otoe County, Neb.— B o n d s N o t S o l d . — W e
Mahaska County (P. O. Oskaloosa), Iowa.— B o n d S a l e .—

Woodin, McNear & Moore of Chicago recently purchased
$75,000 (more or less, as may be necessary to take up the
floating indebtedness of the county) 4 ^ % 10-20-year (op­
tional) funding bonds at par and accrued interest. Pur­
chaser to furnish blank bonds free. Interest semi-annually
at Oskaloosa.

Manville School District (P. O. Manville), Converse
County, W yo. — B o n d s V o t e d . — B y a vote of 95 to GO, it is
stated that this district recently authorized the issuance of
$30,000 school-building bonds.

Marlboro Graded School District No. 10 (P. O. Bennettsville), Marlboro County, So. Car.— B o n d s N o t S o l d . — We are
advised that no award was made on May 2 of the $25,000
4J ^% coupon school bonds offered on that day and described
in V . 90, p. 999. The bonds will be re-advertised as 5s.
Date July 1 1910. Maturity 20 years.
Massillon, Stark County, Ohio.— B o n d O f f e r i n g . — Pro­
posals will be received until 4 p. m . May 10 by It. J. Krisher,
Secretary of the Sinking Fund Trustees, for $10,000 4 ) ^ %
city-hall furnishing and equipment bonds.
A u th o r it y S ection 2835, R e v is e d S ta tu te s.
D e n o m in a tio n $50 0.
In ter­
est scin l-a n n u a lly a t the S tate B ank o f M assillon.
M atu rity $500 each six
m on th s fro m S e p t. 1 1910 t o M arch 1 1920 In clu sive. C ertllled ch e ck fo r
2 % o f b on d s b id fo r, p a y a b le to th e C ity T reasu rer, Is r e q u ire d .
P u rch a ser
t o p a y a ccru ed Interest. T h e a b o v e a rc n o t n ew se cu rities b u t b o n d s h eld
b y th e sin k in g fu n d as an In vestm en t.

are advised that no bids were received on May 2 for an issue
of $9,000 5 % coupon sewer bonds offered on that day.
Denomination $1,000.
Maturity “ on or before May 1 1 9 1 5 .”
Newport Beach, Orange County, Cal.— B o n d S a l e . — On
March 15 the State of California was awarded $40,000 5 %
1-40-year (serial) water bonds at 102.50 and accrued interest
— a basis of about 4 .8 0 7 % .

D e n o m in a tio n $ 1 ,0 0 0 .
D ate F e b . 1 1910. In te re st sem i-a n n u a l,
T h e se se cu rities, to g e th e r w ith an Issue o f $ 2 5 ,0 0 0 ligh t b o n d s, w ere aw ard ed
t o Jam es H . A d a m s & C o. o f L os A n ge le s (V . 90, p . 649) on F e b . 21. T h is
sale, h o w e v e r , w as n e v e r c o n s u m m a te d . See V . 90, p 799 .

New York City.— B o n d S a l e . — The Sinking Fund of this
city during the month of April purchased the following bonds
at par:
P u rp o se —
R ate o f In t.
V a riou s m u n icip a l p u r p o s e s _______________ 3
R a p id tran sit b o n d s ________________________ 4

M a tu r ity .
1959
1959

T o ta l

$88,327

The following revenue bonds (temporary securities) were
also issued during April:
R evenue
R evenue
R evenue,
R evenue
R evenue
R evenue
R evenue
R evenue

bon d s,
b o n d s,
b on d s,
b o n d s,
b o n d s,
b o n d s,
b o n d s,
b o n d s,

Interest.
cu rren t e x p e n s e s _______________________ 4J4
cu rren t e x p e n s e s _______________________ 4
cu rren t e x p e n s e s _______________________ 3 H
cu rren t e x p e n s e s _______________________ 3
cu rren t e x p e n s e s _________ ____________ 2 54
s p e c i a l _________________________________ 4 H
s p e c i a l _________________________________ 4 K
s p e c i a l ___________ ______________________ A H

Maplehill Township, Waubaunsee County, Kan.— B o n d
S a l e .—

W c are advised that $7,000 4 ) ^ % refunding bonds
dated Feb. 1 1910 were disposed of last month at par to the
State of Kansas. Maturity Feb. 1 1935, subject to call at
any time.
HSMedford, Jackson County, Ore.— B o n d S a l e . — An issue of
$29,000 6 % water-main bonds was awarded on April 20 to
James Campbell at par. There were no other bidders.
D e n om in a tion $500.
D ate A p ril 1 1910.
In terest se m i-a n n u a l.
t u r ity A p ril 1 1920, s u b je c t to call at th e o p t io n o f th e c it y .

M a­

Middlesex County (P. O. New Brunswick), N. J.— B o n d
O f f e r i n g .—

Reports state that proposals will be received until
1 1 a . m . May 12 by T . II. Hagerty, County Collector, for
$97,000 road-improvement and $10,000 renewal 4 % bonds.
The first-mentioned issue was offered without success (V . 90,
p. 649) on Jan. 10. Bid must be made on each issue separ­
ately.
Milton, Santa Rosa County, Fla.— B o n d s V o t e d . — At a
special election held in this place April 2G issues of $25,000
water-works, $10,000 sewerage and $5,000 electric-light
bonds were authorized.
Mississippi.— B o n d O f f e r i n g . — Proposals will be received
until 12 m. June G at the office of E . F. Noel, Governor, in
Jackson, for $600,000 bonds at not exceeding 4 % interest.
A u th o r ity , Senate Bill N o. 309, C h apter 99, Lawn o f 1910.
D e n o m in a ­
tion $500. In terest on Ja n . 1 and J u ly 1 a t th o S ta te T r e a s u r e r ’s o ffic e .
M atu rity 20 years.
B on ds arc e x e m p t fro m t a x a t io n . C ertllled ch e ck
fo r on e-ten th o f b on d s bid fo r Is re q u ire d .

Mitchell, Wheeler County, Ore.— B o n d O f f e r i n g . — Pro­
posals will be received until May 10 by Scott Sasser, City
Recorder, for $7,000 8 % 10 and 20-year water bonds. De­
nomination $500. Interest annual.
Montcalm County (P. O. Stanton), Mich.— B o n d S a l e .—
On April 28 the $43,000 4 % coupon court-house and jail­




A m o u n t.
$86 ,227
2 ,1 0 0

A m ou n t.
$ 1 ,6 0 0 ,0 0 0
96,4 4 0
1 0 ,0 0 0 ,0 0 0
3 ,7 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
4 0 0 ,0 0 0
250 ,0 0 0
1 ,3 5 0 ,0 0 0
$ 2 1 ,3 9 6 ,4 4 0

Niagara Falls, Niagara County, N. Y . —

B o n d O f f e r i n g .—

Proposals will be received until 3:30 p. m . May i9 by the
Board of Estimate and Apportionment for $20,000 4 ^ %
gold registered (series “ C” ) sewer bonds.
D e n o m in a tio n $ 1 ,0 0 0 . In te re st o n J a n . 1 a n d J u ly 1 In N e w Y o r k e x ­
ch a n g e .
M a tu rity Ja n . 1 1930. C ertified c h e ck fo r $500, p a y a b le t o th e
C ity C lerk, Is r e q u ire d . P u rch a ser t o p a y a ccru e d Interest. T h o m a s H .
H o g a n Is C ity Clerk.

Norfolk, V a. — B o n d O f f e r i n g . — Proposals will be received
until 12 m. June 9 by B. Gray Tunstall, City Treasurer, for
the following 4 ]/? ,% coupon (with privilege of registration)
bonds: $115,000 for sewerage in Park Place W ard, $12,000
to improve certain streets and for other improvements in
Berkeley W ard, and $731,000 for improving streets, a new
high-school-building, and for various other permanent im­
provements in the six wards of the city, and to purchase sites
and erect buildings for fire and police stations and for the
Street-Cleaning Department in the Eighth or Berkeley Ward.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate J u ly 1 1910.
In terest sem l-ann ual*y at th e
C ity T re a su re r’s o ffic e .
M a tu rity J u ly 1 1940.
B on d s are e x e m p t fro m
c it y ta x e s .
B ids m ust be a c co m p a n ie d b y a certified ch e ck fo r 1 % o f b on d s
b id f o r .
I m m e d ia te ly u p o n n o tifica tio n o f a llo tm e n t, a fu rth er d ep osit
o f 4 % o f a m o u n t a llo tte d shall be m a d e . C h ecks m ust be draw n o n so m e
S tate o r n ation al b an k an d be m ade p a y a b le to th e C ity T reasu rer.
F ou r
and o n e -h a lf per ce n t (4 H % ) Interest w ill be a llow ed su cce ssfu l bid d ers on
th e 5 % d e p o s it p aid In fro m tim e o f re ce ip t o f th e 4 % d e p o s it until b on d s
are re a d y t o be d e liv e re d .
P u rch a ser t o p a y a ccru ed Interest, If a n y .
T h e o f fi c i a l n o tic e o f th is b o n d o f f e r i n g w i ll b e f o u n d a m o n g
the a d v e r t i s e m e n t s e ls ew h er e i n th is D e p a r t m e n t .

North Hempstead (P. O. Manhasset), Nassau County,
N. Y . — B o n d O f f e r i n g . — Proposals will be received until
3 p. m . May 10 by Monroe S. W ood, Town Clerk, for the
following 4J/£% gold coupon improvement bonds:

B. L

THE CHRONICLE

1250

[VOL. L X X X X .

5 2 0 ,0 0 0 S h ore R o a d b o n d s.
M a tu rity $1,000 y e a r ly o n J u ly 1 fro m 1916
Oneida, N. Y .— B o n d s N o t S o l d . — No sale was made of
«
to 1935 Inclu sive.
two issues of 4 % 1-10-year (serial) paving and sewer bonds,
10.0 0 0 R o s ly n L a n d in g b o n d s. M atu rity $ 1 ,0 0 0 y e a r ly o n J u ly 1 fro m
1916 t o 1925 Inclusive.
aggregating 85,005 06, proposals for which were asked until
12.000 M aple A v e . b o n d s . M a tu rity $ 1 ,0 0 0 y e a r ly o n J u ly 1 fro m 1916
April 27.
to 1927 Inclusive.
10.000 G arden S t. b on d s. M atu rity $ 1 ,0 0 0 p a y a b le y e a r ly .
B o n d S a l e . — The rate of interest was subsequently increased
9 ,0 0 0 W o o d R o a d , M aple S t. an d R e a ch R o a d b o n d s .
M a tu rity $1,000
to 4 ) ^ % and the bonds were awarded to II. H . Douglass
y e a r ly o n J u ly 1 from 1925 to 1933 In clu siv e .
A u th o r it y , Ch apters 28, 29, 30, 31 a n d 3 2 , L a w s o f 1910. D e n o m in a ­
of Oneida.
t io n $ 1 ,0 0 0 .
D a te J u ly 1 1909.
In te re st s e m i-a n n u a lly at th e F irst N a­
Ontario School District, San Bernardino County, Cal.—
tio n a l B a n k In M ln eola. C ertified c h e c k o n a b a n k In N ew Y o r k S ta te fo r
1 0 % o f a m o u n t o f b id , p a y a b le t o th e T o w n S u p e rv is o r , Is re q u ire d .
B o n d S a l e . — The 825,000 5 % 16-40-year (serial) gold school
B o n d S a l e N o t C o n s u m m a t e d . — The above bonds were

awarded to the Rudolph Kleybolte Co. Inc., of New York
City (V . 88, p. 1639) on June 17 1909. This sale, however,
was never consummated.
Norton, Wise County, V a. — B o n d O f f e r i n g . — Proposals
will be received until 4 p. m . May 10 by J. J. Body, Mayor,
for the 870,000 5 % gold coupon (with privilege of registra­
tion) street-improvement, sewer-system and town-hall bonds
voted on March 10.
V. 90, p. 870. The bonds will be issued
for the following purposes: 835,000 for street-improvements,
•820,000 for the sewerage system and 815,000 for a town-hall.
D e n o m in a tio n $50 0.
D a te J u n e 1 1910.
In terest s em i-an n u ally a t the
B a n k ers’ T ru s t C o. In N ew Y o r k C ity .
M a tu rity Ju n e 1 1940. C ertlllcd
c h e c k fo r $50 0, p a y a b le to th e T o w n T reasu rer, Is requ ired . T h is to w n has
n o d e b t a t present
R ea l v a lu a tio n (e s tim a te d ), $ 1 ,5 0 0 ,0 0 0 . O fficial
circu la r states th a t there Is n o litig a tio n p e n d in g a ffe ctin g this Issue o f b on d s.

