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IN C L U D IN G
Bank & Quotation Section
Railway & Industrial Section
Railway Earnings Section
Bankers’ Convention Section
VOL. 91.
SATURDAY, NOVEMBER 12 1910.
gftjePUBLISHED
(tflirraicle.
WEEKLY.
Terms of Subscription— Payable in Advance
Clearings at—
1910.
Electric Railway Section
State and City Section
NO. 2368.
Week ending November 5.
Inc. or
Dec.
1908.
1909.
1907.
Chicago.............. 286,373 ,359
+ 4.7 228,831,174 199,568,995
F o r Ono Year.................................................................................................................$10 00
Cincinnati............ 26,420 ,050 273,588.009
—4.8 24,456,450 22,048,650
F o r Six M onth s............................................................................................................. 0 00
C leveland............ 19,588 ,239 27,757,350
13
00
European
Subscription
(Including
postage).........................................
19,561,158
13,792,527 15,047,965
D etroit................... 17,665 .940 16,350,089 ++ 0.1
E uropean S ubscription six m onths (including po stage)........................... 7 50
14,065,866 13,258,618
Milwaukee............ 14,349 ,871 14,168,864 + 8.0
A nnual S ubscription in London (Including po stage).................................. £ 2 14s. Indianapolis___
1.3 11,282,357 10,518.046
8,863
,452
8,858,235 + 0.1
S ix M onths S u bscrip tion in L ondon (including po stage)......................................£ 1 U sColum
.
8,020,156
7,814,025
bus______
6,032 ,500
6,064,600 —0.5
C anadian S ubscription (includ ing p o s ta g e )................................................... $11 50
5,238.300
4.803.800
T oledo..................
3,770 ,890
4,188,778 — 10.0
3,275,226
4.286.801
Subscription inclu des fo llo w in g S u pp lem ents—
I’c o rla ..................
3,422 ,627
3,337,784 + 2.5
3,230,768
2,169,320
Grand R a p id s...
3,174 483
2,965,353 + 7.0
2,209,926
B ank and Quotation (monthly)
2,358.444
i State and City (semi-annually)
D a y to n ................
2,318 ,723
1,886,780 + 22.9
1,590,682
1,567,371
railway and INDUSTRIAL (quarterly) E lectric R ailway (3 times yearly) Evansville
..........
2,283.396 + 2.4
2,338 549
2,029,499
1,889,087
R ailway E arninos (monthly)
| bankers’ Convention (yearly)
K alam azoo..........
1,437 ,092
1,443,146 —0.4
961,658
962,734
Springfield,
111
.
.
1,075
217
846,513
992,217
+
8.4
846,275
Terms of Advertising— Per Inch Space
Y
oungstow
n___
1,102 ,981
—21.8
679,860
1,409,979
938,047
T ran sien t m a tte r por inch space (14 ag ate lin o s)............................................ $4 20 Fort W ayne___
1,120 ,026
841,687
961,609 + 16.5
654,375
( T w o M onths
(S tim e s)................................ 22 00 L exington............
653,132
915 ,435
770,057 + 18.8
567,017
sinsiuess
e ss C ard
s ^) sTixhroe
M onths (20
(13 tim
s)................................ 50
29 00
00 Canton..................
1,144 436
652,544
625,000 + 83.0
474.000
Bstatanndi in g Bg ulsu
C ards
M onths
tim ee s)................................
fo rd ______
658 .292
464,363
621,884 + 6.0
600,201
v. T w elve M onths (52 tim o s)................................ 87 00 AR ok ck
ro n ..................
952 .410
575.000
897,410 + 6.1
375.000
CH ICA G O O F F IC E —P lin y B a rtlo tt, 513 M onadnock Block; T el. H a rriso n 4012 South Bend____
663 806
441,353
596,430 + 11.3
559,622
Quincy...................
594 ,480
570,421
610,490 —26.2
691,301
LO N D O N O F F IC E —E dw ards & S m ith, 1 D rap ers’ G ardens, E. O.
Springfield,
O__
496
,853
+
4.2
460,058
476,983
445,270
W I L L I A M IS. D A N A C O M P A N Y , P u b lis h e r * ,
Bloomington----587 ,814
593,248 —0.9
489,126
420,905
D
ecatur
___
.005
441
369,221 + 19.5
338,327
P . O. B ox 9 5 8 . F ront, F in e anil D epcyster 8 ts., N ew Y ork. Danville____
350,968
399 ,984
444,680 — 10.0
359,396
402 ,017
400,864 + 0.3
297,799
316,613
Published every Saturday morning by WILLIAM B. DANA COMPANY. Mansfield___
________
416 ,927
302,500 + 37.8
275.000
298,458
Jacob Seibert Jr., Vice-President and Secretary; Arnold Q. D ana, Treasurer. Jackson
Jacksonville,
111
,383
270
277,348
—2.5
244,315
243,710
Addresses of both. Office of the Company.
Ann Arbor..........
253 ,542
241,012 + 5.2
178,027
171,074
Adrian ..............
28,212 + 11.4
25,719
3L 432
26,000
L
im
a
...................
378,
954
+
6.9
306,226
370,705
350.000
CLEARING-HOUSE RETURNS.
Saginaw..............
596, 275
644,433 —7.4
The following table, made up by telegraph, &c.. Indicates th a t the total bank L ansing..............
Not Included In total
Clearings of ail tho clearing houses of the United States for the week ending to-day
Tot. Mhl.West 408,257,994 394,087,814 + 3.7 327,683,465 294,522,691
have been $2,911,017,738, against S3,410,847,557 last week and $3,591,240,518
the corresponding week last year. The heavy loss this week Is in part duo to the San F rancisco... 51,049,919 43,651,005 + 17.0 34,454.647 27,874,834
holiday on Tuesday.
Los Angelos.......... 16,307,331 15,133,700 + 7.8
9,838,458
9,311,869
Seattle ................ 11,800,000 12,949,010 —8.9
8,957,570
9,901,226
P o rtla n d .............. 11,022,557
6,630,022
9,055,530 + 21.7
5,904,095
Clearings—Returns by Telegraph.
Per
Spokane-----------5.149.040
3,634,354
5,521,166 —6.7
3,722,955
Week ending November 12.
1910.
Cent. Salt
1909.
Lake C ity ..
6,018,900
7,195.472 — 16.4
5,170,308
4,207,052
a................
4.870.040
5,893,094 — 17.6
4,891,616
4,173,627
$1,380,229,829 $1,843,625,802 —25.1 TOacom
3,432,634
akland................
2,133,690 + 60.9
1,588,227
2,002,083
127,746,775
B oston...........................................................
141,093,859 —9.5 Helena
909,025
................
1,091,701 — 16.7
955,680
1,084,131
106,323,937
122,182,322 — 12.9 Sacram
1,624,942
ento____
1,305,949 + 24.4
883,061
900,000
25,913,878
30,251,738 — 14.3 San Diego............
1,400,000
+
37.7
1,017,000
636,000
201,098,067
236,517,149 — 14.9 F resno..................
815,162
861,795 —5.4
646,365
62,324,919
68.909,725 —9.6 San Jose________
738,902
755,870 — 2.2
553,462
499,908
18,736,174
22,813,070 — 17.9 Stockton ..............
781,288
498,941
752,667 + 3.8
500,000
Yakima . .
322,155
625,000
498,943 + 25.3
Seven cities, 5 d a y s .......................... SI,922,373,609 $2,465,293,605 —22.0 North
illings................
161,834
221,427
244,508 —33.8
435,972,643
530,480,701 — 17.8 BPasadena..............
1,026,419
550,000 + 84.8
Total all cities, 5 d a y s.......................... $2,358,340,252 $2,995,774,366 —21.3
Total
Pacific..
+ 8.4 79,154,504 70,799,769
117,732,993
108,611,100
553,271,486
598,460,182 —7.6
Kansas C ity ___ 57,028,383 57,415,204 —0.7 38,153,167 33,538,312
Total all cities for week......................... $2,911,017,738 $3,594,240,548 — 19.0 Minneapolis......... 26,701,838 33,464,425 — 19.9 25,228,159 22,978,046
+ 3.6 11,092,935 10,115,914
T he lull details for th e week covered by th e abo ve will be given n e x t S a t O m aha.................. 16.669.114 16,084,506
9,406,213
14,346,007 — 14.9 11,472,002
u rd ay . Wo can n o t furnish them to -d ay , clearings being m ade up by th e St. Paul................ 12,216,616
11,425.779 10,682,411 + 7.0
7,499,022
8,247,389
clearing houses a t noon oil S a tu rd a y , a n d hence In th e abo ve th e last d ay DDenver_________
uluth................
4,919,078
7,452,663
—34.0
of th e week has to be in all cases e stim ated, as we go to press F rid ay n ig h t. St. Joseph............
6,798,620
4,737,035
3,972,828
7,295,999
—6.8
W c p resent below detailed figures for th e week ending w ith S a tu rd a y , Des M oines____
4.150.000
4,792,552 — 13.4
3,367,242
3.181,854
noon, N ovem ber 5, for four years.
Sioux City............
2,871.504
2,959,728 —3.0
2,376,188
2,070,209
W ichita ..............
3,402,738
1,562,929
3,200,046 + 6.3
1,605,667
Lincoln ................
1,708,454
1,819,420 — 6.1
1,247,057
2,001,577
Week ending November 5.
1,713,706
D avenport............
1,342,875
1,113,990
1,731,589 — 1.0
Topeka ................
1,230,040
1,544,567 — 2.8
1,168,302
864.581
Inc. or
Cedar Rapids . . .
1.425.000
1,409,338 + 1.1
866,593
982,575
1910.
1909.
Dec.
1908.
1907.
1,076,412
Fargo ..................
1,427,863 —24.6
823,791
810.581
700,000
680,000
Sioux F a lla _____
790.000 + 42.4
1.125.000
S
$
$
%
$
526,732
641,987
Pueblo ................
736,683 —7.7
680,317
New York............ 1,996,971,539 2,245,978,904 — n .o 1,809,411,131
982,463
645,110
572.001
+
35.2
Colorado
Springs
773,598
Philadelphia___ 155,102,723 147,184,513 + 5.4 110,571,128 1,272,061,645
299,166
323,422
239,957
383,753 — 16.7
Pittsburgh............ 49,940,014 51,251,377 —2.6 39,597,395 115,783,830
45,882,211 F rem o n t_______
B altim ore............ 35.799,318 32,975,992 + 8.6 26,121,778 26,670,058
Tot. oth.W est. 156,329,619 168,118,761 — 7.0 113,899,410 102.643,038
Buffalo..................
9,530.167
9,449,875 + 0.9
7,422,772
8,291,694
7,548,503 + 6.7
W ashington___
8.052,635
0.400,087
76,714,404 77,388,460 —0.9 60,291,696 55,536,527
5,339,455 St. Louis......... ..
6,280,428 — 5.4
Albany..................
4,973,183
5,942,622
4,914,664 New Orleans___ 19,611,759 23,904,218 — 17.9 15,593,187 19,917,504
4,487,999
4,825,364 + 2.7
R ochester............
4,957,248
3,699,257 L ouisville............ 12,940,874 13,477,356 — 4.0 10,630,758 10.212,055
2,903,161 —5.2
2,231,845
S cran ton..............
2,752,307
1,948,428 H o u sto n .............. 16,510,754 19,425,432 + 10.6 13,337,947 10,731,231
6,880,500
8,033,000
2,359,409
Syracuse..............
2,870,671 + 9.1
9.421.000
3,132,009
2,268,967 G alveston............
8.145.000 + 15.7
5,698,135
6,853,134
Reading..............
1,227,028
8,905,296 + 16.9
1,579,512
1,670,327 —5.8
0,337,988
M em phis.............. 10 414,713
W ilmington.........
6.009.200
6,318,839
1,050,065
1,432,432 — 1.6
1,408,935
1,165,455 A tla n ta .............. - 15,453,880 14,263,570 + 8.3
Wilkes-Barre . . .
1,192,821
6,256.965
6,339,915
7,768,989 — 6.8
1,308,704
7,241,814
1,307,620 —4.3
1,191,353 Richmond ____
W h eeling............
1,594,653
1,717,010
7,443,073 — 3.7
6.387.201
6,008,050
1,781,974 —3.6
7,164,336
1,052,063 S av a n n a h ............
1,122,938
H arrisbu rg.........
9,387,066 — 11.8
4,836,253
6,783,252
1,332,947
8,280,474
1,545,436 — 13.8
1,013,019 Fort W orth..........
1,502,314
Trenton ..............
1,331,537
3,641.261 — 6.6
6,731,259
2,906,459
1,440,501 + 4.3
3.400.000
N ash v ille______
1,008,906
801,330
Y o rk .....................
3,812,379 — 2.3
2,449,152
974,473 + 3.5
3.273,856
3,723,206
892,805
N
orfolk................
658,901
E rie .......................
954,992
4,139,347 — 4.6
814,388 + 17.2
2,674.050
2,796,540
3,950,345
618,052 Augusta................
C h ester................
452,516
615,869
2,752,252 — 9.4
533,177 + 15.4
2,136,656
2,101,556
2,492,823
564,734 Birm ingham ___
489,520
G reensburg..........
600,260
648,027 —7.4
2,543,566 — 0.6
1,351,184
2,567,143
2.528,848
529,357
Little
Rock..........
B ingham ton___
389,400
469,200
403,500 + 16.3
1,775,541 — 7.1
1.450.000
1.650.000
1,579,385
Chattanooga . . .
508,700
A ltoona................
389,267
455,373
403,408 + 12.8
2,104,065 + 14.8
1.900.000
2,486,362
1,492,799
Charleston--------F ra n k lin ..............
250,000
2,038,561 + 28.4
210,000
225,000 —0.7
1,355,150
1,445,012
2,617,703
269,760 Jacksonville___
1,654,685 + 1.5
1,576,737
1.680.000
1,451,892
M
obile...................
Total M iddle.. 2,285,344,604 2,524,514,751 ~ 9 .5 2,033,527,009 1,490,003,695 K noxville__
2,032,310 — 8.9
1,592,325
1,851,798
1,433,700
1,018,749
2,842,944
2,961,083 —4.0
1,445,008
O
klahom
a__
Boston ________ 201,362,370 204,588,514 —1.6 180,565.382 148,270,919 M acon............
933.945
1.400.000 + 5.4
943.482
1,475,000
7,355,100
790,614
1,766,386
715.625
Providence......... 10,787,700 10,317,100 + 4.5
0,210,400 A u stin ............
1,652,966 + 6.3
3.763.389
H artford..............
3,900,631
3,704,178 + 5.3
650.000
472,500
637,869
3,338,087 Beaum ont . .
667.343 — 2.6
New H aven.........
3,127,898 — 10.0
2,609,185
2,283,077 Vicksburg ............
398,815
481,154
2,814,824
570,418 — 30.2
2,280,00(1 + 0.3
2,265,020
Springfield............
500.000
2,287,150
2,106,804 M eridian..............
401,807 + 24.5
Portland . . .
2,172,662 + 10.7
2,279,692
2,050,899 Jackson ________
710.000
300.000
2,402,387
440.000 + 41.4
W orcester............
509,000
1,842,430 + 20.0
1,675,132
2,211,224
1,491,027 Wilmington,N.C.
864,956
415.000
727,101 + 19.0
Fall lllvcr____
2,133,700
1.396.30S
1,275,310
1,346,879
New B edford...
1,693,268 —9.3
1,42.3,321
850,738
1,53 5,90S
Total Southern 219,343.194 220,923,145 —0.7 165,392,054 159.331.596
ItoWCll........... ..
512,441 + 3.1
528 3 17
634,282
585,938
Holyoke................
624,322 + 6.0
66L762
572,816
609,681
Total all.
3,416,847,557 3,649,252,081 —6.4 2,924,032,940 2.292,302,864
Total New Eng. 229.839.153 232,996,510 —1.4 204,370,498 169,102,075
OutsideN. Y .. 1,419,876,018 1,403,273,178 ~ + 1 .2 1,114,621,8091.020,241,219
Note.—For Canadian Clearings see "Commercial and Miscellaneous Newt."
$
%
THE CHRONICLE
12 86
[V O L . LXXJCXT.
a b o u t 4 5 ,0 0 0 v o t e s t h r o u g h o u t t h e w h o le S t a t e , w h ic h
THE FINANCIAL SITUATION.
w a s c o n s id e r a b ly less e v e n t h a n t h e v o t e c a s t fo r t h e
O n c e a g a in fa it h in p o p u la r g o v e r n m e n t h a s b e e n
S o c ia lis t c a n d id a t e .
T h e b a llo t s c a s t fo r H o p p e r , it
O n c e a g a in th e s o u n d n e ss o f t h e
w o u ld s e e m , c o n s is te d m a in ly o f t h e v o t e s o f t h e I n
ju d g m e n t o f t h e A m e r ic a n p e o p le o n th e g r e a t q u e s
d e p e n d e n c e L e a g u e w o r k e r s a t t h e d iffe re n t e le c tio n
t io n s
d istric ts th r o u g h o u t t h e G r e a te r N e w
s ig n a lly v in d ic a t e d .
of
th e
s tr ik in g
day
has
illu s tr a tio n .
in te r e s te d
i n . th is
p o litic a l c o n tr o l
r e c e iv e d
The
w e e k ’s
a t th e
a
c o n v in c in g
and
a
m e r c a n tile
c o m m u n ity
is
r e m a r k a b le
o v erth ro w
of
e le c tio n s
o n ly so fa r as it is
Y ork
an d th e
h a n d fu l o f fo llo w e r s w h ic h e a c h o f th e s e w a s a b le to
d r a g t o th e p o lls .
M r . H e a r s t h im s e lf, w h o h a d his
o w n n a m e o n t h e L e a g u e t ic k e t
as a c a n d id a t e fo r
a n in d e x t o t h e p o litic a l c o n d itio n s u n d e r w h ic h b u si
L ie u t e n a n t G o v e r n o r , p o lle d a b o u t 1 0 ,0 0 0 v o t e s m o r e
n ess
t h a n t h e h e a d o f t h e t ic k e t .
w ill
fu t u r e .
have
to
be
con d u cted
in
th e
im m e d ia t e
I n t h a t se n se t h e r e s u lt m u s t b e r e g a r d e d as
T h is l a s t , th e r e fo r e , m a y
b e r e g a r d e d as t h e fu ll e x t e n t o f t h e d r a w in g p o w e r o f
a s s u r in g in t h e h ig h e s t d e g r e e .
I f t h e p o litic a l u p
M r . H e a r s t ’ s n a m e u n d e r s u c h c ir c u m s ta n c e s .
h e a v a l m e a n s a n y t h in g ,
n a t io n -w id e
o u s l y , th e r e c a n b e n o o b j e c t h e r e a fte r in se e k in g to
a g a in s t
th e
it
r e v o lu t io n a r y
is
a
and
n o is o m e
p r o te s t
d o c tr in e s t o
O b v i
p r o p itia te h im a n y m o r e t h a n M r . B r y a n .
w h ic h c e r ta in ra d ic a l le a d e rs in b o t h p a r tie s h a d in a
s t e a d ily
in c re a s in g d e g re e b e e n
p a r tie s .
Am ong
th e s e
le a d e r s
c o m m it t in g
th e tw o
v e l t , W i l l i a m J . B r y a n a n d W i ll i a m
T h e m o s t d a n g e ro u s m a n o f a ll, o f c o u r s e , w a s e x
R oose
P r e sid e n t R o o s e v e l t .
H e h a s m e t w it h t h e m o s t d is
R . H earst have
a str o u s d e fe a t o f a ll.
I t is le ss th a n fiv e m o n t h s sin c e
e x -P r e s id e n t
b e e n s h in in g lig h ts , a n d it is o n e o f t h e m o s t n o t e
h e r e tu rn e d fr o m his y e a r ’ s t r ip a b r o a d a n d a p p e a r e d
w o r th y
t o b e id o liz e d b y t h e w h o le c o u n t r y .
a c h ie v e m e n ts o f t h e e le c tio n t h a t t h e w h o le
th re e o f t h e m h a v e s im u lta n e o u s ly b e e n c o n s ig n e d to
e m p h a s iz in g th e ir d islik e o f h im a n d in d e m o n s t r a tin g
o b liv io n b y t h e p o p u la r v o t e .
M r . B r y a n , it w o u ld s e e m , c a n n e v e r a g a in b e an
in flu e n c e
in
h is
ow n
T h is w e e k th e
v o te r s e v e r y w h e r e h a v e t a k e n p a r tic u la r p le a s u r e in
p a r ty .
He
w as
d is tin c tly
re
th e ir h o s t ilit y t o
his r e v o lu t io n a r y d o c tr in e s a n d
his
a t t e m p t to rid e r o u g h s h o d o v e r a ll th o s e w h o d iffe re d
p u d ia t e d b y h is p o litic a l a ss o c ia te s in a d v a n c e o f th e
w ith h im in a n y w a y .
e le c tio n , b e in g c a s t o u t b y t h e p a r t y e v e n in his o w n
d u c t in w h ic h he in d u lg e d d u r in g th e c a m p a ig n h a d
S ta te
and
ig n o r e d
by
th e
D e m o c r a t ic
N o d o u b t t h e e x e c r a b le c o n
c o n v e n t io n s
m u c h t o d o in in te n s ify in g t h e p o p u la r a v e r s io n t o h im .
R e lie v e d o f th is o ld -t i m e in c u b u s ,
M r . R o o s e v e lt h a s n e v e r s h o w n a se n se o f n ic e t y in th e
t h e p a r t y h as m a r c h e d t o s u c c e ss n e a r ly e v e r y w h e r e
la n g u a g e h e u se s, b u t o n t h e p r e se n t o c c a s io n he o u t
t h r o u g h o u t t h e U n it e d S t a t e s a n d in a w a y sc a r c e ly
d id h im s e lf, a n d e v e r y o n e w h o in c u rre d his d islik e w a s
e v e r p a r a lle le d in t h e c o u n t r y ’s p o litic a l h is to r y .
d u b b e d w ith s o m e lo w a n d c o llo q u ia l e p ith e t , s u c h as
e v e r y w h e r e e lse .
He
m a n a g e d t o d o a little d a m a g e in h is o w n S t a t e b y d e
c r o o k , ja c k a s s , lia r , f o o l, t h ie f , e t c ., e t c .
fe a t in g t h e D e m o c r a t ic c a n d id a t e fo r G o v e r n o r (M a y o r
g a t in g his p o litic a l d o c tr in e s a n d p r o c la im in g his N e w
Jam es C .
D a h lm a n
b e in g b e a te n b y
o p p o n e n t , C h e s te r H .
h is R e p u b lic a n
A ld r ic h , b y 1 5 ,0 0 0 , t h o u g h in
1 9 0 8 t h e D e m o c r a t s e le c te d a G o v e r n o r b y
1 1 ,8 8 4 ) ,
I n p r o m u l
N a t io n a lis m w h ile to u r in g t h e c o u n t r y , h e s p o k e w ith
t h e s a m e d isr e g a r d o f t h e a m e n itie s o f life .
H e c r iti
cised t h e U . S . S u p r e m e C o u r t a n d s p o k e o f ju d g e s
b u t t h a t h a s b e e n t h e fu ll e x t e n t o f his p o w e r fo r m is
“ fo ssiliz e d o f m i n d ,” w h ile d e m a n d in g in c re a se d
c h ie f.
tr a liz a tio n a n d g re a te r p o w e r s fo r t h e F e d e r a l G o v e r n
In
O h io , w h e re t h e p a r t y a t t h e D e m o c r a t ic
C o n v e n t io n
a b s o lu t e ly
re fu se d
to
g iv e
any
q u a r te r
m e n t.
cen
E v e r y w h e r e , t o o , h e a p p e a le d t o t h e p a s s io n
t o t h e r e m n a n t o f B r y a n it e s l e f t , a n d w h e re as a c o n se
o f th e
m a sse s
q u e n c e M r . B r y a n th r e a te n e d dire v e n g e a n c e , J u d s o n
w h ic h w e re m e a n t to in c u r t h e f a v o r o f t h e u n th in k in g
and
in d u lg e d
in
s p e c ta c u la r sp e e c h e s
H a r m o n h a s b e e n r e -e le c te d G o v e r n o r b y a p lu r a lity
p a r t o f th e p o p u la t io n , su c h as t h e d e c la m a tio n , “ I w ill
o f o v e r 1 0 5 ,0 0 0 — t h e la r g e s t p lu r a lity g iv e n a n y c a n d i
m a k e th e c o r p o r a tio n s c o m e t o t im e a n d I w ill m a k e
d a t e o f e ith e r p a r t y in r e c e n t t im e s .
th e m o b c o m e t o t im e w h e n e v e r I h a v e t h e p o w e r .”
A n d t h is , t o o ,
w hen M r.
I t is n o w cle ar t h a t a ll h is r a m b lin g r e m a r k s a n d s a y
H a r m o n w r e s te d th e S t a t e a w a y fr o m t h e R e p u b lic a n s
in g s h a d p r e c ise ly t h e o p p o s it e e ffe c t to t h a t in te n d e d .
in
P r e s id e n t T a f t ’ s o w n S t a t e .
In
1908,
I n a d d it io n , th e in su ffe r a b le e g o t is m o f t h e m a n w a s
fo r t h e first t im e , his p lu r a lity w a s o n ly 1 9 ,3 7 2 .
A s fo r W i l l i a m R . H e a r s t , w h o s e c h ie f c la im t o d is
t in c t io n is t h a t h e is th e o w n e r o f a n u m b e r o f s e n s a
s u c h as t o p r o d u c e p o p u la r r e v u ls io n .
T h e r e c o u ld b e b u t o n e o u t c o m e t o his c a m p a ig n o f
tio n a l a n d c la p -t r a p n e w s p a p e r s , w h ic h e x is t t o p r o
v itu p e r a tio n a n d v u lg a r a b u s e .
m o te
he s p o k e t h e e ffe c t h a s b e e n t o in c re a se t h e D e m o
his
p o litic a l
a m b itio n s ,
w eek ’s v o te reduced to
he
has
been
by
a p o litic a l n o n e n t it y .
th is
O n ly
c r a tic m a j o r i t y , a n d e v e r y
In e v e r y p la c e w h e re
c a n d id a t e h e s e le c te d fo r
fo u r y e a r s a g o h e w a s t h e D e m o c r a t ic c a n d id a t e fo r
sp e c ia l c o n d e m n a t io n s e e m s t o
G o v e r n o r , a n d , t h o u g h d e fe a te d , p o lle d a n e x c e e d in g ly
tio n a l fa v o r o n t h e p a r t o f t h e p e o p le .
la rg e
S ta te ,
v o te.
S in c e t h e n ,
up
to
th e
p r e s e n t y e a r , it
w h e re M r .
R o o se v e lt
h a v e m e t w ith
c arried o n
a d d i
In N ew Y o rk
a p e r s o n a lly
w a s t h e p r a c tic e o f t h e le a d e rs in b o t h p a r tie s t o re
c o n d u c te d c a m p a ig n a n d w h e re h e e n g a g e d in all so rts
g a r d h im w it h fe a r a n d t r e m b lin g , a n d if n o t a c tu a lly
o f m is s ta te m e n ts a n d m is r e p r e s e n ta tio n s o f t h e D e m o
t o c o n s u lt h im as t o his w ish e s in m a k in g th e ir n o m in a
c r a tic c a n d id a t e , J o h n A . D i x , t h e la tt e r h as su c c e e d e d
t io n s , a t le a s t t o s o u n d t h o s e c lo s e s t t o h im as t o his
in g e t tin g a p o p u la r p lu r a lit y ,
p r o b a b le a t t it u d e .
a b o u t 7 0 ,0 0 0 .
T h e p r e s e n t y e a r t h e D e m o c r a t ic
as a lr e a d y s t a t e d o f,
I n C o n n e c t ic u t, w h e re h e a ssa ile d th e
p a r t y in its in te rn a l m a n a g e m e n t w a s re o rg a n iz e d a n d
D e m o c r a t ic
M r.
W hat
o f h ig h s t a n d in g , t h e e ffe c t w a s t o c a r r y th e la t t e r in to
T h e D em o
o ffic e b y a p lu r a lity o f 3 ,6 0 0 V o t e s , t h o u g h all t h e r<?6t
H earst
and
his w ish e s
h arm to th e p a rty h as
he b e^ n
e n tir e ly
ig n o r e d .
a b le t o d o ?
c a n d id a t e ,
S im e o n
E.
B a l d w in ,
a ju d g e
c r a tic c a n d id a t e , J o h n A . D i x , is e le c te d b y a p lu r a lity
o f t h e D e m o c r a t ic t ic k e t , w h ic h w a s n e v e r s u p p o s e d
o f a lm o s t 7 0 ,0 0 0 , a n d t h e in d e p e n d e n c e L e a g u e c a n
t o h a v e a g h o s t o f a c h a n c e , w a s d e fe a t e d .
d id a te fo r G o v e r n o r , J o h n J .
c h u s e t ts , w h e re h e c a m e t o t h e s u p p o r t o f his fr ie n d ,
H o p p e r , re c e iv e d o n ly
In M assa
THE CHRONICLE
Nov. 12 1910.]
S e n a t o r L o d g e , a n d w h e re h e d e n o u n c e d t h e D e m o
ered.
c r a t ic c a n d id a t e , E u g e n e N . F o s s , as a s t o c k -jo b b e r ,
go
th e la t t e r r e c e iv e d 3 3 ,0 0 0
1287
W e m a y b e su re t h a t tr u c k lin g to h im w ill n o w
out
o f fa s h io n .
p lu r a lity o v e r th e R e p u b
lic a n c a n d id a t e , E b e n S . D r a p e r , w h o la s t y e a r w a s
e le c te d b y a p lu r a lity o f 7 ,9 3 4 v o t e s .
S o it w a s e v e r y w h e r e th r o u g h o u t th e c o u n t r y .
It
is e v id e n t t h a t th e v o t e r s w ere d e te r m in e d , a n y w a y ,
H e r e in
lies th e g r e a te s t sig n ific a n c e o f t h e w e e k ’s
e le c tio n s .
T h e th r e e g re a t s e lf-s e e k in g p o litic a l a g ita
to rs— R o o s e v e lt,
B ryan
and
r e p u d ia te d a n d r e je c te d .
H ea rst— h ave
all
been
T h e y c a n , th e r e fo r e , s a fe ly
t o d e cla re th e ir o p p o s itio n to th e ra d ica l p o lic ie s w h ic h
b e ig n o r e d a n d w e m a y b e s u r e , t o o , t h a t t h e y w ill b e
th e
le ft o u t o f t h e r e c k o n in g in th e fu tu r e b y t h e p a r t y
R e p u b lic a n
a g a in s t
th e
P a rty
had
R e p u b lic a n
fa th e r e d ;
but
c a n d id a te
th e
w as
v o te
in c re a se d
le a d e r s.
But
w h e re v e r th e la tte r a p p e a r e d fr ie n d ly t o M r . R o o s e
re v e rse d
a
v e lt , o r w h e re t h e p a r t y c o n v e n t io n h a d in s o m e w a y
p re se n t
d e c la r e d a d h e re n ce to M r . R o o s e v e l t o r lik in g fo r his
v o tes
a t t it u d e .
D e m o c r a t ic G o v e r n o r s in to o ffic e in S t a t e s n o w h a v i n g
change
For
T h e resu lt is seen e v e n in S t a t e s w h e re a
of
p o litic a l
in s ta n c e ,
c o n tr o l
th e
d id
not
a c t u a lly
K a n s a s R e p u b lic a n s a t
occu r.
th e
S ta te
P a r t y C o u n cil a t T o p e k a , K a n ., o n A u g . 3 0 h a d s e n t
“ g re e tin g
to
T h eod ore
R o o s e v e lt,
th e
N ew
W o r l d ’s
c h a m p io n o f th e r ig h ts o f m a n in th e w o r ld -o ld c o n te s t
b e tw e e n
sp e c ia l
risin g
h u m a n it y
p r iv ile g e .”
Yet
and
th e
W a lt e r
e n c r o a c h m e n ts
R.
S tu b b s,
th e
p u b lic a n c a n d id a t e , p u lle d th r o u g h o n ly w ith
r a lity
of
about
1 4 ,0 0 0 ,
p lu r a lity w a s 3 4 ,3 0 7 .
w h e re a s
tw o
years
of
R e
a p lu
ago
his
E v id e n t ly r a d ic a lis m is n o t so
r a m p a n t e v e n in K a n s a s as w e h a d b e e n le d to t h in k .
th e
C o n g re ss
in
D e m o c r a t ic
R e p u b lic a n
th e
in to
new
la n d s lid e
m a jo r ity
a
w h ic h
o f 4 7 v o tes
h as
in th e
D e m o c r a t ic m a j o r it y o f 6 0
C o n g r e ss,
and
w h ic h
h as
carried
R e p u b lic a n e x e c u t iv e s , su c h as N e w Y o r k , N e w J e rse y
(W o o d r o w
W ils o n
h a s a p lu r a lity
o f a b o u t 5 0 ,0 0 0 ) ,
C o n n e c t ic u t, M a s s a c h u s e t t s , a n d w h ic h h a s c o n tin u e d
G overn or
H arm on
in
pow er
in
O h io ,
a
n o r m a lly
R e p u b l i c a n S t a t e , is a r e b u k e also to P r e sid e n t T a f t .
H e h as been
th e m o s t c o n s p ic u o u s e x p o n e n t o f th e
R o o s e v e l t p o licies a n d h as u n d e r ta k e n t o c a r r y t h e m
in to
e ffe c t
th ro u gh
le g is la tiv e
a c tio n
by
C o n g r e ss.
H is a d h e r e n c e t o th e R o o s e v e l t p o licies a v a ile d h im
n o th in g .
T h e R e p u b lic a n P a r t y w e n t d o w n to d e fe a t
a ll a lo n g th e lin e .
In I n d ia n a M r . R o o s e v e l t ’s fr ie n d , S e n a t o r B e v e r id g e ,
N o d o u b t th e r e w a s d is s a tis fa c tio n w ith th e T a r iff
a n d fo r w h o m he m a d e a s p e c ia l s p e e c h , h a s b e e n rele
B ill, a n d no d o u b t also th e h ig h c o st o f liv in g s e r v e d
g a te d to p r iv a te life , th e L e g is la tu r e h a v in g a D e m o
to a lie n a te m a n y v o te r s fr o m
c ra tic m a jo r ity o f 3 3 o n jo in t b a llo t .
B u t t h a t is o n ly a s m a ll p a r t o f t h e s t o r y .
o f a ll,
w ent
his p e rso n a l s p o k e s m a n ,
dow n
to
d e fe a t
in
th e
M o s t im p o r t a n t
C on gressm an
O y ster
B ay
C ock s,
d is t r ic t .
N o t o n ly t h a t , b u t in N a s s a u C o u n t y (M r . R o o s e v e l t ’ s
c o u n ty )
M r . S t im s o n ,
R e p u b lic a n
a r y a d h e r e n ts a w a y fr o m th e p a r t y r a n k s .
W e per
s o n a lly k n o w o f a g o o d m a n y R e p u b lic a n s w h o la s t
fo r
sp r in g w h e n t h e y fo u n d t h a t th e F e d e r a l C o r p o r a tio n
M ore th a n th a t,
T a x a p p lie d to s m a ll p r iv a te S t a t e c o r p o r a tio n s , n o t a t
M r.
to w n
all e n g a g e d in in te r -S t a te t r a d e , e x p r e sse d th e ir d e te r
c a n d id a t e
lo s t
th e
c a n d id a t e
T a f t ’ s e n tir e
le g is la tiv e p r o g r a m se r v e d to d r iv e m a n y o f t h e o r d in
G o v e r n o r , w a s le ft in th e m in o r it y .
R o o s e v e lt ’s
th e
t h e R e p u b lic a n r a n k s .
of
O y ster
B a y , a n d e v e n M r . R o o s e v e l t ’s o w n e le c tio n d is tr ic t
m in a tio n
w e n t a g a in s t h im o n th e G o v e r n o r s h ip b y a v o t e o f
y e a r , a n d t o o k o c c a sio n t o m a k e g o o d th e ir w o r d th e
2 1 8 a g a in s t 15 8.
I t h a d all a lo n g b e e n s u p p o s e d t h a t
th e p e o p le o f O y s t e r B a y
g lorified
T h eod ore
R oose
v e lt , a n d p a r tic u la r ly t h a t his o w n im m e d ia te n e ig h
b o rs t o o k e x tr a o r d in a r y p rid e in h im .
I t is a p p a r e n t
p re se n t w e e k .
tors.
m uch
as ch ild re n lo o k a t w ild a n im a ls
T h e ir
v o te
on
t a in ly s h o w s t h a t t h e y
th e
p r e se n t
h e ld in
o c c a s io n
cer
d o n o t e n d o r s e his v ie w s or
e x c u s e his b a d m a n n e r s .
w a s reg a rd e d
d isreg a rd
w ill be
sid e
B e fo r e th e e le c tio n M r . R o o s e v e lt
as a g r e a t p o w e r w h o m
and
w hom
recalled h o w
all
th e
p o litic a l
p ow ers.
T h is
in c lu d e s
m any
s m a ll
in v e s
I n th e la s t a n a ly s is , t h e n , th is w e e k ’s e le c tio n s are
a d e c la r a tio n in fa v o r o f a re tu rn t o th o s e p rin cip le s
under
w h ic h
th e
c o u n try
and
its
b u sin e ss
in te re sts
p r o sp e r e d a n d p r o g r e sse d fo r o v e r a h u n d r e d y e a r s .
A l l th is , o f c o u rse , m a k e s a w o n d e rfu l c h a n g e in th e
p o litic a l s itu a tio n .
am end
L a w , v e s tin g th e C o m m is s io n w it h a r b itr a r y a n d a u t o
t h e y lo o k e d u p o n h im
c a p tiv ity .
T h o u s a n d s o f R e p u b lic a n s , t o o , h a v e
m e n ts m a d e b y C o n g r e ss t o th e I n t e r -S t a t e C o m m e r c e
c r a tic
very
a g a in s t th e R e p u b lic a n tic k e t th is
ta k e n issu e w ith th e ir p a r t y b e c a u s e o f th e
n o w t h a t w h e n t h e y flo c k e d to see h im it w a s b e c a u s e
as a g r e a t u n c a g e d c u r io s ity ,
to v o t e
every
one
no
m u st
fe lt
d u ty
It
th e d e stin ie s o f b o t h th e g re a t p o litic a l p a r tie s .
S in c e
th e clo se o f th e C iv il W a r th e R e p u b lic a n P a r t y h a s,
o n th e w h o le , b e e n m u c h t h e m o r e c o n s e r v a t iv e .
It
th e o th e r
h as t a k e n m u c h less r e a d ily t o w ild a n d erra tic n o tio n s
b o u n d to
th a n
call u p o n h im a t O y s t e r B a y a n d m a k e o b e is a n c e to
a b le
h im .
T h is le a d e r sh ip , w e s h o u ld ju d g e , it w ill b e a b le to
H e w a s c o u r te d e v e r y w h e r e a n d in e v e r y w a y .
E v e r y b o d y s o u g h t to a s c e rta in h is
a n d n o o n e s e e m e d to t h in k it
P r e sid e n t T a f t a t a ll.
w ill
in
co u ld
c o n s u lt .
a fte r h is re tu rn fr o m
le ad ers
one
T h e le sso n sh o u ld b e a s a lu ta r y o n e t o th o s e g u id in g
appear
w hen
it
v ie w s a n d w ish e s,
n e c e ssa r y to co n sid e r
H o w g e n e ra l th e a d u la tio n w a s
is
reca lled
th a t
in
J u ly
th e
to
o p p o s itio n
com m and
p a rty .
r e g a in if M r . T a f t b o w s t o
abandons
th e
It
a 'm a j o r it y
condem ned
of
has
th e
th e r e fo r e
been
p o p u la r
v o te.
th e p o p u la r v e r d ic t a n d
and
co n tem n ed
R o o s e v e lt
p o lic ie s.
even
T h e D e m o c r a t s , o n th e ir p a r t , a lso h a v e a c o m m a n d
G o v . H u g h e s fe lt it in c u m b e n t to m a k e a jo u r n e y to
in
O y s t e r B a y a n d a sk th e fa v o r o f th e g r e a t m a n , s e e k in g
a llo w e d B r y a n t o le a d , o r r a th e r t o m is le a d , t h e m , th e
his a id o n
h im
not
to
b e h a lf o f d ir e c t p r im a r ie s a n d b e s e e c h in g
a ffilia te
w ith
th e
b osses
w ho
o p p o s in g th e H u g h e s le g is la tiv e p r o g r a m .
m u s t b e th e so litu d e o f th e m a n n o w , w ith
had
fa v o r
of
c o n s e r v a t iv e
a c t io n .
So
lo n g
as
th e y
p e o p le w o u ld h a v e n o t h in g to d o w ith t h e m , b u t th e
been
p re se n t y e a r w h e n t h e y b r o u g h t fo r w a r d su c h p illa rs
H o w g re a t
o f e x c e lle n c e as W o o d r o w W ils o n in N e w J e r s e y , D i x in
n o o n e to
N e w Y o r k , F o s s in M a s s a c h u s e t t s , B a ld w in in C o n n e c
d o h im h o m a g e a n y m o r o , fo r h e h a s lo s t his p u ll w ith
tic u t a n d H a r m o n in O h io , t h e y rid e e a s ily t o v i c t o r y .
th e p e o p le a n d n e e d , th e r e fo r e , n o lo n g e r b e c o n s id
T h e P r e sid e n c y t w o y e a r s h e n c e w ill g o t o th e p a r t y
THE CHRONICLE
1288
w h ic h
re c o g n iz e s a n d
h e e d s th e
le s s o n o f T u e s d a y ’ s
[VOL. LXXXXI.
s t a t io n in 3 3 d S t . a t th e in te r se c tio n o f S ix t h A v e . a n d
B r o a d w a y , th e p o in t o f c o n c e n tr a tio n o f tr a v e l k n o w n
e le c t io n s .
a s G r e e le y S q u a r e .
The
m o n th ly
sta te m e n t
o f th e
C opper
P rod u cers’
A t t h is s t a t io n are tic k e t o ffic e s
o f th e E r ic , S u s q u e h a n n a ,
s y lv a n ia
roads,
t h e s a m e sen se t h a t la s t m o n t h ’ s s t a t e m e n t w a s .
“ c e n tr e ”
o f th e h o t e l, s h o p p in g a n d
In
and
L e h ig h V a lle y
A s s o c ia t io n , issu ed th e p r e se n t w e e k , is fa v o r a b le in
o th e r w o r d s , th e re is a n o t h e r r e d u c tio n in th e a c c u m u
tr ic ts o f th is c it y .
la tio n s o f u n s o ld s to c k s o f c o p p e r .
here
is
at
le a s t
and
one
Penn
p r o m in e n t
a m u s e m e n t d is
T h is p a r tic u la r p ie ce o f e x t e n s io n ,
T h e d e c re a se , h o w
a b o u t o n e y e a r in b u ild in g , fin ish es a b o u t e ig h t y e a r s
e v e r , is m u c h s m a lle r t h a n w a s th e d e cre ase fo r S e p
o f w o rk u p o n w h a t a re s o m e tim e s c a lle d th e M c A d o o
t e m b e r , b e in g o n ly 9 ,5 3 1 ,8 0 0 l b s ., a s a g a in st 2 0 , 0 8 7 ,
tu b e s.
531
c o n s u m p tio n
P e n n s y lv a n ia , n e a r ly all t h a t h a s b e e n a c c o m p lis h e d
a n d e x p o r t w e re a g a in la rg e (t h o u g h n o t q u ite u p to
in th e la s t fo u r o r fiv e y e a r s in e n la r g e m e n t o f s t r ic t ly
t h o s e fo r S e p t e m b e r ) ; b u t th e r e is a d is tu r b in g fe a tu r e
lo c a l tr a v e l in th e b o r o u g h o f M a n h a t t a n .
lb s .
d e c re a s e .
The
d e liv e rie s
fo r
D u r in g
in th e fa c t t h a t th e r e w a s a g a in a n in crease in th e o u t
p u t o f th e m e t a l .
W e h a d b e e n g iv e n to u n d e r sta n d
I t fo r m s , t o g e t h e r w it h th e g r e a t w o r k o f th e
th e
P e n n s y lv a n ia
la st
has
decade,
it
expended
is
e s t im a t e d
here
som e
th a t
140
th e
m illio n s
p r a c tic e d .
th e N . Y . C e n tra l a n d N e w H a v e n o v e r 9 0 m illio n s ,
I n s t e a d o f t h a t th e p r o d u c t fo r O c t o b e r re a ch e d 1 2 6 ,
b e sid e s s m a lle r a m o u n ts b y th e o th e r ro a d s fr o m th e
th a t
a
p o lic y
4 6 9 ,2 8 4
in
l b s .,
of
c u r ta ilm e n t
w h ic h
S e p te m b e r,
w as
com p ares
and
is th e
to
w ith
la rg e s t
be
1 1 9 ,5 1 9 ,9 8 3
am ount
lb s .
o f copper
N e w J e r se y sid e o f th e H u d s o n a n d p e r h a p s 7 0 m illio n s
b y th e M c A d o o lin e s.
T h e p recise t o t a l a n d p recise
tu r n e d o u t in a n y m o n t h o n reco rd w ith b u t o n e e x
c o n tr ib u tio n o f th e se v e r a l s y s t e m s to it
c e p tio n .
p o r ta n t in c o n n e c tio n w ith
th e
I n th e fo llo w in g w e fu rn ish a c o m p a r is o n o f
fig u re s o f s t o c k s , p r o d u c tio n a n d d e liv e rie s b o t h
are n o t im
th e p o in t t h a t th is h u g e
o u t la y , a ll d ire c te d u p o n im p r o v e m e n t o f lo c a l t r a v
fo r O c t o b e r a n d th e te n m o n t h s e n d in g w ith O c t o b e r .
e lin g fa c ilitie s, h a s b e e n
------------ October-----------------------Jan. 1 to Oct. 31-------1910.
1909.
1910.
1909.
Stocks beginning period.lbs.148,793,714 151,472,772 141,706,111 122,357,200
Production..................................126,409,284 124,057,709 1,209,429,438 1,165,950,032
Total su p p ly .........................275,262,998 276,130,481 1,351,195,549 1,288,313,298
Deliveries tor—
Domestic consumption . . . 07,814,172 66,359,017 045,030,532 508,674,217
E x p o rt.......................................- 68,186,912 56,201,238 566,903,103 506,129,455
136,001,084 122,620,855 1,211,933,035 1,134,803,672
Stocks end ot period..............139,261,914 153,509,626 139,261,914 153,509,626
th e m a n n e r w h ic h is c h a r a c te r istic o f p r iv a t e c a p ita l,
I t w ill b e o b s e r v e d fr o m th e fo r e g o in g t h a t th e o u t
p u t o f c o p p e r fo r th e te n m o n t h s o f 1 9 1 0 w a s 1 ,2 0 9 ,
0 0 0 ,0 0 0
lb s .
a g a in s t
1 ,1 6 5 ,0 0 0 ,0 0 0
lb s . in th e
co rre
s p o n d in g te n m o n t h s o f la s t y e a r , b u t t h a t th e d e liv
eries
w e re
as a g a in s t
quence
even
la r g e r ,
r e a ch in g
1 , 1 3 5 ,0 0 0 ,0 0 0
l b s .,
1 , 2 1 2 ,0 0 0 ,0 0 0
and
th a t
s t o c k s o f c o p p e r are s m a lle r
w ere a t th e o p e n in g o f th e y e a r .
now
l b s .,
as a c o n se
th a n
th e y
at
1 9 8 ,0 6 5 ,2 8 0 lb s . N o v . 1 1 9 1 0 , a g a in s t 2 1 0 ,4 7 2 ,6 4 0 lb s .
an
o p e r a tin g
u n m is ta k a b le
in
a
fr o m
dem and,
p r iv a te
s e ttle d
s e c t io n .
a n e x is tin g
as
a
c a p ita l in
p o in t
of
The
tr a ffic
and
d e p a r tu r e .
T h e y h a v e h a d in e v e i y in sta n c e a p e r fe c t ly cle ar a n d
sound
id e a
t a n g le d
of w hat
th ey
n o r c o n fu se d
by
w ere
any
u n d e r t a k in g ,
dream
n e ith e r
n o t io n s .
They
h a v e p r o p o se d to m e e t a n d e n la r g e a n e x is tin g n e e d ,
r a th e r
to
c re a te
one
fr o m
th e
b e g in n in g .
T hey
h a v e h a d a c o h e re n t a n d c o n s is te n t p l a n , h a v e carried
o u t c o n s tr u c tio n in a h a r d -h e a d e d y e t b r o a d m a n n e r
a n d h a v e k e p t a t th e m in im u m all in c id e n ta l w a s te s ,
in c lu d in g th e w a s te o f in te re st w h ile th e ir w o rk w a s
n o t in th e p r o d u c tiv e s ta g e .
H e r e is a n o b je c t le s s o n , n o t g iv e n fo r th e first t im e ,
of
th e
c o n tr a s t
b e tw e e n
th e
re su lts
w hen
p r iv a te
c a p ita l d o e s t h in g s , e x p e n d in g in d ir e c t a c c o u n ta b ilit y
to
O c t . 1 a n d 2 4 4 ,2 0 4 ,8 0 0 lb s . J a n . 1.
w hen
p r o je c to r s h a v e s ta r te d
I t is p r o p e r to s a y
t h a t th e fo r e ig n v is ib le s u p p ly h a s a lso d e c r e a s e d , b e in g
le a st
m ade b y
th o se w h o fu r n ish th e m o n e y , a n d
th e r e su lts o f
e x p e n d in g p u b lic fu n d s , u n d e r th e d ir e c tio n o f p e rso n s
T h e s t a t is tic s as r e g a r d s iro n a n d ste e l p r o d u c tio n
are m u c h le ss e n c o u r a g in g , a f a c t , h o w e v e r , w h ic h is
n o t s u r p r is in g , c o n s id e r in g t h a t th e ra ilro a d in d u s t r y ,
th e la rg e s t c o n s u m e r o f iron a n d s te e l, is u n d e r a clo u d
a t p r e s e n t fr o m w h ic h it c a n n o t b e e x p e c te d to e m e rg e
u n til it is k n o w n if th e r a ilro a d s are to b e a llo w e d to m e e t
risin g c o s t o f o p e r a tio n b y a n in cre a se in r a te s.
The
S te e l C o r p o r a tio n h a s th e p r e s e n t w e e k m a d e p u b lic
its r e p o r t o f th e u n fu lfille d o rd e rs o n its b o o k s fo r th e
w h o d o n o t c o n tr ib u te th e fu n d s a n d are n o t u n d e r
a n y fe lt a c c o u n ta b ilit y to a n y b o d y .
th e r e is c o n c e n tr a tio n o f
I n th e o n e case
m e a n s u p o n a d e fin ite e n d
u n d e r s tr ic t r e s p o n s ib ility ; in th e o th e r , th e e n d itse lf
is s o m e w h a t in d e fin ite , th e w o r k is d o n e a t p o litic a l
a n d p e rso n a l c r o s s -p u r p o s e s , a n d th e re is n o b o d y to
e n fo r c e a c c o u n ta b ilit y , b e c a u s e n o b o d y fe e ls th e to u c h
upon
his
ow n
p o c k e t.
The
le sso n
m ig h t
w e ll
be
heeded.
e n d o f O c t o b e r , a n d th is sh o w s a fu r th e r r e d u c tio n in
th e a g g r e g a te o f th e s e o r d e r s , b r in g in g t h e m d o w n to
2 ,8 7 1 ,9 4 9
t o n s , w h ic h c o m p a r e s w ith 3 ,1 5 8 ,1 0 6
to n s
o n S e p t . 3 0 , 3 , 5 3 7 , 1 2 8 t o n s o n A u g . 3 1 , 3 ,9 7 0 ,9 3 1 to n s
o n J u ly
M a r ch
“ Iro n
31,
31
4 ,2 5 7 , 7 9 4
and
A g e ’ s”
to n s Ju n e 3 0 ,
5 ,9 2 7 ,0 3 1
to n s
D ec.
c o m p ila t io n s , g iv in g th e
5 ,4 0 2 ,5 0 4
ton s
31
The
o u t p u t o f p ig
iro n fo r th e m o n t h o f O c t o b e r h a v e also
th e
p re se n t w e e k ,
and
th e y
sh ow
1909.
b e e n issu e d
2 ,0 8 7 ,3 8 5
ton s of
iro n m a d e in th e 3 1 d a y s o f O c t o b e r , a s a g a in s t 2 , 0 5 6 ,
2 7 5 t o n s in th e 3 0 d a y s o f S e p t e m b e r , b u t c o m p a r in g
The
c o n fe re n c e s b e tw e e n
m o r n in g
w as
opened
th e la t e s t , a l
t h o u g h n o t th e fin a l, e x t e n s io n o f th e H u d s o n
R iv e r
tu b e s to 2 8 t h S t . a n d S ix th A v e . a n d t o th e “ c o n c o u r s e ”
L ib e r a ls a n d
m o n t h s , w ith a v ie w to a rr iv in g a t a n a r r a n g e m e n t fo r
m o d ify in g th e v e t o p o w e r o f th e H o u s e o f L o r d s h a v in g
p r o v e d a b o r t iv e , fe a rs w e re e n te r ta in e d y e s t e r d a y t h a t
a g e n e r a l e le c tio n m ig h t b e p r e c ip ita te d a t a n y m o m e n t .
T h e u n e a sin e ss w a s a g g r a v a te d w h e n it b e c a m e k n o w n
th a t
P r e m ie r A s q u it h
had
gone
to
d isc u ss a ffa irs w ith K i n g G e o r g e .
S a n d r in g h a m
to
I t is s t a t e d t h a t o n e
fa c tio n o f th e M in iste ria l P a r t y is d e siro u s o f th r o w in g
iste r fa v o r s a d e la y
T h u rsd ay
B r itis h
d o w n th e g a u n tle t fo r th w it h , b u t t h a t th e P r im e M in
w ith 2 ,5 9 9 ,5 4 1 to n s in O c to b e r la s t y e a r .
On
th e
th e C o n s e r v a tiv e s h e ld d u r in g th e s u m m e r a n d a u t u m n
w h ic h
u n til th e
P a r lia m e n t a r y se s s io n ,
b e g in s n e x t T u e s d a y , is o v e r .
u n c e r ta in tie s
y e sterd a y
w eakened
T h ese
B r itis h
p o litic a l
se c u r itie s,
C o n so ls a g a in fa llin g to 7 8 % , th e lo w p o in t in m o r e th a n
THE CHRONICLE
Nov. 12 1910.]
six ty
years.
T rad e
th r o u g h o u t
G reat
B r it a in
h as
b e e n e x t r e m e ly p r o s p e r o u s th is y e a r , a n d it m a y be
le a d in g
G erm an
fa ir ly a s s u m e d t h a t th e p o w e r fu l m e r c a n tile in te re sts
$ 3 1 ,5 0 0 ,0 0 0 )
se c u r e d
a g ita tio n
at
th is
ju n c t u r e .
The
and
A u s t r ia n
b an k s,
in c lu d in g
th e
R o t h s c h ild s , to t a k e 7 ,0 0 0 ,0 0 0 T u r k is h p o u n d s (a b o u t
a re a v e r s e to th r o w in g th e c o u n t r y in to a s t a t e o f a cu te
p o litic a l
1289
4%
b y th e
bonds
at
84.
The
issu e
c u sto m s reven u es a t
is t o
be
C o n s t a n t in o p le .
s itu a tio n ,
H ig h p o litic s r a th e r t h a n s t r ic t ly fin a n c ia l c o n sid e r a
h o w e v e r , is so in tr ic a t e , a n d th e p r e s e n t p o s itio n o f th e
tio n s p r e s u m a b ly g o v e r n e d th is lo n g -d e la y e d fin a n c in g .
L ib e r a l P a r t y
T h e Y o u n g T u r k s first a p p r o a c h e d P a r is to h a v e th e
in th e L o w e r H o u s e is so a w k w a r d in
r e s p e c t to th e p o w e r s till v e s t e d in th e U p p e r C h a m b e r ,
lo a n u n d e r w r itte n t h e r e , b u t th e F r e n c h G o v e r n m e n t ,
t h a t a n o th e r a p p e a l to th e c o u n t r y m a y b e d e te r m in e d
w h ic h is m o r e a n d m o r e in flu e n c in g t h e in te r n a tio n a l
u p o n a t a ll c o s ts .
a c t iv it ie s o f th e p r in c ip a l F r e n c h b a n k s , in t e r v e n e d ,
a n d b e c a u se s a tis fa c to r y a ssu r a n c e s c o u ld n o t b e o b
T h e $ 5 0 ,0 0 0 ,0 0 0 C h in ese lo a n a w a r d e d to a p o w e r fu l
g r o u p o f A m e r ic a n
h a n d le d
jo i n t ly
by
b a n k e r s a fo r tn ig h t a g o is to be
A m e r ic a n ,
E n g lis h ,
Fren ch
a nd
ta in e d c o n c e rn in g th e use t h a t w o u ld b e m a d e o f th e
fu n d s , n e g o tia tio n s w ere b r o k e n o ff.
L ondon w as n ext
s o u n d e d , a n d S ir E r n e s t C a s s e l, w h o n o w o c c u p ie s a
G e r m a n b a n k s , a n d , a c c o r d in g to c a b le a d v ic e s fro m
v e r y p o w e r fu l p o s itio n in t h e B r itis h fin a n c ia l w o r ld ,
London,
w as
a c c e p te d
as
a u t h o r it a t iv e ,
an
agreem en t
h a s b e e n d r a w n u p p r o v id in g fo r ‘ T h e c o -o p e r a tio n o f
th e sig n a to r ie s
in th e m a t t e r o f fu tu r e lo a n s to
th e
on
th e
a p p a r e n tly
p o in t
th e
of
u n d e r t a k in g
in tim a t io n
cam e
b y th e F r e n c h G o v e r n m e n t .
i n .”
w ere a b a n d o n e d .
and
fin a n c ia lly
th is
la te s t
de
p r o je c t
w hen
F ren ch
d ip lo
m a tic so u rc e s t h a t su c h a c t i o n w o u ld n o t b e w e lc o m e d
C h in e se G o v e r n m e n t a n d m u t u a l p a r tic ip a tio n th e r e
D ip lo m a t ic a lly
th e
fr o m
O n c e a g a in n e g o t ia t io n s
A s e c o n d t im e o v e r t u r e s w e re m a d e
v e lo p m e n t is a t o n c e g r a tif y in g a n d a d v a n ta g e o u s , fo r
to P a r is , a n d j u s t w h e n
it o v e r c o m e s w h a t e v e r je a lo u s ie s m ig h t h a v e b e e n h a r
have
b o r e d a g a in s t o u r b a n k e r s b y E u r o p e a n s , a n d a t th e
e n d e d in th e a b o r t iv e t e r m in a t io n o f th e n e g o t ia t io n s .
b een
v ir t u a l l y
e v e r y t h in g w a s r e p o r te d
s e t t le d ,
a h itc h
o cc u rre d
to
w h ic h
s a m e tim e fa c ilita te s th e ra isin g o f th e la rg e su m ca lled
F r o m u n o ffic ia l so u rce s it w a s le a rn e d t h a t th e T u r k is h
fo r .
G overnm ent
As
fa r as th e
U n ite d
S t a te s
is c o n c e rn e d ,
th e
im p o r ta n c e o f th e lo a n lies in th e c ir c u m s ta n c e t h a t
p roposed
to
sp en d
a la rg e
part
o f th e
p r o c e e d s in th e p u r c h a se o f m ilit a r y su p p lie s in G e r
it a llo w s th is c o u n t r y to p la y a le a d in g p a rt in p r o p a
m a n y , a co u rse w h ic h w a s d is p le a s in g a lik e t o F r a n c e
g a t in g
and
th e fin a n cia l a n d
C h in e se E m p ir e .
of
its k in d ,
to
c o m m e r c ia l
p ro g re ss o f th e
T h e a w a r d in g o f th is lo a n , th e first
A m e r ic a n b a n k e r s , w a s a fit t in g o u t
G reat
B r it a in , a s
n e ig h b o r , R u s s ia .
b e tw e e n
th e se
w e ll
th r e e
la c k o f c o r d ia lity t o w a r d s
iste d b e tw e e n th e t w o -p e o p le s , a frien d lin ess t h a t w a s
have
d e m o n s t r a te d
in p r a c tic a l fo r m
b y S e c r e ta r y H a y in
C h in a ’ s h o u r o f n e e d , b y P r e s id e n t R o o s e v e lt a n d his
to
c o u n t r ie s ,
g r o w th o f th e fr ie n d ly r e la tio n s t h a t h a v e so lo n g tw
g r e a t ly
as
T u rkey’s
n o rth ern
I n d e e d , th e c lo se a llia n c e e x is tin g
in flu e n c e d
and
th e ir
com m on
G e r m a n y , are b e lie v e d
b o th
B r itish b a n k in g in te r e s ts .
th e
F ren ch
and
to
th e
U n d e r th e se c ir c u m s ta n c e s
it w a s n a t u r a l t h a t T u r k e y sh o u ld tu r n to h er a l l y ,
a d v is e r s in r e m itt in g th e B o x e r in d e m n it y , b y S e c re
G e r m a n y , fo r th e m o n e y , w h ic h w a s to b e fo r th e m o s t
t a r y K n o x o n a m o r e r e c e n t o c c a s io n , a n d in o th e r in
p a r t s p e n t th e r e .
s ta n c e s .
fo r e ig n g o v e r n m e n t is s o m e w h a t a k in to N e w Y o r k a s
As
th e
U n ite d
S t a te s
becom es
m ore
and
B e r lin as a le n d e r o f a la rg e s u m to a
m o r e a n a tio n o f m a n u fa c t u r e r s , it w ill b e in c re a sin g ly
th e u n d e rw rite r o f a h u g e C h in e se lo a n , in a s m u c h a s
n e c e s s a r y to fin d p r o fita b le o u t le ts fo r o u r m e r c h a n d is e ,
b o t h c e n tre s a re m o r e a c c u s t o m e d t o b o r r o w in g th a n
a n d th e re is n o m o r e a llu r in g fie ld t h a n t h a t o f th e v a s t
t o le n d in g a b r o a d .
C h in e se E m p ir e ,
p ro q u o c o n sists less o f th e s t r ic t ly b a n k in g p r o fits th a n
n o w s lo w ly e m e r g in g fr o m
O r ie n ta l
I n b o t h c a se s, h o w e v e r ,
th e
q u id
s t a g n a t io n , a n d d e s tin e d , to all h u m a n a p p e a r a n c e s , to
o f th e b e n e fits to a cc ru e fr o m
b e c o m e o n e o f th e g r e a te s t m a r k e ts in th e w o r ld . O th e r
d e a lin g s .
c o u n tr ie s d o in g b u sin e ss w ith C h in a e n j o y p o t e n t a d
y e a r s w o n a n e n v ia b le p la c e in th e in te r n a tio n a l b a n k
v a n t a g e s in th e w a y o f p o s se ssio n s n ea re r th e p rin c i
in g w o r ld , a n d it w ill n o d o u b t b e a b le to h a n d le th is
The
D eu tsch e
th e r e su ltin g b u s in e s s
B ank
has
d u r in g
re c e n t
p a l c o n s u m in g c e n tr e s , to s a y n o th in g o f c lo se b a n k in g
T u rk ish lo a n s u c c e s s fu lly ; b u t it is q u ite c o n c e iv a b le
r e la tio n s , b u t A m e r ic a is t a k in g th e p r o p e r m e a n s to
th at
o ffs e t
is
fr o m e x t e n d in g a ll th e a d d itio n a l a s sista n c e th e Y o u n g
e v e r y re a so n to lo o k fo r w a r d w ith c o n fid e n c e to th e
T u r k s a re lik e ly to n e e d , if t h e y c a r r y o u t th e ir a m
its h a n d ic a p
in
th is
c o n n e c tio n ,
and
th e r e
c ir c u m s ta n c e s
m ay
a rise
to
p reven t
G erm an y
I n c id e n t a lly ,
b itio u s p la n s fo r b u ild in g u p a r m a m e n ts a n d d e v e lo p
th e v o lu n t a r y g r a n tin g o f a sh a re o f th e lo a n to B r it a in ,
in g th e c o u n t r y ’ s a g r ic u ltu r a l a n d in d u stria l r eso u rces
c u lt iv a tio n
F rance
of
and
p r o fita b le
G erm an y
is
in te rc o u rs e .
a
w ise
co n c e ssio n
to
th e
b a n k e r s o f th e s e c o u n tr ie s , a n d w ill p e rh a p s fa c ilita te
th e o p e n in g u p o f C o n tin e n ta l m a r k e ts fo r o u r se c u ri
t ie s , a d e s id e r a tu m n e v e r a b s e n t fr o m th e m in d s o f th e
b a n k e r s u p o n w h o m rests th e r e s p o n s ib ility o f s u p p ly
in g th e e n o r m o u s a m o u n t o f c a p ita l r e q u isite fo r th e
e x t e n s io n o f o u r t r a n s p o r t a t io n s y s t e m s , th e u p b u ild
in g o f o u r g re a t in d u stria l c o r p o r a tio n s , th e d e v e lo p
m e n t o f o u r m in e r a l r e s o u r c e s , a n d th e o th e r e n te rp rise s
in c id e n ta l to th e g r o w th o f a y o u n g a n d v irile c o u n t r y
T h e m o v e m e n t to b rin g a b o u t m o r e fr ie n d ly t r a d e rela
tio n s b e tw e e n C a n a d a a n d th e U n it e d S t a te s is g r a d
u a lly t a k in g c o n c r e te s h a p e .
R e p r e s e n ta tiv e s o f th e se
c o u n trie s,
r e sp e c tiv e g o v e r n m e n t s ,
by
th e
h a v e h e ld a series o f c o n fe re n c e s d u r in g th e la s t w e e k
a t O t t a w a , a s a p r e lim in a r y to a m o r e im p o r t a n t se s
sio n to b e h e ld in W a s h in g t o n n e x t J a n u a r y , w h e n th e
p r a c tic a l p h a se s o f r e c ip r o c ity w ill, it is b e lie v e d , b e
ta k e n
in h a n d .
o ffic ia lly
o f u n lim ite d p o te n tia litie s .
d e le g a te d
The
d e sc rib e d
p r o g r e ss a lr e a d y
by
th e
C a n a d ia n
m ade
is th u s
M in iste r o f
F i
n a n c e , M r . F ie ld in g :
A f t e r m u c h t e r g iv e r s a tio n , T u r k e y h a s su c c e e d e d in
in d u c in g a p o w e rfu l g ro u p o f b a n k e r s to flo a t h er large
lo a n .
th e
O ffic ia l a n n o u n c e m e n t c a m e o n T h u r s d a y t h a t
D eu tsch e
B ank
h as
fo r m e d
a
s y n d ic a te o f
th e
“ T h e c o n fe re n ce b e t w e e n th e r e p r e s e n ta tiv e s o f th e
U n it e d S t a te s a n d C a n a d a o n th e s u b je c t o f im p r o v e d
tra d e r e la tio n s t e r m in a te d t o - d a y .
T h e c o n fe r e n c e b e
g a n o n S a t u r d a y , th e 5 t h in s t ., a n d w a s c o n tin u e d o n
M onday,
T u esd ay
and
T h u rsd ay.
The
w h o le
d is -
THE CHRONICLE
1290
cu ssio n
W h i le
w as
no
of
th e
m ost
c o n c lu s io n
fr a n k a n d
w as
reach ed,
fr ie n d ly
th e
n a tu r e .
grou n d
w as
[VOL. LXXXXI.
v e r y b u r d e n s o m e — in d e e d ,
upon
any
excess
v ir t u a lly
p r o d u c tio n .
p r o h ib itiv e — t a x
T h is
m eant
th a t
th e
cle a re d fo r a fu r th e r c o n fe r e n c e , w h ic h w ill b e h e ld in
A m e r ic a n c o n tr a c ts c o u ld n o t b e filled o n th e o rig in a l
W a s h i n g t o n , p r o b a b ly e a r ly in J a n u a r y .
The m em
b e rs o f th e c o n fe r e n c e , M e s s rs . H o y t , P e p p e r a n d P o s
t e r m s , in a s m u c h as th e t a x w a s g r e a te r th a n th e v a lu e
t e r , r e p r e s e n tin g th e U n it e d S t a t e s , a n d M e ssrs. F ie ld
in g
and
P a tt e r s o n ,
re p r e s e n tin g
Canada,
o f th e p o t a s h .
P r o te s ts
s e p a r a te d
w ere
m ade
by
our
G overn m en t
a g a in s t
w ith th e s tr o n g h o p e t h a t o n th e r e s u m p tio n o f th e^ eo n -
w h a t w a s r e p r e se n te d a s a la w d e sig n e d in o r d in a te ly
fe ren ce a t W a s h in g t o n a n a r r a n g e m e n t ca n b e re a ch e d
to
t h a t w ill p r o v e a c c e p t a b le to p e o p le o n b o t h sid es_of th e
b o u n d a r y li n e .”
The
fo r e g o in g
w as
s u p p le m e n t e d
by
M r.
P e p p e r,
r e p r e s e n tin g th e A m e r ic a n m e m b e r s o f th e co n feren ce
as fo llo w s :
"W e
le a v e O t t a w a fe e lin g t h a t th e o u t lo o k is g o o d
fo r a su c c e s s fu l issu e o f th e n e g o tia tio n s w h e n t h e y are
resu m ed a t W a s h in g to n .
W e h a v e a p p r e c ia t e d !v e r y
ta x
com m erce
ta g e s g a in e d b y
w ith
A m e r ic a
A m e r ic a n
tr a c ts e n te r e d in to
and
d e s tr o y
advan
m a n u fa c tu r e r s u n d e r c o n
b e fo r e th e la w w a s p r o m u lg a te d .
T h a t th is is o n e resu lt o f th e la w c a n n o t b e d is p u t e d ;
b u t G e r m a n y c o n t e n d s , a n d a t le a st w ith su p e rfic ia l
accu racy,
th at
th e
m e a su re
does
n o t sin g le
out
th e
U n it e d S t a te s fo r d is c r im in a to r y t r e a t m e n t , b u t a p p lie s
t o a ll p a r tie s in te r e s te d in th e in d u s t r y .
“ A re we not
m u c h th e c o rd ia l m a n n e r in w h ic h w e h a v e b e e n re
e n title d to r e g u la te o u r o w n m in e s ? ” is, in e ffe c t, th e
c e iv e d in C a n a d a , a n d th e fr a n k a n d fr ie n d ly sp irit in
r e jo in d e r .
w h ic h th e C a n a d ia n n e g o tia to r s h a v e m e t us.|r|H o w
e v e r , w e c a n n o t m a k e a s t a t e m e n t a s to a n y c o n c lu sio n s
w h ic h
have
been
rea ch e d
b ecau se
th ere
have
been
T e c h n ic a lly
and
th e o r e tic a lly
G erm an y
w o u ld a p p e a r to b e e n t itle d to p a ss w h a t e v e r la w s sh e
p le a se s d e a lin g w ith
th e p r o d u c in g o f p o ta s h o r a n y
o th e r c o m m o d it y ; b u t o n th is o c c a sio n th e fa c t c a n n o t
n o n e .”
b e se r io u sly d is p u te d b y B e r lin t h a t th e s t a t u t e n o w
“ T h e t im e h a s a r r iv e d w h e n ,u n d e r th e t e r m s o f th e
r e se n te d w a s d r a w n u p fo r th e p u r p o s e ,
in te r a lia , o f
A m e r ic a n ta r iff la w , its m a x i m u m p r o v is io n s w ill h a v e
n u llify in g th e im p o r t a n t c o n tr a c ts b e tw e e n in d e p e n d
to g o in to e ffe c t; in th is r e s p e c t, it is p o in te d o u t , th e
e n t m in e r s a n d
la w is a u t o m a tic a s w e ll as m a n d a t o r y .”
A m e r ic a n
im p o r te r s .
T h e p le a t h a t
T h is a la r m
th e G e r m a n G o v e r n m e n t w a s d e siro u s o f p r e v e n t in g
ist s t a t e m e n t w a s c o n ta in e d in a d is p a tc h fr o m B e r lin
th e t o o -r a p id d e p le tio n o f th e d e p o s its m a y b e g r a n t e d ;
c o v e r in g
yet
an
in te r v ie w
w ith
M.
H.
D a v is ,
th e
com
it
cannot
be
d e n ie d
th a t
th e
m a n u fa c tu r e r s
m e r c ia l a d v is e r o f o u r S t a t e D e p a r t m e n t , o n th e dis
w h o fin d th eir p r o fita b le c o n tr a c ts sp o ile d h a v e e v e r y
p u te t h a t h a s d r a g g e d a lo n g fo r m o n t h s o v e r .t h e te r m s
re a so n t o feel c h a g rin e d a n d
o n w h ich p o ta s h m a y b e e x p o r t e d to th e U n it e d S t a t e s .
m e n t w a s ju s tifie d
The
red ress.
in tim a t io n
t h a t a ta r iff w a r w ith
G erm a n y had
t h a t th e S t a t e
in m a k in g e v e r y
effo r t
D ep a rt
to secu re
a p p r e h e n sio n s
W e are n o t c o n v in c e d , h o w e v e r , t h a t th e s itu a tio n
in th e b u s in e s s w o r ld , e s p e c ia lly as th e o ffic ia l here
d e m a n d s so d r a stic a rep risal as th e in s titu tio n o f th e
q u o t e d r e p r e s e n te d , a c c o r d in g to th e c a b le d is p a t c h e s ,
m a x im u m
t h a t P r e s id e n t T a f t
m e r c h a n d ise
becom e
u n a v o id a b le
m a tu m .
p lic a te d
n a t u r a lly
c o u ld
e x c it e d
n o t a v e r t issu in g a n u lti
B u t a n e x a m in a t io n o f th e s o m e w h a t c o m
fa c ts
cre a te s
th e
im p r e s s io n
th a t
an
open
t a lia tio n
m ay
ta riff u p o n th e im p o r t a t io n o f all k in d s o f
is
fr o m
as
th e
a
G erm an
t w o -e d g e d
E m p ir e .
sw o rd .
Such
P r e sid e n t
w e ll h e sita te to use it a t th is ju n c t u r e ,
re
T a ft
fo r his
r u p tu r e b e tw e e n th e tw o g o v e r n m e n ts m a y , a n d cer
A d m in is t r a tio n a lr e a d y h a s its h a n d s fu ll a n d its m in d
t a in ly s h o u ld , b e re n d e re d u n n e c e s s a r y b y th e ex e rcise
s u ffic ie n tly p e r p le x e d
o f t a c t a n d m u t u a l c o n c ilia tio n .
in te re st a n d m o r e g e n e r a l im p o r t a n c e .
I t w o u ld b e as te d io u s to n a r r a te th e d e ta ils o f th e
co n trov ersy
as it is d iffic u lt to s u m m a r iz e
th e fa c ts
c o n tr a c ts — a lth o u g h
th a t
term ,
by
p r o b le m s o f m o r e in tim a t e
it is n o t q u ite
in a sm u c h
as
th e
T h e “ b rok en ”
c o r r e c t to
c o n tr a c ts
a p p ly
are s t a t e d
to
w ith o u t a p p e a r in g to g iv e a o n e -s id e d v ie w o f th e c a se .
h a v e s t ip u la te d t h a t “ a n y g o v e r n m e n t c h a rg e s sh o u ld
B r ie fly a n d b r o a d ly , G e r m a n y o w n s th e m o s t v a lu a b le
lik e w ise
p o ta s h
th e A m e r ic a n p a r tie s to t h e m fr o m im p o r tin g su p p lie s
m in e s
in
th e w o r ld , a n d is th e
p o r te r o f th e s a lt
to th e
p rin c ip a l e x
U n ite d S t a t e s , w h e re large
q u a n t it ie s are u se d in c h e m ic a l p r o c e s s e s , p a r tic u la r ly
on
be
th e
fr o m
born e
sam e
by
te r m s
W a sh in g to n
th e
as
th at
b u y e r ” — w ill
th e ir
th e
not
c o m p e t it o r s .
G erm an
prevent
A d v ic e s
A m b a ssa d o r has
G er
a p p r o a c h e d S e c r e ta r y K n o x to a v o id a n o p e n ru p tu r e
m a n y fo r c o n tr o llin g th e m a r k e t , d o m e s tic a n d e x p o r t ,
e n c o u ra g e th e h o p e t h a t th e d is p u te w ill b e s e ttle d on
b u t so p le n t ifu l w a s th e s u p p ly t h a t in d e p e n d e n t p ro
a fa ir , b u sin e sslik e b a s is .
fo r fe r tiliz e r p u r p o s e s .
A
s y n d ic a t e
e x is te d
in
d u c e rs s p r a n g u p a n d u n d e r s o ld th e s y n d ic a te m e m b e r s
so fr e e ly t h a t th e s y n d ic a t e d is s o lv e d .
can
im p o r te r s
took
a d v a n ta g e
T h e r e s u m p tio n o f th e flo ta tio n o f g o v e r n m e n t lo a n s
C e r ta in A m e r i
of
th e
r e su ltin g
in L o n d o n , illu s tr a te d b y la rg e issu es b y N e w Z e a la n d
lo n g -te r m
a n d G re e c e , se r v e s as a r e m in d e r t h a t L o n d o n m u s t
c o n tr a c ts w ith o n e o r m o r e in flu e n tia l m in in g in te re sts
a lw a y s b e p r e p a r e d n o t m e r e ly to s u p p ly g o ld to h er
o n , o f c o u r s e , a t t r a c t iv e t e r m s .
d e p e n d e n c ie s
d e m o r a liz a tio n
to
d is c o v e r in g t h a t
m ake
th e
very
A m e r ic a n
e x t e n s iv e
O th e r p r o d u c e r s, o n
dem and
fo r y e a r s to
S to ck
c o m e h a d b e e n to a large e x t e n t m e t a t lo w p rices,
any
b e g a n to a g ita te fo r a c h a n g e in th e s t a t u s ; th e e x p o r ts
th e r e fo r e ,
and
to th is c o u n tr y a p p r o x im a t e o n e -h a lf th e to t a l fo re ig n
e ffe c tiv e
s h ip m e n t s .
a
w hen
th e
T h e q u e s tio n w a s d ip lo m a tic a lly s h e lv e d
tw o
n e g o t ia t io n s ,
g o v e r n m e n ts
but
la s t
M ay,
w ere
a fte r
c o n d u c tin g
G erm an y
ta riff
had
in
every
th a t
m eans
fo r tn ig h t
tie s
and
to
E xchange,
has
th e
to
q u a r te r
th e
to
her ow n
w it h s ta n d
of
B ank
th e
of
b u ttr e s s
B a n k ’s
im p r o v e d
$ 6 ,9 0 0 ,0 0 0
fin a n ce
but
fu lly
5%
g lo b e .
E n g la n d
its
ratio
T rea su ry
dem ands
of
It
re so u rc e s.
reserv e
th r o u g h
an
is
has
to
and
fr o m
w e ll,
ta k e n
W ith in
lia b ili
in crease
of
in b u llio n a n d a r e d u c tio n o f $ 1 7 ,3 6 5 ,0 0 0
d u c e d o u r G o v e r n m e n t to e x t e n d to h er o u r m in im u m
in lo a n s .
ta r iff
d id in 1 9 0 9 , 1 9 0 8 a n d 1 9 0 4 . ,<|Low c h a r g e s fo r a c c o m
s c h e d u le s ,
la tin g th e p o ta s h
th e
R e ic h s t a g
p a s s e d a n A c t regu
o u t p u t : (in c lu d in g a n
a llo tm e n t o f
q u a n t it y a m o n g th e o p e r a t in g m in e s ) a n d im p o s in g a
T h e in s tit u tio n still, carries less g o ld th an - it
m o d a t io n a re , th e r e fo r e , re g a r d e d as u n lik e ly d u r in g
th e b a la n c e o f th e y e a r .
A t th is w e e k ’ s s t o c k m a r k e t
THE CHRONICLE
1Toy. 12 1910.]
s e t t le m e n t th e
c o n t a n g o r a te o n A m e r ic a n se c u ritie s
We
1391
m ig h t a d d
t h a t th e
N ew
Y ork
a u th o r itie s h a v e
w a s n o t le ss th a n 6 % , w h ile o th e r S t o c k E x c h a n g e lo a n s
b e e n t o le r a t in g fa r to o m u c h in te rfe re n c e w ith th e lib
w ere
erty
m ade
at
5 j^ % .
S in ce
a d v a n c e d t o th e b a s is o f 4 % %
o th e r
of
la rg e
m oney
fo re ig n
m ay
lo a n s
e a s ily
th en
d is c o u n ts
have
fo r 6 0 -d a y b ills , a n d if
have
to
in cre a se
be
m e t , t h e v a lu e
a p p r e c ia b ly .
of
of
o f F ran ce
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no
se rio u s
is r e p o r te d
London
to
at
con sequ en ce.
be a v e r s e to
p r e s e n t,
c itiz e n
la w le ssn e ss
by
b re e d s
m en
a
on
s tr ik e .
c o n te m p t
T o le r a n c e
fo r
c o n s titu te d
Y ester
The
Bank
s e n d in g m o re
a lth o u g h
th e
a u t h o r it y w h ic h is a p t to b e a r u g ly fr u it.
d a y ’ s ru n o n th e B ir k b e c k B a n k w a s p u r e ly a lo c a l
in c id e n t
of
th is
w eek’s
T h e B a n k o f E n g la n d fo r th e se c o n d w e e k in su c c e s
sio n w a s a b le to rep o rt a d e c id e d im p r o v e m e n t in its
m e ta llic
re so u rc e s a n d
a r e d u c tio n
in
its
lo a n s .
It
a g a in s e c u r e d , a t th e m in im u m p r ic e , th e b u lk o f th e
s t a t e m e n t d is c lo s e s a n o m in a l g a in in th e a m o u n t on
n e w S o u t h A fr ic a n g o ld o ffe red in th e o p e n m a r k e t ,
h a n d a s w e ll a s t h e e x t r a o r d in a r y r e d u c tio n o f $ 1 2 3 ,
and
0 0 0 ,0 0 0
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and
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£ 4 4 3 ,4 0 5
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c h a rg e d
F o re ig n
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w e re
s m a ll
in
London
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and
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th e
net
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The
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b y no less th a n £ 1 , 3 0 2 , 0 9 3 , b r in g in g th e c u r ta ilm e n t fo r
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m ig h t h a v e le d to th e d e c la r a tio n o f a 6 %
sh o r t a p e rio d .
B a n k r a te .
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A s it is, th e 5 % ra te s h o u ld s u ffic e p r o v id e d th e fo reign
079)
and
£ 7 7 2 ,0 0 7 , w h ile c ir c u la tio n , w h ich a w e e k a g o in cre ase d
d o m e s tic
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v o lu m e a n d th e e x c h a n g e s r e m a in in L o n d o n ’ s fa v o r .
£ 8 5 7 ,0 5 5 , d e cre a se d £ 4 3 6 ,0 8 6 .
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c o m b in e d to raise th e ra tio o f reserv e to lia b ilitie s fr o m
S o u th
A fr ic a
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4 9 .1 1 %
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tru e ,
o u tp u t
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of
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m eta l
re a ch e d 6 5 3 ,1 4 7
in
th e
T ran svaal
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m o n th
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th e
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to ta l
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L a x it y
T h e s e v a r io u s c h a n g e s
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J an u ary.
th a t
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Our
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T h e d e ta ils
B ank
U n ite d S t a te s b y o th e r n a t io n s , a n d th e la te s t c o m
of
p la in t , p u t fo r w a rd b y M e x ic o in c o n s e q u e n c e o f th e
as fo llo w s :
r e p o r te d ly n c h in g o n N o v . 3 o f A n t o n io R o d r ig u e z , a
op en m a r k e t);
M e x ic a n , a t R o c k S p r in g s , T e x a s , h a s b e e n fo llo w e d b y
P e ru
a r e g r e tta b le a n t i-A m e r ic a n d e m o n s t r a tio n in th e C ity
£ 2 5 4 ,0 0 0
o f M e x ic o .
th e S t a t e
tin;
m ovem ent
in to
and
out
I m p o r t s , £ 7 5 8 ,0 0 0
and
ex p o rts, £ 6 1 ,0 0 0
£ 1 0 ,0 0 0
net to
to
of
th e
(o f w h ic h £ 5 1 , 0 0 0 to
E g y p t),
and
s h ip m e n t s
of
th e in te rio r o f G r e a t B r it a in .
A m b a s s a d o r W i ls o n o n T h u r s d a y in fo r m e d
D e p a rtm e n t th a t he h ad
p r o te s te d
to
th e
F o r e ig n d isc o u n t ra te s are b e in g in flu e n c e d b y im
M e x ic a n D e p a r t m e n t o f F o r e ig n R e la t io n s b e c a u se o f
p e n d in g
in su lts a g a in s t A m e r ic a n s o n th e p r e v io u s d a y , w h e n
n a tu r a l fo r r a te s to m a n ife s t firm n e ss a s th e
“ th e p o lic e s t o o d b y id ly w h ile th e S ta r s a n d S tr ip e s
w e e k s o f th e y e a r a p p r o a c h .
w ere b e in g in s u lte d ” b y a d is o rd e r ly m o b .
B ank
On W ed
n e s d a y e v e n in g tw o M e x ic a n s t u d e n t s a n d a M e x ic a n
not
London;
se r v e o r d e r , a n d n o fe w e r th a n 2 1 7 p e rso n s w ere arres*
stiffe n e d
ted .
q u o ted
A m e r ic a n
C o n s u l-G e n e r a l in
M e x ic o
C it y ,
G o v e r n m e n t * lo a n s
of
m a g n itu d e ,
The
and
g r e a t ly
it
is
clo sin g
im p r o v e d
o f E n g la n d s t a t e m e n t issu ed o n T h u r s d a y did
o n lo o k e r w ere k ille d b y th e p o lic e in a t t e m p t in g t o p r e
The
w ere
(w h o lly b o u g h t in th e
b r in g
about
a
lo w e rin g
of
p r iv a te
d is c o u n ts
in
o n th e c o n tr a r y , th e m a r k e t h a s sin ce th e n
a p p r e c ia b ly ,
at 4 % %
u n til
to -d a y
a n d 9 0 -d a y
6 0 -d a y
b ills a t 4
y2%
b ills
are
b o th
fo r
A r n o ld F r a n k lin , r e p o r ts t h a t th e s t u d e n t s p a r a d e d th e
sp o t and
s tr e e ts s h o u t in g “ D e a t h to A m e r ic a n s ,” a n d th r e a te n e d
v e r y lo w r a te s w o u ld n o t b e w e lc o m e d b y th e B a n k
th e C o n s u la t e , w h ile t h e y a lso p u lle d d o w n a n A m e r ic a n
b e c a u s e o f th e e ffe ct u p o n th e in te r n a tio n a l e x c h a n g e s .
fla g fr o m a b u sin e ss h o u s e , t r a m p le d it a n d to r e it to
T h e d e cisio n o f G e r m a n a n d A u s t r ia n b a n k s to flo a t
p ie c e s .
th e
S in c e
th e n
th e
M e x ic a n
a u th o r itie s
have
to
som ew h at
se n tim e n t is s till r u ffle d .
m a t t e r is b e in g
As
w a s e x p la in e d
m u c h -d is c u s s e d T u r k is h
r e sto re d o r d e r , a t le a s t t e m p o r a r ily , a lth o u g h p u b lic
T h e Avhole
a rr iv e .
h ig h e r
lo a n h a s b r o u g h t
q u o t a t io n s
fo r
m oney
th a t
m ent
s u b s ta n tia l
I lc ic h s b a n k
e x p e c te d t h a t th e M e x ic a n G o v e r n m e n t , w h ich w a s in
r a d ic a l c u r ta ilm e n t in lo a n s a n d n o te c ir c u la tio n .
in crease
in
ago,
about
B e r lin ,
n o t w it h s ta n d in g
a
w eek’s
at
in v e s tig a te d b y th e W a s h in g t o n a u th o r itie s , a n d it is
sh o w e d
th is
a w eek
sta te
ca sh
and
a
Spot
n o w a y in v o lv e d in th e o u t b r e a k , w ill p r o m p t l y m a k e
b ills are n o t n o w n e g o tia b le b e lo w 4 % % , w h ile b ills to
am en ds.
a rriv e
A t th e s a m e t im e M e x ic o is lik e ly to d e m a n d
re p a r a tio n fo r th e o u tr a g e a lleg ed to
p e tr a te d
at
R ock
S p r in g s .
The
h ave been per
to
w ith in
}/±
of
1%
of
th e
P a ris is lik e w ise d isc u ssin g
th e
th e
p r o b a b ility
o f d e a re r m o n e y , a lth o u g h h e re also
tin ;
B ank
a b le
h is to r y
of
G overn m en t
of
advanced
b a r b a r ic c r im e o f ly n c h in g a t th is s ta g e o f A m e r ic a ’ s
is a d isg ra ce t h a t e v e r y
c o n tin u a n c e
have
o ffic ia l m in im u m o f 5 % .
official],
fu lly
w as
th is
$ 4 0 ,0 0 0 ,0 0 0
in
w eek
n o te
to
record
c irc u la tio n
a
d e cre a se
and
no
less
So
fa r
th e
F e d e r a l a n d S t a t e , s h o u ld s tra in e v e r y n e r v e to w ip j'
th a n
o u t.
d is c o u n t ra te h a s n o t m o v e d u p w a r d s , th e figure b e in g
I t c a n s c a r c e ly b e g a in s a id t h a t t o o m u c h l e n i
$ 8 2 ,0 0 0 ,0 0 0
2% % .
e n c y h as fr e q u e n t ly b e e n e x te n d e d to la w le s s m o b s ifi
still
the; p a s t 'a n d
b e lo w
t h a t th e
resu lts h a v e b e e n
d e p lo r a b le .
la st
in
b ills
A m ste rd a m
w eek’s
r a te
d is c o u n te d .
has
of
4
ruled
M %.
easy
at
B r u sse ls,
a
shad e
on
th e
THE CHRONICLE
1292
o th e r h a n d , s e n d s a h ig h e r q u o t a t io n — 4 % % .
w ere no
w eek,
c h a n g e s in E u r o p e a n
n o r is a n y
T here
b a n k r a te s d u r in g th e
a d van ce th re a te n e d
at
any
o f th e
[V o ii. LXXXXI.
m a d e w ith s a f e t y .
of
exchange
F ir s t , as to
a g a in s t
new
th e c a u se :
secu ritie s
D r a w in g
r e c e n tly
p la c e d
a b r o a d , t h e s e a s o n a b le in cre ase in c o m m o d it y e x p o r t s ,
t h e r e h a b ilita tio n o f th e B a n k o f E n g la n d ’ s r e se r v e , a n d
p r in c ip a l p o in ts .
r e n e w e d b o r r o w in g in P a ris a n d L o n d o n b y o u r b a n k e r s ,
M oney
lias
been
e a sie r
to
borrow
on
h ig h -g r a d e
a re
all e n u m e r a te d
T h ose
c o n t a n g o rate in L o n d o n o f 6 @ 6 % % , a d is c o u n t r a te
o ffer
o f a s h ig h as 4 % % , s o m e se llin g o f A m e r ic a n s t o c k s
in g s reflect g r e a te r c o n fid e n c e b y th e b a n k s in th e o u t
a n d a n e a sier fe e lin g in o u r o w n m o n e y m a r k e t m a y
th a t
le n d s
its e lf
o p t im is t ic a lly
lo o k
th e
c o lla te r a l sin ce
to
v a r io u s
in c lin e d
th e
e le c tio n ,
in te r p r e ta t io n s .
c o n te n d
th a t
th e
fre er
fo r s t a p le fin a n cia l c o n d itio n s ; o th e r s c la im th a t
m oney
is
c o m in g
fr o m
very
w h e re th e r e is n o d e sire to
in flu e n tia l
sources
in v e s t it in se cu ritie s or
be
c ite d .
in flu e n c e s
H ow
N ew
have
Y ork
not
d e p re ss r a te s .
But
E xchange
s tiffe n in g
a s c o n t r ib u t in g to
a fa c t
S to ck
w ill
been
r e m it
w a n t in g — a
th e p r o c e e d s
o f its sh a re o f th e C h in ese lo a n is n o t y e t k n o w n ; a m o n g
e x c h a n g e e x p e r ts
h ere th e
fe e lin g
is t h a t n e a r ly
th e
o f b u s in e s s o rg a n iz a tio n s .
w h o le issue w ill c o n sist o f ste r lin g b o n d s a n d t h a t th e
T h e m o n e y b ro k e rs s a y t h a t c e r ta in la rg e le n d e r s, n o t
A m e r ic a n su b s c r ip tio n s w ill b e c o m p a r a t iv e ly s m a ll, a
b a n k s , are w illin g to re le a se a g r e a t d e a l o f cash a t
d e d u c tio n s t im u la t e d b y
s lig h t ly b e lo w th e g e n e r a l m a r k e t r a te s , p r o v id e d th e
w ith th e p r in c ip a l E u r o p e a n b a n k e r s .
u tiliz e
it in
th e e x t e n s io n
s e c u r ity s u p p lie d b e in a c c o r d a n c e w ith th e sp e cifica
tio n s la id d o w n b y th e le n d e r s .
T h ere h as, h ow ever,
b e e n o n l y lim ite d a b s o r p tio n o f th is m o n e y .
sin ce
b u s in e s s w a s
resu m ed
on W ed n esd ay
In d e e d ,
m o r n in g ,
th e sh a r in g o f th e flo t a t io n
T u r n in g to th e e ffe c t o f lo w e x c h a n g e r a te s , th e r e
has
been
a
d is p o s itio n ,
m ore
e s p e c ia lly
in
E x c h a n g e circ le s, to d iscu ss g o ld im p o r t s .
S to ck
M uch h as
b e e n sa id o f th e c h e a p n e ss o f m o n e y in P a r is a s c o n
th e d e m a n d fo r c o lla te r a l lo a n s o f a n y k in d h a s b een
tr a s te d w ith its v a lu e h e r e , a n d th e o ff-h a n d d e d u c t io n
n o t a b l y lig h t , th e o n l y e x c e p t io n , a n u n im p o r t a n t o n e ,
h a s b e e n d r a w n t h a t a n in flo w fr o m
b e in g a fa ir in q u ir y fo r fu n d s to m a t u r e im m e d ia te ly
b e n a t u r a l.
a fte r
t h a t , t h o u g h e x c h a n g e q u o t a t io n s are n o t v e r y fa r fr o m
th e
m arket
n ew
has
year.
th e
The
con sequ en ce
appearan ce
of
b e in g
is
t h a t th e
t h a t c ity w o u ld
B a n k e r s are less h o p e f u l.
T h e y e x p la in
o v e r s u p p lie d ,
th e b a sis o f g o ld im p o r ts fr o m P a ris a n d L o n d o n , a n y
w h e re a s th e e x c e s s o ffe r in g s are m o r e a p p a r e n t th a n
a t t e m p t to e n g a g e th e m e t a l w o u ld in all p r o b a b ilit y
r e a l, a s w o u ld n o d o u b t b e q u ic k ly d e m o n s t r a te d w ere
e x c ite im m e d ia te a n d e m p h a t ic h o s t ilit y .
th e s t o c k m a r k e t to
c e n tr e s arc n o w p r e p a r in g to h a n d le la rg e g o v e r n m e n t
b o r r o w in g
by
p o s itio n
of
and
know n
th e
b ro a d e n so as to
brok ers.
th e
J u d g in g
C le a r in g -H o u s e
m o v em en ts
in v o lv e a c tiv e
fr o m
banks
of
th e
la s t
c u rr e n c y
d isc lo se d
S a tu rd a y
sin ce
th e n ,
t o - d a y ’ s w e e k ly s t a t e m e n t is a g a in lik e ly to s h o w th e
n e e d fo r care in e x t e n d in g c o m m it m e n t s , a lth o u g h it
is p o s s ib le t h a t
th e d is p a r ity b e tw e e n lo a n s a n d d e
p o s its w ill o n t h is o c c a s io n b e m o d ifie d in s te a d o f, as
T h e q u o t a t io n s fo r t im e lo a n s , a fte r h a v in g to u c h e d
5% %
fo r GO d a y s a n d 5 % %
b a s is :
fo r 9 0 d a y s , clo se o n th e
O v e r -t h e -y e a r
and
GO
days,
5% ;
9 0 d a y s , 4 % @ 4 % % ; fo u r , fiv e a n d s ix m o n t h s , 4 % @
4% % .
C all m o n e y lo a n e d o n M o n d a y a t th e p r e v io u s
m a x im u m fo r th e s e a s o n , 4 % % , b u t a fte r th e e le c tio n
t h a t fig u re w a s n o t a g a in r e a c h e d . T h e t o p o n W e d n e sd a y
w as 4 % %
th e
and
range
m ade
w as
on T h u rsd a y 4 3 4 % ,
3% >%
at 3 % % .
At
w e re p la c e d a t 3 %
to
4% ,
th e
th e
w h ile y e s t e r d a y
final
lo a n
b e in g
clo se o n m o s t d a y s b a la n c e s
o r le ss.
T h e a v e r a g e ru lin g rate
fo r th e w e ek h a s b e e n 4 3 4 % .
C o m m e r c ia l p a p e r , e v e n
o f th e b est q u a li t y , is n o w so p le n tifu l a n d th e c o m
p e titio n to p la c e it is so k e e n t h a t a lo w e r r a te th a n
6%
is
s e ld o m
o b t a in a b le
by
d raw ers.
The
erratic
flu c tu a tio n s o n th e S t o c k E x c h a n g e , h o w e v e r , a re e x
p e c te d , if t h e y c o n tin u e , to r e d o u n d a d v a n ta g e o u s ly
t o th e m e r c a n tile p a p e r m a r k e t .
T h e o u t p u t o f b ills
o f all g ra d e s c o n tin u e s o n a sc a le th a t c a n n o t b e e a sily
coped
w ith
by
fin a n c ia l in s tit u tio n s
in th e ir p rese n t
lo a n e d -u p s t a t e ; h e n c e firm q u o t a t io n s are m a in ta in e d
fo r b o t h s in g le -n a m e b ills >and r e c e iv a b le s .
th e
m ands
c u s to m a r y
fo r
e n d -o f -t h e -y e a r
a c c o m m o d a tio n
are
m e r c a n tile
a p p r o a c h in g ,
de
and
r a th e r th a n p a r t w ith g o ld , E u r o p e a n s w o u ld p r o b a b ly
liq u id a te
part
of
th e ir
h o ld in g s
of
our
s e c u r itie s .
T h a t , at all e v e n t s , is th e b e s t o p in io n h e r e .
C om p ared
w ith
F r id a y
of
la st
w eek,
ste r lin g
ex
c h a n g e o n S a t u r d a y w a s w e a k e r , w ith GO d a y s q u o t e d
a t 4 8 2 @ 4 8 2 1 0 , d e m a n d a t 4 8 5 7 5 @ 4 S 5 8 5 a n d c a b le
d u r in g a s e rie s o f re c e n t w e e k s , in te n sifie d .
f o llo w in g
lo a n s ,
E urop ean
T h e range
tr a n sfe rs a t 4 8 6 3 5 @ 4 8 G 4 0 .
D e m a n d b r o k e to 4 8 5 5 5
@ 4 85G 0 o n M o n d a y , c a b le tra n sfe rs to 4 8 6 1 0 @ 4 8G 15
and
GO
days
to
4 8 1 7 0 @ 4 8175.
On
W ed n esd ay
d e m a n d re c o v e r e d to 4 8 5 7 0 ® 4 8 5 7 5 , c a b le tra n s fe r s
t o 4 8 6 1 5 @ 4 8 G 2 5 , b u t GO d a y s fe ll to 4 8 1 6 5 @ 4 8 1 7 5 .
On
T h u rsd ay
c a b le
dem and
tra n sfe rs
to
4 8 1 6 0 @ 4 8170.
dem and
fa llin g
d e c lin e d
to
4 8 6 0 5 @ 4 8615
4 8 5 5 0 ® 4 8560,
and
GO
days
to
O n F r id a y w e a k n e ss a g a in p r e v a ile d ,
b e lo w
4 8534
an(l
c a b le
tr a n sfe rs
to
4 8G.
The
fo llo w in g
sh ow s
th e
d a ily
p o sted
r a te s
fo r
ste r lin g e x c h a n g e b y s o m e o f th e le a d in g d r a w e r s.
F rt., M on., Tues., Wed., Thurs., F rl.,
Nov. ‘1 Nov. 7 Nov. 8 Nov. 9 Nov. 10 Nov. 11
82 34
8234 82 34 8634
82 34
Brown
/ 60 days 4 83
8034
8634 8234
Bras. & Co..............ISIght-- 4 87
8034
34
8234 8034 82
82 34
Kidder, Pea/ 60 days 4 83
8634 8234 8634
8634
body & Co................\S lg h t.. 4 87
8234
8234 87
8234
Bank of British
/60 days 4 83
87
87
87
North America___ ISIght-. I 87
8234 8234
Bank of
/ 60 days 4 82 34 8 2 34 HOLI 8234
8034
8034
Montreal................- - \S lg h t.. 4 8634 86 34 DAY. 8634
8234 8234 8234
Canadian Bank
/ 60 days 4 8234 82 34
8034
8634
8034
of Commerce---------ISIght.. 4 8634 8034
8234 8234 8234
8234
Heldelbach, Ickcl/60days 4 83
8634 8634 8634
8034
hclmer & Co---------- IS Ight.. 4 87
82
82
82
Lazard
/ 60 days 4 82 34 82
80
80
80
Frercs ....... ...............\S lg h t.. 4 86 34 80
8234 8234 8234
8234
Merchants’ Bank
160 days 4 83
8634 8034 8034
8634
of Canada------------- IS Ig h t.. 4 87
T h e m a r k e t c lo se d o n F r id a y a t 4 8 1 3 0 @ 4 8 1 4 0 fo r
is 5 % ® G %
f ° r p r im e fo u r to s ix m o n t h s ’ s in g le n a m e s ,
GO
G3 4 @ 6 3 4 %
f ° r lcss d e sira b le b ills a n d 5 3 4 @ 6 %
4 8 6 0 5 fo r c a b le s .
C o m m e r c ia l o n b a n k s w a s q u o t e d
at 4 8 0 34 @ 4 8 0 %
a n d d o c u m e n t s fo r p a y m e n t 4 8 1 %
fo r GO
to 9 0 d a y s ’ e n d o r s e d b ills r e c e iv a b le .
d ays,
@ 4 8134.
D e m a n d ste r lin g h a v in g fa lle n t h is w e e k to a m in i
4 8 5 4 0 @ 4 8550
fo r
dem and
and
4 8G @
C o t t o n fo r p a y m e n t ra n g e d fr o m 4 8 0 % @
4 8 1 , g ra in for p a y m e n t fr o m 4 8 1 % @ 4 8 1 % .
m u m o f 4 8 5 J 4 , a n d c a b le t r a n s fe r s to 4 8 6 , c u rio sity
has
been
s e q u e l.
a ro u se d
In
as
n e ith e r
to
case
th e
can
ca u se
and
p o s itiv e
th e
p o ssib le
sta te m e n ts
be
T h e fo llo w in g g iv e s th e w e e k ’ s m o v e m e n t o f m o n e y
t o a n d fr o m th e in te rio r b y th e N e w Y o r k b a n k s .
THE CHRONICLE
N ot. 12 1910.]
Net Interior
Received by Shipped by
N . Y . Banks. N . Y . Banks. Movement.
$0,481,000 *4,820,000 Gain *1,601,000
117,000
1,074,000 Gain
G o ld .................. .......................................
1,191,000
37,672,000 $5,894,000 Gain *1,778,000
Week ending Nov. 11 1910.
W ith
th e S u b -T r e a s u r y o p e r a tio n s th e resu lt is as
p iv o t a l S t a t e s lik e N e w Y o r k , N e w J e r s e y , C o n n e c t i
c u t,
I n d ia n a
Net Change in
Out of
Into
Bank Holdings.
Banks.
Week ending Nov. 11 1910
Banks.
Banka’ interior movement, as above. $7,672,000 $5,894,000 Gain *1,778,000
Sub-Treasury operations___________ 28,100,000 29,700,000 Loss 1,600,000
Total gold and legal tenders____ *35.772,000 $35,594,000 Gain $178,000
and
M a s s a c h u s e tts
sh o u ld
have
sw u n g
o v e r , in m o s t case s b y g re a t m a jo r itie s , t o th e D e m o
c r a ts , a n d t h a t su c h R e p u b lic a n s tr o n g h o ld s a s I o w a
and
P e n n s y lv a n ia
been
fo llo w s .
1393
in
sh o u ld
d o u b t — so
a c t u a lly
h e a v ily
fo r
w e re
a
t im e
th e ir
have
R e p u b lic a n
p lu ra litie s im p a ir e d — are o cc u r re n c e s n e v e r w it n e s s e d
s a v e in th e fa c e o f p o litic a l r e v o lu tio n s o f w id e p r o p o r
t io n s .
The
H ou se
of
r e m a r k a b le
fa c t
th a t
R e p r e s e n ta tiv e s p lu r a lity
th e
R e p u b lic a n
h a s d is a p p e a r e d ,
t h a t th e D e m o c r a t s w ill c o n tr o l it in th e n e x t C o n g r e ss
T h e fo llo w in g t a b le in d ic a te s th e a m o u n t o f b u llio n
in th e p r in c ip a l E u r o p e a n b a n k s .___________________________
Nov. 11 1909.
Nov. 10 1910.
Banks of
Total.
Gold.
Silver.
Total.
Qold. | Silver.
£
£
£
£
£
£
32,698,865 33,203,498
33,203,498
32,698,865
England.. 132,140,080
33,243,480 165,383,560 144,048,240 357680,760 179.729.000
France
..
47,318,300 35,207,100 11,343,150 46,550,250
Germany . 34,706,700 12,611,600
146,587,000 6.302.000 152,889,000 139,255,000 6.922.000 146.177.000
Russia—
Aus.-IIun. 55.242.000 11.817.000 67.059.000 57.321.000 11,822,000 69.143.000
46.847.000 16.080.000 30,700,000 46.786.000
Spain----- 16.382.000 30.465.000
Italy----- 38.815.000 3.415.000 42.230.000 38.382.000 4.100.000 42.482.000
Netherl’ds 10.234.000 1,701,500 11,935,500 10.523.000 2,731,300 13,254,300
Nat. Belg. 5,341,333 2,670,667 8,012,000 4,234,667 2,117,333 6.352.000
Sweden .. 4.457.000
4.457.000 4.377.000
4.377.000
6.255.000 4.978.000
Switzerl’d 6.255.000
4.978.000
Norway.. 2.021.000
1.895.000
2.021.000 1.895.000
Total week 484,879,978 102,226,247 587,106,225 489,604,505 105,422,543 594,927,048
Prov'week 484,076,583 102,403,277 586,479,860 487,850,224 105,816,813 593,607,037
p o litic a l
la n d s lid e
su c h
as
It
is p a r tic u la r ly so in
m a j o r it y t o e ig h t , p u t th e c o n c lu s iv e se a l a s a m a t t e r
o f h is to r y o n th e e v e n t .
It
w ill
in e v it a b ly
stan ces,
w h e th e r
c ir c u m s ta n c e s
be
a
asked ,
p o litic a l
c o n sid e r e d ,
is
under
su c h
la n d s lid e ,
a
good
c ir c u m
all
p r e se n t
t h in g
fo r
th e
n a tio n a l w e lfa r e o r n o t .
T h e S t o c k E x c h a n g e , w h e re
p rices b r o k e
th e
v o te ,
r a p id ly
on
tw o
days
fo llo w in g
a p p e a r e d to reg ister a n e g a t iv e o p in io n .
th e
T h is
m a y h a v e b e e n b e c a u se o f th e in v e s t m e n t c o m m u n i t y ’ s
m e d ia t e ly
th a t
of
T u esd ay
a lw a y s , a n d n e c e s s a r ily , a h isto ric e v e n t in
p o litic s .
th e S e n a t e , t h r o u g h c a p tu r e o f v a r io u s S t a t e le g is la
tu r e s , w ill c u t d o w n th e A d m in is t r a t io n p a r t y ’ s S e n a te
t r a d it io n a l d islik e t o u n c e r ta in ty , o r p e r h a p s m o r e i m
THE ELECTIONS.
A
b y a p lu r a lity o f 5 2 , a n d t h a t th e ir p r o s p e c tiv e g a in s in
th e
is
n a t io n a l
U n it e d
S ta te s,
a
re a c tio n
o v e r -d is c o u n t in g
D e m o c r a tic
of
v ic t o r y
fr o m
all
th e
som ew h at
p o ssib le
d u r in g
good
th e
e x c e s s iv e
r e su lts
of
a
th re e o r fo u r w e e k s
b e fo re e le c tio n .
b e c a u s e , w h ile a n E n g lis h g e n e r a l e l e c t io n , fo r e x a m
The
fa m ilia r
a r g u m e n t, a n d
one
w h ic h
has
been
p le , is a p t to b e s u d d e n ly a n d u n e x p e c t e d ly b r o u g h t
r e p e a te d ly u se d to reassure W a l l S tr e e t as th e p r o s p e c t
a b o u t b y th e M in is tr y ’ s d e fe a t in P a r lia m e n t o n s o m e
of
sin g le g r e a t q u e s tio n o f th e d a y — a d e fe a t w h ic h m a y
w ith
reflect o n ly m o m e n t a r y c h a n g e in th e p u b lic m o o d —
m a jo r ity ,
th e
at
second
p a ssa g e
r a d ic a l
or
reason ,
in th e
re g u la r
sta te d
recu rre n ce
in te r v a ls ,
of
m akes
A m e r ic a n
su c h
e le c tio n s ,
in s ta n ta n e o u s
o f j u d g m e n t o n a sin gle q u e s tio n ra r e ly p r a c tic a b le .
N ot
o n ly
engage
w ill
th e
s e p a r a te d
m any
a tt e n t io n
p o litic a l
of
th e
c o n s titu e n c ie s ,
issu es
v oters
c o m b in e
in
our
to
w id e ly
b u t p o litic a l s y m p a t h ie s o f
th e A m e r ic a n p u b lic a s a w h o le c h a n g e s lo w ly .
O n ce
D e m o c r a t ic
a
su cce ss g re w
D e m o c r a tic
and
a
m ore
d e fin ite ,
a
R e p u b lic a n
H ou se,
R e p u b lic a n
C o n g r e ss
w o u ld ,
p a r tis a n
in
P r e s id e n t,
e ffe c t,
le g is la tio n .
lig h t o f
la s t
it
is
tru e ,
been
S e n a te
th e
S ix ty -
d e a d lo c k e d
T here
T u e sd a y ’s
c o n c lu d e t h a t th is in fe re n ce w a s
have,
be
w as th a t
is
no
e le c tio n s ,
u n w a r r a n te d .
su g g e s tio n s
of
su c h
to
good
to
T here
a llia n c e
b e t w e e n th e D e m o c r a t s a n d th e in s u r g e n t R e p u b lic a n s
in th e S e n a te a s w o u ld g iv e to th e r e s u lta n t C o n g r e s
fix e d , a n d fix e d o n g ro u n d s s a tis fa c to r y to t h e m s e lv e s ,
sio n a l c o a litio n t h e
th e ir
fo r
th is it m u s t b e s a id , fir st, t h a t su c h a n a llia n ce is m o s t
v e r y lo n g t i m e , so fa r as m a jo r itie s are c o n c e r n e d ,
u n lik e ly e x c e p t o n th e b a sis o f m o d e r a te a n d c o n s e r v a
a
to
s y m p a t h ie s
a g iv e n
are
p a rty .
apt
to
a tta c h
t h e m s e lv e s
R e p u b lic a n c o n tr o l o f th e H o u s e
o f R e p r e s e n t a t iv e s w a s v ir t u a lly u n c h a lle n g e d b e tw e e n
1860
and
1874.
B e tw e e n
t iv e le g is la tio n ;
c o n tr o l o v e r le g is la tio n .
s e c o n d , t h a t in a n y
B u t of
case th e
P resi
d e n t ’ s v e t o is a n e a s y p o s s ib ilit y .
1 8 7 4 a n d 1 8 9 4 , w ith b r ie f
B e y o n d e v e n t h a t , p o litic a l t r a d itio n is e x c e e d in g ly
a n d m o r e o r less ca su a l in te r r u p tio n s , th e D e m o c r a t s
s t r o n g to th e e ffe c t t h a t a p a r t y r e g a in in g p o w e r in th e
h e ld c o n tr o l.
c o u n c ils
S in c e
been
1894
C o n g r e ss
has
fo r th o s e
in fr e q u e n t b u t
p o p u la r a tt itu d e
q u ite
are
R e p u b lic a n
u n d is p u t e d .
su p rem a cy
in
o f th e
n a tio n
is o n
its
g o o d b e h a v io r .
In
rea son s
t h a t r e sp e c t o u r tr a d itio n s are fa r m o r e r e a ssu r in g th a n
fu n d a m e n t a l c h a n g e s in th e
th o s e o f E n g lis h p o litic s , a n d p e r h a p s b e c a u se o f th e
fa m ilia r to
The
every o n e ;
b u t th e
v e r y c ir c u m s ta n c e s a lr e a d y o u tlin e d — t h a t an* E n g lis h
in fe re n ce fr o m su c h a r e tro s p e ct m u s t b e t h a t o n ly th e
p a rty
a c tu a l s tir r in g o f th e d e p th s o f p o litic a l s e n t im e n t in
th a t
th is c o u n t r y c a n m a k e p o s s ib le a p o litic a l la n d s lid e o f
p le d g e s ,
r e a lly r e v o lu tio n a r y c h a r a c te r .
c o n s titu e n ts t u r n
it o u t o f p o w e r a g a in ; w h e re a s an
A m e r ic a n
r e -s e a te d
■
S u c h a n e v e n t , a n d su ch re v e rsa l o f p u b lic s e n t im e n t ,
w as
c e r ta in ly
had,
in d e e d ,
sp r in g
w itn e s s e d
been
in
la s t
a b u n d a n t ly
b y e -e le c t io n s
in
th e
T u esd ay’s
fo r e s h a d o w e d .
B r o o k lin e
D is t r ic t o f M a s s a c h u s e tts a n d th e
of N ew Y o rk ;
M a in e ;
even
p a r ty ’s
th e
r e v o lt
of
p rim a rie s
in
W e ste rn
how ever
p a rty ,
o n ce
P a r lia m e n t
redeem
h a s t ily
or
ra sh ly
in
in e v it a b ly
a ll
its
m ade,
c o n t r o l,
fe e ls
a n t e -e le c t io n
b e fo re
its
is a w a re t h a t
The
m o s t d a n g e ro u s h a n d ic a p w h ile it is still u n d e r tria l
C o n g r e s s io n a l
R e p u b lic a n s
S ta te s,
at
d is tu r b a n c e o f th e p u b lic c o n fid e n c e a n d se r e n ity is a
R o c h e s te r D is t r ic t
in s u r g e n t
c o n tr o l o f
m u st
It
th e S e p te m b e r v o t e s o f V e r m o n t a n d
at
th e
v o te .
g a in in g
it
w ere
b e fo r e th e p u b lic e y e .
w itn e ss
to
th e
fa c t
O u r o w n p a s t p o lit ic a l h is to r y is
th a t
o n ly
a ft e r
lo n g
te n u r e
of
p o w e r , a n d w h e n co n fid e n ce is c r e a te d in th e im p r e g
n a b ilit y
of
its e le c to r a l p o s itio n ,
w h o le g r o w re c k le ss.
does
a p a rty
as
a
W h e n it d o e s t h is , or w h e n , a s in
w e a th e r -s ig n s w h ic h s h o w e d t h a t fa c to r s o f m o r e t h a n
th e u n h a p p y
u su a l
tio n , it is e q u a lly th e t e s t im o n y o f o u r h is to r y t h a t th e
p o ten cy ,
and
of
w o rk b e lo w th e s u r fa c e .
n a tio n -w id e
scop e,
w e re
at
T h e re su lts o f la s t T u e s d a y ’ s
v o t in g w e r e ’su c h a s th e se p re lim in a rie s in d ic a te d . T h a t
v o t in g p u b lic
days of
1894,
it is c a p tu r e d
by
a fa c
m e r e ly a w a its th e e a r lie st o p p o r t u n it y
to d isc ip lin e t h a t p a r t y .
THE CHRONICLE
1394
[VOL. LXXXXI.
I f th is t r a d it io n b e a c c e p t e d , it a p p e a r s to us t h a t
p o s s ib ly w o r th w h ile to s u g g e st th e v e r y lo n g d ista n c e
o f m a jo r itie s , th e sig n s o f rev ersio n
w h ic h e x is ts b e tw e e n su ch p o lic y o f se c lu sio n a n d th e
Tuesday’s s h ift in g
t o th e m in o r it y p a r t y o n th e p a r t o f m e n w h o h a d lo n g
a d o p t io n o f s la n g y a n d v it u p e r a tiv e
d e s e r te d it t h r o u g h m is t r u s t , a n d in p a r tic u la r th e rise
th e c h a r a c te r c o m m o n ly
o f s t a t e s m e n o f d ig n it y a n d c o n s e r v a tis m t o th e g re a t
as
p la c e s o n th e p a r t y ’ s e le c to r a l t ic k e t , are sig n s o f th e
P r e s id e n tia l c h a ir .
h ig h e s t p r o m is e .
e x a m p le ,
P e o p le are a p t to o v e r lo o k , d u r in g
“ m u d -s lin g in g ,”
th a t
a
know n
c a m p a ig n in g , o f
in A m e r ic a n
p r e v io u s
p o litic s
by
a
No
one has ever d em an d ed ,
P r e s id e n t,
at
occu p an t
th e
end
of
of
his
fo r
te r m
su c h lo n g in te r v a ls as th o s e in w h ic h th e D e m o c r a t ic
o f o ffic e , sh o u ld see k th e
p a r t y w a s p r o s c r ib e d — first b y its a tt itu d e d u r in g th e
n o lo n g e r e n g a g e in a c t i v e b u s in e s s .
C iv il W a r ;
o f a r e tu rn to e v e r y -d a y p u r su its b y a p r e v io u s o c c u p a n t
of
th e
m ay
t h e n , m a n y y e a r s la te r , b y its a c c e p ta n c e
B ryan
be
d e lu s io n — t h a t
a h aven
p ow er,
th e
o u t la w e d
o f s a fe t y
very
by
fa c t
o f p o litic a l d a n g e r s .
so
th a t
re s p o n s ib le
w h ile
th e
lo n g
one
a s it r e m a in s in
p a rty
v o ters
o th e r p a r ty
is
cr e a te s
p o litic a lly
th e
g r e a te s t
I n a n y c o u n t r y s a v e th e U n it e d
r e tir e m e n t o f o ld
th e
a ge
and
B u t th e a p p r o v a l
o f th e W h i t e H o u s e w o u ld su r e ly n o t in v o lv e a p p r o v a l
o f h is e n g a g in g in q u e s tio n a b le b u sin e ss s c h e m e s o r in
p r a c tic e b e fo r e t h e d iv o r c e c o u r ts .
T h e line w h ic h is
d r a w n a s to h is p r iv a te b u sin e ss is a lso d r a w n a s to
his p u b lic c o n d u c t .
As
S t a t e s , a n d c o n c e iv a b ly u n d e r c e r ta in c ir c u m s ta n c e s in
fo r
th e
O s s a w a t a m ie
program
of
tw o
m o n th s
th e U n it e d S t a t e s its e lf, th e n o t illo g ic a l s e q u e l w o u ld
a g o , all t h a t is n e c e ssa r y n o w to s a y is t h a t th e p e o p le
b e th e c a p tu r e o f t h a t p a r t y b y th e fo rces o f d isc o n
la s t
t e n t , w h o th e r e b y m ig h t th e m s e lv e s g a in u n re str a in e d
a g a in s t s e lf-a p p o in t e d
p o litic a l d ic ta to r s a n d
c o n tr o l
r e a d y -m a d e
r e v e r sin g
of
g o v e rn m e n t.
T h is
is
th e
fo r e m o s t
rea
T u esd ay
d e c la r e d
p la n s
fo r
w ith
u n m is t a k a b le
e m p h a s is
a g a in s t
c o n s titu tio n a l
prece
s o n , in th e m in d s o f p o litic a l th in k e r s , fo r a p p la u d in g
d e n t o v e r n ig h t .
a n y c h a n g e w h ic h rescu es o n e o f th e t w o g re a t p a rtie s
o th e r p u b lic s a re , to ta k e c o u n s e l,
fr o m
e v e n a t tim e s d e n u n c ia tio n , a n d it w ill t a k e t h e m
an
a b n o r m a l p o s itio n o f th e s o r t ,
and
restores
T h e A m e r ic a n p u b lic is r e a d y , a s fe w
a d v ic e , c r itic is m ,
in
t h a t e q u a l b a la n c e in th e c o u n t r y ’ s p o litic s w h ic h a lo n e
g o o d p a r t if o ffe red in d u e a cc o rd a n c e w ith th e p r o
p r o te c t s
p rieties
us
fr o m
th e
excesses
of
dem agogues
and
of
p u b lic
life .
But
to
be
to ld im p e r io u s ly
w h a t th e p e o p le as a w h o le m u s t d o ;
c o r r u p tio n is ts .
W e h a v e t h u s fa r a d v e r te d to g e n e ra l p o litic a l c o n
th at
a p r iv a te
c itiz e n
to b e a ssu re d
w ill c o m p e l th e ir a d o p tio n
of
T h e r e r e m a in s , in s u m m in g u p th e resu lts
m e a su re s in v o lv in g fu n d a m e n t a l c h a n g e s in o u r p u b lic
o f th is w e e k ’ s e le c tio n s , o n e o th e r c o n s id e r a tio n w h ic h
p o lic y , a n d to liste n p a t ie n tly to a n o r a to r w h o , w h ile
c a n n o t b e ig n o r e d — th e p e r s o n a lity o f M r . R o o s e v e l t .
p r o p o s in g su c h v a s t s c h e m e s fo r his o w n p a r t y ’ s in s ta n
H o w la rg e a p a r t t h a t p e r s o n a lity a c t u a lly p la y e d in
ta n e o u s a d o p tio n ,
th e v o t e s o f T u e s d a y is n o d o u b t u n c e r ta in .
T h a t it
a c t , th e e le c te d le a d e r o f t h a t p a r t y , is s o m e th in g , w e
h a d a c o n s id e r a b le h a n d in re su lts in s o m e c o n s titu e n
are c o n v in c e d , w h ic h t h e A m e r ic a n p u b lic is n o t r e a d y
cies is u n q u e s tio n a b le .
to t o le r a te , a n d w h ic h it is q u ite u n lik e ly t h a t it w ill
s id e r a tio n s .
so
c u r io u s ly
n o t io n
th a t
I n d e e d , th e r esu lts h a v e b e e n
d is tr ib u te d
a
good
as
part
to
of
g iv e
th e
w a r ra n t
v o t in g
fo r
p u b lic
th e
had
d is t in c t ly in m in d th e r e b u k in g o f c e r ta in recen t a c tio n s
on M r. R o o se v e lt’ s p a r t.
w hom
he
stu m p
p e r s o n a lly
of
Io w a
T h e fa c t t h a t th e c a n d id a te s
and
and
a c t iv e ly
I n d ia n a
s u p p o r te d
w ent
dow n
in
on
b e fo rc e d to
ig n o r in g , b y
w ord
and
c o n fr o n t a g a in .
THE COMMERCE COMMISSION AND HIGHER
RATES.
A
th e
d e fe a t ,
p e rsists in
d e c isio n
ju s t
handed
dow n
by
th e
I n t e r -S t a t e
C o m m e r c e C o m m is s io n in a g ro u p o f ca se s in vo lv in g -
w h ile th e c a n d id a t e s , su c h a s D i x , F o s s , B a ld w in a n d
advances
H a rm o n , at w h o m
a g o w ill b e c a r e fu lly s t u d ie d w ith a v ie w t o se e in g if it
h e h u rle d su c h a b u s e as is ra re ly
h e a rd o n th e A m e r ic a n
h u s tin g s , w ere t r iu m p h a n t ly
But
q u it e
a sid e
fr o m
th e
a c tu a l
figu res
of
th e
v o t e , it a p p e a r s to u s e n tir e ly r e a s o n a b le to su p p o se
t h a t th e p e o p le ,
re g iste r
th e ir
a m o n g o th e r p u r p o s e s , in te n d e d
v o te
of
d is a p p r o v a l
a g a in s t
an
to
ex
P r e s id e n t in d u lg in g in v io le n t a n d u n s e e m ly p e rso n a l
c a m p a ig n in g ,
b e fo r e
th e
a n d a g a in s t a p r iv a t e citize n th r u s tin g
co u n try
a
program
o f ra d ic a l le g is la tio n ,
d e c la r in g , E a s t a n d W e s t , w h a t h e h im s e lf p r o p o se d
to
do
in
fo r c in g
th is
le g is la tio n
on
th e
p e o p le , a n d
ra ilro a d
r a te s
in
th e
S o u th
tw o
years
th r o w s a n y lig h t o n th e p r o b a b le a c tio n o f th e C o m
m issio n
e le c t e d , b e a rs a c o n c lu s io n o f its o w n .
in
in th e n u m e r o u s
c o n sid e r in g , a n d
w h ic h
rate
deal
cases w h ic h
w ith
it is n o w
c o n t e m p la t e d
ad
v a n c e s in r a te s in v a r io u s p a r ts o f th e U n it e d S t a t e s .
In
th e
p r e se n t
e sta b lish e d
la w
by
in sta n c e
lo n g
b e fo r e
th e
th e
h ig h e r
sc h e d u le s
e n a c tm e n t
of
w ere
th e
1910
C o n g ress e x te n d in g th e p o w e rs o f th e C o m
m is s io n , a n d th e r e fo r e th e C o m m is s io n h a d n o a u t h o r it y
to h o ld
th e a d v a n c e s in a b e y a n c e ; c o n s e q u e n tly th e
carriers d id n o t lose th e a d d e d r e v e n u e s re p r e se n te d
by
th e
advances
d u r in g
th e
p e rio d
in
w h ich
th e
a s s u m in g , w ith s t u d ie d affront, to th e P r e s id e n t ch ose n
C o m m is s io n h e ld th e m a t t e r u n d e r in v e s tig a tio n a n d
by
a d v is e m e n t .
th e
p e o p le ,
heeded.
th a t
h is
ow n
v o ic e
m u st
a lo n e
be
N o t o n ly w a s it r e a s o n a b le to e x p e c t a v o t e
T h is w a s fo r tu n a te ,
fo r tw o y e a r s a n d
th re e m o n t h s h a v e e la p se d sin ce th e h ig h e r rates w e n t
o f cen su re o n su c h c o n d u c t b y th e p e o p le , b u t it se e m s
in to e ffe c t o n A u g u s t 1 1 9 0 8 , a n d th e ju d g m e n t o f th e
to u s t h a t w e s h o u ld s h o w v e r y s c a n t r esp e ct to th e
C o m m is s io n
p o litic a l
r e a so n a b le
in te llig e n c e
p o s s ib le fo r t h e m
of
A m e r ic a n s
a r e s t r o n g in th is m a t t e r
o f t h in g s ,
is su c h
we
b e lie v e d
to fa c e th e q u e s tio n o th e r w ise .
h a s b e e n u r g e d b y p e o p le w h o se
p eram en t
if
th at
b e e x p e c te d
th a t
he
to
it
It
p e rs o n a l s y m p a t h ie s
M r.
c o u ld
R o o se v e lt’s te m
n o t,
in
th e
m a tter goes
is
th a t
u n d u ly
to
sh ow ,
th e y
are
not
d is c r im in a to r y .
how ever,
w hat
u n ju s t ,
The
an
un
w h o le
e le m e n t
of
in ju s tic e is in v o lv e d in le tt in g th e C o m m is s io n su sp e n d
a d v a n c e s in r a te s , as it n o w h a s th e rig h t to d o .
A
n a tu r e
w it h d r a w fr o m th e th e a tr e
now
or
fa ir a m o u n t o f c o m fo r t for th e fu tu r e ca n fa ir ly
b e d e d u c e d fr o m
c e rta in p a r ts o f th e o p in io n o f th e
o f a c t iv e e v e n t s a n d sit as a “ s a g e ” w ith fo ld e d h a n d s
C o m m is s io n , a n d t h a t is t h e p o in t o f g r e a te s t im p o r ta n c e
w h ile
a t th is ju n c t u r e .
p o litic a l
b a t t le s
w ore
in
p rogress.
T h is
v ie w
o f th e c a s e , so fa r as it g o e s , is c o rre c t e n o u g h ; b u t it is
in
th e
T h r e e case's w ere g r o u p e d to g e th e r
p r e se n t j u d g m e n t ,
th e s u b s ta n tiv e
m atter
of
Nov. 12 1910.]
THE CHRONICLE
each being based upon advances (effective August 1
1908) on articles included in classes B, C, D ; and F,
fresh m eats, grain and hay, grain products and
packing-house products from Ohio and Mississippi
River crossings to certain destinations in the territories
embraced by the Southeastern Freight Association and
the Southeastern Mississippi Valley Association. The
titles of the three cases were A. P. Morgan Grain Co.,
et al, vs. Atlantic Coast Line Railroad Co. et al;
Railroad Commission of Alabamaa vs. Louisville &
Nashville Railroad Co. et al, and Railroad Commission
of Georgia vs. Atlantic Coast Line Railroad Co.
et al.
For the purpose of deciding the questions raised by
these cases, the Commission thought it sufficient to
consider the advanced rates to Atlanta and Birming
ham alone, as these were the destination points most
frequently referred to throughout the investigation,
and the rates to other destinations are based upon or
adjusted with relation to the rates to these cities.
Furthermore, the allegation in the complaint of the
Railroad Commission of Alabama of undue discrimina
tion against places in Alabama rested upon the adjust
ment of rates between the two points named.
The opinion is by Commissioner Cockrell, and it is
assuring in the first case to have him say that while
the advances affect commodities of prime utility and
daily necessity, the rates themselves are the things
for consideration, and the question is not whether
such rates are the result of a reduction or of an advance,
but whether the rates themselves are unjust, un
reasonable and unlawful. A rate that has been
reduced, it is observed, may still be too high, and
one that has been advanced might, conceivably be
too low.
