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TV
ontmaria
finanrial
IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section
VOL. 91.
Railway & Industrial Section
Bankers’ Convention Section
SATURDAY, NOVEMBER 19 1910.
Jflx e © Ix rc m ic le .
PUBLISHED WEEKLY.
Terms of Subscription— Payable In Advance
For Ono Year .............................................................................. ............... $10 00
For Six Months............................................................................................. 0 00
European Subscription (including postage)............................................ 13 00
European Subscription -lx months (including postage!...........
7 50
Annual Subscription in London (including p, stage)
£2 14 s,
Six Months Subscription in London (including postago).....................£1 11s,
Canadian Subscription (including postage) ........................................$11 50
Subscription includes fo llo w in g Su p p lem en ts —
BK AILW
'NK and Q uotation
3N (monthly)
I S I’ATF, a nd C it y (semi-annually)
AY AND INDUS!--------'
Electric Railway Section
State and City Section
NO. 2369.
Week ending November 12.
Inc. or
1910.
1909.
Dec.
1908.
1907.
S
S
% c; Ocn Qno
$
$
Chicago............ . 251,193,243: 280,738 35C•; _in
ooi
» AOVJ,OVJZ,Zo (
o0o(o34
Cincinnati........ . 23,889,300> 26,711,300> —XU.t,
i.ei 28,716,950) 1&7(
21,730,500
Clearings at—
Cleveland........ . 16,500,673 19,846,8741 —16.8» 16.271.07S1 17,036,051
Detroit.............. . 16,708,554 16,399,275> +1.9 1 14,389,842! 12,755,225
Milwaukee........ . 14,261,8381 13,996,4091 +1.0 i 13,294,413! 10,442,624
Indianapolis__ . 8,595,802
9,005,213i 6,398,603
Columbus........ . 6,134,80011 10,052,779
6,188,300i1 —14.5
—0.0ii 5,931.700
1 4,963,600
Toledo_______ . 3,905,1651 4,445,608
—12.1
3,724,401
Peoria.............. . 3,393,822: 3,502,228 —3.1 3.300,201 3,975,773
1,315.980
Grand Rapids.. . 2,755.461 2,960,343 —6.9 2,439,248 2,278,076
Evansville___ . 2,506,516i 2,566,7551 —2.3 2,232,464 2,018,013
si’Ria l (quarterly) I E lectric R a il w a y (3 times yearly)
Dayton............
.
2,261,901
2,031,598
+
11.3
1,885,029
B a il w a y E arnings1 (monthly)
[ B a n k e r s ’ C o n ve ntion (yearly)
Kalamazoo___ . 1,361,224 1,364,518 —0.2 1,167,078 1,569,079
772,082
Fort Wayne... . 1,101,019 1,040,065
+ 5.9 1,025,968
658,588
Terms of Advertising— Per Inch Space
.
1,047,859
Springfield,
111.
976,114
+
7.3
945,000
787,278
Transient matter per inch spaco (14 agate linos)..................................... $4 20 Youngstown__ .
822,948
912,533 —9.8
708,795
( Two Months
(< times)............................ 22 00 Lexington____
850,955 + 18.7
828,841 1,590,938
540,103
Akron............... .. 1,009,201
790,000
819,600
—3.6
710,000
500,000
Canton................ 1,000,486
(( Twelve
SIMS"
mSK::::::::::::::::::
883
720,000 + 38.9
715,748
535,000
Rockford.........
Months I
(52
times)........................... 87
00
.
784,594
717,034 + 9.4
665,530
635,699
645,367
676,552 —4.6
532,221
CHICAGO OFFICE- Pliny Bartlett,A13 Monadnock Block: Tel. Harrison4012 Quincy...............
425,000
South Bend ___ ..
584,493
563,651
+
3.7
495,152
413,481
LONDON OFFICE—Edwards & Smith, 1 Drapers’ Gardens, E. O.
Bloomington___ .
538,443
567,464
499,162
405,651
Springfield,
O... .
561,060
W I L I . I A I T I It . D A N A C O M P A N Y , P u b l i s h e r s ,
508,338 +—5.1
10.4
463,145
458,133
Decatur ...........
412,468
411,403
+
0.3
389,064
240,852
P. O. 1 ox OSS. Front. I* 110 and Depeyster Sts., New Yorli, Dansvllle
..........
400,880
396,318
1.2
358,856
381,663
369,093 + 3.4
361.083
231*679
Published every Saturday morning by WILLIAM B. DANA COMPANY. Mansfield_____
Lima .................
358.865
321,988 ++11.5
314,878
300,000
Jacob
8elbert
Jr.,
Vice-President
and
Secretary:
Arnold
G.
Dana,
Treasurer.
Jackson
______
378,428
300,000
+
26.1
290,000
270,319
Addresses of both. Office of the Company,
Jacksonville,
111.
240,078
296,939
294,486
227,829
Ann Arbor.........
226,637
236,452 —19.2
—4.2
162,896
149,909
Adrian .............
23,727
33,635
—29.5
40,213
35,000
Saginaw.............
588,222
667,206 —11.8
C L E A R IN G -H O U S E R E T U R N S .
Lansing.............
Not
Inc
luded
In
total
The following table, made up by telegraph. &o., Indicates that the total
bank clearings of all clearing houses of the United States for week ending
S 365,364,737 402,189,683 —9.1 372,960,944 292,273,709
to-day
„ha„ve bccn
against
last week and
42,953,045 42,813,455 + 0.3 40,142,102 30,756,381
$3,437,698,748
the *3.255.1)30,937.
corresponding week
last $3,040,611,008
year.
Los Angeles
15,743,464 14,184,160 + 11.0 11,780,296 9,558,869
Seattle __
11,328,638 14,678,568
—22.4
8,789,667
Portland ..
Clearings— Returns by Telegraph.
0,891,788 + 8.8 10,648,449
6,900,000
Per
5,441,735
Salt Lake City. .. 10,760,350
6,775.691 7.370,484
Week ending November 19.
—8.1
7,192,640
1910.
Cent. Tacoma_______
1909.
3,904,923
4,197,762
6,337,657
—33.8
4,942,663
4,696,348
Spokane.............. 4,842,278 5,287,396 —8.4 3,768,693 3,528,047
New York.............................................. $1,519,233,683 $1,733,961,893 —12.4 Oakland..............
1.840,424 + 63.8 1,733,309 1,505,214
Boston .................................................... 150,478,251
156,970,880 —0.3 Sacramento____ 3,014,334
1,409,712
+ 9.0
Philadelphia....................... .................. 141.350,180
+
13.3
785,000
124,790,437
Helena .............. 1,536,028
976,799 1,199,111
Baltimore..........................................
—18.6 1,091,595
1,028,107
29,586,187
835,631
27,018,972
+
9.5
San Diego..........
1,350,000
+
12.4
Chicago.................................................. 237,440,788
1.201,000
803,000
233,595,703
+
1.6
Fresno...............
750,000
776,553 —3.4
St.
807,210
74,004,589
68,780,916
+
7.6
Stockton______
609,744
718,163
NewLouis................................................
Orleans..........................................
—15.1
591,016
20,946,454
680,000
19,751,396 + 6.1 San Jose..............
600,330
712,584
575,482
466,736
North Yakima..
631,456
476,025 —15.8
Seven cities, five days................... . $2,179,040,132 $2,364,876,197 —7.8 Billings..............
+
32.6
330,909
183,960
292,857 —37.2
Other cities, live days........................... 625,947,698
227,765
512,094,618 + 2.7 Pasadena............
700,000
523,975 +33.6
Total all cities, five days.
$2,704,987,830 $2,876,970,815 —6.0 Total Pacific.. 106,951.879 99,714,112 + 7.3
All cities one day________
92,563,236 70,848,551
550,943,107
560,727,933 —1.7
Kansas City___ 54,273.843 56,031,261 —3.1 47,266,425 30,171,610
$3,255,930,937 $3,437,698,748 —5.3 Minneapolis
22,723,010
30,594,834
—25.7
28,155,890
15,005,560 15.233,085 —1.5 12,401,042 22.892,482
The full details for the week covered by the above will be given next Sat Omaha___
Paul...
12,805,707
12.864,429 —0.5 11,186.576 10.689,052
9,363,984
urday. We cannot furnish them to-day, clearings being made up by the St.
Denver___
9,260.970
10.804,500 —14.3
clearing houses at noon on Saturday, and hence in the above the last day Duluth___
3,922.960 7,514,035 —47.8 10,228,709 7,410,033
of the week has to be In all cases estimated,as we go to press Frldaynlght. St.
Joseph.
6,329,848 6,903,789 —8.3 ” 5',115,776 ” 3,618,499
We present below detailed fleurcs for the week ending with Saturday, Des Moines........ 3,635,597
4,170,633 —12.8 2,981,268 2,867,342
noon, November 12, for four years.
Wichita.............. 3,559.813 3,305,241
+ 7.7 1,777,150 1,347,159
Sioux City.......... 2,571.896 2,987,863 —13.9
1,722,107
Lincoln .............. 1,480.657 1,508,435 —1.9 2,988.585
1,239,658 1,569,463
Week ending November 12.
Topeka .............. 1,393,042 1,597,078 —12.8 1,399,780
Clearings at—
925,602
Davenport_____
1,519,320 1,214,731 + 25.1 1,140,769
961,834
Inc. or
Cedar Rapids__
1,406,526 —0.04
853,126
1910.
1909.
796,679
Dec.
1908.
1907.
Fargo
................ 1,405,995
957,506
1,342,131
660,938
1,400.000
Sioux Falls........
995,000 —28.7
+ 40.7 1,048,088
775,000
S
550,000
%
S
S
1
*
740,841
Colorado Springs
658,876 + 12.4
810,396
New York_____ 1,762,972,499
843,232
2,215,982,197
—20.4
2.345.970.510
1.319.578.690
734,674
Pueblo ...
814,741 —10.0
664,141
Philadelphia___ 134.455.848 149,528,318 —10.1 139,125.043 120.686.818 Fremont
561,592
295,958
..
350,559 —15.7
276,903
Pittsburgh.......... 44.615.002 49,667,377 —10.2 42,834.284 51,935,767
189,597
Baltimore_____ 32.669,799 36.475.254 —10.4 27,920,571
28,753,936
Tot.other West 144,017,197 160,296,847 —10.2 130,315,282 97,141,005
Buffalo................ 9,243,648 0,828,209
—4.9
9,267,160
8,634,560
Washington___
7,615,220 7,435,877 + 2.4
St. Louis............ 73,435.073 80,782,384 —9.1 70,799,899 56,791,833
Albany................ 5.809.087 6.305.673 —7.9 0.438.627
6.268,844 4.970.268
Orleans___ 23.691,831 25,704,585 —7.8 18,931,791 19,151,366
4.721.878 New
Rochester_____ 4.149.411 3.949.278 + 17.7 4.254.866
13,199,553 12,653,519 + 4.3 11,910,380 10,240.495
3.877,251
—9.5
Scranton ............ 2.412.145 2.666,880 —17.7 2.458.501 2.195.665 Louisville..........
15,450,858 14,271,466 + 8.3 16,918,615 10,741.990
Houston............
Syracuse___•__
2,509.588
2,064,214
1.946,103
Galveston_____
8,533,500 8,657,500 —1.4
8,489,500 6,880.500
2,270,857
Trenton ______
1,714,309 —19.3
1,383,293 1,709,319
1,384,565
Fort
Worth........
8.510,607 13.788.662
8,753,337 +—2.8
7,510,113 4,480.657
Wheeling..........
—2.3
1,669,917
1,639,958
19.7
Atlanta..............
16,511,753
5.993.574 5.548,350
”
l,235”
,
160
Reading..............
—1.0
1.537.804
1,552,116
1.502,013
9.370.337
+
23.0
Memphis______
11,521,514
7,301,229
1.441,2.37
Wilmington____
1,425,175 1,510,959 —5.6 1,298.503 1,372.751 Richmond ........
8.569,774 —13.9 6,890,170 5.774,235
7,374,850
6,814.384
Wllke?-Barre ...
1,193,515
—20.3
1,498,858
1,385,062
5,579,206 + 13.4 4,949,040 6,389.475
6,325.514
Savannah
_____
•
1,333.595
Harrisburg........
1,151,417 1,311,628 —12.0 1.269.798 1.013.019 Nashville .......... 3,750,000 3,828,945
—2.1 3,641,741 3,903,328
York.................. 1.012.720
+
1.8
994,226
869,844
3.487,666 3,570,004
768.046 Norfolk_______ 3.802,421
Erie....................
822,527
2,979,564 —2.3 2,696.302
861,507 —4.5
698,597
635.397 Augusta.............
2,159,205 2,708,585
2,209,346
556,963
Chester..............
2,552.891 ++ 27.6
525,932
3.038,359
741,370 —25.0
Birmingham___
19.0
544,785
2,166,666
2,239,748
507,127
Greensburg____
—3.3
2,500,000
2,674,892
524,584
594,604
Oklahoma_____
—6.5
1,639,881
443,700
772,450
550.900
Binghamton___
2,736.447 2,263,989 + 20.9 2,100,000 1,722,956
486,500 +—.3.3
13.1
546,900
514,800 Charleston.........
471,573
Altoona_______
3,109,321
487,452
402,031
2,215,071
Little
Rock____
+
40.4
2,046,230
1,189.561
249.975
Franklin............
277.750 —10.0
2,642,684 2,154,244 + 22.7 1,756,216 1.353.876
275,000
256,421 Jacksonville___
1,591,862 1,914,764 —16.9 1,504,346 1,479,041
Knoxville_____
Total Middle.. 2,018,541,779 2.498.017.257 —19.2 2,598.877,306 1,557,084,606 Chattanooga__
1,918,582 1.900,246 + 1.0 1,639,098 1,400,000
1,530,199
Mobile................
1,510,336 + 1.3
Boston .......... 157,614,105 175,354.385 —10.1 186.294,827 143,283,845 Macon................
1,525,465
1,275.000 + 19.6 1,441,361
736,917 1,387.225
670.767
Providence____ 9.455.700
10.716,800
—11.8
1,462,584
8,627,700
Austin................
921,126
+
58.7
7,453.800
881,456
800,000
Hartford............ 4,276.398
650,000
+ 9.1 3,593.808
____
690,509 —5.9
642,540
3,055.521 Beaumont
405,000
New Haven____ 2,852,883 3,918.5.30
2,809,361
2,719,622
+
1.5
464,185
Vicksburg..........
550,685
—15.7
552,717
2,344,790
2,158,227 2,141.190 + 0.8 2,013,544 2,000,325 Jackson ..............
Portland............ 2,393,185
800,000
655.000 ++22.1
449,000
Springfield..........
2,200,000 + 8.8 2,208,489 1,932,413 Meridian............
370.000
340,423
8.7
Fall River_____ 1,694,838 2,073.816
—2.3.1
1,430,142
Wllmlngton.N.C.
735.000
700,000
+
5.0
1,155,023
415,000
525.000
1,840,848 + 14.8 1,645.854 1,624,731
Worcester_____
New
Bedford___ 2,113,917 1,373.838
+ 5.5 1,208,697
Total Southern 220,669,828 220,828,459 —0.7 186,163,987 155,580,169
905,966
Lowell.... ........... 1,449.894
589,269
5.32,817
+
10.7
701,710
591,901
Holyoke............
585.142
496,618 + 13.9
414,477
453,944 Total all.......... 3,040,611,008 3,594,404,361 —17.0 3,591,739,625 2.337,730£98
^ Tot. New Png. 185 WO .588 203.458,003 —9.0 210.858.870 104.802.259 Outside N. Y___ 1,277.638,609 1,378,522,164 —7.3 1,245.769,115 1,018,151,608
feN ote .—For Canadian Clearings see “Commercial and Miscellaneous News.
THE CHRONICLE
1350
OUR RAILWAY EARNINGS ISSUE.
We
se n d t o
o u r su b s cr ib e r s t o - d a y
n u m b e r o f o u r “ R a il w a y E a r n in g s ”
p u b lic a t io n
we
g iv e
th e
fig u res
th e
r e s e r v o ir ,
N ovem ber
I n th is
and
ex
p e n s e s fo r th e la te s t m o n t h o f e v e i y o p e r a tin g s te a m
r a ilr o a d in th e U n it e d S t a t e s , b ig a n d lit tle , w h ic h is
r e q u ire d t o file m o n t h ly r e tu r n s w ith th e I n t e r -S t a t e
C om m erce
C o m m is s io n
at
W a s h i n g t o n — a lto g e th e r
o v e r 8 0 0 r o a d s o r s y s t e m s , c o m p r is in g a n a g g re g a te o f
m o r e th a n 2 3 5 ,0 0 0 m ile s o f lin e .
w h ic h
a u t o m a t ic a lly
u s e d .”
everyone
le g it im a te ly
e n title d
w henever
it
is
not
a c t u a lly
H e t e lls us t h a t “ th e C e n tra l B a n k , h a v in g cash o b li
cash
m u st have
and
q u ic k
th e
a sse ts
s tr o n g e s t
p a y a b le
p o ssib le
w ith in
reserve of
a sh o r t
t im e .
T h e g e n e r a l b a n k s , h a v in g o b lig a tio n s p a y a b le o n ly in
cash credit a n d in
ca sh c r e d it, n e e d h a v e r e se r v e s o n ly in
q u ic k a sse ts c o n v e r tib le a t a ll t im e s in to cash c r e d it .”
a n o th e r
b a la n c e s
m u st
c o n s id e r in g th e a d m ir a b le a d d re ss d e liv e re d o n
r e tu rn
B u t h o w is th is d e sid e r a tu m to b e o b t a in e d ?
g a t io n s ,
In
THE FINANCIAL SITUATION.
In
fr o m
to it m a y w ith d r a w it a t w ill a n d in to w h ic h it m u s t
S e c tio n .
o f e a r n in g s
[VOL. LXXXX1.
be
ca sh
p a id
w ith
of
th e
h is
a d d r e ss
C e n tra l
c o n sid e re d
in th e ir o w n
he
says
th a t
R e s e r v o ir o r its
and
c o u n te d
v a u l t s .”
by
th e
M o re th a n
“ cash
b ra n c h e s
banks
th a t.
as
“ The
S a t u r d a y la s t b y P a u l M . W a r b u r g o f K u h n , L o e b &
C e n tra l O r g a n m u s t h a v e p o w e r to r e q u e st th e b a n k s
C o . a t C o lu m b ia U n iv e r s it y , a t th e c o n fe re n ce o n th e
to
c u r r e n c y q u e s tio n h e ld u n d e r th e a u sp ice s o f th e A c a d
k e e p with it cash b a la n c e s 'proportionate to the
amount of their deposits o w n e d b y b a n k s .” I n a f o o t
e m y o f P o litic a l S c ie n c e , o n e is le d to th in k h o w e a s y it
n o te
w o u ld b e , th e o r e t ic a lly , to c o n s tr u c t a p e rfe c t b a n k
n a tio n a l b a n k s ,
in g a n d c u rr e n c y s y s t e m fo r th e U n ite d S t a te s u n d e r
M r.
W a r b u r g ’s
g u id a n c e ,
and
yet
how
beset
w ith
he
But
w o u ld
num ber
in to p r a c tic a l e ffe c t.
th em
g u a r d e d u tte r a n c e s o f S e n a to r A ld r ic h
sa id
co n fe re n c e
th a t
th e
M o n eta ry
a t th e
a fo re
C o m m is s io n
has
us
th a t
by
“ b an k s”
is
a lw a y s
S t a te b a n k s a n d t r u s t
m eant
c o m p a n ie s .
th e la rg e fin a n cia l in s tit u tio n s
in N e w
Y o r k a n d C h ica g o a n d o th e r c e n tra l r e se rv e c itie s , a
d iffic u ltie s m u s t b e th e t a s k o f p u t t in g su c h a s y s te m
I t is e v id e n t fr o m th e c a r e fu lly -
tells
o f w h ic h
have
a tt a in e d
d im e n s io n s
p u t t in g
o n an e q u a lity w ith s o m e o f th e g re a t c e n tra l
banks
of
E u rope,
r e a d ily ,
p re se n t rig h t o f h o ld in g
or
ever,
th e ir cash
y ie ld
up
th e ir
rese rv e s in th e ir
a s y e t m a d e v e r y little p ro g re ss t o w a r d s fo r m u la tin g
o w n v a u lt s ?
its v ie w s o n th e s u b je c t .
B u t th is is t a n t a m o u n t to
w ith all th e ir m i g h t , th e t r a n s fe r o f th e ir o w n ca sh to
s a y in g t h a t th e r e are so m a n y p ra c tic a l o b s ta c le s to
s o m e C e n tra l O r g a n in e x c h a n g e fo r th e “ cash c r e d its”
b e o v e r c o m e in d e v is in g a s c h e m e t h a t sh a ll b e a t o n ce
o f su c h c e n tra l in s tit u tio n — n o m a t t e r h o w
s o u n d a n d w o r k a b le t h a t th e m e m b e r s o f th e N a t io n a l
th e C e n tra l O r g a n m ig h t b e , n o m a t t e r h o w se c u r e ly
M o n e t a i y C o m m is s io n h a v e as y e t b e e n u n a b le t o so lv e
sa fe g u a r d e d , a n d n o m a t t e r h o w r e a d ily it m ig h t y ie ld
th e p r o b le m in a w a y s a t is fa c t o iy to t h e m s e lv e s .
I f it
w e re p o s s ib le to b e g in d e n o v o in th e c o n s tr u c tio n o f a
b a n k in g s y s t e m ,
and
if th e r e w ere n o t p r e c o n c e iv e d
I s it n o t c e r ta in t h a t t h e y w o u ld o p p o s e ,
avc
u p its cash o n d e m a n d ?
As
b u rg’s
R e s e r v o ir
p la n ,
th e
C e n tra l
additional r e se r v o ir ,
p o w e rfu l
in te rp re t M r .
is n o t
to
W ar
be
an
b u t p r a c tic a lly t h e so le r e se r v o ir .
n o t io n s a n d id e as t o o v e r c o m e , th e t a s k w o u ld b e b y
I t se e m s c o rre c t to s a y t h a t ca sh sh o u ld b e c e n tra liz e d
n o m e a n s b a fflin g to th e in g e n u ity o f th e tra in e d m in d .
in to
B u t to t a k e th e c ru d e s y s t e m w h ic h w e n o w h a v e a n d
w h ic h
to
s e e k to
a d a p t it to
m od ern
r e q u ir e m e n ts — w h ich
one
and
b ig
rese rv o ir
and
th a t
a
fin a n cia l
“ s c a tte r s a n d d e c e n tra liz e s re se rv e s”
d e fe c tiv e .
But
recent
e x p e rie n c e
s y s te m
is w r o n g
and
recent
m e a n s p r a c tic a lly to u p r o o t it in s o m e o f its m o s t e s
e d u c a tio n is to th e e ffe c t t h a t it is n o t w ise to b u rd e n
s e n tia l p a r ts — m a k e s th e u n d e r ta k in g o n e o f H e r c u le a n
th e
p r o p o r tio n s ,
e x c lu s iv e ly .
fr o m
w h ic h
th e
c a u tio u s
in v e s tig a to r
ce n tra l in s titu tio n
to o
m uch
o r to
L a te le g isla tio n in th is a n d
re ly
upon
it
o th e r S ta te s
sh r in k s m o r e a n d m o r e th e d e e p e r h e g e ts in h is s t u d y
c o m p e llin g th e t r u s t c o m p a n ie s to h o ld e x t e n s iv e cash
o f th e s u b je c t .
reserv es in th e ir o w n v a u lt s is fo u n d e d o n t h a t id e a .
M r . W a r b u r g fu rn ish e s th e o u tlin e s o f a s c h e m e t h a t
se e m s a lto g e th e r s o u n d , th e o r e t ic a lly ,
out
y e t,
h is id e a s in
a t h o r o u g h ly
a n d h e w o rk s
lo g ic a l fa s h io n .
And
a s h e d e v e lo p s o n e fe a tu r e a fte r a n o th e r in his
p la n , le a d in g th e m in d to m a r v e l a t th e m a s te r fu l w a y
In
lik e m a n n e r th e
h a v in g
upon
been
th e
E n g lis h jo in t -s t o c k
fo r y e a r s
B ank
of
criticise d
E n g la n d ,
fo r
have
b an k s,
r e ly in g
w ith in
a fte r
e n tir e ly
th e
la st
tw e lv e o r e ig h te e n m o n t h s in a n u m b e r o f cases b een
a c c u m u la tin g ca sh o f th e ir o w n .
in w h ic h it h a s b e e n c o n s tr u c te d , th e q u e s tio n w h ich
M r . W a r b u r g th in k s it is b e c o m in g r e c o g n iz e d “ t h a t
su g g e s ts its e lf w ith e v e r in cre a sin g force is w h e th e r its
C e n tra l B a n k s are n o t o lig a rc h ic b u t d e m o c r a tic in sti
v e r y m e r its , as a n a r g u m e n ta tiv e p r o p o s itio n , w o u ld
t u tio n s , t h a t C e n tr a l B a n k s b y c r e a tin g sa fe c o n d itio n s
n o t b e th e s tr o n g e s t o b je c tio n to it fr o m th e s ta n d p o in t
re n d e r th e s m a ll b a n k in d e p e n d e n t o f th e d o m in a tio n
o f th e le g is la to r , b y
of
re a so n o f th e ra d ica l d e p a rtu re
fr o m e x is tin g m e t h o d s w h ic h it w o u ld in v o lv e .
I t is
th e
la rg e
in s tit u tio n s ,
C e n tra l B a n k s are th e
and
th a t
in
b a c k b o n e o f th e
E urop e
th e
in d e p e n d e n t
a t a ll e v e n t s cle ar t h a t th e p r a c tic a l c a r r y in g o u t o f
b a n k s in th e ir fig h t a g a in s t th e e v e r -g r o w in g b ra n c h
th e p la n w o u ld a t o n e
b a n k in g s y s t e m .”
s ta g e o r
a n o th e r
of
th e p r o
W e fe a r t h a t M r . W a r b u r g is a little
cess e n c o u n te r in n u m e r a b le o b s ta c le s a n d d r a w b a c k s ,
to o sa n g u in e in th is re sp e c t a n d t h a t it w ill b e n o e a s y
fo u n d e d
u sa g e ,
m a t t e r to g e t th e a v e r a g e s m a ll b a n k to a sse n t to th e
w h ic h it w o u ld b e a lm o s t im p o s s ib le to o v e r c o m e a n d
p r o p o s itio n , w h ile th e la rg e r b a n k s , w h ic h arc n o w a
w h ic h w o u ld fa il to c o m m a n d fo r th e n e w sc h e m e t h a t
p o w e r in t h e m s e lv e s , w ill b e sure to a n ta g o n iz e it.
g e n e ra l a s s e n t n e c e s s a iy to m a k e it a s u c c e s s .
o b je c tio n w ill b e ra ise d to h is s t a t e m e n t t h a t “ a s y s te m
on
p r e ju d ic e
and
lo n g -e s ta b lis h e d
M r . W a r b u r g la y s d o w n th e d o c tr in e t h a t “ a fin a n
of
centralized
rese rv e s a n d
No
decentralized banking power
cial s y s te m w h ic h s c a tte r s a n d d e c e n tra liz e s reserv es,
is c le a r ly th e s y s te m t h a t th is c o u n t r y r e q u ir e s ,” b u t
a n d m a k e s th e m u n a v a ila b le a n d in s u ffic ie n t in case
th e fu r th e r c o n c lu s io n , t h a t th e c o u n t r y
o f n e e d , is fu n d a m e n t a lly w r o n g a n d d e fe c t iv e .”
“ In
a c c e p t it w h e n o n ce it lia s th is c le a r ly p r e se n te d to it
a m o d e r n s y s t e m ,” h e a rg u e s , “ c o n s tr u c te d o n c r e d it,
in a d e fin ite f o r m ,” m a y b e d o u b t e d , fo r it d o e s n o t
ca sh m u s t b e c e n tra liz e d a s fa r as p o s s ib le in to o n e b ig
a llo w fo r th e p e rv e r sitie s o f h u m a n n a tu r e o r th e in flu -
“ w ill g la d ly
-Nov. 19 1910.]
The
en ce o f p r e ju d ic e a n d th e in c lin a tio n o n th e p a r t o f th e
p u b lic
to reg ard w ith s u s p ic io n th e g r o w th a n d c e n
tr a liz a tio n
of
1351
T H E C H R O N IC L E
pow er,
e s p e c ia lly
w h e re
it
ta k e s
th e
d iffic u ltie s
o u tlin e d
are
not
p e c u lia r
They
to
are
in h e r e n t in a n y p la n w h ic h a t t e m p t s a re fo r m o f o u r
c o r p o r a te f o r m . N o d e v e lo p m e n t o f m o d e r n tim e s is m o re
b a n k in g
c o n s p ic u o u s t h a n th e e v e r -p r e s e n t a n t ip a th y to th e la tt e r .
w ay.
M r . W a r b u r g s a y s th e U . S . T r e a s u r y s h o u ld cease
h ere
M r . W a r b u r g ’ s c a r e fu lly t h o u g h t -o u t p la n .
and
c u rr e n c y
sy ste m
in
a
th o r o u g h -g o in g
W e refer to t h e m h ere a t le n g th b e c a u se t h e y
se rv e t o in d ic a te w h y p ro g re ss th u s fa r in th e w o rk h a s
" T h e C e n tra l R e se r
b e e n s lo w , a n d w h y e v e r y o n e in a u t h o r it y s e e m s re
v o ir s h o u ld b e t h e r e c ip ie n t o f th e G o v e r n m e n t ’ s s u r
lu c t a n t t o p r o ce e d in a n y b u t th e m o s t c a u tio u s w a y .
p lu s
T h e p r in c ip le s t h a t sh o u ld a p p ly are w e ll u n d e r s t o o d ,
to d e a l d ir e c t ly w ith th e b a n k s .
fu n d s
and
s h o u ld
d is b u r s e m e n ts .
The
a tt e n d
to
th e
th e
T r e a s u r y , a p u r e ly p o litic a l b o d y , m u s t c e a s e .”
No
a p p ly
th em ,
th e se
in
G o v ern m e n t’s
of
tru e r w o r d s t h a n
in flu e n c e
b u s in e s s
w ere e v e r s p o k e n .
how ever,
so
th e m is a n o th e r m a t t e r .
as to
fin d
H ow
to
a c c e p ta n c e
b u t h o w to secu re a c c e p ta n c e fo r t h e m a n d p u t t h e m
in to
p r a c tic a l o p e r a tio n
is th e
p r o b le m
w h ic h
ta x es
in g e n u it y .
fo r
M r . W a r b u r g u n d e r ta k e s to
I t is m e r e ly a c o in c id e n c e in t im e , y e t it is e n c o u r
m e e t th e o b je c tio n s t h a t h a v e b e e n ra ised a g a in st th e
a g in g t h a t rig h t a ft e r th e e le c tio n s h a v e c a lle d at le a st
c r e a tio n o f a c e n tra l in s titu tio n
a t e m p o r a r y h a lt in th e w a r a g a in st b u s in e s s , a n d all
by
s a y in g t h a t " th e
m a n a g e m e n t o f th e C e n tra l R e s e r v o ir m u s t b e a b s o
a g g r e g a te d
lu te ly free fr o m th e d a n g e rs o f c o n tr o l b y p o litic s a n d
o f in su ra n c e r a te s d o e s n o t fa ll w ith in th e c o n s t itu
b y p r iv a te
tio n a l p o w e rs o f a S t a t e .
in te r e s ts , s in g ly o r c o m b i n e d .”
He
goes
c a p ita l,
c o m e s a d e c isio n t h a t r e g u la tio n
The
case
aro se
fu r th e r a n d o u tlin e s a p la n b y w h ic h th e d a n g e r s o f
q u e n c e o f a la w e n a c te d b y N e b r a s k a la st
su ch c o n tr o l w o u ld b e o b v i a t e d .
s t it u t in g
U n d e r th is a rr a n g e
a
S ta te
b oard
to
fix
ra te s
in
in
c o n se
y ear con
fid e lity
and
m e n t , t h e m a j o r it y o f th e B o a r d o f D ir e c to r s o f th e
s u r e ty
c e n tr a l in s tit u tio n w o u ld b e a p p o in te d
b y grou ps o f
G o v e r n o r , A t t o r n e y -G e n e r a l a n d A u d it o r o f th e S t a t e .
b a n k s all o v e r th e c o u n t r y , le a v in g th e G o v e r n m e n t
T h e A m e r ic a n S u r e t y C o . o f th is c it y s o u g h t fr o m th e
d ir e c to r s
in
a
m in o r it y .
But
w o u ld
C o n g r e ss
ever
in su ra n c e ,
F e d e r a l C o u rt
th is
an
b oard
b e in g
in ju n c tio n
of
th e
re stra in in g e n fo r c e m e n t
p e n d in g
in gs to th e C e n tra l R e s e r v o ir , a n d th e
b r o u g h t a n a c tio n fo r a $ 5 ,0 0 0 fine u p o n th e c o m p a n y ,
even
o f its S ln O ,0 0 0 ,0 0 0
p la te d
in a c e rta in
g o ld
it
r e s e r v e , as is c o n t e m
c o n t in g e n c y w h ic h
r e v ie w ;
up
c o n s e n t to th e T r e a s u r y ’ s p a r tin g w ith its ca sh h o ld
tr a n s fe r to
a ju d ic ia l
m ade
in
r e ta lia tio n ,
th e
S t a te
a n d a n o th e r to p ro cu re its e x p u ls io n fr o m th e S t a t e .
M r. W a rb u rg
T h e la s t-n a m e d a c tio n h a s n o t y e t b e e n b r o u g h t to
d isc u s s e s — w o u ld it c o n s e n t to th e tu r n in g o v e r o f its
tria l;
fu n d s
th e
p a n y b y J u stic e M u n g e r in th e F e d e r a l C irc u it C o u r t .
th e
T h e real c o n t r o v e r s y , he s a y s , is o v e r th e p o w e r o f a
in
a b s o lu te
th is
w ay
c o n tr o l
to
of
an
th e
in s tit u tio n
not
G o v e r n m e n t.
under
And
if
th e o th e r h a s b e e n d e c id e d in f a v o r o f th e c o m
G o v e r n m e n t h a d su c h c o n t r o l, h o w c o u ld p o litic s b e
S t a te to fix r a te s;
k e p t o u t o f it?
r e v ie w e d , a lth o u g h se v e r a l S t a te s h a v e u n d e r ta k e n to
We
a gree
e n tir e ly
w ith
M r.
W arbu rg
in
w hat
he
s a y s c o n c e rn in g m e r c a n tile p a p e r , a n d a lso in th e p r e f
e ren ce h e e x p r e sse s fo r it as an
fu n d s .
T here
is
s o m e th in g
in v e s tm e n t fo r b a n k
very
t e llin g
about
his
c h a r a c te r iz a tio n o f " t h e f o ll y o f a s y s te m w h ich m a k e s
th e c o m m e r c ia l p a p e r p u r c h a s e d b y a b a n k i m m o v a
b le
a s s e ts ,
lo c k in g u p
th e
c a p ita l o f th e
p u r c h a se r,
th is h a d n o t b e fo r e b e e n ju d ic ia lly
e x e rc ise th e p o w e r .
L ib e r t y o f c o n t r a c t , h e s a y s , is
s u b je c t to th e p o lic e p o w e r o f a S t a t e , b u t he re v ie w s
it
in
c o n n e c tio n
w ith
th e
F o u rtee n th
A m e n d m e n t,
w h ic h fo r b id s d e p r iv in g a n y p e rso n o f p r o p e r t y w it h o u t
d u e p r o ce ss o f la w .
W h i le it is e s ta b lis h e d (a s b y th re e case s c ite d ) t h a t
a S t a t e m a y re g u la te c h a rg e s o f a b u sin e ss so a ffe c te d
a n d w h ic h fo rces th e b a n k s t o c o n sid e r as th e ir o n ly
w ith
q u ic k a sse ts ca sh in th e ir v a u lt s , w h ic h t h e y m u s t n o t
m o n o p o ly , J u stic e M u n g e r d is t in c t ly s a y s t h a t th e in
u s e , a n d call lo a n s o n th e S t o c k E x c h a n g e , w h ic h d u r
su ra n c e b u sin e ss u n d e r r e v ie w p o sse sse s n o m o n o p o ly
in g a p a n ic
th e y
cannot
tu r n
in to
c a s h .”
o f c r e d it, h e s a y s , m u s t b e o u r fin al a im .
fin a n cia l s y s te m
F lu id it y
"A
soun d
m u s t m o b iliz e its c o m m e r c ia l p a p e r
a n d m a k e it a q u ic k a sset in s te a d o f a lo c k -u p .
M o b il
a
p u b lic
in te re st
as
to
am ount
to
a
p r a c tic a l
c h a r a c te r istic s, a n d t h a t th e p u b lic in te re st in it " i s n o
d iffe re n t fr o m its in te re st in th e b u sin e ss o f a n y la rg e
m e r c a n tile o r m a n u fa c t u r in g c o m p a n y w h o se c a p it a l,
e x p e rie n c e a n d fa c ilitie s m a y e n a b le it to h a v e a w id e ly
ized c o m m e r c ia l p a p e r m u s t fin a lly b e c o m e th e m o s t
e x t e n d e d p a t r o n a g e .”
im p o r t a n t b a sis o f o u r fin a n cia l s tr u c tu r e in s te a d o f
t h a t siz e , w id e e x t e n t a n d p u b lic se rv ic e a n d n e e d as
b o n d s a n d lo a n s o n S t o c k E x c h a n g e c o lla t e r a l.”
t o a n y p a r tic u la r b u sin e ss d o n o t n e c e ssa r ily a ffe c t t h a t
H e w o u ld h a v e th e C e n tra l R e s e r v o ir d e a l o n ly w ith
b an k s,
bankers
and
have
it p u rc h a se
tr u s t
c o m p a n ie s
tr u s t
c o m p a n ie s ,
and
c o m m e r c ia l p a p e r fr o m
o n ly .
He
a d m its ,
he
w o u ld
ban k s and
how ever,
T h is is th e p o in t in th e c a se :
th a t
b u sin e ss w ith
su c h
a
"p u b lic
in te r e s t”
as
g iv e s th e
S t a te c o n tr o l o v e r its prices.*
S e v e r a l d e cisio n s are c ite d , in o n e o f w h ic h it w a s
sa id
th a t
if a le g isla tu re
can
fix th e
m in im u m
rate
" t h e d iffic u lt y h ere is t h a t w e h a v e as y e t n o s t a n d
o f w a g e it c a n fix th e m a x im u m ;
a rd d is c o u n t p a p e r su ch as e x is ts in E n g la n d , F r a n c e
flo u r ,
a n d G e r m a n y , a n d t h a t , th e r e fo r e , in o rd e r to a v o id
th e se are p o w e rs w h ic h h a v e n e v e r b e e n c o n c e d e d a n d
a b u s e , s o m e s y s te m m u s t b e in v e n te d w h ic h w ill a c t
th e ir e x e rc ise b y a le g isla tu r e w o u ld b e u t t e r ly r e p u g
a s an e ffe c tiv e c o n tr o l a n d w h ic h w ill s u p p ly a n a d d i
n a n t to id e a s o f civ il lib e r ty .
tio n a l a n d sa fe g u a r a n t y .”
M u n g e r is t h a t , sin ce th e p o r tio n s o f th e N e b r a s k a A c t
T h u s w e a re u p a g a in st
fu e l,
la n d
and
g e n e ra l
also th e p rices o f
m e r c h a n d is e ;
but
th a t
T h e c o n c lu sio n o f J u stic e
a n o th e r s n a g , t h o u g h in a p r e v io u s p a p e r M r . W a r b u r g
c a n n o t b e s e p a r a te d , th e w h o le m u s t b e d e c la re d v o id
m a d e s u g g e s tio n s in te n d e d t o sh o w h o w p a p e r o f th is
a n d its e n fo r c e m e n t e n jo in e d .
c la ss c o u ld b e p r o v id e d in a cc o rd a n c e w ith a sc h e m e
T h e r a tin g la w o f K a n s a s , n o w o n th e cou rt c a le n
a bu se,
d a r s , m a y n a tu r a lly b e su p p o s e d to c o m e in d u e cou rse
c o u ld still be m a d e b r o a d e n o u g h to a llo w o f p r a c tic a l
u n d e r th e s a m e r e a so n in g , fo r c e r ta in ly n o lo g ic a l d is
a n d e ffe c tiv e o p e r a t io n .”
tin c tio n
"w h ic h ,
w h ile
s tr ic t
en ou gh
to
p reven t
any
can
be
d isc o v e r e d
b e tw e e n
sta tu to ry
fix in g
13 52
THE CHRONICLE
o f p rices o f o n e c o m m o d i t y d e a lt in b y a p r iv a te c o r
re su lts
p o r a tio n a n d th e fix in g o f p r ic e s o f all c o m m o d itie s .
not
[V O L . L X X X X I .
ought
stop
to
be.
th e r e .
C e r ta in ly ;
For
in s ta n c e ,
and
th e
“ ifs ”
i f r a ilw a y
need
e m p lo y e e s
a n d th e ir w iv e s u se d id e a l e c o n o m y a n d m a d e th e ir
Som e
of
fr e ig h t
th e
r a te s
w eek s ago
W e ste rn
w ages
p le a s
are
m ade
a g a in s t
la b o r io u s ly
any
fa r -f e t c h e d .
w e in c id e n ta lly m e n tio n e d
p r o fe s s o r t h a t
s h o u ld
be
a g a in s t th e
o ffs e t
th e
in cre a se
A
in
m o n e y g o fa r t h e r , th e re w o u ld b e le ss n e e d o f h ig h e r
fe w
w a g e s ; a n d if all sh ip p e r s w ere w h a t t h e y sh o u ld b e ,
th e p le a o f a
a d m it t e d
a d v a n ta g e
th e
rise in
r a ilw a y s
e n j o y b y v ir tu e o f b e in g h e a v y p u r c h a s e r s , to w h ich
th e
s u ffic ie n t
e n jo y e d
not
answ er
and
a p p ly
is ,
ex h a u ste d
to
p resen t
th is
a d v a n ta g e
a g o , and
if,
“ It
se e m s
to
us
(s a y s
r a te s are a d v a n c e d th e
M r.
B r a n d c is )
th a t
b e fo r e
shippers should he certain t h a t
e v c i y t h in g h a s b e e n d o n e t h a t is p o s s ib le in th e w a y
o f re d u c in g
o p e r a tin g
c o s t s .”
The
roads
are
a sk e d
w e re a d t h a t th e s h ip p e r s a re a b o u t to p r e se n t to th e
o n th e ir p a r t , a n d th is is n a t u r a lly a d iffic u lt u n d e r
w hen
th e
s itu a tio n .
a n d if a n d
t o sh o w a ffir m a t iv e ly t h a t e v e r y t h in g h a s b e e n clone
C o m m is s io n ,
changed
w as
th e r e fo r e d o e s
if h u m a n n a tu r e w ere im p r o v e d ,
N ow
I n t e r -S t a t e
th e
th a t
lo n g
and
w h y t h e n r a te s m ig h t b e re d u c e d r a th e r th a n r a is e d .
s u b je c t
is
a g a in
t a k in g ; y e t
to
t a k e n u p , a m e t h o d b y w h ic h , in th e s h ip p e r s ’ o p in io n ,
m ore
th e r a ilw a y s
r o a d s are to
can
m ake
b o t h e n d s m e e t w it h o u t a n y
a d v a n c e in r a te s .
T h is
and
som e
u n -n a m e d
S e n ator
e x a c t ly
th e
and
th e
sh ip p e r s
w ill
be
“ c e r ta in ”
a c t u a lly
be o p p osed b y
o f it is
h o p e le ss
if th e
a lo t o f im a g in a r y p r o
p o s itio n s in tr o d u c e d b y a n “ i f . ”
n e w ly -d is c o v e r e d
n o ted
m ake
d iffic u lt ,
m eth o d
e n g in e e r s
A l d r ic h ’ s
sam e
e ffe c t
is b y
(w h o
r a th e r
about
“ e c o n o m ie s ,”
p o s s ib ly
g e n e ra l
th e
have
rem ark
b u sin e ss
of
to
th e
I n G e r m a n y , as in th e U n it e d S t a t e s , th e h ig h c o s t
o f th e n ece ssa ries o f life is b e g e t tin g tr o u b le fo r th e
G o v e rn m e n t,
and
in
b o th
c o u n trie s r e m e d ie s ,
or at
c o u n t r y ) “ h a v e e s t im a t e d t h a t 3 0 0 m illio n s a y e a r can
le a st p a llia tiv e s , are b e in g
b e s a v e d in o p e r a t in g e x p e n s e s b y e c o n o m y in m a n a g e
w h ile it is v e r y g r a tify in g to
m ent
m o d itie s , p a r tic u la r ly m e a ts o f all k in d s , are d e c lin in g ,
and
w ards
s t o p p in g
p a r tic u la r s ,
l e a k s .”
M r.
D e s c e n d in g
B r a n d c is ,
s lig h tly
cou n sel
fo r
o b je c t in g s h ip p e r s , s a y s t h a t th e a v e r a g e d a ily
o f fr e ig h t cars is o n ly 2 5 m ile s ,
w h ile th e ir
r a te o f m o v e m e n t is 15 m ile s a n h o u r .
th e
w id e s t
p o s s ib le
m a r g in
fo r
to
n o te
s o u g h t.
M ean
t h a t p rices o f c o m
th e
in p a r t u n d o u b t e d ly as a r e su lt o f th e lo w e r q u o t a t io n s
travel
fo r c o rn a n d o th e r fa r m p r o d u c ts u tiliz e d fo r fe e d in g
e c o n o m ic
“ I f y o u a llo w
dem urrage
d ilig e n tly
and
un
p u rp oses.
T h e d is p o sitio n e v e r y w h e r e w ill b e to e n
c o u r a g e th is w h o le so m e m o v e m e n t b y
e v e iy
p o s s ib le
m e a n s , in th e h o p e o f a lla y in g p o p u la r d is c o n t e n t , a n d
p r e v e n t a b le d e la y s , th e re s e e m s to b e a g r e a t lo ss th e r e ;
th u s p a v e th e w a y fo r r e a so n a b le r a th e r t h a n fr e n z ie d
m o r e o v e r , th e cars are ru n o n e -t h ir d o r o n e -h a lf fu ll,
ta r iff r e v isio n .
a n d th e r e a g a in is w a s t e .”
s ir a b ility
E x a c t l y — th is
m ay
seem
c o n v in c in g ,
e a r n e s tly d e siro u s o f n o r a te in c re a se .
c a r w h ic h
m en t”
p e rso n s
B u t th e o n ly
c a n m a in t a in its “ e c o n o m ic ra te o f m o v e
all
I n d u c in g
to
day
is th e
car
th at
som e
r e tu rn
lo a d
is
by
r e tu rn in g
o ffe rin g
e m p ty .
s p e c ia l
con
ce ssio n s is a n a t u r a l r a ilw a y p o lic y ; y e t it is lia b le to
of
C a p ita l, o f c o u r se , r e c o g n iz e s th e d e
lo w e rin g
th e
e r a d ic a tin g th e e c o n o m ic
c o st
of
d o in g
b u s in e s s ,
in fla tio n t h a t th e p a n ic
of
1 9 0 7 d id n o t w h o lly cu re a n d , as a n o t in c o n sid e ra b le
con sequ en ce,
fa c ilita tin g
th e
a c c u m u la tio n
s a v in g s b y th e p e o p le a t la r g e .
of
real
T h e la c k o f n e w in
v e s t m e n t c a p ita l is , in d e e d , a c a r d in a l p r o b le m
con
fr o n tin g th is c o u n t r y t o - d a y , a n d u n til a c h a n g e fo r
b e m e t b y th e o u t c r y a g a in s t a lle g e d d is c r im in a tio n s .
th e b e t te r h a s b e e n b r o u g h t a b o u t th r o u g h c u r ta ilm e n t
R a il w a y s a lr e a d y h a v e a s y s t e m
o f e x p e n d itu r e s (n e c e s s a iy a n d u n n e c e s s a r y ), o u r le a d
fo r k e e p in g t a b
on
th e ir c a r s , w ith th e p u r p o s e o f m in im iz in g lo s t t im e ,
a n d t h e d e m u r r a g e c h a rg e is o n e o f th e m e a n s to t h a t
e n d ; b u t d e m u r r a g e is also o n e o f th e th in g s o p p o s e d ,
in g b a n k e r s w ill n o t b e a b le to v ie w th e fu tu r e w it h o u t
s o m e m is g iv in g s .
a n d th e s h ip p e r w h o w a n ts a car r e a d y fo r h is use in
th e h o u r w h e n h e h im s e lf is r e a d y , a n d a lso w a n ts th e
H a p p i l y , p r e v a ilin g c o n d itio n s a re
e n fo r c in g a r e tu rn to h a b it s o f e c o n o m y a n d f r u g a lit y .
I n G e r m a n y th e I m p e r ia l G o v e r n m e n t , a c c o r d in g t o
th e c a b le s th is w e e k , y ie ld in g t o a n in siste n t a n d w id e
c a r to s ta n d b y u n til h is c o n v e n ie n c e is fu l ly s e r v e d jn
sp re a d
d is c h a r g in g o r lo a d in g
fo re ig n liv e s t o c k in te n d e d to b e im m e d ia t e ly s la u g h
h is fr e ig h t, is a v e r y
p r e se n t
o b s t a c le to c o n v e r tin g w a s te s in to a n im a g in a r y 3 0 0
m illio n s s a v in g .
c o n s id e r
know
th e ir
w h ic h
he
w a s te
th e
r a ilw a y
b u s in e s s ,”
p r e s e n ts
sto p p a g es
m a n a g e m e n t,
c o n t e m p la t e s
free
a d m issio n
tered to s u p p ly th e d o m e s tic m e a t m a r k e t s .
are
o p e r a tin g
yet
th a t
is
n e v e r th e le s s .
no
a lth o u g h
new
som e
o ffic ia ls
th e
th e s e
not
p r o p o sitio n
E c o n o m ie s
p r o b le m s
of
do
of
A lr e a d y
in
and
r a ilw a y
a d v is e r s
who
a n d A ls a c e -L o r r a in e to im p o r t a n im a ls fr o m
w ill b e t h r o w n o p e n to sh ip p e rs o f liv e s t o c k fr o m all
c o u n trie s
except
R u s s ia .
T h is
in th e
L e g isla tu r e
by
th e
e le m e n t in th e G o v e r n m e n t .
p a r t.
F o r e x a m p le ,
one
of
c o n str u e d
S o c ia lis ts ,
new
th e ir
is
as
a
sh re w d p o litic a l m o v e c a lc u la te d t o fo r e s ta ll a g ita tio n
is
on
F ran ce,
a n d th e e x p e c ta tio n s are t h a t G e r m a n y ’ s w h o le fr o n tie r
w o u ld a v o id a n y a d v a n c e in r a te s see m to d e e m it a
d is c o v e r y
th e
C h a n c e llo r v o n B c t h m a n n -H o l lw c g h a s a llo w e d B a d e n
M r . B r a n d c is d is c la im s a n y b e lie f o n h is p a r t ’ ’ t h a t
we
dem and,
w a tc h e d
w ith
co n c e rn
by
th e
A
w h o se p ro g ress
m ore
c o n s e r v a tiv e
c r y fo r c h e a p m e a t
t h e m s u g g e s ts t h a t r a ilw a y m a n a g e r s h a v e b e e n s t u d y
w o u ld , it is fo r e se e n , p r o v e a fo r m id a b le p a r t y s lo g a n ;
in g w ith a t e le s c o p e a n d s h o u ld n o w u se a m ic r o s c o p e .
h e n ce
He
in s tr u m e n ts are
N a t u r a lly th e in c id e n t h a s b e e n h a ile d w ith re jo ic in g
H e s u g g e s ts t h a t
b y th e fre e tr a d e a d v o c a t e s in G r e a t B r it a in , w h o , in
is in e rro r; b o t h
th o s e
v a lu a b le
a lr e a d y in u se b y r a ilw a y m a n a g e r s .
th e
c o n c ilia to r y
a tt itu d e
of
th e
C h a n c e llo r .
th e d iffe re n ce b e tw e e n lo c o m o t iv e g re a s e -c u p s a t 1 0 0
deed,
c e n ts o r 5 0 c e n t s e a c h is im p o r t a n t ; t h a t i f a tr a c k is
m u c h c h e a p e r m e a t is th e r e th a n in p r o te c te d P r u s s ia .
u p to o n ly 5 0 %
o f its p r o p e r e ffic ie n c y s t a n d a r d , a n d
A n d , h a p p e n in g j u s t a t th is ju n c t u r e , it h a s a tt r a c te d
if th e lo c o m o tiv e is o n l y o n e -h a lf as g o o d a s it o u g h t
m u c h n o tic e in th e U n it e d S t a t e s , fo r here a lso th e r e is
have
been
t a k in g
p a in s
to
d e m o n s t r a te
how
to b e , a n d if th e e n g in e e r is o n l y o n e -h a lf as c a p a b le
a g ro w in g fe e lin g t h a t o u r a g r icu ltu r a l c o m m u n it y h a s
as
m a d e su c h p ro g re ss d u r in g th e la s t th ir te e n y e a r s t h a t
he o u g h t
t o b e , w h y t h e n re su lts w ill n o t b e w h a t
THE CHRONICLE
Nov. 19 1910.]
t h e y n o lo n g e r n e e d all th e p r o te c t io n a ffo r d e d t h e m
a m b it io n s
u n d e r th e p r e s e n t ta r iff.
T a ft’s
1353
of
te r rito r ia l
u n e q u iv o c a l
a g g r a n d iz e m e n t.
d e c la r a tio n
sh o u ld
p a r tie s , b o t h a b r o a d a n d a t h o m e .
On
T h u r s d a y th e
th ir d
sessio n
of
th e
E le v e n th
P a r lia m e n t o f C a n a d a w a s o p e n e d a t O t t a w a b y th e
G o v e r n o r -G e n e r a l,
E a rl
G rey,
as th e p e r s o n a l rep re
t h in g
to
a lla y
th e
u n e a sin e ss
P r e s id e n t
s a tis fy
all
It m a y do som e
exp ressed
by
c e r ta in
fo r e ig n c o u n tr ie s o v e r th e a n n o u n c e d in te n io n o f o u r
G o v e r n m e n t to
fo r t if y
th e
Panam a
C a n a l.
In
v ie w
s e n t a t iv e o f K i n g G e o r g e , a n d he rea d th e c u s to m a r y
o f th e u n p le a s a n tn e s s w ith M e x ic o o n a c c o u n t o f t h e
sp e e c h fr o m th e t h r o n e .
re c e n t rio ts a g a in s t A m e r ic a n s , as w e ll a s o u r s t a n d
A f t e r a p p r o p r ia te referen ces
t o th e d e a th o f K i n g E d w a r d a n d th e a cc e ssio n o f K i n g
d u r in g th e N ic a r a g u a n r e v o lu t io n , th e a ssu r a n c e t h a t
G eorge,
w e are c o m m it t e d to a p o lic y o f p e a c e a n d th e p r e se rv
to
th e
D o m in io n ’ s
p r e se n t
p r o s p e r ity
in
in d u s t r y a n d a g r ic u ltu r e , to t h e s te p s t a k e n to create
a tio n o f t h e in d e p e n d e n c e o f th e s m a lle r n a tio n s t o th e
a
S o u t h ,r a t h e r t h a n to a p o lic y o f a rr o g a n c e a n d u s u r p a
C a n a d ia n
fo u n d la n d
N avy,
to
fish eries
th e
s e t t le m e n t
d is p u t e , a n d
to
of
th e
th e
N ew
s a tis fa c to r y
t io n , c o m e s w it h p e c u lia r tim e lin e s s .
s t a t e o f o f th e c o u n t r y ’ s fin a n c e s , th e n e g o tia tio n s fo r
e s ta b lis h in g
tr a d e
t o a ll a c c o u n ts , w a s v e i y f a v o r a b l y im p r e s s e d w ith th e
S t a te s w e re c o m m e n t e d u p o n a t s o m e le n g t h .
“ The
p r o g r e ss m a d e sin c e h is la s t t o u r o f in s p e c tio n t w e n t y -
d e s ir a b ilit y ,”
m ore
says
ta r iff
r e la tio n s
th e
K in g ’s
a r r a n g e m e n ts
w ith
th e
D u r in g h is v is it t o th e C a n a l th e P r e s id e n t, a c c o r d in g
U n it e d
e q u ita b le
c lo ser
speech,
b e tw e e n
“ of
th e
U n it e d
tw o m o n th s a g o .
in
th e ir
a b ilit y
T h e e n g in e e r s e x p r e sse d c o n fid e n c e
to
fin ish
th e
g ig a n tic
u n d e r t a k in g
S t a te s a n d C a n a d a h a s lo n g b e e n fe lt o n t h is sid e o f th e
by
border.
J a n u a r y 1 1 9 1 5 , th e d a t e fix e d fo r th e o ffic ia l o p e n in g ,
The
c o m m e r c ia l p o lic y o f th e
R e p u b lic h a s
n o t h ith e r to fa v o r e d im p o r t s fr o m C a n a d a .
W e have
b o u g h t la r g e ly fr o m th e U n it e d S t a te s , b u t t h e y h a v e
b o u g h t m u c h less fr o m u s in r e tu r n .
to
fin d a m o r e lib e r a l p o lic y
n e ig h b o r in g
c o u n try
W a s h in g t o n
expresses
trad e
re la tio n s
w ith
and
a
th e
I t is g r a tify in g
is n o w
th a t
th e
desire
to
fa v o r e d
b y th e
G overnm ent
e s ta b lis h
D o m i n io n .”
at
D ecem ber
1
th e w a t e r w a y
r isk .
1913,
m ay
a lth o u g h
b e u se d
by
b e tw e e n
th en
and
v e sse ls a t th e ir o w n
N o t th e le a s t s a t is fa c t o r y p r o m is e m a d e t o th e
P r e sid e n t w a s o n e t h a t th e C a n a l c a n b e c o m p le te d
w ith in
th e
c o st
a lr e a d y
a u t h o r iz e d ,
n a m e ly
$ 3 7 5 ,
0 0 0 ,0 0 0 .
b e t te r
A fte r
a re fe r
e n c e to th e c o n fe r e n c e h e ld s e v e r a l m o n t h s a g o b e tw e e n
M o n e t a r y c o n d itio n s h a v e im p r o v e d w h e r e im p r o v e
m e n t w a s m o s t n e e d e d a n d a s s is ta n c e h a s c o m e fr o m
P r e s id e n t T a f t a n d th e C a n a d ia n M in is te r s , th e r e c e n t
th e q u a r te r w h e re it c o u ld b e b e s t a ffo r d e d .
m e e tin g o f G o v e r n m e n ta l r e p r e s e n ta tiv e s o f th e tw o
m o r e sp e c ific , th e b a n k in g p o s itio n h a s b e e n s t r e n g t h
c o u n trie s
ened
at
O tta w a
is
referre d
to
in
th e se
h o p e fu l
at
London,
B e r lin
and
N ew
Y ork
w h ile
t e r m s : “ W h ile n o c o n c lu s io n s h a v e b e e n r e a c h e d a n d
a lo n e r e p o r ts a lo ss o f g o ld
n o fo r m a l p r o p o s a ls m a d e , th e free d isc u ssio n o f th e
E n g la n d h a s su c c e e d e d b y m e a n s o f its 5 %
s u b je c t t h a t h a s ta k e n p la c e e n c o u ra g e s m y G o v e r n
ra te
m ent
r e sp e c ta b le
to
hope
sa crifice t o
th at
at
an
e a r ly
C a n a d a ’ s in te r e s ts ,
an
day,
w it h o u t
any
arran gem en t m a y
b e m a d e w h ic h w ill a d m it m a n y o f th e p r o d u c ts o f th e
D o m in io n
t e r m s .”
in to
The
th e
U n it e d
g r o w in g
S t a te s
a g ita t io n
on
in
s a tis fa c to r y
a lm o s t
every
se c tio n o f th e U n it e d S t a te s fo r lo w e r ta r iff sc h e d u le s
is
c a lc u la te d
to
s t im u la t e
P r e s id e n t
T a ft
and
h is
in
ra isin g its
a g a in st
to ta l
le ss
O cto b e r.
sto ck
of
th a n
(in
of
r e se r v e s.
c o in
and
To
The
be
P a r is
B ank
of
d is c o u n t
b u llio n
to
th e
r o u n d fig u res) $ 1 7 5 ,0 0 0 ,0 0 0 ,
$ 1 5 7 ,0 0 0 ,0 0 0
in
th e
la s t
w eek
of
T h e p r o p o r tio n o f r e se r v e to lia b ilitie s h a s
b e e n sw e lle d to 5 2 % % , as c o m p a r e d w ith a t e n -y e a r
a v e r a g e a t th is se a so n o f n o t q u ite 4 6 % .
T h is w e e k
a lo n e th e g a in in b u llio n a m o u n te d t o $ 1 1 , 3 2 5 , 0 0 0 a n d
th e e x c h a n g e s fa v o r
a n o th e r s u b s ta n tia l a d d itio n
to
a d v is e r s to se e k b y e v e r y m e a n s in th e ir p o w e r to fo r m
th e B a n k ’ s h o ld in g s b e tw e e n n o w a n d n e x t T h u r s d a y .
a n a g r e e m e n t w ith C a n a d a o n recip ro ca l lin e s .'
U n d e r th e se c ir c u m s ta n c e s , it is n o t a s to n is h in g t h a t
p r o s p e c ts
of
t a n g ib le
r e su lts
b e in g
The
o b t a in e d
arc
d is c o u n t
r a te s
have
w eakened
to
b e lo w
4% %
fo r
G erm an y
con
b r ig h te n e d b y th e a t t it u d e o f th e a g r ic u ltu r a l cla sses
9 0 -d a y
a cro ss th e
tin u e s to b u ild u p its s t o c k o f g o ld a n d silv e r a n d to
b ord er,
w ho
in n o
u n c e r ta in
p resse d u p o n P r e m ie r L a u rie r d u r in g h is
th e ir
s tr o n g
d esire
fo r
th e
rem oval
of
fa s h io n
im
re c e n t to u r
th e
e x is tin g
ta r iff b a r r ie rs.
b ills .
The
I m p e r ia l
B ank
of
re d u ce its n o te c ir c u la tio n a n d d is c o u n ts .
O n T h u rs
d a y it d isc lo se d a n in cre a se in c a sh o f fu lly $ 1 5 ,0 0 0 ,0 0 0 ,
s im u lta n e o u s ly w ith a r e d u c tio n m o r e t h a n tw ic e a s
g r e a t in th e o th e r a c c o u n ts n a m e d , w h ile its d e p o s its
P r e s id e n t
a ssu re d th e
has
not
T a ft,
w ith
c h a r a c te r istic
fr a n k n e s s ,
has
P a n a m a R e p u b lic t h a t th e U n it e d S t a te s
th e
a n n e x a tio n .
s lig h te s t
The
in te n tio n
P r e s id e n t’ s
of
b r in g in g
sta tem en t
w ill
about
silen ce
in c re a se d
by
u p w a r d s o f $ 3 0 ,0 0 0 ,0 0 0 .
The
dem and
fo r m o n e y a t B e r lin h a s n o t , h o w e v e r , a b a t e d , a fa c t
t h a t is refle cte d b y a rise in d is c o u n ts to w ith in a s m a ll
fr a c tio n o f th e 5 % B a n k r a te .
T h e B a n k o f F ran ce
c r itic is m s a t h o m e a n d a b r o a d , b a s e d o n a fe a r t h a t
lo s t a p p r o x im a t e ly
th is c o u n t r y h a s d e sig n s u p o n P a n a m a .
n o te s a n d c irc u la tio n m o r e th a n its a d v a n c e s t o t h e
T h e P r e s id e n t
$ 1 ,7 0 0 ,0 0 0
g o ld ,
b u t redu ced
its
d e s c rib e d th e U n it e d S t a te s as “ th e g u a r a n to r o f th e
tr e a s u r y a n d fo r b ills d is c o u n te d h a v e in c re a se d .
In
in te g r ity o f th e
a d d itio n t o
to
R e p u b lic
of
Panam a,
a n d th e re fo re
se n d in g fu r th e r c o n s ig n m e n ts o f g o ld
in a sen se th e g u a r d ia n o f th e lib e rtie s o f h e r p e o p le ,”
L o n d o n , P a r is , it is r e p o r te d , h a s m a d e s h ip m e n ts t o
and
In d ia ;
added
th a t
“ th is
p e r m it s a n n e x a t io n .”
r e la tio n
n e ith e r
ca lls
fo r n o r
I t h a s b e e n h a r d fo r th e U n it e d
but
a lth o u g h
th e
r a te s
o f exchange
b e tw e e n
N e w Y o r k a n d P a ris fa v o r g o ld im p o r ts t o th is c o u n t r y ,
S t a te s t o c o n v in c e E u r o p e a n a n d O r ie n ta l n a t io n s , as
th e B a n k
w e ll as C e n tra l a n d S o u th A m e r ic a , t h a t h e r p o lic y in
th e
d e a lin g w ith th e little R e p u b lic o f P a n a m a h a s b een
in flo w h a s t a k e n p la c e n o r is o n e lo o k e d fo r a t p r e s e n t.
a ctu a ted
by
a w illin g n e ss to r ele a se
a
p r e m iu m ;
h ence
no
L a s t w e e k ’ s C le a r in g H o u s e s t a t e m e n t sh o w e d se v e r a l
o f th e
N o t o n ly d id th e a c tu a l su r p lu s im p r o v e to th e e x t e n t
in
any
w ay
fr o m
c h a r g in g
h e a lt h y c h a n g e s in th e a c c o u n ts o f lo c a l in s tit u tio n s .
not
s p r in g in g
w it h o u t
a
and
m o t iv e s
h a s n o t in tim a t e d
d esire to o p e n u p a g r e a t tr a d e r o u te fo r th e c o m m e r c e
w o r ld
b r o a d -g a u g e
m eta l
a s s o c ia te d
w ith
1354
THE CHRONICLE
[V O L . L X X X X I .
o f $ 6 , 8 3 1 , 7 7 5 , b u t lo a n s w e re r e d u c e d b y $ 1 5 , 1 7 5 , 5 0 0 ,
h a v in g a p o lic e m a n a c c o m p a n y ea c h c h a u ffe u r .
o r $ 3 ,1 5 3 ,6 0 0 m o r e t h a n th e lo ss in d e p o s its .
c i t y , c o n s e q u e n tly , h a s w itn e sse d th e s p e c ta c le o f t a x i
t h e cu rre n t w e e k in te r e s t r a t e s h a v e
to 4 3 4 @ 4 3 4 %
of 334%
D u r in g
d e c lin e d s h a r p ly
fo r all tim e m a t u r it ie s a n d to a n a v e r a g e
fo r call lo a n s as c o n tr a s te d w ith 4 3 4 %
la s t
The
c a b s p ly in g fo r h ire w ith a p o lic e m a n s ittin g o n th e
box.
The
firm
s ta n d
ta k e n
by
M ayor
G aynor
is
e x p e c te d t o te a c h th e strik e r s th e le sso n t h a t e m p lo y e r s
th e
are e n title d to th e s a m e fa ir p la y in reg ard to engaging-
a sc e r ta in e d m o v e m e n t s o f c u r r e n c y , s u g g e s t t h a t t o
la b o r as th e e m p lo y e e s h a v e a rig h t to e x p e c t fr o m
w eek.
D o m e s t ic
exchange
r a te s ,
as
w e ll
as
d a y ’ s b a n k s t a t e m e n t w ill also b e q u ite fa v o r a b le .
th e ir m a s t e r s — a lth o u g h in th e se d a y s th e w o rd “ m a s
te r s ”
A d e lic a te s itu a tio n h a s b e e n fo r c e d u p o n th e U n it e d
S ta te s
and
th e
d is tu r b a n c e s ,
M e x ic a n
referre d
g o v e r n m e n ts
th e
u n io n s .
The
c o u r ts
h a v in g
a lr e a d y
d e c re e d
th a t
fo llo w e d
w o r k in g m e n h a v e n o rig h t to use v io le n c e in forcing-
R o d r ig u e z a t R o c k S p rin g s,
e m p lo y e r s to d isc h a rg e all b u t m e m b e r s o f th e u n io n , it
to
th e ly n c h in g o f A n t o n io
th ro u gh
s o u n d s o u t o f p la c e , t h a t role h a v in g to o o fte n
b e e n u su rp e d b y th e p r o fe ssio n a l a g ita to r s p a id b y th e
la s t
w eek,
w h ic h
T exas.
T h e M e x ic a n a u th o r itie s h a v e sh o w n p ra ise
w a s o b v io u s ly th e d u t y o f th e M a y o r to a c t a s he n o w
w o r th y
d e te r m in a tio n
has d on e.
to
su bdu e
th e
la w le ss
sp irit
t h a t h a s b r o k e n o u t , b u t h o s tile d e m o n s tr a tio n s h a v e
T h e m o r a l e ffe c t s h o u ld b e m o s t s a tis fa c
tory.
.
b e e n m a d e a g a in s t A m e r ic a n s a t s e v e r a l p o in ts , w h ile
s e n s a tio n a l
r e p o r ts
w e re
r e c e iv e d
on
W ed n esd ay
“ H o p e d e fe rre d m a k e t h th e h e a r t
s i c k .”
T h is is a
t h a t “ M e x ic a n s , n u m b e r in g n e a rly 4 0 0 , arc m arching-
c h a r a c te r iz a tio n
on
cou rse o f th e c o p p e r tr a d e d u r in g th e la s t tw o o r th re e
R ock
S p r in g s ,
cow b oys,
a lle g e d
T e x a s .”
a m p ly
in v a d e r s ,
arm ed ,
A
la rg e
force
g a th e r e d
to
of T exan
rep u lse
th e
b u t fo r t u n a t e ly th e ir se rv ic e s w ere
years.
th a t
m ig h t
w e ll
lik e
m a k e r o o m fo r th e fo llo w in g le tte r :
t o r y s p ir it, a lt h o u g h in s is tin g u p o n p r o p e r r e p a r a tio n
th e
u n fr ie n d ly
a c ts
M e x ic o a fo r tn ig h t a g o .
c o m m itt e d
in
th e
C ity
of
T h e M e x ic a n a u th o r itie s are
to
th e
I t s e e m s , h o w e v e r , t h a t a m o r e r o se a te v ie w
t io n .
fo r
a p p lie d
o f th e situ a tio n can n o w be t a k e n , a n d as w e a lw a y s
n o t r e q u ir e d , th e r u m o r h a v in g b e e n w it h o u t fo u n d a
O u r S t a t e D e p a r t m e n t h a s a c te d in a co n c ilia
be
to
p r e se n t
th e
b rig h t
sid e
of
t h in g s , w e g la d ly
N ew Y o rk , N ov. 17 1910.
E ditor “ Com m ercial and F in an cial C hronicle” :
D ear S ir .— In your issue of Nov. 12, in commenting on
the monthly statement of the Copper Producers’ Association,
you mention the increase in output as a disturbing feature,
R o d r ig u e z , w h ile a t th e s a m e tim e d o in g e v e r y t h in g and as proof that the policy of curtailment is not being
practiced as you were given to understand.
p o ssib le t o a v e r t fu r th e r fr ic tio n .
L a s t S a t u r d a y th e
It should be noted that more than half the increase of
C h ie f o f P o lic e a t A n a d a r k a , O k l a ., w a s k ille d b y a October production over September is due to the addi
However, the point which seems to
m a n s u p p o s e d to be a M e x ic a n , a n d a b a n d o f sea rch e rs tional day in October.
s o u g h t t o h u n t d o w n th e fu g it iv e .
M e a n w h ile in be most misleading, if one can judge from current comment
on the subject, is the confusing of the mine output with the
v e s t ig a t io n s are b e in g c o n d u c te d b y b o t h c o u n trie s
refinery output. Refinery output for October is not a
in to
th e
v a r io u s r e g r e tta b le
in c id e n ts t h a t h a v e true index to the mine output for the same month.
In the
case of the Utah Copper Co., with which I am familiar, the
o c c u r r e d ,, a n d th ere is e v e r y r e a s o n to b e lie v e t h a t
mine production for October is transported to the mill, where
d ip lo m a c y w ill s u c c e e d in a v o id in g a r u p tu r e . I n d e e d ,
the processes of milling, smelting, shipping the blister copper
th e e p iso d e h a s e n a b le d th e t w o n a tio n s to d is sip a te to the refinery on the Atlantic seaboard, and the process
an a sse rtio n o ft e n m a d e in th e S o u th e r n C o n t in e n t , of refining here, require a total of about four months in
It is safe to say in a general way that an average
a n d s o m e tim e s in E u r o p e , t h a t b itt e r e n m it y t o w a r d s time.
of four months is consumed between the time of production
th e U n it e d S t a te s lu r k s b e h in d th e o s te n s ib le fr ie n d li
at the mine and the day that the production appears in the
n e ss o f M e x ic o a n d o th e r r e p u b lic s to th e S o u t h .
statistics in New York as refinery output.
The current figures for refinery output are not and will not
T h e s e t t le m e n t o f th e s trik e o f e x p r e s s w a g o n be a true index for other reasons in addition. The present
production represents a working-off of refinery stocks
d r iv e r s , o n th e u n d e r s ta n d in g t h a t th e c o m p a n ie s
accumulated during the past summer. It is also true that in
w o u ld n o t d is c r im in a te a g a in s t u n io n m e n , h a s b e e n the next few months it will be necessary to import consider
fo llo w e d , a s is fr e q u e n t ly th e c a s e , b y d is s a tis fa c tio n able copper in order to employ the refinery capacity, which
o v e r th e d isc h a r g e o f e m p lo y e e s a lle g e d to h a v e b een will not be adequately supplied by the time the mine cur
tailment begins to diminish the supply for refining purposes.
g u ilt y o f u n la w fu l p r a c tic e s d u r in g th e s tr ife .
I t w as
The consumers of copper understand the meaning of the
fe a r e d t h a t th e r e fu s a l to r e -e n g a g e c e rta in strik e le a d statistics as published, and do not consider them a disturbing
ers w o u ld re o p e n th e w h o le d is p u te a n d r e su lt in a n feature, as is shown by the healthy and normal demand for
copper, as against the panicky condition of the buyers last
o th e r g e n e ra l s t r ik e .
E v e n ts h ave p ro ved , h ow ever,
summer.
t h a t th e m a j o r it y o f th e d r iv e rs w ere s t r o n g ly a v e rse
Very truly yours,
EUGENE MEYER JR.
t o su c h a c o u r se ; in f a c t , th e a t t it u d e a s s u m e d b y th e
lik e w ise
d e m a n d in g
s a tis fa c tio n
fo r
th e
k illin g
of
m e n c r e a te d th e im p r e s s io n t h a t t h e y w ere n o t e n tir e ly
in s y m p a t h y w ith th o s e d is c h a r g e d o n th e g ro u n d o f
A d e c id e d a u g m e n t a t io n in th e v a lu e o f o u r m e r c h a n
c ity h as
d ise e x p o r t s as c o m p a r e d w ith th e p r e c e d in g m o n t h is
b e e n m u c h in c o n v e n ie n c e d b y th e s trik e a m o n g t a x i
th e sa lie n t fe a tu r e o f th e fo re ig n tra d e s t a t e m e n t fo r
c a b d r iv e r s .
O cto b e r
h a v in g c o m m itt e d v io le n c e .
S in ce t h e n th e
M a y o r G a y n o r a g a in e n d e a v o r e d t o b rin g
1 9 1 0 — an in cre ase s w e llin g th e to t a l fo r th e
a b o u t a s e t t le m e n t o n th e b a s is o f th e “ o p e n s h o p ”
m o n t h to 2 0 8 m illio n s o f d o lla r s , th e la rg est a g g re g a te
p r in c ip le , m e a n in g
ever
th ereb y
th e
e m p lo y m e n t
of m en
reco rd e d
fo r
a
sim ila r
p e r io d .
Im p o rts,
to o ,
s trik e r s,
w ere h e a v ie r th a n in S e p t e m b e r , b u t o n ly v e r y m o d
h o w e v e r , s t u b b o r n ly refu se d to a c c e p t su c h a n a rr a n g e
e r a te ly s o , a n d , m o r e o v e r , w ere less t h a n in th e co rre
irr e sp e c tiv e
of
th e ir
u n io n
r e la tio n s .
The
m e n t , a n d in siste d u p o n th e “ c lo se d s h o p .”
c o m p r o m is in g
p r o m p t ly
a tt itu d e
d e c la r e d
th a t
in ce n se d
he
w o u ld
th e
T h e ir u n
a ffo r d
I t fo llo w s , t h e r e fo r e , t h a t
th e n e t e x p o r t b a la n c e fo r th e p e rio d w a s o f c o n s p ic u
th o r o u g h
o u s p r o p o r tio n s , in e x c e ss o f a n y m o n t h sin ce J a n u a r y
p r o te c tio n to th e c o m p a n ie s ’ c a b s e v e n a t th e co st o f
sp o n d in g m o n t h o f 1 9 0 9 .
who
M ayor,
1908,
w hen,
as
in
N ovem ber
and
D ecem ber
o f th e
THE CHRONICLE
Nov. 19 1910.)
p r e c e d in g y e a r ,
th e v o lu m e
o f im p o r ts su ffered
m a
te r ia lly a s a r e su lt o f th e p a n ic , w h ile e x p o r t s w ere o f
th en
record
a m o u n t.
C o n sid e re d
s u p e r fic ia lly ,
th e
c o u n try
1355
s h o w in g
a
m ore
or
le ss
n o t a b le
le t-u p
in
a c t i v i t y , w h e re a s in s o m e o f th e m o r e r a p id ly g ro w in g
s e c tio n s th e p r o je c te d o p e r a tio n s w e re u p o n
a la r g e r
e x p o r t resu lt fo r th e m o n t h w o u ld b e ta k e n t o in d i
sca le
c a te an im p o r t a n t e n la r g e m e n t o f o u r g e n e r a l o u t w a r d
s t a n c e , o f C h ic a g o , w h e re th e c o n t e m p la t e d e x p e n d i
t r a d e , w h e n as a m a t t e r o f fa c t th e in cre ase in th e a g
tu re
g r e g a te , a s c o m p a r e d w ith S e p te m b e r , is c o n tr ib u te d
b e fo r e in O c t o b e r , a n d , so fa r a s o u r r e c o r d s g o , s e c o n d
a lm o s t w h o lly b y o n e c o m m o d it y — c o t t o n .
o n ly t o M a y 1 9 0 9 .
F u r th e r
m o r e , c o n tr a s te d w ith th e m o n t h o f la s t y e a r , a lth o u g h
o th e r
a rticle s
r u lin g
year.
ex p o rted
issu ed
is
is
tru e ,
g r e a te r
fo r
th a n
in
ever
I n fa c t th e e s t im a t e d o u t la y u n d e r
o n ly
q u a n t it y
la t t e r
c o n t r a c t s e n te r e d in to in v a r io u s s e c tio n s o f th e
is s lig h tly
th e
g a in ,
T h is
p e r m its
c o u n tiy
w ith
s m a ll
th e
e x h ib it s
fo r
a
under
b e fo r e .
th a t
co tto n ,
e x h ib it
ever
th e r e is a n y e x c e s s a t all is d u e to th e h ig h e r p rices
fo r
c o m b in e d
th e
th a n
As
a
g re a te r t h a n
m o d e r a te
com p ared
fo r
d e clin e
w ith
S e p te m b e r,
fr o m
O cto b e r
and
O cto b e r
1 9 0 8 , th e
la s t
c u rre n t
s m a lle r b y fu lly 3 % , th e v a lu e is g re a te r b y o v e r 4 % .
t o t a l a lso r e c o r d s a s lig h t d e c re a se , d u e , h o w e v e r , to
I t is in te r e s tin g to a d d t h a t th e O c t o b e r 1 9 1 0 a v e r a g e
th e m u c h s m a lle r o p e r a tio n s th is y e a r in G r e a te r N e w
e x p o r t price o f c o t t o n a t n e a r 1 4 % c e n ts is th e h ig h e st
Y ork .
t h a t h as ru led fo r t h a t p e rio d sin ce 1 8 7 4 , a n d c o m p a r e s
w ere a little less in O c t o b e r th is y e a r t h a n in 1 9 0 9 , th e
w ith 1 3 .4 c e n ts in 1 9 0 9 a n d 9 .1 c e n ts in 1 9 0 8 .
w o r k fo r w h ic h c o n tr a c ts h a d
The
to ta l
o u tw a r d
m ovem ent
of
m e r c h a n d ise
fo r
O p e r a tio n s in G r e a te r N e w Y o r k , a s a w h o le ,
a n e s t im a t e d c o st o f o n ly
b e e n a r r a n g e d r e a c h in g
$ 1 3 ,9 9 9 ,6 1 1 ,
a g a in s t $ 1 4 ,
O c t o b e r 1 9 1 0 , a t $ 2 0 8 ,0 5 7 ,7 8 5 , c o n tr a s ts w it h $ 2 0 0 ,
6 4 1 ,8 9 6 a y e a r a g o .
A t th e s a m e t im e it is t o b e n o te d
6 9 7 ,3 4 3
th a t
borough
1908.
in
th e
m o n th
of
1909
and
$ 1 7 1 ,9 8 4 ,5 3 8
in
T h e a d v a n c e fig u re s, h o w e v e r , o f th e p r in c ip a l
in
th e
1 9 .7 %
is
le a d in g
in d ic a te d
and
(M a n h a tt a n )
in
Q ueens
ite m s o f e x p o r t (e x c e p tin g c o tto n ) d o n o t c o m p a r e f a
4 5 .8 % .
v o r a b ly w ith a y e a r a g o .
c o n sp ic u o u s la c k o f a c t i v i t y ,
B re a d stu ff’s s h o w a lo ss o f
a b o u t 6 m illio n s o f d o lla r s ,
d u e w h o lly to d e c re a se d
B r o o k ly n ,
h ow ever,
fo r th e B r o n x .
1 m illio n , m a in ly in o leo o il; c a ttle a d r o p o f n e a r
fo r th e w h o le c ity o f 3 9 . 4 % .
a
m illio n , a n d m in e r a l oils a d e cre ase o f a m illio n a n d a
q u a r te r .
For
th e
te n
m o n th s
o f th e
c a le n d a r y e a r
1 9 1 0 th e m e r c h a n d is e e x p o r t s c o v e r e d a n
a g g r e g a te
th a n
C h ic a g o ,
1 9 09 , but exceeded b y 8 1 %
and
crease
m illio n s in th e lik e p e rio d
T h e le a d in g c o n tr ib u to r s to th is y e a r ’ s in
have
(so m e 3 5
been
iron
m illio n s ) ,
and
cotton
s te e l
(1 1
and
m a n u fa c t u r e s
m illio n s ),
and
w ood
C o n tr a s te d w ith
O u ts id e o f G r e a te r N e w
A n g e le s ,
1907.
th e
Y ork
a g a in
of
in cre a se
is
to
sh ow
a
O c t o b e r lo ss b e in g
in th e fig u re s
1 9 0 8 th e r e is a lo ss
th e r e are a n u m b e r
o f la rg e p e r c e n ta g e s o f in cre a se a t le a d in g citie s o th e r
v a lu e o f $ 1 , 4 3 0 , 9 8 4 , 5 4 3 , o r 6 9 m illio n s la rg e r th a n in
of
c o n tin u e s
4 6 . 7 % , a n d th e re is a d e clin e o f 1 2 . 7 %
sh ip m e n ts o f w h e a t a n d flou r; p r o v is io n s a d e c lin e o f
%
th e
th e
m ost
R o c h e s te r ,
N ew
H aven.
c o n sp ic u o u s
S e a t t le ,
On
th e
lo sse s a re r e p o r te d a t
b e in g
O a k la n d ,
at
N ew
o th e r h a n d ,
q u ite
B u ffa lo , D e n v e r ,
Los
B e d fo r d
heavy
K a n sa s C ity ,
N e w O r le a n s , S t . P a u l, S p o k a n e , S a n F r a n c is c o , S a lt
Lake
C ity , W a s h in g to n
and T a co m a,
a n d le sser d e
a n d le a th e r ; th e m o s t im p o r t a n t lo sses h a v e b e e n in
clin e s a t
p r o v is io n s , b r e a d s tu ffs , m in e r a l o ils, v e g e ta b le o ils a n d
a g g r e g a te p r o s p e c t iv e e x p e n d itu r e a t th e o u ts id e cities
a n im a ls .
(1 0 5
Im p o r ts
of
m e r c h a n d is e
fo r
th e
m o n th
s t a t e d , le ss t h a n fo r O c t o b e r a y e a r a g o .
of
all
d e s c rip tio n s
c o m p a r in g w ith
lio n s in 1 9 0 8 .
of
127%
goods
re a ch e d
m illio n s in
w ere,
as
T h e in flo w
$ 1 2 3 ,8 6 8 ,4 4 8 ,
1909 and
1 0 2 m il
F o r th e te n m o n t h s t h e y a g g r e g a te d a
in
sh o w s
N e w a r k , P h ila d e lp h ia
n u m b er)
a
of 1909.
g a in
of
fo r
d im in u tio n
O cto b e r
of 8 .6 %
C o n tr a s te d w ith
1 7 .3 % ,
rea ch e s 1 2 % .
$ 6 1 ,4 9 2 ,1 1 2 ,
w h ile
th e
and
1910
fr o m
S t.
L o u is .
at
$ 4 7 ,4 9 2 ,5 0 1
th e
sa m e
p e rio d
1 9 0 8 , h o w e v e r , th e r e is a
a u g m e n t a t io n
over
a g a in s t
$ 6 6 ,5 9 2 ,7 8 1 ,
or
a
d e c lin e o f
7 .6 % ;
fo r th e p e r io d , e x c e e d in g t h a t o f 1 9 0 9 b y 1 0 0 m illio n s ,
is 3 . 3 % , b u t th ere is a g a in o v e r 1 9 0 7 o f 8 . 2 % .
th e
p r e v io u s h ig h -w a te r
m illio n s .
m ark
(1 9 0 7 )
C o n s p ic u o u s as c o n tr ib u tin g to
by
76%
th is y e a r ’ s
1907
F o r all th e cities r e p o r tin g t h e t o t a l is
v a lu e o f $ 1 , 2 9 6 ,2 2 0 ,7 7 7 , w h ic h c o n s titu te s th e record
and
The
c o m p a r e d w ith th e m o n t h o f 1 9 0 8 t h e d e c re a se
F o r th e te n m o n t h s o f th e c a le n d a r y e a r
1 9 1 0 th e
r e tu rn s fo r th e 1 0 6 cities fu r n ish i n d u b it a b le p r o o f o f
g a in h a v e b e e n I n d ia r u b b e r , fu r s k in s , s u g a r , iron a n d
a c t iv it y in th e b u ild in g in d u s t r y o f th e c o u n t r y , n o t
s te e l, oils a n d s e e d s ; a n d th e m o s t n o ta b le lo sses h a v e
w it h s ta n d in g th e r e c e n t p a r tia l le t -u p .
been
c o m p a r e d w ith th e u n p r e c e d e n te d t o t a l fo r th e p e rio d
in
e x p o rt,
w o o l,
c o ffe e ,
b a la n c e
and
s ilk .
o f m e r c h a n d is e
The
fo r
fa v o r a b le ,
O cto b e r
or
r ea ch e s
of
1909,
O f cou rse a s
a fa llin g o ff is s h o w n , th is y e a r ’ s a g g r e g a te
$ 8 4 ,1 8 9 ,3 3 7 , th e h e a v ie s t r ecord e d in O c t o b e r sin ce 1 9 0 0 ,
o f 7 0 1 m illio n s o f d o lla rs c o n tr a s tin g w ith 7 4 3 m illio n s ,
a n d e x c e e d in g 1 9 0 9 b y 11 m illio n s .
The
o r a lo ss o f 5 . 7 % .
b a la n c e ,
is c o m p a r a t iv e ly
h ow ever,
a t $ 1 3 4 ,7 5 7 ,7 6 6 ,
te n m o n t h s ’
o u t la y in 1 9 0 8
B u t c o m p a r e d w ith th e e s t im a t e d
(5 1 6 %
m illio n s)
th e r e is a n e x c e s s o f
lig h t , h a v in g b e e n s u rp a sse d in e v e r y y e a r sin ce 1 8 9 5
3 5 . 6 % , a n d th e g a in o v e r 1 9 0 7 is n e a r ly 1 1 % .
G r e a te r
a n d b y u p w a r d s o f 3 7 0 m illio n s in 1 9 0 0 a n d 1 9 0 8 .
N ew
of
The
g o ld
g e n e r a lly
m ovem ent
d u r in g th e
in th is d ir e c tio n ,
m o n th
w as
b u t o f m o d e r a te
q u ite
propor
Y o rk ’s
o p e r a tio n s
in
th e
te n
m o n th s
fa ll b e h in d th o s e o f la st y e a r b y 2 1 . 5 % ,
1909
and
1908
by
2 5 .9 %
and
5 .9 % ,
1910
b u t exceed
r e s p e c tiv e ly .
t io n s , a n d la r g e ly th r o u g h p o r ts o th e r th a n N e w Y o r k .
O u ts id e o f th is c it y , h o w e v e r , g a in s are s h o w n in all
O n b a la n c e , w e g a in e d $ 3 ,4 9 6 ,9 2 9 ,
c a se s,
r e d u c in g th e n e t
th e r e
b e in g
1 .2 %
o u tflo w fo r th e te n m o n t h s o f 1 9 1 0 to $ 6 ,1 3 .9 ,0 2 5 .
In
w ith la st y e a r , 3 9 . 3 %
O cto b e r
by
c o m p a r e d w ith
1909
$ 2 ,3 4 5 ,2 3 8
ex p o rts
of
g o ld
exceeded
a n d fo r th e te n m o n t h s o f
im p o r ts
im p r o v e m e n t ,
c o m p a r e d w ith
as
com p ared
1908 and 1 1 .8 %
1907.
th a t y ea r we
lo s t n e t $ 6 8 ,5 1 2 ,6 7 9 .
F o re ig n
d is c o u n t r a te s h a v e
d u r in g th e w e e k ,
B u ild in g -c o n s t r u c t io n r e tu rn s fo r O c t o b e r
1 9 1 0 are
v e lo p e d
not
w e a k n e ss a t o n e
c o n c u r r e n tly
w ith
firm n e ss
m oved
u n ifo r m ly
p o in t h a v in g
e lse w h e r e .
de
The
o f m u c h th e s a m e g e n e ra l c h a r a c te r a s th o s e fo r S e p
m o s t g r a tify in g c h a n g e h a s o cc u r re d a t L o n d o n , th e
t e m b e r , a n u m b e r o f th e la rg e r m u n ic ip a litie s o f th e
p iv o t o n w h ic h th e w o r ld ’ s m o n e y m a r k e ts r e v o lv e s .
THE CHRONICLE
1356
[VOL. L X X X X I .
T h a n k s to th o g e n e r o u s in cre a se in th e a m o u n t o f g o ld
home and abroad, including a much better banking-
a t t r a c t e d t o L o n d o n b y th e 5 %
B a n k r a t e , th e a m o u n t
position in London, less unwillingness in Europe to
o f m o n e y a v a ila b le fo r d is c o u n ts h a s b e e n in c re a se d ,
accept American bills, a return flow of currency to
New York from the interior, an increase in the surplus
reserve reported last Saturday, greater curtailment in
loans than the falling off in deposits, very light bor
w ith th e re s u lt t h a t r a te s h a v e d e c lin e d .
fo r
434 t o 4
s p o t b ills is n o w
4 ^ %
fo r 9 0
at 4 3 4 %
d a y s , w h ile
fo r 6 0 d a y s
%%
b ills
and
fo r 6 0
to
434%
T h e range
a rr iv e
days
are
and
q u o te d
f ° r 0 0 d a y s — figures
t h a t m a y b e s till fu r th e r lo w e r e d , o w in g t o th e fa v o r
a b le
state
of
th e
in te r n a tio n a l
exch an ges.
Yet
it
rowing by Stock Exchange houses, large offerings
of funds by certain very wealthy interests, and few
applications by underwriters for large blocks of new
w o u ld s e e m p r e m a tu r e t o d is c u s s th e p o s s ib ility o f a
capital.
r e d u c tio n in th e B a n k ra te u n til a fte r th e t u r n o f th e
to
year,
T h e d e m a n d s fo r c a p ita l b y fo re ig n
fundamentally than superficially; later events have
modified this judgment, yet there are still symptoms
of a restraining character. IIow comes it, for exam
ple, that the best drawers of mercantile bills, a form
g o v e r n m e n ts h a v e a lso t o b e t a k e n in to c o n s id e r a tio n .
of security second to none, should encounter difficulty
P a r is , as d u r in g a lo n g s u c c e s s io n o f w e e k s , c o n tin u e s
in finding buyers at 5 3 4 % , when collateral loans are
e s p e c ia lly
e x p la in e d
in
as
th e
w h o le
a s p e c ia l
a g a in b e e n u p s e t b y
m e n t on N o v . 2 8 .
p o lit ic a l
a r tic le
on
s it u a t io n — as
a n o th e r p a g e — h a s
t h e d e c is io n
to
to d is c o u n t th e r ig h t k in d o f b ills a t
d is s o lv e P a rlia
234% ,
a figure in
s tr ik in g c o n t r a s t w it h th e c h a rg e s le v ie d a t all o th e r
c e n tr e s .
The
fir m n e ss
B e r lin n e a r ly
w h ic h
m a n ife s t e d
n o u n c e d , n o t w it h s t a n d in g a m a r k e d
th e
sta tu s
q u o t a t io n
it s e lf
in
a fo r tn ig h t a g o h a s b e c o m e m o r e p r o
of th e
I m p e r ia l
B ank
fo r s p o t b ills is n o w
im p r o v e m e n t in
of G erm any.
434% ,
The
w h ile b ills to
Until this week there had been a disposition
regard the money market
as less
comfortable
freely offered at 4 3 4 % ? The average difference be
tween time money and discount rates commonly is
only 34 of 1 % , not 1 3 4 % - Or, again, is it not sugges
tive that even the railroads of the highest credit are
not able to finance their needs by means of bonds or
stock, except on terms that cannot be entertained
save in cases of dire necessity?
Money brokers were
c h a n g e s in th e o ffic ia l d is c o u n t r a te s w e re m a d e
never so restricted by lenders as to the kind of collateral
to be accepted; in at least two notable instances lenders
of the largest calibre prefer to do business below the
regular market quotations in order that the security
t h is w e e k in E u r o p e , n o r arc a n y a d v a n c e s k n o w n t o b e
provided may conform to their rigid standards. These
p e n d in g , b u t y e s t e r d a y t h e B a n k o f B o m b a y raised its
facts are here enumerated, not with the intention
of creating undue suspicions as to the stability of the
money or security markets, but merely to show that
the much lower rates named for call and time loans
a rr iv e are n o t a c c e p te d u n d e r th e B a n k m in im u m
5% .
A t A m s t e r d a m r a te s h a v e ru led in th e n e ig h b o r
h o o d o f th e B a n k ra te o f
No
of
m in im u m fr o m 5 %
4% .
434% -
B r u s s e ls q u o te s
to 6 % .
T h e B a n k o f E n g la n d n o t o n ly se c u re d m o s t o f th e
£ 6 0 0 ,0 0 0
m arket
S o u th
on
B r a z il
A f r ic a n
M onday
and
m ade
g o ld
but
o th e r
o ffe red
r e c e iv e d
th e
open
£ 1 ,0 0 0 ,0 0 0
fr o m
p u rch ases.
in
As
our
sp ecia l
L o n d o n c o r r e s p o n d e n t re c o r d s in h is w e e k ly c a b le , th e
ex p o rts
to
w ere
reco rd
lig h t .
on
The
T h u rsday
£ 2 ,2 6 5 ,1 4 9 .
B ank
a net
w as
th e re fo re
in cre ase
of
T h is h a s ra ise d th e t o t a l a m o u n t carried
to £ 3 4 ,9 6 4 ,0 1 4 .
T h e a d v a n c e in th e ra tio o f reserv e
t o lia b ilitie s , h o w e v e r , w a s s lig h t, fr o m
w e e k to
a b le
in b u llio n
5 2 .3 6 %
th is w e e k .
£ 7 6 2 ,1 0 2
in
in
lo a n s ,
£ 3 ,4 7 0 ,0 5 6
govern m en t
c ir c u la tio n .
O r d in a r y
d e p o s its ,
lo a n e x p a n s io n , fe ll o ff £ 2 0 7 ,0 9 6 .
w as
c o m p ile d
but
it
th e
B ank
is u n d e r s to o d
A r g e n tin a t o - d a y .
n ew
T ran svaal
in
s e c u r itie s
has
p u b lic
and
rates for over-the-ycar maturities.
The range of quotations for time money may1be said
to be 4 3 4 @ 4 j^ % for all periods. During the week
On M onday
g o ld
w ill
d e p o s its ,
n o t w it h s ta n d in g
be
in
th e
S in ce th e s t a t e m e n t
t h a t £ 2 5 0 ,0 0 0
w ill
be
g o ld ,
sen t
to
n e x t a b o u t £ 5 5 0 ,0 0 0
a v a ila b le
in
th o
that the final six weeks of the year not infrequently
bring at least temporary flurries in call loans and stiff
£ 3 5 1 ,0 5 6
b o u g h t £ 3 6 9 ,0 0 0
After the new year it should be
o th e r
im p o r t a n t c h a n g e s in a c c o u n ts , in c lu d in g in cre ase s o f
£ 6 1 9 ,0 0 0
with circumspection.
possible to view the monetary outlook without con
cern, but at the moment it may be well to remember
la st
5 1 .9 1 %
T h is w a s d u e t o
have not been accompanied by corresponding changes
in allied directions, and that there is still need, as
conservative bankers have all along urged, for acting
open
m a r k e t a n d th e p r o s p e c ts are t h a t th e B a n k o f E n g la n d
434%
was almost always paid for 60-day facilities, but
yesterday supplies were available at 4 3 4 % . The
offerings have been augmented by out-of-town insti
tutions, and as the inquiry has been unusually limited,
the market has had an over-supplied appearance.
Yet bankers and money brokers still claim that normal
borrowing would quickly absorb the surplus and bring
about firmer rates. In detail, the range now is: 4 3 4 %
c o m p e t it o r b e in g I n d ia , w h ic h t o o k th e b a la n c e o f th is
for 6 0 days and 4 34 @ 4 3 4 % for 9 0 days and four,
five and six months, with, however, little or no
w e e k ’s
business done at the low figure.
w ill a g a in p u r c h a s e m o s t o f i t , th e o n ly o th e r lik e ly
o ffe r in g .
Our
corresp on d en t
a d v is e s
us
th a t
th e d e ta ils o f th e m o v e m e n t in to a n d o u t o f th e B a n k
fo r
th e
(o f
w h ich
w eek
w ere
as
£ 1 ,0 0 0 ,0 0 0
fo llo w s :
fr o m
Im p o rts,
B r a z il
and
£ 1 ,9 1 3 ,0 0 0
£ 6 ,0 0 0
fr o m
A u s t r a lia ) , a n d £ 9 0 7 ,0 0 0 b o u g h t in th e o p e n m a r k e t,
o f w h ich £ 2 3 , 0 0 0
w h ic h
£ 9 ,0 0 0
£ 3 0 ,0 0 0
to
F r e n c h c o in ) ;
to
S o u th
d e s tin a tio n s ),
S o u th
A fr ic a ,
A m e r ic a
and
and
rece ip ts
of
e x p o rts, £ 6 1 ,0 0 0
£ 1 0 ,0 0 0
£ 1 2 ,0 0 0
to
to
(o f
E g y p t,
v a r io u s
net
fr o m
d e c lin e d
q u ite
£ 4 1 3 ,0 0 0
th e in te rio r o f G r e a t B r it a in .
I n te r e s t
r a te s
in
N ew
Y ork
have
s h a r p ly in c o n s e q u e n c e o f a series o f d e v e lo p m e n t s a t
Call money has
declined 1%- since last week. A maximum of 33 4 %
was quoted on Monday and Tuesday, but on Wednes
day no loans were made above 3 3 4 % , while on Thurs
day only 3 % was reached. Yesterday the range was
2 K % to 2 % % , with the final loan made at 234% • The
average ruling rate for the week has been 3 3 4 % Commercial paper is in plentiful supply. There has
been some buying by local trust companies and out-of
town banks, but business on the whole has been quiet.
Rates have not responded to the weakness in money,
the range being 534 @ 6 % for the choicest four to six
months’ single names, with most of the discounting
NOV. 19 1910.]
THE CHRONICLE
done at 5 % @ 6 % .
to 6 % % .
L e s s d e s ira b le b ills r u n fr o m 6 %
S i x t y t o 9 0 d a y s e n d o r s e d b ills r e c e iv a b le
1357
th e a fte r n o o n a n d th e clo se w a s firm o n th e b a s is o f
4 8 6 fo r d e m a n d a n d 4 8 6 %
are o ffe re d a t 5 % @ 6 % .
The
fo llo w in g
sh ow s
fo r c a b le tr a n s fe r s .
th e
d a ily
p o ste d
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.
B a n k e r s h a n d lin g la r g e a m o u n ts o f fo r e ig n e x c h a n g e
h a v e b e e n fo r c e d t o th e c o n c lu s io n t h a t t h e h ig h -w a te r
m ark
in
our
m e r c h a n d is e
e x p o rts
w as
reach ed
in
O c t o b e r a n d t h a t th e r e tu rn s fo r th e c u rr e n t m o n t h
w ill s h o w
a fa llin g o ff.
T h e s u p p lie s o f c o t t o n b ills
h a v e d im in is h e d a n d g r a in
b ills a re lik e w is e lig h te r .
T h e n e e d fo r h u rr y in g fo r w a r d s h ip m e n t s t o E u r o p e in
o rd e r to p r e v e n t g o ld e x p o r t s p a s s e d s o m e t im e a g o ,
and
in d e e d
b rou gh t
w eek
s te r lin g
im p o r ts
th e
r a te s
of
d e c lin e d
th e
exchanges
m etal
have
to
a le v e l
w ith in
r u le d
in
w h ic h
reach .
fa v o r
of
T h is
a
F r a n c e h as n o t a d ju d g e d o u r p o s itio n c r itic a l e n o u g h
t o w a r r a n t it in p a r tin g w ith a n y o f its a lr e a d y r e d u c e d
s t o c k , e x c e p t a t th e c u s t o m a r y p r e m iu m ; t h e r e fo r e , n o
q u o t a t io n s
are a t
at
th e
all lik e ly t o
m om ent
be
m ade.
render
an
N or
in flo w
do
kn ow s w h a t to
e x p e c t.
For
e x a m p le , d e m a n d s te r lin g , a fte r c lo s in g o n W e d n e s d a y
a t 4 8 5 % , o p e n e d o n T h u r s d a y a t 4 8 6 % , b u t r e la p se d
t o a s h a d e b e lo w 4 8 6 b y t h e e n d o f t h e d a y .
82/4
86/4
82/4
86/4
82/4
86/4
82/4
86/4
82/4
86/4
82/4
86/4
82
86
82/4
86/4
82/4 82/4
86/4
82/4 86/4
86/4 82/4
86/4
82/4 82/4
86/4 86/4
82/4 82/4
86/4
82 V4 86/4
82/4
86/4 86/4
82/4 82/4
86/4 86/4
82/4 82/4
86/4 86/4
82/4 82/4
86/4 86/4
82/4
86/4
82/4
86/4
82/4
86/4
82/4
86/4
82/4
86/4
82/4
86/4
82/4
86/4
82/4
86/4
82/41
86/4
82/4 i
86/4?
82/41
86/4
82/4 ]!
86/4
82/4
86/4
82/4
86/4
82/4
86/4
82/4
86/4
T h e m a r k e t c lo se d o n F r i d a y a t 4 8 2 2 0 @ 4 8 2 3 0 fo r
60
d ays,
4 8 5 9 5 @ 4 86
4 8 6 5 0 fo r c a b le s .
fo r
dem and
and
4 8645@
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
a t 4 8 1 % @ 4 8 1 % a n d d o c u m e n ts fo r p a y m e n t a t 4 8 1 %
@ 4 81% .
C o tto n
fo r
paym ent
ran ged
fr o m 4 8 1 @
4 8 1 % , g ra in fo r p a y m e n t fr o m 4 8 1 % @ 4 8 1 % .
fr o m
L o n d o n fe a s ib le , a lth o u g h flu c tu a tio n s h a v e la t e ly b e e n
so erratic t h a t n o o n e
Brown
/ go days
Bros. & Co_______/Sight 4 82KM
Kidder, Peabody J60'days 44 86
y2
& Company...-----/Sight.. 4 82
86/£
Bank of British
/60 days 4 82J4
North
Sight..
Bank
of America___1/go
days 4 87 14
Montreal................../Sight.. 44 82
Canadian Bank
J60days 86/£
82/4
of Commerce........../Sight 44 86/4
Ileldelbach, Ickel- /GO days 4 82/4
heimer & Co........../Sight 4 86/4
Lazard
/ 60 days
Freres ------- -------/Sight.. 44 82
Merchants’ Bank
/60 days 4 86
of Canada.............../ Sight 4 82/4
86/4
g o ld
m o v e m e n t fr o m P a r is t o N e w Y o r k , b u t th e B a n k o f
en g ag em en ts
Fri., M on., Tues., Wed., Thurs., F ri.,
Nov. 11. Nov. 14. Nov. 15. Nov. 16. Nov.
17. Nov. 18.
W eak
rl 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
to 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 .
Received by Shipped by
N . Y . Banks. N . Y . Banks.
Week ending Nov. 18 1910.
Currency............................................
Gold ...........................................
S6,891,000
1,611,000
58,532,000
n ess w a s a g a in in e v id e n c e y e s t e r d a y m o r n in g , sig h t
Net Interior
Movement.
SI,410,000 Gain 82,481,000
790,000 Gain 851,000
S5.200.000 Gain 83,332,000
m
d r a fts to u c h in g a m in im u m o f 4 8 5 % ; b u t b e fo r e th e
T h e p u b lic a t io n o f th e
W ith
O c t o b e r fo re ig n tr a d e r e tu r n s , s h o w in g a n e w h ig h rec
fo llo w s .
clo se t h e y re c o v e re d to 4 8 6 .
o rd fo r e x p o r t s a t 8 2 0 8 ,0 5 7 ,7 8 5 a n d a b a la n c e o f $ 8 4 ,
1 8 9 ,3 3 7 o v e r im p o r t s , h a d n o p e r c e p tib le e ffe c t u p o n e x
change.
In d iffe re n ce w a s also m a n ife s t e d t o w a r d s th e
pron ou n ced
im p r o v e m e n t
in th e
Bank
o f E n g la n d ’ s
p o s itio n , w h ile e v e n th e lo w e r in g o f m o n e y r a te s a t
hom e
d id
o p e r a tio n s
not
of
appear
to
exchange
in flu e n c e
d e a le r s .
th e
The
d a y -to -d a y
tru th
is
th a t
s p e c u la tio n h as b e e n la r g e ly r e s p o n s ib le fo r t h e s o m e
w h a t v io le n t u p s a n d d o w n s in r a t e s .
I t is e x p e c te d
t h a t th e p u r c h a s e o f b lo c k s o f n ew s e c u ritie s b y b a n k e r s
h a v in g in flu e n tia l c o n n e c tio n s a b r o a d w ill s h o r t ly b e
fo llo w e d
by
E u rop ean s.
d r a w in g
of
exchange
a g a in s t
sa les
to
O n th e o th e r h a n d , h o w e v e r , e x t e n s iv e
r e m itta n c e s are a lw a y s o c c a s io n e d b y t h e J a n . 1 s e t t le
m e n t s , a n d a r r a n g e m e n ts t h e r e fo r w ill s o o n b e in o rd e r .
It
w ill
th u s
be
r e a liz e d
th a t
th e
s t r ic t ly
m o n e ta ry
c o n d itio n s h ere a n d in L o n d o n , th e s t a t e o f o u r fo r e ig n
tr a d e
and
s e c u r ity
th e
o u t lo o k
m o v em en ts
fo r e ig n e x c h a n g e
fo r
a c tiv ity
c o m b in e t o
in
fo r m
in te r n a tio n a l
a
c o m p lic a t e d
s itu a tio n th e o u t c o m e o f w h ic h
no
o n e cares to p r e d ict a t th is s t a g e .
C om p ared
w ith
F r id a y
of
th e S u b -T r e a s u r y o p e r a tio n s th e r e su lt is as
Into
Banks.
Week ending Nov. IS 1910.
Old o f
Banks.
Net Change in
Bank Holdings.
Banks’ Interior movement, as above. $8,532,000 85.200.000 Gain S3,332,000
Sub-Treasury operations..........
32,600,000 33.600.000 Loss 1,000,000
Total gold and legal tenders_____ 341,132,000 538,800,000 Gain S2,332,000
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. 17 1910.
Nov. 18 1909.
Silver.
Total.
Odd.
Silver.
Total.
£
£
£
£
£J
England.. 34,964,014
34,964,014 35, i ,159
35,345,159
France .. 131,801,080
Banks o f
Gold.
£
165,128,560 142, 1,760 35,874,760 178,856 520
Germany. 36,727,650 33,327,480
49,847,800 36, 6,200 11,622,900 48.359.100
Russia ... 145,701,000 13,120,150
6,055,000
151,759.000
8,000 6.642.000 149,070,000
Aus.-Hun. 55.242.000 11.817.000 67.059.000 142,1
0,000 11.928.000
Spain___ 16.389.000 30.474.000 46.863.000 56,
16,
5,000 30.664.000 68.918.000
46.749.000
Italy ___ 39.150.000 3,476,000 42.626.000 38.382.000
4.100.000 42.482.000
Netherl’ds 10.245.000 1,714,700 11,959,700 10.080.000 2,753,100
Nat.Belg.... 5,446,667 2,723,333 8.170.000 4.210.000 2.105.000 12.833.100
6.315.000
Sweden
4.480.000
4.480.000 4.377.000
4.377.000
Swltzerl’d. 6.255.000
6.255.000
5.031.000
5.031.000
Norway .. 2.021.000
2.021.000 1.765.000
1.765.000
Total week 488,425,411102,707,663 591,133,074 494,411,119105,689,760 600,100,879
Prev. week 484,879,978^102,226,247 587,106,225 489,504,505 05,422,543 594,927,048
1
■ /■ «! *t
THE NEW TURN IN BRITISH POLITICS.
A n e v e n t o f th e first im p o r t a n c e in th e p r e s e n t w e e k
h as b e e n th e s u d d e n r e c u rr e n c e o f t h e E n g lis h p o lit ic a i
la s t
w eek,
s te r lin g
ex
crisis.
T o e x p la in w h y t h e c o n t e s t b e tw e e n t h e L o r d s
c h a n g e fo r d e m a n d a n d c a b le tr a n s fe r s w a s fir m e r o n
a n d C o m m o n s , w h ic h m o s t p e o p le s u p p o s e d t o h a v e
S a tu rd a y ,
been
w ith
4 8 6 1 0 @ 4 8615
q u o t a t io n s
r e s p e c tiv e ly ;
4 8 1 5 0 @ 4 8155.
at
4 8555 @ 4 8560
60
days
w as
and
lo w e r
r e le g a te d
to
th e
fie ld
of
q u ie t
d isc u ssio n
and
at
P a r lia m e n t a r y c o m p r o m is e , sh o u ld h a v e so s u d d e n ly
C a b le tra n s fe r s a d v a n c e d t o 4 8 6 1 5
re a p p e a r e d in a n u r g e n t f o r m , it is n e c e ssa r y to lo o k
@ 4 8 6 2 0 o n M o n d a y , w h ile d e m a n d a n d 6 0 d a y s w ere
b a c k t o th e d e a d lo c k o f la s t sp r in g a n d th e in c id e n ts
p r a c tic a lly u n c h a n g e d .
O n T u esd ay dem and m oved
w h ic h fo llo w e d .
up
c a b le
r e su lts
to
4 8 5 7 0 @ 4 8580,
tr a n s fe r s
4 8 6 2 5 a n d 6 0 d ays to 4 8 1 5 5 @ 4 8 1 6 5 .
to
4 8G 20@
O n W edn es
d a y d e m a n d a d v a n c e d t o 4 8 5 8 5 @ 4 8 5 9 5 , c a b le t r a n s
w h ic h
m en ta ry
M o s t p e o p le w ill recall th e c u rio u s
d e v e lo p e d
e le c tio n .
The
a fte r la s t J a n u a r y ’s
P a rlia
L ib e r a ls
to
had
gone
th e
c o u n t r y o n th e issu e o f t h e v ir t u a l v e t o a p p lie d b y t h e
fers to 4 8 6 3 5 @ 4 8 6 4 5 a n d 6 0 d a y s t o 4 8 1 8 5 @ 4 8 1 9 0 .
H o u se o f L ord s to
D e m a n d on T h u rsd a y to u ch e d 4 8 6 %
e x p e c te d a n o v e r w h e lm in g v ic t o r y a t th e p o lls a n d , as
e a r ly in t h e d a y ,
b u t r e la p se d b e fo r e th e c lo se to 4 8 5 9 0 @ 4 8 6 ,
w h ile
c a b le tra n s fe r s , a fte r a d v a n c in g in s y m p a t h y ,
c lo se d
at 4 8645 @ 4 8655;
On
6 0 d a ys w as q u o ted 4 8 190 @ 4 8 2 .
F r id a y e a r ly w e a k n e s s J g a v e p la c e t o s tr e n g th
in
th e
B udget of
1909.
T hey
had
a m a t t e r o f f a c t , t h e y d id w in a m a j o r i t y ; b u t t h a t
m a jo r ity
w as
so
fa r
re d u c e d
fr o m
w hat
had
been
g a in e d in t h e g e n e ra l e le c tio n o f 1 9 0 6 as to p la c e th e
M in is tr y la r g e ly a t th e m e r c y o f t h e Ir is h N a t io n a lis t s .
1358
THE CHRONICLE
At the close of 1909 the Liberals had held a clear
plurality of two hundred and nineteen Parliamentary
votes over the Unionists, and, in addition, had at
hand on certain questions the vote of eighty-three
Nationalists and thirty-two Labor members. The
election of 1910, however, left for the Liberals alone
a plurality of only one over the Unionists; which
meant that, on the great majority of questions, they
must seek the aid of the eighty-two Nationalists and
forty-one Labor members in order to retain control.
The immediate consequence of this situation was
aggressive pressure by the Irish members for an issue
with the House of Lords by way of preparing the
path for a Home Rule bill such as could not be vetoed.
At the end of March last year Mr. Asquith presented
in the House of Commons a series of resolutions
declaring, first, that the House of Lords should be
disabled by law from rejecting or amending a money
bill; next, in the second place, that “the powers of the
House of Lords as respects bills other than money bills
be restricted by law so that any such bill which has
passed the House in three successive sessions, and,
having been sent up to the House of Lords at least one
month before the end of the session, has been rejected
by that House in each of those sessions, shall become
law without the consent of the House of Lords on the
Royal assent being declared, provided that at least
two years shall have elapsed between the date of the
first introduction of the bill in the House of Commons
and the date on which it passes the House of Commons
for the third time.” The House of Lords replied by
formulating plans for the Constitutional reconstruction
of its membership, but plainly intimated its deter
mination to oppose the Asquith resolutions as they
stood.
What the result of this fresh clash of opinion would
have been under ordinary circumstances it is difficult
now to say. Feeling was certainly embittered to a
high degree. But on the 8th of May King Edward
died. Political strife was instantly allayed. A new
and untried sovereign came to the throne. At King
George’s urgent personal request, and with the hearty
approval of the English people, the whole Constitu
tional struggle was postponed, and the question of
reform of the House of Lords and of its relations to the
Commons was submitted for mutual conference to a
joint commission of eight, who considered the matter
throughout the summer.
What brought the situation to its present critical
stage was the sudden announcement, toward the close
of last week, that all these joint negotiations had
broken down. As to precisely why this had happened,
the news is most obscure. The break-down of the
conference occurred, in fact, at the very moment when
serious publications like the London “Spectator” were
proposing a long continuance of that conference, with
a view to considering Constitutional reform on a
broader basis. How perplexing this aspect of the
situation is may be judged from Mr. Asquith’s formal
statement, after announcing the ending of the delibera
tions, that, in the opinion of all the members of the
conference, “the conditions under which the proceed
ings were held preclude disclosures in regard to the
course of the negotiations or to the causes leading to
their termination.” All that can now be said is that
an immediate appeal to the country by the Liberals
was at once inferred, and that the inference was cor
[VOL. LXXXXI.
rect is evident from the stand taken by Mr. Asquith
yesterday. Lord Rosebery on his part proposed in
the House of Lords his own solution of the question, in
the nature of resolutions with the following pro
visions.
(1) That the House of Lords shall consist of Lords
of Parliament (a) chosen by the whole body of heredi
tary peers from among themselves and by nomination
by the Crown; (b) those sitting by virtue of their
offices and qualifications held by them, and (c) those
chosen from outside.
(2) That the term of tenure of all Lords of Parlia
ment shall be the same except in the case of those
sitting ex-officio, who would sit only so long as they
hold the office by reason of which they sit.
These moves appear to have somewhat embarrassed
the Ministry’s immediate plans—not less so when, as
all the despatches indicate, the English people as a
whole are irritated over the prospect of the interrup
tion of business and paralysis of confidence which
would probably attend another general election. At all
events, Mr. Asquith yesterday definitely announced
that Parliament would be .dissolved Nov. 28 if the
House of Lords in the meantime rejects the Veto Bill.
It is possible that the Liberal Party’s wish to force the
issue now is due to certain gains by that party in the
by-elections. This has been notably so in the Wal
thamstow constituency, which the Liberals carried last
January by a majority of 2,195, but in which a fort
night ago they polled a majority of 2,776.
Just how far this indicates any general change in
the feeling of the people it is a little early to conjecture.
If it is true that the Irish Nationalists are forcing the
Ministry’s hand in the Lords dispute, then Home
Rule itself will of necessity become a foremost issue in
any new election. But the election of last January
showed pretty clearly that, whatever may be said
of Ireland, English constituencies are by no means in
favor of the plan. If this issue, then, were to obtain
the centre of the stage, the Liberal outlook in the
electoral contest would be doubtful. On the other
hand, the campaign for a protective tariff has by
all appearances lost rather than gained ground since
last January; so that if the Conservative party should
see fit to place what they call the issue of tariff reform
at the head of their campaign issues, a distinct advan
tage might again be gained by the Liberals. In other
words, the choice of issues by each of the two great
parties, as preliminary to a new election, is a question
on which much of the subsequent results will hang.
A GREAT OBJECT-LESSON AND ITS
TEACHING.
The figures of sums expended by railways during
the last ten years for improvement of the city’s trans
portation facilities, obtained by the “Journal of Com
merce,” by direct inquiiy of the companies, deserves
more than the merely incidental reference we made to
them last week. The total, including that of the
traction companies, is 549% millions, being at an
average rate of over a million per week during the
decade. The chief items arc 100 millions by the
Pennsylvania, plus 40 millions by the Long Island;
57% millions by the New York Central and 36 millions
by the New York New Haven & Hartford; and over
31 millions by the Lackawanna, Erie and Central of
New Jersey, besides 68 millions for the McAdoo tubes.