Norwood, Hamilton County, Ohio.— B o n d O f f e r i n g . — Pro­
posals will be received until 12 m. May 9 by L. II. Gebhart,
City Auditor, for 815,959 40 4J ^% Mound Ave. improve­
ment assessment bonds.
D ate A pril 11 1910.
In terest an n u al.
M atu rity part yeai'ly fo r 10
years.
C ertified c h e ck fo r 5 % o f the b o n d s, p a y a b le t o th e C ity T reasu rer,
Is req u ired .
T h e a m o u n t o f b on d s to be so ld m a y be re d u ce d b y the assess;
m ents p aid in cash p rior t o th e d ate o f sale.

Nottingham, Cuyahoga County, Ohio.— B o n d E l e c t i o n .—
An election will be held on May 9 to vote upon a proposition
to issue 815,000 water-main (village’s portion) bonds.
Oakland, Alameda County, Cal.— B o n d O f f e r i n g . — Propos­
als will be received until 8 p. m. May 23 by Frank R . Tnompson, City Clerk and Clerk of the City Council, for 81,760,000
municipal improvement bonds of 1909.
T h e o f f i c i a l n o t i c e o f t h is b o n d o f f e r i n g w ill be f o u n d a m o n g
th e a d v e r t i s e m e n t s e ls e w h e r e i n th is D e p a r t m e n t .

bonds described in V . 90, p. 1118, were sold on April 25 to
James H . Adams & Co. of Los Angeles at 110.894— a basis
of about 4 .3 2 6 % . The proposals received were as follows:
Ja m e s H . A d a m s & C o .,
|G .G .llly m y e r & C o .,S a n F r .$ 2 7 ,2 8 0
L os A n g e le s ____________ $27 ,723 501 N .W . H a ls e y & C o .,S a n F r. 27,2 5 7
B a rroll & C o ., L o s A n geles 27,547 75 D a v id E . B r a d le y ________ 27,183
S ta te B o a rd o f E x a m in e rs 27,4 1 5 0 0 | W m . R . S t a a t s C o ., P a sa d . 27,0 0 9
A ll b id d e rs o ffe re d accru e d Interest In a d d itio n to th eir bids.

00
50
00
50

Osborne, Osborne County, Kans.— B o n d S a l e . — The State
of Kansas, offering par, was the successful bidder last month
for 825,000 4 ) ^ % school-building bonds dated Feb. 15 1910.
Maturity Feb. 1 1915, subject to call at any time.
Perth Amboy, Middlesex County, N. J .— B o n d O f f e r i n g .—
Proposals will be received until 8 p. m . May 16 (postponed
from May 2) by Chas. K . Seaman, City Treasurer, for the
following 4 j/£% coupon (with privilege of registration) bonds:
$ 5 0 ,0 0 0 w ater b o n d s.
D ate Jan . 1 1910. ' M a tu rity J a n .
1 1940.
4 1 ,0 0 0 sew er b o n d s .
D ate M ay 1 1910.
M atu rity M ay 1 1920.
D e n o m in a tio n $ 1 ,0 0 0 . In terest s em i-an n u ally at the C ity T r e a s u r e r ’s
o ffic e .
C ertified ch eck on a n ation a l ban k or trust c o m p a n y fo r 2 % o f
b o n d s bid fo r , p a y a b le t o the C ity T reasu rer, Is r e q u ire d .
B o n d s w ill be
certified as to genuineness b y th e U n ited S tates M ortgage & T r u s t C o. o f
N ew Y o r k and their le g a lity a p p ro v e d b y C aldw ell & R e e d o f N ew Y o r k ,
w h ose o p in io n w ill be fu rn ish ed to th e bu y e r.
T h e o f f i c i a l n o tic e o f th is b o n d o f fe r i n g w i ll be f o u n d a m o n g
the a d v e r t i s e m e n t s e ls ew h er e in th is D e p a r t m e n t .

Portsmouth School District (P. O. Portsmouth), Scioto
County, Ohio.— B o n d S a l e . — On May 2 the two issues of 4 %
coupon high-school-building bonds aggregating 8215,000,
described in V. 90, p. 1195, were disposed of to a syndicate
composed of the Security Savings Bank & Trust Co., the
First National Bank, the Central National Bank and the
Portsmouth Banking Co., all of Portsmouth.
B id s w ere r e q u e ste d as fo llo w s : (a) b o n d s to be deliv e re d Im m ed iately
u p o n sa le, an d (b) p a rt o f each Issue to be deliv e re d Im m ed iately u p o n sale,

NEW LOANS.

CITY OF SEATTLE, WASHINGTON
$955,000 Refunding Bonds

$50,000
General Municipal Bonds

B o n d s n u m b e re d five h u n d red eigh teen (518)
Sealed proposals w ill be r e c e iv e d b y the u n d er­
sign ed u n til tw elve o 'c lo c k n o o n o f S A T U R D A Y , to five hu n dred s ix ty -fo u r (5 6 4 ), b o th Inclu sive,
M A Y 14, 1910, fo r the purch ase o f $955,000 o n J u ly 1, 1922.
B o n d s n u m b e re d five h u n d red s ix ty -fiv e (565)
n eg otia b le b on d s o f the C ity o f S e a ttle , a u th o rize d
Sealed p ro p o sa ls w ill be re ce iv e d b y th e under
b y O rd in a n ce N o . 23871 an d the law s o f the t o s ix h u n d red e leven (6 1 1 ), b o t h Inclu sive, on signed u n til tw e lve o 'c lo c k n o o n o f S A T U R D A Y ,
S ta te o f W a s h in g to n , to b e issued fo r th e p u r­ J u ly 1, 1923.
M A Y 14, 1910, fo r the p urchase o f $50 ,000
B on d s n u m b e re d six h u n d red tw e lv e (612) to n ego tia b le b o n d s o f the C ity o f S eattle, v o t e d at
pose o f refu n d in g S eattle W a te r -W o r k s and
Sow er B on d s of 1890, in said sum o f $ 95 5,00 0, six h u n d red fifty -e ig h t (6 5 8 ), b o th In clu sive, on the general e le ctio n held in the C ity o f S eattle
J u ly 1, 1924.
W hich m atu re J u ly 1, 1910.
on T u e sd a y , the 8th d a y o f M arch, 1910, u nd er
B o n d s n u m b e re d six h u n d red fifty -n in e (659) an d b y virtu e o f O rd in a n ce N o . 23223, t o p ro v id e
Said b on d s t o b e Issued In d e n o m in a tio n o f
51,000 ea ch an d to bear Interest as o f d ate t o seven h u n d red five (7 0 5 ), b o t h in clu sive , on m o n e y fo r the c o n s tr u c tio n o f a tu b e rcu la r h os
J u ly 1, 1925.
J u ly 1, 1910.
p ita l, the c o n s tr u c tio n o f a c it y stable an d the
B o n d s n u m b e re d seven h u n d re d six (706) to co n s tr u c tio n o f m ark et stalls fo r P lk o P la e «
Said b o n d s shall be serial b o n d s; shall b e a r
Interest a t a rate n o t t o e x c e e d five p er ce n t seven h u n d red llfty -tw o (7 5 2 ), b o th in clu sive, on P u b lic M arket.
(5 % ) p er a n n u m , p a y a b le s e m i-a n n u a lly , fo r J u ly 1, 1926.
Said b o n d s to b e Issued In d e n o m in a tio n s o f
B on d s n u m b e re d seven h u n d re d
fifty-th re e
w h ich Interest co u p o n s shall b e a tta ch e d t o an d
m a d o a part o f safd b o n d s.
B o th p rin cip a l an d (753) t o seven hu n dred n in e ty -n in e (7 9 9 ), b o th $1,0 0 0 each an d to b e a r d a te as o f the d a te o f
their a ctu a l Issue t o th e su ccessfu l b id d e r.
Interest shall be p a y a b le in g o ld co in o f the Inclu sive, on J u ly 1, 1927.
B o n d s n u m b e re d eight h u n d red (800) t o e igh t
U n ited S tates o f the present stan d ard o f w eigh t
Said b o n d s shall b e p a y a b le tw e n ty (20) years
(8 4 6 ), b o th In clu sive, on
an d fineness, a t th e fiscal a g e n c y o f the S tate h u n d red fo r t y -s ix
fro m the d ate o f their issu an ce, anil shall bear
o f W a sh in g ton In N ew Y o r k C ity . Said b o n d s J u ly 1, 1928.
Interest a t a rate n o t to e x c e e d fo u r a n d o n e -h a lf
B on d s n u m b e re d e igh t h u n d red
fo rty -s e v e n (4 )4) per ce n t per a n n u m , p a y a b le se m i-a n n u a lly ,
shall n o t be sold fo r less than par, an d shall
m ature an d b e c o m e p a y a b le In the ord e r o f (847) t o e igh t hun dred n in e ty -th re e (8 9 3 ), b o th a n d Interest co u p o n s fo r th e p a y m e n t o f such
Inclu sive, on J u ly 1, 1929.
th eir nu m bers, as fo llo w s , to w it:
Interest s e m i-a n n u a lly w ill be a tta c h e d t o said
B on ds n u m bered e ig h t h u n d red
n in e ty -fo u r b o n d s.
B on d s n u m b ered on e (1) to fo rty -s e v e n (4 7 ),
B o th prin cipa l a n d Interest p a y a b le a t
(894) to nine hu n dred fifty -fiv e (9 5 5 ), b o th in ­ the fiscal a g e n c y o f the S ta te o f W a sh in g to n in
b o th in clu siv e, on J u ly 1, 1911.
B on d s n u m b ered fo rty -e ig h t (48) t o nin ety- clu sive , o n J u ly 1, 1930.
N ew Y o r k C ity.
B
idders
m
a
y
b
id
fo
r
the
en
tire
Issue
o
f
said
fo u r (9 4 ), b o th Inclu sive, on J u ly 1, 1912.
B idders m a y b id fo r said b o n d s b y offers o f
B on d s n u m bered n in ety -fiv e (95) to one hun dred b o n d s or fo r ea ch series o f said b o n d s se p a ra te ly , prem iu m on said b o n d s a t th e s ta te d m a x im u m
b y offers o f prem iu m on said b o n d s a t the stated
fo r t y -o n e (1 4 1 ), b o th Inclu sive, on J u ly 1, 1913
ra
te
, o r b y offers t o tak e said b o n d s a t a rato
B on d s n u m bered on e h u n d re d f o r t y -t w o (142) m a x im u m rate or b y offers to take said b o n d s at low er than the s ta te d m a x im u m ra te , o r b y
to on e h u n d red eig h ty -e ig h t (1 8 8 ), b o th In clu sive, a rate lo w e r than the s ta te d m a x im u m r a te , or offers o f p rem iu m on said b o n d s a t a ra te low er
b
y
offers
o
f
p
rem
iu
m
o
n
said
b
o
n
d
s
a
t
a
rate
on J u ly 1, 1914.
than the s ta te d m a x im u m rate.
B on ds n u m b ered on e h u n d red eig h ty -n in e lo w e r th an the stated m a x im u m ra te .
B ids m ust b e a c c o m p a n ie d b y a certified ch e ck
B id s m ust be a cco m p a n ie d b y a certified ch eck
(189) t o tw o hu n dred th irty -fiv e (2 3 5 ), b o th In­
on som e so lv e n t ban k in the C ity o f S eattle, p a y ­
on
som
e
s
o
lv
e
n
t
ban
k
in
the
C
ity
o
f
S
e
a
ttle
,
clu s iv e , on J u ly 1, 1915.
B on d s n u m b ered tw o h u n d re d th irty -s ix (236) p a y a b le t o the u n d ersign ed, fo r t w e n ty th o u sa n d able t o the un d ersign ed, fo r tw o th o u sa n d (2,0 00)
t o tw o h u n d red e lg h t y -t w o (2 8 2 ), b o t h Inclu sive, (20,000) dolla rs, w h ich w ill be retu rn ed p r o m p tly d olla rs, w h ich w ill bo retu rn ed If tho b id is n o t
If a c c e p te d , the a m o u n t o f the ch e ck
if the b id Is n o t a c c e p te d ,
f t a c c e p te d , the a c c e p te d .
o n J u ly 1, 1916.
B on d s n u m bered t w o h u n d re d e ig h ty -th re e a m o u n t o f the ch eck w ill b e a p p lie d u p on the w ill be ap p lie d u p on tho p urchase p rice o f the
(283) t o three hu n dred tw e n ty -n in e (3 2 9 ), b o th pu rch ase p rice o f the b o n d s; o r If b id b e n o t b o n d s; o r If b id be n o t co m p lie d w ith , c h e ck s h a ll
c o m p ile d w ith , ch eck shall be fo rfe ite d t o the be fo rfe ite d to th e C ity o f S eattle.
Inclu sive, on J u ly 1, 1917.
B on d s n u m bered three h u n d re d th irty (330) C ity o f Seattle.
All bills w ill be o p e n e d an d c o n s id e re d b y tho
All b ids w ill be op en ed a n d co n sid e re d b y the corp o ra te a u th orities In the o ffic e o f the C ity
t o three hu n dred s e v e n ty -s ix (3 7 6 ), b o th In clu sive,
co r p o r a te a u th orities In the o ffic e o f th e C ity C o m p tro lle r o n S a tu r d a y , M ay 14, 1910, a t 12
da J u ly 1, 1918.
B on d s n u m bered three h u n d re d s e v e n ty -s e v e n C om p tro lle r on S a tu rd a y , M ay 14, 1910, a t o ’ clo c k n o o n .
(377) to fo u r hun dred tw e n ty -th r e e (4 2 3 ), b o th tw e lv e o ’c lo c k n o o n .
T h e rig h t Is r e s e rv e d to r e je c t a n y o r all b id s .
T h e rig h t Is reserved to r e je c t a n y o r all b id s.
Inclu sive, on J u ly 1, 1919
F u rther p articu lars w ill be g iv e n b y th o u n d e r­
B on d s n u m bered fo u r h u n d red t w e n ty -fo u r
F u rth e r particu lars w ill be g iv e n b y the under(424) t o fo u r hu n dred s e v e n ty (4 7 0 ), b o th Inclus­
signed u p o n a p p lic a tio n .
Igned u p o n a p p lica tio n .
iv e , on J u ly 1, 1920.
W M . J. B O T H W E L L .
W M J. B O T H W E L L ,
B on d s n u m bered fo u r h u n d re d s e v e n ty -o n e
C ity C o m p tro lle r a n d c x - o ff lc lo C ity Clerk.
C ity C o m p troller an d e x -o ffic io C ity Clerk.
(471) t o five hun dred seven teen (5 1 7 ), b o th
D ate o f first p u b lic a tio n , A p ril 20, 1010.
D a te o f first p u b lica tio n , A p ril 20, 1910.
In clu sive, o n J u ly 1, 1921.