It is also gratifying to find the Commission giving
consideration to the character of the service required.
The most of the articles embraced under the classes
of freight discussed are regarded by the carriers, it is
pointed out, as time freight—that is as freight that
must be moved promptly in order to serve the public,
as well as to avoid claims for damage in transit. Grain,
milled or unmilled, we are told, is liable to damage
from heat and moisture; fresh meats and packing-house
products move on fast schedules in refrigerator cars,
the refrigeration being free, and the return haul fre
quently being empty. Most of the wheat and much
of the corn, it is stated, is milled in transit without
extra charge for the privilege and the loss and damage
claims in these classes, even under normal conditions,
are higher than the average of such claims on all
commodities.
Another matter urged upon the attention of the
Commission and to which it gave consideration was
the increased taxation which the carriers have to bear
and the' increases which have occurred in the prices
of materials and labor. In these respects the present
cases run directly parallel with the general advances in
rates all over the country which the Commission is
now investigating; in these also the higher price of
labor, owing to advances in wages, is assigned as the
main reason for the higher freight schedules proposed.
It was urged, of course, on behalf of the complainants
in this instance, just as it is being urged by shippers in
the larger and general hearings now taking place, that
the greater efficiency of labor and engines and the
greater carrying capacity of the equipment more than
1395
counterbalanced the increases in cost referred to—
hence, that even though the net profit per ton-mile
had decreased, still the total profit to the carriers
was more than ample under the law .
Inquiry established the fact that taking as a basis
the actual movement through the various Ohio and
Mississippi River crossings during the calendar year
1907, the advances in rates involved an aggregate
increase in freight charges in the case of the classes
of freight affected in amount of $589,359. The
Commission reaches the conclusion that, considering
either the rates themselves or the specific advances
which have resulted in the sam e— considering them
with respect to the revenues of the carriers—there is
nothing to indicate that such rates are excessive,
unjust or unreasonable.
The parties to the action had contended, just as is
being contended in the larger cases now under consider
ation, that the advances which formed the subject m atter
of the complaints were only a part of a general advance
made or to be made in the freight rates throughout the
South. That situation was pointed to as furnishing
a reason, and an opportunity, for restrictive action
by the Commission. The carriers on their part
contended that in view of the necessity of a general
advance and the practical difficulties surrounding the
subject, the selection of these particular commodities
to initiate the advance was merely a matter of ex
pediency. The Commission was not unmindful of
the situation thus placed before it. Its report, how ever,
the opinion takes pains to state, “is confined to the
specific matters now in issue and is not to be construed
as extending beyond them or as indicating in any
degree approval of other or further advances in rates/'
W hat is particularly gratifying is to find the Com
mission looking at the m atter from the broad stand
point of its bearing upon the prosperity and develop
ment of the South, and to have it repeat what was
said in the case of the City of Spokane vs. Northern
Pacific Railway Co., namely that “it is of first import
ance that our railway service should be efficient, for
just in proportion as it is inadequate, industry must
suffer and commerce languish." The Commission
also quotes with approval the following statem ent
made by the late Justice Brewer when on the Circuit
Bench.
“Compensation implies three things: Paym ent of
cost of service, interest on bonds, and then some
dividend. Cost of service implies skilled labor, the
best appliances, keeping of the roadbed and the cars
and machinery and other appliahees in perfect order
and repair. The obligation of the carrier to the
passenger and the shipper requires all these. They
are not matters which the carriers can dispense with,
or matters whose cost can by them be fixed. They
may not employ poor engineers, whose wages would
be low, but must employ competent engineers, and
pay the price needed to obtain them. The same rule
obtains as to engines, machinery, roadbed, <fcc., and
it may be doubted whether even the legislature, with
all its power, is competent to relieve railroad com
panies, whose means of transportation are attended
with so much danger, from the full performance of this
obligation to the public. The fixed charges are the
interest on the bonds. This must be paid, for other
wise foreclosure would follow, and the interest of the
mortgagor swept out of existence. The property of
the stockholders can not be destroyed any more than
the property of the bondholders. Each has a fixed and
vested interest, which can not be taken away. (35
Fed. Rep., 879)."
THE CHRONICLE
1396
After quoting these remarks of Justice Brewer, the
Commission gives it as its opinion that the condition
of most of the railroads in the South is not yet up to
the highest standard, and in order that their facilities
m ay be improved and extended to the ultimate lasting
advantage of the people of the South, it is necessary
that the carriers be permitted to charge rates that are
fully compensatory for the services they perform so
long as such rates have not been shown to be unjust,
unreasonable or excessive with respect to the public.
This seems to be an entirely fair way of looking at the
matter, and wc do not think that any railroad man
would ask, or could ask, for more than that.
Commissioner Cockrell refers to the fact that
Congress has not seen fit to give the Commission
supervision of the stock and bond issues of the various
carrier corporations engaged in inter-State commerce,
nor has any physical valuation of railroad property
been authorized by Federal authority. The decisions
of the Supreme Court, however, lay down the rubs
by which the Courts and the Commission must judge
of the reasonableness, justice and compensatory
character of inter-State rates, and he cites the case
of Smyth vs. Ames, 167 U. S. 438, as embodying the
rules that must govern. In that case, the Supreme
Court, speaking by Justice Harlan, said: "What the
company is entitled to ask is a fair return upon the
value of that which it employs for the public con
venience. On the other hand, what the public is
entitled to demand is that no more be exacted from it
for the use of a public highway than the services
rendered by it are reasonably worth.” Upon the
whole record, and tested by this rule, the rates com
plained of are not found to be unjust, unreasonable or
excessive.
All but two of the Commissioners, it would appear,
concur in this judgment. At all events Commissioner
Lane alone is quoted as dissenting, in addition to
Commissioner Clements, who writes a dissentingopinion. The latter talks in a stilted way, and there is
nothing convincing in what he says. The flimsiness
of his argument may be judged from the followingexcerpts.
"It is impossible for me to find justification for the
threatened burden upon the transportation of this
great section of the country, either in the needs of
carriers, the history of rates, or the ability of the
public to pay 12 cents per capita more for the staples
affected.
'J if
H5
It is the possibility that stock manipulation will
render necessary further tribute, and the word is not
misapplied to returns on watered stock, and will cloud
the situation on every occasion when higher rates
are demanded, that makes inevitable public super
vision of these great transactions, fraught with danger
as they are. The people can not prosper without the
railroads. The railroads cannot exist unless the
rates are profitable, but the public is entitled to be
protected against honest extravagance as well as
dishonest management.”
THE PARTING OF THE WAYS ON SUBWAY
BUILDING.
As was expected, the absence of even a single bid
from private capital for construction of the Public
Service Commission’s favorite "Triborough” subway
did not deter private capital from bidding for con
struction at the city’s cost and risk; if the city were to
propose another Tower of Babel, private capital would
[V O L . LXXXXI
cheerfully undertake the work, as a contract job, upon
its own terms. But the total of the lowest bids, about
Soj/y millions, together with the fact that they apply
to only three divisions, and do not complete the scheme
as a construction on paper, as well as the contrast be
tween a failure of capital to bid upon a completed and
operative structure on its own account and the readi
ness of capital to begin an incomplete and non-opera
tive one on the public account, has had a somewhat
startling effect, and has called out protests against the
undertaking as dangerously misconceived.
The most prominent commercial body which has
called for a halt is the Chamber of Commerce, which
reviewed the subject by a special report from its special
committee on the subject, at a meeting on the 3d.
Two questions are raised: whether the plans and routes
provide for a possible economy in construction and a
broadly effective public service, and whether the city
shall build this route at its own expense, "without
any possibility of estimating upon what terms con
tracts for equipment and operation may be obtained,
until after completion and the actual investm ent of
such huge sum s.” As to some unavoidable work
which is not at all included in the 85j^ million bids,
the committee has obtained engineers’ estimates— for
example, at least 21 millions for what is called "sta
tion finish,” laying of tracks, acquiring real estate, &c.
The extension in the Bronx and the much-talked-of
Fourth Avenue extension in Brooklyn arc put at 45
millions. The extras and contingencies, always un
avoidable, must be put at not under 10%; and the in
terest during construction, if the work is finished in
five years, must be put at 10% on construction cost.
Operative equipment of power houses and sub-sta
tions, rolling-stock and signal and lighting system s
(all unincluded in the figures thus far) are estimated at
35 to 40 millions. If the city proves unable to find
an operating company unless upon condition of hav
ing the equipment supplied and a guaranty against
loss provided, the city might thus find itself committed
to an outlay ranging from 200 to 245 millions, depend
ing upon how far the scheme of extensions is carried.
From what sources may the city procure this m oney,
inquires the report. Beyond the 60 millions of debt
limit now available, there would be left 140 millions
to be provided for the shorter route or 185 bullions
for the route plus the extensions. Predicated upon
experience of the last five years, says this report a
liberal estimate of increase in assessable values would
be 300 millions annually in the next five years, thus
providing an increase of 30 millions annually in borrow
ing capacity. If one-half of .this could be applied to
rapid transit purposes, more than nine years would be
required to provide the funds for the route without the
extensions, and more than twelve years with those.
After construction was finished, a gap of over two years
must intervene before the city would have funds to
provide equipment, during which time the subway
would be idle and interest would be running; excluding
equipment, the city would be over six years in provid
ing construction cost, without the extensions, or over
nine years with those.
As to earning power, the committee admits the esti
mated 1,200,000 passengers as a daily carrying ca
pacity, yielding 18 millions as gross annual earnings.
Taking 45% as operating expense, the net operating
income would be $9,900,000 annually. Figuring in
Nov. 12 1910.]
THE CHRONICLE
terest and sinking fund charges at 5% on cost of route
and equipment without extensions, there would be a
large deficit under “peak-load conditions, "subject to
increase by such an amount as the traffic might fall
below this maximum. Looking to the present sub
way for a test, on the basis of the traffic during the
last fiscal year the deficit on this projected route,
without extensions, would be over 2% millions a year,
or well beyond 4% millions with those. Further, “no
estimate is possible of what additional deficit might
have to be met by taxation resulting from municipal
operation, if the city should eventually be forced to
resort to that."
The committee reverts to its report to the Chamber
in March of last year, when it deprecated the power
granted under existing law to let contracts for subway
constructing at the public cost, before and without
any contract for equipment and operation, inasmuch as
public clamor is sometimes irresistible and under it
“if a route were constructed and no contractor ap
peared to equip and operate it, the same public presssure would compel municipal equipment and operation,
which might very probably result in a heavy burden
upon the city."
It should be kept in mind that the bids asked and
received are not for a complete subway, do not include
finish and equipment, and make no provision whatever
for operating after completion. Moreover, it is proper
to add— in a not unnatural explanation of this fact—
the course of the Public Service Commission, from the
date of its beginning to this present time, suggests,
if it does not compel, a suspicion that the municipal
operation deprecated by the Chamber is just what the
Commission desires to produce. For the present sub
way had to be undertaken by the city, so serious was
the doubt about it, and this doubt was not dispelled
until after operation had proved such a brilliant pub
lic success that an outcry, which has only grown
stronger since, arose for more subways.
When the Commission came into being, its members
found already the groundless cry that private capital
had obtained too good a bargain and the city should
thereafter be keener for its own interest. In takingover the functions of the Rapid Transit Commission,
the present body needed something more than and
different from the restrictive and regulative work
which the public was supposed to desire applied to
existing corporations; it needed sound and far-seeing
open-mindedness, practical and business like to the ut
most. Lacking these qualities, which are more likely
to adhere in business training than in political, new
subway building is more likely to fit temporary popu
lar clamor than the lasting interests of the entire city.
What has been done— and still more what has been
prevented and delayed—has been of a nature to keep
away private capital, which is eager to undertake, on
any reasonable terms, the attractive work of local
travel in the second city of the world, and toward
driving the city into the hazardous road of undertak
ing all at the public cost. It is not unjust to say that
the Commission has not measured up to the obliga
tions of its position, But now that a halt has been
called, and now, too, that the elections arc past, it is
time to review the situation most seriously and try to
avoid the false start which seems impending. Where
private capital draws back the city should not be
forced to enter.
1397
CORN, WHEAT AND OTHER FOOD CROPS IN
1910.
The corn crop of the United States for 1910, accord
ing to the preliminary estimate of the Department of
Agriculture, issued on W ednesday, makes a new record
in the production of that important cereal, the aggre
gate yield being stated as 3,121,381,000 bushels.
This is even better than the indications based on the
Oct. 1 condition figures. The crop, as we have here
tofore noted, was adversely affected in localities west
of the Mississippi during part of the summer by drought
and hot winds, and quite generally was from two weeks
to a month late, owing to the backward spring. But
the exceptionally favorable weather of September and
October did much to repair the damage done, and the
absence of frost over the great corn-growing States
gave sufficient time for maturing the fruitage where
the plants were late.
At 3,121,381,000 bushels, the crop is not only 2
bushels per acre, or 350 millions of bushels for the
whole area, greater than in the previous year, but
shows an excess of nearly 200 millions of bushels over
the former record production of 1906. Nor is this all;
the 1910 crop is of higher average quality than that of
1909, or most earlier years, enhancing its value as
food. From the Department’s latest report it devel
ops also that farm stocks of corn on Nov. 1 this year
were somewhat above the normal. In fact, investiga
tion indicates that on Nov. 1 1910 the portion of the
1909 crop still in farmers’ hands was 119,056,000 bush
els, or 4.3% , as compared with 79,779,000 bushels,
or 3% , of the 1908 yield on Nov. 1 1909, holdings of
2.7% of the 1907 production in 1908 and a ten-year
average of 3.4% .
Production of spring wheat, as we noted in our issue
of Oct. 15, was estimated by the Department on Oct. 1
at 233,475,000 bushels, or about 57 millions of bushels
less than in 1909, and earlier in the year it approxi
mated the yield of the winter variety as 458,294,000
bushels, or a little more than in the preceding year.
The total production of wheat, therefore, according
to the preliminary estim ate, reaches 691,769,000
bushels for 1910, comparing with 737U« millions of
bushels in 1909 and 664% millions in 1908, and with
a record crop of 748,460,218 bushels in 1901. The
oats yield was also reported upon a month ago, beingstated at 1,096,396,000 bushels, a new high-water
mark in production, exceeding the previous, record
(that of 1909) by nearly 90 millions. Barley produc
tion in 1910 has likewise been heretofore stated as
158,138,000 bushels, comparing with 170% millions
in 1909 and a record of 179 millions in 1906; and the
yield of rye has been placed at 32,088,000 bushels for
the current season— a slight loss from 1909.
The aforesaid crops, comprising the great bulk of
our cereal production, are the country’s chief food
supply. Bringing together the various totals, we
learn that our cereal productions for 1910, as estimated
by the Department of Agriculture, reach an aggregate
well in excess of that for 1909 (394 millions of bushels,
in fact), and greater by 260 millions of bushels than
the former record yield of 1906. Comparison, item
by item, for a series of years is appended:
1910.
1009.
1907.
1906.
Production o f — Bushels.
B ushels.
B ushels.
Bushels.
Corn _______ .3,121,381,000 2,772,376,000 2,592,320,000 2,927,416,091
W in ter w h e a t____ 458,294,000 432,920,000 409,442,000 492,888,004
S pring w h e a t___ 233,475,000 290,823,000 224.645.000 242,372,966
O a t s _____________1.096,396,000 1,007,353,000 754,443,000 964,004,522
R y e ......................... 32,088,000
32,239,000
31,566,000 33,374,833
B a r le y -- - ............... 158,138,000 170,284,000 153,597,000 178,916,484
T o ta l- ................5,099,772,000 4.705,995,000 4,166,013,000 4,839.872,900
1398
THE CHRONICLE
Potatoes (white), while not a cereal, arc an import
ant article of food, and, consequently, call for pass
ing attention. The area under this crop in 1910 was
practically the same as in the previous year, but as a
result of continued dry weather there was a veiy ma
terial deterioration in condition during the summer,
reducing appreciably the early prospects of yield.
A favorable fall, however, improved the outlook some
what; nevertheless the average yield per acre this year,
according to the Agricultural Department's investiga
tions, is only 93.4 bushels, against 106.8 bushels in
1909. This, however, is a little better than the tenyear average. The total yield is estimated at 328,
787,000 bushels, or 48 millions of bushels less than the
Tecord crop of 1909. Quality, as in the case of other
cereals, is above the average. Various other foods
have turned out hotter than the average, as for in
stance rice, buckwheat, sweet potatoes, asparagus,
cabbages, lima beans, peaches, cranberries and sugar
beets; and several others are well up in production.
In fact, on the whole, according to official reports, the
crops of 1910 in tho aggregate are approximately 7.6%
greater than those of 1909, and about 9.1% in excess
of the annual production of the preceding five years—
a gratifying outcome.
It is perhaps not without interest, in connection with
the remarks on the crops of 1910, to refer to the pro
gress the recently sown winter-wheat crop is making.
Private reports, including those of the “Cincinnati
Price Current,” indicate not only that a record area
has been sown, but that the crop is coming up well,
although rather slowly in the case of the late plant
ings. W eather is claimed to have been quite generally
favorable to growth, and with few exceptions earlyplanted fields are in excellent condition. On the whole
the plant is stated to have obtained a good start and
is, regarded to bo in an especially favorable condition
to withstand cold weather. Absence of reference to
the Hessian fly in growing wheat is commented upon
as a notable feature of the current season, the few cases
where mention is made of it being in grain that was
sown unusually early. Late sowings are stated to be
in healthy condition, but are now beginning to need
moisture to foster growth and strengthen stands.
;
FALL 1UVER COTTON-MANUFACTURING
IN 1910.
The only inference to be drawn from the recently
issued annual statements of many of the Fall River
cotton-manufacturing corporations is that the year
1910 has produced notably poor results in that import
ant industry so far as profits from operations are con
cerned. Judged by the dividends declared by the mills
from quarter to quarter during the year, the outcome,
of course, would seem to have been quite satisfactory.
B ut, as we have heretofore pointed out, it has become
a settled policy in most cases in recent years to main
tain the rate of distribution without regard to the
volume of net earnings, relying upon previously ac
cumulated surpluses to make up any deficiency in the
amount needed to cover the regular dividends. Thus
we find that distribution in the current year hasbeen
quite generally upon the same basis as in 1909 and
1908.
A year ago we stated, in explanation of the favor
able outcome for 1909, that it was only rendered
possible by the low value of cotton in the closing
[VOL. LXXXXI.
months of the calendar year 1908 continuing into the
early months of 1909, and the relatively profitable mar
ket for goods during the same period. In fact, from
the first of September 1908 until after the close of
March 1909— the period when supplies of the raw
material are chiefly secured— middling upland cotton
in the New York market ranged at no time above
10 cents, and during the greater part of the period
was quoted below 9)4 cents. Contrast this with
the radically different situation in 1910, the manu
facturers being forced to secure their raw material
at an abnormally high level of cost without any com
pensatory advance in prices of goods, and the reason
for the poor showing the annual statem ents make
becomes clear. The lowest price quoted for middling
uplands in the New York market during 1909-10
(Sept. 1 to Aug. 31) was 12.40 cents about the middle
of September and before the close of 1909 the price
had passed 16 cents. Furthermore, during the suc
ceeding eight months the range of value was between
13.85 cents and 19.75 cents, averaging over 15)4 cents
— the highest level for the like period of any year since
1875. Concurrently, prices obtained for printing
cloths, while moderately higher than in the previous
year, were below the level of 1906-07 and 1907-08,
when cotton was materially cheaper. The situation
in 1910 was rendered increasingly unsatisfactory by
the poor demand for goods, which made necessary an
extensive resort to curtailment of production. At
the same tim e, no attem pt at wage adjustment was
made. In passing, it is to be noted that the employees,
having become dissatisfied with the automatic wage
scale, voted last February to withdraw from the
agreement under which it was operative; but no sub
stitute plan has yet been adopted.
The foregoing review of the features of the situation
seem necessary to avoid incorrect conclusions. As re
gards the dividend distribution by the corporations,
the average rate for the last quarter of 1910 at 1.63%
is moderately less than the same period of 1909 but
in excess of that for 1908. One mill passed its divi
dend, another reduced from 2% to 1%; with those
exceptions the rate was the same as in the previous
year. For the full year 1910 the return to stockhold
ers, especially in view of prevailing conditions, is very
satisfactory, the thirty-five corporations included in
our compilation distributing an aggregate of $1,829,
950, or an average of 6.85% on the capital invested.
This compares with a total of 81,976,000, or 7.40% ,
n 1909, the excess over the current year being largely,
if not wholly,explained by extra dividends declared
from accumulated surplus by two mills. In 1908
the average rate of distribution was slightly greater
than in 1910, but in 1907 stockholders received an
average of 11.09% on their investm ent, that being
much the highest annual rate in our record and ap
parently warranted by the excellent business of that
year. There have been some meagre returns, of
course, as for instance in 1905 (3.34% ), 1904 (3.56% ),
1898 (2.41%) and 1897 (3.39% ). It is interesting as
showing the conservative policy of tho present man
agements of the corporations that despite the poor
business and lack of profit in 1910 the shareholders
collectively have received a slightly higher average
rate of dividend than that for the preceding 24 years
(1886 to 1909, inclusive), comparison being between
6.85% and 6.64% .
N o t . 12 1910. j
THE CHRONICLE
The calendar year 1910, as indicated above, so far
as the earning capacity of the mills is concerned, has
been an unsatisfactory one at Fall River, and the
promise for the future is not, under existing conditions,
as favorable as could be desired. Mills, it is true, are
now again upon a full-time schedule, but cotton is still
ruling at a high level as compared with the value of
goods, leaving the margin of profit small. It is prob
able, however, that with the advance of the season
conviction that the crop now being marketed is ap
preciably larger than recent estimates have made it
will result in some decline in prices, enabling manu
facturers to secure supplies upon a much more favor
able basis than now.
RAILROAD GROSS EARNINGS FOR OCTOBER.
Railroad gross earnings are now showing diminished
amounts of gains, treating the roads as a whole, while
some of the separate companies and systems actually
record larger or smaller losses, though there is not a
very great number of these latter as y e t. The matter is
of importance because of the tendency of operating
expenses to rise in a marked way, as established by
recent returns, and because of the further fact that
most companies are under the necessity of earning in
terest or dividends on a larger capitalization, having
been obliged to make very extensive new capital
outlays in order to provide facilities and accommoda
tions for a steadily growing volume of business. We
present tabulations below dealing with the October
earnings of the roads which make it a practice to furnish
preliminary estimates of their gross receipts. These
comprise 81,498 miles, or considerably over one-third
the railroad mileage of the country, though this in
cludes a few Canadian roads. On the mileage given
there is an increase as compared with October 1909
of not more than $1,840,328, or but 2.14% . More
over, out of the 49 roads contributing returns, 17 show
decreases, though some of them for only small amounts.
Of course general trade has been slackening vciy
considerably in recent periods, and doubtless that
circumstance has had its part in preventing further
marked improvement in the traffic and revenues of the
roads. As evidence of this slackening in certain
directions, we may note that the production of pig iron
in the United States in October 1910 was only 2,087,385
tons, against 2,599,541 tons in the same month last
year, and that the shipments of Lake Superior iron
ore from the Upper Lake docks in October 1910
amounted to only 4,877,441 tons, against 6,625,801
tons in October 1909.
But too much emphasis can be given to trade
reaction as an influence upon railroad traffic up to the
present time. As a matter of fact, special factors
are in the main responsible (at least for the month
under review) for the less favorable comparisons
of gross earnings. The roads furnishing early returns
of earnings, which form the basis of our present
remarks, consist in very large part of Western grain
carrying or of Southern cotton-carrying lines. As it
happens, there was in the case of each of these two
classes of companies a marked shrinkage in the kind
of traffic special to them. That is, there was a large
contraction in the Western grain movement and like
wise a falling off in the Southern cotton movement.
The shrinkage in the W estern grain receipts was
of greater importance than might be supposed, com
1299
parison being with large totals in 1909. This shrink
age involved, of course, diminished grain shipments
over many of the Western roads, and would seem to be
wholly responsible for the losses in earnings reported
by a number of the separate roads. In like manner
decreases in earnings by distinctively cotton-carrying
lines in the South would seem to be ascribable to the
reduced cotton shipments. The shipments overland
of the staple were somewhat larger than last year,
though falling much behind the movement in 1908, the
comparison being 148,943 bales for 1910, against
122,088 bales for 1909 and 188,008 bales for 1908.
But in the receipts at the ports there was a marked
decrease. Altogether the port receipts in 1910 reached
only 1,729,018 bales, as against 1,847,958 bales*
Nor does this latter give an entirely correct idea
of the loss in cotton traffic which individual roads
may have sustained, since at the Texas ports (Galves
ton and Port Arthur) the cotton deliveries were much
heavier this year than last year. Allowing for the
gain in Texas, the losses at other points are of course
correspondingly increased. The following gives full
details of the cotton receipts at the ports, from which it
appears that, excepting W ilmington, Norfolk and
Charleston, the falling off in receipts was general out
side of Texas.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER, AND FROM
JANUARY 1 TO OCTOBER 31 1910, 1909 AND 1908.
Ports.
G alveston............bales
Port Arthur, Ac____
New Orleans________
M obile...........................
Pensacola, &e_______
Savannah ..................
Brunswlek.....................
Charleston....................
Georgetown..................
W ilm ington................
N orfo lk____________
Newport News, Ac__
Total ....................
1010.
613,275
95,448
187,125
54,382
16,684
302,831
39,785
82,794
249
121,207
124.694
514
1,729,018
October.
1909.
578,051
26,641
269,684
63,894
42,253
457,023
73,459
72,083
329
112,174
151,167
1,300
1,847,958
Since January 1.
1908.
1910.
1909.
1908.
642,313 1,958,498 2,217,394 2,320,224
18,099 219,868 273,098 101,519
300,919 842,619 1,241,107 1,324,492
70,767 158,096 240,210 226,565
24,233 76,803 138,530 117,241
362,905 838,031 1,216,787 1,017,330
41,937 100,213 234,552 136,737
52,057 157,000 192,214 127,060
165
1,076
1,710
S26
110,318 211,376 301,449 303,125
105,575 331.465 412,111 338,304
978
8.107 17,207
6,328
1,730,254 4.903,052 6,486,369 6,019,751
It will be observed that at New Orleans the receipts
this year were only 187,125 bales, against 269,584
bales in 1909 and 300,919 bales in 1908. This falling
off in the cotton receipts at the Crescent City will ex
plain the decrease of $72,230 in the earnings of the
Yazoo & Mississippi Valley R y., and we note that this
road and the Illinois Central combined brought in only
55,517 bales the present year, against no less than
107,621 bales last year. The decrease of $30,437 in
earnings shown by the Mobile & Ohio may also be
explained by diminished cotton shipments, only 54,382
bales having been delivered at that point in 1910,
against 63,894 bales in 1909 and 70,767 bales in 1908.
The shrinkage in the Western grain receipts was
of yet larger proportions. The falling off was chiefly in
the wheat movement, the receipts of which in the four
weeks ending Oct. 29 this year were? only 26,449,254
bushels, against no less than 41,801,666 bushels in the
corresponding four weeks of last year. The falling
off extended to both the winter-wheat and the springwheat points, but is found chiefly at the latter. At
Minneapolis the receipts approached close to those
of last year, the comparison for the four weeks being
10,883,130 bushels, against 11,673,940 bushels; but at
Duluth the deliveries were only 5,353,637 bushels,
against 16,348,129 bushels. The tremendous slump in
this last instance is due, no doubt, to the diminished
spring-wheat yield in the extreme northern part of the
spring-wheat area, and it accounts for the decrease
of $348,755 in the earnings of the Minneapolis St. Paul
& Sault Ste. Marie.
THE CHRONICLE
1300
The corn receipts at the Western prim aiy markets
were heavier this year than last, but the oats receipts
and the barley and rye receipts, like those of wheat,
were on a diminished scale. Taking the aggregate
of wheat, corn, oats, barley and rye combined, the
deliveries for the four weeks this year were only
64,915,631 bushels, against 82,428,746 bushels in the
same four weeks of last year. The details of the W est-
e rn g ra in d e liv e rie s a p p e a r in th e ta b le w e n o w in s e rt.
W ESTERN FLOUR AND GRAIN RECEIPTS.
Four weeks
Barley.
Oats.
Bye.
Ending
Corn.
Flour.
Wheat.
(bush.) (bush.)
(bush.)
(bush.)
Oct. 29.
0bbls.)
(bush.)
Chicago—
1910.......... 751,192 1,746,700 7,538,450 7,297,100 2,425,000 95,500
1909____ 840.477 3,497,500 6,210,650 8,049,600 3,717,956 192,350
Milwaukee—
380,810 1,663,900 1,917,200 78,440
1910.......... 326,093 1,352,510
966,000 2,372,300 156,000
313,500
1909_____ 420,675 1,442,600
St. Louis—
793,615 1,892,220 336,000 29,700
1910_____ 230,980 1,852,989
746.845 1,916,800 341,900 13,054
1909.......... 261,705 2,949.665
Toledo—
272,400
192.000
1,000
1910.......... —
248,800
5,000
270.000
194,600
1,000 18,000
1909..........
481,000
Detroit—
......
260,419
219.827
321,983
1910.......... 24,835
182,511
—
272,657
407,400
—
1909_____ 16,601
Cleveland—
369,672
2,211
73,475
136,881
7,616
1910____
296,902
521,574
38,682
24,293 16,524
6,117
1909..........
Peoria—
95,030 1,382,647
796,600 320,217 14,300
1910.......... 191,844
108,000 1,025,955
895,550 257,330 46,400
1909......... 279,250
Duluth—
4,203
258,048 2,384,543 51.085
1910____ 115,410 5,353,637
75,665 1,151,113 1,311,578 163,143
1909.......... 62,475 16,348,129
Minneapolis
604,300 2,270,080 3,013,509 233,700
1910.......... ............ 10,883,130
1909..........
11,673,940
267,370 2,668,660 3,636,350 393,330
Kansas City.........
754,800
451,000
1910..........
4,521.000
856,500
1909.......... ............ 4,854,750 1,083,120
—•------ ............
Total o f all—
1910____ 1,647,970 26,449,254 12,087,933 15,451,039 10.419.6S0 507,725
41,801.666 10,397,118 17,568,454 11,662,707 998/801
1,887,300
1909
........................
Chicago—
25,534,400 80,148,800 84,522,500 20,143,900 859,000
6,775,119
1910
........................
1909____ 7,028,685 22,894,792 74,439,421 74.417,626 20,721,249 1,099,850
Milwaukee—
1910.......... 2,578,498 7,922,560 6,487,640 10,554,850 10,941,893 1.161,660
1909_____ 2,669,358 6,247,705 5,555,700 7,217,100 10,695,800 860,900
St. Louts—
1910.......... 2,184,335 16,075,028 19,011,687 18.225,470 1,374,565 258,888
1909____ 2,186,915 17,934,077 17,387,345 15,610,265 2,245,100 191,823
Toledo—
1,000 106,650
3,773,800 3,322,900 3,435,650
1910..........
5,655 179,900
1909.......... - .......... 3,607,400 2,671,200 2,979,200
Detroit—
___ ___
1910.......... 194,746 1,400,001 2,250,964 2,146,695
1,000
1909_____ 135,704 1,653,707 1,928,556 1,950,531
- ..........
Cleveland—
7,242
77,493
1910.......... 76,045
640,912 3.946,099 4,637,957
54,002
446,483 3,829,785 6,574,185 285,887 25,157
1909
____________
Peoria—
2,424,212
........................1,066,264 13,249,352 11,280,597 1,950,029 321,592
1910
1,811,378
1909
........................1,166.780 12,050,586 7,171,311 2,084.388 272,400
Duluth—■
682,005 25,511,021
918.779 5,496,683 9,025,765 414,417
1910
........................
39,011,321 1,275,808 3,788,196 7,281,004 427,362
2,997,320
1909
........................
Minneapolis81,420,620 7,223,221 16.071.288 16,794,927 1,547,870
1910
........................
61,989,270 4,364,395 11.438.289 16,101,754 2,073,105
1909
........................
Kansas C ily36,324,150 13,821,250 3,846,400
1910
........................
28,503,650 9,003,280 5,262,000
1909
........................
Total o f all—
1910 ........14,914,960 199,668,756 150,380,692 160,218,090 60,309,572 4,677,319
1909
16,883,362 184,055,285 132,506,076 136,408,703 59,420,837 5,131,497
Even the Canadian Pacific evidently suffered from
the falling off in the grain movement. A t all events,
its increase in earnings this time is only $466,000,
whereas we have been accustomed to see gains each
month in the vicinity of one or two million dollars.
Even as it is, however, the Canadian Pacific’s gain in
earnings is larger than that of any road in the United
States (as far as our present tabulation is concerned),
while the Canadian Northern has $243,600 increase.
The Missouri Kansas & Texas has a gain of $255,724,
but no other road has an increase reaching $200,000.
From this it follows that the improvement in the case
of the individual companies in this countiy was of
moderate proportions all through. The following
shows'all changes for the separate roads for amounts in
excess of $30,000, whether increases or decreases.
PRINCIPAL, CHANGES IN
GROSS
EARNINGS IN OCTOBER.
TnrrPn<if><i
Increases.
C anadian P acific-------------- $466,000 T ex as & P acific........ ............ $47,275
M issouri K ansas & T e x a s . 255,724 K ansas C ity M cx & O r’t . .
36,000
C anadian N o rth e rn ............. 243,600 I n te rn a t’l & G t N o rth e rn .
30,000
165,167
Illinois C entral
157,275 R ep resen tin g 17 roads
W a b a sh ...........
156,678
In o u r co m p ilatio n ___$2,297,635
G rand T ru n k
S o uthern R a ilw ay ________ 135,062
Decreases.
Buffalo R o ch ester & P itts 121,022 M lnneap S t P au l & S S M . $348,755
L ouisville & N ashvlU o___ 118,685 Y azoo & Miss V alley-------72,230
38,628
Chicago G reat W e ste rn ___ 111,810 A la N ew O rl & T ex P (3 ).
74,107 M obile & O hio....................
30,437
S eaboard A ir L ine________
71.000
M issouri P a c lfto ..................
60,221
C hesapeake & O h io ............
.
g
48.000
o u r c o m pilation............ $490,050
D etro it T oledo & Iro n to n .
In considering the significance of the diminished
ratio of increase in earnings, it must be remembered,
[VOL. LXXXXI.
too, that we are not comparing with small earnings last
year. Our early compilations for October 1909, com
prising substantially the same roads as are included in
our present tabulations, recorded an increase of no less
than $7,479,391, or 11.76%. In October 1908, it is
true, the early compilation recorded a falling off,
the loss, however, reaching only $2,678,874, or 3.95% .
October 1907 was the time of the panic, but earnings
at that time still showed large gains. The table we
now present furnishes a sum m aiy of the October totals
as disclosed by our early statem ents for the last fifteen
years.
October.
Mileage.
Year Year
Given. Preced.
Miles. Miles.
92,815 92,031
97,154 95,865
93,681 92,684
94,835 93,275
88,014 85,275
101,361 99,698
91,531 89,611
90,509 88,557
83,724 82,234
80,243 78,454
92,760 90,499
74,306 73,130
79,664 78,212
81,508 80,003
81,498 79,146
Incr’se.
%
0.85
1.34
1.07
0.60
3.21
1.67
2.14
2.20
1.81
2.27
2.49
1.62
1.87
1.89
2.82
Gross Earnings.
Year
Year
Given. Preceding.
$
S
47,974,125 50,354,822
53,959,376 49,604,841
53,975,132 51,596,900
59,382,536 53,523,877
56,051,244 53,318,505
74,753,570 66,509,179
69,104,832 64,700,432
72,406,972 68,739,400
66,390,161 63,939,889
66,053,039 62,631,306
86,795,590 78,007,440
60,724,491 57,338,839
65,130,556 67,809,430
71,067,075 63,587,684
69,014,101 67,173,773
Increase (+ )
or
Decrease (—).
S
Year. Roads
%
—2,380,697 4.72
1896___ 127
+ 4,354,535 8.77
1897 ___ 127
+ 2,378,232 4.61
1898___ 123
1899___ 105
+ 5,858,659 10.94
1 9 0 0 .--. 93
+ 2,732,739 5.12
1901___ 99
+ 8,244,391 12.39
1902___ 78
+ 4,344,400 6.71
1903___ 72
+ 3,667,512 5.33
1904 ___ 67
+ 2,450,272 3.83
1905___ 51
+ 3,421,673 5.46
1906----- 68
+ 8,788,150 11.26
1907----- 56
+ 3,385,652 5.91
1908___ 47
—2,078,874 3.95
1909___ 48
+ 7,479,391 11.70
1910___ 49
+ 1,840,328 2.14
Jan. 1 to
Oct. 31
1896----- 122 91,414 90,650 0.84 383,169,172 371,096,854 + 12,072,318 3.25
1897___ 123 96,417 95,128 1.35 415,575,268 397,417,261 + 18,158,007 4.56
1898___ 123 93,681 92,684 1.07 439,652,886 400,664,744 + 38,988,142 9.73
1899 . . . . 102 93,464 91,926 1.67 467,046,154 426,901,050 + 40,745,104 9.54
1900___ 91 87,150 84,411 3.24 462,336,832 421,222,209 + 41,114,623 9.79
1901___ 94 99,915 98,259 1.68 595,247,576 536,350,655 + 58,896,921 10.98
1 9 0 2 .... 77 91,495 89,575 2.14 567,732,440 524,404,001 + 43,328,430 8.20
1903 ___ 71 90,451 88,499 2.20 634,403,248 568,511,986 + 65,891,262 11.59
1904 ___ 67 83,724 82,234 1.81 548,850,559 547,805,805 + 1,050,751 1.19
1905___ 51 80,243 78,454 2.27 547,274,910 511,171,825 + 36,103,085 7.00
1906___ 67 92,684 90,423 2.49 743,656,008 650,711,998 + 92,944,010 14.28
1907___ 55 73,904 72,728 1.63 535,674,837 487,000,527 + 48,674,310 9.97
1908___ 47 79,664 78,212 1.87 510,880,199 588,284,727 —77,404,528 13.10
1909___ 47 81,298 79,793 1.89 558,083,964 498,524,900 + 59,559,064 11.94
1910___ 49 81,498 79,146 2.82 599,753,297 534,470,391 + 65,276,906 12.21
Note.—Neither the earnings of the Mexican roads nor the mining operations of
he anthracite coal roads arc Included In this table.
To complete our analysis we annex the subjoined
six-year comparison of the earnings of leading roads
arranged in groups. It is a noteworthy circumstance
that in the case of all the four groups the 1910 totals
are the best of any of the years.
EARNINGS OF SOUTHERN GROUP.
October.
1910.
$
Alabama G t So 394,405
Ala NO&TP—
N O & N E . . 295,938
Ala & Vicks. 169,190
Vicks Sh & P 134,620
Atl Blrm & Atl 233,939
Central of G a .. 1,241,600
Ches & O hio.. 2,767,172
cm N O & T P 808,673
Lou & N ash.6 4,825,375
Mobile & Ohio- 907,176
Seaboard A L . 1,815,375
Southern R y .. 5,461,295
Yazoo & M V. 951,865
T o ta l............ 20,006,683
1908.
1909.
S
S
370,630 314,478
335,826 274,181
164,777 153,920
137,773 124,790
237,438 190,519
1,251,200 1,133,205
2,700,951 2,332,158
799,455 665,791
4,706,690 4,323,488
937,013 908,392
1,741,268 1,437,952
5,326,233 4,873,624
1,024,095 al,029,736
19,739,949 17,702,234
1907. ' 1906.
S
8
348,723 328,042
290,151 264,070
148,003 130,248
140,274 128,199
175,701 142,297
1,245,025 1,085,756
2,777,100 2,147,033
807,095 707,360
4,548,531 4,139,835
1,015,983 880,108
1,518,134 1,384,429
5,457,778 5,010,519
973,677 774,961
19,446,175 17,123,457
1905.
S
315,506
233,706
101,959
89,209
92,496
1,080,492
2,039.665
710,650
3,579,772
790,910
1,290,127
4,666,160
616,068
15,609,720
a Includes, beginning with this year, some large Items of Income not previously In
cluded In monthly returns. 6 Includes Loulsvlllo & Atlantic and the Frankfort &
Cincinnati In 1910 and 1909.
EARNINGS OF SOUTHW ESTERN GROUP.
1905.
October.
1906.
1910.
1908.
1907.
1909.
$
S
S
$
$
S
Colo & South*. 1,619,517 1,609,924 1,448,948 1,456,593 1,200,576 1,033,070
Denver & It G 2,254,400 2,246,400 1,977,561 2,098,195 1,900,016 1,840,135
Int & Gt N or. 893,000 863,000 915,081 687,000 929,057 728,554
Mo Kan&Tex a 3,111,828 2,856,104 2.824,648 2,571,418 2,672,912 2,165,465
Mo Pacific___ 4,985,000 4,914,000 4,293,610 4,598,372 4,330,385 3,876,233
St Louis S W .. 1,173,950 1,148,305 1,011,324 1,034,671 985,419 814,052
Texas & Pacific 1,623,327 1,575,952 1,535,092 1,489,493 1,483,606 1,141,412
T o ta l............ 15,661,022 15,213,685 14,006,264 13,935,742 13,501,971 11,628,921
♦ Includes all affiliated lines except Trinity & Brazos Valley lilt, a Includes th
Texas Central in 1910.
EARNINGS OF NORTHW ESTERN AND NORTH PACIFIC GROUP.
October.
1910.
1908.
1909.
$
$
$
Canadian P ac. 10,150,000 9,684,000 7,381,970
Chic Gt West* 1.226,980 1,115,170 1,102,695
Dul So Sh & At 296,407 321,543 252,057
G t N orthern.. c7,253,966 67,253,966 66,223,608
Iowa C entral.. 309,296 327,563 258,583
Minn & St L_. 538,196 566,024 445,036
M St P & SSMa 2,161,920 2,510,675 2,157,411
T o ta l............ 21,936,765 21,778,941 17,821,360
1907.
$
7,071,047
768,568
295,877
6,716,776
308,091
421,140
2,168,235
17.749,734
1906.
1905.
S
S
6,910,605 5,722,707
917,252 871,126
284,448 260,050
6,192,435 5,708,211
284,654
301,820 384,686
310,13 1
2,009,973 1,875,275
10,998,667 15,106,769
♦ Includes Mason City & F t. Dodge and the Wls. Minn. & Pnc. In 1910,1909*1908.
a Includes Chicago Division In 1910, 1909 and 1908; for previous years we have com
bined Minn. St. P. & S. S. M. and Wls. Central, b Actual figures of earnings arc now
used for comparison, c Month In 1910 not yet reported; taken same ns last year.
THE CHRONICLE
Nov. 12 1910.|
EARNINGS OF M IDDLE AND M IDDLE W ESTERN GROUP.
1301
5,725,342 4,876,771 4,481,706
123,107 117,960 119,622
406,520 351,784 370,571
2,596,201 2,580,284 2,150,225
14,410,326 13,176,752 12,056,821
Increase. Decrease.
1909.
1910.
$
$
$
1
5
187,958
T oledo S t L ouis & W estern 3,115,440 2,927,482
W a b a sh ____________________ 24,600,727 1 22,564,756 2,035,971
Y azoo & M ississippi V alley 8,135,568 7,880,232 255,336
T o ta l (49 ro a d s)_______ 599,753,297 1534,476,391 65,397,570 120,664
N et Increase (1 2 .2 1 % )____
65,276,906
M exican R o ad s (not lncl uded In to t al)— "
In tero cean lc of M exico____ 7,393,549 j 6,930,963 462,586
M exican R a ilw ay __________ 1/6,750,000 1/6,098,900 651,100
N atio n al R y s of M exico-X . 54,373,824 l 47,777,262 6,596,562
x N ow Includes M exican In te rn a tio n a l In b o th years.
V T hese figures a re dow n to th e end of th e th ird w eek of O ctober only
In b o th years.
a Embraces, beginning with this year, some large Items of Income not previously
Included In monthly returns.
G R O SS E A R N IN G S A N D M IL E A G E IN O C T O B E R .
ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
1910.
1908.
1909.
S
S
S
Buff Roch & P 947,158 826,136 721,198
Chic Ind & Lou 538,040 525,421 495,263
Gr Trk of Can
Gr Trk Wes 4,200,039 4,043,361 3,886,146
Det GII&M
Canada Atl
Illinois Central 5,406,769 5,301,602 a5,211,394
Tol Peo & Wes 119,511 106,927 101,460
Tol St I, & Wes 339,582 340,720 305,373
W abash ......... 2,805,181 2,647,906 2,363,702
T o ta l............ 14,416,280 13,792,073 13,084,536
N am e o] Road.
N a m e of Road.
1900.
1905.
1907.
S
S
S
857,941 815,394 818,836
532,715 542,202 543,105
4,168,500 3,892,357 3,572,750
Gross E arnings.
Inc. ( + ) or
1909.
Dec. (— ).
1910.
$
$
$
394,465 370,630
+ 23,835
295,938 335,826 — 39,888
109,190 104,777
+ 4,413
134,620 137,773
— 3,153
233,939 237,438
— 3,499
947,158 826,136 + 121,022
1.627,800 1,384,200 + 243,600
10,150,000 9,684,000 + 466,000
1,241,600 1,251,200
— 9,000
2,767,172 2,706,951
+ 60,221
1,289,114 1,303,341 — 14,227
1,226,980 1,115,170 + 111,810
538,040 525,421
+ 12,619
808,673 799,455
+ 9,218
1,619,517 1,009,924
+ 0,593
2,254,400 2,246,400
+ 8,000
98,618
93,030
+ 5,582
98,635 109,106 — 10,531
200,949 152,940
+ 48,009
206,906 184,170
+ 22,736
296,407 321,543 — 25,136
206,731 208,762
— 2,031
4,200,039 4,043,361 + 156,678
A labam a G reat S o u th e rn .
A la New Or I & T exas Pac
New Orl A N o rth e a st-.
A labam a & V icksburg.
V icks S hreve & Pacific.
A tla n ta B ’ham & A tlantic
Buffalo Itoch & P ltts b ___
C anadian N orthern _
C anadian P aclllc___
C entral of G e o rg ia ---------Chicago & A lto n ___
Chicago G reat W e ste rn ..
Chicago In d & L ouisville.
Cine New Orl & T ex P a c .
Colorado & S o u th e rn ____
D enver & Rio G rand e___
D etroit & M a c k in a c .___
D etro it T oledo & Iro n to n
A nn A rb o r_________
D ulu th S outh S hore & A tl
G eorala S o u th ern & F la .
G rand T ru n k of C an— l
G rand T ru n k W estern!
D et Gr H av & M tlw._ |
C anada A tla n tic ...........J
Illinois C e n tra l__________ 5,466,709
I n te rn a t’I & G t N o rth e rn . 893,000
Iow a C e n tra l_____•_...........
309,296
196,000
K ansas c ity Mcx & O rient
L ouisville <fc N ashv ille___ 4,825,375
15,026
M acon & B irm in gham ___
66,326
M ineral R a n g e ___________
M inneapolis & S t L ouis. . 538,196
M lnneap S t P aul & S S M . 2,101,920
M issouri K ansas & T exas 3,111,828
M issouri P aclllc..................... 4,985,000
M obile & O h io ...'_______
907,176
38,965
N evada-C all fornla-O rcgon
New Orl M obile & C h ic ..
147,339
Rio G rande S o u th e rn ____
54,408
S t L ouis S o u th w e s te rn ... 1,173,950
Seaboard A ir L in e............. . 1,815,375
S o uthern R ailw ay ................ 5,461,295
T ex as & P aclllc........ ............ 1,623,227
T oledo P eoria & W estern
119,511
T oledo S t L ouis & W e s t.. 339,582
W a b a s h _________________ 2,805,181
Y azoo & Miss V alley____
951,865
T o ta l (10 ro a d s)______ 69,014,101
N et Increase (2 .1 4 % )___
M exican R o ad s (not In eluded In
In tcro ceanlc of M exico___ 739,815
M exican R a ilw a y ________ V371,300
N ational R ys of M exico.a: 5,572,970
M ileage.
1910. 1909.
309
195
142
171
661
568
3,297
10,270
1,916
2,224
998
1,487
616
336
2,032
2,553
214
360
441
301
004
395
4,528
309
195
142
171
640
568
3,224
9,916
1,916
1,933
998
1,511
616
330
1,951
2,552
214
348
441
301
593
395
4,528
—The public sales of bank stocks this week aggregate 186
shares, of which 86 shares were sold at the Stock Exchange
and 100 shares at auction. The transactions in trust com
pany stocks reach a total of 45 shares.
Shares. B A N K S— New Y o rk. Low . H igh. Close. Last previous sale.
6 A m erica, B ank o f........ .............. 600 600 600 M ch. 1910— 631
23 C ity B an k , N a tio n a l................ 383% 383% 383 % S e p t. 1910— 384
*18 C om m erce. N a t. B ank o f____ 201 202% 202% N ov. 1910— 202%
25 a: C onsolidated N a t. B a n k . .. 101 101 101 A ug. 1910— 100k
11 Corn E xchang e B a n k ............. 314% 314% 314% N ov. 1910— 315
*18 F o u rth N atio n al B a n k ______ 190 % 192 192 N ov. 1910— 191
20 M a n h a tta n Co., B ank of th e . 330 %
330 %
330%
M ch. 1910—
t/65 P a rk B ank , N a tio n a l_______ 350% 351% 351 N ov. 1910— 352
T R U S T C O M PA N IE S— N ew York.
10 C entral T ru st Co____________ 1030 % 1030 % 1030 % D ec. 1909— 1030
T R U S T CO M PA N Y — B roo klyn.
35 H om e T ru st Co............................ 106 106 106 Ju n e 1910— 110
* Sold a t th e S tock E xchang e, g Of th is a m o u n t, 50 sh ares w ere sold a t
th e S tock E xchang e. i K o w know n as th e N atio n al R eserve B ank .
k T his w as for sto ck of th e N ational R eserve B ank .
—It appears that we were in error last week in stating that
the balance of the so-called “Walsh claim” held by the Chi
cago Clearing-House banks would still amount to about 88,
000,000, after being reduced as a result of the sale of the prop
erties recently made. The figures published by us were taken
from the Chicago “Record-Herald” of the 1st inst., but, as
will be seen from the following letter, which we have re
ceived from J. R. Walsh & Co., the claim should be reduced
through the two transactions (counting nothing else) to
about 86,250,000.
5,301,602 + 165,107 4,551 4,551
863,000
+ 30,000 1,159 1,159
327,503 — 18,207 558 558
160,000
+ 3 0 ,0 0 0
740 660
4,700,690 + 118,685 4,590 4,398
16,785
105 105
— 1,15
72,042
— 5,716 127 126
566,024 — 27,828 1,027 1,027
2,510,675 — 348,755 3,572 3,338
2,856,104 + 255,724 3,353 3,072
4,914,000
+ 71 ,000 7,231 0,488
937,613 — 30,437 1,114 1,114
Chicago, N o vem bers 1910.
48,756
— 9,791
184 184
13. D ana C om pany,
141,146
+ 6,193 403 403 W illiamN ew
York
C
ity.
28,747
+ 25,601
180 180
1,148,305
R eferrin g to th e Item on page 1221 of y o u r Issue of th e “ C om m ercial an d
+ 25,645 1,476 1,469
1,741,268
+ 74,107 2,995 2,997 F inancial C hronicle” of N ov. 5, In reg ard to th e sale by th e tru ste e s of th e
5,326,233 + 135,002 7,039 7,050 Chicago C learing-H ouse ban ks of certain p ro p e rty tu rn e d ov er to th em by
1,575,952
+ 47,275 1,885 1,885 Jo h n R . W alsh, w e n o te th a t you s ta te th a t, " W ith th e abo ve p a y m e n ts.
106,927
+ 12,584 248 248
340,720
— 1,138 451 451 It Is rep o rted th a t th e balance of th e W alsh claim w ill be reduced to a b o u t
2,647,900 + 157,275 2,514 2,514 $ 8 , 000, 000. ”
1,024,005 — 72,230 1,372 1,371
A t th e tim e of th e se ttle m e n t of th e no te given to th e C learing-H ouse
67,173,773 + 1,840,328 81,498 79,146 ban ks by th e ind ivid ual m em bers of J . R . W alsh & Co. last J a n u a ry , th e
claim on th a t no te am o u n te d to u n d e r $7,250,000. In y o u r item you show
total) —
of p ro p e rty am o u n tin g to over $1,000,000. D isregarding a n y previous
728,559
+ 11,256 1,035 1,018 sale
am
o u n ts realized a n d disregarding a n y in te rest from th e tim e of th e se ttle
t/429,000 — 57,700 361 321
4,823,874 + 749,096 0,147 0,178 m en t, you will see th a t th e claim Is reduced by these tw o tran sa ctio n s to
ab o u t $6,250,000.
Y ours tru ly ,
J . R . W A L S H & CO.
x Now Includes M exican In te rn atio n a l In bo th years. ?/ T hese figures
a re for th ree weeks only.
—It
is
understood
that
arrangements
have
been perfected
G RO SS E A R N IN G S FR O M JA N U A R Y 1 TO O C T O B E R 31.
whereby the 850,000,000 loan to the Chinese Government
N am e of Road.
A labam a G reat S o u th e rn ..
A la New Orl & T exas P ac—
N ew Orl & N o rth e a ste rn .
A labam a & V ic k sb u rg ..
V icks S hreve & P a c ific ..
A tla n ta B’ham & A tla n tic .
Buffalo R o ch ester & P lttsb
C anadian N o rth e rn ................
C anadian Pacific ....................
C entral of G eorg ia_________
C hesapeake & O hio L in e s ..
C hicago & A lto n __________
Chicago G reat W estern ____
C hicago In d & L o u isv ille ..
Cine New Orl & T ex P a c .. .
Colorado & S o uthern
D enver & R io G ra n d e .
D enver N o rthw est & P a c ..
D ctrolt & M ackinac
D etroit Toledo & Iro n to n
A nn A rbor _______
D u lu th S o uth Shore & Atl
G eorgia S o uthern & F lorida
G rand T ru n k of C a n a d a ..
G rand T ru n k W estern
D et G rand H av & MUw
C anada A tla n tic _______
Illinois C e n tra l____________
In te rn a t’I & G t N o rth e rn ..
Iow a C e n tra l--------------------K ansas ' ’it ' 'e x a- O rle.it.
Louisville & N ashv ille____
M acon N B lrm in gnam __ _.
M ineral R a n g e ------------------M inneapolis & S t L ouis___
M lnneap S t P a u l & S S M ..
M issouri K ansas & T e x a s ..
M issouri P acific----------------M obile & O hio.........................
N evada - Calif or n la - O reg o n .
New Orl M obile & C hicago.
R io G rande S o u th e rn -------SO L ouls S o u th w estern -----S eaboard Air L in e ------------S o u th ern R a ilw ay _________
T ex as & P acific___________
T oledo P eoria & W e ste rn . .
1910.
1909.
3,709,320
2,947,840
1,430,824
1,218,200
2,177,440
7,058,818
11,257,700
82,053,735
10,055,055
20,948,982
11,394,087
10,530,554
5,211,112
7,829,000
14,100,031
19,054,819
878,991
1,048,259
1,511,243
1,000,029
2,820,428
1,024,703
30,540,120
3,030,045
2,689,588
1,300,895
1,153,073
1,891,422
0,697,046
8,145,400
08,175,855
9,233,212
23,719,024
10,090,130
8,961,590
4,034,994
0,825,887
12,657,146
18,333,143
050,751
1,015,892
1,210,118
1,428,420
2,561,108
1,773,495
33,588,853
51,983,143
7.271,795
2,781,420
1,220,620
44,088,530
114,208
041,323
4,218,985
18,014,852
22,000,357
44,539,140
8,950,444
335,573
1,440,825
515,193
0,271,380
17,035,793
48,314,031
12,871,863
1,036,917
47,190,752
6,633,168
2,048,051
1,045,209
38,900,982
117,915
605,502
3,719,934
17,410,257
20,933,091
40,485,397
8,174,585
398,321
1,233,859
401,951
8,505,254
15,296,170
44,240,015
11,705,799
017,084
Increase. Decrease.
5
678,081
258,258
135,929
65,223
280,018
901,772
3,112,300
14,477,880
821,843
3,229,358
097,051
1,568,964
576,118
1,004,073
1,443,485
1,021,076
228,240
32,307
301,125
178,203
265,230
151,208
2,960,207
4,786,301
638,627
132,775
181,411
5,787,554
499,051
1,204,595
1,072,600
4,053,743
781,859
212,966
113,242
700,126
1,739,017
4,065,010
1,106,004
110,833
3,737
54,179
62,748
will be handled jointly by American, British, German and
French banking interests. As mentioned in a previous
issue, the local group of bankers which is to participate in
the loan is composed of J. P. Morgan & Co., Kuhn, Loeb &
Co., the National City Bank and the First National Bank.
—The New York Stock Exchange has reinstated to privilleges on the floor the banking house of E. F. Hutton & Co.
of 35 New Street, which had been suspended for a period of
one year on May 25 1910. The reinstatement was in accord
ance with the following resolution, adopted by the Govern
ors of the Exchange on Wednesday:
“ R esolved, T h a t Ih e balance of th e term of th e suspension of F ran k ly n
L . H u tto n be re m itte d .”
The suspension was based on an alleged violation of the
rules of the Exchange forbidding the splitting of commis
sions, the Exchange having contended that an infringement
of this rule had been made by the firm in the payment of an
unusually large salary to one of its employees. The firm
held that there had been no splitting of commissions, and
that “any evasion of the commission law was of a technical
nature, and not intentional.” During the period of suspen
sion the firm continued in business, but transferred the or
ders of its customers to other brokers, paying commissions
as an outsider.
—B. J. Burke, for twenty years a member of the firm of
H. B. Hollins & Co. of this city, died on the 6th inst. Mr.
Burke, who was fifty-seven years of age, had spent his life
from boyhood in the Wall Street section, where he had
many warm friends who will be saddened by his death. He
had been ill for some months.
THE CHRONICLE
1302
—Because of the neglect in some instancesTby banking and
brokerage houses to pay the tax imposed by the Legislature
in 1905 on transfers or sales of stock, the New York Stock
Exchange has notified its members that failure to affix the
stamps will be considered “an act detrimental to the inter
est and welfare of the Exchange.” A member convicted of
the latter is liable to suspension for one year. The notice
which has been issued by the Exchange says:
N E W Y O R K STO C K E X C H A N G E .
November 9 1910.
T he follow ing w as th is d a y a d o p ted by th e G overning C om m ittee:
“ T he G overning C om m ittee calls th e a tte n tio n ot m em bers to the fol
low ing resolution a d o p ted on M ay 20 1905:
“ In o rder to co n stitu te a good delivery a fte r Ju n e 1 1905, all deliveries
on sales of sto ck , w h ether bv C learing H ouse d eliv ery tic k e t or by certificate
of sto ck , m u st be accom panied by a sales tic k e t stam p ed In accordance
w ith th e A ct of th e L eg islature of th e S ta te of New Y ork, ad o p ted A pril 19
1905, prov idin g for a ta x on tran sfers of sto c k .’
"A n y w ilful failure on th e p a rt of a m em ber to affix th e stam p s required
by A rticle X II. ot th e T ax L aw . rela tin g to th e ta x on tran sfers or sales of
sto ck , will be deem ed by th e G overning C om m ittee a n a c t detrim en tal to
the In terest a n d w elfare of th e E x c h a n g e.”
G E O R G E W . E L Y , Secretary.
—It has developed that control of the Hungarian-American
Bank of this city, of which P. It. G. Sjostrom recently be
came President, is now lodged with the Hungarian Com
mercial Bank of Pest (the oldest and largest bank in Hungary)
and the Central Credit Bank of Hungarian Financial Estab
lishments, Ltd., of Budapest.
—Alexander Phillips, who was elected in September as
Secretary of the United States Mortgage & Trust Co. of this
city, with especial charge of its foreign exchange department,
has entered upon his duties. Mr. Phillips was formerly
Sub- Manager of the London office of the Societe Generale
de Credit Industriel et Commercial of Paris.
—Lynn H. Dinkins of New Orleans was this week elected
a director of the Mutual Alliance Trust Company of this city.
Mr. Dinkins is President of the Inter-State Trust & Banking
Co. of New Orleans.
—The formation of a new local national bank is in progress,
an application having been approved on Oct. 19 to organize
the Claremont National Bank of New York, with $200,000
capital. The project is being undertaken by T. P. Brokaw
Jr., C. Wodenscheck, M. Hurst, W. Hauessler, II. Moller
and A. Hollinger.
—Samuel W. Bowne of the firm of Scott & Bowne and a
director of the Aetna National Bank of this city, died on the
29th ult. at the age of sixty-seven years. Mr. Bowne was
also well known as a philanthropist.
—An indictment was returned this week by the Federal
Grand Jury against the members of the firm of B. II. Scheftels & Co. of 44 Broad St., whose offices were raided on
Sept. 29 by United States Government agents. The indict
ment is said to charge conspiracy in using the mails to de
fraud, and the indicted members are Simon Jacob Herzig,
alias George Graham Rice; B. II. Scheftels, Charles F. Belser,
George J. Sullivan, Ralph E. Waterman, John Delaney and
Charles B. Stone. All pleaded not guilty and were released
under bail.
—Justice George Freifeld was recently elected First Vice
President of the Citizens Trust Co. of Brooklyn Borough to
succeed Thomas F. Magner, resigned. Some months ago
differences with regard to the management of the company
arose between the directors with the result that Mr. Magner
and several of the other directors decided to dispose of their
holdings and withdraw from the institution. President
Nathan S. Jonas is said to have arranged to take over
their interests, amounting to 900 shares, at $140 per share, to
be paid in installments, the final payment falling due Oct. 1.
Those who retire with Mr. Magner are David Michel, Alexan
der J. McCollum, Frank J. Helmle and Dr. James E. O’Dono
hue. With Justice Freifeld’s election as Vice-President on
October 19, Arthur S. Somers and Jeremiah Wood were
made members of the board of directors. Ralph Jonas was
elected to the directorate last August, succeeding II. B.
Rosenson.
—State Superintendent of Banks O. II. Cheney is said to
have denied a charter tq the projectors of the Flatbush
Savings Bank of Brooklyn Borough. While considerable
opposition is claimed to have been manifested by the Flatbush Trust Co. because of the possible confusion of the
proposed bank with the trust company, Superintendent
Cheney’s action is reported by the Brooklyn “Eagle” to have
been due to the fact that the interests concerned in the
movement relaxed their efforts somewhat and failed to take
further steps to secure the charter.
[VOL. LXXXXI.
fjjfj—William W. Scrugham has been chosen to succeed the
late William II. Doty as President of the First National Bank
of Yonkers, N. Y. Hampton D. Ewing takes the place of
Mr. Scrugham as Vice-President and Anson Baldwin has
also been elected a Vice-President of the bank.
—A charter for the National Bank of North Hudson at
West Hoboken, N. J., was issued on Oct. 8. George B.
Bergkamp is President, John J. McMahon and Otto Kaegebehn are Vice-Presidents and Howell S. Bennet is Cashier.
The institution has a capital of $100,000.
—The final report on the failed Middlesex County Bank of
Perth Amboy, N. J., was filed by Receiver Halsey M. Barrett
on Oct. 28. The failure occurred 11 years ago, and Edward
S. Campbell served as its receiver from July 24 1899 until
his death in July 1905, since which date the receivership has
been held by Mr. Barrett. Under Receiver Campbell a
total of 50% was paid to the creditors in two dividends of
35 and 15%, respectively. Mr. Barrett reports assets of
$103,487 as available at the present time for the payment of
allowances and a final dividend to the general creditors.
After making provision for the various allowances, he ex
pects to pay a dividend of 20% to the creditors, bringing the
aggregate up to 70%. The claims against the institution at
the time of its failure are said to have amounted to $456,094.
—The National Union Bank and the National Bank &
Loan Co. of Watertown, N. Y., have been absorbed by the
new Northern New York Trust Co. of Watertown, which
began business on the 1st inst. The National Union Bank
had a capital of $200,000 and deposits of about $965,000
and the National Bank & Loan Co. a capital of $100,000 and
deposits of about $862,000. Both institutions terminated their
existence on Oct. 31. The Northern New York Trust Co.,
in which Vice-President James A. Sherman is interested,
was incorporated in June. Its capital is reported as $400,
000. The President, William H. Hathaway, had been at
the head of the National Bank & Loan Co. Carl II. Rohr,
formerly a clerk in the employ of the National Union Bank,
was arrested in Seattle, Wash., on the 3d inst., charges con
cerning a defalcation, it is said, having been preferred against
him. It is alleged that a $13,000 shortage in the books kept
by the former clerk (who resigned Oct. 24) was brought to
light in checking up the books at the time of the consolida
tion.
—The Bank of Wayne, at Lyons, N. Y., is reported to
have closed its doors on Wednesday, Benjamin D. Haight
having been placed in charge to liquidate its affairs. The
institution has a capital of $50,000 and its deposits are said
to aggregate about $S0,000. It was depository for Wayne
County Court and trust funds. It is stated that the bank
was affected by the bankruptcy of the Lyons Beet Sugar
Refining Co.
—Frank E. Barker, Cashier of the New London City Na
tional Bank of New London, Conn., was arraigned before a
U. S. Commissioner on the 5th inst. charged, it is stated,
with having made loans of between $16,000 and $17,000 with
out the consent of the directors, and with the making of
false entries in the books of the bank. He was held in $5,000
bonds for his appearance before the U. S. Circuit Court. The
alleged false entries are reported to have been discovered by
a national bank examiner on Oct. 14. The accused is said
to claim that the money was loaned to a customer of the
bank to save him from financial difficulties, and that no
personal profit came to him in the transactions.
—Ex-Governor John L. Bates, as receiver of the failed
National City Bank of Cambridge, Mass., filed a bill in equity
on the 3d inst. in which he seeks to hold the directors of the
institution responsible for the shortage for which former
bookkeeper George W. Coleman is now serving a fifteen-year
sentence. The action, it is stated, has been brought against
Edwin Dresser, President; David A. Barber, George W. Gale,
Sumner Dresser and George E. Richardson, directors. The
Boston “Herald” reports that neglect of their duty to use
reasonable care as directors in the management of the bank,
in the examination or auditing of its books, and to oversee
its employees, is charged in the complaint. According to
the “Herald,” Coleman’s peculations began in 1907 or
earlier, and the bank is alleged to have been insolvent for
two years before it was closed by the Comptroller of the Cur
rency on Feb. 23 1910, at which time, it is claimed, a total
of $307,000 had been misapplied. An assessment of 100%
was made upon the $100,000 capital, through which the
receiver has been enabled to pay a dividend of 60%.
Nov. 12 1910.]
THE CHRONICLE
—The Arlington Trust Company of Lawrence, Mass., be
gan business on Oct. 17 with $200,000 capital. It is succes
sor to the Arlington National Bank, which was placed in
voluntary liquidation on Oct. 15. The bank had a capital of
100 000
—The Norfolk Trust Co. of Brookline, Mass., recently or
ganized, is said to have taken over the business of the Brook
line National Bank.
—The York County Savings Bank of Biddeford, Me.,
which closed its doors on Vug. 12 last, following the discov
ery of a shortage in its funds, reopened for business on Mon
day, Oct. 31. The shortage is reported to have amounted
to about $300,000, of which about $193,000 is attributed to
bad investments made by the bank between 1874 and 1903,
according to a report submitted to depositors on Oct. 14.
Since the suspension the depositors’ accounts have been
scaled down 22 }4% by order of the Supreme Court, to elfect
the solvency of the institution and permit it to resume.
The trial of Richmond IT. Ingersoll, former Treasurer of the
bank, who was indicted in September on a charge said to
allege the larceny of $3,300, has been put over until the Janu
ary term of the Supreme Court.
—A considerable advance has occurred in the price of the
stock of the Fourth Street National Bank of Philadelphia
during the present month. The asked price toward the close of
October was 290, as reported in our “Bank and Quotation
Section’’ of Nov. 5; since then sales of the stock have ranged
from 300 per share to 301, 302 and 303^, the last three fig
ures being of date Nov. 9.
—The question of increasing the capital of the Kensington
Trust Co. of Philadelphia from $150,000 to $200,000 will be
submitted to the vote of the Stockholders at the annual
meeting on Jan. 17.
—An application to organize the Federal National Bank
of Washington, D. C., with $250,000 capital, has been
presented to the Comptroller of the Currency. The interests
concerned in the movement are W. E. Fowler, W. Sands,
A. E. Randle, W. J. Lambert and M. A. Winter.
—Frank M. Murphy, formerly of Indianapolis, where he
has large interests, has been elected a Vice-President of the
Farwell Trust Co. of Chicago. J. B. Sears, Treasurer of the
Farwell Trust Co., has been elected a director to succeed
W. B. Jansen, former Vice-President of the Atchison Topeka
& Santa Fe RR., and who recently retired from active
business on account of ill-health.
—At a special meeting of the stockholders of the Live
Stock Exchange National Bank of Chicago, held on Oct. 27,
three additional directors were elected as follows: Edward
F. Swift, Vice-President of Swift & Co.; Charles M. Macfirlane, Secretary of Morris & Co., and II. E. Poronto,
Secretary of the Union Stock Yard & Transit Co. With the
addition of the above directors the board is increased from
eight to eleven members.
—Arrangements are being perfected for the transfer of the
business of the Ashland Exchange & Savings Bank, a private
banking institution, at 63d Street and Ashland Avenue,
Chicago, to the proposed Ashland State Bank. The private
bank was organized in 1904. It has a capital of $100,000.
The proposed institution is to have a capital of $200,000,
and it will be under the management of John W. Venable,
President; Charles R. Wakeley, Vice-President; Ernest S.
Rastall, Cashier, and C. E. Madison, Assistant Cashier.
—A change is reported in the ownership of the Washington
Park National Bank of Chicago. Isaac N. Powell has
become President of the bank, succeeding Louis C. Wagner,
and Jacob L. Stahl has replaced A. W. Tobias as Vice
President; A. E. Olson continues as Cashier. H. W. Mahan,
President of the South Side State Bank, has been elected to
the directorate of the Washington Park National. The new
President of the latter is Treasurer of the City of Chicago.
The Washington Park National began business on May 1 last,
having succeeded to the business of the Washington Park
Bank.
—John A. Gauger has been elected a director of the
Drexel State Bank -of Chicago to take the place of Robert
Jones, who retired from the management some months ago.
Mr. Gauger is President of the John A. Gauger Lumber Co.
—We have been favored by Secretary James M. Hurst of
Chicago with a copy of the proceedings (in pamphlet form)
of the fourth annual convention of Group 4 of the Illinois
Bankers’ Association, held at Aurora on June 15. A copy
of the address delivered at the meeting by Prof. Cyril G.
Hopkins, of the University of Illinois, on “The Soil as a
$
,
.
1303
Bank,” accompanies the report in a separate pamphlet, the
Group officers having considered the address of such import
ance as to warrant its distribution apart from the proceedings.
—A 10% dividend was declared on the 8th inst. in favor
of the creditors of the Spring Valley National Bank of Spring
Valley, 111. This is the third dividend to be paid since the
institution suspended in July 1905, 20% having been dis
tributed in 1906 and 5% in 1907, the aggregate thus being
35%.
—The Omaha National Bank, of Omaha, Neb., will shortly
take possession of its magnificent new banking quarters in
the building formerly known as the New York Life Insurance
Building, but which was purchased outright by the bank
some time ago and thoroughly remodeled into a strictly
up-to-date office building. The main banking room takes in
the entire first floor and is one of the largest and handsomest in
the country. Pavanozza Italian marble has been used
extensively for wainscoting , counter rails, &c., with green
Greek marble bases, while the grill work is of solid bronze.
The banking room floor and corridors are laid in pink Tennessee
marble. All the woodwork in the ladies’ private banking
department and the directors’ room is of Circassian walnut,
while that in the various other departments is of solid mahog
any. The bank has had installed by the Mosler SafeCo. three
of its largest and most modern vaults, the one on the main
floor for cash, <fec., and two in the Safe Deposit Department in
the basement. The main vault, a massive affair, containing
at present 2,500 boxes, with room for several thousands
more, is one of the largest in the country. This department
contains an elegant coupon room, desks, &c., for the con
venience of its customers. The Omaha National has a
capital of 81,000,000, surplus and profits of $557,615;
deposits of $11,000,000 and aggregate resources of about
$14,000,000. J. H. Millard is at the hand of the institution;
William Wallace, W. H. Bucholz and Ward M. Burgess,
are Vice-Presidents; J. DeF. Richards, Cashier, and Frank
Boyd, B. A. Wilcox and Ezra Millard, Assistant Cashiers.
—The Park Junction State Bank, a small bank in Kansas
City, Kan., is reported to have been reorganized as the Night
& Day Bank of Kansas City. Its banking hours will be from
8 a. m. to 9 p. m. each working day except Saturday, when
it will remain open until 10 p. m.
—A suit for $445,230 has been brought against the Pioneer
Trust Co. of Kansas City, Mo., by James E. Brady, for losses
he asserts he suffered through his displacement as a majority
stockholder in the institution in February 1907. According
to the Kansas City “Star,” Mr. Brady claims that without
his knowledge or authority as controlling stockholder, the
executive committee met and issued enough treasury stock
to reduce his holdings to a minority; that his reversal in
position caused him to sell his stock at a loss, and that his
loss of control in the institution resulted in the failure of a
plan to consolidate that company with the Bankers' Trust
Co., the Southwestern Trust Co. and the American National
Bank. W. H. Holmes, President of the Pioneer Trust Co.,
is quoted as stating that “Mr. Brady did not at that time or
at any other time own a controlling interest in the Pioneer
Trust Co. The stock held by himself and his friends was
purchased at their own price. The officers of the Pioneer
Trust Co. had no knowledge of or connection with any plans
of consolidation among the institutions named in the suit.”
—The stockholders of the City National Bank of St. Louis
took action toward placing their institution in voluntary
liquidation on the 3d inst., following the purchase of its
assets by the Central National Bank, which likewise assumes
the liabilities of the City National. The latter began
business in August 1905 with $200*000 capital. It had
surplus and pVofits of $48,672 in its Sept. 1 1910 statement,
and the deposits on that date amounted to $1,044,995. The
price paid by II. P. Hilliard, President of the Central Na
tional, for the stock of the City National, is understood to
have varied, the minimum being reported as $110 per share.
Maurice Landau, President, and T. L. Rubinstein, Vice
President, of the City National Bank, have been elected
directors of the Central National, and Jacob Berger, active
Vice-President of the City National, will be made a Vice
President of the Central National. Cashier H. R. Rehme,
of the City National, will also, it is stated, be identified with
the Central. The Central National has been in operation
since 1906. It has $1,000,000 capital, surplus and profits
of $97,574 and deposits of $6,888,933.
—At a meeting of the stockholders of the American
National Bank of Richmond, Va., on Oct. 31 a new $100,000
13 04
THE CHRONICLE
issue of stock was authorized which will increase the capital
from §500,000 to §000,000. The selling price of the new
new stock is §150 per share. Earlier in the present year
the bank's capital was raised from §400,000 to §500,000.
—The Bank of Monroe, of Monroe, La., closed its doors on
October 17. It is stated that there had for some time
been rumors to the effect that the institution would be
liquidated preparatory to the organization of a national
bank. The Court has, however, appointed T. E. Flour
noy and II. D. Apgar as receivers of the bank, on appli
cation made by the Ouachita National Bank, the Union
Bank & Trust Co. and H. C. Blanks, of Columbia. The
Bank of Monroe has a capital of §100,000. According to
the New Orleans “Picayune,” the receivers paid out about
§75,000 to depositors on October 01. The bulk of the
money was furnished, it is stated, by J. E. Franklin,
a director of the bank, and President of the Bankers’ Trust
Co. of St. Louis. Other stockholders in Monroe furnished
the remainder. All the depositors, it is said, will be paid
in full.
—The Western National Bank of San Francisco, Cal., was
placed in voluntary liquidation on Oct. 31, its business
having been merged with that of the Metropolis Trust &
Savings Bank, resulting in the formation of the Western
Metropolis National Bank. The new institution, as noted in
this department Oct. 1, has a capital of $1,500,000. Its
officers are: Alfred L. Meyerstein, President; J. II. Spring,
Vice-President; William C. Murdoch Jr., Cashier; and
George Long, Assistant Csahier. The Western National had
deposits of about §2,165,000 and the Metropolis Trust about
§1,685,000, the enlarged institution thus having deposits
in the neighborhood of §4,000,000.
—The business of the Mechanics’ Savings Bank of San
Francisco and that of the Bank of San Francisco is reported
to have been purchased by the Bank of Italy at San Fran
cisco, with a view to a merger of the three institutions.
The Bank of San Francisco was incorporated in 1907 with
§200,000 capital. The Mechanics’ Savings Bank, capital,
§350,000, began business in 1904. It has deposits of about
§575,000. The Bank of Italy took action during the summer
towards increasing its paid-in capital on the first of January
next from §750,000 to §1,000,000.
—Arrangements have been entered into for the consoli
dation of the Swedish-American Bank of San Francisco with
the Merchants’ National Bank of that city. The proceed
ings, it is stated, will be completed about Nov. 30, the con
solidation to be effected through an exchange of stock. The
Swedish-American Bank was formed in 1908 with §250,000
capital. The Merchants’ National began business in Janu
ary 1907, taking over the commercial business of the Scandinavian-American Savings Bank. In 1909 the Merchants’
absorbed the United States National Bank. Its capital was
increased at that time from §300,000 to §500,000. Lewis
I. Cogwill will retain the presidency of the Merchants’ Na
tional with the completion of the present consolidation.
—An idea of the sumptuous quarters of the Crocker
National Bank of San Francisco is obtained from photo
engravings of various sections of its offices, which have been
distributed by the bank. The institution has not followed
the usual method of presenting these in pamphlet or book
form, but issues each of the series of engravings (about a
dozen in number) in detached form—that is, no one of the
photographs is joined to the other with binding or other
fastening. The building is one of the most noted among
the many attractive banking structures in the city. The
Crocker National has a capital of §1,000,000 and surplus
and undivided profits (Sept. 1) of §3,315,518, deposits of
§18,714,603 and total resources of §24,606,528. President
William II. Crocker is associated in the management with
Charles E. Green and James J. Fagan, Vice-Presidents; W.
Gregg Jr., Cashier, and C. F. Baker, G. W. Ebner, W. R.
Berry and J. B. McCargar, Assistant Cashiers. John Clau
sen is Manager of the Foreign Department.
—Action toward winding up the affairs of the defunct
Bank of William Collins & Sons of Ventura, Cal., was taken
on Oct. 21, when an auction sale of its remaining assets was
had, realizing $15,600. The bank suspended on Nov. 12
1907, and the receiver is said to have paid out since then
55%. A further dividend of 25% is expected to be dis
tributed as a result of the sale which has just been effected.
—H. J. Welty, formerly President of the failed Home
Security Savings Bank of Bellingham, Wash., was sentenced
on the 2d inst. to from four to ten years’ imprisonment,
|Voii. T,XXXXI
having been convicted, it is stated, of accepting deposits
after he knew the bank to be insolvent. Sentence was im
posed following the denial of a motion for a new trial. The
bank closed its doors last March.
—A double liability call of 95% has been made against
the stockholders of the Ontario Bank of Toronto, which was
placed in liquidation in Oct. 1906, following the disclosure
of an impairment in its funds. An offer made by the Bank
of Montreal for the discharge of the obligations of the Bank
of Ontario was accepted by the latter at that time, and this
agreement is held to be valid in a decision rendered by the
Judicial Committee of the Privy Council on the 1st inst. in
an action which had been brought against the Bank of
Montreal by shareholders of the Bank of Ontario. The
Toronto “Globe” states that under this decision the share
holders of the defunct bank will be called upon, under the
double liability clause of the Bank Act, to pay to the Bank
of Montreal a sum amounting to about §1,500,000, to make
up the amount by which the Ontario Bank’s liabilities
exceed its assets.
—Robert A. Crump, formerly Cashier of the Federal
Banking Co. of Mexico City, which closed its doors last
May, was sentenced on the 5th inst. to twelve years’ im
prisonment and to pay a fine of §500, having been con
victed, it is said, of misappropriating §68,500 of the funds
of the institution. The case is understood to have been
_____ ________________
appealed.
I M P O R T S A N D E X P O R T S OF G O LD A N D S I L V E R A T
S A N F R A N C ISC O .
The Collector of Customs at San Francisco has furnished us
this week with the details of the imports and exports of gold
and silver through that port for the month of September, and
they are given below in conjunction with the figures for pre
ceding months, thus completing the results for the nine
months of the year 1910. The imports of gold in September
were fairly large, reaching §861,506, mainly gold coin. Of
silver there came in §108,383, largely bullion and ore. Dur
ing the nine months there was received a total of §2,834,744
gold and §1,522,321 silver, which compares with §2,478,245
gold and §2,017,432 silver in 1909. The shipments of gold
during September were §10,000 coin and the exports of silver
were §831,821, wholly bullion. For the nine months the
exports of gold reached §1,980,208, against §17,758,457 in
1909; and §4,904,421 silver was sent out, against §5,930,992
in 1909. The exhibit for September and for the nine months
is as follows:
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
Months.
1910.
January .......................
February .................. ..
M a rc h -------------------A p ril...........................
M ay ................................
June .............................
J u ly ................................
A u g u st.........................
September.....................
Total 9 m onths___
Coin.
S
______
12,000
4,068
............
250
81,004
274,001
622,500
993,886
Gold.
Bullion.
S
183,913
70,100
107,070
147,884
155,833
290.377
288,734
285,281
239,000
1,840,858
Total.
$
183,913
88,100
171,738
147,881
155.833
290,027
309,798
559,285
801,500
2,834,744
Coin.
s
171,115
194,318
173,280
21,292
1,080
45,450
90,797
45,936
752,208
EXPORTS OF GOLD AND SILVER FROM SAN
Gold.
Months.
Coin.
Bullion.
Total.
Coin.
1910.
S
S
S
S
January .........
1,970,208 1,970,208
1,500
M arc h ............. ................ —
................ ................
M ay..................
4.500
J u ly ...................
Septem ber___
10,000
10,000
6,000
Total 9 mos.
10,000 1,970,208 1,980,208
Silver.
Bullion.
S
152,025
13,837
93,147
71,512
33,841
101,075
133,980
103,989
62,447
770,053
Total.
S
323,740
208,155
200,427
71,512
55.133
108,765
179.430
200,780
108,383
1,522,321
FRANCISCO.
Stiver.
Total.
Bullion.
S
S
489,700 491,200
020,000 020,000
462,S00 402,800
800,100 800,100
409,400 469,400
512.000 512.000
334,000 338,500
378,000 378,000
831,821 831,821
4,898,421 4,904,421
D E B T S T A T E M E N T OCT. 31 1910.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Oct. 31 1910. For statement of S ept. 30 1910,
see issue of Oct. 8 1910, page 920; that of Oct. 31 1909, see
N ov. 20 1909, page 1322.
INTEREST-BEA RIN G DEBT OCT. 31 1910.
Amount -----------Amount Outstanding----------Interest Issued. Registered. Coupon.
Total.
Title of Loan—
Payable.
$
$
S
S ^
2s, Consols of 1930........... Q.-J. 010,250,150 011.711,950 4,538,200 010,250,150
3s, Loan of 1908-18______Q.-F.
198,792,000 42,777,910 21,107,620 03,945,460
3s, Loan of 1925..........
Q.-F. 102,315,400 08,018,400 19,841,600 118.489,900
4s, Pan. Canal Loan 1906.(1.-N.
54,631,980 54,001,220
30,700 54,031,980
2s, Pan. Canal Loan 1908.Q.-F.
30,000,000 29,580,020 413,380 30,000,000
Aggregate int.-bearlng d e b t.. 1,091,990,190 807,320,130 15,991,300 913,317,490
Nov.
12 1910.1
THE CHRONICLE
Note.—Denominations of bonds are: Of $20, loan of 1908 coupon and registered;
of $50, all Issues except 3s of 1908; of $100, all Issues; of $500, al 1 Issues; of $1,000,
all Issues; of $5,000, all registered 2s, 3s and 4s; of $10,000, all registered bonds; of
$50,000, registered 2s of 1930.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Sept. 30.
Oct. 31.
Funded loan of 1891, continued a t 2% , called May 18
1900, Interest ceased Aug. 18 1900............................. S7.000 00
$7,000 00
Funded loan of 1891, matured Sept. 2 1891-.............. 23,650 00
23,650 00
Loan of 1904, matured Feb. 2 1904_______________
13,450 00
13,450 00
Funded loan of 1907, matured July 2 1907............... 1,090,450 00 1,089,800 00
Refunding certificates, matured July l 1907________
17,090 00
17,040 00
Old debt matured a t various dates prior to Jan. 1
1801 and other Items of debt matured a t various
dates subsequent to Jan. 1 1861________________ 906,045 26
906,045 26
Aggregate debt on which Interest has ceased since
m aturity - --------------------------------- ------------------- $2,063,685 26 $2,056,985 26
DEBT BEARING NO INTEREST.
oe/Jt. ou.
Oct. 31.
United States notes---------------------------------------.$346,681,016 00 $346,681,016 00
Old demand notes____ ______ ______ __________
53,282 50
53,282 50
N ational bank notes—Redemption account . . . 32,628,771 76 33,529,205 50
Fractional currency, less $8,375,934 estim ated as
lost or d estroy ed ...................................................... 6,858,435 93
6,858,435 93
Aggregate debt bearing no Interest.....................$386,221,506 19 $387,121,939 93
RECAPITULATION.
Increase (+ ) or
Classification—
Oct. 311910.
Sept. .30 1910. Decrease (—).
Interest-bearing debt.............. S913,317,490 00 $913,317,490 00 .............................
Debt Interest ceased________
2,056,985 26
2,063,685 26
—S6.700 00
D ebt bearing no Interest___ 387,121,939 93
386,221,506 19 +900,433 74
Total gross debt.................... $1,302,496,415 19 $1,301,602,681 45 +$893,733 74
Cash balance In Treasury*
235,688,932 10 240,984,015 77 —5,295,083 67
Total net debt-----------------$1,066,807,483 09 $1,060,618,665 68 +$6,188,817 41
* Including $150,000,000 reserve fund.
The foregoing figures show a gross debt on Oct. 31 of
$1,302,496,415 19 and a net debt (gross debt less net cash
in the Treasury) of $1,066,807,483 09.
TREASURY CASH AND DEMAND LIABILITIES —
The cash holdings of the Government as the items stood
Oct. 31 are set out in the following:
ASSETS.
Trust Fund Holdings—
$
Gold coin...............
899,859,669 00
Sliver dollars__________ 489,008,000 00
Silver dollars of 1890__ 3,518,000 00
Total trust fund____ 1,392,445,669 00
General Fund Holdings—
Gold coin and b u llio n ... 47,904,561 84
Gold certificates_______ 63,059,500 00
Silver certificates............ 5,691,589 00
Silver dollars__________
633,229 00
Sliver bullion__________ 3,580,010 37
United States notes___
5,496,561 00
Treasury notes of 1890..
7,442 00
National bank notes___ 18,805,902 32
Fractional silver coin__ 16,995,517 15
Fractional currency___
62 83
Minor coin_____ ______
652,188 12
Bondsand Interest paid.
15,585 61
Tot. In Sub-Treas’les. 162,908,182 24
In Nat. Bank Depositaries
Credit Treasurer of U. S . 35,659,998 50
Credit U. S. dls. officers. 12,238,288 89
Total In hanks______ 47,898,287 39
In Treas. of Philippine Islands
Credit Treasurer of U. S . 2,530,941 51
Credit U. S. dls. officers. 3,890,872 00
Total in Philippines.. 6,421,813 51
Reserve Fund Holdings—
Gold coin and b u llio n ... 150,000,000 00
Grand to tal.................. 1,759,673,952 14
LIA BILITIES.
Trust Fund Liabilities—
S
Gold certificates_______ 899,859,669 00
Silver certificates______ 489,068,000 00
Treasury notes of 1890.. 3,518,000 00
Total trust liabilities.1,392,445,669 00
Gen. Fund Liabilities—
National hank 5% fund 24,991,899 54
Outstanding checks and
drafts ...............
15,212,077 23
Disbursing officers’ bal
a n c e s ...___________ 84,281,002 81
Post Office D epartm ent
a c c o u n t........................ 5,341,274 38
Miscellaneous Items___
1,713,097 08
Total gen’l liabilities... 131,539,351 04
Cash balance and reserve—
Total cash and reserve.. 235,688,932 10
Made up of—
A vailable.. 85,688,932 10
and
Reserve Fund—
Gold&bull.150,000,000 00
Grand total..................1,759,673,952 14
TREASURY CURRENCY HOLDINGS.—The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury on the first of August,
September, October and November 1910.
TREASURY NET HOLDINGS.
Holdings in Sub-Treasuries— Aug.$ 1 ’10. Sept. SI ’lO. Oct. $1 ’10. N ov..$l ’lO.
Net gold coin and bullion..............228,421,383 229,628,417 244,362,011 261,024 062
Net silver coin and bullion--------- 19,296,005 19,602,603 14,022,399 9,910 858
N et United States Treasury notes
11,040
10,719
8,775
7,442
Net legal-tender notes--------------- 8,789,039 6,320,278 5,325,879 5,496,504
Net national bank notes------------ 36,666,030 35,598,345 29,810,242 18,805,902
Net fractional silver...................... 20,377,827 20,366,532 18,820,064 10,995,517
Minor coin, A c ......................
1,173,228
930,737
895,014
667,837
Total cash In Sub-Treasuries..314,734,558 312,463,661(1313,844,384 312,908,182
Less gold reserve fund___ ____150,000,000 150,000,000 150,000,000 150,000,000
Cash balance In Sub-Treasuries.. 164,734,558 162,463,601 163,844,384 162,908,182
Cash In national banks___ ___ 48,390,919 48,705,121 48,047,442 47,898,287
Cash In Philippine Islands_____ 0,228,662 6,110,364 5,128,254 6,421,814
Net Cash in banks, Sub-Treas.219,354,139 217,339,146 217,020,080 217,22.8,283
Deduct current liabilities.a____ 126,997,915 127,815,938 126,036,004 131,539,351
Available cash balance.............. 92,356,224 89,523,208 90,984,016 85,688,932
a Chiefly "disbursing officers’ balances." d Includes $3,586,040 37 silver bullion,
$667,830 56 minor coin, &c ., not Included In statem ent "Stock of Money.”
STOCK OF MONEY IN THE COUNTRY.—The follow
ing table shows the general stock of money in the country,
as well as the holdings by the Treasury, and the amount in
circulation on the dates given.
-Stock o f Money Nov. 1 TO------- Money in Circulation----In United
Held in
Nov. 1
Nov. 1
Stales.
Treasury.d
1910.
1909.
Gold coin and bullion----- *1,692,759,176 197,961,562 594,934,945 598,773,175
Gold certificates a ---------- ----------------- 63,059,500 S36,800,169 795,205,489
Standard silver dollars----- 564,759,508
633,229 75,058,279 74,383,857
Sliver certiflcatcsa..............
5,691,589 483,376,411 481,794,889
Subsidiary silv e r................ 6150,146,796 16,995,517 139,151,279 112,321,038
Treasury notes of 1890----3,518,000
7,442
3,510,558
4,021,535
United States notes.............. 340,681,010 5,490,564 311,181,452 342,179,962
National bank notes............ 724,874,308 18,805,902 706,008,400 085,996,112
T o ta l.......................'............3,488,738,804 308,654,305 3,180,084,499 3,124,679,057
1305
Population of the U nlted'States'N ov. 1 1910 estimated a t 90,844,000; circulation
per capita, $35 01.
* A revised estimate by the Director .of the Mint of the stock of gold coin was
adopted In the statem ent for Aug. 1 1907. There was a reduction of $135,000,000.
6 A revised estim ate by the Director of the Mint of the stock of subsidiary silver
coin was adopted In the statem ent of Sept. 1 1910. There was a reduction of
$9,700,000.
a For redemption of outstanding certificates an exact equivalent In am ount of the
appropriate kinds of money Is held In the T reasury, and is not Included In the
account of money held as assets of the Government.
d This statem ent of money held In the Treasury as assets of the Government does
not Include deposits of public money In N ational Bank Depositaries to the credit
of the Treasurer of the United States, am ounting to $35,659,998 50.
[From our own correspondent.]
London, Saturday, Nov. 5 1910.
The Paris Bourse was closed both on Monday and on Tues
day because of the All Saints festivals, and the London Stock
Exchange was closed on Tuesday, being the first of Novem
ber. Practically, therefore, scarcely any business was done
here on Monday. On Wednesday, when the House reopened,
there was a much more hopeful and cheerful spirit than for a
long time before, and the cheerfulness has continued in spite
of labor disputes, which are so difficult to settle. The lead
ers of the men have sent out a second ballot to the boiler
makers in regard to the. arrangement which they had made
with employers. It appears that the vote for accepting the
agreement was really larger than had been supposed, be
cause some of the votes did not come in in time. It is now
hoped that the agreement will be accepted. In South Wales
the leaders of the men are using all their influence to prevent
trouble, but in several districts the men are quite unman
ageable, and strikes have taken place throwing more than
150,000 men out of employment. As there is so much dis
union among the men, and as the leaders are opposed to
strikes, the general feeling is that the trouble will come to an
end before very long. But the spirit among the younger
men generally is so obstinate that it is impossible to foresee
from hour to hour what may happen. Notwithstanding all
this trouble, the feeling on the Stock Exchange is decidedly
hopeful.
In Paris there is not much doing, partly because it has
not yet got over the alarm caused by the recent strike and
partly because the reoganization of M. Briand’s Cabinet
has been going on for the greater part of the week. There
is, however, a hopeful feeling in Paris likewise; and, indeed,
Paris is buying largely in London.
In Germany there has been rather a setback. A few weeks
ago the President of the Imperial Bank issued a warning
that speculation was being carried too far and ought to be
checked, and he appealed to the other banks to help him.
The other banks have done so, and during the past ten days
or so the weaker operators have been squeezed out. The
feeling among the public is entirely opposed to that of the
banks. The public argues that trade is good, that next
year it will be better; that industrial securities of all kinds
will rise, and that, in fact, the banks are forcing them to sell
at a loss at a most unfavorable time. However this may be,
there has been a good deal of forced selling, which, no doubt,
leaves the Bourses much stronger than they were before.
Here at home operators are directing their attention very
largely to consols and Indian securities. Consols have re
covered far the greater part of their loss, and it looks just
now as if the buying would carry them considerably higher
yet. Indian securities are also in favor, because India just
now is very prosperous and is likely to continue so until, at
all events, the result of next year’s monsoon is seen. While
there is recovery in the highest classes of securities, British
railway stocks are not very active, because of the strikes;
and gold shares are quite depressed. Why they should be so
nobody seems to understand. But they are being sold both
in Paris and in London, and the great houses do not come to
the support of the market.
Meantime, money is very dear and scarce. The Bank o
England has obtained during the week nearly two million
sterling in gold; but the outflow of both coin and notes to
the interior is so large that the addition to the reserve is not
great. Over and above this, it is said that the Bank of
England is borrowing in the open market for the purpose of
obtaining complete control, and making the 5% rate effecttive. Meantime, there is about a million sterling in gold on
the way from Brazil. Paris has taken sterling bills to the
extent of nearly a million sterling, and everything seems to
THE CHRONICLE
1306
[VOL. LXXXXI
point to the receipts of gold from other quarters. Lastly,
English Financial Markets—Per Cable.
the Egyptian demand for gold has completely ceased. In The daily closing quotations for securities, &c., at London,
deed, Egypt has supplied itself with much more than it re as reported by cable, have been as follows the past week:
quires, and now the Egyptian banks are prepared to supply
London.
India with four or five millions sterling. Apparently, there Silver,
Week ending Nov. 11.
Sat. Mon.
Tues. Wed. Thurs. F rl.
d. 25)4
26
25)4
25 13-16 25 13-16 25)4
fore, India will not need to take gold from London. It will Consols,pernew,oz-----------------2)4 p ercen ts.. 79)4
7954 79 11-16 79 7-16 79 5-16 795*
supply itself out of the Egyptian surplus.
For account_____________ 79 5*
79)4
79 13-16 79 11-16 795* 79
Rentes (In Paris), fr. 97.37)4 97.25 97.325* 97.275* 97.30 97.175*
The India Council offered for tender on Wednesday 70 French
Amalgamated Copper C o ... 725*
72)*
73)4
705*
7354
71)*
lacs of its bills, and the applications amounted to nearly bAtch.
Anaconda Mining Co______ 8%
8)4
854
854
Topeka & Santa F e ...l0 8 )* 1098 % 1088)4 108)4
107
524)4 lacs, at prices ranging from Is. 4 l-32d. to Is. 4 3-32d. Preferred................................
10654
103
103
103
104
per rupee. Applicants for bills at Is. 4 l-16d. were allotted Baltimore & Ohio..................I103
l l ) ( 111)4 104)4
112
112)* 1105* 110)4
Preferred.............................. 93
93
93
93
about 16% of the amounts applied for, and above in full. Canadian
93
93
204)* 204)4 203 H 204
2025* 203
While applicants for telegraphic transfers at Is. 4 3-32d. ChesapeakePacific_____________
& Ohio...................86)*
865*
87
87 H
84)4
84 H
Chicago Great W estern____ 25)4
per rupee were allotted about 16%.
25 H
24 H
25
24)4
24
Milwaukee & St. Paul. 1295$ 130
130
129)* 126)4 1265*
The following returns show the position of the Bank of Chic.
Denver & Rio Grande_______ 34 5* 31)4
345*
35
34
33
England, the Bank rate of discount, the price of consols, E riePreferred____
__________ 77
76)4
76)4
77 A
76
74)4
____ ________
30)4
31)*
30)4
305*
30
29 A
&c., compared with the last four years:
First preferred..................... 51
51)4
515*
50
51)4
49)4
1910.
1909.
1908.
N oo.
Nov.
Nov.
£ 2.
£ 3.
£ 4.
Circulation________ 28,607.150 29,187,825 28,986,230
Public deposits___ 6,569,821 6,049,850 6,353,287
Other deposits____ 38,412,477 40,775,853 42,363,938
Qovernm 't securities 14,330,568 16,386,788 18,730,533
Other securities___ 26,272.120 27,079,461 26,359,898
Reserve, notes&coln 22,098,310 21,460,902 25,330,260
Coln&bull..bothdep 32,255.460 32,198,727 35,866,490
Prop, reserve to 11a47 7-16
bllltles............p. o.
52
49)4
5
Bank rate____ p. c.
5
2)4
Consols, 2)4 p. c __
79)4
82 13-16
84
S ilv e r-....................... 25 13-lCd. 23 3-I6d. 22 15-I6d.
Clear.-houso returns 319,482.000 341,470,000 275,932,000
1907.
1906.
Nov.
Nov.
£ 6.
£ 7
29,480,430 28,502,580
6.795,429 8,838.036
43,439,533 40,875,844
14.332,136 15,966.166
36,099,742 32,554,854
17.694,795 19.076 395
28.725.255 29,188 9 7 5
35X
38 5-16
7
6
82)4
86 1-16
_28d. 32_ 13-16d.
244,372.000 230.311,000
Tho rates for money have been as follows:
Nov. 4.
Bank of England rate______
5
Open Market rale—
Bank bills—6Q d a y s ..........
4%
\
—3 m onths____
4M
— 1 m onths___
4
—6 m onths___
3)4
■ Tirade bills—3 months___
5
—4 m onths___ 45*@5
Interest allowed for deposits—
By joint-stock banks..........
9)4
Bjr discount houses:
l At call...............................
3)4
35*
517 toJ14 days.......................
Oct. 28.
5
4)*@45*
4'A® 4%
4(i; 4 14
3)4® 4
5@5)4
5
3)4
3)4
35*
Oct. 21.
Oct. 14.
5
4
4)* <314 9-16 3W@3 3-16
4J*@4 0-16
3 9-16
4%
3 9-16
4H
3 9-16
4 34 (>?5
3 5* ©4
4
4 5* @5
3)4
2)*
3)4
2)4
25*
35*
Second preferred................39)4
Illinois Central..........................139
Louisville & Nashville............151)4
Missouri Kansas & T ex as... 36
Preferred...............................67)4
N at. IUt. of Mexico, 1st Pref. 74
Second preferred________37)*
N. Y. Central & Hudson Rlv.119
N. Y. Ontario & W estern ... 45
Norfolk & W estern.................102
Preferred......... ................... 92
Northern Pacific.......................122 5*
a Pennsylvania______________67)4
a Reading..................................795*
a First preterred...................45
a Second preferred_______49)4
Southern Pacific........................122)4
Southern R ailw ay.....................26 5*
Preferred.................................. 635*
Union Pacific........................... 180
Preferred.................................. 95)4
U. S. Steel Corporation............ 83
Preferred................................ 1215*
W abash ...................................... 19
Preferred......... ...................... 395*
Extended 4 s .. . .................. 68
a Price per share. 6 £ sterling.
39)4
139
151
36
68
74
37
119)*
45
102
92
123
68
79)4
45
49)*
123)4
27)4
04
182 54
9554
84
121)*
185*
40)*
68
39)*
139
1515*
36)*
68
74
37
119)*
44 5*
102
90
123
68
79)4
45
49)4
12254
28
66)4
1815*
95)4
83)4
121
185*
39)4
68
39)4
139
152
36
68
74
37)4
119)4
45)4
103
92
123
675*
7954
45)4
49)*
1225*
28)4
60
18154
95)4
83)4
121
185*
40
68)4
38)4
139
149)4
35
67
74
37
1175*
44)4
102
92
121
67 H
77)*
45
49
120)4
28)*
66
179)4
95
80)4
1205*
175*
37 5*
67)*
38
138
149
34
66)4
73)4
385*
118
44
100)4
92
119
665*
77)4
45)*
49
121
28
65)4
179)4
95
80)*
1205*
175*
37
67
( L o m m e v c u il a n c l
The bank rates of discount and open market rates at the Canadian Bank Clearings.—The clearings for tho week end
ehiif Continental cities have been as follows:
ing Nov. 5 at Canadian cities, in comparison with the same
Nov. 5.
Oct. 29.
Ocl. 22.
Oct. 15.
Rates o f
Bank Open Bank Open Bank Open Bank Open week of 1909, show a decrease in the aggregate of 4.4%, this
Interest at—■ Rate. Market. Rate. Market. Rale. Market. Rale. Market. result being due to the holiday in the week this year.
P a r is ....................... . . . 3
3
3
3
2)4
2)4
3
Berlin__________
Hamburg................
F ra n k fo rt..............
A m sterd am _____ . . .
Brussels ________
Vienna _________ . . .
St. P etersb urg__
M adrid__________ . . .
Copenhagen _____ . . .
5
4%
454
5
4
5
4
4
4
4
5
45*
4)4
5
5 4 13-10
45*
nom . ] 4 5 nom.
4)4 4)4
4)4 4)4
5
5
5
5
5
454
5
454
4 3 15-16
5
354
4
4
5 nom .
4)4 4
5
4)4
2)4
5
4)4
5
4)4
5
4
4
4
4)4 3)4
4
4
nom.
4)4 4
5
4
Messrs. Pixley & Abell write as follows under date of
Nov.
3:
GQLD.—There was over £1,000,000 bar gold In the open market for disposal this
Clearings at—
1910.
Canada—
M ontreal______
Toronto ............
Winnipeg_____
Vancouver____
O tta w a _______
Quebec................
H a lifa x ..............
H am ilton............
C algary_______
St. John_______
London ..............
Victoria _____
Edm onton..........
Regina _______
B ran d o n ______
L eth bridg e___
Total Canada
35,869,388
32,880,719
25,667,476
8,486,453
3,133,807
. 1,984,577
1,536,508
2,470.152
3,107,927
1,384,413
1,109,614
2,005,330
1.319,502
1,159,533
507,967
122,095,399
Week ending November 5.
Inc. or
1909.
Dec.
1908.
1907.
S
%
8
41,611.529 — 13.8 32,081,537 37,004,084
33,599,297 — 2.1 31,850,752 .27,166,504
26,727,163 —4.0 20,005,173 16,902,985
4,538,684
6,892,045 + 23.1
4,192,850
3,803,354
3,146,268 —0.4
3,054,833
2,675,790
2,779,469
1,580.636 + 25.6
2,316,404
2,171,565
2,077,653 —26.0
2,112,117
1,717,130
2,191,475 + 12.7
1,820,524
1,665,784
2,712,803 + 14.0
1,480,572
1,493,204
1,066,760 — 10.9
1,413,006
1,428,310
1,360,239 — 18.5
1,340,208
1,181,329
1,516,777 + 29.7
1,457,972 —9.5
1,121,700
914,669
1,176,657 — 1.4
Not Included In total
Not included In total
127,747,274 — 4.4 104,843,628 103,447,005
w eek en d after satisfying India and tho trade, the Bank of England was able to se
cure upwards of £750.000. £700,000 has arrived In sovereigns from Brasil, and It
Is reported th a t £1,060,000 more Is on tho way from the samo quarter. Further
shipments are talked of as probable. France has seut £125,000 In sovereigns and
£11,000 In Napoleons, whllo the Bank has also received £6,000 from Australia.
W ith tho exception of £20,009 for Egypt, there have been no withdrawals since our
last circular, tho Indian exchange being rather weaker. N ext week £670,009 Is duo
to arrive, of which £562,000 Is from South Africa and £108,000 from India. Ar
rivals—South Africa, £962,000; Australia, £60,000: West Africa, £38,000; West
Indies,£28,000; Brazil, £9.000; total, £1,097,000. Shipments—Bombay, £110,500;
Calcutta. £67,500; total, £178,000.
SILV ER.—The m arket has been quiet during the past week, with holidays In
Bombay on three days, and quotations, after falling to 25 ll-16d. for spot, are at
the close the same as last weok a t 25Jid . for spot and 26 l-16d. for forward. In
China business has been dull and exchanges are a little lower. Though no buying
National Banks.—The following information regarding
orders have come from Shanghai, there has been no pressure to sell, and, owing to
the moderate offerings, this market closes with a quiet but steady tone. T ie stock national banks is from the office of the Comptroller of the
of sycce in Shanghai Is still Increasing and is now about £400,000 below th at at the Currency, Treasury Department:
corresponding date last year. India has been a small buyer and seems ablo to ab
C H A R T E R S ISSU E D TO N A T IO N A L B A N K S O CT. 27 T O O CT. 31.
sorb tho dally offerings, which are moderate. The Bombay quotation seems to be
maintained by further purchases by the Indian group of speculators. We hear of a 9.880— T he F irst N ational B ank of W llm ore, W ilm ore, K en tu ck y . C apital,
$25,000. II. L. M cLean, P resident; Ja s. R . D orm an, V ice-Presi
shipment of £100,000 from San Francisco to China. . The Bombay quotation Is Ils
d en t; C. D . Pow ell, C ashier.
95)4 Per 100 tolahs. Arrivals— New York, £200,000; Mexico, £5,000; West Indies,
£6,000: total, £211,000. Shipments—Bombay, £381,500; Calcutta, £5,000; Port 9.881— T he F irst N ational B ank of K ingston, K ingston, O klahom a, C api
ta l, $35,000. Ja s. It. M cK inney, P resident; G. P . W heeler, V ice
Said. £1,000: total. £387,500.
P resident: W . F . Z lnnccker, C ashier. (C onversion of th e M arshall
The quotations for bullion are reported as follows:
C ounty S ta te B ank of K ingston.)
T he W estern M etropolis N ational B ank of San F rancisco, San
GOLD.
Nov. 3. Oct. 27. I SILV ER.
Nov. 3. Ocl. 27. 9.882— Francisco,
Cal. C apital, $1,500,000. A lfred I,. M eyersteln, P resi
London Standard. s. d.
s. d. | London Standard.
d.
d.
d en t; J . II. S pring, V ice-President; W in. C. M urdoch J r ., Cashier;
Bar gold, fine, oz..........77 9
77 9 | Bar silver, line, oz____25 7-8 25 1-8
G eorge L ong, A ssistan t Cashier. (C onversion of th e M etropolis
U. S. gold coin, oz___ 76 4)4 76 4)41 " 2 mo. dolivery-----26 1-16 26 1-16
B ank of San Francisco.)
German gold coin, o z .. 76 4 70 4 |Cake silver, o z .............27 15-16 27 15-16 9.883— T ru stT hefc FSavings
irst N ational B ank of H am ilton , H am ilton , Illinois. Capi
French gold coin, o z .. 76 5)4 76 5 )4 1Mexican dollars_____ nom.
nom.
ta l $50,000. II. M. E lder, P resident; C. P . D a d a n t, V ice-Presi
Japanese yen_________ 76 4 76 4 1
d en t; R . R . W allace, Cashier: II. M. C u crdcn, A ssistan t Cashier.
The following shows the imports of cereal produce into
(Conversion of th e S ta te B ank of H am ilton .)
L IQ U ID A T IO N .
tho United Kingdom during the season to date, compared
3,553— T h e B rookline N ational B ank, B rookline, M assachsuetts, was
with previous seasons: IMPORTS.
placed Ih v o lu n tary liqu idation O ct. 31 1910.
he W estern N ational B ank of San Francisco, San Francisco, Cali
Eight weeks—
1910-11.
1909-10.
1908-09.
1907-08. 5,688— Tfornia,
w as placed In v o lu n tary liqu idation O ct. 31 1910.
W h e a t---------- --------- ---------cw t.16,203,800 17,887,300 13.927,500 16,595,000
N ational B ank of M ena, M ena, A rk an sas, w as placed In volun
Barley __________
4,327.500 5.348.200 6,128.900 5.137.300 7,829— Ttahe
ry liqu idation N ov. 1 1910.
O a ts ...................
2,032,700 3.337.200 2.047,200 1,231,700
475,695
Peas---------------247,910
250,590
410,960
B e a n s...............
194,100
838,940
311,760
257,560
Auction Sales.—Among other securities, the following, not
Indian corn...................................... 7,886,400 0.642,000 0,397,400 8,748,000
regularly dealt in at the Board, were recently sold at auction.
1,970.400 ________
Flour ................................................... 1,686,200 ________
_
1,746,500 ____
2.292.400
Supplies available for consumption (exclusive of stock on
September 1):
82 N. Y. & Harlem RU. C o .. 310
33 Albany & Susq. HR. C o .. 286
10 Central Trust Co................... 1030)4
10O Cobalt Sliver Queen, L td.,
$1 each ............................. _.$5 lot
3 Converse & Co., com.S5 50persh.
25 W aterbury Co.ofW.Va.$10 persh.
25 Consolidated N at. B an k .. 101
10 Mt. Kisco N at. Bank____ 250
Producers Oil Co.................. 143 5*
wheat, flour and 60,00022 Co..
Royal Tlnto Min. & Smelt.
SI each........................$3,525
6 Bank of America..................... 600
1909.
1908.
23
National
City Bank............ 383)4
1,405,000 1,785,000
35 Home Trust Co..................... 106
200,000
255,000
8 Union Ferry Co..................... 27
655,000
015,000
80 Lawrence P o rt. Cement Co. 60 H
1909-10.
. 1910-11.
1908-09.
W heat Im ported........................cw t.16,203,800 17,887,300 13,927,500 1907-08.
Im ports of flo u r......................... — 1,686,200 1,970,400 1,740,500 16.595,000
Sales of home-grown....... ................. 4,747,522 4,048,902 6,129,543 2.292,400
7,374.342
Total ____ _______ __________ 22,637.522
Averago price of wheat, weok___ 30s. 4d.
Average price, season___________ 30s. 6d.
The following shows the quantities of
maize afloat to the United Kingdom:
8338
This week.. Last week.
............................................qrs. 2,530,000 2,360,000
205,000
q a l t o ............................qrs. 105,000
Maize -----------------. ...q r s 1,140.000 1,125,000
By Messrs.Stocks.
Adrian H. Muller & Son:
Stocks.
20 Bank of the M anhattan Co. 330)*
15 National Park Bank_35054-351)4
10,000 Round Mtn. Sphinx Mining
Co., $1 each................Sc. per share
I Membership Consolidated
Stock Excharige of N. Y ..$ U 1
11 Corn Exchange B ank......... 31454
100 Gray N at. Telautograph
Co___
$7 per share
9,000 Mineral II111 Consolidated
Mines Co., 31 each.............. 35 lot
Ilonds.
$4,000 Lock Haven Paper Co. 1st
5s, 19 20 .......................................... 12
$1,500 Arlon Society of City of
N. Y. 2d 3s, 1917, A. & O ----- 50 & Int.
Nov. 12 1010. i
THE CHRONICLE
13 07
DIVIDENDS.
Statement of New York City Clearing-House Banks.—The
The following shows all the dividends announced for the detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Nov. 5.
future by large or important corporations:
the figures for the separate banks are the averages of the
Dividends announced this week are printed in italics.
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
Per When
Books
Closed.
I1or definitions and rules under which the various items
Name of Company.
Cent. Payable.
Days Inclusive.
are made up, see “Chronicle,” V. 85, p. 836.
____________________ W eom it tico ciphers (0 0 ) in all cases.
R a ilro a d s (S te a m ).
Albany <fc Susquehanna, guaranteed. _
Jan.
Dec. 10 to Jan. 2
Banks.
Atch. Topeka * 8 . Fe, com.(qu.)(No.22) 41 XX Dec.
Capital. Surplus. Loans. Specie. Legals. Deposits. ReHolders
of
rec.
Nov.
4a
0 0 s omitted.
Calawissa, preferred stocks______________ 2 X Nov.
Holders of rec. Nov. 11
Average. Average. Average Average. s've.
Chestnut Hill (quar.)___ _____ _________ I X Dec.
Cleveland A Pittsburgh, reg.fguar.) (qu.) I X Dec.
8 I S
Holders of rec. Nov.10a Bank of N. Y
S
$
S
S
%
Special guaranteed (quar.)............
1 Dec.
Holders of rec. Nov.10a M anhattan Co 2,000,0 3,520,3 19.498.0 3,490,0
902,( 17,032,1 25.8
Cripple Creek Central, p(. (qq.) (No. 20). 1 Dec.
2.050.0
4.184.6
Holders
of
rec.
Nov.
19a
31,000,0
7,737,0 1,587,( 35,300,0 26.4
Merchants' . .
Delaicare A Hound lirook, guar, (quar.)
2 Nov.
2 ,000,0
1.789.6
19.642.0
3,879.0 1.228.C 19,823,0 25.7
A Metals. , 000,0 7.988.0 51,052,9 10,974,4
Erlo & Pittsburgh (quar.)__
” I X Deo.
Holders of rec. Nov .30a Mech.
1,108,0 48,160,8 2510
A m erica______ 61.500.0
Great Northern Iron Ore Properties'
50c. Dec.
5.874.2 22.669.1 3,873,4 1,836,3
Nov. 19 to Dec. 1 Phenlx
21,988,S 25.9
.
.
Greene RR. guaranteed...................."
3 Dec.
1
,
000,0
Dec.
14a
724.0
Holders
of
rec.
7.817.0
1,480,0
255,0 6,899,C 25.7
C
ity
.............
_”
Interoccnnic, 1 st preferred____ ” ” ” '
Nov.
Nov. 1 to Nov. 18 Chemical_____ 26,000,0 31,519.7 176.555.5 34,353,6 5,326,0
161,178,8 24.6
Second preferred.................. ____________ b642 X Nov.
0
Nov. 1 to Nov. 18 M erchants’ Ex* 3.000. 6.494.7
28.529.0
4,577,9
1,923,0
25,2
Norfolk A Western, common (quar.)
Dec.
600,0
Holders of rec. Nov.30a G allatin..........
582.0 7.404.5 1,863,7 157,8 25,889,0
7,865,1 25.7
Preferred (quar.).................................
11X Nov.
Holders of rec. O cf31a Butch. A D rov. 1.000 .0 2.533.2 8 ,666,2 1.300.0 506,0
6.917.0 26.1
North Pennsylvania (quar.)......... ” ’ ”
2 Nov.
300,D
Nov.
11
to
158.0
Nov.
16
2,806,8
528,8
97,4 2,410,8 25.9
G reenw ich___
Pennsylvania (quar.)___________” ” ___ ifi> Nov.
500.0
Holders of rec. Nov. 5 Am.
832.9 7, 10,1 1,866,3 206,0
8,272,0 25.1
Exchange. 5.000.
Phlla. Germantown A Norristown (quar] 3 Dec.
0
4.439.8
32.902.3 5,113,8 2,683,7 30,894,6
26.3
Commerce..........
Pitlsb. Bessemer A L. pref. guar
3 Dec.
25.000.
0
16.497.4
Holders
of
rec.
Nov.
15
137,507,9
22,365,4
6,444,8
111,828,1
26.8
Mercantile..........
PiUsb. Youngst. A Ashta., com.Apf. (qu.) I X Dec.
0
2.726.2
Holders of rec. Nov. 19a P ad lie________ 3.000.
14.062.3 1,819,7 926,8 10,268,0 26.7
Rome Watertown * Ogd.. guar., (quar.) IH Nov.
500.0
913.1
Nov.
1
to
Dec.
1
3.634.5
275,1 473,5 3,007,8 24.9
______ * 450,0 1.059.7 8.460.0 1,070,7
Southern Pacific Co. (quar.) (No. 17)..
I X Jan.
Holders of war’t No. 17 Chatham ______
1,183,5 8,913,4 25.2
Union Pacific, common (quar.)............
200.0
2 X Jan.
470.3 2.117.3
Holders of rec. Dec. la People’s
421,3 134,6 2,238,2 24.8
H anover______ 3.000.
Vandalia (quar.)................................... ” 11
0
Nov.
11.910.1
l
H
Holders
of
rec.
Nov.
15a
60.995.6
0 ,0 0 0 , 6
7,371,6 67,137,0 25.9
(Vhite Pass A Y u k o n .................
Citizen’s C cnt-. 2.550.0 1.746.7 21.401.7 1 5,023,3
61 Jan.
227,4
25.8
N a ssa u _______
500.0
538.2 7.109.1
827,0 1,178,8 20,477,6
7,988,2 25.1
MarketA Fulton 1.000. 0 1.720.7
Street and Electric Railways.
8.853.6
1,392,0
721,4
8,565,0
24.2
M
etropolitan
Connecticut Uy. * f.tg., com. A pf. (qu.) 1 Nov.
1 to Nov. 15 t orn Exchange. 2 , 000,0 1.478.0 12.894.2 3,205,8 232,9 13,631,4 25.6
Federal Light A T ract., pref. (quar.)___ I X Dec. 151 Nov.
3.000. 5.254.1
0
41.853.0 6.613,0 6,027,0 48,015,0 24.2
Nov. 16 to Dec
Trader’s 1.500.0 7.545.9 25.080.0
Georgia Ry. A Electric, com. (quar.) __ 2 Nov.
Nov.
10
to Nov. 19 PIma p.r kA_________
4,014,0 1,567,0 22,124,0 26.2
Havana F.Iectrlc Ry.. com. A pref. (qu.) I X Nov.
5.000. 12.524.1
0
Oct.
23
to
76.185.0
Nov.
12
19,113,0 1,166,0 78,414,0
25.8
River___
Metropol. West Side Kiev., Cldc., pf. (qu.)
250.0
X Dec.
108.5 1.502.1
Holders of rec. Nov. 16a EF ast
277,9 139,7 1,484,3 28.1
o
u
rth
____
New Orleans Railway A Light, prof
5.000. 5.624.9
0
2 X Jan.
Jan.
1
to
25.945.0
Jan
15
4,242,0
2 , 1 0 0 ,0
24,269,0
26.1
Northern Texas Elec. Co., com.(qu.)(No.5) I X Dec.
1.000.0 2,080,0
12.650.0 2,976,0 146,0 12,186,0 25.6
Holders of rec. Nov.21a SF econd..........
ir s t.............. .. 10. 000. 20,589,9
PaclficGas <fc Elec., pref. (qu.) (No. 1 9 ).
0
l X Nov.
Holders of rec. Oct.31a Irving
19,511,0 1,788,9 83,184,7 25.0
E x c h ... 2 , 000,0 1,655,0 96.847.8
Portland R y.,L.*Pow .,com .(qu.) (No. G) 1 Dec.
.
Nov.12a
Holders
of
rec
22.742.9
1,384,9 23,932,5 25.8
Tampa Electric Co. (No. 2 2 ) __
Bowery ______
4 Nov.
250.0, 815.9 3.535.0 4,792,5
Holders of rec. Nov
842,0
52,0 3,682,0 24.2
West Penn Traction, com. (No. 1)...........
1 Dec.
N
.Y
.
C
ounty..
500.0
1.657.4 7.641.0 1,230,6 615,2
Dec. 8 to Dec. 15 German-Amer .
7,517,3 25.0
750.0
689.5
4.029.3
763,7
226,4
3,820,6 25.9
C h a se ________ 5.000. 7.706.8
Miscellaneous.
0
71.603.5
14,342,7
4,919.0
76.016.9
Adams Express (quar.)
Fifth
A
venue._
$3 Dec. 1 Nov. 15 to Nov. 30
100.0 2.109.4 13.103.2 2,661,1 1,099,0 14,613,7 25.3
25.7
German E xch..
Amalgamated Copper (quar.)” ” ” ” ”
200,0
X Nov. 28 Holders of rec. Oct. 29a
895.2 4.005.7
567,8 463,3 4,107,6 25.0
American Caramel, common (quar )
1 Dec. 1 Nov. 11 to Nov. 30 G erm ania____
200.0,
1,016,6 4.653.2
885,9 510,3 6,358,5 2C.0
American Chicle (monthly)
............... 1 Nov. 19 Holders of rec. Nov. 14 Lincoln _______ 1.000. 0 1.542.5
14.774.3
838,3 15,503,4 24.2
Extra ....................
................... 1 Nov.
arfield.. ’
1,197,7 8.269.1 2,919,2
Holders of reo. Nov. 14 FG ifth
1,990,8 361,3 8,515,3 27.6
................ I 1.000,0
American Cotton Oil, common..................... 2 X Dec. 191 Nov.
2.50.0
11 to Dec. 1
499.9
3.416.4
510,1
381,1
3,533,2 26.2
Preferred ______________
3 Dec.
Nov. 11 to Dec. 1 M etropolis___ 1,000,0 2.078.2 11.322.1 1,358,8 1,400,2 11,106,4
24.8
American List. Telog. of N. y ’."(N o . 61) . 1 Nov.
200.0 1.019.2 4.349.0
Holders of rec Nov. la West Side_____
947,0
237,0
4,825,0 24,5
American Express (quar.)............................. S3 Jan.
Seaboard______
1,000,0
1.960.2
Holders
of
rec.
Nov.
30a
20.205.0
4,515,0
1,532,0
23,290,0
25.8
2 Dec.
American Radiator, common (quar.)
Liberty ___
1,000,0
Dec. 23 to Jan. 1 N.
10.466.2 3,263,8 906,3 16,447,6 25.3
Preferred (quar.)..............
Y. Prod. Ex. 1,000,0: 2.771.2
154 Nov.
757.1 8.247.3 2,204,3
Nov. 9 to Nov. 15 State
238,6
9,885.1
24.7
_________
1,000,0]
Amor.
Smelters
Securities,
Dec.
Nov. 23 to Nov. 30
782.2 15.317.0 4,372,0 312,0
25.0
Preferred
I) (quar.)
(No.p re
22)f A (No" 23) 1X Dec.
14th Street___ 1,000,0
Nov. 23 to Nov. 30 Coal
320.4 5.875.7 1,214,8 554,3 18,720,0
6,581,6
American Steel Foundries (quar.)............ 1X
Iron___ 1,000,0
392,1 5.784.0
Holders of rec. Oct 31 UnionA Exch__
748,0 732,0 5,772,0 26.8
25.6
American Stogie, pref. (quar.) ............... 1IX Nov.
1,000,0
Dec.
Holders of rec. Nov. 15a
052.4 8.581.0 1,016,7 1,090,0 8,365,0 25.1
Amer. Sugar Refg., com. <fc pref'. (quar ) " I X Jan.
Holders of rec. Dec. la
American Teleg. A Cable, guar, (quar)" I X Dec.
Totals,
Average
133,350,0
194,250,3
1226,875.4 35,393,1 36,499,3 1187,976,2 25.4
Holders
of
rec.
Nov.30a
American Tobacco, common (quar ) ' 2 X Dec.
Holders, of rec. Nov. 15 Actual figures Nov. 5 i ............1220,799,8 34,915,6 46,209,5 1181,587,6 25.5
Common, e x tra _______________
7 X Dec.
Holders of rec. Nov. 15
Assoc'a ed Merchants, com. (quar]
I X Nov.
Holders of rec. Nov. 23
Common (extra)......... .................. . ” I ”
On the basis of averages, circulation amounted to $48,107,800 and United States
Nov.
Holders of rec. Nov. 23
Bond A Mortgage Guarantee ("quar",)” I 3 * Nov. 30
§ ° o s V ^ ClTUUrd?.d.
dePorits)
to 51.639,100:
15
Holders
of rec. Nov. 5a ^548,214,200;
British Columbia Packers’ Assn., pref
nited btates
deposits,
$1,638,000.actual figures Nov. 5, cirtulatl.n,
3 X Nov.
Nov.
11
to
Nov.
20
25c. Dec.
Butte Coalition Mining (quar.)
Nov.
15
to
Dec.
1
Butterlck Company (q u a r.)...
X Dec.
1lie State Ranking Department also now furnishes weekly
Holders of rec.N ov.l5a
Cambria Steel (quar.).................................... I X Nov.
Holders of rec. O ct .3 la
Canada Cement, pref. (quar.) (No. 3)1” I X Nov. !J Nov. I to Nov. 10 returns of the State banks and trust companies under its
2 Dec. 31 Dec. 29 to Jan. 2 charge. These returns cover all the institutions of this class
Chicago Telephone (quar )
_
Consolidated Gas of N. Y .fq'uar )
I X Dec. 15 Holders of rec. Nov. 16a
in the vvholo State, but the figures are compiled so as to
Crcx C arpet.......................
3 Dec.
Holders of rec. Nov.30a distinguish
between the results for New York City (Greater
Diamond Match (quar.)” ” .........
Holders
of
rec.
Nov.22a
I X Dec.
Eastman Kodak, com. (quar.)
Holders of rec. Nov. 30 New York) and those for the rest of the State, as per the
2 X Jan.
Common (ex tra). . .
.............
10
Dec.
Holders
of
rec.
Oct.
31a
Common (extra)____ I
Ian.
Holders of rec. Nov. 30 following:
2 «
Preferred (quar.)___ I I I ” ” ” "
Holders of rec. Nov. 30
I X Jan.
I(or definitions and rules under which the various items are
Fay (./. A .) A Egan, pref. (qua r)'
Nov.
Nov. 9 to Nov. 21 made up, see “Chronicle,” V. 86, p. 316.
General Asphalt, pref. (quar.) (No." 14)1" II XX Dec.
Holders
of
rec.
Nov.16a
General Chemical, common (quar )
Dec.
Holders of rec. Nov. 19a
STATE BANKS AND TRUST COMPANIES.
General Electric (quar.)...
.......... 2I X Jan.
Holders of rec. Dec. 3a
Iiomestake M ining fm thly.) (No'. 441)
50c. Nov.
Nov.
20 to Nov. 25
State Banks Trust Cos. State Banks Trust Cos.
Interm it. Harvester, pref. (qu.) (No. 15)1 IX Dec.
Holders of rec. Nov.10a
International Nickel, common (quar )
1 Deo.
in
outside of
Nov. 12 to Dec. X Week ended Nov. 5. GreaterinN . Y .
outside of
Common (extra)______ ______
Greater N . Y . Greater N . Y . Greater
X Dec.
Nov.
12
to
Dec.
1
N . Y.
Internal. Smelt. A Refg. (quar] (No. 6 )
2 Dec.
Nov.
22
to
Dec.
1
tnternat. Smokeless Pow. * Cham pref 4 Nov.
$
S
Holders
of
rec.
Nov.
5a
$
S
Kansas City Breweries, pref. (quar.)
8,998,000
Nov. I to Nov. 15 Capital as of Aug. 31___ 25,175,000 65.656,000
9,075,800
Lehigh Coal * Nav. (quar.) (No. 128) "" 2I X Nov.
Nov.
Holders of rec. Oct. 31 Surplus as of Aug. 31___ 38,315,700
Massachusetts Gas Cos., preferred
2 Dec.
172,728,334
Nov.
13
10,891,650
Nov.
30
9.817,991
Michigan State Telephone, com (quar)" I X Dec.
Nov.
16
to
Dec. 1
Preferred (quar.)................
' * I X Feb.
and Investm ents.. 295,894,800 1,041,913,300 95,533,200 141,761,400h
Jan. 15 to Feb. 1 Loans
Change from last week.
Milwaukee A Chicago Breweries’, Ltd
— 12,400 + 1.257,400
I Xb Nov.
Nov 6 to Nov. 15
—76,100 +2,461,700
Mobile Electric Co., pref. (quar.)
I X Nov.
Holders
of
rec.
Oct.
31
Montreal Lt„, II. & Pow. (qu.) (No. 38)" I X Nov.
47,363,700 •115,392,400
Holders of reo. Oct. 31 Specie _______ ______ .
National Biscuit, com. (quar.) (No. 4 9 ) _ I X Jan.
Change from last week.
+ 255,300 — 1,045,600
Holders of rec. Dec.28a
Preferred (quar.) (No. 51)......................... I X Nov.
Holders of rec. Nov. 16a
National Carbon, common (special)............ 15
Holders of rec. Oct. 28 Legal-tenders A bk. notes 24,481,700 13,099,400
Change from last week.
National Carbon, pref. (q u a r.)................ I X Nov. 15 Nov. 6 to Nov. 15
—512,800 —332,800
National Lead, pref. (quar.) (No. 76)___ I X Dec. 15 Nov. 19 to Nov. 22
Deposits _________ .
National Surety (slock dividend)................ /33 1-3
339,203,200 1,073.220.800
149.265.900
Change from last week.
Niles-Bement-Pond, common (quar.)____ I X iDeC. 2 0 Dec. 1 to Dec. 20
—90,600 —3.441,900
—37,700 +4,172,180
Preferred (quar.).......................................... I X Nov. 15 Nov. 11 to Nov. 15
Reserve on deposits____ 92,921,700 135,204,800 20,097,700 22.549.180
North American Co. (quar.)____________ I X Jan. 2 Holders of rec
Change from last week.