In the 11% millions by the Erie is included cost of the
Nov. 19 1910.1
THE CHRONICLE
1359
four-track open cut by which the commuters, complain contract, therefore tending straight towards the com
ing over a small increase in rates, avoid the old tunnel. pulsory municipal operation which the Commission
Because the work is incomplete, comparatively little has apparently been aiming to produce. A clamor is
public attention has been drawn as yet to the huge set up already—particularly from Brooklyn, notwith
reconstruction of the Grand Central Station, in which standing that borough is really the last which ought
has been sacrificed a “new” station which used to rate to favor this scheme—to push the Board of Estimate
as a marvel of size and convenience.
into consent. It is even excitedly hinted that if the
All this construction has been undertaken and Commission (to which the law gives the initiative)
carried through without push from any commission, cannot have its way now, its members will be so
and, fortunately, without much interference beyond disgusted that they will fold their hands; that is, it is
that offered at one time when the Board of Aldermen suggested that the sole choice lies between the “tri
seemed to assume that the Pennsylvania ought to pay borough” and an indefinite further delay. Such a
for the privilege of building a great public work by its course would be an unworthy one on the part of the
own funds exclusively. There is no pretense of an Commission; but if the alternative to a still further
altruistic motive; the impelling power was a business delay in subways is really to commit the city irretriev
necessity which these roads recognized and through ably after the plunge is once made, to a course of
which they would share in the resulting public benefit. unwise borrowing and municipal operating, then far
As cannot be too distinctly emphasized, the work has better let us wait than make a bad start.
been done without pause, without waste, without fuss The plea now urged that only by the “triborough”
or disturbance, after the most developed of engineering scheme can connection and use be found for some
processes, and in the most admirable adjustment of subway links and the bridges which were built or begun
means to ends; it has been “business” from first while the whole problem was less understood than
to last, and thus offers an object-lesson which this city now, is hardly worth serious consideration; engineering
never so much needed to study and imitate as at this and business ability are not so limited that no other
very hour. What kind and size of mess a “public’ way is open. It is, however, plain that the members
undertaking of the Grand Central job would have of the Commission, having taken up and persistently
produced, complicated as it was by the necessity of clung to the notion that private capital must be kept
keeping up an increasing train movement, may be left at a distance lest it again get the better of the city in
to an active imagination.
bargaining, and thus, having worked out a scheme of
There is another lesson. The fact that certain their own which should be quite independent of
corporations, under no pressure except that of a situa existing companies, arc naturally loath to have it fail.
tion with which they must cope or face a financial But it is neither unjust nor discourteous to them to say
retrogression, have expended so enormously here, that their wishes and feelings are of no weight as com
proves how colossal are the problem and the possible pared with the public good and with the colossal im
profits of local transit. Capital has gone (and will portance of the situation. Reduced to the plainest
doubtless continue more or less to go) into railway terms, the choice lies between permitting private
construction in new territory which has to be de capital to build subways or committing the city to a
veloped; but here, in the second city on the globe, is hazardous course from which it cannot escape after
an existing traffic need which increases faster than the once beginning. This is no matter of keeping pre
means for meeting it, so that it is elementary and election pledges (if any such were given) or of placating
undeniable that capital fairly hungers to undertake the clamor of one or another section for starting sub
the work. Right here is the most inviting and the way work immediately; the need of the hour is to
best recognized passenger transportation opportunity; consider, with care and a long-distance forecast, the
yet capital does not undertake it, while the call for interests of the entire city.
more subways rises almost to a popular clamor.
Set against each other these patent and inconsistent
factors: an unequaled opportunity for businesslike ATLANTIC COAST LINE RAILROAD REPORT.
handling, a swelling outcry for new transit lines, an The Atlantic Coast Line Railroad Co. is one of the
abundance of capital which wants employment, and few railroad systems in the country which are able to
nothing accomplished except discussion and disagree make a satisfactory showing of net earnings for the
ment. Any rational stranger arriving in this city, if fiscal year ending June 30 1910. In the case of most
these factors of the situation were laid before him, large railroad properties, as is well known, though
would instantly inquire why private capital has been there might be very substantial improvement in gross
kept back, and what conceivable occasion exists for revenues, comparisons of the net have as a rule been
seeking to force the city into doing, with its own disappointing, owing to the great augmentation in the
credit and at its own risk, what private capital is ready expense accounts—expenses having increased to such
to do, with a businesslike efficiency and swiftness of an extent as either, to leave only very small gains in
which the great works already accomplished on private net or an actual falling off in the same. It is, there
account give unanswerable proof. Directness, effec fore, more than ordinarily pleasing to find in the re
tiveness and common-sense methods, on the one hand, port of the Atlantic Coast Line Railroad an exhibit of
set over against the indirectness, bungling and wastes the opposite nature. In other words, we have in
of public construction—this is the contrast.
this instance substantial improvement in both gross
The test is now while it is to be determined whether and net.
the city is to be committed to the “triborough” In brief, during the twelve months ending June
scheme, involving expenditure of many millions for 30 the Atlantic Coast Line RR. was able to add
uncorrelated units which will be an incompleted work, $3,666,203 to its gross revenues and to carry forward
unequipped for operation and without any operative $1,905,985 of this amount as a gain in net, the in
1360
THE CHRONICLE
crease in expenses having been only $1,760,218. Two
main circumstances account for the fact that this
company was able to keep its increase in expenses
within much more moderate limits than most other
companies. In the first place, the management have
succeeded in very greatly improving efficiency of
operations, and in the second place expenses in some
of the earlier years had gained very fast, so that com
parison has been with relatively big figures, besides
which there were in 1908-09 some special events which
served to swell expenses for the time being, and which
were not repeated in the twelve months under review.
We refer more particularly to the fact that in the latter
part of August and the early part of September 1908 un
precedented floods in Virginia, North Carolina, South
Carolina and Georgia seriously affected operations on
the company's lines in those States. Even in face of
that drawback, the company had succeeded in re
gaining control of its expense accounts in the year
referred to (1908-09), as was evidenced by the fact
that operating expenses and taxes in that fiscal year
were reduced $1,980,895 coincidently with an in
crease of $115,012 in gross earnings, hence producing
a gain of $2,095,907 in net, to which the further in
crease in net for 1909-10 of $1,905,985 is additional.
If these two years stood by themselves, the saving in
expenses at a time when expenses elsewhere were ris
ing in such a marked degree would have to be regarded
as almost phenomenal. Going back somewhat fur
ther, however, we find that very noteworthy augmen
tation in expenses occurred in antecedent years, thus
allowing room for contraction as soon as the expense
accounts—which, as on other systems, had been rising
inordinately, owing to the congestion of traffic and
insufficiency of labor—were again got under control,
and as soon as the management could cany into effect
their carefully laid plans for savings and economies
in operations. Direct comparison with these earlier
years is not possible, owing to the changes in the classi
fication of revenues and expenses enforced by the In
ter-State Commerce Commission with July 1 1907.
But an idea of the way in which this railroad system
had fallen under the sway of the conditions then ex
isting may be gained through some comparisons on
the old basis of computation. Thus, in the two years
ending June 30 1907, gross earnings had risen from
$22,222,902 to $26,771,529, but net earnings had actu
ally declined from $8,033,135 to $6,329,502. Follow
ing this, there came in 1907-08 the period of. business
prostration, as a result of which gross earnings fell
away, while at the same time the causes which had
served so largely to augment operating cost in the
years immediately preceding continued in force, work
ing, therefore, a further reduction in net. For this
period (as was pointed out by us in previous reviews),
exact comparisons with preceding years are out of the
question, for the reason already stated; but, taking the
figures just as reported, there was a decrease of $742,
476 in gross, offset in amount of only $398,232 by a
reduction in operating expenses and taxes, leaving a
loss of $344,244 in net to be added to the losses of the
two previous years. It is this dwindling of the net,
long continued through preceding years, that paved
the way for the improvement that has distinguished
the results of the last two years and completely
changed the character of the company's income ex
hibit.
[VOL. LXXXXI.
But this improvement in the net would not have
been possible, even with the change for the better in
the ordinary conditions, except for the success at
tending the effort at establishing increased efficiency
of operations. Evidence of the way economies in
management are being prosecuted appears plainly
from certain statistics in the present report. For
instance, while, as compared with the twelve months
preceding, the number of tons of freight transported
increased 10.30%, and the tonnage movement one
mile increased 12.67%, and there was an addition of
14.74% in the number of passengers carried and of
16.99% in the number hauled one mile, the increase
in the revenue train mileage was only 9.03%. This
means, of course, that the train load was again en
larged. As these figures cover only two years, how
ever, a better idea of what has been accomplished can
be gained by extending the comparisons further back.
As pointed out by us in previous annual reviews,
conditions on the Atlantic Coast Line system are not
such as to admit of a veiy high average train load.
Nevertheless, with the further addition in the late
year, the average has been brought to above 201 tons,
at which figure comparison is with 194 tons for 1908-09,
with 185 tons for 1907-08, with 178 tons for 1906-07
and but 167 tons for 1905-06. In other words, in
four years the lading of the trains has been raised con
siderably over 20%. As a consequence of the larger
average load, the freight trains earned $2 56 per mile
run in 1909-10, against $2 44 in 1908-09, $2 29 in
1907-08, $2 20 in 1906-07, $2 17 in 1905-06 and only
$2 08 in 1904-05—this with an average rate per ton
per mile of 1.27 cts. in 1910, 1.26 cts. in 1909 and 1.24
cts. in 1908, against 1.31 cts. in 1905. The effect of
the saving in this and in other ways is reflected in the
fact that, in face of a great growth in traffic in both
the freight and the passenger departments, the socalled transportation expenses in 1909-10 were only
$9,227,836, against $9,908,607 two years before in
1907-08.
In what has been said above, therefore, we see por
trayed the reasons for the relative reduction in operat
ing cost. It should also be noted that growth in traffic
has facilitated the downward course of the cost of
moving traffic per unit of service. This growth is
illustrated in the fact that the late year's gross earn
ings were the largest in the history of the company.
As striking evidence of the more recent advance, we
may note that in the last three years the number of
tons of freight transported one mile has risen from
1,493 millions to 1,639 millions, and the number of
passengers one mile from 237 millions to 304 millions.
Lest the reader may think, however, that the same
low ratios of expenses to gross receipts are to be, or
can be, continued in the immediate future, it is im
portant to direct attention to certain remarks in the
report which clearly show that the opposite is to be
the case. The report points out that the very satis
factory net results from the year’s business must be
attributed to what is called the “economical momen
tum," which carried through the first six months to
Dec. 31 1909. Since that date, it is stated, such large
increases have been made in wages, and the cost of
materials has advanced to such an extent, that the
increase in operating expenses in September 1910 ex
ceeded the increase in gross earnings, so that the net
recorded a decrease as compared with September 1909.
Nov; 19 1910.)
1361
THE CHRONICLE
In another part of the report it is pointed out th at, in the report. One of the events of the year was the
in common with practically all the railroads of the execution of a mortgage to secure an issue of $200,000,
country, the Atlantic Coast Line made large increases 000 of 4% bonds, designated “Unified 50-Year 4%.
in the salaries and wages of employees during the year. Gold Mortgage,” dated Nov. 16 1909. During the
Thg greater part of these increases was not effective year $15,000,000 of these bonds were issued, $6,400,
until the last months of the year, and accordingly oper 000 of these being to represent construction, additions
ating expenses in the period under review indicate only and betterments; $858,300 of 1st consol, mortgage
in part the enhanced cost of operation which must re 50-year 4% gold bonds were put out for the same pur
sult therefrom. It is estimated that such increases pose. The amount of common stock was increased
will add at least 81,250,000 per annum to the operat during the twelve months by $9,426,800, this being is
sued in exchange for $12,726,180 of convertible de
ing expenses of the system.
Fortunately, through the company’s improved net benture bonds. Thereby the total of common stock
earnings, the margin of income above the require was raised to $57,964,500. The net result of the
ments for dividends and fixed charges has now been various bond issues and bond exchanges during the
brought up to very substantial figures. Back in year is a decrease in the aggregate of the funded debt
1907-08 the company had net income available above of $2,141,580. It should be added that the changes in
fixed charges in the sum of only $2,781,147, which was the company’s holdings of its own securities in its
barely sufficient to meet the call for dividends. As a treasury have resulted in a net increase in the aggregate
matter of fact, in that fiscal year 3% out of the 5}^% of such holdings during the twelve months of $9,711,
declared in dividends was not paid in cash, but, out 825, bringing the total up to $16,766,075.
of prudence, was paid in Atlantic Coast Line Railroad
Co. 4% certificates of indebtedness. For the year RAILROAD GROSS AND NET EARNINGS FOR
SEPTEMBER.
under review the balance of net income above fixed
As
the
months
succeed
each other in rapid succession,
charges was no less than $6,993,254, while the call for
the
part
played
by
rising
expenses in the affairs of
dividends, at the rate of 5% on the small amount of
United
States
railroads
is
becoming
increasingly im
preferred stock and 6% on the common stock, was no
portant.
This
is
owing
to
the
fact
that
gross earn
more than $3,239,937.
ings
are
no
longer
showing
gains
of
the
magnitude
of
It is proper to state that the increase in the year’s
those
recorded
in
the
early
months
of
the
year,
and
in
surplus is not entirely due to the larger amount of net
some
cases
are
actually
falling
behind
the
totals
of
income derived from the operation of the road. The
company also increased its income from investments 1909, while at the same time expenses arc 'being added
and from other outside sources to the extent of $427, to in certain fixed amounts, by reason of the increases
282. And this followed in the main from the fact, that in wages which have been so generally granted rail
the company owns control of the Louisville & Nash road employees during the current year. It thus fol
ville Railroad, which is now on a 7% dividend basis, lows that the augmentation in expenses, speaking of
as against only 5)^% paid in the previous fiscal year. the roads collectively, now reaches an aggregate ex
The figures in the report cover an average of 4,482 ceeding the amount of the growth in gross revenues,
miles of road, as against 4,434 in the previous year. thereby causing a falling off in net earnings in quite a
The Louisville & Nashville Railroad is operated as a substantial sum.
separate property, and the same is true of the Charles Illustration of the truth of these remarks, and, in
ton & Western Carolina and the Northwestern Rail deed, the occasion for them, is found in the compila
road of South Carolina, which are also controlled. Al tions of earnings, gross and net, which we to-day pre
together, over 12,000 miles of road are owned or sent for the month of September. Stating the out
controlled. Control of the Louisville & Nashville is come for this month in a nutshell, there is an increase
held through the ownership of $30,600,000 out of the of $10,148,617 in gross earnings, which, all things con
$60,000,000 outstanding capital stock of that com sidered, must be regarded as very satisfactory, having
pany. The purchase was made in October 1902, the regard for the slackening which has occurred in trade,
Coast Line RIl. giving as consideration $35,000,000 and for some other adverse incidents which need not
of its collateral trust bonds, besides $5,000,000 in the be detailed here. Earlier in the year, however, the
common stock of the Atlantic Coast Line RIl. and additions to gross revenues had averaged $28,000,000
$10,000,000 in cash. The cost of the purchase was to $30,000,000 a month. With the gain in gross now
subsequently reduced on the books of the Atlantic reduced to about $10,000,000, there has been an in
Coast Line lilt, to $45;554,220, by the application of crease in expenses of no less than $14,265,149. As a
consequence, we have a loss of $4,116,532 in the net.
$5,000,000 of accumulated surplus.
The Louisville & Nashville, being operated separately, This showing is more unfavorable than was that for
the Coast Line Railroad’s investment in the same August, when, with $17,839,341 gain in gross, there
appears merely in the dividends received on its hold was an augmentation of $18,684,257 in expenses,
ings of the stock of the company. As these dividends leaving a loss of only $844,916 in net. It is a close
are now 7%, the Coast Line realizes $2,142,000 per parallel, however, to the result for July, when an in
annum on the $30,600,000 of stock held. On the crease of $11,322,306 in gross was attended by an aug
other hand, the annual call for interest on the $35, mentation of $15,964,347 in expenses, causing a loss
000,000 Atlantic Coast Line RR. 4% collateral trust in net of $4,642,041. The figures for the whole
bonds issued in part payment for the Louisville & three months make it very apparent that the ulti
Nashville stock purchased is only $1,400,000 per year. mate outcome, as far as the net is concerned, is en
There were important changes in the company’s tirely dependent upon the extent of the gains in gross.
funded debt during the twelve months, which need Where these gains are of large magnitude, as happened
not be detailed here because they are set out at length in August, the loss in net is reduced to very small pro
1363
THE CHRONICLE
portions. On the other hand, where the gains in gross
run smaller, as in July and September, the loss in the
net is correspondingly increased.
It is proper to point out that, as in previous months,
our compilations arc based entirely upon the returns
filed with the Inter-State Commerce Commission at
Washington, and hence are very comprehensive, cov
ering 233,428 miles of road, or over 98% of the mile
age of the country. Our readers are by this time
aware that all the railroads in the United States—
barring only the few roads the operations of which are
confined entirely within State boundaries—are obliged
to file monthly statements with the Commission.
The returns are open to public inspection, and we have
transcripts of them made for our own use. In order,
to furnish full details for all the separate companies,
we issue each month a special supplement, termed our
“Railway Earnings” Section. The November num
ber of that Supplement accompanies to-day’s issue of
the “Chronicle,” and in it will be found in full the re
port of earnings and expenses of all the separate roads
for the month of September. The summaries in the
present article are the totals derived from these state
ments of the separate roads.
September (761 roads)—
1910.
1909.
Amount.
Miles of road..............
.
233,428
229,161 Inc.
4,267
Gross earnings________ .$252,711,515
$242,562,898
Inc.
Operating expenses.............. . 162,520,076 148,254,927 Inc. S10,148,617
14,265,149
N et earnings....................... . $90,191,439 $94,307,971 Dec. $4,116,532
%
1.86
4.19
9.62
4.37
As indicating how general has been the rise in ex
penses, it is quite remarkable to find that, when the
roads are arranged in groups or geographical divisions;
every group records a loss in net earnings, while, on
the other hand, every group also records an increase
in gross earnings. The result by groups is set out
in the table which we now insert.
SUMMARY BY GROUPS.
——
Gross Earnings----------------------- .
Inc. (+ ) or
September.
1910.
1909.
Dec. (—).
Section or Group—
$
S
S
%
Group 1 (28 roads), New England___ 12,136,276 11,468,664 + 667,612
Group 2 (NO roads), East & M iddle.. . 59.714,015 56,823,452 + 2,890,563 5.82
5.08
Group 3 (100 roads), Middle W est__ 36,713,688 34,846,676 + 1,867,012 5.36
Groups 4 & 5 (149 roads), S o u th ern ... 29,051,441 27,384,478 + 1.666,963 6.09
G roups6 & 7 (llO roads), N orthw estern59,942,670 59,486,805 + 455,865 0.76
Groups8 & 9 (172 roads), Southwestern 40,143,110 38,105,312 + 2,037,798 5.35
Group 10 (62 roads), Paclllc Coast___ 15,010,315 14,447,511 + 562,804 3.90
Total (761 roads)
.252,711,515 242,562,898 +10,148,617 4.19
— Net Earnings— —-------------- Mileage-----Inc. (+ ) or
1910. 1909.
1910.
1909.
Dec. (— )i.
S
$
$
%
Group No. 1............. 7,713 7,629 3,821,524 4,070,602 —249,078
6.12
Group No. 2............ 25,795 25,919 20,485,670 21,127,984 —642,314 3.01
Group No. 3______ 26,529 26,318 12,480,302
— 1,142,466 8.39
Groups Nos. 4 * 5 .. 40,264 39,670 9,563,205 13,622,768
9,789,711 —226,506 2.31
Groups Nos. 6 & 7 .. 62,390 61,186 24,135,877 25,282,547
—
4.53
Groups Nos. 8 & 9 .. 54,485 53,048 13,250.164 13,394,221 —1,146,670
144,057 1.0S
Group No. 10........... 16,252 15,391 6,454,697 7,020,138 —565,441
8.05
T o ta l.......................233,428 229,161 90,191.439 94,307,971 —4,116.532 4.37
NOTE.— Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Groups IV . and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups V I. and V II. combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line passing
through Denver.
Groups V III. and IX . combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south of
Denver; the whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
It is almost needless to say that, as far as the sepa
rate roads are concerned, there is in the case of the
gross a long list of increases, with only a small number
of losses, but in the case of the net a small list of in
creases with a large number of decreases. A few roads
arc able to report very satisfactory gains in net, but
this happens only where, for one reason or another,
expenses last year were of unusual magnitude, and
. where, therefore, there was little or no further addi
[VOL. LXXXXI.
tion to expenses the present year. The Chicago Bur
lington & Quincy is a conspicuous instance of this
kind. 'With $588,532 gain in gross, there was a sav
ing of $234,021 in the expenses, the two together pro
ducing an improvement in the net of no less than
$822,553. Last year this road had $457,359 gain in
gross but $488,507 decrease in net. The Illinois Cen
tral is another instance of the same kind, though in
this case there was no actual decrease in expenses the
present year; with $416,490 gain in gross, the Central
reports $349,618 gain in net. The Atchison has also
done well this time, having $305,562 increase in gross
and $159,567 increase in net.
Three or four other roads are distinguished in the
same way. But in the great majority of instances
rising expenses and diminishing net are the prevailingfeatures. The largest losses in net are supplied by
the transcontinental lines on the North. These have
suffered losses not alone in the net but also in the gross,
caused in part by the shortage of the spring-wheat
yield in the Northwest the present year and in part
by the circumstance that passenger traffic last year
was swelled by the Alaska-Yukon-Pacific Exposition
at Seattle. The present year this stimulus to passen
ger traffic was lacking. The Northern Pacific re
ports $971,347 decrease in gross and $523,112 de
crease in net; the Great Northern $521,412 decrease
in gross and $493,040 decrease in net, while the Minne
apolis St. Paul & Sault Ste. Marie has fallen $328,080
behind in gross and $349,093 behind in net. As a
rule, however, the larger systems show a diminished
net on a very substantial improvement in gross. Thus
the Pennsylvania Railroad, on the lines directly oper
ated East and West of Pittsburgh and Erie, has $891,
611 increase in gross with $388,264 decrease in net.
The New York Central has $473,349 increase in gross,
but $36,772 decrease in net. This is for the Central
proper. Including the various auxiliaries and con
trolled roads, the result for the New York Central
system is a gain of $1,297,607 in gross but a loss of
$831,789 in the net. The Union Pacific with $498,373
gain in gross has $346,448 decrease in net, and the
Southern Pacific with $238,080 addition to gross has
suffered a decrease of $189,295 in net. The Louisville
& Nashville with $371,871 increase in gross has $292,
161 decrease in net. And these illustrations might be
multiplied almost indefinitely. In the following we
show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases,
in both gross and net.
P R IN C IP A L C H A N G E S IN (1ROSS E A R N IN G S IN S E P T E M B E R .
Increases.
P e n n sy lv a n ia _____ ______y $891,611 C entral of New Je rse y ___ $151,337
Chicago B url & Q u in c y ..
588,532 Chicago G reat W e s te rn .. cl47,593
U nion P aclllc______________
498,373D elaw are & H u d so n -----144,290
B altim ore & O hio______
484,254 K ansas City S o u th e rn —
141,640
N Y C entral & H ud R lv . a473,349 Colorado * S o u th e rn -----132,876
Illinois C e n tra l____________
416,490D enver & R io G r a n d e ...
125,871
Chic Mllvv & P u g et Sound
386,799 S t Louis & S an Francisco
125,335
Louisville & N ashville___
371,871 L ehigh V alley--------------------123,210
N Y N II & H a rtfo rd ____
311,593 in term it .• G reat N o rth .
116,286
A tchison T opeka & S Fe
305,562 N Y O ntario & W estern
112,413
R ock I s la n d .............................
276,333V andalla ...................
109,636
E rie ..............................................
257,829
& Ohio C e n tra l..
106,279
S o uthern P a c lllc __________
238,080TDoledo
elaw
are
L
acka
&
W
est
106,090
L ake Shore & Mich S o u ..
218,097
Chic Mllw & S t P a u l . . . .
216,277 R epresenting 37 roads
Chic S t P aul M inn & O m .
197,785
In o u r c o m p ila tio n .. $9,207,453
W a b a sh -------------------------193,366
J'iPrrP/i <?/»<;
B oston & M a in e ..............
193,034 N o rth ern P aclllc________ $971,347
S o u th ern R a ilw a y ............
189,918 G reat N o r th e rn ................
521,412
187,320 inn S t P aul & S S M ___
N orfolk & W e ste rn _____
328,080
M issouri K ansas & T exas cl78,235 M
D ulu th & Iro n R a n g e ___
315,553
Clev Cine Chic & S t L _ . .
169,241
O regon & W a sh in g to n ..
162,318 R epresenting 4 roads
V irg in ia n ....................................
158,330 In ou r com p ilatio n . _ $2,136,392
N ote.— All th e figures In th e above are on th e basis of th e retu rn s llled
w ith the In te r-S ta te Com m erce Com m ission. W here, how ever, these
retu rn s do no t show the to ta l for a n y sy stem , we have com bined th e sepa
ra te roads so as to m ake the results conform as nearly as possible to those
given In th e sta te m e n ts furnish ed by tho com panies them selves.
a T hese figures cover m erely th e operation s of the New Y ork C entral
Itself. Includ ing th e various a u x iliary and controlled roads, like the Mlcldgan C entral, th e L ake Shore, th e "B ig F o u r,” tho “ N ickel P la te ,” & c.,
ITov. 19 1910.]
THE
c h r o n ic l e
1363
New York Stock Exchange memberships were trans
ferred this week at unchanged prices from the last preceding
sale, viz,, $75,000.
The Board of Trustees of the Federal Postal Savings
Bank System, at a meeting this week agreed that interest on
deposits, which under the law is 2%, shall be payable only
once a year, and no interest on an original deposit will be
payable until the first twelve months have elapsed. It has
been further decided that interest will be computed from the
first day of the month following the date of deposit. For
the convenience of depositors a table will be engraved on
each certificate of deposit showing the exact amount of in
terest to which the holder of the certificate is entitled at
any given period.
Views on the currency problem, and plans for correcting
the defects in our monetary system, were presented at the
National Monetary Conference held in this city last Friday
and Saturday on the occasion of the thirtieth annual meeting
of the Academy of the Political Science of New York. Inter
est in the conference was widespread, prominent financiers
It only remains to add that comparison is with quite from all sections of the country, and others in professional life
have given considerable time to the study of the finan
satisfactory figures in September of last year. Our who
cial
needs
of the country, being present at the deliberations.
compilations at that time covered 220,205 miles and Senator Nelson
W. Aldrich, Chairman of the National Mone
showed $25,593,110 increase in gross and $12,505,314 tary Commission,
was a guest at the banquet given by the
increase in net. Final returns, published somewhat Academy at the Hotel Astor on the evening of the 11th.
In his remarks Mr. Aldrich had no announcement to make
later by the Inter-State Commerce Commission, and with
to the conclusions of the committee as a result
covering 236,544 miles, made the gain $27,052,253 of its regard
studies of the past two years. In fact he admitted that
in gross and $13,585,396 in net. In September 1908 the Commission has no plan. He stated that it has com
our compilations recorded $13,950,886 loss in gross, pleted its work upon one very important phase of the exam
which they believed to be necessary preliminary to
but $5,812,770 gain in the net. The figures then cov ination
the
preparation
final report. The allusion was to
ered only 200,908 miles of road. The completed re the inquiry whichofhaditsbeen
made into the experience of other
turns of the Inter-State Commerce Commission cov countries and the examinations into the conditions and causes
ered 231,367 miles and recorded $15,299,397 loss in which have led to the adoption of modern monetary systems
and practices in other commercial nations of the world. It is
gross with $4,083,435 gain in net.
intention of the Commission, Mr. Aldrich made known,
In the following we furnish September comparisons tothebegin
immediately completing its work and making its
back to 1896. For 1909 and 1908 we use the Inter- report of a plan for the approval of Congress at the earliest
State Commerce totals, but for preceding years we practicable moment. What it proposes to do, he an
“is to seek counsel and invoke the calm judgment
give the results just as registered by our own tables ofnounced,
economists,
of students, of men of affairs, of bankers and
each year—a portion of the railroad mileage of the business men with
reference to the work which we have in
country being always unrepresented in the total, hand. . . . We mean to appeal to the thoughtful men in
owing to the refusal of some of the roads in those days every section of the country, asking them, as I believe we
have the right to do, for their co-operation and support in
to furnish monthly figures for publication.
some reasonable solution of this vast question.” He also
again referred to the opinion expressed by him a year ago
Cross Earnings.
Net Earnings.
Year.
Year
Year
Increase
or
Year
Year
or that the questions affecting the currency and the note issue
Given. Preceding. Decrease.
Given. Preceding. Increase
are of much less importance than the question of the organi
Decrease.
Sept.
S
S
S
zation, or reorganization, of the credit and of the banking
S
S
S
1 8 9 6 .. 57,053,112
.
58,277,749 1,224,637 19,889,887 20,478,809 —588,922 systems of the country, remarking that further study and a
1897 . . . 72,571,090 62,866,514 —
+ 9,704,576 27,538,974 21,800,419 + 5,678,555
1 8 9 8 .. 81,574,080
.
79,290,848 2,283,232 31,520.183 30,352,609 + 1,107,574 more careful examination of the questions have confirmed
1899 . . . 88,460,145 77,600,600 ++10,853,485
33,488,813 29,398,146 + 4,090,667
1 9 0 0 .. 92,274,231
.
+ 1,893,083 34,073,853 34.790,545
—716,092 him fully in that belief.
1901 . . . 106,840,715 90,380,548
96,359,674
f
10,181,011
39,663,622
+ 4,393,211
1902 . . . 108,277,736 99,062,819 + 8,614,917 37,336,300 35,270,411
Paul M. Warburg, of Kuhn, Loeb & Co., at Saturday’s
36,435,214
+ 901,152
1903 . . . 121,941,303 108,568,340
+
13,372.963
37,410,861 + 4,370,652 session of the Conference, read a paper on the “Principles
1904 . . . 124,045,376 120,717,276 +3,328,100 41,781,513
45,028,707
41,023,532
+
4,605,175
1 9 0 5 .. 129,462,517
.
118,016,511
46,050,014
+ 2,930,568
1906 . . . 130,839,980 126,782,987 + 10,840,006
10,056,999 48,341,798 43,719,446
45,653,884 + 2,687,914 That Must Underlie Monetary Reform in the United States,”
1907 . . . 141,220,009 128,047,787 ++ 13,172,222
41,818,855
45,413,358 —3,594,503 which attracted considerable attention. Mr. Warburg con
1 9 0 8 .. 218,929,381
.
234,228,778 16 2 19,307 81,615,313 77.531,878
4,083,435 tends that “a system of centralized reserves and de-central219,013,703 + 27,052,253 95,443,956 81,858,560 ++13,585,390
1 9 0 9 .. 240,065,950
.
242,562,898 + 10,148,617 90,191,439 94,307,971) —4,116,532
1 9 1 0 .. 252,711,515
.
ized banking power is clearly the system that this country
1
Note.—In 1898 the number of roads Included for the month of Scntember was nr.- requires,” and he gives it as his conviction that the country
in 1897, 131: In 1898, 128: In 1899, 123: in 1900, 128; In 1901 113- In 1902 108: will gladly accept such a system when once it is clearly
in 1903, 112; in 1901, 102; In 1905, 98: in 1906, 95; in 1907, 84; in' 1908. 793; ln ’l909'
711; in 1910, 761. We no longer Include the Mexican roads or the coal-mlnng presented in a definite form. After pointing out that every
operations of the anthracite coal roads In our total.
modern financial structure rests upon confidence and credit,
Mr. Warburg argued that the new system must bp so con
ITEMS ABOUT BANKS, BANKERS & TRUST COS. structed that a demand for cash caused by distrust must
The public sales of bank stocks this week aggregate 580 absolutely impossible or the system will not be safe, and
shares, of which 546 shares were sold at the Stock Exchange be
mere knowledge of its being unsafe will precipitate a
and 34 shares at auction. The transactions in trust com the
panic
an acute crisis arises. “Why,” he queried,
pany stocks reach a total of 197 shares. Twelve shares of “does whenever
Europe’s
system guarantee the avoidance of panics
stock of the N. Y. Life Insurance & Trust Co. were sold at and why does ours
insure their recurrence from
1128, an advance of 28 points over the last previous sale time to time”? It isinevitably
from
this
of view, he held, that
price in March. Fourth National Bank stock, which closed all the material published by thepoint
National
Com
last week at 192, reached 196, the sales amounting to 514 mission ought to be studied, and it is from thisMonetary
point of view
shares.
that the final question of monetary reform must be ap
Shares. B A N K S— New Y ork. Low . H igh. Close. Last previous sale.
proached.
He lays down the rule that “a financial system
*32 C om m erce, N a t. B ank o f___200
200 200
1910— 20214 which scatters and decentralizes reserves and makes them
*514 F o u rth N ational B a n k _____ 192 196 196 NN ov.
o
v
.1910—
192
BANKS— B r o o k l y n .
unavailable and insufficient in case of need is fundamentally
20 C ity B an k , N a tio n a l------------ 292 H 292 H 292 H Dec 1909— 295 H wrong and defective.” In a modern system, constructed on
14 F irst N atio n al B ank ---------- 292 H 292 M 292 Ju n e 1910—
T R U S T C O M PA N IE S— New York.
credit, Mr. Warburg continued, cash must be centralized
185 B roadw ay T ru st C o------------- 145 145
145 Mch 1910__ 149 14 as far as possible into one big reservoir, from which everyone
12 N . Y . L ife In s. & T ru st C o ..1128 1128 1128 M ch. 1910— 1100
legitimately entitled to it may withdraw it at will and into
* Sold a t tho S tock E xchange.
which it must automatically return whenever it is not
th® Whole going to form th e New Y ork C entral System , the re su lt Is a gain
ot $1,207,607 In gross b u t a loss of $831,780 In th e n et.
c These llgures are furnished b y th e com pany.
V T hese llgures rep resen t th e lines directly o p erated east a n d w est of
P ittsb u rg h , E astern lines show ing $415,626 Increase a n d the W estern lines
$475,085. F o r all th e lines ow ned, leased, o p erated a n d controlled, the re
su lt for th e m o n th Is a gain of $1,357,270.
P R IN C IP A L C H A N G E S IN N ET E A R N IN G S IN S E P T E M B E R .
Chicago B url & Q u in cy -_ Increases.
Louisville & N a sh v ille .. $292,161
Illinois C en tral__________ $822,553
266,875
349,618 M ichigan C en tral_______
A tchison T opeka & S Fc
159.567 Chic Mllw & S t P a u l____
250,169
In te rn a t & c h e a t N orth
124.568
244,840
B
oston
&
M
aine_________
Chic S t P au l M inn & Om
121,125 Chicago & A lton_________
214,972
N Y O ntario & W estern
208,196
109,796 D elaw are L acka & W est
S t Louis & S an F rancisco
203,370
100,360 B altim ore & O hio______
201,517
Clev
Cine
Chic
&
S
t
Louis
R ep resenting 7 roads In
191,083
L
ake
Shore
&
M
ich
S
o
u
.
ou r co m p ilatio n ____$1,787,587 S o uthern P aclflc________
189,295
172,095
R ock Isla n d ____________
,
jl/ gltcusvs . E lgin Jo liet & E a s te rn . .
120,900
N o rth ern Paclflc________ $523,112 P cre M arq u ette _________
120,867
G reat N o rth e rn _________
493,040 P h lla & R ead in g _______
112,399
M issouri P acific_________ c482,718 U nion R R (P a )_________
107,801
P en n sy lv an ia __________ 1/ 3 8 8 , 2 6 4 P itts & L ake E ric ______
101,427
M inn S t P aul & S S M
. 349, 093
U nion P aclflc___________
346,448 R epresenting 23 roads
D u lu th & Iro n R a n g e ___
300,725
In ou r c o m p ila tio n .. $5,881,367
c T hese figures are furnished b y the com pany.
V These figures rep resent th e lines directly o p erated e a st a n d w est of
P ittsb u rg h , th e E astern lines show ing $152,921 decrease a n d th e W estern
lines $235,343 decrease. F or all lines ow ned, leased, o p erated a n d conrolled, th e resu lt Is a loss of $551,125.
290
1364
THE CHRONICLE
actually used. To achieve this there must he two guaran
ties—one that the central reservoir is safe and strong enough
to supply all the cash that may be required from it, so that
nobody will hesitate to let it become practically the sole
trustee of all cash, and the second that every bank depositing
its cash or allowing it to stream into the central reservoir
will be sure to have the means at its command with which to
acquire the cash that it may legitimately have to demand.
Four basic principles for the establishment of the suggested
system were outlined by Mr. Warburg as follows:
1. Cash reserves m u st be cen tralized Into one stro n g o rgan ization w here
th e y will be available w hen needed, a n d w here th e y will com m and such
confidence th a t th e y will n o t be w ith d raw n except for a ctu a l circulatio n
o r gold exp orts.
2. In order to secure th e free re tu rn of cash Into th e c en tral reservoir
th ere m u st be som e m eans of exchange betw een th e cen tral reservo ir a n d
banks, so th a t ban ks m a y re ly o n th e ir a b ility to build u p w ith th e c e n tra l
reservoir a cred it balance ag a in st w hich th e y m ay draw cash If necessary.
T his m edium of exchange m u st be com m ercial p a p er u n d er p rop er safe
g u ard s.
3. F lu id ity of credit m u stb e o u r final aim . A sound financial system m u st
m obilize Its com m ercial p ap er a n d m ak e It a quick asset Instead of a lock-up.
M obilized com m ercial p a p er m u st finally becom e th e m ost Im p o rta n t basis
of ou r financial stru c tu re , Instead of bonds a n d loans on S tock E xchang e
collateral. T he larger reservo ir m u st reg u la te th e sm aller one: n o t vice
v ersa, as w ith us. D iscounts In th e m ain liq u id ate them selves w ithin a
co m p arativ ely sh o rt period, a n d by th e n a tu ra l process of con sum ption .
B onds, w hich are Investm en ts of long m a tu rity , a re n o t self-liquidating,
b u t th e y a n d S to ck E xchang e loans, w hich rep resen t undigested securities,
m u st be finally abso rb ed by th e process of Investm en t of th e savings of th e
n a tio n . T his Is a t best a slow process, In w hich on ly com p arativ ely few
persons p a rticip a te su bsequ ently to th e Initial process of general consum p
tio n by all. T herefore no n a tio n enjoying a m odern financial system
bases It p rim arily on bonds a n d S tock E xchang e loans.
4. C learing m u st no t sto p w ithin th e lim its of a single city . R em ittan ces
of cash a t cross-purposes betw een cities a re even m ore w asteful th a n w ithin
th e com m u n ity . F o r th e loss of In terest Is so m uch h eavier a n d th e dan ger
of cash w ithd raw als from one c ity to a n o th e r Is so m uch g re ate r In critical
tim es. T he cen tral reservoir m u st a c t as a n ln te r-c lty clearing-house, as It
does In E urope.
The central reservoir, Mr. Warburg maintained, would
have to be restricted in its operations; it should deal only
with banks, bankers and trust companies, and its main func
tion should be to buy foreign exchange, which it should
accumulate in times of ease as a gold reserve, and it should
purchase commercial paper from banks and trust companies
only. lie also contended, with much force, that the
management of the central reservoir must be absolutely free
from the dangers of control by politics and by private inter
ests, singly or combined.
Prof. Laurence Laughlin, of the Chicago University,
Prof. Edwin W. Kemmerer, of the Department of Economics
and Finance at Cornell, George E. Roberts, Director of the
United States Mint, Jacob H. Schiff, of Kuhn, Loeb & Co.,
and Vice-President of the New York Chamber of Commerce,
Charles A. Conant, A. Piatt Andrew, Assistant Secretary
of the United States Treasury, Irving T. Bush, Chairman
of the Currency Committee of the Merchants’ Association,
and Joseph French Johnson, Dean of the School of Com
merce, Accounts and Finance of New York University, were
others discussing the monetary question at the Conference.
—The Currency Commission of the American Bankers’
Association was also in attendance at the sessions of the
Academy of Political Science. On the invitation of Senator
Aldrich, the American Bankers’ Association Currency Com
mission met Senator Aldrich’s commission at the Hotel Plaza
on the 10th. In addition to the Currency Commission,
there were also present President F. O. Watts, Vice-Presi
dent William Livingstone and Chairman Charles II. Huttig.
Senator Aldrich assured the visiting commission that he
wished their co-operation and support in the future, as well
as that of business organizations of the country, and that
without doubt, at no distant date, his commission would
frame the skeleton of the future bill and that the Currency
Commission of the American Bankers’ Association would be
cfalled into consultation, as it is their desire to bring out
legislation which will be for the best interests of the banking
and commercial pursuits of the nation.
—Bucket shops in Omaha and Lincoln, Neb., are re
strained from using returns from the Chicago Board of
Trade in an injunction granted by Judge Munger at Lincoln,
Neb., on the 8th inst. The injunction is said by the Omaha
“Bee” to have been issued in particular against Herbert
Gooch, L. B. Tobin, William Clendennen and the II. E.
Gooch Company, and it is reported that as a result of the
writ no grain quotations were furnished on the 9th in the
Gooch offices in Omaha. The action was brought by the
Chicago Board of Trade; the defendants, it is stated, denied
that their quotations were received from Chicago Board of
Trade sources, but the Court held that the denial was not
supported by sufficient evidence.
[VOL. LXXXXI.
—A most enjoyable and unique dinner was tendered on
Saturday evening last at the Union League Club to Loren
H. Vosburgh, General Passenger Agent of the New York
Central Lines, and George W. Higgins, Passenger Agent
of the same system, by bankers who traveled in the four
specials run by that road to the last annual convention of the
American Bankers’ Association held in Los Angeles. As the
dinner card stated, the affair was gotten up “in appreciation
of the arrangements made for the pleasure, comfort and
safety of the party and in recognition of valuable services
cheerfully and courteously rendered.” Mr. Vosburgh was
presented with a silver service and Mr. Higgins with a
massive silver server, both suitably engraved. Presentation
speeches were made by Hiram It. Smith and Ledyard Cogs
well, of Albany. Charles Elliot Warren, Vice-President
of the Lincoln National Bank, was Chairman, and acted as
Toastmaster in a most acceptable manner. An after-dinner
speech was made by Hon. Chauncey M. Depew, Chairman
of the Board of the New York Central Lines; James B.
Forgan, President of the First National Bank, Chicago, made
a pleasing address in which he said he had been delegated by
the Chicago bankers to convey to the New York Central RR.
their cordial thanks “in making the trip of 9,000 miles
possible, and which was done without a single accident; and
as a mere railroad achievement, was remarkable.” Wm. D.
Murphy, who is noted for his humorous after-dinner talks,
was at his best. One of the enjoyable features of the enter
tainment was the stereopticon views and talk given by
Samuel Ludlow Jr., President of the Union Trust Co., Jersey
City, showing pictures taken personally by him on the trip.
An excellent quartette rendered music throughout the
evening.
—Jacob II. Schiff, senior member of the banking firm of
Kuhn, Loeb & Co., was elected a trustee and member of the
executive committee of the Central Trust Co. of this city on
Tuesday. This is the only trust company with which Mr.
Schiff is identified; he had formerly been a director of the
Morton Trust Co., which consolidated early the present
year with the Guaranty Trust Co. He is a member of the
directorate of the National City Bank and the National
Bank of Commerce.
—Eibridge G.Snow,President of the Home Insurance Co.,
was this week elected a director of the Fourth National Bank
of this city.
—George A. Eyer, of Eyer & Co., bankers, 37 Wall Street,
has been elected a director of the Ossining National Bank
of Ossining, N. Y.
—Hon. Lionel G. Guest has been elected Secretary and
Treasurer of the well-known Canadian bond and financial
house of C. Meredith & Co., Ltd., Montreal.
—Newton D. Ailing and Ray M. Bailey have been elected
Assistant Cashiers of the Nassau Bank of this city. Mr.
Ailing has been in the employ of the bank for twenty years
and had been chief clerk for the past two years. He is an
ex-President of the American Institute of Banking. Mr.
Bailey has been connected with the bank for about fourteen
years.
:—B. H. Fancher was promoted from the cashiership to the
vice-presidency of the Fifth Avenue Bank of this city at a
meeting of the directors on Thursday. Theodore Hetzler,
heretofore Assistant Cashier, has been made Cashier.
—Frederick W. White, of Peters, White & Co., has been
elected to the board of directors of the Columbia Trust Co.
of this city. Union N. Bethell, President of the New York
Telephone Co., who was chosen as a director of the trust com
pany early this year, has been elected a member of its
executive committee.
—Anthony A. Lisman, the well-known head of the bond
house of A. A. Lisman & Co., of this city, and who was
also identified with several financial institutions, died in
Plymouth, Eng., on the 15th inst., in his forty-ninth year.
Mr. Lisman was a Vice-President of the Mount Vernon
Trust Co., also Vice-President of the Mount Vernon Safe
Deposit Co., and a director in the following institutions:
Coal & Iron National Bank, Mechanics’ Trust Co. of Bayonne,
N. J., the Peekskill National Bank, the Ossining National
Bank and the Ossining Safe Deposit Co.
—Charles A. Belling, Third Vice-President of the Bronx
National Bank, at 149th Street and Bergen Avenue, Bronx
Borough, was arraigned in court on Thursday and held in
$20,000 bail on a charge, it is stated, of forging a certificate
of the bank’s stock and obtaining thereon $3,000 from the
Knickerbocker Trust Co. Mr. Belling was arrested on Wed-
Nov. 19 1910.
THE CHRONICLE
1365
nesday at the instance of John Bambey, Manager of the
(gum m erei a lg u fll
Bronx Branch of the Knickerbocker Trust. The certificate
purported to represent twenty-five shares of the stock of
E n g l i s h F i n a n c i a T T M a r k e t s ^ P ^ r C a b le d
~
the bank, valued at $200 per share. Belling is said to have a s Ir eliep odr at ei ldy bc ylo scina bg l eq,u ho at avtei o bn ese fno ra ss efcoullor i twi ess ,t h&e c p., aas tt Lwoene dk o: n ,
admitted that, through similar operations during the past
London,
two years, he obtained from $20,000 to $25,000 from several Sliver,
Week ending Nov. 18.
Sat.
Mon. Tues. Wed. Thurs. F ri.
peroz.........................
25 13-16 25)4
25 13-16 25)4
25 9-16
other banking institutions in the city. He had been a Vice Consols, new, p e rce n ts..d_ 25)4
78X
78)4
78 11-•16 78 13-•16 78 13-16 79)4
For account..............................
79
78
13President of the Bronx National only since last year.
■
16
78
15-16 78 15-16 79)4
French rentes (In P a ris )..fr. 97.20 97.22)41 97.15 97.22)4
97.25 97.20
Copper C o ... 70
70)4
72
72)4
71
—William Rockwell, who resigned in April 1909 as Cashier Amalgamated
72 X
b Anaconda Copper Co_____ 8)4
8)4
8X
8)4
8)4
8)4
T opek a* Santa Fe 10G
106)4 107
of the National State Bank of Newark, N. J., after serving Atchison
107)4
106)4
106)4
Preferred .............................. 104
104
104
104
104
in that capacity for over thirty years, died at his home in Baltimore
& Ohio....... ............. 10)4 n o x 110)4 104)4
111)4 111 X 110)4
Preferred ................ .............93
93
93
93)4
93)4
93)4
Plainfield on the 13th inst. Mr. Rockwell was seventy- Canadian
Pacific__________ 202)4 203)4
X 203
202 X 201X
Chesapeake & Ohio___________ 85X 85 X 202
86)4
86)4
three years of age.
86
X
85
X
Chicago Great W estern............ 23
23 X
24
24X
24 X
23 X
Mllw. & St. P a u l... 126)4 127
127 X 127 X 127 X 127
—Walter W. Batchelder, an Assistant Cashier of the Na Chicago
Denver & ltio Grande...............33
33
X
34)4
33X
33 X
33 X
_____
u
75
74)4
tional Commercial Bank of Albany, has been elected a trustee Preferred
75)4
76)4
76)4
30 Vs 30)4
31
- - ................................" I 30H
31)4
31)4
of the Home Savings Bank of Albany. Mr. Batchelder re E rl!-Second
U rst
preferred.................
49)4
50
50
50
40X
preferred_______ 38
38
39
37)4
38
37)4
places the late James Ten Eyck, who has been succeeded as Illinois
Central____________
137
138)4 138)4 138)4 137
& Nashville.......... 149)4 149)4 150)4
150)4
150
150
President of the Home Savings Bank by David A. Thompson. Louisville
Missouri Kansas & T e x a s ... 34
34)4
35
34
35)4
34 X
______________ )4
67
67 X
67)4
67)4
67)4
—The Fidelity Trust Co. of Buffalo, N. Y., is brought into N at.Preferred
HU. of Mcx.. 1st p re f.. 73)4
73
73)4
73)4
73
73)4
preferred................38
38)4
closer relationship with the Manufacturers’ & Traders' Na N.Second
38)4
39
38)4
37 M
Y. Central & Ilud. Itiver. 116)4 117
118
117
117
117)4
tional Bank of that city through a change in the manage Norfolk
N. Y. Ontario & W estern... 44
44
45
44)4
45
44)4
& Western.............. 100)4 100)4
101)4 102)4 102
101
ment of the trust company, which places its control with in Northern
Preferred ...........................
92
92
92
92
92
Pacific................... .. 11834 118M 119)4 119)4 119)4 118)4
terests associated with the bank. George V. Forman has
66)4
66 X
66 X
66 X
66)4
B eading...................
resigned as President of the trust company and has been aa Pennsylvania______________66X
77 %
79
79
78
78X
a First preferred......................45)4
45)4
45)4
45X
45)4
45)4
succeeded in the office by Robert L. Fryer, President of the Southern
a Second preferred............. 49)4
49)4
49)4
50
50
50
Pacific____ _______120)4 121)4 122)4
122)4 121)4 121)4
bank. Mr. Fryer had heretofore been Vice-President of Southern
Itallway................. 28)4
28)4
29
29
28)4
28
Preferred
..............................67
66)4
67
67
66
66
the trust company, and he is replaced in that post by Frank
Pacific............................179)4 181)4 183 J4 183
182% 182 X
Preferred ..............................95
lin D. Locke, who is Vice-President of the bank. Accord U.Union
95
95
96
94)4
94)4
S.
Steel
Corporation............
80
81
82)4
82)4
82)4
81)4
ing to the Buffalo "Commercial,” the stock of Mr. Forman W Preferred
........................ 121
121
121)4 121
121121)4
abash .................................... 17)4
18
17 X
18
18
18
(the retiring President of the Fidelity) and his family, other Preferred
37)4
38
37)4
38)4
38)4
37)4
4s............................67)4
than qualifying shares for himself and his son, Howard A. Extended ...............
67)4
67)4
67)4
67
67)4
Forman, who will both continue on the board of trustees of a Price per share. £ sterling.
the company, has been purchased by Messrs. Fryer and
Locke. The trust company has a capital of $500,000 and C om m ercial and ij^iscvlUvuconsiXews
deposits of nearly $9,000,000. No information has been m Canadian Bank Clearings.—The clearings for the week end
made public as to the amount of stock involved in the trans
Nov. 12 at Canadian cities, in comparison with the same
action or the price paid by the new owners for the stock. ing
week
of 1909, shows an increase in the aggregate of 14.9%.
Both Mr. Fryer and Mr. Locke are charter members of the
Week ending November 12.
Fidelity Trust Co. It is understood that II. T. Ramsdell,
Inc. or
George L. Williams and Frederick L. Pratt are to become Clearings at— 1910.
1909.
Dec.
1908.
trustees of the trust company.
Canada—
S
%
S
M
ontreal..............
53,057,
44,568,265 + 19.1 31,748,482
—William Osgood Blaney, President of the Commercial
______
35,850,
33,092,109 + 8.3 27,967,755 33,635,040
24,633,711
Winnipeg______
National Bank of Boston, died on the 12th inst. Mr. Blaney, Toronto
29,935,
27,531,660
+ 8.7 18,445,071 14,897,081
9,698,
7,174,863 + 35.2
3,356,608
3,946,303
who was sixty-nine years old, had been at the head of the Vancouver...........
O tta w a ................
4,731,
4,059.328 + 16.6
3,091,252
3,299,577
Quebec..................
3,116,423 + 17.1
2,288,916
2,657,277
institution since 1900. He was also Vice-President of the C algary................ 3,650,
3,571,
2,779,646 + 28.5
1,665,420
1,404,858
H alifax ................
1.814,
John Hancock Mutual Life Insurance Co.
1,952,440
—7.1
1,670,171
2.072,335
Ham ilton.............
2,015,
1,893,742 + 6.4
1,459,829
1,715,143
______
1,802,081 + 25.9
2,269,
1,559,115
1,187,294
—The stockholders of the Republic Trust Co. of Phila Victoria
John_______
1,718,
1,791,391 —4.1
1.406,942
1,528,021
onton...........
2,221,
delphia on the 15th inst. authorized the issuance of $100,000 St.Edm
1,381,565
+
60.8
1,005,870
905,448
................
1,392,
1.332,960 + 4.5
1,095,162
1,274,721
additional stock, increasing the capital from $200,000 to London
Bcglna ................
1,716,
1,256,211
+
36.6
ran d o n ..............
755, Not Included In total
$300,000. The new stock is offered pro rata to the present LB ethbridge____
687, Not included in total
Saskatoon...........
1.145, Not Included In total
shareholders at $G2 50 per share, par $50.
—N. Henchman Davis, President of the Central Trust Total Canada. 153,644,686 133,732,684 + 14 .9 96.760,593 93,156,809
& Safe Deposit Co. of Cincinnati, died suddenly on the 17th
Auction Sales.—Among other securities the following, not
inst. He was fifty-two years of age.
regularly
dealt in at the Board, were recently sold at auction.
—The Northern Trust Co. of Chicago in its statement of By Messrs.
Adrian H. Muller & Son: Stocks.
Nov. 10 shows an increase in deposits of $2,000,000 over its 10 ChristopherSlocks.
& 10th St. B y . 100
250 Eisner Meudelson Co. 8%
statement of Sept. 2. The Union Trust Co. shows an in 141 First
Bead BealtyCo....................3105
pref., $10 each___ 36 per share
Nat.
Bank
of
B
k
ly
n
..292)4
& Queens Gas Co___ 50
crease of $500,000, the Metropolitan Trust & Savings Bank 185 Broadway Trust Co..............145 10020 NN.at.Y.City
Bank of B k ly n ..292)4
& Bronx Title
nearly as much and the West Side Trust & Savings Bank 20 W estchester
* Mtge. Guar. Co.............169
Bonds.
36 National Surety Co......... .250-251 $1,000 Urban By. Co. of Lima 1st
about $300,000.
Wmsbgh. City Fire Ins. Co.390
6s, 1927: Interest subject to 4%
Baking Powder Co.
—The management under which the prospective People’s 10040 Itoyal
Income ta x ........................................ 72
P re f.................. ........ 105)4-106)4 $8,000 Yankee Fuel Co. of Colo. 1st
Trust & Savings Bank of Chicago will begin business has 100 Boyal
Baking Powder Co.
Oct. 1909 and subseCommon
.................. 185-186 5s, 1926.
Yankee Fuel Co. of Colo.l
been completed, and President C. II. Bosworth, formerly a 338
169 Am. Hard Bubber Co. pref. 130 $8,000
5s,
1926.
Oct. 1909 and sub-|
Hard Bubber Co. com . 89
sequent coupons attacked___ )$100
national bank examiner, will have the assistance of R. II. 200 Am.
Seth Thomas Clock Co. com.
$5,000 Santa Fe Liberal & Engle-1
$25
each............$19)4
per
share
Griffin as Cashier, Earle II. Reynolds as Assistant Cashier
wood BB. Co. 1st 5s. 1936.July |
E. TyrerCo.....................1
1909 and subsequent coupons |
and W. J. Cook as Secretary. The directorate will be made 10059 W.Warehouse
Co., Balt. City
a tta c h e d .........................................j
(on which share value of
$10,000 S. Fe Liberal & Engle-1
up of Mr. Bosworth, Samuel M. Felton, President of the
34 37 has been refunded) )$9 lot wood BB. Co. 1st 5s, 1936 |
July 1909 and subsequent cou-131.075
Chicago Great Western RR.; James F. Meagher, Vice 200 New35 each.............................
Southwest Publish
j lot
pons a tta c h e d ..............
lng Co., $1 each......... ..
President of the People’s Gas Light & Coke Co.; Julius 10 Bobert
31.000 Yankee Fuel Co. of Colo’ )
Crooks,
N.
Y
..3
6
per
sh.
1st
5s,
1926.
Oct.
1909
a
n
d
| $445
Kruttschnitt, Vice-President of the Southern Pacific Co.; 250 Maryland
Vacuum Ice Co.,‘
subsequent coupons attachedj lot
$10 each...........................
311.000 S. Fe. Liberal & Engle-1
George M. Reynolds, President of the Continental & Com 250 Patten
Vacuum Ice Co.,
wood BB. Co. 1st 5s, 1936.)
N .J ., 310 e a c h ..............j$6 lot July
1909 and subsequent cou-j
mercial National Bank; Charles G. Dawes, President of the 25 Patten
Vacuum Ice Co.,|
pons attached................................1-3400
Ltd.,
W.
Va...............
.
.
J
Central Trust Co. of Illinois, and W. Irving Osborne. As 5,000 Sun & Moon Mining & Mill 31.000
1 6 S. Fe. Lib. & Eng. B B . Co.J lot
Yankee Fuel Co. of Colo. 1st
noted in our issue of June 18, the new institution has been 60 Mtge.
ing Co.........................$105 lot 5s, 1926.
April 1909 and subse
Bond Co. of N. Y__ 113)4 quent coupons
attached___ $25 lot
formed with $500,000 capital and $125,000 surplus.
12 N. Y. Life Ins. & Tr. C o ..1128 $2,000 Baton W aterW
. Co. of N.
120
Murphy
&
White
Co............$2,000
Y.
1st
5s,
1935
Aug. 1909 and
—James North Wright, President of the American
I Clinton Hall A ssociation... s o H subsequent coupons
lot
40,000 Ohio Copper C o ..$1.25 per share $1,000 S. Fe Liberal attached.$30
& Engle-1
Exchange National Bank of Detroit, Mich., died on the 28,128
U nitedCopperCo.com .$4Xpersh. wood BB. Co. 1st 5s, 1936. July j
13th inst. Mr. Wright was also President of the Ideal 18,700 Davls-Daly
Copper Co. 2d
1909 & subsequent coups. att'd)$25
Instal. of asst, of 50c. per
$1,000 S. Fe Baton * Des M. BB. j lot
Manufacturing Co. and a director of the Detroit Trust Co.
share unpaid, $10 ea.82c.per sh. Co. 1st 5s, 1936. Sept. 1909&|
6 C. B. I. & P. By. Co............160
subsequent coupons attached.)
He had formerly been President of the Calumet & Ilecla
mines for many years, and until recently was a director of the —Ilawcs, Tewksbury & Co., announce the removal of
company. He was seventy-one years of age.
their Boston office to 19 Congress St.
.
2 )4
79
>4
1
74
4 9 )4
137
66
92
7 7 )4
6
1366
[VOL. LXXXXI
THE CHRONICLE
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
future by large or important corporations:
York
Clearing-House
banks for the week ending Nov. 12.
r* Dividends announced this week are printed in italics.
The figures for the separate banks are the averages of the
In week
the case
totals, the actual figures
Per When
Books Closed.
atdailytheresults.
end of the
are ofalsothegiven.
Name o f Company.
Cent. Payable.
Days Inclusive.
For definitions and rules under which the various items
Railroads (Steam ;.
Albany & Susquehanna, guaranteed......... 4 X Jan. 3 Dec. 16 to Jan. 2 are made up, see “Chronicle/' V. 85, p. 836.
Atch. Topeka & S. Fe. com .(qu.)(N o.22)
Dec. 1 Holders of rec. Nov. 4a
Atlantic Coast Line RR. common.................. 3I X Jan. 10 Dec. 17 to Jan. 10
Canadian Pacific com. (quar.) {No. 5 8 )... 1X Dec. 31 Holders of rec. Nov. 30
Common {extra)_____________ ________
Dec. 31
of rec. Nov. 30
Chesapeake & Ohio {quar.)........................... l HX Dec. 31 Holders
Holders of rec. Dec. 9a
Chestnut Hill (quar.)......... ............................ I X Dec. 5 Nov. 20 to Dec. 4
Cin. N . O. A Texas Pacific common______ 2 X Dec. 17 Holders of rec. Dec. 10a
Preferred {quar.)_______________ _____
Dec. 1 Holders of rec. Nov. 26a
Cleveland & Pittsburgh, reg. guar, (qu.) II XX Dec. 1 Holders of rec. Nov.10a
Special guaranteed (quar.)....................... 1 Dec. 1 Holders of rec. Nov. 10a
Colorado A Southern common___________ 2 Dec. 31 Dec. 22 to Jan. 2
Cripple Creek Central, pf. (qu.) (No. 20). 1 Dec. 1 Holders of rec. Nov. 19a
Delaware & Bound Brook, guar. (quar.). 2 Nov. 21 d Nov. 12 to Nov. 16
Erie & Pittsburgh (quar.)............................. I X Deo. 10 Holders of rec. Nov.30a
Great Northern Iron Ore Properties.......... 50c. Dec. 1 Nov. 19 to Dec. 1
Greene R lt. guaranteed_______________ 3 Dec. 20 Holders of rec. Dec.14a
Interoceanlc, 1st preferred....... ................. b2X Nov. 19 Nov. 1 to Nov. 18
Second preferred____________ _______ 64 Nov. 19 Nov. 1 to Nov. 18
Norfolk & Western, common (quar.)____ l X Dec. 19 Holders of rec. Nov.30a
N orth Pennsylvania (quar.)......................... 2 Nov. 25 Nov. 11 to Nov. 16
Pennsylvania (qu ar.)................. ...... ............. I X Nov. 30 Holders of rec. Nov. 5
Phlla. Germantown & Norrlst’n (quar.). 3 Dec. 5 Nov. 20 to Dec. 4
Plttsb. Bessemer & L. E ., pref. guar___ 3 Dec. 1 Holders of rec. Nov. 15
Plttsb. Youngst. <fc Ashta.,com.&pf.(qu.) I X Dec. 1 Holders of rec. Nov.19a
Southern Pacific Co. (quar.) (No. 17)___ I X Jan. 3 Holders of w ar't No. 17
Union Pacific, common (q u a r.)................ 2 X Jan. 3 Holders of rec. Dec. la
Vandalla (quar.)______________________ IX Nov. 25 Holders of rec. Nov.15a
W hite Pass & Yukon...................................... 61 Jan. 14
Street and Electric Railways.
American Railways (quar.)........................... I X Dec. 15 Dec. 1 to Dec. 4
Brooklyn Rapid Transit (quar.)_________ I X . Jan. 2 Holders of rec. Dec. 10
Citizens’ Traction, Pittsburgh___________ $1.50 Nov. lb Nov. 12 to Nov. 21
Columbus (O.) Ry. com. (quar.) (No. 3 0 ).. I X Dec. 1 Holders of rec. Nov.15a
Federal Light & T ract., pref. (quar.)___ I X [Dec. 1 Nov. 16 to Dec. 1
Georgia By. & Electric, com. (q u a r.)... 2 Nov. 11 Nov. 16 to Nov. 19
Grand Rapids R y . com. (quar.)..................... 1 Dec. 1 Holders of rec. Nov.15a
Kansas City Ry. A Light pref. (qm r.)___ I X Dec. 1 Nov. 21 to Dec. 1
Metropol. West Side Elev., Chic., pf. (qu.)
X Dec. I Holders of rec. Nov.16a
New Orleans Railway & Light, pref____ 2 X Jan. If Jan. 1 to Jan 15
1
Norfolk Ry. & Light____ _______________ 1>y>
N orth. Texas Elec. Co., com .(qu.)(No.5) I X Dec. 1 Holders of rec. Nov.2 la
Pensacola Electric Co. pref. (No. 8)............ 3 Dec. 1 Holders of rec. Nov.23a
Portland Ry.,L.& Pow.,com.(qu.) (No. 6) 1 Deo. 1 Holders of rec. Nov.12a
Rochester Ry. A Light pref. (quar.)______ I X Dec. 1 Holders of rec. Nov.23a
S l.Jo s.R y.M ., L A Pow. com.(qu.) (No,9) X Dec. 1 Holders of rec. Nov.15a
Preferred (quar.) (No. 33)------------------ I X Jan. 2 Holders of rec. Dec. 15a
W est Penn Traction, com. (No. 1)............ 1 Dec. 15 Dec. 8 to Dec. 15
Miscellaneous.
Adams Express (quar.)....... .......................... S3 Dec. 1 Nov. 15 to Nov. 30
Amalgamated Copper (quar.)..................... X Nov. 28 Holders of rec. Oct. 29a
American Caramel, common (quar.)____ 1 Dec. 1 Nov. 12d to Nov. 30
American Chicle (monthly)......................... 1 Nov. 19 Holders of rec. Nov. 14
E xtra ............................................................. 1 Nov. 19 Holders of rec. Nov. 14
American Cotton Oil, common.................... 2 X Dec. 1 Nov. 11 to Dec. 1
Preferred ...................................................... 3 Dec. 1 Nov. 11 to Dec. 1
American Express (quar.)........................... $3 Jan. 3 Holders of rec. Nov.30a
American Gas (quar.)___________ _______ I X Dec. 1 Holders of rec. Nov. 21
American Radiator, common (quar.)----- 2 Dec. 31 Dec. 23 to Jan. 1
Amer. Smelters Securities, pref. A (No. 23) I X Dec. 1 Nov. 23 to Nov. 30
Preferred B (quar.) (No. 2 2 ).-..............
Dec. 1 Nov. 23 to Nov. 30
American Stogie, pref. (quar.)--------------- 1I X Dec. 1 Holders of rec. Nov. 15a
Am. Sugar Itefg., com.&pref. (quar.)__ I X Jan. 3 Holders of rec. Dec. la
American Teleg. & Cable, guar. (quar.).
Deo. 1 Holders of rec. Nov.30a
American Tobacco, common (quar.)___ 2I XX Dec. 1 Holders of rec. Nov. 15
Common, e x tra .......................................... I X Dec. 1 Holders of rec. Nov. 15
Associated Merchants, com. (quar.)......... I X Nov. 30 Holders of rec. Nov. 23
Common (extra)____ ________ _______
Nov. 30 Holders of rec. Nov. 23
British Columbia Packers’ Assn., pref.. 3 XX Nov. 21 Nov. 11 to Nov. 20
Butte Coalition Mining (quar.)_________ 25c. Dec. 1 Nov. 15 to Dec. 1
B utterlck Company (quar.).........................
Dec. 1 Holders of rec. Nov.15a
Chicago Telephone (quar.)........................... 2 X Dec. 31 Dec. 29 to Jan. 2
Consolidated Gas of N. Y. (quar.)............ I X Dec. 15 Holders of rec. Nov 16a
Crex C a rp e t.................................................... 3 Dec. 15 Holders of rec. Nov.30a
Cuban-American Sugar pref. (quar.).......... I X Jan. 3 Holders of rec. Dec. 15a
Detroit Edison (q ua r.)............................... .. I X Jan. Hi Holders of rec. Jan. 3a
Diamond Match (quar.)_______________ I X Dec. 15 Holders of rec. Nov.22a
Eastm an Kodak, com. (quar.)__________ 2 X Jan. 2 Holdersof rec. Nov. 30a
Common (extra)________________. . . . 10 Dec. 1 Holders of rec. Oct. 31a
~ Common (extra)........................... ............... 2 X Jan. 2 Holdersof rec. Nov. 30a
“ Preferred (quar.)___________ _____ ___ I X Jan. 2 Holders of rec. Nov. 30a
Fay (J. A.) & Egan, pref. (quar.).............. I X Nov. 21 Nov. 9 to Nov. 21
Federal M ining A Smelting pref. (quar.).. I X Dec. 15 Holders of rec. Nov. 25
General Asphalt, pref. (quar.) (No. 14).. IX Dec. 1 Holders of rec. Nov.16a
General Chemical, common (nuar.)_____ I X Dec. 1 Holders of rec.Nov. 19a
General Chemical, preferred (quar.)............ I X Jan. 3 Holders of rec. Dec.20a
General Electric (quar.)_______________ 2 Jan. 14 Holders of rec. Dec. 3a
General Motors preferred_______________ 3 X Nov. 30 Nov. 22 to Nov. 29
Harblson-Walker R ef ractories common___
Dec. 1 Holders of rec. Nov. 19a
Homestake Mining (mthly.) (No. 432d) 50c.X Nov. 25 Nov. 20 to Nov. 25
Internat. Harvester, pref. (qu.) (No. 15). I X Dec. 1 Holders of rec. Nov. 10a
International Nickel, common (q u ar,).. 1 Dec. 1 Nov. 12 to Dec. 1
Common (extra)...........................................
Deo. 1 Nov. 12 to Dec. 1
Internat . Smelt. & Itefg. (quar.) (No. 6). 2 X Dec. 1 Nov. 22 to Dec. 1
Internat. Time Recording com. (quar.)----- 3 Dec. 1 Nov. 21 to Nov. 30
Preferred (quar.)...........................................
Dec. 1 Nov. 21 to Nov. 30
Kings Co. Elec. L. A Poio. (qu.) (No. 43). 2I X Dec. 1 Holders of rec. Nov. 18a
Laclede Gas Light com.. (quar.)____ . . . . . . I X Dec. 15 Dec. 2 to Dec. 15
Preferred____________ _________ _____ 2 X Dec. 15 Dec. 2 to Dec. 15
Lehigh Coal & Nav. (quar.) (No. 128)__ 2 Nov. 30 Holders of rec. Oct. 31
M assachusetts Gas Cos., preferred______ 2 Dec. 1 Nov. 13 to Nov. 30
Michigan State Telephone, com. (quar.). I X Dec. 1 Nov. 16 to Dec. 1
Preferred (quar.)____________________ I X Feb. ! Jan. 15 to Feb. 1
N ational Biscuit, com .’(quar.) (No 49). I X Jan. 14 Holders of rec. Dec.28a
Preferred (quar.) (No. 51)____ ______
Nov. 30 Holders of rec. Nov. 16a
N ational Carbon, common (special)____ 15I X Nov. 7 Oct. 29 to Nov. 7
31 Dec. 10 to Dec. 13
National Lead common (quar.)...................
X Dec.
Dec. 15 Nov. 19 to Nov. 22
Preferred (quar.) (No.7 6 )......................
3
National Surety (quar.).................................. 'I1X
Stock dividend_____________________ /33 1-3
New England Telep. A Teleg. (quar.)...
Dec. 31 Holders of rec. Dec. 15
I
X
Nlles-Bement-Pond, common (q u ar.)..
I X Dec. 202 Dec. 1 to Dec. 20
North American Co. (auar.)___________
Jan.
Holders of rec. Dec.15a
Omaha W ater, 1st preferred___________
5i x Dec. 1 Holders of rec. Nov. 15
Second preferred............................. ........ 3 Dec. 1 Holders of rec. Nov. 15
Peoples Gas Light & Coke (quar )______ I X Nov. 25 Holders of rec. Nov. 3a
Philadelphia Electric (quar.)____ _____
Dec. 15 Holders of rec. Nov.19a
Pittsburgh Brewing com. (quar.)............ II XX Nov. 21 Nov. 12 to Nov. 20
Preferred (q u a r .) .................................... I X Nov. 21 Nov. 12 to Nov. 20
Pressed Steel Car, pref. (qu.) (No. 47 )..
Nov. 23 Nov. 3 to Nov. 22
Quaker Oats, com. (quar.)........................... 2I X Jan. 16 Holders of rec. Jan. 3a
Common (ex tra)......................................... X Jan. 16 Holders of rec. Jan. 3a
Preferred (quar.)........................................ I X Nov. 30 Holders of rec. Nov. la
Preferred (quar.)........................................ I X Feb. 28 Holders of rec. Feb. la
Railway Steel-Spring, pref. (quar.)............ I X Dec. 20 Dec. 8 to Dec. 20
Rcpubltc Iron A Steel pref. (quar.) (No.36) I X Jan. 2 Holders of rec. Dec.17a
Standard Oil (quar.)........................................ 510 Dec. 15 Holders of rec. Nov.18a
United Cigar Mfrs., pref. (quar.)________ I X Dec. 1 Holders of rec. Nov.25a
United Dry Goods Cos., pref. (quar.)----- IX Dec. 1 Holders of rec. Nov.23a
U. S. Cast Iron P .A F . pref. (qu.) (No.37) I X Dec. I Holders of rec. Nov.21a
U. S. Steel Corp., com. (quar.) (No. 28). I X Dec. 30 Dec. 2 to Deo. 14
Preferred (quar.) (No. 38)..................... l >4 Nov. 29 Nov. 1 to Nov. 14
Waltham Watch Preferred.. ........................... 3 Dec. 1 Holders of rec. Nov.15a
a Transfer books not closed. 6 Less Income tax. d Correction. /P ay ab le In stock.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital. Surplus.
Loans. Specie. Legals.
Average. Average. Average.
$
s
S
$
$
Bank of N. Y .. 2,000.0 3,520.3 19.255,0
894,0
M anhattan Co. 2,050,0 4,184,5 30,300,0 3.245,0
1,580,0
6,608,0
Merchants’ ___ 2,000,0 1,789,6 19,379,0 3,918,0 1,227,0
Mech. & Metals 6,000,0 7,988,0 50,038,2 10,196,4 1,123,0
A m erica............ 1,500,0 5,874,2 22,545,9 3,958,6 1,787,6
P h e n lx _______ 1,000,0
724,9 8,038,0 1,764,0 216,0
City .................. 25,000,0 31,519,7 171.648,8 34,452,5
Chemical............ 3,000,0 6,494,7 27,903,2 4,841,7 5,460,0
1,915,6
Merchants’ E x .
600,0
582,0 7,130,4 1,701,2 115,2
G allatin_______ 1,000,0 2,533,2
8,431,6 1,192,8 495,7
Butch. & D rov.
300,0
158,0 2,815,5
92,4
421,5
Greenw ich.. .,
500,0
832,9 7,385,3 1.839.1 194,0
Am. Exchange. 5,000,0 4,439,8 30,785,3 4,723,1 2,345,0
Commerce.......... 25.000.0 16.497.4 139.451.6 22,486,1 6,835,0
M ercantile___ 3,000,0 2,726,2 14,090,1 1,762,6 931,2
P a c ific ..............
500,0
913,1 3,566,3
290,9 461,5
Chatham ............
450,0 1,059,7 8,228,2 1,015,7 1,160,6
People’s ______
200,0
470,3 2,110,0
335,7 137,4
H anover______ 3,000,0 11,910,1 60,075,2 10,731,0 7,227,2
Citizens’ C ent.. 2,550,0 1,746,7 21,847,6 5,175,8 231,1
N a ssau _______
500,0
538,2 7,116,2
968,2
Market <&Fult’n 1,000,0 1,720,7 8,637,8 1,506,5 1,116,0
599,6
M etropolitan . . 2,000,0 1,478,9 13,259,1
3,500,5
224,1
Corn Exchange 3,000,0 5,254,1 40,690,0 6,570,0 4,738,0
Im p. & Traders’ 1,500,0 7,545,9 25,130,0 3,971,0 1,576,0
P a r k .................. 5,000,0 12,524,1 77,532,0 19,502,0 1,140,0
E ast River----250,0
108,5 1,426,1
268,9 147,3
F o u rth _______ 5,000,0 5,624,9 26,781,0 4,388,0 2,100,0
Second .............. 1,000,0 2,080,9 12,611,0 3,009,0 148,0
F ir s t................... 10,000,0 20,589,9 92,433,4 18,704,3 1,777,4
Irving ________ 2,000,0 1,655,0 22,225,1 4,643,4 1,476,7
Bowery ............
250,0
815,9 3,510,0
829,0
54,0
N. Y. C ounty..
500,0 1,657,4 7,699,4 1,320,4 660,1
German-Amer .
750,0
689,5 4,013,1
225,4
716,9
Chase................. 5,000,0 7,706,8 69,978,0 13,555,0 5,139,0
Fifth A venue..
100,0 2,109,4 12,772,5 2,514,5 1,088,6
German E x c h ..
200,0
895,2 3,980,7
570,2 485,6
G erm ania..........
200,0 1,016,6 4,864,7
863,4 509,2
Lincoln _______ 1,000,0 1,542,5 14,510,7 2,684,4 645,4
Garfield_______ 1,000,0 1,197,7 8,277,6 1,900,0 419,8
F ifth ..................
499,9 3,360,1
553,1 376,2
250,0
M etropolis___ 1,000,0 2,078,2 11,217,5 1,542,8 1,308,7
200,0 1,019,2 4,288,0
West Side..........
937,0 239,0
Seaboard............ 1,000,0 1,960,2 21,103,0 5,144,0 1,619,0
L iberty.............. 1,000,0 2,771,2 16,877,1 4,250,9 820,2
N. Y. Prod. Ex. 1,000,0
757,1 8,169,7 2,281,4 207,3
782,2 15,323,0 4,433,0 316,0
S ta te .................. 1,000,0
14th Street___ 1,000,0
320,4 5,915,2 1,075,0 626,7
Coal & Iron___ 1,000,0
392,1 5,954,0
705,0 792,0
Union E x c h ... 1,000,0
952,4 8,599,5 1,048,5 1,085,0
Totals, Average 133,350,0 194,250,3 1213,310,7 234.649.3 66,089,8
Actual figures Nov. 12.
1205,624,3 237.761.3 67,190,1
Deposits. Re
Average. 's've.
$
\%
16,529,0 25.0
33,600,0 24.3
19,697,0 26.2
46,404,7 24.3
21,891,9 26.2
7,343,0 27.5
156,713,3 25.5
25,558,0 26.5
7,364,8 24.7
6,555,8 25.7
2,274,5 22.5
8.824,4 24.7
28.094.0 25.3
114,198,2 25.7
10,241,2 26.3
2,948,0 25.5
8,586,9 25.2
2,103,2 22.4
66,781,7 26.9
21,079,9 25.8
8,101,9 25.7
8,337,7 25.2
14,214,7 26.2
46,626,0 24.2
22,118,0 25.0
80,020,0 25.7
1,417,1 29.3
24,833,0 26.1
12,213,0 26.8
77,931,3 26.2
23,303,5 26.2
3,656,0 24.1
7,708,7 26.2
3,747,1 25.1
73,759,0 25.3
14,399,5 25.2
4,120,5 25.6
5,542,4 24.7
14,777,7 22.5
8,489,3 27.3
3,510,0 26.4
11,146,0 25.5
4,732,0 24.8
24,903,0 27.1
17,704,9 28.6
9,806,6 25.3
18,763,0 25.3
6,562,6 25.9
5,962,0 25.1
8,435,1 25.2
1173,031,1 25.6
1169,565,7 26.1
1
On the basis of averages, circulation amounted to $48,190,300 and United States
deposits (Included In deposits) to $1,602,500; actual figures November 12, circula
tion. $48,551,000; United States deposits, SI,519,200.
The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items are
made up, see “Chronicle,” V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended Nov. 12.
Capital as of Aug. 31___
Surplus as of Aug. 31___
Loans and Investm ents..
Change from last week.
Specie _______________
Change from last week.
Legal-tenders & bk. notes
Change from last week.
Deposits ____________
Change from last week.
Reserve on deposits_____
Change from last week.
P. C. reserve to deposits..
Percentage last week-----
State Banks Trust Cos. State Banks Trust Cos.
in
in
outside of
outside of
Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y-.
S
$
S
$
25,175,000 65,656,000
8,998,000
9,075,000
38,315,700 172,728,334 10,891,650
9,817,991
293,317,700 1,034,896,500 95,105,200 142,203,900
—2,577,100 —7,018,800 — 128,000
+ 442,500
46,716,100 114,382,000
—647,600 — 1,010,400
24,132,800 13,057,600
—348,900
— 11,800
336,583,200 1,059,373,200 100,599,600 148,664 600
+ 295.800 —601,300
—2,620,000 — 13,847,600
91,736,600 133,476,200 20,161,100 21,682,000
+ 76,400 —867,100
— 1,185,100 — 1,728,600
20.7%
15.5%
15.3%'
27.9%
15.6%
20.7%
28.0%
15.8%
+ Increase over last week. — Decrease from last week.
Note.— "Surplus” Includes all undivided profits. "Reserve on deposits" In
cludes, tor both trust companies and State banks, not only cash Items, but amounts
due from reserve agents. Trust companies In New York State are required b
law to keep a reserve proportionate to their deposits, the ratio varying accordl
to location as shown below. The percentage of reserve required Is computed o
the aggregate of deposits, exclusive of moneys held In trust and not payable wlthl
thirty days, and also exclusive of time deposits not payable within 30 days, repro
seated by certificates, and also exclusive of depostts secured by bond 3 of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole am ount of deposits
exclusive of time deposits not payable within 30 days, represented by certificates
(according to the amendment of 1910), and exclusive of deposits secured by bonds
of the State of New York.
—Trust Cos.— —State Banks—
Reserve Required for Trust Companies
Total
O f Total
Of
and State Banks.
Reserve which Reservewhich
Location—
Required in Oath.Required, in Cash.
15%
M anhattan Borough.......................................................15%
25%
15%
10%
20%
Brooklyn Borough (without branches In M anhat.). 15%
10%
15%
Other Boroughs (without branches lu M anhattan).15%
10%
IX%
20%
20 70
Brooklyn Borough, with branchesin M anhattan.. 15%
15%
15%
15%
16%
Other Boroughs with branches In M anhattan___ 15%
16%
Elsewhere In State............................................
10%
6%
9%
Nov. 19 1910. j
rHE CHRONICLE
1367
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the C lea rin g
H o u se. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing
House banks. In addition, we have combined each corre
sponding item in the two statements, thus affording an
aggregate for the whole of the banks and trust companies in
the Greater New York.
W e omit two ciphers (00) in all these figures.
Capital
Banks.
and
Loans. Specie. Legals. Deposits, a Circu Clearings.
Surplus.
lation.
Boston.
5
5
S
S
S
$
S
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
105,654,9
7,988,0
Nov. 5 .. 40,200,0 205,663,0 24,581,0 5,194,0 251,589,0 7,972,0 201,362,4
Nov. 12.. 40,200,0 200,023,0 23,701,0 4,478,0 245,340,0 7,965,0 157,615,1
Oct. 2 2 .. 55,465,0 254,305,0
71,5.>3,0
305,620,0 15,902,0 160,592,5
Oct. 2 9 .. 55,465.0
253.155,0
NEW YORK CITY BANKS AND TRUST COMPANIES.
69,550,0
301,249,0 15,957,0 141,157,4
Nov. 5 .. 55,465,0 253,646,0
68,857,0
301,304,0
16,045,0 155,102,7
67,494,0
302,816,0 16,055,0 134,455,8
Clear .-House Clear.-House Stale Banks <t- Total of all Nov. 12.. 55,465,0 253,989,0
Banks.
Week ended Nov. 12.
Trust
Cos.
not
Banks.
BanksA Trust
a Including Government deposits and the Item "due to other banks.” A t Boston
ActualFigures Average. in C.-H. Aver. Cos. Average.
Government deposits amounted to S3,037,000 on November 12, against $3,036,000
on November 5.
$
S
S
5
Capital as of Aug. 3 1 ., 133,350,000 133,350,000
74,631,000 207,981,000
Imports and Exports for the Week.—The following are
Surplus as of Aug. 3 1 .. 194,250,300 194,250,300 180,601,300 374,911,000 the imports at New York for the week ending Nov. 12; also
Loans and investments 1,205,624,300 1,213,310,700 1,127,157,000 2,340,407,700 totals since the beginning of the first week in January.
Change from last week — 15,175,500 — 13,564,700 —7,530,800 —21,095,500
FOREIGN IMPORTS AT NEW YORK.
Deposits ........................ 1,169,565,700 1,173,031,100 a l,075,600,600 2,248,037,700
For
week.
1910.
1909.
1908.
1907.
Change from last week — 12,021,900 — 11,945,100 —7,932,900 —22,878,000
Dry
G
oods..
S3,788,352
$3,173,408
52,959,155
S3,344,019
S p ecie............................. 237,761,300 234,649,300 121,255,800 355,905,100 General M erchandise..
11,512,918 14,193,068 12,160,021 10,367,968
—743,800
Change from last week + 2,845,700
—817,800 — 1,561,000
T
o
ta
l________
514,472,073
S17,981,420( 515,339,429 S13,711,987
Legal-tenders................ 67,190,100 60,089,800 621,802,400 87,892,200
Since January 1.
+ 980,600
—409,500
Change from last week
+ 71,300
—338,200 Dry Goods____ _
$136,345,159
S145,969,892
5107,491,056 $161,702,012
654,770,758 608,638,630 441,526,348 585,796,026
Aggr’te money holdings 304,951,400 300,739,100 cll3,058,200 443,797,300 General Merchandise___
Change from last week + 3,820,300 — 1,153,300
—746,500 — 1,899,800
Total 45 weeks____
$791,115,917 S754,608,528 5549,017,404 S747,498,038
1
Money on deposit with
24 140 100
Ihe
following
is
a
statement
of
the
exports
(exclusive of
Change from last week
—579J00 specie) from the port of New York to foreign ports
— 579J00
for the
304,951,400
Total reserve________
300,739,100 167,204,300 467,943,400
Nov. 12 and from Jan. 1 to date:
Change from last week + 3,826,300 — 1,153,300 — 1,326,200 —2,479,500 week endingEXPORTS
FROM NEW YORK FOR T H E W EEK.
Percentage to deposits
requiring reserve___ 26.10%
25.07%
1910.
17.2%
1909.
1908.
1907.
Percentage last w eek.. 25.52%
25.44%
17.2%
For the week______________ S12.311.941 512,465,474 S15.395.166 511,272,175
Surplus reserve.............. 12,559,975
7,481,325
581,491,425 525,359,405 530,955,319 543,562,047
$593,803,306
S538,824,879 S554,350,485 S554.834.222
-t- Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item "Due from reserve depositories
and other banks and trust companies In New York City” ; with this Item included,
The following table shows the exports and imports of
deposits amounted to 51,175,053,500, a decrease of 613,409,300 from last week.
In the case of the Clearing-House hanks, the deposits are "net” both for the average specie at the port of New York for the week ending Nov. 12
and the actual figures, b Includes bank ivotes. c Of this am ount State banks held and since Jan. 1 1910, and for the corresponding periods in
515,618,000 and trust companies $127,439,600.
1908:
The averages of the New York Clearing-House banks 1909 and
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
co m b in ed with those for the State banks and trust companies
Exports.
in Greater New York outside of the Clearing-House compare
Imports.
G old.
as follows for a series of weeks past:
Week. SlnccJan. 1. Week. SinceJan.l.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
Great B rita in .....................................
$32,150,000
S13.469.736
GREATER NEW YORK.
France ...................................................
517,370 3,520,645
We omit two ciphers in all these figures.
Germany ____ _____________
4,455
314
West Indies............................................ S101.200 3,397,417
17,242
518,715
Mexico _____________ .
Week Loans and
1,160
246,798
Tot.
Money
Entire
Res.
America____________
Ended. Investments. Deposits. Specie.
9,493,766
12,738 2,003,441
Legals. Holdings. on Deposit. South
All other c o u n trie s.____
41,900
50,951 1,403,622
5
3
$
5
S
5
Total 1910.....................
S101.200 $45,087,538 599,461 S21,163,271
Bept. 10.. 2,355,593,2 2,320,771,3 401,018,5 88,124,7 489.173,2 516,456,2
Total 1909..................................
114,385 7,746,031
Sept. 17.. 2,367,842,8 2,328,750,6 397,232,0 88,597,9 485,829,9 513,289,9
Total 1908......... ................................ 1,301,000 80,308,817
47,698,050 155,684 15,438,423
Sept. 2 4 .. 2,375,411,8 2,329,379,2 392,538,2 88,911,4 481,449,6 508,1-17.8
Oct. 1 .. 2,388,453,3 2,330,077,9 382,271,2 89,226,2 471,497,4 497,810,3
(2s
Silver.
Oct. 8 .. 2,387,881,5 2,316,630,7 374,198,8 87,948,8 462,147,0 489,103,9
B rita in ..................................... $842,756 $34,108,050
S13.344
Oct. 15.. 2,382,131,5 2,300,865,9 371,151,9 88,364,2 459,516,1 484,935,4 Great
France
.................................
28,200
2,114,200
S2.041
3,676
2
2
..
Oct.
2,365,975,6 2,287,487,9 367,935,1 88,481,0 456,410,1
..........................
37,411
595,419
185
13,310
Oct. 2 9 .. 2,358,583,6 2,273,641,0 364,544,7 89,325,5 453,870,2 480,663,0
477,425,5 Germany
West Indies.............................................
944
71,463
5,025
76,864
Nov. 5 .. 2,361,503,2 2,271,515,7 357,466,7 88,230,4 445,697,1 470,422,9 M
ex
ico...................................................
61,326 1,559,611
Nov. 12.. 2,340,467,7 2,248,637,7 355,905,1 87,892,2 443,797,3 407,943,4
” 47', 825
696 1,152,323
6,505
18,959 1,329,653
Reports of Clearing Non-Member Banks.—The following
Total 1910.................... ................... S909.311 $36,943,462 588,232 S4,148,781
is the statement of condition of the clearing non-member Total
1 9 0 9 ...................................... 960,907 38,842,895
35,028 4,390,051
banks for the week ending November 12, based on average Total
1 9 0 8 .....................................
755,063 37,204,399 180,990 3,546,831
daily results:
________________ IFe omit two ciphers (00) in all these figures.
Of the above imports for the week in 1910, $16,690 were
Loans,
Legal Deposit with
American
gold coin and $4,675 American silver coin. Of
the
exports
during the same time, S101,200 were American
Capi Sur
Banks.
and Specie. Tender
and
Clear
Other
Net
tal.
plus. Invest
Bank
ing Banks, Deposits. gold coin and 200 were American silver coin.
ments.
Notes. Agent. Ac.
N. Y. City
Boroughs of
s
$
$
5
M an.A Brx. $
$
5
s
W ash.Hgts. 100,0 270,0 1,277,0 143,0 57,0 131,0 16,0 1,252,0
79,0 215,3 1,400,6
Century . . . 250,0 160,2 1,351,7 20,6 188,1
C olonial__ 400,0 362,5 5,715,1 853,7 497,1 069,0 282,5 7,349,6
Columbia _. 300,0 751,7 6,383,0 630,0 592,0 650,0 74,0 7,216,0
L et us send you ou r circular describing 110 IS S U E S o t listed R ail
F id elity __ 200,0 175,5 1,116,0 88,7 90,3 149,3
1,168,3
road a n d In d u strial Stocks.
Jefferson . 500,0 521,3 3,158,0 251,6 280,5 198,8 478,6 3,700,3
Mt. Morris. 250,0 313,8 2,545,1 477,6 33,2 308,8 97,9 3,249,6
M utual..
4,111,5
200,0 371,3 3,561,6 20,0 623,6 381,6
P la z a ___
100,0 453,8 4,470,0 319,0 423,0 746,0
5,376,0
43 E X C H A N G E P L A C E . - - - N E W Y O R K .
23rd W ard. 200,0 106,5 1,851,0 173,1 59,1 238,2
2,027,9
YorkvIUc .. 100,0 451,8 4,067,2 54,7 746,9 202,5 260,5 5,170,8
C h ic a g o . III..
B o s to n , A la ss..
A lb a n y , N . Y .
New Neth'd. 200,0 265,5 2,388,0 262,0 88,0 218,0 24,0 2,552,0
M em bers New York Stock Exchange
B att.Pk.N nt 200,0 156,8 1,538,4 102,9 44,6
72,7
1,243,7
Aetna N at. 300,0 317,7 2,040,9 474,7 28,7
70,7 435,5 2,072,0
Borough of
Brooklyn.
Broadway . 200,0 513,3
30,0 445,3 299,1 164,0 3,808,4
Mfrs.’ N at. 252,0 831,9 3,460,4
5,036,2 497,3 100,4 695,3 121,8 5,973,4
i
Mechanics’.. 1,000,0 815,4 11,481,8
1,429,1 230,6 14,632,6
322,8
A lem bers N ew Y ork S tock E x ch a n g e .
Nassau Nat. 750,0 1,010,4 0,774,0 570,0 1,305,3
1,212,0
282,0
6,922,0
5 N A SSA U S T R E E T .
TH E ROOKERY.
Nat. C ity .. 300,0 001,8 3,820,0 98,0 624,0 587,0
4,908,0
North SIdo. 200,0 139,0 2,235,2 131,9
130,0 154,8 110,1 2,518,3
NEW YORK
CHICAGO
First N a t.. 300,0 611,0 3,351,0 329,0
410,0
78,0
38,0
3,058,0
Jersey City.
B A N K IN G a n d E X C H A N G E of every description In connection w ith
First N a t.. 400,0 1,251,8 5,172,4 279,1 483,6 3,013,1 144,0 7,596,7
Ilrnl.Co.Nat 250,0 751,9 3,120,0
50,5 207,3 117,3 2,565,0
EXPORTS & IMPORTS
Third N a t.. 200,0 394,5 2.120,5 139,8
35,8
121,7
394,1
15,2
2,145,9
Hoboken.
First N a t.. 220,0 623,3 3,243,3 128,5 27,9 148,8 88,4 2,901,2
Second Nat. 125,0 245,9 2,785,0 106,0 98,7
50,4 169,8 2,971,9 In te rn a tio n a l B a n k in g C o r p o r a tio n
60 W a ll S t.. N ew Y o rk .
C A P IT A L & S U R P L U S , $ 6 ,5 0 0 ,0 0 0
Tot. Nov. 12 7,497,0 12,469,2 94,660,7 6,616,0 7,540,1 12,788,6 3,244,5 107891,7
Tot. Nov. 5 7,497,0 12,469,2 94,717,0 0,422,4 7,282,0 11,649,0 2,934,1 106242,8
B R A N C H E S an d A G EN C IES th ro u g h o u t th e W O R L D .
Tot. Oct. 29 7,497,0 12,469,2 93,937,1 6,553,7 7,409,3 12,484,2 2,900,3 106908,5
ganlvtug and fin a n c ia l.
Railroad and Industrial Stocks
Spencer Trask & Co.
W H I T E , W E L D & CO.
Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia.
THE INTERNATIONAL BANK
O rg a n ized under the la w s o f N. Y . S ta te.
60 W a ll S t., New Y ork
A ccounts Invited. In te re st paid on T erm D eposits.
T H O M A S H . H U B B A R D . P resid en t.
THE CHRONICLE
1368
J U ;m t i e r s '
( S a z je lt e .
W a ll S tre et, F r id a y N ig h t, N o v . 18 1910.
The Money Market and Financial Situation.—One of the
most important events of the week, from a commercial and
financial standpoint, was the Government report of interna
tional trade for October, which was given out on Tuesday.
This report shows a large excess of exports over imports, an
excess which has rarely been exceeded in any month of our
national history, and indicates that the balance of trade for
the calendar year will be much more favorable to this country
than a few months ago seemed possible. Neither this nor
any other development has, however, had any noteworthy
effect upon the security markets. Business in the latter
has been almost exclusively carried on by professional trad
ers, and some of the methods used in manipulating prices
have been of such a character as to call forth criticism.
Investors and bond dealers have been interested in the
announcement that the Chicago & North Western Railway
Co. has sold to one of our best-known bond houses the entire
block of $15,000,000 4% bonds to be issued, and also in the
proposed offering of $50,000,000 by the City of New York.
The Bank of England’s weekly statement, which we fre
quently refer to because of its important influence upon the
local financial situation, shows a substantial increase in its
gold holdings and in its percentage of reserve. In this
market call loan rates on at least one occasion during the
week dropped to 2%, and time loans are quoted at lower
rates than for several months past. The easier conditions
noted are due, in part at least, to the fact that the recent
demand for funds from the interior has practically ceased,
and a return flow is beginning to show itself.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2 to 3%%. To-day’s rates on call were 2%@2%%.
Commercial paper quoted at 5%@6% for 60 to 90-day en
dorsements, 5%@6% for prime 4 to 6 months’ single names
and 6%@6%% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £2,205,149 and the percent
age of reserve to liabilities was 52.30, against51.91 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 20. The Bank of France shows a decrease of 8,475,000
rancs gold and an increase of 2,100,000 francs silver.
per $1,000 discount; bank, $1 per $1,000 premium. Sa
vannah, buying, 3-10c. per $1,000 discount; selling, par.
Charleston, buying, par; selling, l-10c. per $1,000 premium.
San Francisco, 30c. per $1,000 premium. St. Paul, 55c.
per $1,000 premium. Montreal, 46%c. per $1,000 discount.
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to $7,000 Virginia fund, debt, 1991, at 87.
The market for railway and industrial bonds has been dull,
narrow, and for the most part featureless. The daily trans
actions have averaged a little over $1,600,000, as against
nearly $2,200,000 last week, and with rare exceptions net
changes are limited to minor fractions.
The only really noteworthy feature of this list has been
Seaboard Air Line adjustment 5s, which advanced from
73% at the close last week to 78% on Thursday, and close
with a net gain of 4 points.
United States Bonds.—Sales of Government bonds at the
Board include $1,000 3s, coup., at 101% and $1,000 3s, reg.,
at 101%. Following are the daily closing quotations; fo r
y e a rly range see th ird page fo llo w in g .
Interest Nov. Nov. Nov. Nov. Nov.
16
17
14
15
Periods 12
2s, 1930 — ...........registered Q—Jan *100 x *100% *100}* *100}$ *100}$
2s, 1930.........................coupon Q—Jan *100 }$ *100}$ *100 }$ *100% *100}$
3s, 1908-18---------- registered Q—Feb *10 l}$ *101}$ *101}$ 101M *101}$
3s, 1908-18 ________coupon Q—Feb 101M *101% *101}$ *101% *101}$
4s, 1925 ................registered Q—Feb *115 ♦ 115 ♦ 115 *115 *115
4s, 1925.......................coupon Q—Feb *115}$ *115}$ *115}$ *115}$ *115
2s, 1936.Panama Canal regls Q—Feb *100}$ *100}$ *100}$ *100}$ *100}$
2s, 1938.Panama Canal regls Q—Nov *100}$ *100}$ *100}$ *100}$ *100}$
* This Is the price bid a t the morning board: no sale was made.
Sixty Days.
W Sterling Actual—
High for the week__________ 4 82}$
Low for the week....................... 4 81}$
Paris Bankers' Francs—
High for the week__________ 5 22 }$ less 1-16
Low for the week....... ............... 5 23 Ys less 1-32
Germany Bankers' M arks—
94 5-16
High for the week....................
94 3-16
Low for the w e ek .._________
|* Amsterdam Bankers’ Guilders—
--?
High for the week_____
39 96
Low for the week.............
39 92
Cheques.
4 8615
4 8550<
5 20 less 1-32
5 20%
94 15-16
94 %
40 21
40 16
Cables.
4 8670
4 8610
5 19% less 1.32
5 20 less 1-16
95
94 13-16
40 26
40 21
* The following are the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago,
15c. per $1,000 discount. Boston, par. St. Louis, 20c.
perJ51,000 premium. New Orleans, commercial, 75c.@$1
Nov.
18
*100}$
*100}$
*101}$
*101}$
*115
*115
*100 }$
*100
Railroad and Miscellaneous Stocks.—The stock market
was decidedly strong during the early part of the week, but
the advance then made largely melted away in the subse
quent trading. The market was strong again to-day, how
ever, and prices at the close are an average of a point or
more higher than last night. A considerable portion of the
business recorded has been of a speculative character, and
therefore the movement of prices has little or no significance.
Trading in United States Steel, Union Pacific and Read
ing has constituted a large portion of the entire business done
at the Exchange, and fluctuations of these stocks have cov
ered a relatively wide range. A few issues have been excep
tional in their movement, including Union Paicfic, which
advanced over 5 points and held neariy all the gain, and Dela
ware & Hudson, which moved up 4% points on limited
transactions. On the other hand, Great Northern has been
weak, closing with a net loss of 1 point, while Canadian Pa
cific has made a similar record.
The copper stocks have been strong on a larger demand
for the metal, United States Steel is 3% points higher than
last week and the industrial list as a whole has been strong.
F o r d a ily v o lu m e o f b u sin e ss see page 1378.
The following sales have occurred this week of shares not
NEW YORK CITY CLEARING-HOUSE BANKS.
1908.
1909.
1910.
Averages for Differences Averages for Averages for
week ending week ending
xceek ending
from
Nov. 12. previous week. Nov. 13.
Nov. 14.
S
S
$
1
3
C apital.............................. 133,350,000
127.350.000 126,350,000
177,371,800 163,720,100
Surplus ........................... 194.250.300
Loans and discounts — 1,213,310,700 Dec. 13,564,700 1,226,243,100 1,328,147,600
82,500 53,223,300 52,431,800
C irculation..................... 48,190,300 Inc.
N et dep o sits.................. 1,173,031,100 Dec. 14,945,100 1,214,788,000 1,403,522,600
1,672,700
9,198,700
36,600
1.602,500 Dec.
U. S. dep. (incl. above)
Dec. 743,800 241,898,200 302,088,100
Specie .............................. 234.640.300 Dec.
409,500 68,567,8001 79,001,500
Legal tenders.................. 66,OS9,800
STOCKS.
Sales
Reserve held.................. 300,739,100 Dec. 1,153,300 310.466.000 381,092,600
for
26% of deposits............ 293,257,775 Dec. 3,736,275 303,697,000, 350,880,650
Week.
»W.LSurplus reserve..........
30,211,950
6,769,000
7.481,325 Inc. 2,582,975
Am Brake Shoe & F d y .. 950
Batopllas Mining.............. . . 200
7,187,175 32,511,625 Des
7,881,950 Inc. 2,573,825
Surplus, excl. U.S. dep.
Moines & F t Dodge. 100
E I du Pont I’owd, pref.
5
& Terre H aute.. 200
flN o te .—The Clearing House now Issues a statem ent weekly showing the actual Evansv
Mining......... 230
condition of the banks on Saturday morning as well as the above averages. These Homestake
figures, together with the returns of separate banks, also the summary Issued by the Lackawanna Steel--------- 146
State Banking D epartm ent, giving the condition of State banks and trust com M anhattan Beach-------- 200
North Ohio Trac & L t. 100
panies not reporting to the Clearing House, appear on the second page preceding.
L * S F—C & E III
Foreign Exchange.—Operations in foreign exchange have St new
27
stock trust certs.
been carried on at quickly varying rates, owing in part to
speculation. This morning a decline to 4 85% for demand
sterling was followed by a recovery to 4 80 at the close.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 82% for sixty day and 4 86% for sight. To-day’s
actual rates for sterling exchange were 4 8220@4 8230 for
sixty days, 4 8595@4 86 for cheques and 4 8045@4 8055
for cables. Commercial on banks 4 81%@4 81% and docu
ments for payment 4 81%@4 81%. Cotton for payment
4 81@4 81% and grain for payment 4 81%@4 81%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 23%@5 22% less 1-16 for long and 5 20 less 3-32@
5 20 less 1-10 for short. Germany bankers’ marks were
94%@94 5-10 for long and 94%@94 15-16 for short. Am
sterdam bankers’ guilders were 40 3-16@40 3-16 plus 1-32
for short.
^Exchange at Paris on London, 25f. 30%c.; week’s range
25f. 31c. high and 25f. 29c. low.
Exchange at Berlin on London, 20m. 49% pf.; week's
range, 20m. 50% pf. high and 20m. 48% pf. low.
{*;•The range of fo ’ l exchange
'
* the
‘ week follows:
for
[VOL. LXXXXI.
Range for Week.
Highest.
Lowest.
86 Nov 16 89 Nov
S2}$ Nov 18 S2}$ Nov
4 }$ Nov 16 4 }$ Nov
83 Nov 15 83 Nov
60 Nov 12 60 Nov
86 Nov 14 87 Nov
40 Nov 17 40 Nov
2}$ Nov 15 3 Nov
39 Nov 14 39 Nov
53 Nov 15 55 Nov
18’
IS
16
15
12
15
17
15
14
15
Range since Jan. 1.
Loicest. Highest.
83}$ Oct 91}$ Nov
$2 Sept S3 }$ Jan
4H Nov 4 }$ Nov
83 Nov 88 Jan
55 Sept 61}$ Oct
81 Jan 89 Feb
34 Oct 45 May
2}$ Nov 3J$ Mch
35 Feb 39 Oct
53 Sept 63 Feb
Outside Securities.—The movement of prices on the “curb”
this week, while not uniformly upward, has been to higher
levels, the market closing strong and fairly active. The
volume of business has improved only slightly. Butte Coali
tion eased off from 20% to 19% and recovered to 20%. Chino
was a strong feature, and after an irregular advance from
21% to 22% jumped up to-day to 24%, the close being at
24. First National weakened from 2% to 1%. Giroux
improved from 7% to 7% and finished to-day at 7 13-16.
Greene Cananea eased off from 7% to 7% and rose to 8%.
Inspiration from 9% moved up to 9%. Miami after an early
drop from 20% to 19% ran up to 20% and ends the week at
20%- Kay Central sold up from 2% to 2 9-16, easing off at
the close to-day to 2%. Ray Consolidated fluctuated be
tween 19% and 20% and ends the week at the high figure.
Kerr Lake, an active issue, rose from 6% to 8 and reacted
to 7%, finishing to-day at 7 7-16. Business in La Rose
Consolidated was between 4 11-16 and 4 15-16, with the
close to-day at 4 13-16. Nipissing was traded in between
10% and 10%. The market in miscellaneous securities
broadened somewhat. American Tobacco, after a gain of
about 3 points to 433, sold down to 420, ex-dividend. Ameri
can Writing Paper preferred, after a loss of about 2 points to
26%, recovered to 28%, and was traded in to-day at 28.
Intercontinental Rubber advanced from 28 to 29 % and closed
to-day at 29%. Standard Oil moved up 3 points to 620
and reacted,selling to-day at 613@612,ex-dividend. United
Cigar Mfrs. com. went up from 62 to 63% and down finally
to 62%. A feature in bonds was the transaction in Am. Sm.
Sec.new 6s,“w.i.,” at froml03% to 104 and down to 102%.
West. Pac. 5sdeclined from 93 % to 93 % and recovered to 93%.
Outside quotations will be found on page 1378.
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
STOCKS—HIGHEST A N D LOW EST SA L E PRICES.
Saturday • Monday
Friday
Tuesday Wednesday Thursday
Nov. 12. Nov. 14. Nov. 15. Nov. 10. Nov. 17 No v. 18
Sales of „
Range Since January 1.
STOCKS
Range for Previous
the
STOCK On basis of 100-share lots
Year (1909)
Werk N EWE XYCOHRK
A
N
G
E
Shares.
H ighesl
Highest
.
Inilroads
*25 35 *25 35 *25 35 *25 30 *25 35 *25 35
25 Feb 25 3-1 Mch
20 Mch 25 Mch
*85 70 *05 70 *05 70 *65 70 *05 70 *05 70
481'- Feb 22 72% Mch 8
p re t__________
102% 102% 1027g 103*8 1033g 1037g 103% 104% 103 1037g 103 104 24.050 - tch TDoopeka
1 034 J Ty 26
124%
Jail
&
S
anta
1
9, -g Ja n
ct
*100% 101 1 0 1 1 0 1 101% 101% lOJ'g 101% 100% 101 100% 100% 1,500 Do pref__________
x‘J7 J ’ly 1 104% Jan lit 1 0 0 '4 Ja n "|26% JO’ne
11H12 11-J 119 119% 119% 120 119 120 *119 120 119 119 3,700
Coast Line" H R I ’ 1 0 2 % J ’ly 26 137% Ja n 6 107% Ja n 100*j
143%
Aug
* 1 0 :1*4 107% 107% 107% 10734 108 107% 108 10734 108% 107-% 107% 1,832 ABtlantic
altim ore & O hio______ 160% Sey 0 119% Jan
1031- Peb 2 2 % J ’ly
*00
Oil 2 *89 92 *90 93 *90 92 *89 90% §90 90
44
Do prel_____ __
87% Sep 10 94 Ja n 7 < 1 ' Nov 190
A pr
70% 76% 70% 77% 77 77% 77 77% 7 0 8 4 77 77 77% 14,000
R apid T rans t- 6 Si-> Feb 7 R2:f'. May 1 07 Ja n 827g
J ’ne
190% 190% 197% 198% 19033 1973g 19034 197% 19534 197% 195 19534 8,720 (Brooklyn
1 7 6 " Feb
'an
ad
lan
Pacific_______
2 ) 2 % N ov 1 1165
Mch
189*g
O
ct
*62 72% *02 70% *32 70% *62 70% *02 70% *02 7012
7o ja u
60% Ja il 70% N ov
* anad a S o u th ern ____“
6 3 % J ’ly :
278 278 *275 285 *275 285 *275 285 *275 285 *275 285
“ ’ loo Central of New Jersey
248
JT
y
2
6
312
Jail
215
Peb
323%
Sep
823
4
837g
83%
84%
82% 83% 24,615 C hesapeake & Ohio " 65 A ug 2 92 Ja n 3 65% Ja n 91 % Dec
82% 83% 83% 84% 83% 843g
*30 40 *30 43 *30 43 *30 43 *30 43 *30 43
Chicago & A lton UR "" 2 3 % J iy - 0 3034 Jail
57% Feo 74*4 A pr
*____ 65% *___ 65% *___
651 ___ 051;
65%
05%
Do p re t______________ ”
J ’n e t/ 6 9 A pr 1 7 0 Nov 78% Alch
23”g
237g
23 23
22% 22% 23 23% 2334 2334
23% 2334 2,020 blc U t W es, tru st c tlsl" 64%
19
J
TV
20
307gJail
31%
Dec 373g Dec
48 *40 48
*45 49 *45 49 *46 48 *47
40 47%
400 Do pref tru st ctfs . .
40 J ’ly .G 04% Ja n 10 58*4 Dec 64*4 D ec
123% 1243g 12234 124% 122%. 123% 122% 124% 32,500 Chicago
1 2 1 “g 1 2 2 % 122% 123'g
M
hv
&
S
t
Paul
Ml
Peb
158%
Ja
n
3
113*4
J
’nS30
Sep
148
148
*147% 149 §148 149
*148 150 *147 150 *147 150
330 Do n re f___
143 Sep ; 172% Jan
158% Mch 105%
Is l Aug
*140 147 147% 148 147% 147% 147 147 140% 147 147 147% 2,700 Chicago & N orth W estern 137%
J ’ly 76 182% Jau
173% l*ob 193% Aug
*200 210 *201 210 *200 210 *200 210 *200 210 *200 210
Do
p
re
t__________
201 J ue27 225 Ja n
208
Mctl §230 " Aug
140 150 *140 150 *140 150 *140 150
*135 150 *140 150 *100
Chic St P M ln n '& 'o u iah a 140 A pr 2 8 102% Feb
Apr 107 Aug
*155 170 *100 170 *234 1703% *100 170 *100 170 *100 170
Do pref_______________ §160 A pr 25 il70% Feb 18 148
100%
Ja n U80 J iy
*2% 3% *234 3% *2% 3%
*2 % 3% *2% 3% *0
Chic
U
11 T rac ctfs stm pd
yin
Mayi-4
5*gJan
4
iU
Dec
7
Ja n
*6
8
8
*0
8
8
*6
8 *6
*0
8
Do pret ctfs stm p d ____
4'g Sep 2 8 12% Jan
7 % Dec
18% Jan
63% 64 65 05 *05 67 *05% e j * 6 6 % 09
60% 67
Gleve Cln Chic & St L .
Nov 1 92% Mch 18 6 s Ja n 83%
Dec
*98% 110 *98% HO *98% 110 *98% 110 *98.% n o *985g 110
Do pref.............................. 01
99 Sep 14 104 Jau 15
J a a 1 0 5 Alcu
59% 59% 69% 01% 60% 607g 60 007g 5934 60
59% 00 6,625 -olorado & S o u th ern ____ 40 J 'iy . 0 ^ 5 -4 Peb ' 6 10-)
51 O ct 08% Ja u
*70 77 *70 77 *70 77 *75 77 *75 77 *75
77
Do
1
t
preferred_____
70
J
’ly
.7
7
iji,
Ja
u
Men 4
0
-May
*74 77 *73 77 *74 77 *73 77 *73 77
77
Do 2d preferred_____
. . A ug 1 8,
70
81 Ja n 0 7 3 % Ja n 884%
n
♦ 105% 167% 107% 170% 109% 109% 170 170% 109 169 *73
109 109
are & H udson _ 149% J 'ly 2 6 185
Ja n 3 115734 Peb 2 0 0 Ja
A) ay
D elaw
*497% 000 +497% 575 *500 575 *500 575 *500 575 *600
675
e
aw
are
Lack
&
W
est
49)
J
’iy
26
520
Mch
21
535
Feb
c8i)
A
pr
32 32
31% 32 3234 3 2 8 4 327g 327g 32% 32% 33 33
1,260 D enver & Rio G ra n d e ... 23% J 'ly 20 63 Ja u 3 37-s Ja u 6i A pr
*72 74
72'g 73 *7234 73
74 74% *73 76
700 Do pref____
74 74
6 2 % J’ly 2 6
84 Ja n 3 7 9 % Ja n
Feb
*53 61
61 *52 01
le tro lt U nited _
45 J T y i l 0 0 Ja u £7 50 Ja n uo
7134 Aug
*12 13% *12 13 *12 13 *12% 13% *55%
12%
12%
200
D
uluth
So
Shore
&
A
tian
12
12
10
j
'l
y
1
1334 Ja n
3
ov 2 1 Ja n
14% NPeb
*21 25 *22 25 *23 25 *22% 25 *22% 25 *22% 24%
Do
pref_________
17
J
’ly
20
34%
Ja
n
4
28
Ja n
28% 29 29 29% 29% 30% 2934 30% 30 303g 30 30% 14,400 K’r i e ............................
1 2 % J ly 2 6
34% Ja n 6 22% Mch 30%
J ’na
48 48% 48% 4884 48 4S34 48% 49%
48 48 48
Uf Do 1st pref___
35 J ’ly .7 52*4 Mch t 36%
Men 39
50*4 A ug
}37 37
36% 30% 30% 37% 3034 3034 *34 37% 37% 37% 5,050
Do
2d
p
re
t_________
1,125
2 6 % J ’ly 27
42
Mch
8
Alch
28% Peb 40 A ug
124% 124% 124% 125% 1237g 125% 1237g 125 122 124% 123 124% 18,300 G reat N orthern .pref_____ 1 1 8 J ’l y . 6 P13% Jail 3 136*%
59% 00 0 0 60 00% 00% 60 60%
01% *60% 60%
Iron Ore prop erties___
80%Ja n 4
Meh 157% AAug
6
ug
*14% 15 15 15 *14% 15 *1434 1 5 % 00
14% 1434 *14 15 8,000 Green Bay & W, deb ctfB 4115 JA’ly
ug 19 18% Mch 2 2 05%
w -rgO V 88%
21
Dec
13%
88%
J
a
i
.11
[
J
a
v
a
n
a
E
lectric
97%
A
pr
H
3>i
*
eb
Dec
103
*___ 94
94 *------ 94
. . . 94
93% 931; *93 93%
1 *
Do p re t____
93% NOV17 99 Jail 4 83% Feb 100 Doc
*125 135 *125 135 *125 135 *125 135 *125 135 *125
ilo ck ln ; Valley___
135
10c M ay o 140 O ct 4
Do
prer................
86 F eb i 101% J uel4 88 Apr ij4 io J 'ne
*132 134 133 133 *133 135 *133% 135 *13234 134 133 133
200 l.lnols C e n tr a l..., _ 124 J 'ly £ 6
Ja n 6 137 Peb 102% Aug
20% 20% 20% 21% 2 1 21% 21 21% 21 21 1, 20% 21
9,170 i ntcrbo ro-M etrop olltan'I 1414 J ’ly 2u 147
Ja n li 11% Alch 25% |J ec
M ' 50 56% 55% 50% 14,300
55% 55% 65% 57% 57 57% 66% 57%
Do pref_____________ 41% J ’ly 2 0 25%
52-g
Ja
n 12
j Alch 03% Deo
21% 21%
21% 21% 21 21
20% 20% 21 21
20% 20% 1,500 fow a C entral
15 J n e a u 30 Ja n 3 30*
Nov 30 A pr
2034 Sep
35% 3u% *35 30 3534 3534 *35 36 *35 36 35% 35%
500 Do p re f_______________ 25 J ’ly 2 0 54%
J
a
n
3
A pr
«
*74 77% *74 78 *74 77-2 *74 77% *74 77% *74 77%
C 1-1 S & M tr cfs, prel 08 A ug 2 80 Peb 1b 71*4 £'. eb 0822 Sep
K
32 32 32% 32% 33 33% 33% 33% 33% 3334 3334 33% 7,500
ausas City S o u th e rn .. 23 J ’ly 2 0 44% Ja u 3 37 £ eb 5 0 % Aug
65% 05% *04 07
Do
pref____________
0
0
8
4
Aug
2
*60
67 *65 67 *05 67
300
66*4
68
Ja n 4 077g £ 'eb 75% Aug
*15 19 *15 20 *15
W estern___ 15 J 'n e ju 71
*15
*16 20 *15 20
25 *4 Jail
5 19% F'eb 29% Aug
L1 akeDoEriep re<5cf.___________
*37 43 +37 43 *37 2430 *37 20
43
39 O ct 1 0234 Ja n 3 48
43 *39 43
J 'ann 64% J ne
*03 07% §03 63 *63 67 +63% 08 *27
Long
Islan
d
_____________
*63%
„„
J
’ly
1
69
08
*63%
11
7u%
A
pr
14
OJ
59 Ja
7 iu Dec
144% 145 145 140 140 140% 145 140 145 145% 145% 1403g 2,440 Louisville * N ashville__ 111% J ’ly 2 0 159*4 Jau 1. *121
.tan 102%
fu g
*140 142 *140% 142 *140 142 *140 142 1417g 1417g 142 142
200 V-I a u h a tta n E lev ated___ 1 2 3 J ’n e 3 0 140 O ct L 137 Dec 153%
Jan
*27% 29% *27 29% +27 31
29% 29% *27 30% *----- 29%
Sep
J
’ly
20
..3*1
J
a
a
4
l+
ltun
eap
olls
&
St
Lou's
300
23
61
05
Ja
*48 54 *48 64 *48 54 *48 54 *48 54 *45 54
Do p re t____________
Alch 9 0 Ja nn
40 Seo 21 80 Peb 24 >1 Ja
133% 133% 133% 13534 1363g 1363g 130 13634 135 1303g 134% 135%
Minn S t P & S S Alarlc.
J 'ly .6 145 Men 3 132% - —n 1 4 U ,Jan
114
*143 148 145-% 14534 *144 148 *144 148 *143 148 *140 150 " 2"o76
100 Do p rc ._______________ 144 J'u e 0 156% Mch 2
A d 164% Auir
* 8 8 % 90 * 8 8 % 90 8S34 89 *88% 89% *88% 89 *88% 89
200 Do leased line c tls .I I I a-8 0 % Sep 20 9 2 * 4 Ja n 3 147
89 J D 04 “ Deo
§33% 33% 33% 33% §33-g 337g 3334 34 34 34% 34 34
4,190 Mo K ansas & T ex as.