E S T A B L I S H E D 1885

H. C. SPEER & SONS CO
First Nat. Bank Bldg., Chicago

Charles M. Smith &

C o .

CORPORATION AND
MUNICIPAL BONDS

WESTERN
FIRST NATIONAL BANK BUILDING
CHICAGO
MUNICIPAL AND SCHOOL BONDS




McCOY & COMPANY
Municipal and
Corporation Bords
181 L a S a l l e S t r e e t , C h i c a g o

May 7 1910.|

THE CHRONICLE

part on Nov. 2 1010 and part on May 2 1911. For tho Immediate delivery
of the bonds the syndicate ollered $151,150 for the $150,000 bonds and
$65,595 50 for the $05,000 bonds, and for the delayed delivery they offered
$150,265 for the $150,000 bonds and $65,127 for the $65,000 bonds. A bid
of par and accrued Interest was also received from Breed & Harrison of
Cincinnati. The $150,000 bonds mature $5,000 yearly on May 2 from
1919 to 1948 Inclusive, and the $65,000 bonds mature $5,000 yearly on
May 2 from 1936 to 1948 Inclusive.

1257

Adams & Co. of Los Angeles at 106.905.
list of the bidders:

James H. Adams & Co.,
G. G. Blymyer & Co., San
Los Angeles ................ $90,869 50
Francisco--------- ----------$90,304 00
David E. Bradley_______ 90,587 50 Wm. R. Staats Co., Pasad. 90,142 50
State
of Examiners
00 in
A »i vBoard
T.j
u A c m iu ic io 90,500 uu
N.. W.
vv . n
Halsey&Co
a i s u y a c o . ,.SanFr.
oaun
90,125 50
A ll bidders offered accrued Interest In addition to their bids.

Prairie Grove School District (P. O. Prairie 1 Grove),
Washington County, Ark .— B o n d s V o t e d .— The question of
issuing $20,000 building bonds was authorized by a vote of
120 to 50 at an election held April 26. Details of bonds and
date of offering not yet determined.
Preble County (P. O. Eaton), Ohio.— B o n d O f f e r i n g . — Pro­
posals will be received until 12 m . May 7 by the Board of
County Commissioners at the office of J. F. Randall, County
Auditor, for the following 4J ^% bonds:

Richland (Town) and Richland Center (City) Joint School
District No. 2, W is .— B i d s R e j e c t e d — B o n d O f f e r i n g .— A l l
b id s r e c e iv e d o n A p r il 2 8 fo r th e $ 6 0 ,0 0 0 4 J ^ % 1 -1 5 -y e a r
( s e r ia l) h i g h - s c h o o l - b u i l d i n g b o n d s d e s c r i b e d in V . 9 0 , p .
1 1 1 9 , w e re r e je c t e d . T h e s e b o n d s are n o w b e in g o ffe r e d a t
p r iv a te sa le .

Ringgold School District (P. O. Ringgold), Montague
County, T ex..— B o n d s A u t h o r i z e d . — B y sc m a j o r i t y o f 2 6 v o t e s
t h i s d i s t r i c t , i t is s t a t e d , a u t h o r i z e d t h e is s u a n c e o f $ 1 2 , 0 0 0
b o n d s a t a n e le c tio n h e ld A p r il 1 6 .

$4,200 Markey County Ditch No. 347 bonds. Maturity part each six
x months from Nov. 7 1910 to May 7 1914 Inclusive.
390 Moch County Ditch No. 348 bonds. Maturity part each six
months from Nov. 7 1910 to May 7 1913 Inclusive.
P*" 1640 Ferguson County Ditch No. 349 bonds. Maturity part each six
""
months from Nov. 7 1910 to May 7 1920 Inclusive.
^A uthority Sections 4479 et seq., Revised Statutes, or Section 6489,
General Code. Date May 7 1910. Interest semi-annually at the County
Treasurer’s office. A

Rochester, N . Y . — N o t e O f f e r i n g .— P r o p o s a l s w ill b e r e ­
c e iv e d u n t il 2 p . m . M a y 1 0 b y C h a s . F . P o n d , C it y C o m p ­
tr o lle r , fo r t h e fo llo w in g w a t e r -w o r k s n o t e s : $ 1 2 5 ,0 0 0 , d a te d
M a y 13 1 9 1 0 , a n d $ 2 0 0 ,0 0 0 d a te d M a y 16 1 9 1 0 .
Bidder must designate the denomination of note and rate of Interest
Maturity slx months payabIe at the Unlon Trust Co. ,n New Y o rk City.

Prospect Park (P. O. Moores), Delaware County, Pa.—
Y e t T a k e n .— Up to April 27 nothing had yet been
done in regard to offering for sale the $15,000 highwayimprovement bonds voted (V .^ O jp .jS lO ) on Feb. 15.
Pulaski County (P. O. W inamac), In d .— B o n d S a l e .— On
April 29 the $55,000 4 % coupon funding bonds described in
Y . 90, p. 1059, were awarded to the First National Bank of
Winamac at 100.80. Bids were also received from the
Harris Trust & Savings Bank of Chicago; Miller, Adams &
Co. of Indianapolis, and Breed & Harrison of Cincinnati.
Maturity $10,000 on Dec. 1 in each of the years 1911, 1913,
1915, 1919 and 1921, and $5,000 on Dec. 1 1922.
Quincy, M ass.— B o n d S a l e .— The $40,000 4 % 1-40-year
(serial) coupon sewer bonds offered on May 3 and described in
V . 90, p. 1195, were awarded, it is stated, to E . II. Rollins
& Sons of Boston at 103.81.
Redlands High School District,San Bernardino, C o.,C al.—
B o n d S a l e .— On April 25 the $85,000 5 % gold school bonds
described in V . 90, p. 1119, were purchased by James II.
N o 1A c t i o n

St. Louis, M o. — B o n d s P r o p o s e d .— T h e M a y o r o f t h i s c i t y
in h is a n n u a l m e s s a g e t o t h e M u n i c i p a l A s s e m b l y A p r i l 1 9
r e c o m m e n d e d , a c c o r d i n g t o lo c a l p a p e r s , t h e i s s u a n c e o f
$ 1 ,5 0 0 ,0 0 0 a d d itio n a l b r id g e b o n d s .
San Luis Rey School District, San Diego County, Cal.__
B o n d E l e c t i o n .— R e p o r t s s t a t e
w ill b e h e ld M a y 1 4 .

th a t a

Shelby County (P. O. Shelbyville), K y.— B o n d E l e c t i o n .—
The electors will have an opportunity at the November

$ 2,400,000

Town of Stamford, Conn.,

OF

B a lt im

o r e

BLODGET & CO.