Omaha Water, 1st p referred ...'...'.______ 5 Dec. 1 Holders of rec . Dec.15a
— 156,000 —311.900
+ 206,200 +2,664.100
Nov. 15
Second preferred _
3 Dec. 1 Holders of rec . Nov.
15
Peoples Gas Light a" Coke"(quar.).............. I X Nov. 25
P. c. reserve to deposits..
15.6%
28.0%
of
rec.
20.7%
Nov.
3a
16.8%
Philadelphia Electric (quar.).
' ' ' I X Dec. 15
Percentage
last
week___
28.0%
15.7%
2 0 .6 %
14.4%
19a
Pittsburgh Braving, com. invar A ................ I X Nov. 2 1 Nov. 12 of torec. Nov.
Nov.
20
Preferred (quar] .................. '
to
I X Nov. 21 Nov. 12
20
+
Increase
over
last
week.
—
Decrease
from
last
week.
Pratt A Whitney, pref. (quar] " ................ I X Nov. 15 Nov. 11 to Nov.
Nov. 15
Pressed Steel Car, pref. (qu.) (No. 47)” I X Nov. 23 Nov. 3 to Nov.
Note.— “Surplus” Includes all undivided profits. "Reserve on deposits” In
22
Procter A Gamble, common (quar.)
3 Nov. 15 Holders of rec. Oct.312a
cludes, for both trust companies and State banks, not only cash Items but am ounts
Pullman Company (quar.) (No. 175).I ” 2 Nov. 15 Holders of rec Oct. 31a due from reserve agents. Trust companies In New York State are required b
Quaker Oats, com. (quar.)
2 Jan. 16 Holders of rec, Jan. 3a law to keep a reserve proportionate to their deposits, the ratio varying aocordl
Common (extra).........................” ” '
16 Holders of rec, Jan. 3a to location as shown below. The percentage of reserve required Is computed o
X Jan.
Preferred (quar.)_____
the aggregate of deposits, exclusive of moneys held In trust and not payable with!
I X Nov. 30 Holders of rec, Nov. la
Preferred (quar.)......... ’
Holders of rec,
28
Feb.
la thirty days, and also exclusive of time deposits not payable within 30 days repre
Railway Steel-Spring, pref. (quar.)” ” ” II XX Dec. 2 0 Dec. 8 to Feb.
sented by certificates, and also exclusive of depostls secured by bonds of the State
Dec.
20
Sears, Roebuck A Co., com. (quar.)
Nov. 15
of rec , Oct. 3 la of New York. The State banks are likewise required to keep a reserve varying
Silversmiths Company ( q u a r .) ......___ 1 X Nov.
15
10 according to location, the reserve being computed on the whole am ount of deposits
Southern California Edison, com (ouar ) iI xX Nov. 15 Nov. 1 of torec. Nov.
15 exclusive of time deposits not payable within 30 days, represented by certificates
United Bank Note Corp., common (quar ) 1 Nov. 15 Nov 2 to Nov.
Nov.
15 (according to the amendment of 1910), and exclusive of deposits secured by bonds
United Cigar Mfrs., pref. (quar.)
1 X Dee. 1 Holders of rec. Nov.25a of the State of New York.
United Dry Goods Cos., pref. (quar ).......... I X Dec. 1 Holders of rec. Nov.23a
— Trust Cos.— — State Banks—
United States Express (No. 164)..’. ” ” '
15 Nov. 1 to Nov. 15 Reserve Required for Trust Companies
Total
O f Total
Of
U. S. Steel Corp., com. (quar.) (No. 28)" 3i x Nov.
and State Banks.
Dec.
2
30
which Reserve tchich
to
Dec.
Dec.
14
Reserve
Preferred (quar.) (No. 38)..................." I X Nov. 29 Nov. 1 to Nov. 14
Location—
Required,
in
Ca
h.Required. In Cash,
U. S. Telephone, pref. (quar.)............” ”
M
anhattan
Borough_____
___________________
1
5
15 Holders of reo Oct. 31
,i5 7,
15 7e 25%
15%
Vlrglnla-Carollna Chem., com. (quar.)” II XX Nov.
10%
Nov. 15 N'iv. 6 to Nov. 15 Brooklyn l)orough(wlthout branches In Manhat".)"l5
20%
15%.
10%
Warwick Iron A Steel__________________ 4 Nov.
15%
10%
15%
15
1 to Nov. 15 Other Boroughs (without branches In M anhauan)’..15%
7X%
Brooklyn Borough, with branchesin M anhattan 15%
15%
20%
20%
Other Boroughs with branches In M anhattan ..115%
6%
15%
15%
15 x.
a Transfer beoks not closed. 6 Less Income tax. /P ay ab le In stock.
Elsewhere In State____ ________ _______________.1100%%
5%
15%
THE CHRONICLE
1308
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing
House banks. In addition, we have combined each corre
sponding item in the two statements, thus affording an
aggregate for the whole of the banks and trust companies in
the Greater New York.
[V O L . LXXXXI.
We omit two ciphers (00) in all these figures.
Capital
Loans. Specie. Legals. Deposits, a Circu Clearings,
and
lation.
Surplus.
Boston.
$
8
S
S
$
%
8
Oct. 15.. 40,200,0 207,466,0 22,688,0 4,815,0 258,236,0 8,029,0 165,194,1
Oct. 2 2 .. 40,200.0 207,413,0 23,937,0 5,416,0 255.582,0 8,001,0 194,487,6
Oct. 2 9 .. 40,200,0 206,874.0 24.485,0 5,256,0 245,891,0 7,988,0 165,654,9
Nov. 5-_ 40,200,0 205,663,0 24,581,0 5,194,0 251,589,0 7,972,0 201,362,4
Phi la.
•
308,493,0 16,356,0 139,370,6
Oct. 15.. 55.465,0 257,856,0
71,582,0
305,620,0 15,902,0 160,592,5
Oct. 2 2 .. 55.465,0 254,305,0
71,553,0
NEW YORK CITY BANKS AND TRUST COMPANIES.
Oct. 2 9 .. 55,465,0 253,155,0
69,550,0
301,249,0 15,957,0 141,157,4
68,857,0
301,304,0 16,045,0 155,102,7
Clear.-House Clear.-House State Banks & Total of all Nov. 5 .. 55,465,0 253,646,0
Trust Cos. not Banks& Trust
'• Banks.
Banks.
Week ended Nov. 5.
a Including Government deposits and the item "due to other banks.” At Boston
AclualFigurcs Average. in C .-H . Aver. Cos. Average. Government
deposits amounted to $3,036,000 on November 5, against $3 ,0 4 2 , 0 0 0
on October 29.
$
S
$
S
74,631,000
j
133,350,000
207,981,000
Capital as of Aug. 3 1 .. 133,350.000
Imports and Exports for the Week.—The following are
Surplus as of Aug. 31.. 194,250,300 ; 194,250,300 180,661,300 374,911,600 the imports at New York for the week ending Nov. 5; also
beginning of the first week in January.
1,134,687,800 2,361,563,200 totals since theFOREIGN
Loans and Investments 1,220,799,800 i 1,226,875,400
IMPORTS AT NEW YORK.
+832,400 + 2,147,200 + 2,979,600
Change from last week —5,831,200
a l,083,539,500 2,271,515,700
1908.
1907.
1909.
1910.
For week.
D ep o sits......................... 1,181,587,600 J1,187,976,200
Change from last week — 10,929,500 — 4,706,500 + 2,581,200 —2,125,300
S3,291,965 82,766,9521 S2,417,744 S2,633,051
Dry
g
o
o
d
s...............................
234,915,000 1 235,393,100 122,073,600 357,466,700 General merchandise_______ 16,492,399 16,633,845, 11,472,889 11,090,016
Change from last week —4,365,300 —5,997,700 — 1,080,300 —7,078,000
Total ...................................... $19,784,364 $19,400,797j 513.890,633 S13,723,067
66,209,500 66,499,300 62l,731,J00 88,230,100
Since January 1.
—350,'900 — 1,095,100 Dry goods..................................
8133,3a6,004 $142,181,540 $104,317,648 $158,357,993
Change from last week —2,182,300 i —744,200
General merchandise_______ 643,257,840 594,445,568, 429,360,327 575,428,058
301,892,400
el43,804,700
301,125,100
445,697,100
Aggr’te money holdings —6,547,600 j —6,711,900 — 1,431,200
—8,173,100
Change from last week
Total 44 weeks__________ 8776,643,844 $736,627,108 8533,677,975 $733,786,051
1
Money on deposit with
1
.......
24,725,800 24,725,800
other bks. & trust cos.
The
following
is
a
statement
of
the
exports
(exclusive of
+ 1,170,500 + 1,170,500 specie) from the port of New York to foreign ports for (lie
Change from last week
Total reserve................ 301,125,100 301,892,400 168,530,500 470,422,900 week ending Nov. 5 and from Jan. 1 to date:
—200,700 —7,002,600
Change from last week —6,517,600 1 —6,741,900
EXPORTS FROM NEW YORK FOR T H E W EEK.
Percentage to deposits
1907.
1908.
1910.
1909.
17.2%
25.44%
25.52%
requiring reserve----17.3%
25.90%
25.83%
Percentage last week.
For the week ......................... S21,065,008 $13,433,208 $10,845,683 SIO.638,976
4,898,350 ..........- .......... ..................... Previously reported................ 560,426,417 508,926,197 526,109,636 532,923,071
5,728,200
Surplus reserve..............
Total 44 weeks.................... $581,491,425 $522,359,405 $536,955,319 $543,562,047
4 - Increase over last week.
— Decrease from last week.
a These are the deposits after eliminating the Item "Due from reserve depositories
and other bank and trust companies In New York C ity”: with this item Included,
The following table shows the exports and imports of
deposits amounted to S I,188,552,800. a decrease of 82,310,900 from last week.
In the case of the Clearing-House banks, the deposits are "net” both for the average specie at the port of New York for the week ending Nov. 5
and the actual figures, ft Includes bank notes, c Of tills amount State banks and since Jan. 1 1910, and for the corresponding periods in
held S15,312,900 and trust companies §128,491,800.
1908:
The averages of the New York Clearing-House banks 1909 and
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
combined with those for the State banks and trust companies
Imports.
Exports.
in Greater New York outside of the Clearing-House compare
Gold.
as follows for a series of weeks past:
Week. Since J an. 1. Week. Since J an .1.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
$13,469,786
$32,150,000
GREATER NEW YORK.
$11,580 3,503,275
314
We omit two ciphers in all these figures.
4,455
501,473
$3,400 3,296,217
1
245,038
3,344
Tot. Money Entire Res.
Week Loans and
44,109 1,990,703
9,493,766
Legals. Holdings, on Deposit. All other countries_____ _________
Ended. Investments. Deposits. Specie.
68,982 1,352,671
41,900
$
$
$
$
$
S
$3,400 $44,986,338 $128,015 $21,003,810
Total 1910..........................................
89.655.0 502.336.1 528.336.2
Sept. 3 .. 2.348.900.4 2.326.474.5 412.681.1
124,319 7,631,646
40,125 79,004,817 191,442
Total 1909.........................................
401,048,5 88.124.7 489.173.2 516.456.2
Sept. 1 0 .. 2.355.593.2 2,320.771.3
15,282,730
125 47,698,050
Total
1908______________
______
397.232.0
2.328.750.6
88,597,9
485,829,9
513,289,9
2.367.842.8
Sept. 1 7 ..
392.538.2 88.911.4 481.449.6 508.147.8
Sept. 2 4 .. 2.375.411.8 2,329,379.2
89.226.2 471,497,4 497.810.3 Great B rita in ........................................ $631,293 $33,265,294
Oct. 1 -. 2.388.453.3 2.330.077.9 382.271.2
$13,344
______
87.948.8 462.147.6 489.103.9
Oct. 8 .. 2.387.881.5 2.316.630.7 374.198.8
1,635
56,900 2,086,000
88.364.2 459.516.1 484.935.4
558,008
Oct. 1 5 .. 2.382.131.5 2.306.865.9 371.151.9
13,125
367.935.1 88.481.0 456.416.1 480,663.0
Oct. 2 2 .. 2.365.975.6 2.287.487.9
70,519
71,839
777
453.870.2
477.425.5
89.325.5
_______ $74,898 1,498,285
Oct. 2 9 .. 2.358.583.6 2,273,641,0 364.544.7
................................
2,361,563,2 2.271.515.7 357.466.7 88,230,4 445,697,1 470.422.9 Mexico . .
47,825
15,528 1,151,627
6,505
24,059 1,310,694
All other countries................................
Reports of Clearing Non-Member Banks.—The following
$36,034,141 $114,485 SI,060,549
is the statement of condition of the clearing non-member Total 1909........................................... S688,970
110,600 37,881,988 119,424 4,355,023
36,449,336 146,136 3,365,841
banks for the week ending November 5, based on average Total 1908........................................... 768,365
daily results:
Banks.
N. Y. City
Boroughs of
M an.A Brx.
We omit two ciphers (00) in all these figures.
Legal Deposit with
Loans,
Tender
Net
and Specie. and Clear Other
Capi Sur
ing Banks, Deposits.
Bank
plus. Invest
tal.
Notes. Agent. & c.
ments.
S
100,0
250,0
400,0
300,0
Fidelity . . . 200,0
500,0
Mt. M orris. 250,0
M utual___ 200,0
Plaza ------- 100,0
23d W ard .. 200,0
Yorkvllle .. 100,0
200,0
Batt.Pk.N’at 200,0
Aetna N at. 300,0
Borough of
Brooklyn.
Broadway . 200,0
Mfrs’ N a t.. 252,0
Mechanics' . 1,000,0
Nassau Nat. 750,0
N at C ity ... 300,0
N orth Side. 200,0
First N a t.. 300,0
Jersey City.
First Nat . 400,0
Hud.Co.Nat 250,0
Third N at. 200,0
First N a t.. 220,0
Second N at. 125,0
7,497,0
Tot. Oct. 29 7,497,0
Tot. Oct. 22 7,497,0
s
s
S
270,6
160,2
3(>2,5
751,7
175,5
521,3
313,8
371,3
453,8
106,5
451,8
265,5
156,8
317,7
$
1.319,0
1,351,1
5,530,3
6,374,0
1,124,0
3,143,3
2,571,6
3,601,2
4,425,0
1,870,8
4,119,2
2,364,0
1,520,7
2,106,1
S
136,0
25,1
773,6
636,0
87,8
275,5
470,0
34,5
318,0
160,4
55,6
270,0
162,6
480,1
$
47,0
165,8
537,0
596,0
91,1
278,6
30,5
608,7
121,0
52,9
731,7
93,0
42,0
35,1
153,0
80,2
760,4
751,0
121,2
291,2
343,9
426,5
591,0
259,1
210,9
255,0
59,7
8‘J ,5
$
16,0
230,(3
333,4
73,0
390,6
96,7
—
260,6
25,0
—
24,1
1,297,0
1,304,7
7,273,4
7,299,0
1,194,3
3,704,3
3,275,1
4,164,0
5,198,0
2,040,7
5,242,7
2,576,0
1,240,1
2,085,1
513,3
831,9
815,9
1,010,4
601,8
139,0
611,0
1,251,8
751,9
394,5
623,3
245,9
12,469,2
12,469,2
12,469,2
3,423,5
5,612,0
11,476,4
6,773,0
3,835,0
2,258,4
3,360,0
5,226,4
3,114,3
2,096,5
3,323,0
2,795,2
94,717,0
93,937, l
94,506,4
32,1
431,7
285,2
529,0
96,0
131,4
328,0
277,5
141,7
53,3
120,7
104,6
6,422,1
6,553,7
0,600,2
457,1
222,8
1,241,5
268,0
565,0
98,6
74,0
334,4
51,0
106,6
23,8
108,8
7,282,6
7,469,3
7,444,7
299,0
723,0
1,416,1
1,183,0
674,0
173,9
387,0
1,355,5
323,4
414,6
247,2
51,3
11,649,6
12,484,2
12,992,5
199,1
120,0
236,6
166,5
110,7
38,u
144,0
170,7
15,2
95,6
188,2
2,934,1
2,906,3
2,991,6
3,821,7
5,906,6
14,514,9
6,800,0
4,974,0
2.529,4
3,034,0
5,786,1
2,668,8
2,178,4
3,093,9
2,962,0
106242,8
100908.5
107999,8
Banks.
Of the above imports for the week in 1910, S ___ were
American gold coin and 8— American silver coin. Of
the exports during the same time, 83,400 were American
gold coin a n d __- were American silver coin.
f a u l t i n g atxcl f i n a n c i a l .
Railroad and Industrial Stocks
L et us send you ou r circular describing 110 ISSU E S of listed R ail
road a n d In d u strial Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE. - - - NEW YORK.
Chicago. 111.,
Boston, Mass..
Albany, N. Y.
M em bers New York Stock Exctuinge
W H I T E , W E L D & CO.
Members New York Stock Exchange.
5 N A SSAU S T R E E T ,
NEW Y O RK
THE ROOKERY,
CH ICA GO
B A N K IN G a n d E X C H A N G E of every description In connection w ith
EXPORTS & IM PORTS
In te rn a tio n a l B a n k in g C o r p o r a tio n
60 Wall St.. New York.
CAPITAL & SURPLUS. $6,500,000
B R A N C H E S a n d A G E N C IE S th ro u g h o u t th e W O R L D .
THE INTERNATIONAL BANK
Boston and Philadelphia Banks.—Below is a summary of Organized under the laws of N. Y. State.
the weekly totals of the Clearing-House banks of Boston
and Philadelphia.
60 Wall St., New Y rk
THOMAS H. HUBBARD. President.
A ccounts In v ited . In te re st paid on T erm D eposits.
THE CHRONICLE
N o t . 12 1910.]
Wall Street, Friday Night, Nov. 11 1910.
The Money Market and Financial Situation.—The over
whelming Democratic majorities that were shown in practic
ally all the States where elections were held on Tuesday
have been followed by a sharp decline in security values.
This decline is evidently not due to surprise or disappoint
ment at the outcome of the elections, but to the fact that
sales were made in considerable volume, as is frequently the
case on what is regarded as “good news.” It now seems
perfectly apparent that stocks had been freely bought in
October, and perhaps before, in anticipation of an expression
of public opinion at the polls on the 8th inst. similar in
character to that which was shown and that a large per
centage of the selling since that date was by the same
interests.
And it seems, furthermore, in view of the rise of from
15 to 20 points which had recently been recorded that the
decline this week is a very moderate one. That this decline
would have been vastly greater had the result of the elections
been reversed is the opinion held by a large contingent in
the financial district.
The strike of local express drivers, which has had a more
or less disturbing influence for two weeks or more, is reported
to be nearing a settlement, and this is given as one of the
reasons for steadier markets to-day. The latter was influ
enced also by the Bank of England's more favorable report.
The recent advance in the Bank rate has evidently accom
plished its purpose, though there has nevertheless been
a stiffening of open market discounts this week. The local
market is slightly easier, although the demand for funds
at Western financial centers continues.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2% to 4%%. To-day’s rates on call were 3%@4%.
Commercial paper quoted at i>%(S}6% for 00 to 90-day en
dorsements, 5%@/f>% for prime 4 to 0 months' single names
and 0 %@6%% f°r good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £443,405 and the percentage
of reserve to liabilities was 51.91, against 49.11 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 20. The Bank of France shows an increase of 400,000
francs gold and a decrease of 8,050,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1910. i
1909.
Averages for Differences Averages for
week ending
from
week ending
Nov. 0.
Nov. 5. 1 previous week.
s
s
S
133,350,000
______
127,350,000
104,250.300
177,371,800
1,220,875,100 Inc. 832,400 1,246,074,400
48,107,800 Inc.
3,300 53,278,800
1.187,070,200 Dec. 4,706,500 1,241,460,500
1,039,100 Inc.
10,000
1,027,000
235,303,100 Dec. 5,997,700 240,877,300
66,499,300 Dec. 744,200 68,530,400
301,892,400 Dec. 6,741,900 315,407,700
206,994,050 Dec. 1,176,025 310,365,125
4,898,350 Dec. 5,565,275
5,042,575
1
5,308,125 1Dec. 5.561,275
5,449,325
1309
The following are the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago,
5c. per 81,000 discount. Boston, par. San Francisco, 50c.
per 81,009 premium. St. Louis, 10c. per 81,000 discount.
Charleston, buying, par; selling, l-10e. per 81,000 premium
St. Paul, 50c. per 81,000 premium. Savannah, buying,
3-10c. per 81,000 discount; selling, par. Montreal, 31 %c.
@15%c. per 81,000 discount.
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to 82,000 N. Y. Canal 4s at 104%.
The market for railway and industrial bonds has been
somewhat more active, although, like the market forshares,
and in sympathy therewith, it has been depressed. In
most cases, however, prices are only fractionally lower.
Among the conspicuous exceptions are Distilling Securities
Corp. 5s, which have advanced 1% points on a demand
which brought out a limited amount of bonds. American
Tobticco 0s and Chesapeake & Ohio conv. 4%s have been
relatively strong.
On the other hand, Wabash Pittsburgh Term, lsts have
lost 1% points and Southern Pacific conv. 4s are 1% lower
Qn a net loss of 2 points in its shares.
United States Bonds.—No sales of Government bonds
have been reported at the Board this week. The following
are the daily closing quotations; for yearly range see third
page following.
2s,
2s,
3s,
3s,
4s,
Is.
2s,
2s,
Interest
Periods
1930 ____ __ registered Q—Jan
1930______ ......... coupon Q-^Jun
1908-18... __ registered Q—Feb
1908-18 . . . ____ coupon Q—l’eb
1925 .......... . . registered Q—Feb
1925............ _____ coupon Q—Feb
1930.Panama Canal regls Q—Feb
1938.Panama Canal regls Q—Nov
Nov. Nov. Nov. Nov. Nov. • Nov.
5
7
8
9
10 ! 11
*10056 *10056
*10056 *10056 *10056
*10056 *10056
*10056 *10056 *10056
*10156 *10156
*10156 *10156 *10156
IIoll- *10156
*10156
*10156
*10156 *10156
*115 *115 day. *115 *115
*115
*11556 * 11556
*11556 *11556 *11556
*10056 *10056
*10056 *10056 *100 56
*10056 *10056
*10056 ♦ 10056 *10056
* This Is the price bid at the morning board: no sale was made.
Railroad and Miscellaneous Stocks.—Stocks declined
sharply, as noted above, immediately following the election.
This movement was led, as might be expected, by the stocks
which were foremost in the advance which has been in
progress since the early autumn, viz., Union Pacific, Reading
and United States Steel. These stocks dropped from 5%
to 0 points on Wednesday and Thursday and were closely
followed by St. Paul, Missouri Pacific, Louisville & Nashville,
Southern Pacific and Smelting & Refining. The volume of
business increased day by day, until on Thursday it was
larger than at any time since July 26th, when heavy sales of
a few issues carried the total up to 1,300,000 shares.
To-day’s market has been much more nearly normal, both
as to the amount of transactions and the movement of prices.
New York Central was exceptional in a decline of 2 points
from last night’s closing price, while Chesapeake & Ohio
advanced nearly as much.
The active list, as a whole, closes an average of from 1 to
2 points above the lowest prices reached on Thursday.
For daily volume of business see page 1317.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
1908.
Averages for
week ending
Nov. 7.
S
126,350,000
163,720,100
Loans and discounts__
1,323,142,100
52,634,100
Net deposits....................
1,396,920,900
U. S. dep. (lncl. above)
9,240,600
Specie ..............................
301,116,900
78,393,300
mas
Reserve held..................
379,510,200
Sales
Range for Week.
STOCKS.
25% of deposits..............
349,230,225 Week ending
Nov. 11. for
Week.
Lorcest.
Highest.
Surplus reserve..........
30,279,975
9156
Nov 7
Ant
Brake
Shoe
&
F
d
y
..
300
9056
Nov
9
Surplus, excl. U. S. dep
32,592,375
l’referred...................... 100 13156 Nov 11 13156 Nov 11
Evansville & Terre H ’te. 466 55 Nov 7 60 Nov 7
Mining____
21 85 Nov 5 85 Nov 5
Note.—The Clearing House now Issues a statem ent weekly showing the actual Ilomcstake
Cent leased lines.
15 96 Nov 7 96 Nov 7
condition of the banks on Saturday morning as well as the above averages. These Illinois
100
North
Ohio
TracJ*
L
t..
39 Nov 11 39 Nov 11
figures, together with the returns of separate banks, also the sum m ary Issued by the
State Hanking Departm ent, giving the condition of State banks and trust com
panies not reporting to the Clearing House, appear on the second page preceding.
Foreign Exchange.—The downward tendency in foreign
exchange has continued until to-night demand sterling is
quoted at 4 85% and cable transfers are only 4 80 bid.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 82% for sixty day and 4 80 for sight. To-day’s
actual rates for sterling exchange were 4 8130@4 8140 for
sixty days, 4 8540@4 8550 for cheques and 4 80@4 8605 for
cables. Commercial on banks 4 80% @4 80% and docu
ments for payment 4 8l%@4 81%. Cotton for payment
4 80%@4 81 and grain for payment 4 81%@4 81%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 2fi%@5 22% less 1-10 for long and 5 20%@5 20 less
1-10 for short. Cermany bankers’ marks were 04%@
94 5-10 for long and 94 13-16 less l-32@94 13-10 for short.
Amsterdam bankers’ guilders were 40 17@40 19 for short.
Exchange at Paris on London, 25f. 28%c.; week’s range,
25f. 29 %c. high and 25f. 2G%c. low.
Exchange at Berlin on London 20m. 49%pf.; week’s range,
20m. 50pf. high and 20m. 48%pf. low.
The range of foreign exchange for the week follows:
Sixty Days.
.4 8256
.4 81H
Paris Hankers' Francs—
5 22 Vi less 1-16
.5 23 Vs less 1-32
Germany Hankers’ M arks—
- 94 56
- 9456
rs—
.40
.39.94
Sterling, Actual—
Cheques.
4 85 56
4 8540
5 20 less 1-32
5 2056
94 56
94 H
40.23
40.16
4 8040
4 8595
5 19 56 less 1-10
5 20 less 1-16
05
94 H
40.28
40.21
Range since Jan. 1.
Loicest. Highest.
83 56 Oct 9156 Nov
119 July 13156 Nov
55 Sept 6156 Oct
81 Jan 89 Feb
96 Nov 96 Nov
35 F’eb 39 Oct
Outside Market.—Business on the “curb” most of this
week reflected the depression on the Stock Exchange, prices
generally showing a declining tendency. Towards the close,
however, the market turned firmer, though the volume of
business was of small proportions. British Columbia Cop
per moved down from 6% to 0%. Butte COalition reacted
from 21 to 20% and sold to-day at 20%, ex-dividend. Chino,
after an early advance from 21% to 22%, dropped to 20%,
recovering finally to 21%. First National from 2% reached
3 and fell to 2%. Giroux lost about half a point to 7% but
moved up subsequently to 7%. Greene-Cananea advanced
from 7% to 7 15-10, fell to 7% and closed to-day at 7%.
Inspiration Copper went down from 9% to 9, sold up to
9 3-10, the final figure to-day being 9%. Miami dropped
from 20% to 19% and moved up to 20%. Ray Central ad
vanced from 1% to 2%. Ray Consolidated sank from 21%
to 19% and sold up to 20. Kerr Lake fluctuated between
0 11-10 and 6%, closing to-day at 6%. La Rose Consoli
dated improved from 4% to 4 15-10, fell to 4 11-16 and ends
the week at 4%. Nipissing eased off from 11% to 10%.
In the miscellaneous list AmericanTobacco advanced from
437 to 444 and sank to 431. Intercontinental Rubber, after
a fractional improvement to 29%, dropped to 28. Standard
Oil lost 2 points to 618, advanced to 622% and fell back
again to 020. United Cigar Mfrs. common, after a gain of a
point to 02%, sold down to 61 and recovered finally to 62.
Western Pacific 5% bonds were traded in from 93% down to
93%.
'
Outside quotations will be found on page 1317.
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O P A G E S
Range for Previous
Range Since January 1,
SclC3 Of
STOCKS—HIGHEST A N D LO W EST SA L E PRICES.
STOCKS
Year (1000)
On basts of 100-share lots
N EW YORK STOCK
the
Friday
Week
Saturday Monday
EXCHANOE
Tuesday Wednesday T/lursday Nov.
Lowest
H Ighesl
11 Shares.
Nov. 5
Nov. 10
Nov. 7
Nov. 8
Nov. 9.
R ailroads
11
20
Mch 25 Mcb
____________ 25 Feb 26 0 6 Meh
*25 35 *25 35
*25 35 *25 35 *25 35
A nn DoA rbp reo rf____________
48*" F eb 23 72% Mch 8
70
*65 70 *65 70
♦ 65 70 *65 70 *65
1 2 4 1 s Jan
ii "Ifi's Ja n
10-1*8 1043., 104*8 10134
102 1043g 101*8 103 102*8 103*8 56,670 Atch T opeka & S anta Fe 90*4 J 'ly 26 10414
11
Jan Hi 1 0 0 1j Ja n 1.1 o r J ’n o
101*4
900 Do pref_______________ £97 J ’ly 1
*101*8 10119 101*4 101*4
101 101*4 100's 101*8 *100*2
1
117*2 11819 115*2 117 117*2 US
2,002 A tlantic Coast Line K K .. 1 0 2 * 2 J ’ly 2 0 1371? Jan 5 107*2 Ja n 113*2 Aug
*11719 110 1187jj 119*2
1UJ1? Feb 12214 J J y
10719 108*4 106 1077s 10C34 107*2 0,100 Baltim ore & O hio______ 160 % Son 6 119*1 Ja n
*108*4 1087s 108*2 109
1
90 90 590 90
Do pref____________ 87*4 Sep 10 91 Ja n i 0 1 Nov Do A pr
*90 01 91 91
310
*90 92
1
773.| 78*8 773a 78*3
70*8 7G34 17,320 lirooklyn R apid T ra n s't. 68*" F eb / 82‘*x M ay 1 07 Jan 82/8 J ’**a
77 78*4 75 7S 77*8 19634
198 5,050 ' 'an ad lan Pacific_______ J7 6 > Feb 8 202*3 N ov 1 :105 Mch 189*8 O ct
1
198 1983,, 198 108*4
197 19S*s 195/8 19 73s
72*4 *62 70*2 _____ 'a n ad a S o u th ern ______ 60*2 J ’ly 21) 76 ja n 4 001.1 Ja n 7014 Nov
*62 72% *62 7214
*62 72*4 *62 272
I
276 276
300 C entral of New Jersey ___ 248 J ’ly 2 6 312 ,)an 7 2'. 6 Feb 323*2 Sep
*276 285 *275 285
276 276 272
1
81*4 84*4 803a 82*8 8134 8312 44.700 Chesapeake & O hio_____ 05 A ug 2 92 Ja n '6 5 5 6 3 Ja n 01U Dec
835S 84*8 8334 8412
57?* Feo 74*4 A pr
r J 'ly -6 66*4 Jail 3
Chicago & A lton U U ____ 237
43 *30 43 *30 43
*30
*30
42
*30
45
1
*
65*2 *------ C512
Uo pref_______________ 04/j, J ’n e i7 69 A pr 1 7 0 Nov 7 8 D Mch
♦ ____ 65*2
65*2 *
65*2
21% 22”s 22 2234 1,800 Jblc (It W es. tru st c tf s .. 19 J ’lV 26 3078 Jan 3 3 U 2 Dec y73,, Dec
1
2334 24
*233., 2434 24 24
64*8 Ja n ;o 5ST Dec 043.| Dec
45 45 *46 49
*48 50
200 Do pref tru st c tf s ____ 40 J ’ly - 0 168%
*48 4'J *48 49
1
Jan 3 141 Feb
J ’11630
122*4 126 120*4 123*8 122 1233, 70,600 Chicago MMw & St P a u l.. 113*.)
125% 12638 125*2 1263s
Ja n 0 158*2 Mch 105*8
ls l SeP
Aug
1
*147 150 149 149 14812 149
Do pref_______________ 14.1 Sep : 172*4
800
140 149*4 149*2 149*2
1 8 2 *2 Ja n
li 173*8 [‘,eb 108*2 Aug
1477a 14612 14734 146*2 147*4 1.690 Chicago & N orth W estern 137 1 4 J ’ly 2 6 225
1
1149 149 148 149
1475s
0
Ja
n
208 Mcll 5230 Aug
2UJ J 110 27
*202
§20.8
208
210
*200
210
Do
p
re
f_______________
60
*201 210 *201 210
1
A pr 28 162*2 Feb
148 A pt 107 A»g
*110 150 *140 150 *135 150
Chic St P Minn & O m aha § 1140
*140 150 *140 150
25 j 170*4 Feb 18 100*? Ja** 51807 Ja
J lyn
I
*100 170 *160 170 *160 170
Do pref_______ ______ 0 02U AMpray24
*160 170 *160 170
3*2 Deo
533 Jan
4
Chic Un T rac ctrs stm pd
*2*2 3%
*2*2
3*2
3*2
*3
•
*2*4
*3
3*7
3*2
734 Dec
47„ Sep l8 12*4 Ja n 4
____ ____ *6
18*4
Ja n
8 *5*2 8
Do pref ctfs stm p d ____
8 *6
8
*8
Ja n 83*4 Deo
1
92*4 Mch 18
*64 67
64 64
63 63*2 1,300 Clcve Cln Chic & S t L ___ 61 Nov 1 104
60 66
67 67
Ja n .6 100 Ja n 105 Mch
*9858 n o *98*8 n o 598 98
Do pref_______________ 99 bep 14
no
11
16
*9S5s
♦ 985S 110
68*2 60
53 5934 4,095 Colorado & S o u th ern ____ 40 J 'ly -6 65 *4 F eb ”6 51 V et 08*4 Ja n
68 59
69*4 59*9 593., 5934
1
7612 76% *76 77
70 J ’ly -7 8.) Men 4 70*2 J ,U1 80 M ay
*76*2 77
180 Do I t preferred______ 70
*76*2 77 576*2 76*2
A ug 1 81 Ja n 6 73*4 Ja** 841o Ja n
*74 75*2 *74 76% 74 74
1
100 Do 2d preferred
*74 75*2 *74 76*2
168 169 160 167*8 *106 168 2,000 D elaw are & H udson___ 149*4 J ’ly 2 6 185 Ja n 3 10734 g eb 2 0 0 ' M ay
169 170*4 169*8 170
1
490
J ’ly 2 6 120 Mcb 21 535 *;eb 080 A pr
*497*2
600
e>aware I^ack & W est.
*497*2 600 *497*2 600
*4J712 600 *49712 600
61 A pr
33 33*8 31*2 32*2 31% 32
1,400 D enver & Itlo G ran d e__ 23*4 J ’ly 2 6 52 Ja n 3
1
33 33*8 533 33
J ann 00
70*2 Ja
I'cb
72*2 72*2 1.300 Do pref_______________ 0 2 * 8 J iy 2 0 84 Ja n 3 37as
72*4 74
74 74 *74 76
7312 74
t1
D etroit U nited__________ 4 5 J ’iy u 66 Ja n T 50 Ja n 7134 Aug
N ov 2 1 Ja n
*1234 13*8 12*4 1234 *12 13*8
200 D uluth So Shore & A tlan 1 0 J 'ly 1 18*4 Jan 34 2141.1
*1234 14 *1234 14
1
8
Feb 3 0 * 2 Ja n
25
100 Do pref_____ ____ ____ 17 J'lV 26 Oleg Jan
*23 24*2 22*3 22*2 *21
*233., 2434 *24 2434
•
29*8 2S34 29*4 9,400 I J r l c ____________________ i'ji 2 J iy 2 6 3 4 5 3 Jan 6 22T Mch 30 J ’ne
30 30*4
29*8 3038 2812
29/8 30
4733 48 47% 48 3,825 I-J D o 1st pref_________ 3 5 J 'ly .7 52*4 Aloh 8 30*2 Mch
5034 Aug
1
49 49
49 4033 49 4934
Do 2d pref_________ 2 6 *.i J ’ly 27 42 Mch 8 28*2 Mch 40 Aug
3634 37
30*4 36*2
COO
37 37
*37 39
38 38
1
N orthern pref_____ n s J ’ly -6 143/s Jan 3 136&J Feb 167?8 A U g
124 1257s 124*3 125*8 12,000 G reat
12734 1283, 127*2 128*8
126
127
687, 607, 57*4 58*9 58*2 00 3,200 Iro n Ore properties .
46 J ’ly o 801? Ja n 4 051* Mch 881 o Allg
1
61 61
6034 61
3 Green Hay & W, deb ctfH 11 A ug 1 0 181. Mch 21 13*2 Nov 21 Deo
*1312 16 *13*2 15*4 15 16
*1412 15*2 *15 1534
i1
avan a E lectric______ 88% Ja.i 1 U 97*. A pr K 30 Feb 1 0 3 Deo
*83
H
Feb 100 D ec
Uo p re f___________ 9 1 U Ja n 26 99 Jail 4
1
94*2 *
*------ 94 *__ 9412 *____ 94*2
"9 4 * 2
tlockln;: V a lle y ..________ 1 0 2 M ay 6 140 O ct 4 83*8
*125 135 *125 135
*125 135 — —
1
1
Do pref______________ 86 F eb 7 1 0 l'>« J no 1 , 88 A pr 04*9 J ’no
l
700 llinois C entral_________ 124 J K 26 14; Jan 6
135 135 133 134*2 133*2 133*2
*134 135*2 *134*s 1351s
°b 162*8 AUg
11T *Mch
223,i 2 0 * 2 2 U» 2 0 * 4 2 D4 16,150 Interboro-M ctropolltan . 14*4 J ’K 26 25*2 Ja n 11 137
21*2
223S 2 2 « 4 2 2 lS 22*9
1
6278 Ja n 12 3034 Mch 03T Deo
4 11., J ’ly 2 6
56*2
533., 67*4 5 5 1 3 58 28,300
Do
p
r
e
f
..__________
59
6812 50 6 8 * 2 69_
1
Jan 3 2 0 * 4 N o v 36 A pr
20
20*2
20 * 2
22
19*2 2 0
2,300 Iow a C e n tra l------------------ 1 5 J noju 30
22*8
2l74 2 1 /3
21*2
J ’ly -6 64*4 Ja n 3 48 h e p 02 A pr
*36 37
35 351? 35*2 3534
800 Do p r e f . . . ___________ 25
36*2 3634 *36 3/
68 Aug 2 80 Feb lb 7 434 J*eb 82 bep
75 76 *743, 77% *74 76
*75 77*2 *75 77*2
1 0 0 K C F t S & M tre fs , pref
'ly 2 u 44*4 Jan 3 37 F 'b 60*4 AUg
323., 32^8 33*4 333.,
ansas City S o u th e rn .. 5233 JAug
33 337, 3034 33 31*8 3238 7,750
2 71 Jan 4
Do p re f____________
}.eb 75*2 Aug
*66
<
1 ,2 0 0
67 6 6 607a
60*2
65 OSD *65 67
15 J n030 2 6*4 Ja n 6 07/8
*18 2 0 *18 2 0
0
*1734 62 06 % 1734 1734 *15 20
1 0 0 X ake Erie & W estern___
10*2 Ja
* cbn 20*2 A*'*
J Do pref____________ 3 9 O ct 1 62*4 Jan 3 48
0 4 /3 J ’no
*41 46 *40 45
100
40 40 *37 45 *37 45
70*4 A pr 14 60 Ja n 7 U2 Dec
1
600 Long Isla n d ______________ n0i0l - JJ ’*y
68
66
67 6 6 /3 6678
64*2 64*2 *63
*65 6 8
’ly 2 6 159*4 Jan
14534 2,700 Louisville & N ashville___
(121 •'«“ 102*2 f u g
146*4 147-% 1463d 147
144*2 1 4634 14312 144^3 145*2
♦ 14219 144 142*2 143
*140*2 142 141 141
1.800 M a n h a tta n E lev ated___ 123 J'11030 146 O ct 4• 137 pco 153*2 Ja n
1427s 143 *__
tnneapolls & St Lou's 23 J ’ly 2 0 ,J*4 Ja n
300
31 *28 3034
61 b e b 65 Ja n
*29*2 31 *29*2 31
29*2 30
Do p ref______________ 40 S ea 2 l 80 Feb .4 M Mch 00 Ja n
54 *48 54
*48 54 *48 54
*48 54
Minn
St P & S S M a rie ... 114 J *y - 0 146 Mch
6,156
133
134*2
132
1353s
137*2
132*2
J a “ 140*2 Ja u
13712 13812
133*4 136*4
134*2 *144 143
w
144
J'n
e
6
2
Do p re i_______________
15oU Mch
200
147 A pr 104*2 AUg
148 148 *146 150
*149 150 149*4 140*4
Do leased rine ctfs____ xsi>*4 Sep 20 U234 Ja n a 8 0 J iy 04 Dec
90
* 8 8 * 2 0 0 *8 8 * 2 90
1
90 ♦ 8812 90 *8812
*
88*2
& T exas_____ 27 J ’ly ^6 51*a Ja a 5 3 5 * 2 Feb 50*2 O ct
*34*2 35 34*2 31*4
3334 34
31*2 3334 3234 33 8 .GOO MoDoK ansas
pref_______________ 67 J iy 0 7433 Jan 6 71 F,eb 78*4 O ct
300
*64 6 8 *64 CS
64*9 65
64*4 64*4 *64 6 8
41 J'lV 26 73% May 6 05 F 'b 77*2 Aug
Pacific
1
49*2 62*2 48*2 50
*54 55*2 53»g 45*2
49*8 50*8 15.600 Missouri
ash C h att * St L ouis, 125 J ’ly 6 140 Nov 3 I2212 Ja** 142 Dec
*135 145 *135 145
100
140 140 *135 145 *135 145
1
1
R ys of Mex 1st pref 90 Feb 3 72*8 Nov 3 244*2
A pr 84 Deo
*70 72*2 *71 721s
x71 71*? *70 7134
600 N a t Do
7Hs
71*4
2d pref____i ___ 231? J'ly 2 6 37*8 Nov lO 1 Dec 26»S M ay
353, 36*2 36 373s 36*8 37 13,955
353* 3 5 /3 353,i 357g
1
0
•
i20l2
Feb
128
Mch
Aug
1137s
116
N
Y
C
entral
&
H
u
d
so
n
..
113
105*8
J
’K
-6
116*4
112*4
114*8
1153s
HOI,
115
60.340
115*2
48lj Mch 14734
I
08/8 Nov XI3 100
60 N°V
67*2 67*2 67 67 *63 6 8
400 N Y Chic & S t L ouis____ 8 8 1 , May 4 109-4
*67*2 69 *67*4 687g
Feb loo
Feb
Jan iy
*1003.,
HQ
*1061*4
110
*1063
4 no
Do
1st
p
r
e
f
.._________
§101
J
’ly
«
* 1 0 0 * 4 1 1 0 *106*4 110
1
1
70*4 A pr 05 N ov
*8834 93 *8 8 * 4 03 *8834 93
Uo 2d pref____________ 82*4 A pr 2 8 98 Jan
*5,334 93 *8834 93
A pr 28 102 Mch U f 154 Nov 1 7 4 .I4 J ’ne
155 155 163*2 163*2 163*2 163*2
800 N Y N H & H a rtf o r d ... /i)149
*152 156 156 156
•
148*4 149
Subscription receipts x__ 4 3 J ne lo /il5l Meh 11 1, 1 4 / 1. Dec h 1 4 0 3 4 Dec
900
149*8
149*8
149*8
149*2
*148 151 149 149
1
42*8 43
4,810 N Y O ntario & W estern. 381- Aug 2 6 0 Jan 6 4214 Feb 5 5 5 , J ’ne
42 43
43*8 44
43% 44*4 43*2 44
•
97*8 9734 4,400 Norfolk & W estern_____ 8 8 1 ; J ’ly 2 6 108'x Mch 21 84i., Jan 1 0 2 Dec
97 98
99 1 0 0
*99 1 0 0 1 0 0 1 0 0
142 Do ad ju stm e n t pref_ 88 Feb 2 OIL Mch 16 851* Mch 0 2 * 2 J iy
89 89 590 90
1
*80 90 * 8 6 90
116 28,700 N orthern Pacific________ l i l t . Aug 3 145;>8 Jan 12O 133*4 Feb 150*2
117*8 1193a 114 117*4 * 111434
♦ 119*4 119*9 n o 119*4
100 O ct 13 1 18*4 Jan
1
70 Mch 118 1 9 Aug
Coast Co_____
Dee
108 * 1 0 0 103 0 0 108
*102
*103 108 *103 108
P acific
100 Mch 106 " Sep
Do 1st p r e f .._____
1
*90 n o *90 1 1 0 * 9 0 n o
*90 1 1 0 *90 1 1 0
106 Fc"b 14 il8 Jan 3 88 Meh 116 Deo
Do 2d prel_____ _
*101
115
115
*101
n
o
*101
*103 n o *103 1 1 0
1
P e n n sy lv a n ia __________ 122*2 J 'K -6 138*? M<-hIX9 120*8 Feb 151*4 Sep
130*., 130*2 1303s 13078
129*4 130*2 12834 12934 1291., 129 3 4 34,300
8 0 * 2 Ja n
89 J ’ly 2 0 1015s Mch
1
420 P ltt-b Cln Chlo & St L__ 110
097* Deo
97 97 *9534 9 7
98*j 98*8
598 98
*96 98
O ct 25 116 Mch 1 101 Feb 116*4
Do p re f_________
bep
100
11512 *112*4 11512
1
* 0 2
115*2 113 113
* 1 12*2 113*2 *112*2
i3i>s
J
iy
id 1721.1 le b is 118 Feb 1733* Sep
1483s 151 lg 14934 151 490,720 R eading--------------154*., 155*8 1533j 155*4
1
5 0 /3 154*2
x85 Aug 24 93ip Feb 17 80 Mch 06 Aug
1
1st pref_____ _
300
89 89 ♦ 8 8 89
*87*2 89
*87*2 88 *4 8 8 * 4 8 8 * 4
1101?
Jan
3 00 Feb
87 J i y -6
2d pref______
90 90*2
200
97
1
♦ 90 9/ *95 97
*95 97*2 *04
Rock Island C om pany___ 22?8 J ’K 2 6 67 *4 Jan ,1 20*8 Feb 11817 *2 Dan
33% 297g 82*8 31 3l7g 39,399
33*4 337, 333s 34
32*8 6534
6-1 j'ly 2 / 02L A pr 9 67»* Feb 04*4 Deo
1
Deo
1.900 Do pref_____________
62*2 63 *61*2 63
63*4
*65 6 6 * 2 *05 6012
68 Allg 11 73 Jau 0 05*4 Mch 4 Deo
1 0 0 S t L <Sc San Fr. 1st pref.
61 G1 *69 04
1
♦01
65 *61 6 6
*59 64
34*2 Aug 2 60 Jan 5 30 Feb 76034
Do 2d pref________
Sep
41*2
3,500
40
40*2
41*8
42
42 42
41 41*2
41*2
1
181? J 'ly 26 1*4*2 Jan 3 20*2 Feb 353, Deo
24 25*4
600 St Louis S o uthw estern_
27 27 *27 30
28*4 28*4 *27 30
Do p re f_____________
6 1*2 J ’ly -6 77*2 Ja n
1
63 63
100
4/l2 Jail 82 DOC
*67 70 *07 69*2
*05 70 *65 70 116*2
r 138*4 Jan 1 U45s
S
outhern
Pacific
Co____
Feb 130*8 AUg
11734
82,000
io j *4 J ’ly
H67s
llOiSg
114*3
1173g
119 11934 119*4 120
1
t
Aug
26*9 27*s
26*2 273S 2G34 2734 25,500 Southern v tr cfs stm p d . is J 'ly 2 6 33*4 Jan 3 22 Feb 34
28*4 627g
27*4 65*2
26l2 2638 62*4
43
J ’ly 2 0 76 Jan 3 00 Jan 7 5 1 2 Dec
do
64
63*4 65*, 12,580 Do pref
64
63-T
62*8 62%
26*4
26*8
40*2
Aug
y6*4
Jan
T
'e
x
a
s
&
Pacific_____
30
Feb
2
2
*?
J
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2
6
3
2
G
12
2G3
4
900
28
*27
1
277g
26*4
28
*27*8
6 - J 'no 1 *91? Jan 7 121, Deo 42*2 Ja n
12*2
12*4
1319 13*9
4,550 1 bird A venue (N Y)
13 1334 11 *2 13
*13*4 14
153i Jan
•
*7
8*4
8*4
*034 8
6 *2 J ’ly
o 15*4 Ja n 12 437 May
*7
IOC
7*8
*6
812 7*8 277,
Feb 547s O ct
2634 1,600 Toledo St L &
10
J ’ly 26 64% Ja n 4
27 277s 25*4 2034 26*2
•
*26*2 28 27*4 607*
69*4 60
4 2*4 J 'ly 28 72*4 Jan 4 04*4 Feb 74*4 Ja n
*6 8 * 2 61
60C Do pref____
69*4 1 15078
*58 60 *58
118*4 Deo
1
*108 1 1 2
2
io j J'ly 2 6 117*2 Ja n 3 07 J«n 210
IOC
1 1 0 * 2 1 1 0 * 2 *109
*110
113 *110*9 1 1 2 1 s
Aug
Ja n 3 172*2 Feb
1737g 177** 172 174*, 173*8 174*2 467.822 Union PaclUo.
1
15-2*4 J ’ly 26 204*,
176*8 1767a 178 177*2
103*4 Jail 7 jr04 Meh 118*2 Aug
Do pref___
*91*2 93
8 8 * 4 J ’ly - 6
93
13C
02*4
92*4
*91*2
*92 93
♦ 91D 93 *29
Feb 47 Sep
1
28 28*4 *27 28
23*4 J neJC 42*4 Ja n 38 30
*27 30
20C
30
*25 30
60U Feb 77 Sep
* 3 Jan
67 67
1
*57 69 *67 69
IOC .Do pref______________ 47 J 'n e jo 27 72 *4
+56 69 *65 60
Jan 8 16 Feb 2 7 /g Deo
a s h ______________ 121*3 J ’ly 2 *
17*4 18
1678 17*4 17 17*8 3.80C Wa b Uo
18*., 18*4 177j 18*8
1
p re f................... 28's J 'ly -C 61 Jan *1 41 I'eb 6 D4 J ’no
36*4 3612 36 1 0 .2 0 0
36 38
34*8 48
38*4 38'a 38 385*
12
40 J ’ly 211 64-T Mch
1
45*2 46 1.60C W est M aryland R y _. . .
47*4 47*4 *46
473s 4 7 5 3 48 48
O ct 22
73 73 *73 741g
Do pref_____________
67 A ug 15 74
400
73 73
73 73
73 “ 73
10
Jail
1
6 J ly 127s Ja n
3
A
pr
28
*6
6*2
W
heeling
&
Lake
E
rie.,
*
6*2
7
6*4
♦
6
*
6
0*4
*6
6*2
8 J'n e ,1 23 Jan 3 16*4 J ’ly 25/s Ja n
*14 10
1
Do 1st pref__________
200
*15 16*2 158 15*2
16*4 *15 16*2
*15*2
4 J'ne3C 131? Jan a
0l2 J ’*y 15*8 Ja n
8
*7
812 IOC Do 2d pref____________
12
1
*8
*3
8*2
♦8
8*2
44
J ’ly 76 64 Nov 2 857, Jan 637, A pr
6 8 % 59
60 6112 1,950 W isconsin C en tral_____
60 60
*61*4 62*2 62 62
B A N K S A N D T R U S T C O M P A N I E S — B R O i v l i t i d ' ^ U O I’A H O N S .
bill Ask
bta Ask
H anks
Hid Ask
H anks
bta Ask
Hanks
H anks
but Ask
bUl Ask
Hanks
F ilth _____ 300 350 Irving N Ex 2 0 0 210 M utual 1]___ 285 295 Prod Exch U 160 165
320
C
hatham
__
310
175 180 Chelsea Kx§j 200
F irst ............. 836 845 JelTcrsonH ..
N assau 11___ 240 ___ R e se rv e __ 100 105
185
New N eth'd 210 220 .se a b o a rd __ 400
Ghcnilcal __
ItCOO
430 14th Stij___ 150 155 L ib erty ____ 625
f 1901j 1192
Now YorkCo 900
S e c o n d ____ 400 425
Citizens' Ctl 426
150 154 GF oa ullar thtin____
400
230
___ 330 340 V lanhattanli f 3301
New Y ork. 315 325 S h erm an___ 135
ity ............... 13831?
?
115 125 CCoal
3c Iron 153 158 G a rfie ld __ 290 309 M ark’t * Ful 2521? 2571- N’h t &Day1 225 230 S tate 1j____ 275 290*
1221?
140
G erm -A m 1] 140 150 M ech&M et’s 245 248 U)th W ard. 260 M ) 13th W ard .
Colonla 1 |.. 40J
375
erm ’n Exlf 485 505 M ercantile . 150 160 N orthern . .
C olum bia Ti.
105 23d W a rd .. 140 ....
405 GG erm
300
...»
ania
1|.
170
Com
m
erce
.
55)
I'aclficl)____
230
Un
on
E
xc.
f
201
1202:
Mercb
Exch
240
160
575
170
195 706 Corn Ex 1|..
__ G otham . . 150
275
M erchants . 180 183 H a rk ______ t 360’s 135U2 W ash II'ts 1i 659
165 160 E ast R iver. f 314*8
ich U 255 265 M etropolis 11 390
People’s H .. 26'J 2/6 West Side I)
116 125 GHreenw
410
138 145 Fidelity 1I-. 165
anov er___ 610 825 M etropol ' 111, 202 295 P h e n lx ____ 190 200 Y orkvilie U- 600
176
170 1 7 5
430 4 5 1 Fifth AveU 4000 4250 1mp & 'I rad 5021- 5)7'? Mt MorrlsH. lb) 289 Plaza 1 ) . .. . . 625 _
' K.d and a sea pr cos. no sates were m ade on ta.s day . t Ux-rigaw. 4 Less tn an loo scares 1|State oautts. <1 C x-dm detid and rights. 0 New
(Sale a t Stock E xchange or a t auction this week- li F irst Installm ent paid, n Sold a t p rivate sale a t this price, c 2d paid. y3 d paid.
Nov. 12 1910.]
New York Stock Record—Concluded—Page 2
5 TOCKS— tll 'W E ST A N l ) LO W EST SA LE PR 1C EVS.
Saturday Monday
Tuesday I Wednesday | Thursday
FrUau
Nov. 8 1 Nov. 9 | Nov. 10
Nov. 7
Nov. 5
No-, n
Sales 0
the
W te’c
Shares
„
STOCKS
N E W Y O R K STOCK
EXCHANGE
Range Sin ■ e Jsnuaiy 1
On basis 0/ 100-share lo.s
Lowest
Highest
1311
Range tar Previous
Year (1909
Highest
Lowest
;i.uusiri..K : .>nscciia..coiT.
*250 ___ *25d ___ *250
I9U Jan 250 N ov
9% 97; *8% 10 *81 10
10, 71 Ills-Chalm er. .
lJfJjf Feb 1 0 % Aug
7 % J ’ly 2
*3 1 343; 31 31
30% 303
70'
Do prei .
ug
Feb 67*2 NOV
68% 70S 66% 087; 07% 6S> 80,001 \m aig a m ated Copper __ 5. 571 . JA’ly
90-1) J „ n 8 38
1:
06
Feb he1* Nov
44% 441 42*4 431 *43 45
2,57( \w e r A gricultural Chetn. 36 J ’ly 2 t -12% O ct 21
Jan 60 A ug
Co pref____
*100 . . . *100 ___ *10)
9t»% A pr
961; Ja n 103 Aug
37^4 383. 30% 37i; 0 / % 38
4,S04 A m erican Beet S ugar____ 24
J 'ly 2t 47% Ja n in 2U% Ja u 4 9 % Aug
£ Do p r e i ___
*93 94 *92 94 *92 94
69
J
’ly
27
251J
’ne
15
82
Ja n 9 8 " O ct
9% 934 91 9'>; 3.200 A m erican C an.
9*4 101
0% J ne , ’8% Ja n 8
71-. Feb 15’ 1 Nov
75 701f 74% 75
75% 70 2,775 Do prei . .
62
J
’ly
2d
8
i%
Jan
o
80 J ’ne
71%
Feb
53% 551. 51%> 53% 5234 533; 7.80U A m erican Car & F nundri 39% J ’ly 2 d 72%Ja u 8 44% Feb 701, Nov
*113's 116 *11378 1156 *113 n o _____ Do prei
109 J ns.iu
107 1 2 Feb
1243a
A ug
017;
4,450
04*s 68% 2:013.1 02*8
<11%
A m erican C otton t i l l . ..
42% Ja u 7914 Nov
r.2% j ’ly 2 6 o9 i- Mch
*10) 105 *101 105
Do prei .
9s Ja-1 107*4 Nov
205 *235 250
25 in erica n Express
§250 250 *235
}235
Aug
3
100
D
ec
§205 Feb
41j 4%
*4
43
*4
434
60< A m erican H ide A Leather 3 % Sep 13
10 Fep
0*4 Feb
22 22*8 2 1 % 2 1 % 21% 21% 1.400 Do pref___
19
Sep
8
6 1 % Aug
34
Feb
20*s- 20*,s 18 18*4 19 19% 1,900 A m erican Ice S e c u rities.. loR J ’ly 2 6 29% M ch 2 18% Jan 42% A pr
113.1 11% *11% 12% *11% 12%
200 A m erican Linseed . . .
12 Feb 20 J ne
1 0 % j 'ly 2 7
*31% 33% 30% 307s *30 33
700
p re f..
29 Ja n 4 73j J ’ne
261- J ’ne jo
39 4034 38 39% 39% 39% 2,100 A mDoerican
Locom otive
29
J
’ly
2b
49
Feb 09*4 A u?
§106% 106% *105% 107 §106 106
70 Do p r e i ...
102% A ug 6
109U Feb 122 Aug
*4
5% 4% 4% *4
5
100
M alt C or£____ 4 O ct 1 8 F eb .8
5i2 J'ly 1112 J ’ne
*32 36 *30 35 *32% 30
200 A mDoerican
pref
2s'" J ne .1 48 M chkl 38 N ov 69 Sep
*87% 89 *87% 88% *87% 88%
125 nier Sm elters Sec nret H 82
J ’ly 23
80
Ja n 923$ A U g
79% 82
753.! 80*s 7734 79 108,250 AAmer
Sm elt.U £& liciin in ; c iv J i y 2 ..
10512 Nov
7 7 *4 Feb
100 100*4 105% 106% 106 100%
2,800 Do p rei______
lu l Ja u 1 1 0 * 4 A ug
98% J 'ly 2 6
*240 300 *240 300 *240
221
Men
>285
Nov
§100 100 *100% 101% *100% 10,)%
20 Do pref___
Ja n 13
95
Men 105 M ay
47% 48% 453.1 46
40% 40^2 1,500 Amer Steel Found (new ). 305%
8
J
’ly
26
3 4 % F eb
00*s
Nov
110's 110*8 116% 117% 118 118 2,710 A m erican Sugar R eilniur 1 1 1 % O ct 3
1 16-\s Nov
130*8 SeP
117 117 *110 117 *116 118
500 Do pref___
O ct 3
113 N ov 1 3 1 A pr
141% 142%. 140% 141% 141 141% 13,860 A m erlcau T eieph & Tele? 112
126
Feb
1 2 6 % J ’ly 2 6
Sep
*95% 90
700 m erican T obac (new im l 9 0 J ’ly 2 6 9 9 % Mch 1 9 0 U Feb 145%
95 95% *93% 96
104 M ay
33 3434 32 33% 33% 33% 3,100 AA m
erican W oolen.
2 0 " Feb
40%
A
ug
2 6 % J ’ly
a
oU
*2 M ciilh
95% 951 •> *92 90
5<X>
Do
p
rei___
94%
94%
ui% J 'ly 5 IU4 ” Mch 7 93% Ja u J0734 J ’ne
42% 43
41% 41% 2,860 fA nacoudaC opper P ariZb $33%
39% 42
S
3 7 3 4 Feb
$54%
Dec
j
’ly
2«
32% 33
30% 317s 32 32% 4,500 IJeth leh em s te e l____
21
J ne 1 8478 O ct 21 18*4 Mt n 30% Sep
*59 63
59 60*4 6034 00% 1,460 * * Do tire!___
47
Feb 0 9 % Sep
49 A ng lo
*130 138 *130 138 *134 137
Urooklyn Unlou Gas
125
118 Ja n 104% Dec
*8% 12 *9% 11*4 *10 11
B runsw ick T erm & u v S t. a JJ 'uiyo 2.j6
1 7 . • Dec
19% Dec •
U
uttenck
Co
.
*30 30% *2978 30% 30% 30%
28
J 'n e x
100
23% Ja n 37 N o v
33*8 35
7,000 / ’entral L eatbo r______
*33
34
3234
33*8
25%
J
'ly
26
2 5 1 2 Men
51%
O ct
10534 10534 *105% 100% *105% 106%
100 Yb Do pref_________
9 9 % J ’ly 2 /
9934 A pr
i l l Sep
1 0 0 % Mch 34% 35% 32% 33% 32% 33
2,600 Colorado Fuel & iro n . . 2 2 % J ’ly 2 6 60 Ja n 3 29 Feb 53 Dec
*4% 12
Ool A llock Coal A iron
3 Sep 12 92% Ja n 4 2 1 % Feo 91% Dec
*4li on
135*8 137% 131 130 135% 130 13,695 Consolidated Gas <N 2 1 . 1 2 2 J 'ly -J 100% Ja n 3 d l l , Feb 105% Ja u
16*4 173S 10% 10% 10 16% 2,400 ~orn P roducts H elm in g .. 11% J n e u 1 2 3 % Jan b 10>2 Feb 2 0 % J'n e
Do pref_______________ 7uV J 'ly 2 0 86% Ja n j 7314 Feb 9 3 % J ’ne
77% 78% *77 79
78% 79
1,400 ^ rex
C arp et________
*62 65 *00 05 *59 65
bb A pr .0
nb Ja u 0 3 Dec
32% 34% 3134 33% 32% 33% 11,275 D istillers’ S ccuriuct Corp 2 6 % J ’ly -u oo34 Jan lu 3 zlo Feb 41% J a n
*18 20 *18 20 §18 18
700 federal M ining & S m elt’ 12 O ct 26 60 Mch 5 56 * Men 95% M ay
4.8 49 *48 50 *40 50
37 O ct 21 88 Ja n „ 80 Feb 94 A ug
620 Do p re i___________
153% 154 151% 154 153 153
2,350 General E lectric.
150% Feb 17234 A U g
1 ,4
J 'ly 2 u
8 8% 8
8 10,125 dGoldfleld Con M.P a r $10 $7% O ct 14 $9% Sep 2 6
8% 8
113 114% 111 113 111 112 41.000 { n t H arvester sltt tr ciis lUOG Feb 8
ila*. Dec
122% 1221- *120% 120% §121% 121%
640 A Do pref ttk tr etts
4)117 AUg 11
1. Ja u
12b Dec
*5*4 534 5*4 5 )4 6 0»8
400 ln t Mer M urine stk tr ct£» 4 % J iy ..i
9
O ct
3 . J ’ly
17 17 *16% 17
16 16%
700 Do prcL_________ .
12's
J
’ly
26
2 7 % Ja n
*12% 13% 13 13
13 13 2,150 Intern atio nal P a p e r ..
H
9
J
'ly
1
19%
Ja
n
60 '8 6G?8 53*4 55% 641 ■, 56 2,300 Do pref___________ ___ 41'- J ’ly 26
09*4 AUg
43 41% 42% 42% 42% 42% 1.950 In te rn at Steam D um p___ 30-8 J ’ly 2 6
5 4 % N ov
a
Do prei__________
*82 84 *82% 83% *82 831,
Ja u 91 ‘ Sep
w
105% 105% 104% 105 104% 104% 6,460 Laclede u a s (St L) c o m .. 93% J 'ly 29 1 16% j a r lo 182%
04
J ’ne 1133* Dec
1
0434 9478 93 93 *93 97
439 M ackay C om panies____
79
J
'ly
20
70
Ja
n 9 5 % N ov
98
O
ct
10
1
75% 75% 75 75
74% 74%
300 Do oref_____________
a J'ly 2 7 7&% O ct u 09% Jau 7 7 % Dec
*110 111 110 110 §110 n o
275 \ ] ationai b iscu it _____ 100 Aug
1
9 0 % Ja n
1 2 0 ' Sep
1
1
N
Do
p
r
e
i
___________
*___ 124
12178 12178 * _ 121
1
1
8
%
J'ly
6
100
118% oan 130 Sep
1
m at E n a m e lg A S tam p ’*' 14 Sep 17 28% Ja n 3 12% Feb 30% Dec
*16 18 *14 18 *14% 17%
Do nrel_ _ ____
*83 87 *83 87 *<S3 87
84 O ct 17
82
J an 99% Sep
1
_____
69% 60% 57 6834 67% 68 3 , 8 4flj N ational neail
461- J'ly -6 89% ,Jan 4 71% Feb 94 AUg
1
107*4 10734 *100 108 107% 107%
278 Do p re i_____________ 1u ,34 J'ly 2J llo% Jan % 1 0 2 *4 A pr 1 1334 A ug
20*4 21% 20 20% 203S 20-% 9 , 6 5 0 ,dNev Cons C o p p c r.P ar $5 $171" J ’ly 6 $22V O ci 17
1
100 sew York Air b ra k e ____ 5y J ne 0
*76 79
75 75 *73 77
9 7 % Nov
200 .North A m erican Co new 63 J 'ly 6
*65 67 *65 60 *65 66
87% J ’ne
•
31 32
1.010 IJ a c ric M alt_____
30 31
30% 31
2 2 % J 'ly 2 6
48% N ov
2,300
A
acitlc
Telep
&
Tc-leg..
43
43
42
42%
42%
43%
1
30
J
'ly
-5
64 " O ct
1
2,050 People's G L A C (Chici iU3 J 'ly 2 0
*107 108 105% 10,.% *106 107
120 A U g
1
200 P h iU u elp hu Co ( H tts b ’h) 84 J ’ly 6
*39 91 *89 92 ‘2 *89 92%
103
Dec
700 Ihttso urgh Coal Co___
*20 21% 20% 20% *19 20%
1
12
J ’ly -6
29*8 NOV
.
700 Do n re t_____
*70% 73% 70 70% *69 72
6 0 % j'ly 2 6
8 7 % Dec
Pressed
Steel
C
ar.
.
1.100
34% 35
33 33% 33-1* 33V
25 J 'ly . 6
60 Aug
t
460 Do pref___________ __
90 90
90% 90% ♦ 90 99
11134 AUg
90
J 'ly 3 7
165*4 166 §164% 164% §107 167
611 Fullm an C o m p a n y .. _ . 166
1
J ne _j 2 0 0 Ja n ll
200 A ug
Q
uicksilver
M
ining.
.......
*2
21•> *2
2% *2
2%
»% J'ly
*4 3 4
5 *4
200 Do pref_______________ ;7„ Aug 2 57s M ay-1
5-% ♦ 434 6V
10 M ay
1/
35% 357s 33% 33% 34% 34%
900 l> allw ay Steel Spring__ 2 8 J'ly 2 6
64% A ug
♦ 97 105 *90 105 *«on
10.5
109 A ug
34% 36
33% 34% 3 4 % 34% 14,875 R epublic Iron A S teel___
’ J us 4
49% S e p .
97 98% 90 97
1
90% 00'8
1 0 pref _____________
8 2 '% j 'ly
6
1 1 0 % J ’ly
1801* 181% 179% 181 180 ’ 182% 4,610
<
e
a
rs
,
R
oebuck
&
Co___
1,850
160
J
n«30
182%
N
ov
11
1
49% 60 11,386 O loss-Sheffield Steel * Ir 4 a% J ’ly so
49% 52% 48% 60
68 Feb 94% O ct
J
*105 113 *105 110 *105 113
114
J'ly 6 118 54 Feb i 107% Feb 120 Sep
1
30%
38
34%
30%
3578
35%
9,200
1 ienn esseel'upp er 1‘ariZ 5 $19% J'ly 30
1
S
4 0 % Ja n
3
$33%
O et $49 Ja n
1
140 140 140 140 *138 140
1,325 re x a s Co (T he)_____ '____ 134 O ct 7 144 O ct 18
1
♦ 85 95 *85 95 *85 92
lex as FaciUc Land T rust 83 F eb 8
400
80%
Feb
03<« J ly
*8
9
*8
9
*8
9
914 Feb
1 I ulon b ag & P a p e r .. . . 0 J ’ly 5
1
15V J'U i
*52 60 *52 00 *52 60
00 Ja n 81% J ’ne
!
*103 104% *103 104% *103 104%
U
nited
D
ry
Goods
C
o
s..
115
O
ct
93
Aug
2
125%
Deo
132
Ja
n
3
}
*106 106-% *100 100U 10578 100
300 Do pref_______________
rl09 Sep 114 ‘ Dec
A u? .
*16% 19 §157g 1.0% *10 10^4
322 U S Cast 1 Pipe A Foundr 99%
24** Feb 35% J'n e
1 4 % J ’ly 21
j
60% 66% *53 67
Do p re f_________
65
110
65
4 j J ’ne .8
70 Mob 87% Aug
§9.3 98 *98 103 *98 102
•
40 U nited S tates E x p re ss.. 9 5 % J ly 2 6
82 Feb J i l l Dec
*69 71 *09 71 *07
300 U S R ealty A Im provem t 0 4 % J iy . 0
70
*1
64 Feb 87 Sep
5% 5% *5
7% *4% 7%
100 U S R eduction & ReUnlng 4 J'n e 27
10 Mch 17% J ne
*16 19% *14 19% ♦ 15 1934
24 Feb 39% Au*
1
36 30% 34% 35
353* 35% 1,000 U nited S tates R u bber___ 27 J 'ly 6
27 Feb 67% Aug
•
11034 110*4 110% 110% 110%
1,078
Do
1st
pref___________
110%
99 J ’ly : 6 110% Ja n lo 98 Ja n 123% Aug
*
*72 76
72 72
300 Do 2d p re f___________ 59 •• J ’ly 27
76
67% Feb 89% Aug
78% 81% 70 78% *72
77% 78% 049900 United S tates S teel_____ 0 1 % J'ly .6 91 Ja n 3 41% Feb 14%
O ct
t1
117% 118% 116%
117% 117 117% 6,310 Do p re f______ ,________ 1 in - J ’ly 2 0 125V Ja n 2 107 Feb I'll
ct
1
49% 51
48% 49% 487* 49V 19,300 JU ta h C opper___P ar $10 t£3JV J 'n e 30 $61/14 Ja n 6 $39% Feb i67% ON ov
51) '3 03*4 00 01
00% 01% 24.300 Virgin a Carodna Chem__ 47 Feb 8 66% O ct 21 40% Feb 66*8 Dee
1
*124 120 H22% 122% *122%
124
20 Do pref______________ 117 J ’ly 2 8 129% ;an 4 114 Ja n 128 Dec
1
*___ 56
60 50 §50 65
170 V-nrinta Iron Coal A Coke 60 Sep 24 73 Ja n 8 67 Feb 757s Sep
*160 105 *100 105 uoo 105
Ja n 6 7 0 Dec
1
T1 71% 70% 717s 71 71% 2,600 ' * estern Union T e ie g .. 53 J ’ly 20 78% Mch •• 300
64 Feb 85% N ov
73 74% 69%
72% 70 70% 7,050 W estingh'seEl AMfg assen 49% J ’ly 2 6 82% .Jan 3 74
Feb 90 Aug
__ Do 1st n rc .__
► 120 124 ► 120 124 *120 121
!
11 . MsV 3 130 Feb 14 110 Mcb 145 Sep
B A N K S AN u T R U S T C O i F A N IB S — B A N K E R S ' Q U O T A T IO N S .
banks
Hut Ask
HUt Ask 1 ru st Co's Hid Ask 1 ru st C o's Hid Ask 1 ru st Co's tun Ask 1 ru st Co’s Hid A ik
b an k s
lirooktyn
N Y City
G u a r'ty Tr too 810 NY LifeA Tr 1400 1120
H. ookiyn
B roadw ay 1 375 __ N lirooktyn
at
C
ity
__
293
IVwav T r ..
150 G uardian Tr
180 N Y T ru st. 635 050 Brooklyn Tr 415 425
B rooklyn 1,. ___ n o N orth Side §] 150 305
Carnegie . _ 145
180
H udson
C itiz e n s'___ 125 135
110
116
170 1X0 •Sa vo y_____ 90
Uoney lsl’dV — 1 5 5 People s __ 158
I’r .t 10:0%
K nlckerb itr 300 305 S tand ard Tr 400 4 1 0 F la tb u s h __ 200 2 2 0
F irst ______ 290 313 Prosp’c tl’k’i 160 16J CCentral
olum bia . . 280 283 Law T 1 ATr 250 V6J 1’ltteG uA Tr 500
F ran k lin ___
210
llllistdcU __ . . . . i ‘J5 term inal 1;
90 Commercial 120 130 Lincoln T r 130 140 1 r Co of Am 335
H am ilton _. 270 2S0
Jlom estead§i ___ 115
E
m
p
ir
e
___
310
205
Union
T
ru
st
31)0
M
adison___
201
H
o
m
e
_____
12/5
1300
1106
M auufac’rs 415 __
1ru st Co s
K qult'ble Tr 460 470 M anhattan 376 4 J J US M tgA Tr 4 72 ;
K»ngs Co . . 500
M echanics \ 230 245
N V CUy
Farm Lo&'l 1025 1050 M ercantile . 700 740 U nit S ta te s. 1160
L Isi L & Tr
310
M ontauk . . ___ 150 As t o r _____ 3"5 335 F id e lity ___ 213% 217% M etropol’t'n 51./ 620 A ashing ton 375 1190 N a ssa u ____ 300
166 175
N a ssa u ____ 245 2/0 ban kers' Tr 630 640 F u lto n ____ 290 . . . . M u tu a l____ 13 1 __ W estchester 160 160 People’s ___ 300
315
M ut All nee 125 130 W indsor _. 12J 130 y u ecas Co. 100 115
W tlU am sb’e
100
*250 ___
♦ 250
♦ 9% 10 *3% 10
♦ 34 341 *31 34%
70*.| 713 7078 7U:
47% 473 45 461'
♦ 109 ___ * 1 0 0 ___
38% 387j 38 38%
♦ 92 94 §92% 92%
10 10% 101.1 10*
76*8 77 76% 70%
55*a f.r 55*8 55%
♦ 1137S 115 •'113% 114%
67% 67% 06 67
♦ 101 107
♦ 240 275 *240 275
♦ 4% 5
4% 4%
23% 23% 2034 23
♦ 19 21
20% 20*a
♦ 12 1234 *11% 12%
♦ 32 34 32 32
♦ 40 41
40 403.i
♦ 105%
107
* 41 o 107Sid *106
*412 514
♦ 35 36 35% 35%
♦ 87% 881 89 89
81% 82% 81*s 82*4
106 100% 106 106
*240 320
*100 101%
♦ 109 101%
47*4 47*4
4712 4734 119
119
4119 110 116% 1163.!
♦ 115% 117 142% 142%
142% 142%
90% 96% 95*4 953i
♦ 33*4 34% 333.1 34*4
96% 97% *96 96*4
♦ 42% 43 *42*4 43%
31% 32 321.1 33%
61% 61% 01 62%
♦ 136 138 *136 138
*9% 12 *9% 12
♦ 29% 301 o *29% 3019
35% 35% 35% 35%
♦ 10534 106% *105% 103%
3434 34*4 34'8 35
*4% 6 *4% 12
137 137% 136*4 137%
17 17% *17 17%
80 80 80 80%
♦ 62 05 *02 65
323.1 3 3 % 33*8 34
20 2 1 % 20 20
47% 4 7 % 4.3% 48%
154'8 154% 154% 155
8%
8% 8% 8
114 115 113% 111*8
♦ 122 123 123 123%
*5% 6 *5% 0
♦ 17 17% *16% 17%
12*4 13% 13 13%
607» 56% 56 60%
♦ 44% 45
43*T| 44*2
♦ 83 83% *82%. 83%
105 105% 1053s 105%
♦ 93 95D §94 94
♦ 75 76% *75 7519
112 112 *110 111%
124% *___ 124%
♦ 16 18 *16 18
♦ 83 87 ♦ 83 87
*60% 61% 60% 6034
♦ 100% 107% §107% 107%
21% 21% 21% 21*8
*77 78 *77 80
66 06 60 60
*32% 33%
42% 42% *42 4234
107 107*8 107% 107%
92 02% *92 93
21% 21% 21 21%
*70% 73% *70% 73%
*34% 35 34% 34%
*96 98 97 97
*165 107 167 167
*2
2%
21- *2
*4% 434 4,r>8 4^4
*35% 36 36 36
*97 105 *97 105
35% 35% 30
31*4 99%
99
99*8 99%
177*8 179% 180 181%
*61% 63 62% 52%
*105 113 *105 113
37% 38% 37% 38%
140 140 140 140%
*82% 92 91% 92
0
♦ 8 9 *8
♦ 52 CO *52 60
*103 101 *103 104%
*106 107 *105% 100*4
17% 17% *10 19
66
*53 60 150 105
*99 02 *98
69%
70% 707,8 69%
*5% 6% *5% 6%
♦ 16 19*4 *16 19*4
37
37 36% 36%
* 1 1 1 % 1 1 1 * 4 111% 111%
70 73 73
*73
80% 815, 80*4 81%
♦ 118 1183, 118 118%
60*8 607, 50% 51
64% 04% 623s 64
*123
*123 126
♦ __ 126
50 *___ 56
*162 165 *162
105
73 73 *71% 73
73^4 73*4 *73 74%
*120 124 *120 124
, *btd and allied pnees: no sales on this day. t Less than 100 shares. * Ex-rights. b New stock c Ex-div and rights, d Now quoted dollars per share.
i tSale at Stock Exchange or at auction this week, s Er- stock dividend. 1]banks marked with a paragraph Cfl> are State banks.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
J a n . 1 1909, the Sxyhange m ethod ot quoting bow ls iv.it changed, an d prices arc no:o a ll—" a n d in terest"—except lor incom e an d d e /a u lte d bonds.
BONDS
Kanye
Week’s
Price
W eek’s I S ! Jtcmge
Price
BONDS
! .Sines
K anye or
N . Y. STOCK E X C H A N G E
bridaii
K anye or <§§. Since
F rida y
N. Y. ST O C F E X C H A N G E
J a n u a ry l
L a st bale
Nov 11
Fast Hale
WfCKK ENDING NOV 11
N oe 11
, J a n u a ry 1
W ickk E nding N ov 11
B id
A sk Low H igh No Low H ig h
ot Ga ltlt—(Con)
B id
A sk Low U iyh No Low H ig h C ent
l!. b . (lo v e rn iiie iu
C h att Div pu r mon g 4 s .1951 J-L) 86 ........ 90% Sep ’09
100% 101% 100% O ct ’10
1 0 0 % 101 %
U S 2a consol re g iste re d .<11930 y -J 100%
Alac ib N or D iv 1st g 6 s .1946 J-J 103% ........ 104% J uo 08
101 1100% J ’ne'10
’100% 10034 Alid
U 8 2s consol ooui)ou....<(1930 y -J
G a As A tl D iv 6 s . ...1947 J-J 103% ........ 115 Nov’Oa
102% 102 O c t’10
:101% 10234 M obile
U s 3s reg istered . . . . . . ../c l9 l8 y -F 101%
1st g 5s........1946 J-J 107 ........ 110 Ja n ’1 ..1 1 0 110
S e p ’10
1101% 103 Cen RR AsDiv
U S 3s c o u p o u .................tel918 y-F 101% 102 Hi 102
01 Ga col g 6s 193 7 M-N 1U2%103 102 S e p ’10 .. 102 103
102 % 102 % O en to l N JB geu’lgo
U S 3.1 cou sm all bonds../cl918 y -F i 15 " i*16% 101% J ’l y ’10
ld o s. 1987 J - J 132% Sale 122% 122% 2 120 125%
115% O ct ’10
114% 115%
U 8 4s re g is te re d ..........1 9 2 5 y-F
121% ........ 122 O c t’10 ..1:120% 125
....................al9 8 7
114% 11534 AmR egistered
.......... 115% N ov’10
U S 4s c o u p o n .......................1925 Q- F 115%
106% 108 109 S e p ’10 ..1107 109
D ock As Im p gu o s ..1921
100 % 100 %
U S P an Cou 10-30 yr 28-/21936 Q-N 100 % ...... 100% A ug’10
Be As H ad ti gen gu g a s 192U j - j 100 ........
Boh As W ilks B Coal 5 s ..1912 M-N 10U%........ 100% 100% 6 100% 101%
F o re ig n (io v e rn ru e n t
100 100%
100 M ay’10
e x t g u ar 4 % s....y l9 1 0 Q-.M
95% 97% N Con
A rg en tine—In te rn al 5sof 1909 Al-S t 9 7 % Sale 97% 97%
Y As Bong B r gen g 4s 1941 M-S 9 7 % .........
Im perial Ja p an ese G overnin'!
Pacino bee so Paoilic Co
14 94 96% CC ent
S te rlin g loan 4% s...........1925 F-A t 94 94% 94% 94 K 13
85 88%
entV erm on t 1st gu g 4s.el9 20 Q-F 87 90 88 % O ct ’10
93% 95% Chas
2<t series 4 %s.................1925 J - J i 99% 94% 93% 94
As s a v bee A ll Coast Bine
88% 0, 88% 92% Clies
S terlin g loan 4 s ..............1931 J - J * 88% 88% 88%% 101
100 101%
As Ohio gold 6s..........0.1911 A-O 99% 100% 1 0 0 O c t’lb
% l! 101% 104
Repub ol C uba 5s exten d e b t.. Al-S 1101% 102% 101
102 105%
lu u d in g As im p t6 a .l9 2 9 J - J 101 % 104 104 S e p ’ 1 0
97% 2 1195 97% G1stenconsol
97% 97
San Paulo (Brazil; tru s to s 1919 J-J 1)7
112 V
110% 114»4
g os....................1939 M-N 112 sale 112
97
96% 99%
97 N ov’lu
U S ol Aloxlco s t g 5s of 1899 y -J 96%
112% Ja n ’lb
112% 112%
R egistered........................1939 M-N
91% 90% 96% 96% as*7is 94% 97% G eneral
Gold 4s of 1904.................1954 J-D hese
09 103%
gold 4 %s.............. 1992 M-S 101 % 102 1 0 1 % 102
a re pr ices o n the b
o/ $5 to £ .
101% 101%
101% J ’ne’lO
R eg istered ........................1992 M-S
S ta te a n d C ity S e c u ritie s \ T
89 95%
4 %s ..............1930 F-A 04 Bale 93% 94%
100 101% Cmonvertible
N Y C ity—4 % s......................I960
100% Sale 100% 101 100
87 89
89
g san d y 1st 4 s .............. 1941 J-D
89 89
99% 1 0 3 ; 06 100% Coal
4% C orporate S to ck........1959 M-N 99% Sale 99%
83 88%
ltiv Ry 1st gu 4s ,.l9 4 o J-D *8*5% 86 % 88% Oct ’10
90% 100%
4% C oruorato sto c k ....1 9 5 8 AI-N 99 99% 99% 99% 60
101 104%
104% Sep 10
V alley I s tg 6 s ....1 940 J - J 102*ii
N ew 4 % s..............................1957 Al-N 107% Sale 107% 197% 11 105% 109% CP oraig
90
J
a
n
'09
tts
C
reek
B
r
1st
4
s..
1946
"y*o*
»8
J
J
103
O
c
t’10
102% 103% R its A Div 1st cou g 4 s .. 1989 J -J 9 5 3 4 97% 96% 96 %
N ew 4 % s............................1917 Al-N *102% 102%
94%
107% 32 105% 110
4%% Corporate Stock ..1957 M-N 107% Sale 107%
90%
consol g 4 s..................1989 J-J 91% 93 91 S e p ’10
102 103% W2d
4 %%, assessm t b o n d s.... 1917 M-N *102 % 102% 102% O ct ’10
113%
F
ob’Ua
101
arm
Spr
Vai
1st
g
a
s
..1941
M-S
96%
100
*n
99%
99%
4% C orporate S to ck ___1957 M-N 99% Sale 104% 104%
95 O c t’10
G reenb rier Ry ls tg u g 4s ’40 M-N 90
87%
101 % 105% Cbic
N Y S tate—C anal lin p t 4s. 1960 J - J 102%
70
As A lt R R ref g 3 s ...1949 A-O 73%
74
74
103% 103% R a ilw
’iu
So C arolina 4 %s 20-49.........1933 J-J
...104 103% JO’lcyt’10
68 %
70
a y 1 st lien 3 % s...I960 J - J 68 70% 70
94% 96
T onu new settlem en t 3 s ..1913 J - J 96% 97 96
........................i960 J - J
75 O ct ’09
J a n ’10
90% 00% OhioR Beguistered
V irginia fund deb t 2 -3 s ...1991 J - J 4089 88 90%
98% 100
99 % ........
99
N
ov’lu
rl
As
y
—D
euv
D
4s
1922
F-A
40
56
41
O
c
t’10
41
6s deferred B row n Bros oils.
Illin o is D iv3 % s................1949 J - J 88% Saib 88
8 8 ' 10 86% 83%
R eg istered ........................1949 J - J S0a4 ........ 88 S o p ’10
87% 88
R a ilro a d
Ills D iv 4 s .......................... 1949 J - J 100 Sale 100 10U%
98% 101
\ lauam a C ent bee So Ry
Iow a D iv oink tun d o s.. 1919 A-O 104% ........ 108% O ct ’09
rx la b a Alull bee A t Coast Cine
S in king lu u d 4 s...............1919 A-O 99% IUU% 99% N ov’10
98% 100
A lbany Ab Suso bee Del A Dud
98 100%
N eb rask a E xtension 48.1927 M-N 99% 100 99% o o t ’10
A ilegneny V alley bee P enn HR
101% M ar’09
R egistered........................1927 M-N
Alleg ib W est bee B ull R A P
97% May’10
estern D iv 4 s ....1921 M-S 97 ...
97% 99
74 83% SJooinuthw
79% 79 N ov’tO
Ann A rbor 1st g 4 s..........A1995 Q-J 77
t bonds »S’e« G reat N orth
97% 101
98%
Sale 998%
Atoll TJb S Fe—G en g 48.1995 A-O 98%
100 % 1 0 2 %
D ebenture 6s......................1913 M-N 100 % 101 % 101 N ov’10
98 100
9 3 1 8 J ’ne’lO
R e g is te re d .........................1995 A -0 97%
97 100
G eneral 4 s........................1958 M-S 97 97% 97
97%
88 95
90% sale 90% .90%
A dju stm ent g 4 s............/tl906 Nov
1U0% 102
H an As S t J os cousol 6 s.. 1911 M-S 1 0 0 %.... lO O uN ov’ib
92 92
92 J a n ’10
R e g istere d ....................A1995 Nov
81 86%
89 94% ClucAb E 111 re t As im p g 4s 1955 J - J 83 s 8 0 84 N ov’iO
91
91%
S tam ped........................../il995 M-N "o*6% ' 91% 100
121 127
1st cousol g 6s...................1934 A-O 123% 127% 121 J ’ly ’ib
05 117
100
Conv 4s issue of 1 9 0 9 ... 1955 J-D
108% 113
110% N o v io
G eneral cousol 1st a s .... 1937 51-N 1 1 0 % 1 11 % 114
00 122 %
iu o " 107* 166% 106%
Couv g 4 s..............................1956 J-D
,*irt>’09
lteg isiero u ........................1937 M-N
102% 193 103 103
104%
Conv 4s (issue of 1910). I960 J-D
110 112
LIU
O
c
t’10
Chic
As
in
n
0 u y 1st a s.ii'3 6 J-J
108%
sale
ioy%
108%
109%
104%
122%
J-D
10-year couv g 6 s ..........1917 F-A
98% J a n ’10
98% 98% Uhicago As E rie bee E rie
D ebentures 4s S eries J .1912 F-A
84 87%
86% 86 85% 80
98% F e b ’10
98% 98 % Chic G t W estern 1st 4 s ...1059 M-S 124*%
Series K .............................1913
124 % 12b %
O ct ’10
95%
.
97
A
p
r’10
97 97% Umo lu As Eouiav roi o s ...lu 4 7 J - a 107% 126% 126
M-S
E ast o k la Div 1st g 4 s ..1028
114
D
eo’uo
J
J
R
efunding
go
ld
5
s............1947
92
9434
93% 94 94
94
S h ort B lue 1st 4s g ..........1058 J -J 109
100 100%
J ’no’10
107% 109% B ouisv N A As Uh is l 68.1910 J - J .... 92% 100
.
107% J ’lj” 10
s ( o P res A Pli 1 s tg 6 s .1942 M-S
92% 94
92 % O ct ’10
Chic 1ml As Sou 50-yr 4 s.. 1956 J - J 102%
Ati K nox Ab N bee B & N
103 103%
103
J
’no’10
103
J
J
Clue
Alii
As
S
t
P
term
g
a
s
1914
95 Sale 94% 96% 21 92 06%
A tlantic C oast 1st g 4S.A1052 M-S 107
98 100%
99% 99%
G onerai g 4s series A . ,«1989 J - J 99 99% 103%
S e p ’09
Ala Alid 1st gu gold 5s ..1928 AI-N 9 4 % ........ 109
O ct ’08
R egistered......................21980 -J
96% J 'u e ’09
B rans & W l s t g u g 4 s ..1938 J-J
86 % 89
88% O c t’ll)
G en eralg 3%s series B.«10o0 t:
J 88%
..
C harles Ab Sav 1st g 7 s .. 1936 J-J 128
91% 93*4
93 N ov’10
9 13* 92% 48 89 95% 25-yr deben 4 s .................... 1934 J - J 92 93 107%
91 % Sale 127
Li Ab N coll g 4 s................ol952 M-N 123
107%
108
M
ar’10
196%
J
’ue’09
Clue
As
B
SU
D
iv
g
O
S....1921
J
J
____
Sav F & W 1st gold 6 s.. 1934 A-O
107
110%
110% ........ 112 M ar’10
Clue Mo ltiv D iv a s ...1926 J - J 107% .... 108 % O ct ’10
112 112
1st gold 5s........................1934 A-O
11)53,, 10834
I 0 0 a4 lu8 107% u c t ’10
95 97% Chic As P W 1st g a s........1921 J-J 102%
B U S p O caJbG g u g 4 s ..1 9 1 s J -J 9 5 % ........ 05 J ’l y ’io
102%
1033s
103
%
Oct
’lu
104%
J-J
D
ak
As
G
t
So
g
6
s..............
1916
A tlaulio A D anv bee South Ry
Li6% 11634
116% M ay’10
F a r As Sou assu g 6s........1924 J -J 116*4
A ustin Ab N W See Sou Paclliu
104 Hi 106
106% 105 %
EaCrosseA i D 1st a s ....1 9 1 9 J - J 104%
92 % 92 %
90 93
Ohio prior 1g 3 %s. 1925 J - J 92 92% 91%
BaitR&egistered.................
105% 108
IUO
*4
105%
A
ug’iU
W
is
As
M
inn
D
iv
g
a
s
....1921
J
J
Oct
'09
A1925 y -J
103% 105%
103% A ug’10
103%
98% 98a4
97% 100% M il As N o 1st cons 6 s ....1 913 J-D 100
Gold 4 s ...............................A1948 A-O *98*
100%
E x ten d ed 4% s................1913 J-D
96 99 %
.......... 98%, oti%_ J ’ly_ ’lu
R e g iste re d ....................A1948 y -J 111%
110% 113
..........1120 O c t’Ul
Chic As N o rth w cons 7 s .... 1915 y-F
lllS ) J ’ne
U l%10
J -J
P itts J uuo 1st gold 6 s ... 1922 M-N
96*u 101
87% 88 %i 8 7 % O c t'10
87% 89% E xtensio n 4a..........1886-1926 F-A 99 ___ 100
P J un <Ss A1 Div 1st g 3% sl925
95% 95%
95% J 'i y ’lo
R egistered............1886-1926 F-A ......... 100
89 93
91 % oali- 1 91% 91%
P B E & W Va sy s ref 4sl941 AI-N 90
S7 90
00%
88
%
89
88%
90
89
92%
G
eneral
golu
3%s..............
1987
Sale
M-N
90
Soutliw Div 1st g 3 % s ...1925 J - J 8 8 % ......... 89% ip r ’10
93% A p r’09
R e g istere d ................... p l9 8 7 y -F
89% 90%
R e g istere d ....................A l92t y -J 9 3 % ......... 103 i a r ’10
;;;j!
iiu
% i'u ’%*
110%
Sep
’lo
103
103
S
in
king
fund
6
s
...1879-1929
A-O
U
l%
.
Al-S
Ceu Ohio K 1st og4% s,.1930 A-O
109% 113%
R egistered............1879-1929 A-O 110 '* ^ ...! lll% N o v ’09
lU93g 109%;
Cl Bor As W cou 1st g 6s 193
b ’07
S in king lun d 6 s ...1879-1929 A-O 105% 1U8 |106% 106% li'lO d 109%
u l % ......... 106% DF eec’OU
Alouon itlv 1st gu g 6 s ..1919 F-A l103%
R egistered............1879-1929 A-O 103 *a..........106 M ar’lo ...J llu o 106
.......... 112 N ov’OU
Ohio R iv er lilt 1st g 5s. 1936 J
105 107
D ebenture Oa......................1921 A-O 102 107 % 107 M ay’10
112
G eneral gold 6s..............1937 A-O 103 ..........
106% 106%
R egistered........................1921 A-O
106% F e o ’lu
.......... li9 %
P itts Otev AbTol 1st g 6s 1922 A-O 109%
109
111%
S
in
king
la
n
d
deb
5s........1933
109
Sop
*10
M-N
98%
P itts As W est 1 st g 4 s ...1917 J -J 96 % ..........
R egistered........................1933 M-N
1U9 J ’ly ’08
S ta l Isl Ry 1 st gu g 4 %s 1943 J-D »U .......... 100 N ov’U4
114% 117%
114% j ’l y ’10
MU B S As W est 1st g 6s 1921 M-S 116%.
Boecli C reek bee N 1’ C As H
109 109 12 109 1 12a4
E x t As Im p s ta n d g 5s 1929 F-A 108% .
Bello v As Car bee Illinois Cent
142 % Fet>’02
A shland D iv 1 st g 6 s .. 1925 M-S 117
Bklyn As M outuuk bee Bong 1
117
’123 % A p r’09
M ioh D iv 1 st g 6s..........1924 J - J 100
B runs As W est a m A tl Coast B
103 % 51ay’U9
in c o m e s ............................1911 M-N 1UU34 ..........
Butlalo N y As E rie bee E rie Al-S 111 115%
...........iu o O c t’10
109% 112
116% J ’l y ’10 ... 113% 116% Chio Rock 1st As Puc 6 s ...1917 JJ -- JJ 109*%..........109
Bullaio R As P gen g 6 s ...1937 M-N 107 109 lUa
" j 109 109
A ug’1 0 ________
...1 0 6 109%
R egistered........................1917
Consol 4 %s
..........1957
97 Sale 97
98 14 ; 91% 99
96
96 A ug’10 ... j 96 99% G eneral gold 4s..................1988 J -J ......................
All As W est 1st g 4s gu ..4 098 A-O
98a4 F e b ’1 0 ___1 98% 93%
R egistered........................1988 J - J
103 J ’ly ’0 8 . .. .
-J 103
Cl As Alah 1st gu g o s ....1 9 4 3 JF-A
86 92
K clund ing g 4 s ................ 1934 A-O 89*4 8010 89
% 118 115 J ’ne'lO i___115 117
Rocii As P itts 1st g 6 s ...1921 J -0 ilu
97% J ’ly ’i u ___i| 97% 97%
11a
116% Alar’lOl, 116% 1 1634 Con tru s t S e n e s J 4s. ...1 912 M-N .....................
Cousol 1st g 6s..............1922
M '.s............................. 1916 M-N ................... 94 % J a n ’10 ....!i 94% 94%
..'| 72 72
. 73 72
Bull As Susq 1st ret g 4S.R1951 J - J
N 4 s..............................1916 M-N ...................... 94 Deo ’09
Bur C K As N bee C R I As P
94%
6 102% 105%
O 4s..................................... 1917 M-N ...................... 94% Muy’10
103% 104
So 1st ex t 6 s ............. 1913 J-J 103 103% ____„O
C■lan
96 93 % Aug’09
ot ’10V
100 % 101 %
P 4 s............................. 1918 M-N ..........
’2d 5 s . . . . . . . . . . . . . . ... . . . 1913 .VI-8
83%
132
1
60%
74%
Sale
74%
74%
M-N
Chic
If
1
As
Pao
RR
4
s
..2002
1
0
0
a4
M
ay'07
R eg istered .......................1913
80%
R egistered.......................2002 M N ..................... 76% May’10 Jl: 76%
Carb As sn aw n bee ill Cent
90
93
..........
05%
95
G
o
t’10
M-S
l
i
l
A
rkifcL
ouis
lst4
%
s
1934
Carolina C ent NeeSeab A ir B
114%
'
J
l
l
l
%
109
..........l
l
l
%
O
o
t
’10
A-O
n
u
r
C
It
As
N
—
1st
g
a
s
.1964
C arthage Ab Ad bee N y u As U
R egistered....................1934 A-O ......................120% M ar’l)3 ____
Ced R la F As N bee B C It As N
OR IF As N W 1st gu a s. 1921 A-O 103% .........105% O ct ’10 ....' 106% 106
Cen B rancn Ry bee Alo Pao F-A 1 1 1 % ......... 109% Oct ’10
M
As S t B 1st gu g 7 s.. 1927 J-J)
113%
Cent ol Oa R R 1st g o a ..p l9 4 5 _ _ 106% 107% 106% 106% 1 109%
104 M ay’10 ___ 108 i 10
Clioc Ok Ac e» gen g as ,o iu iy | J -J 10U
1 0 3 3 4 109
Consol gold os................... 1945 Al-N
% OCX ’10
....
Cousoi
golu a s................ 1952 M-N IUJ i0 8 1U8
A
p
r’06
113
R egistered.......................1945'Ai-fl
101 F e b ’10 ___ 1031 104
Ol I 60 82 9 1% Keok As J <es M 1st 6s___1923! A-O iuo
1st pret incom e g 6 s ....p l9 4 o Cot 90% Sait 90
5 84 90 % jin c oi l. As N u bee 111 c e n t
90
90
Stam ped .................................... | . . . . 90 Sale
i
87% b 75 b'7a4 JI 110 SI E As P itts ocet'euu C o
2u prei incom e g 6 a ....p l9 4 a ,O c t 87% 89 87%
Oct ’ID . .. . Ib3 127
b7*n fine S t P 51 As G con 6 a ...1930 J - ^ 124 125 125%
89 87 Oct85’ 10 | 10 75
2d p ief Incom e g 6a stam ped! . .. . 87% Sale
93
D
eo’03
...
•
•
••
'........ .........
8a
Cons
6s
reduced
10
3
%s.X930
J-D
7a
86%
3a
85
3d prei incom e g & s....p l94 6iO ct
I
80 bO
3d pref incom e g 5s sta m p e d .1 . . . . 83% 86 85% O ct ’10
iUl.**C!EBI.ANEOLISj BON 1>3—C o n tin u ed on N ext P a g o .
S tr e e t R a ilw a y
S tr e e t If nil w ay
78 15 74% 82%
gen col tr g a s. 1997 F A 76% 7i) 77
Brooklyn Rap 'i’r g a s........1945 A-O 103 103% 103% N ov’10 Ob 1013, 1()S MReteiS tg Ry
40 54
43 O c t'lb
4 s ................................2002 A 0
84
70%
87
1st refun d couv g 4 s ___2002 J - J 83% Sale 1083l a4% 101%
102 ' 24
U w ayib 7 tli a v 1st e g as 1943 J 0 101 102*1 (02
104
U kC ity ls tc o u 5 s .1916.1941 J - J 1 0 1 % Sale 97% O ct ’lb V 100%
16 102
ColAa 9th AV 1st gu g os.i'JUb 11 ia 93% 10U 96 J ’ly ' ib
97% 99
Bk y Co As S cou g u g 53.1941 ,71-N 97a4 99
98 % ll.v. 2b 26% 99
Bex A v Ab P F 1st gu g 5s 1992 .VI s 97
B klyn U u E l 1st g 4-5s.l950 F-A 100 103% 102 102% 4 99 103
C7 % 69%
T hird Avo R R cou gu 4s 2UOU J j
61% Oct ’10
% 103
Stam ped g u ar 4-5a___ 1950 F-A 101% 102% 102% N ov’lb 1 99
62 oil 53 03%
C ent T r Co certfs stm p d ..
61% sal« l l
K ings Co E l 1st g 4 s ....1 949 F-A 83% 86 82% 82% t •8234 85
% 108%
85 % b 80 8a % T hird Avo Ry 1st g o s ..193. j j 10 ( 108 ii/7 % Oct ’ u; .... Ida
S tam ped gu ar 4 s ..........1949 F-A 83% 85% 85
84% 67
85% 81% O ct ’10
73'*.
76 82 X OH Ry & Bt gen 4%s ..193. J j
N assau E lec gu g 4s ....1 9 6 1 J-J 78 Sale 78 M ar’ll
;*8 N ov’08
s Ry Bt 11 Ab P 1st g os ’3 . .11 N 98%
i 02% 102% S81t Jo
Conn Ry Ab L i s t * ref g 4 % s’61 J-J ..........102% 102%
P aul City Cab con .,3.193'. J J 104 103 ,67% Deo VO
10u% 10*2
A ug’li
Stam ped guar 4 % s...........1051 J - J 100% ......... 101%
9 -% 1*8 ■. N o v '12
81 80 J ’ly 'U .... 80 82% T ri-C ity Uy <fc Ht I s ts f as. 19 22 A O 96%
D et U nited 1st con g 4% s.l932 J-J 79
% Oct ’10
93 95% ndcrgrounil ot Lou a s ...iJ 2 b M N J»f) 99% 9b A p r’ >9 ....1 83 89
H avana E lec co u so lg 53.1952 F A 9 5 % ......... 95
89% 'Sale 79% 81% 14*9 77 83 % 4% s......................................1 9 3 J J 83'4 Sale 83% 88%
In ter-.Met coll 4 %s...............1966 A-O 100%
31% 40
1003, 100% 100% 6 100% 104
Incom e 6 s............................1948
3 7 37% 3 7 Nov 10
In te r Rap T 3-yr couv 6s. 1911 M-N 1 0 2 34 Sale
84 , >ol '03 .... 79% 83
101% 1U3 412 100 103V C m ou El (Cine) 1st g 5 s ..1.915 A O
45-year 6s S eries A ........1952 M-N
67% M ar’10
80 80 A ug'll)
U nited Rys St B lo t g 4 s .1934 J J
In te rn a t T rac coll tr 4 s ..1949 J - J 65 % ......... 98
65 74
M ay’06
U nited R R s San F r s 1 4 s .1927 A U 66 70 66% N ov’iO
M anila Eleo 1st & coll 5s. 1953 M-S
?:5
110%112
1*8%102%
-j* :
to :
C*-“£*> !•
•No price Friday; latest this week. IjFlat. aDne Jan d Dus Apr eDueMay j/Doe.i’he ADna ciy /.-Due Aug oDue Chit V DuaNoV s Option Sala
NOV. 12 1910.1
New York Bond Record— Continued—Page 2
1313
BON l)S
si
N. Y. STOCK E X C H A N G E
W kkk E ndin ’0 N o v 11
Chic S t P M A o —( Con)
Ch S t P A M inn 1st g 6a 1918 M-N
N or W isconsin 1st 6 s ...1930 J - J
S t P A S C ity 1st g 6 s ...1919 A O
Clue A W est I ml gen #68^1932 Q-M
Consol 50-year 4 s ...’........1952 J . J
Clue A W M ich nee P ero M arq
Choc O A G ulf nee C It I A P
Oln H A D 2d gold 4 4 s ...1937 J - J
Cin L» A l 1st gu g 6 s ...1941 M-N
C F in d & F t W ls tg u 4a ff.’23 M-N
Cin 1 A W 1st iru g 4 s .1953 J-J
In d Dec A W 1st g 5 s ...1935 J -J
1st gu ar gold 5a............. 1935 J -J
O I S t L A O nee C C C A S t L
Oin S A C nee C C C S t L
O iearheld A Mali nee B H A P
Clev Cin C A St L gen g 4s 1993 J-D
Cairo D tv 1 st gold 4 s . . .. 1939 J-J
Cin W A M Div 1st g 4s. 1991 J - J
M-N
9t L D lv 1st col tr g 4 s.. 1990 M-N
K egtatored........................1990
Apr A Col D iv 1st g 4 s.. 1940 M-S
W W Val Div 1 s t g 4 s ... 1940 J - J
C l S t L A C consol 6 s.. 1920 M-N
1st gold 4s......................fcl936 Q-F
H ogJStered................A;193d
Oin S A Cl con 1st g 5s. .1928 h
C C C A 1 consol 7s..........1914 J-D
Consol sink lu n d 7 s...,1 9 1 4 J-D
G eneral consol gold6a. 1934 J -J
R egistered....................1934 J-J
in d B l A W 1st pref 4s. 1940 A-0
O In d A W 1st pt 5s...t(1938 Q-J
Peo & E ast 1st con 4 s ...1940 A-0
lno om e4 s......................... 1990 Api
Clev A M arietta
P enn RR
Clev A P itts nee P enn Co
Col M idland 1st g 4 s..........1947 J - J
Coloradj A Sou 1st g 4 s ...1929 F-A
ite iu n d A ex t 4 4 s ..........1936 M-N
F t W A Don C 1st g 6 s.. 1921 J-D
Coluin & G reenv nee So lty
Col A H ock Val See H ock Val
Col A Tol See H ock Val
Coi Conn A T erm See N A W
Conn A Pus R ivs 1st g 4 s .1943 A-0
C uba B it 1st 60-yr 5 g . ... 1952 J - J
A G t So S e e C M A S tP
D ak
alias A W aco See M K A T
Del Lack A W estern—
M orris & E ssex 1st 7 s ...1914 M-N
1st consol gu ar 7 s........1915 J-D
R egistered....................1915 J-D
1st ret gu g 3 4 s ............2000 J-D
N Y Lack A W 1st 6 s ...1921 J -J
C onstruction Os............1923 F-A
T erm A im prove 4s___1923 M-N
F-A
W arren 1st ret g u g 3 4 s .2000 M-S
Del A H ud 1st Pa Div 7 s .1917
R egistered....................... 1917 M-S
10-yr conv dob 4s............1910 J-D
1st lien equip g 4 4 s ....1 9 2 2 J - J
1 st it rot 4 s ..................-...1 9 4 3 M-N
A lb A Sua conv 3 4 e ........1946 A-O
Reus A S aratoga 1st 7 s .1921 M-N
Dol Riv R R B ridge See P a B it
D euv A K G r 1st con g 4 s .1936 J -J
Consol gold 4 4 s ................1936 J-J
Im provem ent gold 6 s ...1928 J-l)
1st a retu n d in g 5 s..........1955 F-A
Rio G r J uno 1st gu g 5s. 1939 J-D
Rio G r So 1st gold 4s. ..1 94 0 J - J
G uaran teed......................1940 J - J
Rio G r W est 1 st g 4 s___1939 J - J
M ge and col tru st 4sA .1949 A-0
U tab C ent ls tg u g 4s ttl917 A-0
D es Moi cte F t D See M A S t L
D osM oi Uu Ry 1st g 5 s ..1917 M-N
D ol A M uck 1st lien g 4s. 1995 J-D
Gold 4s...................................1996 J-D
D el So—U S Div 1st g 48.1941 M-S
D ul A iro n R ange 1st o s ..1937 A-O
R egistered........................... 1937 A-O
2d 6s.......................................1916 J - J
D ul S h ort L m e net N or Pac
D ul So Shore A A tl g 6 s ..1937 J-J
inu se e stP JV
I.jaaals t ToienMVa
A u a See So Ry
Elgin Joi da E ast 1st g 6a. 1941 M-N
Eliu Coi l A No See Leh A N Y
E rie 1st consol gold 7 s ....1 920 M-S
N Y & E rie 1st oxi g 4a 1947 M-N
2d ex t gold 5 s..................1919 M-S
3U oxt gold 4 4 s ..............1923 M-S
4th e x t gold 6 s................192U A-O
5tli e x t gold 4 s................1928 J-D
N Y L E & W 1st g fd 7s. 1920 M-S
Erie 1st con g 4s p rio r..1996 J-J
R egistered....................1996 J-J
1st consol gen lieu g 4s 1996 J - J
R egistered....................1996 J-J
Penn coll tr g 4 s..........1951 F-A
50-year conv 4* A ___1963 A-0
do
Series B.1953 A-0
Bull N l'A E rie 1st 7a..1916 J-D
Chic A E rie 1st gold 6 s ..1982 M-N
Clev A M ahon Val g 6s. 193a J -J
Long D ock consol g 6 s.. 1935 A-O
Coal A HR 1st cu r gu 6s. 1922 M-N
Dock is Im p 1st cur 6 s..1913 J - J
N a A G reen E gu g 6 s .1946 M-N
N V Sua & W 1 st rel 6s.l9 37 J -J
2d gold 4 4 s ...............1 9 3 7 F-A
G eneral gold 6s.............. 1940 F-A
T erm inal le t gold 6 s ... 1943 M-N
R egis $6,000 e ac h ...1943 M-N
W LlkA Eu l s t g u g 6 s . 1 9 4 2 J-D
E v A 1ml 1 s tcou g u g 6 s ..1926 J - J
BO N D S
Week1a
Range
Price
Range or
nince
N. Y. STOCK E X C H A N G E
bYtdav
Last Sale
J a w ta ry 1
Nov 11
W k k k e n d t n u N o v 11
\ N o Low H igh
Hu i
AS A Low
122*% 126% 123 J ’ly ’10 .... 123 127 E rie A P itts See Penn Co
12 2 \ 127 4 129% May’UOi.--- ..................... E vans A T i i 1st cons 6s. 1921 J - J
1124 Sale 112 T U 2 4; 6 1114 1144 1st gen eral gold 6 s.......... 1 9 4 * !A -0
108 4 112 108 4 J ’ly ’10 . .. . 10 84 112
ernon 1 s t gold 6 s.. 1923 A -0
92
6, 88 93 4 SMutnVCo
9 1 4 92 92
B ranch 1st g 5s. 1930 A-0
L 'argo A So See Ch M a S t P
*, lin t A P ere M nee P ere M ar
113 Oct ’00
C As P en in nee Sea A ir Line
106 O ct ’10 ....'1 0 1 108 FFla
o rt S t U D Co 1st g 4 4 s . 1941 J- J
F t W A Rio G r 1st g 4 s ... 1928 J J
88 4 ........ 8 6 4 O ct ’10 J f 86” ”8 7 '
162 104 102 Sep* 10
1014 107
■ *al H A H ot 1882 1st 6 s. 1913 A-0
107 4 D eo’02
G eorgia A A la nee se a A Line
G a Car A N or See se a A Line
G eorgia Pacitic nee So Ry
G lia V G A N or nee So Pao Co
95 9 5 4 95
P 54
9 0 4 9 6 4 Gouv A O sw egat nee N i C ent
94 4 9 4 4 A ug’09
Rap A Ind nee Pen 11 RR
90 4 93 91 Sep '10 ...J 90 9 4 4 GG rand
P t T erm nee S t L S W
9 2 4 914 92 4 O ct T o!___ 8 9 4 964 G ray’s
t
N
or—C
B A y c o ll t r 4 s 1921
92 4 91 Ocf ’07 ....
R
e
g
istere
1004
96 Dec ’09 L ...II...................... S t P am MdA./!......................1921
M an 4 s___1933
904 .
90 M sy’i o '___ 90 90
1 s t cousoi gold 6 s ..........1933
106 4 .
1064 F o b '1 0 !.... 1054 1054
R
egistered...................
193 3
97 4 .
9 7 4 Oct ’10 . . . ‘I 9 6 4 9 8 4
Reduced to gold 4 4 s 1933
954
96 A u g T 0 ...J : 96 98
R
egistered................
1933
106 .
108
O c t’10 .- .. 103 108
M out e x t 1st gold 4 s ..1937
R egistered.................... 1 9 3 7
....................
E M 11111 N or Div 1 st g 4s 194 8
121% 125 4 119 A ug’ 10
US) 119
M inn Union l s t g 6 a..1922
iio n t C 1 s t gu g 6 s . . .. 1937
94 j ’iy '0 8
R egistered.................... 1 9 3 7
1st gu ar gold 5 s........1937
89% 91
4 l 89 94 4
W ill A S F 1st gold 5s 1938
58 60 9591 4 9L
60 15 63 67 G reenb rier Ry See Clies A O
G UR A S 1 1st ref A t g 5s 61952 J - J
A S t J o 6’e « 0 B A Q
70 73 701, 70Mi 5 65 81% H an
ousatonio See N Y N H A 11
94% 95 4 94% 94% 13 93 97% H ock
Val 1st consol g 4 4 s . 1999
96 4 97 96% 97 29 94 4 99
R egistered........................... 1999
113%
1114H 4
113% Oct TO
Col A H V l s tc x t g 4 s ..1948
Col A Tol 1st ex 4 s ........1955
H o u st E A W T ex nee So Pac
H o n st A T ex Cen See So P ac Co
C entral 1st g 4 s ..1951
LUinois
R egistered........................1951
LOU M oy'10 .... LOU 100
1st gold 3 4 s ....................... 1951
R egistered........................1951
E xtend ed 1st g 3 4 s ........1951
1 st gold 3s ste rlin g ..........1951
1084
lO S '-iO ct’lO
1034111%
T ru st gold 4 s............1952
111
111% 111% 2 111% 114% Coil
R egistered....................... 1962 A
127 J ’no’06
1st re l 4 s .............................1965 M
86 94 94 S _ . .. .
L N O A T ex gold 4s ...1 9 5 3 &
117 1204 118% N ovT0 . . . . i ‘i 3
R egistered........................1 9 5 3 M
%
107 ......... 106 O c t’10 . . . 1 0 6 iis
1104
Cairo B ridge gold 4a___i960 J
99 O c t’10; . . . . 97% 101
..........100
L ouisvD ivA T erm g3 4s. 1963 J
86 .......... 102 4 F e b ’03
iddle D iv re g 6 s ............1921 E
115 120 1*0 O c t’lO L ” * 120 1*0% M
O m aha D iv 1st g 3a........1961 E
..........118 149 Aug’Ol 1
S
t
L ouis D iv a term g 3s. 1961 J
98 S ait 98
39 19 96 4 103
R egistered....................... 1961 J
1064 102 10L 1014 6 100 103
G old 3 4 a ......................... 1961 J
98 4 sale 98% 99
9 6 4 1004
R egistered....................1961 J
93 4 94 4 93 4 93%
91 97 4 S o ring D iv 1st g 3 4 a ...1961 J
12 2 4 ......... 1234 S e p ’10
1234 1304 W estern L ines 1st g 4 s.. 1951
Bellev A Car 1st 6s........1923 1
95 Sals 94% 96
92% 97%
a rb A S lia w 1st g 4 s ... 1932
99 10 3*s 104 4 M ar’io
103% 104 4 CChic
S t L A N O g 6 s ... 1951
101 sale 101 101 I
100 106
R egistered........................1951
90% 9 4 4
9 1 4 Bale 91 4 92
G old 3 4 s ...........................1961
98 F o b ’08
Alemph D iv 1st g 4s. ..1951
79 78 Dec'UO!
S t L Sou 1st gu g 4 s___1931
85 M ar’08
Ind B l A W est See C C C A SL L
87% 9 4 4 1ml 111 A la 1 st g 4 s..........i960
90 '92 4 92 4 92 4
8 4 4 O c t’lO
83 86 I n t A G reat N or l s t g 6 s . .1919
83%
97 J a n ’U2
2d gold 6s.............................19U9
T ru st Co certf s ........................
IK ) Sep ’0 4 ___
3d gold 48............................. 1921
94 .......... 94 S e p ’1 0 .... 94 974 Iow a C entral 1st gold 6 s .. 1938
89 91 91 Nov’1 0 . .. . 88 91
Gold 4 s...................................1951
72 76 74 O c t'lO i.... 72 74 Jam es F A Clear 1st 4 s ... 1959
1 0 8 4 1 1 0 4 1084 O c t’lO . .. . 106 111 I, lU A lfc U il nee E 8 A M 8
106 4 M ar’Uo
AVan A M ich See Tol A O C
K C F t S A M See S t L A S F
K C A M R A B nee 8L L A S F
1 0 6 4 1 0 9 4 107 4 Oct ’1 0 ___ 10 64 107% K an C A Paoitlc See M K A T
K an C ity Sou 1st gold 3 s ..I960
R egistered............................1 9 5 0
1 0 7 4 ......... 1 0 8 4 O ct ’1 0 '.... 10 8 4 1084 Ref A im pt Os A pr 1950.........
K ansas C ity T erm ! 1st 4s I960
1204'
1204 Sale 120
11 8 4 1224 K entucky C ent nee E A N
100 4 ......... 1 U0 J ’n o 'lu 1. 100 100 K eek A D es Mo nee C R 1A P
1 0 3 4 ......... 10 44 O ct TO . 1044 106% K noxville A Ohio see So Ry
Alar’io 1. 103 103 4 L uko E rie A W 1st g 6 s ..1937
1 0 0 4 ......... 105
1 0 3 4 ........ 1064 J a u ’io . 10 64 1064
2d gold 6 s......................... 1941
99% 99% N o rth Ohio 1st gu g 5 s.. 1946
9 9 4 F eb ’lO '.
119 •. 118 O c t’1 0 . 118 118 L Sho A M ich S see N Y Centl
80% 87 4 L e h V a lN Y ls tg u g 4 4 s . 1940 J
84 86 85 4 85 4
, 86 8 1 Nov’09 .
R egistered...........................1940; J
7 4 4 Sale 74% 75 30 67 76% L ehigh Val (Pa) cons g 4s.20u3 M
8 6 4 F e b ’071.
Len
V T er R y 1st gu g 5s.l9 41
8 / 4 4 8 3 4 b7 -j R egistered...........................
87 88 87
1941
64 83 Leh V Coal Co ls tg u g 5a.l93 3
74 77 76 4 76 4
69 70 4 70 4 70 4' 4 66 7 3 4
A N Y 1st gu ar g 4 s ..1946
109 113 113% M ar’io . . . . 113% 113% Lon
R egistered........................... 1 9 1 5
111% 112 L ll% 111% 1 U U 115
E l C A N 1st pi 6 s ........1914
112 ......... 1 2 1 D eo’0 8 .. . . .
gu ar 6s....................1914
1*0 1*7' LeliGold
123% Bale 123 4 1234
A H ud R see C ent ot N J
104 169 4 114 A pr ‘1 0 ....J 1 1 4 114 Leh A WilkesU See C ent of N J
1 0 0 4 ..........1103 4 O ct '09 .
Leroy A Caney Val nee Mo P
9 9 4 1 0 3 9 9 4 99 4
ay , iu 3 uong D ock nee E rie
1 0 0 4 lo3 100 4 O ct '10 . . . J1 99 10 44 Long Is l’d—1st con g 6s./tl931
..........1004 1004 D ec’06 . t**|
1st consol gold 4a..........A1931
88 89 89 J Tie’10
89 93
G eneral gold 4s.................1938 *
10 84 O ct '10 .. . . . 108 10 8 4 F erry gold 4 4 s .................1922 M
1074
.1.
Gold 4 s............................ .-..193*: J
100 .
10 14 M ar'IO ....1 0 1 4 1 0 1 4
U uined gold 4 s .................1949 M
114 OCC’09
105% .
D ebenture gold 6s............19341J
Price
Week.*a
b rlaau
R ange or
Nov 11
L a s t S a le
A s k Low H iyti At/’jL o w h x g / \
115 D ec'01'
*110
101 1014 101 Oct ’10 !” ! i o i ” io * 4
114 A pr ’05
95 J ’ue ’ 0 8
tin » nm l E le c tric L ig h t
A tlaiitu G L Co l s t g 6 s ... 1947
B kiyn U G as 1st cou g 5s. 1945
Bultulo Gas l s t g 5a.............1947
Colum bus Gas 1st g 5 s___i932
D etroit City Gua g 6s...........1923
D el Gua Co con 1st g 6 s ... 191,
E q G L N 1 1st con g 5 s ..1932
Gas A Elec lio rg C o c go s.l9 4 P
G r R apG L Co 1st g 6 s ... l91o
H udson Co Gas 1st g 6 s .. 1949
K an C ity (Mo) Gas 1st a 5s 192*
K ings Co El L A P g 6 s ... 1937
P u rch ase m oney 6s...........i997
Ed El II B kii 1st cou g 4s 1939
Lac G as L ot S t L 1st g 6 s.s 1919
lie! and e x t 1st g 5 s........1934
M ilw aukee Gas L 1st 4 s .. 1927
N ew ark Con Gas g 5s.........1948
102 ........
105% 106
.......... 66
! 9 101
97 ........
105 ........
98 101
102 ........
97 ........
100%103
113% 115
86% bait.
102% 104
100% Bale
89 90%
N Y G E L H A P g 5S...1948 J-D
P urchase m oney g 4 s ...l9 4 9 F-A
Ed E l Hi 1st cons g 5 s.. 1995 J - J
60% 67
N Y A y E lL A P la ic o n g 5 sl9 3 0 F-A
101 1014 N Y <Vs R ich Gas 1st g os. 1921 M-N
Pacific G A Eloo Co Cal G A E
c o rp unifying A ref 5s 1 l*3 < M-N
. 0 1 4 ib * 5 4
Peo Gas A C 1st con g 6 s .1943 A-0
R efunding gold 6 s...........1947 M-S
l o l 4 l 03% CJiG -LA Cke 1st g u g 5s 1937 J - J
Con G Co of Ch 1st g u g 0 8 . ’3u J-D
97 97
.00 101
Ind N a t Gas A Oil 3U-yr 5s ’36 M-N
Mu F uel Gas ls tg u g os. 1947 M-N
110 4 115
86% 90 Philadelphia Co conv 5s ..1919 F-A
LOO 41 0 5 Syracuse L ighting 1st g 6 s.’51 J-D
99 101 T rento n G A E l 1st g 5s..l94v /l-S
91 92% U nion E lec L A P ls tg 5 s .193* M-S
W estchester L ig h t’g g 5s.l95o J-D
1 0 0 's 1 0 2 J l U 2
1021,
16 9 9 4 103%
9 80 87
84 4 Sale 8 4 4 85
110
1 IU M 1 L ', llu 4 Get TO
1114
1 0 0 % 101%
*......... 1 0 1 I 0 0 4 M arTo
...................... 97 4 J ’ly ’09 .... ........ ..........
92 92% 92% 9 2 4 4 91 93
1164117% 116 4 A ug’lo
1164 119
..........102 102 O ct TC
LUi 4 104
102 104% LU4 O ct TO
u>24 104%
100%102 1 0 1 % O ct Tb
100% 102
89
90 94 4 Aug’09
......... lo o >S 1 0 1 M at’lb
L01 10 L ‘
99 102 1 0 0 S e p ’ll .... 99 105
98 ......... 98 A ug’lo
98 100
110 M u)’05
100 .......... 93 O ct TO
93 93
102% ......... 10 2 4 NovTG
100 103%
[UlbOKLliANBOUS BONDS—Continued an Next Page,
Max and Electric Light
105% 105
60% Sop TO
iOl AprTO
9 6 % Sep 'os
105 O ct ’! 0
61 4 Get ’01
LOO Oct '09
102 Sep To
97 M ar’lb
’.01 A ug’10
i l l O et TO
86% 36%
1.0* 4 Nov 1
100% 100%
91 A p r’io
i’oT* io?%
87
95% 99
8 8 4 92
84 b7
95% Sale
95 4 >nie
t’8 4 99
124% 127%
95% 96V
94 4 97%
9 5 4 95 4
94% 96%
99 Sep ’10
98 100
1*5 4 J ’ly 'll)
125 4 128%
132 A p r’o:
iu*6%loo " 106% O ct ’I f
i’03%ioi?
1U8% J ’ne’uP
97 *«
9 /4 N o v ’lO
*97 4 100%
1 0 0 •-» u c t 06
au3.
95 4 ........ 99% Ja n >lu ___N
112 4 ........ 114-j EeO 3 0 ....'1 1 3
126% 130 127 N ov’10 .1 2 5 129
136% May’OO
111% 113% 11 * % 112 % 6 LIU 1 1 3 ',
112% .......... 116 J ’n e ’09
87 O ct ’10
87 94%
10 04 102% 102% 102%
1 0 0 4 Bep ’68
93 94% 95 4 M ay’ 10
92
9 9 % fc eo ’ 09
101
’Uu"
104 J ’n e ’10
107% a p ;'07
92 A ug, 10
94 Sep \»9
934M .ay’o9
80
J 'ly '09
99% N ov ’ 1 0
97 4 99 J ’ne’u9
98%
97 4 98% 98
99
99
99
95 4 97 4 97 May'U7
LOO A p r'09
84 4 90 87 4 M ay’lu
10*
123 MtiyTiy
77% M ar'lu
.......... 86 79 4 D ec’ub
87 4 90 S3 1 'W IU
1 0 1 4 Get ’99
100 N ev’OOl
87 .
95 Oct TO
95 4 117 4 M ay’ 10
94 ......... 96% O ct TO
..........119 4 116 oct’10
112% 113 118 M ar’IO
90 Oct ’09
9 7 4 M ar’lo
9b J ’iy ’ob
95 .......... 95 MayTO
107 108 4 107 107
.......................[ 1 1 0 M ay’10
.......... 103 4^ 103 G et TO
1 6 4 13 I 16 %O ct ’ 10
1 0 5 4 .......... 104 O ct TO
.......... 74 I 70 O ct TO
9 4 4 94 4 1 9 4 4 N oy’10
99% 104
95 95 4
104 105%
90 92
99 100%
96 99%
97 % 1UU%
87 4 8 8 4
77% ”77%
88% 89
95 98
117 4 117 4
9 5 4 99
114% 119
118 118
9 /4
97 4
95 98
107 110%
106% 112
103 112%
17 35
10 *4 lt)6%
69 77 4
94 94 4
73 73*4 73% 73% 16 71 >» 71
63 Oct ' 0 0
io u io i 1 0 0
101
V 894103
97% 98
1 1 0 % Sale
..........107
106 H I
106 Sale
1U3% 105
113 il3°8
n o * , n o u 2 1084 112%
1 0 6 4 M ar 10
106 4 107 4
109 M ar’IO ....I I1U3‘, 112
106 106 12 105% 10 84
107 A ug’OU
97 O ct TO
96% 97 4
113 i) 3
112 4116%
109 4 Oct '99
103 N ov’09
«3», a n . U33, Alar’10 .... 93% 96
102 .......... iui*!* Feb TO
1014 1014
101% Sep ’09
110% ........
96 100
96 97
97 4 9 J 4
91 ..........
23 as
» No prlco Friday; latest bid and asked this week, a Due .fan 6 Due Feb d Due Apr e Due May A Due J ’ly k Due Aug
A ug’10
Sep ’10
97 J ’ly ’09
88
n
112% 112% 1
91 Oct TO
97 4 N o v T 0 ....
99% G e t’08
9 3 4 MarTO
lut* a Uuc’US
1104112%
93 97%
97 100%
9 3 4 95
lln a llan illn H n n >Ulk
1314
HON n s
N. Y. STOCK EXCHANGE
wrick k n ih m - N ov 11
Long Islan d —(Con)
G uar re t gold 4 s................1949 M-S
B klyn dfc Mont. 1st g 6 s ..1911 M-S
1st 5s........................
1911 M-S
K 1 B * M B 1st con g 5a 1935 A-O
N Y & K B 1st g os........1927 M-S
N o rS h B 1st con gg n 5 a ol932 Q .J
L o u isian a * A rk 1st g 5 s . 1927 M-S
Louisv ite N ashv gen g da. 1930 J-D
Golil os...................................1937 M-N
Unified gold 4a.................. 1940 J - J
R egistered........................1940 J - J
S ln k lu n d gold 6 s.............. 1910 A-0
Coll tru s t gold o s...............1931 M-N
E H dfc N ash 1st g Os___1910 J-D
L C ln & L ex gold 4 ‘g s.,.19 31 M-N
J-J
N O dfc M 1st gold 6 s ....1930 J-J
N O dfc M 2d golil Os........1930 M-S
Pensacola Div gold O s...1920
M-S
St L D iv 1st gold 6a.........1921 M-S
2d gold 3s..........................1980
A tl K nox & Ciu div 4 s ..1955 M-N
J -O
A ll Knox & N or 1st u 581940 M-S
H enrter B d g e ls ts I g 6 s .l9 3 1 - J
K entucky C ent gold 4 s .. 1987 JM-S
LdfcN dfc M dfc M 1st g 4 His 1945 J J
Ldfc N -South M joint 48.1952
N Fla dfc B 1 st gn g 6s...193V JK-A
-J
N<SsO B d g eg en g u g 4 ‘gs 1945 F-A
P ens * A tl 1st gu g 6 s.. 1921 F-A
8 dfc N A la con gu g 5 s.. 1930 M-S
Life Jell B d g e C o g u g 4 s..l9 4 5
L IS A dfc Cli Nee U 1 & L
Coai Nee L S * M S
M aahon
n h atta n Ry consol 48.1990 A-0
R egistered.................... 1990 AA-O
Stm pd ta x e x e m p t..1990 -0
McK’ptdfc B V Nee N 2' C ent
M ex C ent cons g 4 s............1911 J - J
1st cons in o g 3 s..........«tl930 J ’ly
2d cons ino g 3s tr u s t re c ts..