27
J
’ly
20
£1%
J
a
a
6
85%
£,eb
O ct
*04 08 *04 69 +04 6 8 *03 68 +04 70 *04% 70
Do p re t_________
" 67 J 'ly . 0 74% Jail 6 71 p eb 50%
Dot
50 50 '4 50% 50% 50% 51 50% 5134 §51% 51% 50% 51
2,470 Mtssouri Pacific___
41 J ’lv 2 0 73% M ay; 3 05 Feb 78%
771 , Aug
*135 140 *135 145 140 140 *135 145 *135 145 *135 145
100 N ash C h att & St Louis 125 J'ly - 0 140
N
ov
3
122%
Ja
n
142
Dec
a t Rys of Mex 1st pref 0 0 F eb 3 72% Nov 3 44% A pr 04 Dec
*70% 71% *70 72 *71 72 *70 72 *71 72% *70% 72
Do 2d pref_________ 2 3 % J ’ly 2 0
37 37% 37 37% 37% 37% 30% 37% 35% 37
36% 30% 9,700
N ov 14 2 1 Dec 2 0 % Alay
112% 1131 113% 114% 113 11434 113% 114% 112% 114 11234 114% 45,310 N Y C entral & H u d so n .. 1 0 5 % J 'iy 2 0 1 37-2
28
Men 9 1 2 0 % Feb 147*4 Aug
*63 6 o *05 09 *05 07% +05 67% *03 67% 64 07
700 N Y Chic & St L ouis____ 5 5 1 * M ay 4 0S7g
N
3 48% Alch 6 9 N ov
Do 1st pref___________ § 1 0 1 J ’ly 8 1 0 9 * 4 Jaov
* 1 0 0 % 1 1 0 * 1 0 0 3 4 1 1 0 *100% 110 *106% 113 *106% 118 *100% 118
Feb 1 0 0 Feb
Do 2d pref____________ 823j A pr 2 8 08 Jailn 2191 100
*88% 90 *8834 93 *8 8 % 93 *88% 93 *88% 93 *88% 93
70% A pr yr, N ov
*153 150 *153 15434 *152 154 153 153
153% *152 150
100 N Y N 11 & H artford____ I4-J A pr 28 102 Mch 14 f 154
Nov 1 74*1 J ’ne
*148 149% *148 149% 1487g 149 *14834 149 *152
Subscription receipts z -(143 J n e lo 5151 Mch 11 ’l l 4/1- Dec
149
149
148%
148%
400
h 149*4 Dec
*42 42% 43% 43% 43 433g *42% 43% 43 43
N
Y
O
ntario
&
W
estern.
38%
A
ug
2
42%
43%
2,100
50
Ja
n
6
4 2 % l’eb
5 5 % J ’ne
*97% 98 98 99
99 99% 99 99
98 98
983g 9S3g 3,200 Norfolk & W estern_____ 88% J ’ly 2 6 108% Mch 21 84% Ja n 102
*83 93
*83
93
Do
ad
ju
stm
e
n
t
pref___
88
F
eb
2
91% Mch 1G 85% Men 92% JDec
iy
1147g 115% 115 110% 115% 110% 1147g 116% 114% 115% 11434 HO 27,450 N orthern Paclllc_________ 111G A ug 3 145%
Ja n 3
Feb 159% Aug
*100 110 * 1 0 0 n o *102 108 *102 108 *102 108
*100
110
C oast Co_______ 100 " O ct 13 1 1 8 *4 Ja n 12 133%
70
Mch 110% Dec
Pacific
*90 110 *90 110 +90 n o *90 110 *90 110 *90 110
Do 1st pref_________
Mcb §100 " Sep
*100
110
*100
n o *100 n o *100 n o *100 n o *100 n o
Do 2d p ret_________ 105 Feb 14 118 Ja n 3 100
88 Alch 115 Dec
129% 129% 129% 1 2 9 3 4 129% 130 129% 130% 129% 1297g 129% 130% 15,985 P e n n sy lv a n ia ___________ 1 2 2 % J 'iy - 0 13a% M<-h 9 120%
Feb
Sep
*95% 98 * 9 5 3 4 98 *96 98 *9534 98 §98 98 *95% 97%
20 Pltt^b Cln Chic & St L__ 89 J ’ly 2 b 104% Mch 2 2 8 0 1 - Ja u 151%
997g Deo
*110
116% *110 115% *110 115% *112 115% *112% 115% *112 115%
Do p re t_______________ 110 O ct 25 110 Mch 1 101 " Feb 116%
Sep
149% 160% 1501 152% 152 153% 152% 153% 152 153% 15134 154% 454,100 I le a d in g ________________ 130% J ’ly 2 o 1721.4 Peb is 118 Feb 173*8 Sep
*88
89 +88 89 *88 89 ♦ 88 89 88 83
"
1st
p
re
t____________
*87%
88
100
x85
A
ug
24
93%
Peb
17
8.)
Alch
90
Aug
*95 97 +95 97 9034 96% §90% 96% *95 97 *95% 07
2d pref____________ 87 J ’ly -6 110% Ja u 3 90 Feb
130
Deo
3i*s 31% 317g 32% 32 3234 32% 32°g 32 32%
34% 60,250 Rock Island C om pany___ 2 2 % J 'ly 20 67% Ja n b 20% Feb 117%
81 Deo
♦ 63 65 ♦ 03% 65% 65% 65% 65% 65% 05% 66% 32%
Do
pref_______________
05%
08
3,800
51
J
'ly
2/
92%
A
pr
9
57%
Feb
9 4 * 4 Deo
61 01% *00 62
*6012 01 61 01 *00% 0 1
60% 62
400 Q t L & San Pr, 1st p re f.. 58 A ug 11
Ja n 0 65% Alch 74 Dec
40% 40% *40 41% +40% 42% 41% 41% 41 42 ♦ 41%
41% 1,000 O Do 2d pref__________ 3 4 % A ug 2 73
00
Ja n 5 30 Feb 0 0 *4 Sep
*23% 27 *23% 27 *24 27 20% 20% *24% 27
+24%
St
Louis
S
o
uthw
estern___
200
27
1 8 % J ’ly 2 6
34%
jan 3 20% Feb
Dec
68 *02 64 *63 69 *02 09
*61 05 *61
Do p re f______ ___
69
J ’ly .6 77% Ja n 3 4 7 1 - Ja n 35*g
82 Dec
116% 117% 117% 11834 118 1 1 8 8 4 117*4 119 117% 119 *02
117% 11834 00,800 Southern Pacltlo C o ___ 1 51%
4
0 3 % J ’ly 2 0 xl38% Jan
114%
Feb
139%
Aug
2784
277g
27%
28
27
27%
2712 27% 6434 65% 04% 05% *03% 64% 27% 27% 27 27% 11,410 Southern v tr cfs stin p d . is J ’ly 2 6 33*4 Ja n 3 22 Feb 34 Aug
do
04 64
64% 05
6434 3,590 Do pret
43
J ’ly 2 0 75 Ja n 3 00 Ja n 75% Deo
20% 20% 20% 20% 26% 26% 64%
'T e x a s <5c PaclUc____
2034
26% 26% 20% 2634
1,000
20%
26
Ja n 3 30 Feb 40% Aug
1234 1234 12% 12% 12% 12% 12 12% 5,305 T h ird A venue (N Y )___ 2 52 %; JJ ’ly
’no 1 86*4
11% 12% 11% 127g
19% Ja n 7 1 2 % Deo 4 2 % Ja n
83g *0 734 *6
7% *6
loled o Railw ays & Light 5 % J ’ly 0 15*4
*0
*6
8
7% +0 7%
Ja n 12
7 May 15*8 Ja n
2434
2534
25%
25%
25%
1'oledo
S
t
L
&
W
e
ste
rn
..
25%
25
25%
25
25 26%
20
84% Ja n 4 43 Feb 54 ?g O ct
58% *56 58 57% 67% ♦ 2556 57% 2,150
Do p re t_____________ _ 4192 3 4 JJ ’ly
68
’ly 28 72%Ja
58 5734 58 58 112%
1,100
n
4
04*4
Feb
Jan
*108 112% *108 112% *108 1121
Twin C ity R apid T ransit
*108 112 +108 112 *103
J ’ly 2 6 117% Ja n 3 9 7 J an 11074%
1 4 Dec
178% 176% 177% 170% 178% 448,700 U nion PacIQo__________ 103
173% 174% 17434 I707g 17634 178% 176%
204%
Ja
n
8
152%
J
’ly
26
172%
Feb
219
A ug
02% 92%
Do pref____________ 88% J ’ly 2 G 103*4 Ja n 7 *94 Mch
*02
927g ♦ 91% 9234 92% 92% 91% 92 92 92
900
Aug
*26 28 *26 30 *27 28 *20% 29% +20% 29% +28 29%
U nit R ys lu v ’t of San Pr 2 3 3 4 J lie30 42% Ja n 3 30 Feb 118%
47
Sep
60
*55%
*55% 67% *65% 60
*55 6 8 ♦ 55 60 +56 67
Do
p
ref_______________
72*3
Ja
n
8
47
J
n
e
3
0
50%
Feb
77
Sep
17%
17% 17% 17% 1734 17% 17% §17% 17% 17% 1734 1,835 W a b a s h _______________ 12% J ’ly 2 6 2 7 *4 Ja n 3 16 Feb 27% Dec
i>5% 317%
584
3(i3g
30% 36%
36% 37 36% 37
37% 4,700
Do p re t__________ 28% J ’ly 2 6 0 1 Ja n „ 41 Peb 0 1 * 4 J ’ne
45 46% 40 3034
47
40% 46*4 46% 47% 40 46% 36*4 46% 2.960
W est M aryland R y ______ 40 J ’ly 26 54%Mch 12
*73 74% *73 74% §74 74 *73 74% 73% 73% ♦ 45*4
73
74%
Do
pref............................. 07 A ug 15 74 O ct 22
n
o
0%
*5% 6% *5
*5
6% *5
*5
6% *5
W heeling & Lake E rie ..
3 A pr 28 10 Ja n o
5 J ly 12% Ja n
*13 10 *14 16 +14 166% ♦ 14 16 *14 10 +13 106%
Do
1st
pref___________
8 J'nOJO 23 Ja n 3 15% J 'ly 257*
Ja n
* 0 % 8 % *8
8% +7
8% +7 8% *7
*7
8%
4 J'ne30 13% Ja n 3
Do 2d pref____________
6% J 'y 15% Ja n
(60 60 61 61 +58 628% 60% 60% 60 60
60 60
660 W isconsin C en tral______ 44 J 'ly 20 64 N ov 2 35% Jan 037,1 A pr
BANKS AND TRUST COMPANIES— IRO k RRS' v^UOi’Ai’lONS.
Ask
Hvx Ask
B anks
B anks
Hid Ask
B anks
Hid Ask
Hid Ask
B anks
B anks
New York
C hatham __ 310 330 F ilth ____ 300 350 trying N Ex 200 210 M utual D___ 285 295
A e t n a ______ 176 180 Chelsea Ex"[ 200 210 M rst . . .
185
leiforsonH
..
N
assau
1i__
240
695 605 Chemical . . 125 430 14th St1].._ 840
A merica II._ 230
150 155 L ib e rty ____ 625 -T-- New N cth d 210 220
Amer Exch 116 . . . . Citizens’ c ti 150
155 F o u r th ___ 1192 1100 L lucoln____ 400 42 > N ewYorkCo 900
A udubon . . 122% 126 C ity .______ 382 387%
G
a
lla
tin
___
325
330
New
York
325
335 M anhattan!
B attery Pk_ 376 . . . . Coal <5c Iron 153 158 G a rfie ld ___ 325
300 .Mark’t& F ul 252% 2571- N ’h t &L)ayil 225 2 JO
B o w eryU ... 300 . . . . Colonial 1| . . 409
G erm -A m n 290
HO 160 .lech A M et’s 245 248 19th W ard . 260
BronxBorol, 200 . . . C olum bia H_
G
erm
’n
Exl|
4U5
485
M ercantile . 150 100 N orthern . .
105
B ronx N at 165 205 Com m erce . 1200
lerinanla 1|. 550 601
5/5 Terch Excn 100 170 P a d del)____ 230 240
B ryant Pk f 138 100
M erchants . 179 181 P a r k ............. 350 355
315 G otham . . 150
145 E ast R iv er. 310
B utch Js Dr
115 125 G reenw ich 1| 255 205 M etropolis 1 39) 410 People’s U._ 250 275
C entury § |.. 170 175
105 1 7 5 H anov er___ Oil)
M etropol ’hi) 202 206 P h e n lx ____ 190 200
Qhase . . . . . . 430 4 5 1
4000 4250 Im p & Tro-l 550 025
505 Mt Morrlsl). 250 260 PlazaD_____ 625
•B id and a aed pr ees; no sales were m ade 011 tins day . tiix -rig n ts. 4 Less th an 1 0 0 snares U statc bauirs. a E x-dlvldeaa and
§ Sale a t Stock Exchange or a t auction this week, It F irst Installm ent paid, n Sold a t p rivate sale a t this price. * 2d paid.
B anks
Hid
Prod Exch \ 162
R e se rv e ___ 100
seaboard . . 40J
S e c o n d ____ 400
S h erm an___ 135
S tate \ . .
275
12th W ard.
23d W a rd .. 140
U u o n E xc. 170
W ash H ’ts 1: 275
W est Side ii 06)
Y orkvllie 1]. too
rignts. 0 New stock,
i/3d paid.
Ask
166
425
290
140
i
1370
New York Stock Record—Concluded—Page 2
SI no c K S — hic HIE ST A N D LOW EST SALE PEI ClIS.
Sales
the
Tuesday 1 Wednesday Thursday
Saturday Monday
Friday
Week
Nov. 17
Nou. 12. Nov. 14. Nov. 15. Nov. 16.
Nov. 18 Shares
STOCKS
N E W Y O RK STOCK
EXCHANGE
Range Sine e January 1
On basis of 100-share lots
Lowest
Highest
[V o l . l x x x x i.
Range fo Previous
Year (1909
Lowest
Highest
251 251 *245
*250 ___ *250 ___ *250
*250
10( a dam s E xpress_______ 524!) J ’nC23 5 2 7 0 Ja n 5 19!) Jail 250 Nov
*S12 10 *8l2 10
*812 10 *81- 10 *812 10 *81- 10
t\. Ills-C halniers_____ __
71 ? J ’ly 27
15 Ja n 3 1-3, Feb 167, Aug
31 31 *301.1 3 3 I4 *301.i 34>2 32 32
34 34 *3134 34
50(
l)o p ret___________
17 A ug 5 573, Ja n 5 38 l’’eb 6 7 1 - Nov
6758 681j 6818 695a 6912 703,8 69l.i 70*2 6S34 69% 68-s 703s 67.20C A m algam ated C opper___ 55!, J ’ly 13 903. .Jan 3 65
Feb CO'? Nov
441- 4412 44% 45 4512 453.1 *44 46 *4434 4 5 1 4 *44 45
A gricultural C hem . 35 J ’ly 20 *.% O ct 21 3 3 1 2 Jan 60 Aug
*100 — * 1 0 0 ___ *100
_ 501 A aier
0d!i A pr 6 103 Jan 10 95% Ja n 103 /Yug
*100
*100
Do
p
re
l_______________
*100
37% 3712 38 381- 38 381- 371- 383S 381., 3814 383g 38t2 2,10! A m erican Beet Sugar____ £4 J ’ly 26 471. Ja n l„ 201.1 Jau 4 9 1 - Aug
*92'.- 94 *92 94 *92 94
*9314
94 94 94 *92 94
10C l)o pret____________ __ 89 J ’ly 27 9 5 1 - J ’ne 16 52 Ja n 9.8 O ct
9-f 97{ 10 101,8 934 10
934 93., 10 103S 2.55C A m erican C an___________
07? J 1 1 0 5 0 i3<,s Ja n 3
10 10
7 1 - Feb
16’? Nov
75lj 7 5 if 751- 763.8
763,8 763s 751g 76 761.1 763., 76 77!, 5,706 Do p ret______
62
J ’ly 2 0 811-Ja n o 71 1 - Feb 86
J ’ne
5212
52153
14 631533.1
541541
2
5 4 I4
54%
54
14 5434
5,906
A
m
erican
Car
&
Foundry
72*3 Ja n 3
55%
3 9 2 J ’ly 26
1141- 1141- *110 1141- *111 1141- *111 115 *1131- 1141- 1141. 1141109 J IV).SO 120 Mch 9 441.1 Feb 76t- Nov
200
*61 62 62 621- 64 64U 64 64*8 64 64
64 ' 64
2,910 A m erican C otton O il. .
£2 ig J ’ly 2 6 tj-.r. Mch 9 4-% Ja n 791, Nov
*102 105 §105
101
Feo 1 107 O ct 13
101 10U4
105
21U Do p re t_____
*235 250 *235
*235 250 *230 250
250
A
m
erican
Express
§235
Aug 3
*235
250
*235
250
*414
43.J *412 43, * 4 1 4 4% 412 4 1 - *4U 4-s 4-8 4-s
200 A m erican H ide & Leather ' 3 1 - Sep 13 81, Jail 5
6*4 Feb 10 Sep
22 22 22 221.1 2214 2 214 223S 2212 221- 231.1 23l2 243.1 2,100 Do pret . .
19 Sep 8 4 / ( 3 Ja n 3 34 Feb 617? Aug
*18% 193,! 19%
*183g 191- 19 10 *183g 193g 18 183s
800
19*8
A
m
erican
Ice
Securities.
1 6 1 - J ’ly 2 6
4214 A pr
291,
Mch
9
18?s
*1114
121« 1218 12*8 1214 13
121g 1234 123g 1238 13 13 2,400 A m erican Linseed
10's J ’ly 27 1784 Ja n 3 12 FJaebn 20 J ne
*20
321- 32
32 331- 341- 3312 33% 337g 337g 3312 34
1,900 Do p re t____
25>2 J ’ne3i; 46?s Ja n 3 29 Ja n 4 7 3 , J ’ne
381- 39
39
30
30
40!, 3,100
381- 3 9 I4
3912 39 391?
L o c o m o tiv e ... 29 J ’ly 2 6 02i2 Ja n 3 4 9 Feb GUI, Aug
106 106 106 106 *39
10634 10634 *105 107 *105 107 *105 100 _ _ 300 A mDoerican
p re t_____
10212 A ug 6 115 Ja n 7 1091t Feb 1 2 2 Aug
*4
5 *3
5 *4
5 *31- 5 *3
5
4
O ct 1 8 Feb 18
*4
A m erican M alt C orn.
61- J'iy ill- J'n e
*33 3512 §33 33512 §35 3 5 *33 3 5 *30 3 5 *33 3412
132 Do p re t____
69 Sep
281? J'n e 30 48 M ch -i 38 Nov 923g
881- 8812 *88 89
*871- 881- *8712 881- *88 89
AUg
8 8 14
8 8 I4
80 Ja n
200
82
J
’ly
23
907g
Ja
n
3
A
nier
Sm
elters
Sec
pret
B
7818 7334 79U 803s 81 82
803S 817g 80*4 81% 803g 813, 56,330 A m cr Sm elt.ng <5: Relining 6 1 % J ’ly 2 - 104 Ja n 3 7734 Feb 1051- Nov
10612
1061106 106 106 1061,8
1061g IO6 I4 2,735 Do p re t______
lu l Ja n 1 1 6 )4 Aug
10618
lOGlg
112%
Ja
n
3
1061s
10612
98*4
J
’ly
26
*210
*240
*240
*240
-7 7
A pr 4
22 j Mch (286 N ov
*240
*240
A m erican S n u tl.
100 IOOI4
io n 2 1 0 0 1 4 100!,
■ jol-Jau 13
95
Mch 105 -May
300 Do p re t_____
10U2 *100 io n - * 1 04 703 4 io n ? *100
Sep 20 347s
*45 47 *100
Feb 663s N’ov
4812 48% 481- 47U 4778 4,700 Amer Steel Found (new ). 38 J ’iy2 6 101%
463.1 481.1
47
*46
go ja n 1 117 117 *1163.1 119 *1161- 1191- 118‘8 1181s 117>8 1171- *11718 1191500 A m erican Sugar Rctlnlng 1 1 1 !, O ct 3 128(8 Eeb is 115% Nov 13635 Sep
*116 118 *116 119 11612 1171s +11612 118 117 11712 *1161- 118
760
p re t_______
112 O ct 3 1 2 4 F eb 2 8 118 -Nov 131 A pr
142 14134 14218 13,200 A mDoerican
14U.J 14U2
1121.1 1417S 14214 14U2 14218 141%
Teteph & Telee 126^4 J ’ly 20 1433g Feb 24 125 Feb 1451? Sep
*94 96 1413s
941- 9434 9434 94*>g 94»s
*941
2 95
941
2
450
95
95
901- J ’ly 26 9j34 Mch 14 9 0 1 , Feb 104 (May
A
m
erican
'l’obac
(new)
,pl
3334 3334 321- 347« 345S 3 514 35 35 *34 35 * 3 4 35 2,950 A m erican W oolen.
Feb 401? A ug
25Is J ’ly 6 891- M ch is 20
94 94 93 935s 93U 9 4 1 - 931- 95
93 931- 93ls 93 >s 2,570 Do p re t______ _
911, J ’ly 5 104 Mch 7 9 3 3 , Ja u 1073, J ’ne
4U.i 411- 4134 42 *42 4212 *1134 42*2 415s 4134 42 42
1,700
dA
nacondaC
opper
P
ar}25
5 3 7 3 ., Feb
Dec
5 3 3 1 “ J ’ly 2 6
3134 3214 33 331s 331.1 3314 32 33
323g 323g 3214 327s 4,000 U eth leh cm s te e l_______ 21 J no 3! 347g O ct 21 183. Me.a 554'%
301, Sep
(31 61
61 61
49
Aug 1 0
2,000 l ) Do p ret______ __
601- 61 >8 60>s 61
61>8
61*8
47
Feb
61
>8
6
Us
0 9 1 - Sep
*134 138 *134 138 *134 138 *134 138 *134 138 136 136
100 Brooklyn Union G as.
125 J ’ly 2 6
1 IS
Jail
Deo
*10 11
11
10 10 *91- 10 1 - *91- 10l2 *91? n
200 Bruusw ick T erm & Ky Sec 8 J ’no 2y I8ia Ja n 3 177, Dec 1641lUlj Deo
*2978 303a *10
-8 J ’ne 8
B utterick Co___________
*30 303a *2914 30 *2914 30 *29ls 30 *293S 30
237fl Ja n
333s 3312 34t2 35 34~8 3538 3431 3434 34 341- 34 3412 5,725 / 'en tral L eather_______ 2 5 1 1 J ’ly 2 6 4834 J a n 3 25% Men 5134 O ct
*1051.1 10612 *1051.1 1061- 106 106 • 1*10512 10612 *1051.1 1061., 1057g 1057g
450 Yd Do p re t______
.
9 9 1 4 J ’ly 27
1091) Mch 8 993., A pr 111 Sep
33 33
3334 343S 341,8 341S 34 3534 35 35% 34?8 36
6,600 Colorado Fuel & Iron
60 Jail 3 2 9 Feb 63 Dec
2 - 1? J iy 2 o
*4% 612 * 4 1 O 612 *41o
3 Sep 12 92i2 Ja n 4 213, Feo 9 1 1 - Dec
612 41- 41- 412 41- *31- 612 200 Col A Hock Coal & Iron
135U 1351- 13534 1363a 1363S 13712 xl.35 13534 13412 135 1341- 136*4 11,350 C onsolidated Gas (N Y) 122 J ’ly2 0 160% Ja n 3 till- Feb I 6 0 I4 Ja u
*16 1634 §1614 I 6 I4 163S 163,i I 6 I4 161- 16U I 6 I4 *10 17
900 Corn Products R efining .. 111? J ’n e 30 23i4 Jan 6 101- Feb 2 6 i2 J ’ne
77l.i 77 14
78>8 78ls *78 80
80 *78 80 *78 80
200 Do p re t___________
80% Ja n 3 7 3 1 4 Feb 93i2 J ’ne
703s
JA’ly
26
*60 65 *78
641- 641- *62 66
55
pr a0
65
*62
65
100 Crex C arp et________
65
*62
*60
641- N ov 17 4& Ja n 63 Deo
321- 3234 3234 3314 33 3 3
32I2 331., 3 3 3 4
3210,864
Distillers’
Securities
Com
25Ij
J
’ly
26
,3U3jJan
10
411- Ja il
331g
3 2 1 - Feb
*18 20 *18 20 *18 25
197g 20 *15 22
20
20
500 Federal M ining & Sm elt’g 1 2 O ct 20 6 0 M ch 8 55 Mch 9512 M ay
*42 50 *42 49 *42 50
37
O ct 27 88 Ja n 3 80 Feb 94 AUg
48 50
52 523s 5212 5 5
800 Do p re t____________
1521- 1521- 153 1531- 153 153 153 15334 1533,1 154 154 154
134 J ’ly 26 lGOig Ja n u 1601? Feb 17-3, /Yu?
1,300 General E lectric_____
8
8
8
81S 8
8 ig 8
81s 8
8 >s 13,070 ((Goldfield Con At.P a r 510 $ 7 3 4 O ct 14
81g 8
111I2 11U2 113 1131- 113 115 11212 113U 113 113 113 113 3,800 j n t H arvester stk tr etts s83's F eb 8 $9>4 Sep 2 6
1183, Deo
120% 1201- §12033 1203s *1203S I 2 II 4 121*4 121U *1203g 121M +120U I 2 II4
210 i Do pret stk tr ctfs___ * 1 1 7 A u g ii 129 Ja n 4 1091, Ja n 128 Dec
5
5 *4 <8 6 §5% 612 *5
9
O ct
6 *4/3 6 * 4 -3 53S 150 In t Mer Alarine stk tr etts 4 I4 J ly 2 5
73 ,s J'iy
*16>4 1634 17 17 *16l2 17 161- 161? *161- 17
600 Do p re t_______
1 2 -s J ’ly 2 0
16*8 161s
143g ja n 6 I83.i J ’ly 27-8 Ja n
J13
13
13 13
13 13 *1234 131.1 13 13 *1234 13!, 1,900 Intern atio nal P a p e r____
9 1 - Aleh
9
J
iy
i
18
Ja
n
8
19*4
Ja
n
56 56<2 56 5612 56 5614 56 56% 56 56
56l4 56!t 2,000 Do p re t___________
4 1 1 - J ’ly 2 6
li-Jan 3 471. Alcti 693, Aug
*42 43 *4214
423.! 433.1 7,000 [n te rn at Steam P u m p ___ 36-s J ’ly 2 6 O64-g
*4212 431- 43 43 42 43
43
l.t
Ja
n
7
3 3 1 - Feb
64l2N°V
83% 8338 83lS 83l.( 833.1 8334 *8334 84 Is *8334 8434 84% 843g
640 Do p re t_______________ 781, J ’ly 26 9034 Ja n 17 821- Ja n 91 Sep
1 0 4 3 4 1043a 105
10514 105 IO5 I4 105*8 105U 105 105 104% 10534 4,100 Laclede Gas (St L) c o m .. 9 3 3 4 J ’ly 29 110i2 Jan 1 0 104 J ’ne 1133s Dec
*04 96 *94
97 95U 951- *9434 957g *92 9412 *913, 96
300 .viackay C om panies_____ 79 J ’ly 26 98 O ct 10 70 Ja n 9 5 1 - N ov
* 7 3 1 - 75 *731- 7512
751- *737s 753.1 *737g 75l2 *737s 75
Do pret_____________
7 7 :,, Dec
71
J ’ly x7
*10S12 110 n o 110 11012 m
1,585 \ J ational B is c u it______ 1 0 0 A ug „
n o ' 112 *110 H134 *110 112
96i- Ja n 120 " Sep
124 *121 124 124 124 * 1 2 0 124 *120 124 *1201- 124
1 1 8 1 , .1 an
I'Y
Do
p
r
e
t
___________
11834
J
’ly
6
100
130
Sep
16 16
1612 18 *10 18 *16 18 *16 18 *16 18
750 N at K nam et'g S tam p ’g 14 Sep 17
125? Feb 3 0 1 , Dec
*82 87 *82
87 *82 87 *82 S7 *82 87 *82 87
84 O et 17
82
Ja
n
5714 57U *5714 50 59 591S 59 591; 5878 58”s * 5 7 1 ? 5 9 1 - 1,500 N ational L ead___________ 461- J ’ly 26
94 ‘ AUg
7 lit Feb
*106 108
107 107 107 107 *107 108 1071- 1071- *1041- 1071A pr 1133, AUg
375 Do p re t_______________ 1013a J ’ly 2 6 1 101 - Ja n 17 1023.,_____
201- 20-8 203.1 21
2 0 -3
21
__ ____
2034 21 20-s 20'g 2038 2 0 -s 4,850 ((Ncv Cons C opper. Par S5 5 1 7 1 - J ’ly 6 5 - 2 '% O ct 1 <
*/312 75 *73 77 *731- 77 *73 77 *73 77 *7312 7 7 ............ .now York Air B rake____ 59 J n3 - 9 5 1 - Ja u 3 80 Feb 9 7 1 , Nov
J'n e
65 65
6512 65 657g *65 66
65 65
65U 303.,
N orth A m erican Co, new 63 J ’ly 6 84 Ja n 3 72 Ja u 871?
65
65
1,500
*30 3112 *30 303| 3012
*3014 31 *30 3U4 30 3012 700 1pacific Alall____________ 227s J ’^ 26 4314 Ja n 4 29i? Feb 4 3 U N ov
421? 421? 43 43
43 431- 43 45
45 46
45U -Nov 64 O ct
45
45%
L
acitlc
Telcp
&
T
e
le
g
..
40U
Ja
n
4
5,270
30
J
’ly
25
*106 107 10534 1061- 10ol2 1061- 106 1061- 10o34 106 1053.! 1003S 4,100 People’s G L & C (Chic). 103 J ’ly2 6 1163s Ja n 3 io n - J a n 120 Aug
♦ 80 92l2 *89 921- 92 92 *91 92 *91 92 *89 92
100 Philadelphia Co (P ittsb ’li) 84 J ’ly 6 l00i2 Ja n 8 9 9 1 - Dec 103 Dee
2034 213s *19 21
201- 201- 201- 21
20 20 *1912 21
1,500 P ittsb urgh Coal Co_____ 13 J ’l y 26 2 7 3 4 Ja n 5 10 A pr 293? N ov
72 72 *70 73
*6978 72
Do p re t_______________ 0 0 !i J ’ly 2 6 85 Ja n 8 4 0 Feb 8 7 12 Dec
71 71 *71 74 *697g 723S 33
400
323,i 33
33
*321- 331- *33 34
331- 331- *33 33l2
900 Pressed Steel C ar______
25 J ’ty -.0
301- Feb 56 Aug
96 96
*95 96
250 Do p re t______
96 §9534 9534 *953.1 961- *9514 96 *164
96
90
J ’ly 2 7 1 0 ( 1- Ja n 5 90 " Fct) 1113, Aug
165% 1G5% *165 167 §ioo 166 165 165 *164 165%
1651450 Pullm an C om pany.
155 J ’n c a t
109 Ja n 201) Aug
2l2 *2*4 212 * 2 1 4 2‘2 *2!, 21- ______ quicksilver M ining___
*21S 21- *2's 21? **2l.i
2
Sep 2o
15c ja n
93s J ’iy
434
*43.i 55s *4%
53,8 5
5
5 *43.i 5-s
400 Do p re t_____
5
ug 2 6V? May21
3
Alou 1 0 May
*34% 351- 3 5 3553,8 *341- 36
200 1) all w ay steel S p rin g .. 2827, JA’ly
341- 34I2 * 3 3 3 4 35 *333.i 35
26
3-l? Aleh 5 4 1 , Aug
*961- 105 *96 105 *90 105 *96 100 *96 100 *961- 100
34 " 3434 3 5 3514 3 4 3 4 35-8 3 4 34-s 34 34
6,250 R epublic Iro n A Steel___ 27 ’ J no 4
33~8 3 5
lO-s l' e ,J 4 9 1 - Sep
500 Do n r c t ____
97 9 7 *9612 971- 9 7 1 - 971- *961- 971- *96'4 9734 971- 9712
8 2 ) 4 J ’ly - 6
1 0 414 Ja n
3 67*? Feb n o u J ’iy
1841a 190 1851- 1851- *181 18412 182 1821- 179I2 181 17G!i 176>2 1,720 v icars, Roebuck A C o ... 150 J ’n e 30 mo
N
ov
12
3,035 O loss-Sheffleld Steel A Ir 481? J ’ly 30 661-ja u 3 68 Feb 9 4 - 3 O ct
4912 4978 4934 511- 51U 521- 52 52 *51 52
52
* 51% 121
do pret___
♦ 105 113 *105 113 *105 113
m J ’ly 5
35U 357g 357g 363s 36-8 371- 37 371- 363.| 3712 363., 371i 11,200 ,/TennesseeC opper P arS25 $ 1 9 3 4 J ’iy 2 6 S40-, Ja n 3 {3312 O ct $49 Ja h
140 140 1393a 1393.1 13812 1381- 1391- 1391- 139 139 139 139
1,500 T exas Co (The)
134
O ct 7 144 O ct 18
*88 92 *88 93 *S8 93 *88 93 *88 92 *88 92
iex as Pacltic Land T rust 83 F eb 8 9 5 M ayi3 801- Feb 93(8 j'iy
9 *8
*8
9 *8
9 *8
1 | nion Bag A P ap er____ 0 J ’ly 5 181, Ja il 10
9 +8
9 *8
9
U‘4 Feb 16*8 J ’ne
*52 60 *52 60 *52 60 *56 60 *56 60 *56 60
Yd Do m e t______
65 J ’ly 15
*103 1041- *103 10412 10412 1041- *103 105 *103
105
U
nited
D
ry
Goods
C
o
s..
105
100
90
A
ug
2
+103
116
O ct 12512 Dec
106 106 *105 106 *10534 100l2 *105 106 *105 106 10o'8 105%
Dec
200 Do p re t_______________ 9 9 !, A ug 2
rl(J9 Sep 114
*16 1712 *16 1712 *16 19
I 6 I4 16*4
J ’ne
1014 §16 16
185 U S Cast 1 Pipe A Foundr 141g J ’ly 2 1
243? Feb 35t2
*55 62 §571- 5712 *53 60
5834 583., *16*4
871? Aug
58
Do
pret
_____________
58
*57
234
50
49
J
’ne
28
70
Aleh
*98 103 *98 103 *98 101
98 98 96 §07 *95 98
82 Feb (111 Dec
350 U nited S ta te s E x p re ss.. 95!, J iy 2 0
72
71
70 *
87 Sop
72
72
71- *418 71- *413 71- * 4 1 3 712 *418 71? *4 1 3 7110 Mch 17i2 J no
U S Reduction A’ReQnlng 4 ” J ’n e -7
*4>8
*14 17 *14 17 *15 17 *14 17 *16 17 *15 17
24 Feb 39i2 Aug
13
J
’ly
8
*341- 36
35*2 351- 35 35
27 Feb 6 7 3 3 Aug
36 36
1,200 U nited S tates R u b b er— 27 J ’ly .6
35IS 3 0 I4 351- 1 36
*110 111 *110
an l'23l2 Aug
112 1 1 0 1 - 1 0 1 - *110 1113., *110 111 1107s
400 Do 1st pre(___________ 99 J ’ly 2 6 1 1 0 1 - ja n 1 0 0987 1 - JFob
*72 7512 *72 76 *72 75 *72 75 *72 75 *72 110/8
891- Aug
75
5(
j
'
J
’ly
27
771s 7758 773.1 791.1 7 9 79*8 787g 80% 791.1 803S 7912 81 707,500 U nited S tates S teel_____ oil? J ’iy 2 6 91 ja n 8 4 H4 Feb 94/g O et
117 117 117 1173s 1 1 7 3 3 1 1 7 3 4 §1173i 1173., 11712 11734 11738 1173s 4,695 Do p re t___________
107 Feo f i t O ct
125%
Ja
n
8
1101J
’ly
26
4933 50 14 49% 501- 49-8 o0<2 50 511? 497g 5034 18,020 ((Utah C opper___Par $ 1 0 153938 J ’ne30 $001, Ja n 0 5 8 9 1 3 Feb -671, Nov
49 49
6038 60l2 603.1 013jj 0 1 1 4 62's 62 63%
6234 631- 6212 633S 12,800 Vlrgin.a-CnroMna G hem _. 47 F eb j 661s O ct 1 40% Feb 5G')8 Dec
*1221- 124 *1221- 124 123
123 *122 125 *120 123 *120
100 Do p re t____________
124
117
J ’ly 2 8 1 2 9 1 , Ja n 4 U4 Jail 128 Dec
*45 55 *45 55
*45 55
V rginla Iron Coal A Coke 50 Sep 24 78 Ja n 8 57 Feb
♦ 160 165 *160 165 160 160 163 163 *158 104 *158 165
152
! eb 8 <il95 Ja n 4 300 Ja u 67U Deo
200
\
V
el's
Fargo
A
Co_____
*701- Vl«2 7034 71
7134 7214 71«4 72 *71U 721.1 713,1 72
Mch 4 6 1 Feb 851, Nov
1,600
estern Union T eleg.
58 J ’ly 2 - 73i2
7012 71
70 70
8 - 1- Ja n
8 / 1 Feb 90 Alifi
71 71 '4 71 713., *70 72 *70-8 71
1.600
vVestlngh’seF.I
AMtg
assen
4 9 * 2 J ’ly 2 6
*120 124 *120 124 124 124 +120 124 *120 124 *120 124
100 Do 1st n re ..
11 . Ala V 130 Feb : 4 11' Mch 115 Sen
B A N K S A N D T R U S T C O M P A N IE S — B A N K E R S ' Q U O T A T IO N S .
Bid Ask lr u s t do j Bid Ask ir u s t C o's But Ask 1 ru st do ' s bia As* »ru st Co's Bid Ask
But Ask
B anks
o an k s
Brooklyn
N Y City
Brooklyn
G u ar'ty T r. 800 810 NY Llfe&T: tl l l S
ih ooktyn
Broadw ay 1 375
B 'w ay lr ._ f 145
G uardian Tr
N Y T ru st. 635 >60 B rooklyn i 415 425
N
at
C
ity___
t292l2
B rooklyn 1,.
N orth Side § 150 180 Carnegie . . 110 115 H u d s o n __ 170 180
100
90
100
C
itiz
e n s'___ 125 135
Savoy...........
180
Jo n ey Isl’dT
C entral l’r__ 10-5
K u tck erb k i 300 305 S tand ard 11 41)0 n o E latbush . . 200
155
('cople’s __ 158
220
First ______ 1-921,
C olum bia _. 280 1035 Law T l& Tr 255
t’ro sp 'c tP k 1
ritle G u * Tr 500
E rank lin___
210
H lllsldell___ ___ 125 lerm ina! §) 150 160
Lincoln
IT
90 Commercial 120 285
T
r
Co
o£
Am
320
330
130
H
am
ilton
.
.
130
140
2/0
H om esteadl
E m p ir e ___ 300 111) J a d ls o n ___ 20) 205 Union i'rusi 1275 1301: H o m e _____ 103 280
115
111)
M anufac’rs 415 __
E q u it’blo 1" 465 1721 M annattan 375
1ru st Co's
US Mtg<Ss Tr 175
K.ngs Co . . 500 _
M echanics '1 230 245
Farm L 0 & 1 1625 1650
N Y City
310
M
ercantile
.
U
nit
S
tates.
1160
U90
1.
Isl
L
&
Tr
300
700
740
M ontauk . . ___ 150 A s to r _____ 320
__ K id e llty __ 2 ld :
Metro po l't’n
170 180
520 W ashington 375
N a ssa u ____ 245 2/0 Bankers' Tr 630 040 E ulton . . . . 290 217* M u tu a l____ 51.)
(Vesteheste; .60 I/O 1’e o p lc 's __ 31)0 315
13 )
M ut Ad nee 125 130 W indsor . . 120 .30 queens Co. ICO 125
W llllnm -b’i; — 100
*Bid and allied prices: no sales on tins day. 'i Less than 100 shares. { Ex-rlguts. b New stock c lSx-dlv an 1 rlgiiis. U No-.v quo ten dollars per share.
\ tSalo a t Stock E xchange or a t auction tills weclr. s lit- stock dividend, 1| Banks m arked w ith a parag rap h (11) are S ta te banks.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
100*4lot
1
P onds M
So ld 1
Ja n . I l'JOd ,th e Exchange m ethod ol quoting bonds was changed, a n d prices are now a ll - “a n d in te r e s t" s e e s p t lor incom e a id d e fa u lte d bonds.
BO N D S
BO N D S
lbrice
W eek’s
K anye
Price
II ce/c's
ba n gs
N. Y. STOCK E X C H A N G E
P ridav
N. Y. STOCK E X C H A N G E
ltanrje or
bince
J ria a e
b a n ye or
bxnce
Nov 18
W kkk endino N ov 18
J a n u a ry 1
W kkk E nding N ov 18
Nov J8
L a st bale
Ja n u a ry
ti.
n o veiiiiiieiu
b
id
A
sh
h
No
Low
L
010 J iiyh C ent ol Ga UU—( von)
Ilia,
a s k Low
J iiyh No Low Jiiyh
U S 2s consul reg iste re d .<11030
0 ... 100*4 101*4 C liatt iu v pu r mon g 48.1951 j .j)
9b*8 Sep ’09
U S 2s cousol coupon.. . .<(11)30
100*4 101
0 ... 10b*4 10l-»4 M ac it N or Div 1st g 6 s .1946 J-J I 0 3 3 4
J ’ue 98
•U 8 3s re g iste re d ..............fcl9.lt>
10l3«
1023s
51
id
Ga
ds
AU
D
iv
5
s ___1947 j . j 103*4........ 11047g
101*4
102*4
*4
U S 3s coupon......................fcl918
10134 1 0 2 2, IDE**
M obile Div l s t g 5s.....1046 j . j
*4 : 101*4 103
107 ........ 15 N ov’05
1 0
no
U 8 3s cou sm all bonds..fclU18
1022, 102*2 Cen UU <* B ol Ga col g 6s 1937 M-N 1 0 2 2, 1 0 7 110 J a n ’l . .8. 1 102
0 ...
103
U 8 4s reg istered ..................1925
115 11634
C ent 01 N J geu’l gold o s. 1987 j . j 1223, 123
0 ...
114**8
1152.
18
120
125*1
V 8 4s co u p o n ....................... 1925
115 1162,
Iteg iste re d ...................41087 o -J 1213,........ 1 2 1 7a 1 2 1
u ... 114 2, n5»4
120*4 125
U 8 P an Can 10-30 yr 2s.fcl93ii
100 2 ,..
0 ...
100*6 100»s Am Dock <t Im p gu 6 s ..1921 j . j 107 108 109
Sep ’10 2 107
1U9
Ee
it
liu
il
It
gen
gu
g
5s
1920
J
.
j
F o re ig n G o v ernm en t
Beh * W ilks B Coal 5 s ..1912 M-N 100*2........ 100 2; N ov ’ 1 0
1 0 0 2, lo ll,
A rg en tine—In te rn a l 5s of 1909
J 07*a Sole y7»8
7e 18 95*4 97 7e
Con ex t g u ar 4 *2 8 ....^ 1 9 1 0 Q..y
100 M ay ’ 10
Im perial Ja p a n ese U overnin't
N Y <t Bong B r gen g 4s 1941 jj. S terlin g loan 4 SjS............1926 F-A 943s Salt 94
*6 27 94 9G 2, Cent Paeuio bee so Pacillc Co
94 9436 9 3 3 4 94
2d se n e s 4 Has..................1925 J 4 93*2 9578 C entV erm ont 1st gu g 4s.el9 20 Q .p .......... 90 87*% 8 8 *»
85 8 8 a,
Sterlin g loan 4 s ............. 1931 J - J ♦ 8 8 7e Halo 883s 88 ’h 4 88
*s 92 2, Clias it sa v see A ll Coast Bine
10134
R epubol Cuba 5s exten d e b t.. M- (101*4 102
102
b lb 1*4 104 d ie s A, Ohio gold Gs..........a lO ll a -U 0978 100*4 1 0 0
100
2,
22 1195 97 2, G e u lu n d iu g it im p t5 s.lU 2 9 j . j 103 Sale .03
San Paulo (Brazil) tru s t 5s 1919 J-J t 9 7 * 4 Sale 97*8
103
2.
9G76 97
U 8 ol .Mexico s 1 g 5s ol 1899 Q-J
97
2 uoVi 9ya4 1st consol g o s....................1939 M-N 1 1 2 '4 oale 1 1 2
112*4
Gold 4s Of 1904..................1954 J-D 94 95 2j 9G7s
.
972,
, K egistered........................1 3 3 3
*ii J an ’li.
*2
hese a re p i ices 0 n the b asis1 0 /91*4
$5 to £ . G eneral gold 4 2,s ..............1092 M-S ibl"*4 Sale 112
102
10
1*4
99 103*,
S ta te m id C ity S e c u ritie s
R egistered....................... 1 3 0 2 m -S
101*6 J ’ne'lC
1003g Sale 100*8
N Y C ity—4 *4 S ..................... 19d0
*6 284 100 101«b Conv
94
2,
ertipie
4
2,s .............. 1 9 3 O f - a
9 4 2,
-salt
94
80 05 >,
2, 109
4% Corporate S tock.........i 9 6 0 M.N 98 7s Sale 98 *4
9G 100*^
u y 1st 4 a .............. 1944 j . h 88 2,
88 2, t8 - .
87 89
2.
15 90*4 100 2, m g sau
4% C orporate s to c k ___1958 M-N 9 8 14 98’, 99
Itiv ity 1st g u 4s .. 194o j - d 85*4 8alb
89 8 0 * 4 80^4
83 88*,
N ew 4 2, a .............................1967 51-N 1 0 Ga4 Sale 106*4
4
21 105*6 109 78 Coal
Craig
Valley
is
t
g
6s___1940
j . j 102
lb
l
Sep
lo
104 104*,
1023, 103 <
N ew 4 4 s .............................1917 M-N
0 . ... 102 2, 103*« P o tts C reek B r 1st 4 s ..1040 j . j 8 1 90 90 JUli
4 H»% C orporate Stock ..1957 M-N 100 *1 Sale 10G
, 35 106*4 n o
do A Div l s l cou g 4a.. 4080 J . j 95*4 97*, 9G *ii N ov’lb
94*2
U9
4 *a% assessm t bonds___1917 M-N 102 ........ .02*4 I
0 .... 102 103*6 It 2u
g 4s..................1080 J .J 9 i ‘b
91 Sep ‘10
00 2, 83
4% Corporate S to ck___1957 M-N 98*4 987g 90*4
4
4 96 (4 100 2, W armConsol
s p r Vai 1st g 6 s ..1041 M-S lo l 93 113*4
r
eo
’06
N Y S tate—Canal Inapt 4s. 1900 J - J 104Bs I0 4 ’e
u .... 101*4
105*8 G reenb rier Uy 1st g u g is ’40 m -N 90
95
TO
87 *s 05
8 o C arolina 4 2,s 20-40........193
104
0 .... 103 2, 103 2, Chic <t A lt UU ref g 3 s ...1049 A-O
J-J
73 74*4 74*4 O ct74*,
70 77
T enu new settlem en t 3 s .. 1913 J - J 95 7s 97 08
0 ....
94*4
96
b
a
u
w
a
y
1
st
lien
3*as...
I960
j
.
j
68
70
70
N
ov’lly
G8*4 75
V irginia fund deb t 2 -3 s ...l9 9 t J - J 87 8 8 87
87
7
87
9
0
7a
R
egistered.......................
i96
0
j
.
j
o
c
t
’uu
76
Os deferred B row n Bros etts
40 41 4 1
0 ....
40 5G Clue B url it ij—D envD 4s 4022 F-A 99*^
9*87a
ibg oji,"
Illinois D iv 3 2js................1040 j . j 8 8 8 8 * 6 80 8J*» N o 8v8'lb*4
8 G 2,
R a ilro a d
U egistereu....................... 1 9 4 0 j . j
Sep ’lu
88
87
2,
88
* lauum a C ent bee 8 o Ry
..........................1040
J
.
J
Ills
D
iv
4
s
loo caib 99*4 ibb*4
98*2 101
/JU abu 5lnll bee A t Coast Bln
Iow a D iv auiK luud 5 s..i0 1 0 A-O 105
1 0 8 2, Oct ’bit
A lbany & 8 uso bee D e l* IIuu
S
in
k
in
g
tu
u
u
4
s..............1010
A-O
U9*b
1U0*S
99*6
N
ov’lb
98 2, 1 0 0
AUoglieny Valley bee P enn UK
N ebrask a E xtension 4 s .1027 M-N 99 lo o *JU
9o*8
98 100*,
Allog it W est bee Bull U * p
U egistereu........................1027 M-N
1 0 1 *8 M ar’ou
Ann A rb or 1st g 4 s........../U096 (i-J 77 79 79
0 ....
74
832,
S
o
utnw
esteru
D
iv
4s___1024
M-S
97
97*«
Jiay ’ib
.........
97*a ’ »»■ *
Atoll T & 8 Fe—Gen g 4s. 1995 A-O 98 'i Sale 9 8 3 s 98’6 62 972, 101
Jo in t bonds bee G reat N orth
U ogistered........................... 1095 A-O *977» 9 8 ', 98
) .... 98 100
D ebenture 5s......................1043 M-N 1 0 1 ^ Salt 1 0 0 7g 1013b
A djustm ent g 4 s............ftl095 Nov 90M bale 9u *4
1 lb
88
96
G
eneral
4
s.......................
1058
M-S
97
97*,
«7 100
K eg iste re d ....................A1995 Nov
U .... 92 92
92 •
H au <t S tJ o 8 Coiisoi 6 a . . i 0 i i M-S 100*4 97*4 1 97
1 0 0 2,
00 D
S tam ped......................... A1995 M-N 90 2, Sale 90
k 0 89 94*4 111
2,
c it E 1U ret it imp g 4 s 1065 J - J 84 Sale 84
84
81
8 G*i
107 2 b 105 117
Conv 4s issue ot 1909... 1955 J-D
107
l
s
l
consul
g
Gs....................
1 0 3 4 a -O
J ’l y ’iu
121 127
Oouv g 4 s............................. 1965 J-D iuO*s2, -Sale
10Gb8 107* 43 100 12276 G eneral consol 1st 6 s ....1037 M-N 123*8 127 »« 121
1 1 0 3 4 N o v 'lb
103
103 '
D .... 98 104 ‘4
Conv 4s (issuo ol 1910). lUGb J-D 102
U
egistereu.......................
1 0 3 7 ,y.N
11-1
M
ay’oU
1 29 iU4;,4 i2 2 r^
10-year conv g 6 s ..........lo l7 J-l 108 2, I0b»4 108*4
Clue >t iu u c Uy i s t 5 s .103G J-J 109*8........ 110 G e t’lb
110 112
L) .... 98 ’g t'8 7h luougo
D ebentures 4s Series J.1 9 1 2 F-A
<fc E rie bee E rie
9 .... 98 2, 98-, hio G t W estern 1st 4 s ...1959 M-S 85 7S Sale 85 2, 857t
Series K ............................1913 F-A 05 2 ,........
84 87>t
U .... 97 97*4
E a st Oklii D iv 1st g 4 s ..1928 M-S U‘234 sale 97
j . 0 124*4 . .. . . 2 6 O c t ’ 1 0
4
13 92 9-1*4
Sliort Bine 1st 4s g ......... 1958 J - J 109 ........ U234
ung go id5 s............1947 j . j 107*«........ I114
D eo’oy
8 i)'e P res & Pli 1st g 6 s .1942 M-S
. . . . 1072, 109 2, EU oelum
tu
sr
N
A
<t
Ch
i
s
t
Gs.1940
J-J
to o J ’n e io
ib o " i ‘0 0 4
A tl K nox Ob N bee E & N
Jj -. Jj .......... 92 02*2 O ct 'lo
92*a 94
94 7s 96
A tlaulio Coast 1st g 4s./tl9 52 M-8
6 92 06’e
1 0 2 ‘ 8 1 0 2 * 4 103
J ’n e’lo
103
103*,
A la 51 Id 1st gu gold 6 s ..1928 M-N 107*4
109
....
G
eneral
g
4s
series
A
..<1989
9b
7e
sale
J
J
53
98t8
99
“i
98
100*1
B run s W 1st g u g 4s ..1938 J 93 *s........
.
..
.
.....................
U egistereu..................... dl0b9
103 O ct '08
U liarles it Sav 1 s t g 7 s.. 1930 J-J 128 ........
G
eneral
g
3 2, a se n e s B.elOoO
8 /*-, 8 8 2 ,
88
88
2,
86*8
89
L & N coll g 4 s................ol952 M-N 9 2 *, Sale 91*4
' 57 ”89** *9 5^ 25-yr deoen 4 s .................. 1 0 3 1 J - J 02*4 03 92 7» 03
91*2 93*4
___
S avF ifc W 1st gold Os..1934 A-O 123 . ... 127 .
Cbic <t B Su D iv g 6 s ....1921 J - J lU0*2......... 1 u 7 * 4 M ar'lb
107*4 108
1st gold 6 s ........................1934 A-O 110 2 ,......... 1 1 2 :
.... i i ‘i n o
ClllO
it
Mo
U
iv
D
iv
o
s
...1920
107
**.........
J
J
108
2, O ct ’10
107 110*4
811 Sp Oca & U gu g 4s ..1918 J - J 953s......... 95 ■
. . . j 96 97*11 CI110 it P W l s t g 5s........1921 J -J 1 0 G34 Sale 10b°8 107 29 1053
b 108*,
A tlantio & D auv bee South Uy
D ak it G t So g 6 s ........l9 1 G J-J 1 0 2 104*6 ___________
103 *8 O ct ’lo
A ustin * N VV bee Sou Pacltlc
F
a
r
it
Sou
assu
g
Gs........1924
118*4..........
;1 1 0 3 4 M ay’10 ... liO *. lib * ,
J
-J
.........
022,
olt
&
Ohio
p
rior
1
g
3
*as.1925
J
J
30
92*4
90 93
BaCruaae <fc D 1st 6 s ....1 919 J - J 1017» ........... 105*8 Aov’10
B R egistered..................A1025 y -J
104**, 106
....
W iS it 5 1 in n D iv g 5 s___ 1 0 2 1 J - J 10G * 4 ...........'105*4 A ug TO
105*2 108
Sold 4 s .............................../tl948 A-O 98 *4 Sale
64 97*4 100*4 Mil
<t No ls l cons G S....1913 J-D 103*4.......... '103*8 A ug’lu
lto g ia iere d ....................41948 O-J ......... 99*4
. .. . 9G 99 '6
ed 4 >28................1013 J-D 10O*s lOU 2.1......................... ■” T 103*8 105*1
P itts J uno 1st gold O s... 1922 J -J l l l ° s .........
.... ..................... hueE<txtend
A
o
rta
w
cons
7
s___1015
<i-f
1102, 111*2 111
N
ov
'lb
U 0 7s 113
P J u n <&51 D iv 1st g 3 2,81926 M-N 87*4 8 8
___ 87»b 89*6 E xtensio n 4 s..........188G-192G F-A 99 sale 90
00
P L K & W V a S y e re r 4sl941 M-N 91 *4 Sale 91 *4
10 89 93
R egistered............188G-192G F-A ......... 100
95*8 J ’ly ’10
95*8 95*i
Bouthw Div 1st g 3 2,8... 1925 J 90 's sale 90*8
6
89
92*4
G
eneral
golu
3 2 , 3 .............. 1087 M-N
87*-,
90
88
87 90
U eglsto ro d....................41926 ti-J 882; ....
. .. . 89 >u 90 2,
R
e
g
iste
re
d
...................
pl9
S
7
y
-F
93*s
A
p
r’09
Con Ohio It 1st c g l2 ,n .. 1930 M-S 98*4 . .. .
... 103 ib3
S in kuig tuu u G s... 1870-1920 A-O 111", . .. . 1 1 0 * 4 8 ep ’lo ...' 110*8 111*4
01 Bor it W con 1st g 6 s 1031 A-O ..........112
___
109*6
n3*n
R
egistered............1879-1920
n
o
....
1 1 * 4 A ov’UO
M ouou Itiv 1 st gu g 6 s .. 1911 F-A 1013s___
S iu kiug iun d 6 s ...1870-1020 AA OO loo*i ____ . ' 1106*4
N ov ’ 1 0
105 109*1
2, . .. .
Ohio U lvor UU 1st g 6 s. 1930 J-D 103
R egistered............1879-1920 A-O 103*.
106
ar’iy
lbG 106
G eneral gold 6 s ............. 1 9 3 7 A-O 103 . .. . 112
112
.
.
.
.
D
ebenture
6s.................
1 0 2 1 A-O
102 107 2, 105*« M105^4
8 105
107
P itts Olev i t ’io i 1st g Os 1922 A-O 1097e . .. .
R egistered....................... 1 0 2 1 a -O 105 106 1UC> *9 E eb’iu
1062; 106*1
P itts Ja W est 1 st g 4 s ...1917 J - J 9G ‘4 ___
....
S
iukiug
lum
l
deb
5s........1033
M-N
........
109
Sep
TO
109
111*1
S ta t ls l B y 1st g u g 4 2js 1943 J-D 80 ___
R egistered....................... 1033 M-N
........
J iy ’08
Beech C reek bee N Y C it li
MU E S * t W est 1st gOs 1921 M-S 116 sale 109
ltG
i 16
114*8
Bollov it Oar bee lU lnolsO enl
E x t it im p slu u d g o s 1920 F-A 108*4
109 N ov’lC 6 109
B klyu &> 51outauk bee Bong i
A shland D iv 1st g Os..1925 M-S
B run s i t W est bee A tl Coast B
M ich D iv Is tg G s ......... 19241J - J 118*4 S ait 118*4 1182, 6 1*18*4 i l 8 * 4
B u llalo 5 I * E rie bee E rie
in c o m e s.......................... 1m0 1m1 M-N 1 0 0 2, ......... 103 2, Muy’uu
Bullalo U & P gen g 6 s ...1937 M-S 111 I I 6 7, l l 6 2 , J ’Jy ’ 1 0
n
3 7b 1 1 0 2 ,
p
j .j
*2 112
Consol 4 2 js......................... 1 9 5 7 M-N 107 109 105 J ’l y ’iO
.05
109*8
R
egistered....................... 1017 J . J 1U'J ..........109 A ug’lO ...1 109
109 109
A ll it W est l s t g 4s g u ..1998 A-O 9G
06 A ug’10
gold 4 s..................1088 j- . j- 97*4 97*2 07
97*4 7 91*a 99
Cl <& 51 ah l s l gu g 5s___1943 J 108 ......... 103 J 'l y ’08 . .. . 90 99*8 G eneral
ite g iste red ....................... 1088 J -J
F e h ’io ... I 98*4 98*4
H oo hit P itts 1st g Os...1921 F-A l l o 's 118 115 J ’uo ’ 1 0
115 117
lie lu u d iu g g 4 s ................1034 A-O 8 8 * 4 sa)c j 98*4
88*4
89 *6 3G 8G 92
Consol 1st g Os............. 1922
110*4 11G7s 1 10*4 Sep ’lb
10*4 116*4 CoU
tru
s
t
S
e
n
e
s
J
4
s
....1012
M-N
1 97*aJ’l y ’io
97*« 97 ',
Bull it Susq 1st ret g 4s.41951
73 72 51ar’10 . .. . 72 72
•K -a *.................................... 1016 M-N
04 2, ja u ’lo ...
... j 942, 04 4
B ur C It <& N bee C R 1 it p
K 4 s.....................................1016 M-N
04
D
oc’09
.............
1913
lan
8
0
1st
ext
6
s
-J
103*4
Sale
103*4
1034
102
2,
105*6
3
2
!
C22d 5s.....................................1913 M-S
V,4u.................................... .. M-N
04*4 51i»y’lo . . . . 94*4 94>i
16 LUU*b 101*4
P 4 s .................................... 1018 M-N
03 *2 Aug’OO
U eglstorod....................... 1913 M-S
1 0 0 a4 Muy'07
Chic It l Sc P ae HU 4 s ..2002 M-N 74 Sai-o !i 73*4
V4 234 60 7s 83 7i
Carb it 8 huw u bee 111 Cent
Iteg istered ...................... 3 0 0 2 M N
70*4 51ay’lu . .. . 76*4 80 ’,
C arolina Cout bee Scab A ir L
1U A rk & B o u ls 1st 4 *28 1934 M-S
05
UCt
’10 . . . . 93 96
C arthage it Ad bee N Y C it 11
u u r c n j i a — i s t g o s . loo 1 A-o
113*2 113 2, 1 111*11 114*1
Cod it la E it N bee B C It it N
ite g iste red ....................1934 A-O
1 2 0 2, M ar’03
Cen B ranca Ity bee .Mo Pao
C
it
I
F
i
t
N
W
1st
gu
os.
1921
A-O
105*4 O ct TO . ... 106*4 106
Cent ol Utt UU 1st g 6 s..p l9 4 5 F-A I l l ' l l .........109*8O ct ’ 1 0
09*8 1132,
51 <t S t E 1st gu g 7 s ..1927 J-J)
Consol gold 5s....................1945 M-N 100 2; 107 V10G2, 1062,
1033, 109
Choc Ok it G geu g 5s .oluiO J -J 100 ..........104 ila y ’lu ___iu i 104
R egistered.......................1945jM-N
113
‘
'
A
p
r’06
107
Consol
gold
Os................
1962
M-N
108*2 108*2O ct TO .... 108 110
1st prof incom e g 6 s ....u l9 4 6 Oct 902, p i 91
K eoa it u e s 51 1st 6s___1923 A-O
10J 101 E e b ’lU . .. . 103*8 104
8 ta ia p e d .....................................I . .. .
9 0 ‘a 91 90
o '___
90*4 Jlu c o t n. it N o bee lil C ent
2u prei incom e g o s___pl940;OCt 87a4 88*4 88 N ov’i
882,
33
88 2, h u e ttt e it P itts bee Penn Co
2 d pi ef incom e g 5s stam ped ....
8734 88*4 87
’1 0 ___
87 2, Jluc s i P 51 ds o con 6 s ...1930 J-D 123*4 125 125*6 Oct *10 . .. . 1*23 127*4
3u pro 1 incom e g 6 s pl9 4 5 Oct ' 85 8G 85 O ct85*a
80*4 Cons Gs reduced to 3 2 , s .1930 J-D
93 D ec’03
J d p re f lucomo g 5 s stam ped 1 1 85 8G 85 *s O ct ’10 . .30
.J
8G
iUl."(CEBBANiKOLsj BOND- 8 —C o n tin u ed 011 N ext P a g e .
S tr e e t U uilvvny
S tr e e t R a ilw a y
Brookly n llap T r g 6 3 ........ 1 9 4 A-O 103*4 103*4 1032,N ov’10
101*4 105 M et S t Uy gen col tr g 5s. 1997 K-A 75*8 78 78 N ov ’ 1 0
74*4 82*4
J
J
83
Sale
83
83*4
79*4
87
Kef
g
4 s ................................2002 A-O
46 64
O ct TO
B k C ity 1st cou 6 s.l9 1 0 ll9 4 1 J - J lt)2 104 101*4 N ov’lb
100 2, 1 0 4
Bway <fc 7th A v Is to g S s 1943 J-D 1 0 2 Sale 1 48
02
102
i
98
*8 102*1
M-N 07*4 99 972, G et To
CoJ<t Uth A v 1st gu g 68.1903 M-S 98 *4 100 96 J ’ly ’10
9(>a 99
96 1 0 2
f -a 101*4 103*4 1 0 2 2, njys,
99 103
Eex A v i t P F 1st g u g 5a 1993 M-S 97 ......... 93*i; N ov 1 0
962,
99
f -a 1 0 1 2 , ......... 102*4 N ov’lU
99 103
T hird A ve UU cou gu 4s 2000 J-J
G IT O ct TO
57*4 69*8
f - a 83*4 8 6
b2", N ov’10
82*4 85
C e n tT r Co certfs stin p d ...
60*8 62 2 0 2 , g-j 178 56 GS**
F-A 83
*a
86*1
85
*u
NovT
0
80
86
2.
T
hird
Avo
Uy
1st
g
5
s
..
1937
107 V07
8 105*8 IO 8 7.
N assau Elec gu g 4s ....19 61 J-J ......... 80 78
73
7G 82 N Cri Uy & Bt gen4*as ..1936 JJ -- JJ 107
......... 108
8 6 2,
8 l 76 O ct T o
8 4 ’s 87
Conn H y it E l s t i t re lg 4 2 ,a ’51 J-J ..........
0 2 * 8 J Ia r’U
l « 2 *6 1 0 2 * 6 S t Jo s Uy B t II it P l s t g os ’3; M-N
......... Os’t ■*8 N ov’OS
Stam ped guar 4 2 , 3 ........ 1 0 5 1 J J 1 0 0 2, 1...0 2 7t 1101*4
A
ug’lo
1 0 l) 2, 1 0 2
'
i
P
aul
c
ity
Cab
cou
g
So.
1937
J-J
104
108
Det U nited 1 st cou g 4*28.1932 J-J 79 81 80 J ’l y ’to
80 82*6 T ri-C ity U y& lit I s ts 1 5S.1923 A-O 96*11 0 * 2 , 98
98 S 1 96 lfti
H avana E lec consol g 6 3 . 1 9 5 2 F A 0 -1 *4 90*4
93 96 2, u n dergro un d of Bon 5 s ...l9 2 o M-N 95 99*4
tntor-A let coll 4 T s.............1966 A-O 80*6 Salt 96*2 95*s
77 83 “4
4 * 2 8 .........................................1933 J - J 8 8 * 4 89 8 a*4 88*4 35 83 89
In te r Hap T 3-yr conv 6 s. 1911 M.N 1 0 0 * 8 1 0 0 * 6 8 0 's 80 2,
100*4 104
i ncom e Gs............................1948
37 *4 Sale 37*4 37*4 7 31*8 40
45-year 6s S eries A ....... 1952 M-N 103 sale 102 2, lo3
1 00
103V Union E l (Chic) 1st g 6 s ..1946 A-O .....................
__t
84 Oct ’08
nto ru ac T rue coll tr 4 s..1949 J - J
67
*«
J
la
r
’lo
G7
*8 07*6
U
nited
Uys
s
t
B
1st
g
4s.
1934
J
J
..........
b l ’i
Aug’10
79*a S3
'a n lla E lec 1st * coll os. 1953 M-S
98 M ay’OG
U nited H R s San F r s l 4 s .1927 A-O GO 67 2. 80
65 74
6 6 * 8 N ov’lb
10134
100 ...
07*8
102\
102;\
122*8 122
100 100*,
100
101*,
102 105H
110*2
11138,
112 112
101781017,
100*2102*1
100*2102
1083»113
194*8129*,
110*8110*4
H
2,
...'102*210331
11
199*4....110*6 110*6
1U07„101*aT01'8 101*8
91
90*2101
112*,
95
9134
100
86 ...
100a6 100*6
No price Friday; latest this week. 1|FlaE aDuo Jan d Due Apr « Due.May gDuo.i’ne ADue-iTy fcDue Aug
0
Dae Get p Due a'ov < Option Solo
1372
New York Bond Record—Continued—Page 2
[ V o l . L X X X X I.
BO N D S
Week’s 2 a | K an ye
Price
BONDS
Range
Weekls
Price
Range or !o -g I Since
F riday
N. Y. STOCK E X C H A N G E
Since
Ranqe or
F riday
N. Y. STOCK EXOFTANOE
Last
Sahe |“ -2 J a n u a ry 1
Nov
18
J
a
m
ia
rv
1
Last
Sale
Nov
18
W
kkk
en
din
®
N
ov
IS
W kkk E ndinci N ov 18
A s k Sow H igh No Sow U tah
Sow H igh
dm
A sk Soie H igh
Chic S t P M A O—(V on)
123 127 E rie A P itts See P enn Co
125^ 123 J ’l y ’10
oil S t P A M inn 1st g 6s 1918 M-N 1223a
115 D ec’09
E vans A T H 1st cons 6 s .1921 J - i 110
122"„ 127 Hi 1293a May’09
N or W isconsin 1st 6 s ...1930 J - J 112
101*4 101 Hi 1 1 0 1 1 0 2 *|
1st general gold 5s..........1942 A-0 10 L 101 H; 114
112 l4 N ov’10
1 1 1»4 i l 4 ^
S t 1‘ A S C ity 1st r 6 s ... 1919 A-0 109 Hi 1.........
A p r’05
IO
8
H
2
112
M
t
V
ernon
1
st
gold
O
s..1923
A-0
108*2
J
’ly
’10
1
1
Q-M
Chic A W est f n d geng6s<)1932
95 J ’ne’08
Suil
Co
Branch
1st
g
5s.
1930
A-o
88
93*a
Consol 50-year 4 s............. 1952 J . J 91 0 1 3., 91 Hi 9 1 ‘a
L 'arg o «fc So See Ch A1 A S t P
Clue A W M ich see P ero Alarq
l lin t A P ere AI See P ere ALar
Choc O A G ulf See C K I A P
Oct ’00
Fla C & P e n m See Sea A ir Lino
c m a & u art gout 4 4 s ...1937 J - J 105 105*4 113
88*4
A ug’10
105 O ct '10
101
108 F o rt S t U D Co 1st g 4 *4 8 . 1 9 4 1 J -J 80 .......
Ciu D A 1 1st gu g 5 s ...1041 M-N
84
Sep TO
F t W A Rio G r 1st g 4 s ... 1928 J - J ......... 87
C Kind A F t W 1 st gu 4s ir.’23 M-N 8 8 Hi .......... 8 6 j 4 O ct ’10
85 87*4 1 1 al H a r A S A See So Pac Co
Gin l A W 1st gu g 43.1953 J -J 102
10 L34 107 ' Hal H A H o f 1882 1st 5s. 1913 A-0 95*4 99 97 J ’ly ’09
104 102 S e p ’10
In d Dec A W 1st g o s ...1935 J-J
107 Hi D ec'02
G eorgia A A la See se a A bine
1st guar gold 5s...........1935 J -J
Ga Car A N or See se a A bine
C 1 S t L A C See C C C A S t 1.
G eorgia Pacific See So Ry
Cln S A C See C C O S t b
G ila V G A N or See So Pao Co
Clearfield A M ali See B R & P
95Hi
90*4 96*4 Gouv A O sw egat See N V Cent
94«a 95Hi 95
Clev Cm C A S t L gen g 4s 1993
94
Hi
A
ug’09
..........
94
Hi
G rand Hap & Ind see Penn RR
Cairo Div 1st gold 4 s ....1 9 3 9
91 S e p ’10
92
90 94 Hi G ray’s P t T erm See S t b S W
Cin W A M Div 1st g 4s. 1991
90 211 94*2 97*«
9234 94 9234 93 Hi
89 34 9634 G t N or—C B A Q coll tr 4 s 1921 J - J 05*8 Sale 9534
S t L Div 1st col tr g 4 s ..1990
*2 NovTO
04*4 96*8
91 Oct ’07
*92
R egistered. h .....................19m Q-J 98*4 1 0 0 95
R egistered........................1990
99
Sep
TO
93 100
96
D
ec’09
____
100
H.
S
t
P
a
u
l
M
A
Alan
4
s
....1
9
3
3
J
J
Spr & Col Div 1st g 4 s ..1940
125 *8 128;*4
126*4 12734 125*4 J ’ly TO
9 0 ‘a 'JO3, 90 AIay’10
90 90
1 st consol gold Os..........1933 J - J
W W Val Div 1 s tg 4 s ... 1940
A pr >09
10514 F o b ’10
R egistered....................1933 J - J 105H, 106 132
106*4
105*4 105*4
C 1 S t b A C consol Os.. 1920
.. . 1U334 1U7'*8
10034 Oct TO ......
943« 9 7 1 9734 Oct ’10
Reduced to gold 4 *48 1933 J - J
96*4 98*4
1st gold 4 s......................*1936
....................
lUd ’.i J ’ne’uO
96 Aug'10
96
R egistered................1933 J - J "o7'*i
96 98
R e g istere d ............... * 1936
97
*4 Nov 10
07H»io6*4
105
108
O
ct
TO
108
108
M
ont
e
x
t
1
s
t
gold
4
s
..
1937
J
-D
Cin S A Cl eon 1st g 5 s .. 1928
1 0 0 *4 u c t * 0 0
106^8
109*4
D
ec’09
R
egistered....................1937
J
-D
0 O O & 1 consol 7a...........1914
9 9 3 4 Ja n *1 o ... I 9 9 3 4
9934
95*» ...
E M in n N o rD iv lstg 4sl94S A-0 112*8..........
C or.solsink fu n d 7 s .... 1914
te b 70 ...1 1 3 114*4
126 *4 125 Hi 119 A ug’10
M ina Union 1 s t g 6 s. .1922 J - J 126*4 ... 114*2
G eneral couaolgold 6s. 1934
...
125
129
127
Nov
10
M ontC 1 st gu g 6 s ___1937 J - J
R egistered.................... 1934
130*4
'itiv’OO . . . . '110
94 J ’ly ’08
R egistered....................1937 J - J
Ind B1 A W 1st pret 4 s .1940
1 1 2 * 4 NovTO
113*a
111*4 n o
1 s t g u ar gold 5s........1937 J - J
0 Ind A W 1st pi 5 s ...<<1938
112 ........ 116 J ’ne’09'
89'.
92
90
9
94*
W
ill
A
S
F
1st
gold5s
1938
J-D
Peo A E ast 1st con 4 s ...1940
67 G reenb rier Ry See d ie s A O
Incom e 4s..........................1990 Vpi 60 Sale 5U34 6
87 94*a
87 Oct TO 1
G ulf A s 1 1 st ref A t g 5s 61952 J - J
Clev A M arietta See P enn R h
A S t Jo See C B A cj
Clev A P itts See P enn Co
65 813), H an
70 Hi 70*4 N ov’10
ousatom
o
See
N
V
N
H
A
11
. J 70
Col M idland 1st g 4 s..........1947 JF-A
N o v T O .... 99*8 104
965j
o4 34 95a< 05
93 97*8 H ock Val 1 st consol g 4 *4 8 .1909 J - J 100*2 102»b 102T
Coloradj A Sou 1st g 4 s . ..1929 M-N 97
100*2 ftep ’081___'
97 H
94 Hi 99
Sale 07
R egistered........................... 1999 J - J
R eiuiul & e x t 4H is..........1935
Hi Alay’ 10
96
CoLA H V 1 s t ex t g 4 s .. 1948 A-O 93 05 95
111*9114
F t W A D en C 1st g 6 s.. 1921 J -D 1 L234 ........ 113*4 O c t’lO
90 *4 c 00 ’00
Col A Tol 1st ex 4 s ........1955 E- A 92
Colum A G reenv See So Ry
H ou st K A W T ex See So Pac
Col A H ock Val See H ock Val
lio u st A T ex Ceu See So Pac Co
Col A Tol See H ock Vai
104 10534
104 J ’ne’10
j llinois C entral 1 st g 4 s ..1951 J -J 1*101
Col Conn A T erm See N A W
107 *b Ap: ’07
R egistered........................1961 J -J 87*2 .
Conn A P as Rivs 1st g 4s. 1943
i ' 0 6 ” “0 2 "
01I34 90a4
100
100
100 M ay’10
1 s t gold 3 * 2 3 ........................1951 J - J
Cuba HU 1st 60-yr 5 g ___1952
94 Sep ’09
R egistered........................1951 J-J
da G t So See C M A a t P
03 Hi Alay’09
D ak
E xtend ed ls tg 3 H is ........1951 A-0 87*2
alias A W aco See M K A T
80
J ’ly ’ 0 0
1st
gold
3a
ste
rlin
g
..........1951
M
6
Del lsack * W e s te rn 09 100a4
99 38 N ov’10
00*4 .
108 Hi Oct ’10
108*4 111*4 Coll T ru st gold 4 s............1952 A-0 *00
108 Hi.
M orris A E ssex ls t7 s ..,1 9 1 4 M-N
J ’no'09
111** 114*8
11 1 *, N ov’10
R egistered........................1952 A-0 06*2 07*2 1*9
Ill .
1st consol g u ar 7 s........1915 J-D
90 00
>2
97*2
97
127
J
’no'05
.............................1955
AI-N
1st
re
l
4
s
J-D
R egistered....................1915
97 *4 lOU3*
90 N ov’lC
94 04 S c p ’oy
b N O & T ex gold 4s . . . 1 9 6 3 ;M-N 09
1st ref gu g 3 His............2000 J-D 866'a 120**8
00 96
96 97*2 96 A p DO
1 1 8 n8 N ov ’ 1 0
113 L ib3®
R egistered........................1958
N Y back A W 1st 6 s ...1921 J -J 11
r’09
1(J0
___ 106 O c t’lO
1 U0
110*9 Cairo B ridge gold 4 s ___1950| J -D
C onstruction 6 s............1923 F-A 107
8
Alay’
It
87
’87*8
'88*2
90
99
99
**
98
Hi
99
97 J4 10 1
liOUisvDiv& Term g3 His. 1963 J - J 102
T erm A Im p ro v o 4 s....l9 2 3 M-N 85 ___ 192 4 F e b ’O
123 Alay’09
M iddle Div reg os............1921 F-A
W arren 1st ref gu g 3 His.2000 F-A 117
‘7734
"773i
7734
M
ar’10
120
120
O
c
t’lO
Om
alia
D
iv
1st
g
3
s........1961
E-A
120
120*8
M-S
Del A H ud 1st Pa Div 7s. 1917
70 79*4 D ec’Ub
Aug’01
S t L ouis D ivA term g3s,1961 J -J
R egistered........................1917 M-S :..........1189836 140
96*9 10 J
083* 98
R egistered....................... 1961 J - J 87*2 90 89 K eb’10
10-yrconv deb 4s............1916 J-D 1 98
88 J4 89
0
0
34
102
100
103
Gold
3
His.........................
1951
J
J
101
H
i
lu
l
H
i
1st lieu equip g 4*gs ....1 9 2 2 J -J
1 0 1 *8 u c t ’99
99
96*8 100*9
R egistered....................1961
1st & ref 4 s ..........................1943 M-N 98 Hi 99 9834,
100
JNov’OO
91 97*9 S p ring D iv 1 st g 3 *2 8 ...1 9 5 1 J - J 87 .
933s »334
A lb A a u s conv 3 *as........1946 A-0 1 93HiSalb
95 98.
05 O ct TO
123*4 130*4 w e ste rn b in e s 1 s t g 4 s ..1951 Is -A 06*2 H ens A S aratoga I s t7 s .l9 2 1 M-N 2 2 j 4 ........ 123 Hi 3 6P ’10
117 Hi May TO
117 *2 117 *2
Bellev A C ar 1st 6 s ........19231 J-D
D el ltiv RR B ridge See P a R lt
yo *4 O ct TO
05*4 90
923s 9734 Carb A Shaw 1st g 4 s ...1932 M' s 04
95 0434 94
-J 9434
D env A R G r 1st con g 4 s .1936 JJ-J
l H ’i 119
10334 104*4 Chic S t b A N O g 5 s ...1951 J-D 112 119*2 U 6 U ct TO
99 H» 103 H. 1 0 4 ), M ar’lu
Consol gold 4*gs.............. .1936 J-D 100
118 118
112 115 118 M ar’10
100 105
10 i 34 101 1 0 l3,
R
egistered........................1951
J
-D
Im provem ent gold 5 s ...1928
88 90 O ct ’09
903s 94*4
90 92 90 *9 9 1 *4
Gold 3 * 2 8 ...........................1951 J-D
1st A refu n d in g 5 s..........1965 F-A
9 /Hi 97*2
*57 ‘i M ar’10
08 F o b ’Oo
M oinpli D iv 1st g 4 s ...1951 J ‘D
Rio G r Ju n o 1st gn g 5 s .1939 J -D
98 J ’ly ’08
79 78 D ec’09
S t L Sou 1st gu g 4s___1931 *J-S
Bio S r ao 1st gold 4s. ..1940 J - J
M ar’08
Ind B1A W est See C O C A S t L
G uaran teed......................1940 JJ -- JJ 90 9134 85
96 08
95 May TO
00
90
94*9 In d III A la 1st g 4 s..........1960 J -J 05 ........ 10/
Rio G r W est 1st g 4 s ....1 939
10/ 11034
85 In t A G reat N or 1 st g 6 s .. 1919
O ct ’10
100°8 108 1 1 0 M 1**7
M ge and coi tru st 4sA .1949 A O 8434........ S434
ay’lC ...*'10634 112
07 J a n ’ 0 2
102*2........
2d gold 5s.............................1909‘ Al-S JLU3
U ta h C 6 u tls tg u e 4 s «1917 A-0
112a4
Sale 103 U>3 17 103
T ru st Co ce rtfs........................
D es Moi A F t D see M & s t L
17 35
15 *8 16 1 6 * 8 O ct TO ..J3 10^*4
I Sep ’04
3d gold 4 s.............................1921 A1-S
D es Aloi U n Ry 1st g 5 s ..1917 M-N 94 ........
lu 6 a4
lU
o's
105*4
105
105*.
J-D
l
S
e
p
’lo
94
Iow
a
C
entral
1st
gold
o
s
..1938
97*8
J-D
D ot A M ack 1st lien g 4s. 1995
69 7 7 Hi
73 70 O ct TO
Nov’lu
88 91
Gold 4 s...................................... 1951M-S_ ..........
J-D 89 91
Gold 4s................................... 1995 M-S
21
04
94
'4
04
04*2
94
Sale
4
O c t'10
72 74 Jam es P A Clear 1st 4 s ... 1959 J ‘-L’
72 76
D et ao—O a Div 1st g 48.1941
G et ’10
106 111 K oi A a u xi See Li s>a m q
D ul A Iro n R ange 1st 5 s ..1937 A-O 108 Hi 110 108*4
lOOHi-Alar’uo
an A M ich see Tol A O C
R egistered............................1937 A-O
K C F t S A M See S t b A S F
2d 6s................
1916 J - J
K C A Ai R A B See S t b A S F
D ul S h ort b in e See N or Pao J-J 106*9 10934 107 *9 O ct ’10
106*9
10734
K an C A Paoifio See M K A T
D ul So Shore & A tl g 6 s ..1937
N ov’10 *1 71*2 74
Kan City Sou 1st gold 3 s ..1950 A-0 73*4 7338 73*4
l / a s t of M inn A 'e« 3 tP M * M
63 u c t ’00
R egistered...........................1950 A-O
I Ja st T en Va <6 G a See So Ry M-N 107*9..
09*2 103
101
1 0 8 * 9 O ct ’10
108*4 108*4 Ref A im pt 5s A pr 1950____ A-O loo 101 100
E lgin Jo l it> E ast 1st g 5s. 1941
98 08
08
K ansas C ity T erm ! 1st 4s 1960 J - J i*073a 08 98
Eun Cort & N o See l-eh A N Y
118*4
122*4
1
2
0
1
-2
0
K
entucky
b
e
n
t
see
L
A
N
I
1834 119 °a
E rie 1st consol gold 7 s ....1 9 2 0 M-S 1100*4
iUO 1 0 0 Kook A D es Alo See C R IA P I
100 J ’ne’10
N Y & E rie 1st e x t g 4s 1947 M-N 103*8 ....
104*4 106*8 K noxville A Ohio See So Ry I
O ct ’ 1 0
2d ex t gold 6s..................1919 M-S 1U0*8......... 104*4
108*2 112<^
103 103 H, I ako E rie A W is t g 6 s ..1937 J -J 108*2 U O *4 110H, NovTO
103 Alar’10
3d e x t gold 4His...............1923 M- S 103 *s ..
106 Hi 107*2
M ar’10
106*4 106*4
2d gold 5s.........................1941; J • J ..........107 106*a
106*4 Ja n ’ 1 0
4tli e x t gold 6s.................1920 A-O
lot*
M
ar
TO
"108*2
112
993,
9934
106*2
H
I
y
0
34
F
ob
’
1
0
N
o
rth
Ohio
1st
gu
g
6
s..
1040
A-O
5tli e x t gold 4s................ 1928 J-D
118 118 b Sho A M ich S See N V Ccutl
118
o c t ’ 10
N Y L E A W l s t g fd 7s. 1920 Al-S .........119'8
^10534 108*2
80*4 87*s boh Val N V 1 st gu g 4 *23.1940 J - J 107 ........ 106 NovTO
85*9 N ov ’ 1 0
E rie 1st con g 4s p rio r..1996 J-J 83 ‘ 4 85
R egistered...........................1940 J - J 103*8 105 U8
84j4 81 ihov’OO
R egistered....................1996 J-J
T 96**8 08
67 76*8 L ehigh Val (Pa) cons g 4 s .2003 M-N
7438 76 71%Si E eb743s
1st consol gen lien g 4sl996 J-J
113*2 116*4
113 NovTO
b en V T er Ry 1st gu g 6 3 .1 9 4 1 ^ -0 113 113Ba 109
’u/
R egistered....................199U J-J 87 Sale 85
.
..J
Hi
Dot
’90
R
egistered...........................194F
A-O
87
6
8
83*9
87
..........
P enn eoll tr g 4 s..........1961 F-A
N ov’U'J ___1
64 83 Leh V Coal Co 1st gu g Os. 1033 J - J 106*2----- 108
Sale 74?s 76
50-year conv 4 > A ....1 9 5 3 A-O 76
93*4 95
66
73Hs b eh A N Y 1st g u ar g 4 s ..19 45'M-S 933, . .. . yj34 Alar’lO
70 Sale 0934 70*4
do
S en es B .1963 A-0 109
1137b M ar'lo
113*8 U3*8 R egistered.......................... 1945 M-S
Bull N if A E rie 1st 78..1916 J-D 11138 113
i o i ’*2 iui*a
ib‘i*2 Foii t o
110 115
E iC A N 1st pi 6 s ........1914 A-0 102
112 lllt-hN ovT O
Ohio A E rie 1st gold 6 s .. 1982 M-N 112
1 0 1 * 4 sop ’09 ....
........
1
2
1
D
ec’0
8
|....ii___
Gold gu ar 6s...................1914 A-0 100
........*
J-J
Clev * M ahon Vai g 6s.193b
127
l23**N
ov’1
0
___120
Leh
A
H
ud
R
See
C
ent
ot
N
J
124Hi
Long D ock consol g 6s. .1935 A-O I22*s 109
*« 11 1 A p r’10 ....1114 114 Leh A W iikesb see C ent of N J
Coal it: RR 1st cu r gu 6s. 1922 M-N 104
Leroy A Caney Val See Mo P
103 Hi O ct ’00
___
Dock A Im p 1st cu r 6 s ..1913 J - J 100*8..........
; 99s, 103*4 cioug Dock See Erio
991*106 9 0 * 4 N ov’10
N 7 & G reen b gu g 6 s .1946 M-N 101
. . . . ,1 123s N oy’10 .... 110*8 112^|
101 Hi 1 0 0 H»O ct ’ 1 0 ___I 99 104 Hi uoug Isl’d—1st con g 5s./il931 Q-J 111
N V bus & W 1st ref 68.1937 J-J *..........100
y6 1 0 0 |
1st consol gold 4 s........../il931
Hi 100*4 D eo’OO1___'....................
2d gold 4 * 3 8 ......................1937 F-A .......... 87*9
O ct TO ••• J 93 97»4
91*2
96 *4 94
89 J ’ne’lO l... 89 9 3
G eneral-gold 4 s.................1938
G eneral gold 6s...............1940 F-A
97 Hi N ov’10
UY 100*4
Kerry gold 4 His.................1022 M-S 97*2
T erm inal 1st gold 6s. ..1943 IVt-N 107 *s......... 1 0 8 * 4 O c t’10 . . . . 108 196*4 Gold
4s.................................
10321
J-D
R egis 85,000 e ao h ...l0 4 3 M-N 99 101 Hi 101*9 M ar' 1 0 1. . . . 1101*9 101 *9 U uified gold 4 s ................ 1049 M-S 94 96 93 Hi M ar’10
03*2 06
W ith A Ea 1st gu g 5s. 1942 J-D 106*8..........U
104Hi D ec’08
........
........
4 O ct ’09 . . . . ........................ D ebenture go ld 6 s............1934! J-D
E v A In d 1 st con g u g 6 s..l9 2 U J - J
A llSiC E LbA N E O U S BO N D S—C o ntinu ed ou N ext P a g e .
H a s am i E le c tric L ig h t
H u s nnrt E le c tric L ig h t
Sale 103 102*8 23 99*2 103*4
N Y G E L H A P g 5 s ...1948 J-D 102
A tlanta G L Co l s t g 5 s ...1947 J-D 102 ..........
Purchase
m oney g 4 s ...1949 F-A 84 34 bale 843, 8 l 3, 13 80 87
10538
100
•Bklyu U G as 1st con g 5 s .1945 M-N 10538 Bale
If 105 io 7 34 Ed El ill 1st
g 5 s ..1995 J - J 110*2111 110*2 Oct •10
UO 111*2
OO^B 67 N Y A yE t L A P cons
Buffalo G as 1st g a s ............194. A-O .......... 66 UO^Sep TO
ls tc o n g 5 s l9 3 u K-A ..........100 Hi 190*4 M ar’lo
100*4 101*4
__, ..........
Colum bus G as 1st g 5 s ....1 932 J - J
07*2 J ’ly ’09
" T o o " 1 1 0 0 i o i h. N Y A R ich Gas 1st g 63.1921 M-N
D etroit City u a a g 6 s..........192o J . j Too 1 0 0 H loo**
’Ob
Pacific G A E lec Co Cal G A E
D et Gas Co con 1st g 6 s..,1 0 1 s
100
.......... 96 "s Sep
91 93
O ct TO
c o rp unifying A rof 6s 1 k3'i M-N 91**8 0 2 * 8 92 *2 NovTO
E q G L N Y 1st con g o s ..1032 d-S 105 ......... 105
oi*2 105*2 P oo
01 *2 Uct ’01
116*2 119
o a a A c 1st con g 68.1945 A-0 116*8 117*8 116 *2 A ug’10
G as A E lec Berg Co c g as. 194*5 J-D
lo t *8 104
R efunding gold os............1947 M-S ..........102 102 O ct TO
G r Rap G L Co 1st g o s ...i\U 5 F-A *98’* i o i " LOO Oct Lh
102*2 104*4
- J 102 104*V 104 O ct TO
H udson Co G as 1st g 5 s .. 1949 71-N 102 ......... 102 Sep ’li
ioi*2 ioa*. C h G -L A C k e ls tg u g o s 1937 JJ-D
100**4 102 LO1 *4 O ct TO .... 100*4 102
97 Alar’H
Con G Coot Ch l s tg u g 5 s .’36
97
97
K an City (Alo) G as 1st g 6s 1922 A-O lUOSg
07 m.........
g (OL A u g '10
00 HU
In d N a t Gas A OU 30-yr 5s ’36
K ings Co El L A P g 5 s ... 1037 A-O
01
101
Mu K u e lG a s ls tg u g 6 s .l9 4 i vl-N 1 0 0 1 0 0 * 2 1 0 1 M a i'lo 6 1 99
110*2 1 la
P u rch ase money 6 s ......x 0 9 . A-O 113 116 114 O ct To
105
B'i V 1 863, yo P hiladelphia Co conv 6s ..1919 K-A 99 102 09
09**4
Ed El It B an lste o n g 4 s 193*5 j . j 883s Salt.
Lac G as L ol S t L i s t g 6s.«19l0 V-K 102*4 104 1 0 2 * 4 1 U2 *4 ) 100 Hi 105 S yracuse L ighting 1st g 6 s .’51 J-U 98 ......... 98 A ug’lo .... 08 1 0 0
110 M»>’05
Ref and e x t 1st g 5s........1934 A-O 101 dale IU0*2 101*4 u 99 H U '4 Trenton G A Kl 1st g 6 s ..194*5
93 03
91 02*8 U nion E lec L A P I s tg 6 s .l9 3 2 M-S i ‘0 6 .......... 93 O c t’lO
M ilw aukee G as L 1st 4 s .. 192 71-N 89 02**4 01 A p r’ll
100
103*4
W estchester L ig h t’g g Os. 195c J-D 1 0 2 34 ......... 102 *» Nov’10
N ew ark Con G as g Os........1948 J-D ..................... .........................
u
* No price Kriday; latest bid and asked this week, a Due Jan 6 Due Keb d Due Apr 0Due May ADueJTy Ic Due Aug q Due Deo S Option Sal®
Nov. 19 1910.
"3
■ «o
New York Bond Record—Continued—Page 3
1373
BONDS*
BONDS
Price
Week’s tibs I Range
Price
Week’s
. Range
N. V . STOCK E X C H A N G E
F riday
Range or o p
Since
N. Y. STOCK E X C H A N G E
F riday
Range or
j
Since
Nov 18
Last Sale
W eek Kn ih m . N ov 13
J a n u a ry 1
W'khk en d m u n o v i s
Nov 18
Last Sate
J a n u a ry J
A sk Lou H \gt\ Ao Low High. Y C ent A H B—(ConJ
L ong Islan d —{Con)
iB ta
Jligri
But
asf . Low
H igh
G uar re£ gold 4s................1049 M-Si 90 90 7a 96% 9(5% 7 94*4 100 N Mich
c e n t coll g 3 4 s ___1998 F-A ......... 81% 80% 80% S o3 Row
78 82%
B k ly n A M ont 1st g 6 s .. 1911 M-S ........
B
egistered..............
1998
F-A
*.........
79*
...
79%
4
79
4 A ug’lo
1st 5s..................................1911 M-S' ......................101% D ec’08
Beech C reek 1st gu g 4 sll9 3 0 J - J 98% ........ 98 O ct TO . .. . 97 79
98%
N Y B A M B 1 s tc o n g 5 s 1935 A-O 103 ......... llO % N o v ’O0
B egisterod............
1936 J - J 98 4 ........ 102 M ai’04
N Y A B B 1st g 5s........1927 M-S 101 ..........105 A p r’07
2d p i gold 5s.................. 1936 J - J 105*4........
109 N ov’OO
N or SUB 1st con g mi 5 s ol932 Q -J 1 0 1
Beech Cr E x t 1st g 3 4 s 51955 A -0
L ouisiana A A rk 1st g 5s. 1927 M-S 95 .......... 97 N ov’OO
Cart A Ad 1st gu g 4 s ...1981 J -O 8 4 4 ........ 9 7 4 A p r’09
L ohisv A N ashv gen g Os.1930 J-D ..........115*3 1154 O ct ’10 »1 112*4 11634 Gouv
A Oswe 1st gu g os 1942 J-D
Gold 5s................
1937 M-N ....................... 113 O c t’10
112*3 114
Moh A M ai 1st gu g 4 s ..1991 M-S
98% J ’n e ’ 1 0
98% 99%
98n,
Unified gold 4 s..................1940 J - J 98*8 Sale 98
100*3 N J Ju n o B gu 1st 4 s ...1986 F-A
105 *n*t '0 2
lio g lstered .................................1940 J - J...................... 9734 l)7 \ 23 990%
734
9734
N
X
a
H
arlem
g
3 *3 3 ...2 0 0 0 M-N
93
A ug'10
93 93 4
Sink fund gold 0s...............1910 A-0 ......................100 4 Dec ’09
A-O
N
Y
A
N
o
rth
1st
g
5
s
...1927
108
Get
’00
108 .......... 1 0 74 S e p ’1 (
Coll tru s t gold 5s........................1931 M-N
110
N V A P u 1st con g u g 4 s 1993 A-O 98% 98 4 96 4 G et ’ 1 u
95% 9 8 4
K 11 A N ash 1st « Os___ 1919 J -D 111 ..........115 O ct TO — 107
I 11*4 115
N or A M ont 1st gu g 58.1916 A-0
L Cln A Lex gold 4 4 s . ..1931 M-N 101 10(5 104*8 1043b —,2 103
10t5
C reek reg g u ar 6s. 1932 J - 0
131*4 Jan ’ 0 9
124 M ar’lo — 124 125*4 BBi**e
N O A At 1st gold Os___ 1930 J -J 121
W A O con lste x t5 s.A 1 9 2 2 A -0 106 4 110% 10/ N ov’li . . . . 107 110
N O A M 2d gold Os.........1930 J -J 117 ..........118*3 N ov’lO
118*3 118*3
e * 1* 2d gu g 5 s...e l9 1 5 F-A ..........105 4 105 J a n ’Ob
Pensacola l>lv gold Os...1 92 0 M- S 105*4 111 105*a N ov’lO —
— 105*4 110*4 2B s.^
W A O T B 1st gu g 5 s .1918 M-N 103 ........ 104 J ’ne’iO 1 i()*4** io i"
St L D iv 1st gold Os........1921 M-S 113‘a ........... 113 Sop TO ••• 113 114
B utland 1st con g 4 4 s ..1941 J - J 95 4 ........ 102% F eb TO . 101% 102%
2d gold 3s.........................1980 M-S 08 ..........| 71 51 ay’09
O gA LCham ls tg u 4s gl9 48 J - J 82 4 87 84 O ct TO . 80% 91%
A tl Knox A Cm div 4 s .. 1955 M-N .......... 92*3 93*i Sep TO
j 91 95 *3
B ut-C anad 1st gu g 4 s .1949 J - J
92 J ne’OU
Atl Knox A N or 1st u 5sl940 J -O 101*8...........11(5 J ’ly 0(5
i 10* 115 J ’ne’09
J-J
.
> .gold
w * 6s__.
A,l*r .l.s. t___
g 5s. 1996
103
110
J
a
n
’09
H ender B d g e lststg O s.1 9 3 1 M-S
1996
2d
A-O
F e b ’08
125
K entucky Gout gold 4 s.. 1937 J - J 94 95*a 94»4 9 4 3 4 2 " 9 4 3 4 '97* q U tloa A B lk Nivgu*g*4sll922 J - J
100 100 N ov’ -O
100 102
LA N A M A M 1st g 4 4 s 1945 M-S 102 105*8 102 Sep TO — - 102 105 4 L ake Shore gold 3 4 s ... 1997 J-D
9034
90
90 92 4
90
L A N-SoutU M jo in t4s. 1952 J - J .......... 90 ! 9034 Oct TO
89*a 92
B egistered.................... 1 * 3 9 7 J-D 88 90 HS4 88 4
88 92
J 12*s,N ovT0
N F la A S 1st gu g 5 s ...1937 1’ -A 107*3.........
10(5*4
112*3
D
ebenture
g
4
s........
1928
93
93%
M-S
93%
93
92 95 »4
N A G B dgegeri gu g 4 4 s 1945 J - J 98 ......................................
25-year
g
4
s
........
-*“
I
"
l9
3
1
M-N
92%
92
4
93
4
92 9o34
93*4
P ens A A tl 1st gu g Os..1921 F-A 100*4......... 110*4 Oct To -- 110*4 110*3
K a A A G B ls tg u c 58.1938 J - J 1004
S A N A la con gu g 5s.. 1930 k-A 1 o9*4 114 110 N ov’10 - 109*3114
M
ahon
C’l
B
B
1st
5
s
..1934
J - J 110%
109 Get ’07
94 91 O ct TO -- 8 8 *3 92
L A Je ll B d g e C o g u g 4 s..l9 4 5 M-S
A -0 100
100
D ec’OO
t cK A Y ls2,1tgKu69.01928
L N A A Oh See O U L
P itts M
6 s .1932 J - J 122*4
1 3 04 Ja n ’09
1/1 ahon Coal See L B A M 8
2 d g u a rd s........................I l 9 3 4 J - J
120
iT lan h a tta n By consol 4 s .1990 A-0 96*3 9 7 % 97 N‘ov’10
93*8 98*4
J - J 107
M cKCees
B V 1 s t g 6 s 1918
H egistered.................. 1990 A-O
104 A p r’05
ent A5s........................
1 9 3 1 M-S
109% 115 1 1 0 4 G c t TO . .. . 1 1 04 1104
98% IS; 04 7a 99% M ichB eg
Stm pd ta x ex em p t.. 1990 A -0 98 Sale 98
istered .................... 1 9 3 1 Q-M 108% ..........1119
ue’06
M cK 'ptA B V See N V C ent
97
Ja n T o
J
J
........................................
1940
99 99
Mex C ent cons g 4s........... 1911 J - J
99 09*4 99>a 99*8
9G34 99*8
B egistered.................... 1 9 4 0 J
93 4
D ec’OO
1st cons mo g 3 s..........«1939 J ’ly
3 1 Ta May’ lu
27*3
317e
J
L
A
8 1 s t g 3 4 s ......... 1 9 5 1 M-S
j
’no
oa
25*3 A p r’09
2d cons 1110 g 3s tr u s t re c ts..
1st g 3 4 s .........................1952 M-N
A p r’10
87 90
Mex In te rn a t 1st con g 4s. 1977 M-S 715
77
J la r ’io
1 75 77
20-year deh 4 s ................1 9 * 3 9 A -0
9 l a4 N ov ’ 1 0
89 92 4
Stam ped g u aran teed ___1977 M-S
79
79
79
79
J-D
Bat,
c
A
b
lu
r
1st
gu
g
33.1989
Mex N orth 1st gold Os___1910 J
OU May TO
IU0 1 0 0
N Y Chic A S t L. 1 st g 4s 1937 A-O 9 9 % .... 99% 99% 61 j 0 7 4 1004
Mloll C ent See N Y C ent
B egistered........................1 9 3 7 A-O 98% ___ 1 0 0 D eo’09
Mid ot N J See lin e
D ebentures 4 s................1931 M-N ......... 91 0 1 4 O c t’lC
90 92
M.U L S A VV See Chic A N W
W
est Shore l s t 4 s g u ...2 3 6 1
1013s
99% 102%
Mil A N o rth See Ch M A S t P
B egistered....................... - 3 3 9 1 J - J 100% 1 0 14 101
90% 100 4
M inn A S t L 1st gold 7 s ..1927 J-D 130 .......... 131 M ay’10 . 131 131 & X * G reen w L ake See E rie J - J 100 101 99% 99 7*
Paeiilo Kx 1st gold Os...1921 A -0 1 0 1 .......... 118 J a n ’07
W ar *ee N Y C A H ud
South W est Kx l s t g 7s.lU 10 J-D ‘.........107 1 0 0 * 3 J’ly ’ 10 ... 1 0 0 4 101 N$ Y* *L ack
A W See D L A W
1st consol gold 5 s..............1934 M-N 108 Sale 108 108
1 102% 109 M v
L r‘ 0
1st and rotund gold 4 s ..1949 M-S 71*3 74*4 87
72 M ar7?TO 2 67 4 81 4 vr
,See G ent
of N J
.. 87 91% N X N H A Ur
D es 51 A F t L> 1 st gu 4 s ... ’35 J -J 85 > 3 .........
H
—Conv
6 s .. 1948
134 Sale 1334 134 18 130*4 1354
M inn A S t L gu See B C K A N
Couv
debeu
3
4
s
..............iy
60
100 %1 0 1 %100% 101% 54 90% 103%
Sop T o
064100
0(5*8 0 7% 97*4
M S tP A S S M c o n g 4 m tg u ’38 J - J ..........
c B con g 5 s ..1987 M-N 112 121 112 4 O ct To ... 1 1 24 116
07*8 98 4 J a n T o -.1 98 4 98 4 m ilo u sa^ toVmorb
M S S 51 A A 1st g 4 lu t gu 1920 J - J
y con cy 53.1918 M-N 100 %........ 107 A ug’09
M inn U 11 See S t P M AM
N YCA H
J-D 9 7 * 4 Sale 97*4 9734
0 6 4 1 0 0 N Y AO AN oWrthret See
Mo K au A T ex 1st g 4 s ...1990 F-A
l s t g 4s..pl992lM -S 964 96% 9 6 4 97
96 98
84 *3 Sale 84*4 . 85 4
82 8 7 3 4 **BXegis
2d gold 4 s................
gilWU 51-N 102
8 o, 0 0 0 only..........pl9 92 M-S
101 4 J ’ne’06
103»a
193
N
ov'U
l
1st ox t gold Os....................1944
100 100 N Y A P u t See N X c A H
81 % N ov’lo
1st A return! 4s..................2004 M-S 80*3
78
4
86 4
85
85
\iirio
? a e lslan d
G 011 s £ 4 4 s ......................1930 J - J 84 4
83 4 0 Ua4 N iY »s ifc YV
88
A p r’09
S t L Div 1st rot g 4s___2001 A -0
A M See So Pac Co
Dal A W a 1st gu g 5 s ...1940 M-N 1 80 81 * 3 ...9 U34 105 J ’no ’ 1 0 ...1 0 5 105 NN orY AT ex
S
outh
l
s
t
g
1 .......
M-N
100%
101
May’10
100 101%
89% 89 _ PI 89% 93 4 N o rlA W est gen g6 6s s... . . . I 1l 99 34 l'M
Kan C A Pao 1st g 4s. ..1990 F-A
-N 124%
125% Sep TO
123 126%
51o K A K 1st gu g 6 s. ..1942 A -0 109 > 3 .......... 1 1 0 % Oct T o ...1
0 6 113
Xmprovem’t
A
e
x
tg
6 s .. 1934 F-A
126 ila r ’ 1 0
124% 120H
M K A Ok 1st gu 5s........1942 M-N 107*4 109 1 0 0 % N ov '1 0 . .. 103 1084 w ® ^ t5 1£e,\ JL8 t S 6 8 ........1«32 A -0 11 22 22 % 128 123
TO
123 124%
M K A T ot T 1st g u g 68.1942 M-S 101*4 106*4 1 0 2 N ov ’ 1 0 ... 100 4 1 0 5 4 N A W By 1st con g 48.1990 A-O 9 8 4 bale 98 4 51 ay98%
96 4 1 0 0
18
J-D
104
109
110% A p r’UO
Sher Sh A So 1st gu g 5s. 1943
B eg istered .......................1 0 9 6 'A-O
97 A pr T o ......* 07 97
T ex A O k la ls tg u g 5 s ...l9 4 3 M-S 105*8 107 105 Sep TO ... 105 108
93 9 3 4 92% N ov’ to . r11 91 93%
*5
48-.-1944
J
J
Mo Pacific 1st con gOs ...1 9 2 0 A1-N 107 4 109*4 109% r 1 0 25 107 111
couv 4 s___ 1 9 3 2 J-D 1 0 0 b ile 1 0 0
*0 0 % *169
84
T ru st gold 5s stam p ed.al9 17 M-S 1 0 1 *3 Sale 1014 1014 6 1 0 0 102 4 _ 10-25 year
G A C Joint 4 s.. 1941 J -D 8 8 90 8 8 N ov’lu . . . J 08 64 44 1 090%
B e g istero d ....................al91 7 M-S
99% M ar’io . . . 1 99% 99% C L A P 1st
gu
g
5
s..........1922
J
J
103
A
p
r’io
106
104*4
100
1
0
0
4
N
ov’10
F-A
lU 0 * a 1 0 2 %
1st coll gold 5s....................1920
... 100 102%
V A N E 1st g u g 4s 1 9 8 9 ,M-N 96%
96 N ov ’ 1 0 .... 94 90%
40-year gold loan 4s........1945 M-S 773a 78 7 7 4 vr 77 4 II 75 81 7i N Scio
o rth lllu io is See Chi A N Wl
3d 7s ex td a t 4%................ 1 9 3 8 M-N .......... 98*4 9 5 3 4 N ov’UO
N
o
rth
Ohio
See
L
E
rie
A
W
I
M
S
92*3 93 *a 92% 93 4 09 89 90 N or P ac—P rio r Lien g 4 s ..19 97:0 J 99% 100 99% 100%
1st A rot couv 5 s............. £ 9 5 9
99 102%
C ent B r By 1st gu g 48.1919 F-A 92 4 93 92 4 Oct T o
9 1 4 95
B egistered.......................1997 <4-J 99 ___ 9 9 4 OO3,
98% 101
Ceu B ranch U P ls tg 4 a . 1948 J-D 83 4 85 7i 8 ? 4 Alay ’ 1 0 ...J 86 87 4 G eneral
lien
gold
3s___«2047
U-F
71%
71
704
6
9 4 74
71%
110
M ur’05
L oroyA C V A L ls tg O s 1920 J - J
B e g is te re d ................... a 2 0 4 7 G-F
70 Sep To
0J 72 4
9 6 4 G et T o
Pao B of 51 o 1st ox g 4s. 1938 F-A
% 100% S t Paul-D ul D iv g 4 s ....1 9 9 0 J-D 90 . 71 97
M
ar
’ 10
9
0
4 974
2d extended gold 5 s ...1938 J - J 1 1 0 1 1 0 4 1104 N ov ’ 1 0 •••J n 96
o
113
D ul S h o rt L l s t g u 5 s .. 1 9 lo M-S 89% .
99 F eb To
99 99
8 t L I r 51A Sgon con g 0sl931 A-O
107 4 1077e 107% 107% 1 105 4 110
tr4fl g Mee
G tN9 2or!
111 Sep '09
Gen con stam p g td g 5s 1931 A-O 106% ..
S
t
P
A
N
P
gen
6
s
....1
3
F-A
116 ..........U 6 % N o v T 0 . .J 116% 118%
U ntiled A rel gold 4 s ..1929 J - J »4% 85 4 84% 84 %
81 86
certB ic’8..1923 Q-F ..........115%
11/ h e b ’10 ....'! U 7 117
lilv A G D iv l s t g 4 s.. 1933 M-N *84 4 84*4 8 4 4 8 4 4 82 823*
87% S tBPegistered
aul A D ul 1st 5s___1931 F-A 107%
..........l l o J ’ue’lo
110
no
IO 2 4 J a n T o . . . . 102 4 1024
V erdi V 1 A W 1st g 5s. 1920 M-S
5 8 ...................................1917 A-O
..........103% 103 G et TO
103 103%
M obJ A K C is t cons g 5s. 1953 J
98 D oc ’ 0 6 . . . .
1 st consol gold 4 s ..........1968 J-P>
92 96% 9 6 4 A p r’lo
9
0
4
74
Mob A Ohio new gold Os..1927 J -D 1184 121 1174 G et TO
116
*12*1
4
W
ash
C
ent
1st
g
4s..........1948
U-M
0 2 % N ov ’ 1 0
914 .
92% 092%
1 s t extension gold 6s../'tl927 y -J
114*4 1174 114 4 Sep T o __ ! 114 117% N or Pao T er Co 1st g 6 s ..1933 J - J 111%,
111%
l
i
l
ft
(
1
1
0
4
1U
%
G eneral gold 4 s.................1938 M-S 85 90 8 6 4 G et TO
86 4 90 N or B v c a l See so Pao
M ontgoni D iv 1 st g 5 s ..1947 F-A 1 0 0 4
1094 N ov’10 .... 107
109 4 N or W is See C S t P M A O
80
75 M ay’08
St L A Cairo coll g 4s..«193l)
See N Y C ent
94
94
94
G uaranteed g 4s........... 1931
94 90 NOorluAdMAont
5
W See O C C A S t L
M A O coll 4s See Southern
luo B iv B B See Balt A O
M ohawk A M at SeeN V 0 A H
O re a Cat see So P ac Co
M onouguhula Blv See B A G
Uro S h o rt Line See Un Pao
M ont C ent See S t P 51 A 51
O sw ego A Borne See N Y C
M organ’s La A T See S P Co
P>ao C oast Co 1st g 5 s___1946 J-D 104 105 1 0 44 1044
1024108%
M orris A Kssex See Del L A W
1 ac 0 1 M issouri
See Mo Pac
C hat A S t L 1st 7s. 1913 J ■ J 1004 107 1064 1 0 64
1 0 6 4 1 1 0 4 Ponu
N ash
K
B
1st
real
e
st
g
4
s
.l9
2
3
___
M-N
102
A
ug’10
,
102
103 4
109% ........ 1 1 0 N ov’10
1st consol gold 5s..........192a
1084 110 4
gold 5s..............................1919 M-S
lu9 4 Ja n ’09:
Ja sp e r B ranch l s t g Os..1923 J-J 1 15 ............. 116% N ov’io . .. J 115% 115% Cousol
Cousol gold 4 s............................. 1 9 4 3 M-N
,.
102%
Oct
T
j
102%
100
MoM 51 W A A1 1st 08..1917 J •J 1 0 6 4 ......... 117 4 M ar’U5
C onvertible g 3 4 s............ i *j i *2 m . n
99% 98% 93% * *£ 97% 102
T A P B ranch 1 s t Os....1917 J - J 106*4......... 113 J ’l y ’04
C onvertible g 3 4 s ............ 1915 J -D 98%
94% 97%
9 5 34 sale | 9 0 9 5 % 1 0 0
N ash Flor A She! See L A N
Cousol
gold
4
s
..................1948
M
N
104%
N a t Bj’s ol 5 Ie x p r 14 4 s 1957 J - J 94% 94% 9 4 3 4 94%
93 4 9 5 3 4 A i.1.e « Val geu gu g 4 s ... 1942 M-S 103% bale 103% 103% 3 101%
102% 102%
G uar gen 4 s...................... 1977 A-O 89% Sate 89% 8 9 ’4 4 87
4 92%
B g e is tg u 4 s g .’36 F-A 94*4......................................
N ato t 51ex prior lien 4 “as. 1920 J-J 100*4 104 i0 0 % Sep To
1 0 0 % 1.0 2 %
P
illla
u
a
l
A
W
1st
g
4
s
..
1 9 4 3 M-N
..........103% D ec’oy
|
84
ls to o n s o l4 s ........................1951 A-O 8 3 4 8 * 84
82 8 6
6
Sod Bay A So 1st g 6 s ...1924’J - J 1u»i%
00
..........103 J a a ’031 | ..........
New 11 A D See N Y N 11 A li
U N J KB A Can geu 4 s .1944 M-S .......... ..........103 % M ay’10
103
N J J uuc HU See N Y Cent
Penn
Co—U
uar
l
s
t
g
4
4
s
.
1921
J
J
103 104 103 4 1U4 T 3 103 104
100
N X B kln A M ail Bell See L 1
B
egistered........................
1921 J-J
1 103*4 103*4
102
..........103*4
F
eb
TO
N X C ent A 11 B lv g 3 4S.1997 J - J 8 8 * 4 S a lo 8 8 % 8 8 % 19 873* 92
3 4 s coll tru s t reg . 19^/ M-S 8 8 %
90 90
B egisterod........................1* 3 9 7 j . j .......... 8 8 4 | 8 6 % J My TO
80% 90% GG uai
u a r3 4 s c o li tr ser B ...1 94 1 F-A 8 8 % 90 ; 8 8 % UCl " 0 .
88
914
D ebeu g 4s......................... 1934 <vi-N 9 3 4 bale
93% 29 92
T r Co c e rtu ’s gu g 3 4 s .l9 1 6 M-N 97 4 98%
98 N ov’10 . . . 1 95% 98%
Lako Shore coll g 3 S is...1998 F A 8 J Sale 80% 81 41 7 9 4 895%
tfs C ................1942 J-D ......... 89% 87
A
ug’lU
.
90
87
B ogistorcd........................199b F-A 79 79%l 80% O ct TO -----’ 78 8 02 44 GGuu3344ss trt r ectts
D ................ 1944 J-D 8 8 4 90% 91 D eo’09 ..J
..........
f5
C oni m id Iro n
Bull A Stisq Iro n s 1 5 s___ 1 9 3 2 J-D 9 0 % ........
D ebenture 6 s.................a 1920 M-S 90 ........
C01 l' A l Co gen s l g 5s..pJ4o f -a 98 Sale
C onvertible deb g 6s___191 1 A 9 8 4 ........
C o lIn d u ls tA coll 6s gu .,1 934 FF-A
Conti 11’tal 0 1 s ts i gu 5s g. 195^ F-A 77 78
G r Biv Coal A C l s t g 6 s .. 1919 -0 90 100
Joll A C lear C A 1 l s t g 5s. 1926 AJ-D
K an A H C A C 1st s £ g 6s. 1951 J - J 95 99
Pocali Con Collier l s t s 1 5s.’57 J - J 97 85
Sunday CreoK Co g 5 s ___1944 J J
T enu Coal gen 5 s............1961 J - J 1 0 2 1 0 *
l ’enn D iv 1st g 0s.......«1917 A -0 104% 106
B irm D iv lstc o n so l 6 s ..1917 J-J 104% I 0 4 3 4
Call O M Co 1st gu g 08.1922 J-D 100 ........
Do B a r e A 1 Co gu g 0s. 1910 F-A
V ictor F u el 1st s t 5 s..........1953 J - J
V a lro n Coal A C o la t g 6s. 1949 M-S 9 4 4 96
lH ISCKLL
4NEOUS5 UONU8—Continued on Next Page
90 90
98 % ■ y? 0 0 1 0 1
93
77
77% ‘ * 3 70 9826 4%
107% Ueo ’ 0 4
102 % A p r’OO
107 May’97
105 4 D ec’06
83 J ’ne’10
83 83
78 F e b ’07
102 103 16 102 104 4
104% Oct TO . . . . 103 107
104% 104%
103% 107
110 J a n ’09
100 Ja n TO . . . . 1 0 0 1 0 0
87 A ug’09
96
90
1
9 4 4 100
.M an ufacturing ' S i I n d a s tr ia
A llis-C lialm ers 1st 5s........1936
A m A g Glieru 1st c 5 s........1928
Ain Cot OU e x t 4 4 s ............1916
Am H ide A L 1st s f g 6 s ..1919
A m er Ice a ec u r deb g 6 s .. 1926
Am S p irits M lg 1st g 6 s .. 1915
Am T hread 1st col tr 4 s ..1919
Am Tobacco 40-yr g 6 s ___1944
4 s .............................................1951
Beth S teel 1st ex t s t 5S..192C
le n t L eather 20-year g 5S.1926
.'onsol Tobacco g 4 s............1951
c o rn P rod B el s £ g 5 s__ 1931
1st 2 5 -y c arsl 6 s ................ 1934
Cuban-A m er S u gar coll tr 6 s T 8
D istil ■’eo c o r couv 1st g 5 s .’27
E 1 d u P o n t P ow der 4 4 s .. 1936
J - J 78 Sale
78 35
A-O 1 0 2 % Sale 1 77%
102%
6
%-F 98% 98 4 90 82 %
98
*v 9
4
M-S 93
04 25
93%
A-0 67 72 6 0 4 N ov’10
U-S 97 1 0 0 % 1 0 1 O ct TO
J-J 91 0 2 % 92% 0 2 % 23
4-0 105*4 106 1 0 0
9a
F-A 80 4 Sale 80% 1 80 00 %
*-. !4a
J-J 8 6 80 4 80
80 2 1
A-O 9 9 % Salt
4 09% 03
F-A 80 80% 89 09 %
80 4
3
W-N 90
90
90
VI-N 93 96 95 N ov 10 1
A-O 95 97 9 0 4 J ’ly ’lO
A-O 77 Sale 75 4 77% 406
J-D 84 85 85 J ’ly TO
72 84%
100 103
93% 98%
92 102
6 0 4 73%
94 101
89 93
104% 109
70% 8 6 %
83 4 89
97 102
7 6 4 83%
93 97
93% 96%
90 97
67 77%
85 88
•No price Friday; latest bid andasked. aDueJan 6 Due Feb « Due May ^Due J’ne /iDue J'ly fcDuo Aug 0 Dus Oct p Due N ot q Due~De«~ f F lat
1374
New York Bond Record—Concluded—Page 4
[VOL. LXXXXl.