LIST ON APPLICATION




O ity

REGISTERED FOUR PER CENT STOCK

April 30, 1910.
Proposals will be received at the Mayor’s Of­
fice, City Hall, Baltimore, Md., until 12 o’clock,
noon, on Monday, May 23rd, 1910, for the pur­
chase, In whole or In part, of
$500,000 Annex Improvement Loan of the City
of Baltimore, redeemable on the 1st day of June,
1954, and bearing Interest at the rate of 4 per
centum per annum, payable semi-annually on the
first days of June and December In each and every
year. The Interest will commence June 1, 1910.
The amount of $1,500,000 of this Loan has al­
ready been Issued.
$500,000 New Fire Engine House Loan of the
City of Baltimore, redeemable on the 1st day of
June, 1057, and bearing Interest at the rate of
4 per centum per annum, payable semi-annually
on the first days of June and December In each
and every year. The Interest will commence
June 1, 1910. The amount of $500,000 of this
Loan has already been Issued.
$500,000 New School House Loan of the City
of Baltimore, redeemable on the first day of
June, 1957, and bearing Interest at the rate of
4 per centum per annum, payable semi-annually
on tho first days of June and December In each
and every year. The Interest will commence June
1, 1910. The amount of $500,000 of this Loan
has already been Issued.
$350,000 Conduit Loan of the City of Balti­
more, redeemable on the 1st day of December,
1958, and bearing Interest at the rate of 4 per
T r e a s u r c r Urt” ShCtl Up° n a p PllcatIon t0> ta e T o w n centum per annum, payable semi-annually on the
first days of June and December In each and every
Dated Stamford, Connecticut, April 15th, 1910. year. The Interest will commence June 1 , 1.910.
FRANK B. GURLEY,
The amount of $250,000 of this Loan has already
Town Treasurer.
been Issued.
$550,000 Burnt District Improvement Loan of
the City of Baltimore, redeemable on the 1st day
of April, 1960, and bearing interest at the rate
of 4 per centum per annum, payable semi-annually
on the first days of April and October In each and
every year. The Interest will commence April 1,
BANKERS
1910. None of this Loan has yet been issued.
Circulars have been prepared by the City Regis­
GO S T A T E S T R E E T , liO S T O N
ter showing the authority for the Issue of these
Loans, together with the purposes to which the
30 P I N E S T R E E T , N E W Y O R K
proceeds of the sale will be applied, which circu­
lars can be obtained from him upon application.
Bidders are advised that under the ordinances
STA TE, CITY & R AIL R O A D BONDS
certificates of loans will be Issued In such amounts
as the lender may require In the sum of one hun­
dred dollars and Its equal multiples thereof. In
registered form only.
MUNICIPAL AND RAILROAD
Proposals must be made upon the prescribed
form of blanks, which may be obtained upon ap­
BONDS
plication at the office of the City Register.

Mercantile Library Building
CINCINNATI

e le c tio n

A p r i l 1 6 r e s u l t e d in t h e d e f e a t o f a p r o p o s i t i o n t o i s s u e $ 1 6 0 0 0 b u ild in g b o n d s .
T h e v o t e w a s 6 0 * f o r ” to 6 9 “ a g a i n s t .”

$ 2 2 0 ,0 0 0

S |E A S 0N G 00D & MAYER

bond

Seven Mile School District (P. O. Seven Mile), Butler
County, Ohio.— B o n d s D e f e a t e d .— A n e le c t i o n h e l d h e r e

NEW LOANS.

Sealed bids will be received by the undersigned.
Treasurer of the Town of Stamford, until 2 o ’clock
P. M. May 10th, 1910, for the purchase of bonds
amounting to two hundred and twenty thousand
($220,000) dollars.
Said bonds to be known as School Bonds, and
are Issued by the Town of Stamford, Connecticut.
The said bonds are dated June 1st, 1910, and
run for thirty years.
Said bonds bear Interest at the rate of 4 per
centum per annum from June 1st, 1910, payable
semi-annually on the first days of June and De­
cember In each year until the payment of the
principal; principal and Interest being payable
at the Bank of the Manhattan Company, New
York City.
Said bonds are of tho denomination of one
thousand (SI,000) dollars.
Bids will be received for a part or the whole
of said bonds.
The Treasurer reserves the right to reject any
and all bids. All bids must be enclosed In sealed
envelopes and endorsed “ Bids for the purchase of
School Bonds of tho Town of Stamford," and de­
livered to the Town Treasurer at his office In the
Town Hall, Stamford, Connecticut, on or before
2 o ’clock P. M., May 10th, 1910, at which time
said bids will be opened.
Each bid must be accompanied by a certified
check on a State or National Bank or Trust Com­
' pany for one per cent of the amount of the par
value of bonds bid for.
The successful bidder must pay for the bonds
on June 1st, 1910, at 10 o ’clock A. M „ at the of­
fice of the Treasurer of said Town of Stamford,
at which time and place said bonds will be ready
for delivery. No bids will be considered unless
submitted .upon the form of proposal provided

$ 3 ,6 0 0

Sauk Center, Stearns County, Minn.— B o n d S a l e .— A n is ­
su e o f $ 3 ,0 0 0 4 % re fu n d in g b o n d s w a s a w a r d e d o n A p r il 2 9
t o t h e F i r s t N a t i o n a l B a n k in S a u k C e n t e r a t p a r . ^ T h e r e
w ere n o o th e r b id d e r s .
Denomination $1,000. Interest In Jan. and July. Maturity 10 years.

NEW LOANS.

SCHOOL BONDS

Following is a

R. T. Wilson & Co.
Bankers & Commission Merchants
33 WALL STREET.

-

-

NEW YORK

Bids will be received for any part of the whole
amount offered, and bids will also be received for
all or none. Parties may make bids both for a
part and the whole of the amount of loans
offered.
No bid will be considered unless accompanied
by a certified check upon a clearing-house bank,
drawn to the order of the Mayor and City Council
of Baltimore, or a certificate of deposit of a clear­
ing-house bank, or cash, for 2 per cent of the
amount of the loans for which bid Is made, but
no deposit by any one party need be for more
than 2 per cent of the entire amount offered for
sale •
Checks, certificates of deposit or cash accomPanyl'y? bids not accepted will be returned to
the bidders within 48 hours after the opening of
the bids. Deposits of successful bidders will be
applied In partial payment of the cost of the
amount of the loans awarded them. Should there
be more than one proposal at the same price, a
pro rata award may be made.
Settlement In full for the loans awarded must
be made with the City Register on June 1, 1910
on which day the certificates will be ready for
delivery.
If a bidder, having made the required deposit
of a certified check, certificate of deposit or cash
falls to pay for the amount of stock awarded to
him, on the 1st day of June, 1910, the deposit
thus made shall be forfeited to and retained by
the City as liquidated damages for such neglect
or refusal, and shall thereafter be paid into the
sinking fund of the City for the redemption of
the funded debt.
The City does not tax ANY of Its Issues of
stock, and takes the place of the holders of these
Issues In the payment of the annual State tax
thereontJ0T whlcb the bolder Is legally liable.
All bias must be made at a flat price for pnrh
*100 of the first four-named Loans
CaCh
All bids must be made at a price and accrued
interest for the last-named Loan.
be sealed and addressed to the
President of the Board of Commissioners of
Finance, City Hall,” and marked “ Proposals for
Baltimore City Stock.” and s e n tt o th e Mayors
* » J ^ addl;es3
ea?h bidder must accompany
win H!p, ^,ndi'i10t fiCat on ot acceptance of any bid
Die Baltimore
m iS r ld?Post
w oOffice
» <?mpllshet‘
malled in
th®
to suchwhen
address.
selves
>°f Finance reserve to themreiect Inv nr „ lC rl8ht- . ,n their discretion, to
0
r^ c t any or all applications, and also to allot
smaller amounts than applied for.
ISASAC *L. N

E

W

M

* A

^

nance•

B. W. Strassburger
SOUTHERN INVESTMENT SECURITIES
MONTGOMERY, ALA.

THE CHRONICLE

1258

election to vote on the question of issuing $75,000 court­
house bonds.
Sisseton, Roberts County, So. D ak .— B o n d O f f e r i n g .—
Proposals will be received until May 2 by George Adkins,
City Auditor, for $25,000 refunding bonds.
South Am boy, Middlesex County, N . J.— B o n d O f f e r i n g .—
Proposals will be received until 12 m. May 17 by Joseph 1 .
Fulton, City Clerk, for $30,000 4 % coupon or registered
sanitary sewer bonds.
D e n o m in a tio n $50 0.
D a te Ju n e 1 1910.
In te re st se m i-a n n u a lly a t the
F irst N a tion a l B ank In S ou th A m b o y .
M a tu rity Ju n e 1 19 4 o.
B onus are
e x e m p t fro m t a x a tio n .
C ertified c h e c k fo r 2
o f b id , p a y a b le to the
C ity o f S ou th A m b o y , Is r e q u ire d .

Spencerport, Monroe County, N . Y .— B o n d O f f e r i n g .—
Proposals will be received until 8 p. m. May 16 by W . 11.
Barrett, President of the Board of Trustees, for $38,988 regis­
tered water-works bonds.
A u th o r it y v o t e o f 98 “ fo r ” to 20 “ a g a in st1’ a t e lection h eld M arch 15
D e n o m in a tio n $ 1 ,4 4 4 .
D ate Ju n e 1 1910.
In terest (rate t o be n am ed In
bid) p a y a b le an n u ally at th e B a n k o f S p e n ce rp o rt In N ew Y o r k e x ch a n g e .
M a tu r ity $1,444 y ea rly on S e p t. 1 fro m 1913 to 1939 Inclu sive
Certified
c h e ck fo r 5 % o f th e b o n d s, p a y a b le to th e V illa ge T reasu rer, Is re q u ire d .
O ffic ia l n o tice states th a t the p rin cip a l an d Interest o f previou s b o n d Issues
h a v e been p r o m p tly p a id .
B o n d e d d e b t a t present $ 7 ,2 0 0 . Assessed
v a lu a tio n 1909 $47(5,475.

Stanislaus

School District, Stanislaus County, Cal.—
Proposals will be received until May 10, it
is stated, for $8,000 5 % bonds.
Statesville Township (P. O. Statesville), Iredell County,
N o. Car.— B o n d O f f e r i n g . — Further details are at hand rela­
tive to the offering of the $50,000 5 % coupon railroad-aid
bonds mentioned in V . 90, p. 871. Proposals will be re­
ceived until 12 m. May 16 by D . M. Ausley, Township Treas­
urer and Cashier of the Commercial National Bank in States­
ville.

B o n d O f f e r i n g .—

D e n o m in a tio n $ 1 ,0 0 0 .
D ate J a n . 1 1910
In te re st s e m i-a n n u a lly In
S ta tesville. M atu rity J a n . 1 1940.
N o b o n d e d o r floatin g d e b t a t PresentA ssessed v a lu a tion 1909, $ 3 ,6 5 0 ,0 0 0 . C ertllied c h e ck fo r $ o 0 0 , p a y a b le to
the tow n sh ip treasu rer. Is r e q u ire d .

Streator, La Salle County, 111.— B o n d S a l e .— The $40,000
5 % coupon bridge-building bonds described in V. 90, p. 1196,
were awarded on May 2 to the Harris Trust & Savings Bank
of Chicago at 101.32. Maturity $5,000 yearly on April 1
from 1911 to 1918 inclusive.