Slex in te rn a t 1st con g 48.1977 M-S
Stam ped g u a ra n te e d ___1977 M-S
Mex N o rth 1st gold Os___1910 J D
Mloli C ent Nee N V C ent
Mid ot N J Nee E rie
M ilL S d fcW
Chlo db N W
M il* N o rth N e e C h M & S tP J-D
M inn dfc S t L 1st gold "S..1927
Paoillc E x 1st gold Os...1921 A-O
-D
South W est E x 1st g 7 e.l9 1 0 JM-N
1st consol gold b s...............1934 M-S
1st and refun d gold 4 s .. 1949 J-J
D es M * F t U 1st gu 4 s... ’35
M inn dfc S t l gu Nee B U R dfc N J - J
M S tP & S S M con g 4 |n t gu ’38 J - J
M S S M * A 1st g 4 lilt gu 1920
M lun Un Nee S t P M dfcAl
Mo K au dfc T ex 1st g 4 s ...1990 J-D
2d gold 4 s........................... 0i99O F-A
1st e x t gold 5s....................1944 M-N
1st * refun d 4s..................2004 M-S
Gen a t 4*24......................1930 J -J
A-O
S t L D iv 1 st ref g 4s___2001 Al-N
D a l* VV'a 1st gu g 6 s ...1940 F-A
K au C * Pao 1st g 4 s ... 1990
A-O
Mo K & E 1st gu g 6 s ...1942 M-N
M K & Ok 1st gu 6s........1942
M K & T o f T 1st g u g 6 s .l9 4 2 Al-S
Sher Sh * t>o 1st gu g os. 1943 J -□
T e x * O k la ls tg u g 5 s ...l9 4 3 M-S
Mo Paoillc 1st con g Os ...1 9 2 0 M-N
T ru s t gold 6s sta m p e d .a lo l7 M-S
R e g is te re d ....................al9 1 7 M-S
1st coll gold 6s....................1920 F-A
40-year gold loan 4 s........ 1946 M-S
3d 7s ex td a t 4%................ 1938 MM-N8
1st * ref conv 5 s ............. 195i< Is -A
O em Hr Ry 1st gu g 48.1919
Uen B ranch U P l s tg 4 s . 194* JJ-D
Leroy * C V A L l s t g 6s 1920 - J
Pao H ot Mo 1st ex g 4s. 1938 JF-A
2d extended gold 6 s ... 1938 - J
S tL l r Al* Sgeu cun g 6s 1931 A-O
G en con stam p g ld g 5s 1931 A-O
J-J
U nified * ref gold 4 s .. 1929 M-N
K iv * U D iv 1st g 4 s ..1933
V erdi V 1 * W 1st g 6s. 1920 .vl-S
Mob J & K 0 1 st cons g 6 s. li»5 J J-J
Mob & Ohio new golil O s..1927 J -0
1st extension gold 0 s../il9 2 7 *-pJ
G eneral gold 4 s................. 1938 M-S
M outgom Div 1st g 6 s ..194" F A
S t L * Cairo ooli g 4 s..« i9 3 0 TS
G uarau teeu g 4 s............1931
M. & O coll 4s Nee S outhern
M ohawk dfc Alai NeeN 2 C * H
M onongahela ILv Nee n * u
M ont C ent Nee S t P Ai * Al
M orgau’s La * 1’ Nee S P Co
M orris * E ssex Nee D ei L & \S j - j
Chat * St. L 1st 78.1913
N ash
1st consol gold 5s..........192 A-O
Ja sp e r B ranch 1st g Os..1923 J-J
M oil M W * A l 1st Os.. 191V J-J
T * P B ranch 1st Os___191, J -J
N ash Flor * Slief Nee L * N
N at Rys of A lexpr l l 'i s 195V 1 -J
G uar gen 4 s.........................1977 A-O
N atoi M ex prior hen 4^8 .1 92 0 J-J
1st consol 4s........................1951 A O
New 11 & D Nee N 2 N li * 11
N J J u n e RR Nee N V C ent
N 2 B kin * M as Boh Nee L 1
N 2 C e n t* 11 R lv g 3>118.1997 J - J
R egistered........................1997 J - J
D eben g 4 s..........................1934 M-N
Lake sh o re coli g 3 Sj8...199 8 F-A
R egistered........................199a F-A
New York Bond Record— Continued—Page 3
Weetc‘1
Price
fr id a v
ka n ye or ©"2
Nov 11
Last Nale 0|5C
Niu s s v Low Ilia n No
06% 96% 90% 37 I 2
...................... 1 0 1 % D ec’08
103 ......... 11U>4 N ov’06
101 ..........105 A p r’07
101 ..........109 N ov’06
95 .......... 97 X ov’OH,
115 115*2115*3 OO cc tt ’’ 11 00
......................113
98 V 39
6 8 * 4 Sale | 98
......................1 0 0 M ay’OO
...................... 1 0 0 * 5 D eo’09
108 .......... 107*5 S o p ’ll*
112 ..........115 oOcctt ’’ 11 00
lo4% 106 105
121 ..........124 AiaiTO’
115 ..........118% N ov’10
105*4 111 !106 S Sep105*5’
’10
1 1 3 -s......... 113 Muy’OO
08 ..........| 71
.......... 95*2 93S. JSepiy ’10
00'
1 0 1 * 8 ........ 1 1 0
107 ......... D U J a n ’09
943« 96*41 95 Sep95’ 1 C!
102 lU5*t,102
.......... 91 I 9034 o c t ’ 1 0
105 ..........!100*4 A ug’lol
98 ..........1...........
100*4......... 110*4 Oot ’lo1
lt-9% 114 110 NovTo’
94 Oct '10
97
14
97 97% 97
104 A p r'0 5 . .. .
" o s " ”9 9 " U8 « 4 Ub%! 7
99 99% 9 9 N ov’10
3 1 "g M ay’ lo
2o *2 A p r’09
77
M ar’10
76
80 Feb '08
100 M ay’10
131 M ay’10
118 J a n ’07
100*5
J’ly
’io
107
O o t’10
......... 108
72 74*4 73 , 73
.......... 87 8 7 M a r’10
97 100 9 7 ., Sop T o
Jan’lo
.......... 97%
9 7 *2 Sale
97 N ov 1 0
86 85%
102*4 103% 193 193
80*4
« i 81*4 g.1 *
86*5
85 7»
86
8d
aa A pt 'ou
J ’uo’10
100 .......... 105
89 7a U2*s 91 Dot '1 0
1U0 lio % 110% o c t TO
107*4 199 106*8 *0 0 %
102 106*4 102 192
101 luw 1 lo *4 A p r’09
104 109 105 Sop ’10
107 *» 109% 110 O ct '10
101 *4 101 *-. 1 0 1 % 1 0 1 * 4
i>0% M ar’io
ioo*a 10*1208 1 0 0 * 2 4u0 *5
77% 7a 7 7 ? 77 7»
.......... 98*4 9 6 3 , N ov’09
93 Sale 93
9334
92*2 93 9 a % O o tT o
83*2 86 7g 87 s Alay’10
HO Aiar’06
901, o o t To
liO 110 *2 1 1 0 *4 ' 1 10 *4
107 10 107 5 U»7%]
106% ... 111 S e p ’09
84 7a 86 *a 84% B l'*>
84*a 84 s, 843, 84-*4
102*5Jan 'lo
98 DeC’UO
U 7% 121 11713001 To
114*4 U 6 114*5 S e p ’1U
fc6 90 8 6 - 3 O ct To
109*2........ 109*2 199*2
80 ........ 76 M ay'08
94 98 9 4 1 2 O ct TO
130
10 L
100*2 ........ 106*4 N o t ’ 10
100
% ...... n o
1*9
116-5..... 1167b Nov lO
lou *2.........
100*4..........
117 *4 M a r '06
113 J ’l y ’ 94
9434
Sale
94% 94*4 31
90
O ct TO
8 a% 9 0 34
100*4 104 1003* Sep T o
83*8 84% 85 O ct TO
Sale
88*2
Sale
80*8 Sale
8 8 *5
87
93*5
78
79*2
[V O L. LXXXX1.
BO N D S
INrlce
Week’s
kan ye
Ranue
tr id a y
k a n ye or
•Since
.Since
N. Y. STOCK E X O H A X R K
Last Nale 1 ! Ja n uary 1
Nov 11
■ January 1
W bkk E n d im - N ov 11
Nia
A s\ Low U i't" .Vo Low ti iy a
Low H iytl N Y C ent & H k —(Con)
3 78 M2 *4
80*4
9 4 *4-100
Mich C ent coll g 3 Sim. ...1 998 F-A ......... 80 *« 80*4
79 Hi A ug’lu
7!'«5 979*2
R egistered........................1998 F-A
97
s 34
98*2.......... 98 O ct TO
Beech C reek le t gu « 4 s .1936 J - J 98*2..........
.....................
R egistered........................1936 J - J Iu5*« . . . . . . 102 A lai’04
2d gu gold 5s...................1936 J - J
Beech Cr E x t ls tg 3 >28 61961 A-0 84*2......... 97 *2 A p r’09
C art & Ail 1st gn g 4 s ...1981 J -D
112*4 11634
Gouv ife Osw e 1st gn g os 1942 J-D ......................
98 7g 'id i’s
98 7s j ’ne’lo
112*5 P H
Moll & M ai 1st gu g 4 s ..1991 M-S
.......... ..........
9 0 % 100*5
N J Ju n o K g u 1st 4 s ...1936 F-4 ..................... 106 ><ct 0 2
93 ' UT>2
N Y ife H arlem g 3 S2S. . . 2 0 0 0 M-N .......... . . . . . . 93 AugTO
108 Oct '09 .... .......... . . . . . .
N Y A N o rth 1 st g 5 s ...1927 A-O
107 110
95*4 6 8 * 2
N I T P u ls tc o n g u g 4 s 1993 A-O 96*8 98*v 9 6 * 2 Oct T o .... ......
......
....
-----------------------111*4 U 5
N or & M ont 1st gu g 5 s .1916 A O
i31 -2 Jau 'uU
103 106
Pine Creek rog
reg g u ar 6 s.3 .193
1932 J-D
10/
107 * *2 1 0 7 " iV b”
124 125*4 R................
\V & o co il ‘1st' e x to s./il9 22 2 ^ - 0 ioii*a i i o ti 106
Ja n 08
. . . . . . .....
118*2 118S Oswe & It 2d gu g 5 s ...e l9 1 „ F-A ..........105*2
104 104 '
105*4 110*4 It W ite-OX H 1st gu g o s .1918 M-N 1(3 ......... 104 J ’ue’iO
05 ......... 102 *8 F eb TO
lU l7* 102'*
113 114
R utland 1st con g 4*23..1941 J - J 82*2
84 O ct TO
80*8 01*4
Og& LCham 1st gu 4s gl9 43 J -J . . . . . . . ..84*«
. . . 9 2 j ut-’oy
. .. . . . . . . . . .
’ o f 96%
ltut-C anad 1 st gu g 43.1945* J -J
J'ne'0 9
. .i . .................
.. ......
St Law * A dlr 1st g 5s. 1996 J - J . . . . . . . . . . . . 115
125 F eb ’08
2d gold 6s..........................1996 A-O
N ov’.O
100
i'oY
94*4 97*2 U tica dfc Blk R iv g u g 4 s .l9 2 2 J - J ib o " im ir 100
90 92*2
102 105 -2 Lake Shore gold 3 Sis___1997 J-D .......... 92 9034 N ov’lu . 88
92
J-D 8 8 * 2 90*8 89*4 O ct TO
89*2 92
R egistered....................1997 Al-S
93 *2 Sale 93-» 93*2 44 92 95 s4
106*4 111
D ebenture g 4 s..............4 9 2 8
93 *4 Salt 93*8 9338 53 92 96 s*
25-year g 4 s .....................1931 M-N llo
* ..........
110*4 U0*v
K a AifcG R ls tg u o 5 s .l9 3 3 J - J 112*Hi..........
u c o t ’07
109 >2 1 1 1
M ahon C’l
KR 191
1st 6OS..
s .. 1934
vy . HU
X00-1 J - J 0 0 .......... lb
100
D eo’oo
88*2
92
P itts <Xj l E rie 2u g 5s.al928!-A-'0 1121
130*2 Jan ’09
P itts MoK ifo V 1st gu 6s.l932i J - J 120 *4..........
..........
2 d g u ard * ..........................1 9 3 4 J - J
93 % 98*4
M cK ees & B V l s t g 6 s 1918 J - J 107 ..........
M ich C e n to s........................1 0 3 4 M-S 109*4 113 110*2 Oot ’1U
110*2 110*2
04% 09%
R egistered.................... 1 9 3 ] O-M ; 108*8.......... 119 / tio’06
97 98 *8 99 Ja u To
DU 99
..........................................1940 J - J 1 93*2
....................
Ob*** 98 D ec’09
96*4 99
R egistered....................1940 J -J
J ’u eo 8
27*2 317g
J L * 8 1 st g 3 * 2 3 .........1951 M-S 07-*4.......... 90
87 A p r’iO
1 st g 3 *2 S ..........................1052 M-N
87 90
90 01a4 9134 0l->4 " 'ii 89 92*2
"ii" 'W
2 0 -year deb 4 s................ 1 9 2 9 A-O
B a t c lie S lu r I s tg n g 3 s .l9 8 9 J -° 99 \ 1 o0 34
9934 100 1 0 97*2 lOO?
N Y Clnoofirit L 1st g 4 s 1937 A-O
100 100
R eg istered ....................... 1937 A-O 98*71.......... 100 D eo’oU
90 92
D ebentures 4 s ................1931 M-N ......... 91 91 *2 Oot T 0
WRestegistered........................
Shore 1 st 4a g u ...2361
J - J 101 Si Salo 101 101*4 63 99*4 102*4
2 301 J-J
100 sale 09 7a 100 15 96'4 100*2
131 131 N 57 & G roeuw L ake Nee nrio
N 57 & lia r Nee N 57 C ib H ud
ioo% i o i " N Y L ack & W Nee D L do \V
1 02% 109
N 1’ L e do W Nee E rie
67*2 81*1 N Y * Long B r Nee C ent ot N J
87 91*4 N y N H do H —Conv 6 s .. 1948 J - J 134 134*4 134*8 104L 15 130*4 135*2
101-j 40 06“4 103*4
Conv deben 3 * 5 8 .............. iy &o J -J 1 0 1 * 8 Bahi 101
112 *s Oot TO .... 112*2 116
96*a 100
H ousatom o R con g 6 s.. 1937 M-N 112 121 107
1......................
A ug’oO
98*2 98*2
lO0 *B••••*•
D
ort*i'
oon
oy
58.1918
«l-N
N 1 dfc N o rth Nee N V c do H
96*2109 N 1 U da VV ret l s t g 4 s ..tf1992 M-8 96*8 073 b 9634 N ov’lO
95 98
82 87*4 R egis $5,000 only.......... 0 I 9 9 2 M-S
101 *2 J llO’Ob
100 105 N 57 do P u t Nee N 57 c <fc H
78*2 85*4 N 57 do it B Nee Long island
83*2 9034 N 57 8 do VV Nee E rie
N 57 T ex dfc M Nee 8 0 Pao Co
100 101**
l o b 105
N or do South l s t g 6 s..........1941 M-N 100*8.......... 101 May’10
90
93 *5 N orl <6 W est gen g 6s........ 1 9 3 1 M-N 12 l a8 .......... 126 *e Sep TO .... 123 126*2
128 126 jia r ’10 ___ 124(l|l 126*%
106 113
Im provem T do e x t g 6 s ..1934 F-A 121
123 124*4
103 108 *2
N ew R iv er 1st g 6s........ 1 9 3 2 A-O 1 2 1 *4 126 123 May TO
09 “3(3 06*2 100
10U *a 105 *5
H * W tty 1st coil g 48.1996 A-O 98 sale 08
97 A p r’lu
97 97
R egistered........................loy # A-O
i w T ib a “
D iv’l 1st Ido geu g 4 s... 1 9 4 4 J • J 92 7# sale 9 2*2 02 *8\mmmi 91 93*4
94 *2 108*2
107 111
10-26 year conv 4s___1932 J-D 09*4 Silo 90-8 100*8 253 86S,
1*0*2
88
88
400 102*4
PoCah C dfc C Joint 4 s ..1941 J -O 8 6 - 2 90 106
A pr TO l1 6 10434 106
09% 99% C C dfc T 1st gu g 5 s..........1922 J -J
100 102% LCio V dfc N E 1 st gu g 4a 1989 M-N * 06*8 ”””-”• 06 N ov'lO imi* 04 96%
76 81% N 0 1 -U1 Illinois Nee Ctu do N VVl
Ohio Nee L E rie dfc W
09 7» 100*8 23 99 1U23|
89 96 NN orm
or Pao—P rio r lien g 4 a ..19971*4 J 100 Sale 99*>4
O ct T o
98% 101
01*2 95
R egistered........................1997! *4- J 95*4.........
71*t sa lt 7 1 ‘4 71 *4 “20 09*3 74
86
87 *a
G eneral lieu gold 3s___a 2 0 4 7 ,*4 -JT ..........
. . . . . . 70 Sep T o ... 05 72 4
R o g iste re a ....................a2047 *4-^
*in is ioo% SC Paui-D ul D iv g 4 s ....1 99 6 J -° 9b .......... 07 Alar’ 1 0 . .. . 90*3 97>i
110 .413
D al 8h o ri L 1st gu 5 s.. 1916 M-S 99 7g ......... 09 FeU ’lO .... 99 99
106% 110
C B db 14 coll tr 4s Nee u t N o r
l .......... 116*8 110*8
b t P dfc N P geu g 6s___1923 F-A llf
116*8 118*4
81 86
R egistered c eru ttc ’s..lU 2 3 *4-F . ............ 11/ F eb'10 .... 117 117
82*4 87*4 S t P aul dfc D ul 1 st 6s___1931 F-A 107*8......... 110 J ’u e lo
no no
2d 5 a ...............................IIl9 l7 A-O 102 *» 103*2 103 O ct TO .... 103 103%
102*2 102*3
1st consol g o ld 4 s..........1968 J-D 92 93 90*2 A p r’lO 1j 90*3 9 7*3
i lls”” 1 2 ?**' W ash C ent 1st g 4 « ...........1948 *4'M 91*4.......... 92*4 N ov’lU 1***1 ! 92*4 92*4
l 14*2 l i 7 *8 N or Pao T er Co 1 st g 6*..1933 J - J 111*>».......... 111*2 N ov’lO
110*3111*3
86*2 90 N or Ry Cai Nee so Pao
Lo7 199-2 N or W is Nee 0 S t P Al A O
N or do Alout Nee N 57 C ent
94>a 96 U lu d do W Nee C C C do S t L
iuo Hiv R R Nee h a lt do u
O re do Cai Nee So Pao Co
o r* S h ort L ine Nee U n Pao
O sw ego dfc Rome Nee N 57 0
p a o Coast C'o 1st g 5 s ....1 94 0 J-D 104*2104 7s 104*a 104*2 2 102*2 108%
JL ao oi M issouri Nee Alo Pao
102 AugTO
P enn R R 1 st real eat g 4s. 1923 M-N
108*2110*4
.102
. . . . . 103*2
......
108*2 110 s, Consol- gold 6s..................... 1 9 1 9 M-S IIIIII n o 100 *2 Ja n '09
106
nfi% 116% Consol gold 4 s..................... 1 1 1 4 3 M-N ••••• ••••*• I023i o c t T J 1***1 !102%
102
Conv e rti hie g 3 His.............19 1 2 M- N *0*8"I
08*4 I**4'** *32 1 07%
04% 07*2
06 *2 06 377 101%
C onvertible t a *s*.............1916 J-D Ui>7t
104%
Consol gold 4 s ...................1 3 4 8 M N 10J 1V3 4 103 10334 ___ 102% 102*4
100 OeC TO
93*5 95*4 A lleg Vai geu gu g 4 s ...1942 M-S
87*2 92‘8 D R 14 Kdfc B g e ls tg u 4 s g .’36 F-A
*
100% 102*4 P h liaB ald s W 1st g 4 s.. 1943 Al-N 1111
1 u 1 j.
.4 .......... i i i x c lie c ’09
1Olfc J a n ’031 **** *......................
82 85
Sou Bay dfc SO 1 st g 6 s ... 1924 J • J lo o .......... 103*8
MtiyTO 1 1 103 104
U N J R R dfc Can gou 4s. 1941 M-S
Oct TO
103 106
Penn Co—G uar 1 st g 4*28.1921' J - J ib s io4**i 104**8
F eb TO
10t. *4 103*4
R egistered......................1921 J - J 1 0 2 .......... lu3a4
00
A
ug’lJ
90 90
87% 92
88*2.........
G uai 3 *28 coll tru s t reg.1937 M-S
b<}% 90*4 G u a r 3 *2 »coh tr ser B...1U 41 F-A 8 8 j 4 90 8988 * 4 Oot98’ 0 1 1 88 91%
f1 7,I 95*4 98%
92 96% T r Co c e ru f’s g u g 3*28.1910 M-N 97*2 » 0 l2
87 90
7»*a 8 2 * 2 U u 3 *28 tr c tfs C .............. 1912 J-D .......... 89*4 87 A ug’10
78 8 0 * 2 G u 3 *28 tr ctfa D ............... 1944 J -D 8 8 * 4 0 0 * 4 91 D eo’ob ....*
AUSOEliL 1NEOUS flONlLS—Continued on Piext Pngo
C oni a n d Iro n
.H a n u la c tu rin g A- In d u s tria l
B uff& S nsq Iro n 8 t o s ___1932 J-D 96*4.......... 99 >2 N ev’09
00
\ 90 90 A U ls-Chalm ers 1st 6 s........1936 J - J 77 *3 Salb 77% 77*3 2 2 72 84»,
D ebenture 6 s.................a 19.-0 M-S 90 ......... 90
Coi a * 1 Co gen s £ g 6 s .. 1943 f A 95 98 *4 98 *4 O ct T< . . . . 96 101 A m A g c’hom 1st 0 os........1928 A-O 103*4 103 102*8 10*2*4 8 100 103
C onvertible deb g 6 s___1911 F A ......... 98*2 96*2 J ’ne’10 . . . . 03 96% Am c o t OU e x t 4 *2 S............1916 y -F 98 98*3 98% 98-3 1 03*4 0 8 **
94 If 92 102
1
70 82% Am H id* dfc L 1st s I %6 s .. 1919 M- 8 1-3 04 94
76
Col In d u lstdfc coll os g u .. 1934 F-A 77 78 76
66*2 73*2
C ontin’talC l s t s 1 gu6sg.lU 5fc F-A
107«» l>«c’U4
A m ar Ice S ecur deb g C s.. 1925 A-0 00*2 72 6 6 % N ov’ 10
94 101
G r Riv Coai & U 1 st g 6 s ..1919 A-O 90 100 102°g A p r’06
Am S p irits Allg l s t g 6 s . .1016 M-3 97 98 101 O ct TO
89 03
107 Alay’97
Jett dfc Clear L'i& I l s t g 6*.1926 J-D
Am Thread 1 st col tr 4 s ..191-5 J-J 91*2 93 93 Oot 10
K an & H C dfc O 1st s f g 6s. 19oi J - J 97 100 105*2 D ec’06
Am Tobacco 40-yr g 6 s ___1944 A-O 106% sale 106*4 107 46 104 *4 109
70*2 86*4
80
*4
8
0
Si
134
F
A
80
*4
80
*3
Pocah Con Collier l s t s 1 6s.’57 J - J .......... 86 83 J ’ne’10 . . . . 83 83
4 a ...........................................1961
It- 8 3 ? 89
73 F e b ’07 . . . . . . . . . . . . . . . . Beth S teel 1st e x t s i 6 s .. 192b 5 -J 8 6 Sale 8 6
Sunday C reen Co g 5 s ....1 9 4 4 J J
86*2
102
7 1 0 2 1 0 1 ‘y lent L eather 20 year g 68.1925 A-O 09*8 bait 99% 05% 3 m 97
T en n Coal gen 5s............1951 J - J 103 Sam 102 103
76*2 8814
103 107
T enn Div 1st g 6s.......ol9 17 A O 104 #» 100 104*» Oct TO
tins 1 Tobacco g 4 s............1951 F-A 8 0 % .......... 80% 80*3 16 93
06% 6 93s# 97
B irm D iv 1st consol 6 s.. 1917 J -J l o i ^ i o e 104s* 104*2
103% 107 Ooru P rod R ef s f g 5 s___193 1 M-N 96% 96 96
06*,
96
Call C M Co 1st gu g 68.1922 J -D I 0 6 ........- llo Ja n ’Ou
1 s t 2 6 -y e arst fts...
.1934 M-N 93 95 95
96 97
100 Ja u II . . . . 1 0 b 1 0 0 Cuban-A m er S u g a rc o lltr ds T 8 4-0 95 97 9 6 >2 J ’ly TO
De B a r e * 1 Co gu g 6 s .1910 F-A
V ictor F u el 1st s t 6 s..........1953 J - J
87 A ug’oi)
77 435 67 77
D istil ^eo Cor conv 1st g 5s. ’27 A O 7 6 % bale 76*4
V a lro n CoaldfcOolst g 6 s .1949 M-S 95 97 96 97
10
9 4 * 3 lot)
E 1 d u P o n t P ow der 4 *«.».. 1030 J-D 84 85 85 J ’ly MO . . . . 85 83
*Nopnoo F riday; latest, bid and askod. aDneJan 6 D ne Feb e Due May pD ueJ’no h Du® J 'I 7 A:Duo .Vug oDuoOot o Due Nov 5Due Deo /Flat.
N o t . 1 2 1 9 1 0 .]
New York Bond Record— Page 4—Concluded
1315
O Price
BONUS
BONUS
Week's
Range
Week’s
Range
. X. STOCK E X C H A N G E
fV idav
Range or
! Since
N . Y. STOCK E X C H A N G E C4i; \I PPrice
rut ay
Range or
’ since
4;^ Nov 11
Last bale ^ J a n u a ry 1
W kkk E ndini. N ov 11
W rkk E xdino N ov 11
Nov 11
Last Sale
J J a n u a ry l
Hta
Ash Low H igh A'o Low JtJlg/i
P e n n s y lv a n ia Co—(Con)
H tyn A’o Low R ig a
G u a r 15-25 y e a r g 4s __ 1931 A O
98 O c t” 0 .... 9 4 4 99
o Pao RK 1st ref 4 s..........1955 J . J 9 1 4 S ait Low
9 4 4 95 I 49 93 4 957,
C l A .Mar 1s t g u g 4 “a s .. 1935 M-N 100 4 ........ 110 J a n ’05
S o uthern—1st con g 5 s__ 1994 J . J 1074 Salt 1074
169 |
C l A P ireu g u g 4 4 s s e r A . ’42 J -J 103 4 .......... 1104 Ja n ’(>9
K egistered.................................1994 J . J
May’09 12 1 0 3 4 1 1 1 4
H on es B ............................. 1942 A -O 103 Si.......... 1094 J ’l y ’09
D evelop A g e n ts S erA .19 56 A-O 76*s Sale 110
”97 " 7 3 " 8 1 4
76
90 .......... 90 A ug’09
a e r ie s C 3 ‘a s ....................1943 M-N
M
ob
A
Ohio
coll
tr
g
4
s
._
1938
M-S
86 90 86 4 O ct76TO4 1.... 85 9 0 4
90 . .. . . . 90 Mny’08
a e r ie s D 3 4 «.................... 1950 F-A
M
em
Div
1st
g
4
4
-o
s...
1996
J
J
103
103
108
Bep
TO
106 110
E r ie A P i t t s g u g 3 4 s B .1940 J j
8‘2 4 .....
8 o p ’ 10
S t Louis div 1st g 4 s___1951 J - J 85 86 86 O ct 10 ....
91 91
....'I 8 0 4 87
92 ‘g ......... 91
a e r ie s C ............................. 1940 J - J
98 4 A pi ’04
A
ia
Cen
It
1st
g
6s..........1918
J
J
.........
106
4
108
s
e
p
’08
100
100
>
8
' G r H ib 1 ex 1st g u s- 4 ‘as 1941 J - J
104 4<>ct ’09
A tl A D anv 1st g 4 s........1948 J • J 89 4 ......... 93 S e p ’ 1
9J 934
P itts f t VV A C 1s t 7s . ..1 9 1 2 J - J 101 4 109
104 4 O c t ’ 1 0 ... 104 4 1 0 0
2d 4 s ............................................1948 J - J 82 E ......... 8 2 4 Oct TO
82 4 82 4
2(17s .....................................1912 J - J
104>4 .... 10-14
A ug’ll) . .. 1 0 4 4 1057e A tl A Yad 1st g gu ar 4 s .1949 A-O 70
104
.
..
.
3(1 7s .................................A 1912 A-O
107 Oct ’08
Col A G reenv 1st 6s........1910' J - J 166 .......... 1 0 64 ’ io 6 s 1 1064 1064
P itts Y A A sh 1s t con 5s . 1927.M-N 107 . .. .
109 M ay ’ 1 0
109
109
E
T
Va
A
Ga
D
iv
g
5
s
..1930
J
J
1004
1
0
74
110
F
e
b
’lo
...
106
P C C A S t L g u 4 ‘as A . . . 1 9 4 0 'A -O 105 107:*tj 1074
i ” 7*&
1 1 0 4 111
107 1074
Con 1st gold 5s........................1956 M-N
110 4 1114 3 109 1110
1 44
a e r ie s B g u a r ................. 1942 A-O
105 103 10/ O c t ’ 1 0 ..4 103
161
.
.
.
.
M-8
E
T
en
reo
r
lieu
g
5s.........1938
4
1
0
7
4
106
Feb TO
106 106
----------------.
.........A.O
8 e rie s C g u a r ................. 1942 M-N
100 4 Bep 10 .. 1004 1004 Ga M
idland 1sts3s............1946
67 6 6 N ov’oy
a e r ie s D 4 s g u a r ............1945 M-N
93 ...
9 8 4 >»ct ’10 .J 97 4 08 4 Ga P ac By 1st g Os..........1922 J - J ..........
113 . .. . 113
113
2 11 14 113*4
b o n e s E 3 4 g u a r g __ 1949 F -A
39 *s 9 4 ‘« 94 J ’l y ’lu
94 94
K nox A Ohio 1st g 6 s ... 1925 J - J 116 117 116 Oot 10 ...1
1 4 116
a e r ie s F 4 s g u a r ..........1963 J -D
Mob A B it prior lien g o s 1945 J - J 1 6 5* 8.... 1 1 6 * 8 A p r’oO
C a t L ib P 1s t con g 6 s. 1932 A -O 1 1 2
.
112 4 S e p ’10 . .. . 1 1 1 4 1 1 2 4
70 . . . . 82 N ov’08
M
ortgage
gold
4s.........
1945
J
J
P e n s a c o la ib A t l bee L i b N a sh
Rich A D an con g 6s___1915 J - J 104-' 107 4 1 0 6 4 O ct TO
T05 4 1064
P eo ib E a s t bee U C U ife a t L
D eb os stam p ed..............1927 A-O 10458 ,
1U5 105
105 107*4
P e o A P ek U n 1s t g Os__ 1921 Q-F
107 4 . .. . 1 1 2 F e b ’lO
112 112
Rich
A
M
eek
1st
g
4
s
...1948
75
O
ct
’08
M-N
7
0
4
.
2n gold 4 ‘as....................... 61921 M-N
90 4 99 95 O c t’10
9 0 4 95
So C ar A Ga 1st g 6 s ....1919 M-N 1034 .
1034 G et ’10
707, 79
P o re M a r q u e tte — K e f 4s . . 1955 J - J .......... 7 0 4 714 N ot ’10
1054
.
V
irginia
M
id
ser
C
6
s
...1916
112
Oct
’06
M-8
C llib VV M 6 s ......................1921 J -O 1014 191
101
B ep ’1o
100
1024
S eries D 4-5s.................. 1921 M-S 101*8
108 4 D eo ’ 0 6
1 lin t lb P Al g Os................ 1920 A -O 108** .......... 1084 Sep ’ 1 0
1084 1124
Series E 5 s ........................1926 M-S 100*8 .
10734 D eo’09
102 1034 1 0 1 A ug’10 . .. J 101
1s t co n so l gold 5s ..........19-39 M-N
101
G eneral 6 s..............
1936 M-N 1 0 5 4
.. !1U5 4 107*8
105*8J’ly
10
103
100
4
105 O c t ’ 1 0 . .. J 101 10(1.
P t H u ro n D iv 1s t g 5s . 1939 A-O
G uar stam p ed............1936 M-N 105 4
105 4 1054 1 105 4 1054
S a g 'i'u s ib H l s t g u g 4s . 1931-P '
W O A W 1st cy gu 4 s ..1924 F-A 8 6 ,
91 F e b ’10
91 91
P h il B i& VV bee P e n n l i l t
'
W
est
N
U
1
st
con
g
6s.
.1914
104
.
J-J
1 0 6 4 M uy’ lo
. 1054 1064
80 89 8 9 4 J ’i y ’10 .... 8 8 90
P h ilip p in e lt y 1st 30-yr s 14s ’37
A N A la bee L A N
P it t s C m ib a t b a e o P en n Co
Spokane In te rn a t 1st g 5s 1955 J
........ 1064 l06*« Sep ’09
P it t s C lo v e ib T o ! bee B ib O
I er A of a t e 1st g 4 4 s .. 1939 A-O 104 106 104
*« O ct TO
104*4 107 4
P itts F t VV ib C li bee P en n Co
A
1st
con
gold
6
s___
1 8 9 4 - 1 9 4 4 F-A
108
..........
A ug’10
109 115 4
P u t s A lc K e e s ib V bee N Y C en
G en refun d s r g a s ..........1953 J . J 03 ......... 109
97 4 O ct 10
96 98 4
P itts a h ib L E 1s t g 6S . . . 1U40 A-O 1124
1 1 2 4 2 * oV 1 0
112
1124
„ .s t W Dge T e rg u g 5 s .1930 A-O 107 109 109 May’10
109 1 0 94
1s t co n so l gold 5s .............. 1943 J
93 J ‘y ’97
Tex A N O bee a'o P ac Co
P itts & W e s t bee B ib U
T
ex
A
Pac
1st
gold
5
s........2000
J-D
1 1 0 4 1105
1104
1084H 24
9 8 4 Sale 9 8 4 0 8 4
L> ea d in g C o gen g 4s .........1997 J -J
97 100
2d gold inc 5s.................... 5 2 0 0 0 M ar . . . . . . 6 6 1104
7o M ar’lu
70 70
JLV R e g is te r e d .......................1997 J - J
93 Bale 98
984
95 98 4 L a D iv B L 1st g 6»........ 1 9 3 1 J . J 9 8 4 . .. . 103
Sep ’Ob
J e r s e y C e n t coll g 4s . ..1 9 6 1 A 0
97 Bale 07
»
7
4
95
98
F
A
W
M
in
W
A
N
VV
1st
gu
os
’JO
106
4
N
ov
>04
U e u ss e ia e r ib B ar bee 1> A H
l
o
l
A
O
C
1st
g
5s................1935
J - J 107 *5, 109 4 107 4 O c t T o
106 1 1 2 4
R ich ib Uan bee a o u th lty
W estern D iv 1st g 6 s ...1935 A-O 1 0 6 i l l 4 1 1 2 s e p ’ 0 9
B lc li ib A lec k bee a o u tlie rn
G eneral gold 5s..................1935 J-D lO i4 1 0 3 1014 1 0 1 4
99 1044
B io U r W e s t bee D eu A K io G r
89
..........
A-O
K au A Al 1st gu g 4s___1990
94 4 M ar’l
9 0 4 94 4
B oon & P it t s bee B it A P
Tol P A W 1st gold 4s___1917 J - J 9 1 4 .......... 93 Bep To
92 9 3 4
B orne W a t ib U g b e e n V C en t
88
J
J
T
o
lS
tL
A
W
p
rlie
n
g
3
4
s
.
1925
A u g ’10 ...
87
90
B u tla n d bee N Y C e n t
50-year ftgold 4s..................
..............1«7UU
i960 A-O
75 77 O ct TO
81
P e r e M arq
Coll tr 4s g Ber A ............1917 F-A 80 83 83 O ct To
804 864
S at gJ oT Au s U&r HIs l bee
1s t g 4s . . .1947 J-J
84 89 8 9 4 O ct ’10
T or H am A Bull 1st g 4s. A1940 J -D 8 6 4 ........ 89 J ’no’10
83<4
91
87 4 91
B t L A C a iro bee AloO A d u o
Del 1st con g 5s 1928 J-D 103-g 107 103 J ’n e 'lo
100 106
U lsto1str Arefun
S t L A iro n A lo a n t bee A1 P
d g 4s.............1952 A-O 84 87 86 o c t *09
Bt L M Ur bee T B i t A ot a t L
l
o
l
*a
sale
1014
D 11 Pac B it A 1 g r g 4 s ...1947 J - J
101*8
99*, 102
B t L o u ts A a F — l o n g Os. 1931
120 A p r’10
1174
120
124
lte g lste red ........................1947 J - J too ........ 100 O ct T o
98 4 19 14
G e n e ra l gold 5s ................. 1931
1064 107 107 Bop ’10
10-yr couv 4 s ..................... 1927 J - J lbu *, sale 105 loo '8
105
0 84
101 116*4
90 92 9 1 4 O ct ’lu
B t L A a F l i l t co n s g 4s . . ’ 90 J - J
90 1 917,
1st A ref 4 s....................... p2U03 M- S UO** sa lt 96 4 96
U5 9 8 4
,
G e n 16-20 yr ..s ..........1927 M-N
b 0 « 8 Salt 8 0 4 80 4
84
00
O re lty A N av cou g 4s. 1946 J-D ......... 96 96*4 O ct TO
94*4 9 8 4
99 4 Oct TO
99
.
S o u th w D iv 1s t g 6 s .. 1947'A -O
Ore Bhort Line ls tg 6 s ..1922 F-A lU ® , 116*8 I i 4*4 N ov’ i O
99
10 04
1134
117
8u 4 sale
B e fu n d in g g 4s .............1961 J - J
80 4
8 IE 28* 7 8 4 8 6
1 st consul g 6a................ 1946!J - J 111 *8 1.12
1114
108 4 1134
.1 7 Sep t o
■ K C F t a A At con g O s.. 1928 M-N U t > 4
G uar reiu u d 4 s.............. 1 0 2 9 , J-D 93 sale 1114
114
11 74
92*4 93 s,
91 9 4 4
K C F t a A A1 B y ret g 4s 1930 A-O
784 77 4 78
R
eg
istered
....................1920
J
-D
70
4
824
94
J
a
n
’09
K C A A1 It A B 1s t g il o s . 1929 A -O ib o " ........ 1 0 0 4 h c c u ii
104
U ta n A N or gold 6 s.. 1926
107 4 D ec ’ 0 9
964, 98 4 0 3 4 A ug’l 0
O z ’ r k A Oh C 1s t g u 6 s g -1913 A -O
U ni N J R B A O Co bee P a R lt
"9 6 4
O f"
B t 1.0U1S Ho bee Illin o is C e n t
U
tan
C
entral
bee
Rio
G
r
Wes
90 4 Sale 0 0 4 9 1 4
8 t L a VV 1s t g 48 0(1 O tis. 1939 M-N
88 9 3 \ U tail A N o rth bee Un Pacino
73 80 go N ov’lu
2d g 4s ino bond o t l s . . . p l 989 J - J
79
82
A Black it bee N X c e n t
76 4 Bala 76 4 7o 4 26 7 2 4 7 9 7 , U tica
C on so l gold 4s ...................1932 J -D
audalia cousol g 4 s ___1955 F-A
OS N ov’08
95 ........ . 1 0 1 4 A p r’07
G r a y ’ s P t i ' e r l s t g u g 6s 1947 J -D
ora C ruz A P l s t gu 4 4 al9 3 4 J - J
96 A p r’10
96 96
B t P a u l A D u i bee N o r P aeuiu
Ver Val in d A W bee Mo F
B t P A lu m A A la n bee U t N o r
V irg inia M ul bee Bouth Rv
a t P A N o r P a o bee N o r Pae
Va ib B outhw ’l 1st gu 5s.2003 J 105 1 1 0 4 105 J ’l y ’io
105 108
S t P A a ’ x C ity bee C a t P Al A O
1st cous 60-year 6 s.......... 1 958 A-O 93 9 4 4 94 O ct 'lu
94 9 3 4
B A A A P a ss l s t g u g 4s . . . 1943 J -J
8 0 4 Sale 8 6 4 8 3 ’“ 10 8 3 4 88*4 W abash 1st gold 6s........1939 M-N 109 Bare 109
‘
109
iu f 113*4
98 4
104 Oct ’09
B F A N P 1 s t s iu k l g 68.1919 J J
2d gold os....................1939 F-A 99 4 9 9 4 99 4 9 J 4
93
103 4
S a v F & W e s t bee A tl C o a st L
D ebenture series B ........ 1 9 3 9 J-J ..........luo
36 36
B oioto V a l A N E bee N o r A W
1st lien equip a fd g 6 s ..1921 M-S ............. 9 8 * 4 100 JJ ’l’nye ’io
’io
100
102
85 86 8 5 4 853» 19 8 1 4 8 0 4 1st lion 50 y r g term 4s. 1964 J-J .......... 86 90 Alar’10
S eab o a rd A L g 4s s tam p ed ’ 60 A-O
UO 90
99
lo o 99 ’* O ct T o -T- 99 1UU 4 1 st ref anil e x t g 4s ___ 1960 J-J 66 4 sale 64 4 lib L4
C o ll tr refu n d g 6 s ..........r o l l M-N
66*4
774
A d ju s tm e n t 6 s ............... o l 949 F A
320 69 4 75 4 D ot A Cn E x t 1st g 6 s ..1941 J - J lu7 4 .......... 106 J ’l y ’io
7 3 4 Sale
105
72
4
/
a
‘-*
107*4
A li-U irm o o - y r is l g 4 s .e lU 33 M-8
Dos M oin Div l s t g 4s. .1939 J-J
84
64 *4 Oct T o
80 87
HcO’OJ
~
Car
C......................................
ent Is lc o u g 4 s ...1949 j . j 91 84 4 9 ‘2 Uct lo
Cm D iv 1 st g 3 4 s .............1941 A-O 75 4 .......... 83
92
91
Bep
To
74 4
"72 4 77
Fla Ceu A P eu 1st g 6 s. 1913 J - J 101*8
Tol A Ch D iv 1st g 4 s ... 1941 M-S
103 A p r’lo
103 103
83 Bep TO
S3 90
W ab P itts T erm 1st g 4 s.lo 5 4 J-D
1st laud gr e x t g 6 s ...1930 J -J 101-4
4 o *4 Nov 1 0
33 62 4
Consol gold 6 s ................ 1943 J -J 10. *8
i'uua, Alay’io
100*4 T ru st c o c e rtts ..........................
46
4
sale
100**
45
4
32 64
4 7 -4
Ga A A la By 1st cou 5s o 1945
103 -8
104 e M ar’1 u
7 4 6*4 N ov'lO
104 104 4 2(1 gold 4S............................. 1964 J-D . .. .
4 114
j Ga Car A No l s tg u g 6 s 1929
T ru s t c o c ertfs.........................
iu 4 J ’ly 'io
103*8
6 7g 8 4 7
IU4 104**
4 124
18
7
4
3 ea 0 A Boa 1st 6 s ............1920
106
A
p
r’10
W
arren
bee
Del
laic
A
W
est
104*8
106
106
....
Shor Shr A ao bee Al lx a i'
W asn C ent bee N or Pao
811 a p e c u A G bee A tl Coast L
W asli C A W bee S outhern
S o uthern Pacilio Co—
W ash T erm l ls tg u 0 4 s .. 1945 F-A
90 89 4 O ct T O .... 8 8 4 9 0 4
Gold 4 s (C ent Pac coll).*1949 J-D 02 93 92
92 20 89 96 W est M aryland I s tg 4 s ...l9 5 2 A-O 88 69 44 sale
8 6 -S,
SO* , 1i l l 82 4 8 6 * 4
K e g iste re d ..................../c!949 J-D
92 9 1 O ct ’lu
G en ib conv g 4 s ...............Iu52 A-O
bO 91
7 i* a F o b ’lo
(1 73
97
93 4 625 92** 1064
20-year conv 4 s..........</l92U M- 8 97 4
T
ru
st
Co
c
e
rtfs........................
73
-a
A
p
r'1 0
6 8 4 74 4
C ent Pao 1st ret gu g 4s 1949 F-A 96** sale 90** 97*8 30 94 4 93-4 W Va C ent A P 1st g 6s 1911 J - J
0 0 4 N ov’o9
..... 97 F ebT o ___ 97 97 W est N V A P a 1st g a s . .1937 J-J 109 111 1110
; K egistered.........................1949 F-A
J
no
10
109*4 U0*4
9 0 4 u c t ’lu _ 87 4 0 0 4 G 011 gold 4 s..........................1943 A-U 3 / 4 .......... 1 36 4 Sep T o
M ort guar gold 3 4s..tflU 2U J -D 90
86 4
92
T hroug h s i L 1st gu 4s ’i>4 A-O 88 ...... 92 J ’noTo
incom e 6 s......................... U1 9 4 3 Nov
91-8 94
34 F e o ’07
G H A a A M A P l s t 6 a ..1931 M-N 105*4 Iu7 4 109 Bep t o
109
W
est
N
o
C
ar
bee
Soutb
lty
1034
.....
__
104^ ^ep ’09
; GUa V U A N 1st gu g 6 s. 1924 M-N
VVboei’g
1stt g 6 s ...1926 A-O 105 .......... 105 O ct TO
... ts wA L E io
104*4 10 54
• lio n s E A W T 1st g 6 s.l9 3 3 M-N 103 4 106*4 1 0 6 ‘4 Alay’uu __T
W heel D iv 1st gold 6 s ..1923 J - J 101 .......... 1 0 3 4 1034
103 4 104
| 1st gu ar 6 s re u ..............1933 M-N lu* 4 106 103‘* A ug -l 0
1U3
4
E
x
ten
A
Im
p
gold
6
s
...1930
105
4
F-A
99
.........
102
J
’ue’lO1
99 102
i B A P C 1 s tg 6 s in t g u .. 1937 J - J 109*8 1 1 0 *a 109*8 5i(JV 1 0
109-a 1104 lilt 1st cousol 4s...............1949 R-3 82 83 33
33 4i
77 s7 4
! Cousol g Os m t g u a r...1912 A-O lud 4 110 4 luy »s«
20-year
equip
s
1
5s
...1
9
2
2
J-J
9 6 4 9 7 4 9 3 4 O ct TO
934 984
WUkes <b i-.ast bee E rie
: G en gold 4s in t g u a r.. 1921 A-O 93-« 96 4 02 Aug 1 0
i W aco A N VVdiv 1st g Os’30 M-N llo 118 119 4 M ar To
1194 119-* Wil A Sioux F bee S t p M A M
107 4 J a n oil
W isC entuO -yr ls t g o u l s 1 9 4 9
! A A N VV 1st gu g 6 s ___lu ll J - J 103
93 Sale 93
96
4 1 23
115 O ct T o
SupA D uulivib term 1st l s ’36
; M organ's La A T 1st 7 s .1913 A O 1 15
115 116
9 24 93 92 4 03
94
92<y 7
J -J 110
110 4 O ct TO
I 1 s t gold os........................ 1920 A-O
110 4 1104 F o iu g ra p li a n d l'elep lio u o
112
i-ou’07
f N o of Cal g u ar g 6s..........1933
luo J ’n e ’io
i O re A Cal 1st gu ar g os. 1927 J - J 1 0 0
lu o Am Toiep A T el coll tr 4s 1929 J - J 9 0 4 91
100
90*4 91 . „ 8 9 4 93
; Bo P a o o iC a i—08 E A 6.1912 A-O 1 0 2
lo l 4 9 ue’os
convertible 4s..................1936 M- S 105 sale lu4*a
106 494 98 1 0 6 4
; 1st gold Os....................... 1 9 1 2 A-O 1 0 2 ..... 114
M
ich
S
tate
Telep
1st
5
s
. . 1 9 2 4 F-A
4
D
ec
’04
99
..........
96
Aug 10 . .. . 95 09
110 May-07
i 1st cou g u ar g 6 s ..........1937, Al-N 107 4
a Y T elep 1st A g e u s f 4 4 s . 3*9 M-N 9 3 * 4 Sale 9 3
98 4 124 95*4.99
B P aoo t N Mox 1st g 0 8 ..1911 J -J 100 100 4 1 0 0 4 O ct TO
uc T el A T el 1 st 6 s ..........19j 7 J - J 97 sa le 97
1U04 101
97 4 13 96 9 9 4
00
J ’ly-oo
! So Pao c o a st 1st gu 4s g.1937 J - J 84
W
est
Um
on
col
tr
cur
6s.
1933
J-J
100
-Wilt
100
loO
| 3 97 100 4
102 1 0 1 4 May ’ 1 0
1 T ex A N O S ab D iv lstg b s. 1912 Al-S
Fd aim real e st g 4 4 s ... 1960 M-N 06 4 sale 05
9 5 4 16 93 97 4
1 0 14 1 0 2 4
102
Nov-09
I Con gold 6 s .........................19431J -J 100 4
Conv 4s, S eries A ............1936 M-N 1 U1 4 1014 1U1*» 10l*» 10 106 4 102*4
b
V
Ac In d u s t r ia l
Gen E lectric deb g 3 4 s . . 1942 F-A
10-yr g deb 6 s.....................1917
I n t P aper Co 1st cou g Os. 191.- J-D
a
Cousol conv s t g 6s........1930 FJ .J
I n t Bt Pum p 1st s 1 o s ....1 929 M-8
L ackaw ste e l 1 s t g .-s....lU 2 o
N a t E nam A stp g 1 st 6 s ..1 9 2 ' A-O
J-D
N V A ir o ra k e is t conv 6» ’28 M-N
lty Steel Spgs Ist s f 5 s ... 192 1 J - J
'R epub 1 A s 1st A coltr 6s. 1U34 A O
ijn io u Bug A P 1st si 6 s ..1930 J - J
| S ta m p ed .........................................
IJ s L,eath Co s f deb g d s ..l0 l3 M-N
B R ealty A I conv deb g 5 s ’24 J - J
U B lied A lief 1st s lg 68.1931 J .J
Tl a R ubber 1 0 -yr coll I r 0 s .’l8 J -D
U a sto ol Corp— I coup .<tl963 M-N
1 Bt 10-60 y r 6s. J reg ..dlOOM M-N
lUiSUELLAiNKOlia BONUS—Concluded.
H n in i I n d u c i n g
147 4 Sale
lo3 lbo
84 86
92
S a le
96 S ait
......... 99
108 lb4 4
97*8.........
..........102 4
.......... 05
............
95
lO ls lO o
88 89
84 87
103 S aa
108*4 Bale
103 ........
82 J a n ’L1174 M 84
103 4 N ov’lo
84 4 85 4
93
92
96
96*8
96 S e p ’lU
104 4 104 4
9 7 * 8 Oct ” (
103 O ct lb
91** u c t To
93 Muy’lb
104 4 104 4
-8
S8 -.
87 N ov’ 9
108
103
103*4 104
108*, 1044
15
iV
2i
'c
_
*
L15
3.
169
17
82 82
130 U9**
100 105
82*4 8 9 1*
9 1 4 967b
96 4 1 0 0
b4 97*i
m o 114**
9a 4
9 6 4
102
lo t
9 1*4 96 4
93 96 4
lU 14 105
86 4 94 -*
«0 99 4
101*., 104 4
lo l 4 105 4
1 0 1 4 1U5*4
.M niiiifncturlng Ac In d u s tria l
Va-C’ar Chem i s t 15-yr os 1923 J-D
iV estm ghouse E A M s Fas ’31 J-J
-U m oeoaneoiis
A dam s Ex coi tr g 4 3 ..........194s s/l-b
A rm our A Co ls tie a ie s t4 4 s’3a J-ll
Bush T erm inal 1st 4s. ...1952 A-O
Cousol u s ..............................1955 J -J
Clue Jo A t Varil eol g 5 s .l9 l5 J - J
DetAl A Al ld g r incom es.. 1911 A-O
iiistit tor Irrig VVks 4 4 s 1943 -U-N
Hit M eroan M arine 4 4 s ..1922 A-O
H it N avigation 1st s I 5s. 1929 F A
N ew p No Ship A D D 5sdlUUO J - J
N Y Dock 6 0 -yr l s t g 4 s ..1951 F-A
Providouco se c deb 4s___1957 •1-N
P rovid ent Loan SOC 44 0.1921 M S
s Yuba W at Co cou g 6 s ..1923 J . J
W ash W ater l ’ow 1st 5 s.. 1939 J . J
1004 Bale
91** sale
91 Sale
91’, Sale
8 8 4 bO
......... 96
ioo 1 0 6
36 .........
Ht>4.........
04 4 sale
79 81 4
95 ..........
9 1 ‘* Bale
100 1004
9 1 4 91**
91
91
91 *4 92 4
08
A ug’lo
95 4 -cl ’i t
100 M ay'K
35 A ug’10
07 4 O ct 10
64 4 0 0 **
7 1 4 O ct ’ 1
oeo'O o
91 4 914
90 Sep lb
90 J T y ’09
112 J ’ly ’04
103
A ug’lb
.....................
19 9 6 4 1004
16 85 9 3 4
0
93 4
90 4
2b
87 4 -iO
95 4 98
100 100
33 40
96 98
68 56 7 1 4
76 83
1 0 0 4 94
90 90
_
.... 101 103
, t No price Friday; Latest hid and asked this week. 6 Due Feb d. Due A pr a Due May jrD u e J’ne /iD u e j’ly kDue Aug oDue ’j e t p Due Nov iO utlou S ale
CHICAGO STOCK EXCHANGE—Stock Record—Daily, Weekly and Yearly
STOCKS
Sales
STOCKS— HIGHEST A N D LO W EST SA LE PRICES
aj the CH ICAGO STOCK
EXCHANGE
Friday
Week
Saturday Mondag
Tues lag Wednesday Thursday Nov.
11. Shares
Nov. 10.
Nov. 9,
Nov. 5.
Nov 8.
Nov. 7.
K a,'roads
1
Last Sale 170 Oct’10 ...
11
Sale 1% July’10 ___
*1% 2% Last
*1% 2% *1% 2%
Do pret _________100
Last Sale 1 July’10
1
*0
*6
♦6
10 <
1
76 76 *74 77
*76 77
*76 77 *76 77
272
*20
21
20%
20%
20%
20%
20% 20% *20 21
1
Last Sale 10% Oct’10 ___
*10 11
*10 11 *10 11
1
Last Sale 4% Sept’10 ___
0
*5
6
6 *5
*5
4's 434 434 4>s 434 150
4
*434 5
1
434
’Ity Ry & L t-.lO O
*20
23
22 22
48
23%
*23
23%
*23
*23 23%
1
Last Sale 75 Oct’10 ___ Do p r e f __________ 100
*72 77
*72 77 *72 77
Last Sale 18 Oct’10
1
*20 21
*20 21 *20 21
.1 0 0
65 *63 65
io Do p r e t.
62% 63% *63Last Sale
♦ 65 68 *65 08
20 Sept’10 ___
*18 22
♦ 18 22 *18 22
Do p r e t__________ 100
*___ 63
Last Sale 60 Oct’10
63
63
Last Sale 61% Oct’10
*60 63
*60 63 *60 63
1
12 12% *10% 11% *11
12
225
12 12 12 12
.100
Do p re t.
1•
*52 55
Last Sale 54% Nov’10 —
*52 55 *52 55
i
M iscellaneous
1
978 10% 0% 034 9% 938 '446
*97s 10 10 10
p re t__________ 100
7634 7634
74% 74% 70
205
70
77 77 *77 77%
an R a d ia to r..100
15
260 260 *260 265 200 260
*250 260
260
*250
___ Do p ref.................... 100
♦
131
Last
Sale
120
Nov’10
*
131 ♦ - 131
•
*7!) 80
36
80 80
80 80
80 80
♦ 79 80
1
11034 11034 *110% 111 *110 111
15 Do p re t__________ 100
111
♦ non 11034 *110%
*142% 143
Last Sale 141% Nov’10
*1
*143 143% *142% 113
Booth (A) & Co_____ 100
Last Sale % June’09
Do p ret__________ 100
Last Sale % June’09
Booth Fisheries com ____
3434
50
34
*33%
34
34
34
*33
35
33
33
+__ 64 *62 64 *60
Do pref________________
785
64
63
a
63 63% *__
*48 50
Last Sale 47 Aug'10 __..__
*48 50 *48 50
Last Sale 1
Nov’10
ZO
Do p re t.
Oct’10
Last Sale 3
432
40 40 39% 40
41 41
401" 41 40% 40%
Chicago
T eleph on e__ 100
O
211
122
122
121%
122
*121
123
123
123
♦ 121 123
Do rig h ts__________
Last Sale 2% Feb’08 ___ Chic
3
itle & T r u s t ... 100
115 G om mT onw
*148 150 154 155 154 154
i*n 150 150 152
’th-E dlson.lO O
490
117 117 11634 U634 116% 11634 ____
1155(i 116 116 116%
Do r i g h t s __________
Last Sale 138 Feb’10
100 Corn P rod R et Co c o m ..
18
17% 17% *17 17% *17
pret____
Last Sale 79% Apr’10 ___ D iamDoond do
M atch_____ 100
94% 1,168 Illinois B rick_________100
9434 95
94% 94% 94
95 95 9434 05%
1,030
64%
64%
63%
64
64
64
64
63%
63%
63H
Masonic 'l'em pie______
Last Sale 45 Aug’10 — M
200 cCrum-Howell C o ..100
63
63
*63 63% 63 63
*63 63% *63 63%
Do pref__________
♦ __ 97
Last Sale 97*8 Nov’10 ___ MUw
*__ 97 *___ 97
<Sc Chic B rew ing..
Last Sale 2% June’07 ___
*___ 21
Last Sale 20 Nov’09 . __ Do pret_____________
*
21 ♦ 21
125 N ational B iscuit______100
*111% 112 *110 111 *110 112
*lllii> 112 111 111%
Do p r e f . . . _______100
Last Sale 122 Nov’09
*121 122
*121 122 **121
*__ 137 129 129 125 125
C arbon______100
_ 122
111) N ational
137
135 135
Do
p re t__________ 100
11834
11834
*118%
120
*118%
120
*11834
50
123
*120D
107% 10734 105% 107% 106% 106% 261 People's Gas L & C oke.l00
*107hi 108 107% 107%
h ts_________
Last Sale 11-16 Mch’09 ___ Do rig
oebuck c o m ..100
180 182 178% 181 180% 183% 7,171 Sears-R
174% 181 179% 182%
pref________-.1 0 0
120 120 *119 120 *119% 120
309 SwDo
120
*1191.1 120 119%
Co........................100
460 l'holttQ &uaker
103% 10358 103 103% 102-% 103
1035s 103% 10334 1 0 3 3 4
O ats C o ..100
5 Do rig h ts__________
*173 176 174 174 *171 176
*173 170 *173 176
Last Sale 6% June’1C
Do p re t__________ 100
*102% 103 103 103 10234 102% 145 U nit
103 103 103 1036^4
Box Bd & P C o .100
*634 7% 6 * 4 6*4 *6% 7
75
634
8
*7
Do pref__________ 100
Last Sale 73 4 Apr’Ot . . . . W estern
S to ne_______100
15
Last
Sale
15
June’10
—
*13
15
*13
*13 15
Chicago Bond Record
Range for Year 1910
Highest
100 O ct 24
1 % J ’ly 2 8
4 J ’ly 2 8
60% Sep .8
11U Sep 13
8 May2ti
3 M aygl
2% J ne29
20 A ug 18
03 F eb 17
16 Ja n 14
61 F eb 7
15 A pr 1
63 M ay31
651.1 J ’ly 5
7 J ’ly 28
40 J ’ly 2 6
6% J ’neai)
0 2 % J ’ly 2 0
240 A pr 25
1 2 0 J ’ly 19
72 F eb 7
107 A ug 6
131U J ’ly 30
31 J ’no 6
56 J ’no 6
47 A ug 11
1
F eb 4
3 Sep 23
25l2 J ’ly 20
110 M avl7
142 A ug 20
1 0 8 % J ’ly 27
1U Ja n 20
l3i-> J ’ly 9
79U A pr 7
82i2 Sep 30
53 J ’ly2 6
43 1 2 Mch 9
40 Mch 17
03 J ’n e 2 8
A ug 3
118 J ’ly 10
104 F eb 24
112 Feb 10
103 J ’ly 2 0
148 Feb
110i2 Aug
101 Sep 10
155 J ’ly 27
0 J ’ne22
101 J ’ly 1(
6i.i A pr 28
15 J ’1103
101
Range for Previous Year
(1900)
Highest
IS.) Mch 7 180 Mch 190 Feb
4
Ja n
1% Oct
3U Ja n 20
5 O ct 16 Ja n
7i2 Ja n 7
109 Ja n 3 97% Dec 119% J ’ly
30 Ja n 3 3) Dec 4534 Jan
10 Ja n 10 10% Dec 30 J an
9% Ja:i o
8 Dec 13% Ja n
Oi_i Aug 10
3*4 Dec 29% Ja n
39 Jan 5 30 Dec 52 J ’lv
77% M ch 30 78 Dec 80% Mav
15% Ssp 19% Dec
25 J ’n e ji
72 J ’116 22 47 Jan 69 Dec
17 Nov 25 M ay
23 J ne24
00 J ’neol 03 Ja n 73 May
72I2 J ne22 60 Ja n 01 M ay
64% Ja n 3 29% A pr 64i ' Dec
104 Ja n 0 97 Feb 193 Deo
13% Ja n 10
7% Ja n
82 Ja n 4 7 1 3 4 Ja n
N ov 9 100 Ja n
136 A pr 4 120 Ja n
84% MaylO 64% A pr
112 Ja n 11 101 Feb
142% Mch i 139 Aug
% J ne
U May
39% Ja n 6 10 M ay
74 Ja n 4 48 J ’ne
65 F eb 17 61% Ja n
1 A pr
1 Feb 4
2% A pr
3 Sep 23
47 F eb 11 20 Mch
137 Ja n 3 127 Ja n
1U3 M ch 10 117 Ja n
121% Ja n 11 107 Ja n
2 Ja n 13
2 284 Ja n
8
17% Feb
82 Feb 28 70% Mch
127 Jan 0 117 Ja n
91 Mch 28 38 Jail
40 Ja n 7 43 Ja n
00 O ct 25
10234 A pr 2 0
20 Nov
115 Ja n 7 97% Ja n
125 Ja n 18 118% Feb
145 O ct 31 82 Jan
123 N ov 1 HO Ja n
102 Ja n
ly34 Ja n
% Feb
65 Ja n
183% N o v i
U2 Mch 8 101 Ja n
100% Ja n
109% Ja n
180 Feb 19 119 Ja n
9
May20
100 Ja n 0 98% Ja n
% Feb
153s Ja n 3
3% Mch
2 2 % A pr
1 15 Feb
260
15% N ov
80 J ’ne
O ct
132 J ’ly
81% Deo
112
Sep
145 N ov
1
Ja n
6 Ja n
40 Deo
75i" Deo
68 A pr
1 A pr
2% N ov
42 Deo
140 Sep
152 O ct
121% J ’ly
2 5 % Aug
88% M ay
13034 Aug
88% Dec
47 Sep
22514
21 J ’ne
119U Sep
130 Sep
103% Dec
124 N ov
119% Aug
1 Mch
109% Dec
1 2 H 4 Oct.
1 14% Aug
10 2
Dec
105 Dec
1% Mch
9% Ja n
25 Mch
Chicago Banks and Trust Companies
Dividerul Record
O: Island Surplus
ing
and
Week's
NAM E
Price
B ’ds Range
In Per Last Paid
In
Profits
Stock
Friday
Range or Sold
for
%
1908 1 9 0 a iod.
T
t
Nov. 11 Last Sals
Year 1910
An Dec ’09, 6
0)3,541 6
H Igh No. Low High C alum et N a tio n a l.____ $100,001)
Bid
Ask Low
10 j -j July ’10. 5
10
500,000 224,197 __
___ 99*4 Sloh’lo ___ 99*4 U934 Chicago C ity___________ 20,000,000
A m er S traw b’d 1st O s.1911 F - A .
....
__ Oct ’10, 2%
9,032,319
ontl’tal & Comm N at 3,000,000 5,437,074
A rm our & Co 4 H s ___1939 J - D t923s sale 02% 92% 3 9034 94% CCorn
12
12
Q.-J Oct ’10, 4
E
xchange
N
ational
A urora Elgln&Chlc 5.1941 A - O ------ ----- ----- ------ —
------------- Drexel S ta te ___________ 200,000
9
0
22,126
Q-J Oct ’10. 1%
Cal & So Chic R y Co
Q-J
Oct ’10 2%
399,499
10
600,000
9
«
rovers’ Dep N ational. 200,000
102 J ’n e’09
. . . . . . . . DEnglewood
1st M 5s........................1927 F - A
30,H5u 6
0 Q-J Oct '10, 1%
S t a t e .. ____
. . . __ 101% O ct’09 __ _ .___
Cass Av & F G (St L) 5s T2 J - J
10,836,509
Q-M
12
12)
Sop
30’ 10,3u
10,000,000
First
N
ational_________
_____
100 Mav’07
Chic Board ot T rade 4sl927 JF -- AD 102% 102% 1023S
10 Q-M dep 30’10,2%
N at Englew ood___ 150,000 192,377 10
1023g 24 10138 103% First
Chicago City Ry 5s___1927 J - J
525,372 Prlv ate Ba nk
Forem an Bros Il'k ’g Co. 1,000,000
103 Apr’01
Chic Consol Br & Mlt 6s---- J - D . .
8
8 Q-J Oct '10, 2
D earborn N ational 1,590,000 383,092
. . . 60 Apr’09 ___ . . . . . . . . HFort
Chic Consol T rac 4 Vis 1939
8 Q-J Oct ’10, 2
B’k’g Ass’11. . 1,500,000 950,130 8
Chic A uditorium Ist5sl9 29 F - A .................... 9634 Jan ’OJ —
................... K ibernian
10 J-J July TO, 5
aspar S tate B ank------ 200,000 149.886 10
Chic Dock Co 1st 4S ..1929 A - (>
’10 V/JJ. p.1277
La Salle St N ational . . 1,000.000 251,586 Beg. b us, M y4-M
94% Dec'09 ___
Chlo Jc R R 1st M g 5S. 1945 M - S
Sop 30'10 2%
10 + 2 10
Live Stock E xch’ge N at 1,250,000 490,626
87 Feb’06
Chic No Shore Klee Os.1912 A - O
Q-b
Vov TO. 1
65,108
4
300,
OOo
4
M
onroe
N
ational______
4
84% 87*4 N at Bank of R e p u b lic .. 2,000,000 1,214,018 8
86% 86%
Chic Pne Tool 1st 5s.al921 J - J 80 88
8 Q-J Oct TO, 2
99 1013g
Chic Ry 0s........................1927 F - A ____ 98% 98% 98% . . 11
404,524 3
0 Q-J Sep30 10, 1%
ational C ity __________ 1,500,000
87*8 Nov'IO . . 87*a 95% NN ational
Chic Rys 4-6s series ‘‘A ’’ A - (J
83,064
3 Q-J Oct TO. 1%
P ro d u c e ..____ 250,000
12 75 80
Chlo Rys 4-5s series “ B" J - D ____ 79% 0790 1 " Mch79%
68,756 2>i 6 M Q-J Oct TO, 1*4
orth A venue S ta te ___ 200,000
10 . . . . 90% 91 NN orth
Chlo Rys 4-5s series “O’ F - A ___ 93% 98S4 9834
20.239 6 _T0. Q-J Oct TO, 1%
50,000
S ta te S av’gs
1 97% 101% N orth Side
Chlo Rys coll 6s___1913 F - A 08% 100
Q-J Oc . TO. 1
18.498 _
S ta te _____ 200,000
97% 98 People’sWSest
97% Sep’lU
Chic Rys F und 0s_.i91 3 F - A
TO, 2
tk Yds S ta te . 300,000 105,120 ...
Q-J Oct
100% Apr’10 ___ 100% 100*4 wPralrle
Chic Rys Tern Ctfs 1st 5s - ..........
....
62,310
250,000
66% Aug’08 . . . . . . . . . . . . Prairie S Nt aational______
Chic R I & P R R 4 s ..2002 M - N
Q-M
Oct
TO, 1%
500,000
80.077
8
0
t
e
..—
.
.
.
—
601" Jllly’OS
Coltat tru st g 5s— 1913 VI- S
Jan '08, 2
23.268 2 None ....
ay E xchange------ 250,000
Chic Telephone 5 s ....1 9 2 3 J - I) 1 0 1 % 1 0 2 % 101% Oct’lO ___12 100*8 103% SRea'lw
Q-J Oct TO. 1%
186,033
H
i
c u rity ---------------------- 300,000
Common w -Edison 5 s. 1943 M - s 101% Sale 101% 101% ___ 100% 102% South
J Oct TO, 2
0 Q’09
87.000 6
Chicago Savings. 200.000
100% Aug’10
100% 100% outh Side
Chic Edison deb 0 s .1913 J - J
V. 89, p. 817
11,005 Beg. b us 12Sep tQ-J
S ta te .............. 200,000
100% O ct’lO __ _ 100 100% SS ta
1st g 5s____Ju ly 1926 A - O
Oct TO, 8
11
1,500,000
,742,907
te
Bank
of
C
h
icag
o..
_
100%
Ailg’00
M
S
D ebenture 5s____1920
Scp30’10,2
Q-M
8
7
180,241
250,0UU
Stock
Y
ards
S
a
v
in
g
s
...
Commonw Elect 5sM943 n - s 1 0 0 * 4 Sale 100% Oct’lO ___ 100 102*4 Union B ank of Chicago. 200,000
6 M-N Nov TO, 3
47,899 6
Illinois Tunnel 5s____ 1928 J - D .................... 8U Deo'08 —
................... W ashington P a rk N a t’l 1 0 0 , 0 0 0
159
7,814 Seo V. 90, p. Q-M
K an City Ry & L ight
bec31’08,l%
0
None
0,670
50,000
9434 95% Wendell S t a t e .. . . . . . 2,000,000 872,807 7
Oct’lO
Co 5 s _____________ 1913 U -N 9 5 % ____ 95%
Oct TO, 2
94*4 Oct’lO
94*4 9434 C entral T ru st Co of III-- n500,00U 110,352 H i 76 Q-J
K nlck’b’ker Ice 1st 5s .1928 A - U
Oct TO, 1%
Q-J
Chicago
Sav
Bk
&
'I
r
—
Oct’10
75 85
L ake S t Ei— 1st 5s___1928 J . J ' 7 5 ' 76* 77
tl,543,802 6
0 Q-J Oct. TO, 2
T itle & T ru s t.. 6,000,000
Incom e 5s_____ ...1 9 2 5 Feb .................... 16 May'05 —
................... Chicago
7,188
4
4
A-O
Oct'J.’lO,
3
60,000
Citizens
T
ru
st
&
Savings
M etr W Side El—
454,136 8+ 2 8+ 2 Q-J Oct TO, 2%
T ru st & Savings 000,000 427,809
6 80 84 Colonla'
81*4 82
1st 4s.............................1938 F - A 82 8aie 78%
....
n t* C om m T r& S av. 3,000,000
Oct’lO ___ 70 80 CU orovers’T
E xtension g 4s___.1938 J - J ____ 78
200,000 115,219 m
8 Q-J Oct TO, 2
rust& Savlngs
91
91% 14 88 93%
M orris & Co. -1H____ 1939 J - J J91% Sale 95%
183,929
3 Q-J Oct, TO, 1%
T ru st Co--------- 1,500,000 3,113,260
95*4 10 9334 96% Farwell
N orth W est El 1st 43.1911 M - fe 05% Sale 99
13 Q-M SCP30T0, 4
T ru st & S a v in g s.. 2,600,000
Apr’10 2 99 99 GFirst
No W G-L & Coke Co 5s'28 Q - M
200,000
14,019 Incorp orated 1903 V.87. p.1133
T ru st & S a v . 1,250,000
93% 93% 5 92% 96% H uarantee
O gden Gas 5 s .. ______1945 U - N *93% Sale 1003*
1,450,828 6
arris T ru st & S avings. 6,000,000
914 Q-J Oct * 10, 3
. . . . . . . . __
P earsons-T aft 5s-------- 1916 J - D 0 8 % ___ 961" MCh'09
16+4 16+4 <1 Oct TO, 4
'Trust & Savings 200,000 8,444,429
Mch’10 . . . . 96% 96% Illinois
M - S 05 ___ 97 Feo'10
4.40 s ____________
63.526
6
6 « Q J Oct TO, 1*4
Kenwood
T
ru
st
&
Savgs
.
.
.
.
97 97
M - N 96 ___
43,365 H i 6 Q-J Oct TO, 1%
View T rust& Savgs 200,000
97% ___ 98% Mch’10 .. .. .. .. 98% 08% Lake
4.80s Series F .
12 Q>J Oct TO, 3
M erchants' L oan& Tr Co 3,000,000 5,840,079 12
12134 May'09
.... A-O
6 Q-J Sep30'l0,l%
poll tan T ru st& S av 750,000 221,465 6
M - S 101% 101% 101 I01S8 4 100*4 103% Metro
Refui
60,000 Beg. b us.O ct 29 T 0V91.P.1221
ichigan Ave T r C o ... 200.000
J - J ___ 103 1021" 103 ___3 103 104% M
Chic i
2,327,738 8
8 Q-J Oct TO, 2
T ru st Co........... 1,500,000
100% 102% NN orthern
J -D
100% Sep’10
200,000
04,494 0
6 J-J July TO, 3
M - N ___ 101% 10034 Oct’10 . . . . 100*4 101% orth-W estern T r& Sav
TO, 2
8 Q-J Oct
224,684 8
92% Oct’lO . . . . 01*4 94 Pullm an T ru st & Savgs. 600,000
J - J 02 93
12 ’0 9 V 89,p.U l
200,000
25,432 Beg b ux J ’ly bus.
1 100 100?8 Sheridan T r & Sav Bank 1,000,000
J - J ____ 100 100 100
Sept
0
1910
Comm
enced
250,000
.
. . 88 A pr'10
88 88 loStandard Tr & Sav.......... 200,000
A-0
5 JQ July TO,10,23
32,754 6
Stockm en’s Trust & Sav
. . . 114 Nov’04 ___
U nion Pacific conv 4 s. 1911 U - N • •61• • .___
8 *8 + 2 Q-M Sep30
70 Apr’10
70 70 Union T ru st Co----------- 1,200,000 1,190,62C
c t *1 0 ,11*
6 Q-J oSep
132,692 0
01% Oct’lO ___ 61% 65 oW est’n T ru st A Savings n l,000,000
J - J 58% 60
G eneral m tge 6 s ..
30 10,_2
W est Side T r& SavB ank 200,000 107,652
85% July 0 >
A O -. .
7estern Stone Co 5s.
53.442
6
6
Q-J
200.000
W
oodlawn
TrA
'SavB
sn
1
all
Chicago
b
ond
prices.
be
added
to
■ must
Note — Accrued •(
this Dec.
day. 31.f Sept.
business)
andandSept.
2 (open>“*
L „^ ,l.ne8®7) Dividends
n ^ id e n ^ a m paid* Q^j!
*} • Bid and asked prices; no sales were made
■ aonDuo
6 DuoI (close
June. ot A
: Also 20%forInnational
stock. «banks
Capital
surplus
to bo increased.
Lfrom
th ° First
extra Trust
^ y m tm
teii-*
'
InaddTtlon*
the
equivalent
of
4%
more
came
from
~B1rst
Trust
A
Savings
Bank.
U
u
ly
M
1010.
V
orauw
d'ta
1
iVso^OO'6
A Savings Bank. v Prairie Nat. Bank and Western Trust A Sav. Bank to bo merged and capital ot latter to be Increasod to 1 1 ,2 5 0 .0 0 0 , Vv . ui, p. a 4.
a Seo V. 9l. p. 72, 17.
BO N DS
CHICAGO STOCK
EXCHANGE
W eek ending N cv. 11
Inter
est
Period
N o y . 12 1910.]
TH E CHRONICLE
1317
Volume of Business at Stock Exchanges
Bid Ask
panies
Indu strial and Miscci. B it
rk
Chic EdisonC om
Co—
7 ' Jht cago
list
S teel______ 100 12% 1234
G r't W est Pow 5s
J-J SO 4 90i4 Crucible
• P referred ________ 100 773, 78l4
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
00
122
125
aly C opper C o .lu *D ,1ie 1‘8
DAILY; WEEKLY AND YEARLY.
50 ► 8512 S7>2 D avL-Dond
M atch Co-100 91 L412
00 40 50 •d uDPiam
o n t ( El) doN em Po 100 145 150
00
73
78
c
P
referred
________ 1 0 0 82 84
Railroad,
U
nited
Elec
of
N
j
'
0
85
e Gold 4 H s 1 9 3 0 ...J-D 84 85
,
Week ending
tfcc,,
1st g 4s 1 94 9 .. ' 0 0 87iH
Stale
V. s.
77>2 E lectric B o at_________ 100
16
Nov. 11 1910.
Par value.
Ronds.
Bonds. W estern Pow er coi -D
Bonds.
00 421 22 43I
2
P
re
fe
rre
d
______
I
I
I
100
70
'
00
08 69 Em pire S te e l_________ 1 0 0 10 lo .
Saturday ..
280.935 $25,846,000! $1,040,000
$91,000
P re fe rre d __________ ioo 58 65
Monday . . .
403,601 36,482,100 2,239,500
81,000
ne
G eneral C hem ical___ 1 0 0 91 100
Tuesday___
--------------HOLIDAY"
.
30
80
85
e
P referred ________ 1 0 0 101 l();: %
Wednesday
843,198 77,372,300 2,020,000
e C entral A So A ra e r.. 30 118 1 2 0
lo i’ooo
tk Ex list
T hursday...
1,174,687 107,727,700
72,000
25
X05
*w
F rid ay ____
460,772 42,074,700 2,256,000
1,249,500
61,500
.
30 65
*73
30
40
53
G
uggenheim
E
xplo
r'n
100
Total
3,163,496
$8,805,0001
30 1 1 0 ____ » H ackensack W ater Co
• N orthw estern Teleg 50 107
4s '52 op '1 2 ..J -J 85
Sales at
Week ending Nov. 11.
25 60 ___ HallRefsigg nal
Jan. 1 to Nov. 11.
Co c o m ..100
New York Stock
)C
93!
95
H
avana
Tobacco C o ..100 204
Exchange.
1910.
1909.
25 90 —
1910.
P re fe rre d ______ 1 0 0
1909.
8
1st g 5s Ju n e 1 '22 J-D 55
Stocks—No. shares...
3,163,496
„
C
om
panies
3,466,688
119,443,989
185,137,635
H
ecker-Jones-Jew
ell
AlU
Far valu e________ $283,502,800 $325,773,200 $13,341,567,300 $16,987,650,350 B A N Y 1st 6s 1911 -J 93 97
/vi ;
1st 6s 1 0 2 2 ___
Bank shares, par____
$8,600
„ ^ 1922.
u F erry stk .1\ i0-300\ 20 28 rler'g-H all-M ar. new . 106 103
$1,000
$986,500
$159,150 tN ,1st. 5s
Bonds.
- ... - - - - - l\N 5 3 65 Hoboken (.and A Im p 100 35
Government bonds__
13 97 99
$75,000
1st 5s N ov 1930_______ 10b" " 102
$351,200
$693,200
$Tog",5o6
State bonds_________
N 103 107 Houston
910,500
O il__________ loo
38,439,950
33,656,900
RR. and mlsc. bonds. 8,805,000 22,100,000
-J 961,
P
re fe rre d __________ 1 0 0 447k 458
518,802,700 1,123,121,600
10 30 40
no
Total bo nd s_____ 1 $9,211,500 $23,085,500 $557,593,850 $1,157,471,700 • Union F erry stock” D 65 75
93
10
26
23
•
P
referred
______
1
100
100
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
N 95 99
27 28
EXCHANGES.
90 100
h o rt-Ierm
otesv
tk Ex list
Am SClg
ser A 4 3 Nii__
100
Boston.
1-16
Philadelphia.
Ser B 4s Mch 1 5 'iV « -SS 99%
98
Week ending
9S1
2
P
re
fe
rre
d
__________ 1 0 0 90 148
A O hlo ..> $ si9 ir D 987a 99's 1st g 5s 1932_____
Nov. 11 1910.
Listed Unlisted Bond
A-O
92 93
Listed Unlisted Bond BBalt
94
ethleh
steel
os
'
14. . a N
26
98
1
shares. shares.
nternatlon
al
.Salt___'.100
sales.
shares. shares. — sales. Chlo A A lton 5s ’ 1 3 a ■ S 98% 99's 1st g 5s 1951______
A-U / 476 528
Cln
H
am
A
D
4s
1913.
Saturday___________
97-14 1 nternatlon al S l'v e r ..l 0 0 50 80
7,340 $21,000 13,492
3,240 $16,000 O C C A St L 5s. Ju n e J1 1 9714
Monday____________ 13,109
00
1 0 0 '4
P re fe rre d ______
ioo 107 113
25,000 15,382
51,500 H udson C om panies—
5,384
T uesday___________ 17,920 15,562
1948_____ 'j- D 110
DAY
.
.
.
112
0 971- 99 I n te1strn a6st Sm
Wednesday_________ 24,800 15,779
elt
A
Rcfg
63.000
130 140
31,373
'*24*300
"
Iff,072
A 9712 99 1n te rn a tT ira o R eco-d . 1100
T hursday__________ 33,618 16,980
00
77.000 24,802 20,665
190
225
45,700
N
loo%
lol
Friday_____________ 22,565 13,364 130,000
rre d __________ i<j
12,338 11,501
74,000
$ 98 99 J P re fe
A Laughlln Steel Co 112 129
A 93% 99 ' 2 rones
Total......................... 112,012 69,025| $316,000 97,387 56,862 $211,500
s t g 5s 1 9 3 9 ..M-A 101% 1011?
2 64.70
4.33 : L 1st
auna Steel ..l o u
. 61.70 4.30 « ackaw
1st con 5s I9 6 0 . Al-.' 39 40
N Y N H A H 5s
2
100
01
c D eb 5s 191 5 . .
ai - s 91% 92
1 L A S F 4 H s '1 2 o t A 97% 198
L
86U
Mch 1 1 9 1 3 ...
S 9 64) U7' 2 L
241 86~s
All bond prices are now "an d in te rest’ except w here m arked “t,” -o 5s
u th R y g 5s 1913. \ 9814 9 $*4 L
200 250
T idew ater 6s, 1913
,r 1 0 1 1 0 1 i2 e
135 250
N ____ 97 A
btreet R ailw ays
Bid risk
35 145
Street R adw ays
Ask
Bid
New York City
A
991
2
1
0
0
2d
6s
1919________M-N
Pub
Serv
Corp
N
J
(Com
85 45
Bleeck S t A Fui F stk .1 0 0 10 20
3 100 1 0 0 1 2 A
Cons T ract of N J ..1 0 0 73 75
♦ 11
1st m tgo 4s 1 9 5 0 ..J -J 52 6U
0
___
1st
5s
1933............
J-D
103
60 *b%
104
53
B ’y A 7th Ave s tlc ___100 120 140
P
re
fe
rre
d
_________
100
N
ew
'k
P
asR
y
5s
’30
J-J
_
101
106
. G t Railroad
2d m tgo 5s 1914 . .. J - J 98 100
Alonongahela HCoaT.T 50 * 8 1029
R apid Tran S t U y .. 100 235 245”
Jhlc
W
cora
tr
ctfs\2
it
Stock
Con 5s 1943— See Stock Exc list
Exc
P
re
fe
rre
d
_____
5
0
1st
5s
1921______A-O
* 2014 22
• Preferred tr c tf s ../
A
B 'w ay S u n 1st 5s gu 1924 102 105
list
J C Hob & P aterso n—- 103 — Chic
1131. 116
Peo A S t L—
C ent'l Crokst'n stk ..1 0 0
N
4S g 194 9...........M-N 74 75
- . 1 0 0 103 107
S
/
90
1st m tge 6s 1 9 22 1.M-N / *80 * 90
94
6
So
J
Gas
El
A
T
rac.
100
-.1
00
127
269
129
Cen Pk N A E K stlc ..1 0 0 12 19
J
50
e
Oil g 5s 1953...A l S 97 OU
*20% 270
20%
Incom e 5s, Ju ly 1 930.!_ / ___ 5 A
C h r't’r A 10th S t stk --1 0 0 70 85
No H ud Co Ry 6s 14 J-J 101
1 lb
#
0 4% 434 e
Col A 9th Ave 5s See Stock Exc list
5s
1928............
J-J
102
30 60
D ry D E B & B—
Y
109
1
1
1
A
.
__
E
xt
5s
1924____M-N
98
list
S t Exc list A Y Biscuit 6s 1911 -M -s Exc
1st (told 5s 1 9 3 2 .__J-D 95 1 0 0
P
a
t
R
y
con
6
s
'31
..J
D
11
j
IOO
ICO 1 1 2 1 ? • New York D ock____ 1 0 0 25 35”
Scrip 5s 1914_____ F-A / 30 40
2d 6s op t 1 9 1 4 .. A-O 99 1*0*1 * P itts Hess A L E ______ 0. *51
E ighth A venue sto ck . 100 200 300
1
• P referred ________1 0 0 7 ) 80
So Side El (Chic) — See Ch icago
list
P re fe rre d __________ 1 0 *70 33
Scrip 6s 1914____F-A / 95 1 0 0 Syracuse
74 N Y M tge A S ecu rity . 1 0 0 200
R
T
5s
’46
Al-S
lo
l
102%
42d A Gr S t E’y stlc ..1 0 0 200 300 Trent P A 11 5s 1943.J-D 0/ —
N Y T ra n sp o rta tio n .. 2 0 *4 :io5
2
90 ____ N
42d S t M A S t N A ve. 100
U nited Rys of S t L—
97 1 0 2
1st m tgc 6s 1910.Al-S
Com vot tr ctfs____100
103, 1 1
11 Seaboard C om pany— 0 72L 75 CN
1*4
2d incom e 6s 1915.J-J / 40
•
P
referred
________ ioo 4212 4314
►ll 3 l,
17s
(I
t
Exc
Inter-M et— See Stic Exch ange
list
e
Gen
4s
1934—
See
Stock
2
Exc
list
Lex Av & P a v F 5s See Stic Exc
O
U nitR ys Sail F ran See Stk Exc list Seaboard Air Line—
49 522'2
S
997*
M etropol S t Ity — See Stic Exc
1
0
0
_______
1
.
1
0
0
P
re
fe
rre
d
W ash R y A El Co____ 100 363.! 301.1
$ 93 f4 9 3 3 4 p Ittsburgh B re w in g .. 5 0 * 2943 3 , 97
N inth A venue s to c k .. 100 155
P re fe rre d ________ ioo 69% 891;
Second A venue sto ck . 100 10
P re fe rre d __________ 5 0 i- 41 41*2
4s 1951............
j - d 826 83%
In d u strial and Miscel
1st M 5s’09 ex t'1 0 ..M -iS 99
p
Exc list
Consol 5s 1948____F-A / 55
3 / C012 9 112 P
(ias
SccuriFoi
0 *195
• Sixth A venue s to c k .. 100 115
200
P referred. . . . ____IZlOO 60
Sou Boulev 5s 1945___J-J 60
9
115
120
P
New York
ioo"
So Fcr 1st 5s 1919___A-O 88
9 152 ____ P
Cent Un Gas 5s 1927 J-J 101 102
145 I5J
T hird A venue— See Stock Exc
9 *120 123 R
Con Gas (N Y) — See Stk Exc lls
120 123
T arry VV P A M 0s 1928 / 60
221
223
R
e
.Mutual
G
as_________ioo
161
100
1
7
5
Y kersStR U 5s 1946 A O 80
9 10H2 104
P re fe rre d _________n o o 104 200
New A m sterdam G as—
107
28th & 29th Sts 5s ’96 A -0 n o
9
5
___
32
1st
consol
5s
1948..J
-J
133 135
100 1 0 1
T w enty -th ird S t s tlc .. 100 190
J 21 ____ 3t
N
Y
A
E
R
G
as
1st
5s
'4 4 J J
1U2
♦
60
1
0
1
70
A
m
er
H
a
rd
w
a
re
_____
Union Ry 1st 5s 1 9 42 .F-A 1OOP117 120 31
Consol 5s 1945_____ J-J 9/
350 J55
VVestchest 1st 5s '43 J-J 65
100 102 Sc
N Y A Richm ond G a s .100 40 lUO
7
10
50
95
P re fe rre d ________ IIlOO
N Y AVVcstchcsterL’h t’g—
Brooklyn
tk Ex 105
1st St a n d ard C ordage____lOu 15 18
Deb g 5s 1954 g u a r.J-J 1 0 0 1011; Am St Found uewA tlan A venue H it—
100l2
102
1st
51
g
53
'31
red.A
-O
1st 5s 1927..Al-N 9 9 101
Con 5s g 1931_____ a -O 100 102 Nor Unard
bJ 71
A djust M 5s A pr 1 1931
Gas com . 100 65
A m erlcan S u re ty _____ 5
B B & VV E 53 19 33 ..A -O 9/ 102 e Setand
205 n o si a n d a rd Coupler com lou
P r e f e r r e d ____ ioo 75
A
m
erican
T
hread
prei
B rooklyn City S to c k ..10 165 169
*41;
1st 5s 1930________ai - n 102 106 Am Tobacco Co coin-.10< 432 6*4 P re fe rre d __________ 1 0 0 100
Con 5s— S .e Stic Kxch ange list
->ta n d ard M illing C o--100 16 18
Blcln H gt- 1st 5s 1941 A-O 98 102
Amer 'l’ypefdcrs cora.lO i 40 138
43
P re e r r e d __________ ioo 52
Other Ciltes
P re fe rre d _________ 1 0
Bkln Queens Co A Sub—
98 02
1st 5s 1U30_______ Al N 84 88 ”
A Elcc com . 60 *41
Deo
g
Os
1939____
?,l-f
e 1st g 5s '41 op ‘1 0 .J-J 09 101 AmP reGas
97
fe
rre
d
_________I
50
00
SI
42
*40%
615 020
• 1st con 5s '41 o p ’16 M-N 97 99 Ainer L ight A T ractlllO O 288 2 J1 A m er W riting P a p e r.. 1 0 '
2
3\
Exc list
Bklyn Hap T ra n — See Stic Exc list
23l2 25*2
P
re
fe
rre
d
__________
100
s
—S'C
Chic
Stock
101
Exc list
103
Coney Isl A B k ly n ..100 60 75 Bay S ta te G as______ 5 0
87*2 83 it
loiniiany—
see
Stk
Exch
*8
*4
1st cons g 4s 1 9 4 8 ..J-J 78 83
10 ___ e '
ton (N Y) Gas VVks
A Pacific Coal 100 HU list
19
Con g 4s 1955_____ J-J 75 80 Blngh
20
Ti
1st
g
5s
1938____
A-O
s Co of N Y___100 132 105
90 100
60 63 Tc
B rk U A N 5s 193 9 .J-J 95 100
Un G as— SeaStk Exc list
ti Min (N evada) 1 *Sl4 138
__
_
K ings C I’ll 4s— See Stock Exc list Brooklyn
35
1'r
Buffalo
City
Gas
s
t
k
..
100
—
(
Potteries com 100 4
31?
5
90
N assau Elec p re t_____ 100
00
1st 5s 1947— See Stock Exc list
tk Ex 1st Tr Preferred, new _____ 1 0 0 45 55
5s 1944........................A-O 103
Cities Service Co . .
100
60
62
124 30 Uf
1st 4s 1951— See Stock Exc
P referred______
100
82
6212
118 22
N VV bg A F la t 1st ex 4 c$3 87
Con Gas of N J 5s '36* J-J 79
100
250 55 (Ji
Stein way l3t 6s 1 9 2 2 ..J-J 103
Consum ers’ L H a P ow — 90 95
45 49
123 ] 24'2 1st p re fe rre d _______ 1 0 0 104
6s
1938.....................
j . jj 102
„
Other c u tes
101 u6
2d p re fe rre d _______ 1 0 0 101 108
D enver Gas A Elec___100 180 190 B ritish Col C o p p e r..
Buffalo S treet Ity —
*6‘>f 67g Uln'.ted
Bk N ote C orp. 50 *49 107
Gen g 5s 1949 op'.Al-N 90 U3 B u tte Coalition Mlnlne
52
1st consol 5s 1931 F-A 105 106 E lizabeth
**20
20'4
P re fe rre d ____________5u *50
L t C o .. 100 300
5212
Deb 6s 1917___ "a -O 104 105 Essex A HGas
3 334 Urnlted Cigar M frs____ 100 CO 62
udson G a s .100 133 138*
Colum bus (O) S t Uy." loo 95 100 Gas A El Bergen
55
60
e
Preferred
________
100
C
o
..
100
1
0
0
80 C asualty Co of A m er.
108
P re fe rre d ______
ioo 101 104 e Gr R ap 1st 6s '1 5 .F-A 78
125
140
nlted
C
opper____
inn
Ur
98 101
Col urn Uy con 5s— Sec Ph! la list
123 .
Preferred ..................100 1 50 206
H udson Co G as______ 1 0 0 134
136
C rosst’wn 1st 5s '33 J-D
....
1021' Indian a L ighting C o .. 100
..................100 2 0 0 220
33
35
P
re
fe
rre
d
(C on n K y & L tg c o m .1 0 0 100
__________
1
0
0
75
76
4s 1958 o p _________ F-A 64 66 C entral F o u n d ry _____ 100
60
• P referred ________ ioo 79 81
Indianapolis
G
as_____
60
111 114''
11
20
1st A ret 4> is— See Stk
P re fe rre d _____ . . 1 0 0
... u
I'st
1st
g
5s
1952_____
A-O
95 100
80
85
G rand H apldsK y pref.100 Exc
D
eb
0s
1919
op
'0
1
.M-N
/
35
40
83
86 Jackson Gas 5s g '3 7 .A-O 88 92% O hesebrough Mfg C o .. 1 0 0 700
106 111
S t 5s 1 0 3 0 .. J-J 1013< 1051.,
LLoulsv
e Laclede G as____ r ___ 1 0 0 1041- 105 City Investin g Co____100 61 63
100 105
yn n A Bos 1st 5s '24 J-D 104
105
,
5s
192
9______
J-J
e Preferred ________ 100 80 102
I New Orl Itys A L gt.10 0 24l4 25 M adison
P re fe rre d __________ 1 0 0 101 105 U S Steel C orporation— 95 100
Gas 6s 1926. A-O 103 108 a Clallin
• P referred ________ 100 r 63% N ew ark Gas
(ll B> c o m ..100 102 1)5
6s 1 9 44 ..Q -J 123 130
114% 115
Gen M g 4 Us ’35— See S Ik eEx
•
1st p re fe rre d ..___100 93 -.0
list
Consol G a s..100 90 98
1141# 115
e
2d
p
re
fe rre d _____ 100 93 . . . . u
Pub Serv Corp of N J.1 0 0 108 112 N ewark
•
Con
g
6s
1948...J
D
9212
103
104
Col A llock C oalA l pt 100
T r ctfs 2% to 6% p erpet 99 101 No H udson L H A Pow —
Exc list
1st g 5s 1917..............J-J / 45 — Wt
N orth Jersey S t R y .1 00 60
A
B
ronx
Tit
5s 1938..................... __A-0 110
Col
tr
0s
O
ct
1956.
.J
j
1st 4s 1948...........Al-N 74 W Pacific
Gas A E, co m . 1 0 0 68 70 Consol Car H eatin g___106 / 45
100 170
411- W<
P re fe rre d ................... . 1 0 0 87
► 135 139
89 Consol R ubber Tlre__100 4012
3
4 W<
P at A Pas Gas A Eieo.100 83
Exc
list
91
P
re
fe
rre
d
__________
100
-- . .
W
• Con g 5s 1949.
104 108
.02
Nt Joseph Gas 5s 1 9 3 7 | . j 100
9!) 931, D ebenture 4s 1961 A-C / 40!2 42
* P er sh are. 0 Basis. • Sells on S tock K xchangeT b u t n o t very activ e. “/ F la t price; « N om inal.
x E x-dlv. v Kx-riodits.
Outside Securities
cc
?
BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
S H A R E P R IC E S — N O T P E R C E N T U M P R IC E S
Saturday
Nov 5
Monday
Nov 7
Tuesday
Nov. 8
Wednesday
Nov 9
Friday
Nov 11
Sales
n f fie
tV eel;
Shares
STOCKS
DOS TON STOCK
EXCHANGE
Range Since Jan. 1
Highest
R
ailroads
123*8 Ja n 3
1027g 1027g 100 A tch Top & S anta F e. 100
1 0 2 1 - 103*2
104% 104% *104 1041?
104*4 Ja n 7
Do prec__________100
*1003a 1013g
10
102
10138 10P%
*101
101%
*101
234 Ja n lu
222
223
231 Boston & A lbany____ 100
223 223 2 2 1 2 2 2
221% 221*4
1 3 6 )4 Ja n
6
Boston E lev ated_____ 100
12712 12712 297 Boston
*127% 128
128 128 127% 128
227 Feb .4
&. Low ell_____ 100
*216
3
*210
*216
210
216
152 Feb
131 131% 164 Boston & M aine_____ 100
131 131 *131 131%
131*2 131*2 131 131*2 300
3 0 N ov 3
& P rovidence. 100
300
32 Boston
300 300 300 300
300 300 *300
10 Ja n 3
Boston Suburban El Cos.
*15*4 1 0 *- *15% 1 0 %
*15*4 16*2 Last Sale 16*70 Oct’10
70 A pr l
Do prof______________
72
*70 72
71 *70 72
71
72
72
lci- Sep 30
Boston & W ore Elec Cos.
* __ 1 0 % *
Sale 10*4 Oct’10
*___ 10 *2 Last
10*2
48 “ ja 1 .1
Do p re t_____________
Last Sale 12 Nov’10
*41 43
*41 42
43
15e% O et 15
Chic Ju n e Uy & U SY -10'
151 150 150
* __ 155 * *41 154
*150 155 ■150
llS Jau
Do p re t__________ 10 k
115
___ 115
115 _ 115
113*2 113*2 115 115
270 Mch 10
o n nectlcu t H iver___ 100
___ Last Sale 265"" Oct’lO
*260 270 * 2 0 0 270
1331- Jan 0
121 Fitchburg, p ret_______ 100
131 130 131
*130 131% ■131
131 131 131 131
123 O ct -7
*120
20 Ga Ky «Sc E lectric_____100
120*4
*___
1 2 1 % 1 2 P% _____ 121*4
122
121%
90 O ct 14
l)o
p
re
t__________
100
89
Nov'10
Last
Sale
*
*87 89
80 *87 89
-10 O ct 1.
vtalne C entral________ 1 0 0
■ 209*2 . . .
210
210
*209**209*2
2v,% O ct 3
Mass
E
lectric
Cos____
10,<
197s
20
1,718
20
20*2
2
0
2
0
*
4
20*4 20*4 *20*4 2 0 * 2
88 A pr
p re t__________ lOu
85 8534 8512 86*8 750 N Do
85*2 8 6
85% 8534 85*- 80
102-% Alch 1 :
Y N H & H a rtfo rd . 100
867 N orthern
154% 155 154 154 153*2 154
154 154% 154% 154*2
MM
4 A ug 25
N
H
________
lOo
■
139
141
1
140 140
212 Men LI
N orw ich & W ot p re t. 100
*212
___ Last Sale 210 June’10
*212
00 .1a n l
Old C olony_____ _____100
*182 190 ■ 182 190 187 187
*182 190 *182 190
44*2 N ov 1
R u tlan d pret_________ 1 0 0
*___ 413g Last Sale 4 3 1 2 Nov’10
*40*2 42 *40 42
llo ja n i,
108*2
5 Seattle E lectric_______ 100
*107% 1081- ■ 107 • 108*2
*108*109 109
100 Mch
29 Do p ret___________100
104*8 104*8 104*8 104*g *102 104
*102
103*- 103*4 103*4
204*2 Ja n
Pacific________ 100
174% 176 172*4 174*4 173*2 17378 1,695 Union
17G 17G3i 176*2 177%
10338 Ja n 3
93
103 Do pref___________100
90 90 92 92 *92
*921- 93 *92*2
93
108 Ja n 1/
157 157
48 V erm ont & M ass______100
*155 ___
*155
157 157
95*2 Mch ?S
W
est
End
S
t_____
.
.
.
50
867g
863$
87
1,096
87
87
87
80% 87 8 6 % 87
109 Feb 10
102 104
103 104
64 Do pret____________50
102
102
*102
105 1 0 2 1 0 2
M
iscellaneous
JT y .7
427g 44 *43*8 4334 1,495 Amer Agricul Chem__100 36
45 45
40-% 46^4 45 40*1
Mch ■
102
230 Do pref___________100 U8'*i
1017s 102
102
1 0 2 *- 102
102
10212
102*2 102*2
4% A ug 2
598 A m er Pneu Service___50
47g 4*8 4*2 4% 47g 5
*47* 5
434 5
14
J
’ly 16
Do
p
re
t___________
50
14
14
33
14*4
14% 14*4
14*4
14 14
14 14
3
Helln____ 100 111 OO ut
118*4 119 117 118 117 1177s 529 A mDoer Sugar
*118*- 1191- U83 4 119
ct
pref__________ 100 1111*4
356 A m er Telco
116*2 116*2 117 117
1 1 0 * 4 116*116 116*2 116*2 116*2
2 7 * 1 J ’ly . 0
&
T
e
le
s
..
100
0,734
141*8
14158
141% 142% 140*4 141*2
142 1427g 142*4 143
26
J ’ly 1
A m erican W oolen____100 Vi
Last Sale 34 Nov’10
♦ __ 34% *34
*32*2 33% 94%
34%
J ly 1
00
94% 95 "761 AtlDoGulf p&rei________..1
95
95 96*90*- 07 9534 9034
7
Alch lo
W
I
S
S
L
.100
10
Nov’10
Last Sale
Do p ret__________ 100 16 iVlayi,,
"lOO Boston
19
“ 1 9 " T o" *18*2
*19 2 0
L and_____ . 1 0 4i2 JT y 2 6
Last Sale 5 " July’10
" 2 3 Cum b Telep & T eleg.100 138-2 J ’ly 26
150 *147
*150 ____ 150
♦ 147
148 148
7*8 A pr
ast Hostou L a n d .. .
9
9*s 9*8 400 EEdison
9
9*8 *8
*8
9
9
8*2
E’ee Ilium ___iou ■1239 Ja ’
279*2 238
275 275 274*2 27412 279
275 270 *275
135
J ’ly
15234
153
G
eneral
E
le
c
tric
..
.
1
0
0
254
153*4
154
155 155 893S 89*2
155 155 155 155*2
i0% Feb
897S 91*8 5.960 M assachusettsGasCos" 1 0 0 89
8934 897g
89*4 89*- 89*2 89%
M ay lo
885 Do p ret_________ 1 0 0 214U Ja
95 95*4 94 94
05 95*4 224
95 95*2 95 05*2
il 4
225 *223*2 224
20 M ergenthaler L ino___100
224 224
*224
*224
n 3
534
534 *5*2 6
626 M exican T elephone.. 10 107224 Ja
*534 0
*5% 1 1 26 1 1 05*2 n o6
22
111 112 *110
112
63 N E C otton Y arn____100 99*2 Sep
112
112
*110
Aug
Do
pref__________
too
111
5
*108 111
*108 1 1 1 *108
111
111
111
*110
AUg U
264 N E T elephone______ loo 1294J*2 Ale
137
137 137 13534 136
135% 135*2 *135 136 95130 Oct’lO
11 ..
Pacific C oast P o w e r ..100 153 J ’ne.ju
t Sale
*96 . . .
*90
*9312 ___
an Co__________ 100 11*4 J a a lo
160 lflS j 100l2 107
160 167 165 106 165 106 *363 Pullm
Reeco H u tto n -H o le .. 10 100
48 Sw
12*2
13
12U 1212 *12 12*4 *1 2
*12
I 2 I4 1 2 t4
il .4
ift & Co........................100 28 Ja
10314 103% 103 103*8 103*4 1033g 420 Jo rrln
10334 10334 103U IO384
n _____________25 2/ JMa cbJo
90 Do g topref___________
30 30
2934 30 *30 31
*30 31 *29 31
2o 105*2 Ja nn lo
27
2
*___ 27 *___ 27 1
*27 28
28 28
1,041 U nited F ru it_____ ...1 0 0 4 0 4 J 'ly 16
183 184 18212 18334 184 184
183% 18-1 183 184
Mach C orp._ 25
5534 824 UnDoShoep re
55
5514 5534 55 55
55 55
55% 55>8
t___________ 25 26*4 J ’ly 9
272 U S Steel C orp________100
29
29 29*4 2834 251,1 29
29 29 *29 2914
nag J ’ly 2 0
32.421
76*8
73%
78*8
77*8
78*2 8 U
8034 81% 8034 8 D4
pret__________ 100 m14 FJ ’ly
118 W Do
118*4 119 1107g 117*4 11078 117%
*118 I I 8 I2 *11734 11812
1.
1.7% 92 est Telep <& Teleg__100 8 1 Aeb
17 17 *17
17 18
18 18 *17 18
ug 15
40 Do p re t__________ 100
91
*90 0 1 *90 91 *90
90 90 *90 91
Alining
8
380 \d v e n tu re Con______ 25
*8% 8% 8% 8*2 8
87* 8% 834 834
11
475 -Mgomah M ining............... 25
11 11% 10*2 10% 11
III 4 1 1 % 1 1 % III 4
44 44 44% 44% 470 U louez________________ 25
46 46
40 46% 40 46
67% 68% 10,189 m algam ated Copper 100
69 70% 66% 69
70% 7Ui 71 7112
29 29% 281- 28% 2834 29 3,413 Atu iilnc Lead & Sm__ 25
28% 29*8 29 29%
n a c o n d a _____________25
Last Sale 43 Nov’10
17*2 1734 17 17*2 17*4 17*2 l"089 irlzona C om m ercial. 25
18 18% 18% 18*2
8
8
712 8 *712 8
220 A tla n tic ______________ 25
8%
8*2
*8 * 2 9
10
.50
.50 .50
.50 270 Bonanza Dev C o____
.59 .59
Mg 5
'l7 f 2 "1734 1034 17*2 17
17*2 1,250 Bos&CorbCop&SIl
17% 18 *1734 18
alalflava C o p. 10
4's 5 4 15-16 5
1.255 BB uutte-U
41- 473 478 47g
tte C oalition______ 15
2 0 -a 21*4
20*4 20*4 ‘ 26*4
2,225 alum
21
21*4 2 1 2 1 %
et & A riz o n a .. 10
57 58% 56*8 57 57
57 1,142 CJaium
50 57
57*2 0 0
& H ecia____ 25
*560 575 560 300 *560 570
23 O e u te ct
*560 505 565 505
u u la l..__________ 25
21
21% 19 19
19% 19% 317
21*4 21*4 * 2 1 % 2 2 *M ercur G old____ 1
.06 *.05
.06 500 Cons
* .05 .07 .05
.07 .07 * .05 .08
R ange Con Co 100
71*2 71
71
713 Copper
71*2 71% 70*4
71*- 72
71 71%
4
4 *3
4
4
4
140 D aly-W est__________ - 20
4
*3% 4% 4
1 084
11% 1014 10*4 10% 11% 10.501 E ast B u tte Cop M in._ 10
934 934 1 0 1 0 %
Elm R iver__________ - 12
700 Franklin
.15 .15 .15 .15
___________ _ 25
11% 113g
160
12
12
* 1 173S
*2 T Y "
* 11 *2 1 2
733 7*? 4,260 G iroux C onsolidated. 6
73.1
7% 7*2 43%
7% 8
73i 7%
46 2,575 G ranby C onsolidated. 100
43 45%
47 48
41 42
42*- 49
7% 7-8 7% 8 4,642 G reene C anan ea_____ 20
7% 7% 7% 8
73.S 8
27
27
725 H ancock C onsolidated 25
26*2 28
273i 28
27% 27% 28 28
2
2
595 ielvetia C opper_____ 25
2
*F% 2
2
1% l 15-16 2
1%
In dian a M ining_____ _ 25
15*2 15*2 1,052 Isle
10%
10
15 15% 15 15 21%
1 0 *10
Royale C o p p e r.. 25
21% 706
2U- 22
21*2 22
* 2 2 * 2 23 *2 2 * 4 23
err L ake__________ 5
634 634 6 % 6 % 6 *2 6% 839 KKeweenaw
G*2 40*2 *6*2 C-%
C o p p e r ... 25
334 3% *3% 3%
20
*3% 4
*3*4 40
*3*2 4
391- 3,810 Lake Copper Co_____20
40
39 40 38*2 39*2 39%
539*2 40
Salle C opper_____ 25
10
10*8 675 La
11
11
11
10*2 11
11*4 113g 1 1 %
Mass Consol_________ 25 .35 O ct 21
9*2 9
9
45 May
9% *9
*9
9%
9
9 *9
dower _________ 25
.50 *.40
.50
♦ .40 .50 * .40 — *
* .40 .50 *.40
tl
.04
. 04 *825 Mexico Cons M & S . . 10 .(41 7 Nj o*yv 18
.05 .05
19% 19% 150 Miami C opper________
20
* 2 0 '.( 2 05 %% * 2 0 * 8 2 0 %
20 *19*2 20 _____
3*8
J'iy
*M
ichigan______________
25
_____
605
5
4% 47g
5
*5
5*2
5*51
19 M ohawg_______________ 20 4 3 j iy 2 0
*50 51% *50 52 *50
50 51*2 503., 50%
evada C o nsolidated. 5
21%
21
21% 20 20% 20*2 20*- 2,286 NNew
21*4
21% 21%
A rcadian C opper 25
53g 53g 5*4 5*5*4 5% 5*8 5*8 *5
6% 525
10% 11
10%
10% 1,020 Nlpissing M ines____ 5
11
11
11
11
11
11*8
353g 30% 18,032 N orth B u tte__________ 15
35*4 36
35*?
34*2
351- 35% 35*2 36%
8% 8*2 8*2 8*2 81- 855 N orth I-ake_____ ______25
8%
8*8
8%
O Jibway M in in g ..... 25
8
8
*734 8
1. . 8 * 2 88 %% s%
8
115 Old
Colony___________ 25
•5C *.50
.50 .50 .50
.60 900 Old
.50 .50 * .50 . 0 08*4
inion Co____25
42 42 42
43 43
535 o s c eDom
42
43 43
43 43
o la _____________ 25
131% 131*2 119
*130 132 131 131% *__
133 133 *132 135
t Sliver & C op. 10
111150 Pjuarro
*14% 15 1434 1134
14 1134 *_*14_ _____ *
78
5 lu c y ______________ 25
78
>__ 80 *78
78 78
3,243 Ray Consol C o p p e r.. 10
20
203g 203S 19% 2 0 % *19%
203, 21
2 1 ** 2 1 %
1%
13,
Santa Fe Gold & Cop 10
150
1
%
♦
1*2
1
%
*H1*2
* 1*2 1 %
1%
13 13% 13% 13% 2,395 S h a n n o n ______________ 10
14 14
14 14
14
1%
1%
* 11«> 14*8
1 % 1.255 South U tah M & S ___
1 0 -16 1 %
13.,
1%
1%
*112
52- 62
355 su p erio r______________ 25
*51*2 52*2 *51 62
53
63% 523., 53
8
7% 7% 7% 7% 725 S u p erio r* Boston Min 10
8
8
7%
7% 8
14% 14% 14% 14% 6,944 S u penor& P ltts C o pp. 10
14'g 15% 15 15%
14*2 14*- * _____
58 *58
60
50 T a m a ra c k _____________25
60 60
♦ 01 02 *00 61
5*2 5*- 534 534 407 T rinity_______________ 25
6
6
534 6*4 0 6
Las Sale 41 Oct’lO
U ultedStatesCoal& O ll 25
36% 37 4,604 U S Sm elt Ref & Ittn . 50
*38" 39*2 36% 39
39% 40% 39*2 40
48
48 1,518 Do p ret____________50
48*2 48% 48% 49
4834 48% 48% 48%
3% 1,100 U tah-A pex M ining___
3*2 3% 3% 253
*33* 3% * 3*4 3%
25 1,467 U tah C onsolidated___
253*2 26*8 24% 25 _____
2 5 1 - 25%
25*2 26
503g 503* *4834 49%
145 U tah Copper C o . . . . . 10
60% 50*- 5034 5034
234 2% 2 % 2% _____
195 V ictoria ______________ 25
3
*21 •> 3
3
10
10
9*2 9*2 934 9% 225 W in o n a _______________ 25
*934
10% 9% 10
*131 131% *125 130 125 123
16 W o lverin e_____________25
*130 132 *130 133
975 W vandot
2
* 1% 2
1%
2 *8
2
1%
2*8 2*8 2*3
« listacs p av ’i jc .u aes,'w called in 19JJ ' UiJ a n d a sa ed prices. 1 .lew sto cz. e Ass’t paid, o E t-sto cn Oiv. . n Ex rigots. a
Range for Previous Yea
(1909)
11ighesl
140
190
200
20
4 % O ct
1 0 *2 May
‘ " j l 'J a n
05 Feb
23 Mch
38*8 Feb
30 Feb
8
J *y
45 Feb
17‘s J'iy
8
Sep
21% Feb
90*4 May
685 Feb
29 Feb
10 J ne
08 '2 Feb
7 % May
7*2 Feb
1 Out
13 Feb
7% J 'ne
90 Feu
9 Feb
8*4 Sep
6 *2 Dee
33 *4 Fob
22 *8 Apr
9 % Aug
7*2
A pr r7%
Deo
2i-> Mav
10 " Ja n 74*4 Deo
19*8 Doc
10%
J'*y
18*4 May
4*4 Mob
1 Deo
30
A pr
3*2 A pr
0 N ov
12% Feb 28*g Deo
634 O ct 13% Mch
*67% J ly 70*s Ja n
10*2 Feb 30 Nov
3 *2 Nov
8 % Dao
9% O ct 13 Sep
47 Dec 85*4 J an
4 *2 Mch
11% Aug
6% Nov Ml- Deo
.40 J ne 90 Doc
47*4 Feb 59 Aug
122 Feb 170 Dec
19 Deo 30*4 J ’no
83 Dec 9 9 J an
1*2 Nov ‘"" 2 % Ja il
13i2 Feb 17% Ja n
18*2
90
E x-dlv. and
J’iy
Feb
SToy. 12 1910.]
Boston Bond Record
1319
U 9A 9S
^j
Ween’s 123 /canoe
/T ice
1yeeK’s
i’b o Lange
BOSTON STOCK K X C il’G E £ C /Yr iidicea y
Range or
Since
Friday
/canoe or ■ g o j Since
W bkk E nuinu n o v 11 I
Last Sale
'January I
A ov II
f.ast sale cc /3 J a n u a ry 1
Bov 11
ASIC Low m y h \ h a Low H igh
/Hu
hsu Lou.
/iiy fl e\0 Lou m g h
Am A grloul Chem 1st 6 s.. 1928 A-O
192 1 0 2 * 4
108 Illinois ste e l debeu 6 s ___1913 A-O Rio
190*8 109*2 9 90*2 101
Am i emu As re , eon u i a . 1 9 2 0 j - j 01 Sale 9978 91 70 100*4
89 93 *4 la F a lls * Sioux C is t 7 s.. 1917 A-O 1 0 0 * 8 00.1 117
A p r’08
C onvertible 4s....................1930 M-s 194*2 105-j l()4n8 I *'5 *8
99*2 1**0 K an C Clin & Spr 1st 5 s ... 1925 A O
i'3>* Alar’10
03*8 07
Am W rit Bauer 1st s 16s g 1919 J . J
87 *>« Sop ’ 1 0
1-7*4 87*»4 K a n e Ft S ok G ull e x t a s .. 1911 j -D
99*4 F e b ’ l jj _ 9U34 9934
A m Zinc Is & S <lob O s.... 19i M-N 116 sale 114
i 15
97 115 Kan C F t S cott ib A1 Os 1928 M-N 116E
1 1 0 -4
■ 0 ’r' 3 113 118
A nz Com Cop 1st c o n r Os 1U2<' j d 1*2
03
92Sj
93
-4
K
an
O
4\l & B geu 4 s...........1934 M-S
89
94
ct ’ 0
1 02*2 03-j
A ten Top <b s Fo Ken g 4S..1095 a -O » a.38 08*4 98 *2 98*2
98 101 **8 A ssented incom e a s .........1934 M-S ......... 93S, 9939 NO ov’lO
90 02
A djustm ent, a 4»___J'ly 1996 Nov 99 01 91 >8 N ov’ *0
83*2 1*4. K an c ib M B y * B r 1st 581929 a -O 102*2 103 192S 102*2, i 1102
103
S ta m p o il.................J ’ly 1995 M-N 00 01 92-4 Sop 10
92*2
94*>b
M
aine
C
ent
cons
1st
7s.
..1912
A-O
113
v,
X
ov’06
—
60-year con v 4s.............. 1955 J-D
.......... •••••«
102*2
lOtS,
J
’ly
TO
Cons
1st
4
s
.........................
1912
A-O
102-4
101
*4 Sep ’no
10-year conv 6 s ........... 1917 J-D
117*2
1*117 Si 1 17Sj M aro Hough<Ss O nt 1 s t Os. 1925 A-O
115 J ’ne’98
A tl G ull & W l 88 D ines5s .’59 j - j 6 6 -j S ait" 00*2 b’e o07’io*4 __
12
73 A la s s G a s 4 E s ........................,, 1-29 j j
99 *4 100 | *19 r » r i'oo*’
Boston E lect D Cousoi on .1924 Al-S
110
Ai
icii
T
e
le
p
ls
t
6 s ................J l9 l7 J- J
b'eb’04
97 A ng’10; ---- 1 9 7 99*8
Boston tb Doweii 4s............1910 J - J ......................! 100*4 AIar’09
M lnne Geu E lec con g 6 s 1929 j . J
102
*2 -Aug ' 0 4
_
Boston a M aine 4 E s..........1944 J - J
N
ew
E
ng
Cot
Yarn
5s___
Oct
’08
1929
F-A
104*2
191
-4
102 I 14 100‘s 105
100*4
102
Boston T erm inal lot 3*28.1947 F-A
N ew E ng 'Teleph a s.............1915 A-O
1 1 2 * 2 Ja n ’03',
102
F e b '09
B ur ib Mo Biv cons 6s .. .1018 J - J
103 b e b ’10
103 103
.......................................1910
A-O
1 0 0 *2 sop ’08
B u tte ib Boston 1 st Os___1917 A-O
100 J ’ne’011
N ew E n c a n a cons g 5 s... 1945 J . J
B u tte E lec& P o w Ia tg 5 s .l9 5 1 j-D
Boston T erm 1st 4 s......... 1 9 3 - 1 a -O
Cedar Kap ib Alo K 1st i s . 1910 M-N
113-4 114 N ew liiv e r (Tito) conv os. 1934 J . J
113-j Jlav’10
75 Oct 10
70 79*8
C ent Vermt. 1st g 4 s .. AlaylO'29 y -F "87*4 SalV" 87 *g 87 ‘4 " 1 6 85 8 8 N Y N H <b 11 COU deu 3-j8lS*aO j- J
lO 1 *8 N ov’10
90 7b 102
O U * n Iow a Div 1st 6 s .l9 l9 A-O
Conv deu Os (C tls)..........1943 J J
103 Oct ’07
O ct Id
131 136
lo w a D iv 1st 4 s .................1919 A-O
98 *2 V*8 *2 i Old Colony gold 4 s ...............1924 F-A 133*2 134-4 134-**
98-4
J
’ne’tO
10 a A p r’99
D ebenture 6 s......................1913 M-N
1 0 1 *2 1 0 1 34 1 O reg Ky 34 N av con g 4 s ..1940 J-D
101 '< A lar’10
98 7s Sep ’09
99*al00 O reg 8 I1 Dine 1st g Os........1922 F-A
D enver E xton 4s.............. 1922 F-A "09*4 i ’0’6 " 90S. N ov’10
113*8 A ug’10 . .. 11378 116E
99 99:<tj P e re M arqu ette deb g Os.. 19 1 2 J . J
N ebraska E x te u 4 s .........1927 M-N
99 M ur’ 10
99 M ar’ljl
98*a 99
B epuo Vuney 1st s 1 Os. ..1919 J - J 1 0 2 * 8 .
B <*> 8 W s t 4s...................1921 M-S
99 (let '09
103 *» Sep t o ; . .. 103*8
103*8
Illinois D iv 3E »................ 1949: J - J
87 7s Sep TO
80a* 83*4! Itutlann 1st con gen 4*23.1941 J - J
107-4
’05
Ohio j o By & sti; Tus 5s .19 16; j - J 191 Sale 1 0 1
,o l " 5 1 0 0 1 0 l 34, liullaud-C anadian 1 s t4s 1949 J - J
102
Alai’92
Coll tru s t reium ling g 4f>1940 A-O
89 92 7g S avannah Elec 1st cons a s.1952 J-J
90S, O ct TO
A p r’l J* ....'• 78*2 78E
Oh M il ib 8 t P D ub D O s..1929 J - J
llo
S i 115^ S eattle Elec 1st g a s ...........1939 F-A 103-j 106 1038*2-4 Sep
15 Si J a n TO
TO ,..... 103 104*4
.....................
Oh M <fc 8 t T VVla V div 0sl929 J - J
Shannon-A nz 1st g Os___ 1919 Al-N
20
b'eD’05
05
a7 I 6 j 88 110
Chic so No Mien 1st ,«,u as. 1931 M-N 99 101 99 O ct TO ;;;; 9 9 1 0 0 - 4 T erre u a u te ivleo - o s___ 1929 J -J
91
A
pr
97'.
Ohio ib W Alien gen 6s___1921 J -D 101 102 102 O ct TO
T orring ton 1st g 6 s .............1918 M-S
1003, M a r 1 d I” 1 0 0 *4’ 1 0 0 * 4
!! t 109 104 U nion Pao H it <b 1 gr g 4s. 1947 J - J
Concord <b Alont cons 4s.,19 2b J-D
01 D eo’07 ___j
IO
I
-4 O ct TO . ...jl 99*8 101*2
Coun <fc Pass It 1st g 4 s . . . i 9»3 A-O
zO -yearconv 4 s........................... 1927 J . J
t, O ct TO , ... lo 4 7g 109*>g
Cudahy PaoK(Tho)lst.!-; 5s HD 4 M-N
U nited F ru it g e n s I 4 S s . 1923 J . J 97 *4 sa)6 194'
" Illj
97*4 9 7*2 5 95*4 97-j
C u rren t ttiver i s i o a ..........t920 A-O
90 99 U S Coal <fc Oil 1st s 1 Os.. 1938 M N 104
A D r’10
170
165
135 I 6 145 166
D e tG rK ap ifc W 1st 4 s ... 1940 A-O 88 0 6 I
89 90 U S Steel Oorp iu-OOyr 5s. 1903 Al-N
Alar’10
104*8 O ct TO . ... 101*2 105*2
Dominion Coal 1st a 1 6 s ..1940 M-N 98 o s v
96*2 0634 W est E ud S tree t Ky 4s___ 1915 F-A
98
*»
J
’ly
’ ,0 .
97 98*»
ffiteuburg 4 s .........................1916 M-8
Gold 4*23.........................................1914 M-S
101->4 1 ne’UO
.............. Gold deoonturo 4s.............1910 M-N
4 s ...........................................1927 M-S ...................... 90 A p r’Od!
98 *g A pt’i )
9 8 -j 99*8
From t E lk ib Alo V 1st Os..1933 A-O ....................... 133 Alar’09
Gold 4s.............................................1917 F-A
98 O ct TO
97 99
U nstam ped 1st Os............1933 A-O .................... 140 A p r’06’
W estern T eleph & T el 6 s .1932 J . J
98
9 8 *2 !
94*2 99
G t N or C 11 ib y coll tr 4s 1921: J - J 9.i°s sale I 95®g 00 1 0 1 94‘ t 97 *« Wisconsm C ent 1st gen 4sl949 J • j 98 -j Sale U4**8
J
a
u
’iol,
94 **8 94 E
U e g istered 4 s......................1921|Q -J | 95**b.......... OdSiNov’lO ...J 0 4 -4 06*2
N o ra —B uyer pays aooruod in te re st in add ition to tho purchase price lor all B oston Bonds. " N o price F rid ay ; la te st bid and asked. J] F la t price.
BOSTON STUCK f.X C H 'iii.
W eek kndini, N ov 11
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
sh are Prices—Not Per Centum Prices
M onday
N ov 7
Kanqe Since
tiange tor Nreviou*
Sales
A C T IV E S T O C K S
Jan 1
y e a r (1909)
) the (d o r B onds and, Inactive
Week
Stoc/cs see oetowj
Shares
Lowest I H ighest
U uiliuiui-e
*62 64
(Con. G as Eh D. P ow .100 46 Alar21 62 Oct 18 30 M ai 48 DCS
*90 93
Do
.p re l..................... 100 sO A la rll 90 J ’ly 14 76 M ar' 89 May
*126 126 E
97 N o rth ern C e n tra l........... 50 115 Ju u . 132
l*eb28 199 Ja n 121 *2 Deo
*10 *2 HO Hi
Seaboard (new )................. 1 0 0 J a ^ J ’ly J'J 27*4 Ja
1 1*»4 Feb
28*4 Deo
*41 4 3
Do 2d p re t................1U0 40 O ct 17 47 sailn 8o 22**4
beb 48 Deo
‘ 14*2 16
U nited Ky * E lec tric.. 50 lJ ^ M a y 3 15*2 J ’ly 1 6 *j 34 Feb
14*2 Deo
P h ila d e lp h ia
25 25 ‘ 23*2 24*2 *24 25
24 A m erican C em en t........... 50 17-.S ep 19 28 J a n 3 26 Dec 43 Ja n
4234 42**4 *42 E 43
43 43
16 A m erican Had w ays___ oO 413, J i y j i 60 Jail 0 44*8 J ’ly 48 Deo
43 43
4 2 :is 40S4 *4234 43 E
C am bria S te e l.................. 50 4U*4J’ly26
*2 Ja n id
Deo
's Feu
I t 3. ll**4 ♦ 11 *>8 n 7» l l 3i 113, ISO E iec tn o Co ol A m erica 1 0 I t -4 J ’ly z 9 53
12 *2 Jan 11 * 32
1 9 *6 Ja n 12*» J ’ly
48-4 47 48 E 47 47
•170 E lec Storage B a tte ry .. jo O 42 j ’n ejb 64
48
E
-4 A larll
43
J
an
63
*2 J 'ly
32 32 -4 30 7tj 32
3t*4 3 1 *4 2,466
tr c t i s ____luo 19*4 J ’ly 2 o 34*8 Ja n 29 15 -2 Ja n 3 3 * 4 Deo
70 (9 E 7 s 34 7834 737 o e uDoA spiialt
iV *4 80
pret tr c tf s ____1UU 64 j iy 2b c4 *4 -j an 19 63
juu
Deo
0-4 *aE 0 E *9 1 6
K
eystone
T
eio
plm ue... 50 7 J ’ly 0
io| 9 *2 j an 84*2
16
A pr
26 *2 2534 25 26 *4 25 25 1 . 6 UU lam e su p e rio r C orp___xuu 1 a -4 J no io 2138 4 »an
dan 3 14 *4 Jan 33
7g May
9 0 *3 03S 03*4 0334 933i 9334 160 Denigli o & N av tro lls . 6 0 8 6 J ’uc3d 123
J a n 7i
J a n 125 *2 Deo
8b
8 6 -8
83a4 87 E 8 6 87*4 5U l8d D elugh V alley................... 6 b 6 2 - 4 J ’ly 4,7 1 *4 Alarloj 96
se p
6 1**» 64 *8 6483 65 1,288 P enn sylv an ia l i l t ........... 50 Sl**ie J ’iy 2 o 12
6 l 7e 65*4
69d16 ar 9 6 / b’«b 113
75 'g Sep
46
45
44*i 44 E 44- h 44*4 1,033 Plidadelp’a U o (P ittso i. 69 4z J ’neJo u3*4dan 8 1 4639 **82 Feb
Feu
51
7»
15*4 15 E 15^ 16 E I 6 :,s 15 E 4,077 P hiladelphia E lectric||. 25 J l 3 7s *'eo 3 16*4 .uar 18' 11 *4 Feb 14 *a De*
16*8 16
16*4 Ur’s 16*8 16*4 8 , 0 1 b Phlla H apul T r a n s it. .. 59 i5 A pr*x 2 3 -i an 3 24*8 Ja n 36 *2 ADeo
pr
76 ■n 74**io 75
E 7 i *3,6 75 E 8 , 6 6 d H e ad in g ...................
6u
0 6 -4 J’iy2b 8 6 b eo Isl
b ob 86 *4 Sep
8**8
8 :*f,
8*4 2 , 0 . - 6 Touopali M ining .......... 1.......o -4 dan 2 9*18 May x3 596>4*2 Jan
3 i8 M ar
39 40
39 »8 3034 39»*4 39j4
6,141 9 iiiou T ra c tio n ............... 6u 38 O ct 2 4 6 2-*4 ,au 3| 69*8 Jan 7*
82 “ 4 83
82*8 82*4 82 E 82*8 1,006 U nited G as Im p t ............. 6 u 79 J ’l y 2 o 95*8 J a n 19, 84®8 Ala} 6958 **28 May
Deo
I’f 1 1 D A D K D P H 1A [ B id A sk
I’ll I DAD E l. I’ll 1A
B id A sk
BA D l’l .11G H E
B id A sk
—
B uilds
Pll & Kean 2d 5s ‘33. A-O
C h arlC ib A 2d 7 s 'io A-U
Con M 7a 1911........J -D
City Si S u b le t 6 s . . ’22 J-D 105 107
E x im p M 4s g ’47.A-U
lo
l
A lt& D V Elec 1 eb '33.F-A 0 2
T erm inal 6 s g 1941.<J-F
Coaii» 1 Ky 1 s t os ’20F-A luo
A m Gas ib Elec 5s'07. b’-A 83 E 833, P W >Se B col tr 4s ’21.J -J 1,6*4
1 0 0 l4 CoDbG ruv Ist6 s.l0 1 6 J -J 1 0 6 too E
Am uy scu u v os 10J.1.J-U .....