BONDS
Weed's
^•2V. Price
BO N D S
Price
--------- |g-3 ! Range
Range or
P rut a u
ft. Y. STOCK E X C H A N G E
Range or 5 g iSince
F riday
N . Y. STOCK E X C H A N G E
Last bate
Nov
J8
Last
bate
H
J
a
n
u
a
ry
J
Nov
18
W
eek
E
nding
N
ov
13
W eek en din g N ov 18
Hi u
AS>I Low H um
H igh N o Low H igh
P e n n sy lv an ia Co—(C on)
lita
dsh Low
S ale 91*4 9434
o Pac R t t l s t r e f 4 s...........1955 J -J 1 94*4
98 O c t'101 . .. . 94*2 99
G uar 15-25 year g 4 s — .1931 A O ...................... 110
0
8
*2 S alo
10*4 108*2
1994
J
J
S
o
u
th
ern
—1st
con
g
5
s___
J
a
n
'05
Cl<fc M ar 1st gu g 4 4s..l93 5|M -N | 100 4
R eg istered .................................1994 J - J 70 70 *; n o M ay’Oj
1 0 34 Ja n ’t>9
Cleft; P g e n g u g 4 4 s s e r A .’12 J - J 103 4 .......... 11094
7o*b 27 73 817a
70
D evelop da gen 4s S er A . 1950 A-O 85
y ’OO
S eries B ............................. 1942 A-O 103 4 .......... 98 JATug’09
8 85 9 0 4
hO
85
M ob eft; Ohio coll tr g 4 s .. 1938 M-S 107 Saie
Sories C 3 4 s ....................1948 M-N 90 ......... 90 M ay’08
100 110
Sep
’1 0
108
108
M em D iv 1st g 4 4 -5 s ...1996 J - J 85 *4 salt 85
S eries 1)3 4 s ....................1950 F*A 90 ..........
80 4 87
ouis div 1st g 4 s----- 1951 J - J 100*8........ 108 Sep8f**
E rie & P itts g u g 3 4 s B .1940 J J 92 4 ......... 9 2 4 9 2 4 . .* 91 923b AS tlaECeil
'08
li
1st
g
Os...........1918
J
J
S eries C .............................1940 J - J 92 4 ......... 9 8 4 A.
. .. . . 89*4 b9>.
89*4 93*8
A tl do D anv 1 st g 4 s.........1948 J - J 89*4
Oct ’09 ___
G r Rcfc 1 ex 1st gu g 4 4 s 1941 J - J 100 1064 104'ti
*y........ 82 4 Oct ’lo
82 4 82 4
2d 4 s ............................................1948 J - J 82
104*11 Oct '10
104 4 10U
P itts F t W & O 1st 7 a ... 1912 J - J 104 4 .......... 104««
70 ........
A ug ’ 1 0 .... 104®a 1057e A tl da Yad 1st g g u a r 4s. 1949 A-O 100
2 d 7 s.................................... 1912 J - J 104*4.........
........ 100 4 fto v ’ 1 0
1064 100 4
Col & G reenv 1st Os........1910 J -J 100*4 109
Oct '08
3d 7 s................................ *1912 A-0 104 .......... 107
1 ••"Tv.
100 110
E T Va do G a D iv g 5 s ..1930 J - J 1 1U *8 111 n1 1o 0 4 ftov
ay’10
109 109
P itts Ydo Ash 1st con Os.1927 M-N 107 .......... 109 M
ll
109 11 44
Cou 1st gold 6s.............. 1950 M-N 101 ____ iUO v e o ’io
N ov’lO .... 107 1073 b
• P C C & S tL g u 4 4 s A ...1 9 4 0 A-O 105 L073* 10738
100 100
reo r lion g 5 s.........1938 M-S
105 108 107 O c t’10 . .. . 103 4 10734 GE aTMenidland
* S eries B g u a r............................1942 A-O
N
ov’uU
05
.........
07
1st
3s............
1940
A-O
.
..
.
10U4
1
0
0
4
S eries C g u a r..................1942 M-N 98
N
ov’
l
u
i
’l l 4 113 **4
112
........
113
G
a
Pao
Ry
1st
g
Os...........1922
J
J
97*4 9834 K nox & Ohio 1st g Os. ..1925 J - J 1 10 Sale n o
S eries D 4s g u a r.............1945 M-N
iiO
114
no
94 94
S eries E 3 4 gu ar g ___ 1949 F-A 89 93* 94 J ’l y ’io
A
p
r’oO
105
*a........
116**1
Mob
do
B
ir
prior
lion
g
5s
1945
J
J
S eries P 4s g u a r ...........1953 J -D
fto
v
’Ub
70
.........
82
M
ortgage
gold
4s...........1945
J
J
6 111 4 1 1 2 4
iT S
C S t E & P 1 st con g o s .1932 A-O 112*4 -j 107*2 1 0 6 4 **et ’ll)
105 4 100*4
R ich do D an con g Os___ 1915 J -J 104
Pensacola & A tl See L & IN'ash
lOO 10734
44 ... 105 fto v ’l
D eb 5s stam ped.............. 1927 A-O 1070*6
Peo & E a st tiee O O 0 & S t L
75
O
ct
'08
...
Rich
do
M
eek
1st
g
4
s
...1948
M-N
0 7 4 ....... 1 1 2 F o b ’ 1 0 . . . . ' , 1 1 2 1 1 2
Peo A P elt Uu 1st g Os___1921 Q-F 1 90*0
... 103*4 O ct ’lu
So C ar do Ga 1st g 5s___1919 M-N 103
99 05 c
90 4 95
2 u gold 4 4 s ....................... 51921 M-N
1064 ... 1 1 2 O c t’Ou
70 7134 N ovTO
V irginia M id ser C O s...1910 M-S 10.>4
7
0
4
79
Per© M arqu ette—R ef 4 s.. 1955 J - J 1..........
... 108 4 D e c ‘Ob
se rie s D 4-5s............................1921 M-S10 5 4 ...
2 100
102 102
102*4
Cllifa W Al o s ......................1921 J -D 1001844 U>44
10734 D eo’o
S e n e s E 5 s .................................1920 M-S
----- 108*2 Sop 'lb •... 108 4 112*4
F li n t * P M g G s... .....1 9 2 0 A-O 102 104
1105 4 107*4
105;,4
100
*t> 105 Bs J ’lJ 10
G
euerai
6
s.................................1930
M-N
1
0
1
1
0
1
101
£
-'**
1 st consol gold 5 s..........1939 M-N 103 1004 105 <!l05*8 1054
105
*8
...
G uar stam p ed............ 1930 M-N 80 ... 10o*8-^T*)7'l^
101
100
P t H uron D iv 1st g 59.1939 A-O
91 91
91
PebTO
W
O
«fe
W
1st
cy
gu
4
s..
1924
F-A
S a g T u s * 11 l s t g u g 4s. 1931 F-A
105 4 100*8
104
...
loO*a
May’lb
W
est
ft
C
1st
con
g
Os..
1914
J
J
P h il B * W bee P e n n UU
& N A la bee E da ft
P h ilip p in eR y 1 s t3 0 -y rs i4 s’37 J - J 80 89 8 9 ^ J ’l y ’10 .... 8 8 90 SSpokauo
’09
10034 L0 0 \
I n te r n a tls tg 5s 1955 J-« ..........
P itts Cm do S t L See P euu Co
105 ......... 1u t »4 Oct TO . .. J 10434 107 4
Ot S t E 1st g 4 *23.. 1939 A-O 108
I e1str Acon
P itts Cleve <fc T ol bee 1J * O
109 A ug'10 .... '109 115 4
gold 5 s ....1894-1944 P-A 98 ..........
P itts F t W & Cli bee P enn Co
... [ 90 98 4
......... 97 4 Oct
G en refun d s I g a s ..........1953 J-J
P itts M cK ees & Y bee ft Y Con
112
1124, S t E M B ge T or gu g os. 1930 A-O 107 109 109 M ay’ll) ... 109 10 94
P itts S h «& E E 1st g 5 s ...1940 A-O 112*2 .
Tox A f t O bee So Pao Co
J ’iy'97
1st consol gold 5 s..............1943 J • J
Sale n o *4 n o *4 811084112 4
L'oxifc Pac 1st gold 5s........2000 J*D 110*4
P itts da W est bee B * O
.......... 05 70 Miu TO ..J | 70 70
2d gold iuc 5s..............................9*2000Mar
81 97 100
98*4 Sale 98 >
1 ) oading Co gen g 4 s........1997 J -J
Sep ’09
g 6 s........1931 J • J US 4 ........ 103
98 98 *
95 9 8 4 EWa MD iniv WB &E f1st
JLV R egistered.......................1997 J • J ..........
100 4 ftov’U4
t W 1st gu 5s ’30 P-A
3 95 98*4
Je rse y C ent coil g 4s. ..1951 A 0 97 4 Sale 97
100 112 4
107
"a
107
107*4
108*4
Tol
da
O
C
1st
g
5s................1935
J
•
J
R eusseiuer * S ar bee 1) * ii
108 l l i * i 112 Sep '09
W estern D iv 1st g 5 s ...1935 A-O 101*2
Rich * D an bee S outh B y
10 1 4 N ov TO
99 1017a
103
U
oneral
gold
5
s...........................
1935
J*D
R ic h * M eek bee S outhern
M ar’lu
90 4 94*4
K an da M 1st g u g 4 s___1990 A-O 90 *a 93 9984 14 Sep
Rio Cir W est bee D en da Rio Gi
92 93 4
’ 10
91 **b..........
TOl P <£s VV 1st gold 4 s ....1917 J - J 88
Liooh * P itta bee B U * P
87 UO
A
ug'10
* 4 .........
8
/
Tol
S
t
E
<te
W
pr
lion
g
3
*23.1925
J
•
J
Rome W a t* Og bee X Y Cent
70
81
ib
7
5
Salo
75
60-year gold 4 s........................... 1950 A-O80 83 83 O ct 1U
K utlaud bee ft Y c e n t
80 4 8 0 4
Coll
tr
4a
g
Ser
A
.............1917
P-A
ag
T
u
s
*
11
bee
P
ero
Marn
91
J
’noTb
S t Jo * G r isl 1st g 4 s ... 1947
87
4
80*4..........
89
T
or
H
am
&
Butl
l
s
t
g
*i3./ii94U
J
-D
84 89 89*4
83% 91
100 100
Del 1st con g 6s 1928 J -D 103°a 100 1U3 JO’no’iO
U lste1str dorefu
Qt li * Cairo bee M ob * Ohio
83 4 87 80 ct ’u9
n d g 4 s.............1952 A-O 101**8
St E * Iro n M ount bee M P
9 9 4 102
lo i^
Sale 101
Uu P ac RR Co 1 gr g 4s ...19171J - J
St E M B r bee T UU A ol S t L
9841014
R egistered.......................19471J - J 1 0 0 lo o V ICO O ctluOTO
120 124
117*4 1 2 1 1 2 0
8 t E ouis * S F — -long O s..1931 J - J
101 1164
oonv 4 s .............................. 1927 J - J105 *2 s a lt 105*6
. . . . n105 lu a 34 20-yr
G eneral gold 6 s .................1931 J - J 1004 107 107
95 9 8 4
97
9
Oq
90
;
b
Salo
ls
t&
ref
4a................................j/JOOS
M-S
90 9L7e Ore Ry do fta v cou g 4 s .1940 J -D 94 4 Sait. 94 4 95
S t E & S P R R cons g 4 s .. ’90 J - J 89 ialto 9 n b
94 4 9 8 4
32 84 90
8 U:*b
G en 15-20 yr us ..........1927 M-N bU:*8
Ll
3 *4 117
11
434
114*4
114*4
U
5
Ore
Short
E
ino
Is
tg
6
s
..l9
2
2
|
F-A
....
99
10
04
99
99*4
bouthw D iv 1st g 5 s ..1947 A-O
11 3 4
*4 112 111 111*4 10 108*4
1st consol g 5a................1940 J - J 111
4b 78 4
R efunding g 4 s............. 1951 J - J 81 Sale 80 4
91
944
93
20,
93
sale
U234
G uar refund 4 s.............. 1929, J - 0
.... 114 1174
K C P t S * M con g Os.. 1928 M-N liu=fe 78 117
J
a
n
’09
94
R
egistered....................1929
|J
-D
78
2
76 4
VVV.
K C P tS & M R y ro rg 4 s 1930 A-O
107
4 D ec’09
L04
U
tan
A
fto
r
gold
53..
1920
J
J
1 0 0 ti
K C * M R * B 1st gu 5s. 1929 A-O lo o
ft J lilt da C Co bee P a UK
.... 90*4 97 UU ni
Oz’r k * C U C l8 tg u 5 s g.1013 A-O 90*2 9 8 4
tah C entral bee Rio G r Wea
St E ouis So bee Illinois C ent
& N o rth bee U n Pacific
5 8 8 9 3 ^ UU tah
90
S t E S W 1st g 4s bd CDs. 1939 M-N 90*4
tic a * Black R t f ^ f t Y c e n t
___ 79 82
80
2d g 4s ino bond c tfs ...p l9 8 9 J - J 78
N ov’OS
andaliu
g 4s ....1 9 6 5 F A
17
74
V era Cruzconaol
Consol gold 4a...................1932 J D 73*2
A p t TO
90 90
* P l a t g u 4 *231934 J - J
90
G ra y 's P t T er ls t g u g os 1947
V er VaL lu d * W bee Mo P
St P a u l * D ui bee N or Paeitie
V
irg
inia
M
id
bee
South
Ry
I 106 108
S t P M m u * M an bee G t N or
J ’lyT O
Va do Southw ’t 1st g u 5a.2003 J -J 105 110 4 105
S t P * N or Pao bee N or Pac
04 9 8 4
1 st cons 50-year 5 s..........1958 A-O 93 91*4 94 O ct TO 2 10/
3 tP * s ’x C ity bee C s t P M & o
11334
luO
Salto
109
109
M-N
abash
1st
gold
os........1939
15
80*4
Sale
83
4
8
8
*
4
W
S A * A P ass ls t g u g 4 s..,1 9 4 3 J -J 98*4........ 80*4
98
35
99
'
’
a
99
\
103 4
99®
b
^ait;
F-A
2d
gold
os...................
1939
. .. .
104 <
B P * N P 1st sin k i g 6 3 . 1 9 1 9 J J
80 80
BO J ’l y ’io
..........105
J
J
D
ebenture
series
B
........1939
Sav P & W est bee A ti C oast E
J ’n e ’lo . .. . 1 0 0 102
..........
98
3<
100
M-S
1st
lion
equip
u
fd
g
5
a..
1921
Scioto Val <fc f t E bee N’o r * W
M a r'lo ___ 90 90
lien 50 y r g term 4 s .1954 -J-J- .......... 85 90
00
5 4 Sale 863 b
81 *-j 100»a
807s 11st
Beaboard A E g 4s stam ped ’50 A O 809*4
05°b 200 50*4 7 7 4
06
s t ref an d e x t g 4s ....i9 6 0 1J - J 05*8 Saic. IDO
2
100
99
00
100
Coll tr refun d g 6 s ..........1911 M-N 7 7 * 4 1Sale
J ’l y ’lU S i 105 1U734
........
108
D
e
t*
Ch
E
x
t
l
s
t
g
5s.
.19411J
*
J
1025
u
y
t,
70Ju
A d ju stm en t 6 s ................. ol949 P-A 84 8 4 4 73*«
D
ec’u
j
83
D os M om D iv l3 t g 4 s ..1939 J -J
.... HU 87
A tl-B irni 3 0 -y rist g 4 s.el9 33 M-S 91 . . . . 892* 4 }i
Oni D iv 1st g 3*us............1 9 4 TA-O 75*6......... 75 4 76 4 2
.... Ul » 2
Car C ent 1st con g 4 s ...1949 J -J
83
Sop
TO
90
Tol
&
Cli
D
iv
1st
g
4
a
...
1941
M-S
.... 103 103 W ab P itts T erm 1st g 4a. 1954 J-D 4 5 ‘4 Sale 44 4 45 *4 4 83
103 )
F la Ceu * P en 1 st g 6 s. 1913 J - J 1013b----33 5 2 4
1st land gr e x t g 5s ...1 9 3 0 J -J 1 0 W ....
4
i
«a
40
32
64
T
ru
s
t
c
o
c
e
rtta
..........................
45
4
Sale
io
u
j4
i'o;i'4
i
.. . 103*2 ,
Consol gold 5 s................. 1943 J - J 101**8 .101
0 4 Sain
4 s.............................1954 J-D
04
0 4 10 4 n t )
l . .. . 1U1 1UD-J 2dTgold
G a & A la Ry 1st con 5s o 1945 J - J 103*e
4
7
N
ov’lo
12 4
0
7
ru
st
Co
e
e
rtts.*
.....................
....j
1
....
IU4
101a.
1
0
3
4
....
104
G a Car * N o ls t g u g 5s 1929 J - J
arren bee Del Eac <fc W est
.... 1UU tUti W
Scab * Roa 1st 5s............1920 J *J 1044 . .. . 100
W ash C ent bee fto r Pao
Slier Shr * So bee M K * T
W ash O *fe W bee S outhern
Bil Sp Uou * G bee A tl C oast L
W ash T erm i 1st g u 3 4 s .. 1945 F-A 8 8 89*4 89 4 8 0 4 2 88 4 9 0 4
B ontnern Pacific Co—
71 bk>4 8 0 4
M aryland l s t g 4 a . ..1952 A-O 80 *4 Sale 80*4
18 89 95 WGest
Gold 4 3 (C ent Pao co ll)./cl949 J -D 92 9 2 4 92
7 i 4 Pol)’1U
<1 73
en tfc couv g 4 s ...............1952 A-O
— HU Ut
R e g iste re d .................../cl949 J -D ........ 92 91 C
73
*2-J
"
0 8 4 74 4
T
ru
st
Co
c
e
rtfs........................
lo u t,
109
20-year couv i s ......... g 1929 M-S 97*6 Sale 90 7e
100 4 •f’
P 1st g Oa 1911 J - J
31 94 4 98*4 WWealVaft CYent
C ent P ac 1st ret gu g 4s 1949 P-A 97 Sale 9U34
1 109 4 11034
& P a 1st g 6 a.. 1937 J-J .109 4 n o n o j
97 97
1 ....
97 1
R egistered........................1949 P-A
92
en gold 4s......................... 1943 A-O 87 ........ 8 0 4 s
1. . . .
H it, 0 0 >a GIncom
M oi t g u a r gold 3 4s../M 929 J -D 90 ........ 90*2 *
••’I 80 4
34
P
e
o
’07
ftov
e
5
s.........................
81943
.
..
.
8
8
94
92
J
U
l's
0
1
T hroug h S t E 1st g u 4s '54 A-O
W
est
N
o
Car
bee
South
Ry
G H * S A M * P 1st 5 s.. 1931 M-N 10534 107 109 fc
11m
1 0 5 '•
» .... 1037b 109 W heel*g & E E 1st g os. ..1920 A-O 105 ...
G ila V G * N l s t g u g 6 s. 1924 M-N
103 4 104
W heel D iv lo t gout 6 s ..1928 J - J 101 103 4
....
H ous E & W T 1st g 5 s .1933 M-N
102
90
F-A
102
J
E
x
ten
&
Im
p
gold
o
s
...1930
90
4
........
. .. . 1U3‘. tUB's R ii 1st consol 4s................1949 M-S 84 Sale 833i
1st g u a r 5s re d ............1933 M-N
15 7 / »Y*4
2 10 94 n o 4
9 4 HO
H * T C 1st g 6 s in t g u .,1 937 J - J 10 9 4 111 , 10
984
9
8
4
....
J-J
20-year
equip
s
f
5a
...1
922
93«e
........
1
......................
....
109*2
-Nov'O!
Consol g Os in t g u a r...1912 A-O 108*2 HO li
ilkes 6o E a st bee E rie
>aJ» Ii 9334 M ai’iu
9334 l,j 92 98*4 W
G en gold 4s in t g u a r..1921 A-O 9334 8118
il <fc Sioux P bee S t P M & M
. . . . nn o * 4 1 1 9 * 4 W
W a c o * N W div 1 s tg G s’3U Vl-N 115
4 90 95
Wia C ent 60-yr 1st gen 4s 1949 J - J 93*4 Sale 9 2 4
l107*yJan 09
A * N W l s t g u g 6 s .. ..1941 J - J 102
n 90 94
SupJb D uidivJb term 1st 4s’30 M-N .......... 92 7t 92 4
' l l 5 O c t'10 . . . . 115 115
M organ’s Ea * T 1st 7 s .1918 A o 1115
1
0
*
2
..........
1
1
0
*
2
O
c
t'lo
;....
110*2
110*2
1 st gold Os........................1920 J - J
T e le g ra p h a n d T ele p h o n e
p e b ’07!
N o of Cai gu ar g o s ..........1938 A-O ......................112
4 93
T elep & T el coll tr 4s 1929 J • J .......... 91 9 0 4 91 5008 89
..........1 0 0 J ’n e ’io 1 ...."1 0 0 100 AmC onvertible
O re & Cai 1st gu ar g 6 3 . 1 9 2 7 J - J 1U0
98 1004
4 s................. 1930 M- s 1 0 5 4 sMe
1
102
102
102
..........
102
102
I
So P ac of Cal—03 E * P.1912 A-o 102 ..........I14*2 0*i0’04
95 99
95
/
M
ich
S
ta
te
T
elep
1st
6s
..1924'
F-A
99
........
1st gold Os........................1912 A-O
9 8 4 174 9 5 4 99
N Y T elep 1 s t * g e n s f 4 4 s . ’39,M-N 08 4 Sale 98
110
M»y'07
le t con g u a r g 5 s..........1937 -Vl-N 107*4.........
994
T el 1 s t 6 s ..........1937 J - J 9 7 4 9 7 4 ' 97*4 lu97o 4 011' 95
100*2 100*8 O ct ’10 . . . . ‘ 1U0*8 101 PWacestT elU da
S Pao of ft M ex 1st g Os.,1911 J - J 100
97 10 0 4
100
100*4
100
nion
col
tr
c
u
r
o
s
.1938;
J
J
So Pao Coast ls t g u 4s g . 1937 J - J 84 93 I 90 J ’iy-09
Pd a n a real e st g 4 4 a ... 1950,M-N 95 Salo I 9 4 4 1095L4 08 93 97*4
T ex & ftG S ab D iv lst gOs.l'J 12 M-S ..........102*a 1017« May ’ 1 0 ” !! 1 0 1 *4 1 0 2 * 2
30 100*8 1 0 2 4
Conv 4s, Series A ..........,1930 M-N 1 0 1 4 1 0 2 I10l®8
Con gold o s......................1943 J - J 100*2........... 102 N ov'09
.U IS C E E E A lN EO U S BO M BS—C o nclud ed .
V la n u la c tu rm g <Sc In d u H trial
ULanuiuctiti’in g A I n d u s tr ia l
4 100*4 27 9 0 4 1004
Ya-Car Chem 1 st 15-yr 6a 1923 J-D 100 1 0 0 4 100
82 J a n TO
82 82 W
Sen E leotric deb g 3 4 s .. 1942 P-A
92 Ol 85 93 4
estinghouso E d » M a t5 s ’31 J -J 92 Salo 91
l4 9 a4
10-yr g deb 5 s.....................1917 J-D 147 Salo 1400, 1471) 70 130
Jiisc
e
llu
u
e
o
u
a
100
105
103
4
NovTO
F-A
In t P ap er Co 1st con g O s.lb lo
103 4104*4
9
0
4
Salto
904
M-S
9
0
4
A
dam
s
E
x
col
tr
g
4s..........1948
8 82 4 89 4 A rm our & Co is tie a ie a t4 4 s’39 J-D 9 1 4 sale 91 4 92 % 21C 9900 44 9943 44
80
Consol conv s 1 g 5 s........1935 J-J ‘ 86 Sale 84
3 9 1 4 9 0 4 B ush T erm in al 1st 4 s........1952
92
In t S t P um p 1st a f 5a---- 1929 M-S 92 Sale 93
87 4 89
A-O 8 8 4 89 88 A ug’lo
9 5 4 1 U0
19
90
90
Lackaw S teel 1st g 6 s ....1 923 A O 90 Sale
95 4 98
98 95 4 /id T
94 9 7 4 Consol 5 s...............................1955 JJ -- JJ ..........
Nat E nam & S tpg is l 6 s .. 192 ■ J-D ......... 99 UU S o p ’10 V LOO
100 100
100 106 100 M ay’l
t Y ard col g o s .1915
1144 ChicJotfc
104
N Y A ir D rake is t conv Os ’28 M-N 103 1U4 104
35 40
40 35 Aug'10
9 7 4 O ct *■ *0
90 4 9 d 4 Dot M tfc M ld g r incom es.. 1911 A-O 35 .........
Ky S teel Spgs 1st s f 5 s ... 1921 J - J 97 .
90 98
07 *h Oct 10
102 1U4 lu s titto r I rrig W ks 4 4 s 1943 M-N 9040 44 Sale
O ct TO
R epub i s 1st & coltr os. 1934 A-O 101 10 2 4 103
50 7 1 4
0 1 4
2t
lu
t
M
ercan
M
arino
4
4
s
..1922
A-O
9
13*
O
ct
TO
9
1
4
9
0
4
..........
93
J
J
Union Bag & P 1 st st 6 s..l9 3 u
70 83
79
1
79
in
t
N
avigation
1st
s
t
5s.
1929
78*4
8
1
4
F-A
93 May’ 1 0
93 90 4
1 S ta m p ed .........................................
p N e Ship da D D o s <(1990 J - J 95 ..........
2 IU44 105 ftow
4
U S E eath Co s Ideb g 0 s ..l9 l3 M-N 104 41 0 5 108844 104
90 4 94
91
4
NovTO
91
92
4
N
Y
D
ock
60-yr
1
st
g
4
s..
1951
P-A
88
3
85
4
9
4
'4
u S R ealty do L conv deb g 5s *24 J - J 87 4 88*-. 87 Nov* 0
90 90
90 Sep TO
se c deb 4 s .... 1957 M-N
8G 9 0 4 Providence
& S R e d * Ref 1 s t s t g Os. 1931 J - J 84 88 102 34 103 42 L0J4
95 J ’i y ’09
ent E oan soo 4 4 s . 1921 M S
......... ..........
4 -sP rovid
LT S R u b b er 10-yr coll tr Oa.’lS J -D I0 2 7a Salt 10334 103 372 101 4 104
Y
uoa
W
at
Co
cou
g
Us..
1923
J
J
105
4
L" S S teel Corp— l coup .<11903 M-N 1033* Sale 103 4 1034 21 1 0 1 4 1U534 W ash W ater Pow 1st 5 s.. 1939 J - J
101 103
t03 A ug’10
SI 10-00 y r5 * . (re g ..<11903 M-N 1 0 3 4 Said
’ *~*No price Priday; latest bid ami naked this woelt.’ &Duo Fell <i Due Apr «Due May pDue J ue A Duo J'ly *E>uo Aug ol)uo uot p l)uu Xov rOptlon Sal»
CHICAGO STOCK EXCHANGE—Stock Record—Daily, Weekly and Yearly
STOCK — HIGHEST A.VO LOW EST SALK CHICKS
Saturday Monday
Tuesday Wednesday Thursday/
Friday
Nov. 12. Nov. 14. Nov. 15. Nov. 16. Nov. 17.
Nov. 18.
Sates
of the
Week
Shares
STOCKS
CHICAGO STOCK
EXCHANGE
llanoe for Year 1910
C a.roaU s
Sale 170 Oct’lO
hlcago City K y_____
* 11«> 2*2 Lost
** 61*2 2*2 * 1*2 ____
2*2
Last Sale U" July’10
2*2
*
1*2
Chicago
A O ak P a r k ..
___ * 0
*0
*0
Last Sale
no pret ________
’ 10
*70 77 *70 77 70 70 70 70_ *74 70 4 70 July771"
Jliic Uys p art ett ” 1’
50
20*2
20*4 20*4 * 2 0 2 1
2 0 *2
20
2 0 *.)
203S 2 0 *" 207s 24 “ 1,079 Chic Uys p art ctf * 2‘
*10
II + 1 0 11 * 1 0 11 * 1 0 11
Last Salt 10*2 Oct’lO
Chic Uys p art ctf ”3 ’
*5
0
*5 0
0
0
Last Sale H"
Chic Uys p a rt ctf "4’
434 434 *5
*43.i 5
*434 5 *5
*434 5
Chicago
S ubw ay_____
500
*23 23*" 2 1 2 2
21*4 2 2 * 2 1
1
24 * 2 1
23
. 70 K ans C ity Uy <5e L t..
*72 77 *72 77 *72 77 *72 2772 * 2 Last
Sate 75
I
Jo
p
r e f __________
*20
21
*20
21
*20
21
*20
21
18 Oct’lO
.letropol VV S E lo v ...
*62*2 05 *621" 05 ♦ 0 2 * 2 05 62 6234 *62Last Sale
65
*02
63
Do
p
r
e f __________
*18 2 2 *18 2 2 *18
22
Last Sale 2 0
N orthw estern E lev__
*55 60 *55 0 0 *55 02 02 *18
00
00
*60
63
Do
p
r
e f __________
*60
5
63
*00
63 * 0 0 63 * 0 0 63
00
00
60 60 03
A3
196 ■ outh Side E lev ate d ..
* 11*2 1 2 * in 2 1 2 *1U 2 1 2 * 1 H 2 1 2
11
12*2
*
10*2
12
Streets
VV
S table C L.
100
*52 55 *52 55 *52 55 *52 55
54 60 *54
56
100 Do p r e f ..__. . . . .
M iscellaneous
934 934 93s Id s 95S 93| 1 0 1 0
934 1 0
97o 10*j 805 A m erican
C an________1 0 0
7(5^2
75*2 76Ti 76*4 703S *7512 76 76*4 76*4 76
7634 775 Do p re t__________ 100
*260 76^2 260
200
*200
*260
260*8
200*8 * 2 0 0
261
300
A
m
erican
U adtator__100
131
131 *
131 *
131
Last Sale 2 0 Nov’10
Do pref__________ 100
80 80
77 77 77 781,. *77 79 *77 78 1 *78
79
Amer
S
hipbuilding___100
"
8
5
* 1 1 0 * 2 H I * 1 1 0 * 2 H I 1103.1 11034 * 1 1 0 * 2 H I * 1 1 0 1 1 1 * 1 1 0 1 1 1
25 Do pref__________ 100
*141 142 *14112
14212 *141*2 142*2 *141*2 142*2 Last Sale 14 U2 Nov’10
A m er Tclep A T ele g ...
Last SaleJunc’09
Booth (A) A Co_____ 100
Last
Sale
Junc’09
Do pref__________ 100
33 *33I2 3 434 * 3 3 1 2 3434 *33 34
*33*2 34*4
34
34
Booth Fisheries c o m ....
*___
04
64
04 6234 6234 *62 04 *02
64
Do
pref_______________
*48 60 *48 50 *48’ 60 *48 50
Last Sale 47 Aug’10
Cal & Chic Canal A D .100
*1
*1
*1
1 '8
*1 H8 Last Sale 1
Nov’10
Chic Brew ’g & M alt’g ____
*2
3l's *2
31 '8 *2
3 *2 3
Last Sale 3
Do pref________________
Oct’lO
*3912 4012 *40 40<4 40 4012 40!2 4034 *40 41
40*2 40*2 216 Chic P neum atic T o o l.100
*12112 122 *12214 124 1 2 2 1 2 1 2 2 1 ■> 123 123 123 123 *123
124
80 Chicago T elep h o n e...1 0 0
Last Sale 2*4 Feb’08
Do rig h ts__________
154 154 150 155 153 154
155 *153 154 *153
155
25 Chic T itle A T ru st___ 105
*___ 110*4 1157s 1 1 0 115 116 *150
115 11512 11512 115i2 115 115
254 Commonw tli-E d ison - 1 0 0
Last Sale 1% Feb’10
Do r i g h t s ____
..
Last Sale 17is Nov’10
Corn P rod He! Co com ___
Last
Sale
79*4
Apr’10
Do
no
pref____
9234
94
94 94*2
95
94
92*2 921o 90 93 91
91*2 759 D iam ond M atch_____ 1 0 0
05 60 60 60 60 72
7112 7415 72 72>2 72
7334 5,587 Illinois B rick_________ 100
Last
Sale
45
M asonic T cm pie_________
Aug’10
¥
~
"o j " 63 03 03H
03
*03
03i2
03i2
64
99 M oCrum-Howell C o ..100
97 97 97 * 9 7 98
. . .
97
97 97 97
97
104 Do p ref_____________
Mllw & Chic Brew ing____
Last Sale 2*s June’07
21 *___ 21 ¥___ 21 ------ 21
. . .
Do pref________________
Last Sale 20 Nov’09
*110 111 *110 111 110*4 IIH 4 111
11134
112 *110 112
405 N ational B iscuit_____ 100
*121 122 122 122 * 1 2 1 1 2 2 *121 122 *111
Do pref__________100
*121 123 *121 123
10
*125 130 *120 1251' 1 2 0 126 125 125 *120 125 120 125
00 N ational C arbon_____ 100
11834 1183.| 11834 1183.1 *11834 . . . *118*4 120 *11834 120 *118L 120
35 Do pref__________100
10012 10012
314 People’s Gas LA C oke.100
100 10012 106 1 0 0 1 2 *100 10012 1 0 5 3 4 1 0 0 10558 100
Last Sale 11-16 Mch’09
Do rig h ts____________
18334 1803,( I 8H 2 185 182 183 I 8 U 1 18212 179 I 8 II 4 170*2 17812 o’,3§i Sears-U oebuck c o m ..100
*11912 120 1193.4 1193j 11934 120 *11912 11934 * 1 1912 1 2 0 11934 1197S 923 Do p re t__________100
103 103 103*8 IO3I4 1031.4 101 103*8 104 103 10338 10314 103*2
ift A Co____________100
*172 174 17312 173>2 *172 174 *172 174 *173 174 *173 174 1 7057 Sw
The Q uaker O ats C o ..100
Last Sale 034 June’10
Do
rig h ts_____________
103 103 102*4 103 *103 10312
10212
103*2 102*2 103 " 5 7 Do p re f__________100
*03.4 10212
7i4 6 O': 0 0*4 618 6*4 *102>2
534 57g 1,621 C nit Box Bd & P C o .100
6 7s
6
Last Sale 73,j Apr’09
Do pref__________ 1 0 0
15 191" 18
20 2,519 W estern S to ne_______100
Chicago Bond Record
BONDS
OHICAGO STOCK
EXCHANGE
W eek ending N ov. 18
100 O ct 24
1*2 J ’ly 2 8
4 J 'ly 2 8
6038 Sep . 8
1 1 *4 Sep 13
8 M ay 2 0
3 M ay24
2*8 J ne29
20
A ug 18
69 F eb 17
10 Ja n 14
51 F eb 7
15 A pr 1
63 M ayoi
55i4 J ’ly 5
7 J ’ly 2 8
40
J ’ly 2 0
65g J ’ne30
62*2 J ’ly 2 6
240 A pr 25
n o J ’ly 19
72 Feb
107 A ug
131*4 J ’ly 30
31 J'n o 0
56 J ’ne 0
47 A ug 11
1
F eb 4
3 Sep 2 3
25*2 J ’ly 2 6
110 M avl7
142 A ug 26
1 0 8 * 2 J 'ly 27
U4 Ja n . 0
1 312 J ’ly
9
V9*4 A pr 7
82i2 Sep 30
53 J ’ly 26
43i2 Mch 9
40 Mch 17
93 J ’ne28
101 A ug 3
118 J ’ly 19
104 F eb 24
112 F eb 10
103 J ’ly 2 0
148 F eb 7
110i2 A ug 8
101 Sep 10
155 J 'ly 27
0
J'n e2 2
101 J ’ly 10
6*4 A pr 28
15 J ’nc3U
Mch
U* Oct
5 O ct
977S Dec
31 Dec
10*2 Dec
8 Dec
3*4 Dec
30 Dec
78 Dec
15*8 Sep
47 Jan
17 Nov
03 Ja n
60 Ja n
29*4 A pr
97 Feb
190 Feb
4 Ja n
15 J a n
HU*? J 'ly
4 5;*4 ja n
30 •*an
13*2 J a n
29 *4 J a u
52 j 'l y
8 0 * 2 May
19*2 Dec
69 Dec
25 .May
73 51 ay
01 May
54*- Dec
108 Dec
1338 Ja n lo
77s Ja n
82 Ja n 4 7 1 8 4 Ja n
260*8 N ov l7 200 Ja n
135 A pr
120 Ja u
849 M aylo 54*8 A pr
112 Ja n 11 101 Feb
142*8 Mch 9 139 Aug
*s J ne
May
3 9 3 4 Ja n
6 10 *4 May
74 Ja n 4 48 J ’ne
65 Feb '7 61*4 Ja n
1 Feb 4
1 A pr
3 Sep 23
2*8 A pr
‘ F eb 1 2 0 M ch
137 Ja n 3 127 Jan
163 M chlo 117 Ja n
1 2 1 * 2 Ja n 11
107 Ja n
2 Ja n 13
221*4 Ja n
8
17*8 Feb
82 F eb 2 8 70*4 Mch
127
.a n
117 Ja n
91 Mch 2 8 38 Ja n
40 Ja n 7 43 Ja n
60 O ct 2a
1023j A pr 2 0
20 Nov
115 Ja n 7 W778 Jail
125 Ja n 18 118*4
Feb
145 O ct 31 82 j an
123 N ov 1 110 Ja n
11554 Ja n 3 102 Jan
l2 Feb
I 8 334 N ov 12 55 Ja n
122 Mch 8 101 Ja n
109 >s Ja n 8 100i2 Ja n
180 Feb 19 119 Ja n
9
May^O
100 Ja n 0 98*2 Ja n
15*8 Jail 3
38 Feb
334 Mch
15
Feb
20 N ov l8
15*4 N ov
80 J ’no
225*4 O ct
132 J ’ly
81*8 Dec
112 Sep
145 N ov
1 Jan
5 Ja n
40 Dec
75*2 Deo
68 A pr
1
A pr
2U N ov
42 Dec
140 Sep
152 O ct
121*2 J 'ly
25*8 Aug
8 8 * 2 M ay
130-14 Aug
8 8 * 2 Dec
47
Sep
180
21 j ’ne
119*4 Sep
130 Sep
Dec
124 NOV
11978 A ug
1 Mch
109*2 Deo
121 3 4 O ct
114*4 Aug
102 Dec
105 Dec
1 '8 Mch
9*2 Jan25
Mch
108*2
Chicago Banks and Trust Companies
Price
Week’s
H’ds Range
NAME
Friday
llange or Sold
for
J. Nov. 18 Last Sale
Year 1910
Hid.
As A- Low
High No. Low High C alum et N ational_____
A m er S traw b’d 1st 0 s .1911
___ . . . . 9934 Mch'l
993) J934
C ity___________
A rm our & Co 4 H*___1939
) 192*4 Sale 917S 02*2 8 9034 94l2 Chicago
C ontl’tal A Comm N at
A urora Elgin AChic 5.1941
Corn Exchange N atlona
Cal & So Chic Uy Co
Drexcl S ta te ___________
1st M 5s.......................1927
..
102 J ’ne '09
D rovers' Dep N ational.
Cass Av A F G (St L) 5s 12
___ ___ IOU4 O ct’O'J ___
Englewood S ta te ______
Chic Board of Trado 4s 1927
___ . . . . 100 May '07
N ational_________
Chicago City Uy 5s___1027
102 3S
1023S 102*2 11 1013s 103*4 First
First N at Englew ood___
Chic Consol Br A Mlt os___
___ 102*2
1U3
.
.
.
.
Apr'04
Forem
an Bros B k’g C o .
Chic Consol T rac 4 15 s 103U
___
50 Apr'09
Fort D earborn N ational
Chic A uditorium Ist5sl929 F - ___ -—-- - 90*4
Ja n ’06 —
___ ___ H ibernian B ’k’g Ass’n . .
Chic Dock Co 1st 4 s ..1929 A •
....
Ivasnar S tate B ank____
— —
Chic Jc UU 1st M g a s .1945 M
94*2 Dec*09 —
La Salle S t N ational . .
Chic No Shore Elec 0 s.1912 A
87 Feb’Ou
Stock E xcb’ge N at
Chic Pne Tool 1st 5 s.a l0 2 l J 80 88 803.1 8 6 ^ 4 4 8414 8734 Live
.Monroe N ational___
Chic Uy 0s.......................1927
. . . . 98*fl 98
98
9
90
10I3S
N
at
Bank
e p u b h c ..
___ 87*2 87'>s Nov’10
Cliic Uys 4-5s series “ A”
<J51S N ational CofityU_______
7878 Sale 78*t 79*4 3
Chic Uys 4-5s series *‘U"
86
N
ational
P
roduce______
Chic Uys 4-5s series “ C"
t ----- 93*8
llcli lo . . .
1)1 N orth A venue S ta te ___
Chic Uys coll 0s___1913
100 9812 98*2 7 901"
97*4 101*8 N orth Sldo S ta te S av ’gs
Chic Uys Fund 0 s ..1913
. . . . 97*4 s e p 'a
97*1
98
N orth W est S ta te ...........
Cliic Uys Tern Ctfs 1st 5s
— — 100*8 Apr’OS ---- 100*8 1003, People's
Stk Vds S ta te .
Chic U 1 A P UU 4 s .. 2002
. . . . . . . . 6 6 1 2 AUg'U3 ___
uPralrlo
N atio n al______
VI
Collat tru st g 5s— lulu
__ _
00*2
Julv'OS
Prairie
S
ta te ___________
Chic 'Telephone 5s____1923 I - __ _ 102*4 101*8 Oct’lO
1003s 103*4 H allway E xchange____
C om m onw -Edison 5s. 1943 n *
101*8 Sale 101*8 101*4 34 100*8
S
e
c
u
rity
_______________
*027s
j 100's Sale 1007s 1007s 1 100*4 1097s South Chicago
Cliic Edison deb 6s. 1913
Savings.
1st g 5s____July 1920 A . . . . 100*4 Ocl ’ 1 0 . . . . 100 100*2 South Side S ta te
______
D ebenture 5s____1920 Vt. . . . lOO>8 Atlg'U'J
S
tate
B
ank
of
C
h icag o..
Commonw Elect 5S61943 u 1003.1 . . . . 1007s Oct’lO
1023.,
100
Stock
V
ards
Savings___
Illinois Tunnel 5s____1928 J - D — —
80 Dec'Ob —
— —
Union Hank of Chicago.
K an City Uy A L ight
W ashington P ark N a t’l
Co 5 s ______________ 1913 *1 - N 95*4 . . . 05*4 O ct’10
9434
Weinleli o ta te ________
96*4
K nick’b'ker Icc 1st 5s 1928 A - D __ _ . . . . 9434 Oet’lu . . . .
9434 943.1 C entral T ru st Co of III ..
Lake St El— 1st 5 s ...1 0 2 8 J - . 75 70
77 Oct 10
75
b5
Chicago
Sav Bk A T r___
Incom o 5s_________ 192a Feb — —
10 May'05 —
Chicago T itle A T ru s t..
M etr W Side El —
Citizens
T
ru st A Savings
4s.............................1938 F - A 8I34 Sale 8134 82
3 80 84 Colonia1 'Trust A Savings
E xtension g 4s____t938 J - J 77 78 78*4
Oct’lO
70 80 Oont A Comm IT A S av .
M orris A Co. •: H
1030 J - J ____
___
Oils
Nov’10
88 93*4 D rovers' i ru st ASavings
N orth W est El 1st 4 s .1911 \I - * 95 95*2 95*4 95*2 10 9334
90*4 Farwell T ru st Co______
No VV G-L A Coke Co 5s 23
99 Apr’ lo . . . . 99 99
First T ru st A S a v in g s..
O gden Gas 5s________ 1 9 4 5 q<\ -- mN ____
93
2
93*2
93*2
93*2
92*2
90*4 G uarantee T ru st A S av.
Pearsons-T aft 5s_____ 1916 J - D 98*2 . . . . 100*8 Mch’09
H arris T ru st A Savings.
4 .4 0 s __________________ d - s 95 . . . . 90*2 Mch’10 . . . . 90*2 0012 Illinois
T ru st A Savings
4.00s Series 1C__________ VI- N 90
Foo’lU
.
.
.
.
97
97
Kenwood T ru st A Savgs
97
4.80s Series F__________ M - N
98*2 Mcirio ___
08*2 08*2 L ake View T rustA Savgs
Poo Gas L A G 1st 6s. 1943 A - O 97*2 __ 1213.1
Mav’09
M erchants' L oanA T rC o
llefundlng g 5s____1947 M - 8
Sale 101*8 Nov’10 3 10034 I 0 3 I- M etropolitan TrustA Sav
Chic Gas LAC 1st 5sl937 J - J 101*4 103
103
4 103 101*2 M ichigan Ave T r C o ...
Consum Gas 1st 5s. 1930 J - D — ___ 103
__
_
1 0 0 * 4 Sep 1 0
1021" N orthern T ru st Co_____
M ut’t Fuel Gas Ist5sl947 M - N
101 10034 Oct’lO ___ 100*4
1003.1 101*2 N orth-W estern TrA Sav
South Side ICIcv 4)53.1924 J - J __
9214 Sale
92
92*4 11 0l34 94 Pullm an T ru st A Savgs.
Sw ift A Co 1st g 5s___1914 J - J . . . . 100
___
Nov’10
1007s Sheridan T r A Sav Bank
Union El (Loop) 5 s ..1945 A - O — __ _ 10J
S3 Apr’ 10 __ 100
'Tr A Sav____
Union Paclllc conv 43 .1911 II - N . . . . ___ 114
Nov'01 ___ 88 83 (//Standard
Stockm en’s Trust A Sav
U nited Box Hoard col 6T26
01 . . . . 70 Apr 10
70
70
Union
T
ru
st C o----------G eneral m tge 6 s .______
68*2
01*4 Oct'10 __ 01*4 65 vW cst’n T ru st A Savings
W estern Stone Co 5s. . 1009
___ 00
85*2 July 08
W
est
Side
T rA Sav Bank
Note.— Accrued m terest
he add ed to all Chicago n ond prices
W oodlawri T rA Sav Ban ;
Highest
Hang: {or Prcviou. Yea\
(1909)
Highest
Outstand Surplus
Dividend, Record
ing
and
Stock
In
Profits
In Per Last Paid
190S 1903 iod.
t
T
%
u An Dee MJ, 0
8100,OJo z$43,541 ti
500,00 0 245,210 1 0
10
j -j Inly ’10, 5
2 0 ,0 0 0 , 0 0 0
9,704,964 ____ 1 ___
Oct ’1 0 , 2l*
3,000,00b 6,497,543 1 2
12
Oct 10,4
Q-J
2 0 0 .0 0 U
30,767 0
9
Oct TO. 1*2
600,000 402,510 OH 1 0 yO-l
-j Oct TO 212
2 0 0 ,0 0 0
40,910 0
0
Q-J Oct 10, 11*
io,ooo,oou 10,903,894 1 2
1 2 } Q-M Sep 30’ 1 0 ,3u
150,000 193,486 1 0
Q-M Sep 30T0.212
10
1 ,0 0 0 , 0 0 0
552,446 Prlv ate Ba nk
1,500,000 417,082
Q-J Oct TO, 2
8
1,500,000 981,665 88
8
Q-J Oct To, 2 s
2 0 0 .0 0 0
102,240 1 0
10
J-J
TO, 5
1 ,0 0 0 . 0 0 0
258,339 Beg. h js. M . v ’la July
V.9J, p.1277
1,250,000 625,597 1 0 + 2 1 0 Q-M
Sep
30T0
21*
300,00o
66,795 4
4 Q-t* Nov TO, 1
2 ,0 0 0 , 0 0 0
1,255,025 8
Q-J Oct TO, 2
8
1,500,009 405,878 3
Q-J Sep30 10. 11*
0
250,000
81.807
3 Q-J Oct TO, li 2
2 0 0 ,0 0 1 1
70,952 2 H
Q-J Oct TO. D4
50,000 1)20,239 0
Q-J Oct TO, 11*
0
2 0 0 ,0 0 0
Q-J Oc . TO, 1
1)18,498
__
300,000 109,870
Q-J Oct TO; 2
250,000
(t>)
500,000
80,405 8
0
Q-M Oct TO. 11*
250,000
33,452 2 None
Jan ‘03, 2
300,000 194,357 _.
Oct TO, U*
IH Q-J
2 0 0 ,0 0 0
89,000 0
Q-J Oct TO, 2
0
2 0 0 .0 0 0
10,439 Beg. b us Sep t 'OJ V. 8 9 ,p. 817
1,500.000 1,782,614 1 1
12
Q-J Oct TO, 3
250.0UU 200,198 7
Q-M SepJO'10,2
8
2 0 0 ,0 0 0
37,000 0
0
VI-N
ICO,00a
£7,814 Sec v . 90, p. 159
50,000
1)0,570 0 NOU8 Q-M Dec3I'08.1I*
2 ,0 0 0 , 0 0 0
938,013 7
7
Oct TO, 2
71500,000 112,914 1H a Q-J
Q-J Oct TO, H*
6,000,000 11,543,802 6
0
Q-J Oct. TO, 2
/O.OOJ
A-O Oct9, TO, 3
1/7,188 4
4
600.000 459,360 8 + 2 8 + 2 Q-J Oct
TO, 2**
3,000,000 444,155
200,00U 123,963 7H 8 Q-J Oct TO. 2 •
1,500,000 1/183,929
3
Oct. TO, 1**
13 Q-J Sep30’lO,
2,500,000 3,165,006 . . . .
4
200,000 1/14,019 Incorp orated Q-M
1903
V.87.P.1133
1,250,000 1,471,163 0
Oct
*
10.
3
9H
Q-J
5,000,000 8,009,829 16 + 4 16+4
Oct TO. 4
200,00a
59,499 6
TO, 1*4
6 ) 4 Q J Oct
200,000
41,792 4H 6 Q-J Oct TO, U*
3,000,000 6,012,401 12
Oct TO, 3
12
Q-J
750.00U 226,783 6
fl Q-J Sep 30 10,1*2
200.000 1/50,000 Beg. b us,Oct 29’1
JV91,p.1221
1,500,000 2,382,905 8
8 Q-J Oct TO, 2
200,000
a J-J l ily TO, 3
69,040 6
500,000 233,906 8
8 Q-J Oct TO, 2
200,000 V25.432 Beg b us. J'ly 12
0 V 89,n 141
1,000,000 200,076 Comm enced bus. JSepta
1910
200,000
39,000 6
6 J-J July TO, 3
1,200.000 1,161,140 8 48 + 2 y-M 3op30T0,2
1,250,000 148,374 a
6 Q-J Oct TO, l*j
200,000 119,050 ____
Sep 30M0.2'
50,122
200.000
0 0 1 Oct TO. 2
BOSTON STOCK EXCHANGE— Stock Record, Daily, Weekly and Yearly
Saturday
Nov 12
SH A R E PRIC ES—NO T PER CENTU M PRICES
Tuesday Wednesday Thursday
Friday
M on day
Nov 16
Nov 17
Nov 15
Nov 18
Nov 14
Sales
of the
Week
Shares
Range Since Jan. 1
STOCKS
B O STO N STOCK
EXCHANGE
Range for Previous Yeat
(1909)
Highest
Lowest
.
Highest
R ailroads
62 A tch T op & S an ta F c.100
104 10334 10334 103% 103*4 103% 104*8
♦ 1 0 2 U 10234 *103 103*2 *103*2
165 Do pref__________ 100
1 0 0 * 2 1 0 1 % *1003S 1013s
*1003S
1 0 1 % *100*2 101*2 1013g 1 0 1 % 1 0 0 % 1 0 0 %
188 Boston & A lbany____ 100
222 222 2 2 2 2 2 2 222 223 *223 223% 2 2 2 223
222 222
671 Boston E lev ated _____ 100
128 128% 128*2 12S% 129 129
12712 128 12712 127*2 *127% 128*2 *216
Last Sale 210 Nov’10 ____Boston & Low ell______ 100
*216 . . . *216 . . . * 2 1 0
170 Boston & M aine_____ 100
130 131 130 130 130 130*8 128 130
* ___ 131
25 Boston & P rovid ence. 100
*300 305 300 300
*300
*300 . . . *290 . . . *300
S u burban El Cos.
*15 16*2 *15 16*2 *15 16% *15 16% 16% 1 0 % ____5 Boston
*15U 16*2
Do pref__________ _
Last Sale 72 Nov’10 ____Boston
*70 72 **70 72
*70 72 *70 72 *__
& W ore Elec Cos.
Last Sale 10% Oct’lO
*____ 1 0 l2 *___ 10*2 *
1 0 *->
10*2
35
Do p re t_____________
40
40
41 *40 41 40 40
41 41 * ___ 41
190 Oblc Ju n e Tty & U SY .100
160
*160 155 *150*2 155 *150*2 155 155 155 156*8 156% *156
3
Do pret..................... 100
114 114
*___ 115 *113 115 *113 115 *113 116 *___ 115
C onnecticut Pdver____ 100
*____________270
270
Last Sale 260 Oct ’ 1 0 ___
270 *
* . 270 *
Fitchburg:, pret_______100
131 131*2 110
' 131 131 131 131 *131% 132 *13H2 132 132 132 *117
3 5 Ga B y & E lectric____ 100
120
*120 121*4 * 1 2 0 ___ z llS 118 *117 1 82 80 % *117 ___
12 Do p ref..................... 100
87
*87 8 8 % 87
*87 89 *87 89 *87 89 *87
Maine C entral________ 100
Last Sale 210 Nov’10 2 ___
*209
* 2 0 9 U ___ *209 ___ *209
, 9 3 7 Mass E lectric Cos____100
20%
21
20%
20*4 2 0 *i 2033 82 81 ** 28 82 80 % 883
20*4 20*4 20*4
20%
966 Do pref..................... 100
4
ss
88*2
86*4
8684
87 87% 87%
86
86*4
153% 153*2 2 9 2 N Y N H & H a rtfo rd . 100
153*2 153*2 153 153*2 153*2 153*2 153 153% 153Last153%
Sale 140 Nov’10 ____N orthern N H . .................100
*139 141 *139 141 *139 141 *139 141
& W or p r e t.100
Last Sale 210 June’10 ____Norwich
*212
*212 ___ *212 ___ * 2 1 2
3 7 Old Colony__________ 1 0 0
185 185 186 186
185 185 185 185 *185 186 185% 185*2
15 U utland pref_____ 1 0 0
38
40 *35 39*2 *___ 37% 37
* ___ 40 ___ 39*2 **
4 -Seattle E lectric___..1 0 0
1071? *107 107% *107 108*2
107% *
107 107*2 *
* ___ 108
29 Do pref_____________ 10 0
102
1 0 2 1 ? 102*4 102*4 1 0 2
1 0 2 % *__
*102 101 102*2
102*2
Union Pacllic.................1 0 0
177% 178 178% 1,250
174 174% 17434 1 7 6 8 4 177*8 178% 177% 17834 17634
Do pref_____________ 100
Last Sale 92 Nov 10 ____
*92 93 *92 93 *92 93 *91% 93
___ V erm ont & M ass_______ 1 0 0
Last Sale 157 Nov’10 2,002
*157%
*157 ____ *157 ___ *157*2
W est End S t._ ............ 50
87% 87% 8734 89*2
87*3 8712 87 8712 8 6 % 87*2 87*4 87*2 *102
52 Do pref.................._ 50
105 103 103
104 104 103 104 * 1 0 2 104 1 0 2 103
iscellaneous
333 A m er M
Agricui
Chem ._100
45
45
44 4434 45 46 *45 46 *44*2 45 101%
44 45
243 Do p re f,...................100
101% *434 101%
1017S 101% 101 102 1 0 1 101 101434 101% 101*2
515
A
m
er
Pneu
Service___50
5
5
5
434
47S
4%
4%
5
4% 473
1434 1 4 % 125 Do pref........................50
15
15 *14*2
14 14% 15 15 *1412 118
*14*| 15
505 A m er Sugar Befln____100
117% 118 117 117% 232
118
117% 118 117*4 H7% 117 1 1 s 117
Do pref__________ 100
117
117*2
117%
117
1171a
*116*4 117 116*2 117 1417S 142*4 141% 142% 141% 142 141% 142%
6.544 A m er Tclep & T e!eg._100
141% 14U2 14112 142%
469 A m erican W oolen____ 100
, ___ 35
35
35 35
434
*33 34
3212 3412 34*2 394%
93*2 1,373 Do pref............................ 1 00
93*4 94% 93*8 93% 93
93
93*2 9412 93 94
*97S ------ 9% 9% 125 All Gulf & W I S S L-100
10 10
10 10
___ 19 19
126 Do pref....................10 0
19
19
18*2 18*2 19 19
Boston L an d__________ 1 0
Last Sale 5
July’10 . 1 Oumb
Telep & T eles.100
145 145
*147 . . . *147 153% *1478 163*2 *1479 153*2
*147
9% 9*s 9% 613 F ast B oston L an d ______
9
8
8
85S 9 *S12 9
6
7
5
Edison
Elec Ilium ___100
288
288
290
290
29212
288*2
2S8%
233
282
280 280 280
5 3 7 General E lectric_____ 100
153*2 153% 154 153% 153*2 15334 154%
153*4 153% 1535S 1535 *152%
H assachusettsG asC os 1 0 0
907g 91
91 91% 9078 91*4 90*2 9034 3.009
9078 91*3 91 91
483 Do pref................ ..1 0 0
94
94 94% 94 04% 94 94% 94 94 9334 9334 *93% 226
25 M ergenthaicr L ino___100
224 224 225 226 *22312 225 *223% 225 *224% 226 *224
778 Mexican T ele p h o n e.. 10
___
*
m
+
mU
*5*4
534
5%
5
5*2
*5
6
*5*4 534'
*5%
5 5 N E C otton Y arn____100
109% 109*2 *10912 1 1 2 *109*2 112 ____
112 112 *___ 112 109*2 109W *108
pref___________100
Last Sale 111 Nov 10 1 3 3 N .EDoT elephone______
111
*108 111 *108 1 1 1 *108 111
100
136*2 ___ Pacllic C oast P o w e r.. 100
136 136*2 136% 136*2 *136 136% 9513612 Oct’10
*136 136*2 136 137 *94
Last
Sale
*94
*94 . . .
*94
Pullm an Co__________ 100
166 165 165% 230
1658 165 16534 165% 16534 165
165*8 165*2 165*8
1 1 2 Heece B u tto n -H o le .. 10
12 12% 12*2 12*2 305
*12 12*4 12 12 *12 12*4 12 12 103%
ift & Co........ ...............100
10334 103% 103*2 2 9 4 TSwo rrlng
*103 103% 103 103* 103 103*2 103*2 104 *30
ton_____________25
31 *30*4 31
30 30 *29*2 31
*29*2 30 30 30
85 Do pref____________ 25
27
27
27 27*2 27 27 27 27 187
*___ 27 *____ 27
805
U
nited
F
ru it....................100
188
188
189
186 188% 187 188*2
184 184
Un Shoe M ach C o rp .. 25
55% 5534 56 56 56% 56% *__56*2 56*2 1,225
55 55l2
25
24
Do
pref____________
2S%
29
29
29
287s
29
2S7s
29
29
*28*2
O S Steel C orp................100
79 797g 7834 8034 79% 803g 79*2 80% 25,520
77 7712 7778
229 Do pref___________ 100
1173S 11734 '117*8
117% 118 *117% 117% 117% 118 117*2 117%
1 3 W est Telep & Teleg_.100
18
18
*17 18 *17% 18 *17 18
17 17 *17
10
Do p re t...................... 100
*90 91 *90% 91 *90*2 91
90*2 90*2
*90 91 *90
M ining
4% O ct
4 9 0 A dventure Con______ 25
8% 8 8
8% 83g 8% 8% 810
*8
*8
812 * 8
M ining________25
10
10% 10% 10% 10% 10% 10*8 10% 2 5 0 Aigomah
10%
10*2 10*2 *44
A llouez________________ 25
44 44 44
44
46 44 44 44 44
*44 45
, 8 7 9 A m algam ated Copper 100
69% 70% 69% 70% 69 C934 6834 703g 85,240
67% 6 8
Zinc Lead & Sm __25
29% 29% 30 ___ AAm
28% 29 29*8 30*4 2934 30 29%
29 29
naconda ________
25
Last Sale 43 Nov’10
l'.OSO
A
rizona
C om m ercial. 25
♦
17%
1734
18
18
*17%
18
18
17%
17*2 17*2 17*2
2 9 0 A tla n tic ____________
25
8
7% 7*2 .507% .507% .507 7.50 *7
*7*8 8
7*2
8 1 0 Bonanza D ev Co____10
.50 .50 *1634
260
Uos&CorbCop&SllM
g
5
*1634
17
17*4
17
17%
17*8
*17*4 "17% *17*4 *17**4 17*8
, 2 2 7 B u tte-B alaklava C o p. 1 0
678 7*4 51,335
V s 613 7% 20*2
4 15-16 5 *5 5*2 53S 6% 5*2 20*2
B u tte Coalition______ 15
20*2 5 4 3 Calum
20
20*2 20*8 65% 20
*1934 20*4 x20 2 0 % 2012
& A riz o n a .. 10
54*2 316 Calum et
55 5534 54 602
56 56*2 65
66
57
57 57
et & H ecla____25
676 576 585 580 580 581 600 595
*560 570 575
480 C entennial.................. 25
18
18
1984
20
19 19*2 19 19 1812 1812 *.05
*19*2 20
1 0 0 Cons M ercur G old____
1
.08 744
.08
.08 *.05 .08 *.05
*.05 .07 .05 .05 * .05
Copper Hange Con Co 100
71
71
71 71 71 71
7U 2 71*2 :i 71% *37g
71 71
4 1 5 D aly-W est.....................
20
4 35,191
4
4
4
4
378 378 378 37g
3% 3% 127
E ast B u tte Cop M in .. 10
117g 12% 200 Elm
125S 1334 12 13 12*2 13
8
14
1158 12%
lver_____________ 1 2
.15 225 F r a n kHlin
.25
.25 *.14
............................ 25
11%
*11
11*4
*
1
*
1
%
1134
11*4
11*4
Ti%
"ll%
11*4
*11*4
*11*4
1,480
G
iroux
onsolidated. 5
7
%
7% 75g
7*2 7*2 7% 7% 6 4 9 G ranby CC onsolidated.
7*2 447*2 4575S 457% 447% 45*2
100
44 4 5
45 43*2 45 5 7 3 9 Greene C ananea...........20
43*2
4334
7%
7%
8
8
7%
7%
8*8
Vs
7%
7%4 287% 27 27Vs 27 27
3 5 H ancock Consolidated 25
2712 2712 *26*2 27 26*2 26% 3125
*263
H elvetia C opper_____ 25
2
*178 2 *17g 2 * 1 8 4 2
2
2
2
*178 2
d ia n a M ining .------ - 25
15*2 1512 1534 15 15*4 14*2 15 14*2 14% 56 54 55 In
16*4 16*2 15%
isle B oyale C o p p e r.. 25
22 22 20*8 21*2 2034 2034 2012 20*2 20*4 20*4 3.008
*21*2 22
L ak e..................... 5
8
7*2 V s 7*2 7% 7*2 7*2 200 KK err
7% 7*2 8*s 7% 3*2
7
eweenaw C o pper__ 25
*3
312 3
3 *3
3*4 3 4 7 2 Lake
*312 35S 3*2 3*2 3*2 39 38*2
Copper Co_____25
38% 37% 3812 3712 38*4 e'332
38l2 3878 38*4 3995S 38l2
La Salle C opper_____ 25
7*2 7%
7*2 8*8 *97*2 89*2 l h 7*2
10 10 *97*2
3 5 Mass Consol___________ 25
9
9
9
9*2
*9
9*2 .409*8 .609*8 *.40 .50
M aytiower _____________25
Last Sale .40 Oct’10 1 * __
► .40 .50 * .40 .50 * .01
6 0 0 Mexico Cons M & S__10
.03
165
Miami C opper________ 5
*20*2
20*4
*25[2
197s
*20*8
20*2
*19%
20*4
20*2
*2*0*
”1578 1 9 %
105 M ichigan______________25
47g 47g 47g 47g *412 5
*4*2 5 *4*2 5
1 4 0 Mohawk-_______________ 25
49
61*2
491
2
48*2
50
*50
50
50
6034
50*2
50
50*2
N evada C onsolidated. 5
205s 2 1 2034 21 2034 20% 20*2 2034 1.578
21
20*2 20*9 205g
1,147 New A rcadian Copper 25
4*2 4*2 *412
4*2 5 1034
5*g 434 434 107g
538 5
*5
107g 1078 *1078 860 Nlplssing M ines_____ 5
11
103
. 4. 107g 1034 107g 1078 107g
N orth B u tte __________ 15
3534 35% 357g 35
35*2 7 029
35*2 357g 35% 36% 3594 36 35*4
3 3 5 N orth L ake................
25
8
8
8 *8
8*4 8*4 8
*8
812 3
100
O ilbw ay M ining_____ 25
I’4
*7
8
8
*7
8
8
7%
8
8
s
12
*7 8
100
Did
Colony___________
25
*.50
.50
.60
.50
► .50 .60 *.50 .60 * .50 .60
90 Did D om inion Co____35
4158 42 *42
4158 415S *42 43% 42*8 42*8 *42 . . .
4 0 O sc eo la _______________ 25
131 *130 13*1
► 131 132 132 132 132 132 131 131 *130
5 1 C arrot Silver & C o p. 10
14
12*4
*13
14
14 76 77 77
13*2 15 *13*4 14% *13*2 76
3 1 0 O uincy..................................25
77 1.009
76 76 76
76
"76* *76” 76
Bay Consol C o p p e r.. 10
1978 197s *19% 20 20Ho 20
1934 1934 1934 1934 20 20
S anta Fe Gold & Cop 10
1*2
1*2 2 , 4120
1% 1*2 13*4
1% *1*2 1% *1*2 13*2
*1*2 1% *1*2 13*2
1 3 S h a n n o n .......................I 10
13*8
13*2
13*4
13*2 13*2 13*2
13 13*2 13%
so u th U tah M & S___
1*2 1*2 13g 1% 9425
l 7-16 1 7-16 1*2 1*2 *1*2 15s 1*2 1*2 48*2
p erio r--------------------- 25
47*2 48*2 94 55 su
*50 5 1 8 4 60 50 50 50 49% 4912 *734 48*2
u p e rio r* Boston Min 10
8
8
8 3,905 SS uperior&
8
8
8
8
75S 75s 8 145g
V
s
ltts C opp. 10
14*2 14*2 6 7 2 T a m a ra c k P------------------14*2 145g 1434 147s 14*2 14% 60
14*2 14% 14*2
25
62%
59 69
►
60 60 5860 58 *55 60
____________
T rinity............................... 25
5*2 6
5*2 512 258 UnitedStatesCoal&
5*2 5*2 5*2 512 57g 57g 6*2 5*2 Last
U 25
Sale 41 Oct’10 l'208 U S Sm elt Bef & MOin.
37 37 37% l'o61 Do pref--------------- 5050
3634 36% 36% 37 37*4 37*4 37 37*4 37
47*2 48*.|
47% 48*4 47 48*4
48*4 48*2 48*2 48*2 48*2 48*2
U tah-A pex M in in g ...
*3*8
3%
3*4 24 243*4 243*8 243*8 ’705
3*8 247g 3% 2434
3*8 253*4 247g
3*8 3*8 24*2
6 9 9 U tah C onsolidated___
*24
25 25
62 U tah Copper Co_____ 10
50*g
503s 50*2 *50 50*2 50 50 50*8
*485S 49*4 497g 49%
1 0 V ictoria ______________25
3
212 2*2 *212
*2*2 3 *2*2 3 *2*2 9% . 978
*2*2
97s 9% 9-% 7 5 5 W in o n a _____________ 25
10*8 9*2
934 3*8
934 97g 10*8 10*3 128
10 W o lverin e_____________25
128 128 *126 130 *125 123
>127 130 128 128 *125
W y a n d o t_____________25
134 Nov’10
*1*2 1% *1*2 134 *1*2 134
*158
* Before p ay ’t ot a ise si’ts caiieu in laoa. * Bid a a d asked prices, d New stoex! 3 Ass’t paid. 0 E x-stock dlv. ft E x rights, a K x-dlv. an d
A uk
J 'ly
% F eb
22*2 N ov
136 A pr
131 A pr
145*8 Sep
40*8 Aug
108
J ’ne
12% Sep
31*2 Aug
8% D ot
147% N ov
137g J ’ne
260
A pr
173 A ug
83% Deo
97 A pr
220*4 Deo
3% G et
125 O ct
118 O ct
139 Sep
108 O ct
199 Aug
12
Sep
114*2 Aug
34 Dec
35 N ov
170 Deo
71
O ct
31*4 Sep
94% O ct
131 O ct
1 ) Dee
06 Deo
10*2 M ay
60 *4
105
9
1
tfov. 19 1010.]
Boston Bond Record
1377
BOMi»
Week's I'5,3 Range
/Tice
Weetc's 13 S ; 2 . 0 1 1 pe
BOSTON STOCK K X C H ’GK
Range or | o s
Since
Range or ■ g ,0 | Since
F riday
w kick E nding N ov 18
Last Sale
Ja n u a ry 1
l.ast .sale ^ J a n u a ry 1
Aov 78
Low H igh' AM Low H igh
R ia
ask
,\o Low H igh
102 'a IO283 7 100*4 103 Illinois Steol debon 5 s___1913 A-O
Am A grloul Chotn 1st Os..1928 A-O
0 99S il01
Am To Lou A T el coll tr 4s. 1929 J - J 993* Sale 90«8 91 124 89 93*4 la Falls A Sioux C is t 7 s.. 1917 A-O 100*8 100*4
K
an
C
Clin
&
Spr
1st
6
s
...
1925
A
O
C o nvertible 4 s .................. 1930 M-S 105*4 105*9 105*8 1058H 19 99*9 100
an C F t S A G ulf e x t 5 s.. 1911 j -I)
A m vVnt I’jiucr l s t s 1Osg 1919 .1 - J
87 Sep ’10 — «7*4 87*4 KK an
O F t S cott A M Os___ 1928 M-N 1 103b Sale
“ 97 119
Ain Zinc E A S dob Gs___191.) M-N 119 Sale 119 119
Arm Com Cop 1st conv Gs 1921) J-D
92
93 19 89 94 K an O M A B gen 4 s.............1934 M-S ......... 93 Si
A ton'i'op A S So g o ng 4 s .. 1996 A-O 98*s 9 8 ^ 98 Si N ov’10
98 1018a A ssented incom e 5s.........1934 M-S
K an O A M By A B r 1st 5sl929 A-O 102 s, 103
A d ju stm en t g 4s___J Ty 1990 Nov UO 90 >9 90*s 90 *8
83*9 94*8 M
Stam ped ........... J ’ly 1995 M-N 90 9 0 ‘a 92 *2 Sep 10
92*9 94**8 aine C ent cons 1st 7 s ...1912 A-O
50-yoiir conv Ms..............1955 J-D
102 4 J ’l y ’10
10 2 *9 10 2 S, Cons 1st 4 s ...................................1912 A-O
Mnro H ough A O nt 1 s t Os.1925 A-O
10-year conv Os.............1917 J-D
108*3 117*9 M
108'8 103*8
ass G as 4 *9 S ........................1929 j J 99 >4 Sale
A tl (lull A W 1 SS T illies5s.’59 J -J GO *9 •
GG'»8 GO *9
03 73 M icli
T e le p ls t 6 s ..................1917 J- J
B oston E lect 1< consol 6 s .1924 M-S
110 Keb’<)4
jMlnuo Gen Klee con g 5s 1929 J .J
B oston & Cowell 4 s............191G J-J
1 0 0 * 4 M ar’09
B oston ite M aine 4 ‘os..........1044 J -J
N ew K ng Cot V arn 5 s___ 1929 F-A ib’i si Hale
104 *9 Oct ’08
B oston T erm inal 1st 3*as.l947 F-A
N ew E n g T e le p h 5s.............1916, A-O
1 1 2 * 9 J a n ’03
6 s..............................................191G A-O
B a r A Mo ltiv cons G s___1918 J - J
103 Feb TO
103 103
N ew E nglan d cons g 5 s ...1946 J - J
B u tte A Boston 1st Gs___1917 A-0
100 J ’no’01
Boston T erm 1st 4 s........1939, A-O
B u tte Klee & Bow Is tg 5 s .l9 5 1 J-D
Cellar Bap A .Mo K 1st 73.1910 M-N
75 G et TO .. 75 79*2
113 *9 114 N e w liiv e r (Tho) conv 58.1934 J . J
M ay’10
V N 11 A 11 con deb 3 *281950 J .J
C ent V erm t 1st g 4 « ..M ay l9 2 0 Q-K 87 87*4 113*9
lO lS jN ov’10 .. 90*e 102
87
85 8 8 N Conv
87*4
deb Gs ( c tis j ..........1943 J . J 1337s Hale 13 J 7e *33 7s 5 131 135
O B & m Iow a Tnv 1st 6s. 1919 A-O
11103 Oct ’07
Colony gold 4 s ...............1924 F-A
Iow a D iv 1st 4 s ................ 1919 A-O
101 A p r’UJ
98 *c J’ne’10
98*9 98*9 Old
Grog By A N av con g 4 s ..1940 J-D
D ebenture 6 s......................1918 M-N
OS’s S e p ’09
1 0 1 - 4 M ar’ 10
101 >910134
Oreg Sh Kino 1st g Os........1922 F-A
D enver E x ten 4 s.............1922 F-A 99*4 99*9 99 *9 N ov’10
11378 A ug’10
11378 110*s
90
*«
100
N ebrask a K xten 4 s ........1927 M-N
99 M ar ’ 1 0 . J l 98*2 99
99 M ai ’ 1 0 ....I 99 993b Pero M arqu ette deb g Os.. 1912 J - J 1 0 2 8 3 ,
ltepu b V alley 1st s t Os. ..1919 J - J
99 O ct ’09
B A 8 W 8 I 4s....................1921 M-S
103 ** Sep TO .. 103*s 103 *s
liu
tlan
d
1st
con
gen
4*as.l941
Sop
’10
J
J
87
7«
Illinois D iv 3*-js................1949 J - J
107 *2 NOV’06
80**8 833s
1 0 1 Sg
Ohio j o By A Stic Vus 58.1915 J-J
100 101*4 B utland-C anadian 1st 4s 1949 J - J
10138
102 M ai’02
90*9 O ct ’10
Coll tru st relu nilin g g 481940 A-O
89 92 7e S avannah Klee 1st eons 5s.l 952 J - J
78Sj A p r’l J ... 78*2 78Sj
F-A
115*9 J a n ’10
S
eattle
E
lec
1st
g
5
s..........1930
Oh MU A S t P D ub D Os.. 1920 J - J
115*9 115*9
103 S) 104 103 *2 103 Si l 103 104*4
120 F e b ’05
S hannon-A nz 1st g Os___1919 M-N 97 Salt 90
Oh M A S t P Wla V div Gsl920 J - J
97
99 100* T orre H au te Klee g 5 s___1929 J-J
Ohio a N o M ien 1st gu 6 s .1931 M-N 99*9 102 99 Oct ’ 1 0
97 Apr’07 6 88 110
100
104 T o rrin g to n 1st g 6 s ............1918 M-S
Ohio A W M ich gen 6s___1921 J-D 101*9 102 1 0 1 ° 8 101**8
loo*.
Mar’
10 I " iboV loo®*
91 D ee’07
U m ou Pao BE A 1 gr g 4s. 1947 J - J
Concord & M ont cams 4 s ..1929 J-D
101*8
101*8
1
99*8 101 Si
20-year conv 4 s..................1927 J - J
Conn A Pass B 1st g 4 s ...1913 A-O
112*4 Ja n '03
I04’s
Oct
To
... 10476 109 8s
U
nited
F
ru
it
gen
s
t
4
*
2
8
.
1
9
2
3
100*4
Aug’09
C udahy Pack(T he) 1st g 6s 1924 M-N
J - J 97 97*« 9 7 * 4 9 7 * 4 1 95*4 97*2
99 A nr ’ 10
99 09 U S Coal A Oil 1st s I Os.. 1938 M-N 104 170 1G5 N ov 10 ...' 145 106
C u rren t U ivor 1st 6s..........192G A-O
88
88
90 U S Steol Oorp 10-00y r 5s. 1903 M-N
Dot G r B ap A VV 1 s i 4 s . . . 194G A-O 8 8 90 83
104 104
1 1 0 1 *2 105*u
Dominion Coal 1st s 1 6 s.. 1949 M-N 90 93 90 *9 J ’no ’ 10
90*9 98 *4 W est E nd S tree t By 4s___1915 F-A
93*4 J ’ly TO . .. 97 98*4
Gold 4 * 2 8 ............................... 1914 M-S
101 *4 J ’ue’09
103 ‘s A pt ’06
ETtCilburg 4 s ..........................1915 M-S
Gold deu eu turo 4 s............191 0 M-N
90 A p r’08
98*2 A pr’10 ... 98 Si 99*8
4s ............................................1927 M-S
Gold 4 s...................................1917 F-A
133 M ur’09
98 O ct TO .. . 1! 97 99
F ro m tK lk A M o V 1st G s..1933 A O
W ostorn T eleph A T el 5s. 1932 J - J
98
98 *2 13 04Sj 99
140 A p r’05
U nstam pou 1st Gs........... 1933 A O
9488 Ja n To
, b i 3® U-i3®
|G t N or C B A y coll tr 4s 1921 J - J 9 5 8 3 9 5 8 4 95 83 90 40; 94*9 97 *s W isconsin C ent 1st gen 4sl949 J - J
R egistered 4s......................1921 Q-J 9 5 *4 .......... 95*9 N ov’10 ...J 94*9 90*9
^Jorifi—B uyor pays accrued in te re st in addition to th e pu rch ase prioo for aiL B oston Bonds. * N o price F rid a y ; la test bid and asked.
F la t price.
ISOiS Dfb
BO STON STOCK EX O H ’G l
W icbk E nding N ov 18
P h ila d e lp h ia a n d
Sa tu rd a y
A ov 12
Price
F riday
Aov 18
B a ltim o re S to c k E x c h a n g e s — S to c k
*42 *2
*42*4
11*4
*40*2
*31*4
78*s
24*4
*93*4
80*8
64**ia
4 1 ‘4
16*»
10
74*8
8
88*4
62*2
24 ^
43*2
ll*4
48
*51 ^
7 'J8 \\
25
94
87
04*4
44*4
16*2
10*8
7o*io
8-4
39*4
82 *2
43
■ Range Since
Range /or lireviout
A C T IV E S T O C K S
Jan 1
Year(1DUU/
tire
Stoc/cs see below)
Lowest
H ighest j Lowest H ighest
iiiiilim o ro
*62 0-1
.1 0 0
40 M ar21 0 2 O ct 18^ 30 M ar 48 Deo
*90 94
Do p re t.
80 3LarlL 90 J Ty ) 4 70 M ar 89 May
125 126
.=124 125
60 115 Ja n » 132 F eo2 8| 1 0 0 Ja n 1 2 1 *- Deo
20*8 21 *21 2 1 *2
J 3*8 J ’ly 29 27*4 Ja n 3 1 1 * 4 Fob 28*4 Deo
100
10
42*4 42*4 <42*2 43*2
O ct 17 47 Ja n 8 2 2 * 4 Fob 48 Deo
60 l ^ M a y a 15*2 J ’ly 16 9*4 Feb 14*2 Deo
*14*2
IT iiliidcIpliia
70
21*4 25
60 17*2 Sop 19 28 J a n 3
25 25 *24 *2 25
Dec 43 Ja n
130
43 43
43 ' 43
60 41*1 J Ty 2 1 60 Ja n 0 26 ’ly 48
43 43
Dec
43 43*2 805
50 40*4 J ’ly 2G 53*2 J a n it) 32 78 JFeo
43*2 48*4 43*2 44
49* Dec
3
1
1
*4
1
0
1=11*4 11-8 *n®4 1 17b *11*8 il'B
J ’ly 2 9 12*2 Jan 14 x lo 'e Ja n 12- . J ’ly
100 4 2 J ’neJo 04t, M a rll
47 48 -1 4 7 4 i *4 40 '4 4 6 'b 603
Jan 03 ^ J ’ly
32 32*8 3 3 33 =-. 1,130
100 19*4 J ’ly 2 G 34*a Ja n 29 43
82 3 i
15 *aJa n 33*. Dec
*78 79
100 01 J ’ly 20 84*4 Jan 40 53
78*2 78 *i 78 '78*4 439
Jan 84*2 Deo
9*2 *9 1 0
60 7 J ’ly 0 13 oan iu| 9*2 Jan 16 A pr
2 0 =4 27*4
27 27*8 27*4 27*4 9,760
100 15*2 J ’neJo 28*4 Ja n 3 14*4 Jan 33 'e May
93*4 9 3 ’, 93*4 b3,J4 93*4 93j4 197
60 80 J ’ue3u 123 J a n 7 90 Ja n 125 6 Deo
89®» 92
50 03*2 J ’ly-v7 121*4 M arla 07 Feb 113 Sep
90*2 9 1 * 4 91*2 05 182,011
01*1
05 *s G47s 06 2 ,: 6 J P enn sylv an ia B B .
60 61l l xfl J ’iy 26 C9*18 M ar 9 03** Feb 76* Sep
04l*io 05
*4a 40
45 *4 45 ‘vj 4 5 ‘4 45»4 412
60 42 J ’noJo 63 *4 Ja n 8 40*2 Fob 6 P Deo
166» 16*4 15*8 1534 » l o *4 15*2 4,018
26 U 3 7s fc'eb 3 I 0 *4 .Marlb] 11*4 Feb 14*8 Dec
*1 0 * 8 167« 10*4
10*4
I 0 7e 0. 055
60 15 A pr 2 b 2 3 *2 Ja n 3 24 7hJa n 30 *• Apr
1 0 ’h
7 0 ‘ 4 70S
05 *2 J ’iy 26 60 Feo lo! 69 *2 Feb 80 ■ Sop
60
77 1 1 , 1 8 0
7 g ; io
b l4 8*4 8 * 4
1 0*2 J an 2 Mayl3] b \ Jan J13, M ar
1, '61 Tonopali M ining
8 4
8*4
40
40 40
40 40 2.369
397b
38 Oct 24 52J4 lUU ol 6 0 7a Jan 5 8 7« -May
6(1
827g 82 7a 82*4 83
82*4 83 ®b 8.370
60 79 J ’ly 2 6 95*« J a n loj 84*8 .Uuj 93*- Deo
P H IL A D E L P H IA
R id I A sk
R id I A sk
HALTLUOBK
P H IL A D E L P H IA
B o nds
P h A Bead 2d 6s ‘33. A-O
C U arlC A A 2il7s'10A -O
Prices are a ll ‘‘and
Con M 7s 1911........J-D
City A Sub 1st 6 s ..’22 J-D
interest
E x Im p M 4s g ’47. A-O 99*8
O ily A Sub( W a s)lst6 s’48 101*4 102
A lt A LV K lec 4 *28’33.K-A
T orm iual 5s g l9 4 1 .y -F 115*4
C oalA 1 By l s t 6 s ’20F-A 100*2 101
A m G as A E loc6a'07.F-A
83*4 P W A 1J col tr 4 s ’21 .J-J
O
olA G rnv IstO s.lU lO J-J
P o rtlan d B y 1st Os 1930.
A m ltyscouvO s 1911.J-U
Consol G as 6 s ..1939 J-D
ltoch ByA E e o u 6 s ’54J-J 9 3 *2 '......... C tls ind ebt 4 * 2 8 ........J-J 107*2 108
A tl City 1st 6s g ’1 9 .M-N
Spanish-A m I r Os ’27 J-J
B ergA E B r w 1st Os'21 J-J
Cons G E A P 4 v i ’35.J-J 83 83*2
Botfile Steel Os 1908.Q-F
115*4 U T rac In d gen 5 sT 9 .J.J 101 1101*8
C tT r ± st5 s’38.A -0 96*4 9 7 *8
103*2 Un lty s T r otfs 4s’49J AJ 73 *2 74* FGairA
Choc A M e 1st 6s 1949 J-J
a A A ia i.sl con 6s ’4oJ -J 103
U nited B ys lu v ls tc o lltr
Oh Ok & O gen 5s T 9 J -J 103
aC ar A N 1st O sg ’29 J-J 104*4 105*
s f 6s 1920..................M-N 79*2 80 GG eorgia
Col S t By 1st con 5s 1932
P 1st Os. . . ’22 J -J 112 116
U T rao P it gen 6s ’97 J-J
C o n T ra o o fN J 1st 6 s .’33 103**2
GaSo A F la 1st 6s 1945J -J 107 109
W olsbach s t 6s 1930.J-D 88*4 89*2 G-B-S
E A A 1st M 5s 1920 M-N 100*2
Brew 3-4s 1051M-S 42*2 43
W
lks-B
G
A
E
con
5s’o5J-J
87
E lec A Peo T r stk tr otfs
6
2d incom e 68 1961 M-N
0
HALTLHOKK
E<i 11 Gas-E 1st g 5s 1928 105
K noxv T rac 1st 6s ’28A-U 102 105
In a c tiv e S to c k s
Indianapolis By 4s. 1933
K akeB E l 1st gu6s’42M-S 109*4 110
61
63*2 A la Cons CoalA lio n .100
In te rs ta te 4s 1943 ..F -A
M acon ByA E tlst5s*53J-J
P r o ! ...............................100
65 M em phis S t 1st 6s’46 J -J 97 98
L o h ig h N a v 4*28 ’14.Q-J
A tlan ta A C h arlo tte.. 100
B its 4s g ........1914.Q-F
M etStf W ash )lsl5 s’25F A
Gen M 4 * 2 8 g .l9 2 4 .y -F
A tla n C o a s tE (Couu)lOO
235 M t V er Cot D ue* 1st 5s. 74*2
110*2 C anton Co......................100 230
Loll V C 1st 5s g ’3 3 ..J-J
119 122 Npt-MAU P 1st 5s’38 M-N 02*2 74*4
Cons Cot D uck C o rp ...5 0
E eh V ex t 4s 1st 1948.J-D
0 N o rA P o rT r ls t6 s ’J0 J-D 82*2 83
6
2d 7s 1910..................M-S
P re fe rre d ..................... 00 18 20 N orlotk S t 1st 6 s ’4 4 .-J-J 104 105*2
Consol Os 1923........J-D
G
eorgia
Sou
A
F
la
...100
N o rth Ceut4*2S 1025 A-O 105 107
A n n u ity Os................J-D 148*4
1st p ro f........................1 0 0
S enes A 5s 1 0 2 0 ....J-J 109
G en cons 4s 20 03 .M-N 97H, 07*
2d p rof..........................1 0 0
Series B 6s 1920___J-J 109
E eh V T ran con l s ’35J-D
U-D-S B row ing............100
P itt Uu T rac 5s 1997.J-J 102 104
ib f
ls ts e n e s B 5 s 1935.M-S
l ’oto Val 1st 5s 1941..J-J 103 1U7*2
B on d s
Now Con Gas 6s 1948 J -D
Prices are a ll “ a n d
Sav F la A W est os ’34 A-O
N ow ark P ass con 5s 1930
interest."
Scab
A Eoau 5s 1020. J J 106
N V P h A N o 1st 4s '39 J -J
90 A nacostia A P o t 5s___
100*2 101 S outh B ound 1st 6S..A-U 104
inco m e 4s 1 9 3 9 ..-M-N
A tl Coast E (C t)ctfs 6s J -D
U E 1 E A P 1st 4 >2S'29 M-N 92 93
N oO hioTruc con5s’19.J-J
C tfs of Indeb t 4 s___J-J
U n By A K l l s t 4 s ’49M -8 84*8 81*4
P enn Cons 5s 1919 .. V ar 107 io8*i • 5-20 y r 4s 1925..........J-J
Incom e 4s 1949........J-D 03*2 03*4
P enn A Mil Steel con Os. 108
B alt C P ass 1 s t5 s ’l l M-N 100 100*4 F u n d in g 5s 1930...J-D 84*2 85
P a A N V Can 5s ’39.A-O
B alt F u n d g os.1910 M-N
V a Mid 2d ser Os ’ll.M -S 100*8 100*2
Con 4s 1939..............A-O
E xchang e 3 *20 1930 J-J
3d se n e s Os 1910..M-S 105
94
P o uu Steel 1st 5sT 7 M-N
Balt A P 1st Os in 1T 1 A-O
100*4 4 th ser 3-4-oa 1921.M-S 105
Peoplo’s T r tr c erts 4s ’43
B
S
P
A
O
1814*28
’03F-A
6 th series 5s 1920. M-S
04
93
P Co 1 st* col tr 6s’49 M-S 102 102 *2 B alt T rao 1st 5 s .. ’29 M-N 106 107 Va (State) 3s new ’32.J-J 1O0
ConA col tr os 1951M-N 04*2 95
N o B alt D iv os 1942 J-D 110 112
F u nd debt 2-3s 1991.J -J 87 87*4
lO
lk,
101*4 C ont’l B yco u6 sl93 2 M-N
P hil Elec gold tru s t ctfs.
W est N C con Os 1914 J -J
T ru st certils 4 s............... 76>a 75*i E x t A Im p 5 s .1932 M S
W es V a C& P 1st Og’l 1 J J 100*4 109>«
100
P A E gen M 5 g ’20. A-O 107*2
Chas City By 1 st 6s’23 J-J
W U A W eld 6S ..1935.J-J 110 )U 2
G en M 4s g 1020..AA O 100*4
CUas B y G A E l 6s ’09 M-S 94 *2 9*6
s h a r e P ric e s—N ot P e r C entu m P ric e s
Tuesday W ednesday T hursd ay
M onday
A ov Hi
Nov 1 ?
Aov 15
A ov 14
120 * ......... 120
125*4 k
+.......... 43 iC*41*2 43
14 "b
*14 14 S
*42^4 4 3
42*4 4 3
‘ 11*4 n ’t
47 47 '2
31 31*2
78*2 78*2
*25 26*4
03*4 93*4
80*4 89**8
04f,b 041*10
45 4a
15*8 15 *2
10
10 l4
76®io 70 *t
8 l4 8'4
39*4 39*4
82*2 82*2
I ’ l l I L A D K L l ’ l 11 A
43
42*2
'11*4
*40*4
*31*4
79
25 'u
93*4
8 8 'a
01^
40
15*2
1 0 *b
V0 l4
8*4
39*2
82*2
Rid
43
43
U 7«
48
32*2
79
2 5 *4
91*4
05
45
15*8
1 0 *b
70*4
8*4
39*4
8'2»s
A sk
in n c tiv o S lo c k s
A m al A sbestos Corp. 100
P r e le r re d ....................too
A m oiican M illing........1U
A m ur Pipe M fg......... 100
Bell T elephone (P a). 100
C am bria Iro n ..................60 41 "*4
C entral Coal A Coke. 100
Consol T rao of N J ... 100 ”73"
E aston Con E lectric 6.50
F t W ayno A W V........100
G erm antow n P a ss........60
Indianapolis S t........... 100
In d ian a Union T r ___100
In su ra n c e Co of N A .. 10 19 7b
In te r Bin Pow A Cliem .50
K eystono Tolephouo ..GO 0
P re fe rre d ......................60 33
KoysionoW atchCaso.lOO
Bell V ail T ra n v t O ...50
4*i
P referred v t o ........... 60 15*2
L it B rotlio rs.................... 1 0
L ittle S chuylkill............60 68
M lnehUi A S chuyl i f . .50 02
1
N H aven Iro n A S te e l.5
120
N o rth ern C en tral......... 50
N o rth P e n n sy lv an ia ..50
P en n sy l B it receipts
P enn sylv an ia s a lt........60
P enn sylv an ia sie e l.,1 0 0
105
P re fe rre d ....................100
42
P h ila Co (P itts) pref.,.6 0
P h il G erm an A N o rris.50
P h lia T ractio n ................60 82*a
R ailw ays G eneral........10 10
Susquen Iro n A S teo l..5
T idew ater S teol........... 10
P r e le r re d ......................10
U nion T r ot 1m l..........100
U n ited N J E li A O .. 100 240 " 241
42*2
U nit T rac P itts p ro !..50
W arw ick iro n A S teo l.10 10 10*«
W elsb ao hC o..................100 41 42
W est Je rse y A S eaS li.50 63*4 64
W estm oreland C oal....50
W ilkes G as A E le c ..100 ........ I.........
R e c o rd , D a ily , W e e k ly , Y e a rly
F riday
A ov 18
Sales j
0/ the,
| WeeS !
Shares'
•Bid and asked; no sales on this day. fl Ex-rights. I #15 paid, t $12 paid, i SI 3*2 paid. } $35 paid, a Receipts. 6 $25 paid. c$30 paid. ci$12 paid.
*4
*2
1378
[VOL. LXXXXI.
THE CHRONICLE
V o lu m e o f b u s in e s s a t S to c k E x c h a n g e s
LltyUsSAUnON i A l lilr , .liiVV YOHli BTOvJE. EXCHANGE
l> U L i , WEEKLY A JD YEARLY
Railroad,
&c..
Week ending
Stale
U. S.
Bonds.
Shares. , Par value.
Nov. 13 1910.
Bonds.
Bonds.
160,861 §14,951,100, 3812.000
Saturday ______
§1,000
■ 186,609 44,314,1001 1.530.500
Monday _______
4.56,978 41,147,800 1.901.000
Tuesday________
505,185 45,282,000' 1.450.500
W edn esday___
" V,66o
416,505 40,745,500 1,908,090
Thursday_______
387,532 33,997.700 2.231.000
F rid ay ..................
T o ta l................
2,443,970 §220,438,200 S9,836,000; S571,50ol §2,000
Sale s al
Week ending Nov. 18.
Jan. 1 to Nov. 18.
New York Stock
Exchange.
1910.
1909.
1910.
1909.
Stocks—No. shares__
2,443,970 4,273,525
151,887,959
189,411,160
l’ar value_________ §220,438,200 §380,495,250 §13,532,005,500 $17,368,145,600
Bank shares, par.........
§14,100
$54,600
3173,250
31,011,100
Bonds.
§9,000
Government bonds__
$2,000
S353.200
$702,200
333,509
State bonds..................
571,036
39,011,550
31,210,400
9,836,000 20,470,000
HR. and mlsc. bonds
528,638,700 1,143,591,600
§10,409,600 $21,032,500 S568,003,450l $1,178,504,200
DAILY TRANSACTIONS AT THE BOSTON AND PH ILA D ELPH IA
EXCHANGES.
s
Oil
■ -j-„
Ilk
0 -5 v
100
.19
.to o
.10(1
.10 0
Telegraph and Telephone
lone
t Arner Teleg A C a b leTOO
.100
.100
. 2a
TOO
.100
. 50
_ 25
TOO
- 25
Ferry Companies
B n A 8k
eatro list
8 OI.1 90%
124 1 2 6
* 86% 88%
JO 50
73 73
80 85
7a% 77b
41% 42L
C6 07
80 83
113 120
105 *:___
65
40 5 9
no
107
60
90 9 9
90 —
B id AM
1n cl if s fr in and Al seel
C rucible S teel______ 10
13 13 <1
c Preferred _______ 100 78 781,
D avL-D aly C opper C o .10 *1% 1-A
e D iam ond M atch 1 0 .100 90b 91
d u P o n tl E D deN cm Po 100 145 150
c P referred ________ 100 82 84
e Gold 4 l$s 1 9 3 6 ...J - D 84 85
E lectric B o at_________ 100 ____ 121]
P re fe rre d __________ 100
53
Em pire S te e l_________ 1 0 0 10 15
P re fe rre d __________ 10J 58 65
•-•General Chem ical___ 100 xOO 100
e P referred ________ 1 0 0 100 103%
Goldfield Con Mines See S tk Ex list
Gold Hill C opper . . . . . 1 ♦ 12 %
G recn o -C an an ea_______ 2 0 ♦ 8 81|
G uggenheim E xplor’n 100 185 195
e H ackensack W ater Co
Ref g 4s '52 op '1 2 ..J -J 85 88
Hall Signal Co c o m ..100 20 35
H avana Tobacco C o .. 100 4 6
P re fe rre d __________ 1 0 0
8 12
1st g 5s Ju n e 1 '22 J-D 65 59
tlccker-Jones-Jow ell MU.
1st 6s 1922_______ A\ S 103 105
H or'g-H all-A lar, n o w .to o 35 40
H oboken Land A Im p 100
1st 5s N o f 1030_______
H ouston O i __________ 100 IOO”7% 102“
P re fe rre d __________ 1 0 0 __ 458%
H udson R e a lty ______ 100 n o __
e Ingorsoll-H and corn . 1 0 0 9 3
e Preferred ________ 100 1 0 0
in te rc o n tin 't'l R u b b er.100 29 29%
In tc rn a t’l B ank’g Co 100 90 100
In te rn a t” M er M ar— See S tk Ex list
Intern atio nal N ic k e l..100 165 150
P re fe rre d ___________100 90 93
1st g 5s 1932_____ A-O
92 94
Intern atio nal S a lt___".100 6
8
1st g 5s 1951_______A -o 4 7 52
Intern atio nal S ilv e r.. 100 / 50
80
P re fe rre d _________ 1 0 0 107 113
1st 6s 1948________ J-D o 112
In te rn a t Sm elt A Rcfg 1 0 0 n130
140
In tern atT Im a R eco rd . 1 0 .) 190 225
P re fe rre d ___________loo 112 120
Jones A L augblln Steel Co
1st s f g 5s 19 39 ..Al-N 101% 101%
L ackaw anna S teel___100 40 45
t 1st con 5s 19u0___ Alc D eb u3 1915............. M-S
92
L anston A lonotype___100 91%
86% 86%
Law yers' M tge Co____100 243 250
Leh A W llkes-B Coal 50 200 250
e Lorlllard (P) pref___100 135 146
Madison Sq G a rd e n .. 100 35 45
2d 6s 1919.................M-N 85
M anhattan T ransit___20
+ 1%
M ay D ept .Stores_____ 100 52 53f%
P re fe rre d __________ ioo 101% 103
M onougauela H C o a t.. 0 0 * 8
P re le rre d ____________50 * 20% 21
M ortgage Bond Co___ 1 0 0 sll3% 115
N at Bank of C uba____ 100 103 107
N at'l S u re ty ....................100 S250 260
e N evada Cons’d C opper 5 *20% 21
N cv-U tah Min A S m . 10
•Dj
• New C entral Coal___20 *i%e
NY A ir B rake 6s— See Stk Exc list
N Y Biscuit 6s 1911.M-S 100
e New York D ock____ 100 25 35
c P referred ________ 100 70 80
N Y M tge A Securlty-100 200 210
N Y T ra n sp o rta tio n .. 20 * 4
6
N ilcs-B em -Pond com . 100 97
N lplsstng Alines______ 5 *10% 102
107*
Ohio Copper C o ._______10
1%
e O ntario S 'lv cr______ 1 0 0 * l l 2l 10 2%
O tis E levator com ____100 49 52
P re fe rre d __________ 100 94
P ittsb urgh B re w in g .. 50 *22% 97
P re fe rre d ___________ 0 0 40% 23
417]
P ittsb urgh Coal— See Stk +Exc
Pope Mfg Co com _____ 100 58 list
60
P referred___ _______ 1 0 0 ____ 78
P ra tt A W hltney'pref-100 100 105
Producers O il_________ 1 0 0 145 150
R ealty Assoc (B k ly n ).100 120 123
Royal link Powd coin. 100 199 200
P re fe rre d ________ 100 104 107
Safety Car H eat A L t.100 133
135
Seneca M ln'ng_________ 25
75
Singer Mfg C o ________ 100 350- 355
South Iro n A S com .100 7 10
P re fe rre d __________ 1 0 0
18 !
S tand ard C ordage____ 1 0 0 15*8 *4
1st M g 5s '31 red . A-O / 15 17
A djust M 5s A pr 1 1931
4
S tand ard Coupler com 1 0 0 / 5 40
P re fe rre d __________ 1 0 0 100
S tand ard Milling C o ..100 10 18
P r e 'e rr c d __________ 1 0 0 52
1st 5s 1930................Al N 84 88
S tan d ard Oil of N J ..1 0 0 MHO 613
Swift A Co— See B ost Stk Exc list
1st 5s—S 'e Ohio Stock Exc list
Texas C om pany— See S tk Exch list
e T exas A Pacific Coal 1 0 0 95 100
Title Ins Co of N Y ...1 0 0 132 138
Tonopab Min (Nevada) 1 +8% 8%
Trenton Potteries com 100 4 8
P referred, new _____ too 45 55
Trow D irectory_______100 30
Underwood T y p c w ___100 60 02
P re fe rre d __________ 100 99% 100
Union T ypew riter com 100 45 49
1st p re fe rre d -----------100 101 108
2d p re fe rre d _______100 103
U u’tcu BK N ote C orp. 50 *49 107
P re fe rre d ____________50 *50 52
52%
U nited Cigar Alfrs------ 100 61% 64
e Preferred ________ 100 100 108
U nited C opper--------..1 0 0
6
P re fe rre d __________ loo 5
U S C asu alty-------------- 100 2 0 0 220
U S Envelope com ___100 50
P r e te r re d __________ loo 1 1 114
(J S F in ish in g ________ 1 0 0 1 95
Preferred . . . _______ 1 0 0 1 0 0 1100
11
1st g os 1 9 1 9 ____ j- j
105
C o n g 5s 1 9 2 9 .. ” j - j loo
100
95
U S Steel C orporation—
Col tr s f 5s '51 o p t 'l l 114% 115
,, Col 3 f 5s '51 not opt 1 1 1 % 115
921,
U S l i t Gu A in d e n t..100
cU tah Copper Co— See Stk Exc list
W estchester A Bronx Tit
A Mtge G uar_______ 100 165 *169
W estlngh'sc Air B ra k e .50 *139
W est El A Mtg 5s— A’eeStk KXC list
W orthing P um p prcf-lO o xl03% 106
.J-J 93
TOO 20 0287
M-N 55 65
.J-D 97 99
M-N 103 107
.J-J 96%
TOO 30 40"
-J-D 65 75
.100 26 24
M-N 95 99
Short-T erm N otes
J\\ s 99% 100%
Boston.
Philadelphia.
Al-S 93 98%
Week ending
-J-l) 98% 09
Listed Unlisted Bond
Nov. 18 1910.
Listed Unlisted Bond
M-N
26% 97%
shares. shares.
sales.
shares. shares.
sales.
Al-S 08% 99
-J-J 97% 97%
S aturday.________
7,160
9,864 $50,000
6,601
1,490
$33,500
0 '11
100 luo%
Monday__________
20,235 21,222
82,000 30,284
8,739
37,800 lud son G om paulesT uesday_________
16,985 15,108
47.500 53,213 10,398
65,600
.A-O 98 98%
W ednesday_______
17,720 15,422 100,000 62,621 15,922
23.000
F-A 98 99
T hursd ay................
14,517
8,262
78,000 25,242 13,277
40.000
Al-N 1 .0% 10078
Friday___________
17,357 12,968
46.500 55,477 15,440 217,200
-M-S 98% 99%
-F-A 09 99%
T otal__________
93,974 82,8461 $404,0001 233,44l| 65,272 $417,100
0-22 64.05 4.39
64.05 4.30
o'-'12
100 101
O u ts id e S e c u ritie s
97% 97 /*
5s Mch 1 1913____ Al-S 904
Alt bond prices nro now “ and in te rest” cxcc.it where m arked ”f.” S outh R y g 5s 1 9 1 3 ..F-A 98% 974
98%
T idew ater 6s, 1913 guar 101 101
W aoash 4 4 s 1 9 U ...A I-N
974
Bid Ask
S treet R ailw ays
Slrccf
R
ailw
ays
Bid
W estT clep A 'l'.is '1 2 .F-A 094 100
New York CUu
Pub Serv Corp N J (Com
cstlngh'o El AM 6s 1913 1 0 0 4 1004
Blccck S t A Fui F s tir .100 10 20
Cons Tract of N J ..1 0 0 73 75 W 5%
notes O ct 19 17 .A-O ioo
1st m tge 4s 1950.
62 60
1st 5s 1933............ |-D 103 104
B ’y A 7th Ave s tlc ___100 120 n o
N ew ’k P asR y 5s 30 J-J 105
2d m tge 5s 1914 . .. J - J 98 100
R apid T ran S t R y --10 0 235 245 eChlc G t Railroad
Wcorn tr ctfslSce Stool;
Coil 5s 1943— See Stock Exc list
1st 5s 1021...........A-O 103
eP reterrcd t r e t f s . . /
list
B’w ay Suri 1st 5s gu 1924 10-' 105
J C H ob A P aterso n—
Cldc
Peo
A S t L—
C ent'l Cro->st’n s t k __ 100
4s g 1049...........M-N 74 75
90
P rior lien g4 4 s '3 0 . M-S / 90
1st m tge 6s 1922 ...M -N / 80 85
So J Gas El A T rac.1 00 128 132
Cou m tg g 5s 19 30 ..J -J / - - - Cen F k N & E H stk .100 12 19
Gu g os 1953___M-S 07 99
Incom e 5s, Ju ly 1 9 3 0 ..
No H ud Co Ry 6s 14 J-J 101
C hr’t ’r A 10th S t s t k . . 100 70 85
Chicago S ubw ay_____ 100 / —‘14- 5
5s 1928.................... J-J 102
Col & 9th Ave 5s See Stock Exc list
K
au
A Col P ac 6s 1938.F-A 109
E x t 5s 1024____M-N 98
D ry D E B A B—
N at Rys of M exico— See S t Exc 111
list
P a t lty con 6s '3 1 ..J -D 115
1st gold 5s 1932 J-D 95 100
o rth 'n Securities S tu b s. ICO 1124
2d 6s op t 1 0 1 4 ..A-U 99 101 NP itts
Scrip 5s 1914_____ F-A 1 30 40
Bess A L E ______ 50 *31 33
E ighth A venue sto ck . 100 200 300 So Side El (Chic)— See Cii icago list
P
re
fe
rre
d
____________50
Scrip 6s 1914____F-A / 65 too Syracuse R T 5s '4 0 . Al-S
102% e R ailroad Securities Co— *70 74
42d A Gr S t F’y stk ..1 0 0 2 0 0 300 Trent P A H 5s 1943.J-D loo
07
III C stk tr ctfs scr A 52 00
___ U nited Rys of S t L—
42d S t M A S t N A ve. 100
C om pany—
1st m tge 6s 1910.M-i ___ ___
Com vot tr c tfs. ..1 0 0
8% 10% Seaboard
1st preferred______ 100 76
2d Income 6s 1915.J-J / 40 60
e P r e f e r r e d ___
ioo 41%
Com
A
2d
See Bal t Exc
In ter-M et— See S tk Exch ange list
Gen 4s 1934— See Stock Exc list Seaboard Airpref—
Line—
L ex Av & P a v F 5s See Stk Exc list U nitR
ys San Fran See Stk Exc list
Coll
5s
ext
M
ay
'1
1 .M-S 90% 997*
M etropol S t R y— See Stk Exc list W ash R y A El Co____100 x3'i
34%
N in th A venue s to c k .. 100 155 180
P re fe rre d __________100 *86% 8/% W est Pac 1st 5s '3 3__M-S 93% 03%
Second A venue s to c k .100 10 10
4s 1951......................... J-D 82 83
in d u strial and Mlsccl.
1 s tM 5s’0 9 e x tT u .-M -N 99
A dam s Exp g 4s 1947 J-D / 904 914
Consol 5s 1943____F-A 1 52 58
Has SccuriFes
A hm eek M ining________ 25 *180 193
• S ixth A venue sto c k ..100 115 130
Alliance R e a lty _______100 115
New York
Sou Boulev 5s 1945___J-J 60 85
A m erican Book_______100 152 120
So F er 1st 5s 1919___A-O 88 92 Cent U 11 Gas 5s 1927 .J-J 101 102 A m erican B rass_______loo gl20
123'
T hird A venue— See Stock Exc list Con Gas (N Y)— See Stli Exc lls A m erican Chicle com . 100 223 22/
T arry VV P A M 5s 1928 / 50 80 e M utual G as_________ 1 0 0 165 1 7 5
P re fe rre d __________ 100 1014 104
Y kersS tR U 5s 1046 A O 80 &5 New A m sterdam G as—
Am
G
raphophonc
com
100
28th A 29th Sts 5s '96 A -0 y7110 2U
1st consol 5s 1 9 48 ..J-J 100% 1 0 1 % P re fe rre d __________ ioo 225
T w enty -th ird S t s t k . .100 190 215 N Y A E R G as 1st 5s '44 J-J 1U2 104 A m er H a rd w a re _____ 100 122
U nion R y 1st 5s 1942. F-A 100% 102
Consol 5s 1945_____ J-J 97 luO Am M alting 0s 19 14 ._J-l) 100 102
W estchest 1st 5s '43 J-J 65 75 N Y A Richm ond G as. 100 40 50 A m er Press Assoo’n__100 08 100
N Y A W estch esterL 'h t'g —
Am S t Found new— See S tk Ex list
Brooklyn
Deb g 5s 1954 g u a r.j-J 101% 102% 6s 1935..........................A-O 1 0 0 4 102
A tlan A venue R R —
Nor Un 1st 5s 1 0 2 7 ..Al-N 09 101
Deb 48 1923................ F-A 6J 71
Con 5s g 1931...........A-O 100 102 e S tand ard Gas c o m ..100 55
A m erican S u re ty _____ 50 205 210
B B & W E 5s 1933.-A-O 97 102
e P r e f e r r e d ______ 1 0 0
85
A
m
erican T hread pref 5 * 4 4 5*4
B rooklyn City S to c k ..10 167 172
1st 5s 1030................M-N 104
Am Tobacco Co c o m ..100 425
Con 5s— See S tk Exch atie:c list
A m er T ypcfdcrs com . 100 41 430
43
Bkln llg ts 1st 5s 1041 A-O 98 102
Other Cities
P re fe rre d __________ 100 98 100
Bkln Q ueens Co & Sul>—
Am Gas A Elec c o m .. 5 0 +46
g 6s 1939____Al-N 97 100
e 1st g 5s '41 op '1 6 .J-j 99 101
P re fe rre d ....................50 +41 43 A mDob
er
W
riting
P
ap
cr--1
0
0
e lstc o n 5s '41 op ’16 M-N 97 99 Amer Light A 'T ra c t.. 100 291 293
P re fe rre d ----------------100 2824 2 34
j
Bklyn R ap T ra n — See Stk Exc list
P re fe rre d __________ 1 0 0
1st s f g 5s T 9 op '09 J-J 88 884
Coney Isl & B lclyn.. 100 0 0 75 Bay S tate G as________50 102% 104% AMGf
A
W
IndS
S
L
'nes.100
U7g
83
78
1st cons g 4s 10 48 ..J - J
Blngh ton (N Y) Gas Wks
P re fe rre d __________ 100 19
Con g 4s 1055_____ J-J 75 80
1st g 5s 1938______ A.-0
Col tr g 5s 1959____J J 664 2680 '
B rk C A N 5s 1939.J-J 95 100 Brooklyn Un Gas— SeeStk 95 100 B arney
A Sm ith C a r ..100
32
K ings C El 4s— See Stock Exc list Bulfalo C ity Gas s t k ..100 3%
P re fe rre d __________ 100
98
1st 5s 1947— See Stock
N assau Elec p re l_____ 100
B ethl’in Steel Corp— See S tk Ex list
; 5s 1944........................A-O 103 105 Cities Service C o ____iod
61
03
Bliss
Com
pany
c
o
m
..
50
124
130
P re fe rre d ............... ioo 89 82
1 1st 4s 1051— See Stock Exc list
P re fe rre d ____________50 118 122
N W ‘bg A F lat 1st ex 4 4 s 87 92 Con Gas of N J 5s '36 J-J 90
95 Bond A Mtge G u a r ...100 250
B teinw ay 1st 6s J9 2 2 ..J-J 103 100 Consum ers’ L H A Pow —
B
orden’s
Coud M ilk .. 100 124 253
5s 1038______
j - d 102
P re fe rre d __________ 100 10 J 123
Other OUics
D enver Gas A E lec. io o 190 2 1 0 British
Col
C o p p e r ... 0 *6% 10807S
Buffalo S tree t R y—
Gen g 5s 1949 op.M -N 91 93 B utte C oalition
M ining 15 *20
1st consol 5s 1031..F -A
108 E lizabeth Gas L t C o ..100
Casein Co of A m com . 100 3 20%
Deb 6s 1917_______ a -O 105 106 Essex A H udson G as.io d 300
P
re
fe
rre
d
133
133
__________
100 55 003%
Colum bus (O) S t R y .. 100 103
Gas A El Bergen Co . . 1 6 6
80 C asualty Co of A m e r.. 100 125 135
P re fe rre d __________ ioo 1 0951 100
e Gr Hap 1st 5s '15.F-A 78
104
93
101
Celluloid
Co___________100
128
Colum Ry con 5s— See Phi ia list
H udson Co G as______ too
130 Cent Firew orks c o m .. 100
C rosst’wn 1st 5s ’33 J-D 100 1021, Indian a L ighting C o .. 100 134
33
35
P
re
fe
rre
d
___________100
(C on n R y A L tg co m .1 0 0 75 70
■ Is 1958 op _________F-A 04 66 C entral F o und ry_____ 100
• P referred ________ loo 79 81 Indianapolis
G as--------50
20
P re fe rre d __________ 100
1st A ref 4 4 s — See Stk Exc list
1st g 5s 1952_____ A-O 11 85
Deb 6s 1919 op ’0 1 . Al-N / 35
G rand R apids Ry pref.100 83 86 Jackson Gas 5s g ’37 . A-O / 80
88 92b Cliesebrougb Mfg C o ..100 700
• Loulsv S t 5s 1 9 3 0 ...J-J 10112 100 e Laclede G as_________100 105
105^
City
Co____100 61
Lynn A Bos l3 t 5s '24 J- L) 104 105
• P referred _______ 100 80 s94% P reInvesting
fe rre d __________ 100 101
i New Orl R ys A L gt.100 25b
adison Gas Cs 1920. A-O 103
108
”
a
ClatUn
(11
B)
c o m ..100 102
e P referred ________ 100 055s 06 M
N ewark Gas 6s 1944 ..Q -J 128 130
e 1st preferred_____ 100 93
Gen M g 4 l$s '35— See S Ik Ex 1st
Consol G a s ..100 06
p re fe rre d _____ 100 93
Pub Serv Corp of N J.1 0 0 113 115 N ewark
• Con g 5s 1948___J-U 103 10984 Cole 2d
A H ock CoalA I pt 100
. T r ctls 2% to 6% p erpct 99 101 No H udson L H A Pow —
1st g 5s 1917______ J-J / 45
N orth Jersey St R y .1 00 60 ___ 5s 1038......................... A-O
Col tr 6s O ct 195 6 ..J-J / 45
i 1st 4s 1948...........M-N 74 75 Pacific Gas A E, c o m .100 110
70
C ar H eatin g ___100 40%
P re fe rre d .................. . 1 0 0 88 7901 Consol
Consol R ubber T lre ..l0 u
3
P at A Pas Gas A E lec. 100 83 91
P re fe rre d ___________100 22
eC on g 5s 1949___Al-S 100 102
D
ebenture
4s
1951
A-O
/
404
S t Josenh Gas 5« 10.47 F-| 90 9 3 %
* P er sh are, ft Basis, e Sells on Stock E xchange, b u t no t very activ e. / F la t price. n N om inal. s Sale price. x E x-dlv. u E x-rights.
NOV. 19 1910. |
THE CHRONICLE
1379
tuuestnxeut and iliaiicoad intelligence.
r tA lL r tO A U G riO S S
clA
R N I iNGS.
n
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained, ih e first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings tor the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not beg-n with July, but covers some other
period
i he returns of the electric railw ays are brought toy ether separately on a subsequent page.
Rates: Cross E arn ings.
ROADS
W eek or
M onth.
Current
Year.
I
l
J u ly
P revious
Year.
1
to Latest D ate.
Current
Year.
Ala N O & T ex Pac
N O & N or E a s t. O c t o b e r . . 2 9 5 , 9 3 6 3 3 5 , 8
A la & V icksburg O c t o b e r . . 1 6 9 , 1 9 9 1 6 4 , 7 7 7 1 , 10 50 05 ., 54 25 30 1 , 15 52 55 ,, 07 19 42
V icks S hrev & P_ O c t o b e r . . 1 3 4 , 6 2 0 1 3 7 , 7 7 3
5 1 0 ,0 3 3
4 7 9 ,7 8 5
Ala T enn & N o rth . Septem ber
6 ,3 9 3
0 ,1 5 3
2 3 ,8 7 0
1 7 ,4 1 4
A tch T opeka & S Fe Septem ber 3 , 0 6 8 , 4 4 1 8 , 7 3 2 , 7 7 0 2 6 , 1 5 9 , 3 3 9 1 5 , 4 3 4 , 8 8 7
A tla n ta B lrni & A tl 1 s t w k N o v
5 4 ,9 2 2
9 5 3 ,5 3 5
5 5 ,9 3 0
8 8 8 ,0 9 9
A tlantic Coast L int Septem ber 2 , 2 4 6 , 7 7 4 2 , 1 7 3 , 1 3 0 6 ,4 6 4 ,3 8 8 5 , 8 3 0 , 7 3 2
a B altim ore & Ohio S e p t e m b e r 8 . 4 1 7 . 8 3 5 7 , 9 3 3 , 5 8 1 2 4 , 5 1 5 , 6 2 2 , 6 7 7 . 8 9 2
B & O Ch T er it la Septem ber
407,932 2 8 5 , 9 0 9
B angor & A roostook Septem ber 21 83 63 ,, 30 41 56 2 49 95 ,, 34 30 23
7 2 6 ,4 0 0
6 9 4 ,4 6 7
B ellcfonte C e n tra l.. O c t o b e r . .
0 ,6 8 7
8 ,7 9 0
Boston & M aine___ Septem ber 1 , 1 7 6 , 9 8 1 1 ,0 8 3 ,9 4 8 1 2 , 1 33 10 ,, 30 76 9 1 1 , 6 82 18 ,, 08 46 20
B ridgeton & Saco It, S e p t e m b e r
4 ,3 8 9
B ull R och & P ltts b . .m wk Nov 2 0 04 ,, 87 45 70 1 8 7 , 0 2 0 3 , 8 21 26 ,,10 32 22 3 , 6 3115 ,,43 85 43
Buffalo & S usq____ S e p t e m b e r 2 0 2 , 4 2 2 2 3 6 , 8 9 0 5 9 3 , 8 5 3
6 6 3 ,6 8 3
C anadian N o rth e rn . 2 d w k N o v
C anadian P acific__ 2d w k N o v 2 , 13 07 89 ,, 09 00 00 2 , 13 36 09 ,. 08 00 00 4 15 ,, 09 66 42 ,, 79 60 00 3 46 ,, 88 21 17 ,, 71 90 30
C entral ot G eorgia. 1 s t w k N o v
C entral of New J e r . ■ >cptcmbcr 2 , 42 17 05 ,,77 90 20 2 , 22 20 80 ,.78 10 0 47 ,, 52 02 87 ,, 93 59 10 46 ,, 37 22 23 ,, 66 53 05
C entral V erm o nt___ S e p t e m b e r
3 4 9 ,3 3 8
1 ,0 0 0 ,4 3 5
1 ,0 1 8 ,1 1 2
C hattanooga S o u th . i l n w k b e p t 3 7 26 ,, 46 41 59
23,989
2 ,0 8 0
Ches & Ohio L ines. 1 s t w k N o v 5 7 9 , 3 8 5 5 5 0 , 1 5 8 1 1 , 9 4 5 , 9 1 2 1 1 , 0 42 10 ,, 93 80 67
Chicago <fc A lto n __ 1 s t w k N o v
Chic Burl & Quincy Septem ber 3 , 32 97 58 ,, 21 69 90 7 , 82 03 62 ,,75 31 4 2 53 ,, 85 41 03 ,, 67 75 88 25 ,, 51 32 37 , 3148 84
p Chic G reat W e st. 1 s t w k N o v 2 5 6 , 7 2 6 2 4 7 , 5 5 0 4 , 6 8 2 , 0 9 3 4 , 2 2 2 , 0 2 0
Chic In d & L oulsv. 1 s t w k N o v
Chic In d & Southern — S e e N e w Y o1r1k5 ,C8 7e n7 t r a1 l1. 3 , 3 9 0 2 , 3 7 2 , 0 4 3 2 , 1 9 6 , 0 4 7
Chic Mil & S t P a u l. S e p t e m b e r 6 , 5 0 4 . 2 0 3 6 , 2 8 7 , 0 2 6 1 7 , 8 4 4 , 0 4 5 1 7 , 0 5 7 , 3 8 4
Ch MU & Pug Sd_ S e p t e m b e r
7 7 5 ,5 9 9
Chic & N orth W est. .September 71 ., 31 06 42 ., 83 39 59 7 , 2 3 7 , 3 4 8 2 03 ,, 34 77 25 ,, 01 42 73 1 9 , 7 3 8 * 3 7 4
Chic S t P M & O m . S e p t e m b e r 1 , 0 2 1 , 0 0 7 1 , 4 2 3 , 2 2 3 4 , 3 2 5 , 7 7 7 3 , 7 6 7 , 2 1 7
Cln H am & D ayton S e p t e m b e r 8 7 2 , 2 5 7 8 7 5 , 1 2 6 2 , 5 7 9 , 0 0 2 2 , 4 5 0 , 6 2 6
Clev Cln Chic & S t L — S e e N e w Y o r k C e n t r a l .