NEW LOANS.

S ', 5 0 0 , OOO
STATE OF MARYLAND,
TR EASU RY DEPARTM ENT
A n n a p olis, M d., A p ril 15, 1910.

TH E STATE ROADS LOAN
T h e u n d ersign ed , G o v e rn o r, C om p tro lle r and
T reasu rer o f the S tate o f M arylan d, In pursuan ce
o f an A c t o f the G eneral A ssem b ly o f M aryland o f
1908, C h apter 141, w ill receive pro p o sa ls fo r
$50 0,00 0 Series “ B ” an d $ 1 ,0 0 0 ,0 0 0 Series “ C ”
o f the said loan
Series “ B ” o f the S tate R o a d s L o a n w ill be
d a ted F eb ru a ry 1, 1909, bear Interest fro m
F e b ru a ry 1, 1910, a t the rate o f T h ree an d O neH alf P er C en tu m per a n n u m , pa y a b le sem i­
a n n u a lly on the first d a y s o f A u gu st a n d F e b ru a ry
In each an d e v e r y y ea r, an d the p rin cip a l w ill be
redeem able a t the pleasure o f the S tate a fte r the
first d a y o f F eb ru a ry In the y e a r 1919, an d the
w h ole d e b t w ill be p a y a b le o n the llrst d a y o f
F e b ru a ry , 1924.
„
, _
,,, .
Series " C " o f the S tate R o a d s L oa n w ill be
d a te d F eb ru a ry 1, 1910, bear Interest fro m the
said d a te a t th e rate o f T h ree a n d O n e -H a lf Per
C en tu m p e r an n u m , p a y a b le s em i-an n u ally o n
the first clays o f F eb ru a ry an d A u gust In each and
e v e r y y e a r, an d the prin cip a l w ill be redeem able
a t the pleasure o f the S tate a fte r the first d a y o f
F e b ru a ry In the y ea r 1920, an d the w h ole d e b t
w ill be p a y a b le on the first d a y o f F e b ru a ry , 192o.
T h e said d e b ts are e x e m p t fro m S ta te , C o u n ty
an d m u n icip a l ta x a tio n , an d w ill be Issued In
b o n d fo r m , w ith co u p o n s a tta c h e d .
Said p rop osals m ust be d eliv e re d , sea led , t o the
T reasu rer o f the S ta te , a t A n n a p o lis, o n o r b efore
12 o ’c lo c k n oon o f th e 16th d a y o f M ay, 1910,
a n d m u st be a t a p r ice , a ccru ed Interest t o d a te o f
d e liv e ry In all cases to be ad d ed th e re to , an d have
en d orsed o n the en v e lo p e “ P rop o sa ls fo r the S tate
R o a d s L o a n .”
E a ch b id m u st be a c c o m p a n ie d
w ith a certified ch eck o n som e respon sible b an k in g
In stitu tion fo r five per cen tu m o f the a m o u n t o f
such b id , an d the sam e w ill be o p e n e d In the o ffic e
o f the S ta te T reasu rer, In the C ity o f A n n a p o lis,
at 12 o ’ c lo c k n o o n . M ay 16th, 1910, In th e pres­
en ce o f the un d ersign ed.
O n the op en in g o f su ch prop o sa ls s o m a n y o f
said c o u p o n b on d s as h ave been b id fo r , n o t
e x c e e d in g , h o w e v e r, the a m o u n t fo r w h ich p r o ­
posals are In vited , m a y be a w a rd e d b y said
G o v e rn o r, C om p troller o f th e T re a su ry and
T reasu rer, o r a m a jo r ity o f th e m , to the highest
respon sible b id d er o r bid d ers fo r cash: an d w hen
tw o o r m ore bidders have m ad e th e sam e b id ,
w h ich b ids are the h igh est, an d If th e a m o u n ts so
b id fo r b y the highest resp on sible bid d ers are In
excess o f the w h ole a m o u n t o f th e s a id 'b o n d s so
offered fo r sale, th en such b on d s m a y be aw ard ed
t o su ch highest resp on sible b id d ers b id d in g the
sam e price In the p r o p o r tio n w h ich th e a m o u n t
each has bid fo r bears to the w h ole a m o u n t o f said
b on d s so olfered fo r sale.
T h ese b on d s w ill be Issued In the d e n o m in a tio n
o f l $ l ,000 and s u b je c t to registration as to p r in ­
cip a l, an d w ill be d eliv era b le M ay 19th , 1910,
a t the o ffic e o f the S tate T reasu rer, In the C ity o f
A n n a p olis.
,
T h e rig h t Is reserved t o r e je c t a n y and all b id s .
A U S T IN L . C R O T H E R S ,
G o v e rn o r.
J O S H U A VV. H E R I N G ,
C o m p troller o f th e T re a su ry .
M U R R A Y V A N D IV E R ,
rrrN*j»<jiirp!r.




[VOL. L X X X X .

Stuttgart Sewer District No. 1 (P. O. Stu ttgart), Arkansas
County, Ark.— B o n d s N o t S o l d .— No satisfactory bids were
received on April 25 for the $27,000 6 % coupon sewer-con­
struction bonds described in V. 90, p. 1120.
Summit County (P. O. Akron), Ohio.— B o n d O f fe r i n g .
Proposals will be received until 11 a . m. May 10 by the
County Commissioners for the following 5 % coupon Arlington
Road improvement bonds:
$3,300 assessm ent b o n d s.
D e n o m in a tio n s th ree b o n d s o f $800 an d o n s
b o n d o f $90 0.
M atu rity o n D e c. 1 as fo llo w s : $800 In each o f th e
years 1911, 1912 an d 1913 an d $900 In 1914.
13,500 c o u n t y ’ s share b o n d s.
D e n o m in a tio n $50 0. M a tu rity o n D e c. 1
as fo llo w s: $3,0 0 0 In 1911 an d $3,500 In each o f th e years 1912,
A u th o r it y S e c tio n s 1229 4, 2295 a n d 0912. G eneral C od e.
D a te Ju n e 1
1910
In terest sem i-a n n u a lly a t th e C o u n ty T re a su re r’ s o ffic e .
B on ds
are e x e m p t fro m all ta x e s In O h io . C ertllied c h e c k fo r 5 % o f the a m o u n t
o f bid. p a y a b le to the C o u n ty T reasu rer, Is re q u ir e d .
P u rch a ser to p a y
a ccru e d Interest. J o h n C. M o o re Is C o u n ty A u d it o r .

Tallahassee, Fla.— B o n d O f f e r i n g — Proposals will be reccived until 12 in. May 12 by A . II. Williams, City Glerkr
for $30,000 5 % coupon bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te M a y 1910. In te r e s t s e m i-a n n u a lly a t th e
C h em ical N ation a l Bank In N ew Y o r k C ity .
M a tu r ity 1960, s u b je c t to
call a fter 10 years. C ertllied ch e ck fo r 2 % o f bid Is re q u ir e d .

Tarrant County Improvement District No. 1, T ex.— B o n d s
No award was made on April 28 of the $250,000
5 % 20-40-year (Optional) levee and dike bonds described
in V. 90, p. 872.
N o t S o l d .—

Taylor’s Falls, Chisago County, Minn.— B o n d S a l e . — Kane
& Co. of Minneapolis purchased $5,500 5 % 2-12-year (serial)
refunding bonds on April 29 at 100.454 and accrued interest.
A list of the proposals submitted follows:

Invest.

C o ., M ln n e a p ..$ 5 ,5 0 0
K an e & C o ., M in n e a p o lis____ $5,5251 U n io n
C h isago C o u n ty S ta te B a n k ,
|S . A . K ea n <Jc C o ., C h ic a g o -------o ,2 8 0
C en ter C it y --------------------------- 5,5051
D e n o m in a tio n $500.
D ate M ay 1 1910.
In te re st a n n u a l.

Tonawanda, Erie County, N . Y .— B o n d O f f e r i n g . — Propos­
als will be received until 9:30 a. m . May 9 by Moss W . Simson,
City Clerk, for $8,000 registered refunding bonds at not
exceeding 5 % interest.
A u th o r it y S e ctio n 8 , C h apter 24, C on solid a ted L a w s: also C h a p te r 2 9 .
L a w s o f 1909.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate J u n e i l l 0 1 0 In terest_sem l
an n u al.
M a tu rity $1,000 y e a rly fro m 1922 to 19„0 Inclu sive,
cc rtiu e u
ch e ck fo r $500, p a y a b le to the M a y o r, Is requ ired .

NEW LOANS.

NEW LOANS.

$ 5 0 ,0 0 0
C it y of Norfolk, V ir g in ia County of Essex, New York,
$ 8 5 8 ,0 0 0

Thirty-Year Four and One-half Per
Cent (4>£%) Bonds of $1,000 each
Dated July I, 1910
Interest Payable January 1st and July 1st
S ealed pro p o sa ls w ill be re ce iv e d a t the O ffice
o f the C ity T reasurer o f N o rfo lk , V irginia, until
12 O ’ C L O C K M ., T H U R S D A Y , J U N E 9 TH ,
1910, fo r $858,000 00 F o u r an d o n e -h a lf per cent
(4 x % ) T h ir t y (30) Y ea r C o u p o n B o n d s , issued
fo r the fo llo w in g pu rposes:
F o r S ew erage, e t c ., In P a rk
P la ce W a r d ________________ $115,000 00
F o r Im p r o v e m e n t o f certa in
S treets and o th er I m p r o v e ­
m ents In B erk ley W a r d . .
12,000 00
F o r Im p r o v in g S treets, fo r
N ew H igh S c h o o l B u ild in g,
an d fo r variou s o th e r P er­
m an en t Im p ro v e m e n ts In
the six W a rd s o f the C ity:
an d fo r the purchase o f
Sites an d e re ctio n o f B u ild ­
ings fo r Fire a n d P olice
S ta tion s an d the Street
C leaning D e p a rtm e n t In
th e 8 th or B erk le y W a r d s . 731,000 00

FOUR PER CENT GOLD BONDS
T h e B o a rd o f Su p erv isors o f E ssex C o u n ty ,
N ew Y o r k , h a vin g au th o riz e d th e Issue o f F ifty
T h o u sa n d D ollars ($50,000 00) o f b o n d s o f said
C o u n ty o f E ssex, to p r o v id e a fu n d fo r the pur­
p ose o f th e a lte ra tio n , r e co n s tru ctio n an d repair
o f th e E ssex C o u n ty C ou rt H o u se , C o u n ty Clerk s
O ffice , C o u n ty Jail an d o th e r c o u n t y bu ild in gs,
N o tic e Is h e re b y given th at sealed p rop osals
fo r the purchase o f said F ifty T h o u s a n d D ollars
o f B o n d s , o r a n y p art th e re o f, w ill be received
b y th e undersigned up to JUNF1, 4 I H , 1910, A T
12 O ’ C L O C K N O O N , at his o ffic e In E liz a b e th ­
t o w n , N . Y ., at w h ich tim e an d place such p ro­
posals w ill be o p e n e d ; the rig h t to r e je c t a n y and
all bids n o t deem ed b y th e u n d ersign ed fo r the
best Interests o f the C o u n ty bein g reserved.
T h e B o n d s so olle re d fo r sale w ill be registered
In fo r m , pursuan t to the G eneral M u n icipa l L a w ;
will bear d ate o f J u ly 1. 1910; will m atu re In ann u al
Installm ents o f T w o T h o u s a n d D ollars ($ 2 ,0 0 0 00)
eaeh , co m m e n cin g J u ly 1, 1911, an d w ill bear
Interest a t the rate o f F ou r per ce n t per a n n u m ,
an d p a y a b le o n th e llrst d a y s o f J a n u a ry and
J u ly In each ye a r until th e p a y m e n t o f the prin ­
cip al a m o u n ts o f said b on d s, re s p e c tiv e ly , the prin ­
cip a l an d Interest bein g p a y a b le In G old C oin at
th e o ffic e o f the L a k e C h am pla in N a tio n a l B a n k ,
o f W e s tp o r t, N ew Y o r k .
.
T h e sealed p rop osals are to be add ressed t o the
u n d ersign ed C o u n ty T reasu rer, an d d eliv ered to
him a t E liz a b e th to w n , N ew Y o r k , o n o r b efore
the d a te a b o v e m e n tio n e d .
D a te d , E liz a b e th to w n , N . Y . , A p ril 29, 1910.
S. W . B A R N A R D , E ssex C o u n ty T reasu rer.