P o rtlan d liy 1st as lu30. . ..9 J34
U as 6 s ..1030 J-D 107*4 108
A tl City le t 6 s g '1 9 .M-N
Hoeti Ky<b l.co n 6 s ’6 IJ -J 98. . E. ..... Coi.sol
C tfs ind ebt 4 e s ........J-J
Bergib E B r w 1st Os’21 J -J
S p am su A m i r 6 s '27 J-J 1 0 1 E 1 0 2 Cons
G
E
ib P 4 *s ’35. J -J 90 0 2
Betlile Steel Os 1998.<$-F i"i6 34
U True bud gen 6s’19.J -J
s ’38. A-O 96 E 97
100
Choc ib Me 1st 6 s 1949 J -J
U u Hys T r o ils 4s’49J<&J ......... 75 Fu aa iritibAClia Tisrl -stO
cou os aoJ -J 1,4
104*4
Ch o k & u gen 6 s T 9 J -J io 6 ..... U nited Hys lu v 1st coil tr
Ua
Car
dlA
1st
Os
g ’29 J -J
E 106
8 t as 1926...................M-N
Col S t Ky 1st cou 6 s 1032
eorgia P 1st 6 s . . . ’22 J-J 1104
12
116
Con T racol N J 1st 6 s .’33 i.-3 ...... U T rao P it gen os ’97 J -J ...... .. .. .. ...80. .E. GUaSooa
Fla 1st 6 s 1945J -J
E ib A 1st M 6 s 1920 M-N 106 E . .... W elsoaoh s f os 1930.J-D
.......... (t-B-S Brew 3-4s 1951M-S lo7
Elec ib Peo Tr stk tr oils 8 6 ......... W lka-B GifcKconos’ooJ-J . .80
. . . . ...... 2d incom e 6 s 1961 Al-N 437 439 E
Eq It Gas-D 1st g 6 s 1028 106 E .....
UA DTi.m ntE
Knoxv True 1st 6 s ’28A-U
Indianapolis Ky 4s. 1933
In a c tiv e S lo clis
E akolt El 1st gu 6s’42M-S 11 00 82 * 4 106
I09»4
In te rsta te 4s 1943 ..F -A 50
A la Cons Coalib Itou.lU U
P r e t ............................... 199
D elugh N av 4 E s T 4.Q -J .......... ..........
M
em
pius
s
t
1st
5s’45
jJ
97
.......... Atlanta<fe C h arlo tte ..lo u
K Bs 4s g ........1914.< 4 -F
G en M 4 Es g .l9 2 4 .y -F
A tlau Coast D (Couu)199
Alt Ver Cot D uca 1st 6 s. 74
E•
E
Dell V C 1st 6 s g ’3 3 ..J-J i V6 ** ......... C anton Co......................lo o 234"
110
122 E N pt NifcU P 1st 6s’38 M-N 03 1 74
00 "
Dell V ext 4s 1st 1948.J-D
Cons Cot DucK C o rp ...69 0
N
o rib P o rT r ,« t5 s ’56J-D
5
E
2d 7s 1910.................M-S
P re lo rre d ..................... 5 9 19 2 0 N oriuut » l 1 st 6 s ’4 4 ..J J lo8 26 34 83 E
118 G e o rg ia s o u d z F l a . . . 199 .......... ...... N o rtu c e n t 4 Es 1926 a -u luo 1U7E
Cousoi 6 s 1023........J-D
A n n u ity 6 s ............... J-D 117*4 .....
1 st p re l........................loo
93 06
se ries A 6 s 19 26 ....J -J 1 1 0
G en eons 4s 2 0 03 .M-N 0 1E
2d p r o f......................... 109 .......... ____
Series B os 1926___J-J 1 1 0 11 11 11
Dell V T ran eon 4s'36J-D
G-B-S B rew in g............109
2
P
itt
Uu T ra c o a 1097.J-J 1 0 1
•E
i"o"i"
1st series B 6 s , 936.-M-s
B onds
Polo Vai 1st 5s 19 41 ..J-J 107 104
N ew c o u u a s os 1048 J-D
Trices are a ll “ an d
Sav
Fla
& W est 6 s ’34 A-O 107
N ew ark Pass cou os 1930 ______
interest.”
ib ltoan 5s 1926.J-J 105 106
N Y Pll ib No 1st 4s ’39 J -J
90 A nacostia & P o t 5s............ 100 E 1 0 1 Scab
Soulii
Bound
1st 5s..A -O
E 106 E
Incom e 4s 1939...M -N --T
T
V
,
A tl C oast D (Ct)ctfs os J-1> . . . . . .
U El DAfeP 1st 4 E s’29 Al-N 104
00
02 "
N oO luo’T rac oouds’lU.J -J ____
C tls ot indobt 48........1-J ......... ... . . . U u liy <fc El 1st 4s ’49 M - 8 84*4
8 1 E
R enn Cons 5s 1919 .. Vai 1 0 ? 108 E 6 - 2 0 y r 4s 1925..........J-J ......... ____ incom e 4s 1949.........J-D 6 2 », 63
B a ltC P a ss 1st 6 k ’l l M-N loo 1 0 0 * 8 F u ndin g 6 a 19JO ...J-D 84 E 85
Pa ib N' Y Can 6 s ’39. A O ..... ..... B alt F u ndg 6 s .1916 M-N 104
105 Va M id 2d scr 6 s *11.M - 8 1 U0 E 1 0 0 * 4
. .. . . . ........ E xchang e 3 -is 1930 J -J 93 94
3d se n e s 6 s 1916..At-8 1 0 2
P e n n ste e l 1 st 5s T 7 M-N
Balt ifc P 1st 6 s m 1 ’l l A-O lo u E
4th ser 3-4-os 1921.M-8 1 0 2
Peoplo’a T r tr c erts 4s '43
1 s t4 -4 S ’63F-A
02
E 5th series 6 s 1926. At- 8 103
P Co lstib cm tr 6s’49 M-S 1 0 2 102 E BB SaltL ’TibO
rao l s t o s . . ’29 Al-N 10534 1 92
0 0 E Va (State) 3s n e w ’32.J-J
86
Coiiib col tr 6 s 1961 M-N
E 0134 N o B all D iv 6 s 1942 J -D 1 1 0 1 1 1 | F u nd debt 2-3s 1991. J -J 84
84 8 6
P h il Elec gold tru st ctfs 1 04
0102
C eut’1 H ycou5sl932 M-N 105 ..........1 \\ eat N C cou 6 s 1914 J -J 104
106
T ru st certifa 4 s............... 76 E 1 70
W esVaCifeP lstH g ’n J_r
E E x tib Im p Os. 1932 M S
P ib E gen 61 6 g ’20. A-ij lo7 E
C h asC ity iiy is t6 s '2 3 J-J 1 0 0
Geu At 4s g 1020..AibO 100*4
Chas liy G ib El 6 s ’99 M-S 94 08 1 WU ib W eld 6S ..10 35 .J-J 1 1 0 i l a
11 E x -rl-h ts. II $15 paid, t $12*4 paid. ) $13*2 paid, i $35 paid, a R eceipts. 6 $25 paid, c $30 paid. d $ 42 *9 paid.
Tuesday | W ednesday T h u rsd a y
Nov 9
Nov 3
Nov 111
:
•
•
126*S 126**8 135*4 125E
12D*»4 1 26j4
20*2 It_____ 20*a
•
*41 *2 43-4
•
143.
•14*4 1 $ ’4 *14*4 14*4
Sa tu rd a y
Nov 5
24 24
*23*4
*4234 43 *4234 43
P
4334 4334
44 44
l l 7« *il**b 11*6
•11°8
• 48 48-4 48*4 48-4
M
827e 82*8 33 23
7034 7034
70-4 80
OH
* 8 * 2 0-4
W
25 -4
2 0 's 267s
03 7* 03*8 03’s 03*8
89
fc8l4 89*4
88
J
65 *4 l5a S 6 6 E
C53io 46
J
45 4o *2
46
J
16*4 163s lOAg 15 *2
J
14*» 15-J 15**8 1634
773,6 ‘1 8V*\2 778 * 2 7i °18
8 -4
J
30 393s 39 30-4
8 2 7a 827s ------ * ____
83 83
P ll 1 liA D K I.i’ll IA
771(1 A sic
in a c tiv e n to c u s
A m al A sbestos Corp. 100
P r o le ric d ................... 1 OU
34
A m eucan .M illing........19
__ .
A m ur P ip o.U tg..........100
Bell T elephone (P a). 109
C am bria Iro n ..................oO 44 45
C entral Coal ite Coice. 109
C onsolT rao ot N J ...1 0 0 "7 3 "
E aston C 011 E lectric b.69
FtW aynoittiW V........199
G erm antow n P ass........69 ..... .....
Indianapolis S t............199 ...... ......
Indian a Union T r ___199 ..... .....
Insu ran ce co ot N A .. 19 1 0 7b 2 0
In te r Sm Pow & Chem .50
9 10
K eystouo T elephone ..5 0
P re lo rre d ......................59
Key stone W atcliCase.llH) .......... .........
6
4
Leli V ail T ran v t o . ..5 0
P referred v l c .i ........00 1 0 * 2 16
L it B ro th ers....................19
L ittle S chuylkill............50
M inohill & Schuyl H ..6 0 6134
N H aven iro n Jfc s te e l.5
Jl
N ortliern C e n tra l..........69 125 126
N orth P e n n sy lv an ia ..59
.........
P cnu syl H it receip ts.
Penn sylv an ia s a lt........60 iV o"
Penn sylv an ia .»ieel..l00
P ro le rre il....................109 104 E
Philu Co (P u ts) p re t...69 41E 42
160
Phil G orm an * N orris.
Phila T ra c tio n ................60 80 81 *.
B allw ays G eneral........10 1 0 1 1
Susquoit Iron <b S te e l..6
T idew ater Stool............Id ......... ..........
P r e ttr r o d ...................... 1 0
.....
U nion T r ot 1ml..........loo
. . . 243
U nited N J HHdi>C..109 . ......
42 E
U nit T rue P u ts p re i . , 6 0
W arw ick lron<b S teel. 10 1 0 1 0**4
W elshaoliC o..................109 38 43
W est Je ise y <& S eaS h.60 63 64
W estm oreland Coal....6 9
W ilkes G as ib K loo ..l09
•B id and asked; no salos on th is day.
dY idav
Nov 11
0
j
T H E CH RONICLE
1330
[Y o l . LXXXXl
limest merit and Railroad Intelligence.
K A ILK O A D GKOSS EARNINGS.
The following tabic shows the gross earnings of every STEAM railroad from which regular weekly or monthly retuing
Ban be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period
The returns of the electric railw ays are brought together separately on a subsequent page.
ROADS
Ju ly 1 to Latest Date.
Latest Gross Earnings.
Week or Current Previous Current Previous
Year.
Year.
Year.
M onth.
Year.
Ala N O A T ex Pac
N O A N or E a s t. O ctober . . 295,938 335,826 1,159,559 1,125,792
A la & V icksburg. O ctober _ . 169,190 164,777 605.423 555,014
479,785
Vicks Shrcv & P . O ctober . . 134,620 137,773 519,033
23,870
17,414
Ala T cnn A N o rth . S eptem ber
8,303
6,153
25,434,887
A tch T opeka & S Fc S eptem ber 9,068,441 8,732,776 6,159,339
898,613 832,109
A tla n ta I31rm & A tl 4 th w k O ct 70,608 76,593 6,464,588
5,830,732
A tlantic Coast Line S eptem ber 2,246,774 2,173,130
22,077.892
g B altim ore A Ohio S eptem b er 8,417,835 7,933,581 24,515,627
280,909
13 A O Oil T er lil t S eptem ber 136,345 95,403 407,932
B angor & A roostook S eptem ber 283,016 249,332 726,400 694,467
22,278
14,375
Bellefonte C entral— S eptem ber
8,364
5,801 12,130,57
< 11,658,8
19
B oston A M aine__ S eptem ber 4,176,981 3,983,948
16,022
15,353
B ridgeton & Saco R S eptem ber
4,750
4,389 3,621,285
BuH Roch A P lttsb . 1st wk N ov 193,873 187,020 391,432 3,444,469
426,793
Buffalo A S u sq____A ugust . . .
201,707 224,788
C anadian N o rth e rn . 1st wk Nov 357,200 340,300 5.583.000 4,451,900
34,687,193
C anadian P acific__ 1st wk N ov 2,267,000 2,11.1,000 39,850,760
C entral ot G e o rg ia .. 4 th wk O ct 391,100 413,600 4,293,251 4,056,835
C entral of New .fer. S eptem ber 2,416,702 2,2 28,7lo 7,227,399 6,722,006
C entral V e rm o n t... S eptem ber 376,619 349,338 1,000,435 1,018,112
23,981,
20,307
C h attan oog a S o u th . 4tn w kSept
|,4 4 o
‘-.030
11,366,527 10,491,828
Chcs & Ohio L ines. 4th wk O ct 898,606
5,513,758 5,127.184
Chicago A A lto n ... 1 st w k Nov 278,190 232,ol4 23,819,678
22,533,348
Chic B url & Q uincy S eptem ber 8.395,260 7,806,73,
pChlo G reat W est— 4 th w k O ct 323,121 262,531 4,425,307 3,974,404
Chic Ind A L o u lsv . 4 th w k O ct 17o,551 171,3o3 2,250,760 2,082,657
Ghio Tn<l A S outhern “~Scc New i orlc Lcn tr<il.
Chic MU A S t P a u l. S eptem b er 6,504,203 6,287,926 17,844,045 17,057,384
Ch MU A P u g S d . S eptem b er 1,162,399 775,599 3,475,123
19,738,374
Chic A xYorth W est. Septem D er 7,304,835 7,237,348 20,372,017
3,707,217
Chic S t P M A O m . S eptem ber 1,621,007 1,423,223 4,325,777
Cln H am & D ayton S eptem ber 872,257 875,126 2,579,002 2,450,620
Clev Cln Chic A S t L — See New York Cen tral.
Colorado M id la n d .. S eptem ber 195,990 231,323 554,198 623,514
5,685,391
Colorado & S o u th .. 4 th wk O ct 568,890 o57,451 5,983,515
70,733
77,920
C opper R ang e_____ J u l y ______
70,733 77,920
48,218
42,624
13,964
14,633
C o rn w a ll__________ S eptem ber
103,251 113,738
Cornw all A L e b a n .. S eptem ber
30,403 38,156 631,191
C uba R ailro ad _____ S eptem ber 100,880 158,898 5,263,884 484,536
4,867,835
D elaw are A H udson S eptem ber 1,763,208 1,618,919
Del L ack A W e s t.. S eptem ber 3,046,594 2,940,504 9,136,527 8,995,928
8,916,329
D env A Rio G rande 1st wk N ov 498,300 501,000 9,260,458
D enver N W A P a c . 4th w k O ct 30,252 23,850 449,217 409,270
559,574
D et Tol & Iro n t Sys 4th w k O ct 54,931 49,593 736,090
679,887 632,326
A nn A rb o r----------4th w k O ct G?-®38
441,086 448,145
D etroit & M ackinac 1st w k Nov 23,058 22,527 3,594,055
D ul A Iro n R a n g e .. S eptem ber M 38 .6 2 0 l,4o4,173 1,244,024 4,204,335
1,225,719
D ul Sou Sh & A t l .. 4 th w k O ct 92,943 99,087 1,768,244 1,743,579
El Paso & Sou W est S eptem ber . 581.221 5 j 4,405 15,115,959
13,714,456
E rie
____S eptem ber 0,112,170 l,8 7 o ,l/3
6,116
5,619
Fairchild" A N or E . S eptem ber
2,017
1,995
F o nda Jo h n s & Glov S eptem ber
84,185 79,507 277,334 250,468
G eorgia R a ilro a d .. S eptem ber 266,710 268,287 725,925 697,560
G eorgia S outh & Fla —See Sout hern Rail w ay
16,265,155
t o d T n in k S y st. 1st w k N ov 002,420 902,107 10,275,359
2.095,587
G rand T rk W b st. 4th w k O ct 172,766 161,067 1,905,521
662,531 685,876
, D et Gr I la v & Mil 4th w k O ct 71,382 65,041
666.874 725,752
C anada A tla n tic . 4 th wk O ct 7o,139 68,817 17,962,952
GreAt N orthern Syst S eptem ber 6,294,022 6,816,338 315,361 17,689,189
313,859
Gulf & Ship Isla n d . A ugust
i£7,028 2,186.401 1,992,201
H ocking CVenalley------S
5 a m ’ro?
20,612,729 19,294,070
Illinois
tral____Oeptem
ctoberber-- 5,46b,709 o,301,602
3,078,983
In te rn a t A G t N o r. 1st wk Nov 176.000 191,000 3.411.334
2,785,692
a Intero ceanlc M ex. ls tw k Nov 115.790 115.621 2,950,299
1,168,100
Iow a C en tral.............4 th w k O ct 77,819
79,686 1,163,622
577,921 452,207
K anaw h a & M ic h - A ugust . . . 311.725 238,213 2.576.335
2,156,773
K ansas C ity S o u th . S eptem ber 8 f 6 ,o 8 8 73 4 ,loo 658,261 569,374
IC C M ex & O rie n t.. 4 th w k Oct 62,000 0 6 .OOO
8,568,324
L ehigh V alley--------Septem ber 3,010,70o .,887,ooo 9,021,981
133,730 116,526
L exington A E a s t .. S eptem ber
46.398 39,182 Die.
197, 104
Lon"- Island ______ -ep tem b e r T n c .il, 091
323,797
L ouisiana & A rk a n . S eptem ber 129.356 117,648 372.874
317,007 292,254
L oulsv R end & S t L S eptem ber 116.171 105,849 18,204,412
10,924,717
s Loulsv & N a s h v .. lth w k O ct l,o51,69o l,o2o,820
51,184
52,559
M aine
acon C&e Bn ta
irml_____beptem
’ham O ctober
M
ber - 8b0,2.>8 828,413 2,505,211 2,494,157
109,445
120,801
M aryland & P e n n a . S eptem ber
43,964 40,376 2.571.000
2,378,000
a M exican R ailw ay . 3d w k Oct 145,800 134,400
a M exico N or W est- Septem ber 183,87b 103,13b 555,750 288,346
M ichigan C entral —*'ee .N ew \ ork Cen tral
254,111 290,974
M ineral R a n g e ____4 th wk Oct 17,606
24,326 1,939,548
1,8 26,60
M lnneap & S t Louis 4 th w k Oct 110.822 116,906 8,252,690
8,812,285
M inn S t P & S S M \ 4th w k Oct 613,858 782,814
Chicago D lvls.onl
M ississippi C en tral. S eptem ber
79,273 72,17o 230,437 195,991
u Mo K an & T ex as. O ctober . . 3,111,828 2,8o6,104 10,203,852 9,425,146
Mo p ^c & iron 3111
C entral B ra n c h ./ 4th w k Oct 1,527,000 1,581,000 18,590,094 18,160,961
2,781.413
N ashv C h att A S t L S eptem b er 970,828 934,410 2,854,041 19,257.428
a N at R ys of M ex .f. ls tw k Nov 1,126,810 l,0o4,396 22,289,159
152,769 195,290
N cvada-C al-O rcgon 4 th wk Oct 12,660 12,704
18, 111!
18,449
N evada C e n tra l------Septem ber
6,04<:
»>.»<>
312,792
N O G reat N orthern S eptem ber 143,021 10o,979 430,498
566,578 489,700
N O M obile & C hic. W k O ct 29 38,972 34,590 2,739,215
2,432,353
N Y O nt A W estern Septem ber 826,343 713,936
R O A D S.
July 1 to Latest Date.
la te st Gross Earnings.
Week or Current Previous Current Previous
Year.
Year.
Year.
Year.
M onth.
N Y N H A H a r tf .. Septem ber 5,665,765 5,354,172
e N Y C A H ud R iv Septem ber 9,349,556 3,860,782
L ake Shore A M S Septem ber 1,487,125 1,269,028
n L ake E A W est Septem ber 532,663 516,505
Chic Ind A South Septem ber 269,734 282.597
M ichigan C entral. Septem ber 2,634,2 19 2,557,816
Cleve C C A S t L . Septem ber 2,792,529 2,623,288
P eoria A E astern Septem ber 363,304 300,935
C incinnati N o rth . Septem ber 128,886 124,58
P itts A Lake Erie S eptem ber 1,537,471 1,533,378
R u tlan d .................. Septem ber 310,018 301,244
N Y Chic A S t L . Septem ber 936,075 844,017
Toledo A Ohio C. Septem ber 516,2 11 412,076
T o t all lines above Septem ber 23887851 22 0262 18
N Y Susq A W est— Septem ber 303,088 316,219
N orfolk S o u th e rn .. Septem ber 227,880 209,774
N orfolk A W estern. Septem ber 3,220,004 3,033,344
N orthern C entral— Septem ber 1,12 1,819 1,091,510
N orthern Pacific__ Septem ber 6,617,992 7,589,339
Pacific C oast Co___ S eptem ber 753,157 714,352
Penn sylv an ia C o__ Septem ber 5,151,607 4,962,547
<1 P en n — E of 1' A E Septem ber 14267059 13844550
it W est of P A E . Septem ber D ie.476 000
Pere M arq u ette____ Septem ber 1,438,695 1,472,408
Phila B alt A W ash . Septem ber 1,672,090 1,572,890
P ltts Cln Ch A S t L . S eptem ber 3,168,548 2,914,635
12,538 10,800
R aleigh A Southport Septem ber
R eading Com pany
P hila A R eadin g. S eptem ber 3,830,102 3,677,901
Coal A Iron C o .. S eptem ber 2,280,628 2,037,895
T otal b o th cos__ S eptem ber 6,116,730 5,715,790
143,901
Rich F red A Potom S eptem ber 176,133
07,160 85,845
Rio G rande J u u c __ A u g u s t__
18,951
8,674
Rio G rande S o u th _ 4 th w k O ct 6,249,659
5,973,175
R ock Island L in e s.. S eptem ber
105,591 154,407
S t Jo s A G rand Isl. A u g u s t___ 3,761,537
3,636,202
S t Louis A San F ran S eptem ber
Chic A E ast 111— Septem ber 1,072,884 990,607
/ E vans A T er H Septem ber 256,351 220,513
T o tal of all lines. Septem ber 5,090,773 1,847,383
St L R k y M t A P ac. Septem ber 177,848 143,117
S t L ouis S o u th w est. 1st wk Nov 288,525 276,750
San Ped L A A S L . S eptem ber 634,845 055,402
Seaboard A ir L in e.)
A tla n ta A B lrm . I 4 th w k O ct 524,061 497,257
F lorida W Shorej
S o uthern In d ia n a .. A u g u s t___ 169,037 121,207
S outhern Pacltlo Co S eptem ber 11920727 11531003
S o uthern R a ilw a y - 4 th w k O ct 1,745,271 1,608,104
M obile A O hio___ 4th w k Oct 326,094 302,344
Cln N O A T ex P . 4 th w k Oct 260,468 278,501
A la G reat S o u th . 4th wk O et 147,490 144,013
Georgia So A F la . 4th wk O ct 64,057 65,509
348,920
T exas A Paclflc____ 1st wk Nov 355,519
6,748
7,242
T idew ater A W est. S eptem ber
40,926
T oledo Poor A W est 4 th w k Oct 40,193
80,231
Toledo S t L A W est 1st w k Nov 79,578
0,230
6,741
T om blgbec V a lley .. Septem ber 8,309,636
8,100,373
U nion Pacific S y st. Septem ber
803,432
V a n d a lla __________ Septem ber 973,007
V irginia & Sou W est Septem ber 107,181 102,443
W a b a s h ________
1st w k Nov 636,632 608,026
W estern M aryland . A u g u s t___ 702,582 577.598
W Jersey A S e a sh .. Septem ber 71 1,908 622,108
W heeling A L ake V Septem ber 640,041 645,313
32,710 37,270
W rlghtsvllle A T enn Septem ber
Y azoo A Miss V ail. O ctober .. 051,805 1,024,095
Various Fiscal Years.
Ja n
B cllcfontc C entral__________
D elaw are A H ud son------------- Ian
Jan
a M exican R ailw ay_________
Jan
a M exico N orth W estern___
e N Y C entral A H udson R iv er. ran
L ake Shore A M ichigan South Ian
n L ake Erie A W e ste rn _____ Jan
Chicago In dian a A Southern Ian
M ichigan C entral___________ fan
Cleve Cln Chicago A St Louis Ian
Jan
Peoria A E a ste rn _________
Ian
C incinnati N o rth e rn _____
Jan
P ittsb u rg h A L ake E rie ..
R u t l a n d -------------------------Jan
New Y ork Chicago A St Louis Jan
T oledo A Ohio C entral___
T otal all lines______ _____
Jan
N orthern C en tral----------------d P enn— E ast of P lttsb A E ric. Jail
(I W est of P ittsb A E rie_____ ran
P hila B altim ore & W ashington Jail
P lttsb Cln Chicago A S t L ouls. Ian
Rlo G rande Ju n c tio n --------------- Deo
T exas A Pacltlo---------------------- Ja n
W est Jersey A S eashore______ 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
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
S ept
Sept
O ct
Sept
S ept
Sc [it
Sept
S ept
Sept
Sept
Sept
Sept
S ept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
S ept
Aug
Nov
Sept
16,475,341 15,552,160
20,804.142 25,175,649
13,187,251 t2, 186,004
1,307,474 1,404,617
779,575 819,637
7,015,489 7,252,566
7,990,364 7,541,025
974,583 831,983
300,867 331,751
4,670,308 4,452,703
906,770 882,375
2,783,405 2,551,147
1,485,056 1,163,374
60,431,284 04,895,831
010,608 801,991
601,005 633,072
9,200,802 8,507,651
3,220,470 3,115,670
19,123,078 21,198,295
2,337,542 2,271,721
10,269,007 14,007,027
12,023,023 10,305,323
flic.2,102, 800
4,202,848 4.040.438
5,186,295 4,601,695
8,976,118 8,126,021
34,270
36,816
10,888,775 10,280,763
5,680,397 5,415,154
16,575,172 15,695,918
550,070 481,534
186,896 171,365
221,530 147,803
17,659,878 17,366,909
300,813 290,405
10,746,740 10,498,873
3,100,628 2,813,877
753,588 645,349
11,606,965 13,958,099
512,920 420.470
4,360,621 4,050,930
1,898,160 2,118,782
6,474,327 0.026,559
310,390 225,595
,893,657 33,657,218
,304,410 19,100,561
,540,977 3,381,850
,193,084 2.887.012
,512,276 1,285,004
788,094 730,995
,700,700 5,436,551
19,789
21,622
460,557 403,093
,398,254 1,385,309
18,851
21,039
005,765 23,583,841
,795,721 2.391.013
310.068 305.077
,282,054 10,603,930
,337,698 1,122,055
,482,839 2.205.439
068,008 1,851,142
72,626
70,920
,134,760 3,174,137
Current Previous
Year.
Year.
30 $61,553 $43,627
30 14,809,136 14,165,202
21 6,750,000 6,098.900
30 1,624,047 000,095
30 73,774,040 07,749,419
30 30,900,379 32,731,112
30 4,078,355 3,571,958
2,246,321
30 2,705,334 19,842,930
30 21,902,894
30 22,171,632 20,049.047
30 2,500,342 2,108,335
30 950,833 850,382
30 12,053,927 10,235,345
2,252,433
30 2,443,115
7,225,020
30 8,232,928
3,050,7 IS 2,792,911
30 192337122
30 9,410,864 171721819
8,826,764
30 122447572 110448172
30
In c .11,54 2,600
30 14,268,706
13,066,906
30
30 25,707,809 21,716,721
31 712,713 669,254
7 13,227,382 12,054,710
30 5,082,701 ■ 1,003,801
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
W eekly Sum m aries
3d
4 th
1st
2d
3d
4th
1st
2d
3d
4 th
Cur’nl Year
$
13,462,769
19,342,788
13,430,925
13,898 196
14,104,775
19,035,149
14,399,649
14,838,200
15,114,753
20,827,936
Prev’s Year
5
12,283,880
10,765,742
12.381.354
13,014,025
13.560.355
18,221,030
14,023,810
14,158,835
14,512,278
20,201,138
week A ug (42 ro a d s)-----week A ug (39 ro a d s)-----week S ept (41 ro a d s)-----w eek S ept (39 ro a d s)-----week S ept (40 ro a d s)-----week S ept (46 ro a d s)-----w eek O ct (42 ro a d s)-----w eek O ct (42 ro a d s)____
w eek Oct (42 roads) —
w eek O ct (46 roads) —
a M exican
N . Y. R y., the
In d ia n a HR
A F t Dodge a .______
eludes the M exican In tern atio n al from Ju ly 1910
Inc. or Dec.
S
+ 1,178,889
+ 2,577,046
+ 1,055,571
+ 884,171
+ 598,420
+ 814,119
+ 375,833
4-679,365
+ 602,475
+ 623,798
%
9.60
15.37
8.52
6.80
4.41
4.47
2.68
4.80
4.15
3.06
Current Y r.
M onthly Sum m aries.
M ileage C u rr.Y r. P rev.Y r.
J a n u a r y ___236,758 231,362 >10,302,219
F eb ru ary ..2 3 6 ,8 3 2 '231,652 202,258,490
M a r c h --------235,923 230,841 237,533,005
A p r il _______237,569 232,463 225,225,696
M ay ____ _-.2 37 .5 60 232,491 234,310,642
J u n e _______238,108 232,054 237,036,159
J u l y .................238,169 233,203 230,615,770
A u g u s t____234,805 230,925 251,505,986
S e p te m b e r.. 84,994 82,163 07,702.377
O ctober ___ 81,498 79 146 09.014.101
u Includes th e T exas C entral In 1910
Previous Y
Inc. or Dec.
182,619,825
174,159,723
204,916,997
196,595,911
201,069,381
209,270,887
217,803,354
223,666,015
65,214,470
67.173.773
+ 27,052,394
+ 28,008,767
+ 32,016,008
+ 28,029,685
+ 33,241,261
+ 27,705,272
+ 12,812,422
+ 17,839,341
+ 2,487,808
+ 1.840,328
15.14
16.15
15.92
14.56
10.53
13.27
5.00
7.63
3.81
2.14
Nov. 12 1910. J
T H E CH RONICLE
Latest Gross Earnings by W eeks.— In the table which
follows we sum up separately the earnings for the fourth week
of October. The table covers 4G roads and shows 3.06%
increase in the aggregate over the same week last year.
Fourth Week of October.
Roads.
L oulsv H cnd & S t L ouis S ept
Ju ly 1 to S ept 3 0 ______
M ineral R ange
_____ S ept
Ju ly 1 to Sept 30 ______
New Orl & G reat N o r ...S e p t
Ju ly 1 to S ept 3 0 ______
R io G rande S o u th e r n ...S e p t
J u ly 1 to S ept 30 ______
1 33 1
—In t., R entals, A c .— —B al. o f N et E a rn s.—
Current Previous Current Previous
Year.
Year.
Year.
Year.
S
$
$
$
21,567
£15,303
£12,213
16,838
52,322
£31,720
£32,747
47,175
13,044
£2,402
13,190 £d efl0 ,6 57
3,947
£2,769
39,584 £def43,732
41,746
£7,761
46,253
£16,181
125,441
139,549
£8,542
£61,972
19.236
18,574
£2,915 £d efl9,062
58,291
56,804
£6,024 £def22,002
.
.
1909.
Increase. Decrease.
5
$
$
$
A labam a G reat S o uthern - 147.490 144,013
3,477
A labam a New O rl & T ex P ac—
New O rleans & N o rth eastern
121,938
126,826
4,888
A labam a & V icksb urg_____
x A fte r allow ing for o th e r Incom e received.
77,190
65,777
11,413
V icksburg S h revepo rt & Pac
63,620
53,773
9,847
A tla n ta B irm ingham & Atl
70,60
5,985 ELECTRIC RAILW AY AND TRACTION COMPANIES.
76,593
Buffalo R o ch ester & P ittsb u rg h
266,495 37,097
C anadian N o rth e rn _______ ___ 303,592
556,200 457,300 98,900
C anadian P a c lllc ____________ _ 3,271,000
3,224,000
47,000
Latest Gross E arnings.
J a n . 1 to latest date.
C entral of G eorgia__________
22,500
391,100 413,600
N am e of
C hesapeake & Ohio Lines
860,771
898,606
37,835
Road.
W eek or C urrent Previous Current Previous
Chicago & A lto n ______ ..
356,306
17,946
338,360
M onth.
Year.
Year.
Year.
Year.
Chicago G reat W estern
60,590
323,121 262,531
Chicago In d & L ouisville______
175,551
171,353
4,198
$
C incinnati New O rl & T ex P a c .. 266,468 278,501
12,033 A m erican R ys Co___ Septem b er 350,519 323,566
Colorado & S o u th e rn ___________
2,939,780 2,715,092
568,890 557,451
11,439
E lgin & Chic R y
b er 161.598 149,141 1,261,486
1,108,406
D enver & Ilio G ran d e__________
717,000 721,500
4,500 cAu
B angor R y & Elec Co Septem
S
eptem
ber
52,330
54,806
422,183 395,496
D enver N orthw <5c P acific______
30,252
23,850
6,402
Rouge Elec Co S eptem ber
8,881
79,827
8,249
70,749
D etroit & M ackinac____________
31,339
33,079
1 ,740 BB aton
ingham
ton
S
t
R
v
.
J
u
ly
..........
37,330
34,910
D etroit Toledo & Iro n to n _____
49,593
54,931
5,338
B lrm 'ham R y L t & P Ju ly _____ 216,505 183,187
1.496,110
1.276,482
Ann A rb or______ ____________
62,838
59,703
3,135
B ro ck t'n & Ply S t Ry S eptem ber
11,97
12,832
94,130 103,902
D ulu th S outh Shore & A tl_____
99,987
7,044 Cape
92,913
B reton Elec Co. Septem b er 28,835
25,890 217.063
187,904
G eorgia S outhern & F lo rida____
65,509
61,057
1,452 C arolina
Pow & L t Co Septem b er
17,402
17,545
G rand T ru n k of C anad a_____
154,349
141,318
Penn T ra c ___ S eptem b er 68,199 62,979 623,109 564,747
G rand T ru n k W e ste rn ____
1,392,943 1,321,050 71,893 .............. CC entral
h
attan
oog
a
R
y
<5c
Lt
S
eptem
ber
77,022
67,806
650.947
D etroit Gr H av & M ilw ___
574,785
Chicago R ailw ays Co. S eptem ber 1175,420 1066,056 9,014,329 8,188,754
C anada A tla n tic __________
Cleve Painesv & E ast S eptem ber 33,617 31,361 269,381
In te rn atio n a l & G reat N orthern
300,000 13,000
D allas E lectric C orp. S eptem ber 119,804 107,570 1,037,613 242,206
In tero ceanic of M exico_________
931,301
221,992
1,354
D e tro it U nited R y_. 4th vvk O ct 242,615 213,255
Iow a C e n tra l__________________
79,686
6,629,901
1,867
D uluth-Superior TrCo Septem ber 93,570 87,217 7,789,095
810,72
K ansas C ity M exico & O rie n t..
723,602
56,000
6,000
E
ast
S
t
Louis
&
S
u
b
.
eptem ber 211,249 176,402 1,756,761 1.481,078
Louisville <te N ashv ille_________
1,525,820 25,875
El Paso E lectric_____ SS eptem
ber 54,846 50,501 460,332 426,875
M ineral R a n g e ________________
24,326
6,720
F
alrm
&
Clarks
T
r
Co
S
eptem
ber
62,032 47,695 445,992 346,441
M inneapolis & S t L o u is_______
1 16,906
6,084
ayne & W abash
M inneapolis S t P & S S M ____\
782,814
108,906 F t VWalley
T raction Co S eptem ber 136.685 132,736 1,134,725 1.038,350
Chicago D ivision___________ j
G
alv-H
ous
E
lect
Co.
Septem
ber
100,837 966,136 894,605
M issouri P acific________________
1,581,000
54,000 G rand R apid s R y Co. S eptem ber 110,145
101,019 97,626 856,661
M obile & O hio_________________
776,022
302,344 24,350
H av an a E lectric R y . W k N ov 6 43,576 45,022
N ational R ys of M exico_________
1,822,517 1,708,488
1,539,724
196,640
H onolulu R apid T ran
N evada-C al-O rego n____________
12,704
44
& L an d C o_______ S eptem ber 37,214 37,725 334,557 305,614
lllo G rande S o u th e rn __________
8,674
10,277
H oughton Co T rac Co S eptem ber 26,710
28,732 237,450 242,425
S t Louis S o u th w e ste rn _________
381,375
3,300
Illinois T raction Co. S eptem ber 529,291 455,13
S eaboard Air L in e___________
3,870,153
497,257
26,804
Jacksonville E lect Co Septem b er 45,99.’: 38,375 4,404,389
423,414 350,587
S o uthern R a ilw ay ______________
1,608,104
137,167
K
ans
City
R
y
&
L
t
Co
Septem
her
628.685 584,287 5,496,114 5,054,811
T exas & P acific. . _____________
569,442
8,111
L ake Shore Elec lty S eptem ber 1 15,009 108,207 913.064 835,061
T oledo Peoria & W e ste rn ______
40,926
5,267
Milw El R y & L t Co Septem ber
369,446
3,116,885
T oledo S t Louis & W e ste rn ____
95,462
422
Milw L t H t & T r Co Septem ber 401,958
108.901 99,820 3,456,776
806,979 706,129
W a b a sh _________________________
770,021 72,426
M ontreal .Street R y . Septem ber 463,076
382,061
3,326,109 2,939,765
N
ashville
R
y
&
L
ight
Septem
ber
163,307
155,899
T o tal (46 ro a d s)............. .............. 20,827,936 20,204,138 039,557 315,759 New O rleans R y & Lt Septem ber 403,491 466.738 1,341,847 1.266,683
4,629,019 4,445,669
N et Increase (3 .0 6 % )__________ _________
623,798
Norf & P ortsm T r Co Septem b er
158,234
N orth Ohio T rac & L t S eptem ber 172,065 202,156
1.634,172
N orth Texas Elec C o. A u g u s t___ 224.901
119,813 109,422 1.837,406
923,376 805,290
orthw est Elec C o .. O ctober . . 193,914
1,833,958 1,707,853
N e t E a r n i n g s M o n t h l y t o L a t e s t D a t e s . — T h e t a b l e f o l PNadu
cah T r & L t Co. S eptem ber 21,251 184,430
19,096
E lectric Co S eptem ber 23,264 21,649
199,464
184,050
lo w in g s h o w s t h e g r o s s a n d n e t e a r n i n g s o f S T E A M r a i l r o a d s Pensacola
P o rt(O re )R y ,L & P Co Septem b er 490,209 420,777
3,547,647
P
jget
Sound
idee
Co
Septem b er 160,545 179,956 4,106,489
a n d in d u s tr ia l c o m p a n ie s r e p o r te d th is w e ek :
1,445,274
1,110,887
Rio de Janeiro T ram
L ight <5c Pow er Co . S eptem ber 982,762 642,731 7,364,602 5,607,495
-------Gross E arnings----------------N et E arnings------(Mo) R y L t
C urrent
Previous Current P revious S t HJoseph
eat & Pow er Co . . S eptem ber 92,034 88,285 766,750 722,808
Roads.
Year.
Year.
Year.
Year.
Sao Paulo T r L t & P . Septem ber 260,829
$
$
$
$
2,150,573 1,776,271
S avann ah E lectric Co Septem ber 51.598 200,496
49,523 468,183 451,818
B ridgeton & Saco R iv e r.S e p t
4,750
4,389
1 ,7 2 9
1 ,7 3 7
eattle E lectric Co___ S eptem ber 481,158 568.494
Ju ly 1 to S ept 30..............
16,022
15,353
6,879
6,934 SSou
W isconsin R y Co S eptem ber
14,701 13,472 133,991
120,410
Chicago & A lto n .a _____ S ept 1,314,818 1,236,580 *329,804 s550,076 T am p a E lectric C o .. S eptem ber 44,969
47,108 459,205 436,254
Ju ly 1 to S ept 30............. 3,940,454 3,591,329 s i , 178,937 s i , 476,755 T oledo R ys & L t C o. Septem b er 239,415 217.738
2,178,648
1.981,436
R y C o__ . . . Septem b er 428,580
3,195.938 2,857,291
Chicago In d & L o u ls v .b .S e p t
576,802 538,704
221,443 2 2 1 , 0 6 0 TT woronto
in C ity R ap T ra n . 4th vvk O ct 205,012 379,981
Ju ly 1 to S ept 30 ______ 1,718,726 1,557,236
647,093 610,903 U nderground
192,031 6,258,027 5,766,559
El Ry
D ulu th So Sh & A tl.b ..S e p t
299,155 310,502
112,547 120,342
of L ondon—
Ju ly 1 to S ep t 30 ............. 947,617
904,176
355,658 312,883
T hree tu b e lines___ W k N ov 5 £13,800 £13,455 £560.305 £553,755
L oulsv Ilen d & S t L .a .S e p t
110,171 105,849
36,260
28,478
M etropolitan D lst. W k N ov 5 £11,468 £10,521 £472,015 £432,099
Ju ly 1 to S ept 30---------- 317,667
292,254
82,444
78,460
U n lted T ram w ays W k N ov 5 £5,437 £5,400 £281,222 £269,194
Union R y,G & EC o( 111) Septem b er 241,764 224,313
M ineral R a n g e .b -----------S ept
65,284
7 4 ,9 6 6
1 ,1 4 7
1 5 ,5 6 8
2,016,724
U nited R R s of San F r S eptem ber 653,921 624,261 2,137,596
Ju ly 1 to S ept 3 0 ............ 187,785
224,932 def7,980
42,291 W
5.457,039
hatcom Co R y & Lt S eptem ber 33,781 34,835 5,667,220
299,290 295,190
M inn S t P aul & S S M .a .S e p t 1,270,737 1,069,434
518,990
8 5 8 ,0 3 0
Ju ly 1 to S ept 30 ---------- 3,082,800 4,018,060 1,412,090 1 , 7 5 4 , 9 9 7
Chicago D iv isio n .a . - .S e p t 790,250 732,530 220,139
2319 4 1 c These figures are for consolidated com pany.
Ju ly 1 to S ept 3 0 ---------- 2,407,976 2,180,808
707,184
753^507
M ississippi C e n tr a l.b ..- S e p t
79,273
72,175
32,723
37 340
Ju ly 1 to S ept 3 0 ............ 230,437
195,991
98,087
8 5 J3 9
Electric Railway Net Earnings.— The following table gives
M issouri P a c ific .b ______S ept 4,739,400 4,063,838 1,102,057 1 582 7 7 5 the returns of ELECTRIC railway gross and net earnings
Ju ly 1 to S ept 30 ----------13,605,094 13,246,961 3,270,906 4^110^733
New Orl G reat N o r .a .-S e p t 143,024
105,979
55,212
40 073 reported this week. A full detailed statement, including all
Ju ly 1 to S ept 30 ---------- 436,498
312,792
177,292
10R628
Pacific C o ast................... .. S e p t 753,157
714,352
162,513 175*908 roads from which monthly returns can be obtained, is given
561,987
607|622 once a month in these columns, and the latest statement of
Ju ly 1 to S ept 3 0 ............ 2,337,542 2,271,721
Rio G rande S o u th e rn .b -S c p t
57,542
24,804
22,005
def 590 this kind will be found in the issue of Sept. 24 1910. The
Ju ly 1 to S ept 30 ---------- 167,122
119,061
60,565
30,399
T ex as & P a c ific .b _______S ept 1,390,561 1,318,744
385,136 456,568 Nov. 26 1910.
J a n 1 to S ept 30_______11,248,036 10,129,847 2,165,807 2,057,705
-Gross E arnings
Net E arningsT oledo S t L & W e s t.a .- S e p t 326,008
317,131
p93,210 p l0 6,06 0
C urrent Previous Current P revious
Ju ly 1 to S ept 30 ______ 979,094
964,358 ?;306,480 p335,480
Roads.
Year.
Year.
Year.
Year.
W a b a s h .b _______________S ept 2,738,835 2,545,469
068,206 887,723
$
$
$
$
Ju ly 1 to S ept 30______ 7,840,241 7,408,001 2,539,812 2,532,513 A urora E lgin & C hic. b . S ept 161,598
149,141
78,421
74,673
Ju ly 1 to S ept 3 0 ______ 522,716 << 480,453
264,450
251,642
IN D U S T R IA L C O M PA N IE S .
Chicago R ailw ays C o ...S e p t 1,175,420 1,066,056 W352.626 U319.817
J a n 1 to S ept 3 0 ______ 9,014,329 8,188,754 n 2 ,704,298 « 2 ,456,626
-------Gross E arn ings----------------N et E arn ings------38,509
34,525
„
.
Current Previous Current Previous H onolulu R T & LtC o b Ju ly
18,749
16,656
A u g u st___________
C om panies.
Year.
Year.
Year.
Year.
37,278
35,679
18,365
18,196
S e p te m b e r..
.
37,214
37,725
$
$
$
$
18,905
20,973
J a n 1 to S ept 3 0 ______ 334,557
305,614
160,347
149.674
E d El 111 C o (B o s to n )...O c t 427,636
397,586
243,781
210,183
__1 to °C t 3 1 ------------------- 1,458,620 1,276,322
778,932
631,069 Illinois T raction C o____ Sept 529,291
455.137
232,834
200,996
J a n 1 to S ept 30 ______ 4,404,389 3,870,153 1,815,642
1,645,181
a N et earnings here given are a fte r ded u ctin g taxes,
K ingston Consol R y .b —
b N et earnings here g iv en a rc before d ed u ctin g tax es.
Ju ly 1 to S ept 3 0 ............
53,199
50,062
31,695
25,107
m 'sccllaneous charges to Incom e show ed a credit of N Y S ta te R y s .b —
Ju ly 1 to S ept 3 0 ______ 047,265
°.f
512,416
In
1909,
a
n
d
for
period
from
Ju
ly
1
to
862,240
387.793
340,316
S ept. 30 w ere $19,76.) in 1910, ag ain st $28,681 In 1909.
Ja n 1 to S ept 30 ______ 2,543,417 1,696,757
965,996
643,138
s A fter allow ing fo r m iscellaneous charges a n d credits to Incom e for th e S chenectady R y .b —
Ju ly 1 to S ept 3 0 ______ 352,479
m o nth of S ept. 1910 to ta l n et earnings w ere $237,097, ag ain st $510,355 last
296,164
163,214
136,146
J a n 1 to S ept 3 0 ______ 898,548
y - . a n d for pctlod from Ju ly l to S ep t. 30 w ere $970,716 this year, ag ain st
745,292
365,574
284,915
T oledo R ys & L ight C o .S ep t 239,415
217,738
86,008
95,959
J a n 1 to S ept 3 0 ______ 2,178,648 1,981,436
847,387
825,082
I n te r e s t C h a rg e s a n d S u rp lu s .
U nited R ys of S t L .a ___S ept 965,943
924,993
323,761
335,636
J a n 1 to S ept 3 0 ______ 8,559,204 8,195,315 2,790,378 2,977,610
— In t., Rentals, A c .— — P al. of N et E 'n g s.—
_ ,
C urrent P revious Current
Previous
U tica & M ohawk V alley, b —
Roads.
Year.
Year.
Year.
Year.
Ju ly 1 to Sept 3 0 ............ 354,160
173,652
328,524
133,669
$
$
$
$
Ja n 1 to S ept 3 0 ______ 942,354
407,057
898,290
345,113
B ridgeton & Saco R iv e r.S e p t
598
596
1,131
1,141
a N et earnings here given are a fte r ded u ctin g taxes,
Ju ly 1 to S ept 30
1,795
1,866
5,084
5,068
b N et earnings here given a re before d ed ucting taxes.
D ulu th So Sh & A tl-------S ep t
96,821
92,306
2:23,781 2:34,281
Ju ly 1 to S ept 30 290,175
277,615
2:86,129 2:49,321
n T hese figures rep resen t 30% of gross earnings.
1322
TH E CH RONICLE
Interest Charges and Surplus.
—
Roads.
In t., Rentals, A c .—
Current Previous
Year.
Year.
$
4 5 ,3 6 8
1 6 5 ,7 8 9
* 1 2 ,3 8 7
* 1 2 ,1 0 1
* 1 2 ,4 8 2
* 1 0 6 ,7 9 3
1 9 ,3 6 2
1 4 ,8 7 9
* 3 0 4 ,2 7 4
* 7 8 0 ,8 2 8
* 2 6 1 ,9 2 4
* 4 7 7 ,4 3 2
* 1 2 7 ,5 0 7
* 2 6 1 ,9 4 3
* 8 ,2 6 1
* 1 3 6 ,7 7 3
* 9 6 ,5 4 8
* 7 2 0 ,3 1 5
„
* 1 0 0 ,4 3 9
* 1 8 7 ,8 9 5
* 1 0 2 ,9 4 8
* 1 8 6 ,3 0 6
* 2 0 ,8 3 4
* 1 9 7 ,3 8 3
* 1 0 7 ,8 3 9
* 9 0 7 ,0 4 9
. _
_
_
_ .
_
A u r o r a E lg in & C h ic a g o S e p t
3 3 ,0 5 3
2 0 ,4 1 3
J u ly i to S e p t 3 0
9 8 ,6 6 1
8 7 ,6 6 3
H o n o lu lu R T & L t C o .- J u l y
6 ,9 3 8
6 ,1 4 4
A u g u s t ______________
6 ,9 4 0
6 ,3 7 8
6 ,9 4 0
6 ,3 7 8
S e p t e m b e r ________
J a n 1 to S e p t 3 0
5 8 ,8 1 8
5 5 ,7 5 7
K in g s to n C o n so l R y —
J u ly 1 to S e p t 3 0 .............1 2 ,3 3 3
1 0 ,2 2 8
N Y S t a t e R a ilw a y s —
J u ly 1 t o S e p t 3 0
2 0 4 ,9 4 2
1 5 4 ,0 6 6
J an 1 to S ep t 3 0
5 5 8 ,1 2 9
3 2 3 ,1 2 4
S c h e n e c ta d y R y —
J u ly 1 t o S e p t 3 0 ,
3 8 ,5 5 4
3 6 ,5 9 8
J a n 1 to S e p t 3 0
1 1 2 ,2 4 7
1 0 8 ,8 2 6
T o le d o R y s & L t C o ______ S e p t
7 8 ,1 9 2
7 5 ,4 8 4
J a n 1 to S e p t 3 0
6 9 0 .7 1 0
6 5 2 ,2 0 3
U n it e d R y s o f S t L o u i s - .S e p t
2 3 3 ,2 3 3
2 3 2 ,1 3 2
2 ,1 0 1 ,6 3 2
J a n 1 t o S e p t 3 0 2 ,1 0 0 ,7 0 9
U t ic a & M o h a w k V a lle y —
J u ly 1 t o S e p t 3 0
7 3 ,9 6 0
7 4 ,7 1 2
J a n 1 to S e p t 3 0
2 2 1 ,2 3 4
2 2 1 ,5 7 6
* A fte r a llo w in g fo r o th e r I n c o m e r e c e iv e d .
$
_
$
_ _
$
Hal. of N et E arn s .—
Current Previous
Y ear.
Year.
—
4 5 ,2 6 0
1 6 3 ,9 7 9
* 1 1 ,1 4 9
* 1 2 ,4 4 8
* 1 5 ,1 5 4
* 9 9 ,4 6 7
* 5 9 ,9 6 7
* 1 2 5 ,7 5 9
A N N U A L R EPOR TS.
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of Oct. 29. The next will appear in that of Nov. 26.
Canadian Northern Ry.
{R eport fo r F iscal Y ea r ending J u n e
30 1910.)
President William Mackenzie, Toronto, Out., in the re
port submitted at annual meeting on Oct. 15, said in sub
stance:
General Results .— T h e g r o s s e a r n in g s s h o w a n In c r ea se o f $ 3 ,2 5 1 ,2 9 4 , o r
3 0 .7 % , a n d th e n e t e a r n in g s a n In c r ea se o f $ 7 7 8 ,0 2 8 , o r 2 1 .8 2 7 6 . T h e w o r k
ln g e x p e n s e s . I n c lu d in g a ll t a x e s , w e r e 7 4 .0 1 7 6 o f t h e g r o s s e a r n in g s o f th e
r a ilw a y p r o p e r a n d 6 8 .5 9 % o f t h e g r o s s e a r n in g s fr o m a ll s o u r c e s , c o m p a r e d
w ith 7 2 .5 5 7 6 a n d 6 6 .3 0 76 r e s p e c t iv e ly la s t y e a r .
A n e x a m in a t io n o f t h e g r o s s e a r n in g s s h o w s t h a t t h e d e v e lo p m e n t o f th e
te r r ito r y tr ib u ta r y to y o u r r a ilw a y Is p r o c e e d in g w ith g r e a t r a p id ity . In
p a s s e n g e r r e c e ip ts th e In c r ea se Is $ 4 8 6 ,7 5 4 , o r 2 5 .2 4 % , a n d to k e e p p a c e
w ith t h e d e m a n d fo r tr a in s e r v ic e c o n s id e r a b le n e w p a s s e n g e r e q u ip m e n t Is
n o w o n o r d e r . T h e r e c e ip ts fr o m fr e ig h t tr a ffic a ls o s h o w a s u b s ta n t ia l
In c r ea se o v e r la s t y e a r , th e fig u r e s b e in g $ 2 ,6 2 1 ,1 8 4 , o r 3 5 .0 4 % . T h e
m o v e m e n t o f g r a in , liv e s t o c k , I m m ig r a n ts ’ e ffe c ts , lu m b e r a n d b u ild in g
m a te r ia ls g e n e r a lly s h o w a v e r y s u b s ta n t ia l In c r ea se .
T h e D o m in io n G o v e r n m e n t fig u r e s o f g r a in r e p o r te d a t W in n ip e g d is
c lo s e t h e fa c t t h a t th e p r o p o r tio n o f t h e t o t a l c r o p c a r rie d b y y o u r r a ilw a y
I n c r e a se s y e a r b v y e a r . T h e r e tu r n s fo r t h e c r o p o f 1 9 0 9 s h o w t h a t y o u r
c o m p a n y c a r rle d '3 1 % o f t h e t o t a l s h ip m e n ts fr o m th e P r o v in c e s o f M a n ito b a ,
S a s k a tc h e w a n a n d A lb e r ta , a v e r y s a t is f a c t o r y s h o w in g , e s p e c ia lly In v ie w
o f t h e fa c t t h a t t h e c o m p a n y h a s o p e r a te d b u t a fe w y e a r s In th e P r o v in c e
o f S a s k a tc h e w a n , a n d m o r e r e c e n tly s till In t h e P r o v in c e o f A lb e r ta . T h e
r e m a r k a b le In c r ea se In I m m ig r a n ts ’ e ffe c ts o f 1 ,9 3 9 c a r s , o r 6 2 % o v e r t h e
p r e v io u s y e a r , a n d 1 2 ,2 1 1 c a r s , o r 12 8% o v e r t h e y e a r 1 9 0 9 , o f c o a r s e b u ild
in g m a te r ia ls , a r e g r a tify in g p r o o fs o f th e o p e n in g u p o f n e w d is tr ic t s a n d
t h e im p r o v e m e n t In t h e q u a lit y o f c o m m e r c ia l a n d d o m e s tic c o n s tr u c tio n In
t h e to w n s . T h e e x p a n s io n a p p lie s to p r a c tic a lly e v e r y d is tr ic t w h ic h y o u r
r a ilw a y s e r v e s . C o m m e r c ia l c o n d itio n s g e n e r a lly th r o u g h o u t W e s te r n
C a n a d a a r e r e fle c te d In th e s u b s ta n t ia l In c r ea se In fr e ig h t r e v e n u e s fr o m th e
m o v e m e n t o f w e s tb o u n d b u s in e s s .
N ew L in es .— T h e a v e r a g e m ile a g e o p e r a te d w a s 3 ,1 7 9 , c o m p a r e d w ith
3 ,0 1 3 th e p r e c e d in g y e a r . T h e m o s t n o te w o r th y o f t h e lin e s ta k e n o v e r
fr o m t h e c o n s tr u c tio n d e p a r tm e n t is t h a t fr o m Z e a la n d la to K ln d e r s le y o n
t h e S a s k a to o n -C a lg a r y lin e , w h ic h h a s o p e n e d u p a r e m a r k a b ly e x t e n s iv e
a n d fe r tile tr a c t o f c o u n t r y . D u r in g t h e e a r ly s p r in g a s m a n y a s 4 0 c a r
lo a d s o f I m m ig r a n ts ’ e ffe c ts w e r e d a lly b e in g h a u le d to K in d e s lc y , w h ic h ,
a lth o u g h a to w n o f le s s th a n o n e y e a r o ld , h a s n e a r ly 1 ,0 0 0 I n h a b ita n ts .
I t Is e x p e c t e d th e lin e w ill r e a c h C a lg a r y a t a n e a r ly d a t e , a n d g iv e t h a t
I m p o r ta n t c it y Its fir st c o m p e t it iv e r a ilw a y . C o n s id e r a b le s tr e tc h e s o f lin e
w h ic h h a v e b e e n c o n s tr u c te d h a d n o t b e e n fo r m a lly ta k e n o v e r b y t h e o p er
a t in g d e p a r tm e n t o n J u n e 3 0 1 9 1 0 , a lth o u g h a n I m m ig r a tio n s e r v ic e w a s
b e in g fu r n is h e d b y t h e c o n s tr u c tio n d e p a r tm e n t In to s e v e r a l n e w d is tr ic t s .
T h e e x p a n s io n o f lin e s n o w In h a n d a s s u r e s c o n s id e r a b le d e v e lo p m e n t
In t h e I m m e d ia te fu tu r e . T h e ta p p in g o f th e e n o r m o u s tim b e r lim its o f
t h e C r o o k ed L a k e r e g io n , n o r t h w e s t o f P r in c e A lb e r t, h a s a lr e a d y b e e n c o m
m e n c e d . C o n s tr u c tio n w o r k h a s a ls o b e e n s ta r te d o n th e b r a n c h lin e
t o t h e B r a z e a u c o a l fie ld s , w h ic h w ill fu r n ish a n I n e x h a u s tib le s u p p ly o f th e
fin e s t fu e l to C e n tr a l A lb e r ta a n d W e s te r n S a s k a tc h e w a n . I t Is h o p e d t h a t
w ith t h e c o m p le tio n o f th e lin e fr o m M o r ln v llle to A th a b a s c a L a n d in g to
b r in g m u c h n e a r e r d e v e lo p m e n t th e a s p h a lt a n d o th e r d e p o s its In th e A th a
b a s c a D is tr ic t.
Outlook .— T h e c r o p r e s u lts h a v e p r o v e d m o r e c o n c lu s iv e ly th a n e v e r th e
w is d o m o f b u ild in g y o u r r a ilw a y th r o u g h d iv e r s ifie d te r r ito r y . I t h a p p e n s
t h is y e a r t h a t S o u th e r n M a n ito b a a n d th e c o u n tr y a d ja c e n t to t h e U n ite d
S t a t e s h a s a c r o p b e lo w t h e a v e r a g e , b u t In th e n o r th e r n d is tr ic t s , w h e r e
y o u r lin e h a s I m m e n s e te r r ito r y tr ib u ta r y to lt , t h e c r o p s a r c . If a n y t h in g ,
a b o v e th e a v e r a g e . Y o u r o ffic e r s r e p o r t t h a t th e c o m p a n y s h o u ld c a r r y a s
m u c h g r a in fr o m t h e c r o p o f 1 9 1 0 a s it d id fr o m t h e c r o p o f 1 9 0 9 , b e tte r
w e a th e r c o n d itio n s p r e v a ilin g In t h e n o r th e r n h a lf o f t h e w h e a t-g r o w in g
c o u n t r y , a n d th e r e b e in g a n In c r ea se d a c r e a g e u n d e r c u lt iv a t io n In a ll s e c
tio n s o f th e P r a ir ie P r o v in c e s r e a c h e d b y y o u r lin e . F o r t h e fu r th e r d e v e l
o p m e n t o f th e r e s o u r c e s o f t h e c o u n tr y s e r v e d th e r e Is n e e d e d o n ly a c o n
tin u a n c e o f Im m ig r a tio n t o m e e t t h e d e m a n d fo r la b o r , w h ic h Is a s g r e a t t o
d a y a s lt h a s e v e r b een In C a n a d a , a n d In t h a t c o n n e c tio n a r r a n g e m e n ts
h a v e b e e n c o m p le te d fo r a m o r e e x te n d e d c a m p a ig n In G r e a t B r ita in .
L an ds .— T h e la n d s a le s d u r in g th e y e a r w e r e 2 4 6 ,9 9 6 a c r e s , fo r $ 2 ,5 6 1 ,0 7 2
— a n a v e r a g e o f $ 1 0 3 6 p e r a c r e , c o m p a r e d w ith 1 1 6 ,6 6 2 a c r e s fo r $ 1 .0 9 1 ,7 2 2
— a n a v e r a g e o f $9 3 6 p e r a c r e la s t y e a r . A m o n g th e s a le s Is o n e to a c o l
o n iz a tio n c o m p a n y w h ic h p u r p o s e s t o e s ta b lis h s e ttle r s o f th e v e r y b e s t c la s s
In t h e d is tr ic t s c a s t o f P r in c e A lb e r t, w h ic h Is e s p e c ia lly s u ita b le fo r m ix e d
fa r m in g , a n d w h ic h , b y r e a s o n o f Its w o o d e d c h a r a c te r , a p p e a ls s tr o n g ly to
s e t t le r s fr o m G r e a t B r ita in . S in c e t h e c lo s e o f t h e fis ca l y e a r a n u m b e r o f
o th e r s a le s h a v e b e e n m a d e a t h ig h e r v a lu e s p e r a c r e , a n d o th e r s a r e p e n d
in g . I n F e b r u a r y 1 8 9 9 a n Issu e o f $ 2 ,0 0 0 ,0 0 0 o f la n d g r a n t b o n d s w a s a u
th o r iz e d , s e c u r e d b y c e r ta in la n d s . T h e g e n e r a l b a la n c e s h e e t s h o w s t h a t ,
a fte r p r o v id in g fo r t h e r e tir e m e n t o f t h e t o t a l Issu e , th e r e Is a su r p lu s o f
$ 2 ,7 3 3 ,3 7 9 In t h e h a n d s o f t h e tr u s t c o m p a n y b e lo n g in g to y o u r c o m p a n y ,
In a d d itio n to w h ic h th e r e Is a b a la n c e o f d e fe r r e d p a y m e n ts s till to c o lle c t
o f $ 5 9 7 ,6 7 2 . I n J u n e 1 9 0 9 a fu r th e r Issu e o f £ 1 ,0 2 7 ,4 0 0 , o r $ 5 ,0 0 0 ,0 1 3 ,
o f la n d g r a n t b o n d s w a s a u th o r iz e d , se c u r e d b y s p e c ific la n d s . S a le s to th e
a m o u n t o f $ 2 ,2 6 0 ,8 1 0 u n d e r th is m o r tg a g e h a v e b e e n m a d e o n th e d e fe r r e d p a y m e n t p la n , a n d w ith th e c o lle c tio n s y o u r d ir e c to r s h a v e r e tir e d £ 5 3 ,0 0 0 ,
o r $ 2 5 7 ,9 3 3 , o f t h e b o n d s , th u s r e d u c in g th e a m o u n t o f b o n d s o u ts ta n d in g
a t th e c lo s e o f th e fis c a l y e a r t o £ 9 7 4 ,4 0 0 , o r $ 4 ,7 4 2 ,0 3 0 . T h e g e n e r a l p o
s it io n In re g a r d to la n d s a le s Is a s fo llo w s:
C a sh h e ld b y N a t . T r . C o - $ 4 ,7 3 3 ,3 7 9 |L a n d - g r ’ t b o n d Iss. 1 8 9 9 .$ 2 ,0 0 0 ,0 0 0
D e fe r r e d p a y m e n t s ________ 8 ,2 3 1 ,2 4 9 ! L a n d -g r ’t b o n d I s s ., 1 9 0 9 .- 4 ,7 4 2 ,0 8 0
T o t a l ........................................$ 1 2 ,9 6 4 ,0 2 8 |S u r p . b e lo n g , t o R y . C o . . $ 6 ,2 2 2 ,5 4 8
I n a d d itio n to th is t h e r a ilw a y c o m p a n y h a s s t ill 1 ,1 5 1 ,0 1 7 a c r e s o f la n d
t o d is p o s e o f , h a v in g a v a lu e , a t p r e s e n t p r ic e s , o f n o t le s s th a n $ 1 4 ,0 0 0 ,0 0 0 ,
[V O L .
LXXXXI.
Canadian Northern P acific R y .— Canadian Northern Steam ships, L td .—
T w o m o r e I m p o r ta n t s t e p s h a v e b e e n t a k e n d u r in g t h e y e a r to w a r d s m a k
in g t h e C a n a d ia n N o r th e r n a tr a n s -c o n tin e n ta l r a ilw a y w ith Its o w n tr a n s
o c e a n ic c o n n e c t io n s . A c o n t r a c t h a s b e e n e n te r e d In to b e tw e e n t h e C a
n a d ia n N o r th e r n P a c ific R y . C o . (w h ic h w a s s e p a r a te ly I n c o r p o r a te d o n
a c c o u n t o f n e c e s s a r y a r r a n g e m e n ts In c o n n e c tio n w ith th e p r o p o s e d I ssu e
o f s e c u r itie s g u a r a n te e d b y t h e G o v e r n m e n t o f t h e P r o v in c e o f B r itis h
C o lu m b ia ) a n d th e G o v e r n m e n t o f B r itis h C o lu m b ia , fo r t h e c o n s tr u c tio n
o f th e lin e fr o m t h e P r o v in c e o f A lb e r ta t o th e P a c ific C o a s t, a d is ta n c e o f
a p p r o x im a t e ly 5 0 0 m ile s . T h e c o n t r a c t c a lls fo r t h e c o m p le tio n o f t h e
w o r k w ith in fo u r y e a r s , a n d y o u r d ir e c to r s h a v e n o t o n ly e v e r y r e a s o n t o
a n t ic ip a t e t h a t lt w ill b e fin is h e d w ith in th e s tip u la te d tim e , b u t t h a t w h e n
lt Is c o m p le te d a n d In o p e r a tio n It w ill p r o v e o f g r e a t tr a ffic a d v a n t a g e t o
t h e C a n a d ia n N o r th e r n R y . s y s t e m a s a w h o le . [C o m p a r e V . 8 9 , p . 1 1 4 1 ;
V . 9 0 . p . 6 9 6 ; V . 9 1 , p . 3 7 , 9 3 7 .]
T h r o u g h a s u b s id ia r y c o m p a n y , v i z ., th e C a n a d ia n N o r th e r n S te a m s h ip s ;
L t d ., y o u r d ir e c to r s n o w o p e r a te th e tw o f a s t e s t s te a m e r s in t h e B r ltls h C a n a d la n s e r v ic e , v i z ., R o y a l E d w a r d a n d R o y a l G e o r g e . T h e s e s te a m e r s
a r e tr ip le t u r b in e v e s s e ls b u ilt b y t h e F a ir fie ld C o . o f G la s g o w , a r e o v e r
1 2 ,0 0 0 to n s e a c h , w ith a s p e e d e x c e e d in g 2 0 k n o t s . T h e y fu r n ish a fo r t
n ig h t ly s e r v ic e b e tw e e n B r is to l, Q u e b e c a n d M o n tr e a l, a n d c a r r y H is M a
j e s t y ’s m a lls . S e r v ic e w a s I n a u g u r a te d In M a y la s t , a n d th e r e s u lt so fa r
Is q u ite a s s a tis f a c to r y a s y o u r d ir e c to r s a n t ic ip a t e d . (V . 9 0 , p . 6 9 7 .)
New Securities. — D u r in g t h e y e a r v a r io u s Issu e s o f s e c u r itie s w e r e m a d e
o n a c c o u n t o f t h e c o n s tr u c tio n o f a d d itio n a l lin e s . In r e s p e c t t o th e t w o
Issu e s, e a c h o f £ 6 0 0 ,0 0 0 , 4 % 1 s t M . d e b e n tu r e s t o c k , g u a r a n te e d a s t o
p r in c ip a l a n d I n te r e s t b y t h e P r o v in c e s o f S a s k a tc h e w a n a n d A lb e r ta , r e
s p e c t iv e ly , o n c e r ta in b r a n c h lin e s to b e c o n s tr u c te d , y o u r d ir e c to r s d e s ir e
to s a y t h a t , w h ile th e p r o g r e s s o f th e w o r k o f c o n s tr u c tio n h a s b e e n q u ite
s a t is f a c t o r y , n o n e o f t h e lin e s w a s c o m p le te d b e fo r e th e c lo s e o f t h e fis ca l
y e a r . T h e p a y m e n ts a u th o r iz e d b y th e tr e a s u r e r s o f th e r e s p e c t iv e g o v
e r n m e n ts h a v e b e e n c h a r g e d to ‘'a d v a n c e s to lin e s u n d e r c o n s tr u c tio n ,
a n d th e b a la n c e u n e x p e n d e d a p p e a r s o n th e g e n e r a l b a la n c e s h e e t t o t h e
c r e d it o f b o th g o v e r n m e n ts . T h e I n te r e s t p a id o n th e s e s e c u r itie s Is n o t a
c h a r g e o n th e c u r r e n t y e a r ’s b u s in e s s . (V . 8 9 , p . 4 0 : V . 8 8 , p . 1 4 9 7 , 1 6 1 9 .)
N e a r th e c lo s e o f th e fis ca l y e a r a n Issu e w a s m a d e o f £ 9 5 0 ,0 0 0 D u lu th
W in n ip e g & P a c ific R y . C o . 4 % 1 st M . d e b e n tu r e s t o c k , w h ic h y o u r c o m
p a n y , w ith t h e a p p r o v a l o f th e G o v e r n m e n t o f th e D o m in io n o f C a n a d a ,
a g r e e d to g u a r a n te e a s t o p r ln c p la l a n d I n te r e s t. (V . 9 0 , p . 1 4 9 0 ; V . 9 1 ,
p . 1 5 4 .) T h e D u lu th C o m p a n y o w n s t h e e n tir e c a p ita l s to c k o f th e D u lu th
R a in y L a k e & W in n ip e g R y . C o . (V . 8 9 , p . 1 2 7 9 ), w h ic h o p e r a te s a lin e
fr o m F o r t F r a n c e s , o n y o u r c o m p a n y ’s m a in lin e , s o u th e r ly t o V ir g in ia
(M in n e s o t a ) , a n d Is n o w c o n s tr u c tin g a c o n t in u a tio n o f a b o u t 7 8 m ile s to
D u lu th , w h e r e lt h a s a lr e a d y a c q u ir e d v e r y v a lu a b le te r m in a l p r o p e r tie s .
T h e I m p o r ta n c e o f th is c o n n e c tio n to y o u r c o m p a n y c a n n o t b e o v e r - e s ti
m a t e d , b e c a u s e o f th e e v e r In c r e a sin g m o v e m e n t o f p a s s e n g e r a n d fr e ig h t
tr a ffic p a s s in g th r o u g h t h e D u lu th g a t e w a y to a n d fro m W e s te r n C a n a d a .
In a d d itio n to th is , th e D u lu th C o m p a n y h a s o b ta in e d a n e x c lu s iv e c o n
tr a c t w ith th e V ir g in ia & R a in y L a k e L u m b e r C o . (h a v in g a n a n n u a l c a
p a c it y o f 2 5 0 m illio n fe e t) fo r t h e h a u la g e o f a ll Its lo g s a n d lu m b e r . T h e
r a ilw a y a ls o h a s tr ib u ta r y to It t h e Im m e n se Iron o r e m in e s o f th e M lssa b e
R a n g e , a n d s h ip m e n ts m u s t b e c a r rie d b y r a il to th e G r e a t L a k e s f o r fu r th c r a n c e b y w a te r c a rriers to d e s t in a t io n . T h e o p e r a tio n , t o o , o f o n e o f t h e
la r g e s t p u lp a n d p a p e r m ills In th e U n ite d S t a t e s a t I n te r n a tio n a l F a lls ,
n e a r F o r t F r a n c e s , w ill c o n t r ib u te la r g e ly to th e g r o s s r e v e n u e o f th e D u lu th
lin e , lt b e in g e s tim a te d t h a t w h e n th e c o m p le te p la n t Is In o p e r a tio n It w ill
r e p r e s e n t t h e h a u la g e o f o v e r 1 ,0 0 0 ,0 0 0 to n s o f r a w o r fin is h e d p r o d u c ts
a n n u a lly , t h e g r e a te r t o n n a g e o f w h ic h w ill b e h a n d le d b y t h e D u lu th c o m
p a n y . I n s te a d , th e r e fo r e , o f b e in g c a lle d u p o n t o m a k e a n y p a y m e n ts u n
d e r t h e g u a r a n ty , lt Is e x p e c te d t h a t t h e a r r a n g e m e n t w ill a d d m a te r ia lly
t o t h e g r o ss r e v e n u e o f y o u r c o m p a n y .
^ , . ..
D u r in g th e y e a r a d d itio n a l c a r tr u s t o b lig a tio n s w e r e c r e a te d t o t h e
a m o u n t o f $ 3 ,0 0 0 ,0 0 0 (V . 9 0 . p . 2 3 6 ; V . 9 1 , p . 1 5 3 , 1 0 9 5 ), a n d $ 1 ,6 5 0 ,0 0 0
w a s r e p a id o n p r e v io u s o b lig a tio n s , th u s m a k in g a n e t In c r ea se o n th e
a c c o u n t o f $ 1 ,3 5 0 ,0 0 0 . C o n s id e r a b le m ile a g e h a s b e e n r e la ld w ith h e a v y
s t e e l. N e w s t a t io n s a n d fr e ig h t h o u s e s h a v e b e e n b u ilt a n d e x is t in g b u ild
in g s e x te n d e d a t m a n y p o in ts . I n d u s tr ia l tr a c k s h a v e b e e n b u ilt.
T o w a r d t h e c lo s e o f t h e fin a n c ia l y e a r y o u r d ir e c to r s a r r a n g e d fo r a n Issu e
o f 5% 2 0 -y e a r In corn o c h a r g e c o n v e r tib le d e b e n tu r e s t o c k , s e c u r e d b y a
g e n e r a l c h a r g e o n p r o p e r tie s o f th e c o m p a n y , s u b je c t t o p r io r c h a r g e s . T h e
t o ta l a m o u n t o f th is s to c k a t a n y t im e o u t s t a n d in g Is n o t to e x c e e d a n
a m o u n t e q u a l t o $ 1 0 ,0 0 0 p e r m ile o f t h e c o m p a n y ’s lin e s o f r a ilw a y . D u r
in g th e y e a r s 1 9 1 6 , 1 9 1 7 a n d 1 9 1 8 h o ld e r s o f th e s to c k h a v e t h e r ig h t t o
e x c h a n g e th e ir h o ld in g s fo r a n e q u a l a m o u n t o f fu lly - p a id o r d in a r y s h a r e s
In t h e c a p ita l s to c k o f th e c o m p a n y . T h e In te r e s t o n th e s t o c k , a t a r a te
n o t e x c e e d in g 576 p er a n n u m , Is p a y a b le o n ly o u t o f th e n e t e a r n in g s o f
t h e c o m p a n y . I n a n d a fte r 1 9 2 0 t h e c o m p a n y Is e n t it le d t o r e d e e m t n e
s to c k a t p a r. S in c e th e c lo s e o f th e fin a n c ia l y e a r $ 5 ,0 0 0 ,0 0 0 o f tills s to c k
h a s b e e n d is p o s e d o f u p o n s a tis f a c to r y te r m s , a n d , a s y o u w ill s e c b y tn e
fig u r e s g iv e n in th e a n n u a l s t a t e m e n t s n o w s u b m itte d t o y o u a n d b y Its
p r e s e n t e a r n in g s , th e c o m p a n y w ill b e In a p o s itio n to m e e t t h e fu ll I n te r e s t
d u r in g th e c o m in g y e a r . (V . 9 0 , p . 1 6 7 4 .)
[A lso s e e o ffe r in g o f p e r p e tu a l c o n s o l, d e b e n tu r e s t o c k , V . 9 0 , p . 7 7 0 :
a ls o a s to o th e r s e c u r itie s s e e V . 9 0 , p . 1 2 9 5 , 1 4 2 4 , 1 4 8 9 .]
D E S C R IP T IO N OF F R E IG H T C A R R IE D YE A R S E N D IN G J U N E 3 0 .
1 9 0 8 -0 9 .
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 9 0 9 -1 0 .
4 .5 4 7
5 ,8 3 2
F is h , t o n s . .
F lo u r , s a c k s
1
,3
8
0
,2
0
7
I
m
m
ig
r
a
n
ts
’
(1 0 0 l b s . ) . 1 ,7 8 9 ,7 6 8
3 ,1 2 9
5 ,0 6 8
G r a in , b u s h . 3 7 ,3 5 5 ,0 1 0 2 7 ,1 1 3 .0 7 7 e ffe c ts , c a r s
9 1 ,5 4 6 B ld g , m a
L iv e s t k .,h e a d 1 2 3 ,6 3 5
9 .5 4 7
2 1 ,7 5 8
te r ia ls , c a r s
L u m b e r , & c .,
f e e t ________2 9 4 ,6 4 7 ,0 0 0 2 4 7 ,4 5 2 ,0 0 0 M is c e lla n e
1 ,0 7 3 .8 7 2
F lr c w ’d ,c o r d s 1 8 9 ,5 3 5
1 7 7 ,2 3 1 o u s . t o n s ... 1 ,2 6 6 ,6 6 9
EQ U IP M E N T .
jocomo- Passenger Freight
Cars.
tives.
Cars.
Equipm ent owned June 3 0 —
1 9 1 0 ..................................................................
1 9 0 9 ...................................................................
1 9 0 8 ..................................................................
1 9 0 7 . . . ____________ ________________
372
346
290
190
325
275
227
185
1 1 ,7 3 5
9 ,4 6 5
8 ,0 6 5
6 ,8 6 8
O P E R A T IO N S, E A R N IN G S , C H A R G E S, E TC .
1909-10. 1908-09.
Average miles operated.
3,179
3,013
O p e r a ti o n s —
Passengers carried____ 1,268,296 7 81 ,0,0 42 48 ,2,7 85 75
Passengers carried 1 mllcl06,217,424 2 .3 4 4 c t s .
Earns, per pass, per mile 2.184 cts. $ 1 .0 4 4 5 3
Earns, per pass. tr. mile $1.08115 2 ,9 5 8 ,8 0 2
Freight (tons) carried.. 3,809,856 1 0 0 0 8 7 5 3 8 6
Freight (tons) one mile.1356351140 0 7 3 6 c t s .
Earns, per ton per mile. 0.734 cts. $ 3‘ ,5---------1 2 .0 4
Earns, per mile of road. $4,351.39
G ro ss E a r n in g s —
'$
1 ,0 2 8 ,6 8 6
P asse n g e r_____________ 2,415,440
F r e i g h t ___________________ 1 0 ,1 0 2 ,5 1 0
Miscellaneous................. 1 ,091 .608
M alls________________
77,599
Express______________ 145,904
Total gross earnings.. 13,833,062
O p e r a ti n g E x p e n s e s —
Malnt.
of
t ec ------- 2‘04I ’??i
Malnt.
of way,
equipment__
Transportation
expenses 4,879,153
Traffic
expenses______
153,^io
Gen. exp.,
lncl. taxes__ 568,063
Total oper. expenses. 0,488,672
P. c. of gross earns.........
(68.59)
Net earnings_________ 4,344,390
F ix e d C h a rg e s—
Int.Gov’t
on bonds
guar, by 709,lo8
_
of Manitoba__
Int.Dominion
on bondsof guar,
by
Canada. 280,800
Int. on perp. con. deb. stk.1,150,055
Int.deb.
on stock
Qu’Ap.andL. bonds.
L. & S. 203,983
Int. on 4% land grant bds. 191,533
Rentals leased lines----- 223,960
Int. on equip, leases___
554,143
T o ta l fix e d c h a r g e s ___
S u r p lu s fo r y e a r ------- --
3 ,3 1 3 ,0 3 3
1 ,0 3 0 ,7 5 7
7 ,4 8 1 ,3 2 6
9 8 7 ,5 9 6
7 4 ,3 8 2
1 0 9 ,7 7 7
1 0 ,5 8 1 ,7 0 8
1 ,4 0 5 ,2 1 3 1
1 .2 0 0 ,5 8 1
3 ,8 5 3 ,5 8 8
1 2 8 ,7 2 2
4 2 7 .3 0 2 J
7 ,0 1 5 ,4 0 6
(6 6 .3 0 )
3 ,5 6 0 ,3 6 2
6 9 5 ,6 4 1
2 8 0 ,8 0 0
9 3 8 ,3 9 9
2 0 3 ,9 8 3
0 6 ,1 0 7
2 2 3 ,9 6 0
4 8 0 ,7 2 7
2 ,9 1 9 ,0 1 7
6 4 6 ,7 4 5
1 9 0 7 -0 8 .
2,866
9 3 7 ,0 3 6
7 4 4 6 8 ,4 1 5
2.381 c t s .
$ 1 .0 6 7 0 4
2 ,6 1 5 ,5 8 0
8 7 5 ,2 8 7 ,8 8 7
0 .7 7 9 C ts.
$ 3 ,3 8 7 .8 1
1 ,8 4 6 ,0 8 7
6 ,9 1 1 ,8 1 5
7 7 1 ,3 7 5
7 2 ,9 1 9
1 0 7 ,2 6 6
M iscel
laneous.
O il
480
236
226
1 9 0 0 -0 7 .
2 ,5 0 9
7 0 3 ,9 8 8
0 0 ,6 8 3 ,5 0 5
2 .4 1 3 c t s .
$ 1 .1 8 6 0 1
1 ,8 2 2 ,2 2 0
0 5 7 .4 3 7 ,3 0 5
0 .8 7 3 CtS.
$ 3 ,3 2 8 .0 9
$
1 ,4 0 4 ,2 5 6
6 ,7 4 2 ,5 8 7
9 ,7 0 9 ,4 0 2
5 8 ,2 3 1
8 5 ,1 2 4
8 ,3 5 0 ,1 9 8
6 ,6 7 6 ,7 7 5
5 ,4 2 4 ,1 6 4
6 ,0 7 6 ,7 7 5
(6 8 .7 7 )
3 ,0 3 2 ,6 8 7
5 ,4 2 4 ,1 6 4
(6 4 .0 6 )
2 ,9 2 6 ,0 3 4
6 2 4 ,7 2 6
0 5 8 ,7 4 3
2 8 0 ,8 0 0
2 8 0 ,8 0 0
4 4 6 ,0 5 4
5 7 7 ,5 3 9
1 8 1 .4 6 7
2 2 3 ,9 6 0
2 2 3 ,9 6 0
3 0 6 ,9 4 9
4 3 1 ,2 4 8
2 ,3 5 3 ,7 5 7
1 ,8 8 2 ,4 8 >
6 7 8 ,9 3 0 jf[ 1 ,0 4 3 ,5 4
N
ot.
Assets —
12 1910.
TH E CH RO NICLE
G E N E R A L B A L A N C E SH E E T J U N E 3 0 .
1910.
1910.
1909.
Liabilities—
S
S
S
1909.
S
5 5 ,0 0 0,0 0 0
2 4 ,0 5 4 ,7 1 7
2 6 ,7 2 7,1 8 3
2 , 000,000
4 ,8 0 5 ,3 4 7
9 ,7 7 6 ,2 3 2
550,214
92 4,3 53
2 ,6 8 8 ,6 2 1
1,149 ,5 4 7
196,148
4 4 ,1 3 6
1 0,531,994
3 ,9 4 8 ,5 1 8
•Cost o f ry. A eq . 1 3 3 ,7 8 2 ,3 4 8 1 16,260,251 C a p ita l s t o c k .. . 5 5 ,0 0 0 ,0 0 0
4% c o n s .d e b .stk .3 3 ,0 5 8 ,0 5 0
C a p ita l sto ck &
B o n d s A sto ck
b d s.o th er cos.
gu ar, b y G o v t. 4 4 ,4 9 0 ,2 1 0
o w n ’d ,co st(p a r
5 7 ,4 0 8 ,3 9 -1 ).. a 5 ,7 2 5 ,0 6 0 0 5 ,7 2 5 ,0 6 0 L a n d g r. bds. ’99 x'l,0 0 0 ,0 0 0
A d v . to o th . cos.
1,8 1 9 ,2 2 7 1 ,4 2 0 ,4 2 4 L and gr. b d s. ’09 4 ,7 4 2 ,0 8 0
Car tru st o b llg a . 1 1 ,1 2 1,8 6 3
A d '', to lines un
U npaid p ay-rolls
der construe,
7 3 6,2 67
U n p a id a u d ited
a n d W innipeg
v o n c h e r s ____
term in a l_____ 7,8 6 4 ,0 1 1 4 ,6 6 7 ,1 2 9
9 4 4,1 04
D ue to oth er co s. 2 ,5 3 8 ,2 8 0
D e f. p a ym en ts
on land s a le s . 8 ,2 3 1 ,2 4 9 7 ,2 7 3 ,2 3 0 C oupons A d lv s.
M atorlal A su p p . 1,4 1 2 ,1 6 2 1,347 ,6 3 2
d u e J u ly 1 ___ 1 ,6 4 2 ,2 2 6
A cer. ln t. on b d s.
D u e from a g en ts
& c o s ., trattlc
A c ___________
2 2 4,5 63
4 1 8,1 13 E q u ip , replace
b a la n ces, A c .
612,651
C ash w ith N a t.
m en t fu n d ___
108,258
T r. C o. a cct.
Surplus lan d gr.
lan d sa le s____ 4 ,7 3 3 ,379 4 ,3 0 2 ,6 3 7
a c c o u n t............£ 1 2 ,4 9 7 ,0 2 9
9 8 2,535 Surp. o f r a ilw a y 4 ,9 5 0 ,8 6 0
C a sh on h a n d .. 1,796,968
O ther ca sh ............ 6 8 ,0 7 6 ,7 3 6
T o t a l .................1 7 4,0 53 ,7 91 1 4 2,3 97 ,0 09 T o t a l ..................17 4,0 53 ,7 91 14 2,3 97 ,0 09
a T h is a m o u n t r e p r e s e n ts th e s to c k s a n d b o n d s p le d g e d t o s e c u r e th e
4 % p e r p e tu a l c o n s o lid a te d d e b e n tu r e s to c k a t p a r . (S e e lis t V . 8 9 , p . 1 4 8 0 .)
6 I n c lu d e s c a sh w ith D o m in io n G o v ’t , $ 9 7 5 ,7 5 2 ; w ith P r o v in c e o f M a n i
t o b a , $ 1 ,7 1 0 ,1 9 9 ; w ith P r o v in c e o f S a s k a tc h e w a n , $ 2 ,0 7 6 ,4 7 9 , a n d w ith
P r o v in c e o f A lb e r ta , $ 3 ,3 1 4 ,3 0 6 .
x T h e s u r p lu s In la n d g r a n t a c c o u n t , $ 1 2 ,4 9 7 ,0 2 9 , w a s o b ta in e d a fte r
d e d u c t in g $ 2 ,0 0 0 ,0 0 0 la n d g r a n t b o n d s (Issu e o f 1 8 9 9 ), a s a b o v e , th e m o n e y
t o r e d ee m w h ic h Is In th e h a n d s o f th e N a tio n a l T r u s t C o ., th e g r o ss la n d
s a le s h a v in g a g g r e g a te d $ 1 4 ,4 9 7 ,0 2 9 .
N ote. — I n a d d itio n to t h e a b o v e a s s e t s , th e c o m p a n y o w n s 1 ,1 5 1 ,0 1 7 a c r e s
o f la n d In M a n ito b a a n d S a s k a t c h e w a n .— V . 9 1 , p . 1 2 5 3 , 1 0 9 5 .
Louisiana & Arkansas Ry.
(R eport fo r F iscal Y ear ending Ju n e
30 1910.)
President Win. Buchanan, Texarkana, Ark., Aug. 30 1910,
wrote in substance:
E arnings. — T h e r e s u lts o f o p e r a tio n s h o w a n In c r e a se In g r o s s r e v e n u e o f
$ 1 3 6 ,3 6 1 , o r 1 1 .4 9 % . O p e r a tin g e x p e n s e s s h o w a n I n c r ea se o f o n ly $ 1 ,5 8 6 .
o r 0 .2 0 % . T a x e s s h o w a n I n c r ea se o f $ 7 ,9 0 1 , o r 3 9 .7 4 % , le a v in g a n In
c r e a s e In th e n e t r e v e n u e o f $ 1 2 6 ,8 7 4 , o r 3 5 .1 8 % . A n u m b e r o f m ile s o f
t h e ro a d w h ic h w e r e e x e m p t fr o m t a x a tio n fo r a p e r io d o f te n y e a r s h a v e
n o w b e c o m e t a x a b le p r o p e r ty : th e tim e lim it o n a fe w m ile s a d d itio n a l w ill
fr o m n o w o n e x p ir e e a c h y e a r o r t w o . T h e n u m b e r o f m ile s o p e r a te d h a s
In c r ea se d fro m 2 2 5 .8 4 to 2 5 5 , a n In c r ea se o f 2 9 .1 6 m ile s . F r e ig h t r e v e n u e
p e r to n p er m ile a v e r a g e d 1 .1 1 c e n t s , a s a g a in s t 1 .0 4 c e n ts In 1 9 0 9 . T h e
a v e r a g e h a u l p er r e v e n u e to n w a s r e d u c e d 5 .7 3 m ile s , d u e to t h e o p e n in g o f
t h e G e o r g e to w n g a t e w a y , e n a b lin g y o u r c o m p a n y to m a k e d e liv e r ie s to
t h e S t . L o u is Ir o n M tn . & S o u th e r n R y ., w h ic h h a d h ith e r to b een h a u le d
a n d d e liv e r e d to th e S t . L . I . M . A S . B y . a t H o p e , A r k . (T h e n u m b e r o f
t o n s c a r rie d In c r ea se d 1 2 .2 0 % ; th e n u m b e r c a r rie d o n e m ile In c r ea se d
4 .9 4 % . S e c ta b le s b e lo w .— E d .]
Shreveport Term inal P roperty. — -A s s ta te d la s t y e a r , s u f f ic ie n t la n d w a s
p u r c h a s e d In th e c e n tr a l a n d b u s in e s s p a r t o f S h r e v e p o r t n o t o n ly to fu r n ish
a m p le fa c ilitie s fo r y o u r r o a d , b u t to a ffo rd a c c o m m o d a tio n s fo r o th e r lin e s .
T e r m in a l tr a c k s h a v e a lr e a d y b e e n c o n s tr u c te d to ta k e c a r e o f th e e n
tir e t o n n a g e h a n d le d a t p r e s e n t a n d a d d itio n a l tr a c k s w ill b e c o n s tr u c te d
a s f a s t a s n e e d e d . T h e p a s s e n g e r s t a t io n , n o w w e ll u n d e r w a y . s h o u ld b e
c o m p le te d e a r ly n e x t y e a r . T h e p la n s fo r th is p a s s e n g e r s ta tio n w e r e
d r a w n w ith a v ie w o f fu r n is h in g d e p o t fa c ilitie s fo r o th e r r a ilr o a d c o m p a n ie s
e n te r in g S h r e v e p o r t o v e r th e te r m in a ls o f th e L o u is ia n a A A r k a n s a s R y .,
a n d tr a c k s to s a m e w ill b e la id a c c o r d in g ly .
Extension Jrom M tnden to Shreveport.— 'T h is e x te n s io n w a s c o m p le te d a n d
u t In o p e r a tio n o n J a n . 1 1 9 1 0 , w h ic h a d d e d 2 7 .1 5 m ile s to th e tr a c k o w n e d
y y o u r c o m p a n y , a n d In c r ea se d th e o p e r a te d m ile a g e 2 9 .1 6 m ile s , a s sh o w n
a b o v e . T h e c o n s tr u c tio n c o m p a n y h a s a b o u t 10 m ile s m o r e to b a lla s t o n
th is e x te n s io n b e fo re s a m e Is fin a lly a c c e p te d b y y o u r c o m p a n y . W e h a v e
tr a c k a g e r ig h ts o v e r 2 .0 1 m ile s o f th e tr a c k s o f t h e S t . L o u is S o u th w e s te r n
R y . C o ., a n d u n d e r a c o n t r a c t w ith th e S h r e v e p o r t B r id g e A T e r m in a l C o .
u s e tlie lr b r id g e a c r o s s th e R e d R iv e r .
Funded Debt. — D u r in g th e y e a r b o n d s t o t h e a m o u n t o f $ 3 3 9 ,0 0 0 w e r e
Issu e d , th e p r o c e e d s fro m th e ir s a le b e in g a p p lie d to th e c o n s tr u c tio n o f th e
S h r e v e p o r t b ra n ch a n d a c q u is itio n o f te r m in a ls In S h r e v e p o r t , a n d to Im
p r o v e m e n ts a n d b e tte r m e n ts . T h e a m o u n t o u ts t a n d in g J u n e 3 0 1 9 1 0 w a s
$ 4 ,5 8 7 ,0 0 0 , o r $ 1 8 ,3 6 0 p er m ile o f c o m p le te d r o a d .
D u r in g th e y e a r th e th ir d a n n u a l p a y m e n t o f $ 5 5 ,0 0 0 w a s m a d e u n d e r
t h e s in k in g fu n d c la u s e o f th e m o r tg a g e , w h ic h , w ith p r e v io u s p a y m e n ts
a n d th e e a r n in g s th e r e o n , m a k e s a to ta l c r e d it to th is fu n d o f $ 1 7 8 5 6 9
Projected L ine. — A n e n g in e e r in g c o r p s Is n o w In th e field m a k in g p e r m a
n e n t lo c a tio n o f lin e fr o m J e n a to N a tc h e z , a d is ta n c e o f a b o u t 5 0 m ile s
B ails. — O f th e 2 4 9 .8 3 m ile s o f tr a c k o w n e d . 6 4 .9 7 m ile s Is la id w ith 6 0 lb . s t e e l a n d 1 8 4 .8 6 Is la id w ith 7 5 -lb . s te e l.
M aintenance. — T h e d is b u r s e m e n ts fo r m a in te n a n c e o f w a y a n d s tr u c tu r e s
a m o u n te d to $ 8 0 6 p e r m ile o f ro a d o p e r a te d , a s c o m p a r e d w ith $ 9 1 8 fo r
t h e fis ca l y e a r 1 9 0 8 -0 9
F o r r e p a ir s a n d r e n e w a ls o f r o llin g s t o c k . In c lu d
in g r e s e r v e s s e t a s id e fo r d e p r e c ia tio n , th e a m o u n t c h a r g e d to o p e r
a tin g e x p e n s e s a v e r a g e d $ 1 ,8 8 6 p er lo c o m o tiv e In 1 9 1 0 , a s a g a in s t
$ 1 ,9 1 2 p e r lo c o m o tiv e In 1 9 09 ; p er p a s s e n g e r c a r , $ 1 ,2 0 9 In 1 9 1 0 a s a g a in s t
$ 7 9 9 In 1909; a n d p er fr e ig h t a n d w o r k c a r $ 9 1 , a s a g a in s t $ 1 0 1 In 1 9 09
A m o u n ts s u ffic ie n t fo r m a in te n a n c e a r e In c lu d ed In o p e r a tin g e x p e n s e s
m o n t h ly , a n d s e t a s id e fo r r e p la c e m e n ts a n d r e n e w a ls o f r o a d w a y a n d e q u ip
m e n t a s su c h r e n e w a ls b e c o m e n e c e s s a r y . A t th e e n d o f th is llsc a l y e a r th e
a m o u n t s ta n d in g to th e c r e d it o f th e r e s e r v e fu n d th u s c r e a te d w a s $ 5 2 9 9 6 4
T h e a m o u n t s e t a s id e d u r in g th e y e a r w a s $ 4 9 ,3 0 0 In e x c e s s o f th e a c tu a i
r e n e w a l e x p e n d itu r e s .
O P E R A T IO N S , E A R N IN G S , E X P E N S E S , A c .
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 0 0 7 -0 8 .
1 9 0 6 -0 7 .
240
220
226
Average miles operated .
226
Operat i ons —
Passengers carried (No.) 266,039
2 5 2 ,9 3 7
259,749
2 3 6 ,2 4 1
Pass. car. 1 mile (No.) -- 6,120,349 5 ,62 .75 58 ,3c 2t s4. 5,956,578 5 ,5 5 6 ,2 7 9
Rato per pass, per mile. 2.79 cts. 1 ,0 6 4 ,8 6 0
2.73 cts. 2 .8 5 c ts .
Revenue tons car. (No.) 1,194,738
985,726 1 ,1 7 6 ,4 9 3
Rev.tons.car. 1in.(No.). 99,047,889 9 4 ,31 .08 14 ,6c9t s3. 87,714.929
Rate per ton per mile
1.11 cts.
1.05
cts. 9 6 ,21 .08 51 ,1c t9s0.
$ 5 ,2 5 3
Gross earns, per mile__
$5,502
$5,068
$ 5 ,3 8 8
E arnings —
$
$
S
$
9 7 9 ,4 1 3
F r e i g h t ........................................ 1 ,1 0 2 ,5 4 4
922,546
1
,0
1
2 ,1 3 5
Passenger................
170,467
155,659
162,436
1 5 8 ,4 8 5
Mall, express, A mlsc__
49,750
5 1 ,3 2 8
59,539
4 6 .2 1 7
E
Total earnings---------- 1,322,761 1 ,1 8 6 ,4 0 0 1 ,1 4 4 ,5 2 1 1 ,2 1 6 ,8 3 7
Expens es —
Malnt. of way A struo._ 193,891
207,294
2 0 8 ,2 4 7
1 9 6 ,0 4 4
Malnt. of equipment__ 206,869
215,912
1 8 5 ,9 7 6
1 6 7 ,8 5 5
Conducting transporta’n 332,648
311,416
3 4 3 ,9 5 5
4
2 7 ,1 8 7
Traffic expenses............
22,892
19,421
1 6 ,7 0 5
General..................
51,173
51,845
3 5 ,7 9 1
4
5 ,9 3 2
Taxes ..............................
27,785
19,884
1 4 ,9 6 9
1 1 ,7 4 1
Total expenses........... 8 3 5 ,2 5 8
825.771
8 0 5 ,6 4 3
8 4 8 ,7 5 9
P. e. of exp. to earnings.
(6 3 .1 5 )
(7 0 .3 9 )
(69.60)
(6 9 .7 5 )
Net earnings-------------4 8 7 .5 0 3
360.629
3 3 8 .8 7 8
3 6 8 ,0 7 8
Other Income------------- 1 0 4 ,8 5 4
91,557
4 3 ,6 3 6
3 2 ,3 6 5
Total Income................ 592,357
452.186
3 8 2 ,5 1 4
4 0 0 ,4 4 3
Deduct Interest----------226,390
1 9 7 .9 3 0
1 9 4 ,9 0 0
1 7 4 ,9 5 9
Other deductions-------68,617
49,616
3 ,0 8 5
Dividend __________a;(2H)112,500 (3)112.500
(3 )1 1 2 ,5 0 0 ( 3 )1 1 2 .5 0 0
4 0 7 .5 0 7
Total
360,046
3 1 0 ,4 6 5
287,459
1 8 4 ,8 5 0
Surplus
92.140
7 2 ,0 4 9
112,984
Not e .—The last two semi-annual dividends on the stock, namely those
paid March 16 and Sept. 16 1910, were at the rate of 2 14% ner annum not
3%, as heretofore erroneously reported.—
’
132 3
C O M P A R A T IV E B A L A N C E S H E E T .
1910.
1909.
1908.
1907.
5
$
$
$
8 ,5 8 7 ,8 8 4
8 ,1 2 7 ,0 2 3
7 ,1 1 5 ,9 9 8
6 ,9 6 9 .4 0 8
1 ,1 8 8 ,1 7 5
1 ,2 3 5 ,1 7 8
1 ,2 3 5 ,7 4 8
1 ,2 3 5 ,1 7 8
5 6 9 ,5 4 5
5 1 0 .3 4 5
2 6 5 ,4 7 4
1 7 1 ,5 2 3
1 3 ,2 2 3
1 0 ,4 7 4
1 1 ,9 2 7
1 7 ,9 5 6
1 ,7 7 5
3 ,4 2 5
1 ,3 5 0
1 ,3 5 0
1 7 8 ,5 6 9
1 1 5 ,5 7 5
5 6 ,3 7 5
rs
2 ,9 3 7
1 ,6 8 3
4 ,2 9 6
9 ,6 7 9
S. 1 2 1 ,4 3 3
1 0 1 ,8 3 6
1 1 9 ,1 5 7
1 3 2 ,7 2 6
U n e x p ir e d I n s u r a n c e . .
1 ,5 8 7
1 ,6 6 3
2 ,5 9 4
1 ,6 4 7
M a te ria ls a n d s u p p l i e s .. .
2 2 7 ,8 6 0
2 1 9 ,5 8 9
2 5 9 ,6 0 5
2 6 4 ,4 2 0
T o ta l a s s e t s _____
. 1 0 ,8 9 2 ,9 8 9 1 0 ,3 2 6 ,7 9 1
9 ,0 7 2 ,5 2 2
8
,8
0
3
,8 8 7
L iabilities —
C a p ita l s t o c k ______________. 4 ,5 0 0 ,0 0 0
4 ,5 0 0 ,0 0 0
3 ,7 5 0 ,0 0 0
3
.7
5
0
,0
00
F ir s t m o r tg a g e ___
. 4 ,5 8 7 ,0 0 0
4 ,2 4 8 0 0 0
3 ,8 9 8 ,0 0 0
3 ,7 4 8 .0 0 0
4 6 ,6 3 8
A u d ite d v o u c h e r s .
.
4 1 ,5 6 4
2 3 ,7 7 8
3 9 ,3 3 8
U n p a id w a g e s ______ ___ .
5 2 ,7 9 0
4 6 .6 7 5
5 1 ,6 2 1
4 7 ,6 8 4
D u e I n d iv id u a ls A c o s . ..
1 4 ,8 2 9
1 1 ,3 1 4
1 4 ,4 0 5
3 0 ,5 7 2
A g e n ts ’ d r a f ts In t r a n s it ..
1 .4 2 9
1 ,4 4 5
1 ,1 2 7
4 .3 2 6
U n p a id c o u p o n s ______ .
1 ,9 0 0
3 ,4 2 5
1 ,3 5 0
1 .3 5 0
A c c r u e d ln t . o n b o n d s .
7 0 ,8 0 0
7 6 ,4 5 0
0 4 ,9 6 7
6 2 ,4 6 7
A c c r u e d t a x e s ____________ .
1 4 ,9 0 0
1 0 ,5 1 0
8 ,0 5 0
5 ,9 5 0
S in k in g fu n d r e s e r v e ___ .
2 2 4 ,4 0 3
1 6 1 ,4 0 8
1 0 2 ,2 0 8
4 5 ,8 3 3
M is c e lla n e o u s r e s e r v e s . ..
2 8 ,7 1 8
2 0 ,0 6 6
1 6 ,3 0 7
1 8 ,8 1 6
D u e t r u s te e s 1 st m t g e . ..
7 .2 7 2
2 7 ,6 4 2
2 6 ,8 2 7
2 6 ,6 7 7
R en ew al reserves.
.
5 2 9 ,9 6 3
4 8 0 ,0 6 3
4 3 2 ,1 8 0
3
5
3 ,2 3 0
S u r p l u s ____________
. * 8 1 1 ,7 7 1
6 9 2 .2 0 3
0 8 1 ,7 0 1
6 6 9 ,6 4 5
T o ta l lia b i lit i e s ................. 1 0 ,8 9 2 ,9 8 9 1 0 ,3 2 6 ,7 9 1
9 ,0 7 2 ,5 2 2
8 ,8 0 3 ,8 8 7
* A ft e r d e d u c tin g r e s e r v e fo r s in k in g fu n d , $ 5 5 ,0 0 0 ; r e s e r v e fo r m is c e l
la n e o u s p u r p o s e s , $ 3 ,3 3 2 , a n d s u n d r y Ite m s , $ 6 ,9 5 0 .— V . 9 1 , p . 4 6 3 .
A ssets —
Cost of road______ .
Cost
Cash ofonequipment.
hand____ Cash In transit___ ..
Cash with llscal agents..Sinking fund trustees .
N ew Orleans & N orth E astern R R .
(R eport fo r F iscal Y ear ending J u n e 30 1910.)
President D. D. Curran, Aug. 2, wrote in substance:
P h y s i c a l C o n d i t i o n . — T h e m a in a n d s e c o n d tr a c k a r e la id w it h 7 5 -lb .
s t e e l r a ils . T h e r e a r e 2 ,6 2 1 lin e a l f e e t o f s t e e l b r id g e s a n d 6 0 ,1 3 4 f e e t o f
w o o d e n tr e s tle s -In a ll 6 2 ,7 5 5 f e e t (1 1 .8 9 m ile s) o f b r id g e s tr u c tu r e In th e
m a in lin e . 1 h is I n c lu d e s L a k e P o n tc h a r tr a ln c r e o s o te d tr e s tle (5 .7 2 m ile s )
Ih e r e a r e a ls o 1 2 0 fe e t o f s te e l b r id g e s a n d 4 ,1 9 0 lin e a l fe e t o f tr e s tle s o n
s id e tr a c k s . D u r in g th e y e a r tr e s tle s w e r e s h o r te r n e d 2 7 f e e t I n c id e n t to
r e p a ir w o r k . S id e tr a c k s p u r c h a s e d c o n t a in e d 3 2 3 fe e t o f tr e s tle .
E q u i p m e n t . — T h e c o m p a n y o w n s 6 6 lo c o m o t iv e s , 54 p a s s e n g e r tr a in c a r s
a n d 2 ,3 1 2 fr e ig h t a n d o th e r ca rs: 6 0 0 a d d itio n a l fr e ig h t c a r s a r e b e in g
p u r c h a s e d u n d e r a n e q u ip m e n t tr u s t m a tu r in g In 1 9 1 3 . D u r in g th e y e a r
2 0 9 c a r s w e r e p u r c h a s e d a n d 4 c a r s w e r e b u ilt a n d c h a r g e d to a d d itio n s a n d
b e tte r m e n ts ; 2 1 9 c a r s w e r e d e s tr o y e d o r s o ld , th e c o s t o f p r o p e r ty b e in g
r e d u c e d th r o u g h th e b e tte r m e n t a c c o u n t b y th e o r ie ln a l c o s t th e r e o f .
T h e r e s till r e m a in 8 6 t w e n t y - t o n c a r s w h ic h m u s t s h o r tly b e r e p la c e d b y
m o d e r n e q u ip m e n t. D u r in g th e la s t te n y e a r s th e fr e ig h t e q u ip m e n t h a s
b e e n In c r ea se d fr o m 1 ,6 9 2 c a r s to 2 ,8 7 2 c a r s , a n In c r e a se o f 7 0 % , w h ile
th e c a r r y in g c a p a c it y h a s b e e n In c r ea se d 1 4 4 % .
G e n e r a l R e s u lt s . — T h e r e Is a n In c r ea se In o p e r a tin g r e v e n u e s o f $ 4 0 8 ,0 1 4 ,
o r 1 3 .4 4 % , a n in c r e a s e In o p e r a tin g e x p e n s e s o f $ 1 7 2 ,2 9 9 , o r 8 .2 1 % , a n
In c r ea se In t a x e s o f $ 4 ,7 8 6 , o r 5 .0 9 % , a n d a n in c r e a s e In n e t o p e r a tin g
r e v e n u e o f $ 2 3 0 ,9 2 7 .
A d iv id e n d o f 5% o n th e c o m m o n s to c k w a s p a id S e p t . 3 1 9 0 9 .
P a s s e n g e r r e v e n u e s h o w s a n In c r ea se o f $ 6 5 ,5 6 8 , o r 1 1 .8 5 % ; th e e a r n in g s
h o w e v e r , fr o m lo c a l tr a v e l a r e s till $ 1 0 2 ,4 1 6 le s s th a n In 1 9 0 6 -0 7 .
F r e ig h t r e v e n u e h a s I n c r ea se d $ 2 9 1 ,9 9 2 . o r 1 2 .8 7 % . T h e p r in c ip a l
In c r e a se s w e r e : g e n e r a l m e r c h a n d is e , $ 9 6 ,6 8 4 : c o a l, $ 5 9 ,7 3 6 - m a c h in e r y
c a s t in g s , $ 5 3 ,5 0 5 . T h e r e w e r e d e c r e a s e s o f $ 9 0 ,5 6 5 In c o tto n a n d
$ 1 9 ,1 8 6 In o il. T h e c o tto n c r o p In th e te r r ito r y s e r v e d b y y o u r lin e w a s
th e s h o r te s t In m a n y y e a r s .
E x p r e s s r e v e n u e s h o w s a n In c r ea se o f $ 2 3 ,9 5 6 , o r 3 1 .8 6 % , a n d m is c e l
la n e o u s r e v e n u e o f $ 2 6 ,6 1 2 . o r 2 6 .3 9 % , d u e In p a r t t o th e d iv e r s io n o f
b u s in e s s fr o m c o m p e tin g lin e s w h ile t h e y w e r e In te r r u p te d b y th e s to r m
o f b e p t . 2 0 1 9 0 9 a n d p a r t ly t o th e d e v e lo p m e n t In fr u it a n d v e g e t a b le
b u s in e s s a n d to In c r ea se s In s w it c h in g , s to r a g e a n d c a r s e r v ic e .
O p e r a ti n g E x p e n s e s . — T h e s e in c lu d e In a d d itio n to a c tu a l e x p e n d itu r e s
th e o r ig in a l c o s t o f a ll s tr u c tu r e s su p e r s e d e d a n d a d e p r e c ia tio n o f 3%
on
o r ig in a l c o s t o f a ll e x is t in g lo c o m o tiv e s a n d c a r s .
t h e lo s s o n e q u ip m e n t r e tir e d fo r th e y e a r In e x c e s s o f th e d e p r e c ia tio n
w r it te n u p w a s $ 3 7 ,0 3 4 : th is s u m , w h ic h w a s fo r m e r ly a c h a r g e to m a in
te n a n c e . Is n o w c h a r g e d u n d e r th e r e v is e d a c c o u n tin g r u le s to p r o fit a n d
lo s s a c c o u n t .
T h e In c r ea se In tr a n s p o r ta tio n e x p e n s e s Is d u e t o th e In c r e a se In to n n a g e
h a n d le d a n d t o a d v a n c e s In th e w a g e s o f e n g in e e r s a n d fir e m e n e ffe c tiv e
D ec. 1 1909.
T r a n s p o r ta tio n e x p e n s e s In c lu d e $ 4 9 ,0 0 0 on a c c o u n t o f a d v a n c e s m a d e In
s e t t le m e n t o f p e r so n a l in ju r y c la im s a r is in g fr o m th e L it t le W o o d s w r e c k
o f N o v . 11 1 9 0 8 . A ll I m p o r ta n t c la im s h a v e n o w b e e n d is p o s e d o f a n d It Is
b e lie v e d t h a t In th e fin a l s e t t le m e n t th e c o m p a n y w ill r e c o v e r th e e n tir e
a m o u n t p a id o n th is a c c o u n t.
A d d i t i o n s a n d B e tt e r m e n t s . — T h e Ite m s p r o v id e d fr o m c a p ita l a g g r e g a te d
$ 7 1 ,4 0 4 : th o s e p r o v id e d fro m a c c u m u la te d n e t r e v e n u e a g g r e g a te d $ 7 9 ,9 7 7 ;
a n d th o s e p r o v id e d fr o m c u r r e n t I n c o m e , $ 1 5 6 ,3 8 8 ; t o t a l. $ 3 0 7 ,7 6 9 .
P r o p e r t y I n v e s t m e n t. — T h is a c c o u n t h a s b e e n r e -s ta te d In c o n f o r m ity
w ith r e c e n t r e q u ir e m e n ts o f th e I n te r -S ta te C o m m e r c e C o m m is s io n b y
c h a r g in g to c o s t o f ro a d : (1) a d d itio n s a n d b e t t e r m e n t s c h a r g e d d u r in g
1 9 0 8 a n d 1 9 0 9 to c u r r e n t I n c o m e , $ 2 0 2 ,9 5 4 : (2 ) e q u ip m e n t p u r c h a s e d
d u r in g th e s a m e y e a r s a n d c h a r g e d to r e p la c e m e n t fu n d . $ 1 7 3 ,5 3 5 - (3) th e
u n p a id lia b ilit y o n c a r s p u r c h a s e d u n d e r a tr u s t a g r e e m e n t, $ 1 7 3 ,4 2 7 . T h e
s a m e a c c o u n t h a s b e e n r e d u c e d b y $ 2 0 2 ,1 1 0 , th e a m o u n t h e ld In r c p la c e m e n tfu n d a t J u n e 3 0 1 9 0 7 t o c o v e r th e c o s t o f r e p la c in g e q u ip m e n t r e tir e d
a n d n o t r e p la c e d a t t h a t d a t e .
O P E R A T I O N S A N D F I S C A L R E S U L T S . (1 9 6 M I L E S .)
O p e r a ti o n s —
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 9 0 7 -0 8 ,
1 9 0 6 -0 7
P a s s e n g e r s c a r r ie d .............
5 3 5 ,3 8 3 1
4 9 5 .7 7 9
5 3 5 ,3 6 8
6 0 9 ,1 4 5
P a s s e n g e r s c a r rie d 1 m ile 2 6 ,5 4 0 ,9 9 41 2 3 ,3 7 1 ,8 0 2 2 3 ,5 1 7 ,2 9 0 2 7 .5 7 8 ,5 7 6
R e v . per p a ss p er m ile ..
2 .3 3 c t s .
2 .3 7 c t s .
2 .5 0 c t s .
2 .4 4 C ts.
R e v e n u e to n s c a r r ie d
2 . 452,727t
1 ,9 7 1 ,7 1 1
1 ,7 2 3 .9 3 7
1 .8 1 5 ,5 1 5
Rev. per ton per mile.. 0 .7 1 c ts . ! 2 8 9 ,702.768,9 c0 t9s . 2 4 6 ,800.834.0 C1 0ts. 2 3 9 0,8.94 17 .6c t1s9.
Earns, per pass, train m.
$1 2 5i
$1 10
$1 22
$1 32
learns, per frt. train m.
$2 5 6
$2 69
$2 82
Gross earnings per mile. $ 1 $7 2,5 7526:>
$ 1 5 ,4 9 3
$ 1 ^ ,7 2 0
$ 1 5 ,7 7 5
ACCO U N T .
E arnings —
Passenger___
Mall, express, Ac.
Oper. expanses a-'d taxes —
Malnt. of way. and structures.
Malnt. of equipment________
Traffic expenses.....................
General expenses.
Taxes ___________
P c. exp. and taxes to earnings.
_
..
_
1 9 0 9 -1 0 .
$
6 1 8 ,7 4 5
2 6 2 ,7 3 0
3 .4 4 3 ,1 0 2
_
.
.
.
.
.
. (6
.
3 5 9 .5 9 3
5 2 7 .6 3 6
1 1 2 ,4 0 2
1 ,1 4 3 .7 4 5
1 2 6 .8 4 7
9 8 .7 8 6
2 ,3 6 9 ,0 0 9
(6 8 .8 0 )
1 ,0 7 4 ,0 9 3
a lO O .1 8 4
1 ,1 7 4 ,2 7 7
3 4 4 ,4 9 0
6 7 ,5 0 0
5 8 .3 8 8
2 4 ,4 8 3
9 .1 0 5
H )S 9 0 .0 0 0
8 9 3 .9 6 6
2 8 0 .3 1 1
1 9 0 8 -0 9 .
$
5 5 3 ,1 7 6
2 ,2 6 9 .6 3 5
2 1 2 .2 7 7
3 ,0 3 5 .0 8 8
3 0 7 .6 4 7
5 3 8 ,3 9 6
9 1 .4 4 7
1 ,0 3 8 .3 8 2
1 2 2 ,0 5 2
9 4 .0 0 0
2 ,1 9 1 .9 2 4
(7 2 22)
8 4 3 .1 0 4
9 0 .6 1 $
9 3 3 ,7 7 9
3 3 6 .0 6 5
6 7 ,5 0 0
6 1 ,7 9 0
3 .9 6 4
1 1 ,7 0 6
( 5 )3 0 0 .0 0 0
7 8 1 ,0 2 6
1 5 2 ,7 5 3
1 9 0 7 -0 8 .
$
5 9 5 ,7 5 0
2 .0 8 0 .9 8 3
2 0 6 .9 2 3
2 ,8 8 3 ,6 5 6
3 5 5 ,2 9 7
5 7 2 .6 1 2
8 6 ,5 9 9
1 ,0 1 7 .7 6 2
1 1 8 .8 6 7
7 5 .3 3 1
2 ,2 2 6 ,4 6 8
(7 7 .2 1 )
6 5 7 ,1 8 8
1 4 2 .7 6 1
7 9 9 ,9 4 9
3 3 2 ,4 9 0
6 7 ,5 0 0
b 5 5 ,8 4 2
1 8 ,2 1 0
( 4 )2 4 0 .0 0 0
7 1 4 ,0 4 2
8 5 ,9 0 7
Deduct —
Fixed Interest on bonds..
Interest on Incomes____
Rentals_________
_____Hire of equip, (balance).
Interest on equip, trusts.
Total____________ ________
Balance, surplus____________
nOthcr Income Includes In 1909-10 rentals. $59,803, and Interest on
current accounts, $40,381. b Includes loss on dining-car operations, $1,603.
TH E CH RONICLE
1324
BALANCE SHEET JU N E 30 .
[O w ing to ch an g e in form o f b a la n ce sh e e t, co m p a rison s w ith m a n y item s in 1909
a re in a ccu ra te.]
1 9 10 .
1909.
1910.
1909.
Liabilities—
Assets —
S
S
S
S
H oad & e q u ip ___a l4 ,9 9 1 ,8 2 4 14,5 6 1,6 8 2 C om m on s t o c k .. . 6, ,000,000 6 , 000,000
1 7 ,8 0 0 \
18,196 B d s.(se e R .& I.S ec .) 8 ,6 8 2 ,0 0 0 8 ,6 8 2 ,0 0 0
S to ck o f oth er c o s .
85 J
23 1,2 36
S ecurs. u n pled ged
E q u ip , o b lig a tio n s 2 3 4,0 00
6 0 ,8 1 9
M ark etab le secu rs.
133,123
T ra ffic, & c., b a ls. 171,551
22 8,3 58 V ouchers & w ages 291,5911 47 5,7 27
M a t’l a n d su p p lies 2 4 9 ,2 9 8
6 3,021
A g en ts ----------------73 ,4 0 5 M iscel. a c c o u n ts ..
29,9751
C ash --------------------- 1 ,3 0 6 ,6 5 2 1 ,1 7 1 ,8 2 5 A ccrued in t., A c .
8 7 ,3 0 0
8 9 ,9 8 9
41,5 1 2
T ra ffic, & c., b a ls .
192,895 M atured in t., & c. 1 3 7,5 44
132,645
M iscel. a c c o u n ts .. 17 8,0 90
160,134 A ccrued ta x e s ____
2 9 ,7 7 8
E q u ip m en t tr u sts.
2 3 1,2 36 O p eratin g reserves 185,009
D e f. d eb it it e m s .. 2 0 8 ,7 5 6
O th .d e f.c re d .ite m s
1 9,159
149,987
D ep rec’n o f e q u ip .
2 8 ,5 7 5
R o llin g sto ck fu n d
71 7,1 37
P ro fit a n d lo ss____ b l 2 4 7,2 61
T o t a l . ....................1 7 ,1 1 7,8 5 7 1 6 ,6 3 7 ,7 3 0
T o t a l ........................1 7 ,1 1 7,8 5 7 1 6 ,6 3 7,7 3 0
a A fter d ed u ctin g reserve for accru ed d ep recia tio n , $ 2 2 5 ,4 3 3 . b A fter a d d in g
$ 2 0 2 ,95 4 for a d d itio n s a n d b etterm en ts in 1908 an d 1909 (see a b o v e) an d m a k in g
su n d ry d ed u ctio n s a g g reg a tin g $ 4 3 ,1 4 2 .— V . 9 1 , p . 1161.
V icksburg Shreveport & Pacific R y.
(R eport fo r F isca l Y ea r ending J u n e 30 1910.)
President D. D. Curran, Aug. 9, wrote in brief:
P hysical C ondition .— O f th e 1 7 1 .4 7 m ile s o f m a in tr a c k o p e r a te d , 1 2 1 .7 9
m ile s a r e la id w i t h 7 5 -lb . s t e e l r a ils a n d 4 9 .6 8 m ile s w ith 6 0 -lb . s te e l r a ils .
D u r in g t h e y e a r th e r e w e r e la id In th e m a in tr a c k 5 .9 5 m ile s o f 7 5 -lb . s te e l
r a ils in r e p la c e m e n t o f 6 0 -lb . s t e e l r a ils . T h e r e a r e 3 6 ,6 6 4 f e e t o f b r id g e
s tr u c tu r e o n th e m a in lin e b e tw e e n D e lt a a n d S h r e v e p o r t , o f w h ic h 2 ,9 0 6
f e e t a r e s t e e l a n d Iro n s p a n s a n d 3 3 ,7 5 8 f e e t w o o d e n tr e s tle s , th e s a m e a s o n
J u n e 3 0 1 9 0 9 . S in c e J u n e 3 0 1 8 8 6 , th e le n g t h o f w o o d e n tr e s tle s h a s b e e n
r e d u c e d fr o m 5 6 ,7 7 8 f t . t o 3 3 ,7 5 8 f t . a n d 2 8 0 o p e n in g s h a v e b e e n c lo s e d .
E quipm ent .— T h e c o m p a n y o w n s 31 lo c o m o t iv e s , 3 3 p a s s e n g e r tr a in c a r s ,
a n d 1 ,0 0 2 fr e ig h t a n d o th e r ca rs; 2 0 0 a d d itio n a l fr e ig h t c a r s a r e b e in g
p u r c h a s e d u n d e r t r u s t p la n , th e la s t p a y m e n t d u e A p r il 1 1 9 1 3 . D u r in g
th e y e a r 6 2 c a r s w e r e p u r c h a s e d to r e p la c e d e s tr o y e d c a r s , 51 c a r s w e r e
d e s tr o y e d o r s o ld . T h e r e s t i ll r e m a in 2 9 6 o f th e o ld s m a ll c a p a c it y c a r s.
S in c e M a y 1 1 9 0 1 th e fr e ig h t e q u ip m e n t h a s b e e n in c r e a s e d fr o m 6 7 1 c a r s
t o 1 ,1 6 8 c a r s , o r 7 4 % ; w h ile th e t o t a l c a r r y in g c a p a c it y h a s b e e n In crea sed
130% .
General Results .— T h e r e is a n In c r ea se In o p e r a tin g r e v e n u e s o f $ 5 1 ,2 0 1 ,
o r 3 .7 5 % , a d e c r e a s e in o p e r a tin g e x p e n s e s o f $ 4 ,6 8 3 , o r 0 .4 5 % a n d a n
In c r ea se In t a x e s o f $ 5 ,4 3 8 , o r 7 .4 6 % . N e t o p e r a tin g r e v e n u e s h o w s a n
in c r e a s e o f $ 5 0 ,4 4 7 0 7 .
G e n e r a l c o n d itio n s h a v e I m p r o v e d s o m e w h a t, a lth o u g h th e d a m a g e to
c o t t o n b y th e b o ll- w e e v il e x e r c is e d a c o n t in u e d d e p r e s s in g e fr e c t. T h e
p r o s p e c ts fo r th e c o m in g y e a r a r e m o r e fa v o r a b le a n d w h ile th e y ie ld o f
c o t t o n w ill b e s m a lle r th a n In th e p a s t , It w ill b e p a r t ly o lfs e t b y c o r n , r ic e
a n d o th e r c r o p s .
Operating E xpenses .— T h e p r o p e r ty h a s b e e n w e ll m a in ta in e d a n d 3 %
o n th e o r ig in a l c o s t o f a ll e q u ip m e n t h a s b e e n c h a r g e d t o e x p e n s e s a n d
c r e d ite d t o d e p r e c ia tio n o f e q u ip m e n t . M a in te n a n c e o f w a y a n d s tr u c tu r e s
e x p e n s e s I n c lu d e $ 6 0 ,0 0 0 fo r R e d R iv e r b r id g e . 5 .9 5 m ile s o f 6 0 -lb . r a ils
w e r e r e p la c e d w i t h 7 5 -lb . r a ils a n d 7 0 ,9 0 7 t ie s w e r e r e p la c e d .
N o t w it h s t a n d in g th e in c r e a s e In fr e ig h t to n n a g e o f 1 1 .6 8 % ,th e tr a n s
p o r t a t io n e x p e n s e h a s b e e n $ 8 ,3 6 3 le s s th a n In p r e c e d in g y e a r , th e r e b e in g
a r e d u c tio n In a m o u n ts p a id In c o m p e n s a tio n a c c o u n ts o f $ 1 0 ,5 5 7 .
A ddition s and Betterm ents .— T h e Ite m s p r o v id e d fr o m c a p ita l a m o u n te d to
$ 1 7 ,2 1 8 ; th o s e fr o m a c c u m u la te d n e t r e v e n u e t o $ 1 8 ,0 3 0 a n d th o s e fr o m
c u r r e n t in c o m e t o $ 5 7 ,0 2 7 ; t o t a l, $ 9 2 ,2 7 5 .
P roperty Investm ent.— This a c c o u n t h a s b e e n r e -s ta te d in c o n f o r m ity w ith
r e c e n t r e q u ir e m e n ts o f th e I n t e r - S t a t e C o m m e r c e C o m m is s io n b y c h a r g in g
t o c o s t o f r o a d ; (1) a d d it io n s a n d b e t t e r m e n t s c h a r g e d d u r in g 1 9 0 8 a n d 1 9 0 9
t o c u r r e n t In c o m e , $ 9 7 ,5 5 9 ; (2) e q u ip m e n t p u r c h a s e d d u r in g th e s a m e y e a r s
a n d c h a r g e d t o r e p la c e m e n t f u n d , $ 5 5 ,8 9 0 ; (3) th e u n p a id li a b i lit y o n ca rs
p u r c h a s e d u n d e r t h e tr u s t a g r e e m e n t, $ 6 0 ,5 7 3 . T h e s a m e a c c o u n t h a s b e e n
r e d u c e d b y $ 7 0 ,0 9 5 , th e a m o u n t h e ld In r e p la c e m e n t fu n d a t J u n e 3 0 1 9 0 7
t o c o v e r th e c o s t o f r e p la c in g e q u ip m e n t r e tir e d a n d n o t r e p la c e d a t t h a t d a te
O P E R A T IO N S A N D F IS C A L R E S U L T S (1 7 1 M IL E S .)
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
1 9 0 6 -0 7 .
O perations —
1 9 0 9 -1 0 .
4 2 1 ,2 1 7
P a s s e n g e r s c a r r ie d ______
4 1 3 ,7 4 9
4 6 6 ,4 5 4
4 9 3 ,4 9 1
P a s s e n g e r s c a r rie d 1 m ile 1 6 ,9 2 1 ,9 8 1 1 7 ,2 5 9 ,6 4 5 1 8 ,2 3 7 ,5 8 9 1 8 ,4 7 4 ,0 3 1
2 .6 9 c ts .
R a te per p a ss, p er m ile .
2 .7 2 c t s .
2 .7 1 c ts .
2 .7 3 c ts .
7 8 2 ,7 1 8
T o n s o f r e v e n u e f r e ig h t 7 6 7 ,9 5 6
7 8 9 ,6 3 6
8 9 8 ,8 6 3
T o n s o f r e v . fr e ig h t 1 m . 7 7 ,7 3 3 ,4 8 5 6 9 ,6 0 6 ,0 2 1 6 7 ,2 8 6 ,9 4 8 7 5 ,2 7 3 ,8 9 2
R a t e p e r to n p e r m il e ___
1 .0 8 c ts .
1 .1 5 c t s .
1 .2 2 c t s .
1 .2 6 C ts.
G ro ss e a r n in g s p e r m i l e .
$ 8 ,2 7 0
$ 7 ,9 7 1
$ 8 ,3 2 5
$ 9 ,1 4 6
UCOUNT.
E arnings —
P a s s e n g e r ......................
F r e i g h t ______________
M a ll, e x p r e s s , & c .
.
.
.
1 9 0 9 -1 0 .
$
4 6 0 ,6 1 3
8 4 3 ,0 8 1
1 1 4 ,6 1 8
.
1 ,4 1 8 ,3 1 2
1 9 0 8 -0 9 .
$
4 6 3 ,4 3 9
7 9 7 ,9 1 8
1 0 5 ,7 5 3
1 0 0 7 -0 8 .
$
4 9 4 ,3 3 5
8 1 8 ,0 5 8
1 1 5 ,3 0 1
1 ,4 2 7 ,6 9 4
3 1 0 ,8 4 3
2 8 8 ,9 3 2
3 7 ,7 5 6
5 0 4 ,8 0 3
5 3 ,9 4 3
6 9 ,9 5 0
1 ,2 6 6 ,2 2 7
(8 8 .6 9 )
1 6 1 ,4 6 7
9 5 ,8 0 5
2 5 7 ,2 7 2
1 7 2 ,1 2 6
1 0 ,2 9 5
1 ,3 6 7 ,1 1 0
2 3 9 ,3 0 2
M a ln t. o f w a y , a n d s t r u c t u r e s .
.
2 5 8 ,2 8 4
.
2 5 3 ,4 6 8
2 7 2 ,8 8 2
M a ln t. o f e q u i p m e n t ___________
3 9 ,7 3 0
T r a ffic e x p e n s e s .................................
.
4 1 ,9 7 1
T r a n s p o r t a t io n e x p e n s e s ______
4 3 3 ,5 4 1
.
4 2 5 ,1 7 8
G e n e r a l e x p e n s e s _________________
.
5 3 ,0 8 1
5 1 ,2 0 1
T a x e s . . ...................................................
.
7 8 ,2 9 0
7 2 ,8 5 3
1 ,1 0 9 ,5 1 8
- 1 ,1 1 0 ,2 7 3
P . c. o f e x p . a n d ta x e s to e a r n s.
.
(7 8 .2 8 )
(8 1 .1 6 )
.
3 0 8 ,0 3 9
N e t o p e r . r e v e n u e ...............................
2 5 7 ,5 0 2
O th e r I n c o m e ...........................................
.
<193,951
6 9 ,2 8 5
T o t a l n e t I n c o m e ...............