Colorado M id la n d .. S e p t e m b e r 1 9 5 , 9 9 0 2 3 1 , 3 2 3
5 5 4 ,1 0 8
Colorado & S o u th .. 1 s t w k N o v 3 5 0 , 4 0 0 3 5 0 , 9 7 6 6 , 3 3 3 , 9 1 5 6 , 06 12 63 ,, 35 61 74
C opper R ang e_____ J u l y .............
7 7 ,9 2 0
7 0 ,7 3 3
7 0 ,7 3 3
7 7 ,9 2 0
C o rn w a ll__________ • S e p t e m b e r
1 4 ,6 3 3
4 8 ,2 1 8
1 3 ,9 0 4
4 2 ,6 2 4
Cornw all & L eb an . S e p t e m b e r
3 8 ,1 5 6
1 0 3 ,2 5 1
3 0 ,4 0 3
1 1 3 ,7 3 8
C uba R a ilro a d _____ S e p t e m b e r 1 9 0 , 8 8 0 1 5 8 , 8 9 8
6 3 1 ,1 9 1
4 8 4 ,5 3 6
D elaw are & H udson S e p t e m b e r . , ____ „ _____ 1 , 6 1 8 , 9 1 9 5 , 2 6 3 , 8 8 4
D el L ack & W est. S e p t e m b e r 31 , 07 46 63 ,,52 90 48 2 , 0 4 0 , 5 0 4 0 , 1 3 0 , 5 2 7 84 ,, 98 96 57 ., 98 23 85
D eny & R io G rande 2 d w k N o v 5 1 7 , 0 0 0 5 0 2 . 4 0 0 0 , 7 7 7 , 4 5 8 9 , 4 1 8 , 7 2 9
D enver N W & P ac 1 s t w k N o v ; 2 5 , 7 0 7 2 3 , 5 6
4 7 4 .9 2 4
4 3 2 ,8 3 1
D et Tol & Iro n t Sys 1 s t w k N o v 4 0 , 8 3 8
3 2 ,6 5 6
7 7 6 ,9 2 8
5 9 2 ,2 3 0
A nn A rb or______ 1 s t w k N o v
3 9 ,3 9 2
4 4 ,7 5 6
7 2 4 ,6 4 3
6 7 1 ,7 1 8
D etroit & M ackinac 1 s t W k N o v
2 2 ,5 2 7
4 4 1 ,0 8 6
2 3 ,0 5 8
4 4 8 ,1 4 5
D ul & Iron R a n g e .. S e p t e m b e r 1 , 1 3 8 , 6 2 0 1 . 4 5 4 . 1 7 3 3 , 5 9 4 , 0 5 5 4 , 2 0 4 , 3 3 5
D ul Sou Sh & A t l .. 4 t h w k O c t 9 2 , 9 4 3 0 0 , 9 8 7 1 , 2 4 4 . 0 2 4
E l Paso & Sou W est S e p t e m b e r 5 8 1 , 2 2 1 5 5 4 , 4 9 5 1 , 7 6 8 , 2 4 4 1 , 2 2 5 , 7 1 9
E r i c .............................. S e p t e m b e r 5 , 1 1 2 , 1 7 9 4 . 8 7 5 . 1 7 3 1 5 , 1 1 5 , 9 5 9 1 13 ,, 77 41 34 ,, 54 75 96
Fairchild & N or E . S e p t e m b e r
1 ,9 9 5
2 ,0 1 7
6 ,1 1 6
5 ,6 1 0
Fonda Jo h n s & Glov S e p t e m b e r
7 9 ,5 0 7
8 4 ,1 8 5
2 5 0 ,4 6 8
G eorgia R ailro ad . . S e p t e m b e r 2 0 6 , 7 1 0 2 6 8 , 2 8 7 27 72 75 ,. 93 23 54
6 9 7 ,5 6 0
G eorgia South & Fla — S e e S o u t h e r n R a i l w a y .
XJrand T ru n k S y s t.. 2 d w k N o v 8 9 9 , 7 6 0 9 2 4 , 2 7 1 1 7 , 1 7 5 , 1 1 9 1 7 , 1 8 9 , 4 2 6
G rand T rk W e st. 4 t h w k O c t 1 7 2 , 7 6 6 1 6 1 , 0 6 7 1 , 9 6 5 , 5 2 1 2 , 0 9 5 , 5 8 7
0 5 ,0 4 1
D et Gr Ila v & MU 4 t h w k O c t 7 1 , 3 8 2
0 6 2 ,5 3 1
6 8 5 ,8 7 6
C anada A tla n tic . 4 t h w k O c t 7 5 , 1 3 9
6 8 ,8 1 7
6 6 6 ,8 7 4
7 2 5 .7 5 2
G reat N orthern S yst O c t o b e r __ 6 , 4 0 1 , 1 0 9 7 , 2 5 3 , 9 0 0 2 4 , 3 6 4 . 0 6 1 2 4 , 9 4 3 , 1 5 6
Gulf & Ship Isla n d . S e p t e m b e r 1 6 0 , 6 5 7 1 7 7 , 4 3 2 4 7 6 , 0 1 7 4 9 1 , 2 9 0
H ocking V alley____
7 6 0 ,8 4 4
2 ,1 8 6 ,4 0 1
1 ,9 9 2 ,2 6 4
Illinois C en tral____ SO ec pt ot eb me rb e.r. 5 , 47 67 60 ,, 77 56 19 5 , 3 0 1 , 6 0 2 2 0 , 6 1 2 , 7 2 9 1 0 , 2 9 4 , 0 7 0
In te rn a t & G t N o r. 2d w k N o v 202,000 2 0 7 , 0 0 0 3 , 6 2 8 , 4 1 9 3 , 2 8 5 , 7 8 2
a Interoceanlo M ex. 2d w k N o v
1 4 7 ,8 8 8
2 ,9 3 3 ,5 8 0
3 ,1 0 2 ,4 2 3
Iow a C entral______ 1 s t w k N o v 1 65 32 ., 01 62 44
7 5 ,1 8 0
1 ,2 2 6 .6 8 6
1 ,2 4 3 .2 8 0
K anaw ha & M ich .. S e p t e m b e r 3 1 3 , 4 0 2 2 2 9 , 3 8 2 8 9 1 . 3 2 4
K ansas C ity S o u th . S e p t e m b e r 8 7 6 , 5 8 8 7 3 4 , 1 6 5 2 , 5 7 6 , 3 3 5 2 , 16 58 61 ,, 75 78 39
1
s
t
w
k
N
o
v
K C M ex & O rie n t.
3 9 ,5 0 0
7 0 3 ,2 6 1
6 0 8 ,8 7 4
4 5 ,0 0 0
L
L
L
L
L
e h ig h V a lle y .
e x in g to n & E a s t ..
o n g I s la n d
o u is ia n a & A r k a n .
o u ls v H c n d & S t L
s L o u ls v & N a s h v ..
M a c o n & B lr m ’h a m
M a in e C e n t r a l
M a r y la n d & P e n n a .
a M e x ica n R a ilw a y .
a M e x ico N o r W e s t .
M ic h ig a n
C en tra l
M i n e r a l R a n g e ____
M ln n c a p & S t L o u is
M in n S t P & S S M \
C h ic a g o D lv ls .o n l
M is s is s ip p i C e n t r a l.
u M o K an & T exas.
M o P a c & Iro n M tl
C e n tra l B r a n c h ./
N a sh v C h a tt & S t L
a N a t R y s o f M e x f.
N c v a d a -C a l-O r c g o n .
N e v a d a C e n t r a l ____
N O G rea t N orth ern
N O M o b ile & C h ic
N Y O n t & W e ste rn
S ep tem b er
S ep tem b er
S ep tem b er
S ep tem b er
S ep tem b er
1st w k N o v
O ctob er . .
S e p te m b e r
S e p te m b e r
3d w k O ct
S ep tem b er
— See N ew
4th w k O ct
1st w k N o v
1st w k N o v
3 ,0 1 0 ,7 6 5
4 6 ,3 9 8
R lC .2 7 ,
1 2 0 ,0 3 0
1 1 6 ,1 7 1
1 ,1 0 2 ,9 7 0
1 5 ,6 2 6
8 6 0 ,2 5 8
4 3 ,9 0 4
1 4 5 ,8 0 0
1 8 3 ,8 7 5
Y o rk C en
1 7 ,6 0 6
1 1 9 ,7 1 4
4 8 3 ,9 8 7
2 ,8 8 7 ,5 5 5
3 9 ,1 8 2
091
1 1 0 ,2 1 4
1 0 5 ,8 4 0
1 ,0 3 8 ,7 1 5
1 0 ,7 8 5
8 2 8 ,4 1 3
4 0 ,3 7 6
1 3 4 .4 0 0
1 0 3 ,1 3 6
tr a l.
2 4 ,3 2 6
1 2 5 ,1 1 9
5 3 0 ,0 3 2
9 ,0 2 4 ,0 8 1
8 ,5 6 8 ,3 2 4
1 3 3 ,7 3 6
1 1 0 ,5 2 6
I n c .197, 494
3 6 3 ,5 4 8
3 1 8 ,3 6 4
3 1 7 ,0 6 7
2 9 2 ,2 5 4
1 0 ,3 0 7 ,3 8 2 1 7 .9 6 3 .4 3 2
5 1 ,1 8 4
5 2 ,5 5 9
2 ,5 0 5 ,2 1 1
S ,4 » 4 ,1 5 7
1 2 0 ,8 0 1
1 0 9 ,4 4 5
2 ,5 7 1 ,0 0 0
2 ,3 7 8 ,0 0 0
5 5 5 ,7 5 0
2 8 8 ,3 4 6
2 5 4 ,1 1 1
2 ,0 5 9 ,2 6 2
8 ,7 3 6 ,6 8 3
2 0 6 ,9 7 4
1 ,0 5 1 ,7 2 8
9 ,3 4 2 ,3 1 7
S e p te m b e r
O ctob er _ .
7 9 ,2 7 3
3 ,1 1 1 ,8 2 8
7 2 ,1 7 5
2 ,8 5 6 .1 0 4
2 3 0 ,4 3 7
1 0 ,2 0 3 ,8 5 2
1 9 5 ,9 9 1
9 ,4 2 5 ,1 4 6
2
1 ,0 9 2 ,0 0 0
9 7 0 ,8 2 8
1 ,2 0 6 ,5 5 7
6 ,8 9 6
6 ,0 4 6
1 4 3 ,0 2 4
3 6 ,4 1 4
8 2 6 ,3 4 3
1 .0 9 0 .0 0 0
0 3 4 ,4 1 0
1 .1 2 3 .0 0 0
2 0 ,7 3 0 ,0 9 4
2 ,8 5 4 ,0 4 1
2 3 ,4 9 5 ,7 1 6
1 5 9 ,6 6 5
1 8 ,1 1 0
4 3 6 ,4 9 8
6 0 2 ,9 0 2
2 ,7 3 9 ,2 1 5
2 0 ,3 7 5 .9 6 1
2 ,7 8 1 ,4 1 3
2 0 ,3 8 0 ,4 3 7
2 0 4 ,9 6 4
1 8 ,4 4 9
3 1 2 ,7 9 2
5 2 7 ,1 5 1
2 ,4 3 2 ,3 5 3
d w k N ov
S ep tem b er
2d w k N ov
1st w k N o v
S e p te m b e r
S e p te m b e r
W k N ov 6
-e p te m b e r
0,668
6 ,8 6 7
1 0 5 ,9 7 9
3 7 ,4 5 1
7 1 3 ,9 3 0
l atest Gross Earnings.
P reviou s
Year.
ROADS.
^ J 1 * H & rtf 7 - Septem ber
eN \
I iu ? N lv S eptem ber
L ake Shore & M S Septem ber
" L a k e E & W est Septem ber
C h lc ln d & S outh Septem ber
M ichigan C entral. Septem ber
Cleve C O & S t’L . Septem ber
Peoria & E astern Septem ber
C incinnati N o rth . S eptem ber
P itts oc L ake Erie Septem ber
------Septem ber
^ J'klp & S t L . S eptem ber
2,°iedo & Ohio C . Septem ber
__ lo t all lines above Septem ber
N Y Susq & W e s t.. Septem ber
N orfolk S o u th e rn .. S eptem ber
N orfolk & \\e s te r n . Septem ber
N orthern C e n tra l.. Septem ber
N orthern P a c ific ... Septem ber
Pacific C oast C o ... S eptem ber
P ennsylvania C’o . . . S eptem ber
d P enn— E of P & E Septem ber
d W est of P & E . S eptem ber
Pere M arq u ette____O ctober . .
Phlla B alt & W ash . Septem ber
P itts Cln Ch & S t L . Septem ber
R aleigh A S outhport Septem ber
R eading C om pany —
Phlla & R ead in g . Septem ber
Coal & Iron C o .. Septem ber
T otal b o th cos__ .Septem ber
R ich F red & P otom Septem ber
Rio G rande Ju n e ___A ugust . . .
R io G rande S o u th .. 1st w k Nov
it o c k I s la n d L in e s . .
S t J o s & G ra n d I s l.
S t L o u is & S a n F r a n
C h i c & E a s t 1 1 1 ..
/E v a n s & T e r H
T o t a l o f a ll lin e s .
St L R k y M t & P a c.
S t L o u is S o u t h w e s t .
San P ed L A & S L .
S e a b o a rd A ir L in e .}
A tla n t a & B lr m . f
F lo r id a W S h oreJ
S o u th e rn I n d ia n a ..
S o u th e r n P a c ific C o
S o u th e rn R a ilw a y ..
M o b ile & O h i o . . .
C ln N O & T e x P .
A la G r e a t S o u t h .
G e o r g i a S o u < fc F l a
T e x a s & P a c i f i c ______
T id e w a te r & W e s t.
T o le d o P e o r & W e s t
T o le d o S t L & W e st
T o m b ig b e e V a lle y ..
U n io n P a c ific S y s t .
V a n d a l l a ..........................
V ir g in ia & S o u W e s t
W a b a s h _________________
W e ste rn M a n d a n d
W J e r s e y & S e a s h ..
W h e e lin g & L a k e E
W r lg h t s v I U e & T e n n
Y a z o o & M is s V a U .
J u ly
W eek or
M onth.
--------------------
5 ,3 5 4 ,1 7 2
8 ,8 6 0 ,7 8 2
1 ,2 6 9 ,0 2 8
5 1 6 ,5 0 0
2 8 2 ,5 9 7
2 ,5 5 7 ,8 1 6
.2 ,0 2 3 ,2 8 8
3 0 0 .9 3 5
1 2 4 ,5 8 2
1 ,5 3 3 ,3 7 ;3 0 1 ,2 4 4
8 4 4 ,0 1 7
4 1 2 ,0 7 6
22 62 62 48
3 1 6 ,2 4 9
2 0 9 ,7 7 4
3 .0 3 3 ,3 4 4
1 ,0 9 1 ,5 1 9
7 ,5 8 9 ,3 3 9
7 1 4 ,3 5 2
1 ,9 6 2 ,5 4 7
13844559
to Latest D a te.
4 6 5 ,8 6 9
P reviou s
Year.
1 6 ,4 7 5 ,3 4 1
2 6 ,8 0 4 ,1 4 2
1 3 ,1 8 7 ,2 5 1
1 ,5 0 7 ,4 7 4
7 7 9 ,5 7 5
7 ,9 1 5 ,4 8 9
7 ,9 9 0 ,3 6 4
9 7 4 ,5 8 3
3 6 6 ,8 6 7
4 ,6 7 0 ,3 0 8
9 6 6 ,7 7 0
2 ,7 8 3 ,4 0
1 ,4 8 5 ,0 5 6
6 9 ,4 3 1 ,2 8 4
9 1 0 ,6 0 8
1 9 2 ,0 0 5
9 ,2 9 0 ,8 6 2
3 ,2 2 0 ,4 7 0
1 9 ,1 2 3 ,0 7 8
2 ,3 3 7 ,5 4 2
1 5 ,2 6 9 ,6 9 7
1 2 ,0 2 3 ,6 2 3
I n c .2 ,1 6 2 ,
5 ,7 1 6 ,3 7 5
5 ,1 8 6 ,2 9 5
8 ,9 7 6 ,1 1 8
3 6 ,8 1 6
000
< ,» 1 4 ,V « U
3 ,1 0 8 ,5 4 8
1 2 ,5 3 8
1 .5 0 9 ,4 6 4
1 ,5 7 2 ,8 9 0
2 ,9 1 4 ,6 3 5
10,866
3 ,8 3 0 ,1 0 2 3 ,6 7 7 ,9 0 1
2 .2 8 6 ,6 2 8 2 ,0 3 7 ,8 9 5
6 ,1 1 6 ,7 3 0 5 ,7 1 5 ,7 9 6
1 7 6 ,1 3 3
1 4 3 ,9 0 1
9 7 ,1 6 0
8 5 ,8 4 5
1 2 ,3 5 0
1 5 .1 8 1
3 ,2 4 9 ,6 5 9 5 ,9 7 3 ,1 7 5
S ep tem b er
1 6 5 ,5 9 1
A u g u s t ____
1 5 4 .4 0 7
3 ,7 6 1 ,5 3 7 3 ,6 3 6 ,2 0 2
S e p te m b e r
S e p te m b e r
1 ,0 7 2 ,8 8 4
9 9 0 ,6 6 7
S e p te m b e r
2 5 6 ,3 5 1
2 2 0 ,5 1 3
5 ,0 9 0 ,7 7 3 1 ,8 4 7 ,3 8 3
S ep tem b er
S ep tem b er
1 7 7 ,8 4 8
1 4 3 ,1 1 7
2d w k N ov
2 9 5 ,9 8 0
2 5 6 .1 9 0
S e p te m b e r
6 3 4 ,8 4 5
6 5 5 ,4 9 2
1st w k N o v
1
Current
Year.
1 5 ,5 5 2 ,1 6 0
2 5 ,1 7 5 ,6 4 9
1 2 ,4 8 6 ,0 0 4
1 ,4 0 4 ,6 1 7
8 1 9 ,6 3 7
7 ,2 5 2 ,5 6 6
7 ,5 4 1 ,0 2 5
8 3 1 ,9 8 3
3 3 1 ,7 5 1
4 ,4 5 2 ,7 0 3
8 8 2 ,3 7 5
2 ,5 5 4 ,1 4 7
1 ,1 6 3 ,3 7 4
8 4 ,8 9 5 ,8 3 1
8 0 1 ,9 9 1
6 3 3 ,6 7 2
8 ,5 0 7 ,6 5 1
3 ,1 1 5 ,6 7 0
2 1 ,1 9 8 ,2 9 5
2 ,2 7 1 ,7 2 1
1 4 ,0 0 7 ,0 2 7
1 0 ,3 0 5 .3 2 3
300
5 ,5 4 9 ,9 0 2
4 ,6 0 1 ,6 9 5
8 ,1 2 6 ,6 2 1
3 4 ,2 7 0
1 0 ,8 8 8 ,7 7 5 1 0 ,2 8 0 ,7 6 3
5 ,6 8 6 ,3 9 7
5 ,4 1 5 ,1 5 4
1 6 ,5 7 5 ,1 7 2 1 5 ,6 9 5 ,9 1 8
5 5 0 ,0 7 0
4 8 1 ,5 3 4
1 8 6 ,8 9 6
1 7 1 ,3 6 5
2 3 3 ,8 8 0
1 6 2 ,9 8 9
1 7 ,6 5 9 ,8 7 8 1 7 ,3 6 6 ,9 0 9
3 0 6 ,8 1 3
2 9 6 ,4 9 5
1 0 ,7 4 6 ,7 4 9 1 0 ,4 9 8 ,8 7 3
3 ,1 0 6 ,6 2 8
2 ,8 1 3 ,8 7 7
7 5 3 ,5 8 8
6 4 5 ,3 4 9
1 4 ,6 0 6 ,9 6 5 1 3 ,9 5 8 ,0 9 9
5 1 2 .9 2 0
4 2 0 ,4 7 0
4 ,6 6 2 .6 0 1
4 ,3 0 7 ,1 2 0
1 ,8 9 8 ,1 6 0
2 ,1 1 8 ,7 8 2
4 4 2 ,6 7 6
6 ,9 4 0 ,1 9 6
6 .4 6 9 .2 3 5
S e p te m b e r
1 5 5 ,9 9 6
1 2 0 ,7 6 2
4 7 4 ,4 9 6
3 4 6 ,3 5 7
S ep tem b er
1 1 9 2 9 7 2 7 1 1 5 3 1 9 0 3 3 4 ,8 9 3 ,6 5 7
3 3 ,6 5 7 .2 1 8
s t w k N o v 1 ,2 7 7 ,5 2 2 1 ,2 4 6 ,8 2 2 2 1 ,5 8 1 .9 3 8
2 0 ,4 1 3 ,3 8 3
1st w k N o v
2 0 0 ,7 4 3
2 1 1 ,4 5 5
3 .7 4 1 .7 2 0
3 .5 9 3 ,3 0 5
1st w k N o v
1 8 4 ,0 3 6
1 7 8 ,2 2 3
3 ,3 7 7 ,1 2 0
3 .0 6 5 .2 3 5
1st w k N o v
7 8 ,7 6 5
7 5 ,8 9 1
1 ,5 9 1 ,0 4 1
1 ,3 6 0 ,8 9 5
1st w k N o v
4 5 ,8 3 8
5 1 .1 8 1
8 3 3 ,9 3 2 .
7 8 8 .1 7 6
2d w k N ov
3 7 1 ,6 8 3
3 5 6 ,2 4 9
6 .1 6 8 ,3 8 9
5 ,7 9 2 ,8 0 0
S e p te m b e r
7 ,2 4 2
6 ,7 4 8
2 1 ,6 2 2
1 9 ,7 8 9
1st w k N o v
2 0 ,8 7 5
1 7 ,9 8 0
4 8 1 ,4 3 2
4 2 1 ,0 7 3
1st w k N o v
7 9 ,5 7 8
8 0 ,2 3 1
1 ,3 9 8 ,2 5 4
1 ,3 8 5 ,3 0 9
S e p te m b e r
6 ,7 4 1
6 ,2 3 0
2 1 ,0 3 9
1 8 ,8 5 1
S e p te m b e r
8 ,6 0 9 ,6 3 6 8 ,1 0 0 ,3 7 3 2 5 ,0 0 5 ,7 6 5 2 3 ,5 8 3 ,8 4 1
S ep tem b er
9 7 3 ,0 6 7
8 6 3 ,4 3 2
2 .7 9 5 .7 2 1
2 ,3 9 1 ,0 1 3
S e p te m b e r
1 0 7 ,1 8 1
1 0 2 ,4 4 3
3 1 0 .0 6 8
3 0 5 .0 7 7
d w k N ov
5 6 7 ,0 4 8
5 8 5 ,8 0 4 1 1 ,8 4 9 ,1 0 2 1 1 .2 4 9 ,7 4 0
A u g u s t ____
7 0 2 ,5 8 2
5 7 7 ,5 9 8
1 ,3 3 7 ,6 9 8
1 ,1 2 2 ,6 5 5
S e p te m b e r
7 1 4 ,9 0 8
6 2 2 .4 0 8
2 ,4 8 2 ,8 3 9
2 ,2 0 5 ,4 3 9
O c t o b e r ____
6 1 2 ,5 8 1
6 1 9 ,8 7 4
2 ,5 8 0 ,5 8 9
2 ,4 7 1 ,0 1 5
3 2 ,7 1 0
S ep tem b er
3 7 ,2 7 0
7 0 .9 2 0
7 2 ,6 2 6
O ctob er . .
9 5 1 .8 6 5 1 ,0 2 4 ,0 9 5
3 ,1 3 4 ,7 6 6
3 .1 7 4 .1 3 7
1
2
V a riou s F isca l Years.
Current
Year.
P erio d .
B ellefonte C entral........................... J a n
D elaw are & H ud son___________ J a n
a M exican R ailw ay____________ J a n
a M exico N orth W estern............. J a n
e N Y C entral & H udson R iv e r. J a n
L ake Shore & M ichigan South •Jan
n L ake E rie & W estern ............. J a n
Chicago In d ian a & Southern . J a n
M ichigan C entral......................... J a n
Cleve Cln Chicago & S t Louis J a n
P eoria & E astern ____________ J a n
C incinnati N o rth e rn _____
Jan
P ittsb u rg h & L ake Erie
Jan
R u tla n d ..................
Jan
New Y ork Chicago & S t Louis J a n
Toledo St O hio C en tral_____ J a n
T otal all lines___
Jan
N orthern C en tral____
Jan
d P enn— E ast of P lttsb & E ric. J a n
d W est of P lttsb & E rie______ J a n
P hlla B altim ore & W ash ingto n. J a n
P lttsb Cln Chicago & S t L o u is .. J a n
Rio G rande Ju n c tio n ___________ D e o
T exas 8s Pacific________________ ____
Jan
W est Jersey & Seashore............ . fan
fa n
1
1
1
1
1
1
1
1
1
1
1
1
I
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
to
31
O ct
S ept 30
O ct
S ep t 30
S ept 30
S ep t 30
S ep t 30
S ept 30
S ep t 30
S ep t 30
S ep t 30
S ept 30
S ep t 30
S ep t 30
S ep t 30
S ep t 30
S ep t 30
Sept 30
S ept 30
Sept 30
S e p t «3 0
S ept 30
A u g 31
N ov
14
S ept 30
21
3 7 0 ,3 4 3
1 4 ,8 9 9 ,1 3 6
6 ,7 5 0 ,0 0 0
1 ,6 2 4 ,6 4 7
7 3 .7 7 4 ,9 4 0
3 6 .9 0 0 ,3 7 9
4 ,0 7 8 ,3 5 5
2 ,7 0 5 ,3 3 4
2 1 ,9 0 2 ,8 9 4
2 2 .1 7 1 ,6 3 2
2 ,5 6 6 ,3 4 2
9 5 6 ,8 3 3
1 2 ,9 5 3 ,9 2 7
2 ,4 4 3 ,1 1 5
8 ,2 3 2 ,9 2 8
3 ,6 5 0 ,7 4 3
192337422
9 ,4 1 0 ,8 6 4
122447572
I n c .1 1 ,5 4
1 4 ,2 6 8 ,7 0 6
2 5 ,7 6 7 ,8 0 9
7 4 2 ,7 1 3
1 3 ,5 9 9 ,0 5 5
5 ,0 8 2 ,7 9 1
Previous
Year.
3 5 0 ,3 1 4
1 4 ,1 6 5 ,2 0 2
6 ,0 9 8 ,9 0 0
9 0 6 ,0 9 5
6 7 ,7 4 9 ,4 1 9
3 2 ,7 3 1 ,1 1 2
3 ,5 7 1 .9 5 8
2 ,2 4 6 ,3 2 1
1 9 ,8 4 2 ,9 3 6
2 0 ,0 4 9 ,0 4 7
2 ,1 6 8 ,3 3 5
8 5 6 ,3 8 2
1 0 ,2 3 5 ,3 4 5
2 ,2 5 2 ,4 3 3
7 ,2 2 5 ,6 2 0
2 ,7 9 2 ,9 1 1
171721819
8 ,8 2 6 ,7 6 4
110448172
2 ,6 0 0
1 3 .0 6 6 ,9 0 6
2 1 ,7 1 6 ,7 2 1
6 6 9 ,2 5 4
1 2 ,4 1 0 ,9 6 8
4 ,6 0 3 ,8 9 1
AGGREGATES OF GROSS EA R N IN G S— W eekly and M onthly.
V/eeklu Sum m aries.
4th
1st
2d
Jd
4 th
1st
2d
3d
4th
1st
week
week
week
week
week
w eek
w eek
w eek
week
week
Aug
Sept
Sept
Sept
Sept
Oct
O ct
O ct
O ct
N ov
(39
(41
(39
(40
(46
(42
(42
(42
(46
(41
ro a d s)____
ro ad s)____
ro a d s)____
ro a d s)____
ro ad s)-----ro a d s)____
ro ad s)____
ro ad s)____
ro ad s)____
ro a d s)------
C ur'ni Year
5
19,342,788
13,436,925
13,898,196
14.164,775
10,035,149
14,399,649
14,838,200
15,114,753
20,827,936
14,198,835
Prev’s Year Inc. or Dec.
S
$
16,765,742 + 2,577,046
12,381,3^4 + 1,055,571
13,014,025
+ 884,171
13,566,355
+ 598,420
18,221,030
+ 814,119
14,023,816
+ 375,833
14,158,835
+ 679,365
14,512.278
+ 602,475
20,204,138
+ 623,798
13,836,545
+ 362,290
u
In c lu d e s
%
M o n th ly Sum m aries.
15.37
8.52
6.80
4.41
4.47
2.68
4.80
4.15
3.06
2.61
th e T e x a s
Current Y r P revio u s Y
.
In c. or D ec.
M ilea ge C u r r .Y r . P r e v .Y r .
J a n u a r y ____ 2 3 6 , 7 5 8
F eb ru a ry
..2 3 6 ,8 5 2
M a r c h ...............2 3 5 , 9 2 5
A p r i l ..................2 3 7 , 5 6 9
M a y ...................... 2 3 7 . 5 6 0
J u n e __________2 3 8 , 1 0 8
J u l y ...................... 2 3 8 . 1 6 9
A u g u s t --------- 2 3 4 , 8 0 5
S e p te m b e r.. 233,4 28
O ctob er
____ 81,498
C e n tr a l In
1910.
2 3 1 ,3 6 2 2 1 0 ,3 0 2 ,2 1 9
~3 1 ,6 5 2 2 0 2 ,2 5 8 ,4 9 0
2
2 3 0 ,8 4 1 2 3 7 ,5 3 3 .0 0 5
2 3 2 .4 6 3 2 2 5 ,2 2 5 ,5 9 6
2 3 2 ,4 9 4 2 3 4 ,3 1 0 .6 4 2
2 3 2 ,0 5 4 2 3 7 ,0 3 0 ,1 5 9
2 3 3 ,2 0 3 2 3 0 .6 1 5 ,7 7 0
2 3 0 ,9 2 5 2 5 1 ,5 0 5 ,9 8 6
2 2 9 ,1 6 1 2 5 2 ,7 1 1 ,5 1 5
1 8 2 ,6 4 9 ,8 2 5
1 7 4 ,1 5 9 ,7 2 3
2 0 4 ,9 1 6 ,9 9 7
1 9 6 ,5 9 5 ,9 1 1
2 0 1 ,0 6 9 ,3 8 1
2 0 9 ,2 7 0 ,8 8 7
2 1 7 ,8 0 3 ,3 5 4
2 2 3 ,6 6 6 ,6 4 5
2 4 2 .5 6 2 ,8 9 8
6 7 ,1 7 3 ,7 7 3
+
+
+
+
+
+
+
+
+
2 7 ,6 5 2 ,3 9 4
2 8 ,0 9 8 ,7 6 7
3 2 ,6 1 6 ,0 0 8
2 8 ,6 2 9 ,6 8 5
3 3 ,2 4 1 ,2 8 1
2 7 ,7 6 5 ,2 7 2
1 2 ,8 1 2 ,4 2 2
1 7 ,8 3 9 ,3 4 1
1 0 ,1 4 8 ,6 1 7
+ 1 ,8 4 0 ,3 2 8
15.14
16.15
15.92
14.56
16.53
13.27
5.90
7 .6 3
4.19
2.14
TH E CH RONICLE
176,000 191,000
115,790 115,621
63,064
75,180
45,000
39,500
1,102,970 1,038,715
l 19,71 1 125,119
483,987 530,032
1,048,000 1,125,000
200,743 211,455
1,126,810 1,054,396
9,668
6,896
15,181
12,350
288,525 276,750
465,869 442,676
1,277,522 1,246,822
355,519 348,920
17,980
20,875
79,578
80,231
636,632 608,026
14,198,835 13,836,545
.............. | .............
169
5,500
64,255
—
72,414
1 1,775
23,193
30,700
6,599
2,895
28,606
544,451
362,290
15,000
12,110
5,405
46,045
77,000
10,712
2,772
2,831
653
182,161
Net Earnings Monthly to Latest Dates.— In our “ Railway
Earnings” Section, which accompanies to-day’s issue of the
“ Chronicle” as a special supplement, we print the September
returns of earnings and expenses (or in the absence of the
September figures those for the latest previous month) of
every steam-operating railroad in the United States which is
obliged to make monthly statements to the Inter-State
Commerce Commission at Washington.
The Inter-State Commission returns are all on a uniform
basis, both as to revenues and expenditures, and possess
special utility by reason of that fact. In a number of
instances these figures differ from those contained in the
monthly statements given out by the companies themselves
for publication, and in which the accounts are prepared in
accordance with old methods of grouping and classification
pursued in many instances for years. We bring together
here (1) all the roads where there is a substantial difference
between the two sets of figures, so that those persons who
for any reason may desire to turn to the company statements
will find them readily available. We also give (2) the re
turns of such roads (even where the figures correspond
exactly with those in the Inter-State Commerce reports)
which go beyond the requirements of the Commission and
publish their fixed charges in a ddition to earnings and ex
penses, or (3) which have a fiscal year different from that of
the Inter-State Commerce Commission, in which latter case
we insert the road so as to show the results for tfie company’s
own year. We likewise include (4) the few roads which
operate entirely within State boundaries, and therefore do
not report to the Federal Commission, and (5) Mexican and
Canadian companies. We add (6) the roads which have
issued their own statements for September, but have not yet
filed any returns for that month with the Commission.
Finally (7) we give the figures for any roads that have
already submitted their October statement.
-------Gross E arn ings----------------N et E arnings
Current Previous C urrent Previous
Year.
Year.
Year.
Roads.
Year.
S
$
S
$
J3 ,286,819
A tch T op & S a n ta F e .b .S e p t 9,008,441 8,732,776 ^3,454,775 J9,74
7,4 8 5
Ju ly 1 to S ept 30______ 26,150,339 25,434,887 JO,736,186
3,010,560
B altim ore & O h lo .b ____ S ept 8,418,835 7,933,581 2,807,190 8,031,705
7,747,081
Ju ly 1 to S ept 3 0 _______24,515,627 22,677,892
99,014
249,032
120,823
B ang or & A ro osto ok___S e p t 283,016
276,335
694,467
244,975
Ju ly 1 to S ep t 3 0 ............ 726,400
6,687
1,511
3,446
B ellefonte C e n tra l.b ___O ct
8,790
4,168
50,314
16,480
J a n 1 to O ct 31 ______
70,343
4,389
1,737
1,729
B ridg eto n & Saco R iv e r.S ept
4,750
15,353
6,879
6,934
Ju ly 1 to S ep t 3 0 .............
16,022
819,520
325,953
357.157
Buffalo R och & P itts .b .S e p t 832,575 2,431,313
995,274
981,836
Ju ly 1 to S ept 3 0 ............ 2.480,254
1,076,800
311,500
381,200
C anadian N o rth e rn ------ S ept 1,279,900 2,727,400
992,400
745,500
Ju ly 1 to S ept 3 0 ............. 3,598,000
8,323,178 3,911,600 3,431,890
C anad ian P a c illc.a _____ S ept 9,315,214 22,890,193
11,087,892 8,875,819
Ju ly t to S ept 3 0 ............27,439,760
982,906
949,039
C entral R R of N J .b .- S e p t 2,416,792 2,228,715
Ju ly 1 to S ept 30 ______ 7,227,399 6,722.657 2,972,315 2,970,502
2,732,275
1,084,643 1,133,091
Ches & Ohio L ines_____ S ept 2,961,332
Ju ly 1 to S ept 30 _______.8,599,355 7,781,876 3,191,375 3,221,667
980,127
315,345
309,230
Chicago G reat W e s t.b .-S e p t 1,127,720
898,516
783,689
Ju ly 1 to S ept 30 .............. 3,179,914 2,859,294
231,323
34,102
46,783
Colorado M ld la n d .a ____S ept 195,990
623,514
86,996
102,202
Ju ly 1 to S ept 3 0 .............. 554,198
577,350
541,830
C olorado & S o u th e rn .b .S e p t 1,537,102 1,403,600
Ju ly 1 to S ept 30 .............. 4,363,998 4,055,467 1,459,804 1,520,726
79,920
20,880
36,544
70,733
C opper R a n g e .b ------------J u ly
158,898
71,847
56,394
C uba R R ...........................
S ep t 190,880
484,536
274,771
156,506
Ju ly 1 to S ept 3 0 ---------- 631,191
.
A labam a G reat S o u th e rn ______
A tlan ta B irm ingham & A tlantic
Buffalo R o ch ester & P ittsb u rg h
C anad ian N o rth e rn .........................
C anad ian P acific_______________
C entral of G eorgia--------------------C hesapeake & Ohio L in es---------Chicago & A lto n _______________
Chicago G reat W e ste rn ------------Chicago In d & L ouisville---------Cln New Orl & T ex as P acific. . .
C olorado & S o u th e rn __________
D enver & Rio G ra n d e __________
D enver N orthw estern & Pacific
D etro it & M ackinac----------------D etro it T oledo & Iro n to n ---------A nn A rb or---------------------------G eorgia S o uthern & F lo rid a .G rand T ru n k ot C a n a d a -------G rand T ru n k W e ste rn -----D etro it G rand H aven & Mil
C anada A tla n tic ___________
In te rn atio n a l & G reat N o rth ern
Intero ccanlc of M exico------------Iow a C e n tra l---------------------------K ansas C ity M exico & O rie n t.Louisville & N ashv ille------------M inneapolis & S t L ouis----------M inn S t P & S S M ----------------- ]
Chicago D ivisio n------------------J
M issouri P acific------------M obile & O hio_________________
N ational R ailw ays of M ex ico ....
N evada-C aU fornia-O rcgon ..
R io G rande S o u th e rn --------S t Louis S o u th w e ste rn -----S eaboard Air L in e--------------S o uthern R ailw ay --------------T exas & P acillc------------------T oledo Peoria & W e ste rn ..
Toledo S t Louis & W e ste rn -----W a b a sh ____________________
T o tal (41 roads) .
N et Increase (2.61 . ) ..................
Increase. Decrease.
1909.
1910.
5
8
5
$
2,874
75,891
78,765
1,008
55,930
54,922
187,020
6,853
193,873
16,900
357,200 340,300
2,267,000 2,113,000 154,000
8,900
275,700 266,800
579,385 550,158 29,227
278,190 232,514 45,676
9,170
256,726 247,556
1 13,390
2,487
115,877
_________
178,223
5,813
184,030
576
350,400 350,976
2,700
498,300 501,000
23,561
2,146
25,707
23,058
22,528
530
32,656
40,838
8,182
44,756
39,392
5,364
51,181
5,343
45,838
902,420 902,197
223
.
F irst W eek of November.
-N et E arningsCurrent Previous Current Previous
Year.
Year.
Year.
Year.
Roads.
5
8
5
5
672,993
682,150
1,763,208 1,618,810
D elaw are & H u d so n , b14,899,136 14,165,202 5,827,953 5,454,199
Ja n 1 to S ept 3 0 ..
068,823
600,253
; 2,257,011 2,131,739
D enver & R io G ra n d e .a .
6,507,758 6,168,929 2,096,590 2,016,973
120,342
112,547
310,502
D ulu th So Sh & A tl.b - .S e p ti 299,155
312,883
355,658
. 947,617
904,176
; 5,112,179 4,875,173 1,419,782 1,301,939
15,115,959 13,714,456 4,605,500 3,700,034
92,674
72,836
268,287
G eorgia R R .b --------------- Sept ; 266,710
164,485
132,648
725,925
697,560
G rand T ru n k of C anada951,401
948,481
3,217,730 3,058,109
8,823,938 8,717,848 2,514,034 2,508,681
156,214
127,502
520,715
G rand T ru n k W est’n .S e p t 529,475
482,756
281,690
Ju ly 1 to S ept 30 ---------- 1,421,991 1,567,986
54,991
30,985
180,001
D et Gr H av & M llw .-S e p t 184,927
123,851
49,637
503,196
462,804
29,199
189,307
17,033
C anada A tla n tic _____ S ept ; 175,681
40,392
11,080
528,988
Ju ly 1 to S ept 30---------- 464,751
925,268
; 5,209,842 4,791,579 1,278,417 2,149,738
15,145,960 13,992,108 3,392,226
196,142
214,794
015,046
g In tero ccanlc of M exico S ept; 632,001 1,941,512
608,838
773,465
. 2,094,694
249,099
338,980
734,165
; 876,588
095,784
959,108
. 2»576,53o 2,156,773
Dec 73,376
Inc 27,091
Long Isla n d ____________ S ept
D
ec
49,840
In
c
609,615
Ja n 1 to S ept 3 0 ...........42.460
36,941
L ouisiana & A rk an sa s.a S ept 120,030
110,214
108,042
129,255
316,364
Ju ly 1 to S ept 3 0 _____ 363,548
28,478
36,260
L oulsv Ile n d & S t L . a . S ep t 116,171 105.849
78.460
82,444
292,254
Ju ly 1 to S ept 3 0 ........... 317,667
44,541
100,502
0 M exico N orth W e s t.a . S ept
183,875
103,136
291,332
908,483
J a n 1 to S ept 3 0 ______ 1,624,647
906,095
15,568
1,147
M ineral R a n g e .b _______ S ept
65,284
74,966
42,291
Ju ly 1 to S ept 30 ______ 187,785
224,932 def7,980
858,030
518,990
M ln n S t P a u l& S S M _ a .S e p t 1,270,737 1,669,434
Ju ly 1 to S ept 30 ______ 3,682,800 4,018,060 1,412,090 1,754,997
231,941
220,139
Chicago D iv isio n .a ___ S e p t 790,250 732,530
753,507
707,184
Ju ly 1 to S ept 30 ............. 2,407,976 2,180,808
37,340
32,723
M ississippi C e n tra l.b ___ S ep t
79,273
72,175
85,139
98,087
Ju ly 1 to S ept 30............ 230,437
195,991
922,605
846,887
M issouri K ans & T e x .b -S e p t 2,654,054 2,475,819
Ju ly 1 to S ept 3 0 ---------- 7,092,024 5,509,042 1,939,014 2,265,919
1,102,057 1,582,775
M issouri P a c lflc .b _____ S ept 4,739,400 4,663,838 3,270,906
4,119,733
Ju ly 1 to S ept 3 0 ______ 13,605,094 13,246,961
g N ational R ys of M cx ._S ept 5,124,243 4,388,906 2,025,356 1,555,849
5,120,333
Ju ly 1 to S ept 3 0 ______ 15,589,379 13,379,158 6,286,115
25,159
21,090
N cvada-C al-O regon b ___ A ug
41,349
44,722
50,938
36,138
J u y 1 to A ug 31
73,729
88,550
40,073
55,212
New O rl G reat N o r .a - .S e p t 143,024 105,979
101,028
177,292
Ju ly 1 to S ept 30 436,498
312,792
3,090,775 3,134,023
c N Y C ent & H u d R Iv .b S ept 9,349,556 8,860,782 19,331,879
20,441,473
67,749,419
Ja n 1 to S ept 3 0 7 3,774,940
1,567,912 1,758,995
L ake Sh & Mich S o .b . S ept 4,487,125 4,269,028 11,311,005
12,313.698
Ja n 1 to S ept 3 0 ______ 36,900,379 32,731,112
183,106
142,997
e L ake E rie & W e s t.b . S ept 532,663
516,505
707,916
929,254
Ja n 1 to S ept 3 0 ______ 4,078,355 3,571,958
77,248
32,007
Chic In d ia n a & S o .b .S ept 269,734
282,597
478,843
642,401
Ja n 1 to S ept 3 0 2,705,334
2,246,321
948,826
681,951
M ichigan C e n tr a l.b .-S ep t 2,634,249 2,557,816 6,130,387
6,245,016
Ja n 1 to S ept 3 0 ______ 21,902,894 19,842,936
934,912
733,395
Clev Cln Chic & S tL b S ept 2,792,529 2,623,288 5,000,388
5,743,541
Ja n 1 to S ept 3 0 ______ 22,171,032 20,049,047
109,599
127,541
P eoria & E a s te r n .b . -S ep t 363,304
300,935
021,890
718,393
Ja n 1 to S ept 30______ 2,566,342 2,168,335
41,357
33,440
C incinnati N orthern b S ept 128,880
124,582
189,874
201,252
Ja n 1 to S ept 3 0 ______ 956,833
8o6,38.
958,516
857,088
P ittsb & L ake E rie .b .S ept 1,537,471 1,533,378
Ja n 1 to S ept 3 0 _______12,953,927 10,235,340 7,080,772 5,020,007
118.484
123,761
R u tla n d .b ......................S ept 340,018
301,214
658,904
729,105
Ja n 1 to S ept 3 0 ______ 2,443,115 2,252,433
300,809
267,098
N Y Chic & S t L . b . .S e p t 936,075
844,017
Ja n 1 to S ept 30 ______ 8,232,928 7,225,620 2,500,503 2,197,306
170.485
2 16,088
Toledo & Ohio C e n t.b S ept 516,241
412,070
832,160
Ja n 1 to S ept 3 0 ______ 3,650,743 2,792,911 1,319,012
7,910,053 8,742,357
T o tal all lin e s .b _____ S ept 23,887,851 22,620,248 55,931,071
56,051,228
Ja n 1 to S ept 3 0 _____ 192,337,422 171721,819
268,355
158,559
N Y O nt & W est . a _____S ept 826,3 13
713,930
786,158
1,032,647
Ju ly 1 to S ept 3 0 ______ 2,739,215 2,432,353
78,098
84,210
N Y Susq & W e ste rn .a .S e p t 300,088
316,249
197,650
237,745
Ju ly 1 to S ept 3 0 ______ 910,608
80i,991
1,316,123
1,292,034
N orfolk & W e ste rn .b . -S ep t 3,220,664 3,033,344
Ju ly 1 to S ept 3 0 ______ 9,290,862 8,507,051 3,481,284 3,577,341
253,413
247,713
N orthern C e n tra l.b ..S e p t 1,121,819 1,091,519
Ja n 1 to S ept 3 0 ______ 9,410,864 8,826,704 1,728,205 1,096,105
175,908
162,513
Pacific C o ast____________S e p t 753,157 714,352
607.022
501,987
Ju ly 1 to S ept 3 0 ............. 2,337,542 2,271,721
P enn sylv an ia— L ines d irectly o p erated —
4,450,477 4,571,477
E ast of P itts & E rie .-S e p t 14,267,059 13,844,559 33,102.001
31,700,401
Ja n 1 to S ept 3 0 _____ 122,447,572 110448,172
Dec 268,300
W est of P itts & E ric ..S e p t
Inc 476,000
Inc
980,700
Ja n 1 to S ept 3 0 .............
Inc 11,542,600
340,555
541,020
Perc M arqu ette b — ------ O ct 1,453,527 1,509,464 1,542,130
1,830,603
Ju ly 1 to O ct 3 1 ______ 5,716,375 5,549,902
419,406
511,106
Phila B alto & W a sh ____S ept 1,672,090 1.372,890 3,313,880 3,261,286
Ja n 1 to S ept 30_______14,268,706 1 3 ,066,900
890,948
984,280
P itt* Cln Chic & S t L .a .S e p t 3,168,548 2.914,635 5,443,009 5,519,985
J a n 1 toS ep t 30 ..............25.767,809 21,710,721
R eadin g C om pany—
„ .
. . . 1,381,018 1,552,451
Phila & R e a d in g .b ..- S e p t 3.830,102 3,077,901 3,773.096
3,851,090
Ju ly 1 to S ept 30.............. 10,888,775 10.280,763
Coal & Iro n C o .b ____ S ep t 2,286,628 2,037,895 def39,144 dcf70,971
def227,087
dcf394,804
Ju ly 1 to S e p t 30 ______ 5,686,397 4,4 1o,lo4
T o tal both c o s .b ...........S ep t 6,116,730 5,715,796 1,341,874 1,481,530
Ju ly 1 to S ept 30 ______ 16,575,172 lo,69o,918 3,378,892 3,624,004
150,119
148,975
R eading C o m pan y___S e p t ----------------------443,486
438,098
Ju ly 1 to S ept 30 ..................................... - ..............
1,631,649
1,490,849
T o tal all co s__________ S e p t ----------------------Ju ly 1 to S ept 30 ---------- ------------ ...........- 3,810,990 4,007,490
7)25,753
7)29,148
R io G rande Ju n c tio n ___ Aug
97,160
85,845
D ec 1 to Aug 3 1 ______ 742,713
669,254 1)222,814 7)200,776
def 590
22,095
R io G rande S o u th e rn .b-S ept
57,542
24,804
30,399
60,565
Ju ly 1 to S ept 30______ 167,122
119,061
2.048.685
R o ck Island L in e s .b ___S ept 6,249,659 5,973,175 1.876.584 5,954,392
Ju ly 1 to S ept 30 ............. 17,659,878 17,366,909 5,000,403
1,235,302 1,134,942
S t L ouis & San F r a n .b .S c p t 3,761,537 3,636,202 3,430,370
3,281,834
Ju ly 1 to S ept 3 0 ______ 10,746,749 10,498,873
361,006
348,995
Chic & E astern 111 b .S ept 1,072,884
990,667 1.023.585
1,042,176
Ju ly 1 to S ept 3 0 ---------- 3,106,628 2,813,877
97,738
105,834
E vansv & T erre I l.b .S e p t 256,351
220,513
289,372
313,248
Ju ly 1 to S ept 3 0 ............ 753,588
045,349
1,690,132 1.593.686
T o tal all lin e s .b _____ S ept 5,090.773 4,847,383 4,707,209
4,613,382
Ju ly 1 to S ept 30______ 14,606,965 13,958,099
_
L atest G ross E arnings b y W eek s. — In the table which
follows we sum up separately the earnings for the first week of
November. The table covers 41 roads and shows 2.61%
increase in the aggregate over the same week last year
[VOL. LXXXXI
_
1380
TH E CH RONICLE
Nov. 19 3910.]
-----Gross E arn ings----- -------N et E arn ings-----Current Previous Current Previous
R oads.
Year.
Year.
Year.
Year.
5
$
S t L R o ck y M t & P a c .a .S e p t 177,848
143,117
04,894
45,951
420,470
Ju ly 1 to S ept 3 0 ______ 512,920
171,995
131,132
S t L ouis & S o u th w e st.a .S e p t 1,033,481
972,927 317,305
330,248
Ju ly 1 to S ept 3 0 ---------- 2,904,140 2,025,875 090,028
788,255
S o u th ern P a c ific .a ------- S ept 1 1,929,727 11,531,903 4,454 805 4,008,270
Ju ly 1 to S ept 3 0 ----------34,893,057 33,057,218 12,004,584 13,’<)88!l26
T ex as & P a c ific .b ............. S e p t 1,390,501 1,318,744
385,130
450 568
J a n 1 to S ept 30.............. 11,248,636 10,129,847 2,165,807
" - - - - - - -2,057,705
- - ’T oledo P eor & W e s t-b .-O c t 119,511
100,927
29,474
29,805
403,093
Ju ly 1 to O ct 3 1 ............. 460,557
118,224
114,583
U nion P a c lflc .a ------------S ept- 8,009,636 8,100,373
3,883,803 4 257 373
Ju ly 1 to S ept 30 ------1.25,665,705 23;583l841 lOjioH^OO U ,226,694
W estern M a ry la n d .a ..-A u g 702,582
577,598 r279,978 r224,983
Ju ly 1 to Aug 3 1 ............. 1,337,698 1,122,655 r525,391
r428,821
W est Jersey & S e a sh o re .S ep t 714,908
6 2 2 ,1 0 8
239,002
227,202
Ja n 1 to S ept 3 0 ______ 5,082,791 4,003,891 1,306,857
1,345,157
W ichita F alls & N W .b .S e p t
66,252
39,504
41,255
28,246
Ju ly 1 to S ep t 30 ______ 184,218
109,825
108,373
71,932
W heeling & L ake E rle ._ O c t 612,581
019,874
103,905
191,624
Ju ly 1 to O ct 31______ 2,580,589 2,471,015
807,000
781,937
Y azoo & Miss V a lle y .a -S c p t 791,358
763,143
78,786
52,708
Ju ly 1 to S ept 30______ 2,182,901 2,150,042
168,019 dcf9,324
QUARTERLY R ETU R N S.
-------Gross E arn ings----- -------N et E arnings-----C urrent P revious Current P revious
Roads.
Year.
Year
Year.
Year.
$
S
$
$
N Y N H & H a rtfo rd .b —Ju ly_ 1 to S ept
_ 3 0 ............10,475,341
. ____ - 15,552,160 0 310 242 Cl *1*18 009
J;ul 1 t0 Sept 30-------- 40,087,945 42,248,995 loil89,'282 15^696|o 18
a N et earnings here given are a fte r ded u ctin g tax es
•
b N et earnings here given are before d ed u ctin g tax es.
O tta w a 1& N t Y° R v Y Vifp?,&aW aVth £,S£ ‘ L aw rence & A diron dack a n d th e
m ake le
rotu
t,,rn
To th e In te r-S ta ter °JC om
w hlchC anadian ro a d , does no t
maicc
rn ss to
m erceb$,lng
Com ma ission
e Includes th e N o rthern Ohio R R .
0 T hese results are In M exican currency.
,u ? IpColo.
^ l y i&10iSva nl"tacIuI<Jes
& SSavstem
n ta Fe
RT ?^T1p
y ., Gulf
I-c Rthy e., earnings
E astern ofR yth. eofA tch.
New TMop.exico
8-a
r
tnif1
n
v
rCr^0ti
¥
P
h
oenix
R
y
.,
S
o
u
th
ern
K
ansas
R
y
.
of
T
e
x
a
s,V
cxas
& Gulf R y ., G. & I. R y of T . a n d C. S. S. & L. V. R R . In bo th years
F o r S ep t, tax es am o u n ted to 8301,564, a g ain st $ 3 0 6 , 4 2 1 in 1909- a fte r de
du ctin g w hich, n e t for S ept. 1910 w as $3,153,211, ag a in st $2,980 398 last
ay ^ n s t V 8 r02Pj 3 4 (1.nfr?9n09J.Uly 1 t0 S c p t’ 30 tax cs w erc
n T hese figures rep resent 30% of gross earnings.
a/
* cr allow ing for m iscellaneous receipts a n d n e t from coal an d o th er
S 2 5 4 ro ^ C^nS^onna lnnCit fCarn
f<?r A u? ' 1010 w crc 5300,740, ag ain st
S L n s t $492 ?2 11 'to 1900 JU ly 1 t0 AUg‘ 31 Were 5503,144 in 1910,
In terest Charges and Surplus.
_
_
-In t., Rentals, <.fee.— — D al. oj N et E 'n g s.—
C urrent Previous C urrent Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
D angor & A ro osto ok__S ept 97,453
.
84,577
£41,863
£27,588
Ju ly 1 to S ept
3 0 284j757 249.4G0
£15,342
£64,108
Ilellefonte C en tral______ O ct
236
243
3,212
1,268
Ja n 1 to O ct 31
2,300
2,430
14,120
1,730
B ridgeton & Saco R lv e r.S e p t
598
590
1,131
1,141
Ju ly 1 to S ept 30 .............
1,795
1.866
5,084
5,008
Buffalo R och & P ltts b ..S e p t 170,663
164,857 £245,435 £185,690
Ju ly 1 to S ept 3 0 ............. 530,994
493,939 £669,560 £576,076
C entral R R of N J ----------S ept 529,038
578,543
453,867 370,490
Ju ly 1 to S ept 3 0 ______ 1,580,949 1,646,297 1,391,300
1,324,205
Chicago G reat W e ste rn .S e p t 205,894
207,237 £116,543 £105,751
Ju ly 1 to S ept 30 .............. 601,495
783,532 £319,501 £10,512
C olorado M idland________S ept 29,820
29,820 adcfO.OOO
a2,995
Ju ly 1 to S ept 30 ______
89,400
89,400 adef32,359 adef28,753
C olorado & S o u th e rn ____S ept 268,368
255,012
£321,401
£312,884
Ju ly 1 to S ept 30______ 794,089
761,822 £697,636 £854,147
C opper R a n g e .......................Ju ly 15,712
11,970
5,108
24,508
C uba R R ........ ..................
S ept 36,007
35,228
35,180
21,166
Ju ly 1 to S ept 30 ............. 110,000
105,220
104,771
51,286
D enver & R io G ra n d e ..S e p t 525,834
442,180
d250,972
(1284,782
Ju ly 1 to S ept 30............. 1,473,322 1,203,655 (1859,085 (1980,998
D u lu th So Sh & A tl_____ S ept 96,821
92,306
£23,781
£34,281
Ju ly 1 to S ept 3 0 ............ 290,175
277,615
£80,129
£49,321
G eorgia R R .............................S ep t 77,979
00,419
£3,553
£42,122
Ju ly 1 to S ept 3 0 ______ 263,211
180,675£dcfl01,243
£11,023
L ouisiana & A rk an sa s. .S e p t
20,703
23,845
£19,505
£20,055
Ju ly 1 to S ept 3 0 ______
81,417
08,705
£76,503
£61,736
L oulsv Ilen d & S t L ouis S ept
21,567
16,838
£15,303
£12,213
Ju ly 1 to S ept 3 0 ______
52,322
47,175
£31,720
£32,747
M ineral R a n g e _________S ept
13,044
13,190
£defl0
,6
57
£2,402
Ju ly 1 to S ept 30 ______
3,947
39,584 £dcf43,732
£2,769
M issouri K ansas & T e x .S e p t 610,529
529,140 £271,511 £394,493
Ju ly 1 to S ept 3 0 ---------- 1,785,483 1,604,977
£225,059 £070,215
N cv ad a-C al-O rcg o n _____S ept
3,749
3,594
£17,572
£22,483
Ju ly 1 to .Sept 30 ______
7,377
7,172
£29,303
£45,533
New Orl & G reat N o r____S ept 41,746
46,253
£10,181
£7,701
Ju ly 1 to S ept 30 ______ 125,441
139,549
£01,972
£8,542
N . Y . O ntario & W e s t..S e p t 122,118
93,920
146,237
04,039
Ju ly 1 to S ept 3 0 ______ 355,231
287,850
077,410
498,308
N orfolk & W e ste rn ............. S ept 501,423
401,460
790,011
854,003
Ju ly 1 to S ept 3 0 ______ 1,507,910 1,388,047 1,973,354 2,189,294
Rcrc M a rq u e tte __________O ct 352,872
340,733
adef73,812
«171,928
Ju ly 1 to O ct 3 1 ______ 1,456,551 1,399,070 rulef96,471 (1398,726
R ead in g C o m pan y----------S ept 885,000
899,971
005,849
731,078
Ju ly 1 to S ept 30---------- 2,655,000 2,699,913 1,161,990
1,307,577
R io G rande Ju n c tio n A ug
8,333
8,333
20,815
17,420
Dec 1 to A ug 3 1 . ." .. . .
75,000
75.000
147,814
125,776
R io G rande S o u th e rn ___S ept
18,574
19,230
£2,915
£dcf
19,002
Ju ly 1 to S ep t 30 ______
58,291
56,804
£0,024 £def22,002
S t L R ocky M t & P a c .-S e p t
31,877
35,309
33;017
10,642
Ju ly 1 to S ept 30 ______
98,248
106,818
73,747
24.314
S t L ouis S outlnv cst’n ___S ept
172,761
£189,771
£202,124
Ju ly 1 to S ept 30 ____!_ 508 ,’ 3 9 7
516,928 £257,505 £393,030
T oledo P eoria & W est___O ct
_
23,523
£5,473
£8,138
Ju ly 1 to O ct 31 ............. l520.001
I|0 2 6
95,908
£28,437
£25,869
QUARTERLY RETU RN S.
— Inf., R entals, & c.— D al. oj N et E a rn s.-----Current
............ Previous C urrent I ’revious
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
N Y N II & H a rtfo rd —
Ju ly 1 to S ept 30 ............. 4,255,096 4,127.351 x2 951 704 r l n * r,i«
Ja n 1 to S ept 3 0 .............15,277.275 14.603.732 gS.lOO.'sOO ^T.’oiS.’aiS
« A fter allow ing for n e t m iscellaneous d e b it to Incom e
d 1 hese figures a re a fte r allow ing for o th e r Incom e anil for disco,.nr
e toT hthe
e sum
Is daled Fucted
th irom
fro m surplus
sn rn h.s
aexchang
n d placed
cred itof of$10,000
th e R enew
u n d . every m o n ln
£ A fter allow ing for o th e r Incom e received.
138 1
ELECTRIC R A IL W A Y A N D TRACTION COM PANIES.
Latest Gross E arn ings.
J a n . 1 to latest date.
Week or Current Previous Current P revious
M onth.
Year.
Year.
Year.
Year.
$
A m erican R y s C o._ O ctober . . 339,378
310,419 3,279,158 3,025,511
cAu E lgin & Chic R y S eptem ber 161.598 149,141
1,158,406
B angor R y & Elec Co O c to b e r ... 49,593 49,173 1,201,486
444,669
B aton R ouge Elec Co Septem ber
8,881
8,249 471,776
79,827
70,749
B ingham ton St R y . _ Ju ly _____ 37,330 34,910
B lrm ’ham R y L t & P Ju ly _____ 210,505 183,187 1.4 96,116 1,276,482
B rockt’n & Ply S t R y ’eptem b er 11,9
12,832
9 1,130 103,902
B klyn R a p T ra n Sys J u l y _____
2018,122
11,771,268
Cape B reton Elec Co S eptem ber 2162,186
28,835 25,890 12,001,238
217,003
Carolina Pow & L t Co S eptem ber
17,402 17,545 154,349 187,904
141,318
Cent P a rk N & E R lv Ju ly .......... 01,262
54,159
364,055 338,374
C entral P enn T ra c ___ O ctober .. 68,63
62,773
691,474
627,520
C h attan oog a R y & Lt S eptem ber 77,022 67,800 650,947 574,785
Chicago R ailw ays Co S eptem ber 1175,420
9,014,329
Cleve P ainesv & E ast Septem ber 33,047 1066,056
31,361 269,381 8,188,754
242,206
Coney Isl & B rooklyn Ju ly _____ 199,084 178,551
867,203 859,064
D allas E lectric C orp. Septem ber 119,804 107,570 1,037,613
931,301
D etroit U nited R y ._ 1st w k N ov 162,928 146,005 7,952,023 6,775,915
D D E B & B at (Rec) Ju
ly _____ 53,853 55,761 350,987 364,139
D uluth-Superior TrCo S eptem ber 93,570
87,217 810,727 723,602
E ast S t L ouis & Sub S eptem ber 211.249 176,402
1,481,078
El Paso E lectric_____
ber 54,840 50,501 1,756,761
400,332 426,875
F alrm & C larks T r Co Septem
O
ctober
.
.
58,504
41,433
504,497
387,874
F t W ayne & W abash
V alley T raction Co S eptem ber 130.685 132,736 1,134,725 1.038,350
42dStM & SNAv (R ec). J u l y _____ 135,584 120,947 800,671 739,121
G alv-flous E lect Co. S eptem ber
100,83
966,136
G rand R apid s R y Co. S eptem ber 110,145
97,626 856,661 894,605
776.022
H av an a E lectric R y W k N ov 12 101,019
44.033
40,816 1,866,550 1,749,304
H onolulu R apid T ran
& L and Co.
b er 37,214 37,725 334,557 305,614
H oughton Co T rac Co Septem ber
20,710
237,450 242,425
H udson & M an h attan JS ueptem
l y _____ 179,160 28,732 1,469,317
Illinois T raction Co S eptem ber 529,291
455*137
4,404,389
In te rb o r R T (S ub)_. J u l y _____ 859.446
8,234,227 3*,8 7 (LI 53
Inter!) R T (E le v )___ J u l y _____ 1192,211
Jacksonville E lect Co S eptem ber 45,99? 38,37 8,880,257
423,414
350,587
K ans C ity R y & L t Co S eptem ber 628.685 584,287 5,496,114
5,054,811
Lake Shore Elec Ry Septem ber 115,009 108,20
913,664
835,061
L ong Island E lectric J u l y _____ 29,158 25,530 116,646 106,296
M etropolitan S t (Rec) J u l y ........... 1123,198 1062,674 8,252,816 8,083,629
Mllw El R y & L t Co. S eptem ber
369,446 3,456,776
Mllw L t l i t & T r Co S eptem ber 401,958
108.901 99,820 806,978 3,116,885
706,129
M ontreal S tree t Ry__ Septem ber 463,076
382,061
2,939,765
N ashville R y & Light Septem ber 163,307 155,899 3,326,109
1,341,847 1,266,683
New O rleans R y & Lt Septem ber 493,491 466.738 4,629,019
4,445,669
N Y C ity In te rb o r___ J u l y _____
16,597 125,828
95,432
N Y & L ong Island T r J u l y ........... 22,335
42,771 38,805 202,788
187,510
N Y & Q ueens C ounty J u l y _____ 123,861
102,225
631,698
557,435
Norf & P ortsm T r Co
ber 172,065 158,234
N orth Ohio T rac & Lt Septem
Septem ber
202,156 1.83V, 4 06 1,634", 172
N orth T exas E lec Co S eptem ber 224.901
118,192 104,829 1,041,568
910,119
N orthw est 1Clee Co. O ctober . . 193,914
1,833.958 1,707,853
O cean E lectric______ u l y _____ 29,629 184.430
26,367
64,335
60,215
P adu cah T r & L t Co. SJ eptem
ber
21,251 19,096
Pensacola E lectric Co
b er 23,204 21,649
199,464
184,050
P o rt(O rc )R y ,L & P Co OSeptem
c
to
b
e
r__
503,485
426,708
4,609,974
P iget Sound Elec Co Septem ber
179,956 1.445,274 3,974,355
1,410,887
R ichm ond L t & R R . Ju ly _____ 160,545
47,797 42,658
195,133 189,996
Rio de Janeiro T ram
L ight & Pow er Co . September 982,762 642,731 7,364,602 5,607,495
St Joseph (Mo) R y L t
H eat & Pow er C o . . September 92.034 88,285 766,750 722,808
Sao Paulo T r L t & P _ September 260,829
2,150,573
S avann ah E lectric Co September 51.598 200,496
49,523 468,183 1,776,271
451,818
S eattle E lectric C o__ September 481,158 568,494
Second A venue (Rec) J u l y _____ 87,462 81,729 466,885 484,213
S o uthern B o ulevard . J u l y _____ 11,470
9,777
61,441
49,250
Sou W isconsin R y Co O ctober . . 15,606 13,651
149,597 134,061
S ta te n Isl M idland___ J u l y _____ 41.446
37,082
149,793 146,097
Tam pa E lectric Co_. S eptem ber 44,969 47,108
459,205 436.254
T hlrd A venue (R ec). J u l y _____ 327,662 281,632 2,082,343
T oledo R ys & L t Co. Septem b er 239,415 217.738 2,178,048 1,729,480
1,981,436
T oronto R y C o............ Septem b er 428,580 379,981 3,195,938 2,857,291
T w in C ity R ap T ra n . 1st w k N ov 145,034 134,566 6,403,061 5,901,125
U nderground El Ry
of L ondon—
T hree tu b e lin es___ W k N ov 12 £14,445 £13,480 £574,750 £567,235
M etropolitan Dist_ W k N ov 12 £12,154 £10,931 £484,169 £443,030
U nited T ram w ay s. W k N ov 12 £5,225 £5,286 £286,474 £274.480
U nion (R ec)_________ J u l y ........... 235,749
198,934 1,270,262 1,166,405
U nionR y.G & E C odll) Septem ber 241,764 224,313
2,016,724
U nited R R s of San Fr S eptem ber 653,921 624,261 2,137,596
5.457,039
W estches E lec (R ec). J u l y ........... 65,761 53,291 5,667,220
295,866 237,692
W hatcom Co R y & Lt S eptem ber 33,781 34,835 299,290
295,190
Y onkers R R (R e c ).. J u l y _____ 65,236
N am e o f
Road.
c T hese figures are for consolidated com pany.
E lectric R ailw ay N et E arn in gs. — The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week. A full detailed statement, including al
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Sept. 24 1910
The
Nov. 26 1910.
«
-----Gross E arnings----- ------N et E arn ings------C urrent Previous Current Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
A m erican L t & T r Co____O ct 356,685
313,847
345,559
304,982
J a n 1 to O ct 3 1 ............. 3,009,842 2,619,970 2,909.292 2,531,914
B angor R y & E lec C o .b .O c t
49,593
49,173
29,552
29,132
Ju ly 1 to O ct 31 ............. 216,472
210,051
128,933
125,157
C entral Rcnna T ra c t C o ..O c t
68,365
62,773
17,986
18,218
Ja n 1 to O ct 3 1 ______ 691,474
027,520
198,153
164,325
F a irm o n t & C la rk sb .b -.O c t
58,504
41,433
39,118
27,080
J a n 1 to O ct 31 ______ 504,497
387,874
328,664
254,209
L ew iston A ug & W a t...O c t
43,090
43,332
17,162
18,564
Ju ly 1 to O ct 31 ______ 217,712
220,686
100,943
110,573
M ahon & Shell R & L .a .A u g 194,344
175,010
85,055
78,539
S ept 1 to A ug 31---------- 2,179,860 1,874,189
922,149
750,555
N orthern T exas El C o. b .S c p t 118 192
104,829
56,598
47,043
Ja n 1 to S ept 3 0 ............ 1,041,568
910,119
476,948
400,107
P o rtla n d (Ore) R y,L & P .b.O ct 503 485
426,708
278,367
237,987
J a n 1 to O ct 31.............. 4,609,974 3,974,355 2,617,587 2,134,406
Syracuse R ap T r a n C o .b —
Ju ly 1 to S ept 3 0 ............. 409,557
371,868
130,705
79,854
W estchester Elec R R .b —
Ju ly 1 to S ept 3 0 ............. 172,753
150,345
03,149
Y onkers R ailroad—
Ju ly 1 to S ep t 3 0 ............. 183.088
164,293
65,545
31,460
a N et earnings here given a re a fte r d ed ucting taxes
N et earnings here given arc before d ed ucting tax es.
THE CHRONICLE
1382
In terest Charges and Surplus.
— In t., Rentals, & c.---------B al. o f N et E a rn s.—
Current Previous Current Previous
Year.
Year.
Year.
Year.
Roads.
S
$
$
$
16,167
15,818
12,965
13,734
-O ctct
B ang or R y & E lec C o___O
72,708
74,288
52,449
54,645
J u ly 1 to O ct 31
14,425
26,006
12,655
13,112
F a irm o n t & C lark sb u rg , .O c t
201,925
130,406
123,803
J a n 1 to O ct 31
126,739
3,382
3,484
15,080
13,780
L cw ist A ug & W a te r__.OO ctc t
51,263
45,978
59,310
54,965
J u ly 1 to O ct 31
37,383
42,714
41,155
M ahon & S hen R & L ..AAuugg
42,341
422,649
279,855
470,700
499,500
S ept 1 to A ug 31
36,908
29,853
17,100
19,690
N o rth ern T exas HI C o _.SSept
cpt
245,423
302,493
154,684
174,455
J a n 1 to S ept 30
111,114
126,873
126,138
P o rtla n d (O re)R y , L & P .O ct 152,229 1,238,208 1,218,393
896,198
J a n 1 to O ct 31______ 1,399,194
Syracuse R a p T ra n Co—
95,042
£34,346 £ d efl 5,051
96,490
Ju ly 1 to S ept 3 0 ...
W estchester Elec R R —
£35,071
14,970
£47,115
16,357
Ju ly 1 to S ept 3 0 ...
Y onkers R ailroad—
dcfl,9
01
26,120
28,942
28,186
Ju ly 1 to S ept 3 0 . .
x A fter allow ing for o th e r Incom e received.
New York C ity Street R ailw ays— J u ly 1010.
Street R y E xpenses N et from Other Income
Revenue. & T axes. O per'n. Inc. D eductions. S u rplu s.
$
$
5
$
$
$
82,591 90,569 81,475 ^190,548 defl2,504
H ud son <5c M a n .. 179,160
76,348
I n t R T ( S u b ) ... 859,446 416,050 443,396 28,106 395,154
54,113
I n t R T ( E le v ) -.l 192,211 649,381 542,830 1,640 490,357
B k lyn R T S y s t- -2,162,186 1,240,134 922,052 35,120 531,464 425,708
156,512
ft216,592
M et S t (R e c)____1 ,123,198 781,636 341,562 31,542
6,403
1,029
53,737 7,525 ____
C ent P R N & E R 61,262
9,879
ft8,940
68,643 18,819
Second Ave (Rec) 87,462
161 7i33,921 125,342
T h ird Ave (R ec). 327,662 168,560 159,102
D ry D ock E B’w y
10,162
34,529 19,324 ____ ft9,162
& B (R ec)____ 53,853
42d S t M an & S t N
50,979
11,126
73,479 62,105 —
A ve ( R e c ) ____ 135,584
7,920 def3,612
133
18,160 4,175
N Y C I n te rb o r .. 22,335
1,104
1,625
8,741 2,729 —
S o u th ’n B o u le v .- 11,470
73,591
16 ftl4,512
U nion ( R e c ) ------ 235,749 147,662 88,087
24,865
162
2,644
38,414 27,347
W estch E l (R e c). 65,761
11,051
9,010
65,236
44,575 20,661 ____
Y on kers (Rec) —
2,820
10,246
68
L ong Islan d E lec. 29,158
16,160 12,998
12,057
5,826
46
N Y & L I T rac- - 42,771
24,934 17,837
6,808
95,816 28,045 — 192 21,045
N Y & Q ueens Co 123,861
5,618
15,440
8,571 21,058 ____
O cean E le c t_____ 29,629
24,535
71,229
____
103,920
95,764
199,684
Coney Isl & B klyn
28,821
8,159
23,722 24,075 12,905
R lc h ’d L t & R R - 47,797
17,601
4,608
19,237 22,209 —
S ta te n Isl M ------ 41,446
ft In te re st perm an en tly defau lted Is n o t d ed ucted .
^ Id tere st is d ed ucted only on “ cap ital used In o p e ra tio n .”
Total
Cross Rev. E xpenses N et
D eductions S u rp lu s
A ll Sources.& Taxes. Revenue.
$
$
$
$
$
H udson & M an—
A u g u s t................ 308,480 132,941 175,539 ____ 191,794 defl6,25 5
S e p te m b e r------ 323,493 151,787 171,706 ____ 191,596 defl9,89 0
1,946
192,088
O c to b e r ---------- 351,216 157,182 194,034 —
A N N U AL R E P ORTS.
■ Annual R ep orts.— 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.
A tlantic Coast Line Railroad.
(R eport fo r F iscal Y ea r ending J u n e 30
1910.)
The remarks, signed by Chairman Henry Walters and
President T. M. Emerson, together with the comparative
balance sheet, will be found on subsequent pages. Below
we give comparative statistics of operation and comparative
income account for several years. (2jj
| £ j f O P E R A T IO N S A N D F IS C A L R E S U L T S * '!
propera tion s—
1909-10.
1908-09. '.*1907-08.
A verage m iles__________
4,482
4,434
4,3(
Passengers carried (No.) 7,232,089 6,303,137 6,544,4C
Pass? carried one m ile. -304,534,596 260.305.318 261,881.310
A v. r a te per pass, per m . 2.224 cts. 2.224 cts. 2.398 Cts.
F reig h t (rev. to n n a g e ). . 11,297,846 10,242 568 10,077,109
T ons one m ile (revenue) 1639880095 14oo4_1830 1436141810
A ver, rato per ton per m . 1.273 cts. 1.259 cts. 1.235 Cts.
$0.89
P ass, earns, per tra in m .
$0.87
jU .a$2.28
F reig h t earns per tr. in .
$2.56
*4.44
$5,963
G ross earnings per m ile .
$6,651
IN C O M E A C C O U N T .
O perating revenues—
1909-10.
1908-09.
F reig h t
$20,870,397 $18,328,176
0,773,332 5,842,059
M all, express a n d m iscellaneous-------- 2,166,539 R 973.829
T o ta l op eratin g rev en u es-i.------------ $29,810,268 $26,144,064
Operating expenses—
M aintenance of w ay an d s tr u c tu r e s .- $3-760,197 $3,566,702
M
aintenance
e q u ip m e n t--------------- ‘M499,323
o n ’, , , 3,681,457
430,092
T raffic e x p enofse s-------------------------------8,520,714
T ra n sp o rta tio n ex p en ses------------------- 9,227,836
744,396
850,836
G eneral exp en ses-------------------------------i--T
* o ta l o p erating ex p en ses............---$ 1 8 ,6 1 4 ,1 5 7 $16,943,361
N et o p erating rev en u e_______________ $9,200,703
T ax espc. . -,n.K . e ! enp! : : : : : : : : : : : : : - o o s . o e o 1,119,538
$8,081,166
O p e ra tin g In c o ;n -----------------------------2,074,468
n te rest an d d v deads received-------445,405
e n ts, hire of eq u ip m en t, & c----------o00,393
G ross incom e_____________________ $12,934t307 $10*601,039
1906-07.
4,346
5,809,311
237,513.985
2.562 cts.
10,117,555
1493919551
1.235 cts.
$0.88
$2.20
$6,159
1907-08.
$17,739,172
6,279,584
2,010,296
$26,029,052
$3,745,097
4,085,969
432,715
9,008,607
799,355
$18,971,743
$7,057,310
1,072,052
$5,985,258
a 2 ,716,332
430,014
$9*131*634
fVOL. LXXXXI
1908-09.
1907-08.
D educt—
1909-10.
In te re st on fund ed d e b t, &c__________ $5,256,650 $4,750,628 a$l,8 9 5 ,8 7 2
757,122
a8G2.754
In te re st on certificates of Indebtedness 379,359
221,705
250,000
In te re st on 3-year n o te s______________
75,954
169,433
151,420
In te re st on eq u ip m en t tr u s t_________
133,420
44,008
42,815
40,276
R en tals of leased lin e s---------------------89,690
H ire of e q u ip m e n t..----------------------------------38,730
48,569
R e n ta ls of te rm in a ls ------------------------55,394
D ividends on co m m o n _______________ 3,135,060 2,614,568 2,614.540
(5M % )
P er cent of dlvs. on com m on---------(6% )
(5 H % )
55,000
D lvs. on R . & P . “ A ” sto c k __________ (6% )60,000 (5 yi) 55,000 (5 H) 79,830
79,830
D ividends on preferred (5 % )..................
44,877
__ ____________
T o ta l____________________________________________ $9,180,990 $8,721,657 $9,099,857
S u rplu s Incom e for y e a r------------------- $3,753,317 $1,879,382
$31,777
a T he three Item s m arked (a) above do n o t com pare w ith sim ilar Item s
In la ter years because In those years Interest on tre a su ry securities Is elim i
n a te d on b o th sides of the acco u n t, all o th e r Item s a n d th e linal resu lt re
m ain ing unchang ed . T he Interest so e lim in ated, a m o u n tin g to $378,892
n 1908-09, consists of $273,260 in te rest on bonds a n d $105,632 on ccrtlfllates of In deb ted ness.
.........................._ ^
,
a ote —T he c >"i";iuy charges dividends In ‘‘nroflt an d los’’ , b u t a rc here
ded ucted for th e sake of sim plicity. T he dividends charged a g a in st the
earnings of 1909-10 a n d 1908-09 w ere paid In cash. Of th e div idend s d e
du cted In 1907-08, 3% w as paid in Ja n . 1908 in A tlantic C oast L ine R R . 4%
certlfs. of Indebtedness an d 214% In Ju ly 1908 in c ash .— V. 90, p. 166.
Ferrocarriles N acionales de M exico.
(National Railways of Mexico.)
30 1910.)
The text of the report will be given next week. Below
are the principal statistics of operations, earnings, charges and
balance sheet:
(R eport fo r F iscal Y ea r ending J u n e
T R A F F IC S T A T I S T I C S .
1908-09.
1909-10.
1909-10.
1908-09.
Aver, kilometers
8,468
8,412 Tons rev. freight 5,711,931 5,707,972
Passengers____ 6,072,277 6,264,124 Tons 1 mile___ 2035290213 1979734017
S3.55
33.61
Pass. 1 kllom ..620,267,352 579,000,424 R ’cts p. tr. kilo.
to n sp .tr.,all
R ’cts p. tr.kllo.
SI.96
SI.75 Av.fr’t(p.tr.kllo)
269.68
263.15
One kilom eter equ als .62138 m ile; 1 m etric to n equals 1.103 ton s of
2,000 lbs.
IN C O M E A C C O U N T (M E X I C A N C U R R E N C Y ).
1909-10. 1908-09.
1909-10. 1908-09.
Deduc’ns (Con.)
S
S
S
S
Gross Earnings.
F re ig h t....................37,871,364 35,072,312 Reserve for renew.
Passenger________11,245,560 10,365,724 on equipm ent........................ 1,340,400
E x p re s s ..............- 1,769,050 1,879,617 Int. on bonds, &c.—
pr. lien
Miscellaneous___ 1,676,319 1,487,869 N. Rys.
4 H s ............ 7,558,442 5,487,788
do gti. gen.4s 4,052,462 3 ,8 5 4 ,0 4 3
Tot. gross earns 52,562,293 48,805,522 N .RR.pr.l’n
4 y$s 2,070,000 2.070,000
Expenses—
do 1st cons.4sl,979,200 1,979,200
Malnt. of way, Ac. 8,257,817 6,574,832 Mex.
C. Ity.bds. 436,687 454,690
Mnlnt. of equip__ 6,438,224 6,191,769
do 4-yr. 5%
Conduct, transp’n 15,037,523 14,472,742
n o te s.......... 402,789 1,887,151
General expenses. 1,859,994 1,927,536
do 3-yr. 5%
20,417
n o te s...............................
Total op. e x p ..31,593,558 29,166,879
do equip, and
Net earnings......... 20,968,735 19,038,643
collateral.. 90,000
100,000
I n t., less exchange 622,794 6293,723
do c a r * loco,
Int. on securities. 1,165,742 1,092,371
rent’l notes 150,164 227,534
Total net In c ...2 2 ,157,271 21,024,737 iV i% 6 mo.notes ..............
167,134
N at. R It___
Deduct—
R R . 5%
Taxes ..................... 365,991 278,588 N at.
n
o
te
s
...................................
727,987
Rent. Mich. & Pac.
to res’ve fd. <1141,828 dG3,357
57,397 Trans,
leased line____
47,077
1st pref. d lv -.c (3 )l,729,974(2)1153,316
Oper. def. Mex.18,616 Total deduc’n s.21,192,504 20,974,253
Am. SS. C o -... 37,327
Op. def. Texas
4,218
Mexican R y___
38.911
Sundry adjustm ’tsa2,091,652 0882,706 Balance, su rp .. 964,767 50,484
Claims made on
199,711
construc’n cos.. ---------a S u ndrv a d ju stm e n ts in 1909-10 Include $50,000 for a d ju stm e n t of
m a te ria l accounts: $61,652 for p rop ortion of a d d itio n s a n d b e tte rm e n ts In
suspense; $980,000 to provide for expenses for rep air a n d rep lacem ent of
eq u ip m en t, a n d $1,000,000 to rep air dam ages caused b y w asho uts; in
1908-09 o p erating expenses of c o n stitu e n t cos.: (1) p rior to d a te w hen d i
rec t charge w as assum ed by N a t. R y s. C o., $823,765, a n d (2) su b seq u en t
a d ju stm e n ts, $58,941.
,
.
6 T his Is a n et Item In 1910; in 1909 rep resen ts th e a m t. of Int. plus cxch.
d T his Is 5% of n e t profits.
■
e T here w as also 1% ad d itio n a l ($576,658 In M ex. currency) pa d N ov.
10 1910 ou t of the earnings for th e Ilscal year 1909-10, as auth o rized by th e
stockholders a t th e a n n u al m eeting, m aking a to ta l of 4% paid from the
earnings of the year.
B A L A N C E S H E E T J U N E 30 (M E X IC A N C U R R E N C Y ).
A ssets__
1910.
1909.
R o ad , equ ipm en t, land concessions, &c............a$832,396,031 $766,125,550
721,076
C onstruction of new lines, & c...........................
$18,150 53,140,439
Bonds and stocks o w n ed---------------------- ---------- 4,950,631
M aterial and su p p lies---------------------------------------800,176
A gents, conductors a n d em ployees--------------------871,440
423,676
T raffic b alances-------------------------------------------------- 1,050,652
In div idu als an d com panies-------------------------------- 2,064,174
757,858
Bills collectible-----------------1,161,184
135,070
27,935
P u rch. of subsidy rig h ts of H idalgo & N . E . R R .
27,935
26,283
Tcxas-M ex. R y . a d v . acc’t change of gau ge------ - —
855,931
A ccrued in terest on securities o w n ed----------------S il’
31,212,170
Cash In banks a n d on h a n d -------------------------------88,546
86,403
A dvance p a y m e n ts— Insurance prem iu m s---------T otal
____________ ______________ ________ $878,581,400c$860,322,8 50
C o m m o n ^ __________________________________
600.933 149,578,733
57,613,000
F irst preferred sto c k ------------------------------------------Second preferred sto c k --------------------------------------- pvn on 7 9 sn 238,274,993
254,813,255
N ational R y s. b o n d s------------------------------------------- o*
c05.480.000
NMational
R .rnbatio
o n dns----------------------------------------J md20,
M 113,
? a ’nnin
exican InR te
a l R R . bo nd s —
000
M exican C entral, N ational R R . a n d M exican
In te rn atio n a l R R . securities n o t h e ld -- - - - - - - 12.394.00o 13,348,570
1,900,000
Mex Cent R v enu lm nen t an d collateral tru sts 1,700,000
3,660,239
do do
car a n d locom otive n o te s---------- 3,008,000 31,480,000
do do
4-year 5% n o te s-------- -----------7,579,039
A ccrued bond Int. an d coups, n o t p re se n te d ------ 8,3o9,718
577.416
D ividend on preferred sto c k -------------------------------- 1’169,360
2,355,944
V ouchers an d pay -ro lls---------------3 ’~2S’^ T
307,409
T raffic b alances-------------------------------------------------'78,434
818,432
In div idu als a n d com panies-------------------------------- £.u62,00o
N otes payable a n d accrued In te re st------------------- 3,723,o99
25,270
M lchoacan & Pacific R y . (special)--------------------25,270
62,534
A ccrued ta x e s --------------------------------------------------157,307
R eserves for m aterial a d ju s tm e n t--------------------132,770
R eserve to rep air dam ages by w a sh o u ts------------1,000,000 " ”2,169,982
E quip m ent an d rail renew al fu n d --------------------63,357
. 205.180
R eserve fu n d ___________________________________
50,470
P rofit an d loss_____________________
l,01 o,237
Total __________________________________ $878,581,400e$860,322, 850
a Includes cost of acq uisition of M exican In te rn atio n a l R R . u n d e r agree
m en t of M ay 4 1010, $61,503,039; ex p en ditu res for ad d itio n s a n c F b e tte r
m en ts to Ju n e 30 1909, $1,779,502, a n d du rin g year ending Ju n e 30 1910,
$2,511,417- o th e r ex p en ditu res du rin g last ilscal year, $2,256,024.
Nov. 19 1910.]
TH E CH RONICLE
b B onds a n d sto ck s ow ned exclude In 1910 securities of N ational H R .,
M exican In te rn a tio n a l, C entral M exico a n d M exican P acific,w hose lines
now form p a rt of th e N ational R ys. of M exico.
c D oes n o t Include $5,080,000 ($2,540,000 U . S . cur.) bonds deposited
w ith C entral T ru st Co. as collateral u n der prior lien 4 H % m o rtg age.
d D oes n o t Include $593,000 ($296,500 U . S. cur.) bonds In cos trea su ry ,
e T he to ta l of assets an d liabilities as abo ve differs from th a t show n In
th e a n n u al rep o rt for th a t year because of th e om ission (In order to
m ake p rop er com parison w ith th e balance sh eet In 1910) of th e Item of
$9,000,000 from b o th sides of th e balance sh eet rep resen tin g T am pico
H arb o r Co. T his Item consists, u n d er assets, of $5,000,000 (U . S. cur.)
of 1st a n d refun ding M. bonds a t 90, being offset u n d er liabilities b y the
u n d e rtak in g to ex p en d th e sam e a m o u n t for con stru ction or p ro p e rty
la 10 y ears u n d er agreem en t of D ec. 31 1907.— V. 91, p . 1160, 946.)
M exican International Railroad.
(R eport fo r F isca l Y ea r ending J u n e 30 1910.)
The te x t of the report will be given n ext w eek. B elow are
the statistics of operations, earnings, charges. &c
O P E R A T IO N S .
1909-10.
1908-09.
1907-08.
1906-07.
A vgc. kilo m eters o p e r ..
1,462
1,478
1,478
1,473
P assengers c arried _____
523,847
502,901
527,752
470,349
P ass, carried one k i l o ... 40,350,176 38,499,822 41,796,738 36,846,860
R eceipts p er tra in k ilo -$1.50
$1.29
$1.36
$1.24
T ons rev . freigh t carried 1,922,981 1,449,104 1,597,755 1,509,535
T ons carried one k ilo ...6 1 8 ,3 2 4 ,6 0 1 474,264.628 547,333,064 528,052,176
R eceipts per tra in k ilo -$3.91
$3.50
$2.90
$2.72
A verage tons per train ,
all fgt. (per tr. k ilo ) ..
342.92
309.78
252.53
225.96
E arnin gs per k ilo m e te r.
$6,103
$4,706
$5,605
$5,820
O ne kilo m eter equals .62138 m ile; one m e tric to n equals 1.1023 ton s of
2,000 lbs.
E A R N IN G S A N D E X P E N S E S (M E X IC A N C U R R E N C Y ).
E arnings—
1909-10.
1908-09.
1907-08.
1906-07.
Passengers a n d e x p re ss..$1,193,654 $1,022,249 $1,090,353
F re ig h t...................................... 7,606,517 5,829,166 7,052,754 $1,014,720
7,341,810
A ll o th e r s o u r c e s ............. 120,682
101,869
138,458
216,234
T o tal rec e ip ts............. ..$ 8 ,9 2 0 ,8 5 4 $6,953,284 $8,281,565 $8,572,770
E xpenses—
M aintenance of w ay, &c.$ 1,446,483
$909,062 $1,192,074 $1,208,820
M alnt. of e q u ip m e n t____ 1,328,292
907,178 1,131,426 1,275,315
C onducting t r a n s p o r t s .. 2,068,821 1,874,485
2,684,070 2,920,068
G eneral exp en ses________ 291,164
302,165
320,631
296,752
T o tal w orking e x p e n ..$5,134,761 $4,047,477 $5,328,201 $5,706,368
N et earn in g s_____________$3,786,093 $2,905,807 $2,953,364 $2,866,402
1,472
1,329
Incom e from Investm en ts
1,390
T o ta l .....................
$3,787,483 $2,905,807 $2,954,836 $2,867,731
Deduct—
$21,182
$34,691
$30,024
S tam p s a n d o th e r ta x e s .. $44,763
20,000
20,000
20,000
R e n ta l C oahulla Coal R y .
20,000
3,611
34,873
I n t., disco un t & exchange
1,088
26,100
•233,684
D uties on Im ported m a t’I. 200,000
12,376
Mlsc. a d ju stm e n ts, & c—
45,057
B alance (M ex. c u rr’cy)$3,476,575 $2,822,538 $2,631,588 $2,817,707
(U .S cu rr.)$ l,7 3 8 ,2 8 8 $1,411,269 $1,315,794 $1,408,854
_______do
• D uties paid on Im ported com pany m aterial In excess of th e kllom etrlc
allow ance, $233,684, w as In se ttle m e n t fo r 15 years to Ju n e 30 1907.
IN C O M E A C C O U N T ( U N IT E D S T A T E S C U R R E N C Y ).
1909-10.
1908-09.
1907-08.
1906-07.
N et earnings as a b o v e ___$1,738,288 $1,411,269 $1,315,794
$1,408,854
In te re st on dep osits, &c_
18,773
706
3,323
12,911
T o ta l n e t Incom e_____$1,757,061 $1,411,975 $1,319,117 $1,421,765
Deduct—
I n t. on bonded d e b t_____ $551,510
$551,510
$551,510
$551,510
a ln t. on Incom e b o n d s. (8% )3 59 ,920 (4)179,960 (4)179,960 (4)170,960
In te re st o n lo a n s_________
______
13,890
23,100
T o tal d e d u c tio n s______ $911,430
$745,360
$754,570
$731,470
B alance, su rp lu s_________ $845,631
$666,615
$564,547
$690,295
S urplus previous y e a r___ 3,028,728 2,480,722 2,833,598
4,134,261
R eserve for do ub tfu l deb ts
w ritte n b a c k .....................
4,797
T o t a l _________________ $3,879,156 $3,147,337 $3,398,144 $4,824,556
A d d ’ns, b e tte rm e n ts, & c. $241,084
$87,222
$917,422 $1,090,958
E q u ip m e n t w ritte n off
136,866
M ezqulte branch, n e t d e b t
w ritte n off---------------------------.............
31,387
S u rp lu s ---------------------b$3,501,206 $3,028,728 $2,480,722 $2,833,598
a T he Interest on th e Incom e bonds as ded ucted from earnings In the
several a n n u al rep orts Is as follows: In th e fiscal year 1909-10 the Interest
declared from operation s for th e two years ending Ju n e 30 1910, an d In th e
preceding fiscal years th a t declared from operation s of th e years prior th ereto ,
respectiv ely, an d n o t from th e respective years.
b T ransferred to c ap ital ex p en d itu re acc o u n t— see fo ot-no te x below,
B A L A N C E S H E E T ( U N IT E D S T A T E S C U R R E N C Y ).
A ssets—
1910.
1909.
1908.
C ost of ra ilro a d _____________________x$37,057,746 $40,565,937 $40 ,606,315
M exican G overnm ent bo nd s------------15,728
15,748
15,748
M aterials a n d su pplies_______________
614,821
435,865
614,812
D ue by ag en ts, 4 c __________________
84,995
81,014
190,806
T raffic b alances______________________
169,647
45,542
160,409
In d iv id u als a n d com panies__________
68,782
77,670
114,259
M iscellaneous________________________
73,747
64,577
109,790
C a s h _________________________________ 1,733,146
668,091
171,198
T o ta l_______________________________ $39,818,612 $41,954,444 $41,983,336
L iabilities—
C apital sto c k ____________ .
$20,708,200 $20,708,200 $20,708,200
F u n d ed d e b t___________ .
17,555,500 17,555,500 17,555,500
L o a n s ________________________________
______
420,000
A ccrued Interest, & c_____
387 776
212,055
218,036
V ouchers an d p ay -ro lls______ 1 . 1 " '
290 452
185,117 • 239,656
In d iv id u als a n d c o m p a n ie s..
252 967
95,735
285,395
M iscellaneous_______ _______
623 717
169,110
75,828
P rofit a n d loss, su rp lu s.........................."see x below
3,028,728 2,480,722
T o ta l . ------------------------------------------$39,818,612 $41,954,444 $41,983,336
.206.—
x A fter
deducting
balance of profit a n d loss acco u n t tran sferred , $3,501,-’
V , 90,
p . 1554.
D etroit Toledo & Ironton R ailw ay.
(R eport fo r F iscal Y ea r ending J u n e 30 1910.)
R eceivers Geo. K . Lowell, B enj. S. Warren and Thos. D .
Rhodes report in substance;
General R esults.— O peratin g revenues Increased $81,906, or 5 % , an d
o p eratin g expenses Increased $214,049, or 17% ; passenger rev en ue incrcasedl 8 % ; nu m b er of passenger? carried decreased 4 .7 % ; n u m b er of
passengers carried one m ile decreased 1.7% ; ra te per pass, m ile Increased
to 1.75c. from 1.94c.; freight revenue Increased 5% ; ton s carried Increased
10 .7% , a n d ton s carried one m ile Increased 15.7% ; R a te p er to n per
m ile decreased from 3.92 mills to 3.56 mills.
M aintenance of w ay Increased $58;797; m ain ten an ce of eq u ip m en t In
creased $71,708; traffic expenses Increased $4,814; tran sp o rta tio n expenses
Increased $70,039, an d general expenses Increased $98,691. T he principal
1 38 3
Item s en terin g into Increases show n for m ain ten an ce of w ay a n d stru c tu re s
w ere ties, $19,654; rails, $15,243, an d bridges, $13,470; Into Increase
show n for m ain ten an ce of eq u ip m en t w ere freigh t car rep airs, $ 5 0 , 5 4 7 , a n d
freigh t car renew als, $15,458.
D eductions from Incom e Increased $95,785, or 10 .8% , du e to th e Increase
in am o u n t paid for h ire of eq u ip m en t, because of th e su rren d er of 30
eng^ ? : - 1,800 K O ^oIas, 200 flat an d 500 box cars.
« oo, a ki ° *5, — T here has been expended tor add itio n s an d b etterm en ts
f S ' whl cb 546.325 on acco u n t of Im provem ents to ro ad, &c., an d
$20o,688 (less credits $30,561) for equ ipm en t, th e la tte r Including $134,845
for new consolidation engines pu rch ased — N os. 100 to 107. O n th e o th er
b n n d, eq u lp in en t acco u n t w as reduced $2,264,280 thro u g h eq u ip m en t
s200
w e flat
n d earn^d a n500
d retire
slnce Ju
n e 30 1907, viz.: 30 engines, 1,800 gondola,
box dc ars.—
Ed.]
'052in ?
° f DCW 85' lb - Steel raI1 w as Pu rchased
y ea5’n I k1,8S2 oak an d cbe stn u t ties w ere p u t In m ain
d
n
i
?
ki
’
45-25
n?iIe?
new
fence48.9
bu ilt;
d itioan
n ald
dltchMallducharged
g an d dtorainage
provided;
b allast
m iles,5 mmiles
o stlyof gad
ravel
slag,
o p eratin
g expenses.
Locomotives Re-Purchased..— -Four of th e 30 B rooks consolidation freig h t
engines, old N os. 103, 106, 108 a n d 109, w hich w ere tu rn e d back to th e
T ru st Co. In 1909, w ere re-pu rchased from th e T ru st Co. a t a cost of $40,000.
num bers changed to 88, 89. 90 an d 91.
O utlook.— T here has been som e Im provem ent In th e freig h t business
du rin g th e p a st year a n d th e Indications are th a t th e presen t y e a r will
g reatly exceed th e p a st. T he g rain cro p, especially w heat a n d o ats, will
p rob ably be th e larg est w e h av e ever h an dled an d th e corn crop a t th is
w ritin g gives prospects of being good, If n o t b e tte r, th a n ever before.
T here will also be an exceedingly large crop of h ay .
T he rev en ue from th e passenger traffic for th e p a st year has show n slig ht
Increase, a n d , ow ing to th e re-arran g em en t In o u r p assen ger-train service,
we exp ect to show a h e a lth y Increase In passenger earnings th e com ing
y ear. T he earnings of th is d e p artm e n t h av e been som ew hat lim ited, ow ing
to Insufficient su pply of eq u ip m en t to ta k e care of excursion business.
W eight of Steel R ails in M a in L in e and Branches.
, „
„
56-lb.
60-lb. 70-lb. 85-lb. 90-ib. Total.
M ain line, m iles-------------13.509 184.641 53.660 83.540 8 . 4 1 0 3 4 3 . 7 6 0
B ranches, m iles________ 10.000 39.516
.500 2.485 _____ 52.501
R olling Stock J u n e 30.
E ngin es. P ass. Cars. Freight Cars. M iscellaneous
1910...............................
72
33
4,216
40
1909_______________
60
34
4,295
41
T R A F F IC S T A T IS T IC S .
Operations—
1909-10.
1908-09.
1907-08.
1906-07
375,745
394,259
424,963
406,44’7
R even ue passen gers-----R evenue pass, one m ile . 8,907,116 9,065,768 9,949,576 11,462 7 1 3
Rcc. per pass, p er m ile .
1.75 cts.
1.69 cts.
1.64 cts.
1.43 c ts.
T ons of freigh t c a r r ie d .. 2,461,615 2,222,236 2,177,633 2,227,040
T ons carried one m ile .. .374,506,378 323,555,544 330,311,469 329,122,200
AA v.
v .retonc ts.
to ntrap einr mm'.. 0.356 cts. 0.392 cts. 0.413 cts. 0.436 cts.
s fgper
t. per
333.90
395.72
.
G ross earns, p er m ile___
$3,642
$3,456
______
IIIH I
IN C O M E A C C O U N T .
O perating Revenues—
1909-10.
1908-09.
1907-08.
.$1,331,930 $1,267,789 $1,365,216
. 155,575
152,869
162,845
. 119,527
104,468
95,205
.$1,607,032 $1,525,126 $1,623,266
Operating E xpenses— ’
M aintenance of w ay a n d s tru c tu re s ... $341,796
$282,999
$264,448
. 286,077
214,360
415,756
T raffic expenses.
34,394
29,580
27,075
T ra n sp o rta tio n e;
. 771,776
701,737
756,586
G eneral expenses.
.
59,927
51,236
33,250
$1,493,970 $1,279,921 $1,497,115
P e r cen t of expenses to e arnin gs.
. (92.96)
(83.92)
(92.23)
N et op eratin g rev en u e __________
. $113,062
$245,205
$126,151
O utside o p eration s— n e t_______
.
363
d e f.125
. $113,425
$245,080
$126,151
T axes
.
81,755
78,124
83,746
. $31,670
$166,956
$42,405
. *40,506
38,476
297,836
. $72,176
$205,432
.
$340,241
D eductions—
. $32,337
$44,859
$47,195
. 130,904
10,520
R ents
.
506
818
155
. 761,268
794,296
833.387
O th er In te re st.
.
61,460
40,152
33,248
B e tte rm en ts___
44
1,358
. $986,475
$890,689
$915,343
. $914,298
$685,257
$575,101
* O ther incom e Includes In 1909-10 Joint facilities, re n t of trac k s, &c.,
$37,612; ren ts, $2,484; Interest on deposits, $410.
B A LA N C E SH E E T JU N E 80.
to change In form of balance sheet, comparisons with some Items In 1909
are[Owing
Inaccurate.]
1910.
1909.
1910.
1909.
Assets—
$
s
Liabilities—
$
Road & equlp’t..a36,217,136 38,655,554 First pref. sto ck .. 7 500.000 7,500,000
Consol. M. bonds
Second pref. stock 5 000,000 5,000,000
pledged ns collat 6,580,000 6,580,000 Common sto c k ... 12
12,500,000
Ann ArborRR.stk.b5,101.400 b5,101,400 Funded debt_____23 500.000
724,400 23,764,400
Tol.South. RR.Co. 94,874
94,781 Loans & bills pay. 633,851 635,851
Cash for Interest on
V ouchers.................\ 239,336 J221,503
coll, trust notes. 137,500
1 4,466
Pay-rolls................. /
Cash In banks, &c. 13,488 J 37.500
16,652 Int.m atur.* accrd. 1 178,889 759,906
Agts. & conductors
2,732
1,492
36,828 Traffic balances..
3,788
Traffic balances..
10,796 MIscell. accounts. 15,500
29,428
Mlsc. accts. recelv. 18,853
72,625 Def. credit Item s.. 21,852
Materials & supp. 146,770 146,770 Equlpm’t replace
Def. debit Item s..
10,747 ment acco unt. .
12,087
173,83*
Profit and loss___ 2,805,352 1,676,171 Receivers’ paym’ts
Equip, withdrawn
In excess of rects 341,619 290,644
Equlp’t trusts for
from service___ 1,656,000
Other contingent
equip, surrend’d 1,
1,656,000
assets.................. 35,177
Oth. contlng. llab. ,656,000
4,250
............
Total .................. 52,820,429 52,539,824 T o ta l...................52,820,429 52,539,824
______
n After deducting equipment retired since June 30 1907, $2,261,280, and credit
reserve for accrued depreciation, $173,839. b Includes $2,190,000 common stoek
and $3,001,000 shares of preferred stock.—V. 91, p. 1025, 870.
A nn Arbor R ailroad.
(R eport fo r F isca l Y ea r ending J u n e 30 1910.)
Pres. Joseph R am sey Jr., N . Y . C ity, says in substance:
General Results.— T he Incom e acco u n t (below .— E d.) show s a sep aratio n
for th e years 1908-09 a n d 1909-10 of o u tside operation s (revenues a n d ex
penses of bo at and cafe cars) from rail o p eration s. In previous y ears these
operation s w ere Included In th e o p eratin g revenues an d expenses, a n d for
purposes of com parison th e gross earnings from b o at lines, & c., a m o u n tin g
In 1909-10 to $170,494, should be add ed to th e op eratin g revenues ($1,856,
160), m aking gross revenues $2,026,653 an d gross expenses $1,500,303
a n d n e t revenues $526,350.
T he gross op eratin g revenues Increased $147,679; th e gross o p e ra tin g
expenses Increased $101,455 a n d th e n e t op eratin g revenues Increased
$46,224. T he decrease of $93,588 In deductions from gross Incom e Is
du e to $122,008 decrease In a m o u n t paid for hire of eq u ip m en t, less In
crease In equ ipm en t no tes. Interest, &c. Gross freigh t earnings Increased
$117,942, or 10.29%,; gross passenger earnings Increased $17,105, or 3 .8 0 % ,
a n d m all, express a n d m ilk Increased $9,937, or 21.81% .
1384
TH E CH RONICLE
F o r rail o p eration s th e nu m b er of ton s of freigh t h an d led w as 1,737,184,
a n Increase of 122,734 tons; ton s 1 m ile 267,155,215, an Increase of 13,015,
317 m ile tons; av erag e receipts per ton per m ile 4.73 m ills, a n Increase of
.22 m ills; tra in m iles decreased 10.97% ; ton s freigh t per train m ile 485.08;
Increase 1 5 .8 % . T he n u m b er of passengers carried one m ile w as 26,850,309,
a n Increase of 1,528,384; averag e ra te 1.74 c ts., a decrease of 0.04 cents.
P ro jit am t L o ss.— W hen th e present m an ag em ent took charge th ere w ere
n u m erous acco u n ts receivable w hich w ere uncollectible, an d acco u n ts p ay a
ble w hich should h av e been paid a n d charged oir In previous years. All
such Item s prior to Ju ly 1908, a n d m iscellaneous a d ju stm e n ts, to g eth er
a g g reg atin g $213,304, also $22,326 for car rep airs th a t should h a v e been
charg ed to previous years, w ere charged to d eb it p rofit a n d loss acco u n t.
E quip m en t— P er D iem Charges.— D uring th e years 1908 an d 1909 the
p er diem charges ag a in st yo ur com pany assum ed enorm ous proportions—
th e n e t d eb it balance for th e year 1909-10 being $174,643 a n d for th e six
m o n th s ending Dec. 31 1909 $67,970. C o ntracts w ere m ad e for th e rep air
of som e 600 cars by car building com panies, an d also for new equ ipm en t as
follows: 500 steel coal cars a n d 300 steel box cars, $828,880; 13 locom otives,
$212,550; 3 steel passenger cars, $40,857: to ta l, $1,080,287. Of th is a m o u n t
$190,174 w as paid In cash, th e balance being taken care of by car tru st notes.
T he cllect of th e new equ ipm en t a n d rep air of old equ ipm en t (w ith a n
Im proved han d lin g of th e foreign cars on A nn A rb o r tracks) was a t once
a p p a re n t. T he to ta l n e t d eb it balance for th e p a st fiscal year w as $82,872.
T ak in g th e sta te m e n t for th e q u a rte r ending S ept. 30 1910 as a basis, th e
c red it balance for th e y e a r ending Ju n e 30 1911 should bo largely In fav o r
of th e A nn A rb or R R „ a n d th e gain In n e t Incom e com pared w ith th e p a st
fiscal y e a r should be a t least $125,000; m ore th a n pay ing ou r a n n u al obliga
tion s on acco u n t of th e new eq u ip m en t. T he Increased equ ipm en t should
also bring som e Increase In traffic revenues.
F o u r new locom otives w ere purchased from th e A m erican L ocom otive
Co. a t a cost of $65,400. O ne old passenger engine w as sold for $4,000.
Car Ferries— E quipm ent T ru st.— It w as a bad y ear for th e com pany In
th e o p eratio n of its car ferries. [The n e t loss du e to accid en ts being $87,128.— E d.]. T he loss of N o. 1 left on ly th re e bo ats (tw o of w hich are old),
a n d a c o n tra c t w as entered Into for a new m odern steel car ferry of 32 cars
-capacity, a t a cost of $335,000, to be delivered In Dec. 1910. A n equ ip
m en t tru s t on 10-year 5% notes h as been a rran g ed to m eet th e p ay m en ts on
th is b o a t an d som e ad d itio n a l passenger cars.
M aintenance.— D uring th e year 106,477 cross-ties w ere placed In tra c k .
S to ne, slag, gravel an d cind er ballast w ere placed u n d er 20.25 m iles of
m ain tra c k . New 85-Ib. steel rails placed In tra c k , 44.55 m iles.
Advances to D . T . & I. R R . C o.— D uring 1907 a n d 1908 $220,000 w as a d
v a n ce d to D etro it T oledo & Iro n to n R R . Co. “ for te m p o rary p u rp oses,”
w ith o u t a n y a u th o rity from th e board of directo rs an d w ith o u t app earin g
p rop erly on th e books of th e com pany . Y our board has tak en such actio n
a s th e general counsel th o u g h t necessary to p ro te c t th e com pany a g a in st
loss In connection w ith this u n autho rized loan.
O utlook.— T he pro p erty Is In good sh ap e to h an d le a n Increase In traffic
d u rin g th e com ing year, an d a fair Increase Is a n tic ip a te d . In fact, an In
crease eith er In traffic or rev en ue m u st com e If th e com pany Is to con tinue
to pay th e cost of op eratio n , Increased pay-rolls a n d ta x e s a n d fixed charges.
T h ere has been a n Increase of a b o u t $60,000 per y e a r In pay-rolls, tak in g
effect Ju n e an d Ju ly 1910, w ith o th e r Increases y e t to com e, an Increase of
a b o u t 10% In cost of fuel, w ith variou s Increases In expenses due to orders
a n d req u irem en ts of S ta te a n d In te r-S ta te com m issions, laws reducing w ork
ing h o u rs for train m en , telegraph op erato rs, e tc., e tc ., w hile th e Increase In
ta x e s has been c o n sta n t a n d enorm ous— from $47,000 for 1900 to $171,000
In 1910. T h e taxes to-day equal $600 per m ile of ro ad , being 8JS% of
th e e n tire gross revenues, 33 1-3% of th e to ta l n e t rev en ues a n d over 60%
of th e a m o u n t paid on all securities.
T h e proposed adv an ce In freight rate s, now held u p for consideration by
th e In te r-S ta te C om m erce Com m ission, app lying to a b o u t 30% of th e classi
fication, w ould h av e given th e com pany $73,000 Increased revenue on th e
traffic of th e past year had th e Increase been In effect— equal to a b o u t 4%
Increase In gross revenue. T his Increase w ould n o t m ore th a n m eet th e
Increase In pay-rolls, fuel. &c.
T he “ho bb le sk irt” Is now Im posed up on th e railw ays.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1907-08.
1908-09.
1909-10.
292
292
M iles o p e ra te d _____
92
808,879
836,200
841,422
P assengers carried 26,850,309 25,321,925 23,848,041
1.94 cts.
R a te per passenger per m ile__________ 1.74 cts.
1.78 cts.
P asseng er earnings per train m ile___ 95.43 cts. 90.05 cts. 94.91 Cts.
1,737,184 1,614,810 1,687,662
267,155.215 254,139.898 277,054,377
4.73 cts.
4.51 cts.
4.70 cts.
$2 34
$1 89
F reig h t earnings per train m ile.............
$2 08
$6,359
$5,680
$6,352
G ross earnings per m ile— - --------- -
485
419
444
A verag e rev en ue train -lo ad (to n s). .
$
$
$
O perating revenues—
1,302,621
F reig h t ............................................................ 1,264,661 1,146,719
462,895
450,324
467,430
P assen g er..........................................................
117,266
111.437
M all, express, &o-------------------------------- . 124,068
T o ta l............................................................... 1,856,159 1,708,480 1.882,782
O perating expenses—
191,571
298,306
254,718
M ain tenance of w ay a n d s tru c tu re s ..
246.453
193,865
347,457
M ain tenance of e q u ip m e n t--------------40,981
34,265
38.214
T raffic expenses........ ..................................
662,157
767,681
T ra n sp o rta tio n exp en ses------------------- , 642,806
48,359
34,622
64.222
G eneral expenses----------------- ------------ . 1,298,768 1,197,313 1,375.596
(70.08)
(73.06)
(09.97)
P e r c en t expenses to earn in g s.
507,186
511,167
557,391
N et o p e ra tin g rev en u e................
def.31,041
27,250
507.186
538,417
526,350
N et rev en u e _______________
136,426
147,967
147,967
T a x e s .................. .............................
378.383
370,760
390,450
O p eratin g Incom e-------------91,820
72,775
88,092
O th er Incom e________________
451,158
462,580
478,542
G ross Incom e__. . . . . _____
D educt—
52,634
122,183
174,643
H ire of eq u ip m e n t----------------280,000
280,000
280,000
In te re s t on bo n d s— ................
28,232
1,655
In te re st on equ ipm en t n o te s.
5,997
A p p ro p rlatto n s and reserves.
4,153
5.012
B e tte r in e n ts .................................
366,863
407,195
460,451
T o ta l d ed u ctio n s__________
84,295
18.091
55,385
B alance, su rp lu s........ .................
• O th e r Incom e includes In 1909-10: R e n ts received, $418; Joint facilities,
$48,199; ln t. on securities, loans a n d a cco u n ts, $24,158.
G E N E R A L B A L A N C E S H E E T J U N E 30.
1909-10. 1908-09.
1909-10. 1908-09.
Liabilities—
S
Assets—
S
S
S
Road, equip., *0.16,247,298 15,267,082 Preferred sto ck .. 4,000,000 4,000.000
Cash ....................... 159,397 532,930 Common sto ck .. 3,250.000 3,250,000
79.723 Bonds ................... 7,000,000 7,000.000
Rem it. In transit. 77.164
70,000
Agts. * conduct’rs 27,223
90,056 Equipment notes. 744.108
Individuals & cos. 231,917 159,588 Loans & bills pay. 150,000
M at’Is & supplies. 127.709 191,53J) Vouchers & wages 307,380 292.926
Mlscel. liabilities. . 25,652
21,229
Advances (D. T. &
I. Ry ) .............. 220,200 220,200 Interest matured 84,220
and accrued____
79,160
Jackson Ann Arbor
7,000
7.000 Taxes accrued------ 51,867
72,422
& Chic, bonds. .
1741 50,569 Traffic bals., & c.. 19,056
30,174
Traffic balances..
Replacement, A c.,
Item s in suspense. 50,218/
reserves .............. 129,575 177,192
Prop’ty abandoned,
5.012
Add’ns to prop’ty .
charg’ble to exp. 67,258
8,509 Other reserves___
7.000
13,959
7.000
M iscellaneous___
Profit and loss____ 1,458,648 1,607,094
T o ta l...................17,232,517 16,607,197 T o ta l____ ____ 17,232,517 16,607,197
— V . 91, p .9 4 5 .
[VOL. LXXXXI
United States Express Co.
{R eport fo r F isca l Y ea r en din g J u n e
30 1910.)
1909-10. 1908-09.
1909-10. 1908-09.
s
s
$
S
Gross receipts___ 17,680,237 16,851,864 Other incom e____ 387,824 441,331
Expenses _______17,232,2051
Interest on notes
[-16,400,160 Total net Income. 795,890 893,035
payable, & c
39.966J
.%)600,000 (4)400,000
N et e arn in g s... 408,066 451,704 Bal., surplus__ 195,890 493,035
B A LA N C E SH E E T JU N E 30.
1910.
1909.
1910.
1909.
A ssets__
Liabilities—
S
S
S
S
Real est. & bldgs.a2 ,077,292 2,053,596 Capital sto ck .. 10,000,000 10,000,000
E quip m ent........... 1 ,238,718 989,300 Wages and salariesl 447,052
M aterial & supplies 48 549
Notes payable___ 241,095 1,882,054
Balt. A O .contract 716,666 816,666 Traffic balances__. 396,939 263,474
Ohio Elect contract 39,167
Money orders bal.\. 512,343/ 54,215
Investm ents.........67 ,415,145 7,464,051 Travelers’ checks/
343,739
Cash ....................... 606,498 895.924 Vouchers & accts.', 311,287 \
Notes receivable.. 007,140 2,000,351 Interest accrued-.
14,050
Due from agents.. 670,106 419,362 Unpaid dividends..
6,571
6,571
Individuals & cos. 664,799 114,557 Express privilegesi 1,415,008 1,368,472
Express earnings
R eserves-----------83,148 159,728
and money order
Profit & loss, surp., 1,486,675 1,252,724
commls. accrued
460,332
26,032
Traffic balances . . 392,130
23,906 104,856
Miscellaneous___
T o ta l.................. 14,900,118 15,345,027 T o ta l................... 14,900,118 15,345,027
a Real estate and buildings as above In 1910 includes $1,535,978 used In opera
tion and $541,314 not so used.
6 Investm ents In 1910 Include bonds, $4,230,626; stocks, $381,802; loans and
advances. U. S. Express Realty Co., $2,751,652, and real estate, bonds and mort
gages, $51,065.
Note.—The company has contingent liabilities for discounted notes receivable,
$75,857, and as guarantor of a mortgage of the U. S. Express Realty Co., $1,000,000
— V. 89, p. 1343.
G ENERAL IN V E S T M E N T N E W S ,
R A IL R O A D S, INC L U D IN G ELECTRIC R O A DS.
A tlantic C oast Line R R . — R ep o rt. — See “ Annual Reports.”
N ew D irector. — J. R. Kenly of Wilmington, N. C., Third
Vice-President, has been elected a director, increasing the
board to 12 members.— V. 91, p. 1091.
A ugusta-A iken R ailw ay & E lectric C orporation.— Incor
porated. — This company was incorporated in Maine on or
about Nov. 9 with $3,750,000 of authorized capital stock, in
shares of $100 each, as successor of the Augusta-Aiken Ry.
& Electric Co. (of New Jersey), which was recently purchased
by Redmond & Co. of New York (V. 91, p. 1095).