T o t a l .....................................$ 858,000 00
B id s m a y be fo r the w h ole o r part o f the said
B o n d s, a n d m ust state price a n d a ccru e d Interest.
B o n d s Issued In d e n o m in a tio n s o f $1,000 00.
B o n d s an d Interest p a y a b le in N o rfo lk .
A ll B on d s to be Issued as C o u p o n B o n d s , bu t
pu rchasers t o h ave privile ge o f h a v in g sam e
registered.
CADIZ, OHIO,
B ids sh o u ld be m ark ed "P r o p o s a ls fo r B o n d s.
B idders to enclose ch e ck fo r on e per ce n t (1 % )
o f th e p ar valu e o f the a m o u n t bid fo r .
Im m e d i­
Street Paving and Refunding Bonds
a te ly u p o n n o tlllca tlo n o f a llo tm e n t a fu rth er
d e p o s it o f F o u r per cen t (4 % ) o f par v alu e o f
S ealed P rop osals w ill be re ce iv e d b y th e u n d e r­
a m o u n t a llo tte d shall be m ade.
sign ed until 12 o ’ c lo c k n o o n , M A Y 1 4 T II, 1910.
F o u r a n d on e-h alf per ce n t (4 H % ) Interest w ill fo r the p urchase o f tw o Series o f b o n d s, t o w its
be allo w e d successful bidders o n the F iv e per cen t
F irst Series— $6,000 S treet A ssessm ent B o n d s .
(5 % ) p aid In fro m tim e o f re ce ip t o f the F o u r per
ce n t (4 % ) u n til b on d s are re a d y t o be d e liv e re d .
dUS e co n d t Ser?c23— $ 3 ,000 R e fu n d in g B o n d s , d u e
It is p ro p o se d to d eliv er the B o n d s to pu rch a s­
ers o n o r b e fo re J u ly 1, 4910, b u t If fo r a n y reason 1° in t e r e s t )24 H % ; s e m i-a n n u a lly : certified ch e ck
a n y d e liv e ry sh ou ld be d e la y e d b e y o n d th at date
o f b id .
...
the purch aser will be requ ired to p a y accru e d 5 %R ig
h t reserved to r e je c t a n y o r all b id s.
Interest t o the tim e o f d e liv e ry . T h e rem ain der
W
.
H
.
L
U
C
A
S
,
T o w n Clerk.
o f the purchase m o n e y to be p aid Im m ed iately
a fte r th e purchasers are n otified th a t B o n d s are
re a d y fo r d e liv e ry .
C h eck s t o be draw n on som e S tate o r N ation a l
W E OWN AND OFFER
B ank, certified and m ade p a y a b le to ord e r o f
B . G ra y T u n sta ll, C ity T reasu rer o f the C ity of
N o r fo lk , V a .
T h e rig h t Is reserved to r e je c t a n y o r all bid s,
an d also (unless oth erw ise e x p re s s ly s ta te d In the
T a x -E x e m p t A n y w h e re in th o U n ited S tates
bid) t o a llo t a n y p o r tio n o f the a m o u n t o f b on d s
b id fo r .
W rite lo r Particular*
T H E F IN A N C E C O M M IT T E E ,
R O B T . B . T U N S T A L L , C hairm an,
F ro m the C o m m o n C ou n cil.
T H O S . H . W I L L C O X , Ch airm an,
F ro m the B o a rd o f A ld erm en .
T este: R . E. S T E E D , C ity Clerk.

$ 9 ,0 0 0

MUNICIPAL BONDS

ULEN, SUTHERLIN & CO.

May 7 1010.

THE CHRONICLE

Troy, N . Y — C e r ti f i c a t e S a l e .— An issue of $100,000 5 %
certificates of indebtedness was disposed of on April 29 to
Bond & Goodwin of New York City at 100.13. The securi­
ties mature Oct. 19 1910.
Turlock School District, Stanislaus County, Cal.— B o n d
O f f e r i m j .— The County Supervisors (P. O. Modesto) will re­
ceive proposals until May 10 for $60,000 5 % bonds of this
district.
D e n om in a tion 3 1 ,0 0 0 .

M atu rity 52,0 0 0 y e a r ly b e g in n in g M ay 10 1915.

Virginia School District (P. O. Virginia), St. Louis
County, Minn.— B o n d S a l e . — This district, it is stated, has
sold $160,000 high-school-building bonds to the Wells &
Dickey Co. of Minneapolis at 100.833.
W est Chester, Chester County, P a. — B o n d E l e c t i o n .— On
May 11 a proposition to issue $200,000 sewerage-system
bonds will be submitted to the voters of this borough for
their approval or disapproval.
Westfield, Union County, N. J . — B o n d O f f e r i n g . — Propos­
als will be received until 8:15 p. in. May 16 by the Town Coun­
cil for the $20,000 4 y 2 % gold coupon (with privilege of regis­
tration) fire-engine-house bonds described in V . 90, p. 1197.
D en om in a tion 5 1 ,0 0 0 .
D ate Jun e 30 1910.
In terest se m i-a n n u a lly at
th e W estlleld T ru st C o. In W estfield . M a tu rity J u n e 30 1930
L lo y d
T h o m p so n Is T o w n Clerk.
T h e o f fi c i a l n o tic e o f th is b o n d o f fe r i n g w i ll be f o u n d a m o n g
th e a d v e r t i s e m e n t s e ls ew h er e i n th is D e p a r t m e n t .

Weym outh (P. O. South W eym outh), M ass.— T e m p o r a r y
On May 3 a loan of $80,000 was negotiated, $40,000
with the First National Bank and $40,000 with Blake Bros
both of Boston. The $40,000 due Oct. 12 1910 was negotia­
ted at 4 % discount while the $40,000 due March 27 1911
was negotiated at 4 .3 1 % discount.
^ W hitm an, Plymouth County, M ass. — T e m p o r a r y L o a n .—
The Whitman Savings Bank has been awarded a temporary
loan of $5,000, maturing Nov. 2 1910, at 4 % discount.
Whittier Union High-School District (P. O. Whittier),
Los Angeles County, Cal.— B o n d s V o t e d .— It is stated that
the proposition to issue the $75,000 school-building bonds
mentioned in V . 90, p. 1122, was passed by a vote of 717 to
273 at an election held April 26.
Loan.

1359

W m throp, M ass.— T e m p o r a r y L o a n .— A loan of $10,000
due N ov. 25 1910 has been negotiated, it is stated, with the
Beacon Trust Co. of Boston at 4 % discount.
W ood County (P. O. Bowling Green), Ohio.— Bond Sale.
-On May 3 the S50,000 5 % coupon public-highway-im­
provement bonds described in V. 90, p. 1197, were sold to
Hayden, Miller & Co. of Cleveland at 102.436. The following
proposals were submitted:
xaayutjn.iuuierocco.,Cleve_$51,218 00
Stfiey * Braun, T o le d o ... 51,181 25
Ilrst N at. Hank, C l e v e ... 51,167 75
Dav les&Bertram C °.,C ln cln 51,137 00
W ood C o.S.B .C o..B ow l.G r. 51,050 00
I n c lu s iv e ^ $ J ’ 000 each s ix m o n th s

nAk

, \

narco, ococcoc(j*.,uoium.. $01,037 00
W ell, B o th & C o ., C ln ____ 5 1 ,017 50
O tis & H o u g h , C le v e la n d . 5 1 ,005 00
T lllo ts o n & W o lc o ttC o .,C le v 50,9 0 7 00
W e ste rn -G e rm a n jok
B k ., C ln. 50,806 60
Irorn M arch 1 1911 to S e p t. 1 1915,

UU w c sie rn -u e rm a u

., urn. ou.auo ov

Canada, its Provinces and Municipalities.
Burnaby, B. C.— D e b e n t u r e S a l e . — Brouse, Mitchell & Co.
of Ioronto were the successful bidders for the $13,000 waterf and $16,500 school 5 % 25-year debentures offered
(V . 90, p. 1062) on April 21.
Calgary, A lta .— D e b e n t u r e E l e c t i o n . — The $93,000 \ y 2 %
30-year debenture proposition mentioned in V . 90, p 1198
will be submitted to the voters on May 10.
Cowanville, Ont.— D e b e n t u r e s A u t h o r i z e d . — This place has
passed a by-law providing for the floating of debentures
amounting to $9,500.
Dauphin, M an.— D e b e n t u r e O f f e r i n g . — Proposals will be
received until 6 p. m . May 16 by J. W . Johnston, SecretaryTreasurer, for $75,000 5 % water works and sewer deben­
tures. Interest annual. Maturity part yearly for 20 years.
Dominion of Canada.— N e w L o a n .— Advices from London,
Eng, under date of May 4, state that the Dominion of Canada^
through its fiscal agents, the Bank of Montreal, to-night will
issue £ 5 ,0 0 0 ,0 0 0 ‘S y 2 % stock at 9 9 ^ .
F t. William, Ont.— D e b e n t u r e S a l e . — Wood, Gundy & Co.
of Toronto recently purchased $732,000 4 ^ % debentures.
Maturity part yearly from 1920 to 1950 inclusive.
Galt, O nt. — D e b e n t u r e E l e c t i o n .— On May 13 this place
will vote upon a proposition to issue $5,000 4 V 2 % 30-year
water-works debentures.

NEW LOANS.

NEW LOANS.

NEW LOANS

$ 4 0 0 ,0 0 0
City of Birmingham, Alabama

$ 3 , 4 3 0 ,0 0 0
State of North Carolina

$ 20,000
Town of Westfield, N. J .f

REFUNDING BONDS

BUILDING BONDS

Floating Indebtedness Bonds
S caled b ids fo r the sale o f $40 0,00 0 C ity o f
B irm in gh a m , A la ., F lo a tin g In d e b te d n e ss B on ds
w ill be r e c e iv e d b y the .Mayor a t his o ffic e In B ir­
m in g h a m , A la ., u n til 12 O ’ C L O C K N O O N ,
M A Y 1 7 T H , 1910.
Said b on d s to be d ated Ju n e 1st, 1910, an d bear
Interest a t the rate o f 5 % per a n n u m , p a y a b le
sem i-a n n u a lly , an d m ature th irty years fro m d a te .
P rin cip a l an d Interest p a y a b le a t the H a n o v e r
N ation a l B a n k , N ew Y o r k C ity .
N o bid s w ill be a c c e p te d fo r less th a n p ar and
a ccru ed Interest.
E a ch bid m u st be a c c o m p a n ie d b y a d u ly c e r ti­
fied ch eck fo r $ 2 ,5 0 0 , p a y a b le to the C ity o f B ir­
m in gh am .
T h e le g a lity o f this Issue w ill b e e x a m in e d b y
M essrs. H u b b a r d * M assllch o f N ew Y o r k w hose
fa v o r a b le op in ion w ill be fu rn ish ed to th e p u r­
ch aser.
T h e B on d s w ill be prepared an d certified as to
genuineness b y th e C o lu m b ia T ru st C o ., 135
B ro a d w a y , N ew Y o r k , w h ich w ill furnish financial
sta tem en t a n d p rop osa l blan ks on a p p lic a tio n .
T h e rig h t Is reserved to r e je c t a n y and all bids.
H . E . S H R O P S H I R E J R ., C ity Clerk.