4 0 1 ,9 9 0
3 2 6 ,8 7 7
Deduct —
I n t e r e s t o n b o n d s ..................
1 7 5 ,4 8 0
.
1 7 5 ,4 8 0
I n t e r e s t , r e n t a ls , A c ______
6 ,0 8 8
.
5 ,1 9 5
D l v . o n p r e f. s to c k (5 % ).
1 0 7 ,1 4 0
.
1 0 7 ,1 4 0
T o t a l____________
2 8 8 ,7 0 8
2 8 7 ,8 1 5
1 8 2 ,4 2 1
3 8 ,1 6 9
B a la n c e , s u r p lu s .
1 1 4 ,1 7 5
7 4 ,8 5 1
a O th e r in c o m e I n c lu d e s r e n ta ls a n d h ir e o f e q u ip m e n t (b a la n c e ) a g g r e
g a tin g $ 7 3 ,1 5 1 (a g a in s t $ 5 2 ,8 5 4 In 1 9 0 8 -0 9 ) a n d I n te r e s t o n c u r r e n t a c
c o u n t s , $ 2 0 ,7 9 9 .
BALANCE SHEET JU N E 3 0 .
[O w ing to ch an g e in form o f b a la n ce sh e e t, co m p a rison s w ith m a n y item s in 1909
a re in a ccu ra te.1
1910.
1909.
1 910.
1909.
Assets—
$
Liabilities—
$
$
R o a d & e q u ip m e n t.a 8 ,2 9 6,1 52 8 ,1 8 6 ,1 4 9 C om m on s t o c k .............2 ,8 5 6 ,5 0 0 2 ,8 5 6 ,5 0 0
S to ck o f o th er c o s___ 1 5 ,8 0 0]
P referred s to c k .............2 ,1 4 2 ,8 0 0 2 ,1 4 2 ,8 0 0
M iscel. in v e stm e n ts.
1 .8 3 1 ) 15 ,9 0 0 B d s. (see R .& I.S e c .) 3 ,2 4 5 ,0 0 0 3 ,2 4 5 ,0 0 0
M ark etab le secu rities
100J
E q u ip m en t n o t e s .. . 60 ,5 7 3
8 0,764
C ash .............................. 686,223 4 83,724 T ra ffic, & c., b a la n ces 3 2 ,0 3 5 18,187
A g en ts _____________
17,604
14,427 V ouchers & w a g e s .. 103,6691 194,218
M aterial & su p p lie s. 116,627 1 2 2,939 M iscel. a c c o u n ts------- 8 1 ,0 5 4 /
T ra ffic, & c., b a la n ces 2 4 ,5 4 0
7 4 ,1 0 6 A ccrued in terest, & c. 2 9 ,9 2 8
2 9 ,2 4 7
L oan s A b ills r e c e lv . 18,000
2 4 ,0 0 0 A ccrued ta x e s .............. 3 7,601
M iscel. a c c o u n ts____ 4 8 ,8 1 6
13,373 R o [l. sto ck rep. fund
4 2,151
80,7 6 4 D ep rec’n o f eq u lp m ’t
E q . tru st, per co n tra
9 1,347
O p eratin g r e s e r v e s .. 143,872
D eferred d e b it ite m s 4 1 ,7 7 2
O th . d ef. cred it item s 14,830
3 1 5 ,1 6 8
P ro fit an d lo s s .............. b 5 19,603
T o t a l ............................9 ,2 6 7 ,4 6 5 9 ,0 1 5 ,3 8 3
T o t a l ............................9 ,2 6 7 ,4 6 5 9 ,0 1 5 ,3 8 3
Oper. E xp. & Taxes —
a A fter d ed u ctin g reserve for accru ed d ep recia tion , $ 1 2 6 ,2 0 0 . b A fter a d d in g
$ 9 7 ,5 5 9 a d d itio n s a n d b etterm en ts ch arged du ring 1908 an d 1909 to current in com e
s e e a b o v e) a n d d ed u ctin g m iscella n eo u s d eb its, $ 7 ,2 9 9 .— V . 9 1 , p . 1162.
[VOL. LXXXXI
Central V erm ont R y.
(R eport fo r F isca l Y ea r ending J u n e
30 1910.)
Various facts from tables in the report are given below:
June 3 0 —
1 9 1 0 ______
1 9 0 9 ______
1 9 0 8 ______
Rolling Stock -----Loco P ass. Freight
motives. Cars. Cars. 8 0 -lb.
...
94
I l l 2 ,6 7 7 1 8 9 .5
. . . 101
1 1 3 2 ,8 9 3 1 7 0 .3
. . . 101
1 13 3 ,0 3 2 1 6 7 .6
O PE R A T IN G S T A T IS T IC S .
-R ails (M iles) ------------7 5 -lb. 72-lb. 56-10.
1 1 7 .0
1 1 7 .0
1 1 7 .9
5 3 .8
5 3 .6
5 3 .6
1 8 1 .4
2 0 0 .8
2 0 3 .6
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
1 ,7 8 8 ,8 5 3 1 ,8 5 2 ,7 0 9
P a s s e n g e r s c a r r ie d ------------------------------------- 1 ,8 7 4 ,7 0 7
P a s s e n g e r s c a r r ie d o n e m ile _____________ 4 9 ,3 1 6 ,1 9 6 4 7 ,2 2 1 ,7 3 5 4 9 ,2 7 7 ,5 1 9
E a r n in g s p e r p a s s e n g e r p e r m ile ______
2 .3 4 c t s .
2 .2 9 c t s .
2 .2 4 c t s .
T o n s c a r r ie d ------------------------------------------------- 3 ,6 7 8 ,3 6 6
3 ,2 5 2 ,2 4 5 3 ,1 1 1 ,9 7 1
2 9 1 ,5 7 5 ,1 2 8 2 9 0 ,1 6 1 ,8 7 3 2 4 1 ,3 5 3 ,2 2 4
T o n s c a r rie d o n e m ile ---------------------E a r n in g s p e r to n p e r m il e _____________
0 .9 1 c t s .
0 .8 4 c t s .
0 .9 6 c t s .
E a r n in g s p e r fr e ig h t-tr a in m il e _______________________ $ 1 .9 4 $ 1 .8 4
$ 1 .6 8
$ 1 .1 6
E a r n in g s p e r p a s s e n g e r -tr a in m il e ____
$ 1 .0 9
$ 1 .1 0
Oper. Revenue— 1909-10.
INCOME ACCOUNT.
1908-09. [
1909-10. 1 9 08 -0 9 .
F r e ig h t-------------------$ 2 ,6 4 2 ,1 1 8 $ 2 ,4 2 6 ,9 9 7 (O perating In com e. S 872,355 $ 8 2 2 ,5 0 5
P a ssen g er--------------- 1 ,1 5 4 ,9 1 4 1 ,0 7 9 ,8 0 6 ( in t. on secu rities.
3 3 ,7 2 0
22,9 8 0
M ail, exp ress, A c . 2 9 1 ,3 7 9
2 8 8 ,5 2 9 (O u tsid e op eration si
9 ,0 6 9
9 ,1 2 8
T o ta l op er. r e v .$ 4 ,0 8 8,4 1 1 $ 3 ,7 9 5 ,3 3 2 T o t a l ................... $9 15 ,14 4 $ 8 5 4 ,6 1 3
Oper. Expenses—
. Deduct—
M alnt. o f w a y , A c . $ 4 94,843 8 4 74 ,90 3 (in t. on b ond s, A c . $ 5 2 3 ,18 6 $ 4 8 8 ,4 7 4
2 2 4,5 52
M aln t. o f eqtdp’t . 7 2 5,6 28
46 1,4 54 (L eased line ren talsl 2 16,553
96,7 0 7
T raffic e x p e n s e s .. 110,854
8 5 ,0 8 5
9 8 ,3 7 2 (H ire o f eq u ip m en t.
1 1,488
T ra n sp o rt’n e x p . . 1 ,6 5 6 .7 8 2 1 ,7 2 4 ,2 6 8 (M lsc. ren ts, A c . . .
2,9 1 5
G eneral ex p en ses
94 ,8 2 4
3 0 ,2 7 5
62,631
9 4 ,3 5 2 (Im p ro v em en ts, A c.
T a x e s ............................ 1 33,125
11 9,4 78 (
T o ta l d e d u c ____ $ 8 9 0 ,3 7 0 $ 8 5 1 ,4 9 6
T o t a l ......................$ 3 ,2 1 6 ,0 5 6 $ 2 ,9 7 2 ,8 2 7 (B ala n ce, s u r p lu s .. $2 4,7 74
$ 3 ,1 1 7
BALANCE SHEET JU N E 30.
[O w ing to ch an ge In form o f balance sh e e t, com parison s w ith m a n y Item s in 1009
are in accu rate.]
1910.
1909. I
1910.
1 909.
Assets—
$
s
( Liabilities—
$
$
R oad A eq u ip ’t . .a l5 ,3 3 7 ,3 6 l 1 5 ,3 7 5,2 7 7 (C apital sto c k ........... 3 ,0 0 0 ,0 0 0 3 ,0 0 0 ,0 0 0
B d s Iss’d , p le d g ed . 4 5 4 .0 0 0 ]
(1st M . 4% b o n d s. 1 1 ,5 0 0,0 00 1 1 ,5 0 0 ,0 0 0
S ecurs. In t r e a s .. . 3 1 4 .0 0 0 ) 8 4 3 ,0 0 0 lE q u ip . trust c e r ts. 6 2 4,0 00
7 3 3,0 00
M arketable secu rs.
75.000J
I E q u i., A c ., of leased
S to ck s o f a ffilia ted ,
( co m p a n ies.............. b 224,323
A c ., c o s., un
(L oan s A bills p a y . 2 7 0,0 00
5 3 5,0 00
p led ged ..............
117,915
9 7 ,7 8 5 (V ouchers A w ages 6 6 8,1 45
5 9 6 ,4 2 8
A d v . to oth er c o s .
3 3 ,4 3 8
..............(T raffic, A c ., b a l ..
68.2.39] 1 40,127
C a s h _______________ 1 4 2,738
1 4 4 ,5 2 0 (M lse. a c c o u n ts____ 1 0 9 ,7 4 9 /
M aterials A su p p . 191,617
2 4 0 ,1 2 9 (A ccrued In t., A c . .
8 6 ,9 6 7
8 4 ,9 9 2
A g en ts A co n d u c . 106,570
125,254 i A ccrued ta x e s ____
5 9 ,3 1 2
69,9 4 7
T raffic, A c ., b a t ..
58,3991 2 9 8,6 86 (D ef. credit I te m s ..
7 5 ,7 1 8
M lsc. a c c o u n ts____ 277.709J
I A ppropriated surp. 4 53,614 ’ 4 8 1 ,3 4 5
I)cf. d eb it Item s. .
4 0,943
9 ,9 5 0 (P rofit and lo ss____
1 1,548
P rofit and lo s s ____
8 ,2 1 3 (
T o t a l . . . ............-.1 7 ,1 4 9 ,6 9 0 17,1 4 2,8 1 4 [ T o ta l..........................1 7 ,1 4 9 ,6 9 0 1 7 ,1 4 2,8 1 4
a A fter d ed u ctin g reserve for accrued d epreciation , $ 8 8 ,4 18 .
b E q u ip m en t and personal prop erty o f leased co m p a n ies Is Included In road and
eq u ip m en t, per contra.
Note .— T h e co m p a n y also gu ara n tees principal and In terest on $ 2 0 0 ,0 0 0 M ontreal
A P ro v in ce L in e R y . 1st M. 4 1. b ond s and $ 2 7 5 ,0 0 0 C entral V erm on t T ran sp ortation
Co. 5"; b o n d s.— V . 9 1 , p. 1253.
C leveland Term inal & V alley RR.
{R eport fo r F iscal Y ear ending J u n e 30 1910.)
IN C O M E A C C O U N T .
O perating R evenu e —
1 9 0 9 -1 0 .
F r e ig h t ------------------------------------------------------- $ 8 5 5 ,9 0 0
P a s s e n g e r . . ------------------------------------------------- . 1 7 9 ,7 8 7
M a ll, e x p r e s s , A c _________________________ . 2 3 8 ,3 9 7
T o c a l o p e r a tin g r e v e n u e ______________.$$ 1 ,2 7 4 ,0 8 4
O perating E x p en se s —
M a in te n a n c e o f w a y a n d s t r u c t u r e s .. $ 1 8 3 ,7 1 5
M a in te n a n c e o f e q u ip m e n t ______________. 1 5 2 ,5 7 4
T r a ffic e x p e n s e s ___________________________.
'1 9 ,6 7 2
5 1 0 ,8 4 0
T r a n s p o r t a t io n e x p e n s e s
G e n e r a l e x p e n s e s _________
2 4 ,0 6 8
T o ta l o p e r a tin g e x p e n s e s ______________. $ 8 9 0 ,8 6 9
N e t o p e r a tin g r e v e n u e ___________________ . $ 3 8 3 ,2 1 5
T axes
.
4 0 ,3 5 8
O p e r a tin g I n c o m e ________________
O th e r I n c o m e ____________
. .
.
G ro ss c o r p o r a te I n c o m e ........................ ... .
Deduct —
H ir e o f e q u ip m e n t _____
.
J o in t f a c il it ie s ___________
.
M is c e lla n e o u s r e n t s ________________ _______.
I n te r e s t o n b o n d s _______ ______________ .
O th e r in t e r e s t .............................. ...
T o t a l d e d u c t io n s __________
.
B a la n c e , s u r p lu s _____________
.
$ 3 4 2 ,8 5 7
2 7 ,9 1 3
$ 3 7 0 ,7 7 0
$ 1 ,9 0 1
1 ,1 8 7
____
5 ,1 1 _6
2 4 0 ,0 0 0
1 9 0 8 -0 0 .
$ 8 2 2 ,0 7 3
1 6 6 ,4 0 5
6 8 ,0 0 9
$ 1 ,0 5 6 ,4 8 7
$ 1 5 4 ,8 5 6
1 0 5 ,4 0 7
1 7 ,4 7 8
4 4 0 ,2 6 7
1 8 ,6 4 4
$ 7 3 6 ,6 5 2
$ 3 1 9 ,8 3 5
3 9 ,4 0 0
$ 2 8 0 ,4 3 5
3 1 ,7 0 2
1 0 0 7 -0 8 .
$ 8 4 5 ,1 5 5
1 6 6 ,7 6 6
7 1 ,6 0 7
$ 1 ,0 8 3 ,5 2 0
$ 1 5 0 ,4 7 0
1 2 7 ,2 9 0
1 8 ,9 1 2
4 9 2 ,2 1 2
1 0 ,7 3 8
$ 8 0 8 ,6 2 2
$ 2 7 4 ,9 0 7
4 1 ,6 5 5
$ 2 3 3 ,2 5 2
3 2 ,1 9 1
$ 2 6 5 ,4 4 3
$ 3 1 2 ,1 3 7
$896
$ 1 ,8 2 1
1 ,4 5 1
985
1 ,6 4 0
2 4 0 ,0 0 0
2 4 0 ,0 0 0
2 ,6 2 5
1 ,2 5 0
$ 2 4 5 ,4 3 1
$ 2 4 8 ,2 0 4
$ 2 4 5 ,2 3 7
$ 2 0 ,0 1 2
$ 1 2 2 ,5 6 6
$ 6 6 ,9 0 0
GENERAL
•I SHEET JU N E 30.
1909.
1910.
1909. (
1910.
S
Assets—
$
s
( Liabilities—
$
R oad A eq ulpm ’t . 1 3 ,1 5 3,7 7 6 1 3 ,4 4 2 ,3 3 3 (C om m on s t o c k .. . 5 ,2 0 0 ,0 0 0 5 .2 0 0 .0 0 0
S to ck s o f a ffilia ted ,
(Preferred s t o c k .. . 2 ,2 0 0 ,0 0 0 2 . 200.000
A c ., co s. u n
(1 st M. 4% b o n d s. 6 ,0 0 0 ,0 0 0 6 ,000,000
40 ,0 0 0
p led ged ------------14,743
1 4 ,7 4 3 iln t . accr’d on b d s.
4 0,000
A d v a n ces--------------9 ,2 8 8 (B . A O . gen. a c c t. 8 7 3,294 1 ,1 7 6 ,0 5 6
9 ,2 8 8
4,0 0 3
R eal e s ta te ................. 93 6,9 04
3 ,7 8 3
9 3 2 ,5 0 9 (M lsc, a c c o u n ts-----C om . stk . In tr e a s. •5 8 4,7 00
5 8 4 ,7 0 0 (R ea l e sta te approp 4 4 1,7 25
4 4 1,7 25
P ref. stk . In tr e a s . 1 3 9,250
13 9,2 50 (P rofit and lo ss------- *7 9,8 59
61,1 6 3
D e f. d eb it I te m s ..
____1231
___________
T o ta l.........................14,838,661 1 5 ,1 2 2,9 4 7 ( T o ta l..........................1 4 ,8 3 8.6 6 1 1 5 .1 2 2,9 4 7
* A fter d ed u ctin g eq uipm en t p u t o u t of serv ice, $ 1 0 3 ,7 2 5 , and m iscella n eo u s
$ 1 4 5 .— V . 8 9 , p . 1223.
Fonda Johnstow n & G loversville R R .
•{Report fo r F iscal Y ear ending J u n e 30 1910.)
Pres. J . Ledlie Hees, Gloversville, N .Y ., writes in substance::
General Results .— F r e ig h t r e v e n u e s h o w s a n In c r ea se o f $ 2 3 ,6 1 2 ; p a s s e n g e r
r e v e n u e , s t e a m d iv is io n , a n In c r ea se o f $ 4 ,4 8 8 : p a s s e n g e r r e v e n u e , e le c tr ic
d iv is io n , a n In c r ea se o f $ 5 9 ,9 4 5 ; o th e r o p e r a tin g r e v e n u e s a n In c r e a se o f
$ 2 4 ,0 4 6 ; t o t a l o p e r a tin g r e v e n u e s a n In c r ea se o f $ 1 1 2 ,0 0 2 : o p e r a tin g e x
p e n s e s a n In c r ea se o f $ 4 8 ,2 0 5 , a n d n e t o p e r a tin g r e v e n u e a n tn c r c a s e 'b f
$ 6 3 ,8 8 7 . T h e n e t In c o m e a v a ila b le fo r d iv id e n d s w a s $ 1 1 7 ,1 7 1 , a n In
c r e a s e o f $ 7 5 ,0 7 0 . T o t h e n e t in c o m e ($ 1 1 7 ,1 7 4 ) a v a ila b le fo r d iv id e n d s
c o u ld b e a d d e d th e a c c u m u la te d s u r p lu s in a c c id e n t r e s e r v e fu n d fo r t h e
y e a r o f $ 7 ,9 0 4 , w h ic h w o u ld m a k e th e n e t s u r p lu s , a fte r p a y m e n t o f d iv i
d e n d s , $ 4 5 ,0 7 8 .
A dditions, A c .— “ R o a d a n d e q u ip m e n t ” a c c o u n t h a s b e e n c h a r g e d w ith
a d d itio n s a n d b e tte r m e n ts a g g r e g a tin g $ 3 3 ,6 0 6 .
i**
Sacandaga P ark . — T h is , o u r s u m m e r r e s o r t, h a s c o n t in u e d to g r o w l In
p o p u la r it y fo r m a n y y e a r s . D u r in g th e r e c o r d s e a s o n o f 1 9 0 9 8 6 ,5 8 5 p a s
s e n g e r s w e r e c a r rie d to th e p a r k , y ie ld in g a t o t a l r e v e n u e o f $ 4 8 ,1 4 7 , c o n
t r a s tin g w ith 7 4 ,1 9 4 a n d 8 5 ,0 0 3 p a s s e n g e r s , y ie ld in g $ 4 3 ,0 6 6 a n d $ 4 7 ,3 1 1
In 1 9 0 8 a n d 1 9 0 7 , r e s p e c t iv e ly .
^
Nov.
T H E CH RONICLE
1 2 1 9 1 0 .j
F in an cial .— T h e r e h a s b e e n n o c h a n g e In o u ts ta n d in g c a p ita l s to c k o r
b o n d s . F o r fu tu r e I m p r o v e m e n ts a n d a d d itio n s th e r e a r e a v a ila b le $ 4 6 3 ,
0 0 0 lir s t c o n s o l, g e n e r a l r e fu n d in g m tg e . b o n d s , n o w h e ld In t h e tr e a s u r y ,
a n d th e u n is s u e d $ 5 0 0 ;0 0 0 p r e fe rr e d s to c k . A d v a n c e s m a d e to s u b s id ia r y
c o m p a n ie s , a c c o u n t n e w c o n s tr u c tio n , d u r in g th e y e a r a m o u n te d t o $ 2 1 ,1 7 8 .
New Franchises .— T h e c o m p a n y h a s r e c e n tly b e e n g r a n te d a 5 0 -y c a r fr a n
c h is e In A m s te r d a m , u n d e r v e r y s a tis f a c to r y c o n d itio n s , fo r a d o u b le -tr a c k
r o a d o n E a s t M a in S t ., s u p e r s e d in g th e s in g le -t r a c k fr a n c h is e e x p ir in g w ith in
a fe w y e a r s , a n d fo r a s in g le -tr a c k e x te n s io n fr o m E a s t M a in S t . a n d V ro o m a n A v e . th r o u g h t h e E ig h th W a r d to R o c k t o n , c o n n e c tin g w ith th e H a g a m a n lin e a t t h a t p o in t a n d fo r m in g a b e lt lin e In th e c a s t e n d o f th e c it y .
I t Is e x p e c te d t h a t th e n e w lin e , w h e n b u ilt, w ill n o t o n ly g r e a t ly r e lie v e
tr a ffic c o n d itio n s in A m s te r d a m , b u t w ill s h o w c o n s id e r a b le In c r ea se In
r e v e n u e fr o m lo c a l lin e s In t h a t c it y .
IN C O M E A C C O U N T .
*
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
1 9 0 6 -0 7
■ Operating revenue —
$
$
$
$
F r e i g h t ____________________
2 4 7 ,3 6 4
2 2 3 ,7 5 2
2 1 5 ,8 1 4
2 1 2 ,8 8 2
P a s s e n g e r (s te a m d l v . ) .
6 8 ,6 5 3
6 4 ,1 6 5
6 6 ,0 4 5
6 6 ,3 8 9
P a s s e n g e r (e le c tr ic d lv .)
5 3 4 ,6 6 5
4 7 4 ,7 2 0
4 6 8 ,3 7 6
4 7 8 ,3 1 1
M a i l ________________________
3 ,2 1 6
3 ,1 4 8
3 ,2 8 9
3 ,2 8 8
E x p r e s s ____________________
1 7 ,9 5 0
1 5 ,4 0 3
1 4 ,7 3 2
1 3 ,6 6 6
A ll o th e r r e v . fr o m tr a n s .
7 ,0 8 8
5 ,4 5 3
5 ,1 9 7
R e v . fr o m o p e r . o th e r
th a n tr a n s p o r ta tio n ^ .
2 5 ,8 8 2
5 ,8 8 0
4 ,0 2 1
9 0 4 ,7 5 1
T o t a l o p e r . r e v e n u e ..
7 9 2 ,6 5 9
7 7 7 ,4 7 5
7 7 4 ,5 3 6
Expenses —
8 0 ,9 9 0
M a in t. o f w a y , & c _______
6 3 ,4 2 6
7 9 ,0 9 5
8 4 ,4 2 9
4 9 ,2 8 4
M a ln t. o f e q u i p . ...............
4 3 ,9 3 1
4 6 ,5 1 7
5 3 ,7 7 5
7 ,2 6 8
T r a ffic e x p e n s e s _________
5 ,7 7 2
3 ,5 1 3
5 ,9 2 9
2 2 7 ,9 2 6
T r a n s p o r t a t io n e x p e n s e s
2 2 2 ,9 9 1
2 3 0 ,3 6 7
2 3 2 ,9 7 1
5 6 ,0 5 4
G e n e r a l e x p e n s e s ________
3 7 ,1 9 7
3 1 ,8 5 2
3 0 ,4 9 8
T o ta l o p e r . e x p e n s e s ..
4 2 1 ,5 2 2
3 7 3 ,3 1 7
3 9 6 ,3 6 5
4 0 2 ,5 8 2
(4 6 .5 9 )
P . c . e x p . to e a r n in g s ___
(4 6 .8 6 )
(5 1 .9 8 )
(5 1 .2 5 )
N e t o p e r . r e v e n u e -----------4 8 3 ,2 2 9
4 1 9 ,3 4 2
3 7 1 ,9 5 4
3 8 1 ,1 1 0
O u ts id e o p e r a tio n s , d e f .
6 ,2 6 6
4 ,7 1 7
5 ,5 6 7
5 ,8 8 5
T o t a l n e t r e v e n u e _____
4 7 6 ,9 6 3
4 1 4 ,6 2 6
3 6 6 ,0 6 9
3 7 5 ,5 4 3
T a x e s a c c r u e d ------------------3 6 ,4 9 1
3 4 ,3 4 1
2 8 ,9 6 8
3 2 ,1 0 0
O p e r a tin g in c o m e _____
4 4 0 ,4 7 2
3 8 0 ,2 8 5
3 3 7 ,1 0 1
3 4 3 ,4 4 3
O th e r I n c o m e _________ .
3 0 ,3 5 2
3 0 ,5 2 6
2 2 ,8 9 1
2 6 ,2 8 2
G ro ss c o r p . I n c o m e ___
4 7 0 ,8 2 4
4 1 0 ,8 1 1
3 6 6 ,3 3 4
3 6 3 ,3 8 3
Deduct —
I n t e r e s t o n b o n d s , & c__
3 1 0 ,5 7 6
3 2 3 ,4 1 1
3 3 5 ,4 8 8
3 1 9 ,2 5 0
L e a s e d lin e r e n t a l s ______
8 ,6 0 0
8 ,6 0 0
8 ,6 0 0
8 ,6 0 0
O th e r r e n ts , & c ----------------3 4 ,4 7 4
3 7 ,5 9 6
C
r
.5
,3
5
1
P r e fe r r e d d iv id e n d s _____( 6% ) 30,000
* 3 ,7 5 0
C o m m o n d lv s . (2 % ) -------5 0 ,0 0 0
4 3 3 ,6 5 0
3 7 3 ,3 5 7
T o t a l d e d u c t io n s ______
B a la n c e , s u r p lu s _________
3 7 ,1 7 4
3 7 ,4 5 4
* A t t h e r a te o f 6 % fr o m M a y 1 to J u n e 15 1 9 0 9 .
338 747
. 2 ? ’5 9 7
*"
3 2 7 ,8 5 0
3 5 ,5 3 3
C O N D E N SE D G E N E R A L B A L A N C E S H E E T J U N E
1910
1909.
1910.
Assets —
$
S
Liabilities—
S
R o a d & eq u lp m ’t . 9 ,5 9 2 ,0 4 5 9 ,5 5 8 ,4 3 9
S t o c k s ......................... 22 3,0 49
B o n d s .........................
3 9 ,3 2 5
P h y sica l p r o p e r ty . 2 8 7 ,6 8 6
A d v a n ces to a ffili
a te d , & c., c o s .. 154,251
C ash ............................
5 7 ,0 7 5
M arketable secu r’s
1,000
A gen ts .......................
3 1 ,5 6 8
M lscell. a c c o u n ts.
3 3 ,9 2 0
M at'ls & su p p lie s.
69 ,6 0 8
D eferred d eb it ite m s
7,777
2 2 3,0 49
3 9 ,3 2 5
2 8 6 ,4 7 0
1 22,468
3 6 ,8 4 5
1,000
1 9,715
12,166
53,204
10,799
T o ta l ....................1 0 ,4 9 7,3 0 4 1 0 ,363,479
— V . 91, p. 870, 336.
1909.
S
C om m on s t o c k . . . 2 ,5 0 0 ,0 0 0 2 ,5 0 0 ,0 0 0
Preferred s t o c k .. . 5 0 0,0 00
50 0,0 00
F u n d ed d e b t............ 6 ,5 3 7 ,0 0 0 6 ,5 3 7 ,0 0 0
L oan s & b ills p a y . 22 8,9 03
2 0 0,0 00
T ra ffic b a la n c e s ..
28,6 3 7
29 ,2 5 7
V ouchers, w ages,& c 4 6 ,0 2 1
3 2,073
M atured ln t., & c.
(ln cl. d lv . due
J u ly 1 )_________
3 1 ,7 5 0
A ccr’d ln t., & c___
94,744
7 3 ,4 9 4
D ef. cred it I te m s ..
9 ,4 6 8
P rofit & lo ss______ 520,161
4 9 2 ,2 7 5
T o t a l -----------------1 0 ,4 9 7,3 0 4 1 0 ,3 6 3,4 7 9
Am erican Cotton Oil Co.
(R eport fo r F isca l Y ear ending A u g.
31 1910.)
The remarks of Chairman George A. Morrison, with bal
ance sheet and profit and loss account, will be found on sub
sequent pages. The list of subsidiary companies remains
unchanged from last year. See V. 77, p. 1872.
The following comparison for four years has been prepared
for the ‘Chronicle'
P R O F IT S A N D D IS B U R S E M E N T S .
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
N e t p r o llts a b o v e a ll l n t . ,
a d m in , e x p ., d e p r ., & c .$ l ,9 8 4 ,2 5 5 $ 2 ,7 1 2 4 0 0 $ 1 ,2 5 8 ,0 5 1
D iv id e n d s o n c o m m o n . (5) 1 ,0 1 1 ,8 5 5 (5 )1 o i l 8 5 5 ( 3 )6 0 7 ,1 1 3
D i v s . (6 % ) o n p r e fe r r e d . 6 1 1 ,9 1 6
611 ’o 16
6 1 1 ,9 1 6
S u r p lu s ---------------------------- $ 3 6 0 ,4 8 4 $ 1 ,0 8 8 ,6 2 9
$ 3 9 ,0 2 2
P r e v io u s s u r p lu s ___________* 9 ,1 3 0 ,4 3 1
8 ,1 6 6 ,6 0 5
8 ,1 8 7 ,5 2 8
T o ta l s u r p lu s ------------------- $ 9 ,4 9 0 ,9 1 5 $ 9 ,2 5 5 ,2 3 4 $ 8 ,2 2 6 ,5 5 0
* A fte r d e d u c tin g d iffe r e n c e b e tw e e n b o o k a n d a p p r a is e d
p r o p e r ty d is m a n tle d o r d e s tr o y e d b y (Ire, $ 1 2 4 ,8 0 3
BALAN CE SH EET AU G U ST 31.
1910.
1909.
1908.
A ssets—
$
$
$
R e a l e s t a t e , & c ., & c ____ 1 4 ,0 9 9 ,0 8 2 1 3 ,5 3 0 ,6 8 9 1 3 ,4 3 6 ,0 9 3
C a sh ________________________
6 0 8 ,8 0 5
1 ,5 6 9 ,1 4 8
1 ,0 9 2 ,0 4 9
B ills & a c c ts . r c c c t v a b lc .£ 5 ,2 4 9 ,3 7 0 £ 4 ,0 6 5 ,0 6 1 £ 3 ,6 7 9 ,0 3 6
P r o d u c ts , r a w m a te r ia l,
& c ., a v a i la b le ...................... 3 ,8 4 8 ,4 5 8
4 ,5 1 1 ,5 7 2
4 ,2 3 9 ,2 5 0
G o o d -w ill, p a t e n t s , & c ..1 4 ,1 0 3 ,9 5 5 1 4 ,3 3 9 ,6 3 6 1 5 ,3 6 8 ,3 2 0
T o t a l a s s e t s _______ . . . .3 7 ,9 0 9 ,6 7 0 3 8 ,0 1 6 ,1 0 6 3 7 ,8 1 4 ,7 4 9
L iabilities —
C o m m o n s t o c k _____. . . .2 0 ,2 3 7 ,1 0 0 2 0 ,2 3 7 ,1 0 0 2 0 ,2 3 7 ,1 0 0
P r e fe r r e d s t o c k .
.1 0 ,1 9 8 ,6 0 0 1 0 ,1 9 8 ,6 0 0 1 0 ,1 9 8 ,6 0 0
D e b e n tu r e b o n d s ____
5 ,0 0 0 ,0 0 0
. 5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
B ills p a y a b le __________
5 0 1 ,7 7 3
C o m m e r c ia l a c c o u n ts
■
Vl
,643",334 1/1,2*43,843
1 /9 4 5 ,4 5 5
A c c r u e d I n t e r e s t ____
1 8 ,7 5 0
1 8 ,7 5 0
1 8 ,7 5 0
D i v i d e n d s _________
- 8 1 1 ,8 8 6
1 ,3 1 7 ,8 1 3
9 1 3 ,0 7 1
T o ta l lia b ilit ie s _________ 3 7 ,9 0 9 ,6 7 0 3 8 ,0 1 6 ,1 0 6 3 7 ,8 1 4 ,7 4 9
i In<wUCon
ClvS,
V, oU| ap#d v ?J???s
1241 . fo r
m e r c h a n d is e .
y
1 9 0 6 -0 7 .
$ 2 ,3 6 7 ,2 6 3
(4 )8 0 9 ,4 8 4
6 1 1 ,9 1 6
$ 9 4 5 ,8 6 3
7 ,2 4 4 ,4 9 0
$ 8 ,1 9 0 ,3 5 3
v a lu e s o f
v a lu e s or
1907.
$
1 3 ,4 2 4 ,7 0 7
1 ,6 3 8 ,6 2 6
3 ,0 3 1 ,6 0 7
4 ,2 0 8 ,3 0 4
1 4 ,5 9 5 ,0 3 3
3 6 ,8 9 8 ,2 7 7
2 0 ,2 3 7 ,1 0 0
1 0 ,1 9 8 ,6 0 0
5 ,0 0 0 ,0 0 0
1 ,1 3 7 ,8 6 9
1 8 ,7 5 0
3 0 5 ,9 5 8
3 6 ,8 9 8 ,2 7 7
I n c lu d e s r e s e r v e s fo r c o n t ln g e n -
Intercontinental Rubber Co. (of N ew J ersey ), N ew York C ity.
(Statem en ts o f J u ly 31 1910.)
Secretary Walter Dutton Oct. 10 1910 wrote:
O n J a n . 1 1 9 0 0 th e r e w a s a n a c c u m u la tio n o f u n p a id p r e f. s to c k d lv s
a m o u n tin g to $ 7 6 5 ,4 4 1 , o r a b o u t 18 'A % . T h e s e h a v e a ll b e e n n a ld Am i
In a d d itio n c u r r e n t q u a r te r ly d lv s . o f l yx % h a v e b e e n pafclo n th c O T c fc r r c d
s t o c k . O n S e p t . 6 1 9 1 0 a lir st d lv . o f 1 % w & d e c la r e d o n t h e C o m m o n
s h a r e s , p a y a b le o n N o v . 1 1 9 1 0 to s to c k h o ld e r s o f r e c o r d O c t 15 1 9 1 0
D u r in g t h e p a s t c a le n d a r y e a r th e o u t s t a n d in g p r e f sh a r e s h a v e b e e n
r e d u c e d fr o m $ 4 ,2 0 0 ,0 0 0 to $ 2 ,0 0 0 ,0 0 0 , t h e r e b y r e d u c in g th e d iv id e n d
c h a r g e a h e a d o f th e c o m m o n s to c k $ 1 5 4 ,0 0 0 p er a n n u m , s o t h a t it Is n o w
b u t $ 1 4 0 ,0 0 0 p e r a n n u m . A t th e p r e s e n t tim e th e c o m p a n y h a s n o b o n d e d
o r flo a tin g d e b t , a n d Its q u ic k a s s e ts a m o u n t to o v e r $ 1 ,8 0 0 0 0 0 o r n e a r lv
th e a m o u n t o f I ts o u ts ta n d in g p r e fe rr e d s to c k .
13 25
T h e fis c a l y e a r j u s t c lo s e d o n J u ly 31 1 9 1 0 h a s b e e n a v e r y p r o fita b le o n e
t h e c o m p a n y , n o tw it h s t a n d in g th e fa c t t h a t w e w e r e u n a b le t o g e t th e
K K C n eflt o f t h e r ls e ln r u b b e r p r ic e s d u r in g th e y e a r o n a c c o u n t o f s o m e
lU D D er c o n t r a c ts a lr e a d y In fo r c e . T h e c o n t r a c ts a lr e a d y e n te r e d In to fo r
t n e s a le o f o u r p r o d u c t d u r in g th e p r e s e n t fis c a l y e a r c o v e r a p p r o x im a te ly
tn r e e -q u a r te r s o f t h e e x p e c t e d o u t p u t , a n d th e p r ic e s a v e r a g e h ig h e r th a n
t h e c o m p a n y h a s r e c e iv e d d u r in g th e la s t fis c a l y e a r .
SU R PLU S ACCOUNT.
S u r p lu s A u g . 1 1 9 0 9 __________________________________________
G r o ss p r o fits tor y e a r , $ 2 ,3 6 9 ,7 9 5 , le s s a d m in is tr a tio n a n d g e n e r a l
e x p e n s e s , $ 1 0 1 ,6 1 1 ; n e t p r o fit fo r y e a r ______________________________ 2 ,2 6 8 ,1 8 4
_
§2 5 1 7 1 2 8
T o t a l______________________________________________
Deduct — P r e lim in a r y e x p e n s e s c h a r g e d o ff." ..'.
.
$24321 ’
’ *
T r a n sfe r r e d to “ g e n e r a l r e s e r v e ” e q u a l to p r e f. s to c k
r e tir e d d u r in g y e a r --------------------------------------------------------- 1 ,0 5 0 ,0 0 0
D iv id e n d s p a id ______________________________________________
912,441
----------------- 1 ,9 8 6 ,7 6 2
S u r p lu s J u ly 31 1 9 1 0 ______________________________________
B A L A N C E S H E E T J U L Y 31 1 9 1 0 .
A ssets ($ 3 3 ,7 9 2 ,3 8 7 ) —
L iabilities ( $ 3 3 ,7 9 2 ,3 8 7 ) —
I n v e s t m e n t s ---------------------$ 30, 040,464 C o m m o n s t o c k _____________$ 2 9 ,0 3 1 ,0 0 0
A c c ts . & N o t e s R e c e lv .—
P r e fe r r e d s t o c k ____________ 3 ,1 5 0 ,0 0 0
A d v . t o s u b s ld . c o s __ 2 ,4 7 3 ,9 1 2 A c c t s .p a y .,t a x e s a c c r .,& c
3 1 ,0 2 1
1 4 6 ,4 9 3 G e n e r a l r e s e r v e a c c o u n t . 1 ,0 5 0 ,0 0 0
S u n d r y ---------------------------Caf.h - - - --------------------------------- 1 ,1 3 1 ,5 1 8 S u r p lu s _____________________
5
3 0 ,3 6 6
— V . 91, p. 948, 874.
D iam ond M atch Com pany.
(General B alance Sheet Septem ber 30
1910.)
The circular cited last week (p. 1256) reports as of Sept. 30:
BALANCE SHEET.
Sep. 3 0 TO .Dec. 31 ’0 9 .
Sep. 3 0 i’1 0 .Dec. 31J’0 9 .
„
$
Liabilities —
$
..
$
P la n ts a n d oth er
C ap itol sto c k ...........1 6 ,0 0 0 ,0 0 0 * 1 6 ,0 0 0 ,0 0 0
Assets—
in v estm en ts . . . 8 ,1 6 8 ,2 1 9 8 ,0 6 4 ,0 5 7 N o tes p a y a b le ------ 2 /2 ,2 1 5 ,0 0 0 , 1 ,8 0 0 ,0 0 0
P in e la n d s & stu m p . 1,7 2 5 ,8 6 3 1 ,8 4 5 ,7 6 2 Sierra
,5 5 6 ) 1 ,5 2 4 ,3 5 6
P a te n ts, & c_______ 5 ,0 0 0 ,0 0 0 5 ,0 0 0 ,0 0 0 A cc’ts ppuarycahbales e......z l,35 57 28 ,4
3 6 j 818,721
D ef. ch g es. to o p e r . 121,520
129,421 ln t . & p ay-rolls
M atches, lo g s, & c. 4 ,1 3 6 ,4 7 8 4 ,3 5 0 ,6 9 9
(p a id J a n .)------- 145,854
1 5 9,699
N o tes r e c e iv a b le .. 2 0 0,101
6,3 3 7
6 5 ,1 7 0
5 1 ,8 4 5
e d ____
A cc’ts, less res’v e . 2 ,6 2 6 ,7 0 4 1,9 2 9 ,9 4 7 RT ae xs ee rsav ce cs ru
--------------7
3
8,5
73
6
5 7 ,5 3 5
C ash ...................... ..
44 8,6 66
55 1,5 20 Surp lu s & p ro fits. 1 ,3 3 1 ,9 6 2
8 6 5 ,5 8 7
T o ta l .......................22 ,4 2 7 ,5 5 1 2 1 ,8 7 7 ,7 4 3
T o t a l .......................2 2 ,4 2 7 ,5 5 1 2 1 ,8 7 7 ,7 4 3
2/5% gold n o tes, $ 1 ,0 0 0 ,0 0 0 , an d n o tes p a y a b le, b a n k s, $ 1 ,2 1 5 ,0 0 0
cha^.—V g r pmei256dU947911 *° 1923 t0 Bryant & M :iy’ L td ’ o n C allfornialp ur-
P ittsb u rgh B rew ing Co.
(R eport fo r F isca l Y ea r ending Oct.
IN C O M E ACCO U N T .
1 9 0 9 -1 0 .
7 9 5 ,4 8 1
. $ 5 ,7 1 4 ,6 4 2
4 ,0 5 3 ,5 6 2
$ 1 ,6 6 1 ,0 8 0
Deduct —
$ 3 7 9 ,1 4 0
4 2 7 ,0 0 1
C o m . d iv id e n d s (55
.
2 9 8 ,1 0 7
D e p r e c ia tio n _____
.
5 5 6 ,8 3 2
T o t a l _________________
Surplus
____________ $ 1 ,6 6 1 ,0 8 0
P r e v io u s s u r p lu s _______
4 ,0 8 5 ,2 3 4
T o ta l s u r p lu s _________ $ 4 ,0 8 5 ,2 3 4
1 9 0 8 -0 9 .
7 2 1 ,1 5 3
$ 5 ,3 2 4 ,1 7 6
3 ,8 5 0 ,3 4 0
$ 1 ,4 7 3 ,8 3 6
$ 3 7 9 ,1 4 0
4 2 7 ,0 0 2
2 9 8 ,1 0 7
3 6 9 ,5 8 7
$ 1 ,4 7 3 ,8 3 6
4 ,0 8 5 ,2 3 4
$ 4 ,0 8 5 ,2 3 4
BALAN CE SH EET.
Oct. 29 10. Oct. 23 ’09.
$
Liabilities—
29 1910.)
1 9 0 7 -0 8 .
7 6 1 ,8 0 7
$ 5 ,5 7 5 ,6 4 8
4 ,2 8 6 ,0 0 2
$ 1 ,2 8 9 ,6 4 6
$ 3 7 9 ,1 4 0
4 2 7 ,0 0 2
2 9 8 ,1 0 8
1 8 5 ,3 9 7
$ 1 ,2 8 9 ,6 4 7
4 ,0 8 5 ,2 3 4
$ 4 ,0 8 5 ,2 3 4
1 9 0 6 -0 7 .
9 4 3 ,6 9 5
$ 6 ,9 4 1 ,4 9 9
4 ,7 1 0 ,1 6 8
$ 2 ,2 3 1 ,3 3 1
$ 3 7 9 ,1 4 0
4 2 7 ,0 0 2
2 9 8 ,1 0 9
6 5 4 ,7 7 2
$ 1 ,7 5 9 ,0 2 3
$ 4 7 2 ,3 0 8
3 ,6 1 2 ,9 2 5
$ 4 ,0 8 5 ,2 3 3
Oct. 29 TO. Oct.23 ’09 .
s
P la n t & e q u ip m ’t . l 9 , 0 3 3 ,8 5 9 18,9 7 7,6 8 3 B on d s .................. 6 ,3 1 9 ,0 0 0 6 ,3 1S9 ,0 0 0
4701,967 54 7,4 92 Preferred s t o c k .. . 6 ,1 0 0 ,1 0 0 6 , 100,100
Cash ...................... ...
B ills rec. & m tg es. 1,867’,524 1,9 7 2 ,3 9 3 C om m on s t o c k .. . 5 ,9 6 2 ,2 5 0 5 .9 6 2 ,2 5 0
A cc’ts receiv a b le. 5581,771
57 7,1 76 D u e for m d se ........... 181,363
2 2 8,0 72
C onstrue, a c c ’ts,
B ills p a y a b le_____
1 7 5,000
2 5 0 ,0 0 0
lm p rts. a t B rew .
11 ,003
2 ,6 5 0 M tge. p a y a b le ____
4 8 ,6 0 0
1 8,600
B rew ery ln v e n t’s . 549 ,854
5 6 8,003 R e s . for S ta te t a x , & c. 5 0 ,0 0 0
4 3 ,5 0 6
G en. office in v ’to ry 22 ,000
3 0 ,1 6 5 A ccr’d in terest on
S in k in g fu n d a cc’t 533 ,949
4 5 7,5 79
b ond s, 4 m o n th s 12 6,3 80
1 2 6,3 80
U n d iv id ed p r o fits. 4 ,0 8 5 ,2 3 4 4 ,0 8 5 ,2 3 4
T o t a l -----------------2 3 ,0 4 7 ,9 2 7 2 3 ,1 3 3 142 T o t a l ....................2 3 ,0 4 7 ,9 2 7 2 3 ,1 3 3 ,1 4 2
U n s o ld s t o c k s a n d b o n d s In tr e a s u r y : $ 1 8 1 ,0 0 0 b o n d s o f t h e $ 6 ,
5 0 0 ,0 0 0 a u th .; / ,9 9 8 s h a r e s o f p r e f. s to c k (p a r $ 5 0 ) , o r $ 3 9 9 ,9 0 0 o f t h e
$ 6 ,5 0 0 ,0 0 0 a u t h .; 1 0 ,7 5 5 s h a r e s c o m m o n s to c k (p a r $ 5 0 ) , o r $ 5 3 7 7 5 0 o f
th e $ 6 ,5 0 0 ,0 0 0 a u th o r iz e d .— V . 9 1 , p . 5 2 2 .
^
’
Assets —
Independent B rew ing Com pany of P ittsb u rgh .
(R eport fo r F iscal Y ear ending Oct. 22 1910.)
R E S U L T S OF O P E R A T IO N S.
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
1 9 0 6 -0 7 .
S a le s (b a r r e ls )____________
5 1 4 ,2 2 6
4 2 3 ,3 4 9
4 2 9 ,4 4 3
5 1 0 ,8 2 0
$
$
$
I n c o m e , a ll s o u r c e s _____ 3 ,4 0 4 ,5 7 9
2 ,7 7 8 ,6 0 4
2 .8 4 4 ,4 8 6
3
,4
3 4 ,9 7 4
C o st o f p r o d u c . & o p e r . . 2 ,4 4 8 ,5 5 8
2 ,1 5 5 ,5 2 9
2 ,4 3 2 ,2 3 8
2 .5 4 1 ,2 5 5
P r o fits o n s a le s ________
9 5 6 .0 2 1
6 2 3 ,0 7 5
4 1 2 ,2 4 8
8 9 3 ,7 1 9
Disbursements —
I n t e r e s t o n b o n d s ________
2 7 0 ,0 0 0
2 7 0 .0 0 0
2
7
0
.0
0
0
2 7 0 .0 0 0
P r e fe r r e d d lv s . (7 % ) . .
3 1 5 .0 0 0
3 1 5 .0 0 0
C o m m o n d lv s . ( 1 % ) _____
4 5 .0 0 0
4 5 ,0 0 0
l n t . o n b o n d s c o n s t lt . cosl.
’ 5 ,1 0 8
5 ,5 5 7
6 ,0 0 8
4 ,6 0 9
D e p r e c ia tio n ____________
2 5 7 ,1 1 3
2 4 6 ,5 4 7
2 3 1 ,8 9 9
1 2 7 ,7 0 5
T o ta l d is b u r s e d ________
5 3 2 ,2 2 1
5 2 2 ,1 0 4
8 6 7 ,9 0 7
,3 1 4
R a la n c e fo r y e a r ________ s u r .4 2 3 ,8 0 0 s u r .1 0 0 ,9 7 1 d e f .4 5 5 ,6 5 9 s u r .17 36 12 ,4
05
U n d lv . p r o fits p r e v . y r s .
6 0 3 ,3 9 1
5 0 2 ,4 2 0
9 5 8 ,0 7 8
8 2 6 ,6 7 3
. 1 ,0 2 7 ,1 9 1
6 0 3 ,3 9 1
BALANCE SHEET.
Oct.22 TO. Oct.23 ’09 .
5
S
Liabilities—
5 0 2 ,4 2 0
O cf.22 TO.
Assets —
R ea l e sta te , & c . . . 11,7 6 2,3 7 9 11,6 7 3,3 0 7 C om m on s t o c k .. . 4 .5 0 0 .0 0 0
C ash ............................ 2 0 7,2 29
102,253 Preferred s t o c k .. . 4 .5 0 0 .0 0 0
B ills r e c e iv a b le.a . 8 4 8,653
91 8,0 72 B o n d s........................... 4 .5 0 0 .0 0 0
A cc’ts r e c e iv a b le .. 4 7 2,107
44 3,3 36 B on d s o f co n stitu
S ecu rities a t p a r. .6 1 ,5 7 9 ,9 5 0 1 ,5 7 0 ,7 5 0
e n t com pan ies .
8 2 ,5 1 0
11,654
O ffice f u r n itu r e ...
11,654 A cco u n ts p a y a b le. 1 9 9,367
In su ran ce, ta x es,
B ills p a y a b le _____ 2 7 4 ,4 3 7
1 2,550
& c., u n u sed ____
36,8 8 7 C apital sto ck ta x
7,993
Im p r o v e m e n ts ___
13,237
due .........................
19 ,9 0 6
M aterials and fin
B on d Interest a c
2 94,343
ish ed p r o d u c t-. 2 8 1,8 97
crued ......................
8 1 ,0 0 0
U n d ivid ed p r o fits. 1 ,0 2 7 ,1 9 2
T o t a l ...................... 1 5 ,184,412 15,0 6 3,8 3 9
T o ta l . . . . . . . . . 1 5 , 1 8 4 , 4 1 2
9 5 8 ,0 7 8
Oct.23 '09.
S
4 .5 0 0 .0 0 0
4 .5 0 0 .0 0 0
4 .5 0 0 .0 0 0
8 5 ,2 2 9
180,609
5 9 3,1 36
20,4 7 4
8 1 ,0 0 0
603,391
1 5 ,0 6 3,8 3 9
a B ills receivab le are secured b y Judgm ent n o tes and m ortgages.
b In clu d es $ 4 50 ,00 0 b ond s, $5 34 ,85 0 preferred an d $5 81 ,05 0 co m m o n sto ck o f
In d ep en d en t B rew in g Co. an d $ 1 4 ,0 5 0 sto ck s o f oth er co m p a n ies.— V . 91 , p . 466
$ 248,944
$ 5 3 0 ,3 6 6
T H E CH RONICLE
1326
Inland Steel Com pany.
{R eport fo r F isca l Y ea r ending J u n e
[VOL. LXXXXI.
O gilvie Flour M ills Co., L td ., M ontreal.
{R eport fo r F isca l Y ea r ending A u g. 31 1910.)
30 1910.)
President Chas. R . Hosmer, at the annual meeting on
The annual report has not been made public, but the
figures given out at the annual meeting have been published Oct. 13, said:
F if t e e n c o u n t r y e le v a to r s h a v e b e e n a d d e d t o t h e s y s t e m d u r in g th e
and are given below.
u r r e n t y e a r . T h e a d d it io n t o th e F o r t W illia m e le v a to r a n d a d d it io n a l
The “ Iron Age” of New York in its issue of Oct. 20 has an cs to
r a g e a t W in n ip e g h a v e b e e n c o m p le te d a n d a r e In s u c c e s s fu l o p e r a tio n .
T h e c a p a c it y o f th e R o y a l M ills a t M o n tr e a l, b y t h e I n s ta lla tio n o f a d d i
article regarding the company, which begins as follows:
T h e r e c e n t s t a r t in g o f e ig h t n e w s h e e t m ills a t t h e I n d ia n a H a r b o r w o r k s
o f t h e I n la n d S te e l C o .. C h ic a g o , m a k in g 18 h o t m ills In o p e r a tio n , c a lls
a t t e n t io n t o th e r e m a r k a b le g r o w th o f th is c o m p a n y . W tth 18 s h e e t m ills
In o p e r a tio n It is n o w o n e o f th e la r g e s t p r o d u c e r s o f o p e n -h e a r th s h e e ts
In th e w o r ld , a n d its a b ili t y t o k e e p Its e n la r g e d p la n t In fu ll o p e r a tio n th e
p a s t s u m m e r , d u r in g a p e r io d o f g e n e r a l tr a n e r e a c t io n , is e v id e n c e o f th e
r e c o g n itio n w h ic h is g iv e n in th e tr a d e t o t h e m e r its o f o p e n -h e a r th s h e e ts ,
t h e I n la n d S te e l C o . u s in g its o w n b a s ic o p e n -h e a r th s t e e l e x c lu s iv e ly in a ll
o f Its fin is h e d p r o d u c ts . T h e p la n t a t I n d ia n a H a r b o r h a s b e e n b u ilt
d u r in g th e p a s t e ig h t y e a r s , a n d th e r e fo r e e m b o d ie s a ll th e I m p r o v e m e n ts
t h a t h a v e b e e n p e r fe c te d b y m ill e n g in e e r s In r e c e n t y e a r s . [A c c o r d in g t o
a n o t h e r a u t h o r it y t h e c o m p a n y h a s j u s t t a k e n a n o p tio n to le a s e 12 0 a c r e s
o f Iron o r e la n d o n t h e C u y u n a R a n g e , lo c a te d a b o u t 3 m ile s fro m C r o sb y ,
M in n .— a n o r e b o d y n o t f u lly d e te r m in e d b u t p o p u la r ly s u p p o s e d to a p p r o x
im a te 2 0 ,0 0 0 ,0 0 0 t o n s . U n d e r t h e le a s e It Is u n d e r s to o d t h a t t h e m in im u m
o n w h ic h t h e r o y a lt y w o u ld b e p a id is 5 0 ,0 0 0 t o n s p e r y e a r , s h ip m e n ts to
b e g in n e x t s p r in g .— E d .]
Results for years ending June 30 1910 and 1908 (not
1909) were:
1909-10. 1907-08.
19 09 -1 0 . 1907-08.
Deduct—
S
S
S a les, less d isco u n t
$
$
an d ex ch a n g e ____ 9 ,8 1 6 ,0 9 3 6 .3 1 7 ,4 9 9 In te r e st......................... .... 168,750 102,981
C ost of sa le s_________ 8 ,1 8 4 ,1 3 0 5 ,5 7 5 ,1 6 9 D ivid en d s (7% ) . . . 404,577
D ep recia tio n reserve. 15 0,0 00
N o t ea rn in g s................. 1 ,6 3 1 ,9 6 3 7 4 2 ,3 3 0
T o t a l ............................ 72 3,3 27 102,981
12,493
O th er in co m e...............
2 ,1 7 4
B a la n ce, su rp lu s------- 9 1 0 ,8 1 0 6 51,842
T o ta l In com e______ 1 ,6 3 4 ,1 3 7 7 5 4,8 23
1$
B A L A N C E SH E E T JU N E 30 1910 A N D 1908 (NO T 1909).
1908
19 10 .
1908.
1910.
Liabilities —
Assets —
S
$
L a n d , p la n ts, A c . . .8 ,5 3 3 ,8 7 6 7 ,2 1 2 ,0 7 5 C apital sto c k ....................5 ,8 5 0 ,4 5 6 5 ,1 0 0 ,1 2 5
n d ed d e b t................... 2 ,7 0 0 ,0 0 0 2 ,8 9 7 ,0 0 0
Inventories___________1 ,6 9 4 ,0 7 8 1 ,158.821 BA occo
u n ts p a y a b le____ 4 6 2,6 50 4 3 1,7 10
B ills receiv ab le............. 1 2 7,705
6 7,034
114,780 75,325
A cco u n ts receiv a b le. "1 ,0 6 1",0‘ 3 7" 7 9 3 .6 6 5 P a y -ro lls..................
M
isc
e
lla n e o u s................. 25 ,1 8 1 10,751
12,459
In su ran ce u n ex p ired .
2 ,7 1 9
C a s h ................................... 5 6 5,1 59 2 8 6,4 76 T a x es a ccru ed ................ 1 4,648 21,6 4 3
4 0 ,6 4 0 In terest accru ed _____ 4 0 ,5 0 0 4 3 ,4 5 5
M iscellaneous Ite m s.
4,7 9 4
R e s e r v e s _____________ 3 6 4 ,7 3 5 2 3 ,0 0 5
S u r p lu s ..............................2 ,4 1 6 ,4 1 8 0 6 8,1 56
T o ta ls......................... 1 1 ,9 8 9,3 6 9 9 ,5 7 1 ,1 7 1
T o ta ls.............. .......... 1 1 ,9 8 9 ,3 6 9 9 ,5 7 1 ,1 7 1
— V . 9 1 , P- 792.
International T extbook Co., Scranton, P a.
{B alance Sheet of M a y 31 1910.)
No income account is furnished. Report says in substance:
U n d e r th e te r m s o f th e m o r tg a g e (o f th e C o llie r y E n g in e e r C o .) S 4 .1 6 6 66
Is p a id e v e r y m o n th to th e C o u n ty S a v in g s B a n k , tr u s te e o f th e m o r tg a g e ,
to I n v e s t a s a s in k in g fu n d fo r th e r e d e m p tio n o f th e b o n d s se c u r e d b y th e
m o r tg a g e . U p to M a y 31 1 9 1 0 $ 4 8 3 ,8 9 4 h a d b e e n d e p o s ite d w ith th e
tr u s te e [d u r in g th e y e a r 1 9 0 9 -1 0 , $ 3 5 ,5 6 0 — E d .] . O f th is a m o u n t $ 3 2 0 ,0 0 0
h a s b e e n a p p lie d b y th e tr u s te e s in c e M a y 31 1 9 0 4 to th e r e d e m p tio n o f
3 2 0 b o n d s , le a v in g $ 1 6 3 ,8 9 4 s till In th e h a n d s o f th e tr u s te e t o b e a p p lie d
in th e m a n n e r p r o v id e d In th e m o r tg a g e to w a r d th e r e d e m p tio n o f th e
r e m a in in g b o n d s . W h e n $ 1 6 ,1 0 6 m o r e is p a id t o th e tr u s t e e , w h ic h w ill
be In a y e a r , a ll o f th e b o n d s w ill b e p a id o ff.
T h e a c c o u n ts p a y a b le , $ 2 9 0 ,7 3 2 a s a b o v e , c o v e r th e s a la r ie s , c o m m is s io n s ,
A c ., fo r th e m o n th o f M a y 1 9 1 0 . p a y a b le th e fo llo w in g m o n th .
T h e s u r p lu s ($ 4 ,5 7 7 ,8 6 6 ) r e p r e s e n ts p r o fits in e x c e s s o f d iv id e n d s a n d
p r e m iu m s o n c a p ita l s to c k a n d Is In c lu d ed In th e re a l a n d p e r s o n a l p r o p e r ty
o f th e c o m p a n y . [T h e s u r p lu s . It w ill b e o b s e r v e d . In c r ea se d $ 8 6 2 ,3 9 8
d u r in g th e y e a r 1 9 0 9 - 1 0 .— E d .]
. . „
,
,
...
T h e d e d u c tio n s m a d e fro m th e a c c o u n t , “ p la te s o f t e x t b o o k s a n d p u b li
c a tio n s ” to p r o v id e fo r d e p r e c ia tio n , a m o u n te d u p to M a y 31 1 9 1 0 to
$ 3 5 1 ,7 2 5 [In 1 9 0 9 -1 0 to $ 2 9 ,6 1 3 — E d .]. F ro m th e I te m “ fu r n itu r e a n d
m a c h in e r y ” th e d e d u c tio n s fo r d e p r e c ia tio n a m o u n t t o M a y 3 1 1 9 1 0 to
$ 1 8 9 ,8 8 3 [In 1 9 0 9 -1 0 to $ 3 1 .2 5 6 — E d .] .
B ALAN C E SH E E T M A Y 31.
1909.
1910.
1 9 10 .
1909.
Liabilities—
S
S
Assets —
$
5
R ea l e sta te & b ld g s 1 ,0 6 2 ,1 5 5
9 4 1,0 79 C ap ital sto ck (au th .)
8 1 0 ,0 0 0 ,0 0 0 — (V .
P la te s o f p u b llca ’ns 1 ,5 1 6 ,2 4 0 1,4 8 3 ,4 8 4
8 4 , p .6 2 8 ) ........... 6 ,0 0 0 ,0 0 0 6 ,0 0 0 ,0 0 0
F u rn itu re & m ach. 3 3 9,7 14
3 0 6,4 93
T ex tb o o k ,stip p .,A c 3 7 4 ,5 9 7
3 2 9,5 93 lstM .5% b d s.o f Col.
ileryE nglneerC o.
A g cy .esta b llsh m ’t. 5 3 2,9 11
405,403
— V. 7 9 , p. 2799 1 8 0,0 00
2 7 2 ,0 0 0
A cco u n ts receivab le 4 ,2 7 7 ,1 0 1 4 ,2 4 5 ,7 2 5
1 9 0,7 78
S tock o f o th er c o s .* 1 ,8 9 4 ,7 0 0 1 ,7 6 2 ,0 5 0 A ccou n ts p a y a b le . 2 9 0 ,7 3 2
_ _
S in k in g fu n d ______ 163,894
220,334 S u rp . (ex cess o f a sse ts over H abit's) 4 ,5 7 7 ,8 6 6 3 ,7 1 5 ,4 6 8
C ash Item s________ 8 8 7 ,2 8 6
4 8 4,084
T o t a l ....................... 1 1 ,0 4 8 ,5 9 8 1 0 .1 7 8.2 4 6 T o t a l .......................1 1 ,0 4 8 ,5 9 8 1 0 ,1 7 8 ,2 4 6
• T h is In c lu d e s s to c k o f th e T e c h n ic a l S u p p ly C o ., fo r w h ic h th e c o m p a n y
sa id $ 3 0 0 0 0 0 - s to c k o f th e I n te r n a tio n a l C o r r e sp o n d e n c e S c h o o ls , p a r v a lu e
fclOO 0 0 0 - 's t o c k o f th e I n te r n a tio n a l E d u c a tio n a l P u b lis h in g C o .— 3 1 ,6 1 4
ih a r c s o f p r e fe rr e d a n d 7 1 ,2 9 7 s h a r e s o f c o m m o n — p a r v a lu e $ 5 ,1 4 5 ,5 5 0 ,
in d a ls o th e s to c k o f s m a lle r c o r p o r a tio n s .— V . 9 1 , p . 4 1 .
C onsum ers’ Gas Co. of T oronto.
R eport fo r Y ear ending S ep t. 30 1910.)
1 9 0 7 -0 8 .
1 9 0 6 -0 7 .
1 9 0 8 -0 9 .
1 9 0 9 -1 0 .
1 ,0 6 3
1 ,0 3 6
1 ,0 8 9
(?)
5 3 ,3 6 8
4 9 ,0 3 1
5 8 ,5 1 3
6 5 ,3 4 9
$ 1 ,7 9 9 ,2 4 6 $ 1 ,5 3 7 ,0 0 0 $ 1 ,4 1 0 ,9 0 0 $ 1 ,2 2 0 ,5 8 5
1 7 6 ,4 6 3
1 3 3 ,8 1 5
2 0 0 ,7 6 6
C. 2 7 1 ,7 1 5
$ 2 ,0 7 0 ,9 6 1 $ 1 ,7 3 7 ,7 6 6 $ 1 ,5 8 7 ,3 6 3 $ 1 ,3 6 3 ,4 0 0
1 ,0 3 0 ,5 4 1
9 0 8 ,0 4 0
1 ,1 3 3 ,6 8 2
1 ,3 1 6 ,2 0 1
)p e r . e x p . a n d t a x e s —
$ 5 5 6 ,8 2 2
$ 4 5 5 ,3 6 0
$
6
0
4
,0
8
4
$ 7 5 4 ,7 6 0
N et
3
,8
1
1
4 ,2 2 1
3 ,2 9 0
3 ,7 1 2
t b e n s ., A c . .
n t. f
$ 5 6 0 ,6 3 3
$ 4 5 9 ,5 8 1
$ 6 0 7 ,3 7 4
$ 7 5 8 ,4 7 3
e ______
T o ta l n e:
D educt —
$ 2 ,8 2 8
$ 9 ,8 8 4
$ 1 1 ,5 6 3
$ 4 ,8 3 4
n t e r e s t ------------ -----------3 1 3 ,0 5 0
2 5 8 ,6 2 6
3 4 2 ,1 6 7
3 7 3 ,1 6 6
J lv ld e n d s ( 1 0 % ) - ............
2 2 3 ,3 8 7
1 9 9 ,6 8 9
3 0 8 ,5 4 8
3 2 4 ,9 9 2
ie n e w a l fu n d ( 5 % ) ------d c f.$ 8 ,6 1 8
B a la n c e fo r y e a r _____s u r .$ 5 5 .4 8 1 d e f .5 5 4 ,9 0 4 s u r .$ 2 1 ,3 6 8
BALAN C E SH EET SE P T. 30.
.................................
1 910.
1909.
1909.. ,
1910.
Liabilities—
$
S
S
Assets —
S
8 .9 6 6 .2 2 0 6 .6 1 2 .5 1 7 S to ck ............................... .4 ,0 0 0 ,0 0 0 3 ,5 0 0 ,0 0 0
172,012 168,593 R eserve fu n d .............. . 1 , 000,000 1, 000,000
a teria ls. A s -----7 ,2 7 6 R en ew al fu n d ............ . 7 3 2 ,0 4 8 6 0 9,787
10,609
orses, A c ..............
87,5 0 0
D iv id e n d s --------------655
eter te s t e q u ip .. .
3 0 5,8 19
557 D o m in io n B a n k —
1,899
9 2 ,5 0 9
7 0 ,7 8 0
,6 6 7 S u nd ry a c o cu n ts. . .
e b e n tu r e s .................- . 1 65.332 2 80
7 7 ,4 1 2
21,931
4 6,6 95 S p ecial su rp. a cc’t .....................—
cco u n ts recelv a b le.. 30 2,2 03
o m ln lo n B a n k -------. 20 3,4 92
.............. S to ck p rem . (1 9 0 4 ).1 ,9 2 0 ,4 5 3 1,4 2 0 ,4 8 9
T o t a l ............................7 ,8 2 2 ,4 2 2 7 ,0 1 6 ,3 0 6
7 .8 2 2 ,4 2 2 7 ,0 1 6 ,3 0 6
S treet la m p s , N o
d e te r s . N o -----------
tio n a l m a c h in e r y , h a s b e e n in c r e a s e d t o 6 ,0 0 0 b a rr e ls o f ilo u r p e r d a y .
T h e c a p a c it y o f th e F o r t W illia m m ills h a s a ls o b e e n In c r e a se d . T h e
o a t m e a l p la n t a t W in n ip e g Is b e in g e n la r g e d t o m e e t th e I n c r e a s in g d e m a n d s
fo r t h a t f e a tu r e o f t h e b u s in e s s . D iv id e n d s o n th e c o m m o n s t o c k a r e b e in g
p a id q u a r te r ly In ste a d o f h a lf-y e a r ly a s h e r e to fo r e .
[M a n a g in g D ir e c to r F . W . T h o m p s o n s t a t e s t h a t th o c o m p a n y n o w
o w n s 11 8 in te r io r e le v a to r s t h r o u g h o u t th e N o r th w e s t a n d m ills r e p r e s e n t
in g a t o t a l c o m b in e d c a p a c it y o f 1 4 ,5 0 0 b a r r e ls o f flo u r p e r d a y . a s fo llo w s :
R o y a l M ills, M o n tr e a l, 6 ,0 0 0 b a rrels: G le n o r a M ills, M o n tr e a l, 2 ,5 0 0 ;
W in n ip e g M ills , W in n ip e g , 3 ,0 0 0 ; F o r t W illia m M ills. F o r t W illia m , 3 ,0 0 0 .
I n a d d itio n th e c o r n m e a l m ills a t M o n tr e a l a n d o a tm e a l m ills a t W in n i
p e g r e p r e s e n t a c a p a c it y o f 2 ,5 0 0 b a r r e ls o f c e r e a ls p e r d a y .]
INCO M E ACCOUNT.
1909-19. 19 08 -0 9 .
1908-09.
5
S
$
71 6,0 54 P ref. d lv id s. (7 % ) .. 1 4 0,000 1 4 0,000
C om m on d lv d s____ (8 )2 0 0 ,0 0 0 (7 )1 7 5 ,0 0 0
1 05,000
T o ta l d e d u c tio n s .. 4 4 5 ,0 0 0 5 5 0 ,0 0 0
3 0 ,0 0 0
10 0,0 00 B a lan ce, su rp lu s____ 96 ,9 2 4 166,054
B A L A N C E SH E E T A U G U ST 3 1 .
1909.
1910.
1909.
1 910.
Liabilities—
$
$
Assets —
$
P la n t, r e a le s t, A c .*.4 , 25 9,6 68 3 ,9 0 9 ,0 8 3 Preferred s t o c k .. . . . 2 , 000,000 2,000,000
G oo d w ill, tr.-m k s.,A cl ,250,000 1 ,2 5 0 ,0 0 0 C om m on sto c k ___ ..2 ,5 0 0 ,0 0 0 2 .5 0 0 .0 0 0
C ash on h a n d .............. ... 2 5 ,2 6 8
12,834 1st m tg e. b o n d s. . ..1 ,7 5 0 ,0 0 0 1 .7 5 0 .0 0 0
8 9 2,6 39 B an k o f M ontreal. ..1 ,4 3 2 ,0 0 6
C ash a t B an k o f M ont.
7 0 ,6 8 5
4 ,2 9 7
2 4,689 Sundry c r e d ito r s .. . . 1 56,740
B ills receiv ab le--------R es. for bond ln t. &
A c c ts. rec. (less res.
6 1 ,2 5 0
d iv id e n d s.............. . . 111,250
for c o n tin g .)............ 9 6 1,7 32 4 3 7,6 70
5 0 ,0 0 0
M a te r ia ls* s u p p lie s .2 ,009,093 53 2,1 89 OK. pension fu n d .. _ 5 0 ,0 0 0
3 0 ,0 0 0 Prop. res. a c c t___ . . 3 0 0 ,0 0 0 3 0 0 ,0 0 0
F u rn itu re, A c .............. 3 1 ,4 0 0
6 6 ,0 4 9 P rofit and lo ss____ . . 4 3 2,742 42 3,3 18
I n v e s tm e n t s ------------- 1 9 1,280
T o t a l.............................8 ,7 3 2 ,7 3 8 7 ,1 6 5 ,1 5 3
T o t a l ............ ............8 ,7 3 2 ,7 3 8 7 ,1 5 5 ,1 5 3
♦ Includes real e sta te , w a ter-p ow ers and m ill p la n ts In M ontreal, W in nip eg an d
F o rt W illiam ; elev a to rs In M anitoba an d N o rth w est P rovin ces, p rop erty In S t. J o h n ,
N . B ., p a ten t rig h ts. A c.
Note.— T h e co m p a n y a lso h as Indirect liab ilities on cu sto m ers’ paper under
d isco u n t, $ 8 2 4 ,0 1 7 .— V . 9 1 . p . 1098.
1 9 09-10.
S
T rad in g p rofits............ 54 1,9 24
Deduct—
In terest on b o n d s___ 1 0 5,0 00
P en sion fu n d ________ _______
P ro p . res. a c c t.....................................
N ational Telephone Corporation, W heeling, W . V a.
{Statem ent fo r H a lf-Y e a r ending J u n e 30 1910.)
A statement prepared by Haskins & Sells, New York,
covering the six months ending June 30 1910, was read at
the stockholders’ meeting on Aug. 25. We have been unable
to obtain a copy of this report, but an account of its contents
from the “ Wheeling Register” of Sept. 21 shows in substance:
C apitalization, & c., of N ational Telephone Corporation.
“ F ir s t m o r tg a g e a n d c o lla te r a l t r u s t ” 5% b o n d s , d a te d 1 9 0 9 a n d d u e
J u ly 1 9 5 9 , p a n . 1 9 1 0 c o u p o n s a t t a c h e d .— E d .]. A m o u n t o u t . $ 1 ,1 9 9 ,0 0 0
B ills p a y a b le . I n te r e s t r a te 6 “;,_________________________________________
8 5 2 ,8 0 6
C o m m o n s to c k [is su e d to C o n tin e n ta l T e le p . A T c lg . C o .— E d .] . .1 0 ,0 0 0 ,0 0 0
P r e fe r r e d s t o c k (a u th o r iz e d is s u e , $ 5 ,0 0 0 ,0 0 0 ) o u t s t a n d i n g _____ 1 ,4 9 2 ,2 4 3
N ote. — S u it w a s b r o u g h t in t h e U . S . C ir c u it C o u r t a t W h e e lin g , W . V a .,
o n S e p t . 2 6 b y A n d r e w J . H o w a r d , o f I n d ia n a , a s k in g fo r a r e c e iv e r s h ip fo r
t h e c o m p a n y o n t h e g r o u n d t h a t o b lig a tio n s d u e J u ly 1 w e r e u n p a id a n d
t h a t t h e $ 1 0 ,0 0 0 K0 0 0 c o m m o n s t o c k h a d b e e n tu r n e d o v e r t o th o C o n tin e n ta l
T e le p h o n e A T e le g r a p h C o . I lle g a lly a t le s s th a n p a r .— E d .
H alf-Y early Earnings Statem ent—N ational Telephone Corporation.
E a r n in g s a p p lic a b le t o th e N a tio n a l T e l. C o r p ., a s b e lo w s h o w n -------$ 9 9 ,7 4 8
D e d u c t e x p e n s e s o f N a tio n a l T e le p h o n e C o r p o r a tio n ------- . . . S e c “ n o te'*
S ix m o n t h s ’ b o n d ln t . ($ 2 9 ,9 7 5 ) a n d in t . ($ 2 5 ,5 8 4 ) o n b ills p a y 'le 5 5 ,5 5 9
N ote. — T h e n e w s p a p e r r e p o r t s h o w s th o fo llo w in g I te m s , b u t t o w h a t
e x t e n t t h e y w e r e c h a r g e s a g a in s t t h e a b o v e e a r n in g s d o e s n o t a p p e a r :
“ E x p e n s e o f th e c o r p o r a tio n , o ffic e e x p e n s e s . I n te r e s t a n il d is c o u n t , s a la r ie s
o f e x e c u t iv e o ffic e r s , A c ., $ 1 4 9 ,0 5 9 ; in te r e s t a n d d is c o u n t . $ 5 1 ,9 2 2 ; d is
c o u n t o n N a tio n a l T e le p h o n e C o r p . b o n d s , $ 4 8 ,7 5 0 .” — E d .]
Constituent Com panies, Their Outstanding Stock and Bonds, Am ount of Stock
Held by N ational Telephone Corporation, A lso Cash Holdings.
XJUttUS.
■ ■■ ■ — —OtcZl/fVIssued.
Owned.
Out.
H eld
> ,0 0 0 ,0 0 0 c o m . $ 1 ,6 1 3 ,3 0 0 ] i$ l ,4 0 0 ,0 0 0 $ 3 0 9 ,8 8 3
(V . 8 4 . p . 1 1 2 5 )
1 : : ,0 0 0 ,0 0 0 p r e f. 1 ,4 8 0 ,5 0 0 /
4 9 0 ,6 0 0
4 6 2 ,0 0 0
4 ,1 4 5
i N a t . T e l. C o . o f vV. V a ___ 5 0 0 ,0 0 0
2 8 8 ,7 0 0
3 0 0 ,0 0 0
N one
3 0 0 ,0 0 0
do
d o O h i o _____
1 9 5 ,1 0 0
2 0 0 ,0 0 0
N one
1 3 6 ,5 0 0
do
d o P e n n _____
4 6 ,0 0 0
1 ,7 5 0
5 0 ,0 0 0
3 6 ,0 0 0
d o M onon gah n a C o.
2 ,6 5 9
1 4 1 ,9 5 0 )
1 3 6 ,0 0 0
W e s t . V a . W e s te r n T e le l.C o . 2 3 6 ,3 2 5 c o m .
1 9 ,3 7 5 /
3 0 ,0 0 0 p r e f.
do
do
N one
1 2 6 ,0 0 0
0 3 ,3 0 0
6 0 ,0 0 0
C o n s o lid a te d T e t c p h .C o - N one
N one
2 0 ,4 5 0
2 2 ,3 5 0
U n lo n T e le p h o n e C o ______
N one
N one
2 5 ,5 0 0
2 8 ,0 6 0
W o o d sfte ld T e le p h o n e C o .
6
N one
2 3 ,8 0 0
C h a r tle r s T e lc p h n c C o ___
2 4 ,0 0 0
1 ,3 4 1
N one
5 0 ,0 0 0
1 0 0 ,0 0 0
P I tts b . A W h e c lo g T c l. C o
2 ,6 5 8
N one
3 0 ,0 0 0
B e e g h le y T e le p h o n e C o ___
3 0 ,0 0 0
6 ,0 0 0
56
8 ,2 0 0
W e s te r n C e n tr a l T e l. C o . .
1 2 ,5 0 0
.
$ 2 ,5 3 6 ,5 0 0
B o o k v a lu e o f a ll p la n t s ___________________ _______________________________ $ 8 ,3 4 0 ,7 1 1
B o n d s o f th e I n d iv id u a l o p e r a tin g c o m p a n ie s , a s a b o v e
2 ,5 3 6 ,5 0 0
B ills p a y a b le [o th e r , It Is u n d e r s to o d , th a n th o s e h e ld b y a llie d
c o m p a n ie s — E d . ] ____________________________________________ - - - ----------- 4 5 3 ,6 6 6
A c c o u n ts p a y a b le ,
d it t o
d it t o
d it t o
6 9 ,0 1 1
x S ee V . 8 5 , p . 47 2, 603; V . 0 1. p . 9 80.
Constituent C om panies— Statem ent of E arnings H a lf Year E nding J u n e 3 0
1 9 1 0 and A m ount Thereof A pplicable to N ational Telephone Corp.
Gross. Cross
N et.
Total to N . T .
E a r n . *Charges. Corp.
E a rn . E xp en .
.$ 2 5 2 ,5 0 2 $ 1 2 3 ,2 9 6 $ 1 2 9 ,2 0 6
1 3 ,5 3 7
5 1 ,2 5 6
N a t . T e l. C o . o f W . V a ___. 6 4 ,7 9 3
1 ,0 9 5
5 ,6 4 4
d o a c c t . B e lm o n t T . C o) 6 ,7 3 9
7 ,1 4 6
8 ,2 0 4
. 1 5 ,3 5 0
3 ,1 1 8
1 6 ,0 6 8
d o (a c c t. s u b . c o . ) _____. 1 9 ,1 8 6
1 ,7 8 3
8 ,0 2 0
9 ,8 0 3
N a t . T e l. C o . o f P e n n _____.
5 ,1 2 5
3 ,3 4 5
8 ,4 7 0
d o o f M o n o n g a lia C o . ..
2 6 ,5 0 5
9 ,4 2 9
W e s t . V a . W e s te r n T e l. C o> 3 5 ,9 3 4
2 ,4 8 6
4 ,7 5 1
d o (a c c t.M a r ie tta T .C o .)) 7 ,2 3 7
3 2 ,4 5 4
2 7 ,5 6 1
C o n s o lid a te d T e le p h . C o . . 6 0 ,0 1 5
985
752
.
1 ,7 3 7
U n io n T e le p h o n e C o .
3 ,1 7 5
2 ,0 6 6
5 ,2 4 1
W o o d s flc ld T e le p h o n e C o .
9
1 ,1 2 5
1 ,1 1 6
C h a r tle r s T e le p h o n e C o . . ..
2 ,1 6 3
1 ,4 6 4
3 .6 2 7
P I tts b . A W h e e l. T e l. C o . .
2 ,2 2 6
5 ,2 5 3
3 ,0 2 7
B e e g h le y T e le p h o n e C o ___.
1 ,7 0 5
1 ,6 2 2
3 ,3 2 7
W e s te r n C e n tr a l T e l. C o . .
.$ 5 0 0 ,3 3 9 $ 2 9 3 ,4 0 4 $ 2 0 6 ,8 4 5
* A p p r o x im a t e If n o t e x a c t .— E d .— V . 9 1 . p #$ 3
$ 6 1 ,6 3 1 $ 6 7 ,5 7 5
1 3 ,3 7 3
16 4
1 .0 2 0
69
* 9 ...4 8 I c f.* 2 ,2 0 2
1 ,4 9 6
1 ,6 2 2
1 ,4 6 7
316
2 ,9 8 4
36 1
2 ,1 5 0
7 ,2 7 9
49 1
1 ,9 0 5
1 0 ,0 7 5
8 ,4 8 6
688
64
1 ,8 7 7
189
9
732
732
___
2 ,2 2 6
677
945
107,09$ $ 0 0 ,7 4 1
m
N O V . 1 2 1 0 1 0 .)
TH E CH RONICLE
American Smelters’ Securities Co., New York.
(O fficial Statem ent o f N ov. 11 1910.)
In connection with the announcement on another page
regarding the new SI 5,000,000 bond issue, President
Daniel Guggenheim says in substance:
T h e I n te r e s t c h a r g e s o f th e .S e c u r itie s c o m p a n y o n a c c o u n t o f th is Issu e
o f $ 1 5 ,0 0 0 ,0 0 0 d e b e n tu r e s w ill a m o u n t to $ 9 0 0 ,0 0 0 a y e a r . T h e I n te r e st
c h a r g e s o n th e flo a tin g d e b t w h ic h th e p r o c e e d s o f th e s e b o n d s w ill e x t i n
g u is h la s t y e a r a m o u n te d t o $ 7 4 5 ,7 9 5 , s o t h a t th e n e t In crea se In I n te r e s t
c h a r g e s b e c a u s e o f th is fin a n c in g s h o u ld b e le s s th a n $ 1 5 0 ,0 0 0 a y e a r .
M o r e o v e r , th e c o m p a n y w ill b e r e lie v e d d u r in g th e n e x t liv e y e a r s o f th e
I n s ta llm e n ts , a m o u n tin g to $ 4 0 0 ,0 0 0 a y e a r , o n a c c o u n t o f th e p u r c h a se
p r ic e o f th e B a ltim o r e S m e ltin g C o m p a n y 's s t o c k m e n tio n e d a b o v e .
Business of the Am erican Smelters' Securities Co. — Production — Earnings.
P eriod—
Gold, Ozs. Silver, Ozs. I.cad,Tons C op., Lbs.
N et Earns.
133 7
British Columbia Railway & Development Co.— Stock
whose capital stock is “ $12,000,000
full paid and non-assessable,” announces that the Title
Guarantee & Trust Co., N. Y ., will receive subscriptions to
an allotment of 140,000 shares of its treasury stock at $15
a share, par value $25. An advertisement says:
O ffered. — This company,
T h e c o m p a n y c o n t r o ls th r o u g h Its o w n e r s h ip o f th e c a p ita l s to c k o f th e
B r itis h C o lu m b ia ic A la s k a R y ., a c h a r te r g r a n te d M a rch 10 1 9 1 0 , t o c o n
s t r u c t a n d o p e r a te a r a ilr o a d o f s ta n d a r d g a u g e fr o m th e c it y o f V a n c o u v e r
to th e n o r th e r n b o u n d a r y o f th e p r o v in c e , a d is ta n c e o f o v e r 1 ,0 0 0 m ile s ,
tn r o u g h o n e o f th e r ic h e s t te r r ito r ie s o n th e N o r th A m e r ic a n C o n tin e n t.
T h e n e c e s s a r y s u r v e y w o r k h a v in g a lr e a d y b e e n c o m p le te d , th e c o m p a n y
w ill b e g in c o n s tr u c tio n e a r ly n e x t s p r in g . In th e m e a n t im e It h a s b e e n
d e c id e d to a c q u ir e (b y p u r c h a s e o r o th e r w is e ) a lo n g tire p r o je c te d lin e c e r
t a in la n d s v a lu a b le fo r to w n s it e s , & c. U p o n n o tic e in w r it in g to sa id
tr u s t c o m p a n y fr o m a n y s u b s c r ib e r a t a n y tim e b e fo re M a y 15 1 9 1 1 , it w ill
r e tu r n to s a id s u b s c r ib e r o n M a y 31 1 9 1 1 , u p o n su r r en d e r o f th e s to c k
c e r tific a te fo r c a n c e lla tio n , n o t le s s th a n 9 0 % o f th e a m o u n t p a id In.
C o m p a re V . 8 9 . p . 992.
Y e a r 1 9 0 7 -0 8 . 1 ,4 0 0 ,3 2 8 1 9 ,7 2 0 ,5 2 9 4 9 ,1 4 0 9 5 ,2 0 0 ,0 0 0 $ 2 ,3 0 7 ,4 2 5
Y e a r 1 9 0 8 - 0 9 - - .1 ,5 0 3 ,4 9 3 2 0 ,3 3 8 ,8 3 2 5 3 ,2 1 1 1 1 3 ,9 7 4 ,0 0 0 4 ,4 3 2 ,0 6 0
Y e a r 1 9 09 1 0 . 2 ,0 9 5 ,0 4 0 1 8 ,3 2 7 ,2 7 7 0 7 ,7 1 2 1 7 4 ,1 5 0 ,0 0 0
5 ,4 3 1 ,9 8 0
4 m o s. to S ep . 30
f A bout
Charleston (S. C.) Railway & Lighting Co.— V olu ntary R e
1 9 1 0 , a n n . r a t e .2 ,7 5 0 ,2 1 1
2 1 ,8 7 2 ,9 4 1 7 0 ,0 8 9 2 2 8 ,5 8 8 ,0 0 0 [0 ,0 0 0 ,0 0 0
T h e g r e a t e x p a n s io n h ere s h o w n h a s b e e n a c h ie v e d in s p ite o f th e fa c t duction of Gas R ates. — The company in a circular announces:
t h a t th e r e h a s b e e n n o p e r io d . In la te y e a r s a t le a s t , w h e n le a d , s ilv e r a n d
C o m m e n c in g J a n . 1 1 9 1 1 , th e g a s r a te fo r I llu m in a tin g a n d fu e l p u r p o s e s
c o p p e r h a v e s o ld In th e a g g r e g a te a s lo w a s d u r in g th e p a s t th r e e y e a r s , w ill b e $1 2 0 p e r 1 ,0 0 0 c u b ic f t . n e t. F o u r y e a r s a g o th e c o m p a n y e n te r e d
w h ic h th e a b o v e ta b le s c o v e r . T h e g r o w th o f th e c o m p a n y , n o t w it h s t a n d In to a c o n t r a c t w ith C ity C o u n c il b y w n ic h th e p r ic e o f illu m in a tin g g a s ,
in g th e d e p r e s s e d tr a d e c o n d itio n s , h a s b e e n m a d e p o s s ib le p a r tly b y Im th e n $1 6 0 , w a s I m m e d ia te ly r e d u c e d to $1 4 5 , a n d fo r a n a n n u a l r e d u c tio n
p r o v e m e n ts a n d o p e r a tin g e c o n o m ie s In Its s m e ltin g a n d r e fin in g p r o c e s s e s o f a c t s . p e r 1 ,0 0 0 fe e t u n til th e r a te r e a c h e d $1 2 5 . U n d e r th is a g r e e m e n t,
a n d p a r tly b y Its n e w w o r k s a n d a d d itio n s a n d I m p r o v e m e n ts .
th e r a te th is y e a r Is $1 3 0 . O n M a rch 1 1 9 11 th e r a te w o u ld , u n d e r th e
R e c e n tly lo n g -tim e c o n t r a c ts h a v e b e e n m a d e w ith th e C h in o a n d R a y c o n t r a c t w it h th e c it y , b e r e d u c e d to $1 2 5 . T h e f a c t t h a t th e c o m p a n y Is
m in e s a n d th e T e n n e s s e e C o p p er C o ., fr o m w h ic h n o p r o d u c t h a s a s y e t c o n s tr u c tin g a n u p -to -d a t e g a s p la n t w h ic h w ill, w e h o p e , b e c o m p le te d
b y J a n . 1, w ill e n a b le u s t o m a n u fa c tu r e g a s m o r e e c o n o m ic a lly th a n a t th e
S in c e th e o r g a n iz a tio n o f th e S e c u r it ie s c o m p a n y th e B a ltim o r e C o p p er o ld p la n t , a n d It is t h e p o lic y o f th e c o m p a n y In s u c h c a s e to s h a r e s u c h s a v
R e fin in g W o rk s h a v e b e e n p u r c h a s e d , w ith a r e fin in g c a p a c it y o f 1 4 4 ,0 0 0 , in g s w ith t h e p u b lic .
0 0 0 lb s . p er a n n u m , w h ic h h a s b e e n In c r ea se d t o a p r e s e n t c a p a c it y o f
i t w ill be p o s s ib le fo r c o n s u m e r s to u se g a s h e a t e r s In a n y p a r t o f th e h o u s e
2 4 0 .0 0 0 . 0 0 0 Ills, p er a n n u m , o r 0 6 2 -3 % , a n d w h e n p r e s e n t p la n s a r e c o m w it h o u t g o in g t o th e e x p e n s e o f h a v in g a d d itio n a l p ip e s p u t I t; a ls o t h a t
p le te d tills p la n t w ill b e in c r e a s e d to a c a p a c it y o f 2 8 8 ,0 0 0 ,0 0 0 lb s . p er c o o k in g s t o v e s , I n s ta n ta n e o u s h e a t e r s a n d o th e r g a s a p p lia n c e s c a n b e c o n a n n u m . S im ila r ly , th e c o p p e r s m e ltin g p la n t a t G a r fie ld , n e a r S a lt h a k e n c c te d in a n y p a rt o f th e h o u s e w h e r e t h e y a r e d e s ir e d . W e b e lie v e th is
C ity , h a s b e e n e n tir e ly c o n s tr u c te d , a d d in g to th e s m e ltin g c a p a c it y o f th e w ill s t im u la t e v e r y g r e a t ly th e u s e o f g a s h e a t e r s , a s w e a r e s a tis fie d th is is
c o m p a n y 1 ,1 7 0 ,0 0 0 to n s p e r y e a r .
a n id e a l c lim a te fo r th is m e th o d o f h e a t in g , a n d w e c o n f id e n tly e x p e c t a
M o re o v e r , b o th th e le a d s m e ltin g a n d c o p p e r s m e ltin g p la n ts a t V ela r- v e r y c o n s id e r a b le I n c r ea se in o u r b u s in e s s fr o m th is s o u r c e .— V . 9 1 , p . 2141
d e n a h a v e b e e n c o n s tr u c te d , th e fo r m e r w it h a n a n n u a l c a p a c it y o f 1 8 7 ,0 0 0
Chicago Southern R y.— Foreclosure S a le . — The rotui was
to n s a n d th e la t t e r w ith a n a n n u a l c a p a c it y o f 3 2 4 ,0 0 0 t o n s . 'A t F e d e r a l,
111.,
th e le a d r e fin in g p la n t h a s b e e n In c r ea se d fr o m a n a n n u a l c a p a c it y osold
f
at foreclosure sale for $1,000,000 at Danville, 111., on
2 0 ,0 0 0 to n s to a p r e s e n t c a p a c it y o f 5 0 ,0 0 0 to n s , a n d th e s m e ltin g w o r k s
h a v e b e e n c o r r e s p o n d in g ly In c r ea se d fr o m a s m e ltin g c a p a c it y o f 4 0 ,0 0 0 Nov. 4 to representatives of the reorganization committee.
to n s to a p r e s e n t c a p a c it y o f 1 0 0 ,0 0 0 to n s . .M o reov er, th e S e lb y r e fin in g — V. 91, p. 1253, 870.
p la n t, w ith a c a p a c it y o f 3 6 ,0 0 0 t o n s p e r a n n u m , h a s b e e n e n tir e ly r e b u ilt ,
Chicago & Western Indiana R R.— C alled B on d s. — Ninetya n d c a n tie c o n s id e r e d v ir t u a lly a n e w p la n t.
In th e m a k in g o f th e s e I m p r o v e m e n ts a n d a d d itio n s th e c o m p a n y ’s flo a t
in g d e b t w a s in c u r r e d , a n d It Is n o w th o u g h t t h a t ,in a s m u c h a s th e s e e x seven ($97,000) general mortgage bonds of 1S82, drawn for
p e n d itu r e s r e p r e s e n t c o m p le te d a n d p r o fita b le b u s in e s s I n v e s tm e n t s , t h e y redemption, are payable on Dec. 1 at 105 and interest at
s h o u ld b e p e r m a n e n tly c a p ita liz e d .
In a d d itio n t o th e m in in g p r o p e r tie s n o w o w n e d b y th e S e c u r it ie s c o m office of J. P. Morgan & Co.— V. 91, p. 396, 211.
p a n y in th e U n ite d S t a t e s a n d In M e x ic o , th e fo llo w in g s m e ltin g a n d r e
Chippewa Valley Railway, Light & Power Co., Eau Claire,
fin in g p la n ts a r c n o w In o p e r a tio n : (1) C o p p er r e fin in g p la n ts , B a ltim o r e , W is.— B on ds. — The Wisconsin Railroad Commission has
M il., a n d T a c o m a , W a s h .; (2) le a d r e fin in g p la n ts , S a n F r a n c is c o , C a l.
( S e lb y ) , F e d e r a l, 111.: (3) c o p p e r s m e ltin g p la n ts , V e la r d c n a , M e x ., S a lt approved a further issue of $100,000 1st M. 5% bonds of 1907.
h a k e C ity , U ta h (G a r fie ld ), a n d T a c o m a , W a s h .; (4) le a d s m e ltin g p la n ts ,
T h e p r o c e e d s a r e to b e u s e d (a) to c o m p le te a c o n c r e te d a m a n d p o w er;
V e la r d c n a , M e x ., F e d e r a l, 111., T a c o m a , W a s h ., a n d S a n F r a n c is c o ,
h o u s e a t C e d a r F a lls , D u n n C o u n ty ; (b) to a c q u ir e a d d itio n a l r ip a r ia n r ig h ts;
C a l. ( S e lb y ) .
d d itio n s , in c lu d in g th e tr a n s m is s io n lin e fr o m K au C la ire
Present Annual Value of Products of Am erican Securities Co. (as Indicated by to(c) Ctoh ipppaeyw afo rF aalls;
(d) to p a y t h e llo a tin g d e b t In cu rred fo r a d d it io n s .—
the Production of the Past Pour M onths), also of A m . Sm elt. & llcfg. Co.
V . 90, p. 697.
Securities Co. Sm .& Rfa.Co.
Total.
Cincinnati
(O.)
Traction Co.— S u it. — City Solicitor Ballard
G o l d _________
$ 5 6 ,8 0 0 ,0 0 0 $ 1 3 ,0 0 0 ,0 0 0 $ 6 9 ,8 0 0 ,0 0 0
S i l v e r _________________________
1 2 ,5 0 0 ,0 0 0 3 4 ,5 0 0 ,0 0 0 4 7 ,0 0 0 ,0 0 0 on Oct. 10 filed suit for an accounting by the company and its
h e a d ------------------------------------------------------6 ,7 0 0 ,0 0 0 2 1 ,0 0 0 ,0 0 0 2 7 ,7 0 0 ,0 0 0 lessee, the Cincinnati Traction Co., of the city’s share of the
C o p p e r ------------ -------------------------2 9 ,5 0 0 ,0 0 0
1 6 ,5 0 0 ,0 0 0 4 6 ,0 0 0 ,0 0 0
receipts since Sept. 1 1905.
T o t a l ---------------------------------- ------ . .$ 1 0 5 ,5 0 0 ,0 0 0 $ 8 5 ,0 0 0 ,0 0 0 $ 1 9 0 ,5 0 0 ,0 0 0
I t is a lle g e d t h a t u n d e r t h e fr a n c h is e g r a n te d In A u g . 1 8 9 6 , th e c it y is
T h e b u s in e s s o f th e s e c o m p a n ie s Is m o s t r e m a r k a b le b o th a s to r e g u la r ity e n title
$4 p e r lin e a l fo o t e a c h y e a r fo r a ll c a r s o p e r a te d b y th e c o m p a n y ,
a n d s te a d in e s s , w ljlc h Is p a r t ly a ttr ib u ta b le to th e fa c t th a t th e ir p r o d u c ts a n d 5%d to
e r s , m a ll a n d fr e ig h t h a u le d In th e c it y .
a r e o f d iv e r s ifie d c h a r a c te r . T h e r e Is p r o b a b ly n o o th e r lin e o f m a n u fa c T h e r e Is ao nf oa tllh er re cseuipit tsp efrnodmin gp afos sr e an glik
e p e r c e n ta g e o f r e c e ip ts u p to S e p t e m
tu r in g w h ic h Is s o li t t le d e p e n d e n t u p o n th e (lu c tu a tlo n o f v a lu e s o r v a r ia b er 1 9 0 5 .— V . 9 1 , p . 1 5 4 , 9 4 .
tio n a s to b u s in e s s c o n d itio n s . T h e S m e ltin g c o m p a n y a c t s a s a g e n t s f o r
th e m in e r s. C o n tr a c ts r e q u ire th e m in e s to s h ip th e ir p r o d u c tio n a n d r e
Cleveland (Electric) R y.— F are Increase D ec. 1 U n lik ely .—
q u ir e th e S m e ltin g c o m p a n y to p a y to th e m in e r s th e d a lly m a r k e t v a lu e
o f th e m e ta l c o n t e n t s o f th e o r e s . T o a la r g e e x t e n t th e p r o fits o f th e It was stated in Cleveland this week that if the present rate
c o m p a n y a re d e p e n d e n t o n ly u p o n a b ilit y to s m e lt a n d r e fin e a t a c o s t le ss of earnings continues, the fare will not be raised by the City
th a n th e a m o u n t c h a r g e d th e m in e r , w it h o u t lo s in g , m e ta llu r g lc a lly , th e Council on Dec. 1, when the trial period under the Tayler
m e ta ls e m r i s t e d t o th e ir c h a r g e .
I t h a s b e e n th e u n iv e r s a l c u s to m o f th e S m e ltin g c o m p a n y to s e ll Its franchise ends.
m e ta ls b e fo re t h e y a r e r e n n e d fo r d e liv e r y a s s o o n a s p o s s ib le a fte r r e fin in g ,
le a r n in g s fr o m 3 -c e n t fa r e s a n d o n c - c c n t tr a n s fe r s h a v e b een fo u n d s u f
a n d , e x c e p t to a m in o r e x t e n t In c o n n e c tio n w ith le a d , n o m e ta ls a r e k e p t f ic ie
e c o m p a n y a n d to m a k e r e a s o n a
o n h a n d a fte r t h e y a r e r e a d y to b e d e liv e r e d to c u s to m e r s . P u r c h a s e s , b le enxtteton s pioanys 6o%f s eornv ict hee, aI nn vd e sthtme eInn tteor fe stth fu
w a y fo r
th e r e fo r e , a r e r e g u la r ly m a d e d a lly fr o m th e m in e r s a t th e m a r k e t p r ic e , e x p e n s e s t o In c r ea se e n o u g h to m a k e a c h a nngde IsIn intht ea crta. te To fh efaor ne lvn eces'sa
rv
a n d a r e a s r e g u la r ly s o ld to th e c o n s u m in g p u b lic a t th e s a m e m a r k e t p r ic e .
o u tin g s a n d e x te n s io n s o f s e r v ic e b y th e C ity
P u r c h a s e s a n d s a le s , th e r e fo r e , a s a r u le ,b a la n c e e a c h o th e r , le a v in g th e In Cw oo uu nldc il,b ea nbdy t ehxl ps .el nt sIsivset a rt ee -r
d , th e C o u n cil Is n o t d is p o s e d to d o .— V .9 1 , p . 21 1.
v e n t o r y a t a fix e d v a lu a tio n .
T h r o u g h th e c o n s e r v a tiv e p o lic y o f th e A m e r ic a n S m e ltin g & R e fin in g
Dayton & Michigan R R .— E xten sion o f B on d s. — Holders
C o . In r e s p e c t to d iv id e n d s , It h a s a c c u m u la te d a s u r p lu s a m o u n tin g to
$ 1 7 ,6 6 9 ,0 6 4 . T h is s u r p lu s d o e s n o t In c lu d e a n y a p p r e c ia tio n In th e v a lu e of the 1st M. 5% bonds ($2,728,000 in amount), guaranteed
o f th e $ 1 7 ,7 5 1 ,0 0 0 c o m m o n s to c k o f th e A m e r ic a n S m e lte r s ’ S e c u r itie s C o ., by the Cincinnati Hamilton & Dayton, due Jan. i 1911, will
w h ic h Is c a r rie d o n th e b o o k s o f th e R e fin in g c o m p a n y a t $ 1 , a n d t h a t th is
s t o c k Is v a lu a b le is e v id e n c e d b y th e s t a t e m e n t o f e a r n in g s a n d p r o d u c tio n be offered the privilege of extending the same for 20 years
m a d e a b o v e .— V . 9 1 , p .5 3 2 , 1 1 6 2 .
on terms to be announced later. The present 1st M. lien on
GENERAL INVESTM ENT N E W S;
RAILRO ADS, IN C L U D IN G ELECTRIC RO ADS.
A lgom a Central & H udson B ay R y . — L isted in L on don .—
Tho London Stock Exchange has listed fully-paid scrip for
£770,000 1st M. 5% 50-year gold bonds. Compare V. 91,
p. 1159, 716.
A tlantic & Lake Superior R y .— P a rtia l D istribu tion of
T ru st F u n d . — Meetings of the holders of the several issues of
certificates of participation in the Atlantic & Lake Superior
Ry. trust fund will bo held on Dec. 6 1910 at the office of
Stibbard, Gibson & Co., 21 Leadenhall St., London, England,
for the purpose of approving a partial distribution of assets.
Compare Y. 90. p. 107; V. 89, p. 1595.
Baltim ore & Ohio R R .— D ecision . — The Circuit Court of
Franklin County on Oct. 11 affirmed the decision of the
Common Pleas Court sustaining the right of the State of
Ohio to a strip along the Ohio Canal in Cleveland, claimed
by the B .& O .a n d tho Cleveland Terminal & Valley RRs.
T h o la n d e x te n d s a b o u t 3 m ile s a lo n g t h e c a n a l, a n d Is r e p o r te d to b e
w o r th $ 3 ,0 0 0 ,0 0 0 t o $ 5 ,0 0 0 ,0 0 0 . A n a p p e a l w ill p r o b a b ly b e ta k e n to th e
S u p r e m o C o u r t.
T h o r a ilr o a d s c o n t e n d e d t h a t t h e la n d b e lo n g e d to th e m b y v ir t u e o f a
g r a n t fr o m th o C le v e la n d C ity C o u n cil o v e r 2 0 y e a r s a g o , a n d t h a t th is a c tio n
w a s a p p r o v e d b y th o L e g is la tu r e b y th e p a s s a g e o f a r e s o lu tio n w a iv in g a ll
c la im s o f th e S t a t e to th o p r o p e r ty , a lth o u g h th e c o n t r a c t b y w h ic h th e
S t a t e g a v o th o la n d to th o c it y p r o v id e d t h a t th e la n d s h o u ld he u s e d o n ly
fo r p u b lic I m p r o v e m e n ts o r a s a p u b lic th o r o u g h fa r e . T h e A tt o r n e y -G e n
e r a l c la im e d t h a t th e S t a t e c o u ld n o t lo s e t it le to p u b lic d o m a in b y a m ere
r e s o lu tio n o f th e L e g is la tu r e . T h e C irc u it C o u r t u p h e ld th e c o n t e n tio n
t h a t th is w a s n o m o r e th a n a n e x p r e s s io n b y t h e le g is la to r s . T h e la n d \(t
n o w o c c u p ie d b y th e tr a c k s o f th e I i. & O ., b e in g o w n e d b y th e C le v e la n d
T e r m in a l & V a lle y R R ,— V . 9 1 . p . 1 0 2 0 , 1 0 3 7 .
the road from Dayton to Toledo, O., 142 miles, will remain
unimpaired.— V. 88, p. 563.
Dunkirk Allegheny Valley & Pittsburgh R R .— N ew B ond '
and L ease. — The Public Service Commission, Second District,
lias sanctioned (1) the making of a new 1st M. to secure an
issue of $5,000,000 4J/£% 50-year bonds, the present is ue
thereunder to be $2,900,000, to replace the old 7s redeemed;
(2) a modification of the lease of the property.
T h e m o d ifie d le a s e p r o v id e s fo r th e p a y m e n t a s r e n t a l, in a d d itio n to
a n n u a l d iv id e n d o f 1 M % u p o n th e $ 1 ,3 0 0 ,0 0 0 s t o c k , o f I n te r e s t u p o n a n y
o f th e n e w b o n d s Issu ed a t th e r e q u e s t o f th e N e w Y o r k C e n tr a l fo r I m p r o v e
m e n ts , & c .— V . 9 1 , p . 3Q 6.
Eastern Pennsylvania (Electric) Railways Co .— B onds
Lehigh Coal & Navigation Co. under “ Indus
trials” below.— V. 89, p. 103.
Galveston-Houston Electric Co.— S tock O ffered. — Stone <fc
Webster, Boston, have placed at 93}^, yielding 6.40%,
$400,000 6% cumulative preferred stock.
P ledged. — See
Earnings Jor 12 M onths ending A ug. 31 1 9 1 0 .
G r o ss, $ 1 ,2 6 8 ,7 6 7 ; n e t e a r n in g s , $ 4 9 9 ,4 3 4 ; I n te r e s t a n d t a x e s , In c lu d in g
I n te r e s t o n llo a tin g d e b t to b e r e tir e d , $ 2 3 7 ,1 8 5 ; s in k in g fu n d , $ 4 0 ,9 5 9 ;
b a la n c e fo r d iv id e n d s , $ 2 2 1 ,2 9 1 .— v. 9 0 , p . 1 6 1 3 .
Grand Trunk Pacific Branch Lines Co.— Areu> L in es and
it h announced, will be made to the
Parliament of Canada, fit the next session thereof, fc-r an Act
authorizing the construction of the following addition'll lines
of railway and giving authority to issue bonds thereon to the
extent of $30,000 per mile:
B on d s. — Application,
(1) F r o m a p o in t o n th e W e s te r n d iv is io n o f th e G ra n d T r u n k P a c . R y .
b e tw e e n r a n g e s 2 0 a n d 2 9 . w e s te r ly - (2) F r o m M o o se J a w w e s te r ly to
C a lg a r y o r o th e r p o in t. (3) F r o m th e W e s te r n d iv is io n o f th e G ra n d T r u n k
P a c ific Ry. b e tw e e n r a n g e s 9 a n d 1 3 , s o u t h w e s t e r ly a n d w e s t e r ly . (4)
F r o m th e e a s t lim it o f r a n g e 24 n o r t h w e s te r ly a n d w e s te r ly to a p o in t o n
th e W e s te r n d iv is io n o f th e G ra n d T r u n k P a c ific R y . (5) F r o m th e W e s t
er n d iv is io n o f th e G ra n d T r u n k P a c ific R y . b e tw e e n r a n g e s 2 0 a n d i.2 6
T H E CH RO NICLE
1328
s o u th e r ly a n d s o u t h e a s t e r ly . (6 ) F r o m th e W e s te r n d iv is io n o t th e G ra n d
T r u n k P a c lllc R y . b e tw e e n r a n g e s 2 6 a n d 3 4 w e s t e r ly . (7 ) F r o m a p o in t
b e tw e e n r a n g e s 11 a n d 17 s o u t h e r ly t o th e I n te r n a tio n a l b o u n d a r y .—
L isted in L on don . — The London Stock Exchange has listed
£1,270,500 4% 1st M. bonds, 1939, Nos. A2,087 to A7,1G8
of £200 and B 1,045 to B3,585 of £100 each (guaranteed by
Province of Saskatchewan), in lieu of scrip.— V. 91, p.
270, 463, 518.
Illinois Traction Co. — S t. L ou is B ridge O pen ed. — See
St. Louis Electric Bridge Co. below.— V. 91, p. 589, 211.
Interoceanic R y. of M exico.— F u ll D ivid en d on 2d P re f .—
The directors have declared the full dividend of 4% on the
£1,000,000 2d pref. 4% stock, warrants therefor to be
posted on Nov. IS, comparing with 1% paid in Dec. 1909,
the only previous distribution thereon, the stock having
been issued in 1908 (V. 87, p. 1160).
The interest on the second debenture stock will in future
be payable on May 30 and November 30, the first payment
on November 30 1910 to be for five months.—’V. 89, p.
1594, 1596.
* L ehigh & H udson R iver R y . — B on ds. — See Lehigh Coal &
Navigation Co. under “ Industrials” below.— V. 88, p. 375.
L ehigh & N ew E ngland R R .— B on d s. — See Lehigh Coal &
Navigation Co. under “ Industrials” below.— V. 86, p. 1409.
L ehigh V alley T ransit Co., A llen tow n, P a . — Assewfs.—
Holders of $2,064,000 of the $2,500,000 consol. 4 ^ % bonds
have agreed to accept in exchange therefor 90% in refunding
5s and 10% in common stock in accordance with the plan of
March 1. (V. 90, p. 1171.) Refunding bonds, it is an
nounced, will be issued for the $900,000 debenture 6s ma
turing in 1912 on a certain basis, and nearly all holders of
the latter security have agreed to the proposed exchange.
I t Is e s t im a t e d t h a t th e c o m p a n y w ill s h o w e a r n in g s a p p lic a b le to d iv i
d e n d s o n th e p r e f. s t o c k fo r th e y e a r e n d e d N o v . 3 0 o f n e a r ly $ 2 0 0 ,0 0 0 , a s
a g a in s t $ 6 5 ,3 0 0 In th e p r e v io u s 12 m o n th s . F o r th e 10 m o n th s e n d in g
S e p t . 3 0 th e s u r p lu s In c o m e w a s $ 1 4 0 ,0 6 5 .— V . 0 1 , p . 1 0 0 6 .
M assach usetts Electric C om panies.— B on ds o f S u b sid i
a rie s. — The Massachusetts Railroad Commission last week
authorized the issue of not over $266,000 50-year 4% bonds
by the Boston & Northern Street Ry. and not over $251,000
( not $25,000, as stated in a newspaper report) by the Old
Colony Street Ry. to pay floating debt.
T h e tw o c o m p a n ie s a r e r e q u ir e d to p a y In to th e ir s in k in g fu n d s $ 3 ,0 0 0 a
y e a r e a c h , p a y a b le s e m i-a n n u a lly o n J u n e 3 0 a n d D e c . 31 u n t il th e m a tu r ity
o f t h e b o n d s .— V . 9 1 , p . 1 2 5 4 .
M ichigan Central R R . —-N otes. — See New York Central &
Hudson River RR. below.— V. 91, p. 1160.
M issouri O klahoma & Gulf R y .— Trackage A rran gem en t .—
The company, which owns a line from Wagner, Okla., to
Denison, Tex., 230 miles, has made an arrangement to use
the Texas & Pacific line between Denison and Sherman,
Tex., 10)^ miles, under a trackage agreement operative
Oct. 31 and terminable on 90 days’ notice.
N ew M ortgage. —The shareholders of the Missouri Okla
homa & Gulf Ry. & Terminal Co., which was formed to
meet legal requirements under Texas laws to build the por
tion of the company's system in Texas, will vote on Jan. 3
1911 on authorizing a mtge. to secure $1,000,000 1st M.bds.
T h e n e w b o n d s w ill c o v e r th e lin e b e tw e e n th e R e d R iv e r a n d D e n is o n ,
T e x . , 9 m ile s , a n d t h e b r id g e o v e r t h e R e d R iv e r a n d a n y a d d it io n a l lin e s
c o n s tr u c te d In T e x a s , th e ir I s s u a n c e b e in g s u b je c t to t h e a p p r o v a l o f t h e
T e x a s R a ilr o a d C o m m is s io n e r s . T h e M isso u r i O k la h o m a & G u lf I t y ., o r
g a n iz e d u n d e r th e la w s o f O k la h o m a w ith $ 1 0 ,0 0 0 ,0 0 0 e a c h o f a u t h . s t o c k
a n d 4 0 -y e a r 5% b o n d s , h a s o u ts t a n d in g $ 5 ,6 1 0 ,5 0 0 s to c k a n d t h e s a m e
a m o u n t o f b o n d s , c o v e r in g th e lin e s In O k la h o m a . C o m p a r e b o n d o ffe r
in g , V . 9 0 , p . 1 3 6 3 .
New Orleans Railway & Light Co.— E a rn in g s .—
9 M os. end.
Gross
Operating
Net
Charges, &c. Net
Sept. 3 0 — • E arnings.
Expenses. Earnings. Oth. Deduc. Income.
1910
$ 4 ,6 2 9 ,0 1 8 $ 2 ,5 1 6 ,7 9 0 $ 2 ,1 1 2 ,2 2 9 $ 1 ,5 8 8 ,7 5 3 $ 5 2 3 ,4 7 6
1 9 0 9 ...................- 4 ,4 4 5 ,6 6 9
2 ,4 7 5 ,4 7 7
1 ,9 7 0 ,1 9 2
1 ,5 5 2 ,7 5 2
4 1 7 ,4 4 0
A m o r tiz a tio n r e s e r v e fo r 9 m o s . In 1 9 1 0 , $ 1 1 2 ,5 0 0 .— V . 9 i , p . 1 1 6 1 .
New York Central & Hudson River R R . — N o F urther
W. C. Brown
late on Nov. 4 gave out the following:
F in an cin g C ontem plated at P resen t. — President
N e it h e r th e N e w Y o r k C e n tr a l n o r th e N e w Y o r k C e n tr a l L in e s c o n t e m
p la te m a k in g a n y e ffo r t to d is p o s e o f a n y s e c u r itie s o f a n y k in d In th e
I m m e d ia te fu tu r e . T h e M ic h ig a n C e n tr a l n o te s w e r e s o ld o n a b a s is o f
4% % n e t t o th e M ic h ig a n C e n tr a l. In o th e r w o r d s , th e M ic h ig a n C e n tr a l
s e c u r e d 5 0 ,0 0 0 ,0 0 0 fr a n c s In P a r is fo r o n e y e a r a t a n e t c o s t to t h a t c o m p a n y
o f 4 H % (V . 9 1 , p . 1 1 6 0 ).
, .
P r a c tic a lly e v e r y e n g in e a n d c a r o w n e d b y th e v a r io u s r o a d s In th e
s y s t e m Is In s e r v ic e a n d t h e y a r e s h o r t o t e q u ip m e n t to fill o r d e r s .— V . 9 1 .
p . 1026 , 1054.
M odification o f Lease — B on d s. — Sec Dunkirk Allegheny
Valley & Pittsburgh RR. above.— V. 91, p. 1254.
New York New Haven & Hartford R R . — P roposed A cq u isi
tio n s. —The company has petitioned the Massachusetts Rail
road Commission to approve the terms of purchase of the
Milford & Woonsocket R R. for $148,600 and the Milford
Franklin & Providence RR. for $100,000, the entire stock
of both companies being owned'.— V. 91, p. 1026, 1161.
Norfolk & Portsmouth Traction Co.— L isted . — The Phila
delphia Stock Exchange has listed $2,716,700 common stock
and $1,768,400 5% cumulative pref. stock and has stricken
from the list the $6,000,000 old stock (see plan V. 90, p.1425).
E a rn in gs. — For year (including controlled companies):
June 3 0
Year.
Gross
Earnings.
1 9 0 9 -1 0 _____$ 1 ,9 2 0 ,8 4 1
1 9 0 8 -0 9 _____ 1 ,9 2 5 ,8 3 8
— V. 91, p. 94.
N et
Earnings.
$ 8 1 0 ,3 5 2
8 2 1 ,5 3 6
Taxes and
Rentals.
$ 1 8 8 ,3 1 2
2 1 2 ,7 6 5
Interest on
Bonds, i t c .
$ 5 8 8 ,9 0 5
5 8 1 ,7 6 9
Ralancc,
Surplus.
$ 3 3 ,1 3 5
2 7 ,0 0 2
|g£Pittsburgh R ys.— F avorable D ecision . — Judge Frazier on
Oct. 13 sustained the company’s demurrer in the suit brought
by the city to enforce the ordinance passed in June last, pro
viding for universal street car transfers (V. 90, p. 1677).
{jVoL. LXXXXI.
I t Is h e ld t h a t , a s n e ith e r th e 2 4 th c la u s e o f S e c tio n 3 , A r t ic le 1 9 , o f th e
P itts b u r g h C h a r te r A c t o f 1 9 0 1 , n o r th e c la u s e c o n fe r r in g u p o n t h e m u n ic i
p a lit y g e n e r a l p o lic e p o w e r , g iv e s th e c it y p o w e r t o r e g u la t e a n d fix fa r e s
t o b e c h a r g e d b y s tr e e t c a r c o m p a n ie s , th e u n iv e r s a l t r a n s fe r o r d in a n c e Is
v o id ; t h a t a t th e tim e th e s tr e e t c a r fr a n c h is e s w e r e g r a n te d th o c i t y m ig h t
h a v e Im p o se d c o n d itio n s s im ila r to th o s e c o n t a in e d In th e u n iv e r s a l tr a n s fe r
o r d in a n c e , b u t a s th e c it y d id n o t th e n d o s o , t h e o n ly q u e s t io n Is w h e th e r
It c a n d o s o n o w . T h is t h e C o u r t d e c id e s c a n n o t b e d o n e .— V . 9 1 , p . 5 8 9 .
Portland (Ore.) R ailw ay, L igh t & P ow er Co.— R etirem ent
of P ref. S tock. — The stockholders will meet Nov. 28 1910 to
consider a plan (1) for the retirement of the pref. stock by
redemption at 105% and (2) to give the common stockhold
ers the privilege of exchanging their present stock for new
stock on the following basis: For each share of the present
full-paid common stock and $62 50 in cash, the stockholders
will receive 2 y 2 shares of new capital stock, 65% paid, sub
ject to assessment for the remaining 35% , not more than 5%
to be called in any calendar year.
The result of this plan will be that, instead of having $15,
000,000 of capital stock, divided into $5,000,000 of pref.
and $10,000,000 of common, the capital stock will be $25,
000,000, of whieh 65% , or $16,250,000, will have been paid
in. As a further result, the company will have received
$1,000,000 in cash.
An official circular, bearing the names of B. S. Josselyn,
President, and C. M. Clark, Chairman executive committee,
dated at 321 Chestnut St., Phila., Nov. 5, adds:
T h e g r o w th o f th e C ity o f P o r tla n d a n d th o s u r r o u n d in g te r r ito r y , s e r v e d
b y t h e P o r tla n d R a ilw a y , L ig h t & P o w e r C o ., h a s b e e n so g r e a t d u r in g t h e
liv e y e a r s fo llo w in g th e L e w is a n d C la rk F a ir , h e ld In 1 9 0 5 , t h a t t h e d e
m a n d s u p o n th e c o m p a n y fo r In c r ea se d fa c ilitie s a n d Im p r o v e d s e r v ic e o f
a ll k in d s h a v e r e q u ir e d th e I n v e s tm e n t o f la r g e a m o u n ts o t c a p it a l, w ith th o
r e s u lt t h a t th e e a r n in g s h a v e b e e n b u ilt u p a t s u c h a r a te a s f u lly t o j u s t if y
th e e x p e n d itu r e s . T h is r e m a r k a b le g r o w th Is c o n t in u in g , a n d t h e d e m a n d s
fo r h e a v y c a p ita l e x p e n d itu r e s a r e g r e a te r th a n e v e r . T h e c o m p a n y Is
n o w d e v e lo p in g tw o h y d r o -e le c tr ic p la n ts w ith a t o ta l c a p a c it y o f 7 0 ,0 0 0
h . p ., o n e o f w h ic h w ill h e c o m p le te d in a b o u t 18 m o n th s a n d t h e o th e r In
th r e e o r fo u r y e a r s . T h e s e a n d o th e r d e v e lo p m e n t s , w h ic h h a v e n o t y e t
b e c o m e p r o d u c tiv e , w ill r e s u lt In la r g e In c r e a se s In e a r n in g s In t h e fu tu r e .
T h e A n a n cla l p r o b le m h a s b e e n p r o m in e n tly b e fo r e th e m a n a g e m e n t,
p a r tic u la r ly d u r in g th e p a s t y e a r . I t Is r e a liz e d t h a t la r g o a m o u n ts o f
m o n e y m u s t b e r a is e d th r o u g h s to c k a n d b o n d I ssu e s, a n d th e p r o p o s e d p la n
Is th e fir st s te p In t h a t d ir e c tio n . T h e p la n Is c o n s e r v a t iv e , th e s to c k b e
in g Issu e d a t p a r , 6 5 % p a id in a n d th e r e m a in in g 3 5 % s u b j e c t to c a ll, b u t
n o t m o r e th a n 5% In a n y c a le n d a r y e a r . T h e f a c t t h a t th e m o n e y Is a v a ila
b le fo r c a ll w ill a d d g r e a t ly to th e c o m p a n y ’s lln a n c la l c r e d it a n d f a c ilit a t e
th o r a is in g o f m o n e y th r o u g h Its b o n d I ssu e s. T h e m a n a g e m e n t p r o p o s e s
to c o n t in u e th e p a y m e n t o f th e p r e s e n t q u a r te r ly d iv id e n d s o f $1 p e r s h a r e
u p o n th e s t o c k .— V . 9 1 , p . 1 1 6 1 .
Q uebec R ailw ay, L ig h t, H eat & P ow er Co.— E a rn in g s. —
J a n . 1 to A ug. 3 1 (8 M os .) —
1910.
1 9 0 9 . Increase.
G ro ss e a r n in g s __________________________________
$ 7 0 4 ,0 0 0 $ 6 8 3 ,0 0 0 $ 8 1 ,0 0 0
9 4 ,0 0 0
N e t (a fte r o p e r a tin g e x p e n s e s ) __________________ 3 6 3 .5 0 0 2 6 9 ,5 0 0
T h e c o m p a n y ’s s h a r e s , w h ic h h a v e fo r s e v e r a l m o n th s b e e n tr a d e d In o n
th e P a r is I lo u r s e “ fo r c a s h ,” w e r e o n O c t. 2 9 a d m it t e d a ls o to q u o ta tio n
“ fo r a c c o u n t ,” w h ic h g iv e s th e r ig h t to s e t t le m e n t s tw ic e a m o n th . A la r g e
p a r t o f th e s to c k , if n o t a m a jo r ity I n te r e s t, Is n o w h e ld In F r a n c e .—
V . 01, p. 215.
St. Louis Electric Bridge Co.— B ridge C om pleted. — The
company’s bridge over the Mississippi River between StLouis, Mo., and Venice, 111., was formally dedicated on
Nov. 10. This gives the Illinois Traction Co. an entrance
into St. Louis.— V. 88, p. 946.
S t. Louis & San Francisco R R .— B onds Offered in P a r is .—
There were offered for subscription in Paris on Nov. 8, at
92 y<i net, $5,000,000 New Orleans Texas & Mexico division
1st M. 4 ^ % bonds of $100 each (or 516 francs). Subscrip
tions were received at the Banque de 1’ Union Parisionne et du
Credit Mobilier Francais. The authorized issue of these
bonds is $50,000,000, of which $10,000,000 have been pledged
to secure $8,000,000 3-year 5% secured gold notes, and $16,
000,000 were “ outstanding” on June 30 1910 (including
$595,904 in the treasury), as shown by the last annual report;
of these last some $6,000,000 or more bear 5% interest and
the remainder— the special French series— 4 t^%. The pres
ent sale is spoken of as the first public offering in France, but
further particulars are not forthcoming. Compare V. 90,
p. 699, 915, 1045, 1677.-—V. 91, p. 590, 337.
Tanana V alley R R . — B onds C alled. — Three first mortgage
$1,000 bonds, Nos. 1, 411 and 510, have been drawn for pay
ment by the sinking fund at 105 and int. at the Knickerbocker
Trust Co. of New York, trustee, on Dec. 1.— V. 89, p. 919.
T em iscouata R y . — Interest P a ym en t. — The bondholders'
committee announce that interest for the year ended June 30
last (the same as in 1909), at the rate of 1% per annum less
income tax, will be paid on the provisional certificates on and
after Nov. 2 at the Bank of Montreal, 47 Threadneedle St.,
E. C., on presentation of coupon 4 attached to the certificates.
The coupons must be left three days for examination.—
V. 86,-p. 1160.
Toledo St. Louis & W estern R R .— New; D irector. — Jam es
Steuart Mac Kie has been elected a director to succeed James
N. Wallace, President of the Central Trust Co., who resigned,
and E. J. Berwind a member of the executive committee in
place of Mr. Wallace.— V. 90, p. 1615.
V irginia R y. & Pow er Co., R ichm ond, V a .— N ew D irector.
— Nathaniel V. Campbell has been elected a director, vice
Charles S. Whelen, deceased.
E arn in gs. — For the fiscal year ended June 30:
1 9 0 9 -1 0 .
1 9 0 8 -0 9 . |
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
G r o ss - ................$ 2 ,0 5 8 ° .< )6 $ 1 ,8 4 3 ,1 0 2 1 F ix e d c h a r g e s $ 6 4 8 ,3 1 8 ( R e c e iv e ^
N e t .......... ............... 1 ,0 6 8 ,0 3 7
8 6 2 ,0 7 8 1S u r p lu s ................. 4 1 9 ,7 1 8
s h ip -'
— V . 90, p . 1678.
W abash R R . — B onds C alled.— Thirty-two ($32,000) De
troit & Chicago extension 1st M. bonds dated July 1891 have
been drawn for redemption on Jan. 1 1911 at 110 at office of
Central Trust Co., New York, trustee.— V. 91, p. 1020, 652.
W ash in gton Baltim ore & A nnapolis Electric R y — Re
organization P la n . - - According to the “ Cleveland Leader” of
Nov. 10, a reorganization plan has been issued, providing for
itfov. 12 1910.]
T H E CH RO NICLE
the organization of a new company, after foreclosure sale,
with an authorized capitalization of $7,500,000 1st M. bonds,
$2,500,000 6% non-cum. pref. stock and $.‘{,000,000 com
mon stock, the present issues to be $5,000,000 bonds, $1,
400,000 pref. stock and the entire amount of common stock.
Of the bonds to be issued, $217,000 are to be placed in the
treasury and the remainder to be delivered only for addi
tions, extensions, &c.
-W ill Receive in ExchangeP ref. Stock.
Holders of —
Ronds.
W.
n. &A.d o1 st M.(in(pter lnr e.)s t $3,00
0 ,0 0 0 ___100% $ 3 ,00 0,000
do
t o d a te ) ______________ ___________
_________
a $ 3 6 0 ,5 0 0
do
2 n d m t g e ., $ 1 ,0 0 0 ,0 0 0 ---------- ----------- -------------a4 0 0 ,0 0 0
& B a ltim o r e T e r m in a l 1 s t M . $ 1 ,7 8 3 ,0 0 0 .- 1 0 0 % $ 1 ,7 8 3 ,0 0 0
___________
do
do
( ln t . t o d a t e i ----------------------- ----------------a 9 0 ,4 8 7
C $850,987
T o ta l ...................................................................................................... $4,78 3,000
a I n p a y m e n t fo r I n te r e s t to M a rch 1 1 911 a n d I n te r e s t o n I n te r e s t.
h B o n d s o u ts ta n d in g In h a n d s o f In v e s to r s .
c A ls o $ 6 0 0 ,0 0 0 to b e u n d e r w r it te n fo r r e o r g a n iz a tio n p u r p o s e s — s e e b e lo w .
I n a d d itio n to Its b o n d e d d e b t , th e r a ilw a y a n d t h e r e c e iv e r s w ill, a s o f
M a rch 1 1 9 1 1 , o w e a p p r o x im a te ly $ 5 0 0 ,0 0 0 , In c lu d in g e x p e n s e s o f r e c e iv e r
s h ip a n d r e o r g a n iz a tio n . T o liq u id a te th e I n d e b te d n e s s a n d p r o v id e w o r k
in g c a p it a l, th e p la n c o n t e m p la te s r a is in g $ 6 0 0 ,0 0 0 b y th e u n d e r w r itin g
■ of 8 6 0 0 ,0 0 0 o f n e w p r e f. s t o c k , t h e u n d e r w r ite r s s e c u r in g t h e r e w ith th e e n
t ir e c o m m o n s t o c k .
D e p o s itin g h o ld e r s o f e x is tin g 2 n d M . b o n d s h a v e th e r ig h t to s u b s c r ib e
fo r , a t p a r , $ 1 0 0 ,0 0 0 o f th e p r e f. s to c k a n d th e d e p o s itin g s t o c k h o ld e r s
fo r $ 5 0 0 ,0 0 0 o f t h e p r e f. s t o c k , s e c u r in g th e r e w ith p r o p o r tio n a te ly th e
$ 3 ,0 0 0 ,0 0 0 In c o m m o n .— V . 9 1 , p . 1 1 6 2 , 9 4 7 .
1329
T h e n e w m o n e y Is t o b e u s e d In b u ild in g a la r g e s h e e t m ill In t h e g r o u p
o f n e w p la n ts u n d e r c o n s tr u c tio n a t M id d le to w n , O . T h e n e w m ill, w h ic h
w ill c o s t a b o u t $ 1 ,0 0 0 ,0 0 0 , w ill b e u s e d e n tir e ly fo r t h e m a n u fa c tu r e o f
e le c tr ic s te e l s h e e t s fo r e x p o r t , p r in c ip a lly t o E n g la n d , F r a n c e a n d H o lla n d
a n a a ls o , w h e n p a t e n t s a r e th e r e s e c u r e d . In G e r m a n y .