B onds C alled. — All of the 5% collateral trust bonds of the
old company, dated 1903, $3,000,000 authorized and
$1,244,000 at last accounts outstanding, have been called for
payment at 105 and interest on Jan. 1 1911, at the Baltimore
Trust Co., Baltimore.— V. 91, p. 1095.
B oston & M aine R R .— N ew Stock. — President Mellen ap
peared before the Mass. R R . Commission on Nov. 15 on
petition for authority to offer to the stockholders 106,037
new common shares at $110 per share. Under Massachu
setts laws the road has at present only $800,000 bonds availa
ble for issue; with the sale of new stock issue there will be
a margin of 812,000,000 bonds which the company can re
sort to if necessary for future requirements.
E xpenditures, Aggregating $13,240,415, as B asis fo r New Stock Issue.
(1) E x p en ditures from A ug. 1 1909 to N ov. 1 1910—
L ocom otives. $1,180,021; passenger cars, $1,152,226; freigh t
cars, $2,293,046; to ta l, $4,625,294; less equ ipm en t retired ,
$796,346 ------------------------------------------------------------------------------ $3,828,948
Separatio n of g rade crossings, $329,321; second trac k , $35,988 365,309
(2) A dditional e xp en ditu res req uired to pay for equ ipm en t (a
large p a rt a lre a d y co n tracted fo r), and for oth er a d d ’ns, &c.—
E q u ip m en t: 147 locom otives. $2,533,650: 349 passenger cars,
$3,010,375: 1,330 freigh t cars. $ 1 ,222 ,8 40 :1 crane. $16,000 6,782,865
F o u r-trac k draw b rid ge o v er Saugus R iver, $219,000; trac k
an d freigh t-y ard facilities, $55,050: 2nd tra c k , $51,361;
separatio n of grade crossings, $627,881; shops, $ 1 ,310 ,0 00 -- 2,263,202
C om pare V. 91. p. 1253. 1096.
B oston R evere Beach & L ynn R R .— P roposed S a le. — See
& Hartford R R. below and compare V. 87, p.67G.
Canadian Pacific R y .— D ivid en ds on Com m on Stock N ow
Q u arterly. — As foreshadowed some weeks ago (V. 91, p. 1093),
N. Y . N. H.
the directors have declared on the common stock a regular
quarterly dividend of 2% [being at the rate of 7% per annum
from revenue and 1% per annum from interest on the pro
ceeds of land sales], payable Dec. 31 to shareholders of
record on Nov. 30.
T his Is th e first q u a rte rly d eclaratio n . In A ugust sem i-annual divi
d en d s of 3 Vij% and H of 1% e x tra w ere declared, p u ttin g th e sto ck on an
8% per an n u m basis (V. 91. p. 396).-r-V . 91, p . 1095, 1093.
Chicago Consolidated Traction Co .— A greem ent o f D ep o sit.
— The Harris Trust & Savings Bank, as depositary, 204
Dearborn St., Chicago, give notice to the holders of the fol
lowing securities:
Chicago E lec. T ra n sit Co. 1st M .bds. Chi. & Jeff. U rb an T r. Co. IstM .b d s.
N orth Chi. E lec. R y . Co. IstM .b d s. Chi. N o. Shore S t. R y. Co. 1st M .bds.
N orth Side E lec .S t.R y C o .IstM .b ds. Chi. N o. Shore S t. R y . Co. cap. stk .
E v a n sto n Elec. R y . Co. 1st M. bds. Chi. Cons. T rac. Co. Cons. M. bds,
T h a t In acco rd an ce w ith th e plan of reorganization (V. 90, p. 1613; V. 91
p. 214, 1253), ap p ro v ed by th e rep resen tativ es of m ore th a n 90% of th e
abo ve-m en tion ed securities, an agreem en t of deposit d ated N ov. 1 1910,
u n d e r w hich such securities m ay be exchanged for new bonds of th e Chicago
R ailw ay s Co., has been lodged w ith th e H arris T ru st & S avings B ank as
d e p o sita ry , copies of w hich agreem en t will be furnished up on ap p licatio n .
U n d er said agreem en t, deposits of a n y of th e above-m entioned securities
w ill be received up to a n d Including N ov. 19 1910. T he tim e for dep osit
of securities Is necessarily lim ited, ow ing to th e fac t th a t th e pro p erties
covered by th e above-m entioned securities h av e been ordered sold a t fore
closure on N ov. 30 1910 by a decree of th e Federal C ourt.
D eposit A greem ent D ated N ov. 1 1910— D escription o f N ew
S ecu rities. — The agreement of Nov. 1, to which the holders
of the aforesaid securities may become parties by depositing
their holdings with the Harris Trust & Savings Bank, de
positary, is made between Andrew Cooke of Chicago (pro
posed purchaser of the property for the Chicago Railways)
and the aforesaid depositary.
Nov. 19 1910.]
TH E CH RO NICLE
Condensed Extracts from Deposit Agreement—New Securities Described.
T h e te rm
“ t r a c t io n s y s t e m ’’ w h e r e v e r u s e d In th is a g r e e m e n t s h a ll b e
d e e m e d t o I n c lu d e a ll th e p r o p e r t y o f C h . C o n s o l. T r a c . C o . a n d C h . N o r t h
S h ore S t
K y
C o , a u t h o r iz e d b y s a id o r d in a n c e t o b e a c q u ir e d
b y th e
R a i l w a y s C o m p a n y , e x c e p t t h a t If t h e p u r c h a s e r s h a l l e l e c t n o t t o p u r c h a s e
a n d t r a n s fe r t o th e R a ilw a y s C o m p a n y t h a t p o r t io n o f s a id p r o p e r t y d e
s c r i b e d In “ E x h i b i t 2 ” o f s a i d o r d i n a n c e , t h e n s u c h p o r t i o n s h a l l b e o m i t t e d .
W h e n , In t h e o p i n i o n o f t h e p u r c h a s e r , a s u f f i c i e n t a m o u n t o f t h e s e c u r i
t i e s s h a l l h a v e b e e n d e p o s i t e d , o r p l e d g e d t o b e d e p o s i t e d , t h e p u r c h a s e r Is
a u t h o r iz e d to d e c la r e th is a g r e e m e n t t o b e o p e r a t iv e : a n d th e r e u p o n th e
o f f e r h e r e 'n c o n t a i n e d s h a l l b o a f in a l c o n t r a c t b e t w e e n t h e p a r t ie s h e r e t o .
T h e p u r c h a s e r w ill, a s s o o n a s p r a c t ic a b le , d e liv e r t o th e d e p o s it a r y , to b e
d is p o s e d o f u n d e r t h e t e r m s o f tills a g r e e m e n t , t h e f o llo w in g n e w s e c u r it ie s ;
P u rch a se M o n e y
4 %
to 5 % B on ds, D ated J a n . 1 1 9 1 1 — A u th . $ 6 , 0 0 0 , 0 0 0
(1 ) $ 4 ,0 7 3 ,0 0 0 b o n d s o f t h e R a il w a y s C o m p a n y d a t e d J a n . 1 l u l l , m a
t u r in g F e b . 1 1 9 2 7 , r e d e e m a b le o n a n y In te re s t d a t e a t p a r a n d a c c r u e d
In terest.
S u c h b o n d s s h a ll b e a r I n t e r e s t d u r i n g t h e fir s t l iv e y e a r s a t 4 %
p e r a n n u m , a n d a ft e r s u c h liv e y e a r s a t 5 %
p e r a n n u m , p a y a b le s e m i
a n n u a lly .
T h e y s h a ll b e s e c u r e d b y a m o r t g a g e o f t h e R a ilw a y s C o m p a n y
( d e s i g n a t e d " p u r c h a s e m o n e y m o r t g a g e ” ) , t o b e a p u r c h a s e m o n e y lie n
n t h e t r a c t io n s y s t e m a n d a ll r ig h t s c o n fe r r e d b y s a id o r d in a n c e f o r t h e
p e r a tlo n t h e r e o f, s u b je c t o n ly t o th e 1st M . d a t e d F e b . 1 1 9 0 7 , e x e c u te d
b y t h e R a ilw a y s C o m p a n y t o H a r r is T r u s t & S a v in g s B a n k , a s t r u s t e e ,
a n d t o a ll b o n d s h e r e t o fo r e Is s u e d a n d a ll t h a t m a y b e h e r e a ft e r Is s u e d
t h e r e u n d e r (s e e V . 9 0 , p . 3 0 2 , 1 0 2 5 ), a n d a ls o c o n s t it u t in g a H en u p o n a ll
th e o t h e r p r o p e r t y o f th e R a ilw a y s C o m p a n y n o w o w n e d o r h e r e a fte r a c
q u ir e d b y It, s u b je c t t o e x is t in g m t g e s . a n d lie n s u p o n s u c h o t h e r p r o p e r t y .
T h e a u t h o r iz e d Issu e o f b o n d s u n d e r th e “ p u r c h a s e m o n e y m t g e .” s h a ll
b e $ 6 ,0 0 0 ,0 0 0 , o f w h ic h $ 1 ,9 2 7 ,0 0 0 s h a ll b e I s s u a b le b y t h e R a ilw a y s C o m
p a n y fr o m tim e t o t im e fo r th e p u r p o s e o f a c q u ir in g a d d it io n a l c o r p o r a t e
p r o p e r t y o r to s a t is fy c la im s I n c id e n ta l t o th e a c q u is it io n o f th e p r o p e r t y
o f Ch
C o n s o l. T r a c t io n C o . o r to d is c h a r g e a n y c la im s o r J u d g m e n ts a g a in s t
t h e C h . C o n s o l. T r a c t io n C o . o r th e r e c e iv e r s , o r o t h e r c o r p o r a t e p u r p o s e .
A d justm ent Incom e 4 % Bonds D ated J a n . 1 1 9 1 1 — A u th . $ 2 , 5 0 0 , 0 0 0 .
(2 ) $ 2 ,5 0 0 ,0 0 0 b o n d s o f th e R a il w a y s C o m p a n y d a t e d J a n . 1 1 9 1 1 , m a
t u r in g F e b . 1 1 9 2 7 , r e d e e m a b le o n a n y in t e r e s t d a t e a t p a r a n d a c c r u e d In
t e r e s t . a n d b e a rin g In te re s t a t 4 %
p e r a n n u m , p a y a b le e ith e r a n n u a lly o r
s e m i-a n n u a lly , b u t o n ly o u t o f t h e n e t e a r n in g s o f th e R a ilw a y s C o m p a n y
a s d e f in e d In t h e m o r t g a g e s e c u r in g t h e b o n d s , t h e I n t e r e s t f o r e a c h y e a r t o
b e p a y a b le o n ly t o th e e x t e n t th a t th e n e t e a r n in g s fo r s u c h y e a r s h a ll b e
s u f f i c i e n t f o r t h e p u r p o s e , a n d t h e o b l i g a t i o n in r e s p e c t o f s u c h p a y m e n t s t o
b e n o n -c u m u la t lv e .
S u c h b o n d s w ill b e d e s ig n a t e d " a d ju s t m e n t I n c o m e
b o n d s ,”
lim ite d t o $ 2 ,5 0 0 ,0 0 0 , a n d s e c u r e d
b y a m tg e . o f th e R a ilw a y s
C o m p a n y d e s ig n a t e d
" a d ju s t m e n t m o r t g a g e ," w h ic h
m o r tg a g e s h a ll
be
o r b e c o m e a p u r c h a s e m o n e y lie n o n th e t r a c t io n s y s t e m s u b je c t o n l y (a )
t o s a id 1 s t M . o f t h e R a ilw a y s C o m p a n y , a n d (b ) t o s a id p u r c h a s e m o n e y
m o r t g a g e , a n d s h a ll a ls o b e a lie n o n a ll t h e o t h e r p r o p e r t y n o w o w n e d o r
h e re a fte r a c q u ire d
b y th e R a ilw a y s C o m p a n y , s u b je c t to s a id
p u rch ase
m o n e y m o r t g a g e a n d t o t h e p r e s e n t lie n s u p o n s u c h o t h e r p r o p e r t y .
R o th th e “ p u rc h a se m o n e y m o r tg a g e ” a n d th e “ a d ju s tm e n t m o r tg a g e ”
s h a ll b e s p e c ific a lly s u b je c t to a ll th e p r iv ile g e s o f th e C it y o f C h ic a g o s e t
f o r t h In t h e o r d i n a n c e t o t h e R a i l w a y s C o m p a n y o f F e b . 11 1 9 0 7 ( V . 8 4 , p .
1 1 2 3 ) , a n d In s a id o r d i n a n c e o f O c t . 1 0 1 9 1 0 ( V . 9 1 , p . 1 0 2 5 ) .
E xchange OJJered to D ep o sito rs.
P u rch . M o n e y
(C om pare V .
9 0 , p. 1 6 1 3 ; V . 9 1 , p. 2 1 4 .).
B on d s.
F o r p r in c ip a l o f T r a n s it b o n d s , N o r th S id e b o n d s , N o r th
C h ic a g o b o n d s , N o r th S h o r e b o n d s a n d J e fr e rs o n b o n d s
Par
U n p a id In te re s t to J a n . 1 1911 o n b o n d s d e p o s it e d
--------F o r p r i n c i p a l o f O g d e n b o n d s a n d E v a n s t o n b o n d s --------------50%
U n p a id In te re s t to J a n . 1 1911 o n b o n d s s o d e p o s ite d
--------F o r p r i n c i p a l o f C i c e r o & P r o v i s o b o n d s ____________________ . - 3 1 H %
U n p a id In te re s t to J a n . 1 1911 o n b o n d s s o d e p o s ite d
---------F o r p r in c ip a l o f C o n s o lid a t e d b o n d s (o t h e r t h a n th o s e n o w
o r h e r e a fte r a c q u ir e d b y th e p u r c h a s e r o th e r w is e th a n
b y s u c h e x c h a n g e ) --------------------------------------------------------------------------------------------U n p a id In te re st to J a n . 1 1911 u p o n b o n d s d e p o s ite d
---------F o r p r i n c i p a l o f N o r t h S h o r e s t o c k ---------------------------------------------------------------
A d ju stin ’ t
In com es.
Far
50%
50%
31
H%
50%
50%
50%
50%
> T h e p u r c h a s e r w ill p r o v i d e f o r t h e p a y m e n t o f a ll r e c e iv e r ’ s c e r t if ic a t e s ,
t h e c o s t s In s a id c a u s e s , t h e d i s t r i b u t i v e s h a r e d e c r e e d b y t h e C o u r t t o b e
p a id to th e h o ld e r o f a n y o f th e s e c u r itie s n o t d e p o s it e d h e r e u n d e r , o r o t h e r
w is e
In
s a le ,
a c q u ire d ,
& c.
c a s e t h e p u r c h a s e r s h a ll n o t b e c o m e t h e p u r c h a s e r a t s a id fo r e c lo s u r e
t h e s e c u r itie s d e p o s it e d s h a ll b e r e tu r n e d
to th e d e p o s ito r s w it h o u t
ch a rge or expen se.
T h e R a ilw a y s C o m p a n y s h a ll n o t b e v e s t e d w it h a n y t it le , r ig h t , o b lig a
t i o n o r l i a b i l i t y In r e s p e c t o f a n y p a r t o f t h e p r o p e r t y d e s c r i b e d In s a i d
f o r e c lo s u r e d e c r e e ly in g o u t s id e o f t h e c it y lim its o f C h ic a g o , a n d n o t b y
s a id o r d i n a n c e o f O c t . 10 1 9 1 0 a u t h o r iz e d o r r e q u ir e d t o b e v e s t e d In t h e
R a ilw a y s C o m p a n y .
S e c a ls o V . 9 1 , p . 1 2 5 3 , 1 1 5 9 .
Chicago & N orth W estern R y . — Sale o f B on ds. — The com
pany has sold to Kuhn, Loeb & Co. $15,000,000 4% general
mortgage gold bonds due in 1987. Compare V. 90, p. 1489.
On June 30 1910 there were outstanding under the $165,
000,000 general mortgage of 1987 $30,271,000 of 3 ^ s , and
there were owned by the company and due from the
trustee $19,792,000 bonds, the interest rate on which by
the terms of the mortgage was to be fixed at not to exceed
5 % . Marvin Ilughitt, Chairman of the board of directors,
said to the “ Wall Street Journal” :
1385
Co., N. Y ., Phila. and Wash., are offering at 95 and int.,
yielding 5.40 income, by advertisement on another page, the
unsold portion of the present issue of $1,000,000 “ first re
funding mortgage 5% gold bonds, dated July 1 1910 and
due July 1 1930, but callable at 105 and int. Par $1,000 and
$500. Int. J. & J. in N. Y . or Chicago, or may be collected
through offices of aforesaid firm without charge. Western
Trust & Savings Bank, trustee, Chicago. Capital stock,
auth., $1,000,000; issued, $885,150. A circular says:
T h is Is s u e o f $ 1 ,0 0 0 ,0 0 0 fir s t r e fu n d in g m t g e . b o n d s p r o v i d e s f o r t h e r e
t ir e m e n t o f t h e $ 5 0 0 ,0 0 0 1 s t M . 5 %
b o n d s , fo r th e p u rc h a s e o f a d d itio n a l
e q u ip m e n t a n d th e e x t e n s io n o f th e 5 th A v e . lin e to I n d ia n a H a r b o r .
T o
m e e t th e a ssu red g ro w th o f G a ry a n d s u b u rb s, th e m o r tg a g e h a s b een m a d e
f o r $ 1 0 ,0 0 0 ,0 0 0 ; b u t u n d e r Its t e r m s t h e $ 1 ,0 0 0 ,0 0 0 b o n d s n o w is s u e d m u s t
b e c o m e a f i r s t m o r t g a g e ( a n d b e c e r t i f i e d a s s u c h . If p r e s e n t e d f o r c e r t i f i
c a tio n ) b e fo r e a d d it io n a l b o n d s c a n b e Issu e d .
N o fu r th e r b o n d s c a n th e n
b e Issu ed e x c e p t to p a y fo r n o t m o r e th a n 9 0 % o f th e c o s t o f e x te n s io n s ,
im p r o v e m e n t s , & c ., a n d o n ly w h e n t h e p r e v io u s y e a r ’s n e t e a r n in g s , a f t e r
c h a rg in g 1 0 %
f o r d e p r e c i a t i o n , s h a l l b e 1 Vt t i m e s t h e I n t e r e s t a n d r e n t a l
c h a r g e s , In c lu d in g th e b o n d s th e n t o b e Issu e d .
E a rn in g s f o r Y ea r ending Oct. 1 1 9 1 0 ( Gross and N et a fter O perating E x p .) .
O ct. to
J a n . and
M a rch to
A u g . and
D ec . 1 9 0 9 . F eb . 1 9 1 0 . J u ly 1 9 1 0 . S ep t. 1 9 1 0 .
Total.
6
8
15
16
12
M i l e s o p e r a t e d _____
G r o s s ........... ....................... $ 1 3 , 2 0 0
$ 1 0 ,4 9 7
$ 4 6 ,7 6 3
$ 2 2 ,9 2 7
$ 9 3 ,3 8 7
N e t ...................
5 ,2 4 2
3 ,7 9 0
2 4 ,2 0 5
1 0 ,6 2 5
4 3 ,8 6 2
O n t h e p r e s e n t 18 m ile s o f t r a c k t h e n e t e a r n in g s w ill e x c e e d $ 6 ,0 0 0 p e r
m o n t h , o r $ 7 2 ,0 0 0 p e r a n n u m .
F o r t h e to t a l 2 8 m ile s . I n c lu d in g th e a d d i
t io n a l m ile a g e n o w b e in g b u ilt , t h e g r o s s s h o u ld b e $ 2 4 0 ,0 0 0 ; n e t , $ 1 0 5 ,0 0 0 ;
in t e r e s t c h a r g e s , 8 5 0 ,0 0 0 ; b a la n c e , s u r p lu s , $ 5 5 ,0 0 0 .
T h r e e fr a n c h is e s , G a r y a n d T o lle s t o n fo r 50 y e a r s ; H a m m o n d fo r 3 0 y e a r s
fro m 1909
S in k in g fu n d fo r r e tir e m e n t o f b o n d s , 1 % o f b o n d s o u t s t a n d in g
e a ch y e a r fro m 1915 to 19 20 a n d 2 % fro m 1920 to 19 30 .
W i t h t h e e x t e n s io n n o w b e i n g b u i lt , t h e s y s t e m w ill b e 2 8 m ile s In le n g t h ,
I n c lu d in g a d o u b le - t r a c k lin e o n B r o a d w a y , t h e p r in c ip a l b u s in e s s s t r e e t ,
e x t e n d in g n o r t h a n d s o u th fr o m t h e U . S . S te e l C o r p o r a t io n m ills (I n d ia n a
S t e e l C o .) , p a s s in g t h e s t a t io n s o f fiv e t r u n k lin e r a ilr o a d s t o t h e L it t le
C a lu m e t R iv e r , 3 m ile s ; o n
5 th A v e ., a b u s in e s s a n d r e s id e n tia l s t r e e t ,
e x t e n d in g e a s t a n d w e s t 8 m ile s ; o n l l t l i A v e . w e s t t h r o u g h T o lle s t o n I n t o
th e c ity o f H a m m o n d .
A n e x t e n s i o n f r o m 5 t h A v e . l i n e Is n o w b e i n g b u i l t
t o I n d ia n a H a r b o r , p a s s in g v a r io u s s u b s id ia r y c o m p a n ie s o f th e U . S . S t e I
C o r p o r a t i o n , t h e A m e r i c a n B r id g e C o ., G r a s s e ll C h e n .le a l C o ., S t a n d a r d
F o r g in g C o . a n d A m e r ic a n S te e l F o u n d r ie s C o ., a n d th r o u g h I n d ia n a H a r b o r
t o E a s t C h ic a g o , a d is t a n c e o f 4 m ile s , p a s s in g th e p la n t o f t h e A m e r ic a n
S h e e t & T in P la te C o .
T h e c o m p a n y o w n s 4 6 l o t s In t h e c i t y o f G a r y
a n d o t h e r r e a l e s t a t e , u p o n w h i c h Is l u c a t e d t h e s u b - s t a t i o n a n d c a r b a r n s .
E l e c t r i c p o w e r is le a s e d f r o m C o m m o n w . E d i s o n C o . u n d e r 1 0 - y e a r c o n t r a c t .
T h e n e w s te e l c it y ( G a r y , I n d .i h a s a p o p u la Io n o f a p p r o x im a t e ly 2 5 ,0 0 0
a t p r e s e n t , w it h 1 0 ,0 0 0 c o m m u t e r s a n d d a l ly v b l t o r s .
Ju d ge E . H . G a ry,
C h a i r m a n o f U . S . S t e e l C o r p o r a t i o n , Is q u o t e d a s s a y i n g ;
“ W ith in t w o
y e a r s G a r y w ill h a v e a p o p u l a t i o n in t h e n e ig h b o r h o o d o f 1 0 0 ,0 0 0 , a n d w il l,
n o d o u b t , In t i m e b e c o m e t h e l a r g e s t c i t y i n I n d i a a . "
T h e U . S . S teel
C o r p . h a s e x p e n d e d $ 6 0 ,0 0 0 ,0 0 0 In t h e c i t y a n d In t h e p la n t , a n d t h e t o t a l
a m o u n t a u t h o r i z e d t o b e e x p e n d e d o n t h i s p l a n t a l o n e Is $ 1 2 5 , 0 0 0 , 0 0 0 .
T h e f o llo w in g la r g e c o n c e r n s a r e n o w p r e p a r in g t o e r e c t o r a r e o p e r a t in g
p la n t s in G a r y :
A m . B r id g e C o ., A m . S te e l & W ir e C o ., A m . S h e e t & T in
P la t e C o ., I n d ia n a S te e l C o ., F r ic k C o k e p la n t . N a t io n a l T u b e C o . a n d
U n iv e r s a l P o r t la n d C e m e n t C o . [th e fo r e g o in g a r e s u b s id ia r ie s o f t h e U . S .
S te e l C o r p o r a t io n — E d .] ; A m . C a r & F o u n d r y C o ., A m . L o c o m o t iv e C o .,
N u t & B o lt W o r k s , C a r C o u p le r W o r k s . K ir k R a ilw a y T r a n s fe r Y a r d s .
I t Is u n d e r s t o o d t h a t t h e s e p l a n t s w i l l b e c o m p l e t e d w i t h i n t h e n e x t t w o
o r t h r e e y e a r s : t h e ir o p e r a t io n w ill n e c e s s it a t e t h e e m p lo y m e n t o f a t o t a l
o f 9 1 ,0 0 0 m e n .
T h e r e a r e e ig h t b a n k s a lr e a d y lo c a t e d o n B r o a d w a y a n d
m o r e th a n 1 ,5 0 0 h o u s e s a r e u n d e r c o n s t r u c t io n .
T h e u n d e rg ro u n d w o rk o f th e c ity o f G a ry — w a te r, g a s a n d sew er sy s te m —
h a s b e e n la id f o r a p o p u la t io n o f 3 0 0 ,0 0 0 .
I n c lu d in g T o lle s t o n , H a m m o n d ,
& c ., th e to ta l p o p u la t io n s e r v e d a t p re s e n t b y th e G a r y & I n t e r u r b a n
R y . C o . Is 1 2 1 ,5 0 0 .
C o n n e c t i o n Is m a d e a t H a m m o n d a n d a t E a s t C h i c a g o
w it h t h e C h ic a g o lin e s r u n n in g t o t h e c e n t r e o f C h ic a g o .
C om pare V . 89,
p . 9 9 3 , 1 5 9 6 .— V . 9 0 , p . 1 6 7 5 .
Georgia & Florida R y.— P u rch ase. — Control has been ac
quired of the Sparks Western R R ., a new 20-mile line,
lacking, it is said, only 3 or 4 miles of being completed, from
Sparks to Moultrie, Ga. Possession was taken Nov. 9.
Purchase price rumored as $100,000.
C o l. J . M . W ilk in s o n , o f V a ld o s t a , G a .. h a s s u c c e e d e d J . R . B a r fie ld a s
P r e s id e n t o f th e S . & W .
E . L . B e m ls s , o f th e G e o r g ia & F lo r id a , h a s b e e n
m a d e V ic e -P r e s id e n t , a n d R u t h e r fo r d F le e t , S e c . a n d T r e a s .— V . 9 0 , p .
842
Georgia Railway & Electric Co.— B onds S o ld . — The com
pany has sold to J. H. Hilsman & Co., of Atlanta, Ga.,
$225,000 of the “ refunding and improvement” 5% mortgage
bonds, forming part of $1,250,000 authorized by the Georgia
Railroad Commission in April 1909 (V. 88, p. 1127), of which
at last accounts $1,000,000 were outstanding.— V .9 1 ,p . 1160.
Indianapolis & Cincinnati Traction Co.— Foreclosure S ale.
T h e b o n d s w e r e s o ld t o t a k e c a r e o f o b l i g a t i o n s m a t u r in g b e f o r e t h e fir s t
o f J u n e , a n d f o r c o r p o r a t e p u r p o s e s . T h e r e a r e $ 6 ,0 0 0 ,0 0 0 o f b o n d s w h ic h
— The road was sold for $1,045,000, the upset price, at
m u s t b e p a id b e t w e e n n o w a n d t h e c lo s e o f t h e c u r r e n t fis c a l y e a r , a n d t h e y
foreclosure sale on Nov. 10 to John J. Appel, representing the
w i l l b e p a i d o l f In t h i s m a n n e r .
N o n e o f t h e p r o c e e d s o f t h e s a le w ill b e
u s e d fo r th e c o n s t r u c t io n o f n e w r a ilw a y s , a s t h e y a r e a m p ly p r o v id e d fo r .
bondholders’ committee.
I se e n o c lo u d o n th e b u s in e s s h o r iz o n .
C ro p s a r e g o o d a n d th e re ce n t
A new company of the same name, with $3,000,000 capital
e le c tio n s e e m s to h a v e ca u s e d g e n e ra l s a t is fa c t io n .
T h e o u t l o o k Is o n e t o
c r e a t e c o n fid e n c e .— V . 9 1 , p . 1 0 9 5 , 7 9 0 .
stock, of which $1,000,000 is pref. and $2,000,000 common,
Chicago R ailw ays. — N ew S ecurities fo r P u rch ase. — See was incorporated as successor in Indiana on Nov. 17. The
Chicago Consol. Trac. Co. above.— V. 91, p. 1160, 1025.
directors of the new company are:
Cincinnati Bluff ton & Chicago R R .— Sate.—-Judge Cook J . CF h. aWl r ei lsd La .n dH Je no hr yn , Jw. hAop wp eals o rf e Ic ne idviea rn ao pf otlhi se; oGl de o cr og me Ap a. nBya; l lWa .n dT .T hD euordboi nr e,
at Huntington, Jnd., on Nov. 16 set Dec. 5 as the date for F . R o s e o f M u n c l e , I n d . ; W i l l i a m F r a z e e o f R u s h v l l l e , I n d . ; W i l l i a m J .
the final decision regarding the sale of the C. B. & C. RR. A l f o r d o f A n d e r s o n , I n d . , a n d J . T . B e a s l e y o f T e r r e H a u t e . — V . 9 1 , p .
1025, 945.
The “ Indianapolis News” says:
Interborough Rapid Transit Co.— C onversion o f N o tes .—
A t t h a t t im e a d a t e w ill b e s e t fo r t h e s a le . It b e in g u n d e r s t o o d t h a t $ 8 0 0 ,
0 0 0 w ill b e t h e u p s e t p r i c e a n d 9 0 d a y s ’ n o t i c e w ill b e g iv e n .
The time to convert the 3-year 6% notes of 1908, due May 1
[T h e c la im s (w h ic h
h a v e n ot yet been passed u p on ) a m ou n t to several
1911, into 5% bonds of 1907, at the rate of 99 in notes for
t im e s t h e a m o u n t lik e ly t o b e r e a liz e d fr o m t h e s a le .
E d .] — V . 9 0 , p . 0 9 7 .
C leveland (O.) Underground Rapid T ransit Co.— F ranchise 100 in bonds, expired on Nov. 1. Of the $21,973,000 notes
V oted by E lectors. — See “ Cleveland, Ohio,” in “ State and lately outstanding, $17,389,000 were exchanged for bonds
City Dept.,” and compare Cleveland Ry. item, V. 88, p. 1560. $17,500,000 of the latter being issued, leaving, therefore
at present $4,584,000 of the notes and $30,552,E astern P ennsylvania (Electric) R ailw ays Co. — B onds outstanding
bonds.
P ledged. — See Lehigh Coal & Navigation Co. under “ Indus of Tthe
enders A sk ed . — The Guaranty Trust Co., as trustee, will
trials” below.— V. 89, p. 103.
received sealed offers up to noon Jan. 12 next for the sale
Eureka & P alisade R y .— S ale N ov. 29.— This 3-foot-gauge to it,for accountof the sinkingfund,of $300,000of thebonds,
road (35-lb. steel), it is stated, will be offered at auction at at not exceeding 105 and interest.— V. 91, p. 1254, 870.
Eureka, Nev., on Nov. 29 by United States Marshal H. G.
Inter-State Railways, Philadelphia.— N ew P la n . — The
Humphries as special commissioner in chancery appointed
shareholders will vote Nov. 25 on a new plan of readjustment
by the Federal Court.
which contemplates an issue of $1,000,000 6% cum. pref.
T h e r o a d , w h ic h e x t e n d s fr o m P a lis a d e , t o E u r e k a , 8 4 m ., w it h b r a n c h
4 m ., w a s d a m a g e d b y flo o d s la s t w in t e r a n d h a s n o t b e e n o p e r a t e d t o a n y
shares, the stockholders to take $500,000 at par for cash,
e x t e n t s in c e t h a t t im e .
O n J u n e 3 0 1 9 0 9 t h e r e w e r e o u t s t a n d i n g $ 3 0 0 ,0 0 0
and the bondholders to take $500,000 at par in lieu of the
s t o c k a n d $ 5 1 ,6 5 0 m o r t g a g e n o t e s .
M . L . R e q u a o f S a n F r a n c is c o w a s P r e s .
F orty-Second Street M anhattanville & St. N icholas A venue 1910 and 1911 coupons on the bonds. The Carson Estate
R y ., N ew Y ork. — Sale A gain A djou rn ed . — The foreclosure interests, it is stated, has agreed to accept the allotments
sale has been again adjourned to Jan. 17.— V. 91, p. 1025,790. falling to their $4,000,000 bonds, and the plan generally
Gary & Interurban (Electric) R y ., G ary, In d . (the new seems to have been well received. The “ Philadelphia
“Steel C ity” ). — N ew Bonds O ffered. — Lawrence Barnum & Ledger” of Nov. 17 stated:
1386
TH E CH RONICLE
S u c h p r o g r e s s w a s m a d e y e s t e r d a y to w a r d s e c u r in g a s s e n ts a s t o In d ic a te
t h a t t h e p la n h a s m o r e t h a n a fa ir c h a n c e o f b e in g c a r r ie d t o a s u c c e s s fu l
c o n c lu s io n .
S u b s c r ip tio n
a g re e m e n ts
m ade
th e ir
a p p ea ra n ce
on
th e
S t r e e t, o n e d ir e c t e d t o I n t e r -S t a t e b o n d h o ld e r s , th e o t h e r t o th e s t o c k
h o ld e r s .
Stockholders a r e a s k e d t o s u b s c r i b e t o $ 5 0 0 , 0 0 0 o f t h e p r o p o s e d
Is s u e o f p r e f . s t o c k a t p a r , p a y a b l e In fiv e I n s t a llm e n t s o f 2 0 % e a c h , b e g in
n in g D e c . 15 a n d e n d in g A p r il 1 n e x t .
T h e t o t a l Issu e o f p r e f
s t o c k Is t o b e $ 1 ,0 0 0 ,0 0 0 , d i v i d e d I n t o 1 0 0 ,0 0 0
sh ares;
par $10.
D iv id e n d s a r e t o b e a t th e r a t e o f 6 %
a n d a re to b e
c u m u la t iv e fr o m d a t e o f Issu e.
T h e s t o c k Is t o h a v e p r e f e r e n c e o v e r t h e
c o m m o n Issu e , b o t h a s t o d iv id e n d s a n d a s s e ts .
I t Is t o b e r e d e e m e d a n d
r e t ir e d a t p a r b y p a y m e n t s a t a n y d iv id e n d p e r io d o f n o t le s s t h a n $ 1 p e r
s h a r e , a n d t h e e n t i r e I s s u e Is t o b e r e t i r e d b e f o r e a n y d i v i d e n d s a r e p a i d o n
th e c o m m o n sto ck .
I t Is u n d e r s t o o d t h a t a l r e a d y $ 3 7 5 , 0 0 0 o f t h e $ 5 0 0 , 0 0 0
a s k e d h a s b een s u b s c rib e d .
T h e bondholders a r e a s k e d t o a c c e p t t h e p r e f . s t o c k a t p a r f o r t h e 1 0 1 0
a n d 1911 co u p o n s.
W i t h t h e a c c e p t a n c e o f t h e s e p l a n s , It Is s t a t e d , t h e
c o m p a n y w ill b e In p o s it io n b y .F e b . 1 1 0 1 2 t o r e s u m e t h e p a y m e n t o f
c o u p o n s a t th e r e g u la r ly s ta te d p e r io d s .
T h e r e q u ir e d n u m b e r o f a s s e n t s t o th e t w o a g r e e m e n t s w ill p r o v id e f o r
t w o y e a r s ’ c o u p o n s o n th e b o n d s a n d th e p a y m e n t o f th e ilo a tin g d e b t ,
a m o u n t in g t o a b o u t $ 5 5 5 ,0 0 0 .
W ith th e c o m p a n y a u th o r iz e d to c a r r y
o u t t h e p r e s e n t p l a n . It w a s d e c l a r e d t o b e n o t u n l i k e l y t h a t s o m e p a y m e n t
w o u ld b e m a d e o n th e p r e f. s t o c k n e x t y e a r .— V . 0 1 , p . 1 0 9 5 , 5 8 9 .
Kansas City Terminal R y.— A d d itio n a l B on ds O ffered .—
J. P. Morgan & Co., New York; Lee, Higginson & Co., New
York, Boston and Chicago, and the Illinois Trust & Savings
Bank, Chicago, offered this week at 97 and int. $7,500,000
1st M. 4% gold bonds dated Jan. 3 1910 and due Jan. 1 I960,
but callable as a whole on Jan. 1 1930 or on any interest date
thereafter at 105 and int. Interest J. & J. in New York,
Boston and Chicago. A simultaneous offering was made in
London by Higginson & Co. and Morgan, Grenfell & Co.
The bonds were heavily oversubscribed, the foreign sub
scriptions alone aggregating nearly the entire amount offered.
The advertisement is published for record purposes on an
other page of this issue.
The original issue of $12,500,000 (see V. 90, p. G27, 698)
is listed on the N. Y. Stock Exchange and application will be
made to list the bonds just offered.
Abstract
of Letter from President W. S. Kinnear, Kan. City, Nov. 9 1910.
O r g a n i z a ti o n .
— In corp ora ted
In
1906
u n d e r t h e la w s o f M is s o u r i a s a
r a ilr o a d c o m p a n y w it h p o w e r s t o o w n a n d o p e r a te a u n io n p a s s e n g e r s ta tio n
a n d fr e ig h t a n d
p a s s e n g e r t e r m in a l s In a n d a b o u t
K a n s a s C it y .
A ll Its
$ 1 ,2 0 0 ,0 0 0 o u t s t a n d i n g c a p i t a l s t o c k h a s b e e n f u l l y p a i d In c a s h a t p a r
a n d Is h e l d b y , o r f o r t h e b e n e f i t o f , t h e 1 2 r a i l r o a d c o m p a n i e s n a m e d b e l o w .
— T h e m a x i m u m a u t h o r i z e d I s s u e Is $ 5 0 , 0 0 0 , 0 0 0 , o f w h i c h $ 2 0 ,
0 9 4 ,0 0 0
a r e o u t s t a n d in g . I n c lu d in g th e b o n d s n o w P u r c h a s e d b y y o u .
T he
p r o c e e d s o f $ 1 2 ,5 0 0 ,0 0 0 w e r e u s e d t o a c q u ir e t h e K a n s a s C it y B e lt R y . , t h e
p r e s e n t U n io n D e p o t p r o p e r t y , r e a l e s ta te fo r th e n e w u n io n s t a t io n , p a s
s e n g e r a n d fr e ig h t te r m in a ls a n d r ig h ts o f w a y , a n d fo r c o n s t r u c t io n p u r p o s e s .
T h e p r o c e e d s o f th e $ 7 ,5 0 0 ,0 0 0 n o w s o ld t o y o u w ill b e u s e d f o r th e a c q u i
s itio n o f a d d it io n a l r e a l e s ta te a n d e q u ip m e n t a n d f o r c o n s t r u c t io n .
$ 2 ,
5 0 0 ,0 0 0
a r e r e s e r v e d t o r e t ir e , p a r fo r p a r , a ll th e o u t s t a n d in g 1 s t M . b o n d s
o f th e K a n s a s C it y B e lt R y . C o ., d u e J u ly 1 1 9 1 6 .
T h e r e m a in in g $ 2 7 ,
4 0 6 ,0 0 0
a re re s e rv e d fo r c o n s t r u c t io n , a d d itio n s a n d Im p ro v e m e n ts .
B on ds.
P r o p r i e t a r y C o m p a n ie s w h ic h C o v e n a n t to M e e t P r i n c i p a l a n d I n te r e s t .
A.
&
&
L.
[U n d e r a g r e e m e n t w it h th e c o m p a n y a n d t h e m o r t g a g e t r u s t e e .]
T .
S . Fe R y . C . M .
S t. P . R y .K . C . S o u th . R y .
S t.
& S .F . R R .
C h . & A lt. R R .
C . G t. W e s t. R R . M o. K . & T . R y .
U n io n P a c . R R .
C h. B .& Q .R R .
C . R . X. & P . R y . M o . P a c . R y .
W abash R R .
U n d e r th e a b o v e a g r e e m e n ts , e a c h o f th e s e t w e lv e p r o p r ie t a r y c o m p a n ie s
c o v e n a n t s u n c o n d it i o n a lly t o p a y a n a m o u n t e q u a l t o 1 -1 2 o f t h e p r in c ip a l
o f a ll o u t s t a n d in g b o n d s o f th is Issu e w h e n d u e , a n d a n a m o u n t e q u a l t o
1 -1 2 o f t h e In t e r e s t t h e r e o n a n d 1 -1 2 o f a ll t a x e s p a y a b l e b y th e T e r m in a l
C o m p a n y ten d a y s b e fo r e su ch In terest a n d ta x e s b e c o m e d u e , a n d a g rees
a ls o t o p a y Its s h a r e o f th e t o t a l e x p e n s e s o f o p e r a t io n a n d m a in t e n a n c e o f
th e te r m in a ls p r o p o r t io n a t e t o th e u se th e r e o f.
If o n e o r m o re o f th e p ro
p r i e t a r y c o m p a n ie s s h o u ld d e f a u lt In Its o b l ig a t i o n s u n d e r t h e s e a g r e e m e n t s ,
th e r e m a in in g c o m p a n ie s o r c o m p a n y m u s t m a k e u p a ll d e fic ie n c ie s r a t a b ly ,
a n d th e d e fa u lt in g c o m p a n y o r c o m p a n ie s w ill b e e x c lu d e d f r o m th e u se
o f te r m in a ls .
T h e c o m b in e d s u rp lu s I n c o m e o f th e a b o v e 12 r a ilr o a d c o m a n le s f o r t h e la s t fis c a l y e a r e n d e d J u n e 3 0 1 9 1 0 , a lt e r p a y m e n t o f a ll t h e ir
x e d c h a r g e s , e x c e e d e d $ 1 0 8 ,0 0 0 ,0 0 0 .
A d d itio n a l p r o p r ie t a r y c o m p a n ie s
m a y b e a d m i t t e d t o t h e u s e o f t h e f a c i l i t i e s . In w h ic h e v e n t t h e p a y m e n t s
b y th e s a id c o m p a n ie s a r e t o b e c o r r e s p o n d in g ly a d ju s t e d , b u t w it h o u t
a f f e c t i n g t h e o b l ig a t i o n o f e a c h c o m p a n y t o p a y it s r a t a b le s h a r e o f a n y s u m s
p a y a b le b y a n y d e fa u ltin g c o m p a n y o r c o m p a n ie s .
T h e a b o v e a g r e e m e n ts a r e s p e c ific a lly a s s ig n e d t o t h e tr u s te e a s a p a r t o f
t h e s e c u r i t y f o r t h e s e b o n d s , w h i c h a r e a l s o (1 ) a fir s t m o r t g a g e o n a l l p r o p
e r t y a n d fr a n c h is e s n o w o r h e r e a fte r a c q u ir e d b y th e c o m p a n y f o r th e n e w
u n io n s t a t io n , p a s s e n g e r a n d f r e ig h t t e r m in a ls a n d r ig h t s o f w a y ; (2 ) a fir s t
m o r t g a g e o n th e p r o p e r tie s fo r m e r ly o w n e d b y th e U n io n D e p o t C o ., c o m
p r i s in g t h e p r e s e n t p a s s e n g e r t e r m in a l In K a n s a s C i t y , a n d (3 ) a m o r t g a g e
o n th e p r o p e r tie s fo r m e r ly o w n e d b y th e K a n s a s C it y B e lt R y . C o ., s u b je c t
o n ly t o $ 2 ,5 0 0 ,0 0 0 1 s t M . 6 s o f t h a t c o m p a n y , w h ic h w ill b e p a id o n o r
b e fo r e th e ir m a t u r it y . J u ly 1 1 9 1 6 .
[T h e d e s c r ip tio n fu r n is h e d o f e x is tin g
p r o u e r t l e s a n 1 c o n t e n t l i t e ' l I m p - a v e n e n t s i s i n V . 9 0 , i>. 6 2 7 — E l . ]
T h e a b o v e r o a d s w ill fo r m a c o m p le t e b e lt lin e , c o n n e c t in g a ll th e r a il
r o a d s e n t e r in g t h e c it y a n d r e a c h in g s e v e r a l h u n d r e d I m p o r t a n t In d u s tr ie s .
T h e p r e s e n t p la n s I n c lu d e a t o t a l o f a b o u t 1 8 8 m ile s o f m a in a n d I n d u s tr ia l
r a ilr o a d t r a c k s , fo u r lo c a l fr e ig h t s ta tio n s , p a s s e n g e r , fr e ig h t a n d s w it c h in g
y a r d s , r o u n d h o u s e s a n d s h o p s , a s w e ll a s th e u n io n p a s s e n g e r s t a t io n .
The
e s t i m a t e d c o s t o f t h e p r o p e r t i e s a s n o w d e s i g n e d ( I n c l u d i n g r e a l e s t a t e ) Is
In e x c e s s o f $ 3 0 ,0 0 0 ,0 0 0 .
C o n s t r u c t i o n Is n o w I n p r o g r e s s , a n d s h o u l d b e
c o m p le t e d w it h in th e n e x t th r e e y e a r s .
M o st o f th e re a l e sta te h a s a lre a d y
b e e n a c q u ire d .
T h e o r d in a n c e s ig n e d b y th e M a y o r o f K a n s a s C it y , M o .,
o n J u ly 7 1 9 0 9 w a s a p p r o v e d b y th e p e o p le a t a n e le c t io n h e ld f o r t h a t p u r
p o s e b y a v o t e o f 2 4 ,5 9 3 f o r a n d 7 1 4 a g a in s t , g i v i n g t h e c o m p a n y a fr a n c h is e
fo r a term o f 2 0 0 y ea rs.
T h e c o m b in e d p o p u la t io n o f K a n s a s C it y , M o .,
a n d K a n s a s C i t y , K a n ., h a s g r o w n f r o m 5 8 ,9 8 5 In 1 8 8 0 t o 2 1 5 ,1 7 0 In 1 9 0 0
a n d 3 3 0 ,7 1 2 In 1 9 1 0 .— V . 9 1 , p . 1 0 2 5 , 5 8 9 .
S
Lehigh & Hudson River R y.— B on ds. — See Lehigh Coal &
Navigation Co. under “ Industrials” below.— V. 88, p. 375.
Lehigh & New England R R.— B on ds. — See Lehigh Coal &
Navigation Co. under “ Industrials” below.— V. 86, p. 1409.
Lehigh Valley R R .— To B e L isted in Neiv Y o rk . — The di
rectors on Nov. 16 instructed the officers of the company
to apply for the listing of the stock, which has been traded
in for many years in Philadelphia, on the New York Stock
Exchange.— V. 91, p. 463, 402, 393.
Los Angeles Railway Corporation.— P u rch ase. — The addi
tional mileage purchased by this company (V. 91, p. 1254),
it is announced, embraces 125 miles of local lines (being all
the “ red lines” ) in Los Angeles. The purchase was made
from or through the Pacific Electric Ry. and embraces, it is
understood, the system of the former Los Angeles Traction
Co., owned of recent years by the Los Angeles Interurban
R y., a subsidiary of the Pacific Electric Ry. This gives the
Los An. R y . Cdrp. a total of 350 miles of track.
T h e n e w d ir e c to r s o f th e L o s A n g e le s R a ilw a y C o r p o r a t io n a r e
H u n t in g t o n , P r e s .; H o w a r d H u n t in g t o n , V lq e -P r e s . a n d G e n . M g r .;
D u n n , A lb e r t C ru tch e r, J . E . B ro w n , C . A . H e n d e r s o n a n d G . C .
T h o s e w h o r e s ig n e d a r e W . F . H e r r in , I . W , H e ilm a n J r . a n d J . K . H
t o n o f S a n t a B a r b a r a .— V . 9 1 , p . 1 2 5 4 .
II. E .
W . E .
W a rd .
a r r in g
Metropolitan Street Ry., New York.— Foreclosure S ale A d
Lacombe in the United States Circuit Court
jou rn ed. — Judge
[VOL. L X X X X I
on Nov. 10, on application of the reorganization committee,
granted a further adjournment of the foreclosure sale from
Nov. 14 to Jan. 5 next.— V. 91, p. 1254, 717.
N ew York N ew H aven & H artford RR .— P roposed P u r
chase. — This company and its subsidiary, the Boston &
Maine, have petitioned the Massachusetts Senate and House
of Representatives for legislation authorizing the companies
to acquire and hold the property and franchises of the Bos
ton Revere Beach & Lynn RR. Co. (compare V. 87, p. 676),
or any part or the whole of the capital stock and indebtedness,
upon such terms as may be fixed by the Railroad Commission.
T h e N e w H a v e n C o m p a n y h a s a ls o a s k e d th e M a s s . C o m m is s io n t o a p
p r o v e th e p u r c h a s e o f t h e p r o p e r t y a n d fr a n c h is e s o f th e M ilfo r d & W o o n
s o c k e t R R . C o . a n d t h e M ilfo r d F r a n k lin & P r o v id e n c e R R . , f o r $ 1 4 8 ,6 0 0
a n d $ 1 0 0 ,0 0 0 , r e s p e c t iv e ly .
P roposed G u aran ty. — A press report from New Haven states
that the proposed immediate issue of $12,317,000 new gen.
mtge. 4% bonds of the Central New England Ry. will be
endorsed by the N. Y. N. H. & II. R R. (see V. 91, p. 1253).
— V. 91, p. 1328, 1254.
Northern Securities C o.— D irectors. — Geo. F. Baker Jr.
has been elected a director to serve three years, to succeed
Joseph S. Kennedy, deceased.— V. 90, p. 233.
ig P acific Electric R y ., L 03 A n geles.— F u ll Control by S outh
ern P a cific C o. — The Southern Pacific Co., which has here
tofore owned one-half of the $20,000,000 capital stock of
this company, has acquired the remainder of the issue from
H. E. Huntington. Mr. Huntington on Nov. 11 said: “ The
transaction was concluded to-day. The Southern Pacific
is now in control of the Pacific Electric lines and the Harriman interest in the Los Angeles Ry. lines has passed.”
T h e n e w d ir e c to r s o f th e P a c ific E le c t r ic R y
a r e W . F . H e r r in , P r e s .;
P a u l S h o u p , V ic c -P r e s .; W illia m
H o o d , W a lt e r F . X . P a r k e r , J . VV. M c
K i n l e y , E p e s R a n d o l p h , R . C . G U lls .
T h e r e tir in g d ir e c t o r s a r e H . E .
H u n t in g to n , H o w a r d H u n t in g to n a n d G . C . W a r d .
S ale o f Local L os A ngeles L in es to Los A ngeles R ailw a y Cor
poratio n . — See that company above.— Y. 87, p. 936.
Philadelphia Rapid T ransit Co.— T en tative P la n . — Robert
A. Balfour and George \V. Elkins, the special committee
appointed to consider the stipulations under which E. T.
Stotcsbury agreed to become a director of the company, has,
it is understood, recommended the making of an issue of
possibly $10,000,000 “ debenture” collateral trust bonds, to
be secured in part by pledge of all of the outstanding 56,000
shares of stock ($2,800,000; par $50, not $100) of the Market
Street Elevated Passenger Ry. (subway and elevated).
T h i s s t o c k Is o w n e d b y t h e P h l l a . R a p i d T r a n s i t C o . a n d w a s a s s i g n e d b y
It In 1 9 0 8 t o t h e U n io n T r a c t i o n C o . a s c o lla t e r a l s e c u r i t y f o r t h e r e t u r n
t o t h e U n io n c o m p a n y a t o r b e f o r e t h e t e r m in a t i o n o f Its le a s e o f a l l t h e
s e c u r itie s o f t h e U n io n c o m p a n y p le d g e d b y th e P h lla . R a p id T r a n s it t o
s e c u r e t h e R a p id T r a n s it ’s $ 5 ,0 0 0 ,0 0 0 c o lla t e r a l t r u s t b o n d s d u e F e b . 1 1 9 5 7
(V . 8 7 , p . 8 1 3 ).
T h e n e x t p r o b l e m . I t Is s t a t e d . Is t o o v e r c o m e o b j e c t i o n
t h a t h a s b e e n r a is e d b y s h a r e h o ld e r s o f t h e U n io n T r a c t io n C o . t o t h e s u r
r e n d e r o f t h e s t o c k In q u e s t io n .
T h e " P h l l a . P r e s s ” o r N o v . 1 7 s a i d ; “ T h e s t o c k ( $ 2 , 8 0 0 , 0 0 0 ) Is f u l l p a i d ,
a n d t h e o n l y c h a r g e a g a i n s t t h e r o a d Is t h e $ 1 0 , 0 0 0 , 0 0 0 4 %
b o n d Issu e.
T h e f a c t t h a t t h e M a r k e t S t r e e t c o m p a n y Is t o - d a y e a r n i n g 4 % o r m o r e o n
Its $ 2 ,8 0 0 ,0 0 0 c a p it a liz a t io n o v e r a n d a b o v e I n t e r e s t c h a r g e s , c o s t s o f Im
p r o v e m e n t s a n d t a x e s Is a n o t h e r r e a s o n w h y t h e U n io n T r a c t i o n w is h e s t o
h o ld o n t o th is v a lu a b le a s s e t . F o r t h e y e a r e n d e d J u n e 3 0 1 9 1 0 t h e g r o s s
e a r n in g s o f th e e le v a t e d a n d s u b w a y w e r e $ 1 ,9 0 7 ,2 7 1 .
T h e o p e r a tin g c o s ts
a r e s a id t o b e a b o u t 4 5 % , w h ic h w o u ld le a v e n e t e a r n in g s o f $ 1 ,0 4 9 ,0 0 0 .
F r o m t h i s Is d e d u c t e d $ 4 0 0 , 0 0 0 b o n d I n t e r e s t , l e a v i n g a s u r p l u s o f $ 6 4 9 , 0 0 0 ,
w h ic h , a f t e r I m p r o v e m e n t s , t a x e s a n d lic e n s e s , le a v e s a n e t s u r p lu s a p p li
c a b le t o s t o c k o f a b o u t $ 1 1 2 ,0 0 0 , o r 4 % .
S in c e J u n e th e e a r n in g s h a v e
I n c r e a s e d a n d f o r t h e p r e s e n t y e a r t h e y a r e e x p e c t e d t o e x c e e d $ 2 ,3 0 0 ,0 0 0 .
C om prom ise with C a r M e n . — T h e d e m a n d s o f t h e C a r m e n ’ s U n i o n , w h o
o n N o v . 5 v o t e d to s tr ik e , w a s s e ttle d o n N o v . 8 th r o u g h a c o m p r o m is e
a g r e e m e n t r e a c h e d th r o u g h a r b itr a tio n .
T h e o n ly q u e s t io n I n v o lv e d w a s
w h a t m e n s h o u ld b e c o n s id e r e d lo y a l w it h r e fe r e n c e t o th e s tr ik e o f F e b r u
a r y la s t a n d t h e r e fo r e e n t it le d t o p r io r it y r ig h t s .— V . 9 1 , p . 1 1 6 1 , 0 4 0 .
Southern P acific C o. — P u rch a se. — See
Pacific Electric
V. 91, p. 590. 393.
W estern R R . — S a le. — See Georgia & Florida.
R y. above.—
Sparks
Susquehanna B loom sburg & Berw ick R R .— Offer fo r Stock.
— President J. Henry Cochran offers to pay on behalf of
interests not disclosed {(possibly the Pennsylvania R R ., as
rumored) $25 per share (par $50) for stock offered up to
Dec. 1. Outstanding stock, $1,000,000.
M r C och ran says;
" T h e p r ic e o ffe r e d
w h a t I a m r e c e iv in g .” — V . 9 0 , p . 1 6 7 8 .
Is a l l t h e s t o c k f l s
w orth
Toledo St. L ouis & W estern R R .— R eport. — For
June 3 0 .
Year —
Cross
E a rn in g s.
N et (a)ter
T a x es ).
Other
In com e.
1 9 0 9 - 1 0 ...$ 3 , 7 7 2 ,6 3 6 $ 1 ,2 2 2 ,7 1 7 $ 5 2 8 ,5 4 7
1 9 0 8 -0 9 .. .
3 ,4 2 8 ,6 4 4
1 ,2 0 2 ,2 1 2
7 4 7 ,6 9 8
O t h e r I n c o m e a s a b o v e I n c lu d e s d iv id e n d s
stock ow n ed
( a m o u n t i n g t o $ 8 3 6 ,0 0 0 In 1
In te re st o n b o n d s Issu ed to a c q u ire C . & A
— V . 91, p. 1328.
F ix e d
P r e J .D iv .
C harges.
(4 % ).
an d
Ju st
year:
B a lan ce
S u rp lu s.
$ 1 ,0 0 1 ,7 1 5 $ 3 9 8 ,1 0 4 $ 3 5 1 ,4 4 4
1 .0 1 1 ,6 1 5
3 9 8 ,1 0 4
5 4 0 ,1 9 1
r e c e iv e d fr o m C h ic a g o & A lt o n
9 0 8 -0 9 ), w h ile c h a r g e s I n c lu d e
. s t o c k ( $ 3 6 0 ,1 4 0 In 1 9 0 8 - 0 9 ) .
EH
U n ited R ailw ays & Electric Co., B altim ore.— O ptions
A sk ed . — A press report says that a Baltimore brokerage firm
supposed to represent the Pennsylvania Water & Power Co.
has been soliciting options on large blocks of United Rail
ways &Electric Co. common stock at$20 a share.— V. 91, p. 39.
W abash P ittsburgh Term inal R y .— E xten sion of T im e fo r
D ep o sits. — Notice is given by the Chaplin committee, by
advertisement on another page, to the holders of 4% 1st M.
bonds and certificates of deposit of Central Trust Co. of
New York, representing these bonds, that the time for the
deposit of bonds and certificates of deposit with the Colum
bia Trust Co., 135 Broadway, New York, and its agents,
hfas been, extended to Nov. 21. After that date n o deposits
will be received except in the discretion of the committee
and on such terms as it may fix1, and the committee will
thereafter consider itself at liberty to act only for its own
depbsitbVs: Compare V. 91, p." 1255, 1162.
W ashington Baltim ore & A nnapolis Electric R y .— P la n -—
F urther D a ta . — A brief outline of the plan dated Nov. 9 was
Kov. 19 1910.1
THE CH RONICLE
1387
Canadian Car & Foundry Co.— F irst D iv id en d . — An initial
given last week (p. 138). The committee consisting of George
T. Bishop (Chairman), John L. Severance, Hinsdill Parsons, dividend of 2% has been declared on the $3,500,000 common
George A. Craig, John Sherwin and John J. Nelligan, 1000 stock for the year ending Sept. 30, payable Dec. 15 to hold
Schofield Building, Cleveland, Ohio, sends out the following: ers of record Nov. 20. Regular quarterly dividends have
been paid on the 7% preference stock since Jan. last.
Capitalisation of P roposed S u cccsso ro f I V . Ii & A . E l. Tip. and o f H alt.Ter.U p.
A u th orized .
Issu ed .
U nissued.
Cleveland (O.) Electric Illuminating Co.— N ew S to ck .—
F i r s t m o r t g a g e b o n d s _____________ _________. - $ 7 , 5 0 0 , 0 0 0
$ 5 ,0 0 0 ,0 0 0
$ 2 ,5 0 0 ,0 0 0
P re f. s to c k 0 %
n o i l - c u m u l a t i v e _________
2 ,5 0 0 ,0 0 0
1 ,4 6 0 ,0 0 0
1 ,0 4 0 ,0 0 0
A certificate was filed Nov. 9 increasing the authorized capital
O o m i T i o n s t o q k _____________________________________ 3 , 0 0 0 , 0 0 0
3 ,0 0 0 ,0 0 0
--------- - —
stock from $0,500,000 to $10,000,000.— V. 90, p. 505.
O f th e b o n d s t o b e I s s u e d , $ 2 1 7 ,0 0 0 t h e r e o f a r e t o b e c e r t ifie d a n d p la c e d
In t h e t r e a s u r y f o r s a l e , If r e q u i r e d , a n d t h e r e m a i n d e r a r e t o b e c e r t i f i e d
Clyde Steamship Co.— G uaranteed B o n d s. — See Clyde
a n d d e liv e r e d o n ly fo r e x t e n s io n s a n d a d d it io n s , & c ., t o th e p r o p e r t y , a s
Steamship Terminal Co. below.— V. 91, p. 460.
p r o v id e d b y th e t r u s t d e e d a n d d is p o s e d o f o n th e b a s is o f n o t e x c e e d in g
• 0 % o f b o n d s fo r a m o u n t sp e n t.
Clyde Steamship Terminal Co., Jacksonville, Fla.— G uar
A d j u s t m e n t s o f f r a c t i o n a l a m o u n t s o f p r e f . s t o c k , g i v e n In p a y m e n t o f
I n t e r e s t o n b o n d s , w i l l b e m a d e In c a s h .
W h e r e a b o n d h o l d e r Is e n t i t l e d
anteed B onds O ffered. — Spencer Trask & Co., N. Y ., Albany
t o a fr a c t io n a l s h a r e e x c e e d in g a h a lf s h a r e , h e w ill b e r e q u ir e d t o p a y s u fflBoston and Chicago, are placing at 99 and int. $500,000
e l e n t c a s h t o e n t i t l e h i m t o a w h o l e s h a r e , a n d w h e r e s u c h f r a c t i o n Is le s s
t h a n a h a lf s h a r e t h e a m o u n t t h e r e o f w il l b e p a i d In c a s h .
1st M. 5% guaranteed gold bonds dated Oct. 1 1909 and
IliOht to S ubscribe fo r U nderwriting o f $ 6 0 0 , 0 0 0 P ref. Stock.
due Oct. 1 1934, but redeemable at 105 and int. on any int
P referred Com m on
Stock.
(as Bonus)
erest date. Sinking fund for cancellation of bonds $20,000
P r e s e n t 2 d M . b o n d h o l d e r s f o r p r e f . s t o c k a t p a r ---------------$ 1 0 0 , 0 0 0
$ 5 0 0 ,0 0 0
per amnfm, commencing Oct. 1 1912. Guaranteed both as to
P r e s e n t R y . s t o c k h o ld e r s fo r p r e f. s t o c k a t p a r (b u t
____
principal and interest by Clyde Steamship Co., by endorse
s e e b e l o w ) __________________________- _______- __________________________
5 0 0 ,0 0 0
2 ,5 0 0 ,0 0 0
S t o c k h o l d e r s m a y s u b s c r i b e f o r p r e f . s t o c k in a m o u n t e q u a l t o 1 0 %
of
ment on each bond. No deductions for taxes. Int. A. & O .
th e ir p r e s e n t s t o c k h o ld in g s , b u t th e c o m m it t e e r e s e r v e s th e r ig h t t o r e d u c e
at Bankers' Trust Co., trustee. Auth., $700,000; issued,
a ll s u b s c r ip t io n s t o 8 % o f th e ir p r e s e n t s t o c k h o ld in g s , th e s a m e b e in g n e c e s
s a r y In c a s e m o r e t h a n 8 6 % In a m o u n t o f s t o c k h o ld e r s s u b s c r i b e .
$500,000. A circular says in part:
I n c a s e s w h e r e a s u b s c r i b e r is e n t i t l e d t o a f r a c t i o n a l s h a r e , a n d w h e r e
s u c h f r a c t io n e x c e e d s a h a lf s h a r e , h e w ill b e p e r m it t e d t o u n d e r w r it e a
fu ll s h a r e .
I n c a s e s w h e r e t h e f r a c t i o n Is l e s s t h a n a h a l f s h a r e , t h e r i g h t
t o s u b s c r ib e w ill b e r e d u c e d b y
su ch
fr a c tio n a l a m o u n t.
S u b s c r ip tio n
r ig h ts a r c a v a ila b le o n ly o n d e p o s it o f 2 d M . b o n d s a n d s t o c k .
O f th e in d e b t e d n e s s c o n t r a c t e d p r io r t o a n d u n d e r th e r e c e iv e r s h ip , a p
p r o x i m a t e l y $ 4 0 0 , 0 0 0 t h e r e o f is o f a n a t u r e t o r e q u i r e t h e p a y m e n t o f t h e
s a m e In c a s li u p o n r e o r g a n i z a t io n , r e p r e s e n t in g p a y m e n t in f u ll f o r 1 0 n e w
c a r s , c o s t o f L o m b a r d S t . fr e ig h t te r m in a l, r e c o n s t r u c t io n o f tr a c k s o f W a s h
in g to n R y . & E le c t r ic C o ., s o a s t o p e r m it o p e r a t io n o f th e r a ilw a y c o m
p a n y ’s c a r s In W a s h in g t o n : a n d c o s t s o f r e c e iv e r s h ip a n d t h e p a y m e n t o f
th e sa m e
by
t h e is s a e a n d
s a le o f
p r e fe r re d
s t o c k r e lie v e s th e p r e s e n t
b e a r i n g s e c u r it ie s f o r tin : n e w c a n it a l; (2 ) t o p r e s e r v e s t o c k c o n t r o l .
T h e is s u e o f b o n d s , p a r f o r p a r , a s t o p r i n c ip a l t o t h e r a i l w a y c o m p a n y
1 s t M . b o n d h o ld e r s a n d t o th e te r m in a l b o n d h o ld e r s ,a n d o f p r e fe r r e d s t o c k
f o r i n t e r e s t , l i q u i d a t e s in f u l l t h e e n t i r e a m o u n t d u e o n a l l s u c h b o n d s , a n d
g iv e s t o th e h o ld e r s th e r e o f I n te r e s t a n d d iv id e n d -b e a r in g s e c u r itie s .
T he
Is s u e o f $ 4 0 0 ,0 0 0 p r e f . s t o c k t o t h e 2 d M . b o n d h o l d e r s , w it h t h e r ig h t t o
s u b s c r ib e f o r a n a m o u n t o f u n d e r w r it in g e q u a l t o 1 -1 0 o f th e p a r v a lu e o f
th e ir b o n d s , s h o u ld fu lly p r o t e c t th e e q u i t y o f th e 2 d M . b o n d h o ld e r s , a n d
g i v e t h e m a c h a n c e t o p a r t ic ip a t e In t h e a n t i c i p a t e d d e v e l o p m e n t o f t h e
p rop erty .
T h e a llo t m e n t o f th e r e m a in d e r o f th e u n d e r w r itin g t o th e
p r e s e n t s t o c k h o ld e r s g iv e s t o t h e m a n o p p o r t u n i t y : (1 ) t o a c q u ir e d lv ld e n d I r e a r ln g s e c u r it ie s f o r t h e n e w c a p i t a l (2 ) t o p r e s e r v e s t o c k c o n t r o l .
E stim ate o f E a rn in g s o f Ilcorganized P ro p erties—-Status.
T h r e e c h a n g e s o f g r e a t Im p o r ta n c e t o o k p la c e M a r ch 1 1 0 1 0 , v iz .: th e
s u b s t it u t io n o f th e 1 ,2 0 0 v o lt d ir e c t c u r r e n t p o w e r s y s t e m f o r th e a lt e r n a t in g
cu rre n t sy ste m
o r ig in a lly I n s t a lle d ; th e o p e r a t io n o f t h r o u g h c a r s t o th e
d o w n - t o w n d i s t r i c t In W a s h i n g t o n , a n d a n a d v a n c e In r a t e s o f f a r e . ( V . 0 0 ,
k tf T h c r e s u l t s o f o p e r a t i o n s i n c e M a r c h 1 i n d i c a t e s t h a t f o r t h e 1 2 m o n t h s
e n d in g w it h F e b r u a r y 1011 th e n e t e a r n in g s s h o u ld e q u a l th e a m o u n t w h ic h
w ill b e r e q u ir e d th e f o llo w in g y e a r fo r In te r e s t a n d t a x e s , a n d le a v e a s u r
p lu s o f a p p r o x i m a t e l y $ 6 0 ,0 0 0 . o r s lig h t l y In e x c e s s o f 4 % o n t h e n e w p r e f .
stock
a n t t h i s s n o u t t u n e m o t e l l y o e e x e c u te t in t h e f u t u r e .
S * T h e p r o p e r tie s a r e a t p r e s e n t e n c u m b e r e d b y m o r t g a g e in d e b t e d n e s s to
t h e a m o u n t o f $ 6 ,1 4 5 ,0 0 0 , w it h a n o u t s t a n d in g c a p it a l s t o c k o f $ 5 ,7 8 3 ,0 0 0 .
T h e n e w c o m p a n y w ill h a v e a n o u t s t a n d i n g b o n d Issu e o f $ 5 ,0 0 0 ,0 0 0 , p r e f.
s t o c k o f $ 1 ,4 6 0 ,0 0 0 , c o m m o n s t o c k o f $ 3 ,0 0 0 ,0 0 0 , w i t h $ 2 1 7 ,0 0 0 o f b o n d s
» n d a m p l e c a s h a s w o r k i n g c a p i t a l In t h e t r e a s u r y , t h e r e d u c t i o n In o u t s t a n d
in g c a p it a liz a t io n e x c e e d in g $ 2 ,5 0 0 ,0 0 0 .
T h e c o n s u m m a t i o n o f t h e p l a n a d o p t e d Is c o n d i t i o n e d u p o n t h e d e p o s i t o f
s e c u r it ie s o f th e d iffe r e n t c la s s e s t o a n a m o u n t s u f fic ie n t t o I n s u r e th e s u c
c e s s fu l o p e r a tio n o f th e p la n .
F o r t h e c a le n d a r y e a r 1 9 0 9 .th e e a r n in g s o f th e g u a r a n t o r c o m p a n y , b e
y o n d fix e d c h a r g e s , w e r e e q u a l to m o r e th a n te n tim e s th e a n n u a l b o n d
in t e r e s t a n d s in k in g f u n d o n t h e $ 5 0 0 ,0 0 0 b o n d s n o w
o lle r e d .
(A s t«
g u a r a n to r c o m p a n y se e V . 8 2 , p . 3 3 6 , 5 1 1 , 8 0 7 ; V . 8 8 , p . 2 3 3 ; V . 9 1 , p . 4 6 6 .)
Abstract of Letter from H. H. Raymond, President of Clyde SS. Term. Co.
A fir s t m o r t g a g e u p o n t h e e n t ir e r e a l a n d p e r s o n a l p r o p e r t y a n d f r a n
c h is e s n o w o w n e d o r h e r e a fte r a c q u ir e d w it h t h e p r o c e e d s o f t h e b o n d s .
R e a l e s t a t e o w n e d I n c lu d e s a b o u t t w o c i t y b lo c k s w it h f r o n t a g e o f 7 3 5 f t .
o n th e S t . J o h n ’s R iv e r ; a ls o a p lo t , 1 1 6 x 2 6 2 f t . a t B a y a n d M a r k e t s tr e e ts .
T h e c o m p a n y , w h o s e p r o p e r t y Is l e a s e d t o t h e C l y d e S t e a m s h i p C o . f o r 9 t
y e a r s ) th e la t t e r a g r e e in g t o p a y th e p r in c ip a l a n d In te r e s t o f t h e b o n d s ,
t h e a n n u a l s i n k i n g f u n d , t a x e s , i n s u r a n c e , m a i n t e n a n c e , & c . ) Is n o w c o n
s t r u c t in g m o d e r n s te a m s h ip te r m in a ls e m b r a c in g t h r e e p ie r s , e a c h a p p r o x
im a t e ly 4 4 0 f t . in le n g t h ( t w o o f t h e m 1 3 5 f t . a n d o n e 1 5 0 f t . In w i d t h ) , w i t h
d e p r e s s e d r a ilr o a d tr a c k s r u n n in g th r o u g h th e c e n t r e , s o t h a t th e c a r p la t
fo r m s a r e o n a le v e l w it h t h e flo o r , r e s u lt in g In q u ic k h a n d lin g o f f r e ig h t .
T h e p ie r s r e s t o n c r e o s o t e d p ilin g t o r o c k b o t t o m , a b o u t 4 0 f t . b e lo w
le v e l o f r iv e r ; b u ild in g s s te e l fr a m e d w it h e x t e r io r o f c o r r u g a t e d I r o n , th u s
p r a c t ic a lly fir e p r o o f.
T w o o f t h e p ie r s s h o u ld b e r e a d y f o r u s e in J a n u a r y
1 9 1 1 , th e th ir d s h o r t ly th e r e a fte r .
W h e n fin is h e d t h e p r o p e r t y s h o u ld b e
w o r t h o v e r $ 1 ,0 0 0 ,0 0 0 a n d c o u l d b e d u p lic a t e d o n ly a t a p r o h i b it i v e c o s t .
T h e C ly d e S t e a m s h ip C o . h a s b e e n o p e r a tin g t o J a c k s o n v ille fo r a b o u t
25 y e a r s , a n d n o w o p e ra te s 6 stea m ers e a ch w a y , p e r w e e k , b e tw e e n J a c k
s o n v ille , N e w
Y ork and
B oston .
T h e c o m p a n y ow n s 20 stea m ers a n d
o p e r a te s 7 d is t in c t r o u t e s , a s fo llo w s :
N e w Y o r k , C h a r le s to n & J a c k s o n
v ille L in e ; B o s t o n , C h a r le s to n & J a c k s o n v ille L in e ; N e w Y o r k W l lm ln g t o *
& G e o r g e t o w n L in e ; N e w Y o r k & P h ila d e lp h ia L in e ; S t . J o h n s R iv e r L in e ,
a n d N e w Y o r k to S a n D o m in g o .
T h e o u t s t a n d i n g c a p i t a l s t o c k Is $ 1 4 , 0 0 0 ,
0 0 0 a n d In 1 9 0 8 It p a i d 4 % ; In 1 9 0 9 , 3 % , a n d in 1 9 1 0 w i l l p a y 4 % .
J a c k s o n v i l l e Is t h e c o m m e r c i a l m e t r o p o l i s o f F l o r i d a .
P r e s e n t p o p u la
t io n o f c i t y p r o p e r a b o u t 5 9 ,0 0 0 ; In 1 9 0 0 a b o u t 2 9 ,0 0 0 .
G ross ton n a g e of
v e s s e l s in 1 9 0 9 w a s 3 , 2 1 8 , 6 9 7 ; in 1 9 0 8 w a s 1 , 8 9 4 , 9 3 8 ; b a n k c l e a r i n g s 1 9 0 8 ,
$ 7 3 ,1 9 4 ,1 2 7 ; 1 9 0 0 , $ 1 2 ,6 4 2 ,9 3 5 .
Detroit Edison Co.— D ividen d Increased. — A quarterly
dividend (No. 7) of 1% % has been declared on the $5,000,000
stock, payable Jan. 15 1911 to holders of record Jan. 3 1911,
comparing with 1V2% in October and July last and 1% quar
terly prior thereto, beginning July 15 1909, when distribu
tions were begun.— V. 91, p. 398.
It is thought likely that the remaining $1,500,000 of the
D ep o sits .— Notice is given that after November 29 1910 $3,000,000
0% debentures authorized in Feb. last will be
terminal company bonds and railway company 1st and 2d issued early in 1911. Of the $1,000,000 convertible 6s
M. bonds will be received for deposit by the depositories issued in 1900 and due in Sept. 1911, about $100,000 have
(the Cleveland Trust Co., Cleveland, ()., and Safe Deposit been converted to date.
& Trust Co. of Baltimore, Md.) only on the payment of the
E a rn in g s .— For the 10 months ending Oct. 31:
sum of $10 for each bond deposited, and railway company
1 0 M o n th s —
G ross.
N et.
Charges.
B a l., S u r.
stock will be received for deposit only upon the payment of 1 9 1 0
............................................$ 2 , 2 3 6 , 2 0 4
$ 9 0 6 ,0 1 6
$ 4 4 2 ,7 5 7
$ 4 6 3 ,2 5 9
1 9 0 9 _____________________________
1 ,6 0 4 ,4 6 2
6 7 1 ,8 5 2
3 8 9 ,2 8 8
2 8 2 ,5 6 4
25 cts. per share.— V. 91, p. 1328, 1102,
D iv id e n d s a t th e p re s e n t r a te o f 7 %
o n t h e $ 5 ,0 0 0 ,0 0 0 s t o c k c a ll f o r
$ 3 5 0 ,0 0 0
y e a r ly , o r
$ 2 9 1 ,6 6 6
fo r
th e ten
m o n t h s .— V .
91, p. 398.
General Motors Co.— D iv id en d .— The directors on Nov. 12
IN D U ST R IA L , GAS A N D M ISCELLANEOUS.
declared the usual semi-annual dividend of S y 2% on the
Am erican E xpress Co.— S trik e S ettled. — The express driv 7% cumulative preferred stock, payable Nov. 30 to holders
ers and helpers of the various companies employed in New of record Nov. 21, being the same amount as in April and
York voted on Saturday last to end the strike on the terms Oct. 1909 and Apr. 1910, the distribution having been tem
offered by the companies, thus ending the same. Compare porarily deferred pending the consummation of the financial
arrangements recently made (see below).
V. 91, p. 1329, 1102.
N ew D irectors .— The following directors, who were named
Am erican Sugar R efining Co.— D irector R esign s. — Horace
Havcmeyer, son of the late IT. O. Havemeyer, formerly by the voting trustees, have been elected:
President, has resigned from the board of directors, and has A l bWe r. t S t rCa.u sDs ,u rJa. n tI ,I . r eM- ec lCe lcet me dc,n ta, n dN i Ac hnotlha os n Ly . NT .l l nBerya, d yR ,i c Jh aamr de s L Ju .k eSmt oarnr o w ,
also announced his intention of giving up his position as head J r . , G e o r g e R e i c h e r t J r . , B e n j a m i n F . M c G u c k l n , H e r b e r t L . C a r l e b a c h a n d
A r t h u r P . B u s h J r ., to s u c c e e d W illia m
E . E a t o n , C u r t is R . H a t h a w a y ,
of the sales department on Jan. 1.
J . T . S m it h , W illia m J . M e a d , H e n r y H e n d e r s o n , A . M . B e n t le y , S a m u e l
A r t h u r D o n n e r , t h e o n ly r e m a in in g r e p r e s e n t a t iv e o f th e H a v c m e y e r
I n t e r e s t s o n t h e b o a r d , h a s a l r e a d y a n n o u n c e d t h a t lie w ill n o t a c c e p t r e
e l e c t i o n w h e n I lls p r e s e n t t e r m e x p i r e s .
T h e v o lu n t a r y r e tir e m e n t o f th e
t w o m e n w ill g iv e t h e N e w E n g la n d c o n t i n g e n t t h e d o m in a t in g in f lu e n c e
I n t h e c o m p a n y . — V . 1 )1 , p . 2 1 6 .
Arnold Print W orks, N orth A dam s, M ass.— A ll 1st M . 0s
C alled. — All of the $3,509,800 1st M. 0% gold bonds dated
Doc. 1 1908 and maturing Dec. 1 1913 have been called for
payment at par and int. on Dec. 1 1910 at the Old Colony
Trust Co. and the City Trust Co., Boston. The funds to
meet these obligations were obtained through the sale of the
four plants mentioned last week. See V. 91, p. 1329.
B oston W oven H ose & Rubber Co.— D ividen d Increased .—
A quarterly dividend of 2]/2% °n the $750,000 common stock
has been declared, payable Dec. 15 to holders of record
Nov. 5, increasing the regular annual rate from 8% to 10%.
On Nov. 1 an extra dividend of 2% was paid, making total
of I 0 y ,% for the year on the common stock.— V. 89, p, 45.
British Columbia P ack ers.— L isted in M on treal. — The
Montreal Stock Exchange has listed $1,511,400 common
stock, $035,000 pref. A and $035,000 pref. B.— V .9 1 ,p .394.
Brooklyn Union Gas Co .— N ew Director.-— James H. Jourdan has been elected a director to succeed his father, the late
James Jourdan, and has beon made Third Vice-President,
a new position just created. No successor to Genl. Jourdan
as President has been chosen.— V. 91, p. 1097.
M c L o u g h lln , S c h u y le r B . K n o x , E . II. C a m p b e ll a n d W . C . L e la n d .
T h e
la s t fo u r n a m e d n e w d ir e c t o r s w e r e e le c t e d t o h o ld o f fic e t e m p o r a r ily , a s It
Is u n d e r s t o o d t h a t t h e y w i l l b e r e p l a c e d b y r e p r e s e n t a t i v e s f r o m D e t r o i t .
S ta tu s. — Vice-Pres.
Durant issued the following statement.
T h e a r r a n g e m e n t e n te r e d In to w it h t h e N e w Y o r k b a n k in g s y n d ic a t e
h e a d e d b y J . & W . S e l l g m a n & Co. o f N e w Y o r k a n d L e e , H l g g i n s o n & C o.
o f B o s to n (V . 9 1 , p . 9 4 8 , 1 0 2 8 , 10 98 ) h a s b e e n c o n c lu d e d , a n d a s a r e s u lt th e
c o m p a n y h a s r e c e iv e d s u f fic ie n t f u n d s t o e n a b le It im m e d i a t e l y t o p a y Its
e n t ir e d e b t a n d t h e d e b t o f a ll Its s u b s i d ia r ie s .
C h eck s fo r th e p a y m e n t o f
a ll m a tu r e d o b lig a t io n s a r e n o w b e in g m a ile d .
T o p r o v id e fo r r e p a y m e n t o f th e se a d v a n c e s , th e c o m p a n y h a s Issu ed
$ 1 5 ,0 0 0 ,0 0 0 o f 6 %
5 -y e a r s in k in g fu n d g o ld n o t e s o f a t o t a l a u t h o r iz e d Is
s u e o f $ 2 0 ,0 0 0 ,0 0 0 , s e c u r e d b y a fir s t lie n o n t h e m a n u f a c t u r in g p la n t s o f
th e s u b s id ia r ie s
to th e C e n tra l T r u s t C o . o f N e w Y o r k , a s tr u s te e .
P u r s u a n t t o a n a g r e e m e n t w it h t h e b a n k e r s , a m a jo r it y o f t h e o u t s t a n d
in g c a p it a l s t o c k o f t h e c o m p a n y h a s b e e n d e p o s it e d w it h t h e C e n t r a l T r u s t
C o . o f N e w Y o r k , a s d e p o s it a r y , t o b e v o t e d , u n til r e p a y m e n t o f t h e n o t e s ,
b y J a m e s N . W a lla c e , F r e d e r ic k S tra u s s , J a m e s J . S t o r r o w , W illia m
C.
D u r a n t a n d A n th o n y N . B r a d y , a s v o tin g tru s te e s.
P r o v is io n h a s b e e n m a d e b y w h ic h t h e fin a n c ia l a ffa ir s o f t h e c o m p a n y
s h a ll b e u n d e r th e I m m e d ia t e s u p e r v is io n o f a fin a n c e c o m m it t e e w h ic h w ill
in c lu d e r e p r e s e n t a t iv e s o f t h e b a n k in g fir m s .
T h e m a n a g e m e n t b e lie v e s
t h a t th e fin a n c ia l a r r a n g e m e n t s w h ic h t h e y h a v e m a d e p la c e t h e c o m p a n y
In e x c e l l e n t s h a p e f o r t h e s u c c e s s f u l p r o s e c u t i o n o f I t s b u s i n e s s .
S e e fu ll
p a r t ic u la r s In V . 9 1 , p . 9 4 8 , 1 0 2 8 , 1 0 9 8 .
N otes all S o ld .— The bankers announce that the $15,000,
000 first lien 0% gold notes have been sold in advance of a
public offering, for permanent investment in this country
and abroad, and that there will therefore be no public offer
ing, as originally contemplated. The new mortgage secur
ing the notes has been filed for record.— V. 91, p. 1163,
1098.
TH E CH RONICLE
1388
Goldfield Consolidated Mining Co.— R ep o rt .— For year:
O ct. 3 1 .
Y ear —
P rod u ct'n N et
(.Tons)
E a rn in g s.
$ 7 ,3 9 0 ,6 1 1
1 0 0 0 - 1 0 ______ 2 0 0 , 8 6 7
1 0 0 8 - 0 0 ______ 1 0 4 , 4 7 9
5 ,0 2 G ,C 2 0
— V . 91. p . 657. 339.
D ep re cia tion .
__________
$ 3 7 3 ,5 4 3
D ivid en d s
P a id .
B a la n ce,
S u rp lu s.
( 2 0 % ) $ 7 ,1 1 7 ,6 0 0
( 0 % ) 3 ,2 0 1 ,2 3 0
$ 2 7 8 ,0 1 5
1 ,4 5 1 ,8 3 8
Hudson Motor Car Co., Detroit .— Stock D iv id e n d s .— This
company during September last increased its capital stock
from 8100,000 to 81,000,000. Treasurer Jackson said:
T h e I n c r e a s e in c a p i t a l s t o c k m e r e l y r e p r e s e n t s a s t o c k d i v i d e n d o f t h e
s u rp lu s a c q u ir e d .
W e s h ip p e d la s t s e a s o n o v e r 4 ,2 0 0 c a r s a n d w e h a v e
a l r e a d y c o n t r a c t e d t o d e liv e r o v e r 1 0 ,0 0 0 H u d s o n s t o r 1 9 1 1 .
[D ir e c to r s —
J . L . H u d s o n , C h a ir m a n o f H o a r d : R . D . C h a p in , P r e s .: H . E . C o ff in , V ic e P r e s .; F . O . B e z n e r , S e c .: R . B . J a c k s o n , T r e a s . & G e n . M g r .
Huebner-Toledo Breweries Co .— D ivid en ds R esu m ed .— A
dividend of 1 K % has been declared on the 81,278,000 6%
non-cumulative preferred stock, being the second payment
at the same rate since the 6% paid in 190G and 1907.—
V. 89, p. 289.
Ingersoll-Rand Co .— Com m on Stock In creased .— The stock
holders voted Nov. 10 to amend the charter by increasing the
authorized common stock from 85,000,000 (of which 83,
000,000 is now outstanding) to 810,000,000, so as to provide
for the retirement of the 81,800,000 pref. stock, &c. Com
pare V. 91, p. 1098, 102S, 719.
.
Intercontinental Rubber Co .— R eport D en ied .— An of
ficial of the company denies that the retirement of an addi
tional 8500,000 preferred stock is likely to be authorized
next month.— V. 91, p. 1325, 948.
International Time Recording Co .— D ivid en d Increased .—
A dividend of 3% has been declared on the 81,075,000 com
mon stock, payable Dec. 1 to holders of record Nov. 20, com
paring with 1% each on the first days of Sept., June, March
and Jan. last. Compare V. 89, p. 1351.— V. 89, p. 1071.
Inter-State Independent Telephone & Telegraph Co. (of
N. J.), Aurora, Joliet, &c., 111.— B ondholders’ P rotective
C om m ittee .— A committee has been formed to act for the
bondholders consisting of
C h a r le s G . D a w e s . P r e s id e n t o f t h e C e n tr a l T r u s t C o . o f C h ic a g o ; C h a r le s
S .
C a s tle . P r e s id e n t o f th e S t a n d a r d T r u s t & S a v in g s B a n k , a n d J o s e p h E .
O tis . P r e s id e n t o f th e W e s te r n T r u s t & S a v in g s B a n k .
B on ds m ay be
d e p o s it e d w it h t h e W e s t e r n T r u s t & S a v in g s B a n k o n o r b e fo r e N o v . 3 0 ,
e it h e r w it h o r w i t h o u t t h e c o u p o n s d u e O c t . 1 1 9 1 0 .— V . 9 1 , p . 1 2 5 6 . 8 7 5 .
Knox Automobile Co., Springfield, Mass .— N ew Stock
stockholders on Nov. 15 voted to increase
the authorized stock from 81,500,000 to 82,000,000, the new
stock to be an 8% cumulative issue similar to the existing
8500,000 preferred stock now outstanding.
A u th orized .— The
T h e c o m p a n y h a s n o t b e e n p a y i n g fu ll d iv id e n d s r e g u la r ly o n t h e o ld
p r e f. s t o c k , a n d th e a c c r u e d d iv id e n d a m o u n t s t o 1 2 % .
A p l a n is In c o n
t e m p la tio n
fo r
an
exch a n ge o f
th e o ld p r e f. s t o c k fo r th e n e w , b u t th e
d e ta ils h a v e n o t b e e n w o r k e d o u t .— V . 9 0 , p . 1 1 3 .
Lehigh Coal & Navigation Co .— Neio C ollateral T ru st L oan .
•
—The 81,750,000 collateral trust 4 Y i% gold loan recently
offered by Brown Bros. & Co. (V. 91, p. 1098), is secured by
deposit of the following securities (representing a par
value of 82,307,500) with the Guarantee Trust&Safe Deposit
Co. of Philadelphia as trustee:'
Pledged. T ot. issued
$ 8 5 0 ,0 0 0
L e h i g h & N e w E n g l a n d R R . C o . g e n . M . 5 0 - y e a r 4 s , _____$ 8 5 0 , 0 0 0
D o
d o
5 0 - y e a r 5 % c o n s o l s , d u e O c t . 1 1 9 5 3 ____________1 0 7 , 0 0 0 1 , 3 8 0 , 0 0 0
L e h ig h & D e la w a r e R R . C o . 5 0 -y e a r 5 % g e n . M . b o n d s - -6 5 0 ,0 0 0
0 5 0 ,0 0 0
L e h ig h
& L a c k a w a n n a R R . C o . 1st M . (o r ig in a lly 7 s ,
d u e 1 9 0 7 ) , n o w e x t e n d e d t o D e c . 1 1 9 3 0 a t 5 % ____________ 1 0 0 , 0 0 0
1 0 0 ,0 0 0
L e h ig h & H u d s o n R iv e r R y . C o . 3 0 -y e a r 5 %
g e n . M _____ 1 6 0 , 0 0 0 1 , 3 2 0 , 0 0 0
D o
do
1 3 -y e a r 4 % d e b e n t u r e b o n d s , d u e J u ly 1 1 9 2 0 1 0 4 ,0 0 0
4 0 0 ,0 0 0
L e h ig h C o a l & N a v . C o . 5 0 -y e a r 4 %
fu n d in g a n d Im
p r o v e m e n t b o n d s , d u e J u l y 1 1 9 4 8 ------------------------------------------------ 1 4 9 , 0 0 0 4 , 1 7 3 , 0 0 0
E a s t e r n P e n n s y lv a n ia R a ilw a y s C o . 1 s t M . 3 0 -y e a r 5 s - .1 8 7 .5 0 0 3 ,0 9 8 ,0 0 0
T h e c o m p a n y h a s “ t h e r ig h t , w it h t h e w r it t e n a s s e n t o f t h e tr u s t e e ,
w h i c h a s s e n t m u s t b e g i v e n u n l e s s In I ts j u d g m e n t t h e b o n d s o f f e r e d In s u b
s t it u t io n a r e n o t o f e q u a l v a lu e w it h t h a t o f t h e b o n d s s o u g h t t o b e w it h
d r a w n fr o m tim e t o tim e , t o w it h d r a w a n y o f t h e b o n d s h e r e b y p le d g e d a s
c o lla t e r a l a n d t o s u b s t i t u t e t h e r e f o r o t h e r b o n d s o f e q u a l v a l u e , a n d It
s h a ll b e th e d u t y o f th e t r u s te e , u p o n d e m a n d m a d e b y th e L e h ig h C o m p a n y ,
t o m a k e t r a n s fe r a n d d e liv e r y t o It o f a n y o f t h e b o n d s h e r e b y p le d g e d
u p o n r e c e ip t o f o t h e r s t e n d e r e d In e x c h a n g e t h e r e f o r w h e n a c c o m p a n i e d b y
a c e r t ifie d c o p y o f r e s o lu t io n o f th e b o a r d o f m a n a g e r s o f th e L e h ig h C o m
p a n y r e q u e s tin g s u ch s u b s t itu tio n a n d c e r t ify in g th a t th e v a lu e o f th e b o n d s
s o t e n d e r e d In e x c h a n g e Is e q u a l t o t h e v a l u e o f t h e b o n d s s o t o b e w i t h
d r a w n .” — V . 9 1 , p . 1 0 9 8 .
Municipal Water Works Co., Fort Smith, Ark.— V aluation
by C ourt fo r Proposed S ale to C ity .— See “ Fort Smith, A rk.,"
in “ State & City” department. ' V*. 91, p. 521.
W National Surety Co .— Stock D iv id en d .—The 33 1-3% stock
dividend (8250,000) just declared will be distributed to
shareholders of record Nov. 30. Compare V. 91, p. 1331.
N ew D irector .— Darwin P. Kingsley, President of the
New York Life Insurance Co., has been elected a director.
— V. 91,’ p. 1331.
Niles-Bement-Pond Co .— Change in R edem ption D a te .—
The shareholders will meet Dec. 15 for the purpose of chang
ing the time at which the preferred stock may be redeemed.
T h e s t o c k Is n o w s u b j e c t t o r e d e m p t i o n a t 1 0 5 f r o m J a n .
p r o p o s e d to d e fe r th e o p e r a tio n o f th e
r e d e m p tio n fe a tu r e
t h e fir s t M o n d a y In J a n u a r y 1 9 2 1 .— V . 8 9 , p . 1 5 4 5 .
1 9 1 1 , b u t I t Is
to o n o r a fte r
Pittsburgh (Pa.) Steel Co .— P aym en t of E n tire Bonded
D ebt— E xtensive Im provem ents to P la n t— S ale of 87,000,000
N ew 7 % P ref. Stock to S peyer & C o.— A d d itio n a l D irectors .—
This company, large wire manufacturers of Pittsburgh, pro
poses to call and pay off its 83,750,000 bonds on Jan. 1 1911,
and for this purpose, and to furnish additional working capital
and funds for the introduction of further economies in manu
facture, will increase its capital stock by 88,000,000, con
sisting of 87,000,000 new 7% cumulative preferred stock and
81,000,000 additional common stock. The capitalization
will then be: Pref. stock, 87,000,000; common stock, 87,
000,000. Speyer & Co. have purchased the 87,000,000 7%
cumulative pref. stock, preferred as to both assets and divi
dends, and redeemable at 120 at the option of the company
on 3 months’ notice, and have already privately placed a
[V O L . L X X X X I .
large amount of it with investors and institutions both here
and in Europe. The preferred stock will be entitled to divi
dends from Dec. 1 1910, payable quarterly. The 81,000,000
new common stock has been subscribed for by the present
owners of the property.
T h e n e w p r e f s t o c k w ill b e a fir s t c h a r g e o n t h e n e t e a r n in g s o f t h e c o m
p a n y , w h ic h , f o r t h e la s t fiv e y e a r s , a v e r a g e d a b o u t $ 1 ,4 0 0 ,0 0 0 , o r a lm o s t
t h r e e t im e s t h e a n n u a l d iv id e n d o n t h e $ 7 ,0 0 0 ,0 0 0 7 %
p re f. s to c k to b o
Issu ed , o r a t th e r a te o f a b o u t 2 0 %
p er a n n u m th e re o n .
D u r in g th e la s t
s ix y e a r s d iv id e n d s a t th e r a te o f 8 %
p e r a n n u m w e re p a id o n th e c o m m o n
s to c k th en o u ts ta n d in g .
A p p lic a t io n w ill b e m a d e t o lis t th e p r e f. s t o c k
o n th e N ew
Y ork S tock E xch a n ge.
T h e b o a r d o f d ir e c t o r s w ill b e in c r e a s e d t o n in e , a n d W m . H . N ic h o ls ,
C h a ir m a n o f th e G e n e r a l C h e m ic a l C o . o f N e w Y o r k : W m . A . N a s h , P r e s i
d e n t o f th e C o rn E x c h a n g e B a n g o f N e w Y o r k , a n d H e n r y R u h le n d e r o f
S p e y e r & C o ., w ill e n t e r th e d ir e c t o r a t e .
I lie c o m p a n y c o n .e m p ia n s a
o n g th e im p r o v e m e n t s th e b u ild in g o f a
b a t t e r y o f o la s t f u r n a c e s a t M o n e s s e n t o s u p p l y t h e c o m p a n y w it h Its o w n
p ig I r o n , t h e g r o u n d f o r w h ic h w a s a c q u i r e d s o m e t im e a g o , a n d It is a n
n o u n c e d t h a t th e c o n t r a c t s fo r th e o r e , c o k e ., h a v e b e e n p la c e d .
O ption of E xchange. — The Union Trust Co. of Pittsburgh
gives notice to the holders of 1st M. and coll, trust 15-year 0%
bonds and gen. mtge. 5-year 0% bonds that the Steel Com
pany proposes to redeem the same on Jan. 1 next, and offers
on behalf of Speyer & Co. to deliver the new pref. stock at
99 in exchange for the 1st M. and collateral bonds at 110 and
int. to Dec. 1, or gen. mtge. bonds at 102 Y<i & int.to Dec. 1.
T h e o ile r s ta n d s u n til 10 A .M . N o v . 19 a n d b o n d h o ld e r s d e s ir in g t o a v a il
t h e m s e lv e s o f It m u s t p r e s e n t t h e ir b o n d s a t t h e o f f i c e o f t h e t r u s t c o m p a n y
o n o r b e fo r e th a t d a t e a n d r e c e iv e th e r e fo r t e m p o r a r y c e r tific a te s e n titlin g
th e m to n e w p r e fe r re d s t o c k a s a n d w h e n Issu e d .
T h e r i g h t Is r e s e r v e d t o
w it h d r a w th e o ile r a t a n y tim e w it h o u t n o t ic e .— V . 8 5 , p . 1 2 7 2 .
Owing to the number of applications received here and
abroad, Speyer & Co. have been compelled to considerably
reduce the allotments to participants in the purchase syn
dicate for the preferred stock.— V. 85, p. 1272.
Ray Consolidated Copper Co.— C onvertible B on d s. — The
shareholders on Nov. 10 authorized an issue of 83,000,000 of
1st M. 10-year 0% gold sinking fund bonds and 82,000,000
additional stock, of which 81,500,000 is to allow for the con
version of the bonds into stock at 20 (par value 810). Com
pare V. 91, p. 1204, 1250.'
Rhode Island Coal Co., Boston.— M r. J crm yn o f Scranton
M ade V ice-P residen t.— O n Nov. 15 Edmund B. Jcrmyn, of
the firm of Jcrmyn & Co., coal operators, Scranton, Pa., was
elected Vice-President and General Manager. The “ Boston
Financial News” on Nov. 10 said:
W e u n d e r s t a n d t h a t M r . J c r m y n h a s a c q u i r e d a c o n s i d e r a b l e I n t e r e s t In
t h e s t o c k , b u t t h a t t h e c o n t r o l s till r e m a in s w it h M r . W h i t n e y a n d M r . t o s s .
T h e c o m p a n y h a s r e c e iv e d a n o ile r f o r 2 0 ,0 0 0 s h a r e s o f s t o c k a t p a r ($ 1 0
p e r s h a r e ) a n d h a s v o t e d t o s e ll: b u t t h e fir s t o l f c r l n g o f It w ill b e m a d e a t
th is p r ic e t o th e s t o c k h o ld e r s [o f r e c o r d N o v . 1 8 ],
T h e p r o c e e d s , $ 2 0 0 ,0 0 0 ,
w ill g o d ir e c t ly I n t o t h e t r e a s u r y . T h e r e a r e n o w o u t s t a n d i n g 4 0 0 ,0 0 0 s h a r e s
s o t h a t w it h t h e n e w Is s u e t h e s t o c k o u t s t a n d in g w ill a m o u n t t o 4 2 0 ,0 0 0
s h a r e s , le a v in g 8 0 ,0 0 0 s h a r e s In t h e t r e a s u r y .
D escription . — The “ Coal Trade Journal” of New York on
Oct,. 20 had the following from an official source:
T h e m in e s o f th e R h o d e I s la n d C o a l C o . a r e s itu a te d a t P o r t s m o u t h .
R . I ., 6 0 m ile s f r o m
B o s t o n , b e in g lo c a te d n o t o v e r 10 0 y a r d s fr o m
th e
N . Y . N . H . & H . R R . a n d o n ly a b o u t 0 0 0 fe e t fro m d e e p w a te r.
T h ere are
t w o s lo p e s , 1 ,8 0 0
fe e t
a p a r t , r u n n in g
to
a
d ep th o f a b o u t
1 ,6 0 0 f e e t ,
a n d c o n n e c t e d b y t u n n e l s ; a m o d e r n p l a n t p a t t e r n e d a f t e r t h o s e In t h e c o a l
r e g io n s o f P e n n s y lv a n ia , a b r e a k e r w it h a c a p a c it y o f 10 0 to n s a n h o u r ,
and a Z w oyer
b r iq u e ttin g
p la n t f o r u s in g u p t h e fin e c o a l , c a p a c i t y 2 0 t o
25 ton s an h o u r.
T h e c o a l Is a h a r d a n t h r a c i t e o f a g r a y i s h c o l o r , b u r n s w i t h
a l o n g , s t e a d y , h o t ( l a m e , a n d is g i v i n g t h e m o s t g r a t i f y i n g r e s u l t s .
It
m a k e s a v e r y l a s t i n g f i r e a n d Is p r o v i n g v e r y e c o n o m i c a l , b u r n i n g u p c l e a n
a n d le a v in g a r e d a s h fr e e fr o m c lin k e r s .
T h e c o a l w ill b e r e t a ile d f o r $1
p e r t o n le s s t h a n c o r r e s p o n d i n g s iz e s o f P e n n . c o a l .
T h e break er w as pu t
In o p e r a t i o n O c t . 1 . a n d a t p r e s e n t t h e o u t p u t Is a b o u t 2 0 0 t o 2 5 0 t o n s p e r
d a y , w h ic h w ill b e r a p id ly I n c r e a s e d a s th e u n d e r g r o u n d w o r k o f w id e n in g
a n d d o u b l e - t r a c k i n g t h e s l o p e s , & c . . Is c o m p l e t e d .
[T h e c o m p a n y m a k e s
th e c o a l ig n lt a b le b y a c h e m ic a l p r o c e s s — E d .]
S e e a ls o V . 8 9 , p . 5 3 3 .
Sears-Roebuck Co., Chicago.— Stock D ividen d o f
to H olders o f Com m on S tock. — The directors on Nov.
33 1-3%
12 voted
to recommend the payment of a stock dividend of 33 1-3%,
or 810,000,000, to common stockholders of record April 1
1911. The recommendation will be submitted to the stock
holders for ratification Feb. 27 1911, which is the date of
the annual meeting. There is also 88,800,000 pref. stock
outstanding.— V. 90, p. 1048.
Shannon Copper Co.— R eport. — Year ending Aug. 31:
F isca l
Gross
N et
Interest
D evelo p -
T a xes
B a lan ce.
Y ear —
Sales.
P ro fits. P a id .
merit.
P a id .
S u rp .
1 9 0 9 - 1 0 _________ $ 2 , 4 1 8 , 0 7 1
$ 2 8 6 ,9 1 4
$ 1 9 ,7 0 0
$ 4 3 ,8 0 9
$ 3 2 ,9 1 8 $ 1 9 0 ,4 8 7
1 9 0 8 - 0 9 ................. 2 , 4 0 7 , 8 6 2
1 7 1 ,7 1 8
2 3 ,8 1 0
4 8 ,2 2 1
1 5 ,3 4 9
8 4 ,3 3 8
T h e r e w e r e p r o d u c e d d u r in g th e y e a r 1 9 0 9 -1 0 3 1 1 ,4 5 6 t o n s o f o r e , a g a in s t
3 0 7 , 2 7 1 In 1 9 0 8 - 0 9 .
S a le s In 1 9 0 9 - 1 0 w e r e 1 7 , 0 2 4 , 1 9 8 l b s . f i n e c o p p e r ,
1 ,8 1 3 o z . g o ld a n d 1 1 6 ,2 8 1 o z . s ilv e r .— V . 9 1 , p . 3 9 9 .
Standard Oil Co.— A cq u isition . — The company has ac
quired the holdings of the J. C. Trees Oil Co. of Pittsburgh,
at Caddo Parish, La., about 25 miles north of Shreveport.
The purchase price of 89,000,000 reported in the newspapers
is pronounced to be largely in excess of the amount paid.
The following is unofficially reported:
T h e L o u is ia n a fie ld , a b o u t 1 0 4 .0 0 0 a c r e s , p r o d u c e s a h ig h -g r a d e o il, a n d
t h e d a l l y p r o d u c t i o n Is s a i d t o b e a b o u t 1 2 . 0 0 0 b a r r e l s .
I h l s Is s a i d t o b e
t h e la r g e s t d e a l In o il la n d s In t h e h i s t o r y o f t h e i n d u s t r y .
F avorable D ecision . — Judge McCall in the U. S. District
Court at Jackson, Tcnn., on Nov. 17 instructed the jury in
the suit of the Government against the Standard Oil Co. of
Indiana on trial before him to return a verdict of not guilty
of accepting rebates, holding the evidence insufficient.
T h e C o u r t h a d p r e v io u s ly r e d u c e d th e c o u n t s fr o m 1 ,5 2 4 , b a s e d o n th e
n u m b e r o f s h ip m e n ts , t o 4 0 , th e n u m b e r o f s e ttle m e n t s , a n d th e p o s s ib le
p e n a lt ie s f r o m $ 3 0 ,4 8 0 ,0 0 0 t o $ 9 2 ,0 0 0 .— V . 9 1 , p . 1 0 9 8 , 1 0 4 0 .
Union Carbide Co.— P ossible D ividen d Increase. — It is
rumored on the Chicago curb that the company is likely at
an early day to increase its dividend rate from 0% to 7 /o
per annum.— V. 80, p. 072.
United Engineering & Foundry Co., Youngstown, O.—Stock Increase A u th orized. — The stockholders on Nov. 14
authorized an increase in the common stock from 83,000,000
to 85,000,000.— V. 91. p. 878.,_______ __________________ J
F or o th e r
In vestm en t
N ew s
see
page
1391.
TH E CH RONICLE
tf© V . 19 1 9 1 0 .1
A T L A N T IC
COAST
L IN E
R A IL R O A D
1389
COM PANY.
SEVENTY-SIXTH ANNUAL REPORT— FOR THE FISCAL YE A R ENDING JUNE 30 1910.
R ichm on d, V a ., N ovem ber 15 1910.
To the Stockholders o f the A tlan tic Coast L in e R ailroad Co.:
The Board of Directors of the Atlantic Coast Line Railroad
Company respectfully submits the following report for the
fiscal year ending June 30 1910:
M i l e s o w n e d J u n e 3 0 1 9 0 0 _________________________________________________ 4 , 3 0 6 . 0 4
M ile s n o t o w n e d b u t o p e r a t e d u n d e r le a s e a n d t r a c k a g e
c o n t r a c t s _________________________________________________________________________
1 1 6 .4 3
M ile s o w n e d
b u t n o t op era ted
b y
.
th is C o m p a n y —
4 ,4 8 3 .0 7
7 .0 5
M i l e s o p e r a t e d J u n e 3 0 1 9 0 9 --------------------------------------------------------------------------------------------4 , 4 7 0 . 0 2
M ile s a d d e d d u r in g fis c a l y e a r :
T r a c k a g e r i g h t s a c q u i r e d -------------------------------------------------------------------------------------------6 .7 6
B u ilt d u r in g fis c a l y e a r :
F t . M e a d e , F l a . , t o T i g e r B a y , F l a ...................................................
3 .3 4
A d d i t i o n a l l i n e s t o f a c t o r i e s , m i l l s , & c ---------------------------------6 .6 2
9 .9 0
1 .9 7
L e s s s u n d r y m ile a g e a d ju s t m e n t s .
7 .9 9
T o t a l m ile s o p e r a t e d
A vera ge
M ile a g e
m ile a g e
ow ned
Ju n e
30
op era ted
Ju n e
30
1 9 1 0 _________________________________________________ 4 , 4 9 0 . 7 7
d u rin g
y e a r __________________________________________ 4 , 4 8 1 . 9 0
1 9 1 0 __________________________________________________________ 4 , 3 7 4 . 6 3
IN C O M E
A C C O U N T .
1910.
1909.
O p e r a t i n g r e v e n u e s ................... $ 2 9 , 8 1 0 , 2 6 7 7 8 $ 2 6 , 1 4 4 , 0 0 4 7 7
O p e r a t in g e x p e n s e s & t a x e s 1 9 ,8 2 3 ,1 1 6 9 5
1 8 ,0 6 2 ,8 9 9 2 7
5,
_
.
fro m
$ 9 ,9 8 7 ,1 5 0
2 ,9 4 7 ,1 5 5
83
97
$ 8 ,0 8 1 ,1 6 5
* 2 ,5 1 9 ,8 7 3
50
14
+ $ 1 ,9 0 5 ,9 8 5 3 3
+ 4 2 7 ,2 8 2 8 3
.$ 1 2 ,9 3 4 ,3 0 6
5 ,8 8 5 ,6 5 9
80
26
$ 1 0 ,6 0 1 ,0 3 8
* 5 ,9 2 3 ,6 9 0
64
53
+ $ 2 ,3 3 3 ,2 6 8
— 3 8 ,0 3 1
16
27
$ 7 ,0 4 8 ,6 4 7
54
$ 4 ,6 7 7 ,3 4 8
11
+
$ 2 ,3 7 1 ,2 9 9
43
5 5 ,3 9 3
Incom e-
Increa se ( + ) or
D ecrease ( — ) .
+ $ 3 ,6 6 6 ,2 0 3 01
+ 1 ,7 6 0 ,2 1 7 68
N e t I n c o m e ........... ..........................$ 6 , 9 9 3 , 2 5 4
51
03
4 8 ,5 6 8
64
+ 6 ,8 2 4
87
$ 4 ,6 2 8 ,7 7 9
47
+ $ 2 ,3 0 4 ,4 7 4
56
* I n t e r e s t a m o u n t i n g t o $ 3 7 8 ,8 9 2 5 5 o n b o n d s a n d c e r t ific a t e s o f I n d e b t
e d n e s s o f t h e C o m p a n y ’ s I s s u e s h e l d I n i t s t r e a s u r y Is e l i m i n a t e d f o r p u r p o s e s
o f c o m p a r is o n .
IN T E R E S T
A N D
R E N T A L S .
1910.
1909.
I n t e r e s t o n F u n d e d D e b t .................... ................................... $ 5 , 2 5 2 , 2 2 7 0 4 * $ 4 , 7 4 1 , 8 7 7 7 9
I n t e r e s t o n C e r tific a t e s
o f I n d e b t e d n e s s _________
3 7 9 ,3 5 9 5 0
1 7 5 7 ,1 2 2 0 0
I n t e r e s t o n F r e i g h t C e r t i f i c a t e s ______________________
1 ,0 7 2 4 9
5 ,4 5 0 0 0
I n t e r e s t o n G o l d N o t e s o f M a r c h 1 1 9 0 7 __________
7 5 ,9 5 3 0 3
2 2 1 ,7 0 5 26
In t e re s t o n E q u ip m e n t B o n d s o fM a rch 1 19 07
1 3 3 ,4 2 0 0 0
1 5 1 ,4 2 0 0 0
I n t e r e s t o n B r u n s w ic k
&
W estern
In com e
B o n d s ........... ...........................................................................................
2 ,7 5 0 0 0
3 ,3 0 0 0 0
R e n t a l s ........................................ ....................................................................
4 0 ,2 7 6 0 0
4 2 ,8 1 5 4 8
$ 5 ,8 8 5 ,6 5 9
20
$ 5 ,9 2 3 ,6 9 0
53
* I n t e r e s t a m o u n t i n g t o $ 2 7 3 , 2 6 0 5 5 o n t r e a s u r y s e c u r i t i e s Is e l i m i n a t e d
fo r p u rp o s e s o f c o m p a r is o n .
t I n t e r e s t a m o u n t i n g t o $ 1 0 5 , 6 3 2 o n t r e a s u r y s e c u r i t i e s Is e l i m i n a t e d f o r
p u rp o s e s o f c o m p a r is o n .
Operating revenues increased 14.02 per cent.
Operating expenses increased 9.86 per cent.
Taxes increased 7.99 per cent.
Net operating revenues, less taxes, increased 23.59 per cent.
The ratio of operating expenses and taxes to operating
revenues was 66.50 per cent, as compared with 09.09 per
cent for the previous year.
CAPITAL ACCOUNT.
At the last annual meeting you authorized the execution of
a mortgage to secure an issue of $200,000,000 of 4 per cent
bonds, known as “ Unified Fifty-Year Four Per Cent Gold
Mortgage,” dated November 16 1909. During the year
$15,009,000 of these bonds were issued.
At the last annual meeting you also authorized the issuance
of $23,562,500 of Convertible 6-30-Year Four Per Cent Gold
Debenture Bonds, payable November 1 1939, for the purpose
of retiring, at par, an equal amount of 4 Per Cent Certificates
of Indebtedness. These bonds are subject to redemption
after May 1 1916, and, between January 15 1910 and Janu
ary 15 1920, if not redeemed, may be converted into common
capital stock at the rate of $135 of bonds for $100 of stock.
$10,346,120 of bonds of this issue were outstanding at the
close of the year.
Preferred stock to the amount of $1,398,100 was exchanged
for 4 Per Cent Certificates of Indebtedness at the rate of
$100 of stock for $125 of Certificates, leaving $198,500 of pre
ferred stock outstanding June 30 1910.
During the year $23,072,300 of 4 Per Cent Certificates of
Indebtedness were exchanged for a like amount of Convert
ible Debenture Bonds and $9,000 of Certificates were ex
changed for an equal amount of Unified Bonds, leaving
$232,900 of 4 Per Cent Certificates of Indebtedness outstand
ing at the close of the year.
Common stock outstanding on June 30 1910 amounted to
$57,964,400, an increase of $9,426,800, issued in exchange
for $12,726,ISO of Convertible Debenture Bonds.
CHANGES IN BONDED DEBT, CERTIFICATES OF INDEBTEDNESS.
FREIGHT CERTIFICATES AND NOTES.
First Consolidated Mortgage Fijty-Year 4% Gold Bonds Issued:
For Construction, Additions and Betterments______________$858,300
Jacksonville & Southwestern Purchase-Money Mortgage 4% FijtyYear Gold Bonds Issued:
Exchanged for $167,000 Freight Certificates_______________ 167,000
Unijied Fijty-Year 4% Gold Bonds Issued:
For retirement of J. & S. W. Purchase-Money
Mortgage 4% Bonds, due Dec. 1 1954______ $2,000,000
For retirement of W. C. & A. RR. Co. 6% Bonds,
due June 1 1910_________________ ____ __ 1,600,000
For retirement of Three-Year 5% Gold Notes,
dated March 1 1907.................................... 5,000,000
For Construction, Additions and Betterments___ 6,400,000
Exchanged for $9,000 4% Certificates of Indebted
ness____________ ______ ____________ __
9,000
------------ 15,009.000
Four Per Cent Certijicates oj Indebtedness Issued:
Exchanged for $1,398,100 Preferred Stock______________
Convertible 6-30- Year 4% Gold Debenture Bonds Issued:
Exchanged for $23,072,300 4% Certificates of Indebtedness.
1,747,600
23,072,300
$40,854,200
Freight Certificates retired________________
$167,000
J. & S. W Purchase-Money Mortgage 4% Bonds
retired ............................................................ 2,000,000
W. C. & A. RR. Co. 6% Bonds retired.................. 1,600,000
Three-Year 5% Gold Notes retired_____________ *2,970,000
Four Per Cent Certificates of Indebtedness exchanged
for Unified Bonds________
9,000
Four Per Cent Certificates of Indebtedness retired..23,072,300
D IV ID E N D S .
Seven Per Cent Certificates of Indebtedness (W. &
W. RR. Co.) retired_______________________
300
Dividends were paid as follows during the year:
Equipment Trust Bonds retired_______________
450,000
T o P r e f e r r e d S t o c k h o l d e r s 5 p e r c e n t , e q u a l t o ____________________
$ 4 4 ,8 7 7 5 0
Brunswick
&
Western
Income
Bond
retired______
1,000
T o C o m m o n S t o c k h o l d e r s 6 p e r c e n t , e q u a l t o .........................................$ 3 , 1 9 5 , 0 6 0 0 0
Convertible Debenture Bonds converted Into Com
mon Stock____________________________ ..12,726,180
O P E R A T IN G
R E V E N U E S .
------------ 42,995,780
1910.
1909.
Increa se.
%
F r e ig h t
'
- ..$ 2 0 ,8 7 0 ,3 9 7
12 $ 1 8 ,3 2 8 ,1 7 6 31
$ 2 ,5 4 2 ,2 2 0 8 1 1 3 .8 7
Net decrease_____________________________________ $2,141,58
P assen ger
'
'
. .
0 ,7 7 3 ,3 3 2 4 2
5 ,8 4 2 .0 5 9 3 4
9 3 1 ,2 7 3 0 8 1 5 .9 4
E xp ress
.........................
9 6 2 ,5 2 6 0 6
8 2 0 ,3 3 4 8 9
1 4 2 ,1 9 1 17 1 7 .3 3
* $2,030,000 were retired during previous year.
M a ll
’
.
6 0 8 ,3 0 1 1 7
6 0 7 ,3 7 2 9 6
9 2 8 21
0 .1 5
E x c e s s B a g g a g e " . 1 ____
8 4 ,7 9 3 2 0
7 2 ,2 9 5 0 5
1 2 ,4 9 8 1 5 1 7 .2 9
CHANGES IN HOLDINGS OF COMPANY’S OWN SECURITIES IN
M is c e lla n e o u s
. .
. .
5 1 0 ,9 1 7 8 1
4 7 3 ,8 2 6 22
3 7 ,0 9 1 5 9
7 .8 3
ITS TREASURY.
T o t a l ........................................ $ 2 9 , 8 1 0 , 2 6 7 7 8 $ 2 6 , 1 4 4 , 0 0 4 7 7 $ 3 , 0 6 0 , 2 0 3 0 1
1 4 .0 2
First Consolidated Mortgage 4% Gold Bonds:
Drawn from Trustee_______________________ $858,300
O P E R A T IN G
E X P E N S E S A N D
T A X E S .
J. & S. W. Purchase-Money Mortgage 4% Bonds:
1910.
1909.
.
In crea se.
%
Received for Freight Certificates retired_______
167,000
M a in te n a n c e
of
w ay
Certificates of Indebtedness:
$ 3 ,5 6 0 ,7 0 2 5 7
$ 1 9 3 ,4 9 4 2 8
5 .4 3
a n d s t r u c t u r e s ________$ 3 , 7 6 0 , 1 9 0 8 5
Purchased_______________________________
197,525
M a in te n a n c e o f e q u ip
m ent
...............................
4 ,2 7 5 ,9 6 5 8 8
3 ,6 8 1 ,4 5 6 7 5
5 9 4 ,5 0 9 13 1 6 .1 5
Unified Mortgage 4% Gold Bonds:
T r a f f i c e x p e n s e s ..................
4 9 9 ,3 2 3 0 0
4 3 0 ,0 9 2 13
6 9 ,2 3 0 8 7 1 0 .1 0
Drawn from Trustee____________
15,000,000
T r a n s p o r ta tio n e x p e n
Convertible 6-30-Year 4% Gold Debenture Bonds:
ses
. . .
0 ,2 2 7 ,8 3 5 7 2
8 ,5 2 0 ,7 1 3 8 7
7 0 7 ,1 2 1 8 5
8 .3 0
Received In exchange for Certificates of Indebted
G e n e r a l e x p e n s e s ...............
8 5 0 ,8 3 5 8 2
7 4 4 ,3 9 6 0 9
1 0 6 ,4 3 9 7 3 1 4 .3 0
T axes
. . .
1 ,2 0 8 .9 5 9 0 8
1 ,1 1 9 ,5 3 7 8 6
8 9 ,4 2 1 8 2
7 .9 9
ness ............................................................. 2,838,300
------------ $19,061,125
T o t a l .........................................$ 1 9 , 8 2 3 , 1 1 6 9 5 $ 1 8 , 0 6 2 , 8 9 9 2 7 $ 1 , 7 6 0 , 2 1 7 6 8
9 .7 4
First Consolidated Mortgage 4% Gold Bonds sold for
$945,522
50
and
Interest___________________
$1,000,000
F R E IG IIT -T R A IN
M IL E S A N D
L O A D IN G .