$ 1,7 6 0 ,0 0 0
City of Oakland, California,
IM PROVEM ENT BONDS
N o tic e Is h ereb y give n th a t the C ity C ou n cil o f
P ty o f O akland will sell fo r cash to the highest
bid d er M unicipal Im p r o v e m e n t B o n d s o f 1909
t o th e a m o u n t o f $1,7 6 0 ,0 0 0 on the 2 3 R D D A Y
O F M A Y , 1 9 1 0 , an d sealed proposals o r bids In
w ritin g w ill be received b y the Clerk o f said
C ou ncil u p to the h ou r o f 8 o ’ c lo c k P . M o f said
day.
•
F o r fu rth er In form ation referen ce Is m ade to
circulars o f In form ation , w h ich m a y be o b ta in e d
fro m M essrs. D illon & H u b b a r d , a tto rn e y s at law ,
N o . 195 B r o a d w a y , N ew Y o r k , N . Y .
O a k la n d , C a liforn ia, A pril 30, 1910.
FR A N K R. TH O M PSO N,
C ity Clerk and Clerk o f the C ou n cil o f the C ity
o f O a k la n d , A lam eda C o u n ty , S tate o f C a liforn ia.

D a te d J u ly 1, 1910, p a y a b le J u ly 1, 1950, w ith ­
N O T IC E IS H E R E B Y G IV E N th a t the C ou n cil
o u t prior o p tio n .
In terest fo u r p er ce n tu m per o f the T o w n o f W e stlle ld w ill re ce iv e a t the
an n u m , p a y a b le s e m i-a n n u a lly Ja n u a ry 1 and C ou n cil R o o m s , 121 P r o s p e c t S treet, W e s t ­
J u ly 1. B o th p rin cipa l an d Interest p a y a b le at field
N e w J e r s e y , o n A IO N D A Y E V E N I N G .
N ation a l P a rk B a n k , N ew Y o r k C ity . T h e
M A Y 1 6 T H , 1910, a t 8:15 o ’ c lo c k , sealed b id s
un d ersign ed, S ta te T reasu rer, w ill re ce iv e sealed fo r an Issue o f b o n d s a u th o r iz e d u nd er G eneral
bids a t his o ffic e , R a le ig h , N o rth C a rolin a, fo r O rd ina nce N o . 105 e n title d “ A n o rd in a n ce p r o ­
said b o n d s u n til 12 O ’ C L O C K M ., M A Y 18T H , v id in g fo r the e re ctio n o f a b u ild in g su ita b le f o r
1910. T h e le g a lity o f said b o n d s has been a p ­ the use o f the Fire D e p a rtm e n t a n d o th e r m u n ici­
p r o v e d b y H u b b a rd & M assllch o f N ew Y o r k , pal pu rposes, an d to a u th o riz e the T o w n o f W e s t­
w h ose o p in io n w ill be fu rn ish ed w ith o u t co st to field to Issue Its c o rp o ra te b o n d s t o p a y the c o s t
the p u rch aser.
P rin ted circu lars g iv in g fu ll in ­ o f the s a m e ,” passed an d a d o p te d Ararch 21 1910.
fo rm a tio n a n d b la n k fo rm s on w h ich all bids m ust T h e to ta l Issue a m o u n ts t o $20 ,000 ; d en om in a ­
be m ad e w ill be fu rn ish ed o n a p p lica tio n to the tio n $1,000 e a ch , Interest c o u p o n s a tta c h e d ;
u nd ersigned o r to said H u b b a rd & M assllch.
Interest p a y a b le h a lf-y e a rly , o p tio n o f registering
B . R . L A C Y , S ta te T reasurer.
b o n d s.
B on d s d a te d June 30 1910, p a y a b le
Ju n e 30 1930; Interest 4
per a n n u m , p a y a b le
Ju n e 30 an d D e ce m b e r 30; $1,000 a vear raised
as ®lnk lng fu n d t o p a y b o n d s at m a tu rity .
C op ies o f the o rd in a n ce u nd er w h ich said b o n d s
are Issued m a y be had o n a p p lic a tio n t o th e
T o w n Clerk.
T h e C o u n cil reserves the rig h t to r e je c t a n y o r
all b id s.
L L O Y D T H O M P S O N , T o w n Clerk.
BONDS
W e stlle ld , N . J ., A p ril 26 1910.

$ 64,000
FREDERICK, MARYLAND,

S caled bids w ill be re ce ive d b y th e undersigned
until 8 o ’ c lo c k P . M . A1AY 2 7 T H , 1910, fo r the
w h ole o r a n y part o f S ix t y F o u r T h o u sa n d
D ollars, floa tin g d e b t, c o u p o n b o n d s, d a ted
M a y 1st, 1910, p a y a b le Alay 1st, 1950, redeem able
a t th e pleasure o f C ity In tw e n ty years fro m d a te .
D en o m in a tio n s, F o r ty -fo u r b o n d s, $ 1 ,000 each
fo r t y bon d s $500 e a ch .
In terest 4 J 3 % , sem i­
an n u a lly, M ay 1st and N o v e m b e r 1st. A certified
ch e ck fo r 5 % o f th e p ar va lu e o f b on d s bid fo r
p a y a b le to th e M ayor an d A ld e rm e n o f F r e d e r ic k ’
m ust a c c o m p a n y each b id .
R ig h t to r e je c t a n y
o r all b ids Is reserved.
M . A . A fc C A F F R E Y ,
C ity R eg ister.

F. W M . K R A F T
LAWYER

Specializing in Examination of

Municipal and Corporation Bonds
Bank and Trust Company Stocks

1312 FIRST NATIONAL BANK BLDG.,

NEW YORK AND BROOKLYN

CHICAGO, IL L .

BOUGHT AND SOLD

CLINTON

GILBERT

2 WALL ST.. NF.W YORK.

O T T O J U L IU S M E R K E L
BROKER
44 AND 46 WALL STREET, NEW YORK
IN V E S T M E N T SECU R ITIES
Correspondence Invited.




JOHN

H. W A T K I N S
MUNICIPAL
AND

RAILROAD BONDS
N o. 2 W A L L STREET, N E W Y O R K

$ 9 1 ,0 0 0
City of Perth Amboy, N. J.
$50,000

Thirty-Year Water Bonds
dated January I 1910.
$41,000 4 y 2% Ten-Year Sewer Bonds dated
May I 1910.
4 l/ 2%

Sealed pro p o sa ls w ill be re ce iv e d u n til 8 p. m .
M o n d a y , M ay 16, 1910, b y Charles K . S e a m a n ,
C ity T reasurer, at th e o ffic e o f the C ity T reasu rer, .
l e r t h A m b o y , N . J ., fo r th e pu rch ase o f the
a b o v e b o n d s.
D e n o m in a tio n $1,0 0 0 e a ch .
C ou­
p o n b o n d s, w ith p rivilege o f re g istra tio n .
In terest
p a y a b le sem i-an n u ally.
• B o n d s will be e n g ra v e d , certified as t o gen u ­
ineness, a n d th e o p in io n as t o legality o f Alessrs.
C aldw ell * R eed fu rn ish ed.
E ach p ro p o sa l m ust
be e n clo se d In a sealed e n v e lo p e m arked " P r o ­
p osal fo r B o n d s ,” add ressed to Charles K . Sea­
m a n , C ity T reasurer, and m ust be a c c o m p a n ie d
b y a certified ch e ck on a N ation a l B ank o r T ru s t
C o m p a n y fo r tw o p er ce n t o f th e p ar va lu e o f th e
b o n d s bid fo r . T h e rig h t to r e je c t a n y o r all
bids Is reserved.
C H A S . K . SE A A 1A N ,
________________
C ity T reasurer.

FORREST & CO.
BAN KERS
421 Chestnut St., PHILADELPHIA, PA.

Municipal and
Corporation Bonds

THE CHRONICLE

1260

[V O L . L X X X X

Glengarry School District N o. 1419, Man.— D e b e n t u r e
A by-law providing for the issuance of $1,600 6 %
10-year debentures will be voted upon May 12.

Montreal at 101.30’ and accruedjinterest— a basis of about
3 .9 3 6 % (V . 90, p. 1200):

Gloucester, N . B .— D e b e n t u r e O f f e r i n g . — Proposals will be
received until 3 p. m. May 19 by Fred L. Leger, Warden;
J. W . Dumas, Councillor, and N . A . Landry, SecretaryTreasurer Bond Committee, at Bathhurst, for $10,000 5 %
debentures.

Oxford County (P. O. W oodstock), Ont.— D e b e n t u r e O f fe r ­
Proposals will be received until 12 m. June 6 by N . E.
Birtch, County Clerk, for $50,000 5 % road-improvement
debentures. Interest annual. Maturity part yearly for
30 years.
Regina, Sask.— D e b e n t u r e O f f e r i n g . — Proposals will be
received until 12 m. June 6 by A . E . Chivers, City Clerk,
for the following 4> ^ % coupon debentures voted on March 4.
V . 9 0 ,'p . 1063.

E l e c t i o n .—

D e n o m in a tio n $50 0. D a te M ay 10 101 0.
In te re st
S e cre ta ry -T re a s u re r’s o ffic e .
M a tu rity M a y 10 1050.

a n n u a lly

at

A . M cF ee & C o ., L o n d o n _____ 0 0 .5 6 1D o m in io n S ecurities C orporaR o y a l S ecurities C o r p ., M o n t’ 1-99.271
tlo n . L t d ., T o r o n t o ..................08.627
i n g .—

the

Guelph, O nt.— D e b e n t u r e S a l e . — On April 27 the following
debentures described in V . 90, p. 1122, were awarded to
Brouse, Mitchell & Co. of Toronto:

$16 ,0 0 0 M a rk e t-b u ild in g de b e n tu re s.
M a tu rity 30 years.
10.000 w a te r-w o rk s e x te n sio n d e b e n tu re s.
M a tu rity 30 years.
10.000 se w e r-e x te n sio n d e b e n tu re s.
M atu rity 30 years.
25.0 0 0 A gricu ltu ra l In du strial E x h ib itio n d e b e n tu re s. M atu rity 20 years
4 1 .000 A lb e rt S t. s u b w a y ( c i t y ’s p o rtio n ) d eben tu res.
M a tu rity 30 years.
A b o v e deben tu res are d a te d J u ly 1 1010. In terest se m i-a n n u a lly at the
B ank o f M on treal In L o n d o n , E n g la n d , N ew Y o r k , M on treal, T o r o n t o ,
o r R e g in a .
St. Boniface, M an.— D e b e n t u r e O f f e r i n g — Proposals will

$14 000 00

p u b lic -p a rk d eben tu res m e n tio n e d In V . 00, p . 803 . M a­
tu r ity 40 years.
10 000 00 4 H % w in te r -fa ir d e b e n tu re s. M a tu rity 20 years.
8 048 10
p a v e m e n t d e b e n tu re s . M atu rity 15 y e a rs.
e!8 7 7 34 4 ) 4 % p a v e m e n t d e b e n tu re s. M a tu rity 15 years.