T h e c o m p a n y la s t D e c e m b e r s o ld $ 1 ,5 0 0 ,0 0 0 o f n e w c o m m o n s t o c k to
s h a r e h o ld e r s a t $ 2 0 0 a s h a r e , r a is in g $ 3 ,0 0 0 ,0 0 0 , w h ic h Is b e in g u s e d t o
t r ip le t h e o r ig in a l c a p a c it y o f t h e p la n t . T h e a d d itio n a l s h e e t m ill w ill
„e x P £ i}d itu r c fo r I m p r o v e m e n ts m a d e w ith in t h e p a s t y e a r u p to
rc.* jii * o o 0 . [i'h e c o m p a n y a ls o o w n s , in a d d itio n t o Its o th e r p r o p e r ty a t
M id d le to w n , a r o llin g m ill a n d f a c to r y a t Z a n e s v ille , O .— E d . “ C h r o n ic le .” )
T h e p r e s e n t c a p ita l Is $ 8 0 0 ,0 0 0 6 % c u m u la t iv e p r e f. s t o c k a n d $ 3 ,7 0 0 ,0 0 0
c o m m o n s t o c k . T h e n e t p r o fits fo r t h e fis c a l y e a r e n d in g J u n e 3 0 1 9 1 0
w e r e $ .> 0 0 ,8 9 6 . T h e d iv id e n d r e q u ir e m e n ts o n t h e e n tir e c a p it a l, a fte r t h e
n e w is s u e Is o u t , w ill b e $ 4 8 ,0 0 0 fo r t h e p r e f. a n d $ 5 0 4 ,0 0 0 fo r t h e c o m m o n
a t t h e 1 2 % r a t e , w h ic h w ill b e p a id , m a k in g a t o t a l o f $ 5 5 2 ,0 0 0 . B y t h e
t im e t h e n e w Issu e Is r e a d y , h o w e v e r , t h e c o m p a n y w ill h a v e c o m p le te d
t h e a d d itio n s q u a d r u p lin g Its c a p a c it y , a n d Its e a r n in g s w ill b e e n la r g e d In
p r o p o r tio n . T h e c o m p a n y h a s a s u r p lu s o f $ 2 ,2 8 5 ,5 7 4 , w h ic h w ill b e
In c r ea se d b y $ 5 0 0 ,0 0 0 w h e n t h e n e w s to c k Is s o ld .
O n t h e S to c k E x c h a n g e W e d n e s d a y t h e r ig h ts o f t h e n e w s t o c k w e r e b id
fo r a t $8 p r e m iu m . T h e c o m m o n s to c k Is s e llin g a t $ 2 7 5 a s h a r e . S u c h
p o r t io n o f t h e n e w Issu e t h a t Is n o t ta k e n b y p r e s e n t s h a r e h o ld e r s w ill b e
p u r c h a s e d b y a s y n d ic a t e h e a d e d b y W . E . H u t t o n & C o .— V . 9 1 , p . 9 4 7 .
A m erican Sm elters Securities C o. — $15,000,000 B onds
U n derw ritten . — A contract has been closed with a syndicate
headed by Kuhn, Loeb & Co. and including, it is understood,
J . P. Morgan & Co., Eugene Meyer Jr. & Co., and other bank
ing houses, to underwrite $15,000,000 15-year 6% sinking
fund bonds of the Securities Company, convertible for 7 l/ r
years into the common stock of the American Smelting & Re
West Penn Traction Co.— D ivid en ds B egun on Com m on fining Co. whenever the bonds sell at par or above. The
S to ck . —The directors have authorized a 1% semi-annual bonds are redeemable at 105% on 90 days’ notice any time
■dividend on the $6,500,000 common stock, payable Dec. 15 after four years. The bonds will be offered to the share
to holders of record Dec. 7. This dividend, No. 1, it is holders of the American Smelting & Refining Co. for sub
stated, is based on the excellent exhibit of earnings. Com scription at par.
The proceeds will be used in part to liquidate the floating
pare V. 91, p. 1255, 1027.
Wichita Falls & Northwestern R y.— N otes O ffered. — The debt, now amounting to approximately $11,000,000, of the
Fidelity Trust Co. of Milwaukee offers at par and interest Securities Company, incurred in making additions and im
$220,000 1st M. 6% notes dated Oct. 1 1910 and due Oct. 1 provements to the properties of the Securities Company, and
1912, but subject to call on any interest date (Apr. 1 or also to complete the payment, amounting to $1,967,200, for
Oct. 1) on 60 days’ notice at 103 and int. Interest payable the stock of the Baltimore Copper Smelting & Rolling Co.,
purchased under contract July 1 1907. See statement by
at the office of the trustee Fidelity Trust Co., Milwaukee.
T h e s e n o te s a r e s e c u r e d b y a c lo s e d fir st m tg e . o n th e e x te n s io n o f th e President Guggenheim under “ Annual Reports” on a pre
m a in lin e o f t h e r o a d fr o m E lk C ity to H a m m o n , O k la ., 18 m ile s , a n d a r e ceding page.— V. 91, p. 1162, 532.
I s s u e d a t t h e r a te o f le s s th a n $ 1 2 ,5 0 0 a m ile .
See statement and map in our “ Railway and Industrial”
Section of Oct. 29 last.— V. 91, p. 465.
Am erican Sm elting & R efining Co.— C onvertible B on ds, & c.
— See Anier. Smelt. Securities Co. above; also under “ Annual
Reports” on preceding page.— V. 91, p. 1162, 531.
A rkansas N atural Gas Co. — S ta tu s — M ortgage. — This com
INDUSTRIAL, GAS AND MISCELLANEOUS.
pany, incorporated Oct. 9 1909 under the laws of Delaware,
Albemarle & Chesapeake Canal Co.— Foreclosure S a le. — filed in July 1910 a mortgage for $5,000,000 to the Colonial
The property was sold for $300,000 at Portsmouth, Va., on Trust Co. of Pittsburgh, Pa., as trustee, to provide for the
Nov. 10 to the 1st M. bondholders’ committee, which, it is construction of a system of pipe lines, &c., projected to
said, will offer to sell it to the Government for $500,000. extend from the natural gas field near Shreveport, La., to
— V. 91, p. 1027, 947.
Little Rock and Hot Springs, Ark., and possibly to Prescott,
American Express Co.— S trik e S ettlem en t. — The drivers Ariz., and St. Louis, Mo. Of these bonds, $2,885,000, we
and helpers of the various express companies in the city and learn, were on Oct. 10 outstanding or about to be issued,
vicinity have been on strike for about two weeks, seriously being “ first and general mortgage” 6% gold bonds of $1,000
interfering with business. The New York men early yester each, dated May 1 1910.
e r e p la c e s th e a u th o r iz e d is s u e o f $ 2 ,7 5 0 ,0 0 0 1 st M . b o n d s , d a te d
day morning agreed to return to work on Monday next on N oTvh. is1 Issu
1 9 0 9 , o n ly $ 2 7 0 ,0 0 0 o f w h ic h w a s s u b s c r ib e d a n d p a id fo r w h e n
the terms proposed by the express companies, provided the •
» er w a s r e tlr c d a n d th e n e w $ 5 ,0 0 0 ,0 0 0 Issu e w a s c r e a t e d ,
e la t t e r b e in g s e t a s id e t o t a k e c a r e o f th e 1 s t M . b o n d s ,
Jersey City men did likewise. The latter met to discuss and 5w2h7ic0 h,0.0 0It aopf p th
e a r s , a r e s u b je c t to c a ll a t 1 0 2 y2 N o v . 1 1 9 11 a n d 1 9 13
vote on the matter yesterday afternoon.
I n t e r e s t M . & N . a t o ffic e o f tr u s te e .
T h e a g r e e m e n t p r o v id e s t h a t u n io n m e n w ill n o t b e d is c r im in a te d a g a in s t,
The Pittsburgh “ Gazette” on July 17 said:
t h e c o m p a n ie s , p e n d in g a s e t t le m e n t o f d illc r e n c e s , ta k in g b a c k th e m e n
a t th e o ld r a te o f w a g e s a n d th e o ld h o u r s , w ith th e u n d e r s ta n d in g t h a t o n
D e c . 1 a n y c h a n g e s m u tu a lly a g r e e d u p o n w ill b e c o m e e f f e c t iv e . T h e r ig h t
is r e s e r v e d , h o w e v e r , to d e c lin e to r e in s ta te a n y fo r m e r e m p lo y e e s , w h e th e r
u n io n o r n o n -u n io n m e n . w h o h a v e e ith e r c o m m itte d o r I n c ite d a c t s o f v i o
le n c e .— V . 9 1 , p . 1 1 6 2 , 5 9 1 .
American Farm Products Co., New York.— S tatu s o f B an k
r u p t .— Schedules filed at Trenton Oct. 28, it is reported, show:
C a p ita l s t o c k , $ 3 ,5 0 0 ,0 0 0 : u n s e c u r e d c la im s , $ 1 ,0 7 2 ,5 1 0 , I n c lu d in g $ 9 7 4 ,
0 0 0 5% d e b e n tu r e b o n d s: s e c u r e d c la im s , b e in g d e m a n d lo a n s d u e th e C orn
E x c h a n g e N a t . B a n k o f N . Y ., $ 4 7 6 ,2 6 7 . A s s e ts , $ 4 2 7 ,3 4 6 (I n c lu d in g
s t o c k In tr a d e , $ 3 1 0 ,3 6 8 ) . T h e c o r p o r a tio n h a s b een a d ju d ic a te d a b a n k
r u p t a n d th e c a s e h a s b e e n r e fe r r ed to r e fe r e e In b a n k r u p t c y G e o r g e 11.
B e a c h o f J e r s e y C it y .— V . 9 1 , p . 7 9 1 , 4 6 5 .
American Hide & Leather Co.— Q uarterly Statem ents to Be
circular signed by President Tiios. W. Hall and
Treasurer George A. Hill says:
Issu e d .— A
A t th e s u g g e s t io n o f I m p o r ta n t I n te r e s ts In th e c o m p a n y th e d ir e c to r s
h a v e d e c id e d to p u b lis h q u a r t e r ly s t a t e m e n t s o f th e r e s u lts o f o p e r a tio n s .
I n I ssu in g th e first s u c h s t a t e m e n t a t t e n t io n is d r a w n t o th e fa c t t h a t th e
le a t h e r b u s in e s s , a s Is w e ll k n o w n , Is s u b je c t to w id e U u c tu a tlo n s . a n d t h a t
th e e ll e c t o f s u c h flu c tu a tio n s Is n a tu r a lly lia b le to b e m o r e p r o n o u n c e d In
q u a r t e r ly s t a t e m e n t s th a n In s t a t e m e n t s c o v e r in g a m o r e e x t e n d e d p e r io d .
T h e a c c o m p a n y in g s t a t e m e n t Is p r e p a r e d p r e c is e ly o n th e s a m e a c c o u n tin g
b a s is a s th e a n n u a l a c c o u n t s . O f th e d e fic it fo r th e q u a r te r , $ 5 6 ,7 9 5 r e p r e
s e n t s th e d e d u c tio n In th e v a lu a tio n o f u n s o ld fin ish e d le a t h e r ,a s a r e s u lt
o f a c o n s e r v a tiv e v a lu a tio n o n S e p t . 3 0 .
Statement for Quarter ending Sept. 3 0 1 9 1 0 .
N e t e a r n in g s fr o m o p e r a tio n s a fte r c h a r g in g r e p la c e m e n ts a n d
r e n e w a ls a n d In te r e s t o n lo a n s ________________________________________
$ 1 ,9 1 0
I n t e r e s t o n b o n d s In th e h a n d s o f th e p u b lic , $ 9 5 ,1 9 0 ; s in k in g
fu n d a p p r o p r ia tio n a t p a r . $ 3 7 ,5 0 0 ; a n d In te r e s t o n b o n d s In
s in k in g fu n d , $ 3 2 ,6 8 5 ...........................................................................- ..................7 0 ,1 8 5
D e fic it fo r th e p e r i o d . , ................................................................................................ $ 1 6 3 ,4 6 5
N e t c u r r e n t a s s e t s ________ ______ ____________________________ ________ . . $ 8 , 5 1 6 740
— V . 91, p. 653.
American Malt Corporation.— D irectors. — 1). J. Carroll of
New York, has been elected a director to succeed M. 8.
Driggs, deceased.— V. 91, p. 791, 1249.
American Malting Co.— D irectors. — Henry B. Keteham
of New York has been elected a director to succeed J. R.
Williston, who declined re-election; and William E. Payne
and Charles II. Zehnder of New York to succeed M. S.
Driggs, deceased, and A. Murray Young, who resigned.
— V. 91, p. 1162, 1250.
American Rolling Co., Middletown, O .— N ew Stock E a rn in g s .—Touching the sale of $500,000 new common stock
at $200 per share (V. 91, p. 947) “ which will net the company
$1,000,000 additional construction fund and working
capital,” “ Cleveland Finance” of Oct. 8 said in substance:
T h e lin o , fo r w h ic h a ll o f th e r ig h t-o f-w a y h a s b e e n s e c u r e d a n d s u r v e y e d .
Is t o b e 2 3 5 m ile s lo n g a n d c o n s is t o f 1 0 , 1 2 , 16 a n d 1 8 -h ic h p ip e . M o re
t h a n 1 0 0 m ile s w ill c o n s is t o f 16 a n d 1 8 -ln c h . A t V iv ia n , o n e o f t h e la r g e s t
c o m p r e s s o r p la n ts in th is c o u n tr y w ill b e e r e c te d , a n d a t p o in ts a lo n g t h e
lin e p u m p in g s t a t io n s w ill b e e r e c te d .
T h e p r o p o s it io n fir st c o m m e n d e d Itse lf t o t h e J . C . T r e e s O il C o ., w h ile
d r illin g fo r o il In C a d d o P a r is h . E n o r m o u s g a s w e lls w e r e e n c o u n te r e d ,
a n d a s s o o n a s te s te d w e r e s h u t In . T h e c o m p a n y c o n t in u e d le a s in g u n til
It a c q u ir e d m o r e t h a n 1 0 0 ,0 0 0 a c r e s o f te r r ito r y In t h e g a s a r e a , a n d b y t h e
tim e It h a d c o m p le te d 15 w e lls t h e v o lu m e o f g a s s h u t in w a s e s t im a t e d a t
m o r e t h a n 3 0 0 ,0 0 0 ,0 0 0 c u b ic fe e t a d a y , a n d th is a m o u n t w ill b e r e a d y to
m a r k e t a s s o o n a s th e lin e h a s b e e n c o m p le te d . T h e e s tim a te d c a p a c it y
o f t h e lin e Is 4 0 ,0 0 0 ,0 0 0 c u b ic f e e t e a c h 2 4 h o u r s , a n d fr a n c h is e s fo r p ip in g
g a s In to a ll o f t h e to w n s to u c h e d b y t h e tr u n k lin e h a v e b e e n s e c u r e d , a n d
In to w n s a d j a c e n t to w h ic h b r a n c h lin e s w ill b e e x t e n d e d . [T h e c o m p a n y
Is r e p o r te d t o h a v e o b ta in e d In D e c e m b e r 1 9 0 9 a 3 5 -y e a r fr a n c h is e fr o m
I In e B lu ff, A r k ., a n d in M a rch 1 9 1 0 a 3 0 -y e a r fr a n c h is e fr o m P r e s c o tt
A r lz . -E d . “ C h r o n ic le ." )
T h e o ffic e r s a re: P itts b u r g h e r s — J . C . T r e e s , P r e s .; G e o . I I . F U n n , V lc e I r es.; W . J . D ie h l, S e c . a n d T r e a s . D ir e c to r s a t In c o r p o r a tio n : W illia m
I 'lin n . J o s e p h F . G u ffe y , A . B . D a lly J r ., J . C . T r e e s , M . L . B e n e d u m .
G e o r g e I I . 1<linn, E . P . W h itc o m b . H . S . G r a y s o n , 'I'. N . B a r n s d a ll a n d
H a r r y W . D a v is (o f D e la w a r e ). T h e a u th o r iz e d c a p ita l s to c k Is $ 6 ,5 0 0 ,0 0 0
In $ 1 0 0 s h a r e s , a ll o f o n e c la s s . O ffic e , U n io n B a n k B ld g .. P it t s b u r g h , P a .
A rm strong Cork Co., P ittsb u rgh , P a .— N ew S tock.— The
shareholders will vote Nov. 30 on authorizing the directors—
T o Issu e s u c h a d d itio n a l c a p ita l s t o c k , o r a n y p a r t th e r e o f , fr 6 m t im e to
tim e to th e h o ld e r s o f c o m m o n sty ick In p a y m e n t o f d iv id e n d s , o r to o ffe r
s u c h a d d itio n a l c a p ita l s t o c k , o r a n y p a r t th e r e o f , fr o m tim e to t im e to
th e s to c k h o ld e r s , fo r s u b s c r ip tio n a t s u c h p r ic e a s th e d ir e c to r s s h a li d e e m
proper. [O n D e c . 31 1 9 0 9 th e a u t h . c a p ita l s to c k w a s $ 4 ,5 0 0 ,0 0 0 ; Is s u e d ,
$ 3 ,6 9 8 ,0 0 0 (p a r $ 1 0 0 ); n o b o n d s . A c c u m u la te d s u r p lu s , $ 1 ,2 2 4 ,5 0 0 —
I n c r e a se In 1 9 0 9 $ 7 4 ,5 0 0 ; p r o fit a n d lo s s s u r p lu s , $ 7 1 3 ,9 5 9 — In c r e a se $ 1 9 7 ,
9 2 0 . D iv id e n d s n o t k n o w n .— E d .J — V . 8 8 . p . 1 1 3 1 .
Arnold P rint W orks, North A dam s, M ass.— S ale o f Cotton
M ills . —The company has sold the cotton mills of the North
Pownal Mfg. Co. and (he Williamstown Mfg. Co. to the
Greylock Mfg. Co. of North Adams. A Boston paper on
O ct. 20 said:
T h e s a le s a r c in a c c o r d a n c e w ith t h e p o lic y o f t h e A r n o ld P r in t W o r k s ,
w h ic h , u n d e r Its r e o r g a n iz a tio n p la n s . Is d is p o s in g o f a ll Its c o t t o n m ills
T h e B e a v e r a n d E c lip s e m ills w e r e s o ld la s t w e e k to a s y n d ic a t e , o f w h ic h
W illia m B u tle r o f N e w B e d fo r d Is t h e h e a d . (S e c I lo o s a c C o tto n M ills
b e lo w .) S in c e t h e A r n o ld P r in t W o r k s fa ile d , N o v . 8 1 9 0 7 , th e m ills h a v e
b e e n r u n n in g o n v e r y s h o r t tim e . O r d in a r ily t h e y e m p lo y a b o u t 5 0 0 o p
e r a tiv e s e a c h .— V . 9 1 , p . 5 8 8 .
A tlantic C ity (N . J.) Electric Co.— B on ds.— The Philadel
phia Stock Exchange has listed $269,000 additional “ first
and refunding mortgage” 5% gold bonds, due 1938, making
the total listed $1,019,000.
T h e p r o c e e d s o f t h e $ 2 6 9 ,0 0 0 b o n d s h a v e b e e n , o r a r e to b e , a p p lie d In
p a r t to th e p u r c h a s e a n d r e tir e m e n t o f $ 1 9 ,0 0 0 N e w J e r s e y H o t W a te r
H e a tin g C o . 1 st m tg e . 5% 3 0 -y c a r g o ld b o n d s , d a te d J u ly 2 1 9 0 6 , a n d t h e
r e m a in d e r u se d In p a y m e n t fo r b e tte r m e n ts , I m p r o v e m e n ts , d e v e lo p m e n ts
e x t e n s io n s a n d a d d itio n s (V . 8 6 , p . 1 1 0 2 ) .— V . 8 8 , p . 6 8 8 .
1330
TIIE CHRONICLE
A tlantic City (N . J .) Gas C o. —E a rn in gs. — For
3 months
t:> Sept. 30 1910:
M onth of—
Gross. E xp. & Taxes. N et.
Interest. Surplus.
J u ly - ...........
5 4 5 .6 5 6
5 1 8 ,7 8 6
5 2 6 ,8 7 0
5 1 2 ,5 0 0
5 1 4 ,3 7 0
A u g u s t ........................... 5 4 ,0 5 8
2 1 ,1 9 4
3 2 ,8 6 4
1 2 ,5 0 0
2 0 ,3 6 4
S e p t e m b e r __________ 5 9 ,5 8 9
1 9 ,2 8 9
4 0 ,3 0 0
1 2 ,5 0 0
2 7 ,8 0 0
S u r p lu s fo r 9 m o s . e n d in g S e p t . 3 0 1 9 1 0 , 5 9 6 ,3 6 2 .— V . 9 1 , p . 4 0 .
A tlantic Fruit Co., N ew York and B altim ore .— N ew Stock
— In a circular dated New York, Sept. 30 President Joseph
DiGiorgio said in substance.
S ta r tin g In 1 9 0 5 w ith a p a id -u p c a p ita l o f 5 2 5 0 ,0 0 0 , th e fir st r e tu r n to
s to c k h o ld e r s w a s m a d e b y th e p a y m e n t In 1 9 0 6 o f a d iv id e n d o f 1 5 % , fo llo w e d
In 1 9 0 7 b y a lik e d iv id e n d o f 1 5 % , In 1 9 0 8 b y o n e o f 6 % a n d In 1 9 09 a ls o
6 % . In th e s e y e a r s a m o r e th a n s a t is f a c t o r y s u r p lu s h a s a c c u m u la te d .
W e e a r ly r e a liz e d th e v a lu e n o t o n ly o f I m p o r tin g , b u t o f g r o w in g b a n a n a s
a s w e ll, a n d th is c la s s o f I n v e s tm e n t h a s b e e n s t e a d ily in c r e a se d In C u b a
a n d In J a m a ic a . T o th is t h e p a s t y e a r h a s s e e n a s u b s t a n t ia l I n v e s tm e n t
a d d e d In C e n tr a l A m e r ic a , fr o m w h ic h v e r y a m p le r e tu r n s w ill b e h a d ; a n d
th e s e in v e s tm e n ts a r e t o b e In c r ea se d a s s p e e d ily a s is w a r r a n te d .
W th th e e x t e n s io n s o f b u s in e s s u n d e r w a y It s e e m e d a d v is a b le to h o ld
th e c a sh o n h a n d a n d d is tr ib u te a la r g e p o r tio n o f th e s u r p lu s t o s to c k h o ld e r s
b y w a y o f s to c k d iv id e n d . A c c o r d in g ly [th is S e p te m b e r ] y o u in c r e a se d th e
a u th o r iz e d c a p ita l s to c k t o 5 1 ,0 0 0 ,0 0 0 , a n d y o u r b o a r d h a s d e c la r e d , llr s t a
c a s h d iv id e n d o f 8 % , a n d , s e c o n d ly ,a s to c k d iv id e n d o f 1 0 0 % , c h e c k s a n d
c e r tific a te s fo r w h ic h a r e e n c lo s e d h e r e w ith to e a c h s to c k h o ld e r . T h is , a s
p e r a tta c h e d s t a t e m e n t , w ill le a v e u s w ith a p a id c a p ita l o f $ 5 0 0 ,0 0 0 a n d a
s u r p lu s o f $ 5 5 ,7 1 0 . I n c o n t e m p la tio n o f t h e a d d itio n a l I n v e s tm e n ts in
p la n ta tio n s , it h a s b e e n d e c id e d t o s e ll a p o r t io n o f t h e $ 5 0 0 ,0 0 0 o f n e w
u n is s u e d s to c k a t p a r ($ 1 0 0 p e r s h a r e ) . Y o u h a v e th e r ig h t to su b s c r ib e a t
p a r o n o r b e fo r e O c t. 1 5 fo r a n a m o u n t o f s t o c k e q u a l to y o u r p r e s e n t
h o ld in g s . S u b s c r ip tio n s p a y a b le 5 0 % O c t. 15 1 9 1 0 a n d 5 0 % J a n . 1 1 9 1 1 .
Balance Sheet Sept. 3 0 1 9 1 0 .
L iabilities ($ 1 ,1 9 2 ,8 4 0 ) —
Assets ($ 1 ,1 9 2 ,8 4 0 )
S e c u r it ie s o f o th e r c o s _______$ 2 8 9 ,0 1 9 C a p . s to c k [In ch $ 5 0 0 ,0 0 0
F u r n itu r e a n d f ix tu r e s __________________4 ,1 0 4p a id u p a n d $ 5 0 0 ,0 0 0
tr e a s u r y s to c k n o w o f
C a sh o n h a n d __________________ 1 6 4 ,4 5 5
fe r e d .— E d .] ____________ $ 1 ,0 0 0 ,0 0 0
A c c o u n ts c o lle c t ib le _________ 2 0 1 ,7 2 2
3 1 ,7 7 2
O p e n v o y a g e s , & c ____________ 1 7 ,3 0 7 N o t e s a n d d r a fts p a y a b le .
1 0 5 ,3 5 8
J a m a ic a p la n t _________________ 1 6 ,2 3 3 A c c o u n ts p a y a b le _________
5 5 ,7 1 0
T r e a s u r y s t o c k _________________ 5 0 0 ,0 0 0 S u r p lu s ----- ---------------H e n r y J . B u c k Is T r e a s . a n d I r v in g K . W a r d , S e e . & G e n . A u d . N . Y .
o f f ic e , 11 B r o a d w a y . H e a d q u a r te r s fo r m e r ly B a ltim o r e . V . 8 3 , p . 1 0 3 8 .
A t th e r e c e n t a n n u a l m e e t in g J o h n A . D o n a ld , P r e s id e n t o f th e D o n a ld
S te a m s h ip C o ., S a lv a t o r e D1 G io r g io a n d J a m e s A . l e c h tlg J r . w e r e e le c te d
d ir e c to r s T h e b o a r d n o w c o n s is ts o f th e fo llo w in g : J o s e p h 1)1 G io r g io ,
T h o r n to n R o llin s J S W . H o lt o n , W illia m I I . B e n n e t t , R o b e r t P e n ln g to n ,
H e n r y J . B u c k , I r v in g K . W a r d , S a lv a to r e D1 G io r g io , J a m e s A . F c c h tlg
J r . a n d J o h n A . D o n a ld . C o m p a r e V . 8 3 , p . 1 0 3 8 .
[You. i. xx xx i
a c r e s o f u n d e v e lo p e d c o a l la n d in th e E lk H o r n field o f K c n t u c k y a n d a ll
th e o th e r p r o p e r tie s o f th e C o n s o lid a tio n C o a l C o . s u b je c t to $ 1 4 ,7 5 2 ,0 0 0
o f u n d e r ly in g lie n s . O f th e n e w m o r tg a g e . $ 1 4 ,7 5 2 ,0 0 0 w ill b e r e s e r v e d to
r e tir e $ 5 ,1 3 3 ,0 0 0 C o n s o lid a tio n C o a l C o . r e fu n d in g 4 K % b o n d s , d u e M a y 1
1 9 3 4 ; $ 4 2 1 ,0 0 0 C o n s o lid a tio n C o a l C o . 1 st M . 4 Yi% b o n d s , d u e J a n . 1 1 9 2 2 ,
a n d $ 9 ,1 6 8 ,0 0 0 b o n d s o f s u b s id ia r y c o m p a n ie s m a tu r in g a t d llle r e n t p e r io d s
fr o m 1 9 1 3 to 1 9 3 2 . T h e r e w ill a ls o b e s e t a s id e $ 9 ,2 4 8 ,0 0 0 t o b e u s e d fo r
d e v e lo p in g th e p r o p e r tie s o f th e c o m p a n y .
_ ,
T h e r e a r e in th e h a n d s o f th e p u b lic a b o u t $ 3 ,5 0 0 ,0 0 0 o f S o m e r s e t C oat
C o . b o n d s , th e r e m a in in g $ 5 0 0 ,0 0 0 h a v in g b e e n b o u g h t fo r th e s in k in g f u n d .
T h e b o n d s In th e s in k in g fu n d w ill b e p a id o il w h e n th e o th e r p a r t o f th e
Issu e s is r e tir e d . T h e c o m p a n y h a s th e r ig h t to c a ll th e K e n t u c k y b o n d s
a t 1 0 5 a n d h it . a n d th e S o m e r s e t b o n d s a t 1 1 0 a n d ln t . T h e r e tir e m e n t
o f th e s e c u r itie s , th e r e fo r e , w ill e n ta il th e p a y m e n t o f a p r e m iu m o f $ 550,000
o n th e tw o is s u e s . I t w ill a ls o fr e e th e s e p r o p e r tie s fr o m m o r tg a g e a n d th e
n e w lo a n w ill t h u s b e c o m e a fir st m o r tg a g e o n th e s e m o s t v a lu a b le p r o p e r tie s .
In a d d itio n t o th e Issu e o f $ 9 ,0 0 0 ,0 0 0 o f b o n d s a t o n c e , th e s to c k h o ld e r s
w ill b e a s k e d t o a u th o r iz e a n in c r e a s e In th e c a p ita l s t o c k , a lth o u g h t h e
a m o u n t h a s n o t b e e n d e fin ite ly d e c id e d . O f th e n e w s to c k $ 4 ,5 0 0 ,0 0 0 w ill
b e Issu e d a t p a r In p a y m e n t fo r th e 1 0 0 ,0 0 0 a c r e s o f c o a l la n d In K e n t u c k y .
U n d e r th e te r m s o f th e a g r e e m e n t n e w s to c k w ill n o t p a r t ic ip a te In d iv id e n d s
fo r a t le a s t tw o y e a r s . T h e c o m p a n y Is In a m o s t p r o s p e r o u s c o n d itio n
a n d Is p a y in g 6"o u p o n its c a p ita l s to c k o f $ 1 9 ,0 2 5 ,4 0 0 . [A s k e d to c o r r e c t
th e fo r e g o in g th e c o m p a n y s t a t e s t h a t it " h a s n o s u g g e s t io n s to m a k e ."
T h e " M a n u fa c tu r e r s ' R e c o r d ” o f B a ltim o r e o n N o v . 1 0 , in a d e ta ile d
s t a t e m e n t r e g a r d in g th e p u r c h a s e d p r o p e r ty , s a i d : “ T h e L o u is v ille &
N a s h v ille R R . h a s a ls o a u th o r iz e d a m i b e g u n c o n s tr u c tio n o n a lin e t o
e x te n d fro m J a c k s o n In B r e a th itt C o u n ty , t h e te r m in u s o f th e L e x in g to n
& E a s te r n R y ., w h ic h Is c o n tr o lle d b y th e L o u is v ille & N a s h v ille , to th e
s o u th e r n e n d o f th e p r o p e r tv p u r c h a s e d b y th e C o n s o lid a tio n c o m p a n y , a
d is ta n c e o f fro m 9 0 to 10 0 m ile s . T h e c o s t o f tills u n d e r ta k in g , w h ic h w ill
b e b o r n e b y th e L o u is v ille & N a s h v ille , w ill b e fr o m $ 4 ,0 0 0 ,0 0 0 t o $ 5 ,0 0 0 ,0 0 0 .
— E d .] C o m p a re V . 9 1 , p . 1 2 5 6 .
D efiance (O.) Gas & Electric Co.— C ontrol. — See Wayne
& Electric Co. in V. 91, p. 1174.
D om inion Steel Corporation, L td . — N otes O ffered .— The
County Gas
Dominion Securities Co. Ltd., Toronto, Montreal and Lon
don, offered on Nov. 5 at 95.73 and int., to yield 6% income,
$1,500,000 of the issue of $2,500,000 5-year 5% debentures,
dated Nov. I 1910 and due Nov. 1 1915, but redeemable as
a whole or in part at 1 0 2 and int. at company's option on
any interest date upon 30 days' notice. Principal and inter
est (M. & N.) payable at Canadian Bank of Commerce, To
ronto, Montreal, New York and London. Denominations
$500 or £102 14s. lOd. (c*). Issue limited to $2,500,000.
of I.etter from President J. H. Plummer, Toronto, Oct. 18 1910.
Bedford (In d .) Quarries Co. — S a le. — See Cleveland (0 .) Abstract
T h e c o r p o r a tio n w a s fo r m e d in 1 9 09 u n d e r th e N o v a S c o t ia C o m p a n ie s ’
Stone Co. below.— V. 83, p. 494.
A c t , its c h ie f p u r p o s e b e in g to b r in g a b o u t a u n io n o f th e I n te r e s ts o f th e
B utler M ill, N ew B edford.— See Hoosac Cotton Mills. aDcoqmu irineiod n n Ire aornly &thSe tewe lh oCleo .,o fL tthd .,e ca onmd mDoonm sintoioc nk oCfo abl o Ct hoc.,o mL pt da.n l cIst.v hlza.:s
issu e d . -------------- Owned --------------Cam pbell Coal M ining Co. — B onds A ll S o ld . — The Robin- D o m in io n I . & S . C o . c o m m o n , p a r v a lu e Total
$ 2 0 ,0 0 0 ,0 0 0 9 8 .8 % or $ 1 9 ,7 7 6 ,3 0 0
son-Humphrey Co., Atlanta, informs us that the 1st M. 6s D o m in io n C o a l C o . c o m m o n , p a r v a l u e .- 1 5 ,0 0 0 ,0 0 0 9 7 .6 % o r 1 4 ,6 4 8 ,2 0 0
put on the market by them last spring, were all sold during
T o t a l ________________________________________$ 3 5 ,0 0 0 ,0 0 0 9 8 .3 % o r $ 3 4 ,4 2 4 ,5 0 0
the month of May. Compare V. 91, p. 873.
T h e c o n s id e r a tio n g iv e n fo r th e s e s h a r e s w a s; C o m m o n s to c k o f th e c o r
Canadian N orth P acific F isheries, T oronto.— Debenture
Stock O ffered. —There was offered in London from Nov. 2 to 4
an issue of £400,000 5% 1st M. debenture stock at 86%.
An advertisement shows:
F o r m e d to c o n s o lid a te th e w h a le fis h in g e n te r p r is e s o n th e P a c ific C o a st
o f C a n a d a , a n d Is a c q u ir in g th e u n d e r ta k in g s , fis h in g s t a t io n s , v e s s e ls , & e .,
o f th e Q u e e n C h a r lo tte W h a lin g C o ., th e P a c ific W h a lin g C o ., th e P r in c e
R u p e r t W h a lin g C o . a n d o f th e r e c e n tly fo r m e d C a n a d ia n A r c tic W h a lin g
C o . A p p r o x im a t e a s s e t s ,a l t e r in c lu d in g th e p r o c e e d s o f th e p r e s e n t is s u e ,
a n d d is c h a r g in g a ll lia b ilit ie s . $ 4 ,5 0 0 ,0 0 0 , v iz .: T h r e e c o m p le te fa c to r ie s ,
p la n ts , b u ild in g s , & c ., in c lu d in g 5 3 0 a c r e s o f fr e e h o ld la n d , fiv e s te a m
w h a lin g v e s s e ls , b o a t s a n d e q u ip m e n t, $ 1 ,1 5 6 ,0 0 0 ; te n lic e n s e s , c o v e r in g
B r itis h C o l. a n d C a n a d ia n A r c tic c o a s ts , a n d th e e x c lu s iv e r ig h ts to th e
p r o c e s s o f D r . R is s m u lle r In th e m a n u fa c tu r e o f w h a le p r o d u c ts , g o o d -w ill,
& c ., & c ., $ 2 ,3 9 0 ,0 0 0 ; c a s h . In c lu d in g p r o fits o f c u r r e n t y e a r , c s t . a t $ 2 6 0 ,
0 0 0 , $ 9 5 4 ,0 0 0 . T h e d ir e c to r s p r o p o s e to a c q u ir e fiv e a d d itio n a l s te a m
w h a lin g v e s s e ls a n d to e r e c t a h a lib u t s ta tio n w ith m o d e r n e q u ip m e n t.
W h e n th is h a s b e e n d o n e , t h e y c o n f id e n tly e x p e c t th e fo llo w in g r e s u lts :
S a le s o f p r o d u c t o f w h a lin g s t a t io n s , $ 1 ,0 0 0 ,0 0 0 ; s a le s o f p r o d u c t o f h a lib u t
s t a t io n . $ 5 0 0 ,0 0 0 ; t o t a l s a le s , $ 1 ,5 0 0 ,0 0 0 ; n e t p r o fit, $ 6 1 5 ,0 0 0 ; in te r e s t on
p r e s e n t Issu e , $ 1 0 0 ,0 0 0 ; s in k in g fu n d , s a y $ 9 0 ,0 0 0 ; b a la n c e , s u r p lu s , fo r
r e s e r v e s a n d d iv id e n d , $ 4 2 5 ,0 0 0 .
T h is Issu e Is r e p a y a b le a t p a r o n A p ril 2 1 941 b y m e a n s o f a c u m u la t iv e
s in k in g fu n d e q u a l to 0 % o f s a le s o f m e r c h a n d is e , w it h a m in im u m o f £ 4 0 ,
0 0 0 In e a c h p e r io d o f th r e e c o m p le te d y e a r s . T h e s in k in g fu n d w ill b e g in
o n o r b e fo re F e b . 15 1 9 1 2 In r e s p e c t o f th e y e a r 1 9 1 1 , a n d w ill be a p p lie d to
p u r c h a s e s a t o r b e lo w 9 9 , o r in r e d e m p tio n o f th e s to c k a t p a r b y d r a w in g s .
T h e c o m p a n y r e s e r v e s th e r ig h t to r e d e e m th e w h o le o r a n y p a rt o f th is
s to c k a t p a r a t a n y tim e a fte r J a n . 1 9 1 6 o n 6 m o n t h s ’ n o tic e . I n te r e s t
p a y a b le A p ril 2 a n d O c t. 2 in I .o n d o n o r In C a n a d a a t $4 8 6 2 -3 to th e £ s te r
lin g . T h e c o m p a n y r e s e r v e s p o w e r to Issu e fu r th e r s to c k w ith th e c o n s e n t
o f th e tr u s te e s , r a n k in g p a ri p a s s u In a ll r e s p e c ts w ith th e £ 4 0 0 ,0 0 0 n o w
olT ercd . to th e e x t e n t o f 7 5 % o f th e a c tu a l c a s h c o s t o f a d d itio n a l v e s s e ls ,
e q u ip m e n t, la n d , s e c u r itie s o r o th e r a s s e ts w h ic h It m a y a c q u ir e .
A m o n g th e d ir e c to r s a r e A. D . M c R a e , E s q . ( P r e s id e n t) , D r. L u d w ig
R is s m u lle r a n d C a p t. S p r o t t B a lc o m (V ic e - P r e s id e n ts ), T . B lu n d e ll-B r o w n ,
C a p t. W m . G r a n t, D . B . H a n n a E s q . a n d R . M . H o r n e - P a y n e . [T h e c o m
p a n y w a s In c o r p o r a te d u n d e r C a n a d ia n C o m p a n ie s A c t S e p t . 3 0 1 9 1 0 w ith
$ 2 ,5 0 0 ,0 0 0 c a p ita l s t o c k In $ 5 s h a r e s . P r e s e n t n a m e a d o p te d O c t. 1 4 .
S u b s c r ip tio n s fo r th e d e b e n tu r e s to c k a r e r e p o r te d to h a v e b e e n lig h t —
p o s s ib ly 15% o f I s s u e .— E d .|
p o r a tio n a g g r e g a tin g a t Its fu ll v a lu e $ 3 4 ,4 2 4 ,5 0 0 , a n d th e o b lig a tio n to p a y
$ 1 ,3 7 6 ,9 8 0 c a s h , b e in g $ 4 p er s h a r e , p a y a b le In fo u r q u a r te r ly I n s ta llm e n ts
[b e g in n in g J u ly 1 1 9 1 0 to a s s e n tin g h o ld e r s , V .9 0 , p . 1 1 0 4 — E d .] $ 3 5 ,8 0 1 ,4 8 0 .
T h e c a sh p a y m e n t o f $ 1 ,3 7 6 ,9 8 0 a b o v e m e n tio n e d , w ith In te r e s t a n d e x
p e n s e s , c o n s t it u t e s th e e n tir e lia b ilitie s o f th e c o r p o r a tio n . T h e s e [$ 1 ,5 0 0 ,
0 0 0 ] d e b e n tu r e s a r e is s u e d to p r o v id e fo r th is p a y m e n t . In m a k in g a s h o r t
te r m is s u e to m e e t th is o b lig a tio n , th e b o a rd h a s in v ie w th e liq u id a tio n o u t
o f e a r n in g s r a th e r th a n b y a p e r m a n e n t a d d itio n to c a p ita l o r in d e b t e d n e s s ,
If t h a t c o n s e r v a tiv e c o u r s e s h o u ld p r o v e to b e p r a c tic a b le . T h e s h a r e s
o w n e d a s a b o v e h a v e a p r e s e n t m a r k e t v a lu e o f o v e r $ 2 1 ,0 0 0 ,0 0 0 , a n d a r e
to b e h e ld fr e e o f m o r tg a g e Hen w h ile th e s e d e b e n tu r e s r e m a in o u t s t a n d in g .
T h e e a r n in g s o f th e tw o c o n tr o lle d c o m p a n ie s a p p lic a b le to th e ir c o m m o n
s t o c k , a fte r p r o v id in g fo r d e p r e c ia tio n , fix e d c h a r g e s a n d d iv id e n d s o n
p r e f. s t o c k , w e r e r e p o r te d a s fo llo w s b y th e a u d ito r s w h o e x a m in e d th e ir
r e s p e c t iv e b o o k s a n d a c c o u n ts la s t y e a r In a n tic ip a tio n o f a m erg er:
E arnings A vailable Jor Common Stocks o)which the Corporation Holds 9 8 % .
Steel Com pany. Coal C om pany.
Total.
(M au 31 Year) (June 3 0 Year)
(1 2 M os.)
$ 3 7 1 ,6 4 5
$ 1 ,7 1 4 ,0 2 6
1 9 0 6 - 0 7 - .........................- .......................... $ 1 ,3 4 2 ,3 8 1
1 9 0 7 - 0 8 ____________________________ 1 ,8 2 2 ,8 0 6
6 3 8 ,8 3 7
2 ,4 6 1 ,6 4 3
1908- 0 9 . _ - _
- 1 ,3 5 1 ,4 7 3
1 ,0 9 5 ,3 6 1
2 ,4 4 6 ,8 3 4
T h e s u r p lu s ($ 2 ,4 4 6 ,8 3 4 ) fo r th e la s t y e a r q u o te d a v a ila b le fo r d iv id e n d s
o n th e c o m m o n s to c k s o f th e tw o c o m p a n ie s w a s d e r iv e d a s fo llo w s : T o ta l
e a r n in g s , a fte r fu ll p r o v is io n fo r d e p r e c ia tio n , b u t b e fo r e c h a r g in g I n te r e s t
(a d ju s te d a s to S te e l-C o a l s u it ) , $ 3 ,9 2 8 ,5 8 9 ; le s s I n te r e s t a n d d is c o u n t p a id ,
$ 9 2 1 ,7 5 4 , a n d d iv id e n d s o n p r e f. s t o c k , $ 5 6 0 ,0 0 0 ; b a la n c e , s u r p lu s , $ 2 ,
4 4 6 ,8 3 4 . T h e u n io n o f I n te r e s ts Is p r o d u c in g e x c e lle n t r e s u lts In th e o p
e r a tio n o f th e tw o c o m p a n ie s , w h ic h w ill b e n e fit b o th a lik e . T h e ir b u s i
n e s s Is In a s o u n d a n d h e a lt h y c o n d it io n , th e ir o u t p u t la r g e a n d In c r e a sin g
a n d th e m a r k e t fo r th e ir p r o d u c ts is s t e a d ily g r o w in g .
D ir e c to r s .— J . I I . P lu m m e r , T o r o n to , P r e s .; l i o n . L . J . F o r g e t a n d W m .
M cM a stcr; M o n tr e a l, V ic e -P r e s id e n ts ; S ir W m . C . V a n H o r n e , S ir H . M o n
ta g u A lla n , H o n . R o b e r t M a c k a y , W . G . R o s s a n d G e o r g e C a v c r h ill, M o n
tr e a l; H o n . G e o r g e A . C o x , F r e d e r ic N lc h o lls a n d E lla s R o g e r i, T o r o n to ;
H . F . D im o c lc , N . Y .; H o n . D a v id M a c K e c n , H a li f a x .— V . 91, p . 1 2 5 6
(E. I.) du P on t de N em ours P ow der Co.— L isted . — The
New York Stock Exchange has listed $693,900 additional
pref. stock issued in part payment for property purchased,
and has authorized the listing after Jan. 25 1911, but prior
to July 1 1911, of the $1,682,000 additional pref. stock
Cedar R apids (la .) G as L ig h t Co.— See Peoples Gas & recently offered to stockholders at $80 per share and under
written, making the total authorized to be listed $15,897,100.
Fuel Co. below.— V. 00, p. 1679.
Y. 91, p. 719, 520, 466.
Cities Service C o., N ew Y ork.— Stock O ver-Subscribed .— Compare
th e is s u e o f $ 5 9 8 ,0 0 6 p r e f.
The $1,000,000 preferred stock offered last week by Doherty s t o c kT hIne pd airret c ptoarysmAe un gt . fo18r th1 9e1 0p raoupthe rotyr izaendd (1)
b u s in e s s o f th e h a b r ik o ld C o .
o f th e
& Co., has been several times over-subscribed.— V. 91, p(Vr in. c9ip1 ,a lp .p r3o9d9 u) c otsf, Nwehwicbhu rsge hr v, eNs .a sY a., ba ansea dfodritiofanb ar llk oo uidt;le t (2)fo r thoen eIssu
e of
p. 1255, 873.
$ 9 5 ,9 0 0 p r e f. s to c k In p a r t p a y m e n t fo r 3 9 5 s h a r e s o f s to c k o f th e H a m ilto n
Cleveland (O.) Stone Co.— P u rch ase. — The following from P o w d e r C o . o f M o n tr e a l.— V . 9 1 , p . 1 1 6 2 , 7 1 9 .
M erger of S u b sid ia ry .— Deeds were filed in July last
•‘Cleveland Leader" of Oct. 28 is officially approved:
I t d e v e lo p e d y e s te r d a y t h a t th e p u r c h a s e p r ic e fo r th e B e d fo r d Q u a r rie s conveying to the company the various plants of the Laflin
C o . o f I n d ia n a , a c q u ir e d W e d n e s d a y b y tn e C le v e la n d S to n e C o ., w a s & Rand Powder Co. (of which stock control was held for
$ 1 ,1 4 2 ,0 0 0 , t o b e p a id $ 6 0 0 ,0 0 0 in c a s h , $ 1 5 0 ,0 0 0 In n e w 1 st M . r e fu n d in g
b o n d s a n d $ 3 9 2 ,0 0 0 b y a s s u m in g th is a m o u n t o f th e o u ts ta n d in g b o n d s o f some years),for a considerationaggregatingabout$2,200,000.
th e c o m p a n y (V . 8 3 . p . 4 9 4 ) . I t is p r o p o s e d to h a v e th e P e r r y -M a tth e w s - — V. 91, p. 520, 719.
B u s k ir k S to n e C o ., o n e o f th e C le v e la n d S to n e C o .'s I n d ia n a h o ld in g s , ta k e
th e t it le o f th e B e d fo r d Q u a r rie s C o . o r o r g a n iz e a n e w c o m p a n y to a c q u ir e
G reat Northern Iron Ore P rop erties.— D iv id en d .— The
th e t it le o f b o th p r o p e r tie s a n d m e r g e w ith s u c h c o r p o r a tio n a n d is s u e first
a n d r e fu n d in g b o n d s t o th e e x t e n t o f $ 2 ,0 0 0 ,0 0 0 , a s a u th o r iz e d , $ 5 0 0 ,0 0 0 trustees have declared it sixth distribution of 50 cents a
o f th e b o n d s t o r e m a in u n c e r tifie d w it h th e t r u s te e s a n d to b e u se d fo r share, payable Dec. 1 to holders of permanent certificates of
a d d itio n a l p u r c h a s e s o f p r o p e r ty a n d $ 1, 500,000 to d r a w 6% a n d m a tu r e beneficial interest of record on Nov. 18. A dividend of the
in 2 0 y e a r s in u n e q u a l I n s ta llm e n ts , s u b je c t to c a ll a t a n y In te r e st p e r io d a t
l o t . T h e a v e r a g e a n n u a l n e t e a r n in g s o f th e P e r r y -M a tth e w s -B u s k lr k same amount was paid on Sept. 15 and also on March 15 last,
S to n e C o . fo r th e p a s t s ix y e a r s w e r e $ 1 5 6 ,0 0 0 , a n d o f th e B ed fo rd Q u a rries
C o . $ 1 4 7 ,0 0 0 . P r e s id e n t G eo rg e H . W o r th in g to n th in k s t h a t to g e th e r but the previous disbursements were $1 each on Sept. 16 1907,
th e C o n tp a n les w ill e a r n $ 4 0 0 ,0 0 0 a n n u a lly . [T h e F ir s t T r u s t & S a v in g s March 16 1908 and Sept. 15 1909.— V. 91, p. 466.
B a n k o f C h ic a g o , a c t in g a s tr u s te e fo r th e a s s o c ia te d b a n k s o f C h ic a g o ,
w h ic h to o k o v e r th e a s s e t s o f J o h n I t. W a ls n , so ld o n O c t. 2 6 th e $ 6 0 0 ,0 0 0
s to c k o f B e d fo r d Q u a r rie s C o . t o th e C le v e la n d S to n e C o .]— V . 8 9 , p . 1 4 8 5 .
Consolidation Coal Co., B altim ore, M d.— F in an cial P la n .
— Hambleton & Co., Baltimore, in their weekly circular
dated Nov. 5 say:
A n e w p la n fo r fin a n c in g th is c o m p a n y Is b e in g c o n s id e r e d . T h is p la n is
s a id to a u th o r iz e th e Issu e o f a $ 40, 000,000 m o r tg a g e to c o v e r th e S o m e r s e t
p r o p e r ty o f 3 0 ,0 0 0 a c r e s o f c o a l la n d a n d I m p r o v e m e n ts th e r e o n a n d 1 0 0 ,0 0 0
H oosac Cotton M ills, North A dam s, Mass.-^-ATw Company
—-Stock O ffered .—This company i$ being organized under the
laws of Massachusetts with a capital stock of $1,500,000,
consisting of $750,000 cumulative pref. stock and $750,000
pommon stock, of which there will bo issued at present
$600,000 of each class, to own and operate the Eclipse and
the Beaver mills, located at North Adams, Mass. Horn-
Nov. 12 1910.]
TILE CH RONICLE
blower & Weeks, Boston and New York, have recently been
receiving subscriptions for the pref. (non-taxable in Mass.)
at par, $100 a share. A circular shows:
Preferred both as to assets and earnings; enjoys equal voting power with
the common. Entire Issue callable after Nov. 15 1915 at 5120. Beginning
Nov. 15 1910 will draw cumulative Interest at 6%. payable Q.-F., after
which tl'.e common stock will be entitled to 6%; thereafter the two Issues
will share equally In earnings until the pref. receives 8%, to which amount
It IsThelimited.
no bonds.
ability There
of thearc
company
to earn the dividend on the pref. may be
judged by the fact that It will have practically the same management as
the Butler Mill of New Bedford, Mass., which company has shown;
B utler M ill o) N ew B edjord (Organized 1903) — Years ending A p ril 30.
1909. 1910.
(*Incl.20% stockdlvldend) .1900. 1907.
1908.
$556,039
Prollt and loss account $188,982 5314,220 5415,042 5404,752
9%
15%
Earnings per share______ 18.1%
18%
16.1%
9% *28%
Paid per share..................... 5 %
8%
8%
In 1904 the Butler Mill showed profit and loss account 510.271 and In
1905 509,558; earnings per share (no dividends) ,1.6% and 5.3% respectively.
The directors of the Iloosac Mills are: William N. Butler (President),
Robert F. Herrick and F. J. Hale, Boston; A. B. Daniels, North Adams,
Mass., and Henry Ilornblower, Boston. The Eclipse mill contains 80,000
producing spindles and 2,000 looms. The Beaver Mill, located about a
half
above thereplacement
Eclipse mill,value
contains
29,652
frame about
spindles
and 900
looms.mileEstimated
of these
two plants
$2,250,000.
The plants are In excellent condition, although not now operating at full
capacity; they produce In general the liner grades of cotton textiles. (Com
pare Arnold Print Works above and In V. 85, p. 1514).—V. 87, p. 478.
Houston Oil Oo.— Possible A d ju stm e n t .— Ilamblctcm & Co.
1331
National Carbon has been running very strong In cash, and on July 31
last, of Its $1,750,000 working capital about $1,400,000 was In cash. The
dividend calls for the payment of $825,000. Earnings have been making
new records this year, and for the 7 months ended July 31 net was $848,612,
comparing with 5748,774 for the corresponding period of 1909. Notwith
standing the growing earning power, the management ha3 been conservative
In Its dividend policy. Earnings have been turned back into the property,
so
thatallowing
the common
5100 stock.
per share[Previous
In property
after
par fornow
the represents
$4,500,000 over
7% pref.
cashassets
divi
dends paid on common stock were: In 1905, 3% |1H% each In Jan. and
July); 1906 to July 1909, 4% yearly (1% quar.); Oct. 1909, \ M % ) 1910,
6% ( l ‘A "o quar.) ]—V. 90, p. 558.
National Surety Co., New York.— Increase o f Stock— Stock
D iv id en d . — The stockholders on Nov. 9 voted to increase
the capital stock from $750,000, the present amount, to
$1,500,000. Of the new stock, $250,000, it is understood,
is to be issued as a 33 1-3% stock dividend, the remaining
$500,000 having been sold to new interests who have re
cently become connected with the company.
N ew D irectors. — The following have been elected directors
to represent the new interests:
Samuel McRoberts, Vice-President of the National City Bank, New York;
Felix Warburg, of Kuhn Loeb & Co.; James N. Wallace, President of the
Central Trust Co.; David R. Forgan, President of the National City Bank
of Chicago; William G. Baldwin, President of the Otis Elevator Co., and
Joel Rathbone, Vice-President of the company.—V. 88. p. 689.
New River Lumber Co., Cincinnati, O.— B onds C alled. —
of Baltimore on Nov. 5 said: “ While there is no positive Seventeen ($17,000) 1 st M. 2 0 -year 6 % bonds have been
announcement, it is believed that the company is about to drawn for payment at 105 and int. on Dec. 1 at the Knicker
make some readjustment of its affairs which will be beneficial bocker Trust Co., New York, trustee.— V. 8 6 , p. 984.
to its stockholders.” — V. 8 8 . p. 1064.
Niagara Falls Power Co.— L isted . — The New York Stock
Indianapolis (Ind.) Water Co.— Increase o f S tock. — A cer Exchange has listed $4,197,500 capital stock, $9,630,000 1 st
tificate of increase of capital stock from $500,000 to $5,000, M. 5% bonds due 1932 and $8,226,000 “ refunding and gen
000 was filed in the office of the Secretary of State of Indiana eral” mtge. 6 % bonds due 1932.
E arn in gs. — The combined earnings of the Niagara Falls
on Nov. 9.
The reasons assigned for the Increase are the Increase of business and the Power Co. and the Canadian Niagara Power Co. for the 9
disproportion between the business and the capital stock, and also the ob monthsending Sept. 30 were:
taining of proper credit In the annual payment of the Federal Corporation
Tax on the bonded debt. Under the Federal statutes any corporation
with a stock capitalization smaller than the bonded debt pays for the priv
ilege, President Boyd says, in a percentage on the amount that the bonds
exceed the capital stock". The bonded Indebtedness of the water company
exceeded the capital stock by 51,500,000, and on this amount the corpora
tion was unable to obtain credit In making Its annual tax statement.—
V. 90, p. 1557.
International Textbook Co., Scranton, Pa.— R eport. — See
Total oper. revenue_____ 51,607,537 j Deduct —
Net after taxes, &c_____ $1,155,346 Interest on bonds_________$797,908
471
Non-opcr. revenue (net)-- 102,998: Miscellaneous-.-------- --------Net Income____________ 1,258,3431Balance, surplus_____ ____$459,904
For the 9 mos. the Cataract Power Co. showed gross, 51,018,368; net,
$260,900; surplus after charges, 5222,567, and the Tonawanda Power Co.,
after paying a 3% dividend (57,500), reported a surplus of $21,398.
The Niagara Falls Power Co. Is now paying 8% per annum on Its $4,197,
500 stock, which for the 9 months calls for $251,850.—V. 90, p. 1557.
Nova Scotia Car Works, L td.— P roposed N ew C o m p a n y .—
F. B. McCurdy & Co., Halifax, are proposing to organize a
“ Annual Reports.”
D ecision. — The United States Supreme Court on Nov. 7
reversed judgments of Wisconsin and Vermont courts, which company with this name under the Nova Scotia Companies’
dismissed suits brought by the company to enforce contracts. Act, its authorized capital stock to be $2,625,000, in shares
Court holds
that the and
business
schools
$ 1 0 0 each, to take over the property and business of the
Is The
Inter-State
In character,
such transacted
Institutionsbyarccorrespondence
not to be denied
the of
Silliker Car Co. of Halifax and assume its indebtedness, in
right
to
sue
in
State
courts
because
of
failure
to
comply
with
local
laws
as
to filing cortllicates of Incorporation.—V. 91, p. 41.
cluding the debt to the city of Halifax. The new company’s
stock would be divided into classes as below indicated, of
Iron Steamboat Co. of New Jersey.— R eport. — For year:
Oct. 31.
Cross Net (a]ter Other
Bond
D ies. Balance,
Year.
E arns.
Taxes). Incom e. Interest. (5% ). S u rp lu s. which, if the plan succeeds, the amounts shown would be
1900-10_________$359,795 $31,691 560,880 $25,000 $15,217 552,354 given as consideration for the Silliker Car Works:
1908-09 . . ............. 377,350
49,167
N ew O fficers .— Frederick
1,350 25,000
25,517 TotalC apllal Stock oj New C om pany and A m ounts Issuable /o r S iltk er C arW ks
A. Bishop has been elected
President, to succeed A. I. Harrison, deceased, and T. Ellett
Hodgskin, Secretary, in place of William II. Woolverton,
who resigned.— V. 91, p. 1256.
Lackaw anna Steam ship C o. — D ividen d Increased to 6 % .—
The company paid on Oct. I a quarterly dividend of 1 V f/o
on its •$1,120,900 of outstanding capital stock out of the
earnings for the season ended Sept. 30 1910. In 1909 (in
December) 4% was paid; since, as above. Bonded debt
$765,000. II. G. Dalton is President and Treasurer. See
bond offering.— V. 8 6 , p. 797.
L aclede Gas L igh t Co., S t. L ou is.— B on ds, E a rn in g s .—
N. W. Harris & Co., N. Y. and Boston, and the Harris Trust
& Savings Bank,Chicago,are offering,at U )iy 2 and int., not
over $300,000 additional “ ref. and exten. mtge.” 5s of 1904,
making the total outstanding not exceeding $9,182,000, with
a further $10,000,000 reserved to retire $10,000,000 1st 5s.
C lass o ) S tock —
T otalA u th. F o r S ilik e r
1st pref. 7% cum., red at 110________ ______________ $500,000 -------2d pref. 7% cum. red. at 105 or 110__________________ 250,000 $125,000
3d pref. 6% non-cumulatlve________________________ 500,000 249,100
Common stock_____________________________________1,375,000 41,700
The plan calls for "an undertaking to purchase 4,000 first preference
shares of the company at par, less a commission, and to pay for same as
required by the directors of the company." A Canadian paper states that
the Issued capital stock will aggregate $1,743,100, including: First pref.
(new money), $400,000; 2d pref., to be exchanged tor the present Silliker
pref. (which also receive a bonus of 33 1-3% in ordinary shares), $125,000;
3d pref., to be exchanged for the present Silliker ordinary shares, 5 f.r $,
$249,100; ordinary shares proposed to be Issued, $969,000.
F. B. McCurdy & Co. write: “The Silliker Car Co. shares, totaling $374,
100 ($125,000 pref. and $249,100 common), were paid up In cash at par: no
promotion expenses, and are to be "swapped,” $ for $ for 2d and 3d pref.
shares, respectively. The company enjoys exemption.from city taxation
until 1917 and an assessment figure fixed at $50,000 for 10 years thereafter,
and the city Is being asked to place the Nova Scotia Car Works, Ltd., In
the same position In this regard. When this has been done, as It doubtless
will be, for the capacity of the works Is to be quadrupled, the plan will become
operative. The $400,000 of new capital for which the 5400,000 1st pref.
stock will be Issued has been already subscribed. fThe new cash. It Is
stated, will be used to pay otf the debt due to the city of Halifax for subsidy,
some $108,000; also all bills payable, and for extensions of plant and further
working capital.—Ed.J
E arnings as O fficially Reported for Year ended Sept. 30 1910.
Gross earnings
.. . $4,466,108 IInt. on $19,182,000 Cs
$959,100
Oakland (Cal.) Traction Co.— N ew B on ds. — The share
Net (after taxes) . . . 1,908,710| Balance, surplus
949,610 holders,
it is stated, will vote Dec. 31 on “ creating a new
—V. 91. p. 467, 156.
Laflin & Rand Pow der Co.— M erger. — See du Pont de bonded indebtedness.” — V. 91, p. 464, 155.
Nemours Powder Co.— V. 85, p. 349.
Omaha (N eb.) W ater C o.— D ivid en ds R esu m ed. — A divi
M cCrum -Howell Co. — D irectors. — George II. Nichols of dend at the rate of 5% on the $614,300 5% non-cumulative
Chicago of the Board of Trade firm of Young & Co. has been
elected a director.— V. 91, p. 1098, 1163.
M ichigan Sugar Co., D etro it. — Stock D iv id en d . — A stock
dividend of 3 5 ^ % has been declared on the common stock,
increasing the amount of common stock outstanding to
approximately $7,500,000. This dividend is payable, along
with the usual quarterly cash dividend of l% % ,o n Nov. 15
to stockholders of record Nov. 7. The profit and loss
surplus remaining after payment of the stock dividend is
$1,200,000. The beet crop, it is said, has been unusually
heavy in Michigan this year and the sugar content has
touched the record— 17%. The pref. stock is $3,703,500;
par, $100; no bonds.— V. 90, p. 853.
M exican L igh t & P ow er Co.— G uaranteed B on ds —E sti
m ate of C om p a n y’s E arn in gs fo r 1910.— See Pachuca Light &
Power Co. below.— V. 91, p. 92, 399.
N ational Carbon Co., C leveland. — S pecial D ividen d of
15% .— The holders of the $5,500,000 common stock of record
Oct. 28 received checks on Nov. 9 for an extra dividend of
$15 a share. The “ Boston News Bureau” on Nov. 9 said:
This unexpected payment explains the rise In the common stock from 104
lit January to 145, the price touched within a week. It also disposes of the
tumor that the General Electric Co. was to take over the Carbon company.
The only official announcement of the divides d Is the very brief note stating
that the 15% dividend was payable to holders of record Oct. 28. The stock
transfer books were closed on that day, and purchasers of stock In the Bos
ton market only learned of the fact when their stock was presented for
transfer. The regular dividend was not payable until next January.
1st pref. and of 3 % 'on the $858,000 5% non-cumulative 2nd
pref. stock have been declared, both payable Dec. 1 to the
holders of certificates of beneficial interest of record Nov. 15.
from earnings of the fiscal year ending June 30 laSt.
No disbursements have been made on the 1st pref. since Aug. 1905, when
2 }{% was paid; the last dividend on the 2nd pref. was 1%, paid Aug. 1903.
The city last month olTered Its 4% bonds to pay for the property under the
appraisal of the plant at $6,263,295, which was held valid by the United
States Supreme Court, but no bids were received, and It Is expected the city
will make another ottering later, possibly at a higher Interest rate. Com
pare V. 91, p. 876, 899.
O wego (N . Y .) Gas L ig h t.— C ontrol. — See Wayne County
Gas & Electric Co. in V. 91, p. 1174.
Capital stock, $60,000; 1st M., $50,000 5s due Jan. 1 1939, all out; Int
J. & D. Mileage of mains, 4 M. Annual output about 7,000,000 cu. ft.
Gross earnings cal. year 1909, $15,493; net. $4,398; surplus, after taxes
and Interest. $611
Pachuca (M ex.) L igh t & P ow er Co. (Com pania de L uz y
Fuerza de Pachuca Sociedad A n on im a).— G uaranteed B onds
O ffered. —The London City & Midland Bank, Ltd. of London
was authorized by Dunn, Fischer & Co. to receive applica
tions on Oct. 19 to 21 a t 8 8 ^2 % for£800,000 1st M. 5% 50-year
gold bonds (of which £270,000 had already been applied for),
principal and interest unconditionally guaranteed by the
Mexican Light & Power Co., Ltd. (Compare V. 91, p. 92.)
Total authorized bond issue, £1.200,000. These bonds will be secured
by a trust deed dated Oct. 1 1910 in favor of National Trust Co., Ltd., of
Toronto, as trustees. Bonds dated Oct. 1 1910 and redeemable at par on
Oct. 1 1960 by means of annual payments commencing Oct. 1 1916, to be
applied In annual drawings at par and Int. or by tender at or below that
price, or the bonds may be redeemed at 105% at any time on six months’
1 33 2
TH E CH RO NICLE
notice or on voluntary liquidation or amalgamation with another company.
Hearer bonds denominations £20 and £100 (c*). Interest payable A. A O.
In London, New York, Toronto, Brussels and Basle at the offices of the
Canadian Bank of Commerce or its agents.
Abstract of Letter from R. C. Brown, President, Oct. 14 1910.
Incorporated under the laws of Mexico early in 1910 and acquired all the
concessions, properties and business of the Companla Elcctrlca e Irrigadora
en el Estado do Hidalgo, supplying hydro-electric energy for public light
ing in city of Pachuca, and for private lighting and power in the city and
District of Pachuca (about 50 miles from the City of Mexico); population of
the district about 100,000 Inhabitants; annual output of ore, 450,000 tons.
The Hidalgo company owned a hydro-electric power station developing
about 6,000 li.p., with 50 miles of transmission lines, and had paid dividend
on Its capital stock beginning with 5% in 1902 and Increasing to 8% by 1909
This plant will be continued in full operation.
In addition the company has entered Into an agreement with the Mexi
can Light A Power Co. providing for extra power to meet further require
ments, and has closed new contracts with consumers for the supply of an
additional 6,500 li.p., and further contracts are under negotiation. I esti
matenext
thatlive
theyears
consumption
of power
the Pachuca
during
the
to at least
25,000Inli.p.
A largo district
demandwill
for grow
power
also
exists in the mining district of Zlmapan, and the company is negotiating
with power consumers there with the object of extending Its transmission
lines to that district and furnishing the power required there. The only
other company furnishing power In the Pachuca is the Regia Company,
which supplies about 2,500 h.p. and is under contract to take all further
power required for its business from the company.
Gross and N et E arnings (1911 and L ast 4 M as. o f 1910 E stim ated).
1907. 1908. 1909. 1910.
1911.
Gross (Mexican)............. 5398,739 $597,871 $673,041 $796,026 $1,285,000
(English)........... - £40,709 £61,032 £68,706 £81,260 £131,177
Net (Mexican) _______ $293,758 $486,450 $495,762 $577,408 $840,000
" (English________ £29,987 £49,658 £50,609 £58,943 £85,750
It is agreed with the Mexican Light & Power Co. that the rental for power
will only become payable to that company after the sum required for the
half-yearly service of these bonds has been paid over to the company’s
bankers. The amount available for bond interest for 1911 should therefore
be about £120,000. The amount required for Interest on the bonds now
offered
Is £40,000.
The Mexican
Light A Power Co. owns the entire capital stock, $4,000,000
Mexican currency, which it has acquired at the price of 95%. An endorse
ment of the guaranty will be made on each bond.
The proceeds of these bonds will be used for the purpose of retiring the
present outstanding bonds, amounting to $3,750,000 Mcx. (£382,800),
for payment of the floating debt (about £127,000) Incurred for extensions
and for further extensions. The remaining £400,000 of unissued bonds can
only be sold for the purpose of further extensions.
The net earnings of the Mexican Light A Power Co. for the first eight
months of the present year amount to $1,354,362 (gold) and it is estimated
that for the full year they will amount to $2,281,580 (gold) The fixed
charges and Interest on the bonds and obligations outstanding chargeable
to operating expenses will amount to about $1,200,000 (gold), leaving
about
$1,081,0005%(gold)
the guaranties
on these
on
the $6,000,000
bondsavailable
of the for
Mexican
Electric Light
Co.,bonds
whichandrank
pari passu as to guaranty. The estimated net earnings for the year 1911
will amount to $2,965,000 (gold), or an Increase of $683,000 (gold) over the
present year. This is not taking Into account any revenue from the shares
of the Pachuca company.
P eoples Gas & JJUbl Co. of Cedar R apids, Io w a .— Incor
porated. — This company was incorporated in Delaware on or
about Sept. 2(5 with $300,000 of authorized capital stock.
Incorporators: Charles G. Lindsay, W. D. Reese, James Axtell, Harry W.
Davis, Thomas D. Miller. The control of the Cedar Rapids Gas Light
Co. was acquired in June last by the United Light & Rys. Co. (V. 91, p. 96.)
(The) P eop le’s Gas L igh t Co., M anchester, N , H .— N ew
S tock. — Touching the report of a recent addition to the capi
tal stock, we are informed that the last increase in share capi
tal was made in June 1909, when the issue was raised from
$300,000 to $500,000, for permanent improvements and
additions.
No bonds. Has 68 miles of mains and supplies some 9,347 meters.
Output
187,132,000 cu. ft. yearly. Price $1 10 flat. Pres., A.M. Heard.
Price Brothers & Co., L td ., Q uebec.— B onds O ffered .—
The Royal Securities Corporation, Ltd., Montreal, Toronto,
Quebec and Halifax, and for their account the Far well Trust
Co., Chicago, will receive subscriptions from Nov. 14 to 17,
at 8(5% unstamped (Parr’s Bank, Ltd., London, at 87%
stamped), for £1,000,000 5% 1st M. bonds, forming part of
an authorized issue (closed mortgage) of £1,232,876.14.3.,
being the sterling equivalent at $4 8 6 2-3 of $6,000,000,
dated Nov. I 1910 and due Nov. 1 1940, but callable as a
whole at 1 02 }4 and accrued int. on Nov. I 1915 or on any
interest date thereafter, on three months’ notice; or in part
for sinking fund purposes only on any May first after 1915,
at 102 and int. Int. M. & N. in London in sterling, and
in Montreal, Toronto, Quebec and New York at $4 8 6 2-3
to the £1. Par £ 2 0 0 , £100 and £20; $1,000, $500 and
$100 c*. Trustee, Montreal Trust Co.
Abstract
of Letter
from InPresident
Price, Quebec,
The business
has been
existenceWilliam
for a century
Incorp. Nov.
Nov. 128 1910.
1904
and has since been brought under the Quebec Cos.' Act), for the manu
facture and sale of spruce and other lumber, ground wood pulp, sulphitepulp and
$5,000,000, of which more than half Is
owned
by paper.
membersCapital
of the stock
Price family.
The company In itself, together with Its ownership of ail the assets or
all the Issued capital stock of the Price-Porrltt Pulp & Paper Co. (the
latter free from liabilities) and of all the bonds and the total Issued capital
stock of the Jonqulere Pulp Co., owns and controls:
Assets $13,528,375, on B asis oj V aluation as o fJ u lg 19 1910.
About 3,793,000 acres of leasehold [annual license rental to
Prov of Quebec $5 per sq. mile—Ed.] and 128,000 acres or
arpents of freehold timber andpulpwood lands lying near the
St. Lawrence and Saguenay rivers In the Province of Quebec
and containing about 3,149,500,000 ft. of timber and over
20.665.000 cords of pulpwood________ ______- ......................$8,085,875
Nine sawmills at Batiscan, Montmagny, Cap St Ignace, Trols
Saumons, Rlmouskl. Matane, Salmon Lake, St. Marguerite
and Grand Bay [combined capacity about 100,000,000 ft.
per day.—Ed.]
Three
shingle mills at Rlmouskl, 'Matane and Salmon Lake
[combined capacity 600,000 shingles per day].
Price-Porrltt pulp mills at Rlmouskl, capacity 7,500 tons of
pulp per annum.
Sundry real estate, wharves, water powers and other properties
at Chicoutimi, L'Anse, St. Jean, Metis, St. Catharines Bay,
Petit Saguenay,
Jonqulere
Pulp Co.:Ac______________________________________
About 215,000 acres leasehold timber limits; 842,500
sawmill, chemical pulp mill, ground-wood pulp mill and card
board and paper mill [annual capacity 8,000 tons of ground
wood
2,600
tons of sulphite
pulp,tonstogether
6.000 pulp,tons
of cardboard
and 4,000
of paper],producing
three waterpowers,
two
of
which
are
developed
to
produce
3,700 h.p.
third of 14,000 h.p. will be developed In connection
with (the
the
new pulp and paper mills); electrlo power plant supplying light
and power to the town of Jonqulere and the Janqulerc mills;
buildings,
andliquid
all other
accessories___
Tohouses,
the above
will bepiers,
addedbooms
the net
assets
In excess of 1,000,000
current liabilities (less the amount required to redeem the out
standing bonds), which will be used for the purchase of all the
bonds of the Jonqulere Pulp Co. amounting to $190,000, for
the construction of new pulp and paper mills, of a new sawmill
and for working capital, say not less than_________________ 3,600,000
[V O L . L X X X X I .
company
will atmills,
once cement
proceed and
with steel
the construction
the aforesaid
newThepulp
and paper
constructionof(with
a dally
capacity of 150 tons of newspaper), together with a concrete flam and
hydraulic development of 14,000 h. p. under a head of 280 ft., which will
be more than sufficient for the operation of the mills.
The company Is the largest manufacturer of spruce lumber In Canada
Almost the entire output has been sold In the European, United States and
South American markets. The average sales during the last live years
have been about 72,000,000 ft. of timber, 66,000,000 shingles and 240,000
ties per annum
E arnings Jor Years ending N ov. 30, A fte r Charging all M anu fa ctu rin g , Selling
and General E xpenses, including M aintenance and D epreciation, but
Before Charging Interest.
1909.
1908.
1907.
Price Brothers * Co., Ltd_____ ________$276,284
$224,083 $391,142
The Jonqulere Pulp Co....................... _.......... 88,167 45,993 65,824
Price-Porrltt Pulp & Paper Co____________ 34,316 13,453 17,894
............................................................$398,767 $283,529 $474,860
It Is estimated that the earnings for the llscal year of 1910 will amount to
$400,000 and that the new mills, including a new sawmill, when completed,
will produce an additional prollt amounting to about $500,000. These
estimated earnings of $900,000 arc three times the Interest charges on the
total Issue of bonds.
Directors. —William Price (President), Henry E. Price (Sec. A q'rcas.),
Gustavus G. .Stuart and Geo. II. Thompson, Quebec; Wm. S. Hofstra,
New York: Ion Hamilton Benn and Edward G. Price, London; H. S. Holt,
and James Redmond, Montreal; Granger Farwell, Chicago.—V. 90, p.
854; V. 81, p. 158.
Pullman Co.— C om pany to Agree to R educed R ates if A gain
Ordered by C om m ission. — Vice-President and General Counsel
T o t a l...
John S. Runnells is quoted as saying:
If the commission in the case now pending reaffirms its principle of a
dillerentlal in rates for upper as compared with lower berths, It Is the senti
ment of the board that reductions should be made voluntarily throughout
the country without waiting for any further complaints or orders from the
Commission. The amount of the reduction and the time It goes IntoclTect,
therefore, depends on the Commission. The case will be set for hearing
at its convenience and I have no doubt the matter will be settled amicably.
This sentiment was expressed at the meeting of the directors, tout no action
was taken. We do not feel, however, that a reduction in the price of
lower berths is Justlliable. Compare V. 91, p. 157.—V 91, p. 1158 280.
Randolph-Macon Coal Co.— D ecisio n . — Judge Hand, in
the United States Circuit Court in this city on Nov. 1 0 , dis
missed the complaint in the action brought by the Slater
Trust Co. of Providence, R. I., in behalf of itself and other
holders of the outstanding issue of $1,800,000 1st mtge. 5%
bonds, to recover damages from James T. Gardiner, Wm. A.
Read and John R. liegeman, who promoted the enterprise
for alleged misrepresentations in regard thereto. Compare
V. 8 6 , p. 1474. The Court says:
When they created a corporation to make promises, the defendants did
it to the
avoid
making themselves
liable personally,
and every
one not
whorelease
dealt
with
corporation
knew It perfectly
well. Of course,
that did
them
from
the
consequences
of
their
torts,
if
they
committed
any,
but
did relieve them from any voluntary engagement. To hold them liableIt
on the covenants would be to create an obligation which they did not mean
to assume and which the bondholders did not expect to get. In the case
at bar none of the defendants received anything from the complainants
which they now wrongfully retain, nor is there any transaction between
them to unravel. It was the company which got the money and used It,
and If the defendants are liable it Is because they committed some wrong
when they uttered the statement. There Is no theory, therefore, on which
the complaint can succeed.—V. 89, p. 476.
Republic Rubber Co., Youngstown, O.— N ew O fficers. —
Thomas L. Robinson (head of the trust department of the
Dollar Savings & Trust Co. of Columbus, O.) has been elected
Chairman of the board. J. F. McGuire has been made Presi
dent (also General Manager), succeeding the late Warren
Arms.— V. 80, p. 1738.
St. Louis Car Co.— M r. Bcggs A ccepts P residen cy. — John I.
Beggs on Nov. 8 announced that lie had consented to becomePresident, as he had faith in the efficiency of the reorganiza
tion plan just put out.— V .91, p. 1264.
San Joaquin (Cal.) Light & Power Corporation.— N ew
B onds — S ta tu s. — N. W. Halsey & Co., New York, &c., have
offered at 101 and int. the new “ first and refunding mortgage”
6 % gold sinking fund bonds, Series A, dated Aug. 1 1910'
and due Aug. 1 1950, but callable at 102j/o on any int. date.
Int. F. & A. Par $1,000 (c&r*). Trust Co. of America,
New York, trustee. A circular says:
Organized under the laws of California in July 1910 and acquired all theproperties, long In successful operation, of the San Joaquin Light A Rower
Co., the Rower, Transit & Light Co. of Bakcrslleld and Its subsidiaries,
and the Merced Falls Gas & Electric Co.
Bonded Debt Now O utstanding (Including this Issue)— Aggregating $5,494,000.
Series A bonds (this Issue), to be Issued immediately for lmpr’ts. - 1,500,000
To be issued within one year to retire entire debt of Rower Transit
A Light
of Bakcrslleld,
It having _____________
been agreed to ________
exchange$1,026,000
or
call saidCo.debt
within that time____
Underlying bonds (San Joaquin Lt. A Pow. Co.; V. 88, p. 105;
V. 85, p. 288), to retire which ‘‘first A refund, bds.” are res’ved 2,968,000
The $1,500,000 Series A bonds arc Issued for the purpose of completing
a massive dam at the outlet of the Crane Valley, on the San Joaquin River,
Increasing the storage capacity of Its reservoir to 51,000 acre ft., or twelve
times its former capacity, completing the enlargement of the San Joaquin
water-power plant (capacity 21,000 h. p.), erecting a new steam generating
plant at Bakcrslleld (capacity 2,680 h. p.), building a high-voltage trans
mission line from the San Joaquin water-power plant to Bakcrslleld, thereby
physically connecting all the properties, and making other Improvements
which should very largely Increase the earnings.
These bonds will be secured by a direct lien upon the entire property
formerly owned by the San Joaquin Light A Rower Co. (subject only to Its
present bonded debt of $2,968,000); by a first lien upon all the property for
merly owned by the Merced Falls Gas A Electric Co., and the new hightension line physically connecting the properties: and also by a direct lien
at once and within one year by an absolute first lien upon ttie entire property
of the Power Transit A Light Co. of Bakcrslleld. In other words, within
one year these bonds will be secured by an absolute first lien on properties
with net earnings, after deducting expenses and taxes, amounting to $ 186 ,
825 for the year 1909, or nearly 40% of the total net earnings of the con
solidated properties as shown below.
Vropertg .—The corporation will operate four water power and two steam
electric generating plants with a capacity of 31,700 h. p. The greater part
of this current will be generated by water at three hydraulic stations lo
cated on the San Joaquin River. The Crane Valley reservoir referred to
above will provide ample water to operate the hydraulic plants to their
full
during the entire
season. line
At the
present time
are about
280 capacity
miles of high-tension
transmission
in operation,
andthere
the new
high
voltage line connecting all the properties will add about 322 miles. The
current Is transformed through 15 substations and distributed through 305
miles of distributing line at the present time. Gas Is manufactured and
distributed In Bakersfield, Kern, Merced and Selma and a street railway sys
temTheis operated
in theoperations
City of Bakersfield.
corporation's
extend into the seven principal counties >
the San Joaquin Valley—a territory about 195 miles in length by 78 mile;
in width. Including the cities of Merced, Madera, Fresno, Selma, Hanford,
Nov. 12 1910.1
r ilE CH RO NICLE
133 3
Bakersfield and 20 other cities and towns, serving a population of about a_ong
965.before the company Is In a position to resume dividends.]—
145,000. Practically all of this territory Is susceptible of producing a great V. 91, p.time
diversity of fruits, wines and the higher class of agricultural products. In
Submarine Signal Co., Boston.— S ta tu s .— The following
addition to doing a general lighting and power business, the corporation Is
selling a large and rapidly Increasing amount of electrical power for pump from the “ Boston News Bureau” is confirmed:
ing water for Irrigation and domestic use. and Is successfully developing the The company may now be said to be fairly on its feet and should for a
use of electricity for pumping oil wells.
second successive year show something earned on Its $1,679,750 stock
S a n Joaquin Light & Power Corporation E arnings— A ll C om panies.
There Is no debt and the company Is slowly adding to Its working capital,
on Dec. 31 1909 amounted to approximately $175,000.
Cal. Year
7 M os. to E st. )o r Cal. which
There are already 130 sending stations In operation In 16 different coun- ■
A s officially reported —
1009.
J u ly 31 1910. Year 1910.
tries,
the
United States leading with 48; Great Britain, Including Canada,
$753,466
$536,751
$920,145
Grossearnings
Income------------------------33; Germany, 15; Spain and Portugal, 1 each; Argentine, 1, and experi
$480,562
$574,234 has
$334,970
Net
taxes)--------stations arc being placed In China and Japan.
160,921
All
bond int., (after
Including
this Issue 251,295
275,864 mental
There are 722 vessels equipped with the receiving apparatus, an Increase
141 since Jan’ 1, or about 33%. This follows an increase during 1909
$174,049
$298,370 of
Balance, surplus________ _____$238,267
of
Included In this total are about 160 naval vessels, pilot boats,
In August 1910 the generating equipment was Increased from 7,570 h. p. &c.,54%.
which the apparatus Is sold outright. The majority of Installa
to 18,200 h. p. Without benefit from this large Increase, the net earnings tions for
are
on
merchant marine, where the apparatus is leased; on vessels
for the first seven months of 1910 were double all bond Interest charges, of 8,000 tonsthe
the annual rental Is $800, the minimum charge being
Including this Issue. The completion of all the Improvements referred to $75 for vesselsandof over
less than 250 tons. The company is still equipping the
above and the Installation of 13,500 additional h. p. will be provided for ships of the Pittsburgh
Steamship Co. (U. S. Steel Corporation) and to
by the present bond Issue.—V. 91, p. 965, 280.
date 40 boats are using the apparatus.—V. 86, p. 425.
Shenango Iron & Steel Co., Wheatland, Mercer County,
Tennessee Copper Co.— N ew B o n d s. — The shareholders
Pa .— Sale D ec. 2 1 .— Charles C. Murray, trustee in bank will vote Nov. 18 upon the creation and sale of an issue of
ruptcy, 220 4th Av., Pittsburgh, will offer the property for
sale on the premises at Wheatland Dec. 2 1 .
The sale Is made under order of the U. S. DlstrlctCourt for the Western.
District of Penna. Org. In 1905 with $200,000 (or $300,000) capital
stock by creditors of the Continental Iron Co., and acquired the Indepen
dent Rolling Mill of Cuyahoga Falls, which It moved to Wheatland, Pa.
Involved by the failure of the Fort Pitt Nat. Bank, the company was on
May 22 1908 placed in hands of C. C. Murray (receiver of the bank) as re
ceiver.
Silliker Car Co., H alifax. — See Nova Scotia Car Works,
Sloss-Sheffield Steel & Iron Co. — O m ission o f D ivid en d on
Com m on S to ck .— The payment of regular quarterly dividends
$1,500,000 6 % gold bonds, to be secured by a mortgage upon
the company’s property, real, personal and mixed, now
owned or hereafter acquired. Secretary Edward C. Westervelt, under date of New York City, Nov. 4 1910, says:
There are now outstanding $350,000 1st M. 5% bonds secured by a
mortgage on all of the property, and $600,000 6% short-term notes, the
latter having been Issued to provide part of the funds for the erection of the
second unit of the sulphuric acid plant. The purpose of the present pro
posed Issue of $1,500,000 1st M. bonds Is to retire all of the outstanding
obligations
mentionedCompare
above, and
to p.provide
corporate purposes.
V. 91,
272. additional funds for other
U nion Oil C o., L os A n geles.— E a rn in g s. — The circular
which was sent out with the August dividend, and which was
on the common stock (now $ 1 0 ,0 0 0 , 0 0 0 ), which, as equalized
by the extra payment of % % last November, had been at the cited in our issue of Oct. 1 (V. 91, p. 877), further says:
rate of 5% per annum since and including April 1906, was
The head of our accountlngdepartmentsreports that the earnings to date
In excess of those for the corresponding period of last year and will
broken on Nov. 9, when the directors voted to omit the divi are
probably exceed those of last year by about $500,000, exclusive of the
dend which would ordinarily have been paid in December. earnings of the Producers’ Transportation Co. and the Lakevlew Oil Co.,
This action was prompted partly by the depression in the whose great gusher, it Is estimated, has produced this year over 5,000,000
barrels of oil and Is still producing at the rate of 500,000 barrels of oil a
iron and steel trade and in part by the losses, aggregating month.
With the favorable financial showing which we exepet to be able
to make.some of our directors are advocating an Increase of 20% In our
some $800,000, due to floods. An official statement says:
Under ordinary conditions, either financial or otherwise, this company
would, notwithstanding Its policy of providing for all of Its Improvements
to Its property without the Issuance of additional securities, have made
ample net earnings to pay dividends on all of its stock at the current rates
and have available a substantial surplus.
By reason of the flooding of the two slopes of one of the company’s most
Important mines, the entire output of ore from this mine, for a period of
8 or 9 months, was unavailable for use. The ore from this mine contains
sufficient lime to flux Itself and also 16 2-3% non-llmc-bearlng ore, and the
lack of this ore necessitated the shutting down of two of the company’s
furnaces and increased the cost of Iron produced about $1 50 a ton. At
great expense the water has been pumped out, and the mine Is now In con
dition to be operated; but this unfortunate accident and the enormous loss,
direct and Indirect, occasioned thereby, coupled with the existing depression
In the Iron market (owing to which the company has accumulated 70,000
tons of iron In Its yards), make It seem to the board Imprudent to declare
this quarterly Installment of dividend on the common stock.—V.9l,p.280.
Standard M otor C onstruction Co., Jersey C ity. — F irst
D iv id en d .— This company, which manufactures high-grade
dividends,
from 50
cts.—6%
60c. a share,Increasing
or 7.2% the
permonthly
annum. payments
The demand,
however,
for yearly—to
additional
market
causes
us
to
hesitate
In
fixing
the
date
for
beginning
the payment
of such Increase.
Our company has such reserves of proved oil lands that It would seem they
could hardly be drilled within a generation, thereby giving reasonable
assurance of permanency of Income. Our geologist, W. W. Orcutt,
estimates that the company has a proved area of oil lands which Is nearly
three times the area of the Baku field of Russia, and to date only 6% of
this proved territory has been fully developed, and practically none of this
land has produced to exhaustion. To date this 6% of developed territory
has yielded 34,000,000 barrels of oil and from this limited area the Union
Oil Co. of California Is still obtaining Its present production of crude oil.
[The August 1910 dividend was paid, It seems, on $29,017,200 of capital
stock.—Editor •'’Chronicle”.]—V. 91, p. 877, 1265.
U nion Sw itch & Signal Co., P ittsb u rg h .— N ew S to ck .—
F. B. Stearns, Pres.; R. F. York. V.-P.; E. McEwen, Sec. and Treas.;
F. M. Stearns, E. A. Merritt, A. W. Thomson and Philip Wick, the lastnamed succeeding hls father, the late Myron C. Wick of Youngstown, O.
Steel Co. of Canada, L td . — S ettlin g D a y .— The London
ten years at $20 a week and assign to the company all patents relating to
Inventions of shoe machinery. Defendant claimed $50,000 for the patent
under an alleged oral arrangement that he was to receive a fair market
value for Inventions. The Court ruled that patents do not come within
the provisions of the Sherman Anti-Trust Act. An appeal will be taken
on the question as to whether this and similar arrangements with other
employees constitute a monopoly In restraint of trade.—V. 91, p. 965, 878.
U n ited States Gas & Electric C o. — See Wayne County
The shareholders will vote Dec. 14 on increasing the capital
stock from $2,500,000 to $5,000,000, or to an amount not
exceeding $5,000,000. The additional capital stock may be
marine engines, motors, &c., paid on Oct. 15 a first dividend issued from time to time in payment of dividends, or for
of 2 % on its cap. stock, $1,800,000; par value of shares, $ 1 0 . subscription upon such terms as the directors shall deem
There arc now $226,000 1st M. 6% bonds outstanding. The company
still owns property at Staten Island (In addition to Its Jersey City proper proper. Compare V. 91, p. 1040.
ties) which It Intends to utilize In connection with the building of gasoline
U n ited Shoe M achinery C orporation.— D ecisio n .— Judge
engines. Compare V. 88, p. 1376; V. 89, p. 1496.
Hardy in the Superior Court at Boston on Oct. 31 ordered
(F . B .) Stearns C o., M otor Cars, C leveland. — D iv id en d s .— one Lachapelle, an employee of the company, to assign a
At the annual meeting Oct. 6 1910 a cash dividend of 25% patent relating to a machine for pulling the upper over the
was declared, as against 12% paid the preceding year. The last of the shoe.
following directors (and officers) were elected:
The defendant made a contract in 1906 under which he was to work for
Stock Exchange has appointed a settling day for fully-paid
scrip for £924,600 6 % 1st M. and collateral trust bonds.
Stonega Coke & Coal Co. — A cq u isitio n . —-This company, Gas & Electric Co. in V. 91, p. 1174.
incorporated in Delaware on May 4 1910 with $7,000,000
U n ited S tates Steel Corporation.— U n filled Orders Oct. 31.
of auth. capital stock, in shares of $ 1 0 0 each ($3,500,000
being 7% non-cum. pref., with preference also as to assets, — The company’s monthly report of orders given out on
but callable at 135; amounts outstanding $3,000,000 com Nov. 1 0 shows unfilled orders on the books Oct. 31 aggregating *
mon and $3,356,100 pref.), acquired in May last (1) the coal, 2,871,949 tons, being a reduction of 286,157 tons for the
coke plants, &c., of the Stonega Coke & Coal Co. of New month of October.
The company Issued the following statement;
Jersey (incorp. in April 1902), outstanding capital stock
“The unfilled orders on hand on Oct. 31 1910 aggregated 2,871,949 tons.
$552,000, and (2) the adjacent coal and coke plants of the This
apparently Is the smallest amount ever shown on the books; but tho
Kcokce Consolidated Coke Co., operating in Lee and Wise comparison Is somewhat misleading because the basis has been changed to
only orders received from companies outside of our own interests.
counties, Va., 700 coke ovens and coal mines, with annual show
old basis
the showing
3,583,990astons
as of 30
Oct.1904;
31 1910.
output of 750,000 tons of coal. (V. 89, p. 414, 47.)
The“On
lowthefigures
heretofore
shownwould
were be3,027,000
of Sept.
but
The new company, we are Informed, hasapresent coal capacity'of 2,500,
000 tons annually, with a coke capacity exceeding 1,000,000 tons annually
and a leased coal acreage of 25,000 acres. Pres., Daniel B. Wentz of Phila
delphia; Vlce-Prcs. John S. Wentz of Philadelphia: Andrew II. Reeder of
Big stone Gap, Va.; Sec. and Treas., Harrle B. Price; Asst. Treas., Charles
R. Wentz, and Assistant Sec., William S. Wood, all of Philadelphia. The
Interests that controlled the old Stonega Company are in control of the new
corporation. Philadelphia office, 1727 Land Title Bldg.
llonded D ebt. —(1) Uond Issue of Keokce Consolidated CokeCo.,$1,100,000 ‘‘first and refunding mtge.” 5%, due July 1 1959, of which $39,000 re
deemed through sinking fund and $1,061,000 outstanding. A first lien
upon the Imboden property and Improvements thereon, and a second lien
on the Keokuk property (V. 89, p. 414). (2) $1,400,000 purchase money
bonds of ICeokee Consolidated Coke Co., due July 1 1959, all outstanding.
These bonds, prln. & Int., are guaranteed by the Virginia Coal & Iron Co.,
the lessor of the coal lands operated by the Stonega Coke & Coal Co. of
Delaware. They are a 1st M. on the Keokec property and Improvements
thereon
a 2d3%;
M. on
the1Imboden
property.
July 1 1910
to July 1and
1917,
July
1911 to July
1 1912,Interest
4%, andrates,
thereafter
5%.
on the present basis they would have shown 2,434,730 tons.’’
Tonnage of U nfilled Orders (00,000 omitted ).—.111 on A’em B asis.
-----------------—
1910-------------------------------------1909-------------- 1908 1904
Oct. Sept. A ug. J u ly . J u n e. M e/ 1. Dec. S ept. J u n e . M ch . Sept. Sept.
2,8 3,1 3,5 3,9 4,2 5,4 5,9 4,7 4,0 3,5 3,4 2,4
[The present system of computing orders has been In, effect for approxlmatcly three years.—Ed.]
—V. 91, p. 1158, 1098.’
U ta h Copper C om pany. — See page 1335.
W ashington (D . C.) Gas L ig h t C o.— M ortgage. — The com
pany filed for record on Nov. 6 its new general mortgage,
made to the American Security & Trust Co. of Washington,
as trustee, securing an issue of $5,200,000 of 5% bonds of
$500 each, due Nov. 1 1960. Compare V. 91, p. 1098.
W elsbach Incan d escen t Gas L igh t C o., L td ., of C anada.—
S treet’s W estern Stable Car L ine, C hicago.— S ta tu s ,—The L iq u id a tio n . —-W. R. Granger, Secretary-Treasurer, an
“ Chicago Inter Ocean” of Oct. 11 stated the results of the
examination of the property by the trustees under the mort
gage ($2 ,0 0 0 ,0 0 0 auth., $1,827,000 or more out), as follows:
nounces that the 1,280 shares of Auer Incandescent Light
Manufacturing Co. were sold to the only bidder for $7,040.
The total assets of the company available for distribution amount to
In ease of dissolution, the $775,000 cumulative pref. stock (preferred only $14,000, or 14 cents per share, leaving a balance of about $200 to cover
as to dividends) and the $3,800,000 common stock would have a cash value costs and expenses. Compare V. 91, p. 469.
of about $29 a share (par $100), after all of the bonds had been paid oil at
par. [It is reported that while all of the cars are employed, It may be
F or oth er
In v estm en t
N ew s
see
page
1335.
T H E CH RONICLE
1334
[VO L. L X X X X I.
Iftc p rrrts a n d J lc r u m e w t s ,
THE AMERICAN COTTON OIL COMPANY.
ANNUAL REPORT FOR THE FISCAL YEA R ENDED AUGUST 31 1910.
E xecutive O ffices, 27 B eaver Street,
N eiv Y ork, N ovem ber 1 1910.
To the Stockholders o f the A m erican Cotton O il Com pany:
The Directors herewith submit their Report and State
ments of Account for the fiscal year ended Aug. 31 1910,
being the Twenty-first Annual Report of the Company.
SHARE CAPITAL.
The amount of the Capital Stock, issued and outstanding,
is unchanged, viz.: Common Stock, $20,237,100; Preferred
Stock, $10,198,000.
d e ben tu r e bo nds.
The total amount of Gold Debenture Bonds authorized and
outstanding is $5,000,000. These Bonds mature on Nov. I
1915 and bear interest at the rate of 4 % % per annum, paya
ble quarterly.
ALL PROPERTIES FREE FROM LIEN.
All the properties of the Organization are absolutely free
from mortgage or other lien.
PROFIT AND LOSS.
The Profits for the year amounted to------------------------- — $2,209,255 03
Deduct Debenture Bond Interest-------------- ------------ ------- - 225,000 00
Net Profits___________________________________________ $1,984,255 03
The losses from bad debts during the year amounted to
less than one-seventh of one per cent on the total volume of
sales.
PERMANENT INVESTMENT ACCOUNT.
There has been expended during the year the sum of
$879,829 55 for additions to the properties, including Real
Estate, one Crushing Mill, Cotton Ginneries, Fertilizer Mix
ing Plants, Seed Houses and other Warehouses, increased
capacity of Mills, Refineries and Soap Plants.
From this has been deducted the amounts collected from
the Insurance Companies for property destroyed by fire, and
from sales of real estate, old machinery, buildings, etc.; also
differences between book and insurance valuation of proper
ties, aggregating $311,437 07, leaving the net increase to Per
manent Investment Account $568,392 48.
REPAIRS AND MAINTENANCE OF PROPERTIES.
The properties have been maintained during the past year
by the expenditure of $512,901 26, of which $502,002 04 has
been charged to Operating Expenses for the same period, and
$10,899 2 2 has been charged against the Reserve Fund for
Replacements.
WORKING CAPITAL.
The Net Working Capital of the Company on Aug. 31 1910
was $7,232,663 64, of which $608,805 62 was Cash in Banks
and $6,623,858 02 was Bills and Accounts Receivable, Mar
ketable Products, Raw Materials and Supplies, after de
ducting Current Liabilities.
CAPITAL. LIABILITIES AND ASSETS AUGUST 31 1910.
Capital—
Common Stock
.$20,237,100
10,198,600 00
00
Preferred Stock
$30,435,700 00
Total Share Capital
5,000,000 00
Debenture Bonds—
--------------------$35,435,700
00
Current Liabilities—
Bills
Payable--------------------------------------None
Commercial
accounts and Reserves for Con $1,643,334 41
tingencies_______________
Interest
accrued
upon31________________
Debenture Bonds,
one month to Aug.
18,750 00
Preferred Stock Semi-Annual Dividend
No. 38, payable Dec. 1 1910__________
305,958 00
Common
1010 Stock Dividend, payable Dec. 1 505,927 50
2,473,969 91
$37,909,669 91
Total
Real Estate, Buildings, Machinery. &c., based on the val
uation Aug. 31 1892, with subsequent additions----------$14,099,081 03
Cash In Banks_________________________ $608,805 62
Bills
and forAccounts
Receivable and ad 5,249,369 78
vances
Merchandise_______________
Marketable
Products,
Raw In
Materials
and 3,848,458 lo
Supplies on hand available
the business
Quick Assets_____ - _______________________________ 9,706,633 55
$23,805,715 18
Balanco, representing good-will, contracts, leases, trade
marks, patents, processes, brands and kindred assets of an
established business__________________________________ 14,103,954 73
$37,909,669 91
Total
GENERAL PROFIT AND LOSS OF ALL PROPERTIES AUG. 31 1910.
C r.
Balanco of General Profit and Loss Account Aug. 31 1909,
as per Twentieth Annual Report_____ ______________ _ $9,2oo,233 77
Difference between book und appraised values of properties
dismantled or destroyed by lire.................- .............. .......... 124,802 72
$9,130,431 05
Profits of the Manufacturing and Commercial business of this
Company and of the Corporations In which It Is Interested
for the year ended Aug. 31 1910, after.charging off all ex
penses of Manufacturing and Operation, Repairs of Build
ings and Machinery, Bad and Doubtful Debts, Expenses
of Administration, Ac---------------- - - -------------------------- 2,209,255 03
$11,339,686 08
Brought forw ard _________________________ .....................$11,339,686 08
Deduct:
Interest on Debenture Bonds____________ $225,000 00
Semi-Annual Dividends on Preferred Stock: 305.958 00
Paid June 1 1910....................
3% 305.958 00
Payable Dec. 1 1910______
3%
Semi-Annual Dividends on Common Stock: 505.927 50
Paid June 1 1910________________2 >$% 505.927 50
Payable Dec. 1 1910____________ 2H% ---------------- 1,848,771 00
Balance of General Profit and Loss Account Aug. 31 1910
(Invested as per Statement of Capital, Liabilities and $9,490,915 08
Assets)_____________________________________________
PRICE, WATERHOUSE & CO.
Chartered Accountants.
54 William Street.
N ew Y ork, N ovem ber 1 1910.
To the B oard of D irectors o f the A m erican Cotton O il C om pany:
We have audited the books and accounts of the American
Cotton Oil Company (of New Jersey) and of the following
Subsidiary Companies, for the year ending Aug. 31 1910:
The N. K. Fairbank Company,
The Union Oil Company (New Jersey),
Alabama Cotton Oil Company,
Arkansas Cotton Oil Company,
Georgia Cotton Oil Company,
North Carolina Cotton Oil Company,
South Carolina Cotton Oil Company,
Capital Fertilizer & Manufacturing Company,
The Kanawha Insurance Company of America,
Union Oil Company (Rhode Island).
We have also audited the financial statements signed by
officials of its remaining Subsidiary Companies, and we find
the foregoing summaries of Capital, Liabilities and Assets
and of General Profit and Loss Account are in accordance
with such books and statements.
During the year only actual additions and permanent im
provements have been charged to Permanent Investment
Account. All expenditures for repairs and maintenance,
amounting to $512,901 26, have been charged to Expense
Account or against funds created out of earnings, but no pro
vision has been made for depreciation, the Executive Offi
cers of the company considering that the expenditures made
during the year and in previous years render any such pro
vision unnecessary.
The inventories of stocks on hand, as certified by the re
sponsible officials, have been carefully and accurately valued
at prices not in excess of either cost or market; full provision
has been made for bad and doubtful Accounts and Notes
Receivable, and we have verified the cash and securities by
actual inspection or by certificates from the depositaries.
We Certify that in our opinion the foregoing statements
show the true financial position of the American Cotton Oil
Company (of New Jersey) and its Subsidiary Companies at
Aug. 31 1910, and the results of the operations thereof for
the fiscal year ending at that date.
PRICE, WATERHOUSE & COMPANY,
Chartered A ccountants.
The Board of Directors, at the regular monthly meetings in
May and November, declared the usual semi-annual divi
dends of 3% upon the Preferred Stock, payable respectively
on June 1 and December 1 1910, being the thirty-seventh
and tliirty-eighth consecutive dividends upon this stock.
Semi-annual dividends of 2 % % upon the Common Stock,
payable June 1 and Dec. 1 1910, were declared, being the
thirteenth consecutive year of payment upon this stock.
The Cotton Crop for the season 1909-1910 was the smallest
of the last six years, being 3,000,000 bales less than the pre
ceding year.
•
The high cost of Cotton Seed and the large reduction in the
quantity worked reduced the profits of the Crushing Mills.
There was, however, an active demand for all of the Com
pany’s products at profitable prices, and although the pro
fits for the year were less than thoso of last year, they were
satisfactory.
The scarcity of Oils and Greases, which has existed for a
year, has caused large advances in values; and the year under
review shows the highest range of prices for Cotton Oil,
Lard, Oleo Stearine and Tallow in the last ten years.
The high price of Refined Cotton Seed Oil and increased
duties imposed by certain foreign countries contribute do
reduce the exports for the year, but the domestic require
ments for Cottolene, Lard Compound, Margarine and other
food products, ultimately absorbed the entire production,
leaving the smallest surplus stock of recent years to be car
ried forward.
There is an interesting movement in progress by the Na
tional Goverment for the improvement of farming methods,
so that every acre tilled may show increased yields.
Its work is being supplemented by the governments of
many of the Southern States, with particular reference to
Nox.
12 1 91 0.]
TH E CH RO NICLE
the yield of cotton. Various industrial associations are in
teresting themselves in distributing literature on this sub
ject among the Cotton Planters, and much good will result
from this important educational movement.
The business of crushing Cotton Seed and refining Oil is
highly competitive, and your Company, while having an im
portant interest therein, does not by any means control.
Its strength and pre-eminence lie in the superiority of its
products, the ownership of valuable brands and trade-marks
and in. a large and comprehensive business of international
importance.
The policy of full insurance on all properties and stocks is
continued. All losses have been satisfactorily adjusted and
promptly collected.
The Board of Directors reports with profound sorrow the
death of Mr. James B. McMahon, which occurred on Feb. ‘28
1910. At the time of his death Mr. McMahon was Vice
President and Director of the American Cotton Oil Company
and Vice-President and Director of the N. K. Fairbank Com
pany. The Board recognizes the value and importance of
his services to this Organization and records its high appre
ciation of his character and work.
Much credit for the result of the year’s business is attributa
ble to an effective organization and the loyalty, ability and
zeal of the official staff and employees.
For the Board of Directors,
GEORGE A. MORRISON, C h airm a n .
She
1335
GPom m em ai
COMM ERCIAL EPITOM E.
F rid a y N igh t, N o v. 11 1910.
The note of conservatism is still apparent in trade. Yet
big crops and good prices are regarded as holding out the
promise of better times to come and the result of the elections
seems to promise some ultimate relief from the present burden
of the high cost of living.
LARD on the spot has been weaker. Trade has been quiet
and offerings have increased. Prime Western 11.90c.,
Middle Western 11.80c. and City steam 11 Mc - Refined lard
has been quiet with Continent weaker and other grades
steady. Refined Continent 12.50c., South America 13.25c.
and Brazil in kegs 14.25c. The market here for lard futures
has been extremely dull. At the West the speculation has
been active with prices irregular. The large yield of corn as re
vealed in the Government report of the 9th inst. has created
a bearish feeling among many on the market for hog products.
PORK on the spot has ruled steady with trade quiet.
Mess S20@$20 50, clear $ 2 1 50@$22 50 and family $25.
Beef has been firm with trade quiet and offerings light.
Mess $15 50@S16, packet S17@$17 50, family $19 50©$20
and extra India mess $30 50. Cut meats have been quiet
and generally steady with supplies light. Pickled hams,
regular, 1 3 @ 1 3 ^ c., pickled bellies, clear, 16@19e. and
pickled ribs lG@17c. Tallow has been in moderate demand
Utah Copper Co.— E a rn in g s .— For quarter end. Sept. .30: and firmer; City Sc. Stearines quiet and steady; oleo
1 0 K @ H M e . and lard 13c.
Butter fairly active with
1910.
1909.
$715,588 good grades scarce and prices firm; creamery extras 32c.
Net from operation____________________________ $946,020
Rents, &c., received____________________ ______ 12,211
6,095 Cheese quiet and firmer; State, whole milk, colored, large or
Nevada Consolidated dividend received_______ 371,730 ----------Sept, fancy 15Mc. Eggs quiet and stronger; Wes
Total net prollts.........................................................$1,329,967 $721,683 small,
Dividends ................................................................... 1,168,882
375,000 tern firsts 29@ 3‘2c.
Surplus.............................. ............................................ $101,085 $346,683
'Hie total production for the quarter ending Sept. 30 1910 was 23,194,921
lbs., against 25,124,052 lbs. for the 3 mos. ending June 30 1910. The aver
age cost per pound of net copper produced, after deduction of smelter al
lowances, was 8.25 cents, against 7.53 cents for the 3 mos. end. June 30
1910. Average price of copper, 12 H cents for the quarter ending .Sept. 30
and
1910, against
cents
quarter
March 31plants
1910.
Pres.June
D.C.30Jackling
says: 13.33
"During
Julyforallthethree
of theending
concentrating
were In operation. At the end of July the Copperton plant was closed down
permanently, and therefore for Aug. and Sept, this report covers the opera
tions of the Magna anti Arthur plants only. The directors decided that
the output of the property could be more profitably handled In the larger
mills near Garfield, and that, therefore, It would be best to dismantle the
Copperton plant and use the machinery In It tor the enlargement and im
provement of the Arthur plant.”—V. 91, p. 522, 407.
— The “ Banking Law Journal” of this city has just issued
its annual year-book, the present number being devoted to
the “ Clearing-House Systems of the World.” The volume
is undoubtedly the most complete work of its kind ever
published on this most important subject and ought to prove
very valuable to the banker. The systems used by the larger
elearing houses in this country, namely New York, Boston,
Philadelphia, St. Louis, Chicago, San Francisco and New
Orleans, are treated in a most comprehensive manner, and
there are shown the various forms employed in the transac
tion of business, cuts of the interior and exterior of the
buildings, &c. The foreign houses are likewise referred to in
detail, and a very complete explanation is given of the
numerous original forms and blanks used in each case.
Copies may be had from the publishers, 27 Thames Street,
New York. Price, 51.
— Chas. H. Jones <fc Co., 20 Broad St., New York, are
offering the 5% certificates of the receiver of the Pittsburgh
Shawmut & Northern R R ., due Sept. 1 1915, at a price to
yield the investor 5 % % income. These certificates are
tax free in Pennsylvania. The receiver, Frank Sullivan
Smith, states that the values of the properties in the hands
of the receiver aggregate over $25,000,000, of which more
than $3,000,000 is first-class equipment. The large amount
of equipment on which these certificates are a prior lien
brings them practically within the class of equipment issues.
The total authorized issue of receiver’s certificates is $3,100,
0 0 0 , and he states that the company earned net for the year
1909-10 $397,171, or over 2M times the interest on the
total issue of certificates.
— In less than two days after they were awarded the
$750,000 Allegheny County 4s, J. S. & W. S. Kuhn Inc.
marketed the entire three-quarter-million-dollar issue, ac
cording to an announcement made by the company from
its main office in Pittsburgh. Another interesting feature
in connection with the announcement is the fact that the
bonds were sold on a 3.95% basis.
— The Guarantee Trust & Banking Co. of Atlanta, Ga.,
has recently opened a branch office in the First National
Bank Bldg., Chicago, to offer in the Northern market its
10-year 5% coupon trust bonds, which arc obtainable by a
monthly deposit of $ 8 per $ 1 ,0 0 0 , and, if the plan of pur
chase is persisted in,should yield an annual income of $25.
Pearman Hinckley, State Manager, is in charge of the Chi
cago office.
—-N. Curtis Fletcher
Co., 24 Milk St., Boston, have
brought out the November issue of their pamphlet regarding,
“ gas, electric-light and water-power securities in New
England.”
— Eugene Meyer Jr. & Co., 7 Wall St., New York, have
issued a circular regarding the Chcs. & Ohio Ry. Co. and its
4 M % convertible gold bonds.
D A IL Y
C L O S IN G
P R IC E S
Sa t.
O F
L A R D
M on.
F U T U R E S
T ues.
IN
NtEVV YORK.
F ri.
11.70 11.63
10.75 10.65
10.20 10.15
IN CHICAGO.
T hurs.
F ri.
11.47H 11.35
10.40
10.32X
9.85 9.85
Weil. T hurs.
November delivery___ 11.70 11.75
11.80
January delivery............10.70 10.77
Holi- 10.75
May delivery------------- 10.22 10.30
day. 10.25
DAILY CLOSING PRICES OF LARD FUTURES
S a t.
M o n . T ues. W ed.
November delivery___ 11.32 >4 11.42^
11.47H
January delivery---------10.30 10.40
Holl- 10.40
May delivery________ 9.82H 9.92}^ day. 9.90
OIL.— Linseed has been firm. City, raw, American
seed, 97@98c.; boiled 98@99c.; Calcutta, raw, $ 1 03. Cot
tonseed has been quiet and irregular; winter 7.85@8.25c.
and summer white 7.40@8c. Lard has been firm, with
trade quiet and supplies small or moderate. Prime $1 05@
$ 1 15; No. 1 extra 05@70c.
Cocoanut has been quiet but
strong on small supplies; Cochin 1 0 Mc.; Ceylon 9M c. Olive
has been in fair demand and steady at 90@95c. Corn has
been active and firmer at 7@7.05c. Cod has been in good
demand and firm; domestic 42@44c.; Newfoundland 43@47c.
COFFEE has been firmer and more active. Rio No. 7,
11
Santos No. 4, llM @ 1 2 c . West India growths
have been fairly active and firmer; fair to good Cucuta 12M @
12 Mc - The speculation in future contracts has been active
and prices have advanced. Stimulating factors have been a
rise in the European markets, unfavorable. advices from
Brazil regarding the new crop prospects and reports that
holders of old-crop coffee in the primary markets are not in
clined to sell freely. Local and foreign shorts have cov
ered freely here and commission houses have purchased <
Spot interests have also bought. Closing prices as follows: *
u gu st___9.50c
November
. 36c. I.Tune
M ay____
December _9.15c.
.9 .25c. |JFebruary
March____-.99.44c.
______9.50o.
9.51c. j ASeptember
>9.50cJanuary --9 31c.(April_____ 9.46c.(July______ 9.52c. (October 9.40c
SUGAR.— Raw has been firmer with a somewhat larger,
trade. Centrifugal, 9G-degrees test, 3.86c.; muscovado, 89degrees test, 3.36c., and molasses, 89-degrees test, 3.11c.
Refined has been steady. New business has been quiet,
but there have been fair-sized withdrawals on old contracts.
Granulated 4.60c. Teas in moderate demand and gen
erally firm. Spices steady with a fair demand from grinders.
PETROLEUM.— Refined has been steady with further
improvement in trade, especially for domestic account.
Refined, barrels 7.40c., bulk 3.90c. and cases 8.90c. Gaso
line has been moderately active and firm ; 8 G degrees in 1 0 0 gallon drums 18%c.; drums $ 8 50 extra. Naphtha has been
steady with a fair demand; 73@ 76 degrees in 100-gallon
drums 1 6% c.; drums $ 8 50 extra. Spirits of turpentine
quiet and steady at 80c. Rosin quiet and easier at $G 20.
TOBACCO.— The market for domestic leaf has been rather
more active of late and the opinion is expressed in some
quarters that a further expansion in trade in the near future
would not be surprising, as manufacturers in many cases
report the demand for cigars good. There has been increased
buying of old-crop Wisconsin, owing to the poor quality of
the new leaf. Farmers in various sections are said to be
asking higher prices. Sumatra and Havana have been in
moderate demand and firm.
COPPER has not changed materially. The demand of
late has been rather quiet, but reports from some sources
indicate that the consumption in the world has increased
and there is a more cheerful feeling in some quarters regarding
the future. Lake 12Mc., electrolytic 12.70@ l2M c- and
casting 12M@12.G0c. Lead has been quiet and steady at
4.40c. Spelter has been firm at 5.8O@5.90c.; trade less
Active. Tin has been quiet and easier; spot 36c. Iron has
been steady. Radiator manufacturers have made large
purchases of late. No. 1 Northern $15 75@$16; No. 2
Southern $15 25@$15 75. Finished material less active.
T H E CH RONICLE
1336
N ov. 11 at —
COTTON.
F rid a y N ig h t, N ovem ber
11 1910.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening, the total receipts have reached
375,754 bales, against 381,530 bales last week and 390,831
bales the previous week, making the total receipts since
Sept. 1 1910 3,276,560 bales, against 3,595,783 bales
for the same period of 1909, showing a decrease since Sept. 1
1910 of 319,217 bales.
S a t. AIo n .
14,813 15,447
14,249 9,727
1,959 1,885
1,000
945
8,939
6,800
__ ___
3,595
2,201
___ ___
5,136 5,046
6.503 6,842
—
—
—50
Boston ..............
___ ___
Baltimore-------- —
Philadelphia----—
Totals this week. 51,661 53,476
Receipts at —
Galveston_____
Port Arthur___
Texas
City, &c._
New Orleans___
Mobile
. _____
Pensacola_____
Jacksonville, &c.
Savannah ...........
Brunswick____
Charleston__...
Georgetown----Wilmington----Norfolk-----..
N’port News, &c.
Tues.
32,878
___
___
16,680
1,524
4,400
193
12,490
___
2,656
10
3,891
7,892
—
~U3
—
82,733
W ed.
ThUrs.
F rl.
Total.
New Orleans.
Galveston___
Savannah ____
Charleston___
Mobile______
Norfolk_____
New York. . .
Other ports__
Total 1910..
Total 1909..
Total 1908..
lVO L. L X X X X I .
On Shipboard, N ot Cleared J ot—
Great
Ger Other Coast
Leaving
B ritain. France m any. Foreign w ise . Total. Stock.
13,787
25,024
6,655
6,500
4,200
5,500
14,000
75,666
61,395
99,342
8,441 12,768 11,269
11,663 25,870 22,472
2,929 1,000
1,913 5,578
2,800 1,000 2,100
1,100 19,000 2,000
25,917 67,145 38,841
49,564 75,565 31,463
40,202 86,091 53,583
266
3,400
1,300
2,000
275
25,455
46,531
88,429
11,884
8,500
11,966
25,455
11,400
36,100
32,696 240,265
31,124 249,111
25,306 304,524
—
87,952
82,450
132,320
33,232
34,346
9,735
107,806
39,949
527,790
701,475
621,629
12,553 13,366 17,414 106,471
___
9,000 9,000
___
1,984 1,984
12,267 17,226 11,730
81,879
2,253
917
555 9,093
____
5,400
597
80 1,815
10,328 7,821 12,162
58,546
18,195 18,195
2,802
___ 4,172 3,839 19,265
10
1,430 2,390 1,793 19,686
4,040 5,409 6,980
37,675
—
—
—
—
340
~76 172 “751
5,984 5,984
—
—
—
—
46,022 51,974 89,888 375,754
Speculation in cotton for future delivery has not been
active, but prices under the stimulus of moderate crop esti
mates at home and abroad, a comparatively light crop move
ment and strong spot markets at the South, have advanced.
The fluctuations, as heretofore, have been rather erratic,
but, despite a rather sharp setback following the ginning re
port of Wednesday, stating the quantity ginned up to Nov. 1
at 7,339,983 bales, against 7,017,849 for the same time last
year, the trend of prices has been upward. The quantity
ginned during the period from Oct. 18 to Nov. 1, 1,916,355
bales, was the largest on record, with the exception of the
same period in 1906, when it reached 1,974,774 bales, and
the crop was, roughly, 13,550,000 bales. Believers in better
The following shows the week’s total receipts, the total prices consider these figures deceptive, however, pointing
since Sept. 1 1910, and the stocks to-night, compared with to the fact that some times in small crop years, or years of
last year:
only moderate yields, the ginning for a time exceeds that
which occurs in years of large crops. They also claim that
Stock.
1909.
1910.
Receipts to
the ginning this year is unusually rapid, as ginning facilities
N ov. 11.
s T h is Since Sep T h is Since Sep
1909. at the South are increasing all the time. On the other hand,
1910.
week. 1 1910. week. 1 1909.
170,879
Manchester is having a good trade, business on the Continent
136,991 1,191,760
Galveston. ____ 106,471 1,334,968
39,017 ........... 263,288
41,164 8,469
Port Arthur......... 9,000
........... is said to be brisk and the Neill estimate of 11,000,000 bales
15,926
024 454,973
1,984 81,831
Texas
City,
&c_.
New Orleans___ 81,879 349,014 67,133
877 7,981 134,483 170,631
723 seems to have made foreign spinners somewhat nervous.
115,255 46,312 41,058
89,517 12,777
Mobile ________ 9,093
On declines Southern holders withdraw from the market,
7,502 55,415 —
Pensacola... . . . 5,400 17,722
........... and there appears to be considerable cotton held back now
7,266 2,497 13,644
1,815
Savannah______ 58,546 671,354 61,118 907,462 144,204 232,142 that the South has sold a good deal of cotton at high prices.
Brunswick_____ 18,195 79,841 12,750 149,064 17,968 17,567
Charleston-------- 19,265 145,571 7,554 147,405 41,732 43,563
Believers in lower prices think that the large ginning figures
10
70
Georgetown ___
386
524
Wilmington . . . . 19,686 212,069 11,575 215,311 34,767 10,248 of Nov. 1 may be accepted as reasonably trustworthy evi
Norfolk________ 37,675 212,658 30,883 257,398 35,190 39,696 dence of a crop of 12,500,000 to 13,000,000 bales. They
913 3,052 119,206 115,911
N’port News, &c.
1,325
1,347
New York_____
1,295
1,992 also point to the fact that the cotton goods business in this
932
792
1,958
Boston________ 5,984
751 28,092
2,493 4,698
9,286 country is by no means as satisfactory as could be desired.
17,739 19,166
Baltimore ...........
3,216
4,481
552
Philadelphia___ —
201
The sales at Fall River for a couple of weeks have shown
Total.................. 375,754 3,276,566 367,454 3,595,783 768,055 950,586 a sharp falling off. The spinners’ takings, moreover, have
been running behind those of last year. American spinners
In order that comparison may be made with other years, have bought considerable cotton this fall and are supposed
we give below the totals at leading ports for six seasons:
to be in a much more independent position than they were
the beginning of the season. The stock market has had a
1907.
1910.
1909.
1908.
1006.
1905. at
Receipts atsharp setback. Spot sales at Liverpool have latterly fallen
Galveston . . 106.471 136.991 133.312 103.861 154,500 112,817 off. The South has been selling the near months here pretty
Pt. Arthur,& C . 10,984
9.093
4,342
5,252 10,070 12,340
against the actual
cotton, and speculation
New Orleans. 81,879 67,133 115,520 76,735 106,632 99,586 freely
Mobile...........
9,093 12,777 14,056 17,260 15,331 12,128 has not been at all times sufficiently large to take care of
Savannah . . . 58,546 61,118 63,315 67,422 59,239 74,592 these and other offerings. Liverpool, the West and Wall
Brunswick... 18,195 12,750 19,050 10,983 18,297 6,328 Street have from time to time been liberal sellers. Estimates
Charleston,&c
7,624 18,370
7,415 21,223
13,025 10,837
6,962 12,597
6,947
Wilmington.. 19,275
19,686 11,575
the East India crop have been reduced, owing to reports
Norfolk......... 37,675 30.883 30,002 27,263 28,269 38,830 of
___
943
128
278
1,348
1,482 of damage by rain, and Manchester is said to be having a
N’port N., &c
All Others___ 13,950 16,567 17,018
4,795 4,988 13,583 good Far Eastern trade. Advocates of higher prices lay
Total this Wk. 375,754 367,454 472,528 348,097 416,473 391,230 stress on the fact that a year ago supplies of cotton in the
of raw material and cotton goods, visible and invisible,
Since Sept. 1. 3,276,566 3,595,783 3,552,123 2,615,520 3,463,736 3,328,548 shape
were large and back of the small crop which the trade then
The exports for the week ending this evening reach a total faced was a big crop, whereas now they contend that stocks
of 184,344 bales, of which 92,909 were to Great Britain, of raw and manufactured cotton, visible and invisible, are
15,734 to France and 75,641 to the rest of the Continent. moderate, and that the trade has back of it the partial crop
failure of last year. Speculation is not enthusiastic, how
Below are the exports for the week and since Sept. 1 1910.
ever, as the price to some conservative interests looks high,
Week ending Nov. It 1910. From. Sept. 1 1910 to Nov. 11 1910. discounting anything at all bullish in the situation. To-day
Exported to—■
Exported to—
prices advanced early on unexpectedly strong cables from
Exports
Liverpool, bullish reports concerning the Indian crop, light
Great
Conti
Conti
from ,—
Great
receipts and firm spot markets; but reacted later on selling
Britain. Fr nee nent. Total. Britain. France. nent. Total.
463,744 150,016 353.106 966,866 by spot interests and by local room traders and liquidation.
Galveston___ 28,605 8,552 24,674
___ 61,831
9,000 9,000 8,411
Spot cotton here has been quiet. Middling uplands closed
Port Arthur__
__,_ 23,753
. . . . 150,176
65,868 14,894
2,143 41,164
Texas City, &c. 9,000
68,011 at 14.80c., an advance for the week of 15 points.
33,005
55.732
New Orleans.. 25,625
7.480
220,802
The rates on and off middling, as established Sep. 14, 1910
7,802 6,105 5,949 19,856
Mobile______ ___
9,207 3,963 4,652
5,400 _____
Pensacola___ 5.400 ___
the Revision Committee, at which grades other than
___ _____ 17,822 by
Gulfport..........
Savannah ___ 9,901
9,650 19,551 111,000 39,871 139,044 289,915 middling may be delivered on contract, are as follows:
Brunswick___
Charleston___
Wilmington__
Norfolk..........
Newport News.
New York---Boston ..........
Baltimore----Philadelphia . Portland, Me-San Francisco.
Seattle
_____
Tacoma..........
Portland, Ore.
Pembina........
Detroit___•__
J^Total . . . . . .
Total 1909___
___ 7,i82
200 ___
___
10,976 ___
58
1,160 ___
2.144
___ ___
___
___ ___
___ ___
___
___
___ ___
___ ___
— —
92,969|l5,734
___
. . . . 18,048
9,900
6,000 7,182
9,500 9,500 69,288
15,225 22,407
...
200 .___
200
43,627
16,404 145,783
5.428
___
140 198 33,903
7.448 2,550
300 1,460 19.946
___
___
2.144
___
---___
2,092 2,092
1.152
1.152
.......... ___
___
___
___
—
___ _____ . . .
---- — ____ .___
—
— ------ —
75,641 184,3441,117.413 286,519
______
26,958 45,006
49.200 65,100
92,812 169,282
256
_____56
78,648
268.058
2,763
25,461 36,666
35,459
. .1,400
. . . . 21,346
12,231 12,231
8,544 8,544
1,757 1.757
400
_____ ____400
.......... ........884,609 2.288,541
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
Fair ..................c. 1.50 on
Strict ml(l. fair___ 1.30 on
Middling fair........... 1.10 on
Strict good mid___ 0.66 on
Good middling___ 0.44 on
Strict middling___ 0.22 on
Middling..............c Basts
Strict low. mid-----0.25 off
Low middling____ 0.00 off
Strict good ord___ 1.05 off
Good ordinary____ 1.75 off
Strict g’d mid. tgd.0.35 on
Good mid. tinged.c Even
Strict mid. tinged..0.15 off
Middling tinged...0.25 olf
Strict low.Mid.ting.0.00 off
Low mid. tinged__1.50 off
Middling stained__0.75 off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Frl.
N ov. 5 to N ov. 11—
Sat. Mon. Tucs. Wed.
14.80 14.80
Middling uplands____________14.80 14.95
II. 14.75 Thurs.
NEW Y ORK QUOTATIONS FOR 32 YEARS.
The quotations on middling upland at New York on
Nov. 11 for each of the past 32 years have been as follows:
1903.
.14.80
.14.95
. 9.30
.10.90
.10.10
.11.65
.10.25
.11.15
8.30
1902.C ___
7.88
1901... ___
. . . . 9.56
1900... ___
7.62
1899. .
5.31
1898.. ___
___ 5.94
1897.
.
1896.. . . . 8.12
1805.. ___ 8.75
1886.c .......... 9.12
1894.C-.
9.31
1893___ . 5.621 1885.............
1884............. 10.06
1892____ .. 8.25
9.00
1883............. 10.50
1891 . . . . 8.25 1882..............
10.38
1890____ ..10.25
.. 9.62 1881.............. 11.62
1889____
1880_______10.94
1888____ ..10.00 1879..............
11.82
1887......... ..10.44
TH E CH RONICLE
Nov. 12 1910.]
FUTURES.— The highest, lowest and closing prices at
New York the past week have been as frjlows:
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AT THE IN TERIOR TOWNS the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out
in detail below.
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THE VISIBLE SUPPLY
•
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OF COTTON to-night, as
O
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cn I-**-* 4*1-* 4-*
_____________
made up by cable and telegraph, is
Ci00i-*CiC0‘-*3-‘C3*-‘O
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as follows. .Foreign
*1
to
O
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i
—
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stocks, as well as the afloat, are this week’s returns, and
C0C0OC0CD00C0OO"MCnt0 00C34*C0O00C3<0O4-4-03«dOe0OCnO**d03*d
OCnCD*-*4**dCOOOOCn>—t0CnOQ0>-*OO00t0O03Cn00*JCn4-O*dC>C0O*M
consequently all foreign figures are brought down to Thurs
day evening. But to make the total the complete figures
The above totals show that the interior stocks have in
for to-night (Friday), we add the item of exports from the creased during the week 65,071 bales and arc to-night 23,9IS
United States, including in it the exports of Friday only.
bales less than at the same time last year. The receipts
Novem ber 11—
1010.
at all the towns have been 15,212 bales more than the same
1909.
Stock at Liverpool_____ -bales. 514,000 705,000
week last year.
Stock at London.......... ................. .1,000
7,000
Stock at Manchester.............
2 1,000
49,000
OVERLAND MOVEMENT FOR THE W EEK AND
Total
Great
Britain
stock.
538.000
SINCE SEPT. 1.— We give below a statement showing the
Stock at Hamburg..................
5,000
overland movement for the week and since Sept. 1 , as made
Stock
at Havre_______
Bremen...........................
Stock at
________ 120,000
05,000
up from telegraphic reports Friday night. The results for
Stock at Marseilles ....................... 2,000
the week and since Sept. 1 in the last two years are as follows:
Stock at Barcelona............ .......
0,000
Stock
at
Genoa-------.
.
.
________
27,000
-1909Stock at Trieste.............................. ...........
November 11—
Since
S in ce
S
h
ip
p
ed
—
W
eek.
Sept.
1.
W
eek.
S e p t. 1.
Total Continental stocks.......... 204,000 565,000 335,000 274,000
Via
St.
Louis_____________
25,318
90,824
92,042
26,543
Via Cairo________ ____________ 16,662
13,098 47,741
Total European stocks. . .
1,377,000
Via Rock Island_______________ 3,311 60,917
851,000 911.000
8,883
703
1,982
India cotton alloat for Europe . 802,000
61,000
40,000
Via
Louisville.....................................5,623
43,000
23,498
4,702
43.000
Amer. cotton alloat for Europe.. 820,010 831,360 1,015,970 786,310
Via Cincinnati________________ 5,052 16,214
2,974 22,633
11.142
Egypt, Brazil, Ac.,allt.for Europe. 114.000 78,000 57,000 74.000
Via Virginia points______________ 0,783 37,868
0,793 24.143
Stock In Alexandria, Egypt____ 187.000 159.000 106,000 150.000
Via other routes, Ac___________ 5,976 36,671
10,784 34,157
Stock In Bombay, India............... 153.000 124.000 112,000 297.000
Stock In U. S. ports--------------- 708.055
..08,725 274,875 65,597 233,840
780,093 Deduct Sh ip m en ts —
Stock In U. S. Interior towns.
008.000 950,580 920,153
U, S. exports to-day..................... 29,123 631,918
01,815 742,711
28,090 440,710
5,691 21,596
77,040
._. 6,735
1,062 31,880
9,701
3,883
1,137
Total Visible supply.3,542,794 4,253,0793,921,9303,505,153
.. 1,466 17,260
1,092
11,589
ROf the above, totals of American and other descriptions arc as follows:
Total to be deducted................. 9,263 58,841,
A m erican —
7,920 36,868
Liverpool stock......................bales . 429,000
348.000 471.000
17,000 674.000
Leaving total net-overland*.-.59,462 210,034 57,677 196,972
Manchester stock__________ . 245,000
42,000
24,000
32,000
Continental stock.................................... 245,000
540.000 285.000 192.000
820,616 831,360
*Including movement by rail to Canada.
American alloat for Europe . . . 820,016
768,055 950,580 1,015,970
U. S. port stocks............... ........ 708,055
926,153 786,310
780,093
608,000 631.918 742,711
U. S. Interior stocks.............
008,000
The foregoing shows the week’s net overland movement
29,123 61,815 28,090 440,710
u. S. exports to-day...............
77,040 has been 59,462 bales, against 57,677 bales for the week last
Total
American................... 2,916,794 3,731,079 3.360,030 2,735,153 year, and that for the season to date the aggregate net over
E ast Indian, B razil, A c .—
ago of 19,062 bales.
85,000
Liverpool
stock.......................
82,000 107,000 102,000 land exhibits an increase over a year
85.000
-1910London
stock___________
-3,000
—
7,000 10.000 23,000
-1009- Since
Manchester
stock...........
In Sight and Sp in n ers'
Since
7,000
4.000
7,000
9,000
Continental stock ........... '.
T a kin g s.
W eek. Sep t. l.
W eek. S ep t. 1 .
19,000
25,000
50,000
82.000
India afloat for Europe..
R ecelptsatportStoN ov.il____ 3 75 ,754 3,276.566 367,454 3,595,783
61,000 40.000
Egypt, Brazil, Ac., alloat..
iu!000
N etoverlan d toN ov .il_______ 59,462 216,034 57,677 196,972
114,000 78,000 43,000
57,000 43,000
74,000 South’n
Stock In Alexandria, Egypt .
consumption to Nov. 11. 49,000 406,000 52,000 546 000
187,000
159,000
166,000
150,000
Stock In Bombay, India.........
153,000 124,000 112,000 297,000
.184,216
. 65,071 3,898,600
Total
East India, ______
Ac______. ____’
628
000 522,000 552,000 780,000
557,222 477,131
66,234 4,338,755
548,755
626,000
Total American
3,731,679 3,369,930 3.785,153 Came Into sight during wcek_. .549,287
543,365
Total In sight Nov. 11........... . ............... 4,455,822
Total visible supply...
4.887.510
3,542
794 4,253,670 3,921,930 3,505,153
Middling Upland, Liverpool.,
6.00d.
5.05d. 5.87d,
80c i7.72d.
t 75c
Middling Upland, New York___ 14
1
113.336
640,524
580,262
119,817
9.25c.
Egypt, Good Brown, Liverpool .12 l-10d.‘ 12Hd’
tfd. 10.70c.
10 Hd.
Movement into sight in previous years:
Peruvian, Rough Good, Liverpool 10.75d. o 25d‘ 88.00
(1. 12 .00 d.
W eek —
Broach, Fine,Good,
Liverpool...............7
Bales.
Dales.
Since Sep t. 1—
5 ll-16d. 1908—NOV.
Tlnnevclly,
Liverpool----- ll-10d.
7£fd. 7 63-’l6d
Jid’ ’ 44 13-16d.
14___________ 648,797
.4,923,854
1908—Nov.
14__
11-lGd.
5Hd. 1907—Nov. 15___________
439,302 1907—Nov.
.3,637,865
1 5 ...
1006—Nov.
16----------------571.692
.4,622,86
1G___
Continental imports for the past week have been 190.000 1905—Nov. 17----------------- 505.766 1906—Nov.
.4,464,3762
1905—Nov. 17. __
bales.
The above figures for 1910 show an increase over last week
of 180,830 bales, and a loss of 710,885 bales from 1909, a
decrease of 379,130 bales from 1908 and a loss of 22,359
bales from 1907.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
TITE CH RO NICLE
1338
Week ending
N ov. 11.
Galveston ___
Mobile_______
Savannah __
Charleston------Wilmington----Norfolk . ----Baltimore------Philadelphia__
Augusta---------Memphis____
St. Louis___ __
Houston .. ..
Little Hock___
Closing Quotations Jor M iddling Cotton on —
S a l’day, M onday, Tuesday, W ed'day. T hursd’y, F riday,
14
14 %
Vs
14
14 %
Vs
14 %
14 %
14 9-16
14 Vs
15.05
14 7-16
14%
14 %
14 9-16
14
14%
14%
14%
14 5-16
14 5-16
14%
14%
14%
15.20
14 9-16
14%
14%
14 9-16
14%
14%
14%7-16
14
14%
14%
14 7-16
DAY. 14%
15
14 7-16
14%
14%9-16
14
14%
H O L I-
14%
14%
14 5-16
14%
14%
14 %
14%
14%
15.05
14 %
14 %
14
14 %
9-16
14%
14%
14 %
14 5-16
14 5-16
14%
14%
14 %
14 %
15.05
14 %
14%
14%
14 <
14%
NEW ORLEANS OPTION M ARKET.— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Novem ber —
W ed'day, Thursd'y, F rid a y,
S a t'd a v, M onday, Tuesday,
N ov. 5. N ov. 7. N ov. 8. N ov. 9. N ov. 10. N ov. 11.
__ (ft __ 14.45 — 14.49-.50
Range__ ... — (TO — 14.39-.50
14.37 — 14.47 * 14.38 *
Closing___ . 14.36 * 14.43 *
December —
14.39-.48 14.40-.51 14.44-. 60
14.46-.55
14.23-.43 14.49-.50
14.35-.36 14.50-.51 14.44-. 4 5
Closing_____ 14.42-.43
J a n u a ry —
14.40-.59 14.40-.60 14.51-.70
14.32-.51 14.56-.65
Range
_____
14.44-.45 14.59-.60 14.54-.55
Closing_____ 14.50-.51 14.59-.60
February —
— @ —
Range _____ — © — —
© —
14.52 * —
14.61@ —
* 14.63 *
Closing_____ 14.51 * 14.69 *
14.50-.71 14.73-.84 HOLI- 14.60-.79 14.70-.8! 14.71-.91
Closing_____ 14.69-.70 14.78-.79 DAY. 14.65-.66 14.80-.81 14.74-.75
.1 pril —
— @ —— © —— @ —
— ffl — — @ —
14.70 * 14.88 » 14.80 *
Closing_____ 14.75 * 14.85 *
M ay—
14.75-.92 14.82-.93 14.S4-.04
14.63-.84 14.86-.91
14.78-.79 14.92-.93 14.86-.87
Closing-------- 14.82-.83 14.90-.9l
(ft __
— ® — — @— __ (ft __
— (51 — __
14.82 * 14.96 ♦ 14.00 *
14.83 * 14.93 *
Closing_____
•/ IIIf/
-14.85-.97 14.92-.00 14.98-.il
14.78-.91 14.93-.05
14.87-.89 15.01-.02 14.91-.95
Closing-------- 14.90-.91 14.98-.99
Tone —
Steady. Firm. Steady.
Steady.
SOptions____
pot___ — Steady.
B’ly st’y. Steady. Steady.
Firm. Steady.
* Nominal.
VOL
N ew O rleans, L o u isia n a . — It has rained on two days during
the week, the rainfall being ninety-six hundredths of an inch.
Average thermometer 62.
The following statement we have also received by tele
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans________
Above
_____Above
Memphis______
Nashvllle....................... Above
Shreveport__________ Below
Vicksburg_____ _____Above
zero of
of gauge.
gaugezero
zero of gauge.
zero of gauge.
zero of gauge.
N ov. 11 1010. N o v. 12 1009,
F ed.
Feet.
4.0
0.8
7.1
3.7
4.7
4.2
3.8
7.4
4.7
3.0
INDIA COTTON MOVEMENT FROM ALL PORTS —
November 10.
Receipts at—
1010
Bombay_______________
Exports
from —
1908.
1909.
.
Since
I Since
Since
Week. Sept. 1. Week. 1 Sept. 1. Week. Sept. 1.
Not received.
181,000
68,000
73,000
12,000
Since September 1.
For the Week.
Great Conti I Japan
Great Conti- Japan
China.
Britain, nenl. AChlna Total. Britain. nent.
Bombay—
1910___ Not received.
2,000 1,000
1909
2,000
__________
2,000 2,000
1908
Calcutta— __________
1910
__________
1909
__________ 3,000
1908.. ..
Madras—
1910
__________
1909.. 1,000
..
1,000 1,000
1908__
All others
1910___ 1,000 1,000
1909.. 1,000
. . 1,000'
1908..
.. 3,000, 1,000
Total a ll1910__
1,000
1909.. 4^000
.. 4,000 7,000
0,000
1908..
..
5.000
4.000
1,000
3,000
1,000
2,000
2,000
2,000
4,000
9,000
13,000
61,000
23.000 101,000
30.000
6,000
---2.000
6,000
1.000
---2.000
4,000 12,000
6,000
1.000
---2.000
1,000 7,000
1,000,
7,000| 2,000 10,000
32.000
5.000 27,000 ...
39.000
5.000 31,000 ...
2.000 41,000 4,000 47.000
35.000
65.000
4,000
5,000
0,000
5,000
4,000
78,000 24,000 113.000
5,000 119,000 40,000 170.000
11,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
A lexandria, E gypt,
Novem ber 9.
WEATHER REPORTS BY TELEGRAPH.— Advices to Receipts (cantars) —
us this evening by telegraph from the South denote that the
weather has been quite satisfactory during the week, and the
picking of the crop has made excellent progress. Marketing
moreover, has proceeded upon a free scale.
G alveston, T ex as. — Wo have had no rain the past week.
Average thermometer 71, highest 77, lowest 64.
A bilene, T ex as. — We have had no rain during the week.
The thermometer has averaged 50, the highest being 56
and the lowest 44.
S an A n to n io, T ex as. — It has been dry all the past week.
The thermometer has averaged 61, ranging from 56 to 6 6 .
T aylo r, T ex as. — We have had no rain during the week.
The thermometer has ranged from 50 to 64, averaging 57.
P alestin e, T ex as. — We have had no rain the past week.
The thermometer has ranged from 50 to 62, averaging 56.
V icksburg, M is s is s ip p i. — We have had rain on two days
during the week, to the oxtent of thirteen hundredths of an
inch. The thermometer has averaged 56, ranging from
38 to 75.
H elena, A rk a n sa s. — Picking is going on rapidly. There
has been rain on one day during the week, the precipitation
being twenty-five hundredths of an inch. Thermometer
has ranged from 32 to 71, averaging 54.
M on tgom ery, A la ba m a . — We have had rain on two days
during the week, the rainfall being sixty-six hundredths of an
inch. Average thermometer 52, highest 72, lowest 34.
S elm a, A la ba m a . — There has been rain on two days during
the past week, the precipitation reaching nine hundredths
of an inch. The thermometer has averaged 47.5, the highest
being 70 and the lowest 32.
M adison , F lorida. — We have had rain on one day during
the week, to the extent of fifty hundredths of an inch. The
thermometer has averaged 56, ranging from 39 to 70.
S avan n ah, G eorgia. — Rain has fallen on one day during
the week, the rainfall reaching fifty hundredths of an inch.
The thermometer has ranged from 36 to 73, averaging 54.
M em ph is, T ennessee. —-Fine weather for gathering the
crop; marketing liberal. Rain has fallen on one day during
the week, to the extent of eighty hundredths of an inch.
The thermometer has ranged from 33 to 72, averaging 52.
M obile, A la ba m a . — Favorable weather in the interior.
Cotton picking dnd marketing making good progress. It
has rained on one day of the week, the precipitation being
one inch and seventeen hundredths. The thermometer
has ranged from 40 to 77, averaging 57.
C harleston, South C arolin a. — We have had rain on one day
during the week, the rainfall being three hundredths of an
inch. The thermometer has averaged 56, the highest being
74 and the lowest 38.
C harlotte, N orth C arolin a,— Weather fine for picking of
cotton. It has rained on one day the past week, the rainfall
being only a trace. The thermometer has averaged 49,
ranging from 33 to 69.
LXXXXI •
This week . - ______
Since Sept. 1_ . . . . ------
1910.
1009.
1908.
490,000
2,655,738
330,000
1,918,247
370,000
1,560,109
T h is Since This Since This Since
Week. Sept. 1. W eek. Sept. 1. Week. Sept. 1.
E xports (bales)—
47,335 3,500 25.170
63,439 7,750
To Liverpool_________ 10,500
14,162
9.250 32,851
10,750 49,98 18,500
To Manchester . ---------- 19,250
047,336
104 2
62,642 12,666
To Continent-------------- 5,250 66,783
1,000
9,737
13,828
2.250
To America-----------------Total exports----------- 45,750 1)4,039 37,750 152,565 16,500 101,210
N ole .—A cantar Is 90 lbs. Egyptian bales weigh about 750 Ibs^
MANCHESTER M ARKET.— Our report received by cable
to-night from Manchester states that the market is firm for
both yarns and shirtings. The demand for both India and
China is improving. We give the prices for to-day below
and leave those for previous weeks of this and last year for
comparison :
32s Cop
Tiolst.
1910.
8% lbs. Shirt- Cot’n
Mid.
irujs, common
Upl's
to finest.
d.
d. s.
Sept 109-16® 115-16 5
23
30 10% © 11 5-16 5
Oct
7 10% @ 11% 5
14 11 1-16 © 11% 5
21 11 © 11 % 55
28 10% & n%
Nov
5
10m-8@ 11%
114 101*18®
11% 5
d.
s. d.
6 ®10 7%
6 ®10 7%
7 @10 9
7 %(" 11 0
7 @10 9
6%@ 10 8
6 @10 7%
7 @10 9
32s Con
Twist.
d.
7.82
7.61
7.88 910%
8.25
7.95 10 IS
7.70 10%
%
7.81 10
8.00 10%
8 % lbs. Shirt- Cot’n
tugs, common Mid.
to finest.
Upl's
5
5
© 10% 55
© 10%
® 10 % 55
© H%
© 11X 65
<"__ 11 %
2 @9
3 @9
3%@9
4 («9
4)4®
o @99
6 @9
6 (" 9
7%
9
99
119
11
11
7.31
7.29
7.27
7.41
7.37
7.71
7.59
7.72
CENSUS BUREAU'S REPORT ON COTTON-GINNING,
— The Division of Manufactures in the Census Bureau com
pleted and issued on Nov. 0 its report on the amount of
cotton ginned up to Nov. I the present season, and we give
it below, comparison being made with the returns for the
like period of the three preceding years:
—C ounting R ound as H a lf Bales ---------1010.
1909.
1908.
1907.
United States
7,339,983 7,017,849 8,191,557 0,128,562
Alabama
------------ 747,162 676,317 801,667 609,297
Arkansas...........
323,674
472,252 536,785 291.143
28,626
Florida
38,287 1,384,913
45-664 1,387,641
43,234 1,202,485
Georgia " ---------------1,241,138
280.144
Toiililana......
154,756
188,112 287,785 634,605
Vllssisslnot-------------576,373
572,131 893,148 326,979
North
Carolina'::::..........
386,114
370,891
Oklahoma
. . . . . 584,850 412,631 373,713
217,629 373,568
South Carolina'::::________ 729,023 791,629 821,608 735,994
108,068
Tennessee
129,781
148,670 198,783 1,523,147
Texas .
. 2 ,4 0 3 ,0 8 7 1 ,920 ,188 2 . 502 .862
14,506
24,838
34,437 36,602
All other States..............
The statistics of the report Include 8,187 round bales for 1010, 109,6-1
forThe
1909,
149,866
for
1908
and
125,785
for
1907.
.
number of Sea Island bales Included are 40,516 for 1910, oo,„-w ioi
1909,
45,470
for
1908
and
33,331
for
1907.
T
,,.
■
.
.
The distribution of the Sea Island cotton for 1910 by States Is. I Iorld.i,
15,191: Georgia, 22,507; South Carolina, 2,818. The statistics In the report
for 19U) are subject to slight corrections when checked against the individ
ual
returns
the glnners
beingginned
transmitted
by mall.
sta
tistics
of theof(luantity
of cotton
this season
to Oct.I he18 corrected
are 5,42.i,r>-«
bales.
HOV. 12 1910.
TH E CH RO NICLE
^ W O R L D 'S SUPPLY AND TAKINGS OF COTTON.-
1909.
CottonandTakings.
Week
Season.
W eek.
Season.
Week,. Season.
Visible supply Nov. 4________ 3,361,964 1,495,514 4,010,768 1,931,022
Visible
supply
.Sept.to 1------------4,455,822
4,887,510
American
In sight
Nov. 10—
11 — 549,287
*35,000 114,000 543,365
IJombay receipts
to Nov.
181,000
2,000
44,000 68,000
Other India shlp'ts to Nov. 10..
4,000
52,000
Alexandria receipts to Nov. 9 .. 05,000 354,000 00,000 260,000
Other supply to Nov. 9 .a. ----4,000
61,000
45,000
5,000
Total supply_______________ 4,017,251 0,524,336 4,691,133 7,356,532
11
Deduct —
Visible supply Nov. 11__
3,542,794 3,542,794 4,253,679 4,253,679
Total takings to Nov. 11.
474,457 2.981,542 437,454 3,102,853
Of which American___
349,457 2,332,542 376,454 2,609,853
Of which other. ____
125,000 610,000 61,000 493,000
* Estimated.
a Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
1010 .
RECEIPTS FROM THE PLAN TATION S— The follow
ing table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
ending
Receipts at Ports.
Slock at Interior Toivns} Receipts from Planta’ns.
1910. 1909. | 1908. 1910. 1909. j 1908. | 1910. 1909. 1908.
278,584 286.480 109,861 1S5,626 215,229 275,454 320.240 339.280
Sept. 23 242,558
338,816 161,701 247,107 285,549 446,258 440,379 409.136
" 30 391,418 378.898
418,615 343.617 223,5,2
Oct.“ 147 349,502
321,709:368.158 408,333 493,217 420,224
40 ',089 4 12,783 370,763 29,1,714
453,720 4 ,, ,2, 1 522,305 456,333
451,95 450.899 410,021 390,627 401,231
“ 21
474,240
550,556 551,865 523,908 516,451
28 39
',831
420,071,440,600
171,775
530,305,625,915
516,019
381,530 401,448 481,481 542, 120 565,685 681,047 471,979
Nov.
4
436,767,539,013
4.12,684 476,196
•• 11 375,754 307,454 472,528 603,000 631,918i712.711 440,825
433,6881534,192
T he ab o ve sta tem en t show s: 1.— T h a t th e total receip ts
from the p lan tation s sin ce S ep t. 1 1910 are 3,8 3 3 ,7 8 S bales;
in 1909 were 4 ,1 4 4 ,5 3 8 bales; in 1908 w ere 4 ,1 7 9 ,6 3 9 b ales.
2 .— T h a t although the receip ts a t the ou tp orts the p ast
vveek w ere 37 5,754 bales, th e actu al m o vem en t from p lan ta
tions w as 4 4 0 ,825 bales, the b alan ce goin g to increase stock s
a t interior tow n s. L ast year receip ts from the p lan tation s
for the w eek were 43 3,688 bales an d for 1908 th ey were
53 4,192 bales.
S H IP P IN G N E W S .—-As sh ow n on a p reviou s p ag e, the
exp orts of co tto n from th e U n ited S ta tes the p a st w eek h ave
reached 184,344 b ales. T h e sh ip m en ts in d etail, as m ade
up from m ail and telegraphic returns, are a s follow s:
Total bales.
NEW YORK—To Liverpool—Nov. 4—Celtic, 8,104 upland, 170
Sea Island, .1 foreign_____ _____________ ________________ 8,277
To Hull—Nov. 4—Toronto, 899___ ____________________ 899
To London—Nov. 4—Minneapolis, 1,800___________________ 1,800
To Bremen—Nov. 9—Kurfurst, 813 ______________________ 813
To Hamburg—Nov 4— Kalserln Augusta Victoria, 522.......... 522
To Antwerp—Nov. 7—Lapland, 100______________________
100
900
To Copenhagen—Nov. 0—United States, 900______________
To Genoa—Nov. 4—Prlnzess Irene, 1,093___ Nov. 7—Lul •
100______4—Prlnzess
_______________
__ _______ ____________ 1,793
Toslana.
Naples—Nov.
Irene, 1,300__________________
1,300
GALVESTON—To Liverpool—Nov. 4—Almcrlan, 24,123_______ 24,123
To Manchester—Nov. 9—Espcranza dc Larrlnaga, 4,482____ 4,482
To Havre—Nov. 8—Bcllerbv, 8,552____ ________________ 8,552
To Bremen—Nov. 9—St. Michael, 10,501_____ ____________ 10,501
To Hamburg—Nov. 8—Eger, 1,910___ _____ _
1,910
To Barcelona—Nov. 7—Stralhtay, 5,778
II
" 5,778
To Trieste—Nov. 7—Strathlay, 5,485.
_
5,485
To Venice—Nov. 7—Strathlay, 1,000. _ .
1,000
PORT ARTHUR—To Liverpool—Nov. 11—Alexandrian, 9,666 " 9,000
NEW ORLEANS—To Liverpool—Nov. 9—Counsellor. 10,000; Ox
13,000---------------------------------------------------------23,000
Toonian,
London—Nov.
10—Etonian, 2,525____________ . .. .
2,525
1,4842
57
To Antwerp—Nov. 9 -Milton, 842.
To Oporto—Nov. 8—Martin Saenz, 2,281 ___
2,281
To Barcelona—Nov. 8—Martin Saenz, 2,900..
2,900
PENSACOLA—To Liverpool—Nov. 8—Vlvlna, 4,1
4,300
To Manchester-- Nov. 7—Albanian, 1,100____
SAVANNAH—To Liverpool—Nov. 5—Sachem, 9,1
____ 1,100
To Bremen—Nov. 5—Jumna, 4,950___ Nov. 10—Arkansas
3,150----------------------------------------------------------------8,100
To Hamburg—Nov. 10—Arkansas, 150________ ___________ 150
To Rcval—Nov. 10—Allegheny, 250; Arkansas, 850.............1,100
To Malmo—Nov. 5—Jumna, 100__________________________
100
To Uddevalle—Nov. 10—Allegheny, 100-------------- ------------100
100
To Oporto—Nov. 10—Allegheny, 100___________ ______
CHARLESTON—To Bremen—Nov. 10— WathflcJd, 9,500. . .
0,500
WILMINGTON—To Havre—Nov. 9—Vlzcatne, 7,182_______ , 7,182
To Bremen—Nov. 8—Stratligarry, 15,225___________________ 15,225
NORFOLK—To Liverpool—Nov. 5—Austrlana, 2 0 0 .._________
200
BOSTON—To Liverpool—Nov. 5—Michigan, 52-----Nov. 9—An
glian,
0
-------------------------------------------------------------58
To Yarmouth—Nov. 3—Prince Arthur, 140_____ _________
140
BALTIMORE—To Liverpool—Nov. 4—Ulstermore, 1,1(50...____ 1,100
To Hamburg—Nov. 8—Bethanla,3 0 0 ..-----------300
PHILADELPHIA—To Liverpool—Nov. 4—Haverford, 2.144___ 2,144
SAN FRANCISCO—To Japan—Nov. 8—Korea, 2,092_________ _ 2,092
SEATTLE—To Japan—Nov. 5— Kamakura Maru, 1,152.. _
1,152
184,344
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- — O th.Europe — A t ex.,
Ilrita in . ports, m any. N orth. South. &c. J a v a n . Total.
New York ____10,970
1,335 1,000. 12,203
3,093
10,404
Galveston
01,831
Port Arthur. . .. . ..28,005
9,000 8,552 12,411
9,000
New Orleans__25,525
1,457 842 5,181
33,005
Pensacola ... . 5,400
5.400
Savannah-------9,901
8,250 1,300 100
19,551
Charleston..... ----- ----.
.
9,500
9,500
Wilmington.. . ..
7,182 15.225
22,407
Norfolk . . . ___ 200
200
Boston ______
08
198
Baltimore____ 1,100
1.400
Philadelphia__2,144
2,144
San Francisco.. ___
----___ 2,092
2,092
Seattle_______
___ 1,152 1,152
Total ..
.9 2 , 969 15,734 48,478 3,142 20,637 140 3,244 164;344
1339
The exports to Japan since Sept. 1 have been 22,432 bales
from Pacific ports.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 1 0 0 lbs.:
a t.
Liverpool _______ S20
Manchester______
18
Havre ___________ ^5
Bremen___________ 20
Hamburg ............. 20
Antwerp ________ 22
Ghent, via Antwerp 28
R eval____________
Gothenburg _____ 30
2/
Barcelona,
direct__ 30
Genoa
___________
Trieste___________ 20
Japan ____________ 35
45
LIVERPOOL. — By
Ato n .
20
18
25
20
20
22
28
30
27 A
30
20
35
45
Tues.
20
18
25
20
20
22
28
30
27 j 1
30
20
35
45
W ed.
Thurs.
20
18
25
20
20
22
28
30
27 44
30
20
35
45
20
18
25
20
20
22
28
30 44
27
30
20
35
45
F ri.
20
18
25
20
20
?.?*
28
30 }■ >
27
.30
20
35
45
cable from Liverpool we have the folof the week's sales, stocks, &c., at that port:
Oct. 21.
___bales . 58,000
>rs took. . 3,000
Of which
exportersi took
took__ _ 1,000
Sales,
American________
Actual export__ .. . . . ._ 48,000
2,000
Forwarded---------------------------- 85,'666
Total stock—Estimated______ 379,000
Of which American________ 204,000
Total Imports of the week____ 197,000
167,000
Of
which
American________ 410,000
Amount
afloat---------------------Of which American________ 335,000
Oct. 28.
4 5,000
3,000
1,000
36.000
4,000
95,000
412,000
335,000
130,000
113,000
437,000
309,000
N ov. 4.
58,000
2,000
1,000
50,000
8,000
91,000
452,000
304,000
142,000
111,000
522,000
437,000
N ov. 11.
51,000
1,000
1,000
43,000
5,000
102,000
514.000
429.000
168.000
147.000
481.000
385.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday. Monday.
Market, 1
12:15
P.
M. J1 Quiet.
Mid. Upl’ds 7.81
Sales____ 7,000
Spec.&exp.
500
Futures. Quiet at
Market I 5@6 pts.
opened j decline.
Market, 1 Quiet at
4P. M. J15H@0pts.
decline,
Tuesday. Wednesday Thursday.
Fair
Good
demand. demand.
12,000
1,000
8,000
500
Fair
business
doing.
8,000
500
Steady at
Steady at
9@10 pts. Quiet. 1@2 pts.
advance.
advance.
Steady at Feverish at Easy at
15@1744
pts, dec. 544@G44
pts. adv. ll(s>1144
pts. dec.
Easier.
7.92
Friday.
Fair
business
doing.
8,000
8.000
500
500
Steady at Steady at
2@3 pts. 2@4 pts.
advance. advance.
Steady at Barely st’y
4@4'A pts. at 7@944
advance. 1 pts. adv.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices arc given in pence and lOOlhs. Thus: 7 61 means 7 61-100d.
Nov. 5
S a t.
Mon.
Tues. Wed. Thurs.
Fri.
12 X 1244 12H
Nov. 11. p.m.
4
12^
4
4
12 X
4
12
V
4
12 4i
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
7 61
November
70
;o
82
71
3 44 <5 44 81 44 8 5
Nov.- Dec. ___ 7 55 0 5 71 ___ 76 44 8816 V, 65
08
(59 44 75
78
70
7 54 H 64
Dec.-Jan
76
8 0 V) 65
08
09 44 74 44 7 7 4 4
Jan.-Feb
7 55
71
81 Vt 06
65
77
09
7 0 44 7 5 44 78
60
7
71
Vf
7
6
*
X
>
Fcb.-Mch.
72
78
70
82 Y 07
79
Mch.-Apr. ___ 7 50 Yi 6 7 y, 74 __ 80 8 4 ' 68 V 71 14 73 7 7 44 8 0 H
Apr.-May.
7 50 'A 6 7 44 74
84
80
68 44 71 H 73
7 7 44 8 0 44
7 57
<58 y> 74
May-June
8 0 R 85
09 44 72 44 73 44 7 8 44 81
June-July
7 56
66 A <3
79 Vt 84
68 44 71 4< 72 44 7 7 44 80
July-Aug.
7 58 44 64 y 70 'A
’7 81 r-6
68 44 70
74 44 77
MARKET AND SALES AT NEW YO R K .
Spot M arket
Closed.
F utures
M arket
Closed.
Sales of Spot and Contract.
Con - Con
S pot. sum 'n. tract. Total.
Saturday- - Quiet, 15 pts. adv__ Firm ______
Monday__ Quiet, 15 pts. adv.. Barely steady 5,380
Tuesday ._
-.HOLIDAY
Quiet. 20 pts. dec.. Barely
steady
Wednesday
Thursday - Quiet, 5 pts. adv__ Steady_____
Friday___ Quiet.. _____ ____ Steady_____
Total__
______
—
JBREADSTUFFS.
—
—
______
1,000 6,380
600 600
800 800
400 400
2,800 8,180
F rid a y. M a y 11 1910.
Prices for wheat flour have in some instances been reduced
of late, but the changes as a rule have not been marked.
Millers in some sections declare that prices have touched
bottom for the season, but consumers have shown no dispo
sition to anticipate requirements. An upturn in wheat has
had no effect upon flour, as many regard it as merely a tem
porary rise, due to technical speculative conditions. Re
ports from various parts of the country regarding the flour
situation have in many cases been unfavorable. Rye flour
and corn meal have been quiet and steady.
Wheat has advanced, mainly because of what are termed
the technical conditions in the speculative market. That is
to say, it had evidently become oversold through the wide
popularity of the short side as a logical result of big present
and prospective supplies throughout the world, which seem
to offer no other prospect than a steady decline in values.
Also, however, the rise has been due partly to some increase
in the export demand, though it is mostly for Manitoba. It
may be the entering wedge, however, for a better State of
foreign trade. At Minneapolis there has been a good demand
for choice spring wheat, with No. 1 Northern selling at 2 to
3 cents over the price of the December delivery. The crop
movement, too, has been anything but heavy. Stocks at
Kansas City have been.decreasing. Winnipeg has reported
1340
THE CHRONICLE
ajgood demand. Australia is said to need rain. Liverpool
prices have latterly been somewhat better than were expec
ted. Damage is said to have been done in some parts of the
winter wheat belt by Hessian fly. An insufficiency of rain
is complained of in some parts of the Southwest. Selling
for the short account has been less aggressive both at home
and abroad. On the other hand, however, the rally after
the recent decline has been, after all, only moderate. In
fact many consider that any advance at this time is merely a
temporary upturn in a market destined to reach, perhaps, a
considerably lower level before there is any permanent or
substantial recovery. Argentina crop news has been favor
able and the shipments from that country are increasing.
There are those who think that Argentina is likely to have
an exportable surplus much larger than that of the present
year. One suggestion is that it may not improbably reach
140,000,000 bushels. The world’s available supply within
a week has shown a further increase of about 2,500,000 bush
els, putting the total at approximately 194,000,000 bushels,
or some 55,000,000 bushels more than at this time last year.
Chicago’s stock of contract wheat, amounting to 5,047,000
bushels, is more than four times greater than that of a year
ago. In public and private elevators it has a supply of
10,892,000 bushels, or more than double that held at this
time last year. Despite the moderate movement, supplies at
Minneapolis and Duluth are increasing, whereas a year ago
they were decreasing, at least at Duluth. Crop accounts
from Europe and India are favorable. Conservative ad
vices from our own wheat belt are on the whole cheerful.
To-day prices declined early on disappointing Liverpool ad
vices and larger Argentina shipments than expected, but
rallied later on reports of an increased milling demand and
covering of shorts.
[VOL. L X X X XI
T h e C rop R epo rtin g B oard of th e B u reau of S tatistics of th e U nited
S ta te s D e p a rtm en t of A gricu lture estim ates, from th e rep orts of th e cor
resp o n d e n ts a n d agents of th e B u reau, as follows:
F o r th e U n ited S tates:
Production
Q uality.
(000 omitted.)
Yield per Acre.
Crops.
1909. 1910, 10-Yr.
1910. 1909. 10 -Yr. 1910.
%
%
25.5 25.8 3,121,381 2.772.376 87.2 84.4
C orn, b u sh _____ _ 27.4 20.9
17,438 92.0 90.7
18.5 17,084
B uchw heat, b u sh . 20.9
87.7
P o tato es, b u s h ___ 93.4 106.8 91.4 328,787 376,537 88.5
9.4
9.5
4.9
15,050 25,856 84.8 91.1
F laxseed, b u s h ___
T obacco, lbs . . 795.4 804.3 811.6 967,150 949,357 85.2 86.3
C O R N .— P ercentage of 1909 crop on farm s N ov. 1 1910 Is estim ated
a t 4 3% (119,056.000 bu sh els), against 3.0% (79,779,000 bushels) of tho
1908 crop on farm s N o v . 1 1909 a n d 3.8 % , th e average of sim ilar estim ates
of th e p a st ten y ears.
, ,
,
W H E A T .— T h e averag e w eight per m easured bushel of this y e a r s crop
Is 58.5 po un ds, a g a in st 57.9 pounds in 1909 a n d 57.6 th e ten -y ear average.
O A T S.— T h e averag e w eight per m easured bushel of this y e a r’s crop Is
32.7 po un ds, ag ain st 32.7 po unds In 1909 a n d 31.1 th e te n -y ear averag e.
B A R L E Y .— T he averag e w eight per m easured bushel of th is y e a r’s crop
Is 46.9 pounds.
A P P L E S .— A verage prod uction of 1910 crop, 43,5% of a full crop,
ag ain st 42.5% of full crop In 1909 a n d 50.7 th e te n -y ear averag e percen tag e
of a full pro d u ctio n .
The statements of the movements 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 tho week ending last Saturday and
since August 1 for each of the last three years have been:
Rye.
Barley.
Oats.
Wheat.
Corn.
Receipts at— Flour.
bbls.WGlbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs. bit.56 lbs.
170,619
286,900 1,883,750 1,611,000 456,000 32,500
Chicago___
244,800 392,600 19,380
50,850
77,495
405,670
M ilwaukee..
3,846
20,081 509,096
914,270
29,745
274,040 516,430 39,900
Minneapolis.
2,058,550
161,500
1,000
115,500
72,100
T oledo..........
156,000
48,494
141,184
etroit------3,187
54,541
D A IL Y C L O SIN G P R IC E S O F W H E A T F U T U R E S IN N EW Y O R K . DCleveland
31,898
231,263
1,723
15,961
S a t. M o n . ru e s . W ed. Tliurs. F rt. St. L o u is...
406,300 107,800 11,090
167,570
55,200
542,255
9514
94
95 % 96 % P e o ria ____
N o. 2 red w in te r.....................- ...............94%
188,400 135,800 12,100
39,200
30,000
191,750
D ecem ber delivery In e le v a to r------ 96% 96% H olt- 9o% 97
"7% Kansas City.
144,400
197,600
898,700
............
............ ............
M ay delivery In e le v a to r__________ 102% 102% d a y . 101% 10314 103; ,
wk. ’10 377,229 5,362,847 3,097,567 3,0.84,913 2,118,320 119,876
D A IL Y C L O SIN G P R IC E S O F W H E A T F U T U R E S IN C H IC A G O Total
wk. ’0!) 519,098 9,160,911 2,521,061 4,550,500 2,960,370 240,299
S a t. M o n . TV.6S. W e d .T h u rs. F ri. Same
8814 0 0 % 90% Same wk. ’08 536,818 5,893,297 1,688,546 2,512,106 1,285,081 140,919
D ecem ber deliv ery In e lev a to r------ 8 9 % 89
M ay delivery In e lev a to r__________ 95% 9.>% H oll- 01% 96% 96 * Since Aug. 1
Ju ly deliv ery In e le v a to r___________ 9314 9314 d ay . 9214 94% 93
234,518
5,297,969 106,136,753 49,692,618 74.355,657 24,451,106 3,074,578
63,801,421 30,300,108
1909____ 7,083,998 120,099,851 43,225,205 62,970,097.36,412,628
Indian corn futures in the local market have been ex 1910____
3,013,280
1908.......... 6,993,168 113,966,513 31,380,258
tremely dull. At the West the speculation has been moderatly active with the trend of prices downward much of Total receipts of flour and grain at the seaboard ports for
the time, owing to the increasing evidences of a very heavy
Nov. 5 1910 follow:
yield. The Government report on Wednesday, the 9th the week ended Flour,
Ry»
Oats, Barley,
Corn,
Wheat,
Inst., indicated the largest crop on record. It stated the Receipts at—
bush.
bush.
bush.
bbls.
bush.
bush.
16,100
yield per acre at 27.4 bushels, against 25.4 last year. The BNewo stoYork
.............. 183,195 1,257,400 159,350 711,800 237,125
1,128
3,325
66,327 15,814
42,623 983,961
indicated crop is 3,121,381,000 bushels, against 2,772,376,000 P h iladnelp....................
1,000
5,000
22,597 117,074
hia.......... 65,089 211,389
18,421
44,344
last year. Of the old crop farmers still held on Nov. 1 Baltim
54,423
ore................ 54,928 140,066
3,988
_____
60,336
29,606
21,934
ond_______ 5,105
4.3%, or 119,056,000 bushels, against 3% last year, or 79, RNewichmOrleans
36,000
. ..........
110,200
*___ 23,292
979,000 bushels. The cash demand has been light, the Galveston................
714
______
Norfolk....... .............
2,000
22,000
movement of both old and new crop is increasing and cash M ontreal_________ ______
55,597 1,234,191 331,743
59,890 54,562
interests have sold. To-day prices declined on favorable Total week 1910. 430,543
312,501 47,237
3,870,941 713,244 1,095,771 3068,265
weather for curing the crop, larger country offerings, bearish SinceJan. I 1910.15,560,315 63,746,245
34,887,273 43,122,642 426,594 760,964
31,289
pressure and liquidation.
Week 1909______ 488,387 4,655,381 677,778 984,060 5833,197
998,851
SinceJan. I 1909.14,287,913 78,344,575 34,962.354 37,226,661
D A IL Y C L O SIN G P R IC E S O F N O . 2 M IX E D C O RN IN N E W Y O R K .
* Receipts do not Include grain passing through New Orleans for foreign ports
S a t. M o n . T ues. W ed .T h u rs. F ri.
56%
58
57 % on through bills of lading.
Cash corn__________________________ 57 % 57 %
D ecem ber delivery In e lev a to r____55 % 55 % H oli- 55 % 5o % oo %
The exports from the several seaboard ports for the week
M ay delivery In
e lev a to r___ 56% 56% d a y . 56
56
56
ending Nov. 5 1910 are shown in the annexed statement:
•
D A IL Y C LO SIN G P R IC E S O F CO RN F U T U R E S IN CH IC A G O .
Corn, Flour,
Oats, Rt/e, Harley, Reas,
Wheat,
S a t. M on . T ues. W ed. T hurs. F ri.
bush.
bush.
bush. bush. bush. 7.345
Exports from —
bush.
bbls.
D ecem ber deliv ery In e lev a to r------ 46% 46%
46% 46% 46%
9,745
78,902
60,526
New
Y
o
rk
______
277,880
M ay delivery In
e lev a to r___ 49 48% Holl- 46% 48 % 48
10,100
708 6,201
Ju ly delivery In
e lev a to r------ 49% 49% d a y . 49% 49% 48 % B o s to n ............... 478,331
35.000
232,000
Oats for future delivery in the Western market have Philadelphia___
Baltimore_______ 101,803 159,428 35,850
1,660
O rleans.......................... 20,000 31.000
moved within narrow confines. The speculation has been New
16,862
32.000
quiet and rather featureless. The feeling among many, Galveston................................
Montreal................ 668,000 220,665
714
however, is bearish, owing to the large supplies in the interior Norfolk.....................................
7,346
and the absence of a brisk cash demand. Cash interests Week
Total week___ 1,758,014 460,662 236,529 21,505
1909_____ 2,613,900 155,199 299,279 10,918 ___ 54,061 18,831
have sold and there has been scattered liquidation, while the
chief demand has come from the shorts. To-day prices The destination of these exports for the week and since
below:
declined slightly on weakness in corn, hedge selling and July 1 1910 is as
-Wheal—
---------Flour--------liquidation.
Since
Since
Since
July 1
Week
D A IL Y C L O SIN G P R IC E S O F O A TS IN N EW Y O R K .
Sat. M on . T ues. W ed. Thurs. F ri.
37% 37% H oli 37% 37% 38
38
38%
38
38
d ay . 38
OA TS F U T U R E S IN C H IC A G O .
D A IL Y CLO SIN G
Sat. M on . Tues. W ed. Thurs. F ri.
31% 31% 31 %
31% 31 %
34% 34% H oli 34 % 34 % 34%
M ay delivery In e le v a to r.
34% 34% day . 34% 34% 34%
The following are closing quotations:
FLOUR.
W in ter, low g rades____$2 75® $3 4 0 1 K ansas stra ig h ts, sack_S4 50; >S4 70
W in ter p a t e n t s _______ 4___
70® 4___
90)_____________
K ansas clears, s a c k s ... 4 00( 5 4 40
W in ter stra ig h ts_________ 4 15® 4 3 0 1C ity p a te n ts ----------------- 6 00® 6 80
W in ter ciears__________ 3 75® 4 0 0 1R y e H our----------------------- 3 85 ® 4 40
S p ring p a te n ts __________ 5* 15® 5 3 5 1/'G* raham
(lour—
------------4
15® 4 25
»-«»—d ried
S pring s tra ig h ts _______ 4 80 ® 5 0 0 1Corn‘ m eal,* kiln
. _ 2 80@ 2 00
Spring clears----------------- 4 25® 4 3 5 1
G R A IN .
Cents.
Corn, per bushel—
W h eat, per bushel—
57 %
N o. 2 m ix e d _____elev.
N . S pring, N o. 1__________$1 15
N o. 2 m ix e d ------f.o .b . N om inal
N . S pring, N o. 2 ............. 1 13%
N o. 2 w h ite ____ f.o .b . N om inal
R ed w inter. N o. 2 _________ 96 '■
H ard w inter. No. 2 _______ 1 02 % R ye, per bushel—■
81
O ats, per bushel, new —
Cents. No. 2 W e ste rn — f.o .b .
S ta te an d Je rse y ---------- N om inal
S ta n d a rd s-------------------------- 38
N o. 2 w h ite _______________ 38% B arley— M altin g------------- 80 @85
F epdlng, c .i.f., N . Y ._ N om ina
N o. 3 w h ite ......................
37%
AGRICULTURAL DEPARTMENT’S REPORT.—The
Agricultural Department’s report on the cereal and other
crops was issued Nov. 9, and is given below:
Week
July 1
Week July 1
1910.
Exports for week and Noe. 5.
1910. Nov. 5.
bush.
bush.
since July 1 to—
bbls.
bbls.
United K ing dom ... 123,718 1,383,383 1,351,276 12,150,154
C ontinent_________ 51,320 626,777 395,738 6,570,008
Sou. & Cent. Amer. 23,145 348,15S 11,000 108,950
West Indies______ 34,309 401,334
B r it. Nor. Am. Cols. 3,654
52,341
7,000
Other Countries___
383 61,967
T o ta l.................... 236,529 2,876,960 1,758,014 18,842,112
Total 1909.............299,279 3,410,707 2,613,900 33,055,346
1910.
Nov. 5.
bush.
bush.
220.000 2,105,969
214,570 2,329,540
1,000 1,379,844
24,384 493,709
708
5,708
11,889
460,662 6,320,659
loo.lOJ 3,082,358
The world’s shipments of wheat and corn for the week
ending Nov. 5 1910 and since July 1 1910 and 1909 are
shown in the following:___________ _________________ '
1910.
Week
Since
Since
Since
Week
July 1. Nov. 5. July 1.
Nov. 5. July 1.
Bushels. Bushels. Bushels. Bushels. Bushels.
52,454,000' 309,000 6.539.000
North Amer. 3.688.000 37.995.000
83.912.000 128,000 2.879.000
R ussian___ 5.096.000 88.736.000
9.408.000 680,000 45.615.000
Danublan . . 2.800.000 48.336.000 12.648.000
2,270,000 27.357.000
Argentine . . 480.000 18.848.000
............
A ustralian.. 952.000 12.824.000 |22l1.004.000
592,000 / ............
In d ia n ......... 1,056,000 19.744.000
t ............
Oth. countr’s 120.000 3,558,000
T o ta l___ 14192000 230,041,000 185,018,000|3,387,000 82,390,000
Exports.
Since
July 1.
Bushels. ■
3,001,000
5,808,000
7,104,000
46,915,000
62,828,000
Nov. 12 1910. j
THE CHRONICLE
1341
The quantity of wheat and corn afloat for Europe on dates demand in evidence for forward shipment. Buyers have
mentioned was as follows:
continued to take staple ginghams steadily and producers
are reported well situated in the matter of orders for several
Wheal.
Corn.
weeks ahead; advance orders on wide and narrow dress
United
United
ginghams were again in evidence. Export trade with the Far
Kingdom. Continent. Total. Kingdom. Continent. Total.
East has been practically at a standstill, and only a moderate
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. business has been done with Manila and South American
Nov. 5 rli)10.. 17.984.000 21.760.000 39.741.000 7.641.000 15.708.000 23.349.000 ports.
Quietness has prevailed in the print-cloth market,
Oct. 29 1910-- 18.024.000 20.744.000 38.768.000 8.687.000 15.742.000 24.429.000
Nov. 6 1909. . 13.920.000 14.320.000 28.240.000 5.270.000
10.965.000 buyers showing little interest; prices are a shade easier,
Oct. 30 1909. . 12.880.000 16.320.000 29.200.000 5.610.000 5.695.000
11.900.000
Nov. 7 1908.- 16.720.000 13.840.000 30.560.000 5.270.000 0,290.000
5.440.000 10.710.000 at 5}/t; s*an°ar<^ Sray goods now being quoted generally
Nov. 9 1907-- 16.010.000 12.560.000 28.600.000 6.360.000 4.080.000
10.440.000
COTTON GOODS.—The exports of cotton
The visible supply of grain, comprising the stocks in DOMESTIC
from this port for the week ending Nov. 5 were 10,636
granary at principal points of accumulation at lake and goods
packages, valued at $7S1,240, their destination being to the
seaboard ports Nov. 5 1910, was as follows:
points specified in the table below:
AMERICAN GRAIN STOCKS.
Wheat,
Corn,
Balrey,
Oats,
Rye,
bush.
bush.
bush.
bush.
bush.
New York . _ .............. 2,900,000
127,000
80,000
737,000
5,000
29,000
B o sto n ......... ................... 189,000
50,000
1,000
Philadelphia ................... 619,000
2,000
40,000
B altim ore.-. _________ 842,000
178,000
482,000
New Orleans ....... ..........
3,000
103,000
82,000
.................. 125,000
5,000
Buffalo.......... ................ 2,067,000
268,000
9G4.000
466,000
44,000
371,000
T o led o .......... _________ 1,546.000
■ 1,000
260,000
138,000
D etro it------- .................. 431,000
10,000
Chicago____ ..................6,111.000
177,000 6,078,000
14.000
53,000
Milwaukee .................. 349,000
593,000
4.000
81,000
D u lu th _____ ________ 3,164,000
846,000
72.000 1,175,000
58,000 3,262,000 175,000 464,000
Minneapolis ...................10,915,000
196,000
St. L ouis___ .................. 2,303,000
388,000
8.000
8,000
K ansas City_.................. 4,506,000
220,000
258,000
9,000
Peoria___ ... ________
25,000 1,742,000
255,000
Indianapolis.................... 570,000
124,000
_____ _ 1.068.000
938,000
465.000
On Canal and lllv e r-.. 517,000
17,000
422,000
149.000
Total Nov. 5 1910. .40,366,000 2,970,000 1G,557,000 410.000 2.907.000
Total Oct. 29 1910.-40,120,000 3,510,000 17,023,000 433.000 2.958.000
Total Nov. 6 1909. .29,475,000 2,423,000 13,808,000 743.000
1.334.000
CANADIAN GRAIN STOCKS.
Wheat,
Corn,
Rl/c,
Barley,
bush.
bush.
bush.
bush.
bush.
M ontreal____ .................. 1,034,000
206,000
476,000
39.000
Fort William.________ 5,623,000
. ......... 3.515.000
Other Canadian.............. 1.797.000
Total Nov. 5 1910.. 11,969,000
206,000
476,000
39.000
119,000
Total Oct. 29 1910.-11,031,000
483,000
30.000
42,000
291,000
Total Nov. 6 1909.-12,098,000
119,000
SUMMARY.
Wheat,
Corn,
Oats,
Rye, Barley,
bush.
bush.
bush.
bush.
bush.
A m e ric a n __.................. 40,366.000 2,976,000 16,557,000 410,000 2,907,000
206,000
476,000
C anad ian___ ________ 11,969,000
--------39,000
Total Nov. 5 1910. .52,335,000 3,182,000 17,0.33,000 410.000 2,946,000
Total Oct. 2 !) 1910.-51,151,000 3,629,000 17,500,000 433.000 2,988,000
Total Nov. G 1909.-41,573,000 2,465,000 14,099,000 743.000 2,453,000
Total Nov. 7 1908.-49,376,000 1,274,000 10,135,000 1.113.000 6,669,000
T otal Nov. 9 1907.-43,750,000 3,650,000 7,727.000 1.259.000 5,969,000
THE DRY GOODS TRADE.
New York, Friday Night, Nov. 11 1910.
Nearly all lines of textiles have ruled quiet this week.
Trading was interrupted to a considerable extent by political
considerations and election results have so far failed to
stimulate activity, a disposition to go slow until the effect
upon business is more clearly defined prevailing in most
quarters. While it is perhaps too early to look for any
change in sentiment, political agitation and uncertainty
over the outcome have now been eliminated as market
factors, and for that reason, largely, leading interests con
fidently expect some improvement in business in the near
future. In the cotton goods division buyers have not been
numerous and those who operated confined purchases in
most instances to limited quantities for prompt and near-by
delivery. Sellers have pursued a waiting attitude and
prices generally have been well maintained, with no tendency
toward concessions to stimulate trade, especially in view of
the firmer market for raw cotton. Mills could handle a
great deal more business than is now in hand and are anxious
to secure additional orders; but are unwilling to accept
offers which, because of the high cost of production, would
show no profit and possibly a loss. Jobbers have not yet
given signs of entering the market for additional lines of
staples which they will probably need for the spring trade,
preferring, in common with others, to await developments.
Retailers have been a little more active, but only in the way
of rounding out stocks for immediate and near-by needs,
especially for their holiday trade. The expressmen’s strike
continued to interfere somewhat with the conduct of business
in local textile markets, but at the week-end indications
point to an adjustment of this trouble. A noteworthy
feature of the week was the naming of prices by leading
producers on carpets and rugs for spring 1911 delivery;
many lines show no change from the list issued last spring;
there are a few advances, but where revisions have been
made they are mostly downward; considerable business was
placed prior to the formal openings and additional orders
are expected to be secured by road salesmen. Woolen and
worsted goods have not displayed much activity, although in
some lines for spring a moderate improvement is noted.
In domestie cottons demand has continued irregular and
business moderate in volume. Brown and bleached sheet
ings have been in rather light request, principally for near-by
deliveries, with values steady. Staple prints have shown
relatively more activity than other linos, being taken quite
steadily, though not in heavy quantities, by jobbers. Coarse
colored cottons remain quiet, but fairly steady, with little
1910------Since
J a n . 1.
1,753
831
57,747
13,525
13,107
0,378
26,806
1,773
11,716
42,774
43,621
10,636 220,121
N ew York to N o v. 5—
O ther E u ro p e a n .
C h ina_____ _____
W eek.
_ 34
A frica .
C en tral America"^
1909------Since
J a n . 1.
45
1,667
4
047
5,532 166,473
875 15,406
1,271 25,295
557 14,157
962 35,667
44
1,489
355 12,091
993 46,641
2,055 19,496
12,693 330,339
, T1! ® - in0f 1910, Ne'
Y York
exports since
Jan. 1 has been
$10,507,695
against
818,513,724
in 1909.
WOOLEN GOODS.—The dress goods market, as a
whole, has been quiet. The manufacturing trade has taken
a fair amount of sample pieces of spring fabrics, and re-orders
are expected as soon as requiremnets are more clearly
defined. Worsteds, in stripes and checks, serges and plain
cheviots appear to lead in the demand. Cutters have
about finished with fall suitings and are operating con
servatively on winter fabrics. Cloakings displayed fair
activity, but business in the aggregate is below expectations.
No particular feature developed in men’s wear; orders on
spring lines continue to come forward slowly, and consider
able duplicating
must be done to make the season’s business
satisfactory
to sellers.
FOREIGN DRY GOODS.-—Imported woolens and
worsteds have been in moderate request only. Silk piece
goods and ribbons showed continued firmness, as did also
linens; demand for dress linens for spring increased, and some
buyers have begun to operate for fall 1911. The market
for burlaps lias ruled fairly active and strong, partlv in
sympathy with Calcutta; light-weights are quoted at 3.85c.
to 4c. and 10J/£-ounce at 4.80c.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Nov. 5 1910 and since
Jan.as1follows:
1910, and for the corresponding periodsof last year
arc
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THE CHRONICLE
1342
N ew s Item s.
Chicago, 111.—Annexation of Suburbs.—A vote was taken
at the general election last Tuesday (Nov. 8) on the question
of annexation of the suburbs of Edison Park and Morgan
Park. Returns show that the annexation of both places
was approved by the voters of Chicago; also that a favorable
vote was cast in Edison Park. It is reported, however, that
the proposition was defeated in Morgan Park.
Detroit—Highland Park, Mich.—Annexation Defeated.—
Local papers state that while a favorable vote was cast in
Detroit on the proposition to annex Highland Park, the vote
in that village was sufficient to defeat the proposition.
Louisiana.—Constitutional Amendments Adopted. Re
turns from the general election last .Tuesday (Nov. 8) are
said to indicate the approval of all of the fifteen proposed
amendments to the State Constitution, mention of which
was made in last week’s “Chronicle.
Oklahoma.—Constitutional Amendments Defeated. The
two proposed amendments to the State Constitution relating
to prohibition and woman’s suffrage (V. 91, p. 891) were
defeated, it is said, at the general election Nov. 8.
Port Huron, St. Clair County, Mich.—Commission Plan
of Government Adopted.—Detroit papers state that an election
held Nov. 5 resulted in favor of a proposition to adopt the
commission plan of government.
Portland, Ore.—Broadway Bridge Bonds Declared Valid by
Stale Supreme Court.—A decision was rendered Oct. 81 by
the State Supreme Court in the case known as Frank Kiernan
vs. the City of Portland, upholding the validity of the
$2,000,000 Broadway Bridge bonds voted June 7 1909. As
stated in V. 91, p. 004, $250,000 of these bonds were awarded
on Aug. 29. Another block of $500,000 was sold last
Monday (Nov. 7), as reported on a subsequent page of this
issue.
Washington.—Equal Suffrage Amendment Adopted.—
Returns indicate the adoption on Nov. 8 of a proposed
amendment to the State Constitution granting the right of
suffrage to women.
[V O L . L X X X X 1
12 000 M ain S tree t pav ing bonds. D enom ination $000. D ate O ct. 1
’
1910. M atu rity p a rt yearly on O ct. 1.
10 000 (city ’s portion) street-im p ro v em en t bonds. D enom ination $500.
D ate O ct. 1 1910. M atu rity $1,000 yearly on O ct. 1 from 1911 to
1920 Inclusive.
,
In te re st sem i-annually a t the C ity T reasu rer’s office. Certified check on
a n a tio n a l b an k for 2% of bonds bid for, p ay ab le to th e C ity tre a su re r. Is
req u ired .
Attleborough, Bristol County, Mass.—Bids .—The follow
ing bids were received on Nov. 3 for the $24,000 4% 19-30year (serial) water-works-construction bonds awarded on
that clay to A. B. Leach & Co. of Boston (V. 91, p. 1275):
Bond Galls and R edem ptions.
Danvers, Essex County, Mass.—Bond Call.—Interest will
cease Dec. 1 on 4% water bonds, dated June 9 1883, and
numbered from 212 to 220 inclusive. Payment of the bonds
will be made at the First National Bank of Boston. They are
in denominations of $1,000 each.
Denver, Colo.—Rond Call.— The following bonds are called
for payment Nov. 30: Storm Sewer B onds.
__
ok & C o ------------------- 105.89
A. B. L each & C o------------------107.03 EE .stabro
H . H ollins & S o ns.................105.41
H a y d e n , Stone & Co.............-1 06 .0 79
inso n & B u rr— ................105.40
B lodget & Co_________________100.006 RP ark
. L. D ay & C o_____________ 105.299
N . W . H a rris'& ‘C o l l i ____106.409 P erry
, Coffin & B u rr------------ 105.057
A dam s & C o------------------------ 106.45
BlT hc abo ve bidders a re a ll' of B oston. T he bo nd s a re in den om inations
of $1,000 each a n d are d a te d Ju ly 1 1910. In te re st sem i-annual.
Baltimore, Md.—Bonds Voted.—Dispatches state that the
following loans, aggregating $7,500,000, were favorably voted
upon Nov. 8: $1,000,000 for Jones Falls, $1,500,000 for
schools, $2,000,000 for docks and $3,000,000 for funding
purposes.
Battle Creek, Ida County, Iowa .—Bond Sale.— The $2,000
bonds voted on Sept. 6 (V. 91, p. 817) have been sold.
Bladen, Webster County, Neb.—Bonds Not Sold— No bids
were received on Oct. 31 for $10,000 water-works and $4,000
electric-light 5% coupon bonds offered on that day.
D enom ination $500. D ate S ep t. 1 1910. In te re st sem i-annu ally a t th e
(lscal agency of N ebraska In New Y ork C ity. M atu rity 20 years, su b ject
to call a fte r 5 years.
Bonham, Fannin County, Tex.—Bond Sale .—Local papers
state
the v$10,000
(optional)
atci
; that
in a .u ciicv
/uXT A15-40-year
^
J
-*'--**-*/
— ----- -------I-----school-build
. u,bonds
.•
1 in
•^5%
ing
mentioned
V. r\91,t ..p. 895, 1..........
have been
purchased
by the Fannin County National Bank in Bonham.
Bradford, McKean County, Pa.—Bonds Voted— The elec
tion held Nov. 8 resulted in a vote of 730 to 510 in favor of
the question of issuing bridge-improvement and paving
bonds.
Brown County Common School District No. 8, Tex.—
Bonds Registered.—On Nov. 3 $1,000 5% 5-20-year (optional)
bonds were registered by the State Comptroller.
Calexico, Imperial County, Cal.—Bonds Voted.—It is re
ported that this place has voted to issue $35,000 sewersystem bonds.
Caldwell County (P. O. Lockhart), Tex.—Bond Election —
We are advised that on Dec. 19 an election will be held in
Precinct No. 1 to vote on a proposition to issue $25,000 5%
10-40-year (optional) road-building bonds.
Calumet Township, Lake County, Ind.—Bond Offering.—
Proposals will be received until 12 m. to-day (Nov. 12) by
William O. Johnson, Township Trustee (P. O. Griffith), for
$10,000 5% school-house bonds.
D enom ination $500. In te re st sem i-annually a t th e fb iry S ta te B ank in
G ary. M atu rity $1,000 yearly on Ja n . 10 from 1913 to 1922, Inclusive.
B onds are tax -ex em p t.
N o rth D enver S to rm Sew er D istrict N o. 1 B onds N os. 103 to 178 inclusive.
Carroll, Fairfield County, Ohio.—Bonds Defeated.— A pro
S a nita ry Sewer B onds.
„ , position to issue $5,000 water-works bonds was voted down
S u b -D istrict N o. 5 of th e E a st Side S a n ita ry Sew er D istrict No. 1, Bond at the election held Nov. 8.
N °H arm an Special S a n ita ry Sew er D istrict N o. 1 .1B°n<* N o .M .
Casper, Natrona County, Wyo.—Bond Sale. 1he three
H ighlands Special S a n ita ry Sew er D istrict N o. 7, B ond No. G.>.
issues of 5% 20-year coupon bonds aggregating $90,000,
S o u th C apitol H ill Special S a n ita ry Sew er D lst r let, B °nd No 1.1.
S o u th Side Special S a n ita ry Sew er D istrict N o. o. B onds N os. 1 a n d 2
offered without success on Sept. 5 (V. 91, p. 817), have
Im provem ent B onds.
been sold at par.
O herrv Creek Im p ro v em en t D istrict N o. 1, B ond N o. 33.
E ast Side Im p ro v em en t D istrict N o. 1, B onds N os. 20 to 31 Inclusive.
Checotah, McIntosh County, Qkla —Bids Rejected—Bond
N orth Side Im p ro v em en t D istrict N o. 1, B onds N os. 00 to 70 Inclusive. Offering.—All bids received on Nov. 1 for the $40,000 6%
N orth Side Im p ro v em en t D istrict N o. 2, Bond No. 28.
N orth Side Im p ro v em en t D istrict N o. 3, B onds N os. 00 to 8a inclusive. sewer bonds offered on that day (V. 91, p. 1196) were rejec
P aving B onds.
ted. Proposals are again asked for these bonds and will be
Aliev P avin g D istrict N o. 8, Bond No. 15.
received, this time up to and including Nov. 29, by Ben
L incoln S tree t P avin g D istrict N o. 1. Bond N o. 24.
Huddleston, City Clerk.
Su rfacin g B onds.
S urfacing D istrict N o. 3, B onds N os. 01 a n d 02.
D enom ination $1,000. D ate O ct. 15 1910. In te re st J a n . a n d Ju ly .
M atu rity Ju ly 1 1935. C crtllled check for 5% of bid Is required.
Park Bonds.
M ontclair P a rk D istrict B onds N os. 301 to 305 Inclusive.
Cheswick, Allegheny County, Pa .—Bonds Voted— Accord
TTnon the req u est of th e holders of an y of the abo ve bonds received ten
d a v s before th e ex p iratio n of th is call, th e T reasu rer will arrange for their
ing
to reports, an election held Nov. 8 resulted iti favor of the
p a y m e n t a t th e M ercantile T ru st C o.. New Y ork C ity, b u t n o t otherw ise.
question of issuing $13,500 improvement bonds.
Chicago, 111.—Bonds Voted.— The election held Nov. 8
in favor of the proposition to issue the $3 ,0uu,uuu
Bond Proposals and N egotiations this week resulted
4%
gold city-hall-construction bonds. Dispatches give tne
have been as follows:
vote as 136,802 to 111,356. As stated in V. 91, p. 1275, the
issue was sold on Oct. 25, subject to its approval at this
election.
Chicago, 111.—West Park District—Ronds Voted.—The
election held Nov. 8 (V. 91, p. 976) resulted in favor of the
proposition to issue the $1,000,000 bonds, at not exceeding
5% interest, for park improvements. I he vote is reported
as 42,579 to 34,571.
Cincinnati School District (P. O. Cincinnati), Ohio.—Bond
Offering.—Proposals will he received until Dec. 5, it is
stated, for $240,000 4% school bonds. Denomination $500.
Maturity 40 years.
D enom
$500. InD Ja
aten uJya ry
ly 1from
1 9 11012
0 . 2 to^ 1937
^ n ?„TluBlv2
Clay County (P. O. Spencer), Iowa.—Rond Nate.—This
M atu
rity ination
$500 yearly
Inclusive. J a n u a ry ‘
sold $35,782 27 6% 3-9-year (serial) drainage bonds
Ashland Middlesex County, Mass.—Bond Sale.—Accord county
Nov. 3 to the Win. tt. Compton Co. of St. Louis for
ing to reports, $50,000 4% 5-29-year (serial) water bonds on
27—the price thus being 102.64. Bids were also
dated Dec 1 1910 have been purchased by li. L. Day & Co. $36,727
received from Geo. M. Bechtel & Co. of Davenport, McCoy &
of Boston at 104.299—a basis of about 3.659%.
and the Investment & Surety Co. of ties
Ashtabula, Ashtabula County, Ohio.—Bond Offering — Co. of Chicago
The bonds are dated Nov. I 1910.
Proposals will be received until 12 m. Nov. o0 by I*rank W. Moines.
Cleveland, Ohio—Bond Sale.— The following bids were
Wagner, City Auditor, for the following 5% bonds:
1received on Nov. 7 for the $250,000 4.10% coupon tubercu$25,000 Ore d e p a rtm e n t b o n d s, D ate A pril 1 1910. M atu rity p a rt yearly [ losis hospital bonds and the $400,000 4% coupon gradcon O ct. 1.
„ua. D enom ination $800. D ate O ct. 1 I crossing bonds described in V. 91, p. 1048:
■ 24.000 L ake S tree t p a v in g bonds.
y early on O ct. 1 from 1911 to 1920 Incl.
‘
1910. M atu rity $2,400 yea:
Allegheny County (P. O. Pittsburgh), Pa.—SAL—In
addition to the successful bid of 100.015 and accrued interest
submitted on Nov. 4 by J. S. & W. S. Kuhn, Inc., of I ittsburgh, for the $750,000 4% 30-year bridge bonds (V. Jl,
p. 1274), an offer of 100.125 for $25,000 bonds was also
received from R. H. MacMicliael. Denomination $1,000
Date Oct. 1 1910. Interest semi-annual.
Arkport School District (P. O. Arkport), Steuben County,
N. y .— Bond Sale.— On Oct. 27 $13,000 5% high-school
building bonds were awarded to Geo. M. Hahn of New York
City at 104.29 and accrued interest.
Nov. 12 11)10.
THE CHRONICLE
1343
F all R iver, B ristol C ounty, M ass .—Bond Sale.— R eports
state th at the $528,000 4% T aunton R iver bridgn bonds
offered on N ov. 10 (V . 91, p. 1277) were sold to N . W.
H arris & Co. and Merrill, Oldham & Co., both of B oston,
at their joint bid of 105.079. M aturity $18,000 yearly on
D ec. 1 from 1911 to 1934 inclusive and $16,000 yearly on
D ec. 1 from 1935 to 1940 inclusive.
Fernbank, H am ilton C ounty, O hio .—Bonds Voted.—
The election held N ov. 8 resulted in favor of the proposition
20-year w ater-im provem ent
Clifton H eigh ts, D elaw are C ounty, P a .— Bond Ordinance to issue the $20,000 4
Vetoed— Reports state that a $72,000 water-works and sewer bonds m entioned in V. 91, p. 896. The vote w a s62 to 10.
age-system loan bill, recently adopted by the Council, has F loresville School D istrict (P . O. F loresville), W ilson
C ounty, T e x .—Bond Election Proposed.— There is talk of
been vetoed by the Burgess.
Colem an C ounty Common School D istricts, T ex.—-Bonds calling an election to vote on the question of issuing $18,000
Registered.—On Nov. 4 the State Comptroller registered bonds.
$2,000 5% 5-10-ycar (optional) bonds of School District No. Fort Lee School D istrict (P . 0 . F ort L ee), Bergen C ounty,
35 and $3,000 5% 10-20-year (optional) bonds of School Dis N . J .—Bonds Proposed.— Issues of $26,000 new school and
$14,000 school-addition 5% 19-26-year (serial) coupon taxtrict No. 37.
C olum bus, Cherokee C ounty, K an.— No Action Yet Taken. exem p t bonds are in the hands of the Attorney-G eneral
__ U p to Nov. 7 no action had yet been taken looking to aw aiting his approval.
(Both issues)
§050,000 §250,000 $400,000
bonds.
bonds.
bonds.
♦ H ay d en , M iller & Co., C leveland---------- $652,530 00 § 252,265 $400,265
C leveland T ru st C o., C leveland------------C. E . D enison & Co., C leveland------------- • 652,470 50
E . H . H ollins & Sons, C h ica g o .................
S tacy & B raun, T oledo------------------------- .
New F irst N ational B ank , C olum b us------ 652,100 00
TUlotson & W olcott Co., C leveland-------1 652,027 50
O tis & H ough, C leveland.............................J
* Successful bidder.
M atu rity O ctober 1 1940.
T he bo nd s a re In den om in ations of $1,000 each a n d are d a te d J a n . 1
wards the holding of the proposed $00,000 sewer bond elec 1911.
In te re st sem i-annually In F o rt L ee. B onded d e b t, a t present,
tion mentioned in V. 91, p. 818.
$70,000. No floating d e b t. Assessed v alu atio n 1910, $2,980,000.
C olum bus, O hio. —No Bond Election.—The reports which
Franklin C ounty (P . O. C olum bus), O hio .—No Bond Elec
have been appearing in some of the newspapers, stating that tion.—We are advised that there is no truth in the reports
an election would be held Nov. 8 to vote on the question of printed in som e of the newspapers that a proposition to is
issuing $1,000,000 viaduct bonds, arc, we learn after in sue $60,000 bonds would be subm itted to a vote on N o r. 8.
vestigation, erroneous.
Franklin C ounty Com m on School D istricts, T e x .—Bonds
Cook C ounty (P . O. C hicago), 111.—Bonds Voted.—The Registered.— On N ov. 3 $700 bonds of D istrict N o. 20 and
election held Nov. 8 resulted in favor of the question of $800 of D istrict N o. 17 were registered by the State Comp
issuing the $3,000,000 4% gold hospital-reconstruction troller. Both issues bear 5% interest and m ature in 20
and extension bonds, mentioned in V. 91, p. 976. Vote is years, subject to call after 10 years.
reported as 153,850 to 85,309.
G allatin C ounty School D istrict N o. 62 (P . O. M audlow ),
Coraopolis, A llegh en y C ounty, P a . —Bonds Voted.—An M ont .—Bond Sale.— On O ct. 10 $1,500 6% 5-10-year (op
election held Nov. 8 resulted in favor of propositions to tional) school-building and furnishing bonds were awarded
issue $22,500 street-improvement, $15,000 water, $7,500 to the State Board of Land Com m issioners at par. D enom i
electric-light and $5,000 refunding bonds. The vote was nation $300. Interest annually on O ct. 1.
290 to 130.
G alveston County (P . O. G alveston), T e x .—Bonds Regis
C rockett C ounty Common School D istrict N o. 1, T e x .— tered.— On N ov. 1 $125,000 5% 20-40-year (optional) sea
Bonds Awarded in Part.—On Nov. 1 $5,000 more of the w all-im provem ent bonds were registered by th e S ta te Comp
$25,000 5% 5-40-year (optional) bonds registered on Aug. 12 troller.
by the State Comptroller (V. 91, p. 477) were purchased by G lendale, H am ilton C ounty, O hio .—Bond Election.— We
the State School Fund at par and interest. This makes a are advised that the am ount of w ater-w orks bonds to be
total of $15,000 bonds of this issue sold to the State to date. voted upon on N ov. 29 (V . 91, p. 1277) is $16,000, and not
See V. 91, p. 976.
as at first reported.
Dallas, Texas.—Bond Offering.—Proposals will be re $15,000
Gordo,
P ickens C ounty, A la .—Bonds Voted.— A propo
ceived until 3 p. m. Nov. 21 by J. B. Winslott, City Secre sition to issue
$6,000 5% school-building bonds carried by a
tary, for the following gold coupon bonds:
vote of 50 to 21, at an election held recently. M aturity 20
$350,000 4 H % p e rm an en t street-im p ro v em en t bonds.
100.000 4% w ater-w orks p erm anent-im p ro vem ent bonds.
100.000 4% »an!tary sew cr-lm provcm ent bonds.
100.000 4% publlc-school-lm provem ent bonds.
D enom ination §1,000. D ate Ju n e 1 1910. In te re st sem i-annually a t
th e Chase N ational B ank In New Y ork C ity. T he stre e t bonds are payable
Ju n e 1 1950, w hile th e o th e r bonds m atu re Ju n e 1 as follows: §2,000 of
each Issue every odd year and $3,000 of each Issue every even year from
1911 to 1950 Inclusive. Ccrtllled check for 2% of bonds bid for, pay ab le
to C. B. G illespie, C om m issioner of F inance and llev cn u e, Is req uired .
B onds will be ccrtllled as to genuineness by th e U nited S ta te s M ortgage &
T ru st Co. In New Y ork C ity, and th eir legality app ro ved by D illon, T hom
son A Clay of New Y ork C ity, w hose opinion as to legality will be furnished
to th e pu rch aser. T he bonds will be delivered on or before N ov. 30 1910.
T hese securities w ere olfcrcd on O ct. 2 6, b u t all bids received on th a t d ay
w ere rejected . V . 91, p. 1276.
years from Jan. 1 1911. T hey will be offered for sal* about
the latter part of next m onth.
G reeley School D istrict N o. 6 (P . O. G reeley), W eld
C ounty, Colo.— Bids.— The following bids were received for
the $62,000 5% school bonds sold on O ct. 31 to Jam es H .
Causey & Co. of D enver (V . 91, p. 1277):
Ja s. H . C ausey & C o., D env.101.6611 Ja s. N . W rig h t & C o., D en T .I00 .6 25
E . H . R ollins & .Sons, D e n v .I0 1 .6 5 3 l W m . E . Sw eet & C o., D e n v . 99.75
F ederal S ta te & S. B k .,D en v . 101.087 (McCoy & C o., C hicago______ 99.50
Proposals w ere also received from Jo h n N uveen & Co. a n d S. A. K ean &
Co., b o th of Chicago.
G reenville, H unt C ounty, T e x .—Bond Sale.— The $100,000
D allastow n School D istrict (P . O. D allastow n ), York coupon street-paving and the $70,000 high-school-building
C ounty, P a . —Bonds Defeated.—An election held Nov. 8 40-year bonds m entioned in V. 91, p. 897, were sold on
resulted in the defeat of a proposition to issue $20,000 build O ct. 31, according to reports, to Spitzer & Co. of Toledo.
ing bonds. The vote was 122 “for” to 200 “against.”
Grove C ity, Mercer C ounty, P a .—Bonds Voted.— The
D illon, Marion C ounty, So. Caro.—Bond Offering.—Pro question of issuing S45,000 funding and sewer bonds carried
posals will be received until 12 m. Nov. 15 by A. J. C. Cotting- by a vote of 384 to 128 at the N ov. 8 election. Soe Y. 91,
ham, Chairman of Electric Light Commission, for the $15,000 p. 742.
coupon electric-light-plant-construction and equipment bonds H am ilton, O hio .—Bond Sale.— Six issues of 4% coupon
voted
on Sept. 27 (V. 91, p. 977).
A uth o rity C h ap ter 43, S ection 2008, A rticle 6, G eneral S ta tu te s. In te r bonds, aggregating $265,950, have been awarded to Seasone st (not to exceed 6% ) an n u ally a t th e Bank of Dillon In D illon. B onded good & Mayer and the D avies-B ertram Co., both of Cincin
d e b t a t present, $5,000. F lo atin g d e b t, $12,000. Assessed v alu atio n , nati. These are not new issues but bonds held by the Sinking
$509,535.
an investm en t. T hey were purchased by the
D u B oi 3 County (P . O. Jasper), Ind.—Bond Sale.—An Fund asFund
on Sept. 6. See V. 91, p. 897.
issue of $26,200 Harbinson Township rock-road bonds was Sinking
H ow ell School D istrict N o. 59 (P . O. H ow ell), Colfax
disposed of on Oct. 24 to Miller, Adams & Co. of Indianapolis C ounty,
N eb .—Bonds Voted.— W e are advised that the
(isD5s.
enom ination 80 bonds of $200 each a n d 40 bonds of $255 each. D ate $21,000 5-20-year (optional) school-building and furnishing
S e p t. 1 1910. In terest M ay a n d N ov. In Jasp er. M atu rity $655 each six bonds m entioned in V. 91, p.1277, were authorized at an elec
m o n th s from M ay 15 1911 to N ov. 15 1930 Inclusive. T hese bonds w ere
tion held O ct. 25 by a vote of 137 “for” t» 33 “again st.”
offered aa 4 Ms (V. 91, p. 1197) on S ept. 10.
E ast Spencer (P . O. Salisbury), Sub-Station N o. 2,
H untington Parte School D istrict, L os A n geles C ounty,
R ow an C ounty, N o. Car.— Bond Offering.—Proposals will be C al .—Bonds Voted.— An election held O ct. 24 is said to have
received until 12 m. Nov. 16 by C. H. Leonard, Town Clerk, resulted in favor of a proposition to issue $15,000 bonds to
for $25,000 coupon water and light bonds. Bids are to be purchase land for school purposes.
based
on 5%, 5 Yi% or 6% bonds.
Iow a C ity, Johnson C ounty, Io w a .—Bonds Authorized.—
A u th o rity , election held N ov. 5 (V. 91, p . 1049). D enom ination $1,000.
In te re st sem i-annually In E ast Spencer. M atu rity 25 years. Ccrtllled Local papers report that the City Council on N ov. 4 author
check for 2% of bonds bid for Is req uired . P u rchaser to furnish blan k bonds
the issuance of S6,068 02 6% paving bonds. D enom i
an d p ay for a n y legal Investigation. No d eb t a t presen t. A ssessed v alu a ized
nations $100 to S I,000. Interest annual.
tion $360,000.
Janesville, R ock C ounty, W is .—Bonds Voted.— Proposi
El P aso County Common School D istrict, T ex .— Bond Sale.
—The $6,800 5% bonds registered by the State Comptroller tions to issue the follow ing bonds were adopted by the voters
on Aug. 19 (V. 91, p. 742) were sold on Sept. 15 to funds of on N ov. 8:
ElD enom
Pasoination
County
at par and accrued interest.
$100. D ate A pril 10 1910. In te re st a n n u a l.
20 y ears, su bject to call a fte r 15 years.
M atu rity
$25,000 F o u rth A venue bridg e-con stru ction bonds. V ote 1,017 to 227.
17,000 R acine S tree t bridg e-con stru ction bonds. V ote 1024 to 287.
A tw o-thirds m a jo rity w as req uired on each issue.
Jefferson C ounty (P . O. Port T ow n sen d ), W a sh .—Bond
E van ston , Cook C ounty, 111.—Bond Sale.—This city has
— W m . D . Perkins & Co. of Seattle, offering par for
accepted the bid of par submitted on Nov. 1 by the National Sale.
s, were the successful and only bidders on N ov. 2 for the
City Bank of Chicago for the $35,000 departmental-building 5j^
gold coupon refunding bonds described in Y . 91,
and the $10,000 1-5-year (serial) fire-department 4% cou p.$133,000
M aturity on Jan. 1 as follows: $30,000 in each of
pon bonds, bids for which were opened ( V . 91, p. 1276) on the 1198.
years 1916 and 1921, $35,000 in 1926 and $38,000 in 1931.
that day.
1344
THE CHRONICLE
Jersey C ity, N . J . —Description of Bonds.—We are advised
that the $30,000 4% park bonds awarded on Nov. 4 to the
Sinking Fund Commissioners at 101 (V. 91, p. 1277) are in
denominations of $1,000 each and are dated Nov. 1 1910.
Interest semi-annual. Maturity Nov. 1 1960.
Joplin School D istrict (P . O. Joplin), Jasper C ounty, Mo.
—Bond Election Proposed.—This district, it is reported, pro
poses to call an election to vote on the question of issuing
$250,000 high-school-building bonds.
K aw V alley D rainage D istrict (P . O. K ansas C ity),
W yand otte C ounty, K an s. —Bond Sale.—An issue of
$1,225,000 5% 30-year bonds was recently sold to Spencer
Trask & Co. of New York City.
L akew ood School D istrict (P . O. L akew ood), Cuyahoga
C ounty, O hio.—Bonds Voted.—We see it stated that this dis
trict voted on Nov. 8 to issue $150,000 building bonds.
Lauderdale County (P . O. M eridian), M iss. —Bond Sale .—
On Nov. 7 $50,000 5% Road District No. 1 bonds were
awarded, it is stated, to Woodin, McNear & Moore of Chicago
at par. The bonds were sold on Sept. 6 to S. A. Kean &
Co. of Chicago (V. 91, p. 743), but this sale was not consum
mated.
Law rence, E ssex C ounty, M ass. —Bond Sale.—An issue of
$90,000 4% 1-20-year (serial) coupon (with privilege of
-registration) school bonds, offered on Nov. 9, was purchased
by N. W. Harris & Co. of Boston at 103.657—a basis of about
3.579%. Denominations 80 bonds of $1,000 each and 20
bonds of $500 each. Date Oct. 1 1910. Interest semi
annually at the Old Colony Trust Co. in Boston or at the
City Treasurer's office in Lawrence.
Temporary Loan.—A loan of $100,000, payable April 3
1911, has been negotiated, it is stated, with Coring, Tolman
& Tupper of Boston at 3.94% discount and a premium of
25 cents.
L ew istow n , F ulton C ounty, 111.—Bond Election.—An elec
tion will be held Nov. 29 to vote on the question of issuing
$8,500 4i^% water-works-system-improvement bonds. De
nomination $500.
L ive Oak C ounty (P . O. O akville), T e x . —Bond Offering.—
W. A. Hill, County Judge, is offering at par the $25,000 5%
10-40-year (optional) gold registered road-improvement
bonds of Road District No. 1. See V. 91, p. 666, for a
description of these bonds.
Lockland, H am ilton C ounty, O hio.— Bond Offering .—
Proposals will be received until 12 m. Dec. 12 by C. E. Trey,
Village Clerk, for $6,000 4 j^% (village’s portion) Wyoming
Avenue-improvement bonds.
D enom ination $500. D ate O ct. 1 1910. In te re st sem i-annual. Ma
tu rity O ct. 1 1020. Certified check for 5% of bonds bid for, pay ab le to
th e Village T reasurer, Is req uired . P u rch aser to p ay accrued Interest.
L ou isville, K y. —Bond Sale.—We are now advised that
the $350,000 4% 10-year gold refunding bonds (tenth issue)
mentioned in V. 91, p. 1278, have been sold at par. The
Commissioners of the Sinking Fund purchased $150,000 of
the issue.
Bonds Voted.—A favorable vote was polled Nov. 8, it is
stated, on the proposition to issue the $1,000,000 4^% 40year gold coupon hospital bonds described in V. 91, p. 1278.
M cLean Independent School D istrict (P . O. M cLean), Gray
C ounty, T e x . —Bonds Awarded in Part. —On Nov. 1 the State
School Fund purchased at par and interest $4,000 of the
$25,000 5% 40-year bonds offered, but not sold, on June 3
(V. 91, p. 53). This makes $24,000 sold to the State to
date, the sale of $19,000 having been reported in V. 91, p.978.
M ansfield School D istrict (P . O. M ansfield), R ichland
C ounty, O hio. —Bonds Voted.—The election held Nov. 8 re
sulted in a vote of 2,497 “for” to 1,551 “against” the propo
sition to issue the $100,000 school-building bonds mentioned
in V. 91, p. 1278.
M arion, Marion C ounty, O hio. —Bonds Defeated.—The
election held Nov. 8 resulted in the defeat of the proposition
to issue the $100,000 city-hall bonds mentioned in V. 91, p.
821. The vote was 2,170 “for” to 1,596 “against,” a twothirds majority being necessary to carry.
Marion C ounty (P . O. M arion), O hio. —Bond Offering .—
Proposals will be received until 2 p. m. Nov. 26 by the Board
of County Commissioners, A. H. Trout, II. Seiter and W. II.
Ilolverstott, for $84,000 5% coupon Little Scioto River im
provement assessment bonds. The commissioners reserve
the privilege of withholding from sale as many of the first
maturing
bonds as they think necessary.
A u th o rity , S ections 2294, 2295, 6489, 6490, 6491, 6492 a n d 6493, G eneral
Code, being th e codlllcation of T itle 6, C h ap ter 1, th e R evised S ta tu te s, and
Section 22b of said S ta tu te s, an d all A cts a m e n d ato ry a n d su pplem en tary
th e reto . D enom ination $500. D ate D ec. I 1910. In te re st M arch 1 a n d
S ept. 1 a t th e C ounty T reasu rer’s office. T he bonds m a tu re as follows:
$4,000 M ch. I ’l l $3,500 Sep. 1 ’13 $4,000 M ch. 1 TO $5,000 Sep. 1 T 8
3.000 Sep. I ’l l 4.000 M ch. 1 ’14 4.500 Sep. 1 T 6 5.000 M ch. 1 T 9
3.500 M ch. 1 ’12 4.000 Sep. 1 ’14 4,000 M ch. 1 T 7 5.000 Sep. 1 TO
3.500 Sep. 1 ’12 4.000 M ch. 1 ’15 4.500 Sep. 1 T 7 5.000 M ch. 1 ’20
4.000 M ch. 1 ’13 4.000 Sep. I ’15 4.500 M ch. 1 T 8 5.000 Sep. 1 ’20
Certified check (or cash) for $500, draw n on som e bank of M arlon, Is re
qu ired . P u rchaser to p ay accrued Interest.
Mart Independent School D istrict (P . O. M art), M cLennon
C ounty, T ex . —Bonds Awarded in Part.—The State School
Fund on Nov. 1 purchased $10,000 of the $40,000 5% 20-40year (optional) school-house bonds offered on June 20. This
makes a total of $30,000 bonds sold to the State to date.
See V. 91, p. 978.
M assillon, Stark C ounty, O hio. —Bond Sale.—On Nov. 10
the $2,641 \ lA % coupon Brown Street bonds described in
V. 91, p. 1278, were sold to Stacy & Braun of Toledo for
|VOL. L X X X X I
$2,647 25 (100.236) and interest. There were no other
bidders. Maturity $1,000 on Oct. 1 in each of the years 1912
and 1913 and $641 on Oct. 1 1914.
M edina School D istrict (P . O. M edina), M edina C ounty,
O hio. —Bond Offering.—Proposals will be received until 12
m. Dec. 3 (not Dec. 1 as at first reported) by E. R. Mitzcr,
Clerk of Board of Education, for $35,000 4 ]A% coupon school
building
bonds.
A u th o rity , Sections 7625, 7626, 7627 a n d 7628, G eneral Code. D enom i
natio n S500. D ate Dec. 3 1910. In te re st M arch 1 and S ept. 1. M atu rity
$500 each six m o nth s from M arch 1 1912 to S ep t. 1 1916, Inclusive, $500
each M arch 1 an d $1,000 each S ep t. 1 from 1917 to 1921, Inclusive, $1,000
each six m o nth s from M arch 1 1922 to S ept. 1 1926 and $1,000 each M arch 1
a n d $1,500 each S ept. 1 from 1927 to 1931, Inclusive. Certified cheek for
5% of bonds bid for, pay ab le to th e V illage T reasurer, Is req uired . P u r
chaser to p a y accrued Interest.
M eridian, Lauderdale C ounty, M iss.— Description of
Bonds .—The City Clerk informs us that the three issues of
bonds, aggregating $40,000, awarded on Oct. 19 to Breed &
Harrison of Cincinnati (V. 91, p. 1199), carry semi-annual
interest at the rate of 5%. They are in denominations of
$1,000 each and are dated Jan. 1 1911. Maturity thirty
years. These bonds, together with the $50,000 previously
purchased by Breed & Harrison (V. 91, p. 1199) arc part of
the $275,000 bonds voted last July. Of the $185,000 bonds
remaining unsold, $100,000 will probably be sold, we are
advised, some time after Jan. 1911 for school-building
purposes and $75,000 will be issued later for a new city-hall.
The sale of the other $10,000 worth has been indefinitely
deferred.
M iller C ounty (P . O. T exarkana), A rk.— No Bonds Pro
posed.—We are advised that no bonds will be issued by this
county. It was stated in local papers some weeks ago
(V. 91, p. 417) that the issuance of $400,000 road bonds was
being considered.
M odesto, Cal. — Bond Sale .—The four issues of 5% coupon
bonds aggregating $100,000, offered on Oct. 12 and described
in V. 91, p. 898, were awarded to the Harris Trust & Savings
Bank of Chicago at 104.08 and accrued interest. Maturity
$2,500 yearly on Dec. 1 from 1910 to 1949 inclusive.
M t. P leasan t Independent School D istrict (P . O. M t. P lea s
ant) , T itus County, T ex .— Bonds Awarded in Part.—On Nov. I
$5,500 of the $14,500 bonds—the unsold portion of the is
sue of $32,000 5% 10-40-year (optional) building bonds men
tioned in V. 91, p . 978—were sold to the State School Fund
at par and accrued interest.
M uskogee, M uskogee C ounty, O kla.— Bond Election Pro
posed.—There is talk of calling an election to vote on the
question of issuing sanitary-sewer bonds.
N anticoke School D istrict (P . O. N anticoke), Luzerne
C ounty, P a —Bond Sale.— The $55,000 5% 15-30-year
(optional) school bonds dated Nov. 1 1910, mentioned in
V. 91, p. 821, were sold on Oct. 14 to the First National
Bank of Nanticoke for $55,400—the price thus being 100.727.
The bonds will be delivered $5,000 each month.
N orth H em pstead (P . O. M anhasset), N assau C ounty,
N. Y.—Bond Offering.—Proposals will be received until
3 p. m. Nov. 17 by Monroe S. Wood, Town Clerk, for $108,
000 gold coupon or registered bonds for the installation of a
water plant in the Roslyn Water District.
A u th o rity , Section 288, T ow n L aw , C h ap ter 63, L aw s of 1909, as
am end ed . D enom ination $1,000. D ate N ov. 1 1910. In te re st (ra te not
to exceed 5% ) sem i-annual. M atu rity $18,000 N ov. 1 1915 a n d $6,000
yearly on N ov. 1 from 1916 to 1930 Inclusive. Certified check (or cash)
for 10% of bid, pay ab le to th e Tow n Supervisor, Is required.
N orth H olland School D istrict (P . O. H olland), O ttaw a
C ounty, M ich.— Bonds Proposed.—According to reports, the
School Board proposes to issue $16,000 school-building bonds.
N orw ood, D elaw are C ounty, P a . —Bonds Voted.—The
election held Nov. 7 (not Nov. 8 as at first reported) resulted
in favor of the proposition to issue the $50,000 5% streetimprovement and sewerage-system bonds. The vote was
272 to 63.
N orw ood School D istrict (P . O. N orw ood), H am ilton
C ounty, Ohio.— Bonds Voted.—It is stated an election held
Nov. 8 resulted in favor of a proposition to issue $275,000
high-school bonds.
Oakley (P . O. C incinnati), Ohio.— Bonds Voted.—The
election held Nov. 8, it is reported, resulted in favor of the
propositions to issue the $4,500 street-improvement and
$2,500 water-main bonds mentioned in V. 91, p. 1051.
Omaha School D istrict (P . O. O m aha), N eb . — Bonds Voted.
—The election held Nov. 8 resulted in a vote of 10,208 “for”
to 5,608 “against” a proposition to issue $750,000 4j^%
20-year bonds. We are informed that they will be offered for
sale early in 1911.
Ontario, San Bernardino C ounty, Cal.— Bonds Voted.—
The election held Oct. 31 (V. 91, p. 1199) resulted, it is
stated, in favor of the question of issuing the $175,000 bonds
for the installation of a complete new water system. The
vote was 593 “for” to 143 “against.”
P ainesville, Lake C ounty, O hio.— Bond Sale.—The Sinking
Fund Trustees have purchased $2,000 4 lA % light bonds.
P aterson, P assaic C ounty, N . J .— Bond Sale.— On Oct. 27
an issue of $70,000 4,*^% 10-year street-improvement bonds
was awarded to the Sinking Fund at par. Denomination
$1,000. Date Nov. 1 1910. Interest semi-annual.
P ittsbu rgh , P a . —Bonds Voted.—The City Comptroller
informs us that unofficial figures indicate that the propositions
to issue the following bonds, aggregating $10,305,000, were
THE CHRONICLE
Nov. 12 1910.)
1345
favorably voted upon at the election held Nov. 8 (V. 91, South Bend, S t. Joseph C ounty, In d . —No Bonds Pro
posed.— We are inform ed that there is no truth in the reports
p. 979):
that this city proposes to issue $100,000 sewer bon ds.
$100,000 lo r garbage-disposal purposes; $570,000 for th e Im provem ent
of th e sew er-system ; $1,500,000 to erect a m unicipal building or a city-hall;
$1,000 000 for playgrounds an d public parks; $300,000 for publlc-tollbrldges; $ 1 , 4 1 0 , 0 0 0 for th e Im provem ent of c erta in streets; $100,000 to
c o n stru ct roads an d p arks upon th e public w harves; $3,100,000 to Im prove
th e w ater-system ; $1,975,000 to c o n stru ct bridges an d $250,000 for th e
con stru ction of a m unicipal tuberculosis h o sp ital.
P lattsm ou th , Cass C ounty, N eb .— Bond Offering.—Pro
posals were asked for until 4 p. m. yesterday (Nov. 11) by
B. G. Wurl, City Clerk, for the following coupon bonds:
$3,500 5% Intersection p av ing bo nd s. M atu rity 10 years, su bject to call
a fte r 1 y e a r.
12,000 6% D istrict N o. 3 pav ing bo nd s. M atu rity $2,000 In each of the
y ears 1911 an d 1912 a n d $1,000 y early from 1913 to 1920,In
clusive, u n paid bo nd s being su b ject to call a fte r 5 years.
D enom ination $500. In te re st a n n u a lly In New Y ork C ity. T he result
of th is olferlng w as n o t know n to us a t th e h o u r of going to press.
P ortland , Ore.— Bond Sale.—The $500,000 4% gold bridgeconstruction bonds due July 1 1939 and described in V. 91,
p. 899, were sold on Nov. 7 to E. H. Rollins & Sons, A. B.
Leach & Co. and N. W. Halsey & Co., all of Chicago, at their
joint bid of 96.81.
P ortsm outh, V a .— Bond Sale.—The $250,000 4}^% 30year street and school bonds were sold last month to N. W.
Halsey & Co. of New York City. Denomination $1,000.
Date 1910. Interest Feb. and Aug.
P ortsm ou th , Scioto C ounty, Ohio. —Bonds Voted.—Ac
cording to reports, an election held Nov. 8 resulted in favor
of the question of issuing $300,000 water-works bonds.
Q uincy, Norfolk C ounty, M ass. —Bond Sale.—On Nov. 10
$20,000 4% 1-10-year (serial) coupon water-supply bonds
were awarded, it is stated, to Geo. A. Fernald & Co. of
Boston at 101.271.
D enom ination $1,000. D ate O ct. 1 1910. In te re st sem i-annually In
Ilo sto n . llonds certld ed as to genuineness by O ld C olony T ru st Co. in
B oston, w hich will fu rth e r certify th a t R opes, G ray & G orham of B oston
h av e ap p ro ved th e legality of th e Issue.
R eading (P . O. Station R , C incinnati), H am ilton C ounty,
O hio.— Bond Sale.—Local papers report that on Nov. 7 the
$2,500 4
20-year coupon water-works and electric-light
bonds described in V. 91, p. 1051, were sold to the Provident
Savings Bank & Trust Co. of Cincinnati at 105.34—a basis
of about 4.106%. The bonds are in denominations of $500
each.
Reading, Pa .--Bonds Defeated.—The election held Nov. 8
resulted in the defeat of the propositions to issue the $325,000
park and playgrounds, $500,000 city-hall, $225,000 street
paving and $225,000 storm-water-sewer bonds mentioned
in V. 91, p. 1279.
Ridge Township School District, Van Wert County, Ohio.
— Bonds Not Sold.—No award was made on Nov. 3 of the
$35,000 4 }4% coupon bonds described in V. 91, p. 1200, a
temporary injunction restraining the sale having been granted
Rochester, N. Y.—Note Offering.—Proposals will be re
ceived until 2 p. m. Nov. 14 by Chas. F. Pond, City Comp
troller, for $200,000 water-works-renewal notes.
D enom inations of notes and ra te of In te re st desired to be designated by
th e bidder. P rincipal an d Interest will be p ay ab le eigh t m o nth s from
N ov. 10 1910 a t th e U nion T ru s t Co. In New Y ork C ity .
St. Loui3, Mo.— No Bond Election.—We are informed that
the newspaper reports that an election would be held Nov. 8
to vote on the question of issuing $2,500,000 bridge bonds
are entirely erroneous.
Salem, Columbiana County, Ohio.—Bond Sale.—On
Nov. 4 the $10,000 4 Yz% 10-19-year (serial) coupon refund
ing bonds described in V. 91, p. 1280, were awarded to Stacy
& Braun of Toledo at 104.415 and accrued interest. The
bids received were as follows:
S ta c y & B rau n , Toledo.. _$10,441
H ayden, M iller & C o.. C lc. 10,430
C. II. D enison & Co., C le -. 10,427
O tis & H ou gh, C leveland. 10,423
50
04
75
00
Scasongood& M ayer, C ln. .$10,418
T Illotson& W olcott Co.,Cle 10,413
D avies-B ertram C o., C ln . 10,404
B reed & H arriso n , C ln___ 10,379
00
00
00
00
San Angelo, Tom Green County, Tex.—Bonds Authorized.
—This city has authorized the issuance of $20,000 5%
15-30-ycar (optional) coupon street-improvement bonds.
San Benito Independent School District (P. O. San Benito),
Cameron County, Tex.—Bonds Awarded in Part.—Of the
$25,000 5% 5-40-year (optional) bonds which the State Comp
troller registered on June 2 (V. 90, p. 1698), $5,000 were pur
chased at par and interest on Nov. 1 by the State School
Fund. This makes a total of $22,500 bonds sold to the
State to date. See V. 91, p. 668.
San Diego School District (P. O. San Diego), San Diego
County, Cal.—Bond Election Proposed.—According to re
ports, there is talk of holding a $200,000 polytechnic-highschool bond election.
San Saba Independent School District (P. O. San Saba),
San Saba County, Tex.—Rond Sale.— On Nov. 1 the State
School Fund purchased $14,000 5% bonds at par and interest.
Sedgwick Irrigation District, Logan and Sedgwick Coun
ties, Colo.—Bonds Voted.—According to reports, this dis
trict recently voted to issue $670,000 irrigation bonds.
Sherwood, Defiance County, Ohio.—Bond Sale— An issue
of $1,425 electric-light bonds has been awarded, it is stated,
to M. F. Pond of Somerset for 81,488 56, the price thus be
ing 104.46.
Silverton, Hamilton County, Ohio.—Bonds Voted.—The
election held Nov. 8 resulted, it is stated, in favor of the
question of issuing the $8,500 water-system-construction
bonds mentioned in V. 91, p. 1052.
V. 91, p. 1201.
South W illiam sport School D istrict (P . O. W illiam sport),
L ycom ing C ounty, P a .— Bonds Voted.— An election held
N ov. 8 resulted in favor of the question of issuing $25,000
bonds to construct two new b u ild in gs. The vote was 450
“for” to 203 “a g a in st.”
Stephen School D istrict (P . O. S tep hen), M arshall C ounty,
M inn.— Bonds Not Yet Sold.— N o sale has y et been made of
the $2,000 5% 5-10-year (optional) refunding bonds offered
w ithout success (V . 91, p. 747) on Aug. 20. The Secretary
Board of E ducation inform s us that he believes an arrange
m ent will be m ade by which the holders of the m aturing
bonds will carry the sam e for another year.
Story C ounty (P . O. N evada), Io w a . —Bonds Defeated.—
The propositions to issue $50,000 hospital, $30,000 countyfarm -house and $6,000 fair-ground bonds m entioned in
V. 91, p . 980, were defeated a t the N ov. 8 election.
Stow T ow nsh ip, Sum m it C ounty, O hio.— Bond Offering.
— Proposals will be received until 12 m . D ec. 5 b y H . J.
W illiam son, Tow nship Clerk (P . O. C uyahoga Falls, R . F. D .
N o. 8), for $8,000 4 > |% coupon road-im provem ent bonds.
A u th o rity , Sections 3295, 3924, 3939, 3940. 3941, 3942 a n d 3 9 4 7 of th e
G eneral Code. D enom ination $1,000. D ate " d a y of sa le ." In te re st
April 1 a n d O ct. 1 a t th e C entral S avings & T ru st Co. In A kron. M atu rity
$1,000 y early on O ct. 1 from 1912 to 1919 Inclusive. C ertllied check fo r
10% of bonds bid for, p ay ab le to th e T ow nship T reasu rer, Is req u ired .
P u rch aser to p a y accrued Interest.
Sugar Creek, T uscaraw as C ounty, O hio.— Bonds Voted.—
The proposition to issue $12,500 w ater-w orks bonds m en
tioned in V. 91, p. 823, carried by a vote of 77 “for” to 30
“against” at the election held N ov. 8.
Sw arthm ore School D istrict (P . O. Sw arthm ore), D elaw are
C ounty, P a .— Bonds Voted.— An election held N o v. 8, it is
stated , resulted in favor of a proposition to issue $60,000
school bonds. The vote w as 166 “for” to 134 “a g a in st.”
T acom a, W ash .— Bonds Voted.— The election held O ct. 29
(V . 91, p. 1116) resulted in favor of the follow ing proposi
tions, according to reports: $475,000 E leventh Street bridge
bonds, $405,000 dock bonds and $68,000 P uyallup bridge
bonds.
Bonds Defeated.— The proposition to issue the $75,000
fire-tug bonds, also subm itted on O ct. 29 (V . 91, p. 1116),
is said to have been defeated.
T aylor C ounty (P. O. A bilene), T ex .— Bonds Defeated.—
We see it stated that a proposition to issue $100,000 Precinct
N o. 4 good-road bonds was defeated a t an election held
O ct. 29.
T ecum seh, Johnson C ounty, N eb .— Bonds Defeated.— The
propositions to issue the water and sewer bonds m entioned in
V. 91, p. 901, were defeated, it is said, a t the N ov. 8 election.
Terrell C ounty Common School D istrict N o. 1, T e x . —Bond
Sale.— On N ov. 1 $5,000 5% bonds were disposed of a t par
and accrued interest to the State School Fund.
T exas .—Bond Sale.—On N ov. 1 the $1,353,700 3% 20
40-year (optional) coupon refunding bonds described in
V. 91, p. 901, were purchased at par and interest by the State
Board of E ducation for the account of the Perm anent School
Fund and the several special State funds.
Thornton T ow nship H igh School D istrict (P . O. H arvey),
Cook C ounty, 111.— Bids Rejected.— All bids received on
N ov. 2 for the $140,000 4% coupon school-building-enlarge
m ent bonds described in V. 91, p. 1201, were rejected.
E . H . R ollins & Sons of Chicago, offering 97.60, were the
highest bidders. Proposals ranging from 97 up were also
received from the Harris Trust & Savings Bank, N . W .
H alsey & Co. and the T hos. J. Bolger Co., all of Chicago.
T im m onsville, Florence C ounty, So. Caro.— Bonds Not
Sold.— N o sale has y et been m ade of the $30,000 w ater
works and the $5,000 drainage 5% 20-40-year (optional)
bonds offered on O ct. 15 and described in V . 91, p. 901.
Vernon, W illbarger C ounty, T ex .— Bonds Registered.— On
N ov. 3 the State Comptroller registered $2,000 5% 10-40year (optional) school-house bonds.
Walpole', Chesire C ounty, N . H .— Bond Sale.— W e have
just been advised th at $24,000 3 ^ % coupon bridge-con
struction bonds were issued July 1 1910.
D enom ination $500. In te re st Ja n u a ry an d Ju ly In K eene. M atu rity
$2,000 yearly.
W are, H am pshire C ounty, M ass.— Bond Sale.— According
to reports an issue of $10,000 4% 1-10-year (serial) streetim provem ent bonds was awarded recently to H ornblow er &
W eeks of N ew York City a t 101.22. D ate N ov. 1 1910.
W arren C ounty (P . O. F ront R oyal), V a .—Bonds Voted.—
The election held N ov. 8 (V . 91, p. 748) resulted, it is stated ,
in favor of the question of issuing $30,000 road-building
bonds.
W atervliet, A lbany C ounty, N . Y .— Bond Sale.— On
O ct. 31 an issue of $9,000 4 ^ % 1-9-year (serial) B roadw ay
im provem ent bonds was awarded to the H om e Savings Bank
in A lbany. D enom ination $1,000. D ate N ov. 1 1910. Interest
sem i-annual.
W ausau, M arathon C ounty, W is.— Bond Sale.— N . W .
H alsey & Co. of Chicago were recently awarded $45,000
school and $15,000 sewer 11-19-year (serial) coupon
1346
THE CHRONICLE
bonda. Denomination $1,000. Date Dec. 31 1909. Interest
January and July.
Wayland, Middlesex County, Mass.—Bond Sale.—On
Nov. 4 the $20,000 4% coupon school-building bonds de
scribed in V. 91, p. 1281, were bought by Estabrook & Co.
of Boston at 102.767. A list of the bidders follows:
$100 at 100.75. We are advised that the remainiag $500
bonds have been re-advertised for sale.
W ichita, K an s. —Bonds Authorized.—Ordinances have
been passed providing for the issuance of the following cou
pon bonds:
$200
E sta b ro o k & C o---------------------102.7671 N. W . H arris & C o . . _______ 102.41
675
E . M. F arn sw o rth & Co------102.70 P e rry , Coffin & B u rr...............102.30
B lake B ros. & C o.......................102.64 | A dam s & Co__________________102.01
1,636
B lodget & C o............. .................102.5291 M errill, O ldham & C o_______ 101.829
T h e ab o v e bidders a re all of B oston. M atu rity 81,500 yearly on N ov. 1
from 1911 to 1922 Inclusive a n d $1,000 yearly on N ov. 1 from 1923 to 1930 24,414
Inclusive.
W ayne County (P . O. D etroit), M ich. —Bonds Voted.—The
proposition to issue the $2,000,000 good-road bonds men
tioned in V. 91, p. 1201, carried at the election held Nov. 8.
W ayne T ow nship School D istrict (P . O. Good H ope),
F a y ette C ounty, O hio.— Bond Sale.— On Nov. 1 the $30,000
5% coupon school-building and site-purchase bonds described
in V. 91, p. 981, were awarded to Field, Longstreth & Co.
of Cincinnati at 104.78 and accrued interest. Other bids
received were as follows:
C. E . D enison & C o., C le..$ 3 1 ,3 7 7 75 D avles-B ertram Co., C ln .$31,276 00
Seasongood& M ayer, C ln .. 31,368 00 W ell, R o th & C o., C ln____ 31,242 00
S tacy & B raun, T oledo___ 31,356 75 H ayden, M iller & Co., C le. 31,086 00
New F irst N a t. B k ., Colum 31,326 00 T . J . Bolger C o., C hicago. 30,606 00
O tis & H ough, C leveland . 31,320 00 F irst N a t. B ank , S a b in a .. 30,585 00
M atu rity on S ep t. 1 as follow s: $1,! iOO In 1912, $2,000 In 1913, $3,000 In
1914, $3,500 In 1915 a n d $4,000 year y from 1916 to 1920 Inclusive.
[V O L . L X X X X I
00
00
00
E lev en th S tree t extension bond a t n o t exceeding 6% Im tcrest.
D ate O ct. 1 1910. M atu rity O ct. 1 1912.
C entral A venue bond a t no t exceeding 6% In terest. D ate O ct. 1
1910. M atu rity O ct. 1 1912.
Y ale A venue opening bonds a t no t exceeding 6% In terest. D ate
O ct. 1 1910. M atu rity O ct. 1 1912. D enom inations $800 an d
$836.
83 5% N orth M arket S tree t pav ing bonds. D e n o m in a te * $1,000,
except one bond of $414 83. D ate O ct. 1 1910. M atu rity
on O ct. 1 as follows: $1,414 83 In 1911, $3,000 every even
year from 1912 to 1920 Inclusive a n d $2,000 every od d year
from 1913 to 1919 Inclusive.
1,777 62 A rk an sas A venue opening bonds a t n o t exceeding 6% In terest.
D enom inations 2 bonds of $500 each a n d one of $777 62. D ate
N ov. 1 1910. M atu rity N ov. I 1912.
1,680 80 alley -co nstruction bonds a t n o t exceeding 6% In terest. D e
nom ination $150, except one bond of $330 80. D ate O ot. 1 1910.
M atu rity $150 yearly on O ct. 1 from 1911 to 1919 Inclusive a n d
$330 80 on O ct. 1 1920.
177 00 Sherw ood A venue opening bonds a t n o t exceeding 6% lu te rc st.
D ate N ov. 1 1910. M atu rity N ov. 1 1912.
W yom ing (P. O. C incinnati), O hio.—Bonds Vot»d,—It is
stated an election held Nov. 8 resulted in favor of a propo
sition to issue $8,000 school bonds.
W ellesley, Norfolk C ounty, M ass. —Bond Sale.—On Nov. 4 Canada, its Provinces and Municipalities.
an issue of $75,000 4% 5-19-year (serial) school bonds was A m herstburg, O nt.—Description of Debentures.—We are
awarded to Perry, Coffin & Burr of Boston at 104.02. The advised that the $15,762 5% debentures sold during October
bids received were as follows:
to the Dominion Securities Corporation, Ltd., of Toronto
P e rry , Coffin & B u rr________104.02 B lake B ros. & Co_____
103.57 (V. 91, p. 1202) are issued for water-works and local im
Geo. A. F ern ald & C o______ 103.873 E d m u nd s B ros________
103.57 provement purposes. The water-works debenture* are
E . M. F arn sw o rth & C o_____ 103.78 A dam s & Co_________
103.52
H ay d e n , S tone & C o________103.76 E . H . R ollins & S o ns..
103.419 dated Dec. 15 1909 and the local-improvement debentures
E stab ro o k & C o_____________103.67 Jackso n & C u rtis_____
103.37 are dated Dec. 16 1908. Maturity part yearly for 20 years.
N . W . H arris & C o__________ 103.627 P ark inso n & B u rr_____
103.21
B lodget & C o ._____ _________ 103.588 M errill, O ldham & Co
103.179
B arons, A lberta. —Price Paid for Debentures.—We are ad
R . L . D ay & C o______________103.579 K uh n, F isher & C o ...
103.133 vised
that the price paid for the $2,000 10-year debentures
T he abo ve bid ders are all of B oston.
awarded on Oct. 22 to Nay & James of Regina was 101 for 8
D enom ination $1,000. D ate S ep t. 1 1910. In te re st sem i-annual.
W est U nion , A dam s C ounty, O hio.—Bonds Awarded in per cents.
Part.—Of an issue of $1,000 4% street bonds, offered on Caledonia, S ask . —Debentures Authorized.—Reports state
Nov. 4, $500 were disposed of to local lodges at the following that the issuance of $9,000 permanent-improvement de
prices: $800 at par and accrued interest, $100 at 100.78 and bentures has been authorized.
NEW
LOA N S.
$ 9 4 9 ,0 0 0
STATE OF MARYLAND
TR EA SU R Y D EPA RTM EN T,
A nnapolis, O ctober 20, 1910.
THE STATE ROADS LOAN
NEW
LOA N S.
$ 2 5 ,0 0 0
Town of Conrad, Montana,
BONDS
N otice Is hereb y given th a t the Tow n of C onrad
will offer for sale to the highest bid der bonds In
th e sum of T w enty -F ive T housand ($25,000)
dollars. Said bonds redeem able as follows:
$3,000 In five years: $10,000 In fifteen years: and
the balance a t the ex p iratio n of tw en ty years.
Said bonds to be Issued In denom in ations of
$1,000 each, no t to exceed 6 per cen t Interest,
payable sem i-annually.
T he Tow n Clerk will receive bids for sam e up to
and Including N O V E M B E R 19, 1910, a t his office
In C onrad, M ontana.
T he rig h t is reserved to refuse a n y an d all bids.
E D W IN A. P E T T IG R E W ,
Tow n Clerk.
D ated , C onrad, T eto n C ounty, O ctober 12, 1910
IN V E S T M E N T S .
F. W M . K R A F T
LAW YER
Specializing in Examination of
Municipal and Corporation Bondi
1312 F IR S T N A T IO N A L B A N K B L O d ..
T he un dersigned. G overnor, C om ptroller and
T reasu rer of th e S ta te of M aryland, In pursuance
CHICAGO, IL L .
of an Act of the G eneral A ssem bly of M aryland
of 1908, C h ap ter 141, will receive proposals for
$949,000 Series “ C” of th e said L oan, being
balance unissued of said Series “ C” .
"T h e S ta te R oads L o an ” will be d a te d F eb ru ary
1, 1910, bear In terest from A ugust 1, 1910, a t the
rate of T hree a n d O ne-H alf P e r C entum per
a n n u m , payable sem i-annu ally on th e first day
of F e b ru a ry a n d A ugust In each an d e v ery y ear,
a n d th e principal will be redeem able a t the pleasure
BO ND S
of the S ta te a fte r the first d a y of F e b ru a ry In the
year 1920, a n d th e w hole d e b t will be payable on
CO S T A T E S T R E E T , B O S T O N
th e first d ay of F e b ru a ry , 1925. T he d e b t Is
ex em p ted from S ta te , co u n ty a n d m unicipal
30 P I N E S T R E E T , N E W Y O R K
ta x a tio n a n d will be Issued In bond form , w ith
coupons a tta c h e d .
STATE,
CITY & R A IL R O A D B O N D 8
Safest
Investments
A
Q
L
,
tn
Write
for
Said proposals m u st be delivered, sealed, to
th e T reasu rer of th e S ta te , a t A nnapolis, ON known. Yielding from
/ O ^ ^ / O Circular.
O R B E F O R E 12 O ’CLOCK NOON O F T H E
T W E N T Y -S E C O N D DAY O F N O V E M B E R ,
U L E N & CO.
1910, a n d m u st be a t a price, accrued Interest to
d a te of delivery In all cases to be add ed th e reto ,
BANKERS
C H IC A G O
an d have endorsed on th e back of th e envelope
McCOY & COM PANY
“ Proposals for th e S ta te R oads L o a n .” E ach
bid m u st be accom panied w ith a certified check
E
S
T
A
B
L
IS
H
E
D
1886
on som e responsible b an king In stitu tio n for
Municipal and
10 per cen t of th e am o u n t of such bkl, a n d the
sam e will be opened In th e office of th e S ta te H. C. SPEER & SONS CO.
Corporation
Bords
T reasu rer, In th e C ity of A nnapolis, a t 12 o ’clock
First Nat. Bank Bldg., Chicago
noon, N ovem ber 22nd, 1910, In th e presence of
th e undersigned.
SCHOOL,
On th e opening of such proposals so m an y of
181 L a S a i l a S t r e e t . C h i c a g o
said coupon bonds as have been bid for, not
exceeding, how ever, th e a m o u n t for w hich COUNTY A N D M U N IC IPA L BONDS
proposals are Invited , m ay be aw arded by said
G overnor, C o m ptroller of the T reasu ry a n d
T reasu rer, or a m a jo rity of th em , to th e hlgliesst
T R U S T C O M P A N IE S .
responsible bidder or bidders for cash; a n d w hen
tw o or m ore bidders have m ade th e sam e bid,
w hich bids are th e highest, a n d If the a m o u n ts
so bid for by th e highest responsible bidders are In
excess of the whole a m o u n t of said bonds so
offered for sale, th en such bonds m ay be aw arded
to such highest responsible bidders bid din g the
sam e price In the p rop ortion w hich th e am o u n t
each has bid for bears to th e w hole a m o u n t of
said bonds so offered for sale.
T hese bonds will be Issued In the den om in ation
of $1,000 a n d su b ject to reg istratio n as to principal,
37-43 W A L L S T R E E T , N E W Y O R K .
a n d will be deliverable D ecem ber 1st, 1910, a t
the office of th e S ta te T reasu rer, In th e C ity of
C O L O N IA L B R A N C H i
L O N D O N O F F IC E i
A nnapolis.
22 2 B ro a d w a y , N ew Y o rk .
9 5 G re s h a m S t.
T he righ* Is reserved to reject a n y a n d all bids.
A U ST IN L . C R O T H E R S ,
G overnor.
W . B. C L A G E TT ,
C A P I T A L A N D S U R P L U S $ 8 ,0 0 0 ,0 0 0
C o m ptroller of th e T reasu ry .
M U R R A Y V A N D IV E R ,
T reasu rer.
In v ite s a c c o u n ts o f in d iv id u a ls firm s a n d c o r p o r a tio n s .
P a y s in te r e s t o n d a ily b a la n c e s .
R. T. Wilson & Co.
E x e c u te s tr u s ts o f e v e ry d e s c r ip tio n .
33 W A L L ST R E E T
BLODGET & CO.
MUNICIPAL BONDS
The
Trust Company of America
NEW YO RK
Kor. 12 1910.
THE CHRONICLE
1847
Garleton C ounty (P . O. O ttaw a), O nt.— Debenture Sale .—
N ew m ark et, O ntario. —Debenture Sale.—On Nov. 7 an
An issue of $20,000 5% good-road debentures was sold on issue of $15,000 5% 25-year school debentures was awarded
Oct. 28 to the Bank of Ottawa at 104.38. Date Dec. 1 1910. to Wood, Gundy & Co. of Toronto at 100.42. The bids
Interest annual. Maturity part yearly.
were as follows:
G un dy & C o., Tor_$15,063 00 W .A .M ackenzie & C o.,T or$15,007 00
D unnville, O nt. —Debenture Sale.—On Nov. 1 the $30,000 WB reood,
t, N oxon & C o., T o r. 15,061 00 Geo A . S tlm son & C o..T or. 15,005 00
C am pbell, T hom pson & Co. 14,933 00
4 Yi% school debentures described in V. 91, p. 1202, were C.D omII.n inion
S ecur. C o., T or. 15,026
& C o., T o r. 15,014 00 A em lllus Ja rv is & C o..T or. 14,824 50
awarded to R. C. Matthews & Co. of Toronto at 96.083 and D ateB urgess
Ju
ly
4
1910.
In
te
re
st
a
n
n
u
al.
accrued interest. The bids received were as follows:
R . C. M atthew s <S» C o., T o r ..$28,825 A em lllus Ja rv is & C o., T o r..$ 2 8 ,0 8 9
N okom is, Sask . —Debenture Election Proposed.—An elec
C. H . Bwrgess & Co., T oronto 28,369 G. A . S tlm son & Co., T o r____ 28,075 tion will be held, it is stated, to vote on a by-law providing
D om inion 3ecur. C orp., T o r. 28,359 O ntario Sccur. C o., T o ro n to . 28,017
H anso n Brog., M o n treal____ 28,323 C anada D ebenture C o., T o r .. 27,992 for the issuance of $3,000 6% 20-installment debentures to
W . A . M ackenzie & C o., T o r. 28,291 H . O 'H a ra & C o., T o ro n to .. 27,975 purchase the Nokomis Rink Co., Ltd.
B re n t, N uxon & C o.. T oronto 28,226 W ood, G undy & C o., T o r .. . 27,907
T his Issue la rep ay ab le In 30 a n n u al Installm ents of principal a n d Interest.
P erdue, Sask . —Debenture Election Proposed.—Reports
E ldon T ow nship, O n t. —Debenture Sale.—Issues of 434% state that an election will be held to allow the ratepayers to
whether or not $2,900 sidewalk and road deben
and 5% debentures, aggregating $9,197, have been sold, determine
it is stated, to Thos. Stewart of Lindsay. Part of the tures shall be issued.
debentures are due in ten annual installments and part in Peterborough, O nt.—Debentures Authorized.—It is stated
twenty annual installments.
that the City Council has passed a by-law providing for the
F inch T ow nship, O nt. —Description of Debentures.—We issuance of $20,000 water-works debentures.
are advised that the $3,868 5% debentures disposed of last R aym ore, S ask . —Debenture Sale.—During October $5,000
month to the Dominion Securities Corporation, Ltd., of
Toronto (V. 91, p. 1054) are issued for drainage purposes 6% debentures were awarded to Nay & James of Regina.
and are dated Dec. 15 1909. Maturity part yearly for 10 R eston School D istrict, M an.—Debenture Offering.—Pro
posals will be received until Nov. 15 for the $2,500 5%
years.
L earys School D istrict, M an. —Debenture Election.—A school-improvement debentures mentioned in V. 91, p. 1055.
o rity , v o te of 20 to 6 a t election held O ct. 29. M atu rity p a rt y early
proposition to issue $2,000 debentures will be submitted to forA20u thyears.
a vote, it is stated, on Nov. 16.
Stratford, O nt. —Price Paid for Debentures.—W e are ad
L ethbridge, A lberta.— Debenture Sale.— On Nov. 2 $316, vised
the price paid for the $7,000 434% 30-year water
000 4
debentures were awarded, it is stated, to Wood, worksthat
debentures disposed of on Oct. 19~ to the Canadian
Gundy & Co. of Toronto.
Debentures Corporation, Ltd., of Toronto (V. 91, p. 1283)
L ethbridge P rotestan t Public School D istrict N o. 51, was $7,030, or 100.428.
A lberta. — Debenture Sale.—On Nov. 1 the $75,000 5% de
W atrous, S ask . —Debenture Sale.—On Oct. 22 the 810,000
bentures mentioned in V. 91, p. 1054, were awarded to 534%
debentures mentioned in V. 91, p. 983, were awarded
Wood, Gundy A Co. of Toronto for $75,856—the price thus to C. H.
Burgess & Co. of Toronto at 98.77. The bids re
being 101.141. Other bids received were as follows:
W . A. M a*konaloA Co.,Tor$75,631 00 N ay & Jam es, R e g in a ____$74,633 00 ceived were as follows:
00
D om inion See. C o., T o r .. 75,622 50 A em lllusJarvls& C o., T or. 74,126 00 C. II. B urgess & Co., T o ro n to .$ 9 ,8 7 7 1O ntario Sccur. C o.. T o ro u te . .$ 8 ,7 0 7
C anadian Dob. O o rp .,T o r. 74,820 00 B rent, N oxon & C o .,T o r.. 74,011 00 R . C. M atthew s & Co., T o r___ 9,755 B ren t, N oxon & Co., T o ro n to . 9,611
O n tario So*. Co., T oronto 74,777 00 H anson B ros., M o n tre a l.. 71,250 00 N ay & Jam es, R eg in a_________ 9,724 1N ational F in an ce Co., R e g in a . 8,590
M atu rity y a rt yearly for 30 years.
M atu rity p a rt yearly for 20 years.
M IS C E L L A N E O U S .
M E LL O N N A T IO N A L BAN K
PITTSBURGH, PA.
As your reserve depositary, this
bank offers you perfect service and
liberal interest on your balances.
CAPITAL AND SURPLUS, $ 1, 000,000
IN V E S T M E N T S .
R e y n o ld s , W a ts o n & C o .
Municipal and Corporation Bonds
W e offer a very exceptional
D R A IN A G E BON D
NETTINQ
6%
400 The R ookery
GHIOAQO
Charles M. Smith & Co.
S lltn o tg H m retp C o m p a n y
H om o Office, 206 La Salle Street
C H IC A G O
WRITES ALL CLASSES SURETY BONDS
Court— Fidelity— Contract— Miscellaneous
T he m olt* of the Illin o is S u re ty C o m p a n y Is “P ro m p t Service ”
both in t/te h a n d lin g of Its business a nd the a d ju stm en t of its losses
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIO NAL BA N K B U IL D IN G
OHIOAGO
F O R R E S T &
BANKERS
C O .
421 C h e stn u t S t.. P H I L A D E L P H I A . P A .
Municipal and
Corporation Bonds
HOOENPYL, WALBRIDGE & CS.
F O R T Y - O N E STATE L E G I S L A T U R E S
AND CONGRESS
AR E A B O U T TO CONVENE
For full inform ation as to our sy stem of reporting on proposed
or new legislation relating to Transportation, Commerce,
M anufacturing, and sim ilar su bjects, address
3
Ehc QTorporatioti Trust C o.
37 Wall Street, New York
7 W a ll S t . , N a w Y o r k
R ailroad, Street R y ., Gas & E lec. L igh t
S E C U R IT IE S
M U N IC IP A L A N D R A IL R O A D
BONDS
L I S T O N A P P L IC A T IO N
S E A S 0 N G 0 0 D & M A Y ER
M ercantile Library Building
CINCINNATI
THE CHRONICLE
1348
[VOL. L X X X X I.
(Compaixies.
hum
Slams M
gvxist ©xmxpatxijcs.
Gompang or How Tort,
Chartered 1853
45 and 47 W A L L S T R E E T
CAPITAL,
...................................................................
SURPLUS AND UNDIVIDED PROFITS
-
$ 2 ,0 0 0 ,0 0 0 .0 0
$ 1 3 ,8 5 6 ,5 7 0 .8 3
This Company acta aa Executor. Administrator, Guardian, Trustee, Court Depositary and In
•ther recognized trust capacities.
It allows Interest at 'mrrent rates on deposits.
It holds, manages and Invests money, securities and other property, real or personal, tor estates
corporations and Individuals.
ED W A R D W . SH ELDO N, P resident
W ILLIAM M. K IN G SL EY, V .-P res.
H ENRY E . A H ER N , Secretary.
W ILFR E D J. W ORCESTER, A sst. Sec. CHARLES A . E D W A R D S, 2d A sst.S ec.
TR V STUBS.
JOHN A. STEWART, C h a ir m a n o i th e r to a r a .
Gustav H. Schwab.
Lewis Cass Ledyard,
Frank Lyman,
Lyman J. Gage.
James Stlllma-Payne Whitney.
John Claflln,
Edward W. Sheldon.
John J. Phelps.
Chauncey Keep
Bayard Cutting,
William Rockefeller.
Alexander E. Orr
William H. Mscy Jr..
17.
W illia m D . S loan e.
F id e l it y T
rust
C
NEWARK, N. J.
George L. Rives,
Arthur O. James,
William M. Kingsley.
William Stewart Tod.
Ogden Mills
Egerton L. Wlnthrop
Manhattan
Trust
Company
Temporary Offices
JJ3 BROADWAY
W ALL S T R E E T
CORNER NASSAU
ompany
Resources Over $29,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
Acts as Executor, Trustee, Administrator and in all fiduciary capacities.
Takes entire charge of Real and Personal Estates. Guarantees Titles of
Real Estate throughout New Jersey.
General Banking and Savings Departments. Bond Department for
purchase and sale of municipal and public utility securities. Safe Deposit
Department.
CENTRAL TRUST COMPANY
of NEW YORK
54
W a ll
S tr e e t
U N IT E D STATES
MO R T G A G E & TR U S T
COMPANY
NEW YORK
CAPITAL,
SURPLUS,
$ 2 ,0 0 0 ,0 0 0 .0 0
$ 4 ,0 0 0 ,0 0 0 .0 0
Invites Personal and Business
Accounts. Acts as Trustee, Ex
ecutor, Administrator, Guard
ian and in all Fiduciary
Capacities. Certifies Muni
cipal and Corporation Bonds.
Capital and Surplus, $18,000,000
(o f w h ic h $ 1 7 ,0 0 0 ,0 0 0 h a s b e e n e a r n e d )
A u t h o r i z e d t o a c t a s E x e c u t o r , T r u s t e e , A d m i n i s tr a to r o r G u a r d i a n .
R e c e i v e s D e p o s its , s u b je c t to c h e c k , a n d a llo w s I n te r e s t o n D a ily B a la n c e s .
A c t s a s T r a n s f e r A g e n t , R e g i s t r a r a n d T r u s t e e u n d e r M o r tg a g e s .
CH ARTERED 1864
Union T ru st C om pan y o f N ew Y ork
MAIN OFFICE: 80 BROADWAY.
U p t o w n O f f i c e : 4 2 5 F ift h A v e n u e , c o r n e r 3 S t h S t r e e t ,'
W i t h M o d e r n S a fe D e p o s it V a u lt s
Capital $1,000,000
Surplus (earned) $7,737,000
A L L O W S IN T E R E ST ON D E P O SIT S.
A c t s a s E x e c u t o r , G u a r d ia n , T r u s t e e , A d m i n i s t r a t o r a n d in a l l F i d u c ia r y C a p a c it ie s
o n b e h a lf o f I n d iv id u a ls , I n s t it u t i o n s o r C o r p o r a t i o n s .
55 Cedar St.
B ’ w a y ft 73rd St.
125th St. ft 8th A va.
In d u s tria l T ru s t C o m p a n y
Providence, R. I.
C A P I T A L ...........................................................33 ,0 0 0 .0 0 0
S U R P L U S ......................... - ............................... 3 .0 0 0 .0 0 0
OFFICERS.
Cyrus P. Brown. President
Arthur L. Kelley, Vice-President
H. Martin Brown, Vice-President
Otis Everett, Vice-President
Joshua M. Addeman, Vice-President
Ward E. Smith, Treasurer
Chas. H. Manchester. Secretary
H. Howard PeDper, Asst.Treas.
Frederick B. Wllcox.Audltoi
BOARD OF DIRECTORS.
Samuel P. Colt
Herbert N. Fenner
Olney T. Inman
J. Milton Payne
William R. Dupee
Eben N. Littlefield
Richard A. Robertson Otis Everett
Joshua M. Addeman
C. Prescott Knight
James M. Scott
Jesse H. Metcalf
William H. Perry
John J. Watson Jr.
Arthur L. Kelley
Charles H. Allen
H. Martin Brown
John B. Branch
George F. Baker
William P. Chapin
George M. Thornton Angus McLeod
Cyrus P. Brown
Ezra Dixon
Chas. C. Harrington Howard O. Sturgis
Louis H. Comstock
Edward D. Pearce
Englehart C. Ostby
R E A D Y ABOUT JA N U A R Y 15
lUinotsTnist&SavingsBaiik
CHICAGO
Capital and Surplus
$13,600,000
Pay» Interest on Time Deposits, Current and Reserve Accounts.
Deals in Investment Securities and Foreign Exchange.
Transacts a General Trust Business.
C O R R E S P O N D E N C E IN V IT E D .
Hand-Book of Securities
J a n u a ry 1911 E d itio n .
D E S C R IP T IO N
P R IC E S
IN C O M E
D IV I D E N D S
.
51 00
T o S u b scribers o f the C h ron icle
75
P rice o f
S ingle C o p ie s
.
.
The Hand-Book Is Issued to Bankers and
Brokers with their cards lettered In gilt on the
outside cover (In quantity) at special rates.
Commercial
&
Financial Chronicle
Front. Pine and Depcyster Sts.
@FedFRASER