J. & S. W. Purchase-Money Mortgage 4% Bonds
retired ________________________________ 2,000,000
Average number of freight cars per train mile decreased
Certificates of Indebtedness retired_____________ 2,838,300
2.G1 per cent.
Unified
Mortgage 4% Gold Bonds sold at 92 net and
Average number of loaded cars per train mile increased
Interest________________________________ 3,011,000
1.63 per cent.
Convertible 6-30-Year 4% Gold Debenture Bonds
Average number of tons per freight train mile increased
sold at 98 net and Interest_________________
500,000
------------ 9,349,300
3.75 per cent.
Loaded freight car mileage increased 10.36 per cent.
Net Increase In securities of the Company In Company’s
Empty freight car mileage decreased 4.07 per cent.
Treasury________
$9,711,825
1390
T H E CH RONICLE
T R A F F IC .
Gross earnings were the largest in the history of your Com
pany. The rate per ton per mile and per passenger per mile
were practically the same as in the previous year.
F r e ig h t—
T on s o f
T on s
fr e ig h t
c a r r ie d
e a r n in g
on e
m ile
reven u e
I n c r e a s e d ___________________________________1 0 . 3 0 %
I n c r e a s e d ___________________________ _____________________ 1 2 . 6 7 %
M i l e a g e o f r e v e n u e f r e i g h t t r a i n s I n c r e a s e d ___________________________________ 8 . 7 3 %
T on s
p er
fr e ig h t
tr a in
m ile
I n c r e a s e d __________________________________________
3 .7 5 %
P a ssen gers:
M u m b e r o f p a s s e n g e r s c a r r ie d
n u m b er
M ile a g e
c a r r ie d
o f
on e
reven u e
m ile
P a s s e n g e r s p e r tr a in
I n c r e a s e d ______________________________________ 1 4 . 7 4 %
I n c r e a s e d ______________________________________________1 6 . 9 9 %
passen ger
t r a in s
i n c r e a s e d - . - ..................... ................... 9 . 4 3 %
m i l e I n c r e a s e d _____________________________________________
O P E R A T IN G
5 .4 1 %
E X P E N S E S .
The very satisfactory net results from the year's business
must be attributed to the economical momentum which car
ried through the first six months to December 31 1909. Since
that date such large increases have been made in wages and
the cost of materials has advanced to such an extent that the
increase in operating expenses in the month of September
1910 has exceeded the increase in gross earnings, so that the
net shows a decrease as compared with September 1909.
The increase in passenger and freight train miles and in
loaded car miles is reflected in the greater expense for repairs
of all classes of equipment:
IN D U S T R IA L .
The increasing number of homeseekers moving to points
on your lines'made it necessary, in the furtherance of the
industrial development of your territory, to appoint an addi
tional Agricultural and Immigration Agent, thus creating
two divisions of this depaftment. One agent will devote
his attention to the States:of Virginia, North Carolina and
South Carolina, while the other will have jurisdiction over
the States of Georgia, Florida and Alabama.
In the course of the year 2,966 settlers (heads of families)
located on your lines in the various States and engaged in
agricultural pursuits, a n d ; 168 factories, mills and other
manufacturing industries yere located at local points on
your lines, j
;
.
■
jjVOL. L X X X X I .
In May 1910 a contract was let for the construction of a
new freight yard at Bennetts (near Charleston), S. C. This
yard will have a capacity of 1,405 cars and should be ready
about November 15 1910.
GENERAL.
Reference was made in the previous year's report to the
steel viaducts at Pee Dee, Santee and Savannah rivers.
The Pee Dee River viaduct was completed in February 1910,
the Santee River viaduct in September 1910 and the Savan
nah River viaduct is now practically complete. The viaducts
in question replace 7,504 feet of wooden trestle at Pee Dee
River, 7,280 feet at Santee River and 12,978 feet at Savan
nah River, a total of 27,762 feet.
Your Company, jointly with the Norfolk & Western Rail
way Company, has undertaken the construction of the Wins
ton-Salem Southbound Railway, extending from WinstonSalem, N. C., to Wadesboro, N. C., a distance of 88 miles.
Construction of this line has been actively in progress during
the year, and it is expected that the line will be ready for
operation about January 1 1911.
In order to properly handle the traffic which it is expected
will seek an outlet over the Winston-Salem Southbound
Railway, contracts were let in September 1909 for revision
of grade and alignment of your line between Wadesboro,
N. C., and Florence, S. C., a distance of about 65 miles, in
cluding the relaying of the line with 85-lb. rail. It is ex
pected to have this work completed about January 1 1911.
Included in the taxes paid during the year is the amount
of 871,845 10 paid to the United States Government under
protest, covering corporation excise tax of one per cent on
net earnings for the calendar year 1909.
In common with practically all the railroads of the coun
try, large increases were made during the year in salaries
and wages of employees. The greater part of the increases
were not effective until the last months of the year, and op
erating expenses for the period covered by this report only
partially reflect the increased cost of operation which will
result therefrom. It is estimated such increases will add at
least 81,250,000 per annum to the operating expenses of
your Company.
D O U B L E T R A C K .
EQUIPMENT REPLACEMENT ACCOUNTS.
The second track from Tar River to Battleboro, N. C., a B a l a n c e t o c r e d i t J u n e 3 0 1 0 0 9 _____________________________________________$ 1 , 4 4 9 , 3 0 9 9 8
distance of 7.22 miles, including a new double-track bridge Credits During the Year:
F r o m O p e r a tin g E x p e n s e s :
over Tar Rivdr, was completed in December 1909.
Depreciation:
During the year work was under way on second track from
F o r lo c o m o t iv e s
_____________________________ ' ___________ . $ 1 3 0 , 4 8 7 6 5
Folkston, Ga.1, to Callahan, Fla., a distance of 21.86 miles,
F o r p a s s e n g e r t r a i n c a r s ____________________________
6 3 ,6 5 8 8 5
including Change Of line at Callahan by which 91 degrees of
F o r f r e i g h t t r a i n c a r s _______________ ____________ _____ 5 3 1 , 0 6 2 8 2
curvature were eliminated iind the distance shortened 619^6
F o r w o r k e q u i p m e n t ______________________ __________
1 1 ,0 9 1 8 1
F o r f l o a t i n g e q u i p m e n t ____________________ J -----------------2 ,8 2 6 2 9
feet. This track was put in operation October 15 1910.
--------------------------- $ 7 4 9 , 0 3 0 4 2
Contracts were let for construction of second track from
F r o m O p e r a tin g E x p e n s e s :
■
Florence, S. C., to north eijd of Pee Dee viaduct, a distance
R enew als, equipm ent destroyed or sold r
of 9.85 miles, and from Ashley Junction, S. C., to Mt. Holly,
F or
6 l o c o m o t i v e s ______ ________________J ________ $ 1 2 , 6 6 3 4 2
S „ £ ., a distance of 13.25! miles. The second track from
F or
4 p a s s e n g e r t r a i n c a r s ___________. . - . v ; . 9 ,5 8 2 6 5
Florence to Pee Dee viaduct was put in operation October 15
F o r 4 5 2 f r e i g h t t r a i n c a r s _______________ __________
2 2 ,3 7 3 8 4
1910, and it is expected that the second track from Ashley
"F or
27 w ork
e q u i p m e n t . . .....................- J ____________
2 ,2 1 2 92
Junction to Jflt. Holly will be ready for operation by No
$ 4 6 ,8 3 2 8 3
:
;
vember 15 1910. .. ...
;
F r o m d e p r e c i a t i o n a c c r u e d p r i o r t o J u n e JO 1 0 0 7 $ 7 0 , 6 8 9 6 6
At the clos& of the yeai* ,there were 93.53 miles of double
F r o m s a l v a g e , fir e I n s u r a n c e a n d f o r e i g n r o a d s , ,
1 1 6 ,4 7 8 3 4
track in operation.
------------------------* - ■ .
3 3 4 .0 0 0 ,8 3
R A IL
R E L A Y IN G
A N D
IN C R E A S E IN
T R A C K S .
S ID E
T R A C K S
A N D
Y A R D
T ota l
There were; laid during year 6.62 miles of additional in
dustrial tracks and 15.68 iniles of side and yard tracks, a
total of 22.3 iniles.
There were! relaid the following:
1 9 8 .9 8 m ll0 s w it h 8 5 -I b . n e w r a il,
“
«*
.0 3
“ :
“
80 “
“
**
.2 4
“ •
“
70 “
1 .1 6
*« .
r e le a s e d r a il.
“
80 “
«»
. •• .0 9
"
"
75 “
2 0 2 .7 5
“ ;
"
70 “
•1
M
6 .4 6
“ '
“
60 “
«•
M
2 7 .2 1
“
"
56 “
••
««
1 3 .2 7
“
"
50 "
n.i *•
“ «n “
“
C r e d it s
to
R e p la c e m e n t
F o r c o s t v a lu e o f e q u ip m e n t r e tir e d
b y
v a lu e a t w h ic h
e q u ip m e n t w a s
00
tr a n s fe rr e d
t o o t h e r c l a s s e s _____________________________ . . . A
_____
2 9 ,7 0 0
69
— — --------------- * 3 6 0 , 4 1 3
31
B a la n c e t o c r e d it o f R e p la c e m e n t A c c o u n t s J u n e 3 0 1 9 1 0 . j .$ 2 ,1 7 2 ,0 1 7
• T h i s a m o u n t Is a c c o u n t e d
D e p r e c ia tio n
p rio r
to
J u ly
D e p r e c ia tio n
s in c e
J u ly
to
o p e r a tin g
fo r
as
1
................
..
1 9 0 7 .............. ............................... _____________ _______
fo r e ig n
90
fo llo w s :
1 1 9 0 7 .....................
S a lv a g e , A re In s u r a n c e a n d
C h arged
21
d cstru c-
t l o n , s a l e o r t r a n s f e r t o a n o t h e r c l a s s . . ________$ 3 9 0 , 1 1 4
L ess
r o a d s -------- ------------- --------------- ---------
e x p e n s e s _________ _________________________________ -
$ 1 7 0 ,6 8 9
66
2 6 ,4 1 2 4 8
1 1 6 ,4 7 8
34
4 6 ,8 3 2
83
$ 3 6 0 ,4 1 3
31
The following table shows the equipment owned and leased
under car trusts on hand at the close of the past eight years:
C O N S T R U C T IO N .
1904.
1903.
Work was actively under way during the year in securing
right of way for a new line from Haines City, Fla., southward
to a point near Lake Hare, a distance of about 46 miles.
This line will open up a fine territory, and the contract for its
construction was awarded in September 1910.
For many years your Company has been using, under a
trackage arrangement, the line of the Seaboard Air Line
Railway between Garysburg Junction, N. C., and Weldon,
N. C., a distance of 2.39 miles. It is, of course, highly de
sirable that your Company should own and control its own
lino between those points, and in February 1910 a contract
was let for the construction of a line between Weldon and
Garysburg, including an elevated structure through the town
ofjWeldon, and a bridge across the Roanoke River with steel
viaduct approaches. The total length of the steel structure
will be 3,688 feet. The line from Roanoke River to Garys
burg, a distance of 2.6 miles, will be double track.
A c c o u n t s ________________ $ 2 , 5 3 2 , 4 3 1
R e p la c e m e n t A c c o u n ts :
••
making a total of 450.19 miles, or 10.75 per cent of your
entire main and branch line mileage.
It will be noted that steady progress has been made in
relaying your lines with heavy rail. At the close of the year
56.23 per cent of the total mileage was laid with rail weighing
70 to 85 lbs. per yard. 20 per cent of the total mileage was
laid with 85-lb. rail.
N E W
C h arges to
L o c o m o t i v e s ______
451
P a s s e n g e r tr a in
cars
..........................
505
F r e ig h t t r a in c a r s 1 3 ,9 7 2
W o r k e q u ip m e n t.
396
1905.
467
506
505
1 4 ,4 3 9
424
523
1 5 ,5 3 0
450
1906.
545
1907.
641
1908,
672
1909.
669
1910.
663
530
564
606
602
605
1 8 ,1 0 8 2 3 ,0 0 0 2 4 ,6 6 8 2 4 ,5 0 8 2 4 ,5 8 1
499
593
600
657
773
There were purchased and put in service during the year
2 combination mail and baggage cars, 6 coaches, 1 officers,
500 box, 75 flat, 25 phosphate, 50 ballast and 2 plow cars
and 1 car barge. In addition, 11 caboose and 3 box cars
were built at the Company’s shops.
At the close of the year orders were outstanding for 25
Idcoinotives, 1,200 box, 125 flat, 100 high-side gondola, 4
express, 4 combination mail and express cars and 6 coaches.
T. M. EMERSON,
II. WALTERS,
P re sid e n t ,
C h airm an,
Nov. 19 1910.1
C O M P A R A T IV E
June
30
1 39 1
THE CHRONICLE
G E N E R A L
B A L A N C E
S H E E T .*
1909.
June
30
1910.
P r o p erty Investm ent —
$ 1 1 9 ,7 7 4 ,0 3 1
2 7 ,1 7 9 ,5 3 2
R o a d a n d E q u ip m e n t:
In v estm en t to Ju n e 30 1907:
R o a d _________________________________
E q u i p m e n t ________________________
58
72
$ 1 4 0 ,9 5 3 ,5 0 4
$ 2 ,8 3 2 ,2 7 4
1 ,3 3 1 ,5 4 0
2 5 9 ,9 3 1
30
$ 4 ,9 6 6 ,1 1 8
1 ,6 7 0 ,2 8 1
2 5 9 ,9 3 1
95
96
50
$ 1 4 6 ,0 5 6 ,S « 2 J 4 7
4 ,4 2 3 ,7 5 1
80
6 ,8 9 6 ,3 3 2
41
$ 1 5 1 ,3 7 7 ,3 1 0
0 ,4 2 7 ,4 0 3
10
00
$ 1 5 3 ,5 5 2 ,9 1 4
7 ,0 7 9 ,5 8 6
88
24
$ 1 4 4 ,9 4 9 ,8 5 3
10
$ 1 4 0 ,4 7 3 ,3 2 8
64
$ 1 4 2 ,4 4 0
06
$ 5 0 ,0 1 6 ,4 4 7
75
$ 8 ,6 5 4 ,0 3 3
49
1 6 ,7 6 6 ,0 7 5
00
2 ,2 2 1 ,4 7 8
6 4 1 ,4 6 2
3 7 1 ,5 8 1
3 8 9 ,2 8 0
6 8 9 ,1 9 1
2 ,0 2 1 ,2 9 1
4 4 ,8 6 1
15
86
42
03
01
95
38
$ 3 1 ,7 9 9 ,2 5 5
29
$ 9 4 ,9 8 8
93
$ 1 3 2 ,4 4 0
00
R eserve
fo r
A ccru ed
D e p r e c ia tio n ,
C r-
T o ta l
S e c u r it ie s :
S e c u r it ie s o f P r o p r ie t a r y , A ffilia t e d a n d C o n tr o lle d C o m p a n ie s — U n p le d g e d :
S t o c k s ________________________________________________________________________________________________________________
O th e r In v e stm e n ts:
M is c e lla n e o u s I n v e s t m e n t s :
P h y s i c a l P r o p e r t y _________
S e c u r i t i e s — P l e d g e d ______
S e c u r it ie s — U n p le d g e d
89
58
77
$ 1 2 9 ,0 4 9
1 ,3 2 9 ,5 2 4
1 9 ,8 0 0
75
72
I n v e s t m e n t s in c e J u n e 3 0 1 9 0 7 :
R o a d ____________________________________
E q u i p m e n t ___________________________
G e n e r a l E x p e n d i t u r e s ___________
30
00
50
$ 3 8 5 ,2 9 5
4 5 ,5 5 4 ,2 2 0
1 ,6 5 8 ,9 5 4
$ 1 1 9 ,4 7 7 ,0 4 9
2 7 ,1 7 9 ,5 3 2
$ 4 7 ,5 9 8 ,4 7 1
24
$ 4 ,0 2 3 ,0 5 4
01
0 ,8 5 1 ,2 5 0
00
79
91
00
1 ,4 7 8 ,3 7 4 7 0
0 5 3 ,0 0 8 0 0
3 7 2 ,9 5 2 40
3 4 0 ,3 4 4 74
7 6 7 ,1 9 8 3 6
1 ,8 5 1 ,5 3 8 12
1 4 ,5 8 4 8 7
$ 1 6 ,3 5 9 ,5 0 6
52
$ 1 2 3 ,8 7 2
39
$ 5 2 3 ,2 7 2
4 5 ,5 5 4 ,2 2 0
3 ,9 3 8 ,9 5 4
W orkin g A ssets —
C ash
_________________________________________
S e c u r it ie s I s s u e d o r A s s u m e d —
H e ld In T r e a s u r y :
F u n d e d D e b t ______________________
M a r k e t a b le S e c u r it ie s :
S t o c k s ________________________________
F u n d e d D e b t ______________________
M i s c e l l a n e o u s ______________________
40
58
77
$ 1 2 9 ,0 4 9
2 ,0 7 5 ,9 2 8
1 6 ,5 0 0
79
36
00
L o a n s a n d B i l l s R e c e ' v a b l e _______________________________________________________
T r a ffic a n d C a r S e r v ic e B a la n c e s d u e fr o m
O th e r C o m p a n ie s ,
N e t B a l a n c e d u e f r o m A g e n t s a n d C o n d u c t o r s ........... ................................
M i s c e l l a n e o u s A c c t s . R e c e i v a b l e _______________________________________________
M a t e r i a l s a n d S u p p l i e s ______________________________________________________________
O t h e r W o r k i n g A s s e t s ........... ........................................................................... ..........................
T ota l
A ccru ed In com e N ot D u e —
$ 5 9 4 ,0 0 7
9 ,3 4 0
In terest,
D e f e r r e d D eb it
A d van ces:
T em porary A dvan ces
W / oo rr k‘ l‘ n g F u n d' s
83
02
$ 6 0 3 ,3 4 8
5 9 1 ,0 0 0
4 ,7 2 9 ,0 1 1
4 8 0 ,3 7 3
June
U n m a tu re d
45
00
18
28
and
R e n ts
R e c e iv a b le -
Item s —
to
P r o p rie ta r y ,
A ffilia t e d
and
C o n tr o lle d
C o m p a n ie s .
$ 1 ,8 8 8 ,5 8 4
9 ,2 4 0
86
62
$ 1 ,8 9 7 ,8 2 5 4 8
5 9 1 ,0 0 0 0 0
1 8 3 ,6 1 1 1 8
4 7 6 ,0 7 0 7 5
S p e c i a l D e p o s i t s ______
C a s h a n d S e c u r it ie s In S i n k i n g a n d R e d e m p t i o n F 'u n d s .
O t h e r D e f e r r e d D e b i t I t e m s ______________________________________________
$ 6 ,4 0 4 ,3 3 2
91
T o t a l _________
$ 2 1 5 ,5 6 8 ,4 7 6
28
G ran d
30
D iv id e n d s
T o ta l
1909.
L IA B IL IT IE S .
June
30
$ 3 ,1 4 8 ,5 0 7
41
$ 2 3 1 ,6 7 4 ,9 6 8
08
1910.
S tock —
C a p it a l S t o c k :
C o m m o n S t o c k ________________________________________________________
C la s s " A ” R i c h m o n d & P e t e r s b u r g R R . C o . S t o c k P r e f e r r e d S t o c k ______________________________________ ________________
$ 4 7 ,5 3 7 ,6 0 0 0 0
1,000,000 00
1 ,5 9 6 ,6 0 0
00
$ 5 0 ,1 3 4 ,2 0 0
00
$ 5 6 ,9 6 4 ,4 0 0
00
1 9 8 ,5 0 0
00
1,000,000 00
T ota l
$ 5 8 ,1 6 2 ,9 0 0 0 0
M ortga ge, B on ded and Secured D ebt —
$ 8 3 ,6 0 5 ,4 5 0
F u n d e d D eb t:
M o r t g a g e B o n d s — H e l d b y C o m p a n y .................................................................................... $ 1 5 , 0 0 2 , 7 5 0 0 0
N o t h e l d b y C o m p a n y ................................................................................................... ................... 8 1 , 0 9 7 , 0 0 0 0 0
00
3 5 ,0 0 0 ,0 0 0 0 0
2 1 ,7 3 5 ,1 0 0
C o l l a t e r a l T r u s t B o n d s — N o t h e l d b y C o m p a n y ________________________________________
_
P l a i n B o n d s , D e b e n t u r e s a n d N o t e s — H e l d b y C o m p a n y ___________________$ 2 , 3 3 8 , 3 2 5 0 0
N o t h e l d b y C o m p a n y ..................... ....................................................................................... .______ 8 , 2 4 1 , 8 9 5 0 0
00
5 6 ,0 0 0 0 0
3 ,5 9 8 ,0 0 0 0 0
I n c o m e B o n d s n o t h e l d b y C o m p a n y _____________________________ _____________________________________
E q u i p m e n t T r u s t O b l i g a t i o n s — N o t h e l d b y C o m p a n y ______________________________________
$ 1 4 4 ,0 5 4 ,5 5 0
00
T ota l
$ 9 6 ,0 9 9 ,7 5 0
3 5 ,0 0 0 .0 0 0
00
00
1 0 ,5 8 0 ,2 2 0 0 0
5 5 ,0 0 0 0 0
3 ,1 4 8 ,0 0 0 0 0
$ 1 4 4 ,8 8 2 ,9 7 0
00
W orkin g L ia bilities —
$ 2 ,9 7 0 ,0 0
3 8 9 ,5 8
1 ,4 2 9 ,7 8
1 9 5 ,6 7
4 5 8 ,3 8
0 00
4 74
8 19
6 53
5 09
$ 5 ,4 4 3 ,4 3 4
L oans
and
B ills
$2,000 00
P a y a b l e ............................................................................ ..................
T r a f f i c a n d C a r S e r v i c e B a l a n c e s d u e "to O t h e r C o m p a n l e s .
A u d lte d V o u ch e r s a n d W a g e s U n p a id
.
M is c e lla n e o u s A c c o u n t s P a y a b le
"
M a tu red
In t e re s t, D iv id e n d s a n d
R e n ts
U n p a l d l .....................
M a tu r e d M o rtg a g e , B o n d e d a n d S e c u re d D e b t U n p a id
O th e r W o r k in g L ia b ilitie s
. . .
55
4 9 1 ,4 6 4 4 2
1 ,9 1 5 ,1 9 3 2 3
2 2 9 ,1 2 2 3 3
4 4 3 ,8 5 4 0 9
22,000 00
T o ta l
2 9 ,3 8 7
51
$ 3 ,1 3 3 ,0 2 1
58
$ 2 ,8 8 3 ,2 0 6
4 9 9 ,7 9 7
07
92
$ 3 ,3 8 3 ,0 6 3
99
A ccru ed L iabilities N ot D u e —
$ 2 ,6 2 8 ,0 8 7
4 9 9 ,7 9 7
42
92
$ 3 ,1 2 8 ,4 8 5
34
U n m a tu r c d I n t e r e s t. D iv id e n d s a n d R e n ts
T a x e s A c c r u e d ___________________________________________
P a y a b le
T ota l
D e erred Credit Item s —
$ 1 ,3 3 8 ,0 5 1
2 2 0 ,4 2 9
38
07
$ 1 ,5 5 8 ,4 8 0
45
O p e r a t i n g R e s e r v e s . . .....................
O th e r D e fe rr e d C r e d it I t e m s ..
T ota l
P r e m iu m s
*
Ih ls
fo rm
1 1 ,2 4 9 ,3 2 5
94
$ 2 1 5 ,5 0 8 ,4 7 6
28
o f
d is tr ib u tio n
$ 1 ,4 0 1 ,0 5 7 13
2 5 8 ,1 5 5 41
C a p it a l S t o c k .
P r o jit and L o ss —
B a l a n c e ______________________________________________
G ran d
o f
ite m s
of
r e a liz e d
on
T ota l
B a la n c e
Sheet
Is t h a t
p re s c rib e d
United Fruit Co.— R ep o rt .— Year ending Sept, 30:
F is c a l
Y ear.
N et
E a rn in g s.
O ther
In com e.
B on d
Interest
C ash . D iv s .
1 9 0 9 - 1 0 ......................... $ 5 , 9 1 2 , 2 9 4
1 0 0 8 - 0 9 .....................
3 ,8 7 1 ,8 3 3
— V . 9 1 . I ). 1 2 0 5 , 8 7 8 .
$ 6 4 0 ,2 8 2
5 1 0 ,8 1 7
$ 2 0 0 ,5 8 3
2 2 0 .7 7 1
$ 1 ,8 7 7 ,4 7 2
1 ,7 0 7 ,0 4 2
(8%).
B a la n ce,
S u rp lu s.
$ 4 ,4 1 4 ,5 2 1
2 ,4 6 0 ,8 3 7
Wells-Fargo & Co. (Express).— N ew O fficers .— William
Sproule, a director and member of the executive committee
of the American Smelting & Refining Co., has been elected
President to succeed the late Dudley Evans and a director
in place of A. K. Vandevcnter. F. D. Underwood has sur
rendered the position of managing director, to which he was
chosen pending the election of a new President, but remains
in the board.— V. 91, p. 1163, 1158, 1098.
by
th e
In te r-S ta te
C om m erce
$ 1 ,6 5 9 ,2 1 2
54
$ 2 ,9 4 9 ,8 4 0
00
$ 1 7 ,5 0 3 ,9 1 9
97
$ 2 3 1 ,6 7 4 ,9 8 4
04
C o m m is s io n .
— Attention is called to a long list of securities advertised
on another page as wanted by C. H. Farnham, 27 State St.,
Boston. Mr. Farnham makes a specialty of all classes of
inactive securities, particularly water company and gas and
electric company bonds and stocks. Inquiries are solicited
from banks, banking houses and investors on such classes of
securities which are for sale and upon which it is desired to
realize.
— Alfred Mestre & Co., 37 Wall St., are offering at »*,
subject to prior sale, a limited number of Wichita Falli
■Northwestern Railway Co. first mortgage 5% gold bonds,
to yield the investor 5.15%. The firm has issued an in*eresting circular describing these bonds.
L'JiJSiai
•'* '**!
1 39 2
THE CHRONICLE
'j p i c
(L o r a m -e m a i
g im je s ,
COMMERCIAL EPITO M E.
F rid a y N ig h t, N ov. 18 1910.
With more seasonable weather, jobbers and retailers have
had a rather better business in general merchandise, but the
tone of the iron and steel trade is not all that could be
desired, and the textile industries rather lag. A favorable
circumstance is the confirmation of big grain crop estimates,
especially of corn.
LARD on the spot has declined, owing to the fall in prices
of live hogs at the West. A further decline in the live-hog
market is expected. Trade in product has been quiet at the
lower quotations. Prime Western 11.15c., Middle Western
11.10c. and City steam 11c. Refined lard has been quiet
and weaker, owing to the depression in the hog market.
Continent 11.75c., South America 12.75c. and Brazil in
kegs 13.75c. The speculation in lard futures here has been
lifeless. At the West the trading has been active with the
general drift of prices downward, owing mainly to an in
creased movement of live hogs at declining prices and de
pression in the corn market, as well as the sluggishness of the
cash trade. Large packers have sold heavily of late.
D A IL Y
N ovem b
Jan u ary
M ay d e
D A IL
er
d e
liv
Y
C L O S IN G
Sat.
P R IC E S
d e l i v e r y ’ ______ 1 1
l i v e r y __________ 1 0
e r y _____________ 1 0
C L O S IN G
P R
O F
L A R D
M on.
.5 0
1 1 .2 5
.7 0
1 0 .0 0
.2 0
1 0 .1 5
IC E S O F
L A
S a t.
M on.
F U T U R E S
T u es.
1
1
1
R
1 .0
0 .0
0 .1
I)
0
0
5
F U T
T u es.
N o v e m b e r d e l i v e r y ______ 1 1 . 2 5
1 1 .1 0
J a n u a r y d e l i v e r y __________ 1 0 . 2 2 X 3
M a y d e l i v e r y _______________ 9 . 7 5
1 0 .2 7 X 3 1 0 .2 2 X 3
9 82X3
9 77X 3
1 1 .0 0
IN
W ed.
1 1 .1 0
1 0 .4 5
1 0 .0 0
U K E S
W ed.
NOW YORK.
F r i.
Th urs.
1 0 .5 0
1 0 .4 5
1 0 .0 0
IN
1 0 .4 5
1 0 .2 5
9 .9 5
CHICAGO.
F r i.
T h urs.
1 0 .8 0
1 0 .8 2 5 -6
1 0 .7 0
1 0 .1 0
9 .6 5
1 0 0 7 >2
9 .0 5
1 0 .0 0
9 .5 5
[Yoii. LXX X XI.
C O T T O N .
F rid a y N igh t, N ovem ber 18 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
413,400 bales, against 375,754 bales last week and 381,530
bales the previous week, making the total receipts since
Sept. 1 1910 3,090,032 bales, against 3,874,070 bales
for the same period of 1909, showing a decrease since Sept. 1
1910 of 184,044 bales.
R eceipts at —
S a t.
M on.
T u es.
W ed .
1 5 ,1 2 1
3 4 ,1 5 5
1 5 ,1 9 6
1 7 ,0 0 0
1 6 ,9 1 1
1 ,6 9 6
_
____
1 2 , 3 14
2 ,9 0 1
______
,3 0 6
1 1 ,6 5 1
1 9 ,5 0 4
T h urs.
1 4 ,7 2 0
G a l v e s t o n _________
P o r t A r t h u r ____
T e x a s C ity , & c . _
N e w O r le a n s ..
.
M o b ile
_____________
P e n s a c o la
--------J a ck s o n v ille , J cc.
Savannah
..
. .
1 3 ,5 3 3
C h a r l e s t o n ________
G e o r g e t o w n ..........
W ilm in g to n . .
.
N o r fo lk
______
.
N ’p ort N ew s, & e.
N e w Y o r k _________
B oston _ .
________
B a lt im o r e
________
P h i l a d e l p h i a ---------
2 ,2 3 3
3 ,4 4 4
4 ,1 9 8
5 ,2 7 9
5 ,4 8 7
5 ,7 8 0
7 ,2 8 8
1 0 .1 5 3
7 ,6 0 9
______
7 ,3 4 1
1 ,1 4 4
______
160
1 3 ,7 8 9
8 ,0 0 0
2 ,7 5 2
______
4 ,4 2 4
4 ,8 6 0
______
170
409
______
—
235
______
—
______
1 9 ,2 5 7
1 ,2 7 4
______
______
1 2 ,6 2 3
______
2 ,5 4 0
______
3 ,4 6 3
5 ,5 7 5
______
______
626
______
—
9 1 ,2 7 3
7 5 .4 0 1
6 0 ,0 8 7
T o t.
fo r
w eek .
1 0 ,5 5 2
5 ,1 5 1
2 ,1 3 4
50
143
—
—
4 4 ,5 6 2
6 2 ,3 7 6
F ri.
Total.
1 5 ,4 1 0 1 0 8 ,1 3 5
1 7 ,1 6 1
161
2 5 ,6 8 8
1 5 ,1 3 6
7 8 ,0 8 5
1 0 ,5 8 1
1 ,6 8 7
1 0 ,8 3 6
________
________
220
686
6 8 ,8 2 6
11 , 2 5 9
8 ,0 0 0
________
1 9 ,4 8 8
4 ,3 1 2
—
—
3 1 ,8 7 9
2 ,7 7 1
3 5 ,5 4 9
4 ,7 3 0
247
247
50
________
2 ,0 7 4
491
6 ,7 6 2
6 ,7 6 2
...............
...............
7 9 ,7 6 7
4 1 3 ,4 6 6
The following shows the week’s total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
last year:
PORK on the spot has declined, owing to larger arrivals
S to ck .
1909.
1010.
of live h >gs at declining prices. Trade has been quiet.
R eceipts to
Mess $19 50, clear $21@$22 50 and family $24. Beef has
This S in ce S ep
This S in ce S ep
N ov. 18 .
1909.
1910.
1 1909.
1 1910.
w eek.
w eek.
been quiet but steady, with supplies light. Mess $15 50@
$10, packet $17®$17 50, family $19 50@$20 and extra India G a l v e s t o n ----------------- 1 0 8 , 1 3 5 1 , 4 4 3 , 1 0 3 1 1 3 , 3 0 3 1 , 3 0 5 , 0 6 3 2 1 3 , 4 3 2 2 3 9 , 5 5 1
_ _
__________
__________
5 8 ,3 2 5
3 9 ,0 1 7
1 7 .1 0 1
mess $30 50. Cut meats have been somewhat easier; sales P o r t A r t h u r ______
_________
__________
1 8 ,3 8 8
have latterly increased slightly. Pickled hams, regular, TN eexwa s Oc ri lt ey a, n &s . .c . .. 72 58 ,, 60 88 85 41 20 77 ,, 05 91 99 4 72 ,, 24 66 62 5 0 2 , 2 3 9 1 3 6 , 9 4 6 2 1 2 , 8 4 8
723
______
7 ,9 8 1
ll% @ 1 3 J ^ c.; pickled bellies, clear, lG@19c. and pickled G u l f p o r t -----------------4 5 ,9 9 1
5 1 ,6 7 2
1 2 4 ,2 3 8
8 ,9 8 3
1 0 0 ,3 5 3
1 0 ,8 3 6
ribs 15(a 17c. Tallow has been quiet and steady; City 8c. MP eonb si lae c o l _____________
—
5
5
,
4
1
5
1
7
,
7
2
2
a ----------------..................
1 6 ,8 1 4
3 ,1 7 0
7 ,9 5 2
Stearines have been quiet, with slight changes in quotations;
"6 8 6
1 7 2 ,8 4 6
1 9 0 ,1 5 3
9 5 0 ,6 6 4
4 3 ,2 0 2
7 4 0 ,1 8 0
6 8 ,8 2 6
oleo 10*^@10%c. and lard 13c. Butter has been quiet and
1 9 ,7 1 3
3 ,0 4 6
1
6
3
,
7
1
4
1
4
,
6
5
0
8 7 ,8 4 1
8 ,0 0 0
3 4 ,3 9 8
4 9 ,4 3 6
easier; creamery extras 313^c. Cheese quiet and steady; C h a r l e s t o n --------------- 1 9 , 4 8 8 1 6 5 , 0 5 9 0 , 7 5 6 1 5 4 , 1 6 1
549
25
386
G
e
o
r
g
e
t
o
w
n
--------State, whole milk, colored,large or small, Sept, fancy 15^£c.
1 1 ,1 2 6
4 8 ,2 0 2
2 2 7 ,1 6 2
2 4 3 ,9 4 8
1 1 ,8 5 1
3 1 ,8 7 9
3 2 ,0 9 3
3 0 ,7 9 0
Eggs dull but firmer; supplies light; Western firsts 31@35c.
2 7 6 ,7 4 4
2 4 8 ,2 0 7
1 9 ,3 4 0
3 5 ,5 4 9
N o r f o l k ----------------------1
,
9
4
0
4
,
9
9
2
2
4
7
1
,
5
7
2
OIL.— Linseed has been quiet but firm on the strength of N ’ p o r t N e w s , & c _
1 2 6 ,0 3 9
1 4 2 ,3 3 9
1 ,5 3 4
1 ,3 4 5
187
50
2 ,1 3 4
the market for the raw material. City, raw, American seed,
825
1 ,2 9 7
3 ,2 5 5
4 ,5 6 7
2 ,0 7 4
1 3 ,8 0 5
1 9 ,5 3 0
2 1 ,5 9 4
3 ,8 5 5
3 4 ,8 5 4
97@98c.; boiled, 98®99c., arid Calcutta, raw, $1 03. Lard B a l t i m o r e _________ 6 1 7 6 2
7 ,2 7 0
4 ,2 1 6
552
P h i l a d e l p h i a ______
..............
..................
...............
has been quiet but steady; supplies continue light; prime
9 3 5 ,9 5 0
8 7 3 .2 8 0
T o t a l ........................... 4 1 3 , 4 0 6 3 . 6 9 0 , 0 3 2 2 7 8 , 2 9 3 3 , 8 7 4 , 0 7 6
$1 05@$1 15; No. 1 extra G5@70c. Cocoanut has been
nominally firm. Olive quiet and firm at 90@95c. Corn in
In order that comparison may be made with other years,
good demand and firm at 7 @ 7 .05c. Cod firm and moderately
we give below the totals at leading ports for six seasons:
active; domestic 42@44c. and Newfoundland 45@47c.
COFFEE on the spot has advanced, with trade active.
1905.
1900.
1908.
1907.
1909.
1910.
Rio No. 7 \2 % c . and Santos No. 4 1 3 M @ 1 3 ^ c. Country R eceipts at—
1
2 1 ,7 4 1
9
5
,
6
0
9
1
4
9
,
1
7
3
1
0
4
,
4
4
2
1
1
3
,
3
0
3
1 0 8 ,1 3 5
roasters have been leading buyers of Santos grades. Sup
7 ,1 2 8
8 ,9 1 9
6 ,8 7 9
2 ,4 0 2
2 ,8 4 9
4 2 ,8 4 9
plies here are concentrated in strong hands and according
1 0 3 ,7 2 6
4 7 ,2 6 0
8 6 ,7 5 4
8 5 ,1 7 4
1 0 0 ,0 1 4
7 8 ,0 8 5
8 ,9 8 3
1 5 ,1 7 4
1 9 ,5 0 4
1 9 ,5 5 2
1 3 ,0 3 2
1 0 ,8 3 6
to Brazilian cables similar conditions obtain in the primary
4 3 ,2 0 2
6 4 ,3 0 3
7 0 ,1 0 7
0 8 ,7 0 7
5 6 ,0 4 9
6 8 ,8 2 6
markets of that country. West India growths have been
9 ,3 8 6
1 4 ,6 5 0
5 ,0 7 5
7 ,3 8 9
5 ,6 4 1
8 ,0 0 0
5 ,3 1 8
6 ,7 8 1
more active and firmer; fair to good Cutyita 13^>@13% c. C h a r l e s t o n , & c
8 ,3 0 0
1 0 ,5 9 9
5 ,5 6 0
1 9 ,4 8 8
1 5 ,8 7 8
1 1 ,8 5 1
1 5 ,0 1 8
1 4 ,5 4 8
2 1 ,1 8 4
3
1
,
8
7
9
The speculation in future contracts here has been more
3 3 ,0 2 1
1 9 .3 4 6
2 0 ,9 2 2
2 7 ,4 7 5
2 6 ,5 5 8
3 5 ,5 4 9
709
active than for many months past, the transactions on most
708
1 ,9 4 0
218
243
247
8 ,6 0 1
8
,
5
0
9
1
5
,
5
5
5
1
6
,
4
2
5
9
,
5
9
9
9
,
5
7
2
A
l
l
o
t
h
e
r
s
______
days being well above 100,000 bags, and prices have risen
sharply. The principal factors in the rise have been un T o t a l t l i l s w k . 4 1 3 . 4 6 6 2 7 8 , 2 9 3 4 0 2 , 7 0 9 3 5 1 , 1 4 5 4 1 0 , 6 2 3 3 8 5 , 0 4 5
favorable crop reports from Brazil, the strength of the spot
3 ,8 7 4 ,0 7 6 3 ,9 5 4 ,8 3 2 2 ,9 0 0 ,6 6 5 3 ,8 7 4 ,3 5 9 3 ,7 1 3 ,5 9 3
situation and a material advance in all of the foreign markets. S i n c e S e p t . 1 . 3 , 6 9 0 , 0 3 2
Closing prices were as follows:
The exports for the week ending this evening reach a total
--------------------------- 1 0 . 0 3 c .
N o v e m b e r _________ 9 . 9 5 c . M a r c h _________________ 9 . 9 9 c . | J u l y
of 254,807 bales, of which 145,113 were to Great Britain,
D e c e m b e r ___________9 . 9 5 c .
A p r i l _________________1 0 . 0 0 c . I A u g u s t ............................ 1 0 . 0 0 c .
27,077' to France and 82,077 to the rest of the Continent.
Jan u ary
.................... 9 . 9 5 c . M a y
________ _________1 0 . 0 2 c . S e p t e m b e r ................1 0 . 0 1 c .
F e b r u a r y ____________ 9 . 9 8 c .
J u n e . ............................... 1 0 . 0 2 c . |O c t o b e r
---------------------- 9 . 9 5 c .
Below are the exports for the week and since Sept. 1 1910.
SUGAR.— Raw has been in fair demand and firmer.
Centrifugal, 90-degrees test, 3.90c.; muscovado, 89-degrees
Week ending Nov. 1 8 1 9 1 0 . From Sept. 1 1 9 1 0 to Nov. 1 8 1 9 1 0 .
Exported to—
test, 3.40c., and molasses, 89-degrees test, 3.15c. Refined
Exported to—
Exports
has been quiet and steady. Granulated 4.00c. Teas have
Conti
Great I
i Great I
| Contlfrom .— •
nent.
Britain. 'France
ruled firm with a fair distributing demand. Spices quiet
Brltaln.'Fr’ncc nent.
and steady. Wool dull and steady. Hops quiet with choice
3 0 1 , 1 1 0 1 ,0 1 9 ,7 7 1
4 9 9 ,7 8 8 1 5 5 ,8 0 7
1 1, 0 10 5 2 ,9 0 5
5 ,8 5 1
3 6 ,0 4 4
G a lv e s to n . _
14 ,5 71 2
3 4 ,7 5 3
5 8 ,3 2 5
9 ,0 0 0
grades firm.
1 7 ,1 6 1
1 1 ,0 0 0
6 ,1 6 1
P ort A rth u r.
___
2 ,1 4 3
9 0 ,3 9 1
9 2 ,5 3 4
2 4 ,5 2 4
PETROLEUM.— Refined has been steady and moderately T e x a s C i t y , A
7 4 ,6 9 7
1 9 4 ,7 1 7 2 5 ,1 8 0
2 9 4 ,5 9 4
1 8 ,9 6 5 7 1 ,4 2 2
4 2 .1 7 1 1 0 .2 8 0
N e w O r le a n s
active for domestic and foreign account.' Barrels 7.40c., M o b i l e .............
6 ,1 0 5
0 ,1 9 9
2 3 ,9 0 5
4 ,0 4 9
1 1 ,6 0 1
250
3 700
9 ,2 0 7
3 ,9 6 3
4 ,0 5 2
1 7 ,8 2 2
__
............. |
bulk 3.90c. and cases 8.90c. Gasoline has been firm and in I l e n s a c o l a . .
—
good demand; 80 degrees in 100-gallon drums 18Mc.; drums SF ae rv na an nn da Ihn a. .
1 2 5 ,3 5 1 3 9 , 8 7 i
3 0 8 ,7 7 2
5’ , 5 0 0 18", 8 5 7
1 4 4 ,5 5 0
1 3 ,3 5 1
__ _ 37.120 6 0 , 9 7 4
2 9 ,8 4 8
1 0 ,1 0 8 2 1 ,9 0 8
$8 50 extra. Naphtha has been steady, with trade fairly B r u n s w i c k . .
1 1 ,8 0 0
6 ,0 0 0
6 5 ,1 0 0
9 ,9 0 0
4 9 ,2 0 0
active; 73@,70 degrees in 100-gallon drums 10%c.; drums C h a r l e s t o n _____I
1 8 ,1 4 4
0 9 ,2 8 8
1 8 7 ,4 2 6
1 4 ,5 7 7
1 0 ,7 4 9
1 0 7 ,3 8 9
3 ,5 6 7
W i l m i n g t o n ____I
4 ,6 5 0
5
4 ,8 4 5
4 ,9 0 0
$8 50 extra. Spirits of turpentine 79H @ 80c. Rosin has N o r f o l k ________ I 4 , 0 4 5
61
N ew port N ew s
been quiet and easier; common to good strained $0 10.
2 8 2 ,1 2 7
1 3 ,7 5 5
8 4 ,2 5 2
5 ,5 1 0
1 5 2 ,9 0 1
4 4 ,9 1 4
'9 6 2
N e w Y o r k _____
7 ,2 7 4
TOBACCO.— Prices for domestic leaf have ruled firm, B o s t o n ................ 1 , 5 0 5
3 8 ,1 7 1
1 ,5 0 5
2 ,7 6 3
3 5 ,4 0 8
3 8 ,3 1 9
2 ,0 6 0
2 ,9 1 0
7 ,3 9 8
2 8 .1 2 1
2 ,8 0 0
25 C
with trade moderately active. Cigar manufacturers in most B a l t i m o r e -------2 1 ,3 4 0
1 ,4 0 0
1 9 ,9 4 6
P h ila d e lp h ia . .
sections are active arid are generally carrying light reserve P o r t l a n d . M e . .
"12", 3 7 2
1 2 ,3 7 2
: : : : : :
: : : : :
: : : :
supplies of leaf. Sumatra and Havana infairdemand andfirm. S a n F r a n c i s c o .
1 1 ,5 0 1
3 ,0 1 7
3 ,0 1 7
1 1 ,5 6 1
COPPER has been steady. Some good sales have latterly ST eaactot lme a ................
1 ,7 5 7
1 ,7 5 7
................
400
400
been reported for December and January shipment to domes I’ o r t t a n d , O r e . I
—
...... III" ................ .............
tic consumers. Export trade has been extremely dull, as P e m b i n a .............
-prices in this country are as high as those obtaining in D e t r o i t ...................
j T o t a l ................1 4 5 . 1 1 3 2 7 , 0 7 7 , 8 2 , 0 7 7 2 5 4 , 8 0 7 1 , 2 0 4 . 7 4 9 3 1 3 . 9 2 1 9 6 7 , 5 1 2 2 , 5 4 6 , 1 8 2
Europe. Lake I2 ^ c ., electrolytic 12%@12.S0c. and c a s t-|
ing 12 J^@12.60c. Lead quiet and steady at 4.40@4.50c. T o t a l 1 9 0 9 _____ 1 8 7 , 7 4 3 3 8 , 2 1 7 1 0 1 , 7 1 3 2 2 7 , 0 7 3 1 , 0 5 3 , 5 0 9 4 9 9 , 0 3 0 1 , 1 2 4 . 8 0 9 2 . 6 7 7 , 9 4 8
Spelter quiet at 5.85®5.95c. Tin has been in moderate
In addition to above exports, our telegrams to-night also
demand and firm; spot 3GJ^
Iron less active in the East,
though some fair-sized contracts have been placed in the <dve us the following amounts of cotton on shipboard, not
West. No. 1 Northern $15 75@$IG 25; No. 2 Southern cleared, at the ports named. We add similar figures for
$15 25@$157o. Finished material active and generally firm. New York.
Nov.
On Shipboard, Not Cleared for—
at— Great
heaving
Ger Other Coast
Britain. France many. Foreign wise. Total. Stock.
18
6 ,6 6 0
1 7 ,9 2 3
1 ,9 0 0
1 ,0 0 0
4 7 ,9 8 6
2 4 ,3 0 0
5 6 ,7 8 7
2 2 ,9 1 7 3 0 1 ,7 9 7
3 8 ,2 3 9 2 2 5 ,8 1 8
2 7 ,2 2 6 4 2 2 ,9 5 0
5 7 1 ,4 8 3
7 1 0 ,1 3 2
0 4 5 ,0 4 6
1 ,0 0 0
1 0,000
1 ,5 0 0
""5 0 0
2 3 ,0 0 0
T o ta l 1 9 1 0 ..
T o t a l 1 9 0 9 ..
T o ta l 1 9 0 8 ..
8 8 ,6 9 0
6 7 ,4 7 9
1 5 4 ,1 9 3
3 1 ,8 3 7
2 4 ,6 3 3
6 0 ,7 7 0
1 1 0 ,3 6 7
7 1 ,1 6 7
1 2 3 ,9 7 4
3~,666 Y.500
9 5 ,5 5 0
7 4 ,7 5 9
1 3 8 ,7 4 6
3 7 ,4 3 6
3 6 ,7 3 3
1 2 ,4 0 1
1 3 5 ,5 3 9
4 0 ,3 1 9
1 3 ,0 2 1
3 1 ,1 6 5
2 1,0 00
1 5 ,2 4 7
4 1 ,1 9 3
9 .0 0 0
7 .0 0 0
3 ,2 5 0
2 ,3 6 4
4 1 ,3 9 6
1 3 8 ,6 7 3
3 4 ,1 0 0
1 2 ,0 0 0
1 4 ,9 3 9
300
1 8 ,3 8 9
1 8 ,3 8 9
0 ,8 0 0
3 5 ,5 0 0
6 ,1 6 1
4 6 ,6 8 1
N e w O r le a n s . .
G a l v e s t o n --------S a v a n n a h --------C h a r l e s t o n --------M o b ile
____
N o r f o l k _________
N ew
Y o r k ______
O t h e r p o r t s ____
317
1 ,7 1 1
1 ,2 0 0
1 ,0 0 0
4 ,0 0 0
9 ,0 2 5
Y.soo
Speculation in cotton for future delivery has been rather
quiet and prices have declined. The decline was mainly
owing to some increase in the movement of the crop, an ex
pectation of rather large ginning figures in the Census reportrto be published next Monday, and steady liquidation
for both domestic and foreign account. Also, there has been
persistent selling by large spot interests, some hedge selling
by the South and not a little aggressive selling for the short
account. The frequent and rather wide fluctuations in the
last six weeks have had a tendency to drive the general pub
lic from the speculation, and to all appearance it has been
merely a trading market, even with large operators, who have
apparently bought on declines and sold on the rallies. There
is a firmly rooted opinion in some usually well informed
quarters that the crop is being under-estimated by the bulls,
and persistent guesses are heard of 13,000,000 bales. Fur
thermore, cotton goods have been comparatively quiet, and
•there is talk to the effect that possibly a curtailment move
ment may be started both at the South and in New England.
Liverpool’s spot sales have fallen ofT noticeably, and in parts
of the South spot quotations have shown weakness. Stop
orders have been encountered on the decline. Stocks at
the South are increasing and the supply at New York has
augmented rather rapidly during the present month, the
increase being approximately 33,000 bales. Domestic spin
ners have apparently been buying on only a moderate scale,
the erratic and frequent fluctuations in the quotations for
the raw material, to say nothing of the sluggishness of many
descriptions of cotton goods, leading many of the mills to
practically hold aloof from the market. Many experienced
people in the trade profess themselves nonplussed by the
present situation, and are doing little or nothing pending
further developments. The most debatable point, as usual,
is the size of the crop. With estimates running anywhere
from 11,300,000 to 13,000,000 bales, the feeling is un
settled on this point, and the Government estimate of
the crop will not appear until Friday, Dec. 9. Mean
time, it is a narrow market so far as the size of the
trading is concerned, though fluctuations of 20 points in a
day are not infrequent.
Meantime Manchester is reported
active and strong, and it is even asserted in some Liverpool
dispatches that Lancashire is on the eve of another boom in
trade. Estimates of the East India crop have recently
been reduced. Silver has advanced noticeably in the last
few months. Though not active on this side of the water,
cotton goods have been in the main reported pretty steady.
It is said that European spinners have been endeavoring to
secure a considerable block of cotton in New York. The
recent freezes at the South are said to have done consider
able damage. Believers in higher prices claim that the
recent increase in the receipts is not indicative of a crop of
anything like the size which their opponents claim it to be.
The Continent has been buying in Liverpool and on declines
certain of the spot interests here have been purchasers.
Spinners have bought futures to some extent. In the main
the feeling, however, has been unsettled, with a general dis
position to await further developments. To-day prices
declined early, chiefly on large receipts, selling by spot inter
ests and hedge selling, rallied and advanced on bull sup
port, strength and activity at Manchester, bull support and
covering, then receded under bearish pressure and liqui
dation. Spot cotton here has been quiet. Middling up
lands closed at 14.50c., a decline for the week of 30 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 12 to Nov. 1 8 — •
S a t.
Mon. Tucs. Weil. Tliurs. Frl.
u p l a n d s ____________________ 1 4 . 8 0
M id d lin g
i4 .6 5
1 4 .5 5
1 4 .0 0
1 4 .5 0
1 4 .5 0
NEW Y ORK QUOTATIONS FOR 32 YEARS.
The quotations on middling upland at New York on
Nov. 18 for each of the past 32 years have been as follows:
1 9 1 0 .c . . .
1 9 0 9 ________
1 9 0 8 ________
1 9 0 7 ________
1 9 0 0 ________
1 9 0 5 ________
1 9 0 4 ________
1 9 0 3 ________
..1 4 .5 0
..1 4 .8 0
. .
9 .5 5
_ _ 1 0 .8 0
. . 11.00
..1 1 .1 5
. . 10.00
..1 1 .3 5
1 9 0 2 .c ._
.
1 9 0 1 ___________
1 9 0 0 ________
1 8 9 9 ...
1 8 9 8 ______
1 8 9 7 ______
1 8 9 0 ___________
1 8 9 5 _________
8 .3 5
8 .0 0
9 .9 4
7 .5 6
7 .6 9
8 .4 4
1 8 9 4 .C .
1 8 9 3 ...
1 8 9 2 ...
1 8 9 1 ...
1 8 9 0 ...
1889 . .
1 8 8 8 ...
1887 . .
.
_
5 .6 2
. 8 .0 6
______ 9 . 2 5
______8 . 0 6
______9 . 6 2
______1 0 . 2 5
______ 1 0 . 0 0
______1 0 . 3 8
1
1
1
1
1
1
1
1
8
8
8
8
8
8
8
8
8 6 .c .
8 5 ...
8 4 ...
8 3 ...
8 2 ...
8 1 ...
8 0 ...
7 9 ...
______ 9 . 1 9
______ 9 . 4 4
______ 1 0 . 3 1
______ 1 0 . 4 4
______ 1 0 . 5 6
______ 1 1 . 0 4
______ 1 1 . 0 0
______ 1 2 . 2 5
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
.
.
Q
S a tu rd a y .
M o n d a y ____ Q
Q
T u esd ay
W edn esday Q
Q
T h u rsday
F r id a y
Q
....
T ota l
u ie
u ie t
u ie t
u ie t
u ie t
u ie
---- -. ----------------
t
15 p ts d e c
10 p ts d e c
5 p ts a d v
10 p ts d e c
t ____________________
..
1393
TH E CH RONICLE
Xov. 19 1910.
Futures
Market
Closed.
Q u ie t
_________
B a r e ly s te a d y
E a s y ___________
F i r m ___________
V ery stea d y .
S t e a d y __________
Sales of Spot and Contract.
Con- Con
Spot. sum'n. tract. Total.
2 ,6 7 1
—-
2 ,6 7 1
1 ,1 6 6
1 ,1 0 0
40
—
2 ,7 1 1
40
—
i
___
,1 6 6
1 ,1 0 0
2 .2 0 0
4 ,9 1 1
FUTURES.— The highest, lowest and closing prices at
New York the past week have been as follows:
>U
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tU
£*■
to
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toC
toOC
toO to
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4^
4^ 4k
4k 4k
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to
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to
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COto
Clto
-4
© I© 1© I© I© I® I© I® J^@ |© |©
4*.4k
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4k4k 4k4k
to to
COO
Ct Cl
Cl Cl
C
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|® |® |® |®
4k4k 4k4k 4k4k 4k
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tat:
II
IS
IS I I
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© |© |© I © I© I© I® I® |©
4k 4k
IS I r; ||
is
THE VISIBLE SUPPLY OF COTTON to-night, as
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week’s returns, and
consequently all foreign figures are brought down to Thurs
day evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
November
S tock
S tock
S tock
S
S
S
S
S
S
S
18—
1910.
a t L i v e r p o o l _____________ b a l e s .
5 7 5 ,0 0 0
a t L o n d o n ___________________________
3 ,0 0 0
2 6 ,0 0 0
a t M a n c h e s t e r _____________________
T o t a l G r e a t B r i t a i n s t o c k ..............
t o c k a t H a m b u r g _____________________
t o c k a t B r e m e n _______________________
t o c k a t H a v r e __________________________
t o c k a t M a r s e i l l e s ______________
t o c k a t B a r c e l o n a ___________________
t o c k a t G e n o a __________________________
t o c k a t T r i e s t e __________________________
6 0 4 ,0 0 0
5 ,0 0 0
1 3 6 ,0 0 0
1 2 2 ,0 0 0
2 ,0 0 0
6 ,0 0 0
3 8 ,0 0 0
__________
T o t a l C o n t i n e n t a l s t o c k s __________
3 0 9 ,0 0 0
T o t a l E u r o p e a n s t o c k s .....................
I n d i a c o t t o n a f l o a t l o r E u r o p e ____
A m c r . c o t t o n a flo a t lo r E u r o p e ..
E g y p t ,B r a z il,& c .,a flt .fo r E u r o p e .
S t o c k I n A l e x a n d r i a , E g y p t ________
S t o c k i n B o m b a y , I n d i a _____________
S t o c k I n U . S . p o r t s . _________________
S t o c k i n U . S . i n t e r i o r t o w n s ______
U . S . e x p o r t s t o - d a y ___________________
9 1 3 ,0 0 0
9 0 ,0 0 0
8 2 4 . 8 '8
1 0 1 ,0 0 0
2 1 3 ,0 0 0
1 5 5 ,0 0 0
8 7 3 ,2 8 0
6 5 9 ,2 4 3
4 2 ,6 4 3
1909.
8 5 7 ,0 0 0
8 ,0 0 0
5 3 ,0 0 0
1908.
4 8 4 ,0 0 0
1 3 ,0 0 0
3 5 ,0 0 0
1907.
6 4 4 ,0 0 0
2 0 ,0 0 0
4 4 ,0 0 0
9 1 8 ,0 0 0
6 ,0 0 0
2 1 0 ,0 0 0
3 1 3 ,0 0 0
2 ,0 0 0
8 ,0 0 0
3 5 ,0 0 0
1 ,0 0 0
5 3 2 ,0 0 0
1 8 ,0 0 0
2 6 6 ,0 0 0
1 5 6 ,0 0 0
4 ,0 0 0
1 5 ,0 0 0
2 1 ,0 0 0
6 .0 0 0
7 0 8 ,0 0 0
1 6 ,0 0 0
1 2 8 ,0 0 0
1 2 0 ,0 0 0
3 ,0 0 0
1 2 ,0 0 0
1 4 ,0 0 0
2 8 ,0 0 0
5 7 5 ,0 0 0
4 8 6 ,0 0 0
3 2 1 .0 0 0
1 ,4 9 3 ,0 0 0 1 ,0 1 8 ,0 0 0 1 ,0 2 9 ,0 0 0
5 8 ,0 0 0
4 5 ,0 0 0
4 9 ,0 0 0
8 3 1 ,6 9 7
8 8 2 ,2 1 2
8 4 4 ,1 6 9
7 1 ,0 0 0
5 5 ,0 0 0
7 6 ,0 0 0
1 7 3 ,0 0 0
1 9 2 ,0 0 0
1 6 7 ,0 0 0
1 7 4 ,0 0 0
9 5 ,0 0 0
2 8 3 ,0 0 0
9 3 5 ,9 5 0 1 ,0 6 7 ,9 9 6
8 2 3 ,1 2 6
6 6 3 ,7 0 4
7 8 4 ,7 9 7
4 6 5 ,4 4 0
2 6 ,1 0 6
2 9 ,8 2 3
4 6 ,2 9 6
T o t a l v i s i b l e s u p p l y _________________3 , 8 7 1 , 9 7 4 4 , 4 2 6 , 4 5 7 4 , 1 6 9 , 8 2 8 3 , 7 8 3 . 0 3 1
O f th e a b o v e , t o ta ls o f A m e r ic a n a n d o th e r d e s c r ip t io n s a r e a s fo llo w s :
American—
4 9 1 ,0 0 0
1 9 .0 0 0
2 8 6 ,0 0 0
8 2 4 ,8 0 8
8 7 3 ,2 8 0
6 5 4 ,2 4 3
4 2 ,6 4 3
7 7 1 ,0 0 0
4 2 ,0 0 0
5 5 1 ,0 0 0
8 3 1 ,6 9 7
9 3 5 .9 5 0
6 6 3 ,7 0 4
2 8 ,1 0 6
3 8 1 ,0 0 0
2 8 ,0 0 0
4 3 8 ,0 0 0
8 8 2 ,2 1 2
1 ,0 6 7 ,9 9 6
7 8 4 ,7 9 7
2 9 ,8 2 3
T o t a l A m e r i c a n , ____________________ 3 , 1 9 5 , 9 7 4
3 ,8 2 1 ,5 5 7
3 ,6 1 1 ,8 2 8
2 ,9 9 0 .0 3 1
86,000
8 ,0 0 0
1 1,0 00
1 0 7 ,0 0 0
2 1 3 ,0 0 0
1 5 5 ,0 0 0
2 4 ,0 0 0
5 8 ,0 0 0
7 1 ,0 0 0
1 7 3 ,0 0 0
1 7 4 ,0 0 0
1 0 3 ,0 0 0
1 3 ,0 0 0
7 ,0 0 0
4 8 ,0 0 0
4 5 ,0 0 0
5 5 ,0 0 0
1 9 2 ,0 0 0
9 5 ,0 0 0
T o t a l E a s t I n d i a , & c _______________
6 7 6 ,0 0 0
T o t a l A m e r i c a n ______________________ 3 , 1 9 5 , 9 7 4
6 0 5 ,0 0 0
3 ,8 2 1 ,4 5 7
5 5 8 ,0 0 0
3 ,6 1 1 ,8 2 8
7 9 3 ,0 0 0
2 ,9 9 0 ,0 3 1
T o t a l v i s i b l e s u p p l y ________________ 3 , 8 7 1 , 9 7 4
4 ,4 2 6 ,4 5 7
4 ,1 6 9 ,8 2 8
3 ,7 8 3 ,0 3 1
5 .0 7 d .
9 .5 0 c .
9 M d .
8 .0 0 d .
1 3 -1 6 d .
ll-1 6 d .
6 .0 0 d .
1 1 .20c .
10H d.
1 2 .0 0 d .
L i v e r p o o l s t o c k __________________ b a l e s .
M a n c h e s t e r s t o c k ________________________.
C o n t i n e n t a l s t o c k _______________________ .
A m e r i c a n a f l o a t f o r E u r o p e . ____.
T J . S . p o r t s t o c k s . ____________________ .
U . S . I n t e r i o r s t o c k s __________________ .
U . S . e x p o r t s t o - d a y __________________ .
Fast Indian, Brazil, &c.—
.
L i v e r p o o l s t o c k ........................................ —
L on d on
s t o c k _____________________________ ,
M a n c h e s t e r s t o c k -----------------------------C o n t i n e n t a l s t o c k ................. ......... ................
I n d i a a f l o a t f o r E u r o p e _______________
E g y p t , B r a z i l , & c . , a f l o a t -----------------S t o c k I n A l e x a n d r i a , E g y p t -----------S t o c k I n B o m b a y , I n d i a --------------------
8 4 ,0 0 0
3 ,0 0 0
7 ,0 0 0
2 3 ,0 0 0
9 0 ,0 0 0
101 ,00 0
7 ,8 5 d .
M i d d l i n g U p l a n d , L i v e r p o o l _______
1 4 .5 0 c .
M i d d l i n g U p l a n d , N e w Y o r k ______
E g y p t , G o o d B r o w n , L l v e r p o o . . 11 1 5 1 6 i l .
1 0 .7 5 d .
P e r u v ia n , R o u g h G o o d , L iv e r p o o l
B ro a ch . F in e , L iv e r p o o l
T l n n e v c l l y , G o o d , L i v e r p o o l ______ 7 9 - 1 6 d .
;
______ .
7%d.
7 .7 2 d .
1 4 .8 0 c .
12q d .
9 .2 5 d .
7
d .
6 1 5 -1 6 d .
'A
4
4
5 3 7 ,0 0
3 5 ,0 0
3 9 ,0 0
4 4 ,1 6
2 3 ,1 2
6 5 ,4 4
4 6 ,2 9
2
8
8
4
0
0
9
6
0
6
2 0 ,0 00
9 ,0
8 2 ,0
4 9 ,0
7 6 ,0
1 6 7 ,0
2 8 3 ,0
0
0
0
0
0
0
0
0
0
0
0
0
%d.
5
5 5 -1 6 d .
Continental imports for the past week have been 147,000
bales.
The above figures for 1910 show an increase over last week
of 329,180 bales, a loss of 554,483 bales from 1909, a
decrease of 297,854 bales from 1908, and a gain of 88,943
bales over 1907.
TH E C H R O N IC L E
1394:
AT T H E IN T E R IO R TO W N S the m ovem ent— th at is,
the receipts for the w eek and since Sept. 1, the shipm ents
for the w eek and the stocks to-night, and the sam e item s for
the corresponding period for the previous year— is set out
in detail below .
O '^tOOrl'OJQTl'M oOCOHOrfOOOHiOcCM iOiOOOW fOtD'^H tOtOO
O iO O oO ^C'lO^CSOM OOHiOOJOO^M O^OOOOOiO^CM f'JOJOOiO
ij »’ •
tQ*'
M lO r j rn CO M lO CO h CO M O lO H h OC 1.0 O H Oi O M iO H iO O OOlO O lO b* b* SO
C H D O C 5 H M .O M C 5
CO C5 iC 00 O r
<c o-tos -
HOOOOCaOOar-OOCviTfTfTfcOCOcOiOCvj
1OC Tf C\1 CO
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00 >0
oo WOUO OON CO rH 05 O N rP 05
C>1 lO tH
r-4 CM»0
Is*
CM
CO
OH
ocM coT-Hr^iocor^oioco^fOioooc'jiooor^or-rHCvjeoiOrHoscooccoorHTP
lO Tf^O iO O H cO H h.H O oO O f'lM C 'lh-M O JH rH O O O ^C O O O O JO O cO
OOCO^rHO^OtDM«DrfMai005oOiOcOCOOOO^CO^HN05b*Cl^^h.p.
c o io o o t ^ o o io iO r M io r ^ o o r -o s t ^ o
JO«Orpc>.cOTpoOtOO<005TpOTpcviTPO
r t M 0 5 r H O « O H 0 5 - H H O C O O i O O H O CO r - CO 05 h*-»<"3 C© CMrj<
rHTPCMO
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1
[VOL. LXXXX1.
Closing Quotations for Middling Cotton on—
Sat’day. Monday. Tuesday, Wed’day, Thursd’v, Friday,
14 %
G a l v e s t o n --------- 14 %
14 14
14 14
1 41 4
1414
14 H
14 %
14 H
N e w O r l e a n s - - 14 %
14 'A
14 H
M o b i l e ______ . . 14 y»
14 M
14 14
14 H
14 H
14 H
13 1 5 -1 6 14
14
14
14
C h a r l e s t o n ______ 14 5 -1 6
14
14
14
14
li'A
W i l m i n g t o n _____ 14 'A
14
14
14
13%
14 5 -1 6
16 5 -1 6
14 5 -1 6
N o r f o l k _________ 1 4 H
14 H
14 H
I la lt l m o r e ______ 14 »A
14 %
14 y
14 %
14 %
14 H
1 4 .7 8
1 4 .8 5
1 4 .7 5
P h il a d e lp h ia
1 5 .0 5
1 4 .9 0
1 4 .8 0
14 M 5 -16 14 5 -1 6
A u g u s t a _________ 14 14
14 %
14 %
14 Vi
14 %
14 9 -1 6
14 H
M e m p h i s . . ___ 14 %
14 %
i4 y,
14 ys
14 H
S t . C o u l s _______ 14 H
14 %
14 %
14 %
14 7 -1 0
14 %
H o u s t o n _______ 14 %
14^
14 %
14 H
14 H
14 %
14 14
L it t l e R o c k _____ 1 4 K
14 X
14 M
Nov.
18.
N E W O R L E A N S O PTIO N M A R K E T — T he h ighest,
low est and closing quotations for leading options in th eN ew
Orleans cotton m arket for the past week have been as follows:
Friday,1 8 .
Sat’day,
Nov. 1 7. Nov.
Nov. 1 6 . Thursd'v,
Nov. 1 5 . Wed’day,
Nov. 1 4 . Tuesday,
Nov. 1 2 . Monday,
0
O O C O OOO
CM
November
—
R a n g e ------------ — @ —
— @ —
C l o s in g . ------- 1 4 .4 0 * 1 4 .2 1 * 1 4 .0 9 — 1 4 .2 5 * 1 4 .1 6 * 1 4 .1 8 *
December
—
R a n g e ----------- 1 4 . 4 0 . 4 8 1 4 .2 8 - .4 0 14 .1 4 - .2 6 1 4 .2 0 - .32 1 4 .1 4 - .3 9 1 4 .1 8 - .2 8
C l o s in g _______ 1 4 .4 7 — 1 4 .2 9 - .30 1 4 .1 3 - . 14 1 4 .3 4 - .3 6 1 4 . 2 0 . 4 1 1 4 .2 3 - .2 4
rr^Tprpo50cvi05iOr-too^rc'ioococo»-«»or^r-trs«if5»ooo«oo>0'^rco I co
5’f^ O N -O 0)h»T }<c0^ , O ^ O O t T O * -'« ? « 5 c 5 O O M M O M ,11b* y~
*
January
—
COTHTOJQCCOiOOrHCOh-MtOCtCOT-'OiOOh.OOC^'OCaOMM t ^ o
r- t>R a n g e ____ _ 1 4 .5 2 - . 59 1 4 . 3 6 . 5 0 1 4 .2 1 - .3 7 1 4 .2 7 - .4 5 1 4 . 2 l - . 2 9 1 4 .2 2 - . 36
0*TP
1 4 .2 9 .3 0
C l o s in g _______ 1 4 . 5 8 . 5 9 1 4 .3 7 - .3 9 1 4 .2 1 - .22 1 4 .4 4 - .4 5 1 4 .2 9
February
—
R a n g e --------- — @ — — @ — — @ — — @ — — @ — — @ C l o s in g _______ 1 4 .6 7 * 1 4 .4 5 • 1 4 .3 0 * 1 4 .5 3 * 1 4 .3 7 * 1 4 .3 6 *
March
—
CMC0<0OC5Oi--<CMTPC0TPMCMClt'»»-HTPi0O0500Tpi0r-i00e0»-«t>>r'»C0O00C0
R a n g e ----------- 1 4 .7 2 - .7 8 1 4 .5 5 - .6 7 1 4 . 3 9 . 55 1 4 .4 4 - .6 2 1 4 . 3 9 . 6 3 1 4 .3 8 - .5 3
C l o s i n g ----------- 1 4 .7 7 - .7 8 1 4 .5 6 - .5 7 1 4 .3 9 - .4 0 1 4 . 0 l - . 6 2 1 4 .4 5 -.4 6 1 4 . 4 0 . 4 7
A pril— ----------0050rHOMTp-pr-«UOrH»-t>Or-Xr-tt^.^TpTpM'rpoOrTTPCO‘OO^POC5»0»0
R a n g—
e @ — — @ — — @ — — @ — — @ — — © —
0»--'05CMCO’-HCOXrHlN.OCV|COXr>'MTpTpoOoo<OOr-*005COCVl»OcOOTpiOO
* 1 4 .6 8 * 1 4 .5 4 * 1 4 .5 2 *
C l o s in g _______ 1 4 .8 5 * 1 4 .6 4 * 14.4 1
Tpb»05*fOWWOTl'®C>lTHcOW050CBMOOfHOOOOcO®rHCMMcOOeOOflO
Mau
—
COOlOC5 t>»Tp CMCMco uoMlO00O MfJO M 'O
R a n g e _______ 1 4 .8 5 -.9 1 1 4 .6 7 - .7 8 1 4 .5 1 - .6 8 1 4 .5 4 - . 77 1 4 .5 2 -.7 1 1 4 .5 1 - .6 5
C l o s in g _______ 1 4 .9 0 - .91 1 4 .6 9 - .7 0 1 4 .5 2 — 1 4 .7 3 - .7 4 1 4 .5 8 -.5 9 1 4 .5 9 - .6 0
June
—
--- — @ — — @ — — @ — — © —
R a n g e ------------ — @ — _
C l o s in g ----------- 1 4 .9 5 * 1 4 .7 6 * 1 4 .5 6 * 1 4 .7 8 * 1 4 .6 5 * 1 4 .6 5 *
JulyR a—n g e _ — 1 4 .9 6 — 1 4 .7 7 - .8 6 1 4 .6 0 - .7 7 1 4 .6 7 - .7 7 1 4 .5 8 - .8 0 1 4 .6 5 - .7 3
C l o s in g ------------ 1 4 .9 8 - .9 9 1 4 . 7 8 . 7 9 1 4 .6 0 -.6 1 1 4 . 8 2 . 8 4 1 4 .6 7 - .6 8 1 4 .6 7 - .6 9
Tone
—
S tea d y .
TOasy.
S tea d y .
Q u ie t .
S tea d y .
IOOOCcOTTtOOtOtOOOcOONO^OOOXOcOOHMOOOMHOOONNcO'CCOOWMtONOcCOTrTHO
' ~
‘ I SO
h0Of>TC5rp00CO C5iOOOr^MCOrHMCvJrHOOT-HOrHCO>OcOCO'rt05 05
----------
■ P CM05 05 r* 05 C5 CM«OC
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00 V
w
------- — . . ----------- - - ------ _
« 0 C M S c 0 O T p ^ f O l > * O 0 5 t >»T p e 0 T j««0 ,i , 0 5 O l N« O ’- '» 0 » 0 C 0 O » .0 ffv lM O C '
•Tt1T CO
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05 O X oo M «0 O O Tp 05 O O
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00 00 c q i r t r - 00 r p t ^ O CM
Cvj lO CMH t*-
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8
t»< e f t
i j a a
O ert-n:
£
G.i b o ; ; : : : : 3 ^ ” : : :
u
*
8
cd
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:
:
:
1U 1 M
cd • cd
m O
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m
i
o -d
S £ ° s
« o -r 3
5 ° .a O
o
v
w
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i l l
i l l
1 1 1
i l l
O p t i o n s ______
•
<D* * *
o
00
The above totals show that the interior stocks have in
creased during the week 51,243 bales, and are to-night 4,461
bales less than a t the sam e period last year. The receipts at
all the tow ns have been 112,488 bales more than the sam e
week last year.
O V E R L A N D M OVEM ENT FO R T H E W E E K A N D
SIN C E SE P T . 1.— W e give below a statem en t show ing the
overland m ovem ent for the week and since Sept. 1, as m ade
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
-1 9 1 0 Since1.
ovemher
18.
Week.
Sept.
Shipped
—
1 1 2 ,6 3 9
V ia S t . L o u i s --------- --------------- ________2 1 .8 1 5
V ia
V ia
V ia
V ia
V ia
V ia
7 9 ,0 3 5
1 2 ,6 0 4
3 0 ,8 4 7
2 1 ,6 9 8
4 5 ,5 6 0
4 2 ,8 1 8
6 0 ,0 8 0
2 ,8 3 4
2 6 ,0 2 0
1 2 ,7 8 1
3 1 ,6 4 1
4 2 ,4 0 3
.7 0 ,3 2 6
3 4 5 ,2 0 1
5 9 ,7 8 7
2 9 3 ,6 2 7
. 8 ,8 8 6
. 1 ,1 7 8
.
841
4 0 ,7 6 6
1 0 ,8 7 9
1 8 ,1 0 1
5 ,3 3 9
984
1 ,1 9 7
2 6 ,9 3 5
4 ,6 6 7
1 2 ,7 8 6
C a ir o . . . _______________ ________1 8 .1 1 8
R o c k I s l a n d __________ _______ 3 ,7 2 1
L o u i s v i l l e ___ ___________ . . - - - 7 .3 4 9
C i n c i n n a t i___ ___________ ________5 .4 8 4
V i r g in i a p o i n t s . ______ ________7 ,6 9 2
o t h e r r o u t e s , & c ------------ ________6 ,1 4 7
Deduct shipments—
Since1.
Week. Sept.
1 1 7 ,8 6 8
2 5 ,8 2 6
1 2 ,3 3 9
852
3 ,3 8 7
1 ,6 3 9
7 ,4 9 8
8 ,2 4 6
, 9 0055
T o t a l t o b e d e d u c t e d ________________.1
1 0 ,9
6 9 ,7 4 6
7 ,5 2 0
4 4 ,3 8 8
,4 2211
5 9 ,4
L e a v i n g t o t a l n e t o v e r l a n d * ______,5
2 7 5 ,4 5 5
5 2 ,2 0 7
2 4 9 ,2 3 9
• I n c l u d i n g m o v e m e n t b y r a il t o C a n a d a .
The foregoing show ’s the w eek’s net overland m ovem ent
has been 59,421 bales, against 52,267 bales for the week last
year, and that for the season to date the aggregate net over
land exhibits an increase over a year ago of 26,216 bales.
In SightTakings.
and Spinners'
9 0 9 ------------Since1 . -------------1
Since1 .
Week.
Sept.
Week.
Sept.
2 7 8 ,2 9 3
3 ,8 7 4 ,0 7 6
3 ,6 9 0 ,0 3 2
1 8 _____ 4 1 3 ,4 6 6
-------------1 9 1 0 -------------
R e c e ip ts a t p o r ts to N o v .
N e t o v e r l a n d t o N o v . 1 8 -----------------S o u th ’ n c o n s u m p tio n to N o v . 1 8 .
5 9 ,4 2 1
5 0 ,0 0 0
2 7 5 ,4 5 5
4 5 6 ,0 0 0
5 2 ,2 6 7
5 2 ,0 0 0
2 4 9 ,2 3 9
5 9 8 ,0 0 0
T o t a l m a r k e t e d ____________________5 2 2 ,8 8 7
I n t e r i o r s t o c k s In e x c e s s ______________ 5 1 ,2 4 3
4 ,4 1 2 ,4 8 7
. 6 0 8 ,4 6 5
3 8 2 ,5 6 0
3 1 ,7 8 6
4 ,7 2 1 ,3 1 5
5 8 0 ,5 4 1
C a m e I n t o s ig h t d u r in g w e e k ___ 5 7 4 ,1 3 0
T o t a l In s ig h t N o v . 1 8 .................................. ........
___________
5 ,0 2 9 ,9 5 2
4 1 4 ,3 4 6
______
5 ,3 0 1 ,8 5 6
N o r t h 'n s p ln n ’ s t a k in g s t o N o v . 18 1 1 2 ,6 6 4
7 5 3 ,1 8 8
1 1 1 ,3 0 1
6 9 1 ,5 6 3
M ovem ent into sight in previous years:
WeekN—o v * 2 1 . . .............
w
1908—
1907—
1906—
1905—
Bales.
5 6 3 ,4 4 8
N o v . ' 2 2 ............................... 4 5 2 ,6 9 9
2 3 ..........
5 4 3 ,8 6 3
N o v . y 2 4 .............
5 0 7 ,3 2 2
NOV.
SinceNSept.
1
.
Bales.
o v . 2 1 , ......................... 5 ,4 8 7 ,3 0 2
1908—
1907—
1906—
1905—
N O V . 2 2 ............................ 4 ,0 9 0 ,5 6 4
N o v . 2 3 ............................ 5 ,1 6 6 ,7 2 5
N o v . 2 4 ............................4 ,9 7 1 ,6 9 8
^ Q U O T A T IO N S T O R M ID D L IN G C O TTO N |A T O TH E R
M A R K E T S.— Below are the closing Q u otations ofjpniddling
cotton a t Southern and otheraprincipal^cottorr m arkets for
each day of the week.
* N o m i n a l.
Q u ie t .
S tea d y .
S tea d y .
S tea d y .
S tea d y .
S tea d y .
W E A T H E R R E PO R T S B Y T E L E G R A P H .— R eports to
us this evening by telegraph from the South denote that the
weather during the week has been favorable as a rule. Rain
has fallen in m ost sections, but only to a very m oderate ex
tent in the m ain. W ith satisfactory conditions the picking
of the crop has m ade excellent progress and m arketing has
proceeded upon a liberal scale.
Galveston, Texas.— There has been rain on one day during
the w eek, to the exten t of tw enty-eight hundredths of an
inch. The therm om eter has averaged 60, the highest being
70 and the low est 50.
Abilene, Texas.— There has been rain on tw o days of the
w eek, to the exten t of seventy hundredths of an inch. The
therm om eter has averaged 47, ranging from 40 to 54.
Palestine, Texas.— Rain has fallen on three days during
the w eek, the precipitation reaching one inch and fifty
hundredths. The therm om eter has ranged from 42 to 62,
averaging 50.
San Antonio, Texas.— We have had rain on three days of
the w eek, to the exten t of one inch and tw enty-tw o hun
dredths. The therm om eter has averaged 55, the highest
being 64 and the low est 46.
Montgomery, Alabama.— R ain has fallen on one day during
the week, to the exten t of fourteen hundredths of an inch.
A verage therm om eter 54, highest 76, low est 38.
Selma, Alabama.— W e have had rain on three days during
the week, the precipitation reaching forty-one hundredths
of an inch. The therm om eter averaged 51.5, the highest
being 75 and the low est 38.
Madison, Florida.— It has been dry all the w eek. The
therm om eter has averaged 63, ranging from 45 to 75.
Savannah, Georgia.— W e have had no rain during the w eek.
A verage therm om eter 55, highest 75, low est 36.
Taylor, Texas.— R ain has fallen on one day of the w eek,
the precipitation reaching one inch and two hundredths.
Average therm om eter 52, highest 62, low est 42.
New Orleans, Louisiana.— We have had rain on three days
of the past w eek, the rainfall being tw enty-nine hundredths
of an inch. The therm om eter has averaged 64.
Shreveport, Louisiana.— There has been rain on tw o days
of the past w eek, the rainfall reaching seventeen hundredths
of an inch. The therm om eter has averaged 63, ranging from
44 to 82.
Helena, Arkansas.— Cotton is com ing in lively. We have
had rain on one day during the w eek, the rainfall reaching
three hundredths of an inch. The therm om ter has ranged
from 34 to 68, averaging 50.5.
Charleston, South Carolina.— There has been no rain the
past w eek. The therm om eter has averaged 58, ranging
from 42 to 74.
Charlotte, North Carolina.— E legant weather for picking
cotton . Rain has fallen on one day during the week to an
inappreciable ex ten t. The therm om eter lias ranged from
28 to 74, averaging 46.
Vicksburg, Mississippi.— We have had rain on three days
during the w eek, the rainfall being one inch. A verage ther
m om eter 58, highest 77, low est 42.
Memphis, Tennessee.— Picking and ginning are progressing
rapidly. The receipts and shipm ents for the week are th»
Noy. 19 1910.]
T H E C H R O N IC L E
largest for any sim ilar period on record. It has rained on
one day of the week, the precipitatiion reaching three hun
dredths of an inch. The therm om eter has averaged 49, the
highest being 69 and the low est 35.
Mobile, Alabama.— Fine weather in the interior except
rain to-day. R eports indicate that in som e sections cotton
is being held back for higher prices. W e have had rain on
one day.during the w eek, the rainfall being forty-four hun
dredths of an inch. Average therm om eter 61, highest 78,
low est 40.
W O R L D ’S SU P P L Y A N D T A K IN G S OF COTTON.
C o tto n T a k in g s .
W eek a n d S eason .
1910.
Week.
Season.
V l s l b I e s u p p l y N o v . i l . ___ __
3 ,5 4 2 ,7 9 4
V is ib le s u p p l y S e p t . 1 ____________
A m e r ic a n In s ig h t t o N o v . 1 8 . .
5 7 4 ,1 3 0
B o m b a y r e c e ip t s t o N o v . 1 7 ___
5 4 .0 0 0
O t h e r I n d i a s h t p ’ ts t o N o v . 1 7 .
3 .0 0 0
A l e x a n d r i a r e c e ip t s t o N o v . 1 6 .
5 7 .0 0 0
O t h e r s u p p l y t o N o v . 16
. ..
5 .0 0 0
week.
1909.
Season.
4 ,2 5 3 ,6 7 9
1 ,4 9 5 ,5 1 4
5 ,0 2 9 ,9 5 2
1 6 8 ,0 0 0
4 7 .0 0 0
4 1 1 ,0 0 0
6 6 .0 0 0
1 ,9 3 1 ,0 2 2
5 ,3 0 1 ,8 5 6
2 6 5 .0 0 0
5 6 .0 0 0
3 0 8 .0 0 0
5 1 .0 0 0
4 1 4 ,3 4 6
8 4 .0 0 0
4 .0 0 0
4 8 .0 0 0
6 .0 0 0
T o t a l s u p p l y ------------------------------- 4 ,2 3 5 ,9 2 4
7 ,2 1 7 ,4 6 6 4 ,8 1 0 ,0 2 5
7 ,0 1 2 ,8 7 8
3 ,8 7 1 ,9 7 4
3 ,8 7 1 ,9 7 4 4 ,4 2 6 ,4 5 7
4 ,4 2 0 ,4 5 7
Deduct—
V i s ib l e s u p p l y
N o v . 1 8 __________
T o t a l t a k in g s t o N o v . 1 8 _______
O f w h ic h A m e r i c a n ____________
O f w h ic h o t h e r ---------------------------
3 6 3 .9 5 0
2 9 4 .9 5 0
6 9 ,0 0 0
3 .3 4 5 .4 9 2
2 .6 2 7 .4 9 2
7 1 8 ,0 0 0
3 8 3 .5 6 8
3 2 4 .5 6 8
5 9 ,0 0 0
3 .4 8 6 .4 2 1
2 .9 3 4 .4 2 1
5 5 2 ,0 0 0
• E m b r a c e s r e c e ip t s In E u r o p e f r o m B r a z i l, S m y r n a , W e s t I n d i e s , A c .
IN D IA COTTON M O VEM ENT FROM ALL PO R T S.
November 17.
Receipts at—
1910.
1909.
1908.
Since1. Week. Sept.
Since1. Week. Sept.
Since1.
Week. Sept.
B o m b a y . _ . . . . . ____ _______
55,()i)0
168,000
84,000
265,000
22,000
95,000
For the Week.
Since September 1.
from—- Britain.
Orcat' nent.
Conti AChina
Japan Total. Britain.
Great Conti
nent. AJapan
China. Total.
B om bay—
1,000
1 910____
1000____ ‘
- 'n -____
1 00 8 ____
C a lcu tta —
1910
1000____
1 0 0 8 ..
M adras—■
1 01 0 ____
1 9 0 0 ....
____
1008-----A ll oth ers—
2 ,000
1 9 1 0 -----2 ,000
1900____
1 9 0 8 ....
*■*■
T o t a l all —
1910____
3,0 0 0
• 1000____
3,0 0 0
—
190 8 ____
2 6,000
16,000
8 ,000
1,000
-r
10,000 3 7,000
18,000 34,000
10,000 18.000
3,0 0 0
3,000
138,000
51,000
7 3,000
43,000
41,000
40,000
184,000
95,000
119,000
1,000
2 ,000
2,000
____
2,000
4,000
2 ,000
2,000
2 ,0 0 0
4,000
6,000
8,000
6,000
6,000
8,000
16,000
_•___
-.-_
____
____
____
_;___
1,000
2,000
1,000
5,000
4,000
7 ,0 0 0
1,000
2,000
6,000
7,000
10,000
1,000
____
5,0 0 0
____
—
3,000
2,000
5,000
7 ,0 0 0
7,0 0 0
2,000
28,000
34,000
46,000
4 ,000
35,000
41,000
52,000
40,000
38,000
2 7,000
13,000
14,000
5 ,000
175,000
9 5,000
134,000
4 3.000
42,000
5 8,700
231,000
151,000
197,000
27,000
17,000
15,000
10,000
18,000
12,000
A L E X A N D R IA R E C E IPT S A N D SH IP M E N T S.
Alexandria,
NovemberEgypt,
16,
Receipts
(c a n t a r s i-—
T h i s w e e k ......... .......................
A ccording to the above, the average w eight of the deliveries
in Great Britain is 477 pounds per bale this season, against
486 pounds during the sam e tim e last season. The Conti
nental deliveries average 470 pounds, against 485 pounds
last year, and for the w hole of Europe the deliveries average
473 pounds per bale, against 485.5 pounds last season. Our
dispatch also gives the full m ovem ent for this year and last
year in bales of 500 pounds.
October
November 1.
Bales(0 0of10 sto5 0omitted.)
0 lbs. each.
1909.
1910.
Great Conti
Great Conti
Britain
nent. Total. Britain
nent. Total.
S p in n e rs’ s to c k O c t. 1
T a k in g s t o N o v . 1 .
169
2 92
9 72
382
1,1 4 1
6 74
234
2 88
1 ,2 1 8
3 74
1 ,4 5 2
662
S u p p l y __________ . .
C o n s u m p t io n , 4 w e e k s
4 61
2 40
1 ,3 5 4
420
1 ,8 1 5
660
5 22
260
1 ,5 9 2
420
2 ,1 1 4
680
221
9 34
1 ,1 5 5
2 62
1 ,1 7 2
1 ,4 3 4
60
1 05
165
65
1 05
170
S p in n e rs’ s to c k N o v .
1
Weekly
Consumption.
(0 0 0 s omitted.)
} *
I n O c t o b e r _______
fe llll I IN G
N E W S .— A s
th e
sh ow n
U n ite d
on
a
p r e v io u s
page,
e x p o rts o f co tto n
fr o m
rea ch ed
2 5 4 ,8 6 7
b a le s .
u p fr o m
m a il a n d t e le g r a p h ic r e t u r n s , a r e a s f o l lo w s :
T he
s h ip m e n ts
in
d e t a il,
as
m ade
l'r%al bates'
., 2 s o
NEW
Y O R K — T o L i v e r p o o l — N o v . 1 1 — C e d r i c , .1,1 30 u p l a n d .
S e a I s l a n d _______________________________________
T o M a n ch e ste r— N o v . 11 — T in t o r e tt o , 2 ,4 5 5 .1 1 1 1
I'
”
T o L o n d o n — N o v . 1 2 — M in n e h a h a , 0 0 0 ........... ........................
T o H u l l— N o v . 1 0 — M a r e n g o , 1 ,0 3 0 ________________
T o H a v r e — N o v . 1 2 — L a G a s c o g n e , 9 6 2 ________________ I ...............
T o B r e m e n — N o v . 1 6 — P r ln z F r ie d r ic h W i lh e l m , 3 5 0
’
T o H a m b u r g — N o v . 11— P e n n s y lv a n ia , 28 _______
T o A n t w e r p — N o v . 1 5 — S a m la n d , 7 0 0 ................... .......... .
Y
T o B a r c e lo n a — N o v . 1 4 — A n t o n i o L o p e z , 7 0 0 _____________________
T o G enoa— N ov .
1 1 — D u c a d e g ll A b r u z z l , 4 9 0 ; K o c n l g l n
L u is e , 2 ,2 7 6 ___________________________________________________________
T o N a p le s — N o v . 1 1 — K o e n lg ln L u is e , 3 5 0 ________
"
T o L e g h o r n — N o v . 1 1 — C a la b r ia ,
__________ _ _
.
'
T o P ir a e u s — N o v . 1 7 — A t h l n a l , 4 7 5 __________________________
G A L V E S T O N — T o L i v e r p o o l — N o v . 12— I n k u m , 1 4 ,7 1 2
N o v 15
— H o r a t i o , 6 , 2 3 6 _________________________________ . _____ _____________
T o M a n ch e ste r— N o v . 16— V ic to r ia d e L a r rln a g a , 1 5 ,0 9 6 ..
T o H a v r e — N o v . 1 0 — L e a s o w C a s t le , 4 ,1 0 1
_ _
_
T o D u n k irk — N o v .
— S a b a , 1 .7 5 0 . . . .
""
T o B r e m e n — N o v . 1 2 — S a b a , 2 ,6 5 2 .
N ov.
16— C a y o b o -------------------m ln g o , 4 ,0 4 7 ---------------------------------------------T o A n t w e r p — N o v . 1 0 — L e a s o w C a s t le , 4 , 3 1 _
P O U T A R T H U R — T o H a v r e — N o v . 1 0 — P u r i t a n , 6 ,1 6 1 .
’ ■" "
T o B re m e n — N o v . 15— T e e s p o o l,
____________
•
T E X A S C I T Y — T o L i v e r p o o l — N o v . 1 1 — S e n a t o r , 1 0 ,3 5 2
N ov
1 6 — M e m p h ia n , 1 4 ,1 7 2 ______________________________________
’
N E W O R L E A N S —r T o L i v e r p o o l — N o v . 1 4 — C e s t r la n , 2 2 ,1 7 1
N o v . 1 8 — C u s t o d ia n ,
_________ .
.
.
T o H a v re— N o v . 11— T e x a s,
,
.
T o B r e m e n — N o v . 12— M ic h ig a n , 1 4 ,6 0 4 .
"
T o R o tte r d a m — N o v . 14— C rossb y ,
_____
_
'
T o A n t w e r p — N o v . 1 4 — C r o s s b y , 1 ,6 2 8 __________ '
'
T o B a r c e lo n a — N o v . 1 5 — G iu lia , 1 , 1 5 0 . .
T o V e n i c e — N o v . 1 5 — G iu lia , 7 0 0 _______ _
_
T o T r i e s t e — N o v . 15— G iu lia , 8 0 0 __________
.
*
"
T o F lu m e — N o v . 1 5 — G iu lia , 5 0 : _________________
______
_
M O B I L E — T o L iv e r p o o l— N o v .
— M e x ica n ,
T o H a m b u r g — N o v . 1 5 — U m e n a u , 2 5 0 ___________________ _ _ „
S A V A N N A H — T o L i v e r p o o l — N o v . 1 4 — E a s t P o i n t , 5 ,0 5 1 . __
’
T o M a n c h e s t e r — N o v . 14— 'T a b a r fs t a n , 8 ,3 0 0
T o B r e m e n — N o v . 11— T e v lo t d a le , 9 0 0 . . . N o v .
— M a n ch est e r M e r c h a n t , 3 ,6 3 4 ___ _____________________________________________ ;
T o H a m bu rg— N o v .
— M a n c h e s t e r M e r c h a n t , 72
’
T o R c v a t — N o v . 1 1 — T e v l o t d a l e , 6 0 0 __________ _ ________
T o G o th e n b u r g — N o v . 11— T e v lo t d a le . 300
100
4'>5
.19
’902
350
28
750
700
?’
" ’ obo
i o
2 ,7 6 6
^ ’3 5 0
100
475
12
1
1 1 ,0 0 0
2 0 ,0 0 0
10 286
33
12
3 ,7 9 9
2 0 9 48
15,’ o 9 6
4 101
i ’75i
’
c 6 99
4 ’n i
n 'i n i
1 1 ’00 0
'
2 4 594
’
4 2 171
i o '286
I 4 ’ fi04
’ 33
1 028
l ’ lOO
’70 0
goo
50
3 799
’2 5 0
0 051
8 ’ ,100
’
4 534
’ 72
8
1910.
1909.
1908.
4 .1 0 ,0 0 0
3 ,0 8 5 ,7 3 8
3 6 0 ,0 0 0
2 ,3 1 1 ,5 7 3
3 1 0 ,0 0 0
1 ,8 6 7 ,8 0 6
th e
S ta te s th e p a st w e e k h aV e
8
S in c e S e p t . 1 _______________
r.nn
This . Sept.
Since1. This Since This Sitice
Week
Week. Sept. 1 . Week. Sept, l .
Exports (b a le s ) —
To
To
To
To
1395
L i v e r p o o l ---------------------- 1 6 ,0 0 0
6 ,7 5 0
M a n c h e s t e r ____________
C o n t i n e n t _____________ 1 0 ,5 0 0
5 ,5 5 0
A m e r i c a __________ — -
79.4 .1 9
5 6.7.19
7 7 ,2 8 3
1 9 ,3 2 8
T o t a l e x p o r t s --------------- 3 8 ,7 5 0 2 3 2 ,7 8 9
3 .2 5 0
8 .7 5 0
7 .7 5 0
4 .2 5 0
5 0 ,5 7 3
4 1 ,5 8 3
7 0 ,4 9 1
1 3 ,9 9 8
2 4 ,0 0 0 1 7 6 ,6 4 5
9 .2 5 0
8 ,5 0 0
8 .2 5 0
2 .2 5 0
3 4 ,5 3 4
2 2 ,6 6 2
6 2 ,6 5 4
9 ,4 9 1
2 8 ,2 5 0 1 2 9 ,3 4 1
B O S T O N — T o L v e r p o o l— N o v . 14— Z e e la n d , 576
N o v . 15— B o
h e m ia n , 4 2 9 __________________________________________________
T o M a n c h e s t e r — N o v . 1 2 — C a le d o n ia n , 5 0 0 _____
B A L T I M O R E — T o H a v r e — N o v . 14— M o b il e , 2 5 0 ______ .
T o B r e m e n — N o v . 1 6 — N e c k a r , 2 ,5 6 0 _______ _____
T o A n t w e r p — N o v . 1 4 — M o b il e , 1 0 0 .
__________________________
S E A T T L E — T o Japan— N ov.
— S e a t t le M a r u , 3 ,0 1 7 _____________ I
12
j
2
9 95
V.n o
2 50
560
’199
3 ,0 1 7
M A N CH ESTER M A R K E T .— Our report received by cable
fo-night from M anchester states that the market continues T o t a l ^ ................... ......................................................................... .......... ............... .2 5 4 ,8 6 7
L IV E R PO O L .— B y cable from Liverpool we have the fol
firm for both yarns and shirtings. The dem and for both
yarn and cloth is im proving. Vye give the prices for to-day low ing statem en t of the w eek’s sales, stocks, & c., at that port:
28.
Nov.
4.
Nov.
11.
below and leave those for previous weeks of this and last b a le s o f t„h e w e e k ............. b a l e s . Oct.
Not.
18.
4 5 ,0 0 0
5 8 ,0 0 0
5 1 .0 0 0
4 8 .0 0 0
O f w h ic h s p e c u l a t o r s t o o k . .
3 .0 0 0
2 ,0 0 0
1,000
1,000
1 ,0 0 0
1 0 00
O f w h ic h e x p o r t e r s t o o k _____
1,000
1,000
S a le s , A m e r i c a n .......................
3 6 ,0 0 0
5 0 ,0 0 0
1909.
4 3 .0 0 0
1910.
4 2 .0 0 0
A c t u a l e x p o r t ........................................
4 ,0 0 0
8 ,0 0 0
5 ,0 0 0
4 ,0 0 0
F
o
r
w
a
r
d
e
d
............................................
9
5
,0
0
0
9
1
,0
0
0
Cot’n
102,000
8 H lbs. Shirt1 0 6 ,0 0 0
Mid. 32s Con 8 M lbs. Shirt- Cot 'n T o t a l s t o c k — E s t i m a t e d ................ 4 1 2 ,0 0 0 4 5 2 ,0 0 0
Cop
Twist.
inns,
common Upl’s
to finest.
32s
4.
d . 3. d .
Sept
30 10J*
7
H
5
I ll* 5
U H 5
n%
iih 55
11H 5
H ?4 5
11 % 5
@ 1 1 5 -1 6
14
21
28
10
@
11 1-16 @
11
@
10J*
@
4
11
18
10l3 ia ©
1015n) @
11
©
s. d .
d.
Twist.
d . 8. d .
d.
7 .61 91*
@
7 @ 10 9
7>*ta, 11
7
@ 10 0
61* @ 1 0 8
7 .8 8
8.25
7.95
7 .76
9K
10
101*
105*
@
@
@
@
6
7
7
7.81 105*
8 .0 0
?*
7 .8 5 101*
@
6
@ 1 0 71*
0
@ 1 0 71*
M 10 9
@ 1 0 10
10
ings,to f common
Mid.s
inest. Vpl’
@
101 * 5
101* 5
10 *4 5
10 H 5
111* 5
1U * 5
H ‘4 5
111* 5
s. d .
d.
9
7.29
31*@ 9
9
4 @9
41* @ 9
9
6 @ 9 11
9
7.27
7.41
7.37
7.71
6
0
6
@ 9 11
(« 9 11
@ 9 11
7.59
7.72
7 .72
3
@9
E U R O P E A N COTTON C O NSUM PTIO N TO N O V . 1.—
B y cable to-day we have Mr. E llison’s cotton figures brought
dow n to N ov. 1. We also give revised totals for last year
th at com parison m ay be m ade. The spinners’ takings in
actual bales and pounds have been as follows:
October 1 to November 1.
T a k in g s
A v era g e
T a k in g s
T a k in g s
A vera ge
T a k in g s
F or 1910.
b y s p i n n e r s ______ b a l e s .
w e ig h t o f b a l e s ___ l b s .
In p o u n d s ________________
F or 1909.
b y s p in n e r s ______ b a l e s .
w e ig h t o f b a l e s ___ l b s .
in p o u n d s ..............................
Great Britain. Continent.
Total.
3 0 6 ,0 0 0
477
1 4 5 ,9 6 2 .0 0 0
4 0 6 ,0 0 0
470
1 0 0 ,8 2 0 ,0 0 0
7 1 2 .0 0 0
4 7 3 .0
3 3 6 .7 8 2 .0 0 0
• 2 9 6 ,0 0 0
486
1 4 3 ,8 5 6 ,0 0 0
3 8 5 ,0 0 0
485
1 8 6 ,8 2 5 ,0 0 0
6 8 1 .0 0 0
4 8 5 .5
3 .1 0 .6 8 1 .0 0 0
O f w h ic h A m e r i c a n ____________3 3 5 ,0 0 0
T o t a l I m p o r t s o f t h e w e e k ____ 1 3 0 ,0 0 0
O f w h ic h A m e r i c a n ...... ..............1 1 3 ,0 0 0
A m o u n t a l l o a t . ................................4 3 7 ,0 0 0
O f w h ic h A m e r i c a n . ....................3 6 9 , Q
00
3 6 4 ,0 0 0
1 4 2 ,0 0 0
1 1 1 ,0 0 0
5 2 2 ,0 0 0
4 3 7 ,0 0 0
5 1 4 .0 0 0
4 2 9 .0 0 0
1 6 8 .0 0 0
1 4 7 .0 0 0
4 8 1 .0 0 0
3 8 5 .0 0 0
5 7 5 .0 0 0
4 9 1 .0 0 0
1 7 1 .0 0 0
1 4 3 .0 0 0
5 0 1 .0 0 0
4 0 0 .0 0 0
The tone of the Liverpool m arket for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
M ark et,
12:15
P . M.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
)
)
J
M id. U p l’ ds
S p e c .& e x p .
Futures. 1
M arket
Q uiet.
G ood
d em a n d .
M od era te
dem a n d.
Easier.
F air
business
d oin g .
Q uiet.
7 .9 7
7 .9 6
7 .87
7 .8 2
7 .9 2
7 ,8 5
6,000
10,000
8,000
8.000
8,000
6,000
300
500
op en ed
S te a d y a t S t’ d y unch.
to
p t.
7 @ 8 pts.
J declin e.
a d v a n ce.
M ark et
4
P . M.
1 Q u iet at
) 5 1* @ 7 pts.
J declin e.
1
500
S tea d y a t
5 @ 6 pts.
declin e.
E a sy at
B ’ ly stea dy
@ J* pts. at @ >*
declin e.
p ts. d ec.
6 6
6 6
500
S te a d y at
2 @ 3 pts.
d eclin e.
F irm a t
H pts.
a d v a n ce.
2
500
S te a d y a t
4 @ 5 pts.
a d v a n ce.
500
S te a d y at
pts.
a d v a n ce.
1@ 2
E a sy at
S t’d y unch.
3 > * @ 4 pts. to 3 pts.
declin e.
a d v a n ce.
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.
T H E C H R O N IC L E
1396
'l'hc prices are (jiven in pence and 1 0 0 ths. Thus$7 7 9 means 7 7 9 “ 1 0 0 d .
N o v . 12
to
N ov. 18.
S a t.
X
12
p .m .
12^
p .m .
7 79%
N ovem ber
7 72
N o v .-D e e .
7 71
D e c .-J a n .
7 71%
J a n .-F e b .
7 72%
F e b .-M c h .
M c h . - A p r . : : : : 7 73 %
7 73%
A p r .-M a y
7 74
M a y -J u n e
7 73
J u n e -J u ly
7 70%
J u ly -A u g .
A u g .-S e p .
M on.
12H
T u es.
W ed.
T h u rs.
F r i.
4
4
4
12K
12 34
1 23 4
4
12K
4
p . m . p .m . p .m . p . m . p . m . p . m . p . m . p . m . p . m . p . m .
77%
70
69
69
70
70%
70%
71
70
67
73
66
65
65
66
67
67
67%
66%
64
69
61 %
60%
61
61%
62%
62%
63
62
59%
67
59%
58%
59
60
60%
60%
61
60
57%
63%
56%
55%
56
57
58
58
58%
57%
55
69 %
62
61
61 %
62%
63
63
63%
62%
60
73%
66 %
65 %
66
67
67 %
67 %
68 %
67 %
65
40 %
65%
58
57
|57 %
58%
59 %
69 %
60
59
j56 %
; 32
67
60
59
59%
60%
61 %
61 %
62
61
58%
35%
65 %
58 %
57%
58
59
60
60
60%
59%
57
53
R E V ISIO N OF D IF F E R E N C E B E T W E E N G R A D ES
AT N E W Y O R K .— A t the m eeting of the revision com m ittee
of the New York Cotton E xchange held W ednesday, N ov. 16,
no change was m ade in the differences that will determ ine
contracts until next Septem ber. The present scale has been
in effect since N ov. 17 1909.
The rates on and off m iddling, as established N ov. 16 1910
by the R evision C om m ittee, at w hich grades other than
m iddling m ay be delivered on contract, are as follows:
F a i r _________________ c . 1 . 5 0 onM i d d li n g ..................c Basis
S trict m id . fa ir_____1.30 on S trict lo w . m id ____ 0 .2 5 off
M idd lin g fa ir..............1.10 on L o w m id d lin g ______0 .6 0 o ff
S trict g o o d m id ____ 0 .6 6 on S trict g o o d o r d _____1 .05 off
G o o d m id d lin g ____ 0 .4 4 on G o o d o r d in a r y ______ 1 .7 5 o ff
S trict m id d lin g ____ 0 .2 2 on S trict g ’ d m id . t g d .0 .3 5 on
G o o d m id . t in g e d .c E v en
S trict m id . t in g e d ..0 .1 5 off
M idd ling tin g ed ___ 0 .2 5 off
S trict lo w .M id .t in g .0 .6 0 o ff
L ow m id . tin g e d ___ 1.50 off
M idd ling sta in ed ___ 0 .7 5 off
BR EA DSTU FFS.
Friday, Nov. IS 1910.
Prices for w heat flour have been steady as a rule dining
the w eek. The m ills in som e instances have asked higher
prices, w hich consum ers, how ever, have shown no disposition
to m eet, and the trading has been on a sm all scale. N ot only
has new business been quiet, but shipping directions on old
contracts have also been received slow ly. The output a t the
N orthw est during the past w eek, though som ew hat larger
than in the previous w eek, w as m aterially sm aller than in the
corresponding period last year. R ye flour has been quiet
and firm. Corn meal has been dull and easy.
W heat has fluctuated w ithin com paratively narrow lim its,
and the result for the w eek, therefore, show s no striking
changes. In the m ain the trend of prices has been upward.
W hether this is any more than a tem porary rally from the
persistent decline of prices during the last few m onths re
m ains to be seen. Liverpool quotations have risen sharply,
how ever. The receipts at American m arkets has been com
paratively light and the Southw est, as is not infrequently
the case at this tim e of the year, has been sending som e
unfavorable crop reports. It is argued, too, that recent
h ot, dry w eather in A rgentina m ay have caused som e
curtailm ent of the crop in that country. A good^ m illin 0, dem and has prevailed at som e of the N orth
w estern m arkets, notably at M inneapolis. Large ele
vator interests have been buyers. Chicago has done
a rather better cash business. Coincident w ith reports
from Argentina that more rain is needed, prices at Buenos
A yres have advanced noticeably. One day's total receipts
at the prim ary American m arkets, it is w orthy of note, were
only 588,402 bushels, against 826,795 for the sam e tim e last
year. Y et the concensus of opinion is very far from favoring
a perm anent or material advance at this tim e. W orld’s
stocks am ount to 199,266,000 bushels, or som e 03,000,000
bushels more than at this tim e last year. Foreign exporting
countries are underselling America in European m arkets.
The trade is sceptical as to the likelihood of any im m ediate
resum ption of export trade on an im portant scale. Som e
rain has latterly fallen in A rgentina. In the view of som e
traders America has a hundred m illion bushels more than it
can use and at the sam e tim e is exporting less than last year.
M oreover, the w inter-w heat area show s an increase of 6,000,
000 acres over the area harvested, 'lh e Southw est has
latterly had beneficial rain or snow , and conservative reports
are to the effect that the new w heat crop is generally in
excellent condition. The estim ated Argentina shipm ents
are more than double those for the sam e week last year.
Y et there is beginning to be more caution in pursuing the
short side of the m arket. The idea of som e is that the
visible supply statem en ts will soon begin to show weekly
decreases as contrasted w ith the w eekly increases which
have so long been a feature of the statistics. 1 lie disposition,
therefore, is to adopt a more conservative attitud e pending
further light on the situation in the countries having an
exportable surplus. W innipeg has reported that export bids
have latterly been raised one cent. T o-day prices advanced
early on strong Liverpool cables, the recent reduction in
A rgentine crop estim ates, light receipts in this country,
buying by elevator interests and covering of shorts. Later
there was a decline on a weak ending at Liverpool, less
a ctiv ity on the spot in this country, favorable crop reports
and liquidation.
D A IL Y
[VOL. L X X X X I.
Sal. Mon.
Tues. 0Wed.
Thurs.
Fri.
90%
91%
0%
90%
90 %
96%
97%
93%
96 v\
96
93%
94
93%
93%
92%
C L O S IN 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 .
D e c e m b e r d e l i v e r y In e l e v a t o r ________8 9 %
M a y d e l iv e r y In e l e v a t o r -----------------------0 5 %
J u l y d e l i v e r y In e l e v a t o r -----------------------9 2 %
Indian corn futures here have been dull. A t Chicago the
speculation has been more active. Prices there have m oved
irregularly w ithin narrow lim its, but the trend of late has
been dow nw ard, ow ing to som ew hat larger consignm ents
from the country, w eakness on the spot, selling by cash
interests and liquidation. It is believed th at the m ove
m ent w ould be larger but for shortage of cars. A t som e
Southw estern m arkets cash prices have fallen tw o to three
cents in a single day. It is said th at the seven principal
producing States hold farm reserves of 86,000,000 bushels,
or 34,000,000 bushels more than at this tim e last year.
T o-day prices declined on favorable w eather for husking,
larger receipts and country offerings, w eak cash m arkets in
the Southw est and liquidation.
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
57%
57%
58%
58%
57%
54 % 5 4 %
54%
54%
54
5 5 J4
° 5 y% ooy^
04
O F C O R N F U T U R E S I N C H IC A G O .
Sat. Mon. Tues. Wed Thurs. Fri.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D
C O R N IN
NEW
YORK.
............- ............5 7 %
C a sh c o r n
D e c e m b e r d e l i v e r y In e l e v a t o r ---------55
M a y d e l iv e r y In e l e v a t o r _____________ 5 5 %
D A IL Y
C L O S IN G P R I C E S
D e c e m b e r d e l iv e r y In e l e v a t o r ---------4 6 %
M a y d e l iv e r y In e l e v a t o r - ..................... 4 7 %
J u l y d e l iv e r y In e l e v a t o r ------------------- 4 8 %
46%
47%
48%
46%
48%
48%
45%
47%
48%
45%
47%
48
44%
4 6 ,8
47 %
Oats for future delivery in the W estern m arket have show n
little change, but the tone has latterly been easier, ow ing to
the heaviness of corn. The shipping dem and has been light
and supplies of contract grade at Chicago are h eavy. Sup
plies in the interior are large, and it is believed by m any that
the m ovem ent from the farm s will be free w hen husking of
corn has been finished. Cash interests have sold on all rallies
and scattered liquidation of D ecem ber by com m ission houses
has occurred. T o-day prices declined on w eakness in corn,
dulness and depression on the sp ot, selling by cash interests
and liquidation of Decem ber.
D A IL Y
C L O S IN G
Sat. Mon. Tues. Wed. Thurs. Fri.
P R IC E S
OF
OATS
.............................. 3 8
S ta n d a rd s
N o 2 w h i t e " I I " 1 ................................... 3 8 %
D A IL Y
C L O S IN G
P R IC E S
OF
IN
37%
38%
NEW
37%
38%
YORK.
38
38%
37%
38%
37
37%
Sat. Mon. Tues. Wed. Thurs. Fri.
OATS
D e c e m b e r d e l iv e r y in e l e v a t o r --------- 3 1 %
M a y d e l iv e r y In e l e v a t o r --------------------3 4 %
J u l y d e l iv e r y in e l e v a t o r _____________ 3 4 %
FUTURES
31%
34%
34%
The following are closing quotations:
31%
34%
34%
IN
C H IC A G O .
31%
34%
34%
30%
34
33%
30%
33 %
33%
FLOU R.
W i n t e r , lo w g r a d e s _____$ 2 7 5 @ $ 3 4 0 1 K a n s a s s t r a i g h t s , s a c k . 54 5 0 © $ 4 7 0
W i n t e r p a t e n t s __________ 4 7 0 ® 4 00 K a n s a s c le a r s , s a c k s ___ 4 0 0 @ 4 4 0
W i n t e r s t r a i g h t s __________ 4 1 5 ® 4 3 0 C i t y p a t e n t s _____________ 6 0 0 @ 6 8 0
W i n t e r c l e a r s ------------------ 3 7 5 ® 4 0 0 R y e ( l o u r __________________ 3 8 5 @ 4 4 0
S p r in g p a t e n t s ---------------- 5 2 5 ® 5 5 5 G r a h a m H o u r____________ 4 1 5 ® 4 25
2 7 0 ® 2 00
S p r in g s t r a i g h t s _________ 4 8 0 ® 5 0 0 C o r n m e a l, k iln d r i e d —
S p r in g c l e a r s _____________ 4 2 5 ® 4 35
G R A IN .
^ ^ ,
W h e a t , p e r b u s h e l—
C °M n P2 rm K c d '
cle v
N . S p r in g , N o . 1 . . . ..............5 } 1 6 %
N o . 2 m ix e d
cle v .
N o . 2_ m i x e d --------I .o .D .
N . S p r in g , N o . 2 . ................... 1 15 ,
N o'. 2 w h i t e ............f . o . b .
R e d w in t e r . N o . 2 ---------------95 _ R y e , p e r b u s h e l—
H a r d w in t e r . N o . 2 --------------1 01 %
N o . 2 W estern — f .o .b .
O a t s , p e r b u s h e l, n e w —
G em s.
S t a t e a n d J e r s e y ________
S t a n d a r d s .............. .......................
3?
N o . 2 w h i t e .................................
3 7 % B a r l e y — M a lt i n g ---------------F e e d in g , c . l .f . , N . Y _ .
N o . 3 w h i t e __________________
36%
Cents.
57%
N o m in a l
N o m in a l
82
N o m in a l
83 @ 8 7
N o m in a l
The statem ents of the m ovem ent of breadstuffs to m arket
indicated below are prepared by us from figures collected by
the N ew York Produce E xchange. The receipts a t W estern
lake and river ports for the week ending last Saturday and
since A ugust 1 for each of the last three years have been:
Oats. Barley. 1 Rye.
Com.
Receipts at— Flour. Wheat.
bush.
60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. 6 « . 56 lbs.
bbls.lOOlbs.
3 3 9 .0 0 0
19,000
1,49 8,2 00
1,41 5,0 00
3 92 ,80 0
151,181
C h i c a g o ____
139,650
32,3 00
128,879
89,363
141,025
2 49 ,75 0
191,000
234 .40 0
15,806
3 01 ,86 0
4 9,5 00
51,652
99,0 31
3 65 ,50 0
123.400
60,3 00
4 ,9 4 4,3 28
7 .4 5 0,8 32
6 ,3 5 5,3 59
.2,4 12 ,56 7
2 ,4 1 6 ,4 6 2
1,91 3.9 32
2 ,8 0 5 .6 4 9
3 .5 0 6,6 24
2 ,6 1 4 ,9 8 9
5.65 9,4 83 111,081,081
7 .5 7 2.7 88 127,550,686
7/,u
,5 u
0 6,1
u ,i*25
o 120.321.872
5 2 .1 0 5 ,1 8 5
4 5 ,6 41 ,66 7
3 3 ,2
9 4-----,1 9 0
-----
M ilw a u k e e ..
D u lu t h ..........
M in n ea p olis.
7 4,5 00
17,135
D e t r o it _____
C leveland . .
S t. L o u is ___
P e o r i a _____
K ansas C it y .
6 ,717
1,471
56,3 10
54,2 00
T o ta l w k , '1 0
Sam e w k . ’ 09
Sa m e w k. '08
S in ce A u g . 1
1 9 1 0 ____
1909 ____
i y u o ____
1908
22,6 00
409 ,06 0
777,841
2 ,0 4 1,0 19
14,800
13.000
57,071
452,337
28.0 00
758 ,40 0
361.514
458 ,79 0
512,957
4 36 ,80 0
266 ,32 1
5 8 7 ,69 0
.|
3 1 .2 00
6 95
42.2 20
3 ,0 0 0
1 ,107
9 9 .4 0 0
100.000
- ..........
9,9 0 0
9 ,0 0 0
1 ,8 3 0 ,3 7 8
2 ,7 4 8 ,1 6 0
1 ,3 9 6,9 72
115,015
171,499
143,659
...1
7 7 ,1 6 1 ,3 0 6 26,2 81 ,44 4 2 ,3 4 9,5 33
6 7 ,3 0 8 .0 4 5 3 3 ,0 4 8 ,2 0 8 3 ,2 4 6.0 77
6 5 ,5 9 1 ,6 8 6 3 7 ,8 0 9 ,0 0 0 3 ,1 5 0,9 39
------
Total feceipts of flour and grain at the seaboard ports for
the week ended N ov. 12 1910 follow:
Receipts at
—
N ew Y o r k ...............
B o s t o n ......................
P h ila d e lp h ia ..........
B a ltim o re ........... —
R i c h m o n d ..............N ew O rlean s*------N ew p ort N ew s-----G a lv e s t o n -............. M o b i l e .......................
M o n t r e a l................ -
Flour,
bbls.
193,027
44,5 30
6 8,569
42,981
4,2 8 9
19,360
13,046
'6 , 7 0 1
36,2 88
|£ j f f ii® lo : i 5 .M
* K A.^9 "V T
Wheat,
bush.
1 ,1 8 3,8 00
3 90 ,03 9
441 ,18 9
184,753
11,184
1,200
15,000
f,317,705
Corn,
bush.
04,1 25
12,407
18,000
119,777
3 2,0 38
100,900
10,000
3 ,0 0 0
13,520
412,781
Oats, Barley,
Rye,
bush.
bush. bush.
2,3 0 0
212,002
550 ,17 5
89,842
155,591
37,498
30,4 06
42,000
2,5 2 0
_______
82,6 87
1,000
31,0 67
2,984
___ ___
_____ -----------
3 8,4 74
35,733:821 44.110.901 WS™
“ 1 ,« 7G7 V'lO U9’i s o ’ a 13 3 5 .6 0 6 :5 8 0 3 8 ’. 399'.517 6 07 9,0 78 1030,782
♦ R eceipts d o n ot Include g ra in passing th ro u g h N ew O rleans fo r foreig n p orts on
th rou gh bills o f la d in g.
,
,,
,
Wed. Thurs. Frt.
Sat. Mon. Tues.
The exports from the several seaboard ports for the w eek
07 yx 06 M 07
05 %
N o . 2 r e d w in t e r ...................... .................. tl
08 %
0 7 54!
07 Ji
07
ending
N
ov.
12
1910
arc
show
n
in
the
annexed
statem
ent:
D e c e m b e r d e l i v e r y In e l e v a t o r ------- 9 ° %
97%
M a y d e l i v e r y In e l e v a t o r ------------------ 1 02 M 1 02 A 103 % 103% 103% 102%
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N N E W Y O R K .
-Nov. 19 1910. j
T H E C H R O N IC L E
Exports froni- Wheal,
bush.
585,992
Corn,
Flour,
bush. 76,982
bbls.
2 7,173
179,747
P h lla d e lp h la ____
263,000
B a ltim o re ________
N ew O rlean s____
N ew p ort N ew s___
_______
G a lv eston ________
_______
M o b i l e __________
_______
M o n t r e a l________ 1,006,000
10,000
10,000
7,3 4 0
18,200
2 ,783
3 0 .0 00
13,0-16
13,520
160,000
60.0 00
2,1 7 2
.............
T o ta l w e e k ____ 2 ,0 3 4,7 30
W eek 1000______ 3,48 0,0 87
315 ,40 7 2 26,052
3 3 1 ,1 2 2 2 7 6 ,1 6 8
7 ,0 0 2
5_____
,7 6 5
.............
20,073
________
______
..........
.. 75,3
62
8 5,714
2 ,2 0 0
2 ,5 0 0
2,000
6,701
.............
2-1,000
6,821
1,037
Ih c destination of these exports for the week and since
July 1 1910 is as below:
Flour-------------------------Corn-------------Sincel WeekWheat----------------------------Since1
Since1
Week
July
July
Week
July
Exports
for
iceck
and
Nov.
12.
1010.
Nov
12
1010
No
v.
12.
Since July \ to— bbls.
bbls. bush.
bush bush. 1010
bush..
U n ited K i n g d o m . . .1 0 0 ,0 0 8 1,402,451 1,25 5,6 52 13,4 11 ,80 0
----------
C o n t i n e n t . . .......... ..
40,081
S ou & C c n t . A m e r _ 4 4,250
W e st I n d i e s . ............. 2 8,1 85
B r it. N or. A m . C o ls . 3,273
O th er co u n tr ie s ____
286
6 6 7 ,7 5 8
302 ,41 7
432,510
55,614
62,253
776 ,24 5
2,8 4 2
'
2
116,000
157,007
3 ,4 6 0
3 7,5 80
7 ,3 4 6,2 53
111 702
"
7 ,000
,221,000
2,48 6,5 47
1,383,304
531,280
5,708
13,240
1,360
T o t a l ...................... .2 2 6 ,0 5 2 3 ,1 0 3 ,0 1 2 2 ,0 3 4 ,7 3 0 20,8 76 ,85 1
T o t a l 100 0 ................. 270,168 3 ,6 0 2 ,8 7 5 3 ,4 8 0,0 87 3 0 ,5 3 5 ,4 3 3
315 ,40 7 6 ,6 4 2 006
3 31 ,12 2 3 ,4 1 3 ,4 8 0
The world's shipm ents of w heat and corn for the week
ending N ov. 12 1910 and since J u ly l 1910 and 1909 are
show n in the following:
Wheal.
Exports.
Corn.
1
1910.
1909.
1910.
Week12. July
Since1. July
Since1. |I Nov.
Week12. |1 July
Since1.
Nov.
Bushels. Bushels. * Bushels. Bushels.
Bushels.
N orth A iner. 3 .8 0 8.0 00 4 1 .8 03 .00 0 5 0 .5 1 1 .0 0 0
2 44 ,00 0
R u s s ia _____ 8 .0 4 8 .0 0 0
D a n u b e ____ 1.928.000
A rgen tin a . .
608 ,00 0
I n d i a ............. 1 .200.000
A u stra lia n .
368 .00 0
O th . co u n tr ’s
2 0 0 .00 0
T o t a l ____
9 6 .7 8 4 .0 0 0 8 9.8 3 2 .0 0 0
128,000
5 0 .2 64 .00 0
9 ,5 9 2 ,0 0 0
3 2 3 .00 0
19.456.000 12.6 48 .00 0 5 ,1 5 1,0 00
2 0 .9 4 4 .0 0 0 1
( _______
13.192.000 127,212,000 1 . . .
3 ,7 5 8 ,0 0 0
11 .............
|
1909.
Since1.
July
Bushels.
3 .3 2 8 .0 0 0
6 .7 8 3 .0 0 0
3 .0 0 7 .0 0 0
4 5 .9 3 8 .0 0 0
3 2 .5 0 8 .0 0 0
6 .0 2 9 .0 0 0
7 .3 5 9 .0 0 0
4 8 ,0 46 ,00 0
8 8 .2 3 6 .0 0 0
6 4 ,7 62 .00 0
>
16160000 2 1 6 ,20 1,0 00 1 95 ,82 5,0 00 5 ,8 4 6 ,0 0 0
The qu antity of w heat and corn afloat for Europe on dates
m entioned was as follows:
N ov.
N ov.
N ov.
N ov.
N ov.
12
5
13
11
16
1 9 1 0 ..
1 9 1 0 ..
1 9 0 9 ..
1 9 0 8 ..
1 9 0 7 ..
Wheat.
Corn.
United
United
Kingdom. Continent. Total. Kingdom. Continent. Total.
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
18.352.000 2 3 .1 76 .00 0 11.528.000 7 .8 8 0 .0 0 0 16.193.000 2 1.0 7 3 .0 0 0
17.984.000
13.600.000
16.480.000
16.600.000
2 1 .7 6 0 .0 0 0
13.280.000
14.3 20 .00 0
11.2 40 .00 0
3 9 .7 4 4 .0 0 0
2 6 .8 80 .00 0
3 0.8 0 0 .0 0 0
2 7 .8 10 .00 0
7 .6 4 1.0 00 15.7 08 .00 0 2 3.3 1 9 .0 0 0
3 .8 2 5 .0 0 0 5 .6 9 5 .0 0 0 9 .5 2 0 .0 0 0
4 .6 7 5.0 00 5 .1 8 5 .0 0 0 9 .8 6 0 .0 0 0
5 .1 2 0.0 00 3 .6 4 0.0 00 8 .7 6 0 .0 0 0
vioiuiu oujjpiv ui grain, com prising tlie stocks in
granary at principal points of accum ulation a t lake and
seaboard ports N ov. 12 1910, was as follows:
Wheat,
bush.
N ew Y o r k .......................
“
a llo a t ______
B o s t o n _____ _______
P h ila d elp h ia ............. . .
770 ,00 0
B a ltim o re ........................ . .
987 ,00 0
N ew O rle a n s................. . .
3 ,0 0 0
G a lv e sto n .................... .. . .
105,000
B u lT a lo........................... .. . 2 ,3 3 6 ,0 0 0
"
a flo a t .............. . . 2 ,2 8 5,0 00
T o l e d o _____ _________ . . 1 ,582,000
D e t r o i t .......... ................ .. .
408,000
C h i c a g o . . . ...................... . 6,13 6,0 00
M ilw aukee ..................... . .
270 ,00 0
D u lu th ...............
. 3 ,4 7 0,0 00
M in n e a p o lis................. .1 1 ,3 4 3 ,0 0 0
St. L o u is .......... ................. . 2 ,348,000
K ansas C i t y . . .
. 4,240,000
P e o r ia ............
.
7 ,0 0 0
In d ia n a p olis .
_
5 48,000
On la k e s_____
.
729 ,00 0
O n ca n a l a n d riv e r___ _
590 ,00 0
Corn,
bush.
186,000
57,0 00
7 0,0 00
129,000
3 ,0 0 0
3 73 ,00 0
24,0 00
316 ,00 0
116.000
3 0 ,0 00
3 1,0 00
128,000
193.000
16,000
2 29 ,00 0
3 9 8 ,00 0
8 ,0 0 0
Oats,
bush.
816 ,00 0
STOC KS.
2 9.0 00
3 ,0 0 0
48.0 00
441.000
102.000
Wheat,
bush.
T o t a l N o v . 12 1 9 1 0 ..1 3 ,2 2 2 .0 0 0
T o ta l N o v . 5 1 9 1 0 .. 11,969,000
T o ta l N o v . 13 1 9 0 9 .-1 1 ,9 7 5 ,0 0 0
Wheat,
bush.
Corn,
bush.
2 0 1 ,0 0 0
201,000
206 ,00 0
3 8,0 00
SU M M ARY.
Corn,
bush.
Rye,
bush.
6,000
121,000
856 .00 0
375’,666
135.000
5 .9 0 1 .0 0 0
461.000
8 36 .00 0
3 .2 0 8 .0 0 0
3 9 2 .00 0
2 5 1 .00 0
1 .7 1 5.0 00
3 3 .0 0 0
3 4 .0 0 0
3 9 0 .00 0
T o ta l N o v . 12 1910. .4 1 ,8 8 9 ,0 0 0
2 ,3 0 7 ,0 0 0
T o ta l N o v . 5 1910. .4 0 ,3 6 6 ,0 0 0
2 ,9 7 6 ,0 0 0
16.5 57 ,00 0
T o ta l N o v . 13 1909. .2 8 ,5 8 7 ,0 0 0
2 ,4
. 0 9,0
. 00
13,7 03 ,00 0
C A N A D I A N C H A IN S T O C K S
M on tr e a l________________ 1 ,049,000
F o r t W illia m .................... 5 ,7 7 7,0 06
P o r t A rth u r...................... 3 ,4 5 0,0 00
O th e r C a n a dia n ............... 2 ,9 1 6,0 00
Oats,
bush.
604 ,00 0
604 .00 0
476.000
3 9 2 .00 0
Oats,
bush.
A m e r ic a n ...........................41,8 89 .00 0
C a n a d ia n ...........................13,222,000
2 ,3 0 7.0 00
201,000
16,1 30 ,00 0
6 01.000
T o ta l N o v . 12 1 9 1 0 .-5 5 ,1 1 1 ,0 0 0
T o ta l N o v . 5 1 9 1 0 .-5 2 ,3 3 5 ,0 0 0
2 .5 0 8 .0 0 0
3 .1 8 2 .0 0 0
16,7 34 ,00 0
17,0 33 ,00 0
Harley,
bush.
97,0 00
25",666
562 .00 0
400 .00 0
4 .0 0 0
1 8,000
13.000
9.0 0 0
73.000
159,000
6.000
3 9.0 00
8 63 .00 0
3 3 1 .0 0 0
12.000
160,000
240 ,00 0
409 .00 0
410 .00 0
1 ,0 5 0,0 00
Rye,
bush.
2 .7 2 9 .0 0 0
2 .9 0 7 .0 0 0
4 .1 3 3 .0 0 0
Barley,
bush.
44,000
4 4.000
3 9 .0 0 0
9 2.0 00
Rye, Rarley,
bush.
2, 7 29bush.
,00 0
4 09,000
44.0 00
409 ,00 0
4 10 .00 0
2 7 7 3 .00 0
2, 9 46 .00 0
TH E DRY GOODS TRADE.
r
New York, Friday Night. Nov. 18 1910
Trading in cotton goods has continued quiet and un
evenly distributed, business in som e lines being fairly
satisfactory; but in others much below exp ectations. Im
provem ent in dem and which m any sellers hoped would
follow the election has not m aterialized. In tim e this m ay
develop, especially since the need of goods is quite evid en t
in various directions; at present, how ever, conditions
generally are not encouraging. Buyers are frequently in
the m arket, but as a rule are disposed to operate close, both
in the m atter of quantity and price; their purchases are
invariably confined to small lots for^im incdiate or near-by
1397
Oats, bush.
Rye, Barley,
Peas,
bush.
bush. 4,421
bush. shipm ent, to m eet well-defined needs, and efforts to induce
2 ,3 3 0
5 ,073
iHUk-iniymg for forward delivery a t current prices have m et
w ith little success. Special offerings, on the other hand,
are readily taken, and in this connection the marked success
attending the special sale held during the w eek by a large
dry-goods concern in S t. Louis is notew orthy. Conditions
111 . ]e Pn inary cotton goods m arket, particularly, are un
satisfactory. Dem and for print cloth yarn goods and
convertibles has fallen off perceptibly, that is, a t prices
acceptable to producers. A substantial am ount of business
has been tendered, it is understood, a t levels below the
current m arket, but m ills have turned down m any such
offers w hich, because of the continued high cost of production
would show little, if any, profit. Considerable talk is heard
of further curtailm ent am ong m ills in order to avoid cn
accum ulation of goods produced from high raw m aterial
and the undesirable effect which overproduction m ight have
upon values. U nless conditions in the goods m arkets
change so that m anufacturers will be assured of reasonable
profits on forward business, an increased restriction of the
ou tp u t seem s lik ely. Prices generally have been firm ly held,
borne sm all lots of gray goods have changed hands at con
cessions, but, as indicated, m ills are unw illing to accept
contracts excep t at full asking prices. F ancy cotton s,
special offerings and certain seasonable lines received m ost
atten tion during the week; staple cottons as a w hole were
relatively slow . Jobbers report a fair volum e of business,
m ostly of a filling in character, w ith little evidence of a
desire to anticipate distant requirem ents in any quarter.
Jobbers them selves continue conservative regarding the
future. Y arns have ruled quiet and steady to firm in price.
In cotton underwear and hosiery com petition for fall 1911
business has becom e keener, as som e of the leading factors
are offering their products for th a t season on about the sam e
level as prevailed for 1910, w hile others have been endeavor
ing to secure orders a t advances. A slight im provem ent in
the call for dress goods is noted, while in m en’s wear the
cooler weather has stim ulated a brisk dem and for over
coatings.
DOM ESTIC COTTON G O O DS.— The exports of cotton
goods from this port for the week ending N ov. 12 were 3,478
packages, valued at $254,270, their destination being to the
points specified in the tables below:
New York to Nov. 1 2 —
G r e a t B r i t a i n ______________________
O t h e r E u r o p e a n _______ _________
----------1 9 1 0 - --—
Week.
Jan™!.
33
1
9
Pnhi ? a ...................................................................... I ”
J.” ‘ l a .....................................................................
............................................................................
—
464
3 51
M e x i c o - - - - - - .........................................................
C e n t r a l A m e r ic a --------------S o u t h A m e r i c a --------------------O t h e r C o u n t r ie s .......................
27
2 89
*8 oo
5 7 ,7 4 7
- 1 9 0 9 ---------Since1 .
Week.
Jan.
1 16
1 ,7 8 3
92
1 3 ,9 8 9
1 3 ,5 4 8
1,012
683
y ° ta *
734
2 64
1 ,8 0 0
1 2 ,0 0 5
4 3 ,5 0 3
4 3 ,8 8 5
......................................- ---------- ------------- 3 ,4 7 8 2 2 3 ,5 9 9
69
2 63
868
535
1 ,0 3 9
1 6 6 ,4 7 3
1 5 ,4 0 6
2 5 ,2 9 5
1 4 ,8 4 0
3 6 ,6 7 9
1 ,5 5 8
1 2 ,3 5 4
4 7 ,5 0 9
2 0 ,0 4 1
3 ,6 3 8 3 4 9 ,9 7 7
The value of these N ew York exports since Jan. 1 has been
t>’i7G1;971 in 1910’ against $18,772,047 in 1909.
Bleached goods are m oving in m oderate volum e only, the
leading tickets holding stead y. Drills and sheetings are
qiuet, w ith branded descriptions well held; sales of sm all lots
of stock goods are occasionally reported at concessions, bu t
on goods to be m ade sellers are firm. Colored cottons show
no m aterial increase in a ctivity. A good dem and has
developed for cotton quilts, and som e of the leading m anu
facturers are said to be well sold up for spring delivery, one
of the largest lines in fact, having been w ithdraw n. B lankets
and napped goods were in fair request for prom pt shipm ent,
buyers show ing w illingness to pay full asking prices on
goods available for quick delivery. G ingham s and prints
nave sold steadily. Som e inquiries cam e forward from
China, principally for 3-yard sheetings, but bids were about
4 per cent below seller’s view s and no business has resulted;
export trade w ith m iscellaneous ports has been dull. Only
a m oderate and scattered dem and was in evidence for print
cloths; selling by second hands w as reported, b u t the volum e
was not large; standard gray goods, 383^-inch, rem ain
quotably unchanged.
W O O LEN G O O DS.— A ctivity in the m en’s wear m arket
has been confined chiefly to overcoatings to m eet im m ediate
and near-by needs. The cooler w eather of the past w eek has
resulted in a brisk dem and for stock goods and supplies are
reported as lim ited. D uplicate orders on light-w eight
fabrics have been fairly satisfactory in som e quarters b at
poor in others. In the dress goods division retailers ha
operated som ew hat more freely on staple goods for
current season and to som e exten t for spring; but in t
prim ary m arket generally business has continued slow
both prom pt and future delivery. Serges and voiles figu ■
prom inently in such orders for spring as have been received
l'O R E IG N D R Y G O O D S.— Certain lines of im ported
m en’s wear fabrics show ed a little more a ctivity on account
of the more seasonable w eather, but business in the aggregate
in these lines and in foreign dress goods was m oderate
Linens continued firmly held and in good request par
ticularly housekeeping linens for the special T hanksgiving
and January “w hite sales” in retail establishm ents, while
additional orders for spring dress linens were received by
im porters. Burlaps ruled firmer and rather excited early in
the w eek, but com paratively quiet later, w ith a fair business
reported; light-w eights are quoted at 3.90c. and loj^ -ou n ce
T H E C H R O N IC L E
1398
N ew s Item s.
Boulder, Boulder C ounty, C o l o Municipal Charter Con
vention Defeated.—The result of the election N ov. 8 on the
question of a “m unicipal charter con ven tion” was 1,129
votes “for” to 1,804 “again st.”
California.— Panama Exposition Amendments Approved.—
The returns from the general election in this State on N ov. 8,
although not officially announced, indicate that the two pro
posed am endm ents to the con stitu tion passed at a special
■ ession of the Legislature on Sept. 8 to raise funds to secure
the location of the Panam a E xposition (V. 91, p. 665) were
both ratified by large m ajorities. U nder the term s of one
of these am endm ents the city of San Francisco was author
ized to vote on an am endm ent to its charter so as to allow
the issuance of $5,000,000 bonds, the proceeds of the sam e
to be turned over to the Panam a Pacific International E x
position Co., to be used by this com pany for an exposition
to be held in San Francisco to celebrate the opening of the
Panam a Canal. In accordance w ith this authority, a special
election w as held in San Francisco on N ov. 15 and the pro
posed charter am endm ent was accepted, according to
^ T he3 other constitutional am endm ent approved by the
voters of the State on N o v. 8 creates a fund of $5,000,000
for the use, establishm ent, m aintenance and support of the
Panam a Pacific International E xp osition . This fund is to
be raised by the levying of an ad valorem tax for the fiscal
years beginning July 1 1911 and each year thereafter, to and
including July 1 1914, upon all the property m the State
not exem pt under the law and subject to taxation on July 1
It is understood, of course, th at the location of the Panam a
E xp osition is to be chosen by Congress, and the am endm ents
referred to above will only take effect in the event of the
choice of San Francisco. As recently reported in these
colum ns, the voters of the State of Louisiana on N ov. 8
approved two constitutional am endm ents raising sum s of
m oney to secure the location of the exposition for N ew
Orleans.
,
,
In addition to the two proposed am endm ents relating to
the Panam a E xposition, there were subm itted to the voters
of the State of California on N ov. 8 six other am endm ents
to the constitution and four propositions providing for the
issuance of bonds aggregating $29,500,000 by the State.
T he returns at hand are said to indicate that all of these
carried. See V. 91, p. 974; also V. 89, p. 1553. One of the
proposed am endm ents subm itted on N ov. 8 provides for the
separation of State and local taxation and for the taxation
of public service and other corporations for the benefit of the
S tate. This am endm ent was given in full in V. 91, p. 975,
b u t was later changed in several respects at a special session
of the Legislature which convened O ct. 3 1910. The changes
m ade at this special session were as follows:
» T a x o n c a D lta l s t o c k o f b a n k s c h a n g e d f r o m 6 -1 0 o f 1 % . t o 1 % .
___
* 1 R a t e s o f t a x a t i o n n a m e d In a m e n d m e n t t o b e c h a n g e d b y a v o t e o f t w o t h ir d s I n s t e a d o f t h r e e - f o u r t h s , o f t h e L e g i s l a t u r e .
, .
T h e a m e n d m e n t a s p a s s e d a t t h e r e g u la r s e s s io n p r o v i d e d t h a t u n t il t h e
t h e S t a t e s h a ll r e i m b u r s e S a n B e r n a r d i n o a n d P la c e r c o u n t i e s fo r
flip n e t lo s s In c o u n t y r e v e n u e o c c a s io n e d b y t h e w it h d r a w a l o f r a ilr o a d
n r o o e r t v fr o m c o u n t y t a x a t io n .’ ’
A s a lt e r e d a t t h e s p e c l a s e s s io n t h e a w
p r o v i d e s f o r t h e r e i m b u r s e m e n t o f a n y a n d a ll c o u n t i e s w h ic h s u s t a in a lo s s
year 1918
° f S u b d iv is io n
a of
t h e a m e n d m e n t a s p a s s e d a t t h o r e g u l a r s e s s io n w a s
a8 (o°)n N oS:in ju n c t lo n s h a ll e v e r Issu e In a n y s u i t , a c t i o n o r p r o c e e d in g In
a n v c o u r t a g a in s t th is S t a t e o r a g a in s t a n y o f f i c e r t h e r e o f t o p r e v e n t o r
c n ] o l n ° t h c c o l l e c t i o n o f a n y t a x le v i e d u n d e r t h e p r o v is i o n s o f t h is s e c t io n
u n t i l s u c h t a x h a s b e e n a c t u a ll y p a i d ; b u t a f t e r p a y m e n t a c t i o n m a y b e
m a in t a in e d t o r e c o v e r a n y t a x I lle g a lly c o l l e c t e d In s u c h m a n n e r a n d a t
s u c h t im e a s m a y n o w o r h e r e a ft e r b e p r o v i d e d b y la w .
A t t h e s p e c ia l
s e s s io n t h e w o r d s " u n t i l s u c h t a x h a s b e e n a c t u a l l y p a i d w e r e e lim in a t e d
T h e o n l y o t h e r c h a n g e m a d e a t t h e s p e c i a l s e s s io n w a s t h e a d d i t i o n o f t h e
w o r d s “ t h e y e a r e n d in g ” In s u b - d iv is io n
I t w ill b e n o t ic e d t h a t t h e s e
w o r d s w e r e I n c lu d e d In t h e la w a s p r in t e d In V . 9 1 , P . 9 7 o , t h e s a m e h a v i n g
b e e n in s e r t e d j u s t b e f o r e g o in g t o p r e s s .
).
Cincinnati, Ohio.— Vote Cast on Annexation of Villages.—
The vote polled N ov. 8 on the annexation of certain villages
to
the citv of Cincinnati is —vote
given inasCincinnati
follows:--------Vote in Villagest o tn e c ity
"For."
A n n e x a t io n o f C o lle g e H i l l - .................
“
“ S a y l e r P a r k .............- - 5 3 . 9 2 8
'
"
“ C a r t h a g e - - ---------------5 3 ,9 9 6
“
“ E l m w o o d P l a c e --------5 4 ,0 1 7
“
“ C h e v i o t - - ----------------- 5 3 ,9 2 9
••
“ M a d l s o n v ll le --------------- 5 4 ,7 0 3
“
“ M o u n t A i r y ----------------- 5 4 ,3 2 3
" iU
MO
ou
ton
. 5 2 --, 9 1 4
---------Un
iHt W a s h i n g —
“
"For."
"Against."
Against.
254
218
5 ,6 4 3
5 ,7 0 7
5 ,5 3 6
5 ,4 9 5
5 ,5 9 6
5 ,5 7 9
5 ,5 7 2
5 ,6
- 61
109
361
136
254
619
87
215
90
338
214
264
400
14
62
#
T he above vote indicates that the question of annexation
of all the villages nam ed w as carried in Cincinnati and de
feated in only tw o of the villages them selves, nam ely E lm
wood Place and C heviot.
.,
,.
.
I t was originally intended to vote on the question of an
nexation of O akley, Norwood and St. Bernard, in addition
to the places given above, but this was prevented by litigation.
C leveland, O hio.— Voters Favor Construction of Subways.—
The voters of this city at the general election N ov. 8 granted
to the Cleveland Underground R apid Transit Co. the right
to construct a subw ay system . A dispatch to “ Financial
14
A rw w n d S
'
.— T h e e le c t o r s o f t h is c i t y h a v e v o t e d In f a v o r o f
b u n d i n g t h e t w o p r o p o s e d s u b w a y s y s t e m s , o n e a h ig h - le v e l s u b w a y t o
M p p r i c r a il w a y p a s s e n g e r t r a f f i c f r o m t h e p u b l i c s q u a r e t o
“a n d w i t S t y li m i t s , t h e o t h e r a lo w - l e v e l fr e ig h t a n d ln t c r u r b a n
t h e e a s t a n d w e s t c y’
8 t th e
|n t 0 t iie d o w n t o w n w h o le s a l e d ls s u b w a y , fr o m th e o t
bw
a3 p r o p o s e d , w ill e x t e n d a b o u t 3 0 m ile s ,
fS S
cIty
w h il e t h e o t h e ? hw I ll e x t e n d a b o u t t h r e e m il e s , b u t w ill a ls o I n c lu d e a b o u t
[V O L . L X X X X I .
t w o m ile s o f e le v a t e d t r a c k c o n s t r u c t i o n .
T h o re fe re n d u m v o te d g ra n ted
t h e r ig h t t o b u il d t o t h e C le v e la n d U n d e r g r o u n d R a p i d T r a n s i t C o .
I t is
n o w p r o p o s e d t o I n c r e a s e t h e n o m in a l c a p i t a l s t o c k o f th is c o m p a n y a n d a ls o
t o p r o c e e d a t o n c e t o d e t e r m in e t h e e n g in e e r in g p r o b l e m s I n v o l v e d ,
ro
r e t a in Its r i g h t s t h e c o m p a n y m u s t b e g i n a c t u a l c o n s t r u c t i o n w o r k o n t h e
lo w - l e v e l r o u t e b e f o r e D e c . 1912 a n d o n t h e h ig h - le v e l lin e s b e f o r e J u n e 1 9 1 2 .
T h e c i t y h a s t h e o p t i o n o f p u r c h a s i n g t h e lo w - l e v e l lin e s a t $ 8 5 0 ,0 0 0 p e r
m ile o f s in g le t r a c k a n d t h e h ig h le v e l lin e s a t $ 3 5 0 ,0 0 0 p e r m ile o f s in g le
tra ck .
A t t h e e n d o f 7 5 y e a r s t h e lin e s b e c o m e t h e p r o p e r t y o f t h e c i t y .
The vote on the high-level subw ay w as 31,674 to 27,930
and on the low -level subw ay 29,786 to 25,836.
Fort Sm ith, A rk.— Final Decree of Circuit Court in Water
Works Case.— The final decree of the U nited States Circuit
Court in the suit brought by the city of Fort Sm ith to com
pel the M unicipal W ater-W orks Co. of that city to sell its
plant fixes the value of the property at $420,000. As stated
in V. 91, p. 539, the Special M aster in his report to the Court
on Aug. 5 found the value of the plant to be $462,267.
In d ian a.— Colosseum Bonds Due Nov. 1 Not Taken Up .—
According to the Indianapolis “ N ew s” , the $100,000 4%
bonds issued under an A ct of the Legislature of 1907 for the
construction of a colosseum or live-stock pavilion a t the
State Fair Grounds were not taken up by the State on N ov. 1,
the date of their m aturity. The A ct of the Legislature pro
viding for the bond issue contains the following:
" S a i d b o n d s a n d I n t e r e s t c o u p o n s a s t h e y m a t u r e s h a ll b e p a i d o u t o f
a n y m o n e y In t h e S t a t e t r e a s u r y n o t o t h e r w i s e a p p r o p r i a t e d .
State A uditor John C. Billheim er m ade the follow ing
statem ent regarding the paym ent of the bonds:
“ W e h o l d t h a t u n d e r t h e p h r a s e , 'n o t o t h e r w i s e a p p r o p r i a t e d , ’ w e c a n
d e c li n e t o t a k e u p t h e b o n d s a t t h is t im e .
T h e r e Is c o n s i d e r a b l y m o r e t h a n
$ 1 0 0 ,0 0 0 In t h e S t a t e t r e a s u r y , b u t It Is a ll c o v e r e d b y t h e A p p r o p r i a t i o n
A c t o f t h e G e n e r a l A s s e m b l y o f 1 9 0 0 , a n d t h e s e a p p r o p r ia t io n s t a k e p r e c e
d e n c e o v e r t h e s p e c ia l A c t a u t h o r i z in g t h e I s s u a n c e o f t h e b o n d s .
“ I t m a y b e th a t th e b o n d s ca n b e ta k e n u p a fte r th e D e ce m b e r s e ttle
m e n t Is m a d e w it h t h e C o u n t y T r e a s u r e r s , b u t I d o u b t If t h e y c a n .
I t is
p r o b a b le t h a t a s p e c i a l A c t o f t h e G e n e r a l A s s e m b l y w ill b e r e q u i r e d t o s e t
a s id e t h e m o n e y f o r t h e ir r e d e m p t i o n u n le s s t h e h o l d e r s w is h t o t a k e t h e ir
c h a n c e s o f t h e r e b e in g $ 1 0 0 ,0 0 0 In t h e t r e a s u r y a t s o m e t im e w it h n o a p
p r o p r ia t io n s s t a n d i n g a g a in s t It.
T h e m a tte r o u g h t to h a v e b een a tte n d e d
t o In t h e G e n e r a l A s s e m b l y o f 1 9 0 9 , b u t n o a c t i o n c o n c e r n i n g It w a s t a k e n .
A l t h o u g h t h e c o u p o n s h a v e b e e n e x h a u s t e d , It Is h e ld t h a t t h e h o l d e r s
o f th e In stru m en ts c a n c o n tin u e to c o lle c t 4 % .
T h e b o n d s a r e c h i e f l y in
th e h a n d s o f b an k s a n d tru s t c o m p a n ie s fo r c o lle c t io n .
K ansas —Constitutional Amendment Defeated.—Aha pro
posed constitutional am endm ent relating to com pensation
of m em bers of the Legislature, given in full in v . 8J, p. 57,
was defeated on N ov. 8, according to newspaper reports.
M ississip p i.— Constitutional Amendments Adopted —The
three proposed am endm ents to the State C onstitution, in
ferred to in V. 91, p. 599, were approved by the voters on
N ov. 8.
M issouri.— Constitutional Amendments Defeated.— N ew s
dispatches indicate that the eleven proposed am endm ents to
the State constitution, subm itted at the general election
N ov. 8 m et w ith defeat. See V. 91, p. 893.
N ew H am pshire.— Constitutional Convention Favored.— The
question of calling a convention to revise the State Consti
tution (V . 89, p. 737) w as decided in the affirm ative by the
voters on N ov. 8.
N ew port K y .— Bonds Declared Valid by Circuit Court.— On
N ov 12 Judge Y ungblut of the N ew port Circuit Court ren
dered a decision holding valid the $100,000 coupon streetim provem ent bonds m entioned in V. 91, p. 665. It is said
that the case will be taken to the Court of Appeals.
N ew York S ta te .— Vote in Greater New York on Pali
sades Park Bonds and Constitutional Amendment.— A canvass
of the vote cast N ov. 8 in Greater N ew York on the proposi
tion to issue $2,500,000 bonds for the Palisades Inter-State
Park and the proposed constitutional am endm ent increasing
of both propositions as far as this city is concerned. On
the bond proposition there were 218,020 votes “for” to 74,451
“again st,” while the am endm ent received a vote of 305,221
“ for” to 101,708 “again st.” The returns from up-State,
how ever, on these propositions are not y et available.
Oakland, Cal.— Issuance of Bonds by Annexed Sanitary
Districts Enjoined.— A decision was rendered by the btate
Suprem e Court on O ct. 3 preventing the issuance by various
sanitary districts which have becom e annexed to the C ity of
Oakland of bonds aggregating $375,000. The proposed
issues were as follows: $75,000 of the Elm hurst Sanitary Distriefa n d $36~006'of Redw ood Sanitary D istrict. A petition
for a rehearing has been denied by the Suprem e Court.
O klahom a.— Supreme Court Decides That State Capital
Must Remain at Guthrie—The State Suprem e Court on N ov.
15 decided that the election held June 11, at w hich it was
voted to change the location of the State Capital from G uth
rie to Oklahoma C ity, was void because of defects in the title
of the ballot. See V. 91, p. 287. The Governor is said to
have announced that he would call a special session ot tno
Legislature to convene D ec. 2 to authorize a referendum on
the Capital proposition.
P en n sylvan ia.— No Vote Taken on Constitutional Amend
ment.— We stated several w eeks ago that there would be sub
m itted to the voters on N ov. 8 a proposed am endm ent to
the constitution to allow, the City of Philadelphia, in deter
m ining its borrowing capacity, to exclude debt incurred tor
subw ays and w harves and docks. It appears that this pro-
Nov. 19 1910.|
T H E C H R O N IC L E
position w as in 1909 substituted for an am endm ent passed
by the Legislature of 1907. Accordingly, it will have to be
approved by the incom ing Legislature before it can be sub
m itted to the voters of P ennsylvania. If passed by the
1911 Legislature, it will be placed on the ballot at the general
election in N ovem ber of that year.
P ueblo, Colo. —Commission Plan of Government Not Sub
mitted to Vote on Nov. 8 .— The question of adopting the com
m ission form of governm ent w as not subm itted to a vote on
N ov. 8 (V. 91, p. 810), the D istrict Court having ruled that
the proposition could only com e up at a “general city elec
tion," which will take place next April.
South D a k ota.— Residt of Vote on Constitutional Amend
ments.— Of the six proposed am endm ents to the constitution
before the voters on N ov. 8 (V. 89, p. 944), only one, that
relating to the renting of school lands, m et w ith their ap
proval.
Spokane, W ash .— Bonds Declared Valid by Superior Court.
— On N ov. 5 Judge II. L. K eannan of the Superior Court sus
tained the demurrer of the city to the com plaint of Joseph
M urphy, who sought to enjoin the issuance of the $1,000,009
park bonds voted May 3 1910 (V . 90, p. 1319).
Bond Proposals and Negotiations this week
have been as follows:
Adrian, L enaw ee C ounty, M ich.— Bonds Voted.— An
election held N ov. 8 resulted in favor of the question of
issuing $30,000 street-im provem ent bonds. The vote is
reported as 680 to 596.
A iken, A iken C ounty, So. Caro.— Bond Offering.— Pro
posals will be received until 12 m . D ec. 1 by J. L. McNair,
Chairman Commissioners Public W orks, for the $78,000
4 ^ % coupon w ater-w orks-extension bonds voted (V. 91,
p. 539) on August 16.
D a te O ct. 1 1 01 0.
t o c a ll a l t e r 2 0 y e a r s .
I n t e r e s t s e m i -a n n u a l .
M a tu rity 40 y e a r s , s u b je c t
A lliance, Stark C ounty, O hio.— Bond Sale.— Follow ing are
the bidders and the prem ium s offered by the sam e for the ten
issues of bonds for which proposals were received on N ov. 14,
and which are described in V. 91, p. 1275:
bds.
$ 1 1 ,7 7 2
5%
D a v i e s -B e t r a m C o , C in e . - $ 1 7 5 0 0
B r e e d & H a r r is o n , C i n e _____ 1 72 22
S e c . S a v . I l k . & T r . C o . , T o r d o 151 5 0
B a r t o , S c o t t & C o . , C o l u m .1 5 1 59
O t is & H o u g h , C l e v e l a n d . .
77 29
W e ll, R o t h & C o ., C l n c l n ..
55 09
bds.
$ 1 3 ,7 8 4
5%
$ 2 0 2 00
2 0 2 82
bds.
$ 0 ,8 8 7
5%
$ 92 00
91 84
03 50
7 0 41
40 00
bds.
$ 1 1 ,4 1 4
5%
$17 5 00
1 69 38
153 03
1 46 21
54 53
53 50
%bds.
$ 1 ,5 2 0
5
1399
B eliefontaine School D istrict (P . O. B eliefontaine), L ogan
C ounty, O hio.— Bond Sale.— The $35,000 4j^% school-build
ing bonds described in V. 91, p. 976, were sold on O ct. 31
to the P rovident Savings Bank & Trust Co. of Cincinnati
at 106.085.
M a t u r i t y $ 5 0 0 e a c h s i x m o n t h s f r o m M a r c h 1 1 9 1 9 t o S e p t . 1 1 9 2 8 In
c l u s i v e a n d $ 1 ,0 0 0 e a c h s i x m o n t h s f r o m M a r c h 1 1 9 2 9 t o M a r c h 1 1 9 4 1 I n c l.
B ingham ton, Broom e C ounty, N . Y . — Bond Offering.—
Proposals w ill be received until 4:30 p. m . N ov. 30 by S. W.
Murray, Secretary of Board of E stim ate and A pportionm ent,
for $50,000 4 x/i% registered H igh School site bonds voted on
O ct. 14 (V . 91, p. 1113.)
D e n o m i n a t i o n $ 5 ,0 0 0 .
D a te D e c. 1 1910.
I n t e r e s t s e m i -a n n u a l ly a t
t h e C i t y T r e a s u r e r ’s o f f i c e .
M a t u r i t y $ 1 0 ,0 0 0 y e a r l y o n A u g . 1 f r o m 1 9 2 0
t o 1924 In c lu s iv e .
C e r t ifie d c h e c k , c a s h o r N e w Y o r k d r a f t f o r
o f bonds
b id f o r , p a y a b l e t o t h e S e c r e t a r y o f t h e b o a r d , Is r e q u i r e d .
2%
Brazoria C ounty D rainage D istrict N o. 4, T e x .— Bonds
12 the State Comp
troller registered $124,000 5% bonds.
B rem erton, K itsap C ounty, W ash .— Bond Election.—A.
proposition to issue $15,000 m unicipal wharf bonds will be
subm itted to the voters at an election to be held D ec. 6.
B ristol, V a .—Bond Sale.—It is stated th at the $60,000
5% w ater-system -extension bonds offered w ithout success on
Sept. 27 (V . 91, p. 1195) have been awarded to W eil, R oth
& Co. of C incinnati at 101.50.
Broken B ow , N eb .— Bonds ATot Sold.— N o sale had been
m ade up to N ov. 14 of the $15,000 city-hall and jail and
$8,000 w ater-extension 5% coupon bonds described in
V. 91, p. 825.
B rookings C ounty (P . O. B rookings), So. D a k .— Bonds
Voted.— The $100,000 court-house bond proposition presented
to the electors on N ov. 8 (V. 91, p. 740) was authorized, it is
stated , by a vote of 1,243 to 913.
B runsw ick, Frederick C ounty, M d.— Bond Offering.— Pro
posals will be received until 8 p. in. D ec. 6 by A. B . H edges,
Clerk and Treasurer, for $5,000 4 ^ % coupon street-im prove
m ent bonds.
Registered.— W e are advised th at on N ov.
A u t h o r i t y S e c t i o n 1 , C h a p t e r 2 0 9 , A c t s o f .Tan. 1 9 1 0 .
D e n o m in a t io n
$500.
D ate J a n . 1 1911.
I n t e r e s t s e m i -a n n u a l ly a t t h e S a v i n g s B a n k o f
B r u n s w ic k In B r u n s w ic k .
M a t u r i t y J a n . 1 1 9 3 0 , s u b j e c t t o c a ll a f t e r 10
years.
B o n d s a r e e x e m p t f r o m c o u n t y a n d m u n i c ip a l t a x .
C e r t ifie d c h e c k
f o r 5 % , p a y a b le t o t h e C le r k a n d T r e a s u r e r , is r e q u i r e d .
B on ded d eb t,
I n c lu d in g t h is is s u e . $ 3 2 ,5 0 0 .
N o ll o a t in g d e b t .
S in k in g f u n d , $ 1 ,7 7 8 .
A s s e s s e d v a l u a t i o n In 1 9 1 0 , $ 7 7 0 ,0 0 0 .
Bryan County (P . O. D uran t), Okla —Bonds Defeated.—
The election held N ov. 8 resulted in the defeat of the question
of issuing the $160,000 court-house and jail bonds m entioned
in Y. 91, p. 1275.
$ 3 ,5 7 0
$ 5 ,0 0 0
$ 2 ,9 0 0
$ 1 ,2 0 0
$ 8 ,5 0 0
Buena V ista C ounty (P . 0 . Storm L ake), Io w a .— Bonds
5 % bds. 4 % Inis. 4 % bds. 4 % bds. 4 M%bds
Defeated.— The voters of this county on N ov. 8 defeated a
D a v le s -B c tr a m C o ., C i n e .. $ 10 00
$ 1 4 8 00
O t is & H o u g h , C l e v e l a n d . .
8 60
proposition to issue $35,000 hospital bonds.
Par
P ar
Par
7 0 00
B a r to , S c o t t & C o ., C o lu m .
2 51
1 4 0 00
B urlington, D es M oines C ounty, Iow a —Bond Sale.—This
S e c .S a r .B k .& T r .C o .,T o l e d o
2 25
A th ens, A th ens C ounty, O hio.— Bond Sale.— The $5,450 City on N ov. 8 sold $150,000 43^% funding bonds to Geo. M.
5% (village’s portion) bonds, to pay the cost of im proving Bechtel & Co. of D avenport at par.
sewers in Storm W ater Sewer D istrict N o. 1, offered on M aDt ue nr iotmy in$ 1a 0t io2 ,0n 0 0 $ 1In,0 0109.2 0 Da na dt e $ 4N8 ,0o v0.0 In1 11993100.. I n t e r e s t s e m i -a n n u a l .
N ov. 7 and described in V. 91, p. 1113, were awarded to the
C incinnati, O hio.— Bonds Voted.— The propositions to issue
A thens N ational Bank at par and accrued interest. Other
the $1,000,000 boulevard and park and $800,000 grade
bids are as follows:
crossing-abolition bonds m entioned in V. 91, p. 1276, were
N e w F ir s t N a t . B k . , C o l u m . . $ 5 , 7 0 3 1W e l l , R o t h & C o . , C in c in n a t i $ 5 ,6 5 5
approved by the voters on N ov. 8. The vote on the park
H a y d e n , M ille r & C o . , C l e v c . . 5 ,0 7 1 R u d o l p h K l c y b o l t c C o . , I n c . ,
S e a s o n g o o d & M a y e r , C l n c l n . . 5 , 0 5 6 1 C i n c i n n a t i __________ .
5 ,6 2 7
bonds was 46,075 to 15,720 and on the grade crossing bonds
A l l t h e a b o v e b id s w e r e c o n d i t i o n a l .
B o n d s m a t u r e $ 5 4 5 y e a r ly o n
39,949 to 13,631.
S e p t . 1 f r o m 1911 t o 1 9 2 0 I n c lu s iv e .
Clarke County (P . O. Q uitm an), M iss. —Bonds Defeated.—
A tlan ta, G a.— Bond Sale.— On N ov. 15 the $300,000 w ater
and $200,000 school 4j^% coupon (with privilege of registra We see it stated that the voters have defeated a proposition
tion) bonds described in V. 91, p. 1113, were awarded to to issue court-house bonds.
Townsend Scott & Co. of Baltim ore, Breed & Harrison of
C offeyville, M ontgom ery C ounty, K an.— Bond Sale.— It is
Cincinnati, Denison & Co. of Cleveland and the Provident reported
this city has awarded issues of $20,000 5%
Savings B ank& Trust Co. of Cincinnati, at their joint bid of refunding that
light
$18,000 5j/Z% special im provem ent
103.029. M aturity of water bonds $30,000 yearly on Jan. 1 bonds to Spitzer &and
Co. of Toledo, at par.
from 1926 to 1935 inclusive and of school bonds $20,000
Colorado.— Bonds Awarded in Part.— A telegram received
yearly on Jan. 1 from 1926 to 1935 inclusive.
us yesterday (N ov. 18) stated that $840,300 of the
B altim ore, M d.— Sale of City Stock.— On N ovem ber 16 by
3% 20-year coupon funding bonds, dated July 1
the Finance Commissioners closed negotiations for the $950,000
1909, had been disposed of. This m akes a total of $82,300
sale of $1,000,000 3 K % sewerage stock, due in 1980, to bonds sold since our last report. See V. 90, p. 1378.
Jas. A. H utchinson of B oston at 85^2 and interest.
A s a l r e a d y r e p o r t e d b y u s , t h e s e b o n d s a r e b e in g e x c h a n g e d a t p a r a n d
The above is part of the $10,000,000 loan voted in May a c c r u e d in t e r e s t f o r c e r t a i n w a r r a n t s o r c e r t ifi c a t e s o f I n d e b t e d n e s s , Issu ed
1905 and of which $7,837,100 has been sold to date. We dr eucrtiniogn tahne dy edaerfse,1n d8 i9n9g, 1t h9 0e 3 Satna dt e .1 9 0 4 , f o r t h e p u r p o s e o f s u p p r e s s in g In su r
have previously reported in the “ Chronicle” from tim e to
Colorado City School D istrict (P . O. Colorado C ity),
tim e the sale of $5,233,700 of this stock.
Colo.— Bond Sale.— E . II. Hollins & Sons of D enver were the
Barberton, Sum m it C ounty, O hio.— Bonds Defeated.— The successful bidders on N ov. 1 for $45,000 5% 10-20-year
question of issuing the $40,000 park bonds m entioned in (optional) bonds. D enom ination $1,000. D ate N ov. 1
1910. Interest sem i-annual.
V. 91, p. 1047, was rejected by the voters on N ov. 8.
Barberton School D istrict (P . O. B arberton), Sum m it
C ovington, K enton C ounty, K y.—Bonds Voted.—The
C ounty, O hio.— Bond Sale.—Seasongood & Mayer of Cin election held N ov. 8 resulted, it is reported, in favor of the
cinnati are reported as having purchased $6,500 4 ^ % proposition to issue the $100,000 park-im provem ent bonds
m entioned in V. 91, p. 1276.
school bonds for $6,646— the price thus being 102.246.
B attle Creek, Ida C ounty, Io w a .— Purchaser of Bonds.—
C rescent C ity School D istrict (P . O. C rescent C ity), D el
T he purchaser of the $2,000 5% sew er-system bonds disposed N orte C ounty, C al.— Bonds Voted—An election held N ov. 8
of on N ov. 1 (V. 91, p. 1342) was Geo. II. Clark. The price resulted in favor of a proposition to issue $30,000 5% highpaid was par.
school-construction and furnishing bonds. The vote was
D e n o m in a t io n $ 5 0 0 .
D ate N o v . 1 1 9 1 0 .
In te re s t a n n u a l.
M a tu rity
348 to 90. M aturity 1930.
N o v . 1 1915.
D allas C ounty (P. O. Selm a), A la.— Bonds Awarded.— in
Bellaire School D istrict (P . O. B ellaire), B elm ont C ounty,
O hio.— Bond Offering.— Proposals will be received until Part.—On N ov. 7 $100,000 of the $250,000 5%. gold road
12 m . D ec. 7 by the Board of E ducation, H . T . Tyler, Clerk, bonds described in V. 91, p. 896, were aw arded, it is stated ,
to the City N ational Bank in Selm a at 104.50.
for $8,500 4% school bonds.
A u th o r ity S e ctio n * 702 9 a n d 7 03 0 o f th e G en era l C o d e .
D e n o m in a t io n
D aw son Springs, H opkins C ounty, K y . —Bonds Voted.—
$ 1 ,0 0 0 , e x c e p t o n e b o n d o f $ 5 0 0 .
D a t e D e c . 15 1 9 1 0 .
I n t e r e s t s e m i
This tow n has voted, it is stated , to issue bonds for a sanitarya n n u a l.
M a t u r i t y S e p t . 15 1 9 1 0 . C e r t ll lc d c h e c k f o r 2 % o f b o n d s b i d f o r ,
sew erage-system .
p a y a b le t o t h e B o a r d o f F d u c a t l o n , Is r e q u i r e d .
181 7 6
9 4 82
0 4 72
.0 4
3 .0 4
1400
T H E C H R O N IC L E
D ayton , Ohio.— Bonds Defeated.— The election held N ov. 8
resulted, it is stated, in the defeat of the question of issuing
the $600,000 water-supply bonds m entioned in V. 91, p. 1048.
D elta County (P. O. E scanaba), M ich.— Bonds Defeated.—
R eports state that on N ov. 8 the issuance of $40,000 bridgeconstruction bonds was defeated. The vote was 595 “for"
to 479 “against"— three-fifths m ajority being necessary to
carry.
D enison, G rayson C ounty, T ex .— Bonds Registered.— The
$50,000 5% 1-25-year (serial) w ater-w orks-extension bonds
voted on O ct. 8 (V. 91, p. 1049) were registered on N ov. 10
by the State Comptroller.
D urham , B u tte C ounty, Cal.— Bonds Voted.— The election
held N ov. 5 resulted in favor of the proposition to issue the
$11,000 (not $10,000 as at first reported) 5% school-building
bonds. The vote w as 59 to 1. M aturity $1,000 each year.
E ast O range, E ssex C ounty, N . J .— Bond Offering.— Pro
posals will be received until 8 p. m . N ov. 28 by the Mayor
and City Council for $220,000 4j^% coupon (with privilege
of registration) Series “ V” school bonds.
D e n o m in a t io n $ 1 ,0 0 0 .
D a te J u ly 1 1910.
I n t e r e s t s e m i -a n n u a l ly a t
th e C ity T re a s u re r’s o ff ic e .
M a t u r i t y J u ly 1 1 9 3 0 .
C e r t ifie d c h e c k f o r 2 %
o f b o n d s b id f o r , p a y a b l e t o t h e R e c e i v e r o f T a x e s , Is r e q u i r e d .
The
le g a li t y o f t h e b o n d s w ill b e c e r t ifie d t o b y C a ld w e ll & R e e d o f N e w Y o r k
C i t y , w h o s e o p i n i o n w ill b e d e l iv e r e d t o t h e p u r c h a s e r .
A c c r u e d In terest
t o b e p a i d b y t h e s u c c e s s fu l b id d e r .
L i n c o l n E . R o w l e y Is C i t y C le r k .
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
E ast R ochester, Monroe C ounty, N . Y .— Note Sale.— This
village recently sold $5,000 5% w ater-m ain-extension notes
to Myron W . Greene of Rochester. M aturity part yearly
from 1911 to 1915 inclusive.
Elm ore C ounty School D istrict N o. 11 (P . O. K ing H ill),
Id ah o.— Bond Sale.— On N ov. 12 the $14,000 5% 10-year
gold coupon school-building and equipm ent bonds described
in V. 91, p. 1276, were awarded to the State of Idaho at par
and accrued interest. A bid of 82.80 was also received from
S. A . K ean & Co. of Chicago.
E l P aso, El P aso C ounty, T ex . —Bonds Offered by Bankers.
— The Harris Trust & Savings Bank of Chicago is offering to
investors th e $375,000 5% 40-year gold water-works bonds
m entioned in V. 91, p. 1197. D enom ination $1,000. D ate
O ct. 1 1910. Interest sem i-annually at the City Treasurer’s
office or the Chemical N ational Bank in New York City.
Ephraim , Sanpete C ounty, U ta h .— Bonds Voted.— An
election held recently resulted in favor of a question of issuing
$18,000 6% 20-year water-works bonds. The vote was 144
to 114.
F all R iver, B ristol C ounty, M ass.— Bids.— W e are advised
that the following bids were received on N ov. 10 for the
$528,000 4% T aunton R iver bridge bonds sold on that day
to N . W . Harris & Co. and Merrill, Oldham & Co., both of
B oston, at their joint bid of 105.079 (V. 91, p. 1343):
N . W . H a r r is & C o __________ 1 1 0 5 .0 7 9 P e r r y , C o f f in & D u r r ...................1 0 4 .4 2 4
M e r r ill, O ld h a m & C a _______ J
E . H . R o l l i n s & S o n s ................ 1
R . L . D a y & C o .........................1 1 0 4 .4 2
B la k e B r o s . & C o .........................1 1 0 4 .1 5 6
E s t a b r o o k & C o . . . ................... J
A . B . L e a c h & C o ...................... J
B lo d g e t
C o __________________1 0 4 .3 8 7
T h e a b o v e b id d e r s a r e a ll o f B o s t o n . D e n o m in a t io n s $ 1 ,0 0 0 o r m u lt ip le s
th e re o f.
D a te D eo. I 1910.
In terest J u n e a n d D e ce m b e r.
M a tu rity
$ 1 8 ,0 0 0 y e a r l y o n D e o . 1 f r o m 1911 t o 1 9 3 4 I n c lu s iv e a n d $ 1 6 ,0 0 0 y e a r ly
o n D e c . 1 f r o m 1 9 3 5 t o 1 9 4 0 in c lu s iv e .
&
F ort Bend C ounty (P . O. R ichm ond), T e x .—Bonds Voted.
— A ccording to reports an election held N ov. 8 resulted in
favor of the question of issuing bridge bonds.
F ort Leo, Bergen C ounty, N . J .— Bond Offering.— Pro
posals will be received until 8 p .m . N ov. 23 by C. S. Lebright,
Borough Clerk, for $50,000 5% coupon funding bonds.
A u t h o r it y , C h a p ter 110, L a w s o f 1899, a n d A c ts a m e n d a to r y th e r e o f a n d
su p p le m e n ta r y th e re to .
D e n o m in a t io n $ 5 0 0 .
D ate O c t. 1
1910.
In
t e r e s t s e m i -a n n u a l .
M a t u r i t y $ 5 ,0 0 0 y e a r ly o n O c t . 1 f r o m 1 9 1 2 t o 1 9 1 9
I n c lu s iv e a n d $ 1 0 ,0 0 0 o n O c t . 1 1 9 2 0 .
B id t o b e m a d e o n a fo r m fu r n is h e d
b y t h e b o r o u g h a n d b e a c c o m p a n i e d b y a c e r t ifi e d c h e c k f o r 5 % o f b id .
T h e g e n u in e n e s s o f t h e b o n d s w ill b e c e r t ifie d t o b y t h e U n it e d S t a t e s M o r t
g a g e & T r u s t C o . a n d t h e ir le g a li t y Is b e in g e x a m i n e d b y C a ld w e ll & R e e d
o f N e w Y o r k , w h o s e o p i n io n w ill a c c o m p a n y b o n d s .
[VOL. L X X X XI
4 }/2% coupon bonds described in V. 91, p. 1277, were awarded
to C. E . D enison & Co. of C leveland at 105.083. The follow
ing bids were received:
C . B . D e n is o n , C l e v e l a n d . $ 2 1 ,0 1 6 7 5 1H a y d e n ,M i ll e r & C o . , C l c v .$ 2 0 , 8 2 0 0 0
W e l l , R o t h & C o ., C l n ------- 2 0 ,9 3 0 0 0 S t a c y & B r a u n , T o l e d o ___ 2 0 ,6 3 9 0 0
S e a s o n g o o d & M a y e r , C l n . 2 0 ,8 3 6 0 0 1
M a t u r i t y $ 5 0 0 y e a r ly o n N o v . 1 f r o m 1 91 6 t o 1 9 3 1 , I n c l u s i v e , a n d $ 5 0 0
e a ch s ix m o n th s fr o m M a y 1 1932 t o N o v .
1 1 9 1 3 , i n c lu s iv e .
H am m ett School D istrict (P . O. H am m ett), Elm ore
C ounty, Id ah o.— Bond Sale.— An issue of $12,000 coupon
bonds offered on N ov. 2 was purchased by the State of Idaho
at par for 5s.
D e n o m in a t io n $ 1 ,0 0 0 .
D a te N o v . 1 1910.
I n t e r e s t J a n . 1 a n d J u ly 1
a t th e C o u n ty T re a s u re r’s o ffic e .
M a t u r i t y $ 1 ,0 0 0 y e a r l y o n D e c . 31 f r o m
1 9 1 9 t o 1 9 3 0 I n c lu s iv e .
T h is d i s t r ic t h a s n o o t h e r d e b t .
A ssessed v a lu a
t io n $ 1 6 2 ,0 0 0 .
H askell County (P . O. H ask ell), T e x .—Bonds Defeated.—
The proposition to issue the $100,000 5% 20-year road bonds
m entioned in V. 91, p. 1277, was defeated at the N ov. 8
election.
H a stin gs, Jefferson C ounty, O kla.— Bond Sale.— On
N ov. 7 the $30,000 6% 25-year coupon tax-free w ater-works
bonds described in V. 91, p. 1049, were awarded to R . J.
Edwards of O klahom a City.
H averhill, E ssex C ounty, M ass.— Bond Sale.— We are
advised that $51,000 m unicipal and $14,000 school-house
4% coupon bonds were sold on N ov. 17 to B lodgett & Co.
of B oston at 101.814.
T h e m u n i c ip a l b o n d s a r c d a t e d A p r i l 1 1 9 1 0 a n d m a t u r e $ 5 ,0 0 0 y e a r l y
o n A p r i l 1 f r o m 1 911 t o 1 9 1 5 in c lu s iv e , $ 6 ,0 0 0 o n A p r i l 1 1 91 6 a n d $ 5 , 0 0 0
y e a r l y o n A p r i l 1 f r o m 1 9 1 7 t o 1 9 2 0 I n c lu s iv e , a n d t h e s c h o o l- h o u s e b o n d s
a r c d a t e d A u g . 1 1 91 0 a n d m a t u r e $ 1 ,0 0 0 y e a r ly o n A u g . 1 f r o m 1911 t o
1 9 2 4 I n c lu s iv e .
D e n o m in a t io n $ 1 ,0 0 0 .
I n t e r e s t s e m i - a n n u a l ly a t t h e
F ir s t N a t io n a l B a n k In B o s t o n .
T h e b on d s a re t a x -e x e m p t .
A list of the bids received follows:
B l o d g e t & C o ...................................1 0 1 .8 1 4
B l a k e B r o s . & C o _____
R . L . D a y & C o ........................ 1 0 1 .6 5 9
E s t a b r o o k & C o ______
P e r r y , C o f fin & B u r r ................ 1 0 1 .5 5
M e r r ill, O ld h a m & C o
E d m u n d s B r o s ..............................1 0 1 .5 1
A d a m s & C o ___________
E . H . R o l li n s & S o n s _______ 1 0 1 .4 1 7
N . W . H a r r is
C o ____
T h e a b o v e b id d e r s a r e a ll o f B o s t o n .
&
.1 0 1 .3 7
1 0 1 .2 9
1 0 1 .2 8 9
1 0 1 .2 8
1 0 1 .2 7 6
H ighland, H ighland C ounty, O hio .—Bond Offering.—
Proposals will be received until 12 m . N ov. 22 by Geo. W.
B onar, Village Clerk, for $1,500 4% coupon electric-lightplant bonds.
A u t h o r i t y , S e c t i o n 2 8 3 5 , R e v is e d S t a t u t e s .
D e n o m in a t io n $ 1 5 0 . D a t e
N o v . 22 1 9 1 0 .
I n t e r e s t a t F a r m e r s ’ B a n k In H i g h la n d .
M a tu rity $ 15 0
y e a r ly o n S e p t . 1 f r o m 191 2 t o 1921 I n c lu s iv e .
B o n d s a r e e x e m p t fr o m
a ll t a x e s .
C e r t ifie d c h e c k f o r 2 0 % o f b o n d s b id f o r , p a y a b l e t o t h e V i ll a g e
T r e a s u r e r , Is r e q u i r e d .
N o d e b t a t presen t
H illsboro, Hill C ounty, T ex .— Bond Sale.— R eports state
that the $40,000 5% 15-40-year (optional) street-im prove
m ent bonds offered on July 1 and described in V. 9 0 ,p. 1694,
have been sold.
H uron, Erie C ounty, O hio.— Bond Sale.— On N ov. 12
$3,000 6% 2)^-year sewer bonds were aw arded, it is stated ,
to the Berlin H eights B anking Com pany in Berlin H eights
for $3,080, the price thus being 102.666.
Id a Tow nship (P . O. Id a), Monroe C ounty, M ich .—Bond
Sale.— An issue of $30,000 5% 1-20-year (serial) highw ayim provem ent bonds, offered on July 23, was awarded on
A ugust 8, we have ju st been advised, to Spitzer & Co. of
Toledo for $31,210— the price thus being 104.033— a basis
of about 4.514% . D enom ination $500. D ate Sept. 1 1910.
Interest sem i-annual.
Jam estow n, C hatauqua C ounty, N . Y .— Bond Sale.— On
N ov. 4 the $40,000 4 j/£% 20-year registered furnishing bonds
described in V. 91, p. 1198, were awarded to W. C. Langley
& Co. of N ew York City at 104.313 and interest— a basis of
about 4.18% . The bonds are dated Jan. 1 1911 and m ature
Jan. 1 1931.
La Crosse, La Crosse C ounty, W is .—Bonds Defeated.—
The election held N ov. 8 resulted in a vote of 1,574 “for" to
1,972 “against" a proposition to issue $250,000 w ater-works
bonds.
L ancaster, O hio.— Bond Sale.— On N ov. 7 $2,000 and
$5,000 5% general street-im provem ent bonds were awarded
to the Fairfield N ational Bank of Lancaster at 104 and
102.80 respectively.
G alesburg, K nox C ounty, 111.— Bonds Voted.— Local
e b e a r s d a t e o f A p r i l 2 6 1 90 9 In d e n o m i n a t io n s o f $ 1 ,0 0 0
papers state th at the $75,000 subm itted to the voters at the e a cThh ea n$d2 ,0d.0u e0 AIssu
e Is d a t e d J u l y 1 1 9 1 0 , In d e
general election on N ov. 8 (V . 91, p. 1197) were authorized n o m in a t i o n s o f p$r5il0 026e a1c9h1 3a. n dT dhue e$ 5$ ,01 ,00 00 0Issu
y e a r ly o n J u ly 1 f r o m 1 9 1 1 t o
1 9 1 5 I n c lu s iv e .
In te re s t a n n u a l.
b y a vote of 2,362 to 1,019.
L arksville, Luzerne C ounty, P a .—Bonds Offered by Bank
Gila C ounty School D istrict N o. 26 (P . O. G lobe), A riz.—
ers.— An issue of $30,000 5>£% coupon tax-exem p t funding
Bond Sale.— The following bids were received on N ov. 5 for bonds
is being offered to investors by N . W . H alsey & Co. of
the $7,000 7% bonds m entioned in V. 91, p. 1197
H. A
Philadelphia.
O . D . C o m b C o . , G l o b e ______ $ 7 , 3 1 0 '"J . —
- d•a m s &
* C
~ o . , *L o s A n g . . $ 7 , 0 1 0
H a n c h e t t B o n d C o . , C h i c a g o . . 7 ,0 0 0
H . J . W a r n e r , S a fT o rd ___________7 ,2 8 0
J . I I . C a u se y & C o ., D e n v e r ..
F ir s t N a t . B a n k , C h i c a g o _____7 ,2 0 0
J . N u g e n t C o . , C h i s a g o ------------7 ,0 1 1
M a tu rity " o n o r b s fo r s 20 y e a r s .
6 ,6 5 0
D e n o m in a t io n $ 1 ,0 0 0 .
D a te O c t . 15 1 9 1 0 .
I n t e r e s t s e m i -a n n u a l ly a t
t h e P ly m o u t h N a t io n a l B a n k In P l y m o u t h .
M a t u r i t y $ 1 0 ,0 0 0 o n O c t . 15
In e a c h o f t h e y e a r s 1 9 2 0 , 1 9 3 0 a n d 1 9 4 0 .
T o t a l d e b t , th is Issu e.
A ssessed
v a l u a t i o n $ 2 ,8 0 0 ,0 0 0 .
R e a l v a l u e ( e s t i m a t e d ) , $ 1 5 ,0 0 0 ,0 0 0 .
G oshen, Orange C ounty, N . Y .— Bond Offering.— W . A.
Larksville School D istrict (P . O. L arksville), P a .—Bonds
W ells, Village Treasurer, will offer at public auction a t Offered by Bankers.— N . W . H alsey & Co. of Philadelphia are
12 m . N ov. 22 an issue of $10,000 coupon w ater-im prove offering for sale $27,000 5 ^ % coupon tax-exem p t bonds.
D e n o m in a t io n $ 1 ,0 0 0 .
D ate O ct. 1 1910.
I n t e r e s t s e m i -a n n u a l ly a t t h e
m ent bonds.
P ly m o u t h N a t io n a l B a n k o f P l y m o u t h .
M a t u r i t y $ 9 ,0 0 0 o n O c t . 1 In e a c h
D e n o m in a t io n $ 5 * 0 .
D a te D e c. 1 1910.
I n t e r e s t (r a t e t o b e n a m e d
In b id ) s e m i -a n n u a l ly a t t h e G o s h e n N a t i o n a l B a n k In G o s h e n .
M a tu rity
$ 1 ,0 0 0 y e a r ly o n D e c . 1 f r o m 1 9 1 5 t o 1 9 2 4 I n c l u s i v e , u n p a i d b o n d s b e in g
s u b j e c t t o c a ll a f t e r 10 y e a r s .
o f th e y ea rs 1 91 9, 1928 a n d 1 93 7.
T o t a l d e b t , t h is Issu e.
t io n $ 2 ,8 6 0 ,0 0 0 .
R e a l v a l u e ( e s t i m a t e d ) , $ 1 5 ,0 0 0 ,0 0 0 .
A ssessed v a lu a
L aw rence, E ssex C ounty, M ass.— Bids.— A list of the bids
Grand R apids, M ich.— Bonds Voted.— The proposition to received on N ov. 11 for the loan of $100,000, awarded on that
issue the $200,000 4% 20-year park and playground bonds day to Loring, Tolm an & Tupper of B oston (V. 91, p. 1344),
m entioned in V. 91, p. 742, was favorably voted upon N ov. 8. follows:
Discount. C . D . P a r k e r & C o . .
Discount.
Greene County (P . O. L eakosville), M iss .—Bond Sale.—
e r ___ « 3 . 9 I %
..3 .9 6 9 %
The $30,000 court-house and $10,000 jail bonds m entioned HL o. rCi n. gV, VTaolnlmwarnlg h&t T&uCp op ...............
-1 /3 .9 8 %
3 .9 5 % B o n d & G o o d w i n ..
E s t a b r o o k & C o _______________ . 3 . 9 5 % O ld C o l o n y T r u s t C o
..4 .0 1 %
in V. 91, p. 742, hare been sold.
L e e , H l g g l n s o n & C o _________ :r 3 .9 6 % B la k e B r o s & C o -----..4 .0 2 %
G reenwich V illage School D istrict (P . O. G reenw ich), a A n d 2 5 c e n t s p r e m iu m , x A n d $5 p r e m iu m , v A n d $1 5 0 p r e m iu m .
H uron C ounty, Ohio.— Bond Sale.— On N ov. 12 the $20,000 T h e a b o v e b id d e r s a r e a ll o f B o s t o n . M a t u r i t y A p r il 3 1 0 1 1 .
N ot. 19 1910.!
T H E C H R O N IC L E
L ebanon, Lebanon C ounty, P a .— Bonds Voted.— The issu
ance of SI 10,000 4% sewerage bonds was authorized by a
vote of 1,937 to 692 at the N ov. 8 election.
L eighton School D istrict (P . O. L eigh ton ), M ahaska
C ounty, Io w a .— Bond Sale.— An issue of S I,600 5% 1-4-year
(serial) school-house bonds was disposed of on Sept. 8 to
N annie Clark and /. H adley at par. D enom ination S100.
Interest April 1 and O ct. 1.
L exin gton , K y .— Bonds Defeated.— Propositions to issue
$650,000 im provem ents bonds were defeated at the election
held N ov. 8.
Lincoln C ounty (P . O. B rookhaven), M iss. —Bonds Pro
posed.— R eports state that this county has under considera
tion the issuance of bonds for Road D istrict N o. 1.
Lincoln C ounty (P . O. H am lin), W . V a .— No Bonds Voted.
— We are advised that no vote was taken a t the N ovem ber
election on the question of issuing the $100,000 court-houseconstruction bonds m entioned in V. 91, p. 169.
Lockhart, Caldwell C ounty, T ex .— Bond Sale.— The
$15,000 5% 10-40-year (optional) city-hall bond registered
on Sept. 6 (V. 91, p. 820) have been sold, according to
H ouston newspapers.
Lockland, H am ilton C ounty, O hio.— Bonds Authorized.—
This village recently authorized, it is stated , the issuance of
$10,000 4i^ % 10-year street bonds.
L ogan, H ocking C ounty, O hio.— Bond Sale.—R eports
state th at on N ov. 15 $7,500 4^ 2 % street-im provem ent
bonds, due part yearly for ten years, were sold to the Farm ers’
& M erchants’ Bank of Logan at 102.08.
L ong B each, L 03 A ngeles C ounty, Cal.— Bond Offering.—
Proposals will be received until N ov. 25, it is stated , for
$72,906 05 Seaside boulevard bonds.
L ucas C ounty (P . O. T oledo), O hio.— Bonds Voted.—
R eports state that the election held N ov. 8 resulted in favor
of the question of issuing the $250,000 m em orial-building
bonds m entioned in V. 90, p. 1570. The vote was 15,849
to 5,566.
M adison C ounty (P . O. E d w ardsville), 111.— Bonds De
feated.— On N ov. 8 this cou n ty defeated the proposition to
issue the $350,000 court-house bonds m entioned in V. 91,
p. 820.
M arshall C ounty (P . O. M adill), O kla.— Bonds Defeated.—
The proposition to issue the $75,000 5% coupon court-house
bonds m entioned in V. 91, p. 898, was voted dow n a t the
N ov. 8 election.
M iddlesex C ounty (P . O. N ew B runsw ick), N . J .— Bond
Sale.— On N ov. 14 this county awarded an issue of $120,000
4 34% coupon (w ith privilege of registration) county-building
bonds to the First N ational B ank of South River, N . J ., at
100.072 and accrued interest. A bid of par and accrued
interest w as also received from the Orange N ational Bank.
1401
was 3,519 “for” to 4,907 “against” the form er proposition
and 2,865 “for” to 5,029 “against” the latter proposition.
N orth M anchester, W abash C ounty, In d .— Bonds Offered
by Bankers.— R efunding 4J^% bonds, to the am ount of
$23,000, arc being offered to investors by the J. F . W ild &
Co. State Bank of Indianapolis.
D e n o m in a t io n $ 5 0 0 .
D a te O ct. 1 1910.
I n t e r e s t s e m i - a n n u a l ly a t t h e
L a w r e n c e N a t i o n a l B a n k in N o r t h M a n c h e s t e r .
M a t u r i t y $ 1 ,0 0 0 y e a r ly o n
O c t . 1 fr o m 1914 t o 1936 In clu s iv e .
T h e b o n d s a re ta x -e x e m p t .
T ota l
b o n d e d d e b t . I n c lu d in g t h is is s u e , $ 2 5 ,6 0 0 .
A s s e s s e d v a l u a t i o n $ 1 ,3 2 7 ,2 1 9 .
R e a l v a lu a tio n (e s t im a te d ), $ 2 ,5 0 0 ,0 0 0 .
Oklahom a C ity, O klahom a.— No Bond Election.— We are
advised that this city did not vote on the question of issuing
bonds at the election held N ov. 8. It w as reported in som e
of the newspapers that a proposition to issue $250,000 w ater
bonds w ould be subm itted to a vote on that day.
Osborne and R ussell C ounties Joint School D istrict
N o. 121, K an s.— Bond Sale.— The State of K ansas purchased
$7,500 5% school-house bonds during October at par. Ma
turity part yearly on Jan. 1 from 1912 to 1920 inclusive,
being subject to call, how ever, at any interest-paying period.
D ate O ct. 1 1910.
Otero County School D istrict N o. 1, N ew M exico.— Bonds
Offered by Bankers.— H . T. H oltz & Co. of Chicago are
offering to investors $10,000 5% coupon refunding bonds.
D e n o m in a t io n $ 5 0 0 .
D a te M a rch 1 1 91 0.
I n t e r e s t s e m i - a n n u a l ly a t t h e
C h e m i c a l N a t i o n a l B a n k In N e w Y o r k C i t y .
M a tu rity M a rch 1 1 9 4 0 ,
s u b j e c t t o c a ll a f t e r M a r c h 1 1 9 3 0 .
T o t a l b o n d e d I n d e b t e d n e s s , I n c lu d in g
t h is
Issu e ,
$ 3 2 ,0 0 0 .
A ssessed
v a lu a tio n ,
$ 9 0 2 ,2 1 8 .
R e a l v a lu a tio n
( e s t i m a t e d ) , $ 3 ,5 0 0 ,0 0 0 .
O w atonna, Steele C ounty, M inn.— Bonds Voted.— The
election held N ov. 8 (V . 91, p. 1279) resulted in favor of the
propositions to issue the $10,000 w ater-w orks and the $30,000
sewer and paving 5% 20-year bonds. The vote w as 743
“for” to 295 “against” the form er proposition and 644 “for”
to 343 “against” the latter.
Bonds Defeated.— A t the sam e election the voters defeated
the proposition to issue the $15,000 park bonds. The vote
was 457 “for” to 493 “a g a in st.”
P assaic C ounty (P . O. P aterson ), N . J .— Bond Offering.—
Proposals will be received until 10 p. m . N ov. 23 by the
Finance C om m ittee of Board of Chosen Freeholders, Geo. W .
B otbyl, Clerk, for $67,500 4j^% coupon road-im provem ent
bonds.
A u t h o r i t y , A c t o f L e g i s l a t u r e a p p r o v e d M a r c h 27 1 9 0 5 .
D e n o m in a
t io n s o n e b o n d o f $ 5 0 0 a n d s i x t y - s e v e n b o n d s o f $ 1 ,0 0 0 e a c h .
D a te D ec. 1
1910.
I n t e r e s t s e m i -a n n u a l a t t h e F ir s t N a t i o n a l B a n k o f P a t e r s o n .
M a
tu r ity D e c. 1 1928.
C e r t ifie d c h e c k f o r 1 % o f a m o u n t o f b id . p a y a b le t o
J o h n L . C o n k lin , C o l le c t o r , Is r e q u i r e d .
S u c c e s s f u l b id d e r m u s t b e p r e
p a r e d t o t a k e u p b o n d s o n o r b e f o r e D e c . 15 1 9 1 0 .
P u rch a ser to p a y a c
c r u e d In te re st.
Pierce C ounty (P . O. T acom a), W ash .— Bonds Defeated.—
The proposition to issue the $400,000 coupon road and bridge
bonds m entioned in V. 91, p. 1279, w as voted down on
N ov. S. The vote w as 4,749 “for” to 5,133 “again st,” a
three-fifths m ajority being required.
P ittsb u rgh , P a .— H iland Sub-School D istrict.— Bond
D e n o m i n a t i o n $ 1 ,0 0 0 .
D a te O ct. 1 1010.
I n t e r e s t s e m i-a n n u a l a t
t h e o f f i c e o f C o u n t y C o l le c t o r .
M a t u r i t y $ 0 ,0 0 0 y e a r ly o n O c t . 1 f r o m
Offering.— Proposals will be received until 3 p. m . N ov. 30
1 9 3 0 t o 1 0 4 0 I n c lu s iv e .
M idw ay, W oodford C ounty, K y .— Bonds Voted.— It is by John. B . Barbour, Treasurer School Board, or until 8 p. m .
stated th a t this city has voted to issue $6,000 acetylene- on the sam e day by R . M. Sterrett, Secretary School Board,
ligh t-plan t bonds.
for $250,000 4 ^ % bonds dated N ov. 1, 1910.
M ilw aukee, W is.— Bonds Voted.— T he following bonds,
D e n o m in a t io n $ 1 ,0 0 0 .
In terest M a y 1 a n d N o v . 1.
M a t u r i t y $ 2 5 ,0 0 0
l y o n N o v . 1 f r o m 1 9 3 0 t o 1 9 3 9 I n c lu s iv e .
T h e b o n d s a re t a x -e x e m p t.
m ention of w hich w as m ade in V. 91, p. 1278, were authorized Cy eear trifie
d c h e c k o n a n a t io n a l b a n k f o r $ 5 ,0 0 0 Is r e q u i r e d .
by the voters on N ov. 8:
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
P ortland, Ore.— Bids.— The following bids were
$ 5 5 0 ,0 0 0 e l e c t r l c - l l g h t b o n d s .
V o t e 0 ,0 0 0 " f o r ” t o 6 ,2 1 8 " a g a i n s t . ”
2 5 0 ,0 0 0
c e n tr a l-p o lic e -s ta tio n
bon ds.
V ote
1 0 ,3 3 3
"fo r ”
to
6 ,0 3 5
" a g a in s t ."
1 0 ,0 0 0
p u b l lc - b a t lv - h o u s e b o n d s .
V o t e 1 0 ,8 2 5 " f o r ” t o 6 ,4 3 1 " a g a i n s t . ’
T h e v o t e g i v e n a b o v e is n o t o f f i c i a l ; w e a r e I n fo r m e d , h o w e v e r , t h a t It Is
a p p r o x im a te ly s o r r e s t .
M innehaha C ounty (P . O. Sioux F a lls), So. D a k .— Bonds
Voted.— The issuance of the $50,000 jail bonds m entioned in
received
on N ov. 7 for the $500,000 4% gold bridge-construction
bonds disposed of on that day, as reported in last w eek’s issue:
E . H . R o llin s & S o n s)
N . W . H a ls e y & C o . ^ C h ic a g o .9 6 .8 1
A . B . L ea ch & C o ..J
H a r r is T r u s t & S a v . B k . , C h i c . 9 5 .3 3
T h o s . J . B o l g e r C o . , C h i c a g o ) 9 5 ,0 0 1
E d s o n & W l l l a m a n ...................... J
&
R . L . D ay
C o . , B o s t o n _____ 9 4 .6 8
M o r r is B r o s . , P o r t l a n d ________* 9 4 .5 3
P a r k in s o n & B u r r , B o s t o n _____9 4 .1 6 8
F a r s o n , S o n & C o ., C h i c a g o ..9 3 .3 9
V. 91, p. 978, was authorized by a vote of 2,879 to 2,432 at
the N ov. 8 election. In terest n ot to exceed 4 J^%.
M in ster, A uglaize C ounty, O hio.— Bond Sale.— An issue of
* R e p r e s e n t i n g C . E . D e n is o n & C o . o f B o s t o n a n d o t h e r s .
$2,000 5% bonds was disposed of on N ov. 10 to the Citizens'
A ll b id d e r s o ll e r e d a c c r u e d I n t e r e s t In a d d i t i o n t o t h e ir b i d s .
Bank of Minster at 102.25.
Bonds Voted.— W e see it reported th at w ith com plete re
M ississippi L evee D istrict, M iss.— Bond Offering.— Pro turns
from 100 out of 156 precincts, it is evid en t that the
posals will be received until 12 m . Jan. 9 1911 by F . M. proposition
the $2,500,000 public-dock bonds m en
S cott, Secretary and Treasurer (P . O. G reenville), for tioned in V. to91,issue
p.
746,
was favorably voted upon N ov. 8.
$500,000 4 y^ffo eoupon refunding bonds to be issued April 1
P ort of Toledo (P . O. T oledo), Lincoln C ounty, Ore.—
1911,
Bond Sale.— On N ov. 9 the $50,000 6% 10-20-year (optional)
A u t h o r i t y , a n A c t • ( t h e L e g is la t u r e a p p r o v e d A p r i l 9 1 9 1 0 .
In te re st
im provem ent bonds offered on that day (V . 91, p. 1200)
Jan. 1 and J «ly 1.
M a t u r i t y t w e n t y - l i v e y e a r s , s u b j e c t t o c a ll a f t e r t e n
years.
were awarded to S. A. K ean & Co. of Chicago at 101.10.
M orrison C ounty (P . O. L ittle F a lls), M inn.— Bonds A bid of par was also received from Farson, Son & Co., of
Awarded in Part.—Of the $35,000 refunding-railroad-aid Chicago. D enom ination $1,000. D ate N ov. 1 1910.
bonds offered on N ov. 1 (V . 91, p. 1199), $25,000 were
P rinceton Joint H igh School D istrict, Colusa C ounty, C al.
purchased by N. W. H alsey & Co. of Chicago as 4 per cents, —Bond Sale.— The $30,000 5% 2-31-year (serial) building
due Jan. 1 1931. D enom ination $1,000. D ate Jan. 1 1911. bonds voted last Septem ber (V . 91, p. 822) were sold on
Interest sem i-annual.
N ov. 7 to Barroll & Co. of Los A ngeles for $30,537 50
M t. Airy (P . O. C incinnati), O hio.— Bonds Defeated—It is (101.791) and accrued in terest. A bid of $30,463 and ac
stated that the election held N ov. 5 resulted in defeat of the crued interest was also received from Jam es H . A dam s & Co.
question of issuing the $12,500 w ater-system -construction of Los A ngeles. D enom ination $1,000. D ate D ec. 1 1910.
bonds m entioned in V. 91, p. 1050.
Interest sem i-annual.
M uskegon, M ich.— Bonds Not Yet Sold.—No sale has yet
Q uitm an C ounty (P . O. B elen ), M iss.— Bond Sale.— On
been m ade of the $75,000 electric-light bonds, the bid for N ov. 7 the $50,000 20-30-year (optional) court-house and
w hich was rejected (V. 91, p. 745) on A ug. 29.
jail-construction bonds dated N ov. 7 1910 and described in
N ash ville, T enn .— Bonds Defeated.—The propositions to V. 91, p. 1051, were sold to John N uveen & Co. of Chicago
issue the $300,000 Black B ottom Park and the $25,000 at 100.80 and accrued interest for 5s.
colored normal school 4 /li% bonds m entioned in V. 91,
R acine, W is.— Bonds Voted.— According to reports the
p. 979, were defeated at the election held N ov. 8. The vote election held N ov. 8 resulted in favor of the proposition to
T H E C H R O N IC L E
1402
issue $50,000 4>£% 1-20-year (serial) school bonds, m en
tioned in V. 91, p. 979. It is said that the issuance of
$30,000 bonds for the purchase of a site and establishm ent
of a garbage plant was also authorized.
R ochester, N . Y .— Note Offering.— Proposals will be re
ceived until 2 p. m . N ov. 21 by Chas. F . Pond, City Comp
troller, for $100,000 water-works notes and $225,000 renewal
w ater-works notes.
(VOL. L X X X X I
Sparta School D istrict N o. 1 (P . O. Sparta), M onroe
C ounty, W is.— Bond Offering.— Proposals will be received
until 2 p. m . N ov. 26 by R . B . M cCoy, D istrict Clerk, for
$5,500 5% school-building bonds.
D e n o m in a t io n $ 5 0 0 .
D a te S e p t. 1 1 910.
In te r e s t M a rch 1 a t th e B a n k
o f S p a rta .
M a t u r i t y $ 1 ,0 0 0 o n M a r c h 1 1 9 1 1 a n d $ 1 ,5 0 0 o n M a r c h 1 In
e a c h o f th e y e a r s 1 9 1 2 , 1913 a n d 1 9 1 4 .
P u rc h a s e r to p a y a c c r u e d In terest.
Springfield, Clark C ounty, O hio.— Bonds Defeated.— The
proposition to issue the $130,000 sew er-construction bonds
m entioned in V. 91, p. 980, failed to carry a t the election
D e n o m in a t io n o f n o t e s a n d r a t e s o f I n t e r e s t d e s ir e d t o b e d e s ig n a t e d b y
t h e b id d e r .
P r i n c i p a l a n d I n t e r e s t w ill b e p a y a b l e e ig h t m o n t h s fr o m
held N ov. 8. The vote was 4,959 “for” to 3,675 “a g a in st,”
N o v . 2 3 1 9 1 0 a t t h e U n io n T r u s t C o . In N e w Y o r k C i t y .
o-thirds m ajority being required.
Note Sales.— On N ov. 10 Bond & Goodwin of N ew York a twStanton
School D istrict N o. 3 (P . O. Stanton), Stanton
City were awarded $125,000 8-m onths’ water-works-renewal
notes dated N ov. 14 1910 for $125,016 (100.012) for 4% % s. C ounty, N eb .— Bond Sale.— This district, according to
The $200,000 8-m onths’ water-works-renewal notes de reports, has awarded an issue of $20,000 bonds to the
scribed in V. 91, p. 1345, were sold on N ov. 14 to W hite, Germ an-Am erican Life In s. Co. at par for 5s.
Stephens C ounty (P . O. D un can), O kla.— No Bond Elec
Weld & Co. of N ew York City a t 100.0255 for 4% % s. The
tion.— The County Clerk inform s us th at there is no truth in
follow ing bids were received:
the reports which appeared in som e of the newspapers,
W h i t e . W e l d & C o . . N e w Y o r k (4 Hs)........................................ ............... $ 2 0 0 ,0 5 1 0 0
W a t s o n & P r e s s p r l c h , N e w Y o r k (4 %s)------------------------------------------ 2 0 0 ,0 3 0 0 0
stating that an election w ould be held N ov. 8 to vote on
H . L e o A n s t e y , N e w Y o r k ( 4 . 8 5 s ) ----------------------------------------------------- 2 0 0 ,0 1 1 8 0
propositions to issue court-house, jail and road bonds aggre
K o u n t z e B r o s . , N e w Y o r k ( 4 ^ s ) ------------------------------------------------------- 2 0 0 ,0 1 1 0 0
B o n d & G o o d w i n , N e w Y o r k ( 5 s ) ------------------------------------------------------- 2 0 0 ,0 3 3 0 0
gating $105,000.
S e c u r i t y T r u s t C o . , R o c h e s t e r ( 5 s ) --------------------------------- ------------ - - 2 0 0 ,0 0 0 0 0
S u t r o B r o s . , N e w Y o r k ( 5 M s ) ----------------------------------------------------------- 2 0 0 ,0 3 5 0 0
Stoneham , M iddlesex C ounty, M ass .—Temporary Loan.—
G o ld m a n . S a c h s & C o . , N e w Y o r k ( 5 M s ) ................................... .......... 2 0 0 .0 4 0 00
A tem porary loan of $20,000 has, it is stated , been negotiated
R ock F alls, W hiteside C ounty, 111.— Bond Election.— w ith Blake Bros. & Co. of B oston at 4.06% discount. T h e
An election will be held N ov. 22 to allow the voters to loan m atures in May 1911.
determ ine w hether or not the following 5% coupon bonds
Suffolk, N ansem ond C ounty, V a .— Bonds Not Yet Sold.—
shall be issued:
U p to N ov. 11 no award had y et been m ade of the $40,000
$ 8 ,0 0 0 D i x o n A v e n u e I m p r o v e m e n t b o n d s .
M a t u r i t y $ 2 ,0 0 0 o n D e c . 1
4
50-year coupon school bonds offered w ithout success
In e a c h o f t h e y e a r s 1 9 1 2 a n d 1 9 1 3 , $ 3 ,0 0 0 o n D e c . 1 1 9 1 4 a n d $ 1 ,0 0 0
(V . 91, p. 668) on July 1.
o n D e c. 1 1915.
5 ,0 0 0
W e st S e co n d S treet Im p ro v e m e n t b o n d s.
M a t u r i t y $ 2 ,0 0 0 o n D e c . 1
Sum m ers C ounty (P . O. H in ton ), W . V a .— Bonds Defeated.
In e a c h o f t h e y e a r s 1 9 1 2 a n d 1 9 1 3 a n d $ 1 ,0 0 0 o n D e c . 1 1 9 1 4 .
D e n o m in a t io n $ 5 0 0 .
D a te D e c. 1 1910.
I n t e s t s e m i - a n n u a l ly a t t h e
— The question of issuing $143,000 road and bridge bonds
F r s t N a t i o n a l B a n k In R o c k F a lls .
w ith defeat at the N ov. 8 election.
R ye, W estch ester C ounty, N . Y .— Bond Sale.— An issue of m et
T acom a, W ash .— Bond Offering.— Proposals will be re
$10,000 registered fire-house bonds, offered on N ov. 16, was
sold to Parkinson & Burr of New York City a t 100.071 and ceived until 2 p. m . D ec. 8 a t the office o f’A. V. F aw cett,
M ayor, for $405,000 public w harf and dock bonds at not
nterest for 4J<£s. The following bids were received:
P a r k in s o n & B u r r , N e w Y o r k ( 4 . 2 5 s ) ------------------------------------------------ $ 1 0 ,0 0 7 13
exceeding
5% interest.
R u d o l p h K l e y b o l t e C o . , I n c . , N e w Y o r k ( 4 . 3 5 s ) ............................... 1 0 ,0 0 7 0 0
A d a m s & C o . , N e w Y o r k ( 4 . 3 5 s ) ____________ ___________ - .....................1 0 ,0 0 1 50
D o u g la s F e n w ic k & C o . , N e w Y o r k ( 4 . 4 0 s ) --------------------------------------- 1 0 ,0 1 3 7 0
1 0 ,0 0 7 0 0
W . N . C o le r & C o . , N e w Y o r k ( 4 . 4 0 s ) ..........
1 0 ,0 0 4 6 0
J o h n J . H a r t , A l b a n y ( 4 . 4 0 s ) ____________
G e e . M . H a h n , N e w Y o r k ( 4 . 4 5 s ) ____________
1 0 ,0 1 3 00
T h e b o n d s a r e d a t e d S e p t . 10 1 9 1 0 a n d m a t u r e p a r t y e a r ly o n M a r c h 10
f r o m 1 9 1 5 t o 1 92 4 I n c lu s iv e .
I n t e r e s t s e m i -a n n u a l ly a t t h e V i ll a g e T r e a s
u re r’ s o ff ic e .
S t. P etersburg, H illsboro C ounty, F la .— Bond Sale.— The
$67,500 brick street-paving, $5,000 sewer, $10,000 w ater
works, $10,000 w ater-front-im provem ent and purchase and
$7,500 fire-station, jail, fire and police-alarm -system 6%
30-year coupon bonds, described in V. 91, p. 1200, were
awarded on N o t . 3, it is stated , to W eil, R oth & Co. of Cin
cinnati a t 104.25.
Searcy, W hite C ounty, A rk.— Bond Sale.— An issue of
$70,000
W ater and Sewer Im provem ent D istricts N o. 1
bonds has been disposed of to the M ercantile Trust Co. of
S t. Louis at 95. These securities take the place of the
$76,000 6% bonds offered w ithout success (V. 91, p. 55) on
M ay 16.
D e n o m i n a t i o n s $ 5 0 0 a n d $ 1 ,0 0 0 .
D a te O c t . 15 1 9 1 0 .
I n t e r e s t s e m i
a n n u a l.
M a t u r i t y p a r t y e a r ly fr o m o n e t o t w e n t y y e a r s I n c lu s iv e .
S cott C ounty (P . O. G eorgetow n), K y .— Bond Offering.—
Further details are at hand relative to the offering on D ec. 19
f the $ 2 5 ,0 0 0 4 ^ % gold coupon funding road and bridge
bonds m entioned in V. 91, p. 1280. Proposals for these
bonds will be received until 2 p. m . on that day by the Fiscal
Court.
A n t h o r lt y S e c tio n 1 85 7, K e n t u c k y S ta tu te s .
D e n o m in a t io n $ 5 0 0 .
D a te J a n . 1 1911.
I n t e r e s t J u n e 3 0 a n d D e c . 31 a t t h e F a r m e r s ’ B a n k &
T r u s t C o . In G e o r g e t o w n
M a tu r ity fr o m J a n . 1 192 3 to J a n . 1 1 9 2 7 , ln c lu
g iv e . C e r t ifie d c h e c k f o r $ 3 0 0 , m a d e p a y a b l e t o t h e F is c a l C o u r t , Is r e q u i r e d
S eattle, W ash .— Bonds Sold during October.— The following
bonds, aggregating $453,084 63, were disposed of during
October:
$ 7 7 ,2 6 3
1 8 ,1 3 7
3 7 ,6 8 3
9 ,3 9 3
7 ,8 1 9
2 4 ,4 8 0
1 0 ,4 6 9
1 3 ,7 1 4
5 1 ,4 0 0
1 2 ,4 3 4
1 4 ,6 1 1
1 5 ,3 2 9
5 ,7 4 4
r 3 ,0 5 7
4 8 ,9 8 4
4 6 ,1 5 6
S 6 .3 9 8
27
48
49
54
16
99
29
83
77
20
49
35
12
55
69
16
25
7 % 5 -y e a r g r a d i n g a n d c u r b i n g b o n d s d a t e d O c t . 8 1 9 1 0 .
7 % 5 -y e a r s i d e w a lk b o n d s d a t e d O c t . 3 1 9 1 0 .
6 % 5 -y e a r g r a d e a n d r e - g r a d in g b o n d s d a t e d O c t . 8 1 9 1 0 .
7 % 5 - y e a r s i d e w a lk b o n d s d a t e d O c t . 4 1 9 1 0 .
7 % 5 -y e a r s id e w a lk b o n d s d a t e d O c t . 6 1 0 1 0 .
6 % 5 -y e a r c l u s t e r -li g h t b o n d s d a t e d O c t . 17 1 9 1 0 .
7 % 5 - y e a r p a v in g b o n d s d a t e d O c t . 17 1 9 1 0 .
7 % 5 -y e a r p a v in g b o n d s d a t e d O c t . 17 1 9 1 0 .
7 % 5 -y e a r p a v in g b o n d s d a t e d O c t . 18 1 9 1 0 .
7 % 5 -y e a r g r a d i n g a n d c u r b i n g b o n d s d a t e d O c t . 2 0 1 9 1 0 .
7 % 5 -y e a r s e w e r b o n d s d a t e d O c t . 21 1 9 1 0 .
7 % 5 - y c a r p l a n k in g b o n d s d a t e d O c t . 22 1 9 1 0 .
7 % 1 0 - y e a r p a v in g b o n d s d a t e d O c t . 2 9 1 9 1 0 .
7 % 5 -y e a r s e w e r b o n d s d a t e d O c t . 2 9 1 9 1 0 .
7 % 5 -y e a r g r a d i n g a n d c u r b i n g b o n d s d a t e d O c t . 2 9 1 9 1 0 .
6 % 1 0 - y e a r p a v in g b o n d s d a t e d O c t . 31 1 9 1 0 .
7 % 1 0 - y e a r p a v in g b o n d s d a t e d O c t . 31 1 9 1 0 .
A u t h o r i t y O r d in a n c e N o . 4 2 9 5 , p a s s e d S e p t . 21 1 9 1 0 ; a ls o t h e e le c t io n
( V . 9 1 , p . 1 3 4 5 ) h e ld O c t . 2 9 1 9 1 0 .
D e n o m in a t io n $ 1 ,0 0 0 .
I n t e r e s t s e m i
a n n u a l ly a t t h e fis ca l a g e n c y o f t h e S t a t e o f W a s h i n g t o n In N e w Y o r k C i t y .
M a t u r it y 2 0 y e a r s .
F o r a ll I n f o r m a t io n a p p l y t o J o h n F . M e a d e , C it y
C o m p t r o ll e r .
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Troup C ounty (P . O. L agrange), G a.— Bonds Voted.— Of a
total of 1,470 votes cast at the N ov. 8 election (Y. 91, p.
824), only 25 were against the proposition to issue the $200,
000 5% road and bridge bonds. M aturity $100,000 in 20
years and $100,000 in 30 years. D ate of offering not y et
determ ined.
Troy, N . Y .— Certificate Sale.— An issue of $125,000 cer
tificates was disposed of on N ov. 14 to the Troy Savings Bank
of Troy for $125,352 83 (100.282) for 5s. M aturity June 14
1911.
U nion C ounty (P . O. U n ion ), So. Caro.— Bonds Voted.—
According to reports, this county on N ov. 8 voted to issue
$75,000 bonds for the purpose of constructing a new court
house.
U niontow n School D istrict (P . O. U nion tow n), F a y ette
C ounty, P a .— Bond Sale.— We have just been advised th at
the $125,000 25-year school-building bonds voted on Feb. 15
(V . 90, p. 520) were issued on April 1.
W abash C ounty (P . O. W abash ), In d .— Bonds Offered by
Bankers.— The J. F . W ild & Co. S tate Bank of Indianapolis
is offering to investors $20,000 4j^% tax-exem pt Lagro
Tow nship school-house bonds.
$500.
1 1910.
1
1911 1920
$30,000.
$5,500,000.
D e n o m in a t io n
D a te S e p t.
I n t e r e s t s e m i - a n n u a l ly o n
F e b . 1 a n d A u g . 1 a t t h e F a r m e r s ’ & M e r c h a n t s ’ B a n k In W a b a s h .
M a tu r
it y
y e a r ly o n F e b .
fr o m
to
In clu s iv e .
T ota l bonded
d e b t . I n c lu d in g th is Issu e,
A ssessed v a lu a tio n
R eal
v a l u e ( e s t im a t e d ) ,
$2,000
$2,911,265.
W aseca C ounty (P . O. W aseca), M inn.— Bond Sale.— An
issue of $12,000 Crane Creek ditch bonds has, it is stated ,
been purchased by the State Board of In vestm en t of Minne
sota.
W aynesfield School D istrict (P . O. W aynesfield), A u
glaize C ounty, O hio.— Bond Offering.— Proposals will be
received until 12 m . to-day (N ov. 19) by J. G. P ratt, Clerk
Board of E ducation, for $18,000 5% coupon school-building
bonds.
D e n o m in a t io n $ 5 0 0 .
D a t e N o v . 19 1 9 1 0 .
In te re st M a rch a n d S e p te m
b e r in W a y n e s fi e ld .
M a t u r i t y $ 5 0 0 e a c h s i x m o n t h s f r o m M a r c h 1 191 2 t o
S e p t . 1 1 92 9 in c lu s iv e .
C e r t ifie d c h e c k f o r $ 3 0 0 , p a y a b l e t o t h e C le r k , Is
re q u ire d .
N o d e b t a t p resen t.
A s s e s s e d v a l u a t i o n $ 5 0 0 ,0 0 0 .
W ellsville, Colum biana C ounty, O hio.— Bond Offering.—
The above bonds are all subject to call after one year.
Proposals will be received until 12 m . N ov. 26 by J. F.
Bond Sale.— On N ov. 14 the $500,000 general-park- McQueen, City2 0 -Ay euditors,
for the follow ing bonds:
ar
p a rk -p u rch a s e
bon ds.
D e n o m in a t io n
$500.
im provem ent and the $325,000 city-hall-site 20-year coupon $ 6 ,0 0 0 0 0 4
D ate N o v . 1 1910.
bonds described in Y. 91, p. 1052, were sold to the T hos. J. 2 ,7 7 8 6 7 5 % 1 -1 0 -y e a r (s e r ia l) s t r e e t - p a v i n g b o n d s . D e n o m in a t io n
$277 8 6.
D a te S e p t. 1 1010.
Bolger Co. of Chicago and H ayden, Stone & Co. of B oston
a t their joint bid of 102.80 for 4J^s— a basis of about 4.29% . $ 2 0I n0 t, epr easyta bIsle ptaoy at hbel e S aint k tinh ge FCui tnyd TTrreuasstuereesr, sIs orfef ql cuoi.r e dC. e r tOifieffidc i aclhceicrkc u flao rr
The following bids were received:
s t a t e s t h e r e Is n o l i t ig a t io n p e n d in g o r t h r e a t e n e d a f f e c t in g t h is Issu e ; a ls o
t h a t p r in c ip a l a n d In t e r e s t o f p r e v io u s Issu es h a v e b e e n p r o m p t l y p a i d .
T h o s . J . B o l g e r C o . , C h i c a g o . ] 1 0 2 .8 0 E. H . R o l li n s & S o n s 1
N . VV. H a ls e y & C o l C h l c a g o 1 0 1 .8 1
H a y d e n , S t o n e & C o ., B o s t o n /
W est Carrollton, M ontgom ery C ounty, O hio.— Bond Sale.
A . B . L each &C o — j
H a r r is T r u s t & S a v i n g s B a n k ,
— On N ov. 16 the $12,000 4 j/£% coupon water-w orks-con
C h i c a g o _______________________ 1 0 2 .3 9 R . L . D a y & C o . . )
L e e , n i g g l n s o n & C o . , C h i c a g o 1 0 2 .0 6 B l o d g e t & C o . ___ f B o s t o n ____ 1 0 1 .7 9
struction bonds described in V. 91, p. 1201, were awarded
E s ta b ro o k & C o . .
to Otis & H ough of Cleveland for $12,535 (104.458) and
Spalding C ounty (P . O. G riffin), Ga. —Bonds Voted.— accured
The following bids were also received:
The election held N o r. 8 resulted, it is stated , in favor of the S e a s o n g o o dinterest.
& M a y e r , C l n c l n _ $ 1 2 ,5 0 1 1C . E . D e n is o n A C o . , , C l e v c . .$ 1 2 ,4 0 5
1 2 ,4 0 3
proposition to issue the $80,000 5% 6-25-year (serial) gold N eMw aFt uirrsitt yN$a5t0. 0Byaenakr,lyC oo nlu Nm o. v 1. 21, f4r5o1m1W1 9e1l l,4 tRoo 1t h9 2 A5 ICnoc lu. , sCivl ne c, l$n1------coupon court-house-erection bonds described in Y. 91, 1 9 2 6 , $ 1 ,5 0 0 o n N o v . 1 in e a c h o f t h e y e a r s 1 9 2 7 , 1 9 2 8 a n d 1 9 2 9,0 0a0n dN o$v5.0 01
p. 1«58.
N o v . I 1930.
Nov. 19 1910.J
THE CHRONICLE
Canada, Its Provinces and Municipalities.
Ghapleau, Ont.—Debentures Voted.—An election held re
cently., it is stated, resulted in favor of the question of issuing
$4,0(10 separate school debentures.
Estevan, Sask.—Debenture Sale.—The $25,000 electrielight and powei-plant and $5,000 skating-rink 5% debentures
mentioned in V. 91, p. 1282, were awarded on Nov. 8 to Nay
& Jamesdelivery.
of Regina for $28,180 (93.933) and interest for
Rstevan
Following are the bids:
NjW &
R eS 'n a - ..............528,18010. H . B urgess & Co.. T or
S28 171
N ational F in an ce Co., T o ro n . 2 8 ,2001O ntario S ccur. C o., T o ro n to l 2 7 , m
1he loans are repayable in annual installments of principal
nn«t-erest’
$25>00,) issue in 30 installments and the
$5,000
issue in. thc
15 installments.
Grandview, Man.—Debenture Offering.—Proposals will be
received
to Dec.
1 by Wm. Dickie, Secretary-Treasurer,
for $5,000up5%
debentures.
In te re st an n u al. M atu rity p a rt yearly for 20 years.
1403
^D o m inio n Securities Corporation, Ltd., of Toronto at
M a t u r lt y '^ O ^ y e a rs f s u b j e c t g T S u i ^ J 0^
. 10*
In terest
« « * * ■ > •
- ~ P ehen*ures Voted.— The election held
Nov. 7 (V. 91, p.0nf1203)
resulted, it is stated, in favor of the
proposition to issue the $30,000 debentures to the Monarch
this place00‘ °f Dunnv,lle as a bonus to ,ocate a factory in
Sault Ste. Marie, Ont.—Debenture Sale.—According to re
ports an issue of $20,000 5% 30-year school debentures was
awarded recently to Campbell, Thomson & Co.
Shellmouth, Man.—Debenture Sale.—G. A. Stimson & Co.
of loronto have been awarded, it is stated, the $10,000 5%
20-year
offered on Nov. 1 and described in
V. 91, p. debentures
983.
Victoria County (P. O. Lindsay), Ont.— Debenture Sale.—
On Nov. 15 the $10,000 4% bridge-construction deben
tures mentioned in V. 91, p. 1283, were awarded to Hanson
Bros, of Montreal at 95.75. The bids received were as
follows:
GlQ
^ r &r i;ea4^V,^L7a
4 - ^ Secur.
ckeHzleCo.,* Cp..Tor_59,450
00
Geo.nTA .sSt&
tim son
C o.,T or. 9,508550 l^O ntario
T o ro n to 9,427 00
Guelph, Ont.—Debenture Sale.—The $2,000 40-year park
$7,600 30-year public-schools, $1,500 30-year Collegiate
Institute and $4,137 40 20-year sidewalk 4 <4% debentures
offered
on Nov.
7 (V. &91,Co.p. 1282),
were awarded, it is stated! AB cm
lllus Ja rv is & Co., T or 9,479 00
G un dy & Co., T o r .. 9,427 00
ren t, N oxon & Co., T o r .. 9,477 00 HW.ood,
to Brouse,
Mitchell
of Toronto.
O ’H a ra & Co., T o ro n to . 9,401 00
D om inion Secur. C orp., T or.
00 anad
ian D ebenture C orp.,
Manitou, Man. Debenture Offering.—Proposals will be re- CO.amII.pbell,
Burgess & Co.. T o r .. 9,461 00 CT .T
£r ?,n t0 ....................................9,381 00
T hom pson & Co.,
. C. M atth ew s & Co., T o r. 0,370 00
•o rnn li5%
^ il,DeC.‘.1'
5 by C> T- Armstrong,
Clerk,in for
T o ro n to -------------------oo RB rouse,
itchell & C o.,T or. 9,352 00
$3,500
local-improvement
debentures Village
re-payable
20 lndus?ve!a*
payable MnuaHy onMDe^20
from 1911 lio5R93®
annual
installments
of
principal
and
interest.
Date,
“on
or
about Dec. 15.”
Winnipeg, Man. Debenture Election.—According to local
Moose Jaw, Sa3k.— Debenture Sale - It is stated that newspapers the by-laws to be voted upon at the coming
issues of $4,872 29 4^% 5-year and ■>11,726
Q, eorr elec\tl0ns
provide for as
loans
to the
amountTheof
10-year $l,63o,000,
and not $12,550,000,
at first
reported.
debentures have been awarded to the 87Dominion
purposes
for
which
the
loans
are
proposed
are
as followsSecurities Corporation of Toronto.
$400,000
for
a
general
hospital,
$400,000
for
a
municipal
.9.u e ' Debenture Sale. —According to reports, hospital, $600,000 for new schools, $60,000 for two suburban
the $36,000 30-year public-school debentures mentioned in police
stations, $25,000 for salvage corps and $150,000 for
J i, p. 1118, have been awarded to Brent, Noxon & Co. new parks.
ofV. Toronto.
Sask .—Debenture Election.— An election will b t
Revelstoke, B. C.—Debenture Sale.—An issue of $27,000 Wolseley,
it is debentures.
stated, to vote on a proposition to issue $24,000
5% water-system debentures was disposed of on July 20 to held,
5% road
’
NEW LOANS.
NEW LOANS.
NEW LOANS.
9 ,4 6 9
9 454
$4
0 5 ,0 0 0
City of Tacoma, Washington,
Public Wharf and Dock Bonds
$2
5 0 ,0 0 0
Hiland Sub-School District
$ 2 2 0 ,0 0 0
City of East Orange, N. J.,
o f P itts b u rg h , P a,
SCHOOL BONDS
4 y2% b o n d s
l?r®bX
U R S aDt AthYc,
SERIES " V ”
T H E 8T H JDAY
O FK|vcn
D E CthE Ma tB on
E R ,T H1910,
T he H iland Sub-School D istrict of P ittsb u rg h ,
■of ourth corC2ityo ’clock
p. m . a t th e office of th e M ayor
er 19th W ard, now th e 11th W ard and
Sealed proposals will be received by th e C ity
of T acom a, W ashington, In th c C ity aP a.p a rt(form
of th c 10th W ard) will oiler for sale a t th e Council of th e C ity of E ast O range, N . J ., a t a
H all, scaled bids will be received for an Issue of
School B uilding, M argaretta S treet,
heId 1910,
a t th eAcTltYE IG
H all,
NDAY,
C ity of T acom a bonds In th e sum of F o ur H un dred M argaretta
L m l, on W E D N E S D A Y E V E N IN G , N O V E M B E R 28,
H T MOO’CLOCK
a n d Five T hou sand D ollars; said bonds will be NL ast
3 0 T II, 1910, a t 8 o ’clock.
P . M ., for th e purchase of all or a n y p a rt of an
general bonds of th c said C ity of th c p ar valu e of O^V E M B E R8250,000
4
'A
%
BONDS.
Issue of 5220,000 C oupon School B onds (w ith
51,000 each, pay ab le In tw e n ty years from th e
ination 51,000. D ate of Issue N ovem privilege of reg istratio n) of th e C ity of E a st
d a te of Issue, w ith Interest a t n o t exceeding 5 % berD enom
1010. In te re st p ay ab le N ov. 1st and O range, Series “ V ," said bonds to be d a te d
per an n u m , pay ab le sem i-annually a t th e fiscal M ay 1st,
1st.
825,000
du
e
N
ovem
ber
1st.
1930
and
agency of th e S ta te of W ashington In New Y ork 525,000 each year th e rea fter un til N ovem ber 1st, Ju ly 1, 1910, an d to m a tu re Ju ly 1, 1930, w ith
C ity a n d a re know n as “ C ity of T acom a P ublic 1940. T ax-free In P en n sy lv an ia. Bonds hav e in terest a t 4 H per cen t per a n n u m , pay ab le sem la a ,}ually. B onds to be of th e d en om in ation of
W harf a n d D ock B o nds,” Issued p u rsu a n t to
op tion of p rior pay m en t.
51,000 each. B oth principal and Interest p ay
O rdinance N o. 4295, passed S eptem b er 21st, 1910 no
A ssessed valu atio n of School D istrict-842.656,115 able n law ful m oney a t th e office of C ity T reas
published S eptem ber 23d, 1910.
including this Issu e ___
611.000 urer in th e C ity of E a st O range. T he bonds a r t
Bids for said bonds will be received, based on B ondedo Dbebt,
be received by th e undersigned secured by a sinking fund .
the Interest ra te proposed by th e bidder, which un til 3 p.Ids mwill
., N ovem ber 30 th, or by the
E ach proposal m u st be enclosed In a sealed
•a n n o t exceed 5% .
addressed to T he M ayor a n d C ity C oun
T he rig h t Is reserved by th e C ity to aw ard th e S ecretary a t m eeting of th e B oard a t 8 p. m . envelope
cil of T he C ity of E ast O range, and m u st be ac
bonds or a n y p a rt thereof to the highest a n d best bn°r1
fnr
V?
°nn
n
t,fied
check
on
a
national
rf".* bid.
fpr 55,000
will beBoard
required
to accompar
com panied by a certified check pay ab le to th e
bidder, or to reject all bids; a n d th e rig h t Is also each
llic
School
reserves
thc
rlgl
R eceiver of T axes of th e C ity of E a st O range, for
reserved to reciulre a bond from a successful to reject any or all bids.
2 per cen t of th e face valu e of bonds bid for
bidder for th e perform ance of his c o n tra c t to tak e
JO H N B. B A R B O U R ,
No bid for less th a n p ar will be considered
a n d p ay for th e bonds aw arded.
Adrtrr«Treasurer of School Board. A m o unt of bids m u st be sta te d In both w ord
F o r all Inform ation ap p ly to Jo h n F . M eads,
C ity C ontroller.
a n d tigures. T he pu rch aser m u st p ay accru d
301 M agee B uilding,
Interest.
i 9 D ated T acom a, W ashington, N ovem ber 8 th ,
P ittsb u rg h , P a.
T he bonds will be certified as to legality by
Caldwell & Reed of New Y ork C ity, w hose opinion
’ S IN K IN G FU N D B O A R D ,
as to legality, or du plicate thereo f, will be de
A . V. FA W C E T T ,
Iivered to th e pu rch aser.
M ayor.
T he rig h t Is reserved to reject a n y or all bids.
J . F . M EA D S,
F O R R E S T
«& C O
F o r fu rth e r Inform ation a p p ly to th e un der
C ity C ontroller.
signed
RA Y F R E E L A N D .
BANKERS
L IN C O L N E . R O W L E Y , C ity Clerk.
C om m issioner of F inance.
N ovem ber 8, 0, 10, 11, 12, 13, 14, 15. 16, 17,
M l C h estn u t S t.. P H IL A D E L P H IA . PA
1910.
Charles M. Smith & Co
Municipal and
Corporation Bonds
C O R P O R A T IO N A N D
M U N IC IP A L B O N D S
HODENPYL, WALBRIOGE & CO.
f ir s t n a t io n a l b a n k b u il d in g
CHICAGO
MUNICIPAL BONDS
Safest Investments
known. Yielding from
4 % to 6 %
ULEN & C O
BANKERS
.
CHICAOO
R. T. Wilson & Co.
33 W A L L S T R E E T
NEW
YORK
1 W a l l S t., N «w Y o r k
Railroad, Street Ry., Gas ft Elec. Light
S E C U R IT IE S
M U N IC IP A L A ND RA ILR O A D
BONDS
L IS T O N A P P L IC A T IO N
S E A S 0 N G 0 0 D & MAYE R
Mercantile Library Building
CINCINNATI
Reynolds, Watson & Co.
Municipal and Corporation Bonds
We offer a very exceptional
d r a in a g e
bond
NETTINQ
6%
400 The Rookery
CHICAGO
ESTABLISHED 1885
H. C. SPEER & SONS CO.
F irst N at. B a n k B ld g ., C h lca g e
SCHOOL,
COUNTY AND MUNICIPAL BONDS
THE CHRONICLE
1404
Q x n & t © x rra p a tti* * .
g v n s t (fta m p K n U s .
H ie s m s ttusi m m
ot f a Tort,
Chartered 1353
[VOL. L X X X X I.
45 and 47 W A L L S T R E E T
$ 2 ,0 0 0 ,0 0 0 .0 0
$ 1 3 ,8 5 6 ,5 7 0 .8 3
T his Com pany acts as E xecu tor. A dm in istrato r. G uardian. T ru stee. C ourt D epositary and In
o th er recognized tru st capacities.
CAPITAL,
SURPLUS AND UNDIVIDED PROFITS
s sssr s s s t M s a . " » « « . ' . « «
<».
serporatlons an d Individuals.
M an h attan
T ru st
C om pany
E D W A R D W . S H E L D O N , P r e sid e n t
W IL L IA M M . K IN G S L E Y , V .-P r e s .
H E N R Y E . A H E E N , S ecreta^ 7.
W IL F R E D J . W O R C E S T E R , A s s t . S e c . C H A R L E S A . E D W A R D S , 2d A s s t.S e c .
ff. Bayard Cutting.
William Rockefeller,
Alexander E. O rr,
William H. Many Jr..
WlUlatn D. Blsane,
TR U 8TEES.
JO H N A . S T E W A R T , C hairm an of th» rioara.
G ustav H . S chw ab.
Lew is Cass Led yard .
F ran k L y m an .
L ym an J . Gage.
Jam es S tlllm ar
P ayn e W h itney.
Jo h n Claflln,
E d w ard W . Sheldon.
Jo h n J . P h elp s.
C haunccy K eep
G eorge L . Rlvee,
A rth u r O. Jam es.
W illiam M. K ingsley.
W illiam S tew art T od.
O gden Mills.
E gerto n L. W lnthrop
T e m p o r a r y O ffic e s
JJ3 BROADWAY
W ALL ST R E E T
CORNER NASSAU
F id e l it y T r u s t C o m p a n y
NEWARK, N. J.
Resources Over $29,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
A c ts a s E x e c u to r , T r u ste e , A d m in istra to r a n d in a ll fid u c ia ry c a p a c itie s.
T a k e s e n tir e ch arge of R e a l a n d P er so n a l E s ta te s . G u a ra n tees T itle s of
R e a l E s ta te th r o u g h o u t N e w J e r s e y .
G en eral B a n k in g a n d Savin gB D e p a r tm e n ts. B o n d D e p a r tm e n t for
p u rc h a se a n d sa le of m u n icip a l a n d p u b lic u tility se c u r itie s . S a fe D e p o s it
D e p a r tm e n t.
C EN TR A L TR U ST COM PANY
of NEW YORK
54
W a ll
S tr e e t
Capital and Surplus, $ 1 8 ,0 0 0 , 0 0 0
(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 )
U N I TE D STATES
MORTGAGE & TRUST
COMPANY
NEW YORK
C A P IT A L ,
$ 2 ,0 0 0 ,0 0 0 .0 0
SU RPLU S,
$4,000,000.00
Invites Personal and Business
Accounts. Acts as Trustee, Ex
ecutor, Administrator, Guard
ian and in all Fiduciary
Capacities. Certifies Muni
cipal and Corporation Bonds.
55 Cedar St.
(Vwar * 73rd St.
1361h St. & Cth Ave.
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 .
Industrial Trust Company
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 .
CAPITAL...................................................
SURPLUS..................................................... 3.000.000
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 .
C H A R T E R E D 1864
U n io n T r u s t C o m p a n y o f N e w Y ork
MAIN O F F IC E : 80 BROADW AY.
Uptown Office : 425 Fifth Avenue, corner 38th Street,'
W ith Modern Safe Deposit Vaults
Capital $ 1 , 0 0 0 , 0 0 0
Surplus (earned) $ 7 ,7 3 7 , 0 0 0
ALLOWS INTEREST ON DEPOSITS.
A cts as Executor, Guardian, Trustee, Administrator and In all Fiduciary Capacities
on behalf of Individuals, Institutions or Corporations. '
Providence, R. I.
OFFICERS.
C yrus P . B row n, P resident
A rth u r L. K elley, V ice-President
H . M artin B row n. V ice-President
O tis E v e re tt, V ice-President
Jo shu a M. A ddem an, V ice-President
W ard E . S m ith, T reasurer
C has. II. M anchester. S ecretary
H . H ow ard P epp er, A sst.T reas.
Frederick B. W ilcox .A uditor
B O A R D O F D IR E C T O R S .
Sam uel P . Colt
H erb ert N . F enner
O lney T . In m a n
J . M ilton P ayn e
W illiam R . D upee
E ben N . L ittlefield
R ichard A . R obertson O tis E v e re tt
Jo shu a M. A ddem an
C. P resco tt K night
Jam es M. S co tt
Jesse H . M etcalf
W illiam H . P e rry
Jo h n J . W atson Jr.
A rth u r L . K elley
Charles H . Allen
H M artin Brow n
Jo h n B. B ranch
George F . B aker
W illiam P . Chapin
George M. T h o rn to n
A ngus M cLeod
C yrus P . B row n
E zra Dixon
C has. C. H arrin g to n H ow ard O. Sturgis
i-auia H . C om stock
E dw ard D. Pearce
E ngleh art C. O atby
1850
I llin o is T r a s t & S a v m g s B a i i k
C H IC A G O
Capital and Surplus
$13,600,000
P a y s I n te r e s t o n T im e D e p o s its , C u rr e n t a n d R e s e rv e A c c o u n ts .
D e a ls in I n v e s tm e n t S e c u ritie s a n d F o re ig n E x c h a n g e .
T r a n s a c ts a G e n e ra l T r u s t B u s in e s s .
C O R R ESPO N D EN C E
IN V IT E D .
1910
The United States Life
Insurance Co.
IN TUB CITY OF NEW YORK
Issues Guaranteed Contracts
J O H N P . M U N N , M . D ., P r e sid e n t.
Finance C om m ittee
C L A R EN C E H . K E L S E Y . Pres. T itleG u.A T r.O O
WM. H . P O R T E R , Pres. Chem ical N ational B an*
HD. T O W N S E N D . Pres. Im p . & lra d e rs N at.
Good m en. w hether experienced In life Insurance
er no t, m ay m ake direct co n tracts w ith thto Cera
nAn-r fnr a lim ited territo ry If deaireu, aim secur*
Por
selves.
In add ition
d o n,them
a renew
al Interest
Irum rln*I'™*
an Incorned
c o i^ roo ra
rtnlise
future. A ddress the Com pany at Its Home OHIO*
No. 277 B roadw ay. New S or.-f i liy
@FedFRASER