Innisfil Township, Ont.— D e b e n t u r e S a l e . — This township
has sold $800 5 % 10-year debentures to H . O’ Hara & Co.
of Toronto.
Longueuil, Ghambly County, Que.— D e b e n t u r e O f f e r i n g .—
Proposals will be received until May 14 for $24,000 debentures.
Maturity part yearly for 50 years. M. Dagenais is SecretaryTreasurer.
.
Los Angeles School District N o. 2476, Sask.— D e b e n t u r e
S a l e . — Nay & James of Regina recently purchased $1,000
5 % % debentures at 100.30.
Manitoba.— D e s c r i p t i o n o f S t o c k . — The £1,000 ,00 0 regis­
tered stock that was underwritten last month at 103 (V . 90,
p. 1123) carries 4 % interest and was issued for the following
purposes: To extend the Government telephone systems, to
build grain elevators and for the drainage and reclamation
of land and other public works. Interest May 1 and N ov. 1
at^the Canadian Bank of Commerce in London, En g., or
Winnipeg, Man. Maturity May 1 1950. The stock is free
from all provincial taxes.
Montreal Que.— Bids.— The following bids (in addition
tojthe successful one) were received on April 28 for the $ 5 ,.
000,000 4 % 40-year registered stock awarded to the bank of

be received until 5 p. m. May 20 by J. B. Cote, City Clerk,
for a) the following 5 % coupon local-improvement-works
debentures: $30,000, $933 80, $1,084 86 and $1,412 90 de­
bentures due in seven years, $4,000 and $955 50 debentures
due in ten years, $164,000, $1,143 04, $1,848 09, $613 54,
$1,028 82 and $980 45 debentures due in twenty years, and
$36,000, $1,058 69, $1,756 40 and $1,534 93 debentures due
in thirty years.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate J u ly 2 1910. In te re st s e m i-a n n u a lly a t
the B a n q u e d ’ H o ch e la g a In S t. B o n ifa c e , M a n ., an d M on treal, Q u e ., th e
C anadian B a n k o f C om m erce In T o r o n t o , O n t ., and th e C lyd esd a le B a n k ,
L t d ., In L o n d o n , E n g . P u rch a ser to p a y a ccru ed Interest.

Saltfleet Township, Ont.— D e b e n t u r e S a l e . — School deben­
tures amounting to $7,000 were recently disposed of to C. H .
Burgess &„Co. oh Toronto. The securities carry 5 % interest
and,mature part'yearly for 20 years.
Sperling Consolidated School District N o. 1488 (P. O.
Sperling), M an.— D e b e n t u r e S a l e . — The $10,0005)^% coupon
school-building debentures offered on April 15 (V . 90, p. 931)
were purchased by Nay & James of Regina.
D e n o m in a tio n $500. D a te S e p t. 30 1000. In terest an n u a lly o n Ju n e 1
a t tile N orth ern ;C row n B a n k In Sperllng._ M a tu rity 1030. T o t a l d e b t, this
issue. Assessed v a lu a tio n fo r 1909, $15 3 ,0 5 4 .

MISCELLANEOUS.

MISCELLANEOUS.

BIRD S. COI.ER

OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY.

LEONARD II. HOLE

W. N. COLER & CO.
BANKERS

N ew Y o r k , J a n u a ry 21st, 1910.

43 CEDAR ST., NEW YO RK

T h e Trustees, in conform ity with the Charter o f the C om p a n y. subm it the follow ing statem entof its a t t a in
on the 31 st of D ecem ber, 1900.
P rem ium s on M arine R isks fro m 1st J a n u a ry , 1009. to 31st D e ce m b e r, 10 0 0 ..................--$ 3 ,7 5 0 ,3 9 1 70
_
.
ri~n
t Jan
Tnniio
rv 1UP.Q ______________ ______________ ___ _
«1
P rem ium s on P olicies n o t m ark ed o fl lo
1st
uary
.$ 4 ,4 7 7 ,1 0 3 05
T o ta l M arine P rem ium s
P rem iu m s m ark ed o ff fro m 1st J a n u a ry , 1009, to 31st D e ce m b e r, 1900--------In terest receiv ed d u rin g th e y e a r ..................................... - ................ ’a ™ i z
R e n t less T a x e s an d E x p e n s e s .............................................................

_

$ 3 ,7 0 1 ,o o7 05

INVESTM ENTS

C. B. V a n

N

ostrand

$467,726 28

36 W A L L S T R E E T

Losses paid d u rin g the y ea r w h ich w ere estim ated In 1908

INDUSTRIALS

Losses o c c m r e d . ^ t t o a t e d ” and* p a i d I r i r i o O O l I I I l I I I I I I I I I l . H o U s O 56 $ 1 ,078,837 7 5
Less S a lv a g e s __________________________ $249,801 07
R e-In su ran ces__________________________ 235 ,520 48

485,411 55

WEBB & CO.

$ 1,493,426 20
R etu rn s o f P r e m iu m s ------------------------------ ----------------------------------------- ■------------E x p en ses, Inclu din g offic e r s ’ salaries and clerk s’ co m p e n sa tio n , sta tio n e ry ,
n ew spapers, a d v ertisem en ts, e t c ................................................................................
ASSETS.
U nited S tates & S tate o f N ew Y o r k
S t o c k . C ity , B ank an d o th e r Sccurltlcs
___ —__ - J 5 f 4 o l |U4fe 00
S pecial d ep osits In B anks & TrustC os. 1 ,000,000 00
R ea l E state c o r . W all & W lllla m S ts.,
& E x ch a n g e P l a c e . $4 .2 00,426 04
O th er R ea l E sta te &
___ . . . . .
claim s d u e the c o m p a n y _______. ______
7 5 ,0 0 0 00 4 ,3 7 4 ,4 2 6 04
P rem iu m n otes an d Bills R e c e iv a b le
Cash In the han ds o f E u rop ean
B ankers to p a y losses under pollcles p a y a b le In foreign c o u n tr ie s .
Cash In B a n k ............................................

1,213,060 68

$60,285 14
$356,013 U4

L IA B IL IT IE S .
E stim ated Losses and L osses U n__
s e t t l e d ................................................... $2,393, 207 90
P rem ium s on U n term in ated R is k s .
08o, 546 00
Certltlcates o f P ro llts a n d Interest
263, 468 05
U npaid ..........
R etu rn P rem ium s U n p a id --------------120, 560 42
C ertificates o f P rofits O rd ered R e ­
de e m e d , W ith h e ld fo r U npaid
P r e m i u m s ________________________
22,353 40
Certillcates o f P rollts O u tsta n d ­
in g ______________________________
7,404, 890 00
R ea l E state R eserve F u n d ____
370, 000 00

-

-

-

NEW YORK

EDWIN R. CASE
NEW

JERSEY

SECURITIES
N o b e tte r S ecurities

N o b etter S tate

A g g re g a tin g _______ _______________ $ 1 1 ,260 ,12 5 76

A d iv id e n d o f Interest o f Six per ce n t on the o u tsta n d in g certillcates o f P r o g w w'H^be^pald to the
holders th ereof, o r their legal represen tatives, o n and after Tuesday the firs t o f F eb ru ary n e x t.
T h e ou ts ta n d in g certltlcates o f the Issue o f 1904 w ill be redeem ed and paid to the holders th c r io l
o r th e ir le g a l representatives, on and after Tuesday the first Of February next, from which d^it a>
Interest th ereon w ill cease. T h e certificates t o b e pro d u ce d at the tim e o f p a y m e n t a n d c a n c e le d .
A d iv id en d o f F orty per ce n t is d eclared on the net earned prem ium s o f the C o m P^fJy f
*y
en din g 31st D ecem b er. 1909. w h ich are e n title d t o p a r ticip a te In d iv id e n d , fo r w h ic h , u p o n app li­
c a tio n , certificates w ill be Issued o n and a fte r T u e sd a y the third of M ay n e x t.
B y ord e r o f the B oa rd .
G . STANTON F L O Y D -J O N E S . Secretary
TRU STEES.
D ALLAS B. P R A T T ,
C
L
E
M
E
N
T
A
.
G
R
IS
C
O
M,
F R A N C IS M. B A C O N .
G E O R G E W . Q U IN T A R D .
AN SON W . H A R D ,
W A L D R O N P. B R O W N .
A. A. RAVEN,
L E W I S C A SS L E D Y A R D ,
V E R N O N H. B R O W N ,
JO H N J. R IK E R ,
C
H
A
R
L
E
S
D
.
L
E
V
E
R
I
C
H
.
JO H N N . B E A C H ,
D O U G L A S R O B IN S O N .
LE AN D E R N. LO VELL,
JO H N C L A F L IN ,
GUSTAV H. SCHW AB.
G EO RG E H . M ACY,
G E O R G E C. C L A R K ,
W
IL L IA M S L O A N S ,
CH ARLES H. M ARSH ALL,
CLEVELAND H. DODGE,
IS A A C S T E R N .___
C O R N E L IU S E L D E R T ,
N IC H O L A S F . P A L M E R ,
W IL L IA M A . S T R E E T .
R IC H A R D H . E W A R T .
H E N R Y P A R IS H .
G E O R G E E. T U R N U R E .
ADOLF PA VEN STED T.
P H I L I P A . S. F R A N K L I N .
C H A R L E S M. P R A T T ,
H E R B E R T L . G R IG G S ,
A . A . R A V E N , President.
C O R N E L I U S E L D E R T , V ice-P resid en t.
S A N F O R D E. C O B B , 2d V ice-P resid en t.
C H A R L E S E. F A Y , 3d V ice-P resid en t.
J O H N H . J O N E S S T E W A R T . 41/1 Vice-President




74 BROADWAY

15 UXCHANGU PLACE
JERSEY CITY
fels. 366 and 751

..
230 ,048 U4
6 3 3 ,40u 13

A g g re g a tin g _______________________$ 1 2 ,9 2 1 ,8 0 0 80

INVESTMENT SECURITIES

The United States
Insurance Co.
1850

-

1000

Life

IN THU CITY OF NUW YORK
Issu e s G uaranteed C o n tra cts

JOHN P. M U N n T m . D ., President.
Finan ce C o m m itte e
r r A R F N C E H K E L S E Y , Pres. T itle G u .& T r .C o .
m i l u P O R T E R , Pres. C h em ical N ation a l B ank
E D . T O W N S E N D , Pres. I m p . & T rad ers N a t. B k .
G o o d m en , w h ether e x p e rie n ce d In life insurance
o r n o t. m a y m ake d ire ct c o n tra cts w ith this C om nan v fo r a lim ited territory If desired, and secure
fo r th em selves. In a d d itio n to first y e a r ’s co m m is­
sion a renew al Interest Insuring an Incom e fo r the
- . *

.11..

...

i.Dnmnnntr nt It-u II amo Hf f